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Solar PV Corporate News Release
JinkoSolar Announces First Quarter 2018 Financial Results
Jun 26, 2018
Canadian Solar Reports First Quarter 2018 Results
May 16, 2018
With 4GW advance PERC capacity, Aiko Solar is now the best and largest PERC cell supplier over the world
May 14, 2018
Hanwha Q CELLS Reports First Quarter 2018 Results
May 14, 2018
JA Solar Announces Fourth Quarter and Fiscal Year 2017 Results
Apr 30, 2018
First Solar, Inc. Announces First Quarter 2018 Financial Results
Apr 27, 2018
Hanwha Q CELLS Reports Fourth Quarter and Full Year 2017 Results
Apr 11, 2018
JinkoSolar Announces Fourth Quarter and Full Year 2017 Financial Results
Mar 22, 2018
Canadian Solar Reports Fourth Quarter and Full Year 2017 Results
Mar 19, 2018
First Solar, Inc. Announces Fourth Quarter & Full Year 2017 Financial Results
Feb 23, 2018
SunPower Reports Fourth Quarter and FY 2017 Results
Feb 15, 2018
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
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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
First Solar, Inc. Announces Third Quarter 2017 Financial Results
Jan 01, 1970
SunPower Announces Fiscal Year 2016 Guidance

JinkoSolar Announces First Quarter 2018 Financial Results

SHANGHAI, June 26, 2018  - 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, 2018.

First Quarter 2018 Highlights

·                Total solar module shipments were 2,015 megawatts ("MW") (including 209 MW to be used in the Company's overseas downstream solar projects for which no revenue has been recognized), a decrease of 18.8% from 2,481 MW in the fourth quarter of 2017 and a decrease of 2.6% from 2,068 MW in the first quarter of 2017.

·                Total revenues were RMB4.57 billion (US$728.1 million), a decrease of 28.1% from the fourth quarter of 2017 and a decrease of 20.9% from the first quarter of 2017.

·                Gross margin was 14.4%, compared with 11.6% in the fourth quarter of 2017 and 11.2% in the first quarter of 2017.

·                Income from operations was RMB125.0 million (US$19.9 million), compared with RMB91.3 million in the fourth quarter of 2017 and RMB56.8 million in the first quarter of 2017.

·                Net income attributable to the Company's ordinary shareholders was RMB3.6 million (US$0.6 million) in the first quarter of 2018, compared with RMB22.5 million in the fourth quarter of 2017 and RMB60.6 million in the first quarter of 2017.

·                Diluted earnings per American depositary share ("ADS") were RMB0.096(US$0.016).

·                Non-GAAP net income attributable to the Company's ordinary shareholders in the first quarter of 2018 was RMB11.0 million (US$1.7 million), compared with RMB41.5 million in the fourth quarter of 2017 and RMB80.0 million in the first quarter of 2017.

·                Non-GAAP basic and diluted earnings per ADS were RMB0.300(US$0.048) and RMB0.296(US$0.048) in the first quarter of 2018, compared with RMB1.272 and RMB1.232 in the fourth quarter of 2017 and RMB2.536 and RMB2.508 in the first quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We shipped 2,015MW of solar modules during the quarter and generated total revenues of $728.1 million. Our gross margin increased to 14.4%, compared with 11.6% last quarter as we benefit from the drop in polysilicon prices and the further optimization of our manufacturing costs as a result of continued technological improvement and reduced OEM usage."

"The new policies regulating the solar industry jointly issued by three Chinese ministries on May 31, affected market sentiment and our ASPs. These new policies are aimed at increasing the pace of achieving grid parity, accelerating the removal of outdated capacity and releasing the pressure of new energy fund deficits. As a result, we expect to see a decline in prices across our industrial supply chain which will allow us to further cut both silicon and non-silicon costs during the second half of the year to offset the decline in the ASPs. Despite the strong initial reaction to the new policies, we remain optimistic about the demand of the Chinese market for the full year 2018, which is expected to hit 35G+. Looking into 2019, aside from the Top Runner Program, poverty alleviation and DG projects, we expect to see a large number of grid parity projects under new business models appear in the second of half of 2019."

"We already have great visibility for the full year 2018 with over 80% of our order book already filled, which is mostly made up of overseas orders with fixed prices throughout the year, and we have already received a number of prepayments. Our production capacity is fully utilized now and is expected to remain so during the second half of the year. We believe the Chinese government's new policies to have relatively limited impact on our operations over the short term, and we remain confident in our future business prospects and the long-term growth of the industry overall."

"Overseas orders will account for about 80% of our overall shipments for the entire year demonstrating our expanding global footprint and the success we have seen in reducing our reliance on any single market. Solar is becoming more and more competitive worldwide. We saw resurgent demand in Southern European markets such as Spain, Portugal and Italy, driven by grid-parity business model, as well as booming demand in new emerging markets such as Latin American, the Middle East and North Africa. We expect to see demand in India rebound strongly as module price goes down." 

"While the policy changes in China have created a challenging domestic market environment, our extensive global sales network and geographically dispersed manufacturing facilities allow us remain flexible and be prepared to rapidly adapt to any future policy changes. We are fully prepared for the market consolidation and the new era of grid parity. We will continue to take advantages of our brand, technology, and global infrastructure to expand our market share and further consolidate our leading position in the industry.

First Quarter 2018 Financial Results

Total Revenues

Total revenues in the first quarter of 2018 were RMB4.57 billion (US$728.1 million), a decrease of 28.1% from RMB6.35 billion in the fourth quarter of 2017 and a decrease of 20.9% from RMB5.78 billion in the first quarter of 2017. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules in the first quarter of 2018. The year-over-year decrease was mainly attributable to a decrease in solar module shipments and a decline in the average selling price of solar modules in 2018.

Adoption of New Revenue Standard:

On January 1, 2018, the Company adopted new revenue guidance ASC Topic 606, "Revenue from Contracts with Customers", and applied the modified retrospective method to contracts which were not completed as of January 1, 2018.

No cumulative catch up adjustment of initially applying this standard was recognized at the date of initial application on January 1, 2018.

Adoption of the new standards related to revenue recognition had no impact on the Company's reported results for the current period.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2018 was RMB656.1 million (US$104.6 million), compared with RMB735.3 million in the fourth quarter of 2017 and RMB649.0 million in the first quarter of 2017. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules in the first quarter of 2018. The year-over-year increase was mainly attributable to decreasing solar module cost, which was partially offset by a decrease in solar module shipments in 2018.

Gross margin was 14.4% in the first quarter of 2018, compared with 11.6% in the fourth quarter of 2017 and 11.2% in the first quarter of 2017. The sequential and year-over-year increases were mainly attributable to a decrease in silicon cost in the first quarter of 2018, which was partially offset by a decline in the average selling price of solar modules in the first quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the first quarter of 2018 was RMB125.0 million (US$19.9 million), compared with RMB91.3 million in the fourth quarter of 2017 and RMB56.8 million in the first quarter of 2017. Operating margin in the first quarter of 2018 was 2.7%, compared with 1.4% in the fourth quarter of 2017 and 1.0% in the first quarter of 2017.

Total operating expenses in the first quarter of 2018 were RMB531.1 million (US$84.7 million), a decrease of 17.5% from RMB644.0 million in the fourth quarter of 2017 and a decrease of 10.3% from RMB592.2 million in the first quarter of 2017. The sequential decease was mainly due to a decrease in shipping cost as a result of decreased solar module shipments, and a decrease of bad debt expenses attributable to the reversal of allowance for doubtful accounts upon subsequent collections. The year-over-year decrease was primarily due to a decrease in shipping costs.

Total operating expenses accounted for 11.6% of total revenues in the first quarter of 2018, compared to 10.1% in the fourth quarter of 2017 and 10.3% in the first quarter of 2017.

Interest Expense, Net

Net interest expense in the first quarter of 2018 was RMB85.4 million (US$13.6 million), an increase of 53.8% from RMB55.6 million in the fourth quarter of 2017 and an increase of 49.5% from RMB57.1 million in the first quarter of 2017. The sequential and year-over-year increases were due to interest expense associated with discounted notes receivable and an increase in borrowings.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss (including change in fair value of forward contracts) of RMB90.8 million (US$14.5 million) in the first quarter of 2018, compared to a net exchange loss of RMB33.9 million in the fourth quarter of 2017 and a net exchange loss of RMB5.2 million in the first quarter of 2017. The sequential and year-over-year losses were primarily due to the continued depreciation of the US dollar against the RMB during the quarter.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax benefit of RMB3.3 million (US$0.5 million) in the first quarter of 2018, compared with an income tax expense of RMB31.1 million in the fourth quarter of 2017 and an income tax expense of RMB1.5 million in the first quarter of 2017. The sequential and year-over-year change was due to one of the Company's PRC subsidiaries receiving a tax deduction certificate in the first quarter of 2018, entitling the subsidiary to income tax deductions for 2017 and 2018.

The Company recorded an out-of-period adjustment of RMB4.6 million (US$0.7 million) in the first quarter of 2018 resulting from income tax benefits for one of its PRC entities, which should have been recorded in 2017. Neither the originating amount in 2017 nor the out-of-period adjustment amount recorded in 2018 was material to the Company's consolidated financial statements for the respective periods.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB3.6 million (US$0.6 million) in the first quarter of 2018, compared with RMB22.5 million in the fourth quarter of 2017 and RMB60.6 million in the first quarter of 2017.

Basic and diluted earnings per ordinary share were RMB0.025(US$0.004) and RMB0.024(US$0.004), respectively during the first quarter of 2018. This translates into basic and diluted earnings per ADS of RMB0.100(US$0.016) and RMB0.096(US$0.016), respectively.

Non-GAAP net income in the first quarter of 2018 was RMB11.0 million (US$1.7 million), compared with RMB41.5 million in the fourth quarter of 2017 and RMB80.0 million in the first quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were RMB0.075(US$0.012) and RMB0.074(US$0.012), respectively during the first quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS of RMB0.300(US$0.048) and RMB0.296(US$0.048), respectively.

Financial Position

As of March 31, 2018, the Company had RMB2.86 billion (US$456.6 million) in cash and cash equivalents and restricted cash, compared with RMB2.76 billion as of December 31, 2017.

As of March 31, 2018, the Company's accounts receivables due from third parties were RMB4.18 billion (US$667.0 million), compared with RMB4.50 billion as of December 31, 2017.

As of March 31, 2018, the Company's inventories were RMB4.71 billion (US$750.2 million), compared with RMB4.27 billion as of December 31, 2017.

As of March 31, 2018, the Company's total interest-bearing debts were RMB8.38 billion (US$1.34 billion), compared with RMB7.43 billion as of December 31, 2017.

First Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the first quarter of 2018 were 2,015 MW, including 209 MW to be used in the Company's overseas downstream solar projects.

Solar Products Production Capacity

As of March 31, 2018, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 9.0 GW, 5.0 GW and 9.0 GW, respectively.

Recent Business Developments

·                In March 2018, JinkoSolar and NextEra Energy announced a supply deal for millions of solar panels and that JinkoSolar will be opening its first U.S. factory in Jacksonville, Florida.

·                In April 2018, JinkoSolar announced that it was named Energy Yield Simulation Winner - Polycrystalline Group at the 4th All Quality Matters Solar Congress hosted by TÜV Rhineland in Wuxi, China.

·                In April 2018, JinkoSolar announced that it supplied solar modules for America's largest solar PV plant in Mexico.

·                In April 2018, JinkoSolar announced that it signed a renewed credit agreement with HSBC (China) Co., Ltd. to increase its credit limit to $47 million from $25 million.

·                In May 2018, JinkoSolar announced that its P-type monocrystalline cell broke the world record again with efficiency hitting 23.95% during certification testing done by the Photovoltaic and Wind Power Systems Quality Test Center at the Chinese Academy of Sciences (CAS).

·                In May 2018, JinkoSolar announced that the 60P version of its P-type PV module peak power broke the world record again with power exceeding 370w and the N-type PV module peak power reaching 378.6w. Both records were certified by the TUV Rheinland (Shanghai) Co., Ltd.

·                In May 2018, JinkoSolar announced that its entire portfolio of PV modules has passed the Potential Induced Degradation ("PID") resistance test under the conditions of 85 Degrees Celsius/85% relative humidity ("double 85") as required by TÜV Nord's IEC TS 62804-1 standards.

Operations and Business Outlook

Second Quarter and Full Year 2018 Guidance

For the second quarter of 2018, the Company estimates total solar module shipments to be in the range of 2.4 GW to 2.5 GW.

For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5 GW to 12 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, 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 9.0 GW for silicon wafers, 5.0 GW for solar cells, and 9.0 GW for solar modules, as of March 31, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa and United Arab Emirates, and global sales offices in China, Hong Kong, Japan, India, Turkey, Germany, Switzerland, United States, Brazil, Chile, Australia, South Africa and United Arab Emirates.

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, and non-GAAP earnings per ADS, 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 interest expenses of convertible senior notes, exchange gain on the convertible senior notes, and stock-based compensation; 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 interest expenses of convertible senior notes and exchange gain on the convertible senior notes, and stock-based compensation.

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 30, 2018, which was RMB6.2726 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, 2017

December 31, 2017

March 31, 2018

RMB

RMB

RMB

USD

 Revenues from third parties 

5,753,080

5,171,540

3,671,345

585,299

 Revenues from related parties 

23,724

1,181,100

895,491

142,762

 Total revenues 

5,776,804

6,352,640

4,566,836

728,061

 Cost of revenues 

(5,127,779)

(5,617,326)

(3,910,775)

(623,469)

 Gross profit 

649,025

735,314

656,061

104,592

 Operating expenses: 

   Selling and marketing 

(413,812)

(446,956)

(313,897)

(50,044)

   General and administrative 

(115,950)

(113,744)

(130,831)

(20,857)

   Research and development 

(62,486)

(83,271)

(86,382)

(13,771)

 Total operating expenses 

(592,248)

(643,971)

(531,110)

(84,672)

 Income from operations 

56,777

91,343

124,951

19,920

 Interest expenses, net 

(57,121)

(55,551)

(85,411)

(13,617)

 Change in fair value of derivative liability 

376

3,333

21,104

3,364

 Subsidy income 

55,192

29,533

36,581

5,833

 Exchange loss 

(6,339)

(31,827)

(91,413)

(14,573)

 Change in fair value of forward contracts 

1,105

(2,031)

585

93

 Other income, net 

11,943

20,823

8,678

1,383

 Gain/(loss) on disposal of subsidiaries 

-

257

(9,425)

(1,503)

 Income before income taxes

61,933

55,880

5,650

900

 Income tax (expense)/benefit 

(1,528)

(31,095)

3,293

525

 Equity in income of affiliated companies 

-

(1,424)

(5,240)

(835)

 Net income 

60,405

23,361

3,703

590

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

(169)

889

107

17

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

60,574

22,472

3,596

573

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

   Basic 

0.478

0.172

0.025

0.004

   Diluted 

0.473

0.167

0.024

0.004

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

   Basic 

1.912

0.688

0.100

0.016

   Diluted 

1.892

0.668

0.096

0.016

 Weighted average ordinary shares outstanding: 

   Basic 

126,820,607

130,432,074

145,540,445

145,540,445

   Diluted 

128,179,515

134,572,596

147,793,780

147,793,780

 Weighted average ADS outstanding: 

   Basic 

31,705,152

32,608,019

36,385,111

36,385,111

   Diluted 

32,044,879

33,643,149

36,948,445

36,948,445

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income 

60,405

23,361

3,703

590

 Other comprehensive income: 

   -Foreign currency translation adjustments 

(17,563)

(16,308)

(33,351)

(5,318)

 Comprehensive income/(loss) 

42,842

7,053

(29,648)

(4,728)

 Less: Comprehensive (loss)/income attributable to non-
controlling interests 

(169)

889

107

17

 Comprehensive income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders 

43,011

6,164

(29,755)

(4,745)

 Reconciliation of GAAP and non-GAAP Results 

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

 GAAP net income attributable to ordinary shareholders
from continuing operations 

60,574

22,472

3,596

573

 4% of interest expense of convertible senior notes 

1,555

1

1

-

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

844

(1)

(2)

-

 Stock-based compensation expense 

17,402

19,000

7,376

1,176

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

80,375

41,472

10,971

1,749

 Non-GAAP earnings per share attributable to ordinary
shareholders - 

   Basic 

0.634

0.318

0.075

0.012

   Diluted 

0.627

0.308

0.074

0.012

 Non-GAAP earnings per ADS attributable to ordinary
shareholders - 

   Basic 

2.536

1.272

0.300

0.048

   Diluted 

2.508

1.232

0.296

0.048

 Non-GAAP weighted average ordinary shares
outstanding  

   Basic 

126,820,607

130,432,074

145,540,445

145,540,445

   Diluted 

128,179,515

134,572,596

147,793,780

147,793,780

 Non-GAAP weighted average ADS outstanding  

   Basic 

31,705,152

32,608,019

36,385,111

36,385,111

   Diluted 

32,044,879

33,643,149

36,948,445

36,948,445

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31, 2017

Mar 31, 2018

RMB

RMB

USD

ASSETS

Current assets:

  Cash and cash equivalents

1,928,303

2,577,559

410,924

  Restricted cash 

833,072

286,608

45,692

  Restricted short-term investments

3,237,773

2,845,129

453,580

  Short-term investments

2,685

27,778

4,428

  Accounts receivable, net - related parties

2,113,042

2,415,119

385,027

  Accounts receivable, net - third parties

4,497,635

4,183,543

666,955

  Notes receivable, net - third parties

571,232

240,637

38,363

  Advances to suppliers, net - third parties

397,076

496,504

79,154

  Inventories, net

4,273,730

4,705,744

750,206

  Other receivables - related parties

46,592

57,970

9,242

  Prepayments and other current assets

1,706,717

1,689,163

269,294

Total current assets

19,607,857

19,525,754

3,112,865

Non-current assets:

  Restricted cash

248,672

393,512

62,735

  Project Assets

473,731

770,922

122,903

  Long-term investments

22,322

22,406

3,572

  Property, plant and equipment, net

6,680,187

6,815,857

1,086,608

  Land use rights, net

443,269

529,303

84,383

  Intangible assets, net

25,743

25,125

4,006

  Deferred tax assets 

275,372

264,102

42,104

  Other assets - related parties

146,026

127,890

20,389

  Other assets - third parties

713,226

888,203

141,600

Total non-current assets

9,028,548

9,837,320

1,568,300

Total assets

28,636,405

29,363,074

4,681,165

LIABILITIES

Current liabilities:

  Accounts payable - related parties

5,329

41,987

6,694

  Accounts payable - third parties

4,658,202

4,182,402

666,773

  Notes payable - third parties

5,672,497

4,635,148

738,952

  Accrued payroll and welfare expenses

721,380

673,652

107,396

  Advances from related parties

37,400

37,345

5,954

  Advances from third parties

748,959

1,360,347

216,871

  Income tax payable

27,780

16,808

2,680

  Other payables and accruals

1,804,799

1,914,566

305,227

  Other payables due to related parties

12,333

13,088

2,087

  Forward contract payables

4,521

-

-

  Derivative liability

26,486

5,383

858

  Bond payable and accrued interests

10,257

15,784

2,516

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

6,204,440

6,847,607

1,091,670

  Guarantee liabilities to related parties

28,034

33,422

5,328

Total current liabilities

19,962,417

19,777,539

3,153,006

Non-current liabilities:

  Long-term borrowings

379,789

707,130

112,733

  Accrued income tax - non current

6,041

6,041

963

  Long-term payables

538,410

506,359

80,726

  Bond payables

298,425

298,688

47,618

  Accrued warranty costs - non current

571,718

557,204

88,831

  Convertible senior notes

65

63

10

  Deferred tax liability

70,122

63,783

10,169

  Long-term liabilities of equtiy investment

-

5,021

800

  Guarantee liabilities to related parties 
   - non current

120,154

106,931

17,047

Total non-current liabilities

1,984,724

2,251,220

358,897

Total liabilities

21,947,141

22,028,759

3,511,903

SHAREHOLDERS' EQUITY

Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 132,146,074
and 156,457,441 shares issued and
outstanding as of  December 31, 2017 and
March 31, 2018, respectively)

19

 

22

 

3

 

Additional paid-in capital

3,313,608

3,988,304

635,829

Statutory reserves

516,886

516,886

82,404

Accumulated other comprehensive income

23,296

(10,055)

(1,603)

Treasury stock, at cost; 1,723,200 ordinary
shares as of December 31, 2017 and March
31, 2018

(13,876)

(13,876)

(2,212)

Accumulated retained earnings

2,849,341

2,852,937

454,826

Total JinkoSolar Holding Co., Ltd.
shareholders' equity

6,689,274

7,334,218

1,169,247

Non-controlling interests

(10)

97

15

Total liabilities and shareholders' equity

28,636,405

29,363,074

4,681,165

 

SOURCE JinkoSolar Holding Co., Ltd.

 

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