SHANGHAI, Nov. 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 third quarter ended September 30, 2018.
Third Quarter 2018 Highlights
- Total solar module shipments were 2,953 megawatts ("MW")
(including 0.2 MW to the Company's overseas downstream segment for
which no revenue has been recognized), an increase of 5.7% from
2,794 MW in the second quarter of 2018 and an increase of 24.4%
from 2,374 MW in the third quarter of 2017.
- Total revenues were RMB6.69
billion (US$974.8 million), an
increase of 10.5% from the second quarter of 2018 and an increase
of 4.3% from the third quarter of 2017.
- Gross margin was 14.9%, compared with 12.0% in the second
quarter of 2018, and 12.0% in the third quarter of 2017.
- Income from operations was RMB188.0
million (US$27.4 million),
compared with RMB94.6 million in the
second quarter of 2018 and RMB91.9
million in the third quarter of 2017.
- Net income attributable to the Company's ordinary shareholders
was RMB189.1 million (US$27.5 million) in the third quarter of 2018,
compared with RMB99.0 million in the
second quarter of 2018 and RMB11.3
million in the third quarter of 2017.
- Diluted earnings per American depositary share ("ADS") were
RMB4.84 (US$0.72) in the third quarter of 2018.
- Non-GAAP net income attributable to the Company's ordinary
shareholders in the third quarter of 2018 was RMB206.3 million (US$30.0
million), compared with RMB106.7
million in the second quarter of 2018 and RMB25.9 million in the third quarter of
2017.
- Non-GAAP basic and diluted earnings per ADS were both
RMB 5.28 (US$0.76) in the third quarter of 2018, compared
with RMB2.73 and RMB2.71 in the second quarter of 2018 and
RMB0.80 and RMB0.76 in the third quarter of 2017.
Mr. Kangping Chen, JinkoSolar's
Chief Executive Officer commented, "We had a solid quarter with
module shipments hitting record high of 2,953 MW, an increase of
5.7% sequentially and 24.4% year-over-year. Our gross margin was
14.9%, compared with 12.0% in the second quarter and non-GAAP net
income US$30.0 million. While Chinese
demand softened following the May 31
policy announcement, our business continued to grow thanks to our
diverse global customer base and strong brand recognition. Overseas
module shipments accounted for almost 80% of total shipments during
the quarter which offset the impact of softened demand
domestically. We are confident in our ability to further expand our
market share with global demand expected to recover next year as
solar energy becomes more competitive and grid parity approaches in
more key markets."
"Despite the impacts of May 31
polices, China installed 34.5GW by
the end of September which has already exceeded many analysts'
expectations for the entire year. Recent positive changes from
policy side are providing support for a possible rebound in Chinese
demand next year, especially possible policies discussed during the
Solar Industry symposium held by the NEA at the beginning of
November which are expected to support the smooth transition from a
policy-driven industry to a grid parity driven one. We will
continue to focus on top runner projects and poverty alleviation
projects, and will take advantage of the increasing opportunities
for grid parity projects. We are confident that Chinese demand will
return next year."
"We continue to allocate resources towards the application of
high-efficiency technologies while constantly optimizing their cost
structure. We made solid progress in improving wafer efficiency and
reducing both oxygen content and light induced degradation. We also
made breakthroughs with our new generation of N type HOT cell and
optimized the structure of the P type PERC cell to further improve
its efficiency. The Cheetah series modules are selling rapidly with
the 72-piece mono PERC Cheetah module hitting above 400W in
efficiency during mass production. Sustainable technology
development and the falling cost of raw materials are helping us to
increase market share by allowing us to cater to our client's
diverse demands at cost effective prices."
"We are confident that Chinese and global demand next year will
recover as the cost of solar energy becomes more competitive. This
trend is irreversible. We are now ideally positioned with our order
book in Q4 almost full from growing overseas markets and our
products being in short supply. We will benefit from growth in
demand for solar energy and believe we have the right strategy in
place to further expand our market share, distinguish ourselves
from the competition, and consolidate our leading position in the
industry."
Third Quarter 2018 Financial Results
Total Revenues
Total revenues in the third quarter of 2018 were RMB6.69 billion (US$974.8
million), an increase of 10.5% from RMB6.06 billion in the second quarter of 2018 and
an increase of 4.3% from RMB6.42
billion in the third quarter of 2017. The sequential
increase was mainly attributable to an increase in the shipment of
solar modules in the third quarter of 2018. The year-over-year
increase was mainly attributable to an increase in the shipment of
solar modules, which was partially offset by a decline in the
average selling price of solar modules in the third quarter of
2018.
Gross Profit and Gross Margin
Gross profit in the third quarter of 2018 was RMB997.6 million (US$145.3
million), compared with RMB727.6
million in the second quarter of 2018 and RMB772.4 million in the third quarter of 2017.
The sequential increase was mainly attributable to an increase in
the shipment of solar modules in the third quarter of 2018 and the
benefit of Countervailing Duty ("CVD") reversal of RMB 140.4 million (US$20.5
million), based on the final results of the fourth
administrative review of the CVD order published by the U.S.
Department of Commerce. The year-over-year increase was mainly
attributable to the same reasons above, which was partially offset
by a decline in the average selling price of solar modules in the
third quarter of 2018.
Gross margin was 14.9% in the third quarter of 2018, compared
with 12.0% in the second quarter of 2018 and 12.0% in the third
quarter of 2017. The sequential increase was mainly attributable to
(i) the benefit of CVD reversal of RMB 140.4
million (US$20.5 million),
based on the final results in the fourth administrative review of
the CVD order published by the U.S. Department of Commerce, and
(ii) a decrease in solar module cost. Excluding the CVD reversal
benefit, gross margin was 12.8% in the third quarter of 2018, which
was attributable to a decrease in solar module cost. The
year-over-year increase was mainly attributable to the same reasons
above, and was partially offset by a decline in the average selling
price of solar modules in the third quarter of 2018.
Income from Operations and Operating Margin
Income from operations in the third quarter of 2018 was
RMB188.0 million (US$27.4 million), compared with RMB94.6 million in the second quarter of 2018 and
RMB91.9 million in the third quarter
of 2017. Excluding the CVD reversal benefit, income from operations
in the third quarter of 2018 was RMB47.6
million (US$6.9 million).
Operating margin in the third quarter of 2018 was 2.8%, compared
with 1.6% in the second quarter of 2018 and 1.4% in the third
quarter of 2017. Excluding the Countervailing Duty reversal
benefit, operating margin in the third quarter of 2018 was
0.7%.
Total operating expenses in the third quarter of 2018 were
RMB809.6 million (US$117.9 million), an increase of 27.9% from
RMB633.0 million in the second
quarter of 2018 and an increase of 19.0% from RMB680.5 million in the third quarter of 2017.
The sequential and year-over-year increases were mainly due to an
increase in shipping cost as a result of an increase in solar
module shipment.
Total operating expenses accounted for 12.1% of total revenues
in the third quarter of 2018, compared to 10.4% in the second
quarter of 2018 and 10.6% in the third quarter of 2017.
Interest Expense, Net
Net interest expense in the third quarter of 2018 was
RMB55.6 million (US$8.1 million), a decrease of 31.0% from
RMB80.6 million in the second quarter
of 2018 and an increase of 9.5% from RMB52.3
million in the third quarter of 2017. The sequential
decrease was mainly due to an increase in capitalized interest
caused by construction development of the Company's overseas
projects.
Exchange Gain / (Loss), Net and Change in Fair Value of
Forward Contracts
The Company recorded a net exchange gain (including change in
fair value of forward contracts) of RMB93.5
million (US$13.6 million) in
the third quarter of 2018, compared to a net exchange gain of
RMB20.8 million in the second quarter
of 2018 and a net exchange loss of RMB49.3
million in the third quarter of 2017. The sequential
increase was primarily due to the appreciation of the US dollar
against the RMB during the quarter.
Change in Fair Value of Derivatives
The Company entered into Interest Rate Swap agreements with
several banks and bought foreign exchange options from several
banks for the purpose of reducing interest rate and exchange rate
risk exposure. The Company recorded a gain of RMB4.3 million (US$0.6
million) in the third quarter of 2018, which included a gain
of RMB12.8 million (US$1.8 million) from the Interest Rate Swap
agreements and a loss of RMB8.5
million (US$1.2 million) from
the foreign exchange options, compared to a gain of RMB14.3 million in the second quarter of 2018 and
a loss of RMB3.4 million in the third
quarter of 2017. The sequential and year-over-year changes in
gain/loss from Interest Rate Swap agreements were primarily due to
an increase in the LIBOR rate.
Equity in Income of Affiliated Companies
The Company indirectly holds 20% equity interest of Sweihan PV
Power Company P.J.S.C, which develops and operates solar power
projects in Dubai and accounts for
its investments using the equity method. The Company also holds 30%
equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which
processes and assembles PV modules as OEM manufacturer and accounts
for its investments using the equity method. The Company recorded
equity in income of affiliated companies of RMB4.9 million (US$0.7
million) in the third quarter of 2018, compared with an
income of RMB28.0 million in the
second quarter of 2018 and a loss of RMB0.4
million in the third quarter of 2017.
Income Tax Benefit / (Expense), Net
The Company recorded an income tax expense of RMB61.2 million (US$8.9
million) in the third quarter of 2018, compared with an
income tax benefit of RMB10.0 million
in the second quarter of 2018 and an income tax expense of
RMB4.5 million in the third quarter
of 2017. The sequential change was mainly due to the additional
2017 income tax deduction for R&D costs approved by the local
tax bureau in the second quarter of 2018.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
was RMB189.1 million (US$27.5 million) in the third quarter of 2018,
compared with RMB99.0 million in the
second quarter of 2018 and RMB11.3
million in the third quarter of 2017.
Basic and diluted earnings per ordinary share were both
RMB1.21 (US$0.18) during the third quarter of 2018. This
translates into basic and diluted earnings per ADS both of
RMB4.84 (US$0.72).
Non-GAAP net income attributable to the Company's ordinary
shareholders in the third quarter of 2018 was RMB206.3 million (US$30.0
million), compared with RMB106.7
million in the second quarter of 2018 and RMB25.9 million in the third quarter of 2017.
Non-GAAP basic and diluted earnings per ordinary share were both
of RMB1.32 (US$0.19) during the third quarter of 2018. This
translates into non-GAAP basic and diluted earnings per ADS both of
RMB5.28 (US$0.76).
Financial Position
As of September 30, 2018, the
Company had RMB3.03 billion
(US$441.6 million) in cash and cash
equivalents and restricted cash, compared with RMB2.56 billion as of June
30, 2018.
As of September 30, 2018, the
Company's accounts receivables due from third parties were
RMB5.28 billion (US$768.4 million), compared with RMB4.77 billion as of June
30, 2018.
As of September 30, 2018, the
Company's inventories were RMB5.56
billion (US$809.6 million),
compared with RMB5.89 billion as of
June 30, 2018.
As of September 30, 2018, the
Company's total interest-bearing debts were RMB9.46 billion (US$1.38
billion), compared with RMB9.29
billion as of June 30,
2018.
Third Quarter 2018 Operational Highlights
Solar Module Shipments
Total solar module shipments in the third quarter of 2018 were
2,953 MW, including 0.2 MW to the Company's overseas downstream
segment.
Solar Products Production Capacity
As of September 30, 2018, the
Company's in-house annual silicon wafer, solar cell and solar
module production capacity was 9.2 GW, 6.5 GW and 10.0 GW,
respectively.
Recent Business Developments
- In August 2018, JinkoSolar
announced that it had signed a 240MW solar module supply agreement
with POWERCHINA Huadong Engineering Corporation Limited for the
second phase of the 420 MW Dau Tieng solar plant in Vietnam, which will become the largest solar
power project in Southeast Asia
when completed.
- In September 2018, JinkoSolar
announced that it was ranked as a top solar brand in debt financed
projects and named the most "bankable" PV manufacturer by Bloomberg
New Energy Finance (BNEF) for the second consecutive year.
- In September 2018, JinkoSolar
announced a partnership with Edisun Microgrids, Inc., a solar
technology company that develops patented, distributed solar and
energy storage technologies, to develop the Eagle PowerTrack, a
performance bundle for commercial and industrial (C&I)
rooftops. The new performance bundle will feature JinkoSolar's
high-efficiency Eagle G2 modules in combination with Edisun's PV
Booster breakthrough rooftop tracking technology.
- In October 2018, JinkoSolar
announced that it had been recognized as a Top Performer on DNV
GL's 2018 PV Module Reliability Scorecard for the fourth
consecutive year.
Operations and Business Outlook
Fourth Quarter and Full Year 2018 Guidance
For the fourth quarter of 2018, the Company estimates total
solar module shipments to be in the range of 3.7 GW to 4.0 GW.
For the full year 2018, the Company estimates total solar module
shipments to be in the range of 11.5 GW to 11.8 GW.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Monday, November 26, 2018 at
7:30 a.m. U.S. Eastern Time
(8:30 p.m. Beijing / Hong
Kong the same day).
Dial-in details for the earnings conference call are as
follows:
Hong Kong /
International:
|
+852 3027
6500
|
U.S. Toll
Free:
|
+1
855-824-5644
|
Passcode:
|
81828531#
|
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, December 3, 2018. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
U.S.:
|
+1 646 982
0473
|
Passcode:
|
319303344#
|
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 one of the world's largest and
foremost solar module manufacturers. JinkoSolar distributes its
solar products and sells its solutions and services to a
diversified international utility, commercial and residential
customer base in China,
the United States, Japan, Germany, the United
Kingdom, Chile,
South Africa, India, Mexico, Brazil, the United
Arab Emirates, Italy,
Spain, France, Belgium, and other countries and regions.
JinkoSolar has built a vertically integrated solar product value
chain, with an integrated annual capacity of 9.2 GW for silicon
wafers, 6.5 GW for solar cells, and 10.0 GW for solar modules, as
of September 30, 2018.
JinkoSolar has over 12,000 employees across its 6 productions
facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United
States, Canada,
Mexico, Brazil, Chile, Australia and United
Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi
Arabia, Egypt, Morocco, Ghana, Kenya,
South Africa, Costa Rica, Colombia, Panama and Argentina.
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial
measures including, non-GAAP net income, non-GAAP earnings per
Share, and non-GAAP earnings per ADS, which are adjusted from the
comparable GAAP results to exclude certain expenses or incremental
ordinary shares relating to share-based compensation, convertible
senior notes and capped call options:
- Non-GAAP net income is adjusted to exclude the expenses
relating to interest expenses of convertible senior notes, exchange
gain on the convertible senior notes, and stock-based compensation;
given these Non-GAAP net income adjustments above are either
related to the Company or its subsidiaries incorporated in
Cayman Islands, which are not
subject to tax exposures, or related to those subsidiaries with tax
loss positions which result in no tax impacts, therefore no tax
adjustment is needed in conjunction with these Non-GAAP net income
adjustments; and
- Non-GAAP earnings per Share and non-GAAP earnings per ADS are
adjusted to exclude interest expenses of convertible senior notes
and exchange gain on the convertible senior notes, and stock-based
compensation.
The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of
net income and diluted net income per ADS when compared with its
peers and historical results from prior periods. These measures are
not intended to represent or substitute numbers as measured under
GAAP. The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of September 28, 2018, which was RMB6.8680 to US$1.00. No representation is intended to imply
that the Renminbi amounts could have been, or could be, converted,
realized, or settled into U.S. dollars at that rate or any other
rate. The percentages stated in this press release are calculated
based on Renminbi.
Safe-Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends, "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
JinkoSolar's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Except as
required by law, the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
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
|
|
For the nine months
ended
|
|
September 30,
2017
|
|
June 30,
2018
|
|
September 30,
2018
|
|
September 30,
2017
|
|
September 30,
2018
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
5,958,121
|
|
5,618,862
|
|
6,601,414
|
|
961,184
|
|
19,619,733
|
|
15,891,621
|
|
2,313,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
461,292
|
|
441,769
|
|
93,401
|
|
13,600
|
|
500,571
|
|
1,430,661
|
|
208,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
6,419,413
|
|
6,060,631
|
|
6,694,815
|
|
974,784
|
|
20,120,304
|
|
17,322,282
|
|
2,522,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(5,647,016)
|
|
(5,333,000)
|
|
(5,697,186)
|
|
(829,526)
|
|
(17,864,049)
|
|
(14,940,962)
|
|
(2,175,446)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
772,397
|
|
727,631
|
|
997,629
|
|
145,258
|
|
2,256,255
|
|
2,381,320
|
|
346,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(489,767)
|
|
(366,077)
|
|
(476,640)
|
|
(69,400)
|
|
(1,454,402)
|
|
(1,156,613)
|
|
(168,406)
|
General
and administrative
|
(116,121)
|
|
(170,509)
|
|
(228,862)
|
|
(33,323)
|
|
(357,100)
|
|
(530,201)
|
|
(77,199)
|
Research
and development
|
(74,652)
|
|
(81,907)
|
|
(104,105)
|
|
(15,158)
|
|
(210,832)
|
|
(272,394)
|
|
(39,661)
|
Impairment of long-lived assets
|
-
|
|
(14,548)
|
|
-
|
|
-
|
|
-
|
|
(14,548)
|
|
(2,118)
|
Total operating
expenses
|
(680,540)
|
|
(633,041)
|
|
(809,607)
|
|
(117,881)
|
|
(2,022,334)
|
|
(1,973,756)
|
|
(287,384)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
91,857
|
|
94,590
|
|
188,022
|
|
27,377
|
|
233,921
|
|
407,564
|
|
59,343
|
Interest
expenses, net
|
(52,286)
|
|
(80,636)
|
|
(55,600)
|
|
(8,096)
|
|
(189,979)
|
|
(221,645)
|
|
(32,272)
|
Change in fair
value of derivatives
|
(3,437)
|
|
14,284
|
|
4,259
|
|
620
|
|
(19,455)
|
|
39,646
|
|
5,772
|
Subsidy
income
|
14,154
|
|
2,619
|
|
4,742
|
|
691
|
|
118,384
|
|
43,942
|
|
6,397
|
Exchange
(loss)/gain
|
(46,368)
|
|
42,389
|
|
118,712
|
|
17,285
|
|
(82,518)
|
|
69,687
|
|
10,147
|
Change in fair
value of forward contracts
|
(2,946)
|
|
(21,618)
|
|
(25,204)
|
|
(3,670)
|
|
(6,181)
|
|
(46,238)
|
|
(6,732)
|
Other income,
net
|
15,109
|
|
9,444
|
|
9,983
|
|
1,454
|
|
38,824
|
|
28,105
|
|
4,092
|
Loss on
disposal of subsidiaries
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(9,425)
|
|
(1,372)
|
Income before
income taxes
|
16,083
|
|
61,072
|
|
244,914
|
|
35,661
|
|
92,996
|
|
311,636
|
|
45,375
|
Income tax
(expense)/benefit
|
(4,466)
|
|
10,003
|
|
(61,157)
|
|
(8,905)
|
|
26,467
|
|
(47,860)
|
|
(6,969)
|
Equity in
income of affiliated companies
|
(438)
|
|
28,024
|
|
4,916
|
|
716
|
|
(632)
|
|
27,699
|
|
4,033
|
Net
income
|
11,179
|
|
99,099
|
|
188,673
|
|
27,472
|
|
118,831
|
|
291,475
|
|
42,439
|
Less: Net
(loss)/income attributable to non-controlling
interests
|
(113)
|
|
117
|
|
(415)
|
|
(60)
|
|
(403)
|
|
(191)
|
|
(28)
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
11,292
|
|
98,982
|
|
189,088
|
|
27,532
|
|
119,234
|
|
291,666
|
|
42,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.09
|
|
0.63
|
|
1.21
|
|
0.18
|
|
0.93
|
|
1.91
|
|
0.28
|
Diluted
|
0.08
|
|
0.63
|
|
1.21
|
|
0.18
|
|
0.91
|
|
1.90
|
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.36
|
|
2.53
|
|
4.84
|
|
0.72
|
|
3.72
|
|
7.64
|
|
1.12
|
Diluted
|
0.32
|
|
2.51
|
|
4.84
|
|
0.72
|
|
3.64
|
|
7.60
|
|
1.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
130,186,074
|
|
156,457,441
|
|
156,485,510
|
|
156,485,510
|
|
128,442,966
|
|
152,777,860
|
|
152,777,860
|
Diluted
|
134,413,564
|
|
157,574,069
|
|
156,703,443
|
|
156,703,443
|
|
130,720,283
|
|
153,445,140
|
|
153,445,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
32,546,519
|
|
39,114,360
|
|
39,121,378
|
|
39,121,378
|
|
32,110,742
|
|
38,194,465
|
|
38,194,465
|
Diluted
|
33,603,391
|
|
39,393,517
|
|
39,175,861
|
|
39,175,861
|
|
32,680,071
|
|
38,361,285
|
|
38,361,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
11,179
|
|
99,099
|
|
188,673
|
|
27,472
|
|
118,831
|
|
291,475
|
|
42,439
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
(25,226)
|
|
47,966
|
|
28,720
|
|
4,182
|
|
(65,180)
|
|
43,335
|
|
6,310
|
Comprehensive
income/(loss)
|
(14,047)
|
|
147,065
|
|
217,393
|
|
31,654
|
|
53,651
|
|
334,810
|
|
48,749
|
Less:
Comprehensive (loss)/income attributable to non-
controlling interests
|
(113)
|
|
117
|
|
(415)
|
|
(60)
|
|
(403)
|
|
(191)
|
|
(28)
|
Comprehensive
income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
(13,934)
|
|
146,948
|
|
217,808
|
|
31,714
|
|
54,054
|
|
335,001
|
|
48,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP
earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to ordinary shareholders
|
11,292
|
|
98,982
|
|
189,088
|
|
27,532
|
|
119,234
|
|
291,666
|
|
42,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
1
|
|
1
|
|
1
|
|
-
|
|
1,557
|
|
2
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible senior notes
|
(1)
|
|
3
|
|
3
|
|
-
|
|
841
|
|
3
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
14,645
|
|
7,700
|
|
17,255
|
|
2,512
|
|
45,868
|
|
32,331
|
|
4,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary
shareholders
|
25,937
|
|
106,686
|
|
206,347
|
|
30,044
|
|
167,500
|
|
324,002
|
|
47,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary
shareholders -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.20
|
|
0.68
|
|
1.32
|
|
0.19
|
|
1.30
|
|
2.12
|
|
0.31
|
Diluted
|
0.19
|
|
0.68
|
|
1.32
|
|
0.19
|
|
1.28
|
|
2.11
|
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary
shareholders -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.80
|
|
2.73
|
|
5.28
|
|
0.76
|
|
5.20
|
|
8.48
|
|
1.24
|
Diluted
|
0.76
|
|
2.71
|
|
5.28
|
|
0.76
|
|
5.12
|
|
8.44
|
|
1.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
130,186,074
|
|
156,457,441
|
|
156,485,510
|
|
156,485,510
|
|
128,442,966
|
|
152,777,860
|
|
152,777,860
|
Diluted
|
134,413,564
|
|
157,574,069
|
|
156,703,443
|
|
156,703,443
|
|
130,720,283
|
|
153,445,140
|
|
153,445,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
32,546,519
|
|
39,114,360
|
|
39,121,378
|
|
39,121,378
|
|
32,110,742
|
|
38,194,465
|
|
38,194,465
|
Diluted
|
33,603,391
|
|
39,393,517
|
|
39,175,861
|
|
39,175,861
|
|
32,680,071
|
|
38,361,285
|
|
38,361,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
December 31,
2017
|
|
September 30,
2018
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,928,303
|
|
2,689,359
|
|
391,578
|
Restricted
cash
|
833,072
|
|
343,374
|
|
49,996
|
Restricted
short-term investments
|
3,237,773
|
|
3,887,484
|
|
566,029
|
Short-term
investments
|
2,685
|
|
601,636
|
|
87,600
|
Accounts
receivable, net - related parties
|
2,113,042
|
|
1,281,666
|
|
186,614
|
Accounts
receivable, net - third parties
|
4,497,635
|
|
5,277,058
|
|
768,354
|
Notes
receivable, net - third parties
|
571,232
|
|
595,364
|
|
86,687
|
Advances to
suppliers, net - third parties
|
397,076
|
|
612,678
|
|
89,208
|
Inventories,
net
|
4,273,730
|
|
5,560,133
|
|
809,571
|
Other
receivables - related parties
|
46,592
|
|
91,428
|
|
13,312
|
Derivative
assets
|
-
|
|
26,467
|
|
3,854
|
Prepayments
and other current assets
|
1,706,717
|
|
1,772,780
|
|
258,121
|
Total current
assets
|
19,607,857
|
|
22,739,427
|
|
3,310,924
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
248,672
|
|
662,125
|
|
96,407
|
Project
Assets
|
473,731
|
|
1,776,494
|
|
258,662
|
Long-term
investments
|
22,322
|
|
61,760
|
|
8,992
|
Property,
plant and equipment, net
|
6,680,187
|
|
7,670,817
|
|
1,116,892
|
Land use
rights, net
|
443,269
|
|
577,835
|
|
84,134
|
Intangible
assets, net
|
25,743
|
|
25,235
|
|
3,674
|
Deferred tax
assets
|
275,372
|
|
300,899
|
|
43,812
|
Other assets -
related parties
|
146,026
|
|
213,322
|
|
31,060
|
Other assets -
third parties
|
713,226
|
|
1,297,870
|
|
188,975
|
Total non-current
assets
|
9,028,548
|
|
12,586,357
|
|
1,832,608
|
|
|
|
|
|
|
Total
assets
|
28,636,405
|
|
35,325,784
|
|
5,143,532
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
5,329
|
|
1,935
|
|
282
|
Accounts
payable - third parties
|
4,658,202
|
|
5,481,140
|
|
798,069
|
Notes payable
- related parties
|
-
|
|
12,000
|
|
1,747
|
Notes payable
- third parties
|
5,672,497
|
|
5,454,678
|
|
794,216
|
Accrued
payroll and welfare expenses
|
721,380
|
|
734,556
|
|
106,953
|
Advances from
related parties
|
37,400
|
|
35,158
|
|
5,119
|
Advances
from third parties
|
748,959
|
|
2,745,556
|
|
399,761
|
Income tax
payable
|
27,780
|
|
70,690
|
|
10,293
|
Other payables
and accruals
|
1,804,799
|
|
2,278,601
|
|
331,772
|
Other payables
due to related parties
|
12,333
|
|
12,048
|
|
1,754
|
Forward
contract payables
|
4,521
|
|
43,304
|
|
6,305
|
Convertible
senior notes - current
|
-
|
|
69
|
|
10
|
Derivative
liability
|
26,486
|
|
-
|
|
-
|
Bond payable
and accrued interests
|
10,257
|
|
4,668
|
|
680
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
6,204,440
|
|
7,325,142
|
|
1,066,561
|
Guarantee
liabilities to related parties
|
28,034
|
|
32,893
|
|
4,789
|
Total current
liabilities
|
19,962,417
|
|
24,232,438
|
|
3,528,311
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
379,789
|
|
1,433,485
|
|
208,719
|
Accrued income
tax - non current
|
6,041
|
|
6,041
|
|
880
|
Long-term
payables
|
538,410
|
|
400,266
|
|
58,281
|
Bond
payables
|
298,425
|
|
299,213
|
|
43,566
|
Accrued
warranty costs - non current
|
571,718
|
|
546,090
|
|
79,512
|
Convertible
senior notes
|
65
|
|
-
|
|
-
|
Deferred tax
liability
|
70,122
|
|
63,783
|
|
9,287
|
Long-term
liabilities of equtiy investment
|
-
|
|
10,988
|
|
1,600
|
Guarantee
liabilities to related parties
- non current
|
120,154
|
|
90,124
|
|
13,122
|
Total non-current
liabilities
|
1,984,724
|
|
2,849,990
|
|
414,967
|
|
|
|
|
|
|
Total
liabilities
|
21,947,141
|
|
27,082,428
|
|
3,943,278
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value,
500,000,000 shares authorized, 132,146,074
and 156,849,937 shares issued and
outstanding as of December 31, 2017 and
September 30, 2018, respectively)
|
19
|
|
22
|
|
3
|
Additional paid-in
capital
|
3,313,608
|
|
4,015,887
|
|
584,723
|
Statutory
reserves
|
516,886
|
|
516,886
|
|
75,260
|
Accumulated other
comprehensive income
|
23,296
|
|
66,631
|
|
9,702
|
Treasury stock, at
cost; 1,723,200 ordinary
shares as of December 31, 2017 and
September 30, 2018
|
(13,876)
|
|
(13,876)
|
|
(2,020)
|
Accumulated retained
earnings
|
2,849,341
|
|
3,141,007
|
|
457,339
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. s
hareholders' equity
|
6,689,274
|
|
7,726,557
|
|
1,125,007
|
|
|
|
|
|
|
Non-controlling
interests
|
(10)
|
|
516,799
|
|
75,247
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
28,636,405
|
|
35,325,784
|
|
5,143,532
|
View original
content:http://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2018-financial-results-300755006.html
SOURCE JinkoSolar Holding Co., Ltd.