Chinese solar company Yingli delays annual report

Fri Apr 29, 2016 7:24am EDT
 
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April 29 (Reuters) - Chinese solar panel maker Yingli Green Energy Holding Co Ltd said on Friday it was delaying filing its annual report with U.S. regulators as it said it needed more time to finalize its financial statements.

The solar company said it expects gross profit in 2015 to have nearly halved due to lower production of solar panels.

The company it was delaying by 15 days filing its annual report with the U.S. Securities and Exchange Commission and expects to raise substantial doubt about its ability to continue as a going concern in the filing.

The company had earlier flagged "going concern" doubts under the risk factors section in its annual U.S. regulatory filing last May.

Yingli later said that time the company's statement had been taken out of context and it was confident of its ability to service the global solar market and had taken substantive steps related to its debt repayments.

The company said on Friday it needs more time to prepare and review its financial statements to finalize assessment of internal controls and other disclosures, including those related to liquidity.

The company said 2015 net revenue is expected to have fallen nearly 22 percent to 10 billion yuan ($1.54 billion)-10.2 billion yuan ($1.57 billion). ($1 = 6.4855 Chinese yuan renminbi) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Shounak Dasgupta)