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Yingli Green Energy Holding Company Limited (YGE)

Q1 2011 Earnings Call

May 20, 2011 8:00 am ET


Arthur Chen - Legal Counsel

Miao Liansheng - Chairman and CEO

Bryan Li - Director, VP and CFO

Wang Yiyu - CSO

Stuart Brannigan - MD of Yingli Green Energy Europe

Robert Petrina - MD of Yingli Green Energy Americas

Darren Thompson - MD of Yingli Green Energy Europe


Jesse Pichel - Jefferies

Dan Ries - Collins Stewart

Maheep Mandloi - Credit Suisse

Paul Clegg - Mizuho

Shawn Lockman - Piper Jaffray

Sam Dubinsky - Wells Fargo

Colin Rusch - ThinkEquity



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I would like to welcome everyone to the Yingli Green Energy Holding Company Limited first quarter 2011 financial results conference call. (Operator Instructions)

Now I would like to transfer the call to the host for today's call, Arthur Chen, in-house Legal Counsel of Yingli Green Energy.

Arthur Chen

Thank you, everyone, for joining us today for Yingli's first quarter 2011 financial results conference call.

The first quarter of 2011 earnings release was issued earlier today and available on the company's website at We have already provided a supplemental presentation for today's earnings call, which can also be found on our IR website. I hope you've all had a chance to review it by now.

On the call today from Yingli Green Energy are Mr. Miao Liansheng, Chairman and Chief Executive Officer; Mr. Bryan Li, Executive Director, Vice President and Chief Financial Officer; Mr. Wang Yiyu, Chief Strategy Officer; Mr. Stuart Brannigan, Managing Director of Yingli Green Energy Europe; Mr. Robert Petrina, Managing Director of Yingli Green Energy Americas; and Mr. Darren Thompson, Marketing Director of Yingli Green Energy Europe.

The call today will feature a presentation from Mr. Miao, covering business and operational developments. And then Mr. Li will take you through a discussion of the company's financial performance. After that, we will open the floor to questions from the audience.

Before beginning, Yingli Green Energy's management team would like to remind audience that this presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as a mandate, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminologies such as will, expects, anticipates, future, intends, plans, believes, estimates and similar phrases.

Such statements are based upon management's current expectations and current market and operating conditions and the relative events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which could cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward-looking statements.

Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise except as required under applicable law.

I'd now like to turn the call over to Mr. Miao Liansheng.



Hello, everyone, and thank you for joining us today. First, I will share with you our business performance in the first quarter. And then I will hand the call over to Mr. Bryan Li, our CFO, who will take you through our quarterly financial results.

In the first quarter of 2011, we experienced a sudden demand slowdown in Europe, primarily caused by the uncertainties relating to solar policy changes in Italy as well as severe winter season conditions in Germany. However, despite a lower-than-expected shipment in this past quarter, we remain confident to accomplish our full year shipment guidance of 1.7 GW to 1.75 GW by reinforcing our continuously optimized global sales strategies.

Although solar policy changes in the European countries have caused short-term market fluctuations, in the long run we continue to view Europe as one of our most important markets. Approximately, one-third of our European customers have been working with Yingli for more than three years, bringing growing demand for our products year-on-year.

For example, we commenced our business relationship with WIRSOL SOLAR AG in 2008 with small volumes. By 2010, our shipment to WIRSOL increased by almost 20 times from 2008, and we see even stronger demand from WIRSOL in 2011.

We believe our existing customers in Europe have demonstrated experience to weather market dynamics, proven capabilities to tackle challenges of low demand cycles, strong technical innovations at system level by offering competitive solar power solutions to end users and successful penetration into new and emerging markets in and beyond Europe. We plan to continue to enhance our long-term strategic cooperation with these customers to further solidify our market position in Europe.

As a result of policy changes, demand in Europe is shifting from ground-mounted segment toward roof-tops. Our major customers continue to tune their business strategies and align their resources to benefit from this market transition. To ensure we are well positioned for new opportunities created, we also continue to select and build relationships with new customers with proven track records of technical and operational excellence in accessing the roof-top segment.

In order to further support our penetration into the roof top market, we have established regional fulfillments centers to enable fast and flexible delivery combined with localized pre and after-sales services to customers.

We continue to execute effective marketing strategies to broaden and deepen our brand engagement with end users, and we continue to innovate based on customers needs and position our product portfolio to adjust the growing demand for high-efficiency PV modules from the roof-top segment.

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