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JinkoSolar Announces Second Quarter 2017 Financial Results
[September 06, 2017]

JinkoSolar Announces Second Quarter 2017 Financial Results


SHANGHAI, Sept. 6, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the second quarter ended June 30, 2017.

Second Quarter 2017 Highlights

  • Total solar module shipments were 2,884 megawatts ("MW"), an increase of 39.5% from 2,068 MW in the first quarter of 2017 and an increase of 68.1% from 1,716 MW in the second quarter of 2016.
  • Total revenues were RMB7.92 billion (US$1.17 billion), an increase of 37.2% from the first quarter of 2017 and an increase of 39.8% from the second quarter of 2016.
  • Gross margin was 10.5%, compared with 11.2% in the first quarter of 2017 and 18.1% in the second quarter of 2016.
  • Income from operations was RMB85.3 million (US$12.6 million), compared with RMB56.8 million in the first quarter of 2017 and RMB308.8 million in the second quarter of 2016.
  • Net income attributable to the Company's ordinary shareholders from continuing operations was RMB47.4 million (US$7.0 million) in the second quarter of 2017, compared with RMB60.6 million in the first quarter of 2017 and RMB280.1 million in the second quarter of 2016.
  • Diluted earnings per American depositary share ("ADS") from continuing operations were RMB1.48 (US$0.20).
  • Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the second quarter of 2017 was RMB61.2 million (US$9.0 million), compared with RMB80.4 million in the first quarter of 2017 and RMB344.1 million in the second quarter of 2016.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB1.92 (US$0.28) and RMB1.88 (US$0.28), respectively, in the second quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Second quarter module shipments once again hit a record high, increasing 39.5% sequentially to 2,884MW. Total revenues hit $1.17 billion, an increase of 37.2% sequentially while our gross margin dropped slightly to 10.5%, from 11.2% in the first quarter of 2017."

"Shipments over the past few quarters have surged to new highs, allowing us to continuously capitalize on the growing recognition of JinkoSolar's brand and excellent products and services to increase our market share. While ASPs declined during the quarter, prices along our supply chain remained relatively high and impacting our margins. We also worked with our OEM partners more extensively than expected during the quarter to ensure timely delivery, which adversely impacted our margins. We are currently reviewing our strategy in order to improve profitability and further cut down the use of OEM going forward. Our efforts will also be focused on strengthening inventory management and controlling operating expenses." 

"Demand in China was very strong during the quarter, boosted by rush orders before the June 30th Feed-in-Tariff cutoff. This momentum is carrying on into the third quarter with the Top Runner projects, PV Poverty Alleviation projects, and DG projects generating stable demand, which is expected to continue throughout the rest of the year. The long-term demand of Chinese market will be supported by the upwards revision of 5-year targets set by the NEA. The Section 201 petition in the US continues to create market uncertainties. We remain committed to the US market and believe its long-term growth momentum will not change. Demand in emerging markets continued to grow, accounting for a larger portion of our shipments during the quarter. India's 100 GW target by 2022 is solid and will continue to create strong demand going forward. The solar markets of Mexico, Argentina and Brazil in Latin America are rapidly growing in scale while Egypt and Jordan in Middle East have the potential to become GW level markets next year. We expect demand in emerging markets to continue to grow in 2018."

"We are ramping up our mono wafer and PERC cell capacity. Our diamond wire-cutting multiply wafers are now in mass production and are combined with our black silicon cell technology. Our technological focus remains on efficiency and cost. With solid progress being made in the development of new technology, we will continue to maintain flexible and dynamic production capacity in order to meet demand from a rapidly changing market.

"We already have strong visibility in our order book through the rest of the year and have already begun to take orders for next year. We expect ASPs to remain stable during the second half of the year. With our focus now shifting towards profitability, I am confident that we will benefit from the long-term growth prospects of the industry while generating sustainable returns for our shareholders."

Second Quarter 2017 Financial Results

Total Revenues

Total revenues in the second quarter of 2017 were RMB7.92 billion (US$1.17 billion), an increase of 37.2% from RMB5.78 billion in the first quarter of 2017 and an increase of 39.8% from RMB5.67 billion in the second quarter of 2016. The sequential and year-over-year increases were mainly attributable to an increase in solar module shipments, partially offset by the decline of average selling price of solar modules in the second quarter of 2017.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2017 was RMB834.8 million (US$123.1 million), compared with RMB649.0 million in the first quarter of 2017 and RMB1.03 billion in the second quarter of 2016. The sequential increase was mainly attributable to the increase in solar module shipments. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules in the second quarter of 2017.

Gross margin was 10.5% in the second quarter of 2017, compared with 11.2% in the first quarter of 2017 and 18.1% in the second quarter of 2016 mainly attributable to a decline in the average selling price of solar modules in the second quarter of 2017.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2017 was RMB85.3 million (US$12.6 million), compared with RMB56.8 million in the first quarter of 2017 and RMB308.8 million in the second quarter of 2016. Operating margin in the second quarter of 2017 was 1.1%, compared with 1.0% in the first quarter of 2017 and 5.4% in the second quarter of 2016. The year-over-year decrease of operating margin was mainly attributable to a decline in gross margin in the second quarter of 2017.

Total operating expenses in the second quarter of 2017 were RMB749.5 million (US$110.6 million), an increase of 26.6% from RMB592.2 million in the first quarter of 2017 and an increase of 4.2% from RMB719.6 million in the second quarter of 2016. The sequential and year-over-year increases were primarily due to the increase in shipping costs, which was in line with the increase in solar module shipments.

Total operating expenses accounted for 9.5% of total revenues in the second quarter of 2017, compared to 10.3% in the first quarter of 2017 and 12.7% in the second quarter of 2016.

Interest Expense, Net

Net interest expense in the second quarter of 2017 was RMB80.6 million (US$11.9 million), an increase of 41.1% from RMB57.1 million in the first quarter of 2017 and an increase of 7.4% from RMB75.0 million in the second quarter of 2016. The sequential increase was due to the interest expense associated with the discounted notes receivable.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss of RMB34.2 million (US$5.0 million) in the second quarter of 2017, compared to a net exchange loss of RMB5.2 million in the first quarter of 2017 and a net exchange gain of RMB67.1 million in the second quarter of 2016.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax benefit of RMB32.5 million (US$4.8 million) in the second quarter of 2017, compared with an income tax expense of RMB1.5 million in the first quarter of 2017 and an income tax expense of RMB90.4 million in the second quarter of 2016. The sequential change was mainly due to the additional 2016 income tax deduction for R&D costs approved by local tax bureau in the second quarter of 2017.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders from continuing operations in the second quarter of 2017 was RMB47.4 million (US$7.0 million), compared with RMB60.6 million in the first quarter of 2017 and RMB280.1 million in the second quarter of 2016.

Basic and diluted earnings per ordinary share from continuing operations were both RMB0.37 (US$0.05) during the second quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of both RMB1.48 (US$0.20).

Non-GAAP net income in the second quarter of 2017 was RMB61.2 million (US$9.0 million), compared with RMB80.4 million in the first quarter of 2017 and RMB344.1 million in the second quarter of 2016.

Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.48 (US$0.07) and RMB0.47 (US$0.07), respectively, during the second quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB1.92 (US$0.28) and RMB1.88 (US$0.28), respectively.

Financial Position

As of June 30, 2017, the Company had RMB1.90 billion (US$280.1 million) in cash and cash equivalents and restricted cash, compared with RMB1.71 billion as of March 31, 2017.

As of June 30, 2017, the Company's accounts receivables due from third parties were RMB6.47 billion (US$954.5 million), compared with RMB5.93 billion as of March 31, 2017.

As of June 30, 2017, the Company's inventories were RMB5.20 billion (US$767.7 million), compared with RMB5.37 billion as of March 31, 2017.

As of June 30, 2017, the Company's total interest-bearing debts were RMB7.41 billion (US$1.09 billion), compared with RMB6.10 billion as of March 31, 2017.

Second Quarter 2017 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2017 amounted to 2,884 MW.

Solar Products Production Capacity

As of June 30, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 6.0 GW, 4.5 GW and 7.5 GW, respectively.

Recent Business Developments

  • In August 2017, JinkoSolar supplied 35.46 MW to Gransolar for PV project in Mexico.
  • In July 2017, JinkoSolar announced that it has become the first PV module provider to guarantee that all JinkoSolar Standard Mass Produced PV Modules meet IEC62804 double anti-PID standards.
  • In July 2017, JinkoSolar supplied 30 MW ac of PV modules for 2 solar projects in Virginia to Hecate Energy, a leading developer, owner, and operator of power plants in North America and abroad.
  • In July 2017, JinkoSolar announced that it is partnering with TUVRheinland, an independent provider of technical services for testing, inspection, certification, consultation and training, to develop standardized testing methods for bifacial PV technology.
  • In June 2017, JinkoSolar signed a JPY4.1 billion syndicated loan agreement up to two years with a bank consortium led by Sumitomo Mitsui Banking Corporation.
  • In June 2017, JinkoSolar entered into an agreement with Quantum Power GK in Japan to exclusively supply 187MW worth of 275Wp modules for three projects located in Ibaraki, Gunma and Mie prefecture.
  • In May 2017, JinkoSolar supplied 65 MW of high efficiency Eagle Series modules for Energon Solar in Medak, Telangana, India.
  • In May 2017, Abu Dhabi Water and Electricity Authority, Sweihan Solar Holding Company Limited ("Sweihan"), a joint venture between JinkoSolar and Marubeni Corporation and a syndicate of international and local banks entered into financial agreements for the Sweihan Photovoltaic Independent Power Project in Abu Dhabi.
  • In May 2017, JinkoSolar became first Chinese PV manufacturer that passed 160 KWh/m2 UV test in terms of IEC61345 from TUV Rheinland.

Operations and Business Outlook

Strategic Shift in Overseas Downstream Solar Project Business

With the Company's focuses shifting towards its core competencies in manufacturing, JinkoSolar will cease developing new overseas downstream solar projects starting in the third quarter of 2017. The Company will continue to develop, construct and connect to the grid its existing overseas downstream solar projects.

The Company provided a debt payment guarantee in connection with a loan facility granted to Sweihan PV Power Company P.J.S.C, equity investee of the Company for developing overseas solar power project, in a maximum aggregate principal amount not exceeding US$50 million.

Third Quarter and Full Year 2017 Guidance

For the third quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.1 GW to 2.3 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 8.5 GW and 9.0 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Thursday, September 6, 2017 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:



Hong Kong / International:

+852 3008 1527


U.S. Toll Free:

+1 866-564-2842


Passcode:

9936267





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, September 13, 2017. The dial-in details for the replay are as follows:

International:

+61 (0) 2 9101 1954


U.S. Toll Free:

+1-888-203-1112


Passcode:

9936267





Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 6.0 GW for silicon ingots and wafers, 4.5 GW for solar cells, and 7.5 GW for solar modules, as of June 30, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China (5), Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income , non-GAAP earnings per Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted average ordinary shares outstanding, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options:

  • Non-GAAP net income is adjusted to exclude the expenses relating to changes in fair value of convertible senior notes and capped call options, 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 June 30, 2017, which was RMB6.7793 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 six months ended     




June 30, 2016


March 31, 2017


June 30, 2017


June 30, 2016


June 30, 2017



 Continuing operations 

RMB


RMB


RMB


USD


RMB


RMB


USD



 Revenues from third parties 

5,630,411


5,753,080


7,908,533


1,166,571


10,844,943


13,661,612


2,015,195



















 Revenues from related parties 

36,349


23,724


15,555


2,294


102,960


39,279


5,794



















 Total revenues 

5,666,760


5,776,804


7,924,088


1,168,865


10,947,903


13,700,891


2,020,989



















 Cost of revenues 

(4,638,350)


(5,127,779)


(7,089,255)


(1,045,721)


(8,834,615)


(12,217,034)


(1,802,108)



















 Gross profit 

1,028,410


649,025


834,833


123,144


2,113,288


1,483,857


218,881



















 Operating expenses: 
















   Selling and marketing 

(373,336)


(413,812)


(550,823)


(81,251)


(711,707)


(964,635)


(142,291)



   General and administrative 

(203,360)


(115,950)


(125,029)


(18,443)


(382,342)


(240,979)


(35,546)



   Research and development 

(43,617)


(62,486)


(73,694)


(10,870)


(82,012)


(136,180)


(20,088)



   Impairment of long-lived assets 

(99,328)


-


-


-


(99,328)


-


-



 Total operating expenses 

(719,641)


(592,248)


(749,546)


(110,564)


(1,275,389)


(1,341,794)


(197,925)



















 Income from operations 

308,769


56,777


85,287


12,580


837,899


142,063


20,956



 Interest expenses, net 

(75,008)


(57,121)


(80,572)


(11,885)


(151,899)


(137,693)


(20,311)



 Change in fair value of derivative liability 

(2)


376


(16,394)


(2,418)


(1,109)


(16,018)


(2,363)



 Subsidy income 

39,423


55,192


49,038


7,233


74,615


104,229


15,375



 Exchange gain/(loss) 

140,943


(6,339)


(29,810)


(4,397)


188,535


(36,149)


(5,332)



 Change in fair value of forward contracts 

(24,741)


1,105


(4,341)


(640)


(42,828)


(3,235)


(477)



 Change in fair value of convertible senior
   notes and capped call options 

(49,076)


-


-


-


(79,847)


-


-



 Other income/(expense), net 

1,108


11,943


11,773


1,737


(377)


23,716


3,498



 Investment loss 

(1,158)


-


(194)


(29)


(1,640)


(194)


(29)



 Income from continuing operations before income taxes

340,258


61,933


14,787


2,181


823,349


76,719


11,317



 Income tax (expense)/benefit 

(90,410)


(1,528)


32,460


4,788


(190,714)


30,933


4,563



Income from continuing operations, net of tax

249,848


60,405


47,247


6,969


632,635


107,652


15,880



 Discontinued operations 
















Income from discontinued operations before income taxes   

83,867


-


-


-


62,456


-


-



Income tax expense, net

(479)


-


-


-


(615)


-


-



Income from discontinued operations, net of tax

83,388


-


-


-


61,841


-


-



















 Net income 

333,236


60,405


47,247


6,969


694,476


107,652


15,880



 Less: Net loss attributable to non-controlling
          interests from continuing operations 

(178)


(169)


(121)


(18)


(88)


(290)


(43)



 Less: Net income attributable to non-controlling
          interests from discontinued operations 

2,128


-


-


-


3,723


-


-



 Less: Allocation of net income to participating 
          preferred shares issued
          by discontinued operations 

3,648


-


-


-


3,648


-


-



 Less: Accretion to redemption value of redeemable 
          non-controlling
          interests of discontinued operations 

47,555


-


-


-


93,780


-


-



 Net income attributable to JinkoSolar
 Holding Co., Ltd.'s ordinary shareholders 

280,083


60,574


47,368


6,987


593,413


107,942


15,923



































































 Earnings/(loss) per share for ordinary shareholders,
basic 
















 Continuing operations 

1.99


0.48


0.37


0.05


5.04


0.84


0.16



 Discontinued operations 

0.24


-


-


-


(0.31)


-


-



 Total earnings/(loss) per share for ordinary
shareholders, basic 

2.23


0.48


0.37


0.05


4.73


0.84


0.16



































 Earnings/(loss) per share for ordinary shareholders,
diluted 
















 Continuing operations 

1.90


0.47


0.37


0.05


4.73


0.84


0.16



 Discontinued operations 

0.23


-


-


-


(0.31)


-


-



 Total earnings/(loss) per share for ordinary
shareholders, diluted 

2.13


0.47


0.37


0.05


4.42


0.84


0.16



















 Earnings/(loss) per ADS for ordinary shareholders,
basic 
















 Continuing operations 

7.96


1.92


1.48


0.20


20.16


3.36


0.64



 Discontinued operations 

0.96


-


-


-


(1.24)


-


-



 Total earnings/(loss) per ADS for ordinary
shareholders, basic 

8.92


1.92

#

1.48


0.20


18.92


3.36


0.64



















 Earnings/(loss) per ADS for ordinary shareholders,
diluted 
















 Continuing operations 

7.60


1.88


1.48


0.20


18.92


3.36


0.64



 Discontinued operations 

0.92


-


-


-


(1.24)


-


-



 Total earnings/(loss) per ADS for ordinary
shareholders, diluted 

8.52


1.88


1.48


0.20


17.68


3.36


0.64



















 Weighted average ordinary shares outstanding: 
















   Basic 

125,501,184


126,820,607


128,247,292


128,247,292


125,489,224


127,556,967


127,556,967



   Diluted 

132,545,247


128,179,515


129,493,716


129,493,716


135,035,911


128,859,633


128,859,633



















 Weighted average ADS outstanding: 
















   Basic 

31,375,296


31,705,152


32,061,823


32,061,823


31,372,306


31,889,242


31,889,242



   Diluted 

33,136,312


32,044,879


32,373,429


32,373,429


33,758,978


32,214,908


32,214,908



















UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

























 Net income 

333,236


60,405


47,247


6,969


694,476


107,652


15,880



 Other comprehensive income: 
















   -Foreign currency translation adjustments 

(10,887)


(17,563)


(22,391)


(3,303)


(12,466)


(39,954)


(5,894)



 Comprehensive income 

322,349


42,842


24,856


3,666


682,010


67,698


9,986



 Less: Comprehensive income attributable to non-
controlling interests 

1,950


(169)


(121)


(18)


3,635


(290)


(43)



 Comprehensive income attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders 

320,399


43,011


24,977


3,684


678,375


67,988


10,029



















































 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 

250,026


60,574


47,368


6,987


632,723


107,942


15,923



















 Change in fair value of convertible senior notes and
capped call options 

49,076


-


-


-


79,847


-


-



















 4% of interest expense of convertible senior notes 

10,463


1,555


1


-


23,992


1,556


230



















 Exchange loss/(gain) on  convertible senior notes
and capped call options 

21,224


844


(1)


-


18,219


843


124



















 Stock-based compensation expense 

13,353


17,402


13,822


2,039


26,023


31,224


4,606



















 Non-GAAP net income attributable to ordinary
shareholders from continuing operations 

344,141


80,375


61,190


9,026


780,804


141,565


20,883



















 Non-GAAP earnings per share attributable to
ordinary shareholders from continuing operations - 
















   Basic 

2.74


0.63


0.48


0.07


3.37


1.11


0.16



   Diluted 

2.60


0.62


0.47


0.07


3.18


1.10


0.16



















 Non-GAAP earnings per ADS attributable to ordinary
shareholders from continuing operations - 
















   Basic 

10.96


2.52


1.92


0.28


13.48


4.44


0.64



   Diluted 

10.40


2.48


1.88


0.28


12.72


4.40


0.64



















 Non-GAAP weighted average ordinary shares
outstanding  
















   Basic 

125,501,184


126,820,607


128,247,292


128,247,292


125,489,224


127,556,967


127,556,967



   Diluted 

132,545,247


128,179,515


129,493,716


129,493,716


135,035,911


128,859,633


128,859,633



















 Non-GAAP weighted average ADS outstanding  
















   Basic 

31,375,296


31,705,152


32,061,823


32,061,823


31,372,306


31,889,242


31,889,242



   Diluted 

33,136,312


32,044,879


32,373,429


32,373,429


33,758,978


32,214,908


32,214,908



















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


June 30, 2017


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

2,501,417


1,531,000


225,835

  Restricted cash 

318,785


368,125


54,301

  Restricted short-term investments

3,333,450


3,168,027


467,309

  Short-term investments

71,301


93,282


13,760

  Accounts receivable, net - related parties

1,414,084


786,644


116,036

  Accounts receivable, net - third parties

4,753,715


6,470,520


954,453

  Notes receivable, net - related parties

610,200


600,000


88,505

  Notes receivable, net - third parties

915,315


310,284


45,769

  Advances to suppliers, net - related parties

662


-


-

  Advances to suppliers, net - third parties

325,766


431,100


63,591

  Inventories, net

4,473,515


5,204,392


767,689

  Forward contract receivables

641


-


-

  Deferred tax assets 

130,676


-


-

  Other receivables - related parties

79,125


122,484


18,067

  Prepayments and other current assets

766,645


1,377,668


203,216

Total current assets

19,695,297


20,463,526


3,018,531







Non-current assets:






  Restricted cash

197,214


157,466


23,227

  Project Assets

55,063


140,256


20,689

  Long-term investments

7,200


8,886


1,311

  Property, plant and equipment, net

4,738,681


5,885,094


868,098

  Land use rights, net

450,941


449,034


66,236

  Intangible assets, net

20,297


23,411


3,453

  Deferred tax assets 

134,791


265,467


39,158

  Other assets - related parties

173,376


336,906


49,696

  Other assets - third parties

617,780


341,816


50,422

Total non-current assets

6,395,343


7,608,336


1,122,290







Total assets

26,090,640


28,071,862


4,140,821







LIABILITIES






Current liabilities:






  Accounts payable - related parties

-


689


102

  Accounts payable - third parties

4,290,071


5,986,366


883,036

  Notes payable - third parties

4,796,766


4,199,871


619,514

  Accrued payroll and welfare expenses

582,276


596,698


88,018

  Advances from related parties

60,541


76,089


11,224

  Advances from  third parties

1,376,920


988,464


145,806

  Income tax payable

168,112


63,129


9,312

  Other payables and accruals

1,019,419


1,451,915


214,169

  Other payables due to related parties

76,034


12,935


1,908

  Forward contract payables

-


3,116


460

  Convertible senior notes - current

423,740


-


-

  Deferred tax liabilities 

17,074


-


-

  Derivative liability -  current

10,364


26,382


3,892

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

5,488,629


6,633,893


978,551

  Guarantee liabilities to related parties

52,711


37,594


5,545

Total current liabilities

18,362,657


20,077,141


2,961,537







Non-current liabilities:






  Long-term borrowings

488,520


467,518


68,963

  Long-term payables

44,014


125,693


18,541

  Accrued warranty costs - non current

511,209


562,863


83,027

  Convertible senior notes

-


68


10

  Deferred tax liability

50,651


67,725


9,990

  Guarantee liabilities to related parties 
   - non current

173,376


147,926


21,820

Total non-current liabilities

1,267,770


1,371,793


202,350







Total liabilities

19,630,427


21,448,934


3,163,887







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 126,733,266
and  130,186,074 shares issued and
outstanding as of  December 31, 2016 and
June 30, 2017, respectively)

18


18


3

Additional paid-in capital

3,145,262


3,240,279


477,967

Statutory reserves

466,253


466,253


68,776

Accumulated other comprehensive income

104,784


64,830


9,563

Treasury stock, at cost; 1,723,200 shares of
ordinary shares as of  December 31, 2016
and June 30, 2017, respectively

(13,876)


(13,876)


(2,047)

Accumulated retained earnings

2,758,268


2,866,210


422,788







Total JinkoSolar Holding Co., Ltd.

shareholders' equity

6,460,709


6,623,714


977,050







Non-controlling interests

(496)


(786)


(116)







Total liabilities and shareholders' equity

26,090,640


28,071,862


4,140,821

 

View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2017-financial-results-300514462.html

SOURCE JinkoSolar Holding Co., Ltd.


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