Ming Yang Order Backlog Hits 3GW

China Ming Yang Wind Power Group Limited (Ming Yang), a leading wind turbine manufacturer in China, announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2013.

Fourth Quarter 2013 Operating and Financial Highlights:

• Total wind turbine generators (“WTGs”) for which revenue was recognized amounted to an equivalent wind power project output of 175.5MW, or 117 units of 1.5MW WTGs, a decrease of 32.1% compared to 258.5MW in Q4 2012.
• Total revenue was RMB541.2 million (US$89.4 million), a decrease of 39.9% compared to Q4 2012.
• Gross loss was RMB20.0 million (US$3.3 million), compared to a gross profit of RMB76.2 million in Q4 2012. Gross margin was negative 3.7%, compared to a positive gross margin of 8.5% in Q4 2012. Total comprehensive loss was RMB501.9 million (US$82.9 million), compared to total comprehensive loss of RMB165.1 million in Q4 2012.
• Basic and diluted loss per share was RMB3.36 (US$0.56), compared to basic and diluted loss per share of RMB1.16 in Q4 2012.

Full Year 2013 Operating and Financial Highlights:

• Total WTGs for which revenue was recognized amounted to an equivalent wind power project output of 872MW, or 455 units of 1.5MW WTGs, 91 units of 2.0MW WTGs and 3 units of 2.5MW WTGs, an increase of 8.39% compared to 804.5MW in 2012.
• Total revenue was RMB2,844.8 million (US$469.9 million), a decrease of 1.7% compared to 2012.
• Gross profit was RMB262.3million (US$43.3 million), a decrease of 29.1% compared to 2012. Gross margin was 9.2%, compared to 12.8% in 2012.
• Total comprehensive loss was RMB656.1 million (US$108.4 million), compared to RMB303.8 million in 2012.
• Basic and diluted loss per share was RMB4.12 (US$0.68), compared to RMB2.31 in 2012.

“Ming Yang has consolidated its number three market position in China in 2013, and its top ten position around the world, according to China Wind Energy Association and Make Consulting,” commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. “As the market continues to recover in China, we have increased our order intake substantially with total new orders signed in 2013 amounting to more than 1.8GW, with a total order backlog of 3.0GW by the end of 2013. Since the grid curtailment had been further improved in 2013, together with favorable policies towards renewable energy in China, we would expect the market for WTGs to continue to be buoyant in 2014.” 

“We have accessed 9.0GW of wind resources, including 3.6GW signed, and we will continue our strategy of leveraging wind resource to work with existing customers or participate in wind farm developments. We continue to be optimistic about the future opportunities in the off-shore wind power market in China.”

Press Release, April 08, 2014; Image: ming yang