Yingli Green Energy made a loss of more than RMB 5.6bn ($864.6m) in 2015, compared with a loss of almost RMB1.3bn in 2014.
Revenues were down to just under RMB10bn from almost RMB13bn in 2014, mainly because total photovoltaic module shipments slipped to 2.5GW from close to 3.4GW in the previous year.
The company said that the fall in shipments was down to “lower utilization rate of production capacity in certain quarters of 2015 caused by tight cash flow, as well as the decline of selling price of PV modules across the world, especially in China”.
Yingli chairman and chief executive officer Liansheng Miao said: “In 2015, despite the financial challenges, we achieved satisfactory performance in overseas markets.
“We achieved significant growth in Japanese market with annual shipment to Japan increased by over 18% year-over-year.
“We have seen strong momentum in North Americas as we continued deliveries to repeat customers across the USA and began deliveries to a large utility scale project in Texas.
“In 2016, with a series of supportive policies for the solar industry issued by the Chinese government, we will strive to continue to strengthen cooperation with our large clients … in order to increase our sales in the domestic market and accelerate our working capital turnover.”
He said that by the end of April, the company had secured PV module orders of over 700MW in China in 2016.
“Looking ahead, we expect 2016 to be an important year of transformation for us.
“We will continue to actively explore methods to improve our operating fundamentals through reducing manufacturing costs and related expenses and pursuing various alternative financing options including restructuring our debts as feasible in order to achieve a successful transformation,” he said.
Image: Yingli Green Energy
