SHANGHAI, June 5, 2017 /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 first
quarter ended March 31, 2017.
First Quarter 2017 Highlights
- Total solar module shipments were 2,068 megawatts ("MW"), an
increase of 19.3% from 1,733 MW in the fourth quarter of 2016 and
an increase of 29.3% from 1,600 MW in the first quarter of
2016.
- Total revenues were RMB5.78
billion (US$839.3 million), an
increase of 12.8% from the fourth quarter of 2016 and an increase
of 9.4% from the first quarter of 2016.
- Gross margin was 11.2%, compared with 14.3% in the fourth
quarter of 2016 and 20.5% in the first quarter of 2016.
- Income from operations was RMB56.8
million (US$8.3 million),
compared with RMB77.9 million in the
fourth quarter of 2016 and RMB529.1
million in the first quarter of 2016.
- Net income attributable to the Company's ordinary shareholders
from continuing operations was RMB60.6
million (US$8.8 million) in
the first quarter of 2017, compared with RMB145.8 million in the fourth quarter of 2016
and RMB382.7 million in the first
quarter of 2016.
- Diluted earnings per American depositary share ("ADS") from
continuing operations were RMB1.88
(US$0.28).
- Non-GAAP net income attributable to the Company's ordinary
shareholders from continuing operations in the first quarter of
2017 was RMB80.0 million
(US$11.6 million), compared with
RMB228.6 million in the fourth
quarter of 2016 and RMB437.8 million
in the first quarter of 2016.
- Non-GAAP basic and diluted earnings per ADS from continuing
operations were RMB2.52 (US$0.36) and RMB2.48 (US$0.36)
respectively in the first quarter of 2017.
Mr. Kangping Chen, JinkoSolar's Chief Executive
Officer commented, "Module shipments during the quarter hit a
record high of 2,068MW, a 19.3% increase sequentially while
generating US$839.3 million in
revenue. We continued to capitalize on the growing recognition of
JinkoSolar's brand and high quality products and services to
increase our market share and capture new opportunities during the
quarter."
"Our gross margin contracted to 11.2% from 14.3% last quarter as
a result of a slight decline in the average selling prices ("ASP")
of solar modules, increased silicon prices and material costs
caused by a shortage of supply in the first quarter. We believe our
margins have room to improve in the second quarter and throughout
the second half of the year as our mono wafer and PERC cell
capacity increases and polysilicon prices stabilize."
"Demand in China remains strong
with growth momentum expected to continue into the next quarter.
While the June 30 Feed-in-Tariff has
created some uncertainties in China's utility-scale market, we haven't seen
demand weaken. Our deep involvement in the Top Runner and PV
Poverty Alleviation projects as well as distributed generation
projects will provide strong support for demand during the second
half of the year."
"We strongly oppose the petition under Section 201 in the US,
but believe growth momentum there will continue. ASPs of solar
modules in the US have risen slightly in recently months due to
strong demand. Demand from India
and other emerging markets where we are devoting more resources to
expand our leading market share also continue to grow rapidly. With
such strong demand from across the globe, we expect module
shipments to increase by approximately 25% sequentially in the
second quarter of 2017."
"We continue to ramp up our mono wafer and PERC cell capacity,
which will reduce the overall cost of our mono products and help
increase our margins. Our mono PERC products are in short supply
and have been fully booked out for the rest of the year,
demonstrating the strong demand for our high quality products. In
the meanwhile, our team is working hard to optimize the cost
structure of both our mono and multi products."
"While we are facing some short-term industry headwinds, the
continued development of the global solar industry is irreversible.
We are confident in the long-term prospects of the solar industry
and our sustainable growth strategy."
First Quarter 2017 Financial Results
Total Revenues
Total revenues in the first quarter of 2017 were RMB5.78 billion (US$839.3
million), an increase of 12.8% from RMB5.12 billion in the fourth quarter of 2016 and
an increase of 9.4% from RMB5.28
billion in the first quarter of 2016. The sequential and
year-over-year increases were mainly attributable to an increase in
solar module shipments in the first quarter of 2017.
Gross Profit and Gross Margin
Gross profit in the first quarter of 2017 was RMB649.0 million (US$94.3
million), compared with RMB730.0
million in the fourth quarter of 2016 and RMB1.08 billion in the first quarter of 2016. The
sequential and year-over-year decreases were mainly attributable to
a decline in the ASP of solar modules in the first quarter of
2017.
Gross margin was 11.2% in the first quarter of 2017, compared
with 14.3% in the fourth quarter of 2016 and 20.5% in the first
quarter of 2016.
Income from Operations and Operating Margin
Income from operations in the first quarter of 2017 was
RMB56.8 million (US$8.2 million), compared with RMB77.9 million in the fourth quarter of 2016 and
RMB529.1 million in the first quarter
of 2016. Operating margin in the first quarter of 2017 was 1.0%,
compared with 1.5% in the fourth quarter of 2016 and 10.0% in the
first quarter of 2016.
Total operating expenses in the first quarter of 2017 were
RMB592.2 million (US$86.0 million), a decrease of 9.2% from
RMB652.1 million in the fourth
quarter of 2016 and an increase of 6.6% from RMB555.7 million in the first quarter of 2016.
The sequential decrease was primarily due to the reversal of an
allowance for doubtful accounts because of subsequent collection.
The year-over-year increase was mainly due to increased shipping
costs which were in line with the increase in solar module
shipments.
Total operating expenses accounted for 10.3% of total revenues
in the first quarter of 2017, compared to 12.7% in the fourth
quarter of 2016 and 10.5% in the first quarter of 2016.
Interest Expense, Net
Net interest expense in the first quarter of 2017 was
RMB57.1 million (US$8.3 million), a decrease of 23.4% from
RMB74.5 million in the fourth quarter
of 2016 and a decrease of 25.7% from RMB76.9
million in the first quarter of 2016.The sequential decrease
was due to the repurchase of US$61.1
million in convertible senior notes. The year-over-year
decrease was due to the repurchase of US$184.0 million in convertible senior notes and
the repayment of US$17.4 million in
bond payables.
Exchange Gain / (Loss), Net
The Company recorded a net exchange loss of RMB5.2 million (US$0.8
million) in the first quarter of 2017, compared to a net
exchange gain of RMB17.7 million in
the fourth quarter of 2016 and a net exchange gain of RMB29.5 million in the first quarter of 2016.
Income Tax Expense / (Benefit), Net
The Company recorded an income tax expense of RMB1.5 million (US$0.2
million) in the first quarter of 2017, compared with an
income tax benefit of RMB49.2 million
in the fourth quarter of 2016 and an income tax expense of
RMB100.3 million in the first quarter
of 2016. The sequential change was mainly due to the successful
renewal of a National High and New Technology Enterprise license
which grants one of the Company's subsidiaries a preferential tax
rate. The year-over-year change was due to one of the Company's
overseas subsidiaries receiving a tax exemption for a five-year
period starting from August 2015.
The Company adopted ASU 2015-17, "Income Taxes (Topic 740):
Balance Sheet Classification of Deferred Taxes" in 2017, which is
effective for annual and interim periods beginning after
December 15, 2016, and prospectively
classified deferred tax liabilities and assets as noncurrent in the
financial statements during the quarter ended March 31, 2017.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
from continuing operations in the first quarter of 2017 was
RMB60.6 million (US$8.8 million), compared with RMB145.8 million in the fourth quarter of 2016
and RMB382.7million in the first
quarter of 2016.
Basic and diluted earnings per ordinary share from continuing
operations were RMB0.48 (US$0.07) and RMB0.47 (US$0.07),
respectively, during the first quarter of 2017. This translates
into basic and diluted earnings per ADS from continuing operations
of RMB1.92 (US$0.28) and RMB1.88 (US$0.28),
respectively.
Non-GAAP net income in the first quarter of 2017 was
RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016
and RMB437.8 million in the first
quarter of 2016.
Non-GAAP basic and diluted earnings per ordinary share from
continuing operations were RMB0.63
(US$0.09) and RMB0.62 (US$0.09),
respectively, during the first quarter of 2017. This translates
into non-GAAP basic and diluted earnings per ADS from continuing
operations of RMB2.52 (US$0.36) and RMB2.48 (US$0.36),
respectively.
Financial Position
As of March 31, 2017, the Company
had RMB1.71 billion (US$249.0 million) in cash and cash equivalents
and restricted cash, compared with RMB2.82
billion as of December 31,
2016.
As of March 31, 2017, the
Company's accounts receivables due from third parties were
RMB5.93 billion (US$860.9 million), compared with RMB4.75 billion as of December 31, 2016.
As of March 31, 2017, the
Company's inventories were RMB5.37
billion (US$780.2 million),
compared with RMB4.47 billion as of
December 31, 2016. The strategic
increase in inventories was primarily due to strong anticipated
demand during the second quarter of 2017.
As of March 31, 2017, the
Company's total interest-bearing debts were RMB6.10 billion (US$886.0
million), compared with RMB6.44
billion as of December 31,
2016.
First Quarter 2017 Operational Highlights
Solar Module Shipments
Total solar module shipments in the first quarter of 2017
amounted to 2,068 MW.
Solar Products Production Capacity
As of March 31, 2017, 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 May 2017, JinkoSolar was the
only Chinese company invited to participate in The Business 20
(B20) Summit held in Berlin,
Germany.
- In April 2017, JinkoSolar
supplied 42 MW of solar modules to Asunim for use in two PV power
plants in Izmir Province, southwest Turkey.
- In March 2017, JinkoSolar, in
partnership with GRID Alternatives, donated over 620 kW of
high-efficiency solar modules to support GRID Alternatives' work
brining solar power and job training to underserved
communities.
- In March 2017, JinkoSolar
partnered with CleanFund Commercial PACE Capital to offer long-term
project financing to US commercial project customers through the
SolarPACETM program.
- In March 2017, JinkoSolar and
Marubeni Corporation entered into a Power Purchase Agreement with
the Abu Dhabi Water and Electricity Company for the Solar PV
Independent Power Project located at Sweihan, Emirate of
Abu Dhabi, United Arab
Emirates.
- In February 2017, JinkoSolar
completed the repurchase of certain 4.00% Convertible Senior Notes
due in 2019 at the option of holders of the Notes.
- In February 2017, JinkoSolar
supplied 106.4 MWdc of PV modules to sPower for the Solverde 1
solar project in California.
Operations and Business Outlook
Second Quarter and Full Year 2017 Guidance
For the second quarter of 2017, the Company estimates total
solar module shipments to be in the range of 2.5 GW to 2.6 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, June 5, 2017 at 7:30 a.m. U.S. Eastern Time (7:30 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, June 12, 2017. The dial-in
details for the replay are as follows:
International:
|
+61-2-9641-7900
|
|
U.S. Toll
Free:
|
+1-866-846-0868
|
|
Passcode:
|
5716028
|
|
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 March 31, 2017.
JinkoSolar has over 15,000 employees across its 8 productions
facilities in China(5),
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 March
31, 2017, which was RMB6.8832
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
|
|
March 31,
2016
|
|
December 31,
2016
|
|
March 31,
2017
|
Continuing
operations
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
5,214,532
|
|
5,085,938
|
|
5,753,080
|
|
835,815
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
66,611
|
|
35,565
|
|
23,724
|
|
3,446
|
|
|
|
|
|
|
|
|
Total
revenues
|
5,281,143
|
|
5,121,503
|
|
5,776,804
|
|
839,261
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(4,196,265)
|
|
(4,391,518)
|
|
(5,127,779)
|
|
(744,970)
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,084,878
|
|
729,985
|
|
649,025
|
|
94,291
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing
|
(338,369)
|
|
(350,662)
|
|
(413,812)
|
|
(60,119)
|
General
and administrative
|
(178,983)
|
|
(221,810)
|
|
(115,950)
|
|
(16,845)
|
Research
and development
|
(38,395)
|
|
(57,231)
|
|
(62,486)
|
|
(9,078)
|
Impairment of long-lived assets
|
-
|
|
(22,377)
|
|
-
|
|
-
|
Total operating
expenses
|
(555,747)
|
|
(652,080)
|
|
(592,248)
|
|
(86,043)
|
|
|
|
|
|
|
|
|
Income from
operations
|
529,131
|
|
77,905
|
|
56,777
|
|
8,248
|
Interest
expenses, net
|
(76,891)
|
|
(74,538)
|
|
(57,121)
|
|
(8,299)
|
Change in fair
value of derivative liability
|
(1,109)
|
|
(10,364)
|
|
376
|
|
55
|
Subsidy
income
|
35,193
|
|
81,222
|
|
55,192
|
|
8,018
|
Exchange
gain/(loss)
|
47,592
|
|
17,674
|
|
(6,339)
|
|
(921)
|
Change in fair
value of forward contracts
|
(18,088)
|
|
19
|
|
1,105
|
|
161
|
Change in fair
value of convertible senior
notes and capped call options
|
(30,771)
|
|
(14,712)
|
|
-
|
|
-
|
Other
income/(expense), net
|
(1,485)
|
|
9,437
|
|
11,943
|
|
1,735
|
Investment
income
|
(482)
|
|
4,812
|
|
-
|
|
-
|
Gain on
disposal of subsidiaries
|
-
|
|
5,018
|
|
-
|
|
-
|
Income from
continuing operations before income taxes
|
483,090
|
|
96,473
|
|
61,933
|
|
8,997
|
Income tax
(expense)/benefit
|
(100,305)
|
|
49,200
|
|
(1,528)
|
|
(222)
|
Income from
continuing operations, net of tax
|
382,785
|
|
145,673
|
|
60,405
|
|
8,775
|
Discontinued
operations
|
|
|
|
|
|
|
|
Gain on
disposal of discontinued operations
|
-
|
|
1,007,884
|
|
-
|
|
-
|
Loss from
discontinued operations before income
taxes
|
(21,408)
|
|
(97,396)
|
|
-
|
|
-
|
Income tax expense,
net
|
(137)
|
|
(53,020)
|
|
-
|
|
-
|
(Loss)/income from
discontinued operations, net of tax
|
(21,545)
|
|
857,468
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Net
income
|
361,240
|
|
1,003,141
|
|
60,405
|
|
8,775
|
Less: Net
income/(loss) attributable to non-controlling
interests
from continuing operations
|
89
|
|
(123)
|
|
(169)
|
|
(25)
|
Less: Net
income attributable to non-controlling
interests
from discontinued operations
|
1,595
|
|
761
|
|
-
|
|
-
|
Less:
Allocation of net income to participating preferred shares
issued
by
discontinued operations
|
-
|
|
(13,895)
|
|
-
|
|
-
|
Less: Accretion
to redemption value of redeemable non-controlling
interests of
discontinued operations
|
46,226
|
|
16,776
|
|
-
|
|
-
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
313,330
|
|
999,622
|
|
60,574
|
|
8,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per share for ordinary shareholders, basic
|
|
|
|
|
|
|
|
Continuing
operations
|
3.05
|
|
1.15
|
|
0.48
|
|
0.07
|
Discontinued
operations
|
(0.55)
|
|
6.75
|
|
-
|
|
-
|
Total
earnings/(loss) per share for ordinary shareholders,
basic
|
2.50
|
|
7.90
|
|
0.48
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per share for ordinary shareholders, diluted
|
|
|
|
|
|
|
|
Continuing
operations
|
2.80
|
|
1.14
|
|
0.47
|
|
0.07
|
Discontinued
operations
|
(0.47)
|
|
6.68
|
|
-
|
|
-
|
Total
earnings/(loss) per share for ordinary shareholders,
diluted
|
2.33
|
|
7.82
|
|
0.47
|
|
0.07
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per ADS for ordinary shareholders, basic
|
|
|
|
|
|
|
|
Continuing
operations
|
12.20
|
|
4.60
|
|
1.92
|
|
0.28
|
Discontinued
operations
|
(2.20)
|
|
27.00
|
|
-
|
|
-
|
Total
earnings/(loss) per ADS for ordinary shareholders,
basic
|
10.00
|
|
31.60
|
|
1.92
|
|
0.28
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per ADS for ordinary shareholders, diluted
|
|
|
|
|
|
|
|
Continuing
operations
|
11.20
|
|
4.56
|
|
1.88
|
|
0.28
|
Discontinued
operations
|
(1.88)
|
|
26.72
|
|
-
|
|
-
|
Total
earnings/(loss) per ADS for ordinary shareholders,
diluted
|
9.32
|
|
31.28
|
|
1.88
|
|
0.28
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
125,477,086
|
|
126,412,714
|
|
126,820,607
|
|
126,820,607
|
Diluted
|
147,904,878
|
|
127,872,331
|
|
128,179,515
|
|
128,179,515
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
Basic
|
31,369,272
|
|
31,603,178
|
|
31,705,152
|
|
31,705,152
|
Diluted
|
36,976,220
|
|
31,968,083
|
|
32,044,879
|
|
32,044,879
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
Net
income
|
361,240
|
|
1,003,141
|
|
60,405
|
|
8,775
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
|
|
-
|
|
-
|
|
-
|
-Foreign
currency translation adjustments
|
(1,579)
|
|
108,078
|
|
(17,563)
|
|
(2,552)
|
Comprehensive
income
|
359,661
|
|
1,111,219
|
|
42,842
|
|
6,223
|
Less:
Comprehensive income attributable to non-controlling
interests
|
1,684
|
|
638
|
|
(169)
|
|
(25)
|
Less:Allocation
of net income to participating preferred shares issued
by
discontinued operations
|
-
|
|
(13,895)
|
|
-
|
|
-
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
357,977
|
|
1,124,476
|
|
43,011
|
|
6,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
382,695
|
|
145,796
|
|
60,574
|
|
8,800
|
|
|
|
|
|
|
|
|
Change in fair
value of derivative liability
|
1,109
|
|
10,364
|
|
(376)
|
|
(55)
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and capped call
options
|
30,771
|
|
14,712
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
13,529
|
|
5,180
|
|
1,555
|
|
226
|
|
|
|
|
|
|
|
|
Exchange
(gain)/loss on convertible senior notes and capped call
options
|
(3,005)
|
|
18,536
|
|
844
|
|
123
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
12,669
|
|
33,987
|
|
17,402
|
|
2,528
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders from
continuing operations
|
437,768
|
|
228,575
|
|
79,999
|
|
11,622
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary shareholders from
continuing operations -
|
|
|
|
|
|
|
|
Basic
|
3.49
|
|
1.81
|
|
0.63
|
|
0.09
|
Diluted
|
2.96
|
|
1.79
|
|
0.62
|
|
0.09
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary shareholders from
continuing operations -
|
|
|
|
|
|
|
|
Basic
|
13.96
|
|
7.24
|
|
2.52
|
|
0.36
|
Diluted
|
11.84
|
|
7.16
|
|
2.48
|
|
0.36
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
Basic
|
125,477,086
|
|
126,412,714
|
|
126,820,607
|
|
126,820,607
|
Diluted
|
147,904,878
|
|
127,872,331
|
|
128,179,515
|
|
128,179,515
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
Basic
|
31,369,272
|
|
31,603,178
|
|
31,705,152
|
|
31,705,152
|
Diluted
|
36,976,220
|
|
31,968,083
|
|
32,044,879
|
|
32,044,879
|
|
|
|
|
|
|
|
|
Results presented
herein exclude Jinko Power-related discontinued operations, unless
specified otherwise
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
December 31,
2016
|
|
March 31,
2017
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
2,501,417
|
|
1,468,630
|
|
213,364
|
Restricted
cash
|
318,785
|
|
245,141
|
|
35,614
|
Restricted
short-term investments
|
3,333,450
|
|
3,362,971
|
|
488,577
|
Short-term
investments
|
71,301
|
|
174,557
|
|
25,360
|
Accounts
receivable, net - related parties
|
1,414,084
|
|
906,636
|
|
131,717
|
Accounts
receivable, net - third parties
|
4,753,715
|
|
5,925,716
|
|
860,896
|
Notes
receivable, net - related parties
|
610,200
|
|
610,000
|
|
88,622
|
Notes
receivable, net - third parties
|
915,315
|
|
430,258
|
|
62,508
|
Advances to
suppliers, net - related parties
|
662
|
|
-
|
|
-
|
Advances to
suppliers, net - third parties
|
325,766
|
|
312,962
|
|
45,468
|
Inventories,
net
|
4,473,515
|
|
5,370,024
|
|
780,164
|
Forward
contract receivables
|
641
|
|
1,029
|
|
149
|
Deferred tax
assets - current
|
130,676
|
|
-
|
|
-
|
Other
receivables - related parties
|
79,125
|
|
77,426
|
|
11,249
|
Prepayments
and other current assets
|
766,645
|
|
1,133,643
|
|
164,697
|
Total current
assets
|
19,695,297
|
|
20,018,993
|
|
2,908,385
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
197,214
|
|
161,860
|
|
23,515
|
Project
Assets
|
55,063
|
|
89,484
|
|
13,000
|
Long-term
investments
|
7,200
|
|
9,080
|
|
1,319
|
Property,
plant and equipment, net
|
4,738,681
|
|
5,278,158
|
|
766,817
|
Land use
rights, net
|
450,941
|
|
449,434
|
|
65,294
|
Intangible
assets, net
|
20,297
|
|
20,853
|
|
3,030
|
Deferred tax
assets - non current
|
134,791
|
|
265,467
|
|
38,567
|
Other assets -
related parties
|
173,376
|
|
175,255
|
|
25,461
|
Other assets -
third parties
|
617,780
|
|
534,468
|
|
77,650
|
Total non-current
assets
|
6,395,343
|
|
6,984,059
|
|
1,014,653
|
|
|
|
|
|
|
Total
assets
|
26,090,640
|
|
27,003,052
|
|
3,923,038
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - third parties
|
4,290,071
|
|
5,737,776
|
|
833,591
|
Notes payable
- third parties
|
4,796,766
|
|
4,608,253
|
|
669,493
|
Accrued
payroll and welfare expenses
|
582,276
|
|
541,267
|
|
78,636
|
Advances from
related parties
|
60,541
|
|
62,900
|
|
9,138
|
Advances
from third parties
|
1,376,920
|
|
1,388,464
|
|
201,718
|
Income tax
payable
|
168,112
|
|
131,247
|
|
19,068
|
Other payables
and accruals
|
1,019,419
|
|
993,597
|
|
144,352
|
Other payables
due to related parties
|
76,034
|
|
77,349
|
|
11,237
|
Convertible
senior notes - current
|
423,740
|
|
-
|
|
-
|
Deferred tax
liabilities - current
|
17,074
|
|
-
|
|
-
|
Derivative
liability - current
|
10,364
|
|
9,988
|
|
1,451
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
5,488,629
|
|
5,617,682
|
|
816,144
|
Guarantee
liabilities to related parties
|
52,711
|
|
47,376
|
|
6,882
|
Total current
liabilities
|
18,362,657
|
|
19,215,899
|
|
2,791,710
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
488,520
|
|
445,734
|
|
64,757
|
Long-term
payables
|
44,014
|
|
35,022
|
|
5,089
|
Accrued
warranty costs - non current
|
511,209
|
|
531,498
|
|
77,217
|
Convertible
senior notes
|
-
|
|
69
|
|
10
|
Deferred tax
liability - non current
|
50,651
|
|
67,725
|
|
9,839
|
Guarantee
liabilities to related parties
- non current
|
173,376
|
|
169,867
|
|
24,678
|
Total non-current
liabilities
|
1,267,770
|
|
1,249,915
|
|
181,590
|
|
|
|
|
|
|
Total
liabilities
|
19,630,427
|
|
20,465,814
|
|
2,973,300
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value,
500,000,000 shares authorized, 126,733,266
and 127,988,106 shares issued and
outstanding as of December 31, 2016 and
March 31, 2017, respectively)
|
18
|
|
18
|
|
3
|
Additional paid-in
capital
|
3,145,262
|
|
3,179,445
|
|
461,914
|
Statutory
reserves
|
466,253
|
|
466,253
|
|
67,738
|
Accumulated other
comprehensive income
|
104,784
|
|
87,221
|
|
12,671
|
Treasury stock, at
cost; 1,723,200 shares of
ordinary shares as of December 31, 2016 and
March 31, 2017, respectively
|
(13,876)
|
|
(13,876)
|
|
(2,016)
|
Accumulated retained
earnings
|
2,758,268
|
|
2,818,842
|
|
409,525
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
6,460,709
|
|
6,537,903
|
|
949,835
|
|
|
|
|
|
|
Non-controlling
interests
|
(496)
|
|
(665)
|
|
(97)
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
26,090,640
|
|
27,003,052
|
|
3,923,038
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2017-financial-results-300468445.html
SOURCE JinkoSolar Holding Co., Ltd.