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China Ming Yang Wind Power Group Limited has announced its unaudited financial results for the full year ended December 31, 2013.
Revenue was RMB2,844.8 million (US$ 469.9 million) for the full year 2013, representing a decrease of 1.7% from RMB2,893.1 million in 2012. WTGs for which revenue was recognised in 2013 amounted to an equivalent wind power project output of 872MW. The decrease in revenue was primarily due to the overall lower average selling price of WTGs recognized during the year. Total comprehensive loss for the full year 2013 was RMB656.1 million (US$108.4 million), compared to RMB303.8 million in 2012. Research and development expenses were RMB102.6 million (US$16.9 million) for the full year 2013, compared to RMB85.8 million in 2012, representing an increase of 19.5%, primarily due to the increased staff costs and the research and development activities relating to our 6.0MW WTG prototype. As of December 31, 2013, the Company's order backlog amounted to 3.0GW, representing 1,300 units of 1.5MW WTGs, 427 units of 2.0MW WTGs, 59 units of 3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. The Company won new contracts amounted to 1,857 MW in 2013, representing 677 units of 1.5 MW WTGs, 402 units of 2.0 MW WTGs, 3 units of 2.5MW WTGs and 10 units of 3.0MW WTGs.