JinkoSolar Announces Third Quarter 2017 Financial Results
SHANGHAI, Dec. 7, 2017 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the third quarter ended September 30, 2017.
Third Quarter 2017 Highlights
-- Total solar module shipments were 2,374 megawatts ("MW"), a decrease of
17.7% from 2,884 MW in the second quarter of 2017 and an increase of
47.8% from 1,606 MW in the third quarter of 2016.
-- Total revenues were RMB6.42 billion (US$964.8 million), a decrease of
19.0% from the second quarter of 2017 and an increase of 20.4% from the
third quarter of 2016.
-- Gross margin was 12.0%, compared with 10.5% in the second quarter of
2017 and 19.2% in the third quarter of 2016.
-- Income from operations was RMB91.9 million (US$13.8 million), compared
with RMB85.3 million in the second quarter of 2017 and RMB433.3 million
in the third quarter of 2016.
-- Net income attributable to the Company's ordinary shareholders from
continuing operations was RMB11.3 million (US$1.7 million) in the third
quarter of 2017, compared with RMB47.4 million in the second quarter of
2017 and RMB233.7 million in the third quarter of 2016.
-- Diluted earnings per American depositary share ("ADS") from continuing
operations were RMB0.32 (US$0.04).
-- Non-GAAP net income attributable to the Company's ordinary shareholders
from continuing operations in the third quarter of 2017 was RMB25.9
million (US$3.9 million), compared with RMB61.2 million in the second
quarter of 2017 and RMB271.4 million in the third quarter of 2016.
-- Non-GAAP basic and diluted earnings per ADS from continuing operations
were RMB0.80 (US$0.12) and RMB0.76 (US$0.12), respectively, in the third
quarter of 2017.
Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Module shipments during the quarter exceeded the high end of our guidance, reaching to 2,374MW. Total revenues hit $964.8 million, a decrease of 19% sequentially and 20.4% from the same period last year. Our gross margin rebounded to 12.0% from 10.5% last quarter as a direct result of our effective cost cutting measures and reduction in the usage of OEM manufacturers."
"Demand in China remained strong during the quarter as the distributed generation ("DG") market there grows rapidly. We have fully evaluated the various remedy recommendations from the US International Trade Commission and are awaiting its final decision on the Section 201 petition. Regardless of what the final outcome is, we strongly believe in the US solar market's long-term growth trajectory and will adjust our strategy there accordingly. Demand in Europe has shown signs of an improvement as the effects of electricity parity sink in for more countries. The Indian market is growing rapidly and is expected to become the world's third largest. The sustainable, long-term development of emerging markets such as Australia, Jordan, Egypt, Mexico and Brazil has greatly improved as solar system costs rapidly drop and regulators gain more experience in promoting green energy and organizing electricity auctions. We will continue to strengthen our leading position in various emerging markets by expanding our service teams there and enhancing our brand image."
"The optimization of our mono wafer costs and diamond wire cutting application to our multi wafer production lines remain on track and are expected to be completed next quarter. Our tech team continues to make solid progress in developing half-cell and bifacial n-type cells technologies. We also made progress in developing new technologies such as Hydride Oxide Thin Film. Overall, we will continue to allocate resources towards innovating new and exciting solar technologies to strengthen our leading position in the market."
"I remain confident in the long-term sustainability of our business as we continue to devote resources towards developing new technologies and supporting the expansion of our market share in exciting and rapidly growing markets."
Third Quarter 2017 Financial Results
Total Revenues
Total revenues in the third quarter of 2017 were RMB6.42 billion (US$964.8 million), a decrease of 19.0% from RMB7.92 billion in the second quarter of 2017 and an increase of 20.4% from RMB5.33 billion in the third quarter of 2016. The sequential decrease was mainly attributable to a decrease in solar module shipments. The year-over-year increase was mainly attributable to an increase in solar module shipments which was partially offset by a decline in average selling price ("ASP") of solar modules in the third quarter of 2017.
Gross Profit and Gross Margin
Gross profit in the third quarter of 2017 was RMB772.4 million (US$116.1 million), compared with RMB834.8 million in the second quarter of 2017 and RMB1.03 billion in the third quarter of 2016. The sequential decrease was mainly attributable to a decrease in solar module shipments. The year-over-year decrease was mainly attributable to a decline in ASPs of solar modules in the third quarter of 2017.
Gross margin was 12.0% in the third quarter of 2017, compared with 10.5% in the second quarter of 2017 and 19.2% in the third quarter of 2016. The sequential increase was mainly attributable to the Company's effective cost control measures and reduction in the usage of OEM manufacturers. The year-over-year decrease was mainly attributable to a decline in ASPs of solar modules in the third quarter of 2017.
Income from Operations and Operating Margin
Income from operations in the third quarter of 2017 was RMB91.9 million (US$13.8 million), compared with RMB85.3 million in the second quarter of 2017 and RMB433.3 million in the third quarter of 2016. Operating margin in the third quarter of 2017 was 1.4%, compared with 1.1% in the second quarter of 2017 and 8.1% in the third quarter of 2016.
Total operating expenses in the third quarter of 2017 were RMB680.5 million (US$102.3 million), a decrease of 9.2% from RMB749.5 million in the second quarter of 2017 and an increase of 14.8% from RMB592.8 million in the third quarter of 2016. The sequential decease was mainly due to a decrease in shipping costs which was in line with the decline in solar module shipments. The year-over-year increase was primarily due to an increase in shipping costs, which was in line with the increase in solar module shipments, and partially offset by a decrease in bad debt expenses due to the reversal of allowance for doubtful accounts upon subsequent collections.
Total operating expenses accounted for 10.6% of total revenues in the third quarter of 2017, compared to 9.5% in the second quarter of 2017 and 11.1% in the third quarter of 2016.
Interest Expense, Net
Net interest expense in the third quarter of 2017 was RMB52.3 million (US$7.9 million), a decrease of 35.1% from RMB80.6 million in the second quarter of 2017 and a decrease of 60.6% from RMB132.9 million in the third quarter of 2016. The sequential and year-over-year decreases were due to a decrease in interest expenses associated with the discounted notes receivable.
Exchange Gain / (Loss), Net
The Company recorded a net exchange loss (including change in fair value of forward contracts) of RMB49.3 million (US$7.4 million) in the third quarter of 2017, compared to a net exchange loss of RMB34.2 million in the second quarter of 2017 and a net exchange loss of RMB7.2 million in the third quarter of 2016. The Company recorded a net exchange loss of RMB49.3 million(US$7.4 million) in the third quarter of 2017 due to the depreciation of US dollars against RMB.
Income Tax Expense / (Benefit), Net
The Company recorded an income tax expense of RMB4.5 million (US$0.7 million) in the third quarter of 2017, compared with an income tax benefit of RMB32.5 million in the second quarter of 2017 and an income tax expense of RMB116.0 million in the third quarter of 2016.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders from continuing operations in the third quarter of 2017 was RMB11.3 million (US$1.7 million), compared with RMB47.4 million in the second quarter of 2017 and RMB233.7 million in the third quarter of 2016.
Basic and diluted earnings per ordinary share from continuing operations were RMB0.09 (US$0.01) and RMB0.08 (US$0.01), respectively, during the third quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of RMB0.36 (US$0.04) and RMB0.32 (US$0.04), respectively.
Non-GAAP net income in the third quarter of 2017 was RMB25.9 million (US$3.9 million), compared with RMB61.2 million in the second quarter of 2017 and RMB271.4 million in the third quarter of 2016.
Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.20 (US$0.03) and RMB0.19 (US$0.03), respectively, during the third quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB0.80 (US$0.12) and RMB0.76 (US$0.12), respectively.
Financial Position
As of September 30, 2017, the Company had RMB2.47 billion (US$371.1 million) in cash and cash equivalents and restricted cash, compared with RMB1.90 billion as of June 30, 2017.
As of September 30, 2017, the Company's accounts receivables due from third parties were RMB5.82 billion (US$875.1 million), compared with RMB6.47 billion as of June 30, 2017.
As of September 30, 2017, the Company's inventories were RMB5.24 billion (US$787.9 million), compared with RMB5.20 billion as of June 30, 2017.
As of September 30, 2017, the Company's total interest-bearing debts were RMB8.26 billion (US$1.24 billion), compared with RMB7.41 billion as of June 30, 2017. On July 17, 2017, the Company issued three-year medium term notes ("MTN") at a principal of RMB300 million (US$45.1 million). At the end of the second year in the life of the MTN, the Company has an option to adjust the interest rate while the bondholders have a right to require the Company to repurchase all or part of its outstanding MTN.
Third Quarter 2017 Operational Highlights
Solar Module Shipments
Total solar module shipments in the third quarter of 2017 were 2,374 MW.
Solar Products Production Capacity
As of September 30, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 7.0 GW, 4.5 GW and 8.0 GW, respectively.
Recent Business Developments
-- In November 2017, JinkoSolar announced that it has broken its own world
record by achieving P-type monocrystalline PERC solar cell efficiency of
23.45%
-- In October 2017, JinkoSolar announced that its practical sized
(245.83cm(2)) P-type multi-crystalline silicon solar cells reached the
world's highest conversion efficiency of 22.04%.
-- In September 2017, JinkoSolar announced that it filed a prospectus
supplement to sell up to an aggregate of US$100 million of its ADSs
through an at-the-market equity offering program.
-- In September 2017, JinkoSolar supplied 28.2 MW dc of its solar PV
modules to Swinerton Renewable Energy, for the construction of the
Jacumba Solar Project.
-- In September 2017, JinkoSolar ranked as top solar brand used in
debt-financed projects and most "bankable" PV manufacturer by Bloomberg
New Energy Finance.
-- In September 2017, JinkoSolar was invited to attend the 9th BRICS Summit
hosted in Xiamen, China.
Operations and Business Outlook
Fourth Quarter and Full Year 2017 Guidance
For the fourth quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.3 GW to 2.5 GW.
For the full year 2017, the Company estimates total solar module shipments to be in the range of 9.6 GW and 9.8 GW.
Conference Call Information
JinkoSolar's management will host an earnings conference call on Wednesday, December 7, 2017 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 3008 1527
U.S. Toll Free: +1 800-281-7973
Passcode: 7881926
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 14, 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: 7881926
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 7 GW for silicon ingots and wafers, 4.5 GW for solar cells, and 8 GW for solar modules, as of September 30, 2017.
JinkoSolar has over 15,000 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 15 global sales offices in China (2), United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia.
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 September 29, 2017, which was RMB6.6533 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, 2016 June 30, 2017 September 30, 2017 September 30, 2016 September 30, 2017
------------------ ------------- ------------------ ------------------ ------------------
Continuing operations RMB RMB RMB USD
Revenues from third parties 5,331,232 7,908,533 5,958,121 895,514 16,176,175 19,619,733 2,948,872
Revenues from related parties - 15,555 461,292 69,333 102,960 500,571 75,237
--- ------ ------- ------ ------- ------- ------
Total revenues 5,331,232 7,924,088 6,419,413 964,847 16,279,135 20,120,304 3,024,109
Cost of revenues (4,305,166) (7,089,255) (5,647,016) (848,754) (13,139,781) (17,864,049) (2,684,991)
---------- ---------- ---------- -------- ----------- ----------- ----------
Gross profit 1,026,066 834,833 772,397 116,093 3,139,354 2,256,255 339,118
Operating expenses:
Selling and marketing (371,669) (550,823) (489,767) (73,613) (1,083,377) (1,454,402) (218,599)
General and administrative (175,414) (125,029) (116,121) (17,453) (557,757) (357,100) (53,673)
Research and development (41,864) (73,694) (74,652) (11,219) (123,876) (210,832) (31,688)
Impairment of long-lived assets (3,819) - - - (103,147) - -
------ --- --- --- -------- --- ---
Total operating expenses (592,766) (749,546) (680,540) (102,285) (1,868,157) (2,022,334) (303,960)
Income from operations 433,300 85,287 91,857 13,808 1,271,197 233,921 35,158
Interest expenses, net (132,859) (80,572) (52,286) (7,859) (284,758) (189,979) (28,554)
Change in fair value of derivative liability 36,048 (16,394) (3,437) (517) 34,937 (19,455) (2,924)
Subsidy income 12,809 49,038 14,154 2,127 87,424 118,384 17,794
Exchange gain/(loss) 2,602 (29,810) (46,368) (6,969) 191,138 (82,518) (12,403)
Change in fair value of forward contracts (9,752) (4,341) (2,946) (443) (52,581) (6,181) (929)
Change in fair value of convertible senior (15,684) - - - (95,531) - -
notes and capped call options
Other income/(expense), net (291) 11,773 15,109 2,271 (668) 38,824 5,835
Investment loss 1,731 (194) (438) (66) 92 (632) (95)
Income from continuing operations before income taxes 327,904 14,787 15,645 2,352 1,151,250 92,364 13,882
Income tax (expense)/benefit (115,973) 32,460 (4,466) (671) (306,687) 26,467 3,978
Income from continuing operations, net of tax 211,931 47,247 11,179 1,681 844,563 118,831 17,860
Discontinued operations
Income from discontinued operations before income taxes 83,083 - - - 145,542 - -
Income tax expense, net (830) - - - (1,446) - -
Income from discontinued operations, net of tax 82,253 - - - 144,096 - -
Net income 294,184 47,247 11,179 1,681 988,659 118,831 17,860
Less: Net loss attributable to non-controlling (221) (121) (113) (17) (310) (403) (61)
interests from continuing operations
Less: Net income attributable to non-controlling 1,561 - - - 5,284 - -
interests from discontinued operations
Less: Allocation of net income to participating preferred shares issued 10,247 - - - 13,895 - -
by discontinued operations
Less: Accretion to redemption value of redeemable non-controlling 48,922 - - - 142,702 - -
interests of discontinued operations
Net income attributable to JinkoSolar 233,675 47,368 11,292 1,698 827,088 119,234 17,921
Holding Co., Ltd.'s ordinary shareholders
Earnings/(loss) per share for ordinary shareholders,
basic
Continuing operations 1.68 0.37 0.09 0.01 6.72 0.93 0.14
Discontinued operations 0.17 - - - (0.14) - -
==== === === === ===== === ===
Total earnings/(loss) per share for ordinary 1.85 0.37 0.09 0.01 6.58 0.93 0.14
shareholders, basic
Earnings/(loss) per share for ordinary
shareholders, diluted
Continuing operations 1.35 0.37 0.08 0.01 6.09 0.91 0.14
Discontinued operations 0.16 - - - (0.14) - -
==== === === === ===== === ===
Total earnings/(loss) per share for ordinary shareholders, 1.51 0.37 0.08 0.01 5.95 0.91 0.14
diluted
Earnings/(loss) per ADS for ordinary shareholders, basic
Continuing operations 6.72 1.48 0.36 0.04 26.88 3.72 0.56
Discontinued operations 0.68 - - - (0.56) - -
==== === === === ===== === ===
Total earnings/(loss) per ADS for ordinary shareholders, basic 7.40 1.48 0.36 0.04 26.32 3.72 0.56
Earnings/(loss) per ADS for ordinary shareholders, diluted
Continuing operations 5.40 1.48 0.32 0.04 24.36 3.64 0.56
Discontinued operations 0.64 - - - (0.56) - -
==== === === === ===== === ===
Total earnings/(loss) per ADS for ordinary shareholders, diluted 6.04 1.48 0.32 0.04 23.80 3.64 0.56
Weighted average ordinary shares outstanding:
Basic 126,056,129 128,247,292 130,186,074 130,186,074 125,680,215 128,442,966 128,442,966
Diluted 130,613,442 129,493,716 134,413,564 134,413,564 134,070,821 130,720,283 130,720,283
Weighted average ADS outstanding:
Basic 31,514,032 32,061,823 32,546,519 32,546,519 31,420,054 32,110,742 32,110,742
Diluted 32,653,360 32,373,429 33,603,391 33,603,391 33,517,705 32,680,071 32,680,071
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income 294,184 47,247 11,179 1,681 988,659 118,831 17,860
Other comprehensive income:
-Foreign currency translation adjustments (3,409) (22,391) (25,226) (3,792) (15,876) (65,180) (9,797)
------ ------- ------- ------ ------- ------- ------
Comprehensive income 290,775 24,856 (14,047) (2,111) 972,783 53,651 8,063
------- ------ ------- ------ ------- ------ -----
Less: Comprehensive income attributable to non- 1,340 (121) (113) (17) 4,974 (403) (61)
controlling interests
Less:Allocation of net income to participating preferred 10,247 - - - 13,895 - -
shares issued by discontinued operations
Comprehensive income attributable to JinkoSolar Holding 279,188 24,977 (13,934) (2,094) 953,914 54,054 8,124
Co., Ltd.'s ordinary shareholders
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 212,152 47,368 11,292 1,698 844,873 119,234 17,921
from continuing operations
Change in fair value of convertible senior notes and 15,684 - - - 95,531 - -
capped call options
4% of interest expense of convertible senior notes 8,007 1 1 - 31,998 1,557 234
Exchange loss/(gain) on convertible senior notes and 5,958 (1) (1) - 24,176 841 126
capped call options
Stock-based compensation expense 29,558 13,822 14,645 2,201 55,580 45,868 6,894
Non-GAAP net income attributable to ordinary 271,359 61,190 25,937 3,899 1,052,158 167,500 25,175
shareholders from continuing operations
Non-GAAP earnings per share attributable to ordinary
shareholders from continuing operations -
Basic 2.15 0.48 0.20 0.03 8.37 1.30 0.20
Diluted 2.08 0.47 0.19 0.03 7.85 1.28 0.19
Non-GAAP earnings per ADS attributable to ordinary
shareholders from continuing operations -
Basic 8.60 1.92 0.80 0.12 33.48 5.20 0.80
Diluted 8.32 1.88 0.76 0.12 31.40 5.12 0.76
Non-GAAP weighted average ordinary shares outstanding
Basic 126,056,129 128,247,292 130,186,074 130,186,074 125,680,215 128,442,966 128,442,966
Diluted 130,613,442 129,493,716 134,413,564 134,413,564 134,070,821 130,720,283 130,720,283
Non-GAAP weighted average ADS outstanding
Basic 31,514,032 32,061,823 32,546,519 32,546,519 31,420,054 32,110,742 32,110,742
Diluted 32,653,360 32,373,429 33,603,391 33,603,391 33,517,705 32,680,071 32,680,071
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 September 30, 2017
----------------- ------------------
RMB RMB USD
ASSETS
Current assets:
Cash and cash equivalents 2,501,417 2,117,949 318,331
Restricted cash 318,785 350,893 52,740
Restricted short-term investments 3,333,450 4,042,325 607,567
Short-term investments 71,301 67,888 10,204
Accounts receivable, net - related parties 1,414,084 1,025,297 154,104
Accounts receivable, net - third parties 4,753,715 5,822,194 875,084
Notes receivable, net - related parties 610,200 240,000 36,072
Notes receivable, net - third parties 915,315 396,056 59,528
Advances to suppliers, net - related parties 662 - -
Advances to suppliers, net - third parties 325,766 607,694 91,337
Inventories, net 4,473,515 5,242,139 787,901
Forward contract receivables 641 349 52
Deferred tax assets 130,676 - -
Other receivables - related parties 79,125 98,963 14,874
Prepayments and other current assets 766,645 1,426,456 214,397
Total current assets 19,695,297 21,438,203 3,222,191
Non-current assets:
Restricted cash 197,214 176,344 26,505
Project Assets 55,063 219,181 32,943
Long-term investments 7,200 23,521 3,535
Property, plant and equipment, net 4,738,681 6,028,169 906,042
Land use rights, net 450,941 447,616 67,277
Intangible assets, net 20,297 26,466 3,978
Deferred tax assets 134,791 265,467 39,900
Other assets - related parties 173,376 135,382 20,348
Other assets - third parties 617,780 884,292 132,910
Total non-current assets 6,395,343 8,206,438 1,233,438
Total assets 26,090,640 29,644,641 4,455,629
---------- ---------- ---------
LIABILITIES
Current liabilities:
Accounts payable - related parties - 2,256 339
Accounts payable - third parties 4,290,071 4,593,518 690,412
Notes payable - third parties 4,796,766 6,072,200 912,660
Accrued payroll and welfare expenses 582,276 669,024 100,555
Advances from related parties 60,541 54,593 8,205
Advances from third parties 1,376,920 877,068 131,825
Income tax payable 168,112 62,419 9,382
Other payables and accruals 1,019,419 1,579,261 237,366
Other payables due to related parties 76,034 11,555 1,737
Forward contract payables - 6,410 963
Convertible senior notes - current 423,740 - -
Deferred tax liabilities 17,074 - -
Derivative liability - current 10,364 29,819 4,482
Bond payable and accrued interests - 4,606 692
Short-term borrowings from third parties, 5,488,629 6,923,327 1,040,585
including current portion of long-term bank
borrowings
Guarantee liabilities to related parties 52,711 33,928 5,099
Total current liabilities 18,362,657 20,919,984 3,144,302
Non-current liabilities:
Long-term borrowings 488,520 462,049 69,447
Long-term payables 44,014 567,777 85,338
Bond payables - 298,075 44,801
Accrued warranty costs - non current 511,209 577,257 86,763
Convertible senior notes - 66 10
Deferred tax liability 50,651 67,725 10,179
Guarantee liabilities to related parties 173,376 128,183 19,266
- non current
Total non-current liabilities 1,267,770 2,101,132 315,804
Total liabilities 19,630,427 23,021,116 3,460,106
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SHAREHOLDERS' EQUITY
Ordinary shares (US$0.00002 par value, 18 18 3
500,000,000 shares authorized, 126,733,266
and 130,186,074 shares issued and
outstanding as of December 31, 2016 and
September 30, 2017, respectively)
Additional paid-in capital 3,145,262 3,254,923 489,219
Statutory reserves 466,253 466,253 70,078
Accumulated other comprehensive income 104,784 39,604 5,952
Treasury stock, at cost; 1,723,200 shares of (13,876) (13,876) (2,086)
ordinary shares as of December 31, 2016
and September 30, 2017, respectively
Accumulated retained earnings 2,758,268 2,877,502 432,492
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Total JinkoSolar Holding Co., Ltd. shareholders' equity 6,460,709 6,624,424 995,658
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Non-controlling interests (496) (899) (135)
Total liabilities and shareholders' equity 26,090,640 29,644,641 4,455,629
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View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2017-financial-results-300568322.html
SOURCE JinkoSolar Holding Co., Ltd.
