SHANGHAI, Nov. 16, 2016 /PRNewswire-FirstCall/ --
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:
JKS), a global leader in the solar PV industry, today announced its
unaudited financial results for the third quarter ended
September 30, 2016.
Third Quarter 2016 Highlights
- Total solar module shipments were 1,606 megawatts ("MW"), which
includes 50 MW used in the Company's downstream projects. Total
solar module shipments decreased by 6.4% from 1,716 MW in the
second quarter of 2016 and increased by 41.6% from 1,134.5 MW in
the third quarter of 2015.
- Total revenues were RMB5.70
billion (US$855.3 million), a
decrease of 4.4% from the second quarter of 2016 and an increase of
39.0% from the third quarter of 2015.
- Gross margin was 22.1%, compared with 20.4% in the second
quarter of 2016 and 21.3% in the third quarter of 2015.
- Solar power projects generated 395 GWh of electricity, an
increase of 20.8% from the second quarter of 2016 and an increase
of 69.0% from the third quarter of 2015. Total revenues generated
from solar power projects were RMB372.4
million (US$55.8 million), an
increase of 29.1% from the second quarter of 2016 and an increase
of 81.0% from the third quarter of 2015.
- As of September 30, 2016, the
Company had connected 1,314 MW worth of solar power projects.
- In October 2016, the Company
entered into definitive agreement to sell Jinko Power's downstream business to Shangrao
Kangsheng Technology Co., Ltd. ("Shangrao Kangsheng"), a company
incorporated with limited liability under the laws of the People's Republic of China, formed by a
buyer consortium led by Mr. Xiande
Li, chairman of the board of directors of the Company (the
"Board"). The transaction was closed in November 2016. The Company expects to report a
gain on the sale in the fourth quarter of 2016.
- Income from operations was RMB600.9
million (US$90.1 million),
compared with RMB445.1 million in the
second quarter of 2016 and RMB384.0
million in the third quarter of 2015.
- Net income attributable to the Company's ordinary shareholders
was RMB233.7 million (US$35.0 million), compared with RMB280.1 million in the second quarter of 2016
and RMB195.1 million in the third
quarter of 2015.
- Diluted earnings per American depositary share ("ADS") was
RMB6.04 (US$0.92), compared with RMB8.48 in the second quarter of 2016 and
RMB3.12 in the third quarter of
2015.
- Non-GAAP net income attributable to the Company's ordinary
shareholders in the third quarter of 2016 was RMB305.8 million (US$45.8
million), compared with RMB421.8
million in the second quarter of 2016 and RMB253.3 million in the third quarter of
2015.
- Non-GAAP basic and diluted earnings per ADS were RMB9.72 (US$1.44)
and RMB9.36 (US$1.40), respectively, in the third quarter of
2016.
Mr. Kangping Chen, JinkoSolar's
Chief Executive Officer commented, "Our business continued to gain
growth momentum despite a challenging environment. Module shipments
reached 1,606 MW, an increase of 41.6% year-over-year while total
revenues reached US$855.3 million, an
increase of 39.0% over the same period last year. Based on our
visibility into the fourth quarter of 2016, we are once again
raising our full year 2016 shipment guidance to 6.6GW to 6.7GW from
our previous guidance of 6.0GW to 6.5GW. We are well positioned to
continue benefitting from the global adoption of solar energy,
which is playing a more important role in the global energy
landscape."
"Jinko Power's electricity output
increased 20.8% sequentially to 395GWh while generating
RMB372.4 million in revenue.
Jinko Power connected an additional
184MW worth of solar projects during the quarter, bringing our
total to 1,314 MW as of September 30,
2016. We closed the sale of Jinko
Power's business in November
2016 to Shangrao Kangsheng for US$250
million in cash, which will significantly improve our
balance sheet by reducing our debt and net gearing ratio. We expect
to report a gain on the sale in the fourth quarter of 2016. This
injection into our already substantial cash position will also
provide us with the extra flexibility for our future
operations."
"We consolidated our leading position across a number of key and
emerging markets during the quarter. Demand in China remains robust as module prices
stabilized. Demand is expected to pick up again in the first half
of 2017 with the announcement of the next round of FiT cut, which
we expect will act as a strong catalyst. Demand in the US is stable
despite recent market panic which we believe is only temporary. We
expect the US market will heat up again during the second half of
2017. We have always advocated a fair, transparent and
market-driven environment, and the withdrawal of major solar
manufacturers from the EU's MIP agreement is boosting our outlook
for the European markets. We also reinforced our presence on the
ground in India by opening a new
office to offer local technical and logistical support to our
customers there. We expanded our emerging market presence to over
40 countries and regions, and strengthened our leading position in
key markets such as Chile,
Mexico and the UAE."
"We continued to focus on developing high-efficiency products.
Our mono wafer capacity using diamond-wire cutting is now
operational and is scaling up rapidly to support our
high-efficiency PERC lines. As leader in the industry, our team is
constantly focusing on providing our customers the highest-quality,
most reliable and high-efficiency products."
"We have experienced the ups and downs of the solar industry but
we have never had any doubt about its great potential. We will
continue to grow our business sustainably as we fulfill our
commitment to green energy."
Third Quarter 2016 Financial Results
Total Revenues
Total revenues in the third quarter of 2016 were RMB5.70 billion (US$855.3
million), a decrease of 4.4% from RMB5.96 billion in the second quarter of 2016 and
an increase of 39.0% from RMB4.1
billion in the third quarter of 2015. The sequential
decrease was mainly attributable to a decline in module selling
prices in the third quarter of 2016 as a result of a decrease in
market demand and intense competition in the solar industry. The
year-over-year increase was mainly due to the increase in revenues
from electricity generation and solar module shipments growing at a
faster pace than the decrease in average selling prices.
During the third quarter of 2016, revenues from downstream solar
power projects were RMB372.4 million
(US$55.8 million), an increase of
29.1% from RMB288.5 million in the
second quarter of 2016 and an increase of 81.0% from RMB205.8 million in the third quarter of 2015.
The sequential and year-over-year increases were primarily due to
the increase in number and capacity of the Company's solar
projects.
Gross Profit and Gross Margin
Gross profit in the third quarter of 2016 was RMB1.26 billion (US$188.6
million), compared with RMB1.21
billion in the second quarter of 2016 and RMB864.6 million in the third quarter of
2015.
Gross margin was 22.1% in the third quarter of 2016 compared
with 20.4% in the second quarter of 2016 and 21.3% in the third
quarter of 2015.
Income from Operations and Operating Margin
Income from operations in the third quarter of 2016 was
RMB600.9 million (US$90.1 million), compared with RMB445.1 million in the second quarter of 2016
and RMB384.0 million in the third
quarter of 2015. Operating margin in the third quarter of 2016 was
10.5%, compared with 7.5% in the second quarter of 2016 and 9.5% in
the third quarter of 2015.
Total operating expenses in the third quarter of 2016 were
RMB657.0 million (US$98.5 million), a decrease of 14.4% from
RMB767.1 million in the second
quarter of 2016 and an increase of 36.7% from RMB480.6 million in the third quarter of 2015.
The sequential decrease was mainly due to an RMB99.3 million provision for impairment of
property, plant and equipment during the second quarter of 2016.
The year-over-year increase in operating expenses was mainly due to
the increases in shipping and warranty costs and change in
provision of accounts receivables.
Total operating expenses accounted for 11.5% of total revenues,
compared to 12.9% in the second quarter of 2016 and 11.9% in the
third quarter of 2015.
Interest Expense, Net
Net interest expense in the third quarter of 2016 was
RMB219.7 million (US$32.9 million), an increase of 80.6% from
RMB121.6 million in the second
quarter of 2016 and an increase of 50.3% from RMB146.2 million in the third quarter of 2015.
The sequential and year-over-year increases were mainly due to an
increase in loans for solar power projects and fees charged by
financial institutions associated with discounted notes
receivables.
Exchange Gain / (Loss), Net
The Company recorded a net exchange loss of RMB14.1 million (US$2.1
million) including change in fair value of forward contracts
in the third quarter of 2016, compared to a net exchange gain of
RMB106.6 million in the second
quarter of 2016 and a net exchange loss of RMB121.6 million in the third quarter of
2015.
Change in Fair Value of Convertible Senior Notes and Capped
Call Options
The Company recognized a loss from a change in fair value of
convertible senior notes and capped call options of RMB15.7 million (US$2.4
million) in the third quarter of 2016 primarily due to the
change of volatility of the stock price of the Company.
Change in fair value of derivative liability
In July 2015, Jinko Power, the parent company of the solar
projects, entered into a US$150
million loan agreement. In conjunction with the loan,
Jinko Power issued certain warrants
which granted the holders a right to purchase its ordinary shares.
The warrants are liability derivatives which need to be fair valued
on day one and marked to market subsequently at each reporting
period. In September 2016,
Jinko Power refinanced and repaid
the loan in advance and the warrants were settled.
The Company recognized a gain from change in fair value of
derivative liability of RMB36.0
million (US$5.4 million) in
the third quarter of 2016 mainly due to the early repurchase of
warrants.
Income Tax Expense, net
The Company recorded an income tax expense of RMB116.8 million (US$17.5
million) in the third quarter of 2016, compared with an
income tax expense of RMB90.9 million
in the second quarter of 2016 and an income tax expense of
RMB34.2 million during the third
quarter of 2015. The sequential change was mainly due to additional
tax deductions in R&D costs approved by the local tax bureau in
the second quarter of 2016.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
in the third quarter of 2016 was RMB233.7
million (US$35.0 million),
compared with RMB280.1 million in the
second quarter of 2016 and RMB195.1
million in the third quarter of 2015.
Basic and diluted earnings per ordinary share were RMB1.85 (US$0.28)
and RMB1.51 (US$0.23), respectively, during the third quarter
of 2016. This translates into basic and diluted earnings per ADS of
RMB7.40 (US$1.12) and RMB6.04 (US$0.92),
respectively.
Non-GAAP net income attributable to the Company's ordinary
shareholders in the third quarter of 2016 was RMB305.8 million (US$45.8
million), compared with RMB421.8
million in the second quarter of 2016 and RMB253.3 million in the third quarter of
2015.
Non-GAAP basic and diluted earnings per ordinary share were
RMB2.43 (US$0.36) and RMB2.34 (US$0.35),
respectively during the third quarter of 2016. This translates into
non-GAAP basic and diluted earnings per ADS of RMB9.72 (US$1.44)
and RMB9.36 (US$1.40), respectively.
Financial Position
As of September 30, 2016, the
Company had RMB3.6 billion
(US$547.3 million) in cash and cash
equivalents and restricted cash, compared with RMB3.70 billion as of June
30, 2016.
As of September 30, 2016, the
Company's accounts receivables were RMB5.87
billion (US$880.5 million),
compared with RMB4.17 billion as of
June 30, 2016. Accounts receivables
from downstream solar power projects were RMB1.25 billion (US$186.8
million), compared with RMB1.00
billion as of June 30,
2016.
As of September 30, 2016, the
Company's inventories were RMB3.26
billion (US$488.7 million),
compared with RMB3.10 billion as of
June 30, 2016.
As of September 30, 2016, the
Company's total interest-bearing debts were RMB14.47 billion (US$2.17
billion), compared with RMB12.05
billion as of June 30, 2016.
Interest-bearing debts from downstream solar power projects were
RMB8.35 billion (US$1.25 billion), compared with RMB6.66 billion as of June
30, 2016.
Third Quarter 2016 Operational Highlights
Solar Module Shipments
Total solar module shipments in the third quarter of 2016
amounted to 1,606 MW, including 50 MW used in the Company's
downstream projects.
Solar Power Project Capacity
As of September 30, 2016, the
Company had connected 1,314 MW of solar power projects to the
grid.
Solar Products Production Capacity
As of September 30, 2016, the
Company's in-house annual silicon wafer, solar cell and solar
module production capacity was 4.5 GW, 3.7 GW and 6.5 GW,
respectively.
Recent Business Developments
- In October 2016, JinkoSolar
ranked 16th among Fortune magazine's 100 Fastest-Growing Companies
in 2016.
- In October 2016, JinkoSolar
entered into a definitive agreement for the sale of Jinko Power's downstream business in
China to Shangrao Kangsheng, a
company incorporated with limited liability under the laws of
the People's Republic of China,
formed by a buyer consortium led by Mr. Xiande Li, chairman of the Board. The
transaction was closed in November
2016. JinkoSolar expects to report a gain on the sale in the
fourth quarter of 2016.
- In October 2016, JinkoSolar
signed a 300MW master module supply agreement with Henan Senyuan
Electric.
- In September 2016, JinkoSolar
helped create the first PV recycling network in the US
- In September 2016, JinkoSolar
signed a master module supply agreement with Con Edison Development
in the U.S.
- In September 2016, JinkoSolar
supplied modules to power several mosques in Jordan.
- In September 2016, JinkoSolar
announced its withdrawal from the European Union Price Undertaking
agreement.
Operations and Business Outlook
Fourth Quarter and Full Year 2016 Guidance
For the fourth quarter of 2016, the Company estimates total
solar module shipments to be in the range of 1.7 GW to 1.8 GW.
For the full year 2016, the Company raises the estimation of
total solar module shipments to be in the range of 6.6 GW and 6.7
GW.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Wednesday, November 16, 2016 at
7:30 a.m. U.S. Eastern Time
(8:30 p.m. Beijing / Hong
Kong the same day).
Dial-in details for the earnings conference call are as
follows:
Hong Kong /
International:
|
+852-5808-3202
|
|
U.S. Toll
Free:
|
+1-855-298-3404
|
|
Passcode:
|
JinkoSolar
|
|
|
|
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available 2 hours after
the conclusion of the conference call through 23:59 U.S. Eastern
Time, November 22, 2016. The dial-in
details for the replay are as follows:
International:
|
+61-2-9641-7900
|
|
U.S. Toll
Free:
|
+1-866-846-0868
|
|
Passcode:
|
1681350
|
|
|
|
|
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of JinkoSolar's
website at www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry.
JinkoSolar distributes its solar products and sells its solutions
and services to a diversified international utility, commercial and
residential customer base in China, the United
States, Japan, Germany, the United
Kingdom, Chile,
South Africa, India, Mexico, Brazil, the United
Arab Emirates, Italy,
Spain, France, Belgium, and other countries and regions.
JinkoSolar has built a vertically integrated solar product value
chain, with an integrated annual capacity of 4.5 GW for silicon
ingots and wafers, 3.7 GW for solar cells, and 6.5 GW for solar
modules, as of September 30,
2016.
JinkoSolar has over 15,000 employees across its 6 productions
facilities in Jiangxi,
Zhejiang and Xinjiang Provinces,
China, Malaysia, Portugal and South
Africa, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, Spain, United
States, Canada,
Mexico, Brazil, Chile, Australia and South
Africa, and 18 global sales offices in China (2) ,United
Kingdom, Bulgaria,
Greece, Romania, United Arab
Emirates, Jordan,
Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya,
Costa Rica, Colombia, Brazil and Mexico.
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial
measures including, non-GAAP net income , non-GAAP earnings per
Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted
average ordinary shares outstanding, which are adjusted from the
comparable GAAP results to exclude certain expenses or incremental
ordinary shares relating to share-based compensation, convertible
senior notes and capped call options, and accretion to redemption
value of redeemable non-controlling interest:
- Non-GAAP net income is adjusted to exclude the expenses
relating to changes in fair value of convertible senior notes and
capped call options, change in fair value of derivative liability,
interest expenses of convertible senior notes, exchange gain on the
convertible senior notes and capped call options, stock-based
compensation, allocation of net income to redeemable
non-controlling interests, and accretion to redemption value of
redeemable non-controlling interests; given these Non-GAAP net
income adjustments above are either related to the Company or its
subsidiaries incorporated in Cayman
Islands, which are not subject to tax exposures, or related
to those subsidiaries with tax loss positions which result in no
tax impacts, therefore no tax adjustment is needed in conjunction
with these Non-GAAP net income adjustments; and
- Non-GAAP earnings per Share and non-GAAP earnings per ADS are
adjusted to exclude the expenses relating to the issuance costs of
convertible senior notes, changes in fair value of convertible
senior notes and capped call options, interest expenses of
convertible senior notes and exchange gain on the convertible
senior notes and capped call options, stock-based compensation, and
accretion to redemption value of redeemable non-controlling
interests.
The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of
net income and diluted net income per ADS when compared with its
peers and historical results from prior periods. These measures are
not intended to represent or substitute numbers as measured under
GAAP. The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of September 30, 2016, which was RMB6.6685 to US$1.00. No representation is intended to imply
that the Renminbi amounts could have been, or could be, converted,
realized, or settled into U.S. dollars at that rate or any other
rate. The percentages stated in this press release are calculated
based on Renminbi.
Safe-Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends, "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
JinkoSolar's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Except as
required by law, the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com
Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com
In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
For the quarter
ended
|
|
Sep 30,
2015
|
|
Jun 30,
2016
|
|
Sep 30,
2016
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
4,052,520
|
|
5,918,875
|
|
5,703,608
|
|
855,306
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
-
|
|
36,349
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Total
revenues
|
4,052,520
|
|
5,955,224
|
|
5,703,608
|
|
855,306
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(3,187,894)
|
|
(4,743,024)
|
|
(4,445,768)
|
|
(666,682)
|
|
|
|
|
|
|
|
|
Gross
profit
|
864,626
|
|
1,212,200
|
|
1,257,840
|
|
188,624
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing
|
(302,547)
|
|
(373,338)
|
|
(371,669)
|
|
(55,735)
|
General
and administrative
|
(138,214)
|
|
(250,845)
|
|
(239,634)
|
|
(35,935)
|
Research
and development
|
(39,869)
|
|
(43,617)
|
|
(41,864)
|
|
(6,278)
|
Impairment of long-lived assets
|
-
|
|
(99,328)
|
|
(3,819)
|
|
(573)
|
Total operating
expenses
|
(480,630)
|
|
(767,128)
|
|
(656,986)
|
|
(98,521)
|
|
|
|
|
|
|
|
|
Income from
operations
|
383,996
|
|
445,072
|
|
600,854
|
|
90,103
|
Interest
expenses, net
|
(146,235)
|
|
(121,615)
|
|
(219,684)
|
|
(32,945)
|
Change in fair
value of derivative liability
|
(2,532)
|
|
(1)
|
|
36,048
|
|
5,406
|
Subsidy
income
|
43,562
|
|
39,475
|
|
12,854
|
|
1,928
|
Exchange
gain/(loss)
|
(109,560)
|
|
117,018
|
|
(3,378)
|
|
(507)
|
Change in fair
value of forward contracts
|
(12,035)
|
|
(10,390)
|
|
(10,752)
|
|
(1,612)
|
Change in fair
value of convertible senior
notes and capped call options
|
111,021
|
|
(49,076)
|
|
(15,684)
|
|
(2,352)
|
Other
income/(expense), net
|
(230)
|
|
1,291
|
|
371
|
|
56
|
Investment
income/(loss)
|
-
|
|
(1,158)
|
|
1,730
|
|
260
|
Income before
income taxes
|
267,987
|
|
420,616
|
|
402,359
|
|
60,337
|
Income tax
expense, net
|
(34,225)
|
|
(90,888)
|
|
(116,803)
|
|
(17,516)
|
Equity in
income of affiliated companies
|
7,021
|
|
3,509
|
|
8,626
|
|
1,294
|
Net
income
|
240,783
|
|
333,237
|
|
294,182
|
|
44,115
|
Less: Net
income attributable to non-controlling
interests
|
2,024
|
|
1,950
|
|
1,339
|
|
202
|
Less: Accretion
to redemption value of redeemable non-controlling
interests
|
43,678
|
|
47,555
|
|
48,922
|
|
7,336
|
Less:Allocation of net income to
participating preferred shares issued
by
subsidiary
|
-
|
|
3,648
|
|
10,247
|
|
1,537
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
195,081
|
|
280,084
|
|
233,674
|
|
35,040
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
Basic
|
1.56
|
|
2.23
|
|
1.85
|
|
0.28
|
Diluted
|
0.78
|
|
2.12
|
|
1.51
|
|
0.23
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
Basic
|
6.24
|
|
8.92
|
|
7.40
|
|
1.12
|
Diluted
|
3.12
|
|
8.48
|
|
6.04
|
|
0.92
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
124,771,933
|
|
125,501,184
|
|
126,056,129
|
|
126,056,129
|
Diluted
|
155,612,355
|
|
132,545,247
|
|
130,613,442
|
|
130,613,442
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
Net
income
|
240,783
|
|
333,237
|
|
294,182
|
|
44,115
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
6,364
|
|
(10,887)
|
|
(3,409)
|
|
(511)
|
Comprehensive
income
|
247,147
|
|
322,350
|
|
290,773
|
|
43,604
|
Less:
Comprehensive income attributable to non-controlling
interests
|
2,024
|
|
1,950
|
|
1,339
|
|
202
|
Less:Allocation
of net income to participating preferred shares issued
by
subsidiary
|
-
|
|
3,648
|
|
10,247
|
|
1,537
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
245,123
|
|
316,752
|
|
279,187
|
|
41,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary
shareholders
|
195,081
|
|
280,084
|
|
233,674
|
|
35,040
|
|
|
|
|
|
|
|
|
Change in fair
value of derivative liability
|
2,532
|
|
1
|
|
(36,048)
|
|
(5,406)
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible senior
notes and capped call options
|
(111,021)
|
|
49,076
|
|
15,684
|
|
2,352
|
|
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
16,932
|
|
10,463
|
|
8,007
|
|
1,201
|
|
|
|
|
|
|
|
|
Exchange loss
on convertible senior notes and
capped call options
|
65,224
|
|
21,224
|
|
5,958
|
|
893
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
40,832
|
|
13,353
|
|
29,558
|
|
4,432
|
|
|
|
|
|
|
|
|
Accretion to
redemption value of redeemable non-controlling
interests
|
43,678
|
|
47,555
|
|
48,922
|
|
7,336
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
253,258
|
|
421,755
|
|
305,755
|
|
45,848
|
·
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share
|
|
|
|
|
|
|
|
Basic
|
2.03
|
|
3.36
|
|
2.43
|
|
0.36
|
Diluted
|
1.63
|
|
3.18
|
|
2.34
|
|
0.35
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS
|
|
|
|
|
|
|
|
Basic
|
8.12
|
|
13.44
|
|
9.72
|
|
1.44
|
Diluted
|
6.52
|
|
12.72
|
|
9.36
|
|
1.40
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
Basic
|
124,771,933
|
|
125,501,184
|
|
126,056,129
|
|
126,056,129
|
Diluted
|
155,612,355
|
|
132,545,247
|
|
130,613,442
|
|
130,613,442
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2015
|
|
Sep 30,
2016
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
3,683,664
|
|
3,355,114
|
|
503,129
|
Restricted
cash
|
555,724
|
|
294,467
|
|
44,158
|
Restricted
short-term investments
|
1,759,566
|
|
2,901,598
|
|
435,120
|
Short-term
investments
|
29,427
|
|
6,526
|
|
979
|
Accounts
receivable, net - related parties
|
60,974
|
|
33,000
|
|
4,949
|
Accounts
receivable, net - third parties
|
3,356,719
|
|
5,838,663
|
|
875,559
|
Notes
receivable, net - third parties
|
554,087
|
|
281,519
|
|
42,216
|
Advances to
suppliers, net - related parties
|
1,021
|
|
-
|
|
-
|
Advances to
suppliers, net - third parties
|
251,390
|
|
275,987
|
|
41,387
|
Inventories,
net
|
3,203,325
|
|
3,258,802
|
|
488,686
|
Forward
contract receivables
|
7,039
|
|
647
|
|
97
|
Deferred tax
assets - current
|
79,101
|
|
92,696
|
|
13,901
|
Other
receivables - related parties
|
-
|
|
129
|
|
19
|
Capped Call
options
|
17,490
|
|
-
|
|
-
|
Prepayments
and other current assets
|
1,035,063
|
|
1,191,001
|
|
178,601
|
|
|
|
|
|
|
Total current
assets
|
14,594,590
|
|
17,530,149
|
|
2,628,801
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
333,750
|
|
314,271
|
|
47,128
|
Project
Assets
|
7,044,729
|
|
9,492,974
|
|
1,423,555
|
Long-term
investments
|
116,787
|
|
130,513
|
|
19,572
|
Property,
plant and equipment, net
|
3,771,455
|
|
4,273,985
|
|
640,921
|
Land use
rights, net
|
349,914
|
|
362,190
|
|
54,314
|
Intangible
assets, net
|
21,203
|
|
22,309
|
|
3,345
|
Deferred tax
assets - non current
|
125,844
|
|
125,844
|
|
18,871
|
Other
assets
|
786,276
|
|
1,758,161
|
|
263,652
|
|
|
|
|
|
|
Total non-current
assets:
|
12,549,958
|
|
16,480,247
|
|
2,471,358
|
|
|
|
|
|
|
Total
assets
|
27,144,548
|
|
34,010,396
|
|
5,100,159
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
1,479
|
|
406
|
|
61
|
Accounts
payable - third parties
|
3,783,305
|
|
4,146,391
|
|
621,788
|
Notes payable
- third parties
|
2,513,762
|
|
3,402,611
|
|
510,251
|
Accrued
payroll and welfare expenses
|
475,598
|
|
531,163
|
|
79,653
|
Advances from
customers
|
1,299,805
|
|
794,780
|
|
119,184
|
Income tax
payable
|
106,042
|
|
248,649
|
|
37,287
|
Other payables
and accruals
|
2,228,567
|
|
2,826,331
|
|
423,831
|
Other payables
due to related parties
|
4,993
|
|
28,985
|
|
4,347
|
Forward
contract payables
|
4,296
|
|
8,890
|
|
1,333
|
Convertible
senior notes- current
|
650,917
|
|
545,501
|
|
81,803
|
Deferred tax
liabilities - current
|
9,266
|
|
9,266
|
|
1,390
|
Bonds payable
and accrued interests
|
866,726
|
|
7,192
|
|
1,079
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
3,290,149
|
|
5,705,352
|
|
855,568
|
|
|
|
|
|
|
Total current
liabilities
|
15,234,905
|
|
18,255,517
|
|
2,737,575
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
4,627,904
|
|
8,091,805
|
|
1,213,437
|
Long-term
payables
|
56,956
|
|
66,235
|
|
9,933
|
Bond
payables
|
-
|
|
120,000
|
|
17,996
|
Accrued
warranty costs -non-current
|
329,237
|
|
443,458
|
|
66,500
|
Convertible
senior notes
|
856,064
|
|
-
|
|
-
|
Deferred tax
liability - non-current
|
11,380
|
|
33,882
|
|
5,081
|
Derivative
liability - non current
|
68,378
|
|
-
|
|
-
|
Total non-current
liabilities
|
5,949,919
|
|
8,755,380
|
|
1,312,947
|
|
|
|
|
|
|
Total
liabilities
|
21,184,824
|
|
27,010,897
|
|
4,050,522
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
1,607,926
|
|
1,750,628
|
|
262,522
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value,
500,000,000 shares
authorized, 125,473,930 and
126,351,194 shares
issued and outstanding as of
December 31, 2015 and
September 30, 2016,
respectively)
|
18
|
|
18
|
|
3
|
Additional paid-in
capital
|
2,924,336
|
|
2,991,329
|
|
448,576
|
Statutory
reserves
|
351,855
|
|
378,576
|
|
56,771
|
Accumulated other
comprehensive income/(loss)
|
12,491
|
|
(3,293)
|
|
(494)
|
Treasury stock, at
cost; 1,723,200 shares of
ordinary shares as of
December 31,
2015 and September 30, 2016, respectively
|
(13,876)
|
|
(13,876)
|
|
(2,081)
|
Accumulated retained
earnings
|
1,047,045
|
|
1,861,214
|
|
279,105
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders'
equity
|
4,321,869
|
|
5,213,968
|
|
781,880
|
|
|
|
|
|
|
Non-controlling
interests
|
29,929
|
|
34,903
|
|
5,235
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
27,144,548
|
|
34,010,396
|
|
5,100,159
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2016-financial-results-300364033.html
SOURCE JinkoSolar Holding Co., Ltd.