SHANGHAI, March 22, 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 fourth quarter and full year ended
December 31, 2017.
Fourth Quarter 2017 Highlights
- Total solar module shipments were 2,481 megawatts ("MW")
(including 14 MW to be used in the Company's overseas downstream
solar projects), an increase of 4.5% from 2,374 MW in the third
quarter of 2017 and an increase of 43.1% from 1,733 MW in the
fourth quarter of 2016.
- Total revenues were RMB6.35
billion (US$976.4 million), a
decrease of 1.0% from the third quarter of 2017 and an increase of
24.0% from the fourth quarter of 2016.
- Gross margin was 11.6%, compared with 12.0% in the third
quarter of 2017 and 14.3% in the fourth quarter of 2016.
- Income from operations was RMB91.3
million (US$14.0 million),
compared with RMB91.9 million in the
third quarter of 2017 and RMB77.9
million in the fourth quarter of 2016.
- Net income attributable to the Company's ordinary shareholders
from continuing operations was RMB22.5
million (US$3.5 million) in
the fourth quarter of 2017, compared with RMB11.3 million in the third quarter of 2017 and
RMB145.8 million in the fourth
quarter of 2016.
- Diluted earnings per American depositary share ("ADS") from
continuing operations were RMB0.68
(US$0.12).
- Non-GAAP net income attributable to the Company's ordinary
shareholders from continuing operations in the fourth quarter of
2017 was RMB41.5 million
(US$6.4 million), compared with
RMB25.9 million in the third quarter
of 2017 and RMB218.2 million in the
fourth quarter of 2016.
- Non-GAAP basic and diluted earnings per ADS from continuing
operations were RMB1.28 (US$0.20) and RMB1.24 (US$0.20),
respectively, in the fourth quarter of 2017.
Full Year 2017 Highlights
- Total solar module shipments were 9,807 MW (including 14 MW to
be used in the Company's overseas downstream solar projects), an
increase of 47.3% from 6,656 MW for the full year 2016.
- Total revenues for the full year 2017 were RMB26.47 billion (US$4.07
billion), an increase of 23.7% from RMB21.40 billion for the full year 2016.
- Gross margin was 11.3% for the full year 2017, compared with
18.1% for the full year 2016.
- Income from operations was RMB325.3
million (US$50.0 million),
compared with RMB1.35 billion for the
full year 2016.
- Net income attribute to the Company's ordinary shareholders
from continuing operations was RMB141.7
million (US$21.8 million) for
the full year 2017, compared with RMB990.7
million for the full year 2016.
- Diluted earnings per ADS from continuing operations for the
full year 2017 were RMB4.32
(US$0.68), compared with RMB30.52 for the full year 2016.
- Total diluted earnings per ADS from continuing and discontinued
operations for the full year 2017 were RMB4.32 (US$0.68),
compared with RMB56.12 for the full
year 2016.
- Non-GAAP net income attributable to the Company's ordinary
shareholders from continuing operations for the full year 2017 was
RMB209.0 million (US$32.1 million), compared with RMB1.27 billion for the full year 2016.
- Non-GAAP basic and diluted earnings per ADS from continuing
operations for the full year 2017 were RMB6.48 (US$1.00)
and RMB6.36 (US$0.96), respectively.
Mr. Kangping Chen, JinkoSolar's
Chief Executive Officer commented,
"we shipped 2,481MW of solar modules during the quarter
while generating total revenues of $976.4
million. For the full year 2017, we further strengthened our
leading global position in terms of global market share by shipping
9,807MW of solar modules, a 47.3% increase from 2016. Our gross
margin was 11.3% for the year, compared to 18.1% in 2016, partially
as a result of increased collaboration with OEM partners to meet
surging market demand, especially in the first half of 2017, and
higher raw material costs. We believe our gross margin and bottom
line have ample room for improvement in 2018 as a result of the
decrease in raw material costs, our reduced use of OEM, and
enhanced cost structure supported by technology and supply chain
management initiatives. We are confident in our ability to further
expand our global market share in 2018."
"While many of the details from the Section 201 petition have
yet to be ironed out, we have finalized plans to invest in the
construction of an advanced solar module manufacturing facility in
the southeastern United States to
address local market demand. We will continue to invest in advanced
manufacturing capacity overseas based on our global order book and
market development. Emerging markets are gradually becoming our
biggest growth driver, with demand from Latin America and Australia generating substantial growth
momentum and the Middle East and
African markets expected to rise in the coming year. We will
continue to allocate more resources towards these high-growth
markets in order to further solidify the long-term sustainable
development of JinkoSolar."
"During the quarter, we continued to optimize our mono wafer
production costs and have made substantial progress in
crystalizing, cutting and argon recycling during the mono wafer
production process. We broke our own world record during the
quarter when solar cell efficiency for our P-type mono-crystalline
PERC cell hit 23.45%. We also made solid progress in developing N
type Hydride Oxide Thin Film (HOT) technology, with an
industry-leading 21.9% in average cell efficiency during mass
production. With demand increasing, we also plan to expand our
production capacity of bifacial cell plus bifacial duo glass
modules."
"We expect global demand to continue growing in 2018. This
growth will mostly be driven by the emerging markets. With the cost
of solar energy continuing to decrease and support for clean energy
globally increasing, solar energy is becoming more and more
competitive and are being applied more widely. We are very
confident in the industry's long-term sustainability and
prospects."
Fourth Quarter 2017 Financial Results
Total Revenues
Total revenues in the fourth quarter of 2017 were RMB6.35 billion (US$976.4
million), a decrease of 1.0% from RMB6.42 billion in the third quarter of 2017 and
an increase of 24.0% from RMB5.12
billion in the fourth quarter of 2016. The sequential
decrease was mainly attributable to a decrease in the shipment of
silicon wafers and solar cells in the fourth quarter of 2017. The
year-over-year increase was mainly attributable to an increase in
solar module shipments, which was partially offset by a decline in
the average selling price of solar modules in 2017.
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2017 was RMB735.3 million (US$113.0
million), compared with RMB772.4
million in the third quarter of 2017 and RMB730.0 million in the fourth quarter of 2016.
The sequential decrease was mainly attributable to a slight decline
in the gross margin of solar modules in the fourth quarter of 2017.
The year-over-year increase was mainly attributable to an increase
in solar module shipments, which was partially offset by a decline
in the average selling price of solar modules in 2017.
Gross margin was 11.6% in the fourth quarter of 2017, compared
with 12.0% in the third quarter of 2017 and 14.3% in the fourth
quarter of 2016. The sequential decrease was mainly attributable to
an increase in polysilicon cost and the appreciation of the RMB
against the US dollar. The year-over-year decrease was mainly
attributable to a decline in the average selling price of solar
modules in the fourth quarter of 2017.
Income from Operations and Operating Margin
Income from operations in the fourth quarter of 2017 was
RMB91.3 million (US$14.0 million), compared with RMB91.9 million in the third quarter of 2017 and
RMB77.9 million in the fourth quarter
of 2016. Operating margin in the fourth quarter of 2017 was 1.4%,
compared with 1.4% in the third quarter of 2017 and 1.5% in the
fourth quarter of 2016.
Total operating expenses in the fourth quarter of 2017 were
RMB644.0 million (US$99.0 million), a decrease of 5.4% from
RMB680.5 million in the third quarter
of 2017 and a decrease of 1.2% from RMB652.1
million in the fourth quarter of 2016. The sequential
decease was mainly due to a disposal gain in property, plant and
equipment, which was partially offset by an increase in provision
for accounts receivable. The year-over-year decrease was primarily
due to a disposal gain in property, plant and equipment, which was
partially offset by an increase in shipping costs.
Total operating expenses accounted for 10.1% of total revenues
in the fourth quarter of 2017, compared to 10.6% in the third
quarter of 2017 and 12.7% in the fourth quarter of 2016.
Interest Expense, Net
Net interest expense in the fourth quarter of 2017 was
RMB55.6 million (US$8.5 million), an increase of 6.2% from
RMB52.3 million in the third quarter
of 2017 and a decrease of 25.5% from RMB74.5
million in the fourth quarter of 2016. The year-over-year
decrease was due to a decrease in interest expenses associated with
the Company's convertible senior notes, US$61.1 million of which were repurchased in the
first quarter of 2017.
Exchange Gain / (Loss), Net
The Company recorded a net exchange loss (including change in
fair value of forward contracts) of RMB33.9
million (US$5.2 million) in
the fourth quarter of 2017, compared to a net exchange loss of
RMB49.3 million in the third quarter
of 2017 and a net exchange gain of RMB17.7
million in the fourth quarter of 2016. The sequential and
year-over-year changes were primarily due to the continued
depreciation of the US dollar against the RMB.
Income Tax Expense / (Benefit), Net
The Company recorded an income tax expense of RMB31.1 million (US$4.8
million) in the fourth quarter of 2017, compared with an
income tax expense of RMB4.5 million
in the third quarter of 2017 and an income tax benefit of
RMB49.2 million in the fourth quarter
of 2016.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
from continuing operations in the fourth quarter of 2017 was
RMB22.5 million (US$3.5 million), compared with RMB11.3 million in the third quarter of 2017 and
RMB145.8 million in the fourth
quarter of 2016.
Basic and diluted earnings per ordinary share from continuing
operations were both of RMB0.17
(US$0.03), during the fourth quarter
of 2017. This translates into basic and diluted earnings per ADS
from continuing operations both of RMB0.68 (US$0.12).
Non-GAAP net income in the fourth quarter of 2017 was
RMB41.5 million (US$6.4 million), compared with RMB25.9 million in the third quarter of 2017 and
RMB218.2 million in the fourth
quarter of 2016.
Non-GAAP basic and diluted earnings per ordinary share from
continuing operations were RMB0.32
(US$0.05) and RMB0.31 (US$0.05),
respectively, during the fourth quarter of 2017. This translates
into non-GAAP basic and diluted earnings per ADS from continuing
operations of RMB1.28 (US$0.20) and RMB1.24 (US$0.20),
respectively.
Financial Position
As of December 31, 2017, the
Company had RMB2.76 billion
(US$424.4 million) in cash and cash
equivalents and restricted cash, compared with RMB2.82 billion as of December 31, 2016.
As of December 31, 2017, the
Company's accounts receivables due from third parties were
RMB4.50 billion (US$691.3 million), compared with RMB4.75 billion as of December 31, 2016.
As of December 31, 2017, the
Company's inventories were RMB4.27
billion (US$656.9 million),
compared with RMB4.47 billion as of
December 31, 2016.
As of December 31, 2017, the
Company's total interest-bearing debts were RMB7.43 billion (US$1.14
billion), compared with RMB6.44
billion as of December 31,
2016.
Full Year 2017 Financial Results
Total Revenues
Total revenues for the full year 2017 were RMB26.47 billion (US$4.07
billion), an increase of 23.7% from RMB21.40 billion for the full year 2016. The
increase in total revenues was mainly attributable to the increase
in shipments of solar modules, which was partially offset by a
decline in the average selling price of solar modules.
Gross Profit and Gross Margin
Gross profit for the full year 2017 was RMB2.99 billion (US$459.8
million), a decrease of 22.7% from RMB3.87 billion for the full year 2016. Gross
margin was 11.3% for the full year 2017, compared with 18.1% for
the full year 2016. The decrease was due to a decline in the
average selling price of solar modules, increased volume produced
by OEM partners and higher polysilicon price during the full year
2017.
Income from Operations and Operating Margin
Income from operations for the full year 2017 was RMB325.3 million (US$50.0
million), compared with RMB1.35
billion for the full year 2016. Operating margin for the
full year 2017 was 1.2%, compared with 6.3% for the full year
2016.
Total operating expenses for the full year 2017 were
RMB2.67 billion (US$409.8 million), an increase of 5.8% from
RMB2.52 billion for the full year
2016. Operating expenses represented 10.1% of total revenues for
the full year 2017, compared with 11.8% for the full year 2016. The
increase in total operating expenses was primarily due to an
increase in shipping costs and warranty costs, which were partially
offset by a disposal gain in property, plant and equipment and a
decrease in bad debt expenses due to the reversal of allowance for
doubtful accounts upon subsequent collections.
Interest Expense, Net
Net interest expense for the full year 2017 was RMB245.5 million (US$37.7
million), a decrease of 31.7% from RMB359.3 million in 2016. The decrease was due to
the repurchase of US$232.6 million in
convertible senior notes and the repayment of US$123.5 million in bond payables.
Exchange Gain / (Loss), Net
The Company recorded an exchange loss of RMB122.6 million (US$18.8
million) for the full year 2017 due primarily to deprecation
of US dollars against RMB. The Company had net exchange gain of
RMB156.2 million in 2016.
Income Tax Expense, Net
The Company recognized an income tax expense of RMB4.6 million (US$0.7
million) for the full year 2017, compared with an income tax
expense of RMB257.5 million in
2016.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
from continuing operations for the full year 2017 was RMB141.7 million (US$21.8
million), compared with a net income of RMB990.7 million in 2016.
Basic and diluted earnings per share from continuing operations
for the full year 2017 were RMB1.10
(US$0.17) and RMB1.08 (US$0.17),
respectively. This translates into basic and diluted earnings per
ADS from continuing operations of RMB4.40 (US$0.68)
and RMB4.32 (US$0.68), respectively.
Non-GAAP net income from continuing operations for the full year
2017 was RMB209.0 million
(US$32.1 million), compared with
non-GAAP net income of RMB1.27
billion in 2016.
Non-GAAP basic and diluted earnings per share from continuing
operations for the full year 2017 were RMB1.62 (US$0.25)
and RMB1.59 (US$0.24), respectively, which translates into
non-GAAP basic and diluted earnings per ADS from continuing
operations of RMB6.48 (US$1.00) and RMB6.36 (US$0.96),
respectively.
Fourth Quarter and Full Year 2017 Operational
Highlights
Solar Module Shipments
Total solar module shipments in the fourth quarter of 2017 were
2,481 MW, including 14 MW to be used in the Company's overseas
downstream solar projects.
Total solar module shipments in 2017 were 9,807 MW (including14
MW to be used in the Company's overseas downstream solar projects),
compared to 6,656 MW in 2016.
Solar Products Production Capacity
As of December 31, 2017, the
Company's in-house annual silicon wafer, solar cell and solar
module production capacity was 8GW, 5GW and 8GW, respectively.
Recent Business Developments
- In November 2017, JinkoSolar
announced that it has been awarded the Cradle-to-Cradle certificate
by SGS, the world's leading testing, inspection, verification, and
certification organization.
- In December 2017, JinkoSolar
supplied polycrystalline photovoltaic panels to the first solar
power plant in Armenia.
- In January 2018, JinkoSolar
announced that its wholly-owned subsidiary, JinkoSolar (U.S.) Inc.,
has signed a major master solar module supply agreement with a U.S.
counterparty.
- In February 2018, JinkoSolar
announced that its world record breaking 1177 MW Sweihan project,
co-developed by JinkoSolar, Marubeni, and the Abu Dhabi Electricity
and Water Authority, was named as the Large Scale Solar Project of
the Year by the Middle East Solar Industry Association.
- In February 2018, JinkoSolar
announced that it closed the follow-on offering of 4,140,000 ADSs,
each representing four ordinary shares of the Company, par value
US$0.00002 per share, at US$18.15 per ADS. The net proceeds of the
follow-on offering to the Company, after deducting underwriting
commissions and fees and estimated offering expenses, was
approximately US$71.1 million.
- In March 2018, JinkoSolar
announced that it has completed the largest solar power plant
in the Aegean region in cooperation with Asunim Turkey, a leading
PV project developer and EPC company.
Operations and Business Outlook
First Quarter and Full Year 2018 Guidance
For the first quarter of 2018, the Company estimates total solar
module shipments to be in the range of 1.8 GW to 2 GW.
For the full year 2018, the Company estimates total solar module
shipments to be in the range of 11.5 GW and 12 GW.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Thursday, March 22, 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:
|
08398519#
|
|
|
|
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available 2 hours after
the conclusion of the conference call through 23:59 U.S. Eastern
Time, March 29, 2018. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
|
U.S.:
|
+1 646 982
0473
|
|
Passcode:
|
319286604#
|
|
|
|
|
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 8.0 GW for silicon
wafers, 5.0 GW for solar cells, and 8.0 GW for solar modules, as of
December 31, 2017.
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, 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, interest expenses of convertible senior notes,
exchange gain on the convertible senior notes and capped call
options, stock-based compensation, allocation of net income to
redeemable non-controlling interests, and accretion to redemption
value of redeemable non-controlling interests; given these Non-GAAP
net income adjustments above are either related to the Company or
its subsidiaries incorporated in Cayman
Islands, which are not subject to tax exposures, or related
to those subsidiaries with tax loss positions which result in no
tax impacts, therefore no tax adjustment is needed in conjunction
with these Non-GAAP net income adjustments; and
- Non-GAAP earnings per Share and non-GAAP earnings per ADS are
adjusted to exclude the expenses relating to the issuance costs of
convertible senior notes, changes in fair value of convertible
senior notes and capped call options, interest expenses of
convertible senior notes and exchange gain on the convertible
senior notes and capped call options, stock-based compensation, and
accretion to redemption value of redeemable non-controlling
interests.
The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of
net income and diluted net income per ADS when compared with its
peers and historical results from prior periods. These measures are
not intended to represent or substitute numbers as measured under
GAAP. The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of December
29, 2017, which was RMB6.5063
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)
|
|
|
|
2016
|
|
2017
|
Continuing
operations
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
21,262,113
|
|
24,791,272
|
|
3,810,349
|
|
|
|
|
|
|
Revenues from
related parties
|
138,525
|
|
1,681,671
|
|
258,468
|
|
|
|
|
|
|
Total
revenues
|
21,400,638
|
|
26,472,943
|
|
4,068,817
|
|
|
|
|
|
|
Cost of
revenues
|
(17,531,299)
|
|
(23,481,375)
|
|
(3,609,021)
|
|
|
|
|
|
|
Gross
profit
|
3,869,339
|
|
2,991,568
|
|
459,796
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Selling
and marketing
|
(1,434,039)
|
|
(1,901,358)
|
|
(292,233)
|
General
and administrative
|
(779,567)
|
|
(470,845)
|
|
(72,368)
|
Research
and development
|
(181,106)
|
|
(294,103)
|
|
(45,203)
|
Impairment of long-lived assets
|
(125,524)
|
|
-
|
|
-
|
Total operating
expenses
|
(2,520,236)
|
|
(2,666,306)
|
|
(409,804)
|
|
|
|
|
|
|
Income from
operations
|
1,349,103
|
|
325,262
|
|
49,992
|
Interest
expenses, net
|
(359,296)
|
|
(245,530)
|
|
(37,737)
|
Change in fair
value of derivative liability
|
24,573
|
|
(16,122)
|
|
(2,478)
|
Subsidy
income
|
168,647
|
|
147,917
|
|
22,734
|
Exchange
gain/(loss), net
|
208,811
|
|
(114,345)
|
|
(17,575)
|
Change in fair
value of forward contracts
|
(52,562)
|
|
(8,211)
|
|
(1,262)
|
Change in fair
value of convertible senior notes and capped call
options
|
(110,242)
|
|
-
|
|
-
|
Other income,
net
|
8,768
|
|
59,647
|
|
9,168
|
Investment
income
|
4,902
|
|
-
|
|
-
|
Gain on
disposal of subsidiaries
|
5,018
|
|
257
|
|
40
|
Income from
continuing operations before income taxes
|
1,247,722
|
|
148,875
|
|
22,882
|
Income tax
expense
|
(257,487)
|
|
(4,627)
|
|
(711)
|
Equity in
income of affiliated companies
|
-
|
|
(2,056)
|
|
(316)
|
Income from
continuing operations, net of tax
|
990,235
|
|
142,192
|
|
21,855
|
Discontinued
operations
|
|
|
|
|
|
Gain on
disposal of discontinued operations
|
1,007,884
|
|
-
|
|
-
|
Income from
discontinued operations before income
taxes
|
48,146
|
|
-
|
|
-
|
Income tax
expense, net
|
(54,466)
|
|
-
|
|
-
|
Income from
discontinued operations, net of tax
|
1,001,564
|
|
-
|
|
-
|
Net
income
|
1,991,799
|
|
142,192
|
|
21,855
|
Less: Net
(loss)/income attributable to non-controlling
interests
from continuing operations
|
(433)
|
|
486
|
|
75
|
Less: Net
income attributable to non-controlling
interests
from discontinued operations
|
6,044
|
|
-
|
|
-
|
Less: Accretion
to redemption value of redeemable non-controlling
interests of
discontinued operations
|
159,478
|
|
-
|
|
-
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders
|
1,826,710
|
|
141,706
|
|
21,780
|
|
|
|
|
|
|
Earnings per
share for ordinary shareholders, basic
|
|
|
|
|
|
Continuing
operations
|
7.87
|
|
1.10
|
|
0.17
|
Discontinued
operations
|
6.64
|
|
-
|
|
-
|
Total earnings
per share for ordinary shareholders, basic
|
14.51
|
|
1.10
|
|
0.17
|
|
|
|
|
|
|
Earnings per
share for ordinary shareholders, diluted
|
|
|
|
|
|
Continuing
operations
|
7.63
|
|
1.08
|
|
0.17
|
Discontinued
operations
|
6.40
|
|
-
|
|
-
|
Total earnings
per share for ordinary shareholders, diluted
|
14.03
|
|
1.08
|
|
0.17
|
|
|
|
|
|
|
Earnings per
ADS for ordinary shareholders, basic
|
|
|
|
|
|
Continuing
operations
|
31.48
|
|
4.40
|
|
0.68
|
Discontinued
operations
|
26.56
|
|
-
|
|
-
|
Total earnings
per ADS for ordinary shareholders, basic
|
58.04
|
|
4.40
|
|
0.68
|
|
|
|
|
|
|
Earnings per
ADS for ordinary shareholders, diluted
|
|
|
|
|
|
Continuing
operations
|
30.52
|
|
4.32
|
|
0.68
|
Discontinued
operations
|
25.60
|
|
-
|
|
-
|
Total earnings
per ADS for ordinary shareholders, diluted
|
56.12
|
|
4.32
|
|
0.68
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
Basic
|
125,870,272
|
|
128,944,330
|
|
128,944,330
|
Diluted
|
130,590,441
|
|
131,687,230
|
|
131,687,230
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
Basic
|
31,467,568
|
|
32,236,083
|
|
32,236,083
|
Diluted
|
32,647,610
|
|
32,921,808
|
|
32,921,808
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
Net
income
|
1,991,799
|
|
142,192
|
|
21,855
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
92,202
|
|
(81,488)
|
|
(12,525)
|
Comprehensive
income
|
2,084,001
|
|
60,704
|
|
9,330
|
Less:
comprehensive income attributable to non-controlling
interests
|
5,611
|
|
486
|
|
75
|
|
|
|
|
|
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
2,078,390
|
|
60,218
|
|
9,255
|
|
|
|
|
|
|
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
|
990,668
|
|
141,706
|
|
21,780
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and capped call
options
|
110,242
|
|
-
|
|
-
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
37,177
|
|
1,558
|
|
239
|
|
|
|
|
|
|
Exchange loss
on convertible senior notes and capped call
options
|
42,713
|
|
840
|
|
129
|
|
|
|
|
|
|
Stock-based
compensation expense
|
89,568
|
|
64,868
|
|
9,970
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders from
continuing operations
|
1,270,368
|
|
208,972
|
|
32,118
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary shareholders from
continuing operations -
|
|
|
|
|
|
Basic
|
10.09
|
|
1.62
|
|
0.25
|
Diluted
|
9.73
|
|
1.59
|
|
0.24
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary shareholders from
continuing operations-
|
|
|
|
|
|
Basic
|
40.36
|
|
6.48
|
|
1.00
|
Diluted
|
38.92
|
|
6.36
|
|
0.96
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
Basic
|
125,870,272
|
|
128,944,330
|
|
128,944,330
|
Diluted
|
130,590,441
|
|
131,687,230
|
|
131,687,230
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
Basic
|
31,467,568
|
|
32,236,083
|
|
32,236,083
|
Diluted
|
32,647,610
|
|
32,921,808
|
|
32,921,808
|
|
|
|
|
|
|
Results presented
herein exclude Jinko Power-related discontinued operations, unless
specified otherwise
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
For the quarter
ended
|
|
December 31,
2016
|
|
September 30,
2017
|
|
December 31,
2017
|
Continuing
operations
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
5,085,938
|
|
5,958,121
|
|
5,171,540
|
|
794,851
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
35,565
|
|
461,292
|
|
1,181,100
|
|
181,532
|
|
|
|
|
|
|
|
|
Total
revenues
|
5,121,503
|
|
6,419,413
|
|
6,352,640
|
|
976,383
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(4,391,518)
|
|
(5,647,016)
|
|
(5,617,326)
|
|
(863,367)
|
|
|
|
|
|
|
|
|
Gross
profit
|
729,985
|
|
772,397
|
|
735,314
|
|
113,016
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing
|
(350,662)
|
|
(489,767)
|
|
(446,956)
|
|
(68,696)
|
General
and administrative
|
(221,810)
|
|
(116,121)
|
|
(113,744)
|
|
(17,482)
|
Research
and development
|
(57,231)
|
|
(74,652)
|
|
(83,271)
|
|
(12,798)
|
Impairment of long-lived assets
|
(22,377)
|
|
-
|
|
-
|
|
-
|
Total operating
expenses
|
(652,080)
|
|
(680,540)
|
|
(643,971)
|
|
(98,976)
|
|
|
|
|
|
|
|
|
Income from
operations
|
77,905
|
|
91,857
|
|
91,343
|
|
14,040
|
Interest
expenses, net
|
(74,538)
|
|
(52,286)
|
|
(55,551)
|
|
(8,538)
|
Change in fair
value of derivative liability
|
(10,364)
|
|
(3,437)
|
|
3,333
|
|
512
|
Subsidy
income
|
81,222
|
|
14,154
|
|
29,533
|
|
4,539
|
Exchange
gain/(loss)
|
17,674
|
|
(46,368)
|
|
(31,827)
|
|
(4,892)
|
Change in fair
value of forward contracts
|
19
|
|
(2,946)
|
|
(2,031)
|
|
(312)
|
Change in fair
value of convertible senior
notes and capped call options
|
(14,712)
|
|
-
|
|
-
|
|
-
|
Other income,
net
|
9,437
|
|
15,109
|
|
20,823
|
|
3,200
|
Gain on
disposal of subsidiaries
|
5,018
|
|
-
|
|
257
|
|
40
|
Investment
income
|
4,812
|
|
-
|
|
-
|
|
-
|
Income from
continuing operations before income taxes
|
96,473
|
|
16,083
|
|
55,880
|
|
8,589
|
Income tax
benefit/(expense)
|
49,200
|
|
(4,466)
|
|
(31,095)
|
|
(4,779)
|
Equity in
income of affiliated companies
|
-
|
|
(438)
|
|
(1,424)
|
|
(219)
|
Income from
continuing operations, net of tax
|
145,673
|
|
11,179
|
|
23,361
|
|
3,591
|
Discontinued
operations
|
|
|
|
|
|
|
|
Gain on
disposal of discontinued operations
|
1,007,884
|
|
-
|
|
-
|
|
-
|
(Loss)/income from
discontinued operations before income
taxes
|
(97,396)
|
|
-
|
|
-
|
|
-
|
Income tax expense,
net
|
(53,020)
|
|
-
|
|
-
|
|
-
|
Income from
discontinued operations, net of tax
|
857,468
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Net
income
|
1,003,141
|
|
11,179
|
|
23,361
|
|
3,591
|
Less: Net
(loss)/income attributable to non-controlling
interests
from continuing operations
|
(123)
|
|
(113)
|
|
889
|
|
137
|
Less: Net
income attributable to non-controlling
interests
from discontinued operations
|
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
|
16,776
|
|
-
|
|
-
|
|
-
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
999,622
|
|
11,292
|
|
22,472
|
|
3,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share for ordinary shareholders, basic
|
|
|
|
|
|
|
|
Continuing
operations
|
1.15
|
|
0.09
|
|
0.17
|
|
0.03
|
Discontinued
operations
|
6.75
|
|
-
|
|
-
|
|
-
|
Total earnings
per share for ordinary shareholders, basic
|
7.90
|
|
0.09
|
|
0.17
|
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share for ordinary shareholders, diluted
|
|
|
|
|
|
|
|
Continuing
operations
|
1.14
|
|
0.08
|
|
0.17
|
|
0.03
|
Discontinued
operations
|
6.68
|
|
-
|
|
-
|
|
-
|
Total earnings
per share for ordinary shareholders, diluted
|
7.82
|
|
0.08
|
|
0.17
|
|
0.03
|
|
|
|
|
|
|
|
|
Earnings per
ADS for ordinary shareholders, basic
|
|
|
|
|
|
|
|
Continuing
operations
|
4.60
|
|
0.36
|
|
0.68
|
|
0.12
|
Discontinued
operations
|
27.00
|
|
-
|
|
-
|
|
-
|
Total earnings
per ADS for ordinary shareholders, basic
|
31.60
|
|
0.36
|
#
|
0.68
|
|
0.12
|
|
|
|
|
|
|
|
|
Earnings per
ADS for ordinary shareholders, diluted
|
|
|
|
|
|
|
|
Continuing
operations
|
4.56
|
|
0.32
|
|
0.68
|
|
0.12
|
Discontinued
operations
|
26.72
|
|
-
|
|
-
|
|
-
|
Total earnings
per ADS for ordinary shareholders, diluted
|
31.28
|
|
0.32
|
|
0.68
|
|
0.12
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
126,412,714
|
|
130,186,074
|
|
130,432,074
|
|
130,432,074
|
Diluted
|
127,872,331
|
|
134,413,564
|
|
134,572,596
|
|
134,572,596
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
Basic
|
31,603,178
|
|
32,546,519
|
|
32,608,019
|
|
32,608,019
|
Diluted
|
31,968,083
|
|
33,603,391
|
|
33,643,149
|
|
33,643,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
Net
income
|
1,003,141
|
|
11,179
|
|
23,361
|
|
3,591
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
108,078
|
|
(25,226)
|
|
(16,308)
|
|
(2,507)
|
Comprehensive
income/(loss)
|
1,111,219
|
|
(14,047)
|
|
7,053
|
|
1,084
|
Less:
Comprehensive income/(loss) attributable to non-
controlling interests
|
638
|
|
(113)
|
|
889
|
|
137
|
Less:Allocation
of net income to participating preferred shares
issued by discontinued operations
|
(13,895)
|
|
-
|
|
-
|
|
-
|
Comprehensive
income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
1,124,476
|
|
(13,934)
|
|
6,164
|
|
947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
145,796
|
|
11,292
|
|
22,472
|
|
3,454
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and capped
call options
|
14,712
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
5,180
|
|
1
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible senior notes and capped
call options
|
18,536
|
|
(1)
|
|
(1)
|
|
-
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
33,987
|
|
14,645
|
|
19,000
|
|
2,920
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders
from continuing operations
|
218,211
|
|
25,937
|
|
41,472
|
|
6,374
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary
shareholders from continuing operations -
|
|
|
|
|
|
|
|
Basic
|
1.81
|
|
0.20
|
|
0.32
|
|
0.05
|
Diluted
|
1.79
|
|
0.19
|
|
0.31
|
|
0.05
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary shareholders from
continuing operations -
|
|
|
|
|
|
|
|
Basic
|
7.24
|
|
0.80
|
|
1.28
|
|
0.20
|
Diluted
|
7.16
|
|
0.76
|
|
1.24
|
|
0.20
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
Basic
|
126,412,714
|
|
130,186,074
|
|
130,432,074
|
|
130,432,074
|
Diluted
|
127,872,331
|
|
134,413,564
|
|
134,572,596
|
|
134,572,596
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
Basic
|
31,603,178
|
|
32,546,519
|
|
32,608,019
|
|
32,608,019
|
Diluted
|
31,968,083
|
|
33,603,391
|
|
33,643,149
|
|
33,643,149
|
|
|
|
|
|
|
|
|
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
|
|
December 31,
2017
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
2,501,417
|
|
1,928,303
|
|
296,375
|
Restricted
cash
|
318,785
|
|
833,072
|
|
128,041
|
Restricted
short-term investments
|
3,333,450
|
|
3,237,773
|
|
497,636
|
Short-term
investments
|
71,301
|
|
2,685
|
|
413
|
Accounts
receivable, net - related parties
|
1,414,084
|
|
2,113,042
|
|
324,769
|
Accounts
receivable, net - third parties
|
4,753,715
|
|
4,497,635
|
|
691,274
|
Notes
receivable, net - related parties
|
610,200
|
|
-
|
|
-
|
Notes
receivable, net - third parties
|
915,315
|
|
571,232
|
|
87,797
|
Advances to
suppliers, net - related parties
|
662
|
|
-
|
|
-
|
Advances to
suppliers, net - third parties
|
325,766
|
|
397,076
|
|
61,029
|
Inventories,
net
|
4,473,515
|
|
4,273,730
|
|
656,860
|
Forward
contract receivables
|
641
|
|
-
|
|
-
|
Deferred tax
assets
|
130,676
|
|
-
|
|
-
|
Other
receivables - related parties
|
79,125
|
|
46,592
|
|
7,161
|
Prepayments
and other current assets
|
766,645
|
|
1,706,717
|
|
262,317
|
Total current
assets
|
19,695,297
|
|
19,607,857
|
|
3,013,672
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
197,214
|
|
248,672
|
|
38,220
|
Project
Assets
|
55,063
|
|
473,731
|
|
72,811
|
Long-term
investments
|
7,200
|
|
22,322
|
|
3,431
|
Property,
plant and equipment, net
|
4,738,681
|
|
6,680,187
|
|
1,026,726
|
Land use
rights, net
|
450,941
|
|
443,269
|
|
68,129
|
Intangible
assets, net
|
20,297
|
|
25,743
|
|
3,956
|
Deferred tax
assets
|
134,791
|
|
275,372
|
|
42,324
|
Other assets -
related parties
|
173,376
|
|
146,026
|
|
22,444
|
Other assets -
third parties
|
617,780
|
|
713,226
|
|
109,621
|
Total non-current
assets
|
6,395,343
|
|
9,028,548
|
|
1,387,662
|
|
|
|
|
|
|
Total
assets
|
26,090,640
|
|
28,636,405
|
|
4,401,334
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
-
|
|
5,329
|
|
819
|
Accounts
payable - third parties
|
4,290,071
|
|
4,658,202
|
|
715,952
|
Notes payable
- third parties
|
4,796,766
|
|
5,672,497
|
|
871,847
|
Accrued
payroll and welfare expenses
|
582,276
|
|
721,380
|
|
110,874
|
Advances from
related parties
|
60,541
|
|
37,400
|
|
5,748
|
Advances
from third parties
|
1,376,919
|
|
748,959
|
|
115,113
|
Income tax
payable
|
168,112
|
|
27,780
|
|
4,270
|
Other payables
and accruals
|
1,019,419
|
|
1,804,799
|
|
277,391
|
Other payables
due to related parties
|
76,034
|
|
12,333
|
|
1,896
|
Forward
contract payables
|
-
|
|
4,521
|
|
695
|
Convertible
senior notes - current
|
423,740
|
|
-
|
|
-
|
Deferred tax
liabilities
|
17,074
|
|
-
|
|
-
|
Derivative
liability - current
|
10,364
|
|
26,486
|
|
4,071
|
Bond payable
and accrued interests
|
-
|
|
10,257
|
|
1,576
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
5,488,629
|
|
6,204,440
|
|
953,605
|
Guarantee
liabilities to related parties
|
52,711
|
|
28,034
|
|
4,309
|
Total current
liabilities
|
18,362,656
|
|
19,962,417
|
|
3,068,166
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
488,520
|
|
379,789
|
|
58,373
|
Accrued income
tax - non current
|
-
|
|
6,041
|
|
928
|
Long-term
payables
|
44,015
|
|
538,410
|
|
82,753
|
Bond
payables
|
-
|
|
298,425
|
|
45,867
|
Accrued
warranty costs - non current
|
511,209
|
|
571,718
|
|
87,871
|
Convertible
senior notes
|
-
|
|
65
|
|
10
|
Deferred tax
liability
|
50,651
|
|
70,122
|
|
10,778
|
Guarantee
liabilities to related parties
- non current
|
173,376
|
|
120,154
|
|
18,467
|
Total non-current
liabilities
|
1,267,771
|
|
1,984,724
|
|
305,047
|
|
|
|
|
|
|
Total
liabilities
|
19,630,427
|
|
21,947,141
|
|
3,373,213
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value,
500,000,000 shares
authorized, 126,733,266 and
132,146,074 shares issued and outstanding as of
December 31, 2016 and December 31, 2017,
respectively)
|
18
|
|
19
|
|
3
|
Additional paid-in
capital
|
3,145,262
|
|
3,313,608
|
|
509,292
|
Statutory
reserves
|
466,253
|
|
516,886
|
|
79,444
|
Accumulated other
comprehensive income
|
104,784
|
|
23,296
|
|
3,580
|
Treasury stock, at
cost; 1,723,200 ordinary shares as
of December 31, 2016 and December 31,
2017
|
(13,876)
|
|
(13,876)
|
|
(2,132)
|
Accumulated retained
earnings
|
2,758,268
|
|
2,849,341
|
|
437,936
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders'
equity
|
6,460,709
|
|
6,689,274
|
|
1,028,123
|
|
|
|
|
|
|
Non-controlling
interests
|
(496)
|
|
(10)
|
|
(2)
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
26,090,640
|
|
28,636,405
|
|
4,401,334
|
View original
content:http://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2017-financial-results-300618102.html
SOURCE JinkoSolar Holding Co., Ltd.