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Solar PV Corporate News Release
Panasonic Solar Promotes First Group of Authorized Installers to Premium Level
Jul 26, 2017
Benefiting from the Leading Edge Technology, TZS Announced Mono-Crystalline Wafer Price Modification
Jul 18, 2017
Canadian Solar Reports First Quarter 2017 Results
Jun 06, 2017
JinkoSolar Announces First Quarter 2017 Financial Results
Jun 05, 2017
Hanwha Q CELLS Reports
May 25, 2017
JA Solar Announces First Quarter 2017 Results
May 24, 2017
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 2015 Financial Results

JinkoSolar Announces First Quarter 2017 Financial Results

SHANGHAI, June 5, 2017 -  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 first quarter ended March 31, 2017.

First Quarter 2017 Highlights

  • Total solar module shipments were 2,068 megawatts ("MW"), an increase of 19.3% from 1,733 MW in the fourth quarter of 2016 and an increase of 29.3% from 1,600 MW in the first quarter of 2016.
  • Total revenues were RMB5.78 billion (US$839.3 million), an increase of 12.8% from the fourth quarter of 2016 and an increase of 9.4% from the first quarter of 2016.
  • Gross margin was 11.2%, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016.
  • Income from operations was RMB56.8 million (US$8.3 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016.
  • Net income attributable to the Company's ordinary shareholders from continuing operations was RMB60.6 million (US$8.8 million) in the first quarter of 2017, compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7 million in the first quarter of 2016.
  • Diluted earnings per American depositary share ("ADS") from continuing operations were RMB1.88 (US$0.28).
  • Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB2.52 (US$0.36) and RMB2.48 (US$0.36) respectively in the first quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Module shipments during the quarter hit a record high of 2,068MW, a 19.3% increase sequentially while generating US$839.3 million in revenue. We continued to capitalize on the growing recognition of JinkoSolar's brand and high quality products and services to increase our market share and capture new opportunities during the quarter."

"Our gross margin contracted to 11.2% from 14.3% last quarter as a result of a slight decline in the average selling prices ("ASP") of solar modules, increased silicon prices and material costs caused by a shortage of supply in the first quarter. We believe our margins have room to improve in the second quarter and throughout the second half of the year as our mono wafer and PERC cell capacity increases and polysilicon prices stabilize."

"Demand in China remains strong with growth momentum expected to continue into the next quarter. While the June 30 Feed-in-Tariff has created some uncertainties in China's utility-scale market, we haven't seen demand weaken. Our deep involvement in the Top Runner and PV Poverty Alleviation projects as well as distributed generation projects will provide strong support for demand during the second half of the year."

"We strongly oppose the petition under Section 201 in the US, but believe growth momentum there will continue. ASPs of solar modules in the US have risen slightly in recently months due to strong demand. Demand from India and other emerging markets where we are devoting more resources to expand our leading market share also continue to grow rapidly. With such strong demand from across the globe, we expect module shipments to increase by approximately 25% sequentially in the second quarter of 2017."

"We continue to ramp up our mono wafer and PERC cell capacity, which will reduce the overall cost of our mono products and help increase our margins. Our mono PERC products are in short supply and have been fully booked out for the rest of the year, demonstrating the strong demand for our high quality products. In the meanwhile, our team is working hard to optimize the cost structure of both our mono and multi products."

"While we are facing some short-term industry headwinds, the continued development of the global solar industry is irreversible. We are confident in the long-term prospects of the solar industry and our sustainable growth strategy."

First Quarter 2017 Financial Results

Total Revenues

Total revenues in the first quarter of 2017 were RMB5.78 billion (US$839.3 million), an increase of 12.8% from RMB5.12 billion in the fourth quarter of 2016 and an increase of 9.4% from RMB5.28 billion in the first quarter of 2016. The sequential and year-over-year increases were mainly attributable to an increase in solar module shipments in the first quarter of 2017.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2017 was RMB649.0 million (US$94.3 million), compared with RMB730.0 million in the fourth quarter of 2016 and RMB1.08 billion in the first quarter of 2016. The sequential and year-over-year decreases were mainly attributable to a decline in the ASP of solar modules in the first quarter of 2017.

Gross margin was 11.2% in the first quarter of 2017, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016.

Income from Operations and Operating Margin

Income from operations in the first quarter of 2017 was RMB56.8 million (US$8.2 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016. Operating margin in the first quarter of 2017 was 1.0%, compared with 1.5% in the fourth quarter of 2016 and 10.0% in the first quarter of 2016.

Total operating expenses in the first quarter of 2017 were RMB592.2 million (US$86.0 million), a decrease of 9.2% from RMB652.1 million in the fourth quarter of 2016 and an increase of 6.6% from RMB555.7 million in the first quarter of 2016. The sequential decrease was primarily due to the reversal of an allowance for doubtful accounts because of subsequent collection. The year-over-year increase was mainly due to increased shipping costs which were in line with the increase in solar module shipments.

Total operating expenses accounted for 10.3% of total revenues in the first quarter of 2017, compared to 12.7% in the fourth quarter of 2016 and 10.5% in the first quarter of 2016.

Interest Expense, Net

Net interest expense in the first quarter of 2017 was RMB57.1 million (US$8.3 million), a decrease of 23.4% from RMB74.5 million in the fourth quarter of 2016 and a decrease of 25.7% from RMB76.9 million in the first quarter of 2016.The sequential decrease was due to the repurchase of US$61.1 million in convertible senior notes. The year-over-year decrease was due to the repurchase of US$184.0 million in convertible senior notes and the repayment of US$17.4 million in bond payables.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss of RMB5.2 million (US$0.8 million) in the first quarter of 2017, compared to a net exchange gain of RMB17.7 million in the fourth quarter of 2016 and a net exchange gain of RMB29.5 million in the first quarter of 2016.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax expense of RMB1.5 million (US$0.2 million) in the first quarter of 2017, compared with an income tax benefit of RMB49.2 million in the fourth quarter of 2016 and an income tax expense of RMB100.3 million in the first quarter of 2016. The sequential change was mainly due to the successful renewal of a National High and New Technology Enterprise license which grants one of the Company's subsidiaries a preferential tax rate. The year-over-year change was due to one of the Company's overseas subsidiaries receiving a tax exemption for a five-year period starting from August 2015.

The Company adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" in 2017, which is effective for annual and interim periods beginning after December 15, 2016, and prospectively classified deferred tax liabilities and assets as noncurrent in the financial statements during the quarter ended March 31, 2017. 

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders from continuing operations in the first quarter of 2017 was RMB60.6 million (US$8.8 million), compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7million in the first quarter of 2016.

Basic and diluted earnings per ordinary share from continuing operations were RMB0.48 (US$0.07) and RMB0.47 (US$0.07), respectively, during the first quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of RMB1.92 (US$0.28) and RMB1.88 (US$0.28), respectively.

Non-GAAP net income in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016.

Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.63 (US$0.09) and RMB0.62 (US$0.09), respectively, during the first quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB2.52 (US$0.36) and RMB2.48 (US$0.36), respectively.

Financial Position

As of March 31, 2017, the Company had RMB1.71 billion (US$249.0 million) in cash and cash equivalents and restricted cash, compared with RMB2.82 billion as of December 31, 2016.

As of March 31, 2017, the Company's accounts receivables due from third parties were RMB5.93 billion (US$860.9 million), compared with RMB4.75 billion as of December 31, 2016.

As of March 31, 2017, the Company's inventories were RMB5.37 billion (US$780.2 million), compared with RMB4.47 billion as of December 31, 2016. The strategic increase in inventories was primarily due to strong anticipated demand during the second quarter of 2017.

As of March 31, 2017, the Company's total interest-bearing debts were RMB6.10 billion (US$886.0 million), compared with RMB6.44 billion as of December 31, 2016.

First Quarter 2017 Operational Highlights

Solar Module Shipments

Total solar module shipments in the first quarter of 2017 amounted to 2,068 MW.

Solar Products Production Capacity

As of March 31, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 5.0 GW, 4.0 GW and 6.5 GW, respectively.

Recent Business Developments

  • In May 2017, JinkoSolar was the only Chinese company invited to participate in The Business 20 (B20) Summit held in Berlin, Germany.
  • In April 2017, JinkoSolar supplied 42 MW of solar modules to Asunim for use in two PV power plants in Izmir Province, southwest Turkey.
  • In March 2017, JinkoSolar, in partnership with GRID Alternatives, donated over 620 kW of high-efficiency solar modules to support GRID Alternatives' work brining solar power and job training to underserved communities.
  • In March 2017, JinkoSolar partnered with CleanFund Commercial PACE Capital to offer long-term project financing to US commercial project customers through the SolarPACETM program.
  • In March 2017, JinkoSolar and Marubeni Corporation entered into a Power Purchase Agreement with the Abu Dhabi Water and Electricity Company for the Solar PV Independent Power Project located at Sweihan, Emirate of Abu Dhabi, United Arab Emirates.
  • In February 2017, JinkoSolar completed the repurchase of certain 4.00% Convertible Senior Notes due in 2019 at the option of holders of the Notes.
  • In February 2017, JinkoSolar supplied 106.4 MWdc of PV modules to sPower for the Solverde 1 solar project in California.

Operations and Business Outlook

Second Quarter and Full Year 2017 Guidance

For the second quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.5 GW to 2.6 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 8.5 GW and 9.0 GW.

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 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of March 31, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China(5), Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, 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:

  • 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 March 31, 2017, which was RMB6.8832 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

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

March 31, 2016

December 31, 2016

March 31, 2017

 Continuing operations 

RMB

RMB

RMB

USD

 Revenues from third parties 

5,214,532

5,085,938

5,753,080

835,815

 Revenues from related parties 

66,611

35,565

23,724

3,446

 Total revenues 

5,281,143

5,121,503

5,776,804

839,261

 Cost of revenues 

(4,196,265)

(4,391,518)

(5,127,779)

(744,970)

 Gross profit 

1,084,878

729,985

649,025

94,291

 Operating expenses: 

   Selling and marketing 

(338,369)

(350,662)

(413,812)

(60,119)

   General and administrative 

(178,983)

(221,810)

(115,950)

(16,845)

   Research and development 

(38,395)

(57,231)

(62,486)

(9,078)

   Impairment of long-lived assets 

-

(22,377)

-

-

 Total operating expenses 

(555,747)

(652,080)

(592,248)

(86,043)

 Income from operations 

529,131

77,905

56,777

8,248

 Interest expenses, net 

(76,891)

(74,538)

(57,121)

(8,299)

 Change in fair value of derivative liability 

(1,109)

(10,364)

376

55

 Subsidy income 

35,193

81,222

55,192

8,018

 Exchange gain/(loss) 

47,592

17,674

(6,339)

(921)

 Change in fair value of forward contracts 

(18,088)

19

1,105

161

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

(30,771)

(14,712)

-

-

 Other income/(expense), net 

(1,485)

9,437

11,943

1,735

 Investment income 

(482)

4,812

-

-

 Gain on disposal of subsidiaries 

-

5,018

-

-

 Income from continuing operations before income taxes

483,090

96,473

61,933

8,997

 Income tax (expense)/benefit 

(100,305)

49,200

(1,528)

(222)

Income from continuing operations, net of tax

382,785

145,673

60,405

8,775

 Discontinued operations 

 Gain on disposal of discontinued operations 

-

1,007,884

-

-

Loss from discontinued operations before income taxes   

(21,408)

(97,396)

-

-

Income tax expense, net

(137)

(53,020)

-

-

(Loss)/income from discontinued operations, net of tax

(21,545)

857,468

-

-

 Net income 

361,240

1,003,141

60,405

8,775

 Less: Net income/(loss) attributable to non-controlling
          interests from continuing operations 

89

(123)

(169)

(25)

 Less: Net income attributable to non-controlling
          interests from discontinued operations 

1,595

761

-

-

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

-

(13,895)

-

-

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

46,226

16,776

-

-

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

313,330

999,622

60,574

8,800

 Earnings/(loss) per share for ordinary shareholders, basic 

 Continuing operations 

3.05

1.15

0.48

0.07

 Discontinued operations 

(0.55)

6.75

-

-

 Total earnings/(loss) per share for ordinary shareholders, basic 

2.50

7.90

0.48

0.07

 Earnings/(loss) per share for ordinary shareholders, diluted 

 Continuing operations 

2.80

1.14

0.47

0.07

 Discontinued operations 

(0.47)

6.68

-

-

 Total earnings/(loss) per share for ordinary shareholders, diluted 

2.33

7.82

0.47

0.07

 Earnings/(loss) per ADS for ordinary shareholders, basic 

 Continuing operations 

12.20

4.60

1.92

0.28

 Discontinued operations 

(2.20)

27.00

-

-

 Total earnings/(loss) per ADS for ordinary shareholders, basic 

10.00

31.60

1.92

0.28

 Earnings/(loss) per ADS for ordinary shareholders, diluted 

 Continuing operations 

11.20

4.56

1.88

0.28

 Discontinued operations 

(1.88)

26.72

-

-

 Total earnings/(loss) per ADS for ordinary shareholders, diluted 

9.32

31.28

1.88

0.28

 Weighted average ordinary shares outstanding: 

   Basic 

125,477,086

126,412,714

126,820,607

126,820,607

   Diluted 

147,904,878

127,872,331

128,179,515

128,179,515

 Weighted average ADS outstanding: 

   Basic 

31,369,272

31,603,178

31,705,152

31,705,152

   Diluted 

36,976,220

31,968,083

32,044,879

32,044,879

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income 

361,240

1,003,141

60,405

8,775

 Other comprehensive income: 

   -Unrealized loss on available-for-sale securities 

-

-

-

   -Foreign currency translation adjustments 

(1,579)

108,078

(17,563)

(2,552)

 Comprehensive income 

359,661

1,111,219

42,842

6,223

 Less: Comprehensive income attributable to non-controlling interests 

1,684

638

(169)

(25)

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

-

(13,895)

-

-

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

357,977

1,124,476

43,011

6,248

 Reconciliation of GAAP and non-Gaap Results(Excluding discontinued operations) 

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

 GAAP net income attributable to ordinary shareholders from continuing
operations 

382,695

145,796

60,574

8,800

 Change in fair value of derivative liability 

1,109

10,364

(376)

(55)

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

30,771

14,712

-

-

 4% of interest expense of convertible senior notes 

13,529

5,180

1,555

226

 Exchange (gain)/loss on  convertible senior notes and capped call options 

(3,005)

18,536

844

123

 Stock-based compensation expense 

12,669

33,987

17,402

2,528

 Non-GAAP net income attributable to ordinary shareholders from
continuing operations 

437,768

228,575

79,999

11,622

 Non-GAAP earnings per share attributable to ordinary shareholders from
continuing operations - 

   Basic 

3.49

1.81

0.63

0.09

   Diluted 

2.96

1.79

0.62

0.09

 Non-GAAP earnings per ADS attributable to ordinary shareholders from
continuing operations - 

   Basic 

13.96

7.24

2.52

0.36

   Diluted 

11.84

7.16

2.48

0.36

 Non-GAAP weighted average ordinary shares outstanding  

   Basic 

125,477,086

126,412,714

126,820,607

126,820,607

   Diluted 

147,904,878

127,872,331

128,179,515

128,179,515

 Non-GAAP weighted average ADS outstanding  

   Basic 

31,369,272

31,603,178

31,705,152

31,705,152

   Diluted 

36,976,220

31,968,083

32,044,879

32,044,879

Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31, 2016

March 31, 2017

RMB

RMB

USD

ASSETS

Current assets:

  Cash and cash equivalents

2,501,417

1,468,630

213,364

  Restricted cash 

318,785

245,141

35,614

  Restricted short-term investments

3,333,450

3,362,971

488,577

  Short-term investments

71,301

174,557

25,360

  Accounts receivable, net - related parties

1,414,084

906,636

131,717

  Accounts receivable, net - third parties

4,753,715

5,925,716

860,896

  Notes receivable, net - related parties

610,200

610,000

88,622

  Notes receivable, net - third parties

915,315

430,258

62,508

  Advances to suppliers, net - related parties

662

-

-

  Advances to suppliers, net - third parties

325,766

312,962

45,468

  Inventories, net

4,473,515

5,370,024

780,164

  Forward contract receivables

641

1,029

149

  Deferred tax assets - current

130,676

-

-

  Other receivables - related parties

79,125

77,426

11,249

  Prepayments and other current assets

766,645

1,133,643

164,697

Total current assets

19,695,297

20,018,993

2,908,385

Non-current assets:

  Restricted cash

197,214

161,860

23,515

  Project Assets

55,063

89,484

13,000

  Long-term investments

7,200

9,080

1,319

  Property, plant and equipment, net

4,738,681

5,278,158

766,817

  Land use rights, net

450,941

449,434

65,294

  Intangible assets, net

20,297

20,853

3,030

  Deferred tax assets - non current

134,791

265,467

38,567

  Other assets - related parties

173,376

175,255

25,461

  Other assets - third parties

617,780

534,468

77,650

Total non-current assets

6,395,343

6,984,059

1,014,653

Total assets

26,090,640

27,003,052

3,923,038

LIABILITIES

Current liabilities:

  Accounts payable - third parties

4,290,071

5,737,776

833,591

  Notes payable - third parties

4,796,766

4,608,253

669,493

  Accrued payroll and welfare expenses

582,276

541,267

78,636

  Advances from related parties

60,541

62,900

9,138

  Advances from  third parties

1,376,920

1,388,464

201,718

  Income tax payable

168,112

131,247

19,068

  Other payables and accruals

1,019,419

993,597

144,352

  Other payables due to related parties

76,034

77,349

11,237

  Convertible senior notes - current

423,740

-

-

  Deferred tax liabilities - current

17,074

-

-

  Derivative liability -  current

10,364

9,988

1,451

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

5,488,629

5,617,682

816,144

  Guarantee liabilities to related parties

52,711

47,376

6,882

Total current liabilities

18,362,657

19,215,899

2,791,710

Non-current liabilities:

  Long-term borrowings

488,520

445,734

64,757

  Long-term payables

44,014

35,022

5,089

  Accrued warranty costs - non current

511,209

531,498

77,217

  Convertible senior notes

-

69

10

  Deferred tax liability - non current

50,651

67,725

9,839

  Guarantee liabilities to related parties 
   - non current

173,376

169,867

24,678

Total non-current liabilities

1,267,770

1,249,915

181,590

Total liabilities

19,630,427

20,465,814

2,973,300

SHAREHOLDERS' EQUITY

Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 126,733,266
and 127,988,106 shares issued and
outstanding as of  December 31, 2016 and
March 31, 2017, respectively)

18

18

3

Additional paid-in capital

3,145,262

3,179,445

461,914

Statutory reserves

466,253

466,253

67,738

Accumulated other comprehensive income

104,784

87,221

12,671

Treasury stock, at cost; 1,723,200 shares of
ordinary shares as of December 31, 2016 and
March 31, 2017, respectively

(13,876)

(13,876)

(2,016)

Accumulated retained earnings

2,758,268

2,818,842

409,525

Total JinkoSolar Holding Co., Ltd. shareholders' equity

6,460,709

6,537,903

949,835

Non-controlling interests

(496)

(665)

(97)

Total liabilities and shareholders' equity

26,090,640

27,003,052

3,923,038

SOURCE JinkoSolar Holding Co., Ltd.

 

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