SHANGHAI, Feb. 27, 2017 /PRNewswire/ -- 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 fourth quarter and full year ended
December 31, 2016.
In November 2016, the Company
completed sale of JinkoSolar Power Engineering Group Limited
("Jinko Power") downstream business
in China to Shangrao Kangsheng
Technology Co., Ltd. (the "Buyer"), 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. According to applicable
accounting standards, assets and liabilities related to
Jinko Power, including comparatives,
are reclassified as assets/liabilities held for sale, while results
of operations related to Jinko
Power, including comparatives, are reported as income or
loss from discontinued operations. Figures presented in this
release are related to continuing operations only, and exclude
results from Jinko Power unless
indicated otherwise. The Company recognized the gain on disposal of
discontinued operations of RMB1.01
billion (US$145.2 million)
reported in the discontinued operations, and received cash of
RMB1.73 billion (US$250.0 million) in the fourth quarter of 2016.
The transaction between the related parties mainly includes the
modules sales and financing obligation guarantee.
Fourth Quarter 2016 Highlights
Results presented herein exclude Jinko Power-related discontinued operations,
unless specified otherwise
- Total solar module shipments were 1,733 megawatts ("MW"), an
increase of 7.9% from 1,606 MW in the third quarter of 2016 and an
increase of 1.3% from 1,710 MW in the fourth quarter of 2015.
- Total revenues were RMB5.12
billion (US$737.6 million), a
decrease of 3.9% from the third quarter of 2016 and a decrease of
13.7% from the fourth quarter of 2015. Total revenues including
electricity revenue from discontinued operations were RMB5.23 billion (US$753.0
million), a decrease of 8.3% from the third quarter of 2016
and a decrease of 13.9% from the fourth quarter of 2015.
- Gross margin was 14.3%, compared with 19.2% in the third
quarter of 2016 and 19.0% in the fourth quarter of 2015.
- Income from operations was RMB77.9
million (US$11.2 million),
compared with RMB433.3 million in the
third quarter of 2016 and RMB465.9
million in the fourth quarter of 2015.
- Net income attributable to the Company's ordinary shareholders
from continuing operations was RMB145.8
million (US$21.0 million) in
the fourth quarter of 2016, compared with RMB212.2 million in the third quarter of 2016 and
RMB429.7 million in the fourth
quarter of 2015.
- Net income attributable to the Company's ordinary shareholders
from continuing and discontinued operations was RMB999.6 million (US$144.0
million), compared with RMB233.7
million in the third quarter of 2016 and RMB349.4 million in the fourth quarter of
2015.
- Diluted earnings per American depositary share ("ADS") from
continuing operations were RMB4.56
(US$0.64).
- Total diluted earnings per ADS from continuing and discontinued
operations were RMB31.28 (US$4.48), compared with RMB6.04 in the third quarter of 2016 and
RMB10.88 in the fourth quarter of
2015.
- Non-GAAP net income attributable to the Company's ordinary
shareholders from continuing operations in the fourth quarter of
2016 was RMB228.6 million
(US$32.9 million), compared with
RMB235.3 million in the third quarter
of 2016 and RMB538.9 million in the
fourth quarter of 2015.
- Non-GAAP basic and diluted earnings per ADS from continuing
operations were RMB7.24 (US$1.04) and RMB7.16 (US$1.04),
respectively, in the fourth quarter of 2016.
Full Year 2016 Highlights
Results presented herein exclude Jinko Power-related discontinued operations,
unless specified otherwise
- Total solar module shipments were 6,656 MW, an increase of
47.5% from 4,512 MW for the full year 2015.
- Total revenues for the full year 2016 were RMB21.40 billion (US$3.08
billion), an increase of 38.5% from RMB15.45 billion for the full year 2015. Total
revenues including electricity revenue from discontinued operations
were RMB22.35 billion (US$3.22 billion), an increase of 39.0% from
RMB16.08 billion for the full year
2015.
- Gross margin was 18.1% for the full year 2016, compared with
19.0% for the full year 2015.
- Income from operations was RMB1.35
billion (US$194.3 million),
compared with RMB1.12 billion in the
full year 2015.
- Net income attribute to the Company's ordinary shareholders
from continuing operations was RMB990.7
million (US$142.7 million) for
the full year 2016, compared with RMB766.6
million for the full year 2015.
- Net income attributable to the Company's ordinary shareholders
from continuing and discontinued operation was RMB1.83 billion (US$263.1
million) for the full year 2016, compared with RMB683.8 million for the full year 2015.
- Diluted earnings per ADS from continuing operations for the
full year 2016 were RMB29.04
(US$4.20), compared with RMB24.00 for the full year 2015.
- Total diluted earnings per ADS from continuing and discontinued
operations for the full year 2016 were RMB53.40 (US$7.72),
compared with RMB21.36 for the full
year 2015.
- Non-GAAP net income attributable to the Company's ordinary
shareholders from continuing operations for the full year 2016 was
RMB1.25 billion (US$179.4 million), compared with RMB1.06 billion for the full year 2015.
- Non-GAAP basic and diluted earnings per ADS from continuing
operations for the full year 2016 were RMB39.60 (US$5.72)
and RMB36.28 (US$5.24), respectively.
Mr. Kangping Chen, JinkoSolar's
Chief Executive Officer commented, "I am pleased to announce a
strong quarter to finish out the year with module shipments hitting
1,733 MW and 6,656 MW in the fourth quarter and full year 2016,
respectively. I am proud to say that this puts us firmly in the
position as the largest module supplier globally. Total revenues
during the quarter hit US$737.6
million and US$3.08 billion
for the whole year. While market sentiment is gloomy overall, we
remain optimistic about the global demand in 2017."
"We successfully complete the spin-off process of Jinko Power's project business which generated
US$145.2 million in investment gain
for JinkoSolar and strengthened our balance sheet by cutting debt
to US$892 million from US$2.1 billion. In January
2017, we further cut our debt by repurchasing almost all of
our convertible notes due in 2019 at holders' put option. These
initiatives have increased our corporate flexibility and reinforced
our financial position which will allow us to take advantage of
more opportunities in 2017."
"We further consolidated our leading position across a number of
key and emerging markets during the quarter. China remains our largest market where we
expect growth momentum to continue during the first half of 2017 as
rush orders come in before the FiT cut in June 2017. Demand during the second half of 2017
may soften, but distributed generation and Top Runner projects are
expected to make up for the demand. After a sharp decline during
the quarter, ASPs in the US have begun to stabilize. While
uncertainties remain, we believe that the growth trajectory of the
US market won't deviate significantly, especially with ITC still
valid. India, with its abundant
sunlight and increasing demand for power, has created ideal market
conditions for rapid growth. We are very optimistic about our
potential in this market and have been rapidly expanding our team
there. We will also reinforce our leading position in Latin America and the Middle East, two markets that remain full of
opportunities."
"We remain focused on high-efficiency technologies and stringent
quality controls. Demand for our PERC products continues to be
strong and as a result, we have been adjusting our production
capacity to accommodate this market trend since the first half of
2016."
"In conclusion, I am proud of what we have achieved throughout
the past quarter and year. We have extensive experience having
faced similar market headwinds before, leaving us confident in our
strategy and our ability to focus on developing technology,
building our brand equity, keeping a lid on costs and improving our
financial strength to further drive shareholder value."
Fourth Quarter 2016 Financial Results
Results presented herein exclude Jinko Power-related discontinued operations,
unless specified otherwise
Total Revenues
Total revenues in the fourth quarter of 2016 were RMB5.12 billion (US$737.6
million), a decrease of 3.9% from RMB5.33 billion in the third quarter of 2016 and
a decrease of 13.7% from RMB5.94
billion in the fourth quarter of 2015. The sequential and
year-over-year decreases were mainly attributable to a decline in
average selling prices of solar modules in the fourth quarter of
2016.
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2016 was RMB730.0 million (US$105.1
million), compared with RMB1,026.1
million in the third quarter of 2016 and RMB1,129.8 million in the fourth quarter of 2015.
The sequential and year-over-year decreases were mainly
attributable to a decline in average selling prices of solar
modules in the fourth quarter of 2016.
Gross margin was 14.3% in the fourth quarter of 2016 compared
with 19.2% in the third quarter of 2016 and 19.0% in the fourth
quarter of 2015.
Income from Operations and Operating Margin
Income from operations in the fourth quarter of 2016 was
RMB77.9 million (US$11.2 million), compared with RMB433.3 million in the third quarter of 2016 and
RMB465.9 million in the fourth
quarter of 2015. Operating margin in the fourth quarter of 2016 was
1.5%, compared with 8.1% in the third quarter of 2016 and 7.8% in
the fourth quarter of 2015.
Total operating expenses in the fourth quarter of 2016 were
RMB652.1 million (US$93.9 million), an increase of 10.0% from
RMB592.8 million in the third quarter
of 2016 and a decrease of 1.8% from RMB663.9
million in the fourth quarter of 2015. The sequential
increase was mainly due to the increase of the shipping cost, and
the provision for impairment and disposal of property, plant and
equipment, partially offset by the impact of the reversal of
warranty expense during the fourth quarter. We made downward
adjustments to our accrued warranty expense in the fourth quarter,
to reflect the general declining trend of the average selling price
of solar modules, which is a primary input into the estimated
warranty expense. Based on the updated warranty estimation, we
reversed the warranty expense related to prior years and the first
nine months of 2016 by RMB92.1
million (US$13.3 million) and
RMB6.0 million (US$0.9 million) respectively.
Total operating expenses accounted for 12.7% of total revenues
in the fourth quarter of 2016, compared to 11.1% in the third
quarter of 2016 and 11.2% in the fourth quarter of 2015.
Interest Expense, Net
Net interest expense in the fourth quarter of 2016 was
RMB74.5 million (US$10.7 million), a decrease of 43.9% from
RMB132.9 million in the third quarter
of 2016 and a decrease of 15.2% from RMB87.9
million in the fourth quarter of 2015.
Exchange Gain / (Loss), Net
The Company recorded a net exchange gain of RMB17.7 million (US$2.6
million) including change in fair value of forward contracts
in the fourth quarter of 2016, compared to a net exchange loss of
RMB7.2 million in the third quarter
of 2016 and a net exchange gain of RMB89.8
million in the fourth 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 RMB14.7 million (US$2.1
million) in the fourth quarter of 2016. The Company
repurchased substantially all the outstanding convertible senior
notes in January 2017.
Income Tax Expense / (Benefit), Net
The Company recorded an income tax benefit of RMB49.2 million (US$7.1
million) from continuing operations in the fourth quarter of
2016, compared with an income tax expense of RMB116.0 million in the third quarter of 2016 and
an income tax expense of RMB48.6
million during the fourth quarter of 2015. The sequential
change was mainly due to the successful renewal of 'National High
and New Technology Enterprise' license for a significant subsidiary
and its entitlement to a preferential tax rate.
Income / (loss) from Discontinued Operations, Net of
Tax
Income from discontinued operations, net of tax in the fourth
quarter of 2016 was RMB 857.5 million
(US$123.5 million), compared with an
income of RMB82.3 million in the
third quarter of 2016 and a loss of RMB34.5
million in the fourth quarter of 2015.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
in the fourth quarter of 2016 was RMB999.6
million (US$144.0 million),
compared with RMB233.7 million in the
third quarter of 2016 and RMB349.4
million in the fourth quarter of 2015.
Basic and diluted earnings per ordinary share from continuing
operations were RMB1.15 (US$0.17) and RMB1.14 (US$0.16),
respectively, during the fourth quarter of 2016. This translates
into basic and diluted earnings per ADS of RMB4.60 (US$0.68)
and RMB4.56 (US$0.64), respectively.
Total basic and diluted earnings per ordinary share from both
continuing and discontinued operations were RMB7.90 (US$1.14)
and RMB7.82 (US$1.12), respectively, during the fourth
quarter of 2016. This translates into basic and diluted earnings
per ADS of RMB31.60 (US$4.56) and RMB31.28 (US$4.48),
respectively.
Non-GAAP net income from continuing operations in the fourth
quarter of 2016 was RMB228.6 million
(US$32.9 million), compared with
RMB235.3 million in the third quarter
of 2016 and RMB538.9 million in the
fourth quarter of 2015.
Non-GAAP basic and diluted earnings from continuing operation
per ordinary share were RMB1.81
(US$0.26) and RMB1.79 (US$0.26),
respectively during the fourth quarter of 2016. This translates
into non-GAAP basic and diluted earnings per ADS of RMB7.24 (US$1.04)
and RMB7.16 (US$1.04), respectively.
Financial Position
As of December 31, 2016, the
Company had RMB2.82 billion
(US$406.2 million) in cash and cash
equivalents and restricted cash, compared with RMB2.95 billion as of December 31, 2015.
As of December 31, 2016, the
Company's accounts receivables due from third parties were
RMB4.75 billion (US$684.7 million), compared with RMB2.69 billion as of December 31, 2015.
As of December 31, 2016, the
Company's inventories were RMB4.47
billion (US$644.3 million) due
to large demand in 2017 Q1, compared with RMB3.20 billion as of December 31, 2015.
As of December 31, 2016, the
Company's total interest-bearing debts were RMB6.19 billion (US$891.7
million), compared with RMB6.27
billion as of December 31,
2015.
Full Year 2016 Financial Results
Results presented herein exclude Jinko Power-related discontinued operations,
unless specified otherwise
Total Revenues
Total revenues for the full year 2016 were RMB21.4 billion (US$3.08
billion), an increase of 38.5% from RMB15.45 billion for the full year 2015. The
increase in total revenues was mainly attributable to the increase
in shipments of solar modules.
Gross Profit and Gross Margin
Gross profit for the full year 2016 was RMB3.87 billion (US$557.3
million), an increase of 32.0% from RMB2.93 billion for the full year 2015. Gross
margin was 18.1% for the full year 2016, compared with 19.0% for
the full year 2015.
Income from Operations and Operating Margin
Income from operations for the full year 2016 was RMB1.35 billion (US$194.3
million), compared with RMB1.12
billion for the full year 2015. Operating margin for the
full year 2016 was 6.3%, compared with 7.3% for the full year
2015.
Total operating expenses for the full year 2016 were
RMB2.52 billion (US$363.0 million), an increase of 39.3% from
RMB1.81 billion for the full year
2015. Operating expenses represented 11.8% of total revenues for
the full year 2016, compared with 11.7% for the full year 2015. The
increase in total operating expense was primarily due to the
increase of shipping cost, the provision for impairment of
property, plant and equipment, partially offset by the impact of
warranty expense reversals. The provision for impairment of
property, and plant and equipment was due to replacement of the old
machines to upgrade production automation.
Interest Expense, Net
Net interest expense for the full year 2016 was RMB359.3 million (US$51.7
million), an increase of 15.5% from RMB311.0 million in 2015.
Exchange Gain / (Loss), Net
The Company recorded an exchange gain of RMB156.2 million (US$22.5
million) in the full year 2016. The Company had net exchange
loss of RMB30.0 million in 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 RMB110.2 million (US$15.9
million) for the full year 2016, compared with a loss of
RMB14.6 million in 2015. The Company
repurchased substantially all the convertible senior notes in
January 2017.
Income Tax Expense, Net
The Company recognized an income tax expense of RMB257.5 million (US$37.1
million) for the full year 2016, compared with an income tax
expense of RMB100.5 million in
2015.
Income / (Loss) from Discontinued Operations, Net of
Tax
Income from discontinued operations, net of tax, in 2016 was
RMB1,001.6 million (US$144.3 million), compared with an income of
RMB93.8 million in 2015.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
for the full year 2016 was RMB1.83
billion (US$263.1 million),
compared with a net income of RMB683.8
million in 2015.
Basic and diluted income per share from continuing operations
for the full year 2016 was RMB7.87
(US$1.13) and RMB7.26 (US$1.05),
respectively. This translates into basic and diluted earnings per
ADS of RMB31.48 (US$4.52) and RMB29.04 (US$4.20),
respectively.
Total basic and diluted earnings per share from continuing and
discontinued operations for the full year 2016 were RMB14.51 (US$2.09)
and RMB13.35 (US$1.93), respectively. This translates into
basic and diluted earnings per ADS of RMB58.04 (US$8.36)
and RMB53.40 (US$7.72), respectively.
Non-GAAP net income from continuing operations for the full year
2016 was RMB1.25 billion
(US$179.4 million), compared with
non-GAAP net income of RMB1.06
billion in 2015.
Non-GAAP basic and diluted earnings per share from continuing
operations for the full year 2016 were RMB9.90 (US$1.43)
and RMB9.07 (US$1.31), respectively, which translates into
non-GAAP basic and diluted earnings per ADS of RMB39.60 (US$5.72)
and RMB36.28 (US$5.24), respectively.
Fourth Quarter and Full Year 2016 Operational
Highlights
Solar Module Shipments
Total solar module shipments in the fourth quarter of 2016
amounted to 1,733 MW.
Total solar module shipments in 2016 amounted to 6,656 MW,
compared to 4,512 MW in 2015.
Solar Products Production Capacity
As of December 31, 2016, the
Company's in-house annual silicon wafer, solar cell and solar
module production capacity was 5.0 GW, 4.0 GW and 6.5 GW,
respectively.
Recent Business Developments
- In December 2016, JinkoSolar
donated 14 kW to RE-volv, a solar non-profit and member of the
White House National Community Solar Partnership.
- In December 2016, JinkoSolar
received the 2016 Chinese Excellent Corporate Citizen Award at the
12th Annual Chinese Excellent Corporate Citizen Conference held by
the Corporate Citizenship Committee of the China Association of
Social Workers, China Central Television and the Tencent Charity Foundation.
- In November 2016, JinkoSolar
announced that its Shangrao production facility received IEC TS
62941 photovoltaic industry technical specification
certification.
- In November 2016, JinkoSolar
completed delivery on 140 MWdc of PV modules for the North Star
project located in Chisago County,
Minnesota, U.S.
- In November 2016, JinkoSolar
announced that its entire portfolio of PV modules passed the
96-hour Potential Induced Degradation (PID) resistance test under
the conditions of 85℃ degrees and 85% relative humidity at
+/-1,000V as required by IEC62804 standards with a degradation of
less than 5%.
- In November 2016, JinkoSolar
announced the completion of the sale of Jinko Power downstream business in China.
- In October 2016, JinkoSolar was
appointed as one of the six co-chairs for the Business 20 (B20)
Energy, Climate & Resource Efficiency Taskforce, under the
leadership of the German G20 Presidency.
Operations and Business Outlook
First Quarter and Full Year 2017 Guidance
For the first quarter of 2017, the Company estimates total solar
module shipments to be in the range of 1.9 GW to 2.0 GW.
For the full year 2017, the Company estimates total solar module
shipments to be in the range of 8.5 GW and 9.0 GW.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Monday, February 27, 2017 at
8:00 a.m. U.S. Eastern Time
(9:00 p.m. Beijing / Hong
Kong the same day).
Dial-in details for the earnings conference call are as
follows:
Hong Kong /
International:
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+852-5808-3202
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U.S. Toll
Free:
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+1-855-298-3404
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Passcode:
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JinkoSolar
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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, March 6, 2017. The dial-in
details for the replay are as follows:
International:
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+61-2-9641-7900
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U.S. Toll
Free:
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+1-866-846-0868
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Passcode:
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6221419
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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 5.0 GW for silicon
ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar
modules, as of December 31, 2016.
JinkoSolar has over 15,000 employees across its 6 productions
facilities in Jiangxi,
Zhejiang and Xinjiang Provinces,
China, Malaysia, Portugal and South
Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United
States, Canada,
Mexico, Brazil, Chile, Australia and South
Africa, and 18 global sales offices in China (2) ,United
Kingdom, Bulgaria,
Greece, Romania, United Arab
Emirates, Jordan,
Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya,
Costa Rica, Colombia, Brazil and Mexico.
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial
measures including, non-GAAP net income , non-GAAP earnings per
Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted
average ordinary shares outstanding, which are adjusted from the
comparable GAAP results to exclude certain expenses or incremental
ordinary shares relating to share-based compensation, convertible
senior notes and capped call options:
- Non-GAAP net income is adjusted to exclude the expenses
relating to changes in fair value of convertible senior notes and
capped call options, change in fair value of derivative liability,
interest expenses of convertible senior notes, exchange gain on the
convertible senior notes and capped call options, stock-based
compensation, allocation of net income to redeemable
non-controlling interests, and accretion to redemption value of
redeemable non-controlling interests; given these Non-GAAP net
income adjustments above are either related to the Company or its
subsidiaries incorporated in Cayman
Islands, which are not subject to tax exposures, or related
to those subsidiaries with tax loss positions which result in no
tax impacts, therefore no tax adjustment is needed in conjunction
with these Non-GAAP net income adjustments; and
- Non-GAAP earnings per Share and non-GAAP earnings per ADS are
adjusted to exclude the expenses relating to the issuance costs of
convertible senior notes, changes in fair value of convertible
senior notes and capped call options, interest expenses of
convertible senior notes and exchange gain on the convertible
senior notes and capped call options, stock-based compensation, and
accretion to redemption value of redeemable non-controlling
interests.
The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of
net income and diluted net income per ADS when compared with its
peers and historical results from prior periods. These measures are
not intended to represent or substitute numbers as measured under
GAAP. The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of December
30, 2016, which was RMB6.9430
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)
|
|
|
|
2015
|
|
2016
|
Continuing
operations
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
15,454,374
|
|
21,262,113
|
|
3,062,381
|
|
|
|
|
|
|
Revenues from
related parties
|
-
|
|
138,525
|
|
19,952
|
|
|
|
|
|
|
Total
revenues
|
15,454,374
|
|
21,400,638
|
|
3,082,333
|
|
|
|
|
|
|
Cost of
revenues
|
(12,522,914)
|
|
(17,531,299)
|
|
(2,525,032)
|
|
|
|
|
|
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Gross
profit
|
2,931,460
|
|
3,869,339
|
|
557,301
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Selling
and marketing
|
(1,144,559)
|
|
(1,434,039)
|
|
(206,545)
|
General
and administrative
|
(521,425)
|
|
(779,567)
|
|
(112,281)
|
Research
and development
|
(143,671)
|
|
(181,106)
|
|
(26,085)
|
Impairment of long-lived assets
|
-
|
|
(125,524)
|
|
(18,079)
|
Total operating
expenses
|
(1,809,655)
|
|
(2,520,236)
|
|
(362,990)
|
|
|
|
|
|
|
Income from
operations
|
1,121,805
|
|
1,349,103
|
|
194,311
|
Interest
expenses, net
|
(311,019)
|
|
(359,296)
|
|
(51,749)
|
Change in fair
value of derivative liability
|
(2,096)
|
|
24,573
|
|
3,539
|
Subsidy
income
|
101,874
|
|
168,647
|
|
24,290
|
Exchange
gain/(loss), net
|
(86,518)
|
|
208,811
|
|
30,077
|
Change in fair
value of forward contracts
|
56,562
|
|
(52,562)
|
|
(7,570)
|
Change in fair
value of convertible senior notes and capped call
options
|
(14,571)
|
|
(110,242)
|
|
(15,878)
|
Other income,
net
|
1,036
|
|
8,768
|
|
1,263
|
Investment
income
|
-
|
|
4,902
|
|
706
|
Gain on
disposal of subsidiaries
|
-
|
|
5,018
|
|
723
|
Income from
continuing operations before income taxes
|
867,073
|
|
1,247,722
|
|
179,712
|
Income tax
expense
|
(100,534)
|
|
(257,487)
|
|
(37,086)
|
Income from
continuing operations, net of tax
|
766,539
|
|
990,235
|
|
142,626
|
Discontinued
operations
|
|
|
|
|
|
Gain on
disposal of discontinued operations
|
-
|
|
1,007,884
|
|
145,165
|
Income from
discontinued operations before income
taxes
|
105,090
|
|
48,146
|
|
6,934
|
Income tax
expense, net
|
(11,330)
|
|
(54,466)
|
|
(7,845)
|
Income from
discontinued operations, net of tax
|
93,760
|
|
1,001,564
|
|
144,254
|
Net
income
|
860,299
|
|
1,991,799
|
|
286,880
|
Less: Net loss
attributable to non-controlling
interests
from continuing operations
|
(63)
|
|
(433)
|
|
(62)
|
Less: Net
income attributable to non-controlling
interests
from discontinued operations
|
4,270
|
|
6,044
|
|
871
|
Less: Accretion
to redemption value of redeemable non-controlling
interests of
discontinued operations
|
172,340
|
|
159,478
|
|
22,970
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders
|
683,752
|
|
1,826,710
|
|
263,101
|
|
|
|
|
|
|
Earnings/(loss)
per share for ordinary shareholders, basic
|
|
|
|
|
|
Continuing
operations
|
6.15
|
|
7.87
|
|
1.13
|
Discontinued
operations
|
(0.66)
|
|
6.64
|
|
0.96
|
Total
earnings/(loss) per share for ordinary shareholders,
basic
|
5.49
|
|
14.51
|
|
2.09
|
|
|
|
|
|
|
Earnings/(loss)
per share for ordinary shareholders, diluted
|
|
|
|
|
|
Continuing
operations
|
6.00
|
|
7.26
|
|
1.05
|
Discontinued
operations
|
(0.66)
|
|
6.09
|
|
0.88
|
Total
earnings/(loss) per share for ordinary shareholders,
diluted
|
5.34
|
|
13.35
|
|
1.93
|
|
|
|
|
|
|
Earnings/(loss)
per ADS for ordinary shareholders, basic
|
|
|
|
|
|
Continuing
operations
|
24.60
|
|
31.48
|
|
4.52
|
Discontinued
operations
|
(2.64)
|
|
26.56
|
|
3.84
|
Total
earnings/(loss) per ADS for ordinary shareholders,
basic
|
21.96
|
|
58.04
|
|
8.36
|
|
|
|
|
|
|
Earnings/(loss)
per ADS for ordinary shareholders, diluted
|
|
|
|
|
|
Continuing
operations
|
24.00
|
|
29.04
|
|
4.20
|
Discontinued
operations
|
(2.64)
|
|
24.36
|
|
3.52
|
Total
earnings/(loss) per ADS for ordinary shareholders,
diluted
|
21.36
|
|
53.40
|
|
7.72
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
Basic
|
124,618,416
|
|
125,870,272
|
|
125,870,272
|
Diluted
|
127,802,961
|
|
137,328,725
|
|
137,328,725
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
Basic
|
31,154,604
|
|
31,467,568
|
|
31,467,568
|
Diluted
|
31,950,740
|
|
34,332,181
|
|
34,332,181
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
Net
income
|
860,299
|
|
1,991,799
|
|
286,880
|
Other
comprehensive (loss)/income:
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
(413)
|
|
-
|
|
-
|
-Foreign
currency translation adjustments
|
1,121
|
|
92,202
|
|
13,279
|
Comprehensive
income
|
861,007
|
|
2,084,001
|
|
300,159
|
Less:
comprehensive income attributable to non-controlling
interests
|
4,207
|
|
5,611
|
|
809
|
|
|
|
|
|
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
856,800
|
|
2,078,390
|
|
299,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP Results(Excluding discontinued
operations)
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to ordinary shareholders from continuing
operations
|
766,602
|
|
990,668
|
|
142,688
|
|
|
|
|
|
|
Change in fair
value of derivative liability
|
2,096
|
|
(24,573)
|
|
(3,539)
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and capped call
options
|
14,571
|
|
110,242
|
|
15,878
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
67,363
|
|
37,177
|
|
5,352
|
|
|
|
|
|
|
Exchange loss
on convertible senior notes and capped call
options
|
93,874
|
|
42,713
|
|
6,152
|
|
|
|
|
|
|
Stock-based
compensation expense
|
112,682
|
|
89,568
|
|
12,900
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders from
continuing operations
|
1,057,188
|
|
1,245,795
|
|
179,432
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary shareholders
from continuing operations -
|
|
|
|
|
|
Basic
|
8.48
|
|
9.90
|
|
1.43
|
Diluted
|
8.27
|
|
9.07
|
|
1.31
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary shareholders
from continuing operations-
|
|
|
|
|
|
Basic
|
33.92
|
|
39.60
|
|
5.72
|
Diluted
|
33.08
|
|
36.28
|
|
5.24
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
Basic
|
124,618,416
|
|
125,870,272
|
|
125,870,272
|
Diluted
|
127,802,961
|
|
137,328,725
|
|
137,328,725
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
Basic
|
31,154,604
|
|
31,467,568
|
|
31,467,568
|
Diluted
|
31,950,740
|
|
34,332,181
|
|
34,332,181
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
For the quarter
ended
|
|
December 31,
2015
|
|
September 30,
2016
|
|
December 31,
2016
|
Continuing
operations
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
5,937,852
|
|
5,331,232
|
|
5,085,938
|
|
732,527
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
-
|
|
-
|
|
35,565
|
|
5,122
|
|
|
|
|
|
|
|
|
Total
revenues
|
5,937,852
|
|
5,331,232
|
|
5,121,503
|
|
737,649
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(4,808,049)
|
|
(4,305,166)
|
|
(4,391,518)
|
|
(632,510)
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,129,803
|
|
1,026,066
|
|
729,985
|
|
105,139
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing
|
(366,232)
|
|
(371,669)
|
|
(350,662)
|
|
(50,506)
|
General
and administrative
|
(258,600)
|
|
(175,414)
|
|
(221,810)
|
|
(31,947)
|
Research
and development
|
(39,040)
|
|
(41,864)
|
|
(57,231)
|
|
(8,243)
|
Impairment of long-lived assets
|
-
|
|
(3,819)
|
|
(22,377)
|
|
(3,223)
|
Total operating
expenses
|
(663,872)
|
|
(592,766)
|
|
(652,080)
|
|
(93,919)
|
|
|
|
|
|
|
|
|
Income from
operations
|
465,931
|
|
433,300
|
|
77,905
|
|
11,220
|
Interest
expenses, net
|
(87,907)
|
|
(132,859)
|
|
(74,538)
|
|
(10,736)
|
Change in fair
value of derivative liability
|
436
|
|
36,048
|
|
(10,364)
|
|
(1,493)
|
Subsidy
income
|
54,264
|
|
12,809
|
|
81,222
|
|
11,698
|
Exchange
gain
|
80,042
|
|
2,602
|
|
17,674
|
|
2,547
|
Change in fair
value of forward contracts
|
9,774
|
|
(9,752)
|
|
19
|
|
3
|
Change in fair
value of convertible senior
notes and capped call options
|
(45,301)
|
|
(15,684)
|
|
(14,712)
|
|
(2,119)
|
Other
income/(expense), net
|
1,053
|
|
(291)
|
|
9,437
|
|
1,359
|
Investment
income
|
-
|
|
1,731
|
|
4,812
|
|
693
|
Gain on
disposal of subsidiaries
|
-
|
|
-
|
|
5,018
|
|
723
|
Income from
continuing operations before income taxes
|
478,292
|
|
327,904
|
|
96,473
|
|
13,895
|
Income tax
(expense)/benefit
|
(48,620)
|
|
(115,973)
|
|
49,200
|
|
7,086
|
Income from
continuing operations, net of tax
|
429,672
|
|
211,931
|
|
145,673
|
|
20,981
|
Discontinued
operations
|
|
|
|
|
|
|
|
Gain on
disposal of discontinued operations
|
-
|
|
-
|
|
1,007,884
|
|
145,165
|
(Loss)/income from
discontinued operations before income
taxes
|
(23,559)
|
|
83,083
|
|
(97,396)
|
|
(14,028)
|
Income tax expense,
net
|
(10,973)
|
|
(830)
|
|
(53,020)
|
|
(7,636)
|
(Loss)/income from
discontinued operations, net of tax
|
(34,532)
|
|
82,253
|
|
857,468
|
|
123,501
|
|
|
|
|
|
|
|
|
Net
income
|
395,140
|
|
294,184
|
|
1,003,141
|
|
144,482
|
Less: Net loss
attributable to non-controlling
interests
from continuing operations
|
(62)
|
|
(221)
|
|
(123)
|
|
(19)
|
Less: Net
income attributable to non-controlling
interests
from discontinued operations
|
916
|
|
1,561
|
|
761
|
|
110
|
Less:
Allocation of net income to participating preferred shares
issued
by
discontinued operations
|
-
|
|
10,247
|
|
(13,895)
|
|
(2,001)
|
Less: Accretion
to redemption value of redeemable non-controlling
interests of
discontinued operations
|
44,934
|
|
48,922
|
|
16,776
|
|
2,416
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
349,352
|
|
233,675
|
|
999,622
|
|
143,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per share for ordinary shareholders, basic
|
|
|
|
|
|
|
|
Continuing
operations
|
3.44
|
|
1.68
|
|
1.15
|
|
0.17
|
Discontinued
operations
|
(0.64)
|
|
0.17
|
|
6.75
|
|
0.97
|
Total
earnings/(loss) per share for ordinary shareholders,
basic
|
2.80
|
|
1.85
|
|
7.90
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per share for ordinary shareholders, diluted
|
|
|
|
|
|
|
|
Continuing
operations
|
3.36
|
|
1.35
|
|
1.14
|
|
0.16
|
Discontinued
operations
|
(0.64)
|
|
0.16
|
|
6.68
|
|
0.96
|
Total
earnings/(loss) per share for ordinary shareholders,
diluted
|
2.72
|
|
1.51
|
|
7.82
|
|
1.12
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per ADS for ordinary shareholders, basic
|
|
|
|
|
|
|
|
Continuing
operations
|
13.76
|
|
6.72
|
|
4.60
|
|
0.68
|
Discontinued
operations
|
(2.56)
|
|
0.68
|
|
27.00
|
|
3.88
|
Total
earnings/(loss) per ADS for ordinary shareholders,
basic
|
11.20
|
|
7.40
|
|
31.60
|
|
4.56
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per ADS for ordinary shareholders, diluted
|
|
|
|
|
|
|
|
Continuing
operations
|
13.44
|
|
5.40
|
|
4.56
|
|
0.64
|
Discontinued
operations
|
(2.56)
|
|
0.64
|
|
26.72
|
|
3.84
|
Total
earnings/(loss) per ADS for ordinary shareholders,
diluted
|
10.88
|
|
6.04
|
|
31.28
|
|
4.48
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
124,922,950
|
|
126,056,129
|
|
126,412,714
|
|
126,412,714
|
Diluted
|
128,057,418
|
|
130,613,442
|
|
127,872,331
|
|
127,872,331
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
Basic
|
31,230,738
|
|
31,514,032
|
|
31,603,178
|
|
31,603,178
|
Diluted
|
32,014,354
|
|
32,653,360
|
|
31,968,083
|
|
31,968,083
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
Net
income
|
395,140
|
|
294,184
|
|
1,003,141
|
|
144,482
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
(1,078)
|
|
-
|
|
-
|
|
-
|
-Foreign
currency translation adjustments
|
(7,397)
|
|
(3,409)
|
|
108,078
|
|
15,566
|
Comprehensive
income
|
386,665
|
|
290,775
|
|
1,111,219
|
|
160,048
|
Less:
Comprehensive income attributable to non-controlling
interests
|
854
|
|
1,340
|
|
638
|
|
91
|
Less:Allocation
of net income to participating preferred shares issued
by
discontinued operations
|
-
|
|
10,247
|
|
(13,895)
|
|
(2,001)
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
385,811
|
|
279,188
|
|
1,124,476
|
|
161,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-Gaap Results(Excluding discontinued
operations)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to ordinary shareholders from
continuing operations
|
429,734
|
|
212,152
|
|
145,796
|
|
21,000
|
|
|
|
|
|
|
|
|
Change in fair
value of derivative liability
|
(436)
|
|
(36,048)
|
|
10,364
|
|
1,493
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and capped call
options
|
45,301
|
|
15,684
|
|
14,712
|
|
2,119
|
|
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
16,946
|
|
8,007
|
|
5,180
|
|
746
|
|
|
|
|
|
|
|
|
Exchange loss
on convertible senior notes and capped call
options
|
30,251
|
|
5,958
|
|
18,536
|
|
2,670
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
17,139
|
|
29,558
|
|
33,987
|
|
4,895
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders
from continuing operations
|
538,935
|
|
235,311
|
|
228,575
|
|
32,923
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary
shareholders from continuing operations -
|
|
|
|
|
|
|
|
Basic
|
4.31
|
|
1.87
|
|
1.81
|
|
0.26
|
Diluted
|
4.21
|
|
1.80
|
|
1.79
|
|
0.26
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary
shareholders from continuing operations -
|
|
|
|
|
|
|
|
Basic
|
17.24
|
|
7.48
|
|
7.24
|
|
1.04
|
Diluted
|
16.84
|
|
7.20
|
|
7.16
|
|
1.04
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
Basic
|
124,922,950
|
|
126,056,129
|
|
126,412,714
|
|
126,412,714
|
Diluted
|
128,057,418
|
|
130,613,442
|
|
127,872,331
|
|
127,872,331
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
Basic
|
31,230,738
|
|
31,514,032
|
|
31,603,178
|
|
31,603,178
|
Diluted
|
32,014,354
|
|
32,653,360
|
|
31,968,083
|
|
31,968,083
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
December 31,
2015
|
|
December 31,
2016
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
2,392,591
|
|
2,501,417
|
|
360,279
|
Restricted
cash
|
555,724
|
|
318,785
|
|
45,915
|
Restricted
short-term investments
|
1,160,518
|
|
3,333,450
|
|
480,117
|
Short-term
investments
|
29,427
|
|
71,301
|
|
10,269
|
Accounts
receivable, net - related parties
|
60,974
|
|
1,414,084
|
|
203,670
|
Accounts
receivable, net - third parties
|
2,690,519
|
|
4,753,715
|
|
684,677
|
Notes
receivable, net - related parties
|
-
|
|
610,200
|
|
87,887
|
Notes
receivable, net - third parties
|
515,442
|
|
915,315
|
|
131,833
|
Advances to
suppliers, net - related parties
|
1,021
|
|
662
|
|
95
|
Advances to
suppliers, net - third parties
|
251,390
|
|
325,766
|
|
46,920
|
Inventories,
net
|
3,203,325
|
|
4,473,515
|
|
644,320
|
Forward
contract receivables
|
7,039
|
|
641
|
|
92
|
Deferred tax
assets - current
|
79,101
|
|
130,676
|
|
18,821
|
Other
receivables - related parties
|
-
|
|
79,125
|
|
11,396
|
Capped Call
options
|
17,490
|
|
-
|
|
-
|
Prepayments
and other current assets
|
715,449
|
|
766,645
|
|
110,420
|
Held-for-sale
assets
|
10,814,795
|
|
-
|
|
-
|
Total current
assets
|
22,494,805
|
|
19,695,297
|
|
2,836,711
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
160,218
|
|
197,214
|
|
28,405
|
Project
Assets
|
-
|
|
55,063
|
|
7,931
|
Long-term
investments
|
7,200
|
|
7,200
|
|
1,037
|
Property,
plant and equipment, net
|
3,766,436
|
|
4,738,681
|
|
682,512
|
Land use
rights, net
|
349,914
|
|
450,941
|
|
64,949
|
Intangible
assets, net
|
20,472
|
|
20,297
|
|
2,923
|
Deferred tax
assets - non current
|
117,803
|
|
134,791
|
|
19,414
|
Other assets -
related parties
|
-
|
|
173,376
|
|
24,971
|
Other assets -
third parties
|
227,701
|
|
617,780
|
|
88,979
|
Total non-current
assets
|
4,649,744
|
|
6,395,343
|
|
921,121
|
|
|
|
|
|
|
Total
assets
|
27,144,549
|
|
26,090,640
|
|
3,757,832
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
1,479
|
|
-
|
|
-
|
Accounts
payable - third parties
|
3,783,305
|
|
4,290,071
|
|
617,899
|
Notes payable
- third parties
|
1,924,496
|
|
5,006,366
|
|
721,067
|
Accrued
payroll and welfare expenses
|
454,211
|
|
582,276
|
|
83,865
|
Advances from
related parties
|
-
|
|
60,541
|
|
8,720
|
Advances
from third parties
|
1,299,491
|
|
1,376,919
|
|
198,318
|
Income tax
payable
|
106,002
|
|
168,112
|
|
24,213
|
Other payables
and accruals
|
898,173
|
|
1,019,419
|
|
146,824
|
Other payables
due to related parties
|
4,993
|
|
76,034
|
|
10,951
|
Forward
contract payables
|
4,296
|
|
-
|
|
-
|
Convertible
senior notes - current
|
650,917
|
|
423,740
|
|
61,031
|
Deferred tax
liabilities - current
|
9,266
|
|
17,074
|
|
2,459
|
Derivative
liability - current
|
-
|
|
10,364
|
|
1,493
|
Bonds payable
and accrued interests
|
866,726
|
|
-
|
|
-
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
2,589,864
|
|
5,279,029
|
|
760,338
|
Guarantee
liabilities to related parties
|
-
|
|
52,711
|
|
7,592
|
Held-for-sale
liabilities
|
6,029,223
|
|
-
|
|
-
|
Total current
liabilities
|
18,622,442
|
|
18,362,656
|
|
2,644,770
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
1,308,680
|
|
488,520
|
|
70,362
|
Long-term
payables
|
-
|
|
44,015
|
|
6,340
|
Accrued
warranty costs - non current
|
329,237
|
|
511,209
|
|
73,629
|
Convertible
senior notes
|
856,064
|
|
-
|
|
-
|
Deferred tax
liability - non current
|
25
|
|
50,651
|
|
7,295
|
Derivative
liability - non current
|
68,378
|
|
-
|
|
-
|
Guarantee
liabilities to related parties - non current
|
-
|
|
173,376
|
|
24,971
|
Total non-current
liabilities
|
2,562,384
|
|
1,267,771
|
|
182,597
|
|
|
|
|
|
|
Total
liabilities
|
21,184,826
|
|
19,630,427
|
|
2,827,367
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
1,607,926
|
|
-
|
|
-
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value,
500,000,000 shares authorized, 125,473,930 and
126,733,266 shares issued and outstanding as of
December 31, 2015 and December 31, 2016,
respectively)
|
18
|
|
18
|
|
3
|
Additional paid-in
capital
|
2,924,336
|
|
3,145,262
|
|
453,012
|
Statutory
reserves
|
351,763
|
|
466,253
|
|
67,154
|
Accumulated other
comprehensive income
|
12,582
|
|
104,784
|
|
15,092
|
Treasury stock, at
cost; 1,723,200 shares of
ordinary shares as of December 31,
2015 and December 31, 2016, respectively
|
(13,876)
|
|
(13,876)
|
|
(1,999)
|
Accumulated retained
earnings
|
1,047,045
|
|
2,758,268
|
|
397,273
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
4,321,868
|
|
6,460,709
|
|
930,535
|
|
|
|
|
|
|
Non-controlling
interests
|
29,929
|
|
(496)
|
|
(70)
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
27,144,549
|
|
26,090,640
|
|
3,757,832
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2016-financial-results-300413807.html
SOURCE JinkoSolar Holding Co., Ltd.