UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF
FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR
15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2015
Commission File Number: 001-34866
CHINA MING
YANG WIND POWER GROUP LIMITED
Jianye Road, Mingyang Industry Park
National Hi-Tech Industrial Development Zone
Zhongshan, Guangdong 528437
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F
x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No
x
If “Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A
TABLE OF CONTENTS
Exhibit 99.1 – Press release dated November 17, 2015
Exhibit 99.2 Press release dated November 17, 2015
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
|
|
| CHINA MING YANG WIND POWER GROUP LIMITED |
|
|
| By: |
|
/s/ Chuanwei Zhang |
| Name: |
|
Chuanwei Zhang |
| Title: |
|
Chairman of the Board of Directors,
Chief Executive Officer |
Date: November 17, 2015
3
Exhibit 99.1
MY Reports Third Quarter 2015 Unaudited Results
ZHONGSHAN, China, Nov 17, 2015 /PRNewswire/ — China Ming Yang Wind Power Group Limited (NYSE: MY) (“Ming Yang” or the
“Company”), a leading wind energy solution provider in China, today announced its unaudited financial results for the quarter ended September 30, 2015.
Third Quarter 2015 Operating and Financial Highlights:
| • |
|
Total revenue was RMB1,738.8 million (US$273.6 million), compared to RMB1,716.8 million in the third quarter of 2014. |
| • |
|
Gross profit was RMB326.1 million (US$51.3 million), compared to RMB225.6 million in the third quarter of 2014. |
| • |
|
Gross margin was 18.8%, compared to 13.1% in the third quarter of 2014. |
| • |
|
Total comprehensive income was RMB104.6 million (US$16.5 million), compared to RMB71.5 million in the third quarter of 2014. |
| • |
|
Profit for the period was RMB91.5 million (US$14.4 million), compared to RMB71.5 million in the third quarter of 2014. |
| • |
|
Basic and diluted earnings per share were RMB0.59 (US$0.09) and RMB0.58 (US$0.09), respectively, compared to basic and diluted earnings per share of RMB0.58 and RMB0.57, respectively, in the third quarter
of 2014. |
| • |
|
Total wind turbine generators (“WTG”s) for which revenue was recognized amounted to an equivalent wind power project output of 530MW, representing 128 units of 1.5MW WTGs and 169 units of 2.0MW WTGs, compared
to 524.5MW in the third quarter of 2014. |
“During this quarter, we were glad to see an increase in profitability.”
said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang, “Looking ahead into the next five years, we see both opportunities as well as challenges in China’s wind industry. Currently, government officials indicated
that new wind power installations under the 13th Five-year Plan (“FYP”) will not be lower than that during the 12th FYP period.
Concurrently, proposals for reductions in the electricity tariffs over the next five years were also recently announced, with the goal of achieving price parity for wind energy at the end of the
13th FYP.”
He added: “Ming Yang has been developing wind turbines and wind
farm solutions that focus on high electricity generation and low life-cycle costs. The new policies are set to intensify the competition among WTG manufacturers in China and call for more innovation in terms of technologies and business models;
nevertheless, we see healthy growth opportunities that we can capitalize on going forward.”
Third Quarter 2015 Operating Data and
Unaudited Financial Results
Revenue
Revenue in the third quarter of 2015 was RMB1,738.8 million (US$273.6 million), compared to RMB1,716.8 million in the third quarter
of 2014. The increase was due to the combined effects of (1) a slight increase in the number of WTGs commissioned (measured by power output), and (2) the approximately 3.6% increase in average WTG selling price in the third quarter of
2015 compared with the corresponding period of 2014.
WTGs for which revenue was recognized in the third quarter of 2015 amounted to an equivalent wind
power project output of 530MW, or 128 units of 1.5MW WTGs and 169 units of 2.0MW WTGs. In the third quarter of 2014, revenue was recognized for WTGs with a power output of 524.5MW.
Gross Profit and Gross Margin
Gross profit was RMB326.1 million (US$51.3 million), compared to RMB225.6 million in the third quarter of 2014. Gross margin
in the third quarter of 2015 was 18.8 %, compared to 13.1% in the third quarter of 2014. The increase in gross margin was mainly due to the combined effect of (1) an approximately 3.6% increase in average WTG selling
price in the third quarter of 2015 compared with the corresponding period of 2014, and (2) synergy in reduction in cost of electrical components as a result of the acquisition of China Smart Electric Group Limited (RENergy) in May
2015. On an adjusted basis, should warranty provisions be excluded from cost of sales, the Company’s adjusted gross margin would be 22.1% for the third quarter of 2015, compared to 16.3% for the corresponding period of 2014.
Selling and Distribution Expenses
Selling and distribution expenses were RMB96.9 million (US$15.2 million) for the third quarter of 2015, compared to RMB67.9 million for the
corresponding period in 2014, representing an increase of 42.7% which was mainly due to the increase of RMB21.3 million in transportation fee because (1) more blades were delivered in the third quarter of 2015, and (2) longer
transportation distance was required for some projects.
Administrative Expenses
Administrative expenses were RMB111.7 million (US$17.6 million) for the third quarter of 2015, compared to RMB38.4 million for the
corresponding period in 2014, representing an increase of 190.9%. The increase in administrative expenses was mainly due to the combined effect of (1) provision for doubtful trade and other receivables of RMB28.2 million (US$4.4 million) being
made in the third quarter of 2015 as compared to RMB20.3 million provision being reversed in the corresponding period of 2014, (2) an increase in share-based compensation expense by RMB13.1 million (US$2.1 million) compared to the third quarter
of 2014 as a result of 5,120,000 new share options granted to the employees and the issuance of 250,000 own shares to certain senior management personnel, and (3) an increase in staff costs of RMB10.3 million (US$1.6 million) due to the
increased monthly salary and staff headcount.
Research and Development Expenses
Research and development expenses were RMB32.5 million (US$5.1 million) for the third quarter of 2015, compared to RMB24.5 million for the
corresponding period in 2014. The increase was due to more research and development activities carried out during the period.
Net Finance Income
Finance income was RMB30.0 million (US$4.7 million) for the third quarter of 2015, compared to RMB39.8 million for the corresponding period in
2014. The decrease in finance income was mainly attributable to the decrease in interest income from bank deposits and entrusted loans.
Finance expenses were RMB46.8 million (US$7.4 million) for the third quarter of 2015, compared to RMB50.8 million for the corresponding period
in 2014. The decrease in finance expenses was mainly due to the repayment of RMB1 billion of the Company’s medium-term notes that matured on January 12, 2015, which offset the Company’s increase in interest expense on discounted
bills.
Profit Before Income Tax
Profit before income tax was RMB109.2 million (US$17.2 million) for the third quarter of 2015, compared to RMB85.9 million for the
corresponding period in 2014.
Income Tax Expense
Income tax expense was RMB17.7 million (US$2.8 million) for the third quarter of 2015, compared to RMB14.4 million for the corresponding period
in 2014. The increase was primarily due to the higher profit recorded during the third quarter of 2015.
Total Comprehensive Income and
Earnings per Share
As a result of the cumulative effects of the factors discussed above, total comprehensive income for the third
quarter of 2015 was RMB104.6 million (US$16.5 million), compared to RMB71.5 million for the corresponding period in 2014.
Basic and
diluted earnings per share were RMB0.59 (US$0.09) and RMB0.58 (US$0.09) for the third quarter of 2015, respectively, compared to basic and diluted earnings per share of RMB0.58 and RMB0.57, respectively, in the corresponding period in 2014.
Foreign Currency Translation Differences
Foreign currency translation difference was an exchange gain of RMB13.0 million (US$2.0 million) for the third quarter of 2015 compared to a
loss of RMB0.02 million in the corresponding period in 2014, as a result of depreciation of Renminbi against U.S. dollars.
Cash and
Cash Equivalents
Cash and cash equivalents as of September 30, 2015 were RMB846.5 million (US$133.2 million), compared to
RMB2,169.8 million as of December 31, 2014.
Recent Business Developments
| • |
|
MY’s new 3.0MW three-blade super compact drive (“SCD”) WTGs have been installed at a Guangxi wind farm – In October 2015, the first batch of the innovative SCD WTGs utilizing technologies
developed by Ming Yang with Aerodyn, a German WTG design firm, were installed at a Gongcheng wind farm project, Guangxi, China and are expected to be connected to the grid before year end of 2015. This SCD WTG model is an ideal choice for wind farms
located in wind-rich Xinjiang and Inner Mongolia areas that generally require larger power output, as well as wind projects in low-wind onshore regions where land geography and transportation is difficult for conventional products.
|
| • |
|
MY’s flagship product MY2.0-118/121 WTG has been well received by the market – In November 2015, Wuxue Dajin, the first wind farm project equipped with the Company’s latest flagship WTG model began
to generate power. With a 118/121-meter blade design, this new product is currently the largest in terms of rotor diameter among WTGs with the same capacity in China in operation and is capable of generating 20%-30% more electricity compared with
older versions of 2.0MW WTGs. Recently, it recorded time between failures of 900 hours, demonstrating great reliability alongside high power supply. |
| • |
|
Indian joint venture GWPL to complete construction of its first wind farm project in December – MY’s Indian joint venture, GWPL, is expected to complete a 10.5MW demonstration project located in India
in December 2015, which comprises of seven units of 1.5MW WTGs supplied by MY. MY has obtained certain local and international certification and has introduced two 1.5MW WTG models to the Indian market. In the future, MY expects to continue to
introduce more products to India, including models with 2.0MW or larger power output. |
Business Updates
Order Book Updates
| • |
|
New Sales Contracts — During the third quarter of 2015, Ming Yang entered into sales contracts for wind power projects with a total output of 434.0 MW, representing 214 units of 2.0MW WTGs and 2 units
of 3.0MW WTGs. |
Order Backlog — As of September 30, 2015, the Company’s order backlog was
approximately 3.99 GW, representing 611 units of 1.5MW WTGs, 1,465 units of 2.0MW WTGs, 46 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.
Industry Updates
| • |
|
In October 2015, China’s National Development and Reform Commission released a draft consultation paper regarding the possible electricity tariff reduction for wind farm projects connected to the grid in 2016-2020,
according to current news reports. It is said that the wind power electricity tariff will be cut by RMB0.02-0.03/kWh each year from 2016 to 2020, until it reaches the same price level as coal fired power. |
| • |
|
According to a speech given by officials of China’s National Energy Administration at the China Wind Power Trade Fair 2015, during the 13th FYP period (2016-2020), the government will no longer focus on new capacity addition and grid-connection capacity targets. Instead, there will be a policy change with an aim to stabilize the wind
sector, primarily concentrating on the wind curtailment issues. Although the officials have yet to announce the capacity targets and policy details under the new FYP, they confirmed
|
that the new wind power addition during the 13th FYP period will be no less than that during the previous 12th FYP. Other areas the authorities would like to improve include wind project location planning, optimization of subsidy schemes, technology-driven cost savings and administration for on-grid
projects.
Earnings Guidance
Based on the Company’s current order book and its current views and estimates on its current operating and market conditions and its
current business plans and customer demand, the Company expects that for the quarter ended December 31 2015, (i) its estimated revenue will be in the range of RMB2.0 billion to RMB2.2 billion, compared to RMB2.0 billion for the quarter
ended December 31, 2014; and (ii) its estimated net profit for the period will be in the range of RMB95 million to RMB115 million, compared to RMB84 million for the quarter ended December 31, 2014. Please note that these projections
are subject to change and changes may be material.
These estimates do not include any potential costs that may be incurred by the Company
in connection with the preliminary proposal by Mr. Chuanwei Zhang to acquire all of the Company’s outstanding shares not already beneficially owned by him, which is further described below.
Subsequent Event
Preliminary Proposal to Acquire All Outstanding Shares of the Company
The Company received a preliminary non-binding proposal letter dated November 2, 2015 from its Chairman and Chief Executive Officer,
Mr. Chuanwei Zhang, to acquire all of the Company’s outstanding shares not already beneficially owned by Mr. Zhang in a “going-private” transaction for US$2.51 per American Depository Share or ordinary share in cash. The
board of directors of the Company will form a special committee consisting of all independent directors to review and evaluate this proposal. The Company cautions its shareholders and others considering trading its securities that neither the board
of directors nor the special committee will make any decision with respect to the Company’s response to the proposal by Mr. Zhang. There can be no assurance that any definitive offer will be made, that any agreement will be executed or
that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this proposal or any other transaction, except as required under applicable law.
Note to the Financial Information
The preliminary unaudited consolidated statements of operations and comprehensive income and consolidated statements of financial position
accompanying this press release (collectively the “preliminary unaudited financial information”) have been prepared by management using accounting policies that are consistent with the 2014 annual financial statements which were prepared
in accordance with International Financial Reporting Standards, or IFRSs, as issued by the International Accounting Standards Board. The 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. The purchase price allocation for the acquisition of RENergy was preliminary and unaudited as at September 30, 2015.
Currency Conversion
Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB6.3556 to
US$1.00, the noon buying rate in New York for cable transfers of Renminbi for U.S. dollars on September 30, 2015 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,” “to
be,” “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. Actual results or events may differ from those anticipated
or predicted in this press release, and the differences may be material. 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’s senior management will host a conference call on Tuesday, Nov 17, 2015 at 7:00 am (Eastern)/4:00 am (Pacific)/8:00 pm (China) to discuss its quarterly results and recent business activities.
To access the conference call, please dial:
|
|
|
| United States: |
|
+1-845-675-0437 |
| International (toll): |
|
+65-6713-5090 |
| Mainland China: |
|
400-620-8038 / 800-819-0121 |
| Hong Kong: |
|
+852-3018-6771 |
To access international Toll Free Dial-In numbers:
|
|
|
| Hong Kong: |
|
800-906-601 |
| United States: |
|
+1-866-519-4004 |
Please ask to be connected to 3Q2015 China Ming Yang Wind Power Group Limited Earnings Conference
Call and provide the following pass code: 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 dialling:
|
|
|
| United States: |
|
+1-855-452-5696 |
| International: |
|
+61-2-8199-0299 |
| Mainland China: |
|
400-602-2065 / 400-632-2162 / 800-870-0206 / 800-870-0205 |
| Hong Kong: |
|
800-963-117 |
| Passcode: |
|
9018-9052 |
The replay will be archived for seven days following the earnings announcement until November 24, 2015.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading wind energy solution provider in China, focusing on designing,
manufacturing, selling and servicing megawatt-class wind turbines, including cutting-edge SCD (Super Compact Drive) solutions, and providing post-sales value-added maintenance and technology upgrade services to wind farm owners. 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 2014.
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
Ricky Ng
+86-760-2813-8698
Email: ir@mywind.com.cn
http://ir.mywind.com.cn
CHINA MING YANG WIND POWER GROUP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Amounts expressed in thousands, except share and ADS data)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the three months period ended Sep 30, |
|
| |
|
2014 |
|
|
2015 |
|
|
2015 |
|
| |
|
RMB ‘000 |
|
|
RMB ‘000 |
|
|
USD ‘000 |
|
| Revenue |
|
|
1,716,771 |
|
|
|
1,738,784 |
|
|
|
273,583 |
|
| Cost of sales |
|
|
(1,491,134 |
) |
|
|
(1,412,664 |
) |
|
|
(222,271 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
225,637 |
|
|
|
326,120 |
|
|
|
51,312 |
|
| Other income |
|
|
6,380 |
|
|
|
42,024 |
|
|
|
6,612 |
|
| Selling and distribution expenses |
|
|
(67,949 |
) |
|
|
(96,947 |
) |
|
|
(15,254 |
) |
| Administrative expenses |
|
|
(38,419 |
) |
|
|
(111,723 |
) |
|
|
(17,579 |
) |
| Research and development expenses |
|
|
(24,512 |
) |
|
|
(32,542 |
) |
|
|
(5,120 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit from operations |
|
|
101,137 |
|
|
|
126,932 |
|
|
|
19,971 |
|
| Finance income |
|
|
39,785 |
|
|
|
29,951 |
|
|
|
4,713 |
|
| Finance expenses |
|
|
(50,760 |
) |
|
|
(46,836 |
) |
|
|
(7,369 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net finance expense |
|
|
(10,975 |
) |
|
|
(16,885 |
) |
|
|
(2,656 |
) |
| (Loss) / gain on disposal of subsidiaries |
|
|
(4,045 |
) |
|
|
163 |
|
|
|
26 |
|
| Share of loss of associates |
|
|
(249 |
) |
|
|
(964 |
) |
|
|
(152 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before income tax |
|
|
85,868 |
|
|
|
109,246 |
|
|
|
17,189 |
|
| Income tax expense |
|
|
(14,370 |
) |
|
|
(17,720 |
) |
|
|
(2,788 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit for the period |
|
|
71,498 |
|
|
|
91,526 |
|
|
|
14,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive (loss) / income for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign operations - foreign currency translation differences |
|
|
(21 |
) |
|
|
13,032 |
|
|
|
2,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income for the period |
|
|
71,477 |
|
|
|
104,558 |
|
|
|
16,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders of the Company |
|
|
72,361 |
|
|
|
91,285 |
|
|
|
14,363 |
|
| Non-controlling interests |
|
|
(863 |
) |
|
|
241 |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,498 |
|
|
|
91,526 |
|
|
|
14,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share(1) |
|
|
0.58 |
|
|
|
0.59 |
|
|
|
0.09 |
|
| Diluted earnings per share(2) |
|
|
0.57 |
|
|
|
0.58 |
|
|
|
0.09 |
|
|
|
|
|
| Total comprehensive income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders of the Company |
|
|
72,340 |
|
|
|
104,317 |
|
|
|
16,413 |
|
| Non-controlling interests |
|
|
(863 |
) |
|
|
241 |
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,477 |
|
|
|
104,558 |
|
|
|
16,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 number of ordinary shares outstanding during the relevant periods.
|
| (2) |
The calculation of diluted earnings per share is based on the profit attributable to shareholders of the Company and weighted average number of ordinary shares outstanding after adjustment for the effects of all
dilutive ordinary shares during the relevant periods. |
| (3) |
The reconciliation of adjusted gross margin (to exclude warranty provision from cost of sales) is as below: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the three months period ended Sep 30, |
|
| |
|
2014 |
|
|
2015 |
|
|
2015 |
|
| |
|
RMB‘000 |
|
|
RMB‘000 |
|
|
USD‘000 |
|
| Revenue (A) |
|
|
1,716,771 |
|
|
|
1,738,784 |
|
|
|
273,583 |
|
|
|
|
|
| Cost of sales (B) |
|
|
(1,491,134 |
) |
|
|
(1,412,664 |
) |
|
|
(222,271 |
) |
| Less: warranty provision |
|
|
53,362 |
|
|
|
58,585 |
|
|
|
9,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of sales excluding warranty provision (C) |
|
|
(1,437,772 |
) |
|
|
(1,354,079 |
) |
|
|
(213,053 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross margin [D=(A+B)/A] |
|
|
13.1 |
% |
|
|
18.8 |
% |
|
|
18.8 |
% |
| Adjusted gross margin[E=(A+C)/A] |
|
|
16.3 |
% |
|
|
22.1 |
% |
|
|
22.1 |
% |
CHINA MING YANG WIND POWER GROUP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of |
|
|
As of |
|
| |
|
December 31, 2014 |
|
|
Sep 30, 2015 |
|
| |
|
RMB ‘000 |
|
|
RMB ‘000 |
|
|
USD ‘000 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
781,224 |
|
|
|
935,387 |
|
|
|
147,175 |
|
| Intangible assets |
|
|
76,426 |
|
|
|
636,732 |
|
|
|
100,184 |
|
| Lease prepayments |
|
|
344,563 |
|
|
|
339,692 |
|
|
|
53,448 |
|
| Investments in associates |
|
|
69,936 |
|
|
|
69,233 |
|
|
|
10,893 |
|
| Investments in joint ventures |
|
|
867,848 |
|
|
|
981,700 |
|
|
|
154,462 |
|
| Other investment |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
4,720 |
|
| Trade and other receivables |
|
|
1,076,040 |
|
|
|
1,044,398 |
|
|
|
164,328 |
|
| Prepayments |
|
|
120,842 |
|
|
|
168,370 |
|
|
|
26,492 |
|
| Deferred tax assets |
|
|
222,343 |
|
|
|
262,835 |
|
|
|
41,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-current assets |
|
|
3,589,222 |
|
|
|
4,468,347 |
|
|
|
703,057 |
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Inventories |
|
|
2,015,820 |
|
|
|
2,532,186 |
|
|
|
398,418 |
|
| Trade and other receivables |
|
|
4,454,126 |
|
|
|
6,496,705 |
|
|
|
1,022,202 |
|
| Prepayments |
|
|
104,104 |
|
|
|
127,244 |
|
|
|
20,021 |
|
| Other current assets |
|
|
15,015 |
|
|
|
9,103 |
|
|
|
1,432 |
|
| Pledged bank deposits |
|
|
306,883 |
|
|
|
454,924 |
|
|
|
71,578 |
|
| Cash and cash equivalents |
|
|
2,169,810 |
|
|
|
846,502 |
|
|
|
133,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
9,065,758 |
|
|
|
10,466,664 |
|
|
|
1,646,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
|
12,654,980 |
|
|
|
14,935,011 |
|
|
|
2,349,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Issued share capital |
|
|
864 |
|
|
|
1,051 |
|
|
|
165 |
|
| Reserve for own shares |
|
|
(39,386 |
) |
|
|
(35,017 |
) |
|
|
(5,510 |
) |
| Capital reserves |
|
|
3,721,039 |
|
|
|
4,346,082 |
|
|
|
683,819 |
|
| Translation reserves |
|
|
(78,704 |
) |
|
|
(66,325 |
) |
|
|
(10,435 |
) |
| (Accumulated losses) / retained earnings |
|
|
(173,829 |
) |
|
|
26,917 |
|
|
|
4,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity attributable to shareholders of the Company |
|
|
3,429,984 |
|
|
|
4,272,708 |
|
|
|
672,274 |
|
| Non-controlling interests |
|
|
48,169 |
|
|
|
85,897 |
|
|
|
13,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity |
|
|
3,478,153 |
|
|
|
4,358,605 |
|
|
|
685,789 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred tax liabilities |
|
|
13,961 |
|
|
|
24,537 |
|
|
|
3,861 |
|
| Provisions |
|
|
198,949 |
|
|
|
262,855 |
|
|
|
41,358 |
|
| Trade and other payables |
|
|
298,410 |
|
|
|
331,709 |
|
|
|
52,192 |
|
| Deferred income |
|
|
309,398 |
|
|
|
354,009 |
|
|
|
55,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-current liabilities |
|
|
820,718 |
|
|
|
973,110 |
|
|
|
153,111 |
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Bond payable |
|
|
999,749 |
|
|
|
— |
|
|
|
— |
|
| Trade and other payables |
|
|
5,649,670 |
|
|
|
7,793,308 |
|
|
|
1,226,211 |
|
| Short-term bank loans |
|
|
551,450 |
|
|
|
532,900 |
|
|
|
83,848 |
|
| Income tax payable |
|
|
44,309 |
|
|
|
133,224 |
|
|
|
20,962 |
|
| Provisions |
|
|
301,966 |
|
|
|
328,541 |
|
|
|
51,693 |
|
| Deferred income |
|
|
67,652 |
|
|
|
62,165 |
|
|
|
9,781 |
|
| Deferred revenue |
|
|
741,313 |
|
|
|
753,158 |
|
|
|
118,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
8,356,109 |
|
|
|
9,603,296 |
|
|
|
1,510,998 |
|
|
|
|
|
| Total liabilities |
|
|
9,176,827 |
|
|
|
10,576,406 |
|
|
|
1,664,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity and liabilities |
|
|
12,654,980 |
|
|
|
14,935,011 |
|
|
|
2,349,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 99.2
Ming Yang Announces the Formation of a Special Committee to Evaluate the Preliminary Non-Binding Proposal to Acquire the Company
Zhongshan, China, November 17, 2015 — China Ming Yang Wind Power Group Limited (“Ming Yang” or the “Company”)
(NYSE: MY), a leading wind energy solution provider in China, today announced that its Board of Directors (the “Board”) has formed a special committee of independent directors (the “Special Committee”) to evaluate the preliminary
non-binding proposal letter dated November 2, 2015 from its Chairman and Chief Executive Officer, Mr. Chuanwei Zhang, to acquire all of the Company’s outstanding shares not already beneficially owned by him (the “Proposal”).
The Special Committee is composed of Messrs. Dabing Zhou and Steve Markscheild, who are independent directors of the Company and are
unaffiliated with the Proposal. Mr. Zhou is the chairman of the Special Committee. The Special Committee expects to retain independent advisors, including an independent financial advisor and legal counsel, to assist it in the process of
reviewing and evaluating the Proposal.
The Company cautions its shareholders and others considering trading its securities that neither
the Board nor the Special Committee has made any decisions with respect to the Company’s response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other
transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group Limited (NYSE: MY) is a leading wind energy solution provider in China, focusing on designing, manufacturing,
selling and servicing megawatt-class wind turbines, including cutting-edge SCD (Super Compact Drive) solutions, and providing post-sales value-added maintenance and technology upgrade services to wind farm owners. 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 2014. For more information, please visit Ming Yang’s investor relations website at http://ir.mywind.com.cn.
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,” “to be,” “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. Actual results or events may differ from those anticipated or predicted in this press release, and the differences may be material. 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.
For investor and media inquiries, please contact:
Investor and Media Contacts:
China Ming Yang Wind Power
Group Limited
Ricky Ng
+86-760-2813-8698
ir@mywind.com.cn
http://ir.mywind.com.cn
China Ming Yang Wind Power Grp. Limited American Depositary Shares, Each Representing One Ordinary Share $0.001 Par Value (NYSE:MY)
過去 株価チャート
から 5 2024 まで 6 2024
China Ming Yang Wind Power Grp. Limited American Depositary Shares, Each Representing One Ordinary Share $0.001 Par Value (NYSE:MY)
過去 株価チャート
から 6 2023 まで 6 2024
