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Announcement:

Moody's: Goldwind's 1H 2016 results are in line with expectations

30 Aug 2016

Hong Kong, August 30, 2016 -- Moody's says Xinjiang Goldwind Science & Technology Co Ltd's ("Goldwind") 1H 2016 results are in line with expectations and have no immediate impact on its Baa3 issuer rating or its stable outlook.

"Goldwind's growth in revenue and profit in 1H 2016 reinforced its leading market position in the manufacturing of wind turbine generators in China and thereby supports its Baa3 rating," says Gerwin Ho, a Moody's Vice President and Senior Analyst.

Goldwind, which has the advantage of leadership in technology, product quality and reliability, reported 15.8% yoy growth in revenues to RMB10.9 billion in 1H 2016.

Measured by business segment, the company posted 14.5% revenue growth in its wind turbine generator (WTG) manufacturing segment, and 36.6% revenue growth in its wind farm operations.

This performance was strong when compared with a slight decline in overall installed WTG in China due to the adverse impact of wind curtailment and the exceptional high growth recorded in 2015.

Moody's estimates that Goldwind's domestic market share in WTG manufacturing improved to about 27% during 1H 2016. This situation continues to position the company as the largest WTG manufacturer in China.

The company's order backlog -- which is within Moody's expectations -- increased to about 12.3 GW at end-June 2016 from 11.9 GW at end-2015. Its sales visibility remains good for the next two years.

Further supporting the Baa3 rating is the fact that the company has continued to ramp up its wind farm operations; wind farms contributed 22% of total gross profit during 1H 2016.

Moody's expects the contributions from wind farms will grow because the company has 1.3 GW in projects under construction, which is material relative to its 3.0 GW in total attributable connected capacity at end-June 2016.

The company has maintained its profit margins. Its gross margin was 31% in 1H 2016 compared with 29.3% a year ago.

But Goldwind has also recorded higher growth in debt. Its reported total debt increased by about RMB3.8 billion to RMB16.4 billion during 1H 2016, due to higher working capital needs as its accounts receivable increased.

As a result, adjusted debt/EBITDA was 4.6x for the 12 months to June 2016 compared with 3.9x in 2016.

Nonetheless, Moody's expects the company to accelerate its cash collections and further grow its earnings in 2H 2016. Therefore, Moody's expects adjusted debt/EBITDA to remain near the 2015 level of 3.9x.

Goldwind's cash balance of RMB6 billion was sufficient to cover its RMB1.9 billion in short-term debt at end-June 2016.

The principal methodology used in this rating was Global Manufacturing Companies published in July 2014. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

Xinjiang Goldwind Science & Technology Co Ltd is the largest manufacturer of wind turbine generators (WTGs) in China. The company develops, manufactures, assembles and installs WTGs with rated outputs ranging from 750kW to 3.0 MW.

Listed on the Hong Kong Stock Exchange and Shenzhen Stock Exchange, the company is 14.99% owned by Anbang Insurance, 13.74% by Xinjiang Wind Energy Co, Ltd, a company controlled by Xinjiang Autonomous Region, and 10.52% by China Three Gorges Corporation (Aa3, Negative) at end-2015. The company generated RMB30 billion in revenues in 2015.

The Local Market analyst for this rating is Jiming Zou, + 86 21 2057 4018.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Gerwin Ho
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

No Related Data.
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