Yingli Green Energy Responds to Media Coverage of Its Ability as a Going Concern
-- Yingli Green Energy to host its first quarter 2015 results conference call on June 5, 2015
20 May, 2015, 04:12 ET
BAODING, China, May 20, 2015 /PRNewswire/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading solar panel manufacturers, known as "Yingli Solar," today issued the following statement to respond to recent media coverage on the Company's ability as a going concern as disclosed in its annual report on Form 20-F for the year ended December 31, 2014 (the "2014 Annual Report") filed with the U. S. Securities and Exchange Commission (the "SEC") on May 15, 2015.
In accordance with the relevant rules and regulations of the SEC and the New York Stock Exchange, Yingli Green Energy recently filed the 2014 Annual Report with the SEC, in which the Company disclosed its operating and financial results for 2014, including the Company's historical financial performance, as well as the Company's overall losses, debt-to-equity ratios and strategic investments. In line with the prudent analysis of its independent auditors, the Company stated in the 2014 Annual Report that there is substantial doubt as to the Company's ability to continue as a going concern. However, this statement has been taken and interpreted out of context in some media coverages. The Company has been transparent not only about the risks and challenges it faces, but also about the Company's alternative plans to mitigate future risks and challenges. The Company has already taken a series of positive and substantive actions and steps relating to its debt repayment plans, including the recent repayment of the Company's mid-term notes in the principal amount of RMB 1.2 billion, which matured on May 3, 2015. Overall, the Company is optimistic about and confident in its ability to continue servicing the global solar market, and feel well-positioned with our quality products and access to capital in order to take advantage of the current surge in solar demand.
Mr. Liansheng Miao, the chairman and chief executive officer of Yingli Green Energy, commented, "While we still have another series of medium term notes in the principal amount of RMB 1.0 billion due on October 13, 2015, we believe that we will meet our repayment obligations based on the substantial progress we have achieved to date to secure funds to repay these notes on schedule."
For further clarification, the Company will host a conference call at 8:15 AM U.S. Eastern Daylight Time (GMT+8, 8:15 PM), on May 20th 2015. The Chief Executive Officer and Chief Financial Officer of the Company will attend the conference call and answer questions from our investors and the market.
The dial-in details for the live conference call are as follows:
-- U.S. Toll Free Number: +1-866-519-4004
-- International Dial-in Number: +1-845-675-0437
-- Passcode: 52440717
A replay of the conference call will be available until May 28, 2015 by dialing:
-- U.S. Toll Free Number: +1-855-452-5696
-- International Dial-in Number: +1-646-254-3697
-- Passcode: 52440717
In addition, the Company also announced that it will host first quarter 2015 results conference call on June 5th, 2015 and will distribute its earnings announcement before the call.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known as "Yingli Solar," is one of the world's leading solar panel manufacturers. Yingli Green Energy's manufacturing covers the photovoltaic value chain from ingot casting and wafering through solar cell production and solar panel assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 30 regional subsidiaries and branch offices and has distributed more than 13 GW solar panels to customers worldwide. For more information, please visit www.yinglisolar.com and join the conversation on Facebook, Twitter and Weibo.
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" and similar statements. All forward-looking 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 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 these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy 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.
For further information, please contact:
Vice President of Corporate Communications
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
E-mail: [email protected]
SOURCE Yingli Green Energy Holding Company Limited
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