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Yingli Green Energy Holding Co. Ltd. (



Q4 2011 Earnings Call

February 29, 2012 08:00 am ET


Arthur Chen - Director, Legal Affairs

Miao Liansheng - Chairman & CEO

Darren Thompson - Managing Director, Yingli Green Energy, Europe

Robert Petrina - Managing Director, Yingli Green Energy Americas

Bryan Li - Executive Director & CFO


Satya Kumar - Credit Suisse

Lu Yeung - UBS

Philip Shen - Roth Capital

Timothy Arcuri - Citigroup

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Hello, ladies and gentlemen my name is [Edwin Yang] and I will be the operator for this conference call. I would like to welcome everyone to Yingli Green Energy Holding Company Limited fourth quarter and full-year 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.

And now I would like to transfer the call to the host for today's call, Arthur Chen, Director of Legal Affairs of Yingli Green Energy. Arthur please proceed. Thank you.

Arthur Chen

Thank you, operator and thank you everyone for joining us today for Yingli's fourth quarter and full-year 2011 financial results conference call. The fourth quarter and full-year 2011 earnings release was issued earlier today and available on the company's website at 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; 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. Mr. Thompson and Mr. Petrina will talk about the developments of the European and emerging markets respectively. 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 the audience that this presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the US Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminologies such as will, expect, anticipates, future, intends, plans, believes, estimates, and similar phrases.

Such statements are based upon management's current expectation and current market and operational conditions and relate to 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 may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward-looking statements.

Further information regarding this and other risks uncertainties or factors is included in Yingli Green Energy's filings with the US 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.

Miao Liansheng

Hello, everyone. Thank you for joining us today. The PV industry experienced tremendous supply demand imbalance through the value chain in 2011 which was exacerbated by incentive adjustments in major solar markets and austerity measures in Europe. Yingli Green Energy is successful in navigating and intensify

its competition by achieving full-year 2011 module shipments of 1404 megawatts representing a volume increase 51% over 2010.

This increase was attributable to all the strong [brand], differentiated

market channels and end market diversification. While our module shipment volume in the fourth quarter was down from the previous quarter which strengthened our position in major markets such as Germany, China and in the US.

From our inception in 1998, we have cultivated relationships with a broad group of high-quality customers and have established a strong strategic partnerships with many of them. Our customer base further expanded as we added over 100 new customers to our portfolio in 2011.

Furthermore, we’ve worked tirelessly to enhance our global sales and aftersale service network. As of today, we have nine overseas subsidiaries covering major solar markets in Europe, Americas and Asia. The R&D and after-sales service tenders in Spain and the US have enabled us to provide broader and timely service to our customers in Europe and the Americas.

[Foreign Language]

As one of the solar pioneers, Germany is a strong foundation for the establishment and growth of leading solar EPC and distribution companies that now operate across Europe and globally. In January, we entered in to a sales agreement with IBC SOLAR AG to supply up to 200 megawatts of modules through 2012. The enhanced co-operation with IBC demonstrated our customers’ confidence in our continued growth potential in Europe and a high degree of brand recognition for Yingli Solar.

[Foreign Language]

Beyond our continued commitment in Germany, we plan to deploy more resources in other European markets. These efforts include strengthening local sales and services teams and implementing targeted promotion activity that of introducing Yingli Solar brand to more customers.

Additionally, we will continue to utilize the customers’ broad and strong project development channels to promote our products in non-European markets.

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