Home
Why Solar
Retailer Price
Contract Price
Inverter Price
Weekly Snapshots
Price Download
Monthly Insights
Weekly Forecast
Price Forecast
Premier Insights
Premier Data
Advertising
Solar PV Corporate News Release
Yingli Green Energy Reports Fourth Quarter and Full Year 2016 Results
Apr 13, 2017
Hanwha Q CELLS Reports Fourth Quarter and Full Year 2016 Results
Mar 23, 2017
JA Solar Announces Fourth Quarter and Fiscal Year 2016 Results
Mar 16, 2017
Higher yield of solar wafers and enhanced solar cell efficiency with new HeraGlaze coating by Heraeus
Mar 01, 2017
Heraeus enables significant higher efficiency gains with three new metallization pastes
Mar 01, 2017
First Solar, Inc. Announces Fourth Quarter & Full Year 2016 Financial Results
Feb 22, 2017
SunPower Reports Fourth Quarter 2016 Results
Feb 16, 2017
Trina Solar Announces Third Quarter 2016 Results
Nov 23, 2016
Canadian Solar Reports Third Quarter 2016 Results
Nov 21, 2016
JASolar Announces Third Quarter 2016 Financial Results
Nov 17, 2016
JinkoSolar Announces Third Quarter 2016 Financial Results
Nov 16, 2016
SunPower Reports Third Quarter 2016 Results
Nov 10, 2016
First Solar, Inc. Announces Third Quarter 2016 Financial Results
Nov 03, 2016
Hanwha Q CELLS Reports Second Quarter 2016 Results
Aug 23, 2016
Yingli Green Energy Reports Second Quarter 2016 Results
Aug 23, 2016
Canadian Solar Reports Second Quarter 2016 Results
Aug 18, 2016
JA Solar Announces Second Quarter 2016 Results
Aug 17, 2016
SunPower Reports Second Quarter 2016 Results
Aug 10, 2016
First Solar, Inc. Announces Second Quarter 2016 Financial Results
Aug 04, 2016
First Solar, Inc. Announces First Quarter 2016 Financial Results
Apr 27, 2016
JinkoSolar Announces Fourth Quarter and Full Year 2015 Financial Results
Mar 01, 2016
First Solar, Inc. Announces Fourth Quarter & Full Year 2015 Financial Results
Feb 24, 2016
SunPower Corp. announced financial results for its fourth quarter and fiscal year ended Jan. 3, 2016
Feb 18, 2016
Trina Solar Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company
Dec 14, 2015
Hanwha Q CELLS Reports Third Quarter 2015 Results
Nov 19, 2015
JinkoSolar Announces Third Quarter 2015 Financial Results
Nov 19, 2015
JA Solar Announces Third Quarter 2015 Results
Nov 17, 2015
SunPower Announces Fiscal Year 2016 Guidance
Nov 12, 2015
SunEdison Reports Third Quarter 2015 Results
Nov 10, 2015
Canadian Solar Reports Third Quarter 2015 Results
Nov 10, 2015
Yingli Green Energy Reports Second Quarter 2015 Results
Sep 08, 2015
Hanwha Q CELLS Reports Second Quarter 2015 Results
Aug 27, 2015
TSMC to Cease Solar Manufacturing Operations
Aug 25, 2015
JinkoSolar Announces Better-Than-Expected Second Quarter 2015 Financial Results
Aug 20, 2015
Trina Solar Announces $43.1 million of Net Profits for Second Quarter 2015 Results
Aug 18, 2015
First Solar, Inc. Announces Second Quarter 2015 Financial Results with $896 million of Net sales.
Aug 05, 2015
Sunpower announced financial results of 377 million net profits for its second fiscal quarter ended June 28, 2015.
Jul 29, 2015
8point3 Energy Partners LP, a YieldCo Formed by First Solar, Inc. and SunPower Corporation, Announces Pricing of its Ini
Jun 19, 2015
JA Solar and Essel Infraprojects Limited Sign MOU on 500MW PV Joint Venture
May 25, 2015
First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million
May 01, 2015
Israeli Parliament Solar Project Adopts JA Solar Modules
Apr 07, 2015
JA Solar Supplies Modules Again to First Large-Scale Solar Farm in Central America
Mar 16, 2015
Hyundai offers compact 250W high-performance modules for UK rooftop market
Mar 12, 2015
JA Solar Launching 1500V PV Module
Mar 09, 2015
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Mar 05, 2015
Canadian Solar Reports Fourth Quarter and Full Year 2014 Results
Mar 05, 2015
JA Solar Makes Breakthrough in South Pacific Market in 2014
Feb 05, 2015
First Solar Achieves Efficiency, Durability Milestones
Feb 05, 2015
JA Solar Reaches 100MWp of PV Module Shipments to Solarcentury for UK Projects in 2014
Jan 05, 2015
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Jan 05, 2015
Hanwha Solarone Files Shareholder Circular for Acquisition of Hanwha Q CELLS
Dec 29, 2014
Motech and Topcell Announced the Signing of Merger Agreement
Dec 26, 2014
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Dec 08, 2014
Yingli Green Energy Reports Third Quarter 2014 Results
Nov 25, 2014
Trina Solar Announces Third Quarter 2014 Results
Nov 24, 2014
Hanwha SolarOne Reports Third Quarter 2014 Results
Nov 21, 2014
JA Solar Announces Third Quarter 2014 Results
Nov 19, 2014
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Nov 17, 2014
JA Solar Sets Power Output Record of over 280W for Multi-Si 60-cells Solar Modules
Nov 17, 2014
SunPower Announces Fiscal Year 2015 Guidance
Nov 13, 2014
WINAICO launches patented micro-crack preventing HeatCap technology at PV Taiwan
Oct 22, 2014
Trina Solar Announces Fourth Quarter and Full Year 2014 Results
Jan 01, 1970

JinkoSolar Announces Third Quarter 2016 Financial Results

SHANGHAI, Nov. 16, 2016 -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the third quarter ended September 30, 2016.

Third Quarter 2016 Highlights

  • Total solar module shipments were 1,606 megawatts ("MW"), which includes 50 MW used in the Company's downstream projects. Total solar module shipments decreased by 6.4% from 1,716 MW in the second quarter of 2016 and increased by 41.6% from 1,134.5 MW in the third quarter of 2015.
  • Total revenues were RMB5.70 billion (US$855.3 million), a decrease of 4.4% from the second quarter of 2016 and an increase of 39.0% from the third quarter of 2015.
  • Gross margin was 22.1%, compared with 20.4% in the second quarter of 2016 and 21.3% in the third quarter of 2015.
  • Solar power projects generated 395 GWh of electricity, an increase of 20.8% from the second quarter of 2016 and an increase of 69.0% from the third quarter of 2015. Total revenues generated from solar power projects were RMB372.4 million (US$55.8 million), an increase of 29.1% from the second quarter of 2016 and an increase of 81.0% from the third quarter of 2015.
  • As of September 30, 2016, the Company had connected 1,314 MW worth of solar power projects.
  • In October 2016, the Company entered into definitive agreement to sell Jinko Power's downstream business to Shangrao Kangsheng Technology Co., Ltd. ("Shangrao Kangsheng"), a company incorporated with limited liability under the laws of the People's Republic of China, formed by a buyer consortium led by Mr. Xiande Li, chairman of the board of directors of the Company (the "Board"). The transaction was closed in November 2016. The Company expects to report a gain on the sale in the fourth quarter of 2016.
  • Income from operations was RMB600.9 million (US$90.1 million), compared with RMB445.1 million in the second quarter of 2016 and RMB384.0 million in the third quarter of 2015.
  • Net income attributable to the Company's ordinary shareholders was RMB233.7 million (US$35.0 million), compared with RMB280.1 million in the second quarter of 2016 and RMB195.1 million in the third quarter of 2015.
  • Diluted earnings per American depositary share ("ADS") was RMB6.04 (US$0.92), compared with RMB8.48 in the second quarter of 2016 and RMB3.12 in the third quarter of 2015.
  • Non-GAAP net income attributable to the Company's ordinary shareholders in the third quarter of 2016 was RMB305.8 million (US$45.8 million), compared with RMB421.8 million in the second quarter of 2016 and RMB253.3 million in the third quarter of 2015.
  • Non-GAAP basic and diluted earnings per ADS were RMB9.72 (US$1.44) and RMB9.36 (US$1.40), respectively, in the third quarter of 2016.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Our business continued to gain growth momentum despite a challenging environment. Module shipments reached 1,606 MW, an increase of 41.6% year-over-year while total revenues reached US$855.3 million, an increase of 39.0% over the same period last year. Based on our visibility into the fourth quarter of 2016, we are once again raising our full year 2016 shipment guidance to 6.6GW to 6.7GW from our previous guidance of 6.0GW to 6.5GW. We are well positioned to continue benefitting from the global adoption of solar energy, which is playing a more important role in the global energy landscape."

"Jinko Power's electricity output increased 20.8% sequentially to 395GWh while generating RMB372.4 million in revenue. Jinko Power connected an additional 184MW worth of solar projects during the quarter, bringing our total to 1,314 MW as of September 30, 2016. We closed the sale of Jinko Power's business in November 2016 to Shangrao Kangsheng for US$250 million in cash, which will significantly improve our balance sheet by reducing our debt and net gearing ratio. We expect to report a gain on the sale in the fourth quarter of 2016. This injection into our already substantial cash position will also provide us with the extra flexibility for our future operations."

"We consolidated our leading position across a number of key and emerging markets during the quarter. Demand in China remains robust as module prices stabilized. Demand is expected to pick up again in the first half of 2017 with the announcement of the next round of FiT cut, which we expect will act as a strong catalyst. Demand in the US is stable despite recent market panic which we believe is only temporary. We expect the US market will heat up again during the second half of 2017. We have always advocated a fair, transparent and market-driven environment, and the withdrawal of major solar manufacturers from the EU's MIP agreement is boosting our outlook for the European markets. We also reinforced our presence on the ground in India by opening a new office to offer local technical and logistical support to our customers there. We expanded our emerging market presence to over 40 countries and regions, and strengthened our leading position in key markets such as Chile, Mexico and the UAE."

"We continued to focus on developing high-efficiency products. Our mono wafer capacity using diamond-wire cutting is now operational and is scaling up rapidly to support our high-efficiency PERC lines. As leader in the industry, our team is constantly focusing on providing our customers the highest-quality, most reliable and high-efficiency products."

"We have experienced the ups and downs of the solar industry but we have never had any doubt about its great potential. We will continue to grow our business sustainably as we fulfill our commitment to green energy."

Third Quarter 2016 Financial Results

Total Revenues

Total revenues in the third quarter of 2016 were RMB5.70 billion (US$855.3 million), a decrease of 4.4% from RMB5.96 billion in the second quarter of 2016 and an increase of 39.0% from RMB4.1 billion in the third quarter of 2015. The sequential decrease was mainly attributable to a decline in module selling prices in the third quarter of 2016 as a result of a decrease in market demand and intense competition in the solar industry. The year-over-year increase was mainly due to the increase in revenues from electricity generation and solar module shipments growing at a faster pace than the decrease in average selling prices.

During the third quarter of 2016, revenues from downstream solar power projects were RMB372.4 million (US$55.8 million), an increase of 29.1% from RMB288.5 million in the second quarter of 2016 and an increase of 81.0% from RMB205.8 million in the third quarter of 2015. The sequential and year-over-year increases were primarily due to the increase in number and capacity of the Company's solar projects.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2016 was RMB1.26 billion (US$188.6 million), compared with RMB1.21 billion in the second quarter of 2016 and RMB864.6 million in the third quarter of 2015.

Gross margin was 22.1% in the third quarter of 2016 compared with 20.4% in the second quarter of 2016 and 21.3% in the third quarter of 2015.

Income from Operations and Operating Margin

Income from operations in the third quarter of 2016 was RMB600.9 million (US$90.1 million), compared with RMB445.1 million in the second quarter of 2016 and RMB384.0 million in the third quarter of 2015. Operating margin in the third quarter of 2016 was 10.5%, compared with 7.5% in the second quarter of 2016 and 9.5% in the third quarter of 2015.

Total operating expenses in the third quarter of 2016 were RMB657.0 million (US$98.5 million), a decrease of 14.4% from RMB767.1 million in the second quarter of 2016 and an increase of 36.7% from RMB480.6 million in the third quarter of 2015. The sequential decrease was mainly due to an RMB99.3 million provision for impairment of property, plant and equipment during the second quarter of 2016. The year-over-year increase in operating expenses was mainly due to the increases in shipping and warranty costs and change in provision of accounts receivables.

Total operating expenses accounted for 11.5% of total revenues, compared to 12.9% in the second quarter of 2016 and 11.9% in the third quarter of 2015.

Interest Expense, Net

Net interest expense in the third quarter of 2016 was RMB219.7 million (US$32.9 million), an increase of 80.6% from RMB121.6 million in the second quarter of 2016 and an increase of 50.3% from RMB146.2 million in the third quarter of 2015. The sequential and year-over-year increases were mainly due to an increase in loans for solar power projects and fees charged by financial institutions associated with discounted notes receivables.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss of RMB14.1 million (US$2.1 million) including change in fair value of forward contracts in the third quarter of 2016, compared to a net exchange gain of RMB106.6 million in the second quarter of 2016 and a net exchange loss of RMB121.6 million in the third quarter of 2015.

Change in Fair Value of Convertible Senior Notes and Capped Call Options

The Company recognized a loss from a change in fair value of convertible senior notes and capped call options of RMB15.7 million (US$2.4 million) in the third quarter of 2016 primarily due to the change of volatility of the stock price of the Company.

Change in fair value of derivative liability

In July 2015, Jinko Power, the parent company of the solar projects, entered into a US$150 million loan agreement. In conjunction with the loan, Jinko Power issued certain warrants which granted the holders a right to purchase its ordinary shares. The warrants are liability derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period. In September 2016, Jinko Power refinanced and repaid the loan in advance and the warrants were settled.

The Company recognized a gain from change in fair value of derivative liability of RMB36.0 million (US$5.4 million) in the third quarter of 2016 mainly due to the early repurchase of warrants.

Income Tax Expense, net

The Company recorded an income tax expense of RMB116.8 million (US$17.5 million) in the third quarter of 2016, compared with an income tax expense of RMB90.9 million in the second quarter of 2016 and an income tax expense of RMB34.2 million during the third quarter of 2015. The sequential change was mainly due to additional tax deductions in R&D costs approved by the local tax bureau in the second quarter of 2016.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders in the third quarter of 2016 was RMB233.7 million (US$35.0 million), compared with RMB280.1 million in the second quarter of 2016 and RMB195.1 million in the third quarter of 2015.

Basic and diluted earnings per ordinary share were RMB1.85 (US$0.28) and RMB1.51 (US$0.23), respectively, during the third quarter of 2016. This translates into basic and diluted earnings per ADS of RMB7.40 (US$1.12) and RMB6.04 (US$0.92), respectively.

Non-GAAP net income attributable to the Company's ordinary shareholders in the third quarter of 2016 was RMB305.8 million (US$45.8 million), compared with RMB421.8 million in the second quarter of 2016 and RMB253.3 million in the third quarter of 2015.

Non-GAAP basic and diluted earnings per ordinary share were RMB2.43 (US$0.36) and RMB2.34 (US$0.35), respectively during the third quarter of 2016. This translates into non-GAAP basic and diluted earnings per ADS of RMB9.72 (US$1.44) and RMB9.36 (US$1.40), respectively.

Financial Position

As of September 30, 2016, the Company had RMB3.6 billion (US$547.3 million) in cash and cash equivalents and restricted cash, compared with RMB3.70 billion as of June 30, 2016.

As of September 30, 2016, the Company's accounts receivables were RMB5.87 billion (US$880.5 million), compared with RMB4.17 billion as of June 30, 2016. Accounts receivables from downstream solar power projects were RMB1.25 billion (US$186.8 million), compared with RMB1.00 billion as of June 30, 2016.

As of September 30, 2016, the Company's inventories were RMB3.26 billion (US$488.7 million), compared with RMB3.10 billion as of June 30, 2016.

As of September 30, 2016, the Company's total interest-bearing debts were RMB14.47 billion (US$2.17 billion), compared with RMB12.05 billion as of June 30, 2016. Interest-bearing debts from downstream solar power projects were RMB8.35 billion (US$1.25 billion), compared with RMB6.66 billion as of June 30, 2016.

Third Quarter 2016 Operational Highlights

Solar Module Shipments

Total solar module shipments in the third quarter of 2016 amounted to 1,606 MW, including 50 MW used in the Company's downstream projects.

Solar Power Project Capacity

As of September 30, 2016, the Company had connected 1,314 MW of solar power projects to the grid.

Solar Products Production Capacity

As of September 30, 2016, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 4.5 GW, 3.7 GW and 6.5 GW, respectively.

Recent Business Developments

  • In October 2016, JinkoSolar ranked 16th among Fortune magazine's 100 Fastest-Growing Companies in 2016.
  • In October 2016, JinkoSolar entered into a definitive agreement for the sale of Jinko Power's downstream business in China to Shangrao Kangsheng, a company incorporated with limited liability under the laws of the People's Republic of China, formed by a buyer consortium led by Mr. Xiande Li, chairman of the Board. The transaction was closed in November 2016. JinkoSolar expects to report a gain on the sale in the fourth quarter of 2016.
  • In October 2016, JinkoSolar signed a 300MW master module supply agreement with Henan Senyuan Electric.
  • In September 2016, JinkoSolar helped create the first PV recycling network in the US
  • In September 2016, JinkoSolar signed a master module supply agreement with Con Edison Development in the U.S.
  • In September 2016, JinkoSolar supplied modules to power several mosques in Jordan.
  • In September 2016, JinkoSolar announced its withdrawal from the European Union Price Undertaking agreement.

Operations and Business Outlook

Fourth Quarter and Full Year 2016 Guidance

For the fourth quarter of 2016, the Company estimates total solar module shipments to be in the range of 1.7 GW to 1.8 GW.

For the full year 2016, the Company raises the estimation of total solar module shipments to be in the range of 6.6 GW and 6.7 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Wednesday, November 16, 2016 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852-5808-3202

U.S. Toll Free:

+1-855-298-3404

Passcode:

JinkoSolar

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, November 22, 2016. The dial-in details for the replay are as follows:

International:

+61-2-9641-7900

U.S. Toll Free:

+1-866-846-0868

Passcode:

1681350

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 4.5 GW for silicon ingots and wafers, 3.7 GW for solar cells, and 6.5 GW for solar modules, as of September 30, 2016.

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, Spain, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income , non-GAAP earnings per Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted average ordinary shares outstanding, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options, and accretion to redemption value of redeemable non-controlling interest:

  • Non-GAAP net income is adjusted to exclude the expenses relating to changes in fair value of convertible senior notes and capped call options, change in fair value of derivative liability, interest expenses of convertible senior notes, exchange gain on the convertible senior notes and capped call options, stock-based compensation, allocation of net income to redeemable non-controlling interests, and accretion to redemption value of redeemable non-controlling interests; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude the expenses relating to the issuance costs of convertible senior notes, changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes and exchange gain on the convertible senior notes and capped call options, stock-based compensation, and accretion to redemption value of redeemable non-controlling interests.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of September 30, 2016, which was RMB6.6685 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

Sep 30, 2015

Jun 30, 2016

Sep 30, 2016

RMB

RMB

RMB

USD

 Revenues from third parties 

4,052,520

5,918,875

5,703,608

855,306

 Revenues from related parties 

-

36,349

-

-

 Total revenues 

4,052,520

5,955,224

5,703,608

855,306

 Cost of revenues 

(3,187,894)

(4,743,024)

(4,445,768)

(666,682)

 Gross profit 

864,626

1,212,200

1,257,840

188,624

 Operating expenses: 

   Selling and marketing 

(302,547)

(373,338)

(371,669)

(55,735)

   General and administrative 

(138,214)

(250,845)

(239,634)

(35,935)

   Research and development 

(39,869)

(43,617)

(41,864)

(6,278)

   Impairment of long-lived assets 

-

(99,328)

(3,819)

(573)

 Total operating expenses 

(480,630)

(767,128)

(656,986)

(98,521)

 Income from operations 

383,996

445,072

600,854

90,103

 Interest expenses, net 

(146,235)

(121,615)

(219,684)

(32,945)

 Change in fair value of derivative liability 

(2,532)

(1)

36,048

5,406

 Subsidy income 

43,562

39,475

12,854

1,928

 Exchange gain/(loss) 

(109,560)

117,018

(3,378)

(507)

 Change in fair value of forward contracts 

(12,035)

(10,390)

(10,752)

(1,612)

 Change in fair value of convertible senior
   notes and capped call options 

111,021

(49,076)

(15,684)

(2,352)

 Other income/(expense), net 

(230)

1,291

371

56

 Investment income/(loss) 

-

(1,158)

1,730

260

 Income before income taxes  

267,987

420,616

402,359

60,337

 Income tax expense, net 

(34,225)

(90,888)

(116,803)

(17,516)

 Equity in income of affiliated companies 

7,021

3,509

8,626

1,294

 Net income 

240,783

333,237

294,182

44,115

 Less: Net income attributable to non-controlling
          interests 

2,024

1,950

1,339

202

 Less: Accretion to redemption value of redeemable non-controlling
          interests 

43,678

47,555

48,922

7,336

  Less:Allocation of net income to participating preferred shares issued
          by subsidiary 

-

3,648

10,247

1,537

 Net income attributable to JinkoSolar Holding Co., Ltd.'s 
 ordinary shareholders 

195,081

280,084

233,674

35,040

 Net income attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share: 

   Basic 

1.56

2.23

1.85

0.28

   Diluted 

0.78

2.12

1.51

0.23

 Net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS: 

   Basic 

6.24

8.92

7.40

1.12

   Diluted 

3.12

8.48

6.04

0.92

 Weighted average ordinary shares outstanding: 

   Basic 

124,771,933

125,501,184

126,056,129

126,056,129

   Diluted 

155,612,355

132,545,247

130,613,442

130,613,442

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income 

240,783

333,237

294,182

44,115

 Other comprehensive income: 

   -Foreign currency translation adjustments 

6,364

(10,887)

(3,409)

(511)

 Comprehensive income 

247,147

322,350

290,773

43,604

 Less: Comprehensive income attributable to non-controlling interests 

2,024

1,950

1,339

202

 Less:Allocation of net income to participating preferred shares issued
          by subsidiary 

-

3,648

10,247

1,537

 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders 

245,123

316,752

279,187

41,865

 NON-GAAP RECONCILIATION 

 1. Non-GAAP earnings per share and non-GAAP earnings per ADS 

 GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s

ordinary shareholders 

195,081

280,084

233,674

35,040

 Change in fair value of derivative liability 

2,532

1

(36,048)

(5,406)

 Change in fair value of convertible senior
   notes and capped call options 

(111,021)

49,076

15,684

2,352

 4% of interest expense of convertible  senior notes 

16,932

10,463

8,007

1,201

 Exchange loss on  convertible senior  notes and
   capped call options 

65,224

21,224

5,958

893

 Stock-based compensation expense 

40,832

13,353

29,558

4,432

 Accretion to redemption value of redeemable non-controlling

interests 

43,678

47,555

48,922

7,336

 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders 

253,258

421,755

305,755

45,848

 · 

 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s
    ordinary shareholders per share 

   Basic 

2.03

3.36

2.43

0.36

   Diluted 

1.63

3.18

2.34

0.35

 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS 

   Basic 

8.12

13.44

9.72

1.44

   Diluted 

6.52

12.72

9.36

1.40

 Non-GAAP weighted average ordinary shares outstanding  

   Basic 

124,771,933

125,501,184

126,056,129

126,056,129

   Diluted 

155,612,355

132,545,247

130,613,442

130,613,442

 

 JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2015

Sep 30, 2016

RMB

RMB

USD

ASSETS

Current assets:

  Cash and cash equivalents

3,683,664

3,355,114

503,129

  Restricted cash 

555,724

294,467

44,158

  Restricted short-term investments

1,759,566

2,901,598

435,120

  Short-term investments

29,427

6,526

979

  Accounts receivable, net - related parties

60,974

33,000

4,949

  Accounts receivable, net - third parties

3,356,719

5,838,663

875,559

  Notes receivable, net - third parties

554,087

281,519

42,216

  Advances to suppliers, net - related parties

1,021

-

-

  Advances to suppliers, net - third parties

251,390

275,987

41,387

  Inventories, net

3,203,325

3,258,802

488,686

  Forward contract receivables

7,039

647

97

  Deferred tax assets - current

79,101

92,696

13,901

  Other receivables - related parties

-

129

19

  Capped Call options

17,490

-

-

  Prepayments and other current assets

1,035,063

1,191,001

178,601

Total current assets

14,594,590

17,530,149

2,628,801

Non-current assets:

  Restricted cash

333,750

314,271

47,128

  Project Assets

7,044,729

9,492,974

1,423,555

  Long-term investments

116,787

130,513

19,572

  Property, plant and equipment, net

3,771,455

4,273,985

640,921

  Land use rights, net

349,914

362,190

54,314

  Intangible assets, net

21,203

22,309

3,345

  Deferred tax assets - non current

125,844

125,844

18,871

  Other assets

786,276

1,758,161

263,652

Total non-current assets:

12,549,958

16,480,247

2,471,358

Total assets

27,144,548

34,010,396

5,100,159

LIABILITIES

Current liabilities:

  Accounts payable - related parties

1,479

406

61

  Accounts payable - third parties

3,783,305

4,146,391

621,788

  Notes payable - third parties

2,513,762

3,402,611

510,251

  Accrued payroll and welfare expenses

475,598

531,163

79,653

  Advances from customers

1,299,805

794,780

119,184

  Income tax payable

106,042

248,649

37,287

  Other payables and accruals

2,228,567

2,826,331

423,831

  Other payables due to related parties

4,993

28,985

4,347

  Forward contract payables

4,296

8,890

1,333

  Convertible senior notes- current

650,917

545,501

81,803

  Deferred tax liabilities - current

9,266

9,266

1,390

  Bonds payable and accrued interests

866,726

7,192

1,079

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

3,290,149

5,705,352

855,568

Total current liabilities

15,234,905

18,255,517

2,737,575

Non-current liabilities:

  Long-term borrowings

4,627,904

8,091,805

1,213,437

  Long-term payables

56,956

66,235

9,933

  Bond payables

-

120,000

17,996

  Accrued warranty costs -non-current

329,237

443,458

66,500

  Convertible senior notes

856,064

-

-

  Deferred tax liability - non-current

11,380

33,882

5,081

  Derivative liability - non current

68,378

-

-

Total non-current liabilities

5,949,919

8,755,380

1,312,947

Total liabilities

21,184,824

27,010,897

4,050,522

Redeemable non-controlling interests

1,607,926

1,750,628

262,522

SHAREHOLDERS' EQUITY

Ordinary shares (US$0.00002 par value,

500,000,000 shares authorized, 125,473,930 and 

126,351,194 shares issued and outstanding as of

December 31, 2015 and September 30, 2016,

respectively)

18

18

3

Additional paid-in capital

2,924,336

2,991,329

448,576

Statutory reserves

351,855

378,576

56,771

Accumulated other comprehensive income/(loss)

12,491

(3,293)

(494)

Treasury stock, at cost; 1,723,200 shares of

ordinary shares as of December 31,
2015 and September 30, 2016, respectively

(13,876)

(13,876)

(2,081)

Accumulated retained earnings

1,047,045

1,861,214

279,105

Total JinkoSolar Holding Co., Ltd. shareholders'

equity

4,321,869

5,213,968

781,880

Non-controlling interests

29,929

34,903

5,235

Total liabilities and shareholders' equity

27,144,548

34,010,396

5,100,159

 SOURCE JinkoSolar Holding Co., Ltd.

Copyright © 2017 PVinsights.com All rights reserved