Asset write-downs from its polysilicon operations, Fine Silicon and other pre-announced impairments led to Yingli Green Energy posting a fourth quarter net loss of US$599.4 million. The company reported Q4 sales of US$408 million on module shipments estimated at 351MW, down 29.8% quarter over quarter. Revenue for full-year 2011 was US$2,332.1 million, up 17.4%, compared to 2010. Module shipments reached 1,603.8MW, an increase of 51.1% from 1,061.6MW in 2010. The company reported a net loss in 2011 of US$509.8 million.

　　Yingli reported Q4 gross profit of US$12.3 million in the fourth quarter of 2011, compared to RMB 458.5 million in the third quarter of 2011 and RMB 1,337.7 million in the fourth quarter of 2010.

　　Overall gross margin was 3.0%, compared to 10.8% in the third quarter of 2011 and 32.9% in the fourth quarter of 2010. Gross profit for the full-year 2011 was RMB 2,449.7 million (US$389.2 million), compared to RMB 4,152.8 million in 2010. Overall gross margin was 16.7% in 2011, compared to 33.2% in 2010.

　　"Challenges continue in 2012 due to potential incentive adjustments in European markets and the anti-dumping and countervailing duty investigation in the US. However, the potential risks are mitigated by the clear increase in PV applications globally as solar electricity has become much more affordable,” commented Liansheng Miao, chairman and chief executive officer of Yingli Green Energy. “We are confident that we will continue to gain market share by leveraging our strong brand, cutting-edge technology and competitive cost structure.”

　　In 2011, sales to China accounted for approximately 22% of total revenues, compared to approximately 6% in the prior year. Management noted that it expected to increase business in China in 2012.

　　Europe contributed 60% of Yingli’s total revenue in 2011 but dependence on Germany as its major market was reduced from 59% to 47% of revenue in 2011, compared to the previous year.

　　Production update

　　Yingli said that it had achieved capacity expansions in 2011 that resulted in an additional 600MW each in polysilicon ingots and wafers, PV cells and PV modules in the third quarter of 2011.

　　“We are on track to add another 750MW manufacturing capacity in Haikou, Tianjin, Hengshui and Baoding this year, which we expect will support our full year shipment guidance of 2.4 to 2.5 GW for 2012," added Miao.

　　2012 guidance

　　Yingli guided that its PV module shipment target was 2,400 MW to 2,500 MW for fiscal year 2012, which represents an increase of 49.6% to 55.9% compared to fiscal year 2011.