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MY Reports Third Quarter 2012 Unaudited Results

ZHONGSHAN, China, Nov. 16, 2012 /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 third quarter ended September 30, 2012.

Third Quarter 2012 Financial Highlights:

  • Total wind turbine generators ("WTGs") for which revenue was recognized amounted to an equivalent wind power project output of 228MW, or 152 units of 1.5MW WTGs, a decrease of 58.9% compared to Q3 2011.
  • Total revenue was RMB787.8 million (US$125.3 million), a decrease of 58.6% compared to Q3 2011.
  • Gross profit was RMB137.2 million (US$21.8 million), a decrease of 55.1% compared to Q3 2011. Gross margin was 17.4%, compared to 16.0% in Q3 2011.
  • Total comprehensive income was RMB4.9 million (US$0.8 million), a decrease of 94.4% compared to Q3 2011.
  • Basic and diluted earnings per share was RMB0.03 (US$0.005), compared to RMB0.82 in Q3 2011.

Recent Developments

  • Joint Venture with Huaneng Renewables Corporation Limited – On August 31, 2012, the Company announced that its subsidiary, Guangdong Mingyang Wind Power Industry Group Co., Ltd. ("Guangdong Mingyang"), has formed a joint venture with Huaneng Renewables Corporation Limited ("Huaneng Renewables") (HKEx Stock Code: 0958), a leading pure-play renewable energy company in China, to specialize in the development of wind and solar power projects in China and overseas markets.
  • Strategic Cooperation with CGNPC – On September 10, 2012, the Company announced that Guangdong Mingyang has signed a strategic cooperation agreement with China Guangdong Nuclear Power Holding Co., Ltd. ("CGNPC"), a leading clean energy supplier and energy services provider in China, to jointly develop wind and solar power projects.
  • Share Repurchase Program – During the third quarter of 2012, the Company did not make any repurchases under its share repurchase program. Since the inception of the program, the Company had repurchased an aggregate of 3,153,897 ADS, representing 3,153,897 ordinary shares of the Company from the open market for an aggregate consideration of approximately US$8.6 million (excluding commissions).

Mr. Zhang commented, "Our financial performance in the third quarter continued to improve over the previous quarter, with gross margin improving by approximately 2.9% and operating margin improving by 3.0%. Ming Yang intends to provide its customers with the best solutions in wind power generation through a range of customized products and services. We aim to deliver our products and services with higher power generation, higher efficiency and better reliability at lower cost of energy. We are glad that our new order intake during the third quarter was 302MW, including 123 units for our new 2.0MW WTGs, and we look forward to expanding our market presence in the 2.0MW plus WTG market in China."

"During this quarter, we had formed a strategic partnership with Reliance Group of India which is a significant development of our overseas market strategy. We continue to work with key domestic players, including Huaneng Renewables and CGNPC, on wind power project development in China.  Again, this is testament to our commitment of offering superior products and services to our customers."

Mr. Zhang concluded, "We continue to invest for the future, and we believe that our customized business model will continue to help Ming Yang capitalize on market opportunities both in China and overseas markets, and bolster its competitiveness despite challenging market conditions."

Third Quarter 2012 Unaudited Financial Results

Revenue

Revenue in the third quarter of 2012 was RMB787.8 million (US$125.3 million), representing a decrease of 58.6% from RMB1,904.8 million in the corresponding period in 2011. WTGs for which revenue was recognized amounted to an equivalent wind power project output of 228MW, or 152 units of 1.5MW WTGs, compared to 555MW, or 370 units of 1.5MW WTGs, for the corresponding period in 2011. The decrease in revenue in the third quarter was primarily due to the overall weakened market demand for WTGs in China.

As of September 30, 2012, the Company installed 33 units of WTGs which were commissioned through its EPC program but the funding to the project developer was subject to final approval by local banks. As a result, in keeping with its revenue recognition policy, the Company did not recognize revenue of approximately RMB160.0 million (US$25.5 million) for these 33 units of WTGs during this quarter.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2012 was RMB137.2 million (US$21.8 million), representing a decrease of 55.1% from RMB305.6 million for the corresponding period in 2011. Gross margin in the third quarter of 2012 was 17.4%, compared to 16.0% for the corresponding period in 2011. The decline in gross profit was a result of weakened demand overall. The gross margin, however, improved 1.4% year-over-year, primarily due to the favorable mix of higher margin sales contracts for WTGs recognized during the third quarter of 2012.

Selling and Distribution Expenses

Selling and distribution expenses were RMB38.1 million (US$6.1 million) for the third quarter of 2012, compared to RMB61.4 million for the corresponding period in 2011, representing a decrease of 37.9%, primarily due to the decreased transportation expenses as a result of fewer number of WTGs deliveries, less bidding charges incurred due to less bidding activities and less share-based compensation expenses incurred during the period.

Administrative Expenses

Administrative expenses were RMB59.3 million (US$9.4 million) for the third quarter of 2012, compared to RMB87.1 million for the corresponding period in 2011, representing a decrease of 31.9%, primarily due to the fact that there was a provision of receivables of RMB28.7 million in the third quarter of 2011 whereas there was a RMB4.7 million (US$0.7 million) provision in the corresponding period in 2012.

Research and Development Expenses

Research and development expenses were RMB23.4 million (US$3.7 million) for the third quarter of 2012, compared to RMB19.2 million for the corresponding period in 2011, representing an increase of 21.9%. This increase was primarily due to the fact that the Company is currently carrying out more wind turbine development projects, resulting in an increase in staff costs with more engineers employed, and higher material consumption and depreciation charges.

Net Finance Expense

Net finance expense was RMB21.0 million (US$3.3 million) for the third quarter of 2012, compared to RMB16.3 million in the corresponding period of 2011.

Profit Before Income Tax Expense

Profit before income tax expense was RMB11.1 million (US$1.8 million) for the third quarter of 2012, compared to RMB131.1 million in the corresponding period of 2011.

Income Tax Expense

Income tax expense was RMB7.9 million (US$1.3 million) for the third quarter of 2012, compared to RMB28.4 million in the corresponding period of 2011.

Total Comprehensive Income and Earnings per Share

Total comprehensive income for the third quarter of 2012 was RMB4.9 million (US$0.8 million), compared to RMB88.4 million in the corresponding period of 2011.

For the third quarter of 2012, basic and diluted earnings per share was RMB0.03 (US$0.005), compared to RMB0.82 for the corresponding period in 2011.

Cash and Cash Equivalents

Cash and cash equivalents as of September 30, 2012 were RMB1,470.2 million (US$233.9 million), compared to RMB1,339.5 million as of December 31, 2011.

Business Update

Order Book Update

New Sales Contracts – During the third quarter of 2012, Ming Yang entered into sales contracts for wind power projects with a total output of 302MW, representing 37 units of 1.5MW WTGs and 123 units of 2.0MW WTGs.

Order Backlog – As of September 30, 2012, the Company's order backlog amounted to 2.2 GW, representing 1,136 units of 1.5MW WTGs, 123 units of 2.0MW WTGs, 67 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0 MW SCD WTG. Cumulative signed orders since its inception amounted to 5.6GW, representing 3,417 units of 1.5MW WTGs, 123 units of 2.0MW WTGs, 84 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 comprehensive income and consolidated statements of financial position accompanying this press release have been prepared by management using International Financial Reporting Standards, or IFRSs. This 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 RMB6.2848 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi for U.S. dollars on September 28, 2012 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 Friday, November 16, at 8:00 am Eastern Time (5:00 am Pacific Time / 9:00 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: +1-866-519-4004
International (toll): +65-6723-9381
China, Domestic Mobile: 400-620-8038
China, Domestic: 800-819-0121
Hong Kong: 800-930-346

Please ask to be connected to Q3 2012 China Ming Yang Wind Power Group Earnings Conference Call and provide the following passcode: 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: +1-866-214-5335
International: +61-2-8235-5000
China: 400-692-0026
Hong Kong: 800-901-1596
Passcode: 4572-8707

The replay will be archived for seven days following the earnings announcement until November 24, 2012.

About China Ming Yang Wind Power Group Limited

China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading and fast-growing 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 2011.

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
Email: [email protected]
http://ir.mywind.com.cn

Fleishman-Hillard

Nora Yong
T: +852-2530-0228
E: [email protected]

Hon Gay Lau
T: +852-2530-0228
E: mingy[email protected]


 

 

CHINA MING YANG WIND POWER GROUP LIMITED


UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


(Amounts expressed in thousands, except share and ADS data)






For the three months ended




September 30,


September 30,


September 30,





2011


2012


2012





RMB'000


RMB'000


USD'000












Revenue                                                                                    


1,904,809


787,793


125,349



Cost of sales


(1,599,223)


(650,616)


(103,522)



Gross profit


305,586


137,177


21,827



Other income


6,410


13,765


2,190



Selling and distribution expenses


(61,375)


(38,129)


(6,067)



Administrative expenses


(87,076)


(59,271)


(9,431)



Research and development expenses


(19,159)


(23,366)


(3,718)



Profit from operations


144,386


30,176


4,801



Finance income


16,490


47,162


7,504



Finance expense


(32,793)


(68,185)


(10,849)



Share of gain of associates


2,977


1,909


304



Profit before income tax expense


131,060


11,062


1,760



Income tax expense


(28,388)


(7,932)


(1,262)



Profit for the period


102,672


3,130


498












Other comprehensive (loss)/income for the period :









Foreign currency translation differences -  foreign operations


(14,232)


1,794


285



Total comprehensive income for the period


88,440


4,924


783












Profit/(loss) attributable to:









Shareholders of the Company


101,908


3,477


553



Non-controlling interests


764


(347)


(55)





102,672


3,130


498



Total comprehensive income/(loss) attributable to:









Shareholders of the Company


87,676


5,271


838



Non-controlling interests


764


(347)


(55)





88,440


4,924


783



Basic and diluted earnings per share(1)


0.82


0.03


0.005



_____________________________________

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


 

 

CHINA MING YANG WIND POWER GROUP LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Amounts expressed in thousands)



As of

December 31, 2011


As of

September 30, 2012



RMB '000


RMB '000


USD '000

Assets







Non-current assets







Property, plant and equipment


497,777


559,825


89,076

Intangible assets


74,837


98,469


15,668

Lease prepayments


207,321


236,708


37,664

Investments in associates


43,637


36,721


5,843

Investments in jointly controlled entities


255,870


394,720


62,805

Other investment


-


6,000


955

Trade and other receivables


462,961


1,012,415


161,089

Prepayments


40,290


125,146


19,912

Deferred tax assets


134,386


166,485


26,490

Total non-current assets


1,717,079


2,636,489


419,502

Current assets







Fair value through profit or loss


-


165,089


26,268

Inventories


1,837,821


1,677,811


266,964

Trade and other receivables


5,203,995


4,483,413


713,374

Prepayments


91,022


172,815


27,497

Other current assets


5,239


17,756


2,825

Pledged bank deposits


252,795


236,943


37,701

Cash and cash equivalents


1,339,496


1,470,218


233,932

Total current assets


8,730,368


8,224,045


1,308,561

Total assets


10,447,447


10,860,534


1,728,063








Equity







Issued share capital


850


850


135

Reserve for own shares


(42,108)


(55,113)


(8,769)

Capital reserves


3,627,441


3,663,494


582,913

Translation reserves


(58,358)


(53,732)


(8,550)

Retained earnings


253,711


113,693


18,090

Total equity attributable to shareholders of the Company


3,781,536


3,669,192


583,819

Non-controlling interests


117,153


113,806


18,108

Total equity


3,898,689


3,782,998


601,927

Liabilities







Non-current liabilities







Bond payable


-


984,681


156,677

Deferred tax liabilities


2,209


2,088


332

Provisions


206,293


243,789


38,790

Trade payables


120,243


58,880


9,369

Deferred income


175,215


254,710


40,528

Total non-current liabilities


503,960


1,544,148


245,696








Current liabilities







Trade and other payables


4,595,516


3,724,885


592,682

Short-term bank loans


632,000


1,116,590


177,665

Income tax payable


35,908


7,493


1,192

Provisions


146,774


137,539


21,884

Deferred income


27,783


31,894


5,075

Deferred revenue


606,817


514,987


81,942

Total current liabilities


6,044,798


5,533,388


880,440








Total liabilities


6,548,758


7,077,536


1,126,136

Total equity and liabilities


10,447,447


10,860,534


1,728,063

 

SOURCE China Ming Yang Wind Power Group Limited

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