Yingli Green Energy Holding Company Limited (YGE)
Q3 2011 Earnings Call
November 23, 2011 8:00 a.m. ET
Arthur Chen - Director of Legal Affairs
Miao Liansheng - Chairman and Chief Executive Officer
Bryan Li - Executive Director and Chief Financial Officer
Miao Qing - IR Director
Darren Thompson - Managing Director of Yingli Green Energy Europe
Robert Petrina - Managing Director of Yingli Green Energy Americas
Yin Tong - Financial Controller
Wang Yiyu - Chief Strategy Officer
Jesse Pichel - Jefferies
Lu Yeung - UBS
Dan Ries - Collins Stewart
Mark Bachman - Avian Securities
Vishal Shah - Deutsche Bank
Satya Kumar - Credit Suisse
Mahesh Sanganeria - RBC Capital Markets
Tim Arcuri - Citi
Sanjay Shrestha - Lazard Capital Markets
Pranab Sarmah - Daiwa Securities
Aaron Chew - Maxim Group
Amy Song - Goldman Sachs
Colin Rusch - ThinkEquity
Dan Ries - Collins Stewart
Previous Statements by YGE
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Hello, ladies and gentlemen. This is Andrea. I will be your operator for this conference call. I would like to welcome everyone to Yingli Green Energy Holding Company Limited Third Quarter 2011 Financial Results Conference Call. All lines have been placed on mute to prevent background noise. After today’s presentation there will be a question-and-answer session. Please follow the instructions given at that time if you’d like to ask a question.
Now I would like to transfer the call to the host for today's call, Arthur Chen, Director of Legal Affairs for Yingli Green Energy.
Thank you, operator, and thank you everyone for joining us today for Yingli's third quarter 2011 financial results conference call. The third quarter 2011 earnings release was issued earlier today and available on the company's website at www.yinglisolar.com. We have already provided supplemental presentation for today's earnings call, which can also be found on our IR website. I hope you 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 and Chief Financial Officer; Mr. Wang Yiyu, Chief Strategy Officer; Mr. Miao Qing, IR Director; Ms. Yin Tong, Financial Controller; Mr. Darren Thompson, Managing Director of Yingli Green Energy, Europe; Mr. Robert Petrina, Managing Director of Yingli Green Energy Americas.
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 the current market and operating conditions, and relate to events that involve known or unknown risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may 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. Please begin.
Hello, everyone. Thank you for joining us today. First, I would like to share with you our achievements in the third quarter of 2011, then Mr. Bryan Li, our CFO, will take you through our financial results. I’m pleased to say that Yingli emerged stronger under the challenging market condition in the third quarter with PV shipments increasing by 21.9% over last quarter. We have marked another record of quarterly shipments.
During the quarter we cemented exciting partnerships and developed new to maintain a leading presence in Europe by leveraging our brands, (inaudible) quality high performance ratio of our product and long term customer relations. In October, we officially opened R&D and after service center near Madrid in Spain which will enable us to provide our European customers with an array of services, including comprehensive product evaluation and testing. The center will also function as a logistic hub to allow us to address our customers’ demands in a more flexible and efficient manner.
The China market is booming with announcements of feed-in tariff and accelerated reduction of PV system cost. Through our continued efforts in China, we have quickly increased our market share and have established solid business relations with major utility companies. In the third quarter, our committed volumes to China represent around 40% of our total shipments exceeding our cumulative shipments as of the second quarter of this year. From June to August, we delivered 110 megawatts of PV modules to Huanghe Hydropower for two of their projects in Qinghai province.
In addition to our product quality and on time delivery, our customers are very impressed with our after-sales services and the technical support. Outside of utility segment, we have been actively involved in Golden Sun program, to which we supplied approximately 20 megawatts in the third quarter. We have setup ten branch offices throughout China as of today. This will help us better support and drive the development of our domestic market. After conducting a year’s strategic layout, we are confident to further enhance our sales network and market position in China.