129764880468750000_105Yingli wishes to abandon the polysilicon business on impairments 69 Silicon $ 2.3 billion
Yingli Green Energy (YGE.NYSE, hereinafter referred to as "Ying Li") Chairman Miao Liansheng have high hopes of polysilicon project--"69 Silicon", had reduced profits by British becoming a long-term asset value project. 2011 annual financial reports of the company recently released, is reducing the value up to as much as $ 2.275 billion yuan, was reduced by overGoodwill reached $ 273.4 million.
Investment polysilicon project failed, may Ying Li and Miao Liansheng, a bucket, and whether it is crossed, it is hard to say. Put into production a year is impairment in addition to "69 Silicon" impairments, Yingli's performance last year was not very good.
This is because last year the entire PV market is "a land swarming with disaster victims". Last year's lightV component shipments rose from 51.1% to 1603.8MW total revenues of us $ 2.332 billion, an increase of 17.4%; gross profit to $ 389.2 million.
But an operating loss of $ 428.2 million, a net loss of $ 509.8 million (about 3.209 billion yuan). Yingli "69 Silicon" project in 2010 announced on August 5 that put into production, production of 3,000 tons of first phase of the project.
Yingli claims this is the most advanced plants, advanced production technology, will build solar energy levels and electronic grade poly silicon products.
But it looks like, then that probably should be "half water, half of flame". 2010 is characterized by PV prices rebounded, andTasted the sweet spot of the outbreak of new energy photovoltaic enterprises, Yingli extending to the upper reaches of the PV modules clearly was remarkable.
If polysilicon prices were high, so its own polysilicon and "feed" to its downstream components, is also significant savings in production costs for the enterprise
tera power leveling, eliminating the help material embarrassing to other companies. "The flame"Come very early: in 2011, the international price of photovoltaic products of intense diving, polysilicon from $ 70/kg of medium prices plummet to $ 30/kg, which cause a lot like Yingli solar in 2010 after the production company had to stop production, and loss. "69 Silicon" is Yingli substantial impairment approach, market analysis perspective�� First, when companies report evidence that the asset's economic performance has been less than or less than expected, as assets are generating cash flow or net operating profit (or loss) is far below (or above) the expected amount, need to decrease in value. Impairments 69 Silicon may be due to its high cost, not real earnings
tera gold, already complies with the conditions�� Second, companies which book has less than 1, it also needs to take into account depreciation.
Ying Li now has a book value of 0.412, hence the people determine their investor pressure and could not be profitable in the future have to go "impairment of assets" that way. Yingli, in an interview with the business daily, said: "the devaluation is a one-time operation, only accounting calculationOn the loss will not be no impact to the company's cash flow from operations and also does not affect the components of the cost of production and profitability of the company.
"Industry analysis, impairment of Yingli polysilicon project, it will go into battle with a light Pack again, and the company's net worth is $ 1.2 billion, down to $ 800 million.
Or due to improper technique? Such a significantAnd not everyone can predict before.
Although the polysilicon domestic technical transformation of enterprises have been discontinued or are not in normal operation status, but to like Yingli solar "impairment of assets" this point, most likely with Miao Liansheng 69 selected Silicon technologies related to improper routes. A polysilicon listed company management told reporters, 69 of silicon technologyIs the silane method
diablo 3 gold, not usually modified by Siemens in China. "Is a new polysilicon production by silane method, real capacity is United States REC a 1500 tons/year of production line of the company. REC polysilicon cost is not very high, but the quality is not good. "The technicians in the sector also wrote, while the silane method very low energy consumptionBut because of the high activity of silane is a chemical gas, so its product qualified rate is not high, so major polysilicon manufacturers in Europe and is not using the technology. "Through the silane method of polycrystalline silicon, may have enough clearance problems. But there is another factor is that likely 69 Silicon technicians employed by the industry itself, and not the technologies thoroughly. Therefore, itsPolysilicon production costs have been falling down.
"The foregoing polysilicon listed company management said. Miao Liansheng media quoted phrase, "69 Silicon after production, the British will also facilitate the production of polycrystalline silicon cost about $ 28 per kg, less than half the market price now. "But the number of PV industry believe that 69 Silicon cost more than US $ 28/Kg, could be as high as $ 40/kg. In the uncertainty of current photovoltaic industry, photovoltaic electricity prices continue downward reality, prices had fallen to the cost price of photovoltaic products.
So, raw materials polysilicon �C if not challenged in the upper line of production costs, impairment appears to be a sensible approach. PV of a senior investment analystSaid to reporters that he expected, polycrystalline silicon plant Yingli's next strategy is to close this, because the silane method may not be able to achieve in the short term a low production cost. PV industry also judging, Yingli can also go, there are a number of road: 3,000 tons of polysilicon production line as is investment mistakes, but then maybe it will also choose to buy overseas polysilicon business,Or simply give up polysilicon production.
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