Preliminary financial results for Yingli Green Energy Holdings suggest that the Chinese solar company grew by approximately 13% in Q4 2013.
Fourth quarter preliminary estimates published today reveal that shipments increased by between 12% and 13% between Q3 and Q4, an improvement on earlier forecasts suggesting mid-to-high single digit percentage growth.
The preliminary report also highlights an estimated gross margin increase of 12% to 13% for Q4, revised down from earlier forecasts of 14% to 16% on the back of year-end tax adjustments resulting from the implementation of a revised VAT exemption, offset and refund policy. Yingli also disposed of its low efficiency PV cell inventory in a move that may have slightly harmed gross margins.
Excluding the year-end tax adjustments, gross margins for the sale of PV modules are expected to come in at around the 15% mark, said the Yingli preliminary statement.
Overall, Yingli Solar shipped approximately 3.3 GW of PV modules for the fiscal year 2013 – making it the largest supplier of PV modules in the world. Further, unaudited financial results of the fourth quarter and full fiscal year 2013 will be published on March 18.