SYS-CON MEDIA Authors: Pat Romanski, Liz McMillan, Elizabeth White, Yeshim Deniz, Glenn Rossman

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MY Reports Second Quarter Unaudited Results, Signed Order Backlog Reaches 3.6GW

ZHONGSHAN, China, Aug. 25, 2014 /PRNewswire/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced its unaudited financial results for the second quarter ended June 30, 2014.

Second Quarter 2014 Operating and Financial Highlights:

  • Total wind turbine generators ("WTGs") commissioned for which revenue was recognized amounted to an equivalent wind power project output of 303.5MW, or 153 units of 1.5MW and 37 units of 2.0MW WTGs, an increase of 88.5% compared to 161MW in Q2 2013.
  • Total revenue was RMB935.6 million (US$150.8 million), an increase of 74.1% compared to RMB537.4 million in Q2 2013.
  • Gross profit was RMB123.5 million (US$19.9 million), compared to RMB66.1 million in Q2 2013. Gross margin was 13.2%, an increase of 0.9 percentage point compared to 12.3% in Q2 2013.
  • Total comprehensive income was RMB11.8 million (US$1.9 million), compared to total comprehensive loss of RMB87.4 million in Q2 2013.
  • Basic and diluted earnings per share were RMB0.11 (US$0.02), compared to basic and diluted loss per share of RMB0.51 in Q2 2013.

Recent Developments:

  • MY obtains approval to develop and operate 300MW off-Shore wind power project in Jiangsu Province - On June 5, 2014, MY's subsidiary, Jiangsu Mingyang Wind Power Technology Limited, ("Jiangsu Mingyang"), has been approved by Rudong Energy Bureau in Jiangsu Province, China, to exclusively develop and operate a 300MW off-shore wind power project off the coast of Rudong in Jiangsu Province, China, subject to certain conditions.
  • MY expects to erect a 6MW off-Shore SCD WTG in Norway - On June 12, 2014, MY entered into a heads of agreement with Marin EnergiTestcenter AS ("MetCentre") to erect a 6.0MW Super Compact Drive ("SCD") WTG in the Karmoeywind turbine demonstration area off the coast of Karmøy Island in Norway. MetCentre is a Norwegian test centre for marine energy offering infrastructure and services to off-shore wind power. The proposed cooperation and the pilot project are subject to certain conditions, including a detailed agreement which is expected to be entered into by both parties in late 2014.
  • Ming Yang Wind Power obtaining Type Certificate of DNV-GL under GL 2010 worldwide for 1.5MW-89 wind turbine - On August 1, 2014, MY1.5-89 wind turbine obtained the GL 2010 Type Certification issued by DNV-GL Group. The MY1.5-89 wind turbine is optimized for low wind speed areas, and is part of the successful Ming Yang 1.5MW wind turbine platform.

"We continued to see strong momentum in the industry, and have signed new orders of 617.0MW during the quarter, and our signed orderbook continues to grow strongly and has now reached a historic high of 3.6GW as of June 30, 2014," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "As we enter the second half of 2014, we will continue to enhance the contract execution in order to satisfy our customers' demand for wind turbine generators. Our gross margin for 2.0MW WTGs was approximately 13.3%, which was 1.8 percentage points higher than the gross margin of our 1.5MW WTGs for which revenue was recognized during the quarter. Our orderbook for the 2.0MW WTGs continues to increase and we expect to continue to benefit from the trend towards higher megawatt WTGs in China. We expect the overall demand continues to be strong heading into the second half of 2014."

Second Quarter 2014 Operating Data and Unaudited Financial Results

Revenue

Revenue in the second quarter of 2014 was RMB935.6 million (US$150.8 million), an increase of 74.1% as compared to that of the corresponding period in 2013. Revenue of WTGs amounted to an equivalent wind power project output of 303.5MW, or 153 units of 1.5MW and 37 units of 2.0MW WTGs. For the corresponding period of 2013, the output was 161.0MW, or 90 units of 1.5MW and 13 units of 2.0MW WTGs. The 74.1% increase in revenue was mainly due to a 84.5% increase in the number of WTGs commissioned compared with the second quarter of 2013.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2014 was RMB123.5 million (US$19.9 million), compared to that of RMB66.1 million in the second quarter of 2013. Gross margin in the second quarter of 2014 was 13.2%, compared to that of 12.3% for the corresponding period in 2013. The improvement in gross margin was mainly due to increased units of 2.0MW WTGs commissioned in the period, which had a higher gross margin compared to that of 1.5MW WTGs. On an adjusted basis, should warranty provisions be excluded from cost of sales, our adjusted gross margin would be 16.4% for the second quarter of 2014, compared to 15.3% in the corresponding period of 2013.

Selling and Distribution Expenses

Selling and distribution expenses were RMB59.1 million (US$9.5 million) for the second quarter of 2014, compared to RMB34.3 million for the corresponding period in 2013, representing an increase of 72.6%, which increased relatively at the same pace as the increase in revenue.

Administrative Expenses

Administrative expenses were RMB37.5 million (US$6.0 million) for the second quarter of 2014, compared to RMB70.0 million for the corresponding period in 2013, representing a decrease of 46.4%. The decrease in administrative expenses was a combined result of (1) the reversal of provision for bad debts against trade and other receivables of RMB20.7 million in the second quarter of 2014 as we received settlement from customers for some of the long-outstanding doubtful trade receivables, and (2) our administrative expenses in 2013 included administrative expenses of RMB11.3 million incurred by our previously consolidated Indian subsidiary, Global Wind Power Limited ("GWPL"), which we deconsolidated since January 1, 2014.

Research and Development Expenses

Research and development expenses were RMB22.2 million (US$3.6 million) for the second quarter of 2014, compared to RMB20.7 million for the corresponding period in 2013, representing an increase of 7.2%. The increase was primarily attributable to more research and development activities carried out in the second quarter of 2014.

Finance Income

Our finance income was RMB43.6 million (US$7.0 million) for the second quarter of 2014, compared to RMB45.1 million for the corresponding period in 2013. The decrease in finance income was mainly because the finance income in the second quarter of 2013 included interest income recorded by GWPL, which we deconsolidated since January 1, 2014.

Finance Expenses

Our finance expenses were RMB42.9 million (US$6.9 million) for the second quarter of 2014, compared to RMB84.2 million for the corresponding period in 2013. The decrease in finance expenses was mainly due to finance expenses incurred by GWPL in the second quarter of 2013 which did not occur in the current quarter.

Profit/ (Loss) Before Income Tax

Profit before income tax was RMB15.1 million (US$2.4 million) for the second quarter of 2014, compared to loss before income tax of RMB91.0 million for the corresponding period in 2013.

Income Tax (Expense) / Benefit

Income tax expense was RMB3.4 million (US$0.6 million) for the second quarter of 2014, compared to income tax benefit of RMB8.0 million for the corresponding period in 2013, primarily due to the profit recorded during the second quarter of 2014 .

Total Comprehensive Income/ (Loss) and Earnings/ (Loss) per Share

Total comprehensive income for the second quarter of 2014 was RMB11.8 million (US$1.9 million), compared to total comprehensive loss of RMB87.4 million for the corresponding period in 2013.

For the second quarter of 2014, basic and diluted earnings per share were RMB0.11 (US$0.02), compared to basic and diluted loss per share of RMB0.51 for the corresponding period in 2013.

Cash and Cash Equivalents

Cash and cash equivalents as of June 30, 2014 were RMB815.3 million (US$131.4 million), compared to RMB811.8 million as of December31, 2013.

Business Update

Order Book Update

New Sales Contracts – During the second quarter of 2014, Ming Yang entered into sales contracts for wind power projects with a total output of 617.0MW, representing 166 units of 1.5MW WTGs and 184 units of 2.0MW WTGs.

Order Backlog – As of June 30, 2014, the Company's order backlog amounted to 3.6GW, representing 1,374 units of 1.5MW WTGs, 671 units of 2.0MW WTGs, 59 units of 3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed orders since its inception amounted to 8.9GW, representing 4,650units of 1.5MW WTGs, 831 units of 2.0MW WTGs, 79 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.

Note to the Financial Information

The preliminary unaudited consolidated statements of operations and comprehensive income and consolidated statements of financial position accompanying this press release (collectively the "preliminary unaudited financial information") have been prepared by management using International Financial Reporting Standards, or IFRSs, as issued by the International Accounting Standards Board. The preliminary unaudited financial information is not intended to fully comply with IFRSs because it does not present all of the financial information and disclosures required by IFRSs.

Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.2036 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi for U.S. dollars on June 30, 2014 as set forth in the H.10 weekly statistical release of the Federal Reserve Board. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollar amounts at such a rate or at any other rate.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "goal", "strategy" and similar statements. Such statements are based upon management's current expectations and current market and operating 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 Ming Yang's control, which may cause Ming Yang'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 Ming Yang's filings with the U.S. Securities and Exchange Commission. Ming Yang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Conference Call

Ming Yang will host an earnings conference call on Monday, August 25, 2014 at 8:00 am Eastern Time (August 25, 2014 5:00 am Pacific Time / August 25, 2014 8:00 pm Beijing Time). The management team will be on the call to discuss the Company's results, operating performance and business outlook and to answer questions.

To access the conference call, please dial:

United States:

+1-845-675-0437

International (toll):

+65-6723-9381

Mainland China:

400-620-8038 / 800-819-0121

Hong Kong:

+ 852-2475-0994

To access international Toll Free Dial-In numbers:

Hong Kong:

800-930-346

United States:

+1-866-519-4004

Please ask to be connected to 2Q FY2014 China Ming Yang Wind Power Group Earnings Conference Call and provide the following pass code: Ming Yang

Ming Yang will also broadcast a live audio webcast of the conference call. The broadcast will be available by visiting the "Investor Relations" section of the Company's web site at http://ir.mywind.com.cn.

Following the earnings conference call, an archive of the call will be available by dialing:

United States:

+1-855-452-5696

International:

+61-2-8199-0299

Mainland China:

400-602-2065/400-632-2162 / 800-870-0206/800-870-0205

Hong Kong:

800-963-117

Passcode:

8605-7242

The replay will be archived for seven days following the earnings announcement until September 1, 2014.

About China Ming Yang Wind Power Group Limited

China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyne Energiesysteme, one of the world's leading wind turbine design firms based in Germany, to co-develop wind turbines. In terms of newly installed capacity, Ming Yang was a top 10 wind turbine manufacturer worldwide and the largest non-state owned wind turbine manufacturer in China in 2013.

For further information, please visit the Company's website: ir.mywind.com.cn

For investor and media inquiries, please contact:

China Ming Yang Wind Power Group Limited

Beatrice Li
+86 760 2813 8898
Email: [email protected]
http://ir.mywind.com.cn

 

CHINA MING YANG WIND POWER GROUP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Amounts expressed in thousands, except share and ADS data)




For the three-month periods ended



June 30, 2013


June 30, 2014


June 30, 2014



RMB'000


RMB'000


USD'000

Revenue


537,417


935,648


150,823

Cost of sales


(471,347)


(812,170)


(130,919)

Gross profit


66,070


               123,478(3)


19,904








Other income


7,913


9,813


1,582

Selling and distribution expenses


(34,272)


(59,141)


(9,533)

Administrative expenses


(69,950)


(37,519)


(6,048)

Research and development expenses


(20,686)


(22,166)


(3,573)

(Loss) / profit from operations


(50,925)


14,465


2,332








Finance income


45,070


43,622


7,032

Finance expenses


(84,172)


(42,852)


(6,908)

Share of loss of associates


(997)


(95)


(15)

(Loss)/profit before income tax


(91,024)


15,140


2,441

Income tax benefit / (expense)


8,048


(3,427)


(553)

(Loss)/profit for the period


(82,976)


11,713


1,888








Other comprehensive (loss)/income for the
period:







Foreign currency translation differences -
foreign operations

(4,400)


117


19

Total comprehensive (loss)/income for the
period


(87,376)


11,830


1,907








(Loss) / profit attributable to:







Shareholders of the Company


(62,955)


13,446


2,167

Non-controlling interest


(20,021)


(1,733)


(279)



(82,976)


11,713


1,888








Total comprehensive (loss) /income
attributable to:







Shareholders of the Company


(69,201)


13,563


2,186

Non-controlling interest


(18,175)


(1,733)


(279)



(87,376)


11,830


1,907








Basic (loss) / earnings per share(1)


(0.51)


0.11


0.02

Diluted (loss) / earnings per share(2)


(0.51)


0.11


0.02

_____________________________________

(1) The calculation of the basic earnings per share is based on the (loss)/profit attributable to the shareholders of the Company and the weighted average number of ordinary shares outstanding during the relevant periods.

(2) The calculation of diluted earnings per share is based on the (loss)/profit attributable to shareholders of the Company and weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive ordinary shares during the relevant periods.

(3) The reconciliation of adjusted gross margin (to exclude warranty provision from cost of sales) is as below:



For the three-month periods ended



June 30, 2013


June 30, 2014


June 30, 2014



RMB'000


RMB'000


USD'000

Revenue                                                       (A)


537,417


935,648


150,823

Cost of sales                                                (B)


(471,347)


(812,170)


(130,919)

Less: warranty provision


16,123


30,216


4,871

Cost of sales excluding warranty provision (C)


(455,224)


(781,954)


(126,048)

Gross margin                                   D=(A-B)/A


12.3%


13.2%


13.2%

Adjusted gross margin                     E=(A-C)/A


15.3%


16.4%


16.4%




CHINA MING YANG WIND POWER GROUP LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts expressed in thousands)




As of
December 31, 2013


As of
June 30, 2014



RMB'000


RMB'000


USD'000

Assets







Non-current assets







Property, plant and equipment


1,001,678


789,244


127,224

Intangible assets


195,816


100,508


16,202

Lease prepayments


352,142


348,529


56,182

Investment in associates


25,608


25,341


4,085

Investment in joint ventures


795,848


832,989


134,275

Other investments


30,197


30,000


4,836

Trade and other receivables


934,364


961,837


155,045

Prepayments


120,276


126,738


20,429

Deferred tax assets


224,843


208,864


33,668

Total non-current assets


3,680,772


3,424,050


551,946








Current assets







Inventories


2,235,459


1,869,546


301,365

Trade and other receivables


4,210,955


4,699,363


757,521

Prepayments


115,317


118,005


19,022

Other current assets


35,301


47,722


7,693

Pledged bank deposits


246,608


346,400


55,839

Cash and cash equivalents


811,848


815,321


131,427

Total current assets


7,655,488


7,896,357


1,272,867

Total assets


11,336,260


11,320,407


1,824,813








Equity







Issued share capital


(850)


(862)


(139)

Reserve for own shares


44,628


44,628


7,194

Capital reserves


(3,693,726)


(3,715,636)


(598,948)

Translation reserves


74,223


75,546


12,178

Accumulated losses


532,342


330,480


53,272

Total equity attributable to shareholders of
the Company

(3,043,383)


(3,265,844)


(526,443)

Non-controlling interests


28,063


(53,776)


(8,669)

Total Equity


(3,015,320)


(3,319,620)


(535,112)








Liabilities







Non-current liabilities







Bond payable


(992,664)


-


-

Deferred tax liabilities


(52,102)


(15,829)


(2,552)

Provisions


(154,491)


(173,375)


(27,947)

Trade and other payables


(132,389)


(186,603)


(30,080)

Deferred income


(253,849)


(270,560)


(43,613)

Bank borrowings


(104,015)


-


-

Total non-current liabilities


(1,689,510)


(646,367)


(104,192)








Current liabilities







Bond payable


-


(996,125)


(160,572)

Trade and other payables


(4,230,737)


(4,737,988)


(763,749)

Bank and other borrowings


(1,283,055)


(874,605)


(140,984)

Income tax payable


(9,155)


(9,497)


(1,531)

Provisions


(249,559)


(267,537)


(43,126)

Deferred income


(41,328)


(43,589)


(7,026)

Deferred revenue


(817,596)


(425,079)


(68,521)

Total current liabilities


(6,631,430)


(7,354,420)


(1,185,509)








Total liabilities


(8,320,940)


(8,000,787)


(1,289,701)








Total equity and liabilities


(11,336,260)


(11,320,407)


(1,824,813)

 

SOURCE China Ming Yang Wind Power Group Limited

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