SHANGHAI, June 26, 2018 /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 first quarter ended March 31, 2018.
First Quarter 2018 Highlights
- Total solar module shipments were 2,015 megawatts ("MW")
(including 209 MW to be used in the Company's overseas downstream
solar projects for which no revenue has been recognized), a
decrease of 18.8% from 2,481 MW in the fourth quarter of 2017 and a
decrease of 2.6% from 2,068 MW in the first quarter of 2017.
- Total revenues were RMB4.57
billion (US$728.1 million), a
decrease of 28.1% from the fourth quarter of 2017 and a decrease of
20.9% from the first quarter of 2017.
- Gross margin was 14.4%, compared with 11.6% in the fourth
quarter of 2017 and 11.2% in the first quarter of 2017.
- Income from operations was RMB125.0
million (US$19.9 million),
compared with RMB91.3 million in the
fourth quarter of 2017 and RMB56.8
million in the first quarter of 2017.
- Net income attributable to the Company's ordinary shareholders
was RMB3.6 million (US$0.6 million) in the first quarter of 2018,
compared with RMB22.5 million in the
fourth quarter of 2017 and RMB60.6
million in the first quarter of 2017.
- Diluted earnings per American depositary share ("ADS") were
RMB0.096 (US$0.016).
- Non-GAAP net income attributable to the Company's ordinary
shareholders in the first quarter of 2018 was RMB11.0 million (US$1.7
million), compared with RMB41.5
million in the fourth quarter of 2017 and RMB80.0 million in the first quarter of
2017.
- Non-GAAP basic and diluted earnings per ADS were RMB0.300 (US$0.048)
and RMB0.296 (US$0.048) in the first quarter of 2018, compared
with RMB1.272 and RMB1.232 in the fourth quarter of 2017 and
RMB2.536 and RMB2.508 in the first quarter of 2017.
Mr. Kangping Chen, JinkoSolar's
Chief Executive Officer commented, "We shipped 2,015MW of solar
modules during the quarter and generated total revenues of
$728.1 million. Our gross margin
increased to 14.4%, compared with 11.6% last quarter as we benefit
from the drop in polysilicon prices and the further optimization of
our manufacturing costs as a result of continued technological
improvement and reduced OEM usage."
"The new policies regulating the solar industry jointly issued
by three Chinese ministries on May
31, affected market sentiment and our ASPs. These new
policies are aimed at increasing the pace of achieving grid parity,
accelerating the removal of outdated capacity and releasing the
pressure of new energy fund deficits. As a result, we expect to see
a decline in prices across our industrial supply chain which will
allow us to further cut both silicon and non-silicon costs during
the second half of the year to offset the decline in the ASPs.
Despite the strong initial reaction to the new policies, we remain
optimistic about the demand of the Chinese market for the full year
2018, which is expected to hit 35G+. Looking into 2019, aside from
the Top Runner Program, poverty alleviation and DG projects, we
expect to see a large number of grid parity projects under new
business models appear in the second of half of 2019."
"We already have great visibility for the full year 2018 with
over 80% of our order book already filled, which is mostly made up
of overseas orders with fixed prices throughout the year, and we
have already received a number of prepayments. Our production
capacity is fully utilized now and is expected to remain so during
the second half of the year. We believe the Chinese government's
new policies to have relatively limited impact on our operations
over the short term, and we remain confident in our future business
prospects and the long-term growth of the industry overall."
"Overseas orders will account for about 80% of our overall
shipments for the entire year demonstrating our expanding global
footprint and the success we have seen in reducing our reliance on
any single market. Solar is becoming more and more competitive
worldwide. We saw resurgent demand in Southern European markets
such as Spain, Portugal and Italy, driven by grid-parity business model,
as well as booming demand in new emerging markets such as Latin
American, the Middle East and
North Africa. We expect to see
demand in India rebound strongly
as module price goes down."
"While the policy changes in China have created a challenging domestic
market environment, our extensive global sales network and
geographically dispersed manufacturing facilities allow us remain
flexible and be prepared to rapidly adapt to any future policy
changes. We are fully prepared for the market consolidation and the
new era of grid parity. We will continue to take advantages of our
brand, technology, and global infrastructure to expand our market
share and further consolidate our leading position in the
industry.
First Quarter 2018 Financial Results
Total Revenues
Total revenues in the first quarter of 2018 were RMB4.57 billion (US$728.1
million), a decrease of 28.1% from RMB6.35 billion in the fourth quarter of 2017 and
a decrease of 20.9% from RMB5.78
billion in the first quarter of 2017. The sequential
decrease was mainly attributable to a decrease in the shipment of
solar modules in the first quarter of 2018. The year-over-year
decrease was mainly attributable to a decrease in solar module
shipments and a decline in the average selling price of solar
modules in 2018.
Adoption of New Revenue Standard:
On January 1, 2018, the Company
adopted new revenue guidance ASC Topic 606, "Revenue from Contracts
with Customers", and applied the modified retrospective method to
contracts which were not completed as of January 1, 2018.
No cumulative catch up adjustment of initially applying this
standard was recognized at the date of initial application on
January 1, 2018.
Adoption of the new standards related to revenue recognition had
no impact on the Company's reported results for the current
period.
Gross Profit and Gross Margin
Gross profit in the first quarter of 2018 was RMB656.1 million (US$104.6
million), compared with RMB735.3
million in the fourth quarter of 2017 and RMB649.0 million in the first quarter of 2017.
The sequential decrease was mainly attributable to a decrease in
the shipment of solar modules in the first quarter of 2018. The
year-over-year increase was mainly attributable to decreasing solar
module cost, which was partially offset by a decrease in solar
module shipments in 2018.
Gross margin was 14.4% in the first quarter of 2018, compared
with 11.6% in the fourth quarter of 2017 and 11.2% in the first
quarter of 2017. The sequential and year-over-year increases were
mainly attributable to a decrease in silicon cost in the first
quarter of 2018, which was partially offset by a decline in the
average selling price of solar modules in the first quarter of
2018.
Income from Operations and Operating Margin
Income from operations in the first quarter of 2018 was
RMB125.0 million (US$19.9 million), compared with RMB91.3 million in the fourth quarter of 2017 and
RMB56.8 million in the first quarter
of 2017. Operating margin in the first quarter of 2018 was 2.7%,
compared with 1.4% in the fourth quarter of 2017 and 1.0% in the
first quarter of 2017.
Total operating expenses in the first quarter of 2018 were
RMB531.1 million (US$84.7 million), a decrease of 17.5% from
RMB644.0 million in the fourth
quarter of 2017 and a decrease of 10.3% from RMB592.2 million in the first quarter of 2017.
The sequential decease was mainly due to a decrease in shipping
cost as a result of decreased solar module shipments, and a
decrease of bad debt expenses attributable to the reversal of
allowance for doubtful accounts upon subsequent collections. The
year-over-year decrease was primarily due to a decrease in shipping
costs.
Total operating expenses accounted for 11.6% of total revenues
in the first quarter of 2018, compared to 10.1% in the fourth
quarter of 2017 and 10.3% in the first quarter of 2017.
Interest Expense, Net
Net interest expense in the first quarter of 2018 was
RMB85.4 million (US$13.6 million), an increase of 53.8% from
RMB55.6 million in the fourth quarter
of 2017 and an increase of 49.5% from RMB57.1 million in the first quarter of 2017. The
sequential and year-over-year increases were due to interest
expense associated with discounted notes receivable and an increase
in borrowings.
Exchange Gain / (Loss), Net
The Company recorded a net exchange loss (including change in
fair value of forward contracts) of RMB90.8
million (US$14.5 million) in
the first quarter of 2018, compared to a net exchange loss of
RMB33.9 million in the fourth quarter
of 2017 and a net exchange loss of RMB5.2
million in the first quarter of 2017. The sequential and
year-over-year losses were primarily due to the continued
depreciation of the US dollar against the RMB during the
quarter.
Income Tax Expense / (Benefit), Net
The Company recorded an income tax benefit of RMB3.3 million (US$0.5
million) in the first quarter of 2018, compared with an
income tax expense of RMB31.1 million
in the fourth quarter of 2017 and an income tax expense of
RMB1.5 million in the first quarter
of 2017. The sequential and year-over-year change was due to one of
the Company's PRC subsidiaries receiving a tax deduction
certificate in the first quarter of 2018, entitling the subsidiary
to income tax deductions for 2017 and 2018.
The Company recorded an out-of-period adjustment of RMB4.6 million (US$0.7
million) in the first quarter of 2018 resulting from income
tax benefits for one of its PRC entities, which should have been
recorded in 2017. Neither the originating amount in 2017 nor the
out-of-period adjustment amount recorded in 2018 was material to
the Company's consolidated financial statements for the respective
periods.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
was RMB3.6 million (US$0.6 million) in the first quarter of 2018,
compared with RMB22.5 million in the
fourth quarter of 2017 and RMB60.6
million in the first quarter of 2017.
Basic and diluted earnings per ordinary share were RMB0.025 (US$0.004)
and RMB0.024 (US$0.004), respectively during the first quarter
of 2018. This translates into basic and diluted earnings per ADS of
RMB0.100 (US$0.016) and RMB0.096 (US$0.016), respectively.
Non-GAAP net income in the first quarter of 2018 was
RMB11.0 million (US$1.7 million), compared with RMB41.5 million in the fourth quarter of 2017 and
RMB80.0 million in the first quarter
of 2017.
Non-GAAP basic and diluted earnings per ordinary share were
RMB0.075 (US$0.012) and RMB0.074 (US$0.012), respectively during the first quarter
of 2018. This translates into non-GAAP basic and diluted earnings
per ADS of RMB0.300 (US$0.048) and RMB0.296 (US$0.048), respectively.
Financial Position
As of March 31, 2018, the Company
had RMB2.86 billion (US$456.6 million) in cash and cash equivalents
and restricted cash, compared with RMB2.76
billion as of December 31,
2017.
As of March 31, 2018, the
Company's accounts receivables due from third parties were
RMB4.18 billion (US$667.0 million), compared with RMB4.50 billion as of December 31, 2017.
As of March 31, 2018, the
Company's inventories were RMB4.71
billion (US$750.2 million),
compared with RMB4.27 billion as of
December 31, 2017.
As of March 31, 2018, the
Company's total interest-bearing debts were RMB8.38 billion (US$1.34
billion), compared with RMB7.43
billion as of December 31,
2017.
First Quarter 2018 Operational Highlights
Solar Module Shipments
Total solar module shipments in the first quarter of 2018 were
2,015 MW, including 209 MW to be used in the Company's overseas
downstream solar projects.
Solar Products Production Capacity
As of March 31, 2018, the
Company's in-house annual silicon wafer, solar cell and solar
module production capacity was 9.0 GW, 5.0 GW and 9.0 GW,
respectively.
Recent Business Developments
- In March 2018, JinkoSolar and
NextEra Energy announced a supply deal for millions of solar panels
and that JinkoSolar will be opening its first U.S. factory in
Jacksonville, Florida.
- In April 2018, JinkoSolar
announced that it was named Energy Yield Simulation Winner -
Polycrystalline Group at the 4th All Quality Matters Solar Congress
hosted by TÜV Rhineland in Wuxi, China.
- In April 2018, JinkoSolar
announced that it supplied solar modules for America's largest
solar PV plant in Mexico.
- In April 2018, JinkoSolar
announced that it signed a renewed credit agreement with HSBC
(China) Co., Ltd. to increase its
credit limit to $47 million from
$25 million.
- In May 2018, JinkoSolar announced
that its P-type monocrystalline cell broke the world record again
with efficiency hitting 23.95% during certification testing done by
the Photovoltaic and Wind Power Systems Quality Test Center at the
Chinese Academy of Sciences (CAS).
- In May 2018, JinkoSolar announced
that the 60P version of its P-type PV module peak power broke the
world record again with power exceeding 370w and the N-type PV
module peak power reaching 378.6w. Both records were certified by
the TUV Rheinland (Shanghai) Co.,
Ltd.
- In May 2018, JinkoSolar announced
that its entire portfolio of PV modules has passed the Potential
Induced Degradation ("PID") resistance test under the conditions of
85 Degrees Celsius/85% relative humidity ("double 85") as required
by TÜV Nord's IEC TS 62804-1 standards.
Operations and Business Outlook
Second Quarter and Full Year 2018 Guidance
For the second quarter of 2018, the Company estimates total
solar module shipments to be in the range of 2.4 GW to 2.5 GW.
For the full year 2018, the Company estimates total solar module
shipments to be in the range of 11.5 GW to 12 GW.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Tuesday, June 26, 2018 at
8:00 a.m. U.S. Eastern Time
(8:00 p.m. Beijing / Hong
Kong the same day).
Dial-in details for the earnings conference call are as
follows:
Hong Kong /
International:
|
+852 3027
6500
|
|
U.S. Toll
Free:
|
+1
855-824-5644
|
|
Passcode:
|
69300204#
|
|
|
|
|
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, July 3, 2018. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
|
U.S.:
|
+1 646 982
0473
|
|
Passcode:
|
319292198#
|
|
|
|
|
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, United Arab
Emirates, Italy,
Spain, France, Belgium, and other countries and regions.
JinkoSolar has built a vertically integrated solar product value
chain, with an integrated annual capacity of 9.0 GW for silicon
wafers, 5.0 GW for solar cells, and 9.0 GW for solar modules, as of
March 31, 2018.
JinkoSolar has over 12,000 employees across its 8 productions
facilities globally, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United
States, Canada,
Mexico, Brazil, Chile, Australia, South
Africa and United Arab
Emirates, and global sales offices in China, Hong
Kong, Japan, India, Turkey, Germany, Switzerland, United
States, Brazil,
Chile, Australia, South
Africa and United Arab
Emirates.
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial
measures including, non-GAAP net income, non-GAAP earnings per
Share, and non-GAAP earnings per ADS, which are adjusted from the
comparable GAAP results to exclude certain expenses or incremental
ordinary shares relating to share-based compensation, convertible
senior notes and capped call options:
- Non-GAAP net income is adjusted to exclude the expenses
relating to interest expenses of convertible senior notes, exchange
gain on the convertible senior notes, and stock-based compensation;
given these Non-GAAP net income adjustments above are either
related to the Company or its subsidiaries incorporated in
Cayman Islands, which are not
subject to tax exposures, or related to those subsidiaries with tax
loss positions which result in no tax impacts, therefore no tax
adjustment is needed in conjunction with these Non-GAAP net income
adjustments; and
- Non-GAAP earnings per Share and non-GAAP earnings per ADS are
adjusted to exclude interest expenses of convertible senior notes
and exchange gain on the convertible senior notes, and stock-based
compensation.
The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of
net income and diluted net income per ADS when compared with its
peers and historical results from prior periods. These measures are
not intended to represent or substitute numbers as measured under
GAAP. The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of March
30, 2018, which was RMB6.2726
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,
2017
|
|
December 31,
2017
|
|
March 31,
2018
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
5,753,080
|
|
5,171,540
|
|
3,671,345
|
|
585,299
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
23,724
|
|
1,181,100
|
|
895,491
|
|
142,762
|
|
|
|
|
|
|
|
|
Total
revenues
|
5,776,804
|
|
6,352,640
|
|
4,566,836
|
|
728,061
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(5,127,779)
|
|
(5,617,326)
|
|
(3,910,775)
|
|
(623,469)
|
|
|
|
|
|
|
|
|
Gross
profit
|
649,025
|
|
735,314
|
|
656,061
|
|
104,592
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing
|
(413,812)
|
|
(446,956)
|
|
(313,897)
|
|
(50,044)
|
General
and administrative
|
(115,950)
|
|
(113,744)
|
|
(130,831)
|
|
(20,857)
|
Research
and development
|
(62,486)
|
|
(83,271)
|
|
(86,382)
|
|
(13,771)
|
Total operating
expenses
|
(592,248)
|
|
(643,971)
|
|
(531,110)
|
|
(84,672)
|
|
|
|
|
|
|
|
|
Income from
operations
|
56,777
|
|
91,343
|
|
124,951
|
|
19,920
|
Interest
expenses, net
|
(57,121)
|
|
(55,551)
|
|
(85,411)
|
|
(13,617)
|
Change in fair
value of derivative liability
|
376
|
|
3,333
|
|
21,104
|
|
3,364
|
Subsidy
income
|
55,192
|
|
29,533
|
|
36,581
|
|
5,833
|
Exchange
loss
|
(6,339)
|
|
(31,827)
|
|
(91,413)
|
|
(14,573)
|
Change in fair
value of forward contracts
|
1,105
|
|
(2,031)
|
|
585
|
|
93
|
Other income,
net
|
11,943
|
|
20,823
|
|
8,678
|
|
1,383
|
Gain/(loss) on
disposal of subsidiaries
|
-
|
|
257
|
|
(9,425)
|
|
(1,503)
|
Income before
income taxes
|
61,933
|
|
55,880
|
|
5,650
|
|
900
|
Income tax
(expense)/benefit
|
(1,528)
|
|
(31,095)
|
|
3,293
|
|
525
|
Equity in
income of affiliated companies
|
-
|
|
(1,424)
|
|
(5,240)
|
|
(835)
|
Net
income
|
60,405
|
|
23,361
|
|
3,703
|
|
590
|
Less: Net
(loss)/income attributable to non-controlling
interests
|
(169)
|
|
889
|
|
107
|
|
17
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
60,574
|
|
22,472
|
|
3,596
|
|
573
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
Basic
|
0.478
|
|
0.172
|
|
0.025
|
|
0.004
|
Diluted
|
0.473
|
|
0.167
|
|
0.024
|
|
0.004
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
Basic
|
1.912
|
|
0.688
|
|
0.100
|
|
0.016
|
Diluted
|
1.892
|
|
0.668
|
|
0.096
|
|
0.016
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
126,820,607
|
|
130,432,074
|
|
145,540,445
|
|
145,540,445
|
Diluted
|
128,179,515
|
|
134,572,596
|
|
147,793,780
|
|
147,793,780
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
Basic
|
31,705,152
|
|
32,608,019
|
|
36,385,111
|
|
36,385,111
|
Diluted
|
32,044,879
|
|
33,643,149
|
|
36,948,445
|
|
36,948,445
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
Net
income
|
60,405
|
|
23,361
|
|
3,703
|
|
590
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
(17,563)
|
|
(16,308)
|
|
(33,351)
|
|
(5,318)
|
Comprehensive
income/(loss)
|
42,842
|
|
7,053
|
|
(29,648)
|
|
(4,728)
|
Less:
Comprehensive (loss)/income attributable to non-
controlling interests
|
(169)
|
|
889
|
|
107
|
|
17
|
Comprehensive
income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
43,011
|
|
6,164
|
|
(29,755)
|
|
(4,745)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP
earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to ordinary shareholders
from continuing operations
|
60,574
|
|
22,472
|
|
3,596
|
|
573
|
|
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
1,555
|
|
1
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible senior notes and
capped call options
|
844
|
|
(1)
|
|
(2)
|
|
-
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
17,402
|
|
19,000
|
|
7,376
|
|
1,176
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary
shareholders from continuing operations
|
80,375
|
|
41,472
|
|
10,971
|
|
1,749
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary
shareholders -
|
|
|
|
|
|
|
|
Basic
|
0.634
|
|
0.318
|
|
0.075
|
|
0.012
|
Diluted
|
0.627
|
|
0.308
|
|
0.074
|
|
0.012
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary
shareholders -
|
|
|
|
|
|
|
|
Basic
|
2.536
|
|
1.272
|
|
0.300
|
|
0.048
|
Diluted
|
2.508
|
|
1.232
|
|
0.296
|
|
0.048
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
Basic
|
126,820,607
|
|
130,432,074
|
|
145,540,445
|
|
145,540,445
|
Diluted
|
128,179,515
|
|
134,572,596
|
|
147,793,780
|
|
147,793,780
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
Basic
|
31,705,152
|
|
32,608,019
|
|
36,385,111
|
|
36,385,111
|
Diluted
|
32,044,879
|
|
33,643,149
|
|
36,948,445
|
|
36,948,445
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
December 31,
2017
|
|
Mar 31,
2018
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,928,303
|
|
2,577,559
|
|
410,924
|
Restricted
cash
|
833,072
|
|
286,608
|
|
45,692
|
Restricted
short-term investments
|
3,237,773
|
|
2,845,129
|
|
453,580
|
Short-term
investments
|
2,685
|
|
27,778
|
|
4,428
|
Accounts
receivable, net - related parties
|
2,113,042
|
|
2,415,119
|
|
385,027
|
Accounts
receivable, net - third parties
|
4,497,635
|
|
4,183,543
|
|
666,955
|
Notes
receivable, net - third parties
|
571,232
|
|
240,637
|
|
38,363
|
Advances to
suppliers, net - third parties
|
397,076
|
|
496,504
|
|
79,154
|
Inventories,
net
|
4,273,730
|
|
4,705,744
|
|
750,206
|
Other
receivables - related parties
|
46,592
|
|
57,970
|
|
9,242
|
Prepayments
and other current assets
|
1,706,717
|
|
1,689,163
|
|
269,294
|
Total current
assets
|
19,607,857
|
|
19,525,754
|
|
3,112,865
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
248,672
|
|
393,512
|
|
62,735
|
Project
Assets
|
473,731
|
|
770,922
|
|
122,903
|
Long-term
investments
|
22,322
|
|
22,406
|
|
3,572
|
Property,
plant and equipment, net
|
6,680,187
|
|
6,815,857
|
|
1,086,608
|
Land use
rights, net
|
443,269
|
|
529,303
|
|
84,383
|
Intangible
assets, net
|
25,743
|
|
25,125
|
|
4,006
|
Deferred tax
assets
|
275,372
|
|
264,102
|
|
42,104
|
Other assets -
related parties
|
146,026
|
|
127,890
|
|
20,389
|
Other assets -
third parties
|
713,226
|
|
888,203
|
|
141,600
|
Total non-current
assets
|
9,028,548
|
|
9,837,320
|
|
1,568,300
|
|
|
|
|
|
|
Total
assets
|
28,636,405
|
|
29,363,074
|
|
4,681,165
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
5,329
|
|
41,987
|
|
6,694
|
Accounts
payable - third parties
|
4,658,202
|
|
4,182,402
|
|
666,773
|
Notes payable
- third parties
|
5,672,497
|
|
4,635,148
|
|
738,952
|
Accrued
payroll and welfare expenses
|
721,380
|
|
673,652
|
|
107,396
|
Advances from
related parties
|
37,400
|
|
37,345
|
|
5,954
|
Advances
from third parties
|
748,959
|
|
1,360,347
|
|
216,871
|
Income tax
payable
|
27,780
|
|
16,808
|
|
2,680
|
Other payables
and accruals
|
1,804,799
|
|
1,914,566
|
|
305,227
|
Other payables
due to related parties
|
12,333
|
|
13,088
|
|
2,087
|
Forward
contract payables
|
4,521
|
|
-
|
|
-
|
Derivative
liability
|
26,486
|
|
5,383
|
|
858
|
Bond payable
and accrued interests
|
10,257
|
|
15,784
|
|
2,516
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
6,204,440
|
|
6,847,607
|
|
1,091,670
|
Guarantee
liabilities to related parties
|
28,034
|
|
33,422
|
|
5,328
|
Total current
liabilities
|
19,962,417
|
|
19,777,539
|
|
3,153,006
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
379,789
|
|
707,130
|
|
112,733
|
Accrued income
tax - non current
|
6,041
|
|
6,041
|
|
963
|
Long-term
payables
|
538,410
|
|
506,359
|
|
80,726
|
Bond
payables
|
298,425
|
|
298,688
|
|
47,618
|
Accrued
warranty costs - non current
|
571,718
|
|
557,204
|
|
88,831
|
Convertible
senior notes
|
65
|
|
63
|
|
10
|
Deferred tax
liability
|
70,122
|
|
63,783
|
|
10,169
|
Long-term
liabilities of equtiy investment
|
-
|
|
5,021
|
|
800
|
Guarantee
liabilities to related parties
- non current
|
120,154
|
|
106,931
|
|
17,047
|
Total non-current
liabilities
|
1,984,724
|
|
2,251,220
|
|
358,897
|
|
|
|
|
|
|
Total
liabilities
|
21,947,141
|
|
22,028,759
|
|
3,511,903
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value,
500,000,000 shares authorized, 132,146,074
and 156,457,441 shares issued and
outstanding as of December 31, 2017 and
March 31, 2018, respectively)
|
19
|
|
22
|
|
3
|
Additional paid-in
capital
|
3,313,608
|
|
3,988,304
|
|
635,829
|
Statutory
reserves
|
516,886
|
|
516,886
|
|
82,404
|
Accumulated other
comprehensive income
|
23,296
|
|
(10,055)
|
|
(1,603)
|
Treasury stock, at
cost; 1,723,200 ordinary
shares as of December 31, 2017 and March
31, 2018
|
(13,876)
|
|
(13,876)
|
|
(2,212)
|
Accumulated retained
earnings
|
2,849,341
|
|
2,852,937
|
|
454,826
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd.
shareholders' equity
|
6,689,274
|
|
7,334,218
|
|
1,169,247
|
|
|
|
|
|
|
Non-controlling
interests
|
(10)
|
|
97
|
|
15
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
28,636,405
|
|
29,363,074
|
|
4,681,165
|
View original
content:http://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2018-financial-results-300672171.html
SOURCE JinkoSolar Holding Co., Ltd.