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Solar PV Corporate News Release
JinkoSolar Announces Third Quarter 2018 Financial Results
Nov 26, 2018
CANADIAN SOLAR REPORTS THIRD QUARTER 2018 RESULTS
Nov 15, 2018
SunPower Reports Third Quarter 2018 Results
Oct 31, 2018
First Solar, Inc. Announces Third Quarter 2018 Financial Results
Oct 26, 2018
Hanwha Q CELLS Reports Second Quarter 2018 Results
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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
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JinkoSolar Announces First Quarter 2018 Financial Results
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First Solar, Inc. Announces First Quarter 2018 Financial Results
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Hanwha Q CELLS Reports Fourth Quarter and Full Year 2017 Results
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JinkoSolar Announces Fourth Quarter and Full Year 2017 Financial Results
Mar 22, 2018
Canadian Solar Reports Fourth Quarter and Full Year 2017 Results
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First Solar, Inc. Announces Fourth Quarter & Full Year 2017 Financial Results
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SunPower Reports Fourth Quarter and FY 2017 Results
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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

JinkoSolar Announces Third Quarter 2018 Financial Results

SHANGHAI, Nov. 26, 2018 - JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company"), a global leader in the solar PV industry, today announced its unaudited financial results for the third quarter ended September 30, 2018.

Third Quarter 2018 Highlights

  • Total solar module shipments were 2,953 megawatts ("MW") (including 0.2 MW to the Company's overseas downstream segment for which no revenue has been recognized), an increase of 5.7% from 2,794 MW in the second quarter of 2018 and an increase of 24.4% from 2,374 MW in the third quarter of 2017.
  • Total revenues were RMB6.69 billion (US$974.8 million), an increase of 10.5% from the second quarter of 2018 and an increase of 4.3% from the third quarter of 2017.
  • Gross margin was 14.9%, compared with 12.0% in the second quarter of 2018, and 12.0% in the third quarter of 2017.
  • Income from operations was RMB188.0 million (US$27.4 million), compared with RMB94.6 million in the second quarter of 2018 and RMB91.9 million in the third quarter of 2017.
  • Net income attributable to the Company's ordinary shareholders was RMB189.1 million (US$27.5 million) in the third quarter of 2018, compared with RMB99.0 million in the second quarter of 2018 and RMB11.3 million in the third quarter of 2017.
  • Diluted earnings per American depositary share ("ADS") were RMB4.84 (US$0.72) in the third quarter of 2018.
  • Non-GAAP net income attributable to the Company's ordinary shareholders in the third quarter of 2018 was RMB206.3 million (US$30.0 million), compared with RMB106.7 million in the second quarter of 2018 and RMB25.9 million in the third quarter of 2017.
  • Non-GAAP basic and diluted earnings per ADS were both RMB 5.28 (US$0.76) in the third quarter of 2018, compared with RMB2.73 and RMB2.71 in the second quarter of 2018 and RMB0.80 and RMB0.76 in the third quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We had a solid quarter with module shipments hitting record high of 2,953 MW, an increase of 5.7% sequentially and 24.4% year-over-year. Our gross margin was 14.9%, compared with 12.0% in the second quarter and non-GAAP net income US$30.0 million. While Chinese demand softened following the May 31 policy announcement, our business continued to grow thanks to our diverse global customer base and strong brand recognition. Overseas module shipments accounted for almost 80% of total shipments during the quarter which offset the impact of softened demand domestically. We are confident in our ability to further expand our market share with global demand expected to recover next year as solar energy becomes more competitive and grid parity approaches in more key markets."

"Despite the impacts of May 31 polices, China installed 34.5GW by the end of September which has already exceeded many analysts' expectations for the entire year. Recent positive changes from policy side are providing support for a possible rebound in Chinese demand next year, especially possible policies discussed during the Solar Industry symposium held by the NEA at the beginning of November which are expected to support the smooth transition from a policy-driven industry to a grid parity driven one. We will continue to focus on top runner projects and poverty alleviation projects, and will take advantage of the increasing opportunities for grid parity projects. We are confident that Chinese demand will return next year."

"We continue to allocate resources towards the application of high-efficiency technologies while constantly optimizing their cost structure. We made solid progress in improving wafer efficiency and reducing both oxygen content and light induced degradation. We also made breakthroughs with our new generation of N type HOT cell and optimized the structure of the P type PERC cell to further improve its efficiency. The Cheetah series modules are selling rapidly with the 72-piece mono PERC Cheetah module hitting above 400W in efficiency during mass production. Sustainable technology development and the falling cost of raw materials are helping us to increase market share by allowing us to cater to our client's diverse demands at cost effective prices."

"We are confident that Chinese and global demand next year will recover as the cost of solar energy becomes more competitive. This trend is irreversible. We are now ideally positioned with our order book in Q4 almost full from growing overseas markets and our products being in short supply. We will benefit from growth in demand for solar energy and believe we have the right strategy in place to further expand our market share, distinguish ourselves from the competition, and consolidate our leading position in the industry."

Third Quarter 2018 Financial Results

Total Revenues

Total revenues in the third quarter of 2018 were RMB6.69 billion (US$974.8 million), an increase of 10.5% from RMB6.06 billion in the second quarter of 2018 and an increase of 4.3% from RMB6.42 billion in the third quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the third quarter of 2018. The year-over-year increase was mainly attributable to an increase in the shipment of solar modules, which was partially offset by a decline in the average selling price of solar modules in the third quarter of 2018.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2018 was RMB997.6 million (US$145.3 million), compared with RMB727.6 million in the second quarter of 2018 and RMB772.4 million in the third quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the third quarter of 2018 and the benefit of Countervailing Duty ("CVD") reversal of RMB 140.4 million (US$20.5 million), based on the final results of the fourth administrative review of the CVD order published by the U.S. Department of Commerce. The year-over-year increase was mainly attributable to the same reasons above, which was partially offset by a decline in the average selling price of solar modules in the third quarter of 2018.

Gross margin was 14.9% in the third quarter of 2018, compared with 12.0% in the second quarter of 2018 and 12.0% in the third quarter of 2017. The sequential increase was mainly attributable to (i) the benefit of CVD reversal of RMB 140.4 million (US$20.5 million), based on the final results in the fourth administrative review of the CVD order published by the U.S. Department of Commerce, and (ii) a decrease in solar module cost. Excluding the CVD reversal benefit, gross margin was 12.8% in the third quarter of 2018, which was attributable to a decrease in solar module cost. The year-over-year increase was mainly attributable to the same reasons above, and was partially offset by a decline in the average selling price of solar modules in the third quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the third quarter of 2018 was RMB188.0 million (US$27.4 million), compared with RMB94.6 million in the second quarter of 2018 and RMB91.9 million in the third quarter of 2017. Excluding the CVD reversal benefit, income from operations in the third quarter of 2018 was RMB47.6 million (US$6.9 million). Operating margin in the third quarter of 2018 was 2.8%, compared with 1.6% in the second quarter of 2018 and 1.4% in the third quarter of 2017. Excluding the Countervailing Duty reversal benefit, operating margin in the third quarter of 2018 was 0.7%.

Total operating expenses in the third quarter of 2018 were RMB809.6 million (US$117.9 million), an increase of 27.9% from RMB633.0 million in the second quarter of 2018 and an increase of 19.0% from RMB680.5 million in the third quarter of 2017. The sequential and year-over-year increases were mainly due to an increase in shipping cost as a result of an increase in solar module shipment.

Total operating expenses accounted for 12.1% of total revenues in the third quarter of 2018, compared to 10.4% in the second quarter of 2018 and 10.6% in the third quarter of 2017.

Interest Expense, Net

Net interest expense in the third quarter of 2018 was RMB55.6 million (US$8.1 million), a decrease of 31.0% from RMB80.6 million in the second quarter of 2018 and an increase of 9.5% from RMB52.3 million in the third quarter of 2017. The sequential decrease was mainly due to an increase in capitalized interest caused by construction development of the Company's overseas projects.

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 RMB93.5 million(US$13.6 million) in the third quarter of 2018, compared to a net exchange gain of RMB20.8 million in the second quarter of 2018 and a net exchange loss of RMB49.3 million in the third quarter of 2017. The sequential increase 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 and bought foreign exchange options from several banks for the purpose of reducing interest rate and exchange rate risk exposure. The Company recorded a gain of RMB4.3 million (US$0.6 million) in the third quarter of 2018, which included a gain of RMB12.8 million (US$1.8 million) from the Interest Rate Swap agreements and a loss of RMB8.5 million (US$1.2 million) from the foreign exchange options, compared to a gain of RMB14.3 million in the second quarter of 2018 and a loss of RMB3.4 million in the third quarter of 2017. The sequential and year-over-year changes in gain/loss from Interest Rate Swap agreements 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 RMB4.9 million (US$0.7 million) in the third quarter of 2018, compared with an income of RMB28.0 million in the second quarter of 2018 and a loss of RMB0.4 million in the third quarter of 2017.

Income Tax Benefit / (Expense), Net

The Company recorded an income tax expense of RMB61.2 million (US$8.9 million) in the third quarter of 2018, compared with an income tax benefit of RMB10.0 million in the second quarter of 2018 and an income tax expense of RMB4.5 million in the third quarter of 2017. The sequential change 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 RMB189.1 million (US$27.5 million) in the third quarter of 2018, compared with RMB99.0 million in the second quarter of 2018 and RMB11.3 million in the third quarter of 2017.

Basic and diluted earnings per ordinary share were both RMB1.21 (US$0.18) during the third quarter of 2018. This translates into basic and diluted earnings per ADS both of RMB4.84 (US$0.72).

Non-GAAP net income attributable to the Company's ordinary shareholders in the third quarter of 2018 was RMB206.3 million (US$30.0 million), compared with RMB106.7 million in the second quarter of 2018 and RMB25.9 million in the third quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were both of RMB1.32 (US$0.19) during the third quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS both of RMB5.28 (US$0.76).

Financial Position

As of September 30, 2018, the Company had RMB3.03 billion (US$441.6 million) in cash and cash equivalents and restricted cash, compared with RMB2.56 billion as of June 30, 2018.

As of September 30, 2018, the Company's accounts receivables due from third parties were RMB5.28 billion (US$768.4 million), compared with RMB4.77 billion as of June 30, 2018.

As of September 30, 2018, the Company's inventories were RMB5.56 billion (US$809.6 million), compared with RMB5.89 billion as of June 30, 2018.

As of September 30, 2018, the Company's total interest-bearing debts were RMB9.46 billion (US$1.38 billion), compared with RMB9.29 billion as of June 30, 2018.

Third Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the third quarter of 2018 were 2,953 MW, including 0.2 MW to the Company's overseas downstream segment.

Solar Products Production Capacity

As of September 30, 2018, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 9.2 GW, 6.5 GW and 10.0 GW, respectively.

Recent Business Developments

  • In August 2018, JinkoSolar announced that it had signed a 240MW solar module supply agreement with POWERCHINA Huadong Engineering Corporation Limited for the second phase of the 420 MW Dau Tieng solar plant in Vietnam, which will become the largest solar power project in Southeast Asia when completed.
  • In September 2018, JinkoSolar announced that it was ranked as a top solar brand in debt financed projects and named the most "bankable" PV manufacturer by Bloomberg New Energy Finance (BNEF) for the second consecutive year.
  • In September 2018, JinkoSolar announced a partnership with Edisun Microgrids, Inc., a solar technology company that develops patented, distributed solar and energy storage technologies, to develop the Eagle PowerTrack, a performance bundle for commercial and industrial (C&I) rooftops. The new performance bundle will feature JinkoSolar's high-efficiency Eagle G2 modules in combination with Edisun's PV Booster breakthrough rooftop tracking technology.
  • In October 2018, JinkoSolar announced that it had been recognized as a Top Performer on DNV GL's 2018 PV Module Reliability Scorecard for the fourth consecutive year.

Operations and Business Outlook

Fourth Quarter and Full Year 2018 Guidance

For the fourth quarter of 2018, the Company estimates total solar module shipments to be in the range of 3.7 GW to 4.0 GW.

For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5 GW to 11.8 GW.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the world's largest and foremost solar module manufacturers. 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 9.2 GW for silicon wafers, 6.5 GW for solar cells, and 10.0 GW for solar modules, as of September 30, 2018.

JinkoSolar has over 12,000 employees across its 6 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 September 28, 2018, which was RMB6.8680 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.

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

For the nine months ended      

September 30, 2017

June 30, 2018

September 30, 2018

September 30, 2017

September 30, 2018

RMB

RMB

RMB

USD

RMB

RMB

USD

 Revenues from third parties 

5,958,121

5,618,862

6,601,414

961,184

19,619,733

15,891,621

2,313,864

 Revenues from related parties 

461,292

441,769

93,401

13,600

500,571

1,430,661

208,309

 Total revenues 

6,419,413

6,060,631

6,694,815

974,784

20,120,304

17,322,282

2,522,173

 Cost of revenues 

(5,647,016)

(5,333,000)

(5,697,186)

(829,526)

(17,864,049)

(14,940,962)

(2,175,446)

 Gross profit 

772,397

727,631

997,629

145,258

2,256,255

2,381,320

346,727

 Operating expenses: 

   Selling and marketing 

(489,767)

(366,077)

(476,640)

(69,400)

(1,454,402)

(1,156,613)

(168,406)

   General and administrative 

(116,121)

(170,509)

(228,862)

(33,323)

(357,100)

(530,201)

(77,199)

   Research and development 

(74,652)

(81,907)

(104,105)

(15,158)

(210,832)

(272,394)

(39,661)

   Impairment of long-lived assets 

-

(14,548)

-

-

-

(14,548)

(2,118)

 Total operating expenses 

(680,540)

(633,041)

(809,607)

(117,881)

(2,022,334)

(1,973,756)

(287,384)

 Income from operations 

91,857

94,590

188,022

27,377

233,921

407,564

59,343

 Interest expenses, net 

(52,286)

(80,636)

(55,600)

(8,096)

(189,979)

(221,645)

(32,272)

 Change in fair value of derivatives 

(3,437)

14,284

4,259

620

(19,455)

39,646

5,772

 Subsidy income 

14,154

2,619

4,742

691

118,384

43,942

6,397

 Exchange (loss)/gain 

(46,368)

42,389

118,712

17,285

(82,518)

69,687

10,147

 Change in fair value of forward contracts 

(2,946)

(21,618)

(25,204)

(3,670)

(6,181)

(46,238)

(6,732)

 Other income, net 

15,109

9,444

9,983

1,454

38,824

28,105

4,092

 Loss on disposal of subsidiaries 

-

-

-

-

-

(9,425)

(1,372)

 Income before income taxes

16,083

61,072

244,914

35,661

92,996

311,636

45,375

 Income tax (expense)/benefit 

(4,466)

10,003

(61,157)

(8,905)

26,467

(47,860)

(6,969)

 Equity in income of affiliated companies 

(438)

28,024

4,916

716

(632)

27,699

4,033

 Net income 

11,179

99,099

188,673

27,472

118,831

291,475

42,439

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

(113)

117

(415)

(60)

(403)

(191)

(28)

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

11,292

98,982

189,088

27,532

119,234

291,666

42,467

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

   Basic 

0.09

0.63

1.21

0.18

0.93

1.91

0.28

   Diluted 

0.08

0.63

1.21

0.18

0.91

1.90

0.28

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

   Basic 

0.36

2.53

4.84

0.72

3.72

7.64

1.12

   Diluted 

0.32

2.51

4.84

0.72

3.64

7.60

1.12

 Weighted average ordinary shares outstanding: 

   Basic 

130,186,074

156,457,441

156,485,510

156,485,510

128,442,966

152,777,860

152,777,860

   Diluted 

134,413,564

157,574,069

156,703,443

156,703,443

130,720,283

153,445,140

153,445,140

 Weighted average ADS outstanding: 

   Basic 

32,546,519

39,114,360

39,121,378

39,121,378

32,110,742

38,194,465

38,194,465

   Diluted 

33,603,391

39,393,517

39,175,861

39,175,861

32,680,071

38,361,285

38,361,285

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income 

11,179

99,099

188,673

27,472

118,831

291,475

42,439

 Other comprehensive income: 

   -Foreign currency translation adjustments 

(25,226)

47,966

28,720

4,182

(65,180)

43,335

6,310

 Comprehensive income/(loss) 

(14,047)

147,065

217,393

31,654

53,651

334,810

48,749

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

(113)

117

(415)

(60)

(403)

(191)

(28)

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

(13,934)

146,948

217,808

31,714

54,054

335,001

48,777

 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 

11,292

98,982

189,088

27,532

119,234

291,666

42,467

 4% of interest expense of convertible senior notes 

1

1

1

-

1,557

2

-

 Exchange loss/(gain) on convertible senior notes 

(1)

3

3

-

841

3

1

 Stock-based compensation expense 

14,645

7,700

17,255

2,512

45,868

32,331

4,708

 Non-GAAP net income attributable to ordinary 
shareholders 

25,937

106,686

206,347

30,044

167,500

324,002

47,176

 Non-GAAP earnings per share attributable to ordinary 
shareholders - 

   Basic 

0.20

0.68

1.32

0.19

1.30

2.12

0.31

   Diluted 

0.19

0.68

1.32

0.19

1.28

2.11

0.31

 Non-GAAP earnings per ADS attributable to ordinary 
shareholders - 

   Basic 

0.80

2.73

5.28

0.76

5.20

8.48

1.24

   Diluted 

0.76

2.71

5.28

0.76

5.12

8.44

1.24

 Non-GAAP weighted average ordinary shares 
outstanding  

   Basic 

130,186,074

156,457,441

156,485,510

156,485,510

128,442,966

152,777,860

152,777,860

   Diluted 

134,413,564

157,574,069

156,703,443

156,703,443

130,720,283

153,445,140

153,445,140

 Non-GAAP weighted average ADS outstanding  

   Basic 

32,546,519

39,114,360

39,121,378

39,121,378

32,110,742

38,194,465

38,194,465

   Diluted 

33,603,391

39,393,517

39,175,861

39,175,861

32,680,071

38,361,285

38,361,285

JINKOSOLAR HOLDING CO., LTD. 

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

(in thousands)

 

December 31, 2017

September 30, 2018

 

RMB

RMB

USD

 

ASSETS

 

Current assets:

 

  Cash and cash equivalents

1,928,303

2,689,359

391,578

 

  Restricted cash 

833,072

343,374

49,996

 

  Restricted short-term investments

3,237,773

3,887,484

566,029

 

  Short-term investments

2,685

601,636

87,600

 

  Accounts receivable, net - related parties

2,113,042

1,281,666

186,614

 

  Accounts receivable, net - third parties

4,497,635

5,277,058

768,354

 

  Notes receivable, net - third parties

571,232

595,364

86,687

 

  Advances to suppliers, net - third parties

397,076

612,678

89,208

 

  Inventories, net

4,273,730

5,560,133

809,571

 

  Other receivables - related parties

46,592

91,428

13,312

 

  Derivative assets

-

26,467

3,854

 

  Prepayments and other current assets

1,706,717

1,772,780

258,121

 

Total current assets

19,607,857

22,739,427

3,310,924

 

 

Non-current assets:

 

  Restricted cash

248,672

662,125

96,407

 

  Project Assets

473,731

1,776,494

258,662

 

  Long-term investments

22,322

61,760

8,992

 

  Property, plant and equipment, net

6,680,187

7,670,817

1,116,892

 

  Land use rights, net

443,269

577,835

84,134

 

  Intangible assets, net

25,743

25,235

3,674

 

  Deferred tax assets 

275,372

300,899

43,812

 

  Other assets - related parties

146,026

213,322

31,060

 

  Other assets - third parties

713,226

1,297,870

188,975

 

Total non-current assets

9,028,548

12,586,357

1,832,608

 

 

Total assets

28,636,405

35,325,784

5,143,532

 

 

LIABILITIES

 

Current liabilities:

 

  Accounts payable - related parties

5,329

1,935

282

 

  Accounts payable - third parties

4,658,202

5,481,140

798,069

 

  Notes payable - related parties

-

12,000

1,747

 

  Notes payable - third parties

5,672,497

5,454,678

794,216

 

  Accrued payroll and welfare expenses

721,380

734,556

106,953

 

  Advances from related parties

37,400

35,158

5,119

 

  Advances from  third parties

748,959

2,745,556

399,761

 

  Income tax payable

27,780

70,690

10,293

 

  Other payables and accruals

1,804,799

2,278,601

331,772

 

  Other payables due to related parties

12,333

12,048

1,754

 

  Forward contract payables

4,521

43,304

6,305

 

  Convertible senior notes - current

-

69

10

 

  Derivative liability

26,486

-

-

 

  Bond payable and accrued interests

10,257

4,668

680

 

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

6,204,440

7,325,142

1,066,561

 

  Guarantee liabilities to related parties

28,034

32,893

4,789

 

Total current liabilities

19,962,417

24,232,438

3,528,311

 

 

Non-current liabilities:

 

  Long-term borrowings

379,789

1,433,485

208,719

 

  Accrued income tax - non current

6,041

6,041

880

 

  Long-term payables

538,410

400,266

58,281

 

  Bond payables

298,425

299,213

43,566

 

  Accrued warranty costs - non current

571,718

546,090

79,512

 

  Convertible senior notes

65

-

-

 

  Deferred tax liability

70,122

63,783

9,287

 

  Long-term liabilities of equtiy investment

-

10,988

1,600

 

  Guarantee liabilities to related parties  
   - non current

120,154

90,124

13,122

 

Total non-current liabilities

1,984,724

2,849,990

414,967

 

 

Total liabilities

21,947,141

27,082,428

3,943,278

 

 

SHAREHOLDERS' EQUITY

 

Ordinary shares (US$0.00002 par value, 
500,000,000 shares authorized, 132,146,074 
and 156,849,937 shares issued and 
outstanding as of December 31, 2017 and 
September 30, 2018, respectively)

19

22

3

 

Additional paid-in capital

3,313,608

4,015,887

584,723

 

Statutory reserves

516,886

516,886

75,260

 

Accumulated other comprehensive income

23,296

66,631

9,702

 

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

(13,876)

(13,876)

(2,020)

 

Accumulated retained earnings

2,849,341

3,141,007

457,339

 

 

Total JinkoSolar Holding Co., Ltd. s
hareholders' equity

6,689,274

7,726,557

1,125,007

 

 

Non-controlling interests

(10)

516,799

75,247

 

 

Total liabilities and shareholders' equity

28,636,405

35,325,784

5,143,532

 

SOURCE JinkoSolar Holding Co., Ltd.

 

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