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Solar PV Corporate News Release
Hanwha Q CELLS Reports Second Quarter 2018 Results
Aug 13, 2018
JinkoSolar Announces Second Quarter 2018 Financial Results
Aug 13, 2018
SunPower Reports Second Quarter 2018 Results
Jul 31, 2018
First Solar, Inc. Announces Second Quarter 2018 Financial Results
Jul 27, 2018
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
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
First Solar, Inc. Announces Third Quarter 2017 Financial Results
Jan 01, 1970

JinkoSolar Announces Second Quarter 2018 Financial Results

SHANGHAI, Aug. 13, 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 second quarter ended June 30, 2018.

Second Quarter 2018 Highlights

·       Total solar module shipments were 2,794 megawatts ("MW") (including 200 MW to the Company's overseas downstream segment for which no revenue has been recognized), an increase of 38.7% from 2,015 MW in the first quarter of 2018 and a decrease of 3.1% from 2,884 MW in the second quarter of 2017.

·       Total revenues were RMB6.06 billion (US$915.9 million), an increase of 32.7% from the first quarter of 2018 and a decrease of 23.5% from the second quarter of 2017.

·       Gross margin was 12.0%, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017.

·       Income from operations was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017.

·       Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.

·       Diluted earnings per American depositary share ("ADS") were RMB2.512(US$0.408) in the second quarter of 2018.

·       Non-GAAP net income attributable to the Company's ordinary shareholders in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.

·       Non-GAAP basic and diluted earnings per ADS were RMB2.728(US$0.412) and RMB2.708(US$0.408) in the second quarter of 2018, compared with RMB0.300 and RMB0.296 in the first quarter of 2018 and RMB1.908 and RMB1.892 in the second quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We delivered a strong quarter with module shipments hitting 2,794 MW while generating total revenue of US$915.9 million. Leveraging our cutting-edge technologies, strong global sales network, and industry leading cost structure, I'm confident in our ability to generate sustainable profits and growth going forward."

"Growth during the quarter was strong and we expect this momentum to continue into the second half of the year despite the impact from the new policies issued by the Chinese government on May 31 as shipments to overseas markets are expected to continue growing and account for an increasing proportion of our shipments. We believe these new policies will have a relatively limited impact on our operations over the short-term and are optimistic about our future prospects. We expect demand from Top Runner Program, poverty alleviation projects, local government subsidies, and self-contained DG projects to continue to drive the growth in the Chinese market, especially in regions with ample sunlight and high commercial power prices."

"We already have good visibility of our order book for the entire year which is predominantly made up of overseas orders to markets which are growing rapidly and will generate significant opportunities ahead. We are taking full advantage of our market leading position and production facility in Florida to expand our presence in the US market. Demand in emerging markets continues to grow, especially in Latin American and the Middle East and North Africa. We are devoting our resources there towards securing large long-term orders through our mature sales network which spans a number of markets there. We believe the Indian solar sector will maintain its long-term growth trajectory despite the short-term impact of recently announced tariffs and will continue to explore opportunities there."

"We continued to develop high-efficiency technologies while optimizing the cost structure of our products. We made significant progress in improving wafer efficiency and reducing both oxygen content and light induced degradation. We are increasing our mono PREC cell capacity which will reach 4.2GW by the end of year. We are also investing in N type technology, especially HOT double sided cell technology. The falling cost of raw materials and our deep experience in rapidly rolling out new technologies will allow us to further optimize our cost structure going forward and help us increase market share by providing clients with high-efficiency products at cost effective prices."

"Despite some industry headwinds, we believe those challenges also create opportunities for us to further strengthen our position as a global leader in the solar PV industry. On one hand they will push the industrial upgrading and accelerate the industry's consolidation by phasing out outdated production capacities and replacing them with high efficiency ones; On the other hand, it will push the rapidly falling cost of solar, making solar more competitive and stimulating the global demand. We are now in a good position and are fully prepared for these new opportunities to continue to expand our market share and further consolidate our leading position in the industry."

Second Quarter 2018 Financial Results

Total Revenues

Total revenues in the second quarter of 2018 were RMB6.06 billion (US$915.9 million), an increase of 32.7% from RMB4.57 billion in the first quarter of 2018 and a decrease of 23.5% from RMB7.92 billion in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules in the second quarter of 2018.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2018 was RMB727.6 million (US$110.0 million), compared with RMB656.1 million in the first quarter of 2018 and RMB834.8 million in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules, which was partially offset by a decrease in solar module cost in the second quarter of 2018.

Gross margin was 12.0% in the second quarter of 2018, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017. The sequential decrease was mainly attributable to a decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to a decrease in solar module cost, which was partially offset by a decrease in solar module shipments and a decline in the average selling price of solar modules in the second quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2018 was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017. Operating margin in the second quarter of 2018 was 1.6%, compared with 2.7% in the first quarter of 2018 and 1.1% in the second quarter of 2017.

Total operating expenses in the second quarter of 2018 were RMB633.0 million (US$95.7 million), an increase of 19.2% from RMB531.1 million in the first quarter of 2018 and a decrease of 15.5% from RMB749.5 million in the second quarter of 2017. The sequential increase was mainly due to an increase in shipping cost as a result of an increase in solar module shipments, an increase in bad debt expenses and an occurrence of provision for impairment of property, plant and equipment for certain damaged equipment of South Africa manufacturing facilities. The year-over-year decrease was primarily due to a decrease in shipping costs.

Total operating expenses accounted for 10.4% of total revenues in the second quarter of 2018, compared to 11.6% in the first quarter of 2018 and 9.5% in the second quarter of 2017.

Interest Expense, Net

Net interest expense in the second quarter of 2018 was RMB80.6 million (US$12.2 million), a decrease of 5.6% from RMB85.4 million in the first quarter of 2018 and an increase of 0.1% from RMB80.6 million in the second quarter of 2017.

Exchange Gain / (Loss), Net and Change in Fair Value of Forward Contracts

The Company recorded a net exchange gain (including change in fair value of forward contracts) of RMB20.8 million (US$3.1 million) in the second quarter of 2018, compared to a net exchange loss of RMB90.8 million in the first quarter of 2018 and a net exchange loss of RMB34.2 million in the second quarter of 2017. The sequential gain was primarily due to the appreciation of the US dollar against the RMB during the quarter.

Change in Fair Value of Derivatives

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate exposure. The Company recorded a gain of RMB14.3 million (US$2.2 million) in the second quarter of 2018, compared to a gain of RMB21.1 million in the first quarter of 2018 and a loss of RMB16.4 million in the second quarter of 2017. The sequential and year-over-year changes were primarily due to an increase in the LIBOR rate.

Equity in Income of Affiliated Companies

The Company indirectly holds 20% equity interest of Sweihan PV Power Company P.J.S.C, which develops and operates solar power projects in Dubai and accounts for its investments using the equity method. The Company also holds 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as OEM manufacturer and accounts for its investments using the equity method. The Company recorded equity in income of affiliated companies of RMB 28.0 million (US$ 4.2 million) in the second quarter of 2018, compared with a loss of RMB 5.2 million in the first quarter of 2018 and a loss of RMB 0.2 million in the second quarter of 2017.

Income Tax Benefit, Net

The Company recorded an income tax benefit of RMB10.0 million (US$1.5 million) in the second quarter of 2018, increased from RMB3.3 million in the first quarter of 2018 and decreased from RMB32.5 million in the second quarter of 2017. The sequential increase was mainly due to the additional 2017 income tax deduction for R&D costs approved by the local tax bureau in the second quarter of 2018.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.

Basic and diluted earnings per ordinary share were RMB0.633(US$0.096) and RMB0.628(US$0.095), respectively during the second quarter of 2018. This translates into basic and diluted earnings per ADS of RMB2.532(US$0.384) and RMB2.512(US$0.380), respectively.

Non-GAAP net income in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were RMB0.682(US$0.103) and RMB0.677(US$0.102), respectively during the second quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS of RMB2.728(US$0.412) and RMB2.708(US$0.408), respectively.

Financial Position

As of June 30, 2018, the Company had RMB2.56 billion (US$386.5 million) in cash and cash equivalents and restricted cash, compared with RMB2.86 billion as of March 31, 2018.

As of June 30, 2018, the Company's accounts receivables due from third parties were RMB4.77 billion (US$720.7 million), compared with RMB4.18 billion as of March 31, 2018.

As of June 30, 2018, the Company's inventories were RMB5.89 billion (US$890.2 million), compared with RMB4.71 billion as of March 31, 2018.

As of June 30, 2018, the Company's total interest-bearing debts were RMB9.29 billion (US$1.40 billion), compared with RMB8.38 billion as of March 31, 2018.

Second Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2018 were 2,794 MW, including 200 MW to the Company's overseas downstream segment.

Solar Products Production Capacity

As of June 30, 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 June 2018, JinkoSolar announced that its wholly owned subsidiary, JinkoSolar (U.S.) Inc. has entered into a three-year agreement to supply 1.43GW of high efficiency modules to sPower, a leading renewable energy independent power producer.

·       In June 2018, JinkoSolar announced that it has supplied 275.4 MWdc of high efficiency modules to Green Light Contractors Pty Ltd for use in the Bungala Solar Farm near Port Augusta, South Australia, which is owned by a joint venture between Enel Green Power and Dutch Infrastructure Fund.

·       In July 2018, JinkoSolar announced that JinkoSolar Japan K.K., a subsidiary of the Company, has signed a JPY5.3 billion syndicated loan agreement up to two years with a bank consortium led by Sumitomo Mitsui Banking Corporation.

·       In July 2018, JinkoSolar announced that it will supply 86 MW of solar modules for a PV Plant that will be located in the Cesar, northern Colombia.

·       In July 2018, JinkoSolar announced that it is ranked 278th on the 2018 Fortune 500 Companies in China and 1st among solar manufacturers.

Operations and Business Outlook

Third Quarter and Full Year 2018 Guidance

For the third quarter of 2018, the Company estimates total solar module shipments to be in the range of 2.8 GW to 3.0 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.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday, August 13, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m.Beijing / Hong Kong the same day).

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

Hong Kong / International:

+852 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

55864212#

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, August 20, 2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319295377#

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 9.0 GW for silicon wafers, 5.0 GW for solar cells, and 9.0 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

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 June 29, 2018, which was RMB6.6171 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

For the six months ended

June 30, 2017

March 31, 2018

June 30, 2018

June 30, 2017

June 30, 2018

RMB

RMB

RMB

USD

RMB

RMB

USD

 Revenues from third parties 

7,908,533

3,671,345

5,618,862

849,143

13,661,612

9,290,207

1,403,969

 Revenues from related parties 

15,555

895,491

441,769

66,762

39,279

1,337,260

202,092

 Total revenues 

7,924,088

4,566,836

6,060,631

915,905

13,700,891

10,627,467

1,606,061

 Cost of revenues 

(7,089,255)

(3,910,775)

(5,333,000)

(805,942)

(12,217,034)

(9,243,775)

(1,396,953)

 Gross profit 

834,833

656,061

727,631

109,963

1,483,857

1,383,692

209,108

 Operating expenses: 

   Selling and marketing 

(550,823)

(313,897)

(366,077)

(55,323)

(964,635)

(679,974)

(102,760)

   General and administrative 

(125,029)

(130,831)

(170,509)

(25,768)

(240,979)

(301,340)

(45,539)

   Research and development 

(73,694)

(86,382)

(81,907)

(12,378)

(136,180)

(168,289)

(25,432)

   Impairment of long-lived assets 

-

-

(14,548)

(2,199)

-

(14,548)

(2,199)

 Total operating expenses 

(749,546)

(531,110)

(633,041)

(95,668)

(1,341,794)

(1,164,151)

(175,930)

 Income from operations 

85,287

124,951

94,590

14,295

142,063

219,541

33,178

 Interest expenses, net 

(80,572)

(85,411)

(80,636)

(12,186)

(137,693)

(166,047)

(25,093)

 Change in fair value of derivatives 

(16,394)

21,104

14,284

2,159

(16,018)

35,388

5,348

 Subsidy income 

49,038

36,581

2,619

396

104,229

39,200

5,924

 Exchange (loss)/gain 

(29,810)

(91,413)

42,389

6,406

(36,149)

(49,024)

(7,409)

 Change in fair value of forward contracts 

(4,341)

585

(21,618)

(3,267)

(3,235)

(21,033)

(3,179)

 Other income, net 

11,773

8,678

9,444

1,427

23,716

18,122

2,739

 Loss on disposal of subsidiaries 

-

(9,425)

-

-

-

(9,425)

(1,424)

 Income before income taxes

14,981

5,650

61,072

9,230

76,913

66,722

10,084

 Income tax benefit 

32,460

3,293

10,003

1,512

30,933

13,296

2,009

 Equity in income of affiliated companies 

(194)

(5,240)

28,024

4,235

(194)

22,784

3,443

 Net income 

47,247

3,703

99,099

14,977

107,652

102,802

15,536

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

(121)

107

117

18

(290)

224

34

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

47,368

3,596

98,982

14,959

107,942

102,578

15,502

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

   Basic 

0.369

0.025

0.633

0.096

0.846

0.680

0.103

   Diluted 

0.366

0.024

0.628

0.095

0.838

0.672

0.102

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

   Basic 

1.476

0.100

2.532

0.384

3.384

2.720

0.412

   Diluted 

1.464

0.096

2.512

0.380

3.352

2.688

0.408

 Weighted average ordinary shares outstanding: 

   Basic 

128,247,292

145,540,445

156,457,441

156,457,441

127,556,967

150,894,845

150,894,845

   Diluted 

129,493,716

147,793,780

157,574,069

157,574,069

128,859,633

152,579,390

152,579,390

 Weighted average ADS outstanding: 

   Basic 

32,061,823

36,385,111

39,114,360

39,114,360

31,889,242

37,723,711

37,723,711

   Diluted 

32,373,429

36,948,445

39,393,517

39,393,517

32,214,908

38,144,848

38,144,848

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income 

47,247

3,703

99,099

14,977

107,652

102,802

15,536

 Other comprehensive income: 

   -Foreign currency translation adjustments 

(22,391)

(33,351)

47,966

7,249

(39,954)

14,615

2,209

 Comprehensive income/(loss) 

24,856

(29,648)

147,065

22,226

67,698

117,417

17,745

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

(121)

107

117

18

(290)

224

34

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

24,977

(29,755)

146,948

22,208

67,988

117,193

17,711

 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 

47,368

3,596

98,982

14,959

107,942

102,578

15,502

 4% of interest expense of convertible senior notes 

1

1

1

-

1,556

1

-

 Exchange loss/(gain) on convertible senior notes 

(1)

(2)

3

-

843

1

-

 Stock-based compensation expense 

13,822

7,376

7,700

1,164

31,224

15,076

2,278

 Non-GAAP net income attributable to ordinary

shareholders 

61,190

10,971

106,686

16,123

141,565

117,656

17,780

 Non-GAAP earnings per share attributable to ordinary
shareholders - 

   Basic 

0.477

0.075

0.682

0.103

1.110

0.780

0.118

   Diluted 

0.473

0.074

0.677

0.102

1.099

0.771

0.117

 Non-GAAP earnings per ADS attributable to ordinary
shareholders - 

   Basic 

1.908

0.300

2.728

0.412

4.440

3.120

0.472

   Diluted 

1.892

0.296

2.708

0.408

4.396

3.084

0.468

 Non-GAAP weighted average ordinary shares
outstanding  

   Basic 

128,247,292

145,540,445

156,457,441

156,457,441

127,556,967

150,894,845

150,894,845

   Diluted 

129,493,716

147,793,780

157,574,069

157,574,069

128,859,633

152,579,390

152,579,390

 Non-GAAP weighted average ADS outstanding  

   Basic 

32,061,823

36,385,111

39,114,360

39,114,360

31,889,242

37,723,711

37,723,711

   Diluted 

32,373,429

36,948,445

39,393,517

39,393,517

32,214,908

38,144,847

38,144,847

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31, 2017

June 30, 2018

RMB

RMB

USD

ASSETS

Current assets:

  Cash and cash equivalents

1,928,303

2,299,826

347,558

  Restricted cash 

833,072

257,955

38,983

  Restricted short-term investments

3,237,773

4,037,172

610,112

  Short-term investments

2,685

4,642

702

  Accounts receivable, net - related parties

2,113,042

2,163,388

326,939

  Accounts receivable, net - third parties

4,497,635

4,768,733

720,668

  Notes receivable, net - third parties

571,232

350,504

52,969

  Advances to suppliers, net - third parties

397,076

441,902

66,782

  Inventories, net

4,273,730

5,890,591

890,207

  Other receivables - related parties

46,592

73,237

11,068

  Derivative assets

-

10,133

1,531

  Prepayments and other current assets

1,706,717

1,360,476

205,601

Total current assets

19,607,857

21,658,559

3,273,120

Non-current assets:

  Restricted cash

248,672

506,529

76,549

  Project Assets

473,731

1,314,267

198,617

  Long-term investments

22,322

52,972

8,005

  Property, plant and equipment, net

6,680,187

7,132,508

1,077,890

  Land use rights, net

443,269

580,725

87,761

  Intangible assets, net

25,743

26,179

3,956

  Deferred tax assets 

275,372

300,989

45,487

  Other assets - related parties

146,026

112,360

16,980

  Other assets - third parties

713,226

1,197,993

181,045

Total non-current assets

9,028,548

11,224,522

1,696,290

Total assets

28,636,405

32,883,081

4,969,410

LIABILITIES

Current liabilities:

  Accounts payable - related parties

5,329

40,546

6,128

  Accounts payable - third parties

4,658,202

4,991,274

754,299

  Notes payable - related parties

-

14,000

2,116

  Notes payable - third parties

5,672,497

4,976,512

752,068

  Accrued payroll and welfare expenses

721,380

694,786

104,999

  Advances from related parties

37,400

35,158

5,313

  Advances from  third parties

748,959

2,169,672

327,889

  Income tax payable

27,780

41,126

6,215

  Other payables and accruals

1,804,799

2,056,294

310,755

  Other payables due to related parties

12,333

13,214

1,997

  Forward contract payables

4,521

21,618

3,267

  Derivative liability

26,486

-

-

  Bond payable and accrued interests

10,257

21,373

3,230

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

6,204,440

7,639,625

1,154,528

  Guarantee liabilities to related parties

28,034

33,161

5,011

Total current liabilities

19,962,417

22,748,359

3,437,815

Non-current liabilities:

  Long-term borrowings

379,789

855,562

129,296

  Accrued income tax - non current

6,041

6,041

913

  Long-term payables

538,410

471,215

71,212

  Bond payables

298,425

298,950

45,178

  Accrued warranty costs - non current

571,718

543,971

82,207

  Convertible senior notes

65

66

10

  Deferred tax liability

70,122

63,783

9,639

  Long-term liabilities of equtiy investment

-

7,537

1,139

  Guarantee liabilities to related parties 
   - non current

120,154

98,517

14,888

Total non-current liabilities

1,984,724

2,345,642

354,482

Total liabilities

21,947,141

25,094,001

3,792,297

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 June 30, 2018, respectively)

19

22

3

Additional paid-in capital

3,313,608

3,996,004

603,890

Statutory reserves

516,886

516,886

78,114

Accumulated other comprehensive income

23,296

37,911

5,729

Treasury stock, at cost; 1,723,200 ordinary
shares as of  December 31, 2017 and June
30, 2018

(13,876)

(13,876)

(2,097)

Accumulated retained earnings

2,849,341

2,951,919

446,105

Total JinkoSolar Holding Co., Ltd.
shareholders' equity

6,689,274

7,488,866

1,131,744

Non-controlling interests

(10)

300,214

45,369

Total liabilities and shareholders' equity

28,636,405

32,883,081

4,969,410

 

 

SOURCE JinkoSolar Holding Co., Ltd.

 

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