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Goldwind Announces 2012 Annual Results

BEIJING, China, March 22, 2013-- Xinjiang Goldwind Science & Technology Co., Ltd. (“Goldwind” or the "Company”, Shenzhen stock code 002202, Hong Kong stock code 2208) today announced its annual results for the year ended December 31, 2012. In accordance with International Financial Reporting Standards (“IFRSs”), during the year 2012, revenue from operations decreased 12.00% to RMB 11,225 million and net profit attributable to shareholders of the Company decreased 74.77% to RMB 153 million, compared with the year 2011. Basic earnings per share for the year 2012 were RMB 0.06 compared with RMB 0.23 in 2011. 

According to statistics for China’s wind power market update in 2012, issued by the Chinese Wind Energy Association, domestic newly installed wind power capacity in 2012 was 12,960MW, a decrease of 26.5% compared with 2011. In 2012, Goldwind’s domestic newly installed capacity was 2,521.5MW with a corresponding market share of 19.5%, and its accumulated installed capacity reached 15,200.4MW with a corresponding market share of 20.2%, both continuing to rank first in the domestic market in China.
 
During 2012, the Company installed 40 intertidal wind turbines with a total capacity of 100MW in Rudong County of China’s Jiangsu province as Goldwind’s first large-scale intertidal project. Those installations provide Goldwind with a solid foundation to further develop the offshore wind power market. In addition, it has completed the assembly of various components of its 6.0MW wind turbine prototype and is continuing with testing. The testing phase is progressing as planned.
 
Mr. Wu Gang, Goldwind’s Chairman and CEO, said, “The year 2012 was challenging for both the global and Chinese economies. Influenced by the uncertain macroeconomic environment and continued industry adjustments, China’s wind power industry continued the retrenching that began in 2011 with a further decrease in sales volume in 2012. Assisted by our stakeholders at home and abroad and the efforts of our employees in facing such difficult challenges, Goldwind continues to rank first in the domestic market on both newly installed capacity in 2012 and total accumulated installed capacity.
 
Goldwind is principally engaged in the following business segments: Wind Turbine R&D, Manufacturing and Sales; Wind Power Services; and Wind Farm Investment, Development and Sales.
 
In 2012, Goldwind achieved revenue from sales of wind turbines and components of RMB10,580.84 million and sold wind turbines with a combined total capacity of 2,583.30MW. The wind turbines sold included 1,478 units of 1.5MW turbines, which decreased 23.10% from 2011, and 147 units of 2.5MW turbines, which increased 68.97% from 2011. This indicated that Goldwind’s large-capacity turbine units have been accepted by the market.
 
In response to lower wind power installations in the domestic market in 2012, Goldwind established more vigorous operating principles for higher quality, more stringent cost controls, and lower inventories. The effects of those principles became evident during the second half of the year, with a gross profit margin on wind turbine sales in the year 2012 of 13.69%, up 3.10 percentage points from 10.59% in the first half of 2012.
 
As of December 31, 2012, Goldwind’s backlog of orders under contract was 4,085.75MW. Goldwind also had orders of 2,514.50MW of successful bids that were awaiting final contracts. Adding those two backlog categories together, the combined backlog was 6,600.25MW. More than 40% of the backlog of orders under contract at the end of 2011 was completed in 2012 and nearly 50% of new orders under contract in 2012 were completed during 2012.
 
Goldwind’s Wind Power Services business segment had revenues of RMB392.13 million in 2012, an increase of 8.12% from 2011. The revenues included sales of software products; engineering, procurement, and construction projects; wind resource consultation; technical services; and wind turbine maintenance, services, and support.
 
Revenue from electric power generated by wind farms operated by Goldwind in 2012 was RMB251.96 million, an increase of 81.49% from 2011. Investment gains from the sale of wind farms totaled RMB259.50 million, a decrease of 32.91% from 2011.
 
In its international business in 2012, Goldwind achieved revenue from international sales of RMB1,298.60 million, accounting for 11.57% of our 2012 revenue from operations. During 2012, Goldwind invested in or supplied products to 12 overseas projects totaling 87.25MW in 20 countries, including China, across six continents. Accumulated executed overseas deliveries have already reached 365.8MW..
 
Mr. Wu, said, “Goldwind has emerged as a leading global comprehensive wind power solutions provider, diversified in our growing series of wind turbine generators, in our ability to provide wind turbines optimized for several operating environments that include low wind speed, high altitude, low and high temperature, offshore, and intertidal, and by our three business segments that includewind turbines, wind power services, and wind farms. .
 
“In 2012, Goldwind responded to the challenges of the market and was the first to introduce the ultra-low wind speed permanent magnet direct-drive wind turbine (model GW93/1500) to the domestic market. This wind turbine model was highly recognized and welcomed by the market. Our mainstream wind turbine models, the 1.5MW and 2.5MW PMDD wind turbine series, received several additional independent certifications around the world that demonstrate our wind turbines ability to satisfy the design, safety, and quality requirements in many of the world’s markets.”
 
 “We are confident about the future development of the wind power industry. As the most mature and commercialized clean and renewable energy source with a cost per kilowatt hour closest to that of traditional energies, wind power is an important foundation for China’s strategic emerging industries, essential to the restructuring of China’s energy mix, is a key stimulant for China’s continued economic development and maturity, and will help to improve the environment for everyone. The domestic wind power industry continues to have a large amount of untapped potential for future development.”
 
“In 2013, Goldwind will continue to embrace the development opportunities of China’s strategic emerging industries. Guided by our long-term strategies, we will strive to streamline and strengthen our core businesses, continue to invest in our R&D and innovation, explore new profit channels, effectively allocate our resources, and improve our management and our profitability. Building on our strong foundation of core competitive advantages, we will continue to develop as an international enterprise and maximize value for our customers and shareholders, contribute to economic development, and help improve the environment around the world through our outstanding clean energy products and services.”
 
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About Goldwind
Xinjiang Goldwind Science & Technology Co., Ltd., is the largest manufacturer of wind turbines in China, and among the largest in the world. With strong R&D capabilities, the company is the world’s largest manufacturer of permanent magnet direct-drive wind turbines, representing the industry’s next generation technology. Goldwind is listed on the Shenzhen Stock Exchange (stock code 002202) and the Stock Exchange of Hong Kong (stock code 2208).
 
As of December 31, 2012, Goldwind’s accumulated wind power installations exceeded 15 gigawatts, and it had installed more than 12,000 units of wind turbines globally. That wind power generation capacity is equivalent to 12 million tons of coal saved per year or 29.91 million tons of carbon emissions reduced per year or 16.4 million cubic meters of newly planted forest.
 
For more information, please visit www.goldwindglobal.com.
 
Goldwind media contact:
Press Office
Beijing: +86 (0)1067511888 extension1037
SNS: weibo.com/goldwindchina
 
Goldwind investor contact:
Investor Relations Department
Beijing +86 (0)10 6751 1888 extension1022
 
Christensen contacts:
Chen Yuanyuan or Iris Tsang
Hong Kong: +852 2117 0861
 
Tom Myers
Beijing: +86 139 1141 3520

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