China Ming Yang Wind Power Group Limited, a leading wind turbine manufacturer in China, announced its unaudited financial results for the second quarter ended June 30, 2014.
Second Quarter 2014 Operating and Financial Highlights:
“We continued to see strong momentum in the industry, and have signed new orders of 617.0MW during the quarter, and our signed orderbook continues to grow strongly and has now reached a historic high of 3.6GW as of June 30, 2014,” commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang . “As we enter the second half of 2014, we will continue to enhance the contract execution in order to satisfy our customers’ demand for wind turbine generators. Our gross margin for 2.0MW WTGs was approximately 13.3%, which was 1.8 percentage points higher than the gross margin of our 1.5MW WTGs for which revenue was recognized during the quarter. Our orderbook for the 2.0MW WTGs continues to increase and we expect to continue to benefit from the trend towards higher megawatt WTGs in China. We expect the overall demand continues to be strong heading into the second half of 2014.”
Recent Developments:
MY obtains approval to develop and operate 300MW off-Shore wind power project in Jiangsu Province – On June 5, 2014, MY’s subsidiary, Jiangsu Mingyang Wind Power Technology Limited, (“Jiangsu Mingyang”), has been approved by Rudong Energy Bureau in Jiangsu Province, China, to exclusively develop and operate a 300MW off-shore wind power project off the coast of Rudong in Jiangsu Province, China, subject to certain conditions.
MY expects to erect a 6MW off-Shore SCD WTG in Norway – On June 12, 2014, MY entered into a heads of agreement with Marin EnergiTestcenter AS (“MetCentre”) to erect a 6.0MW Super Compact Drive (“SCD”) WTG in the Karmoeywind turbine demonstration area off the coast of Karmøy Island in Norway. MetCentre is a Norwegian test centre for marine energy offering infrastructure and services to off-shore wind power. The proposed cooperation and the pilot project are subject to certain conditions, including a detailed agreement which is expected to be entered into by both parties in late 2014.
Ming Yang Wind Power obtaining Type Certificate of DNV-GL under GL 2010 worldwide for 1.5MW-89 wind turbine – On August 1, 2014, MY1.5-89 wind turbine obtained the GL 2010 Type Certification issued by DNV-GL Group. The MY1.5-89 wind turbine is optimized for low wind speed areas, and is part of the successful Ming Yang 1.5MW wind turbine platform.