UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________
FORM 6-K
______________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Month of June 2017
Commission File Number 001-34615
JinkoSolar Holding Co., Ltd.
(Translation of registrant’s name into English)
1 Jingke Road
Shangrao Economic Development Zone
Jiangxi Province, 334100
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).
Yes o No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).
Yes o No x
EXHIBIT INDEX
| Number | Description of Document |
| 99.1 | JinkoSolar Announces First Quarter 2017 Financial Results |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| JinkoSolar Holding Co., Ltd. | ||||
| By: | /s/ Haiyun (Charlie) Cao | |||
| Name: | Haiyun (Charlie) Cao | |||
| Title: | Chief Financial Officer | |||
Date: June 6, 2017
Exhibit 99.1
JinkoSolar Announces First Quarter 2017 Financial Results
SHANGHAI, China, June 5, 2017 — JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the first quarter ended March 31, 2017.
First Quarter 2017 Highlights
| · | Total solar module shipments were 2,068 megawatts ("MW"), an increase of 19.3% from 1,733 MW in the fourth quarter of 2016 and an increase of 29.3% from 1,600 MW in the first quarter of 2016. |
| · | Total revenues were RMB5.78 billion (US$839.3 million), an increase of 12.8% from the fourth quarter of 2016 and an increase of 9.4% from the first quarter of 2016. |
| · | Gross margin was 11.2%, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016. |
| · | Income from operations was RMB56.8 million (US$8.3 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016. |
| · | Net income attributable to the Company’s ordinary shareholders from continuing operations was RMB60.6 million (US$8.8 million) in the first quarter of 2017, compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7 million in the first quarter of 2016. |
| · | Diluted earnings per American depositary share ("ADS") from continuing operations were RMB1.88 (US$0.28). |
| · | Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016. |
| · | Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB2.52 (US$0.36) and RMB2.48 (US$0.36) respectively in the first quarter of 2017. |
Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, “Module shipments during the quarter hit a record high of 2,068MW, a 19.3% increase sequentially while generating US$839.3 million in revenue. We continued to capitalize on the growing recognition of JinkoSolar’s brand and high quality products and services to increase our market share and capture new opportunities during the quarter.”
“Our gross margin contracted to 11.2% from 14.3% last quarter as a result of a slight decline in the average selling prices (“ASP”) of solar modules, increased silicon prices and material costs caused by a shortage of supply in the first quarter. We believe our margins have room to improve in the second quarter and throughout the second half of the year as our mono wafer and PERC cell capacity increases and polysilicon prices stabilize.”
| 1 |
“Demand in China remains strong with growth momentum expected to continue into the next quarter. While the June 30 Feed-in-Tariff has created some uncertainties in China’s utility-scale market, we haven’t seen demand weaken. Our deep involvement in the Top Runner and PV Poverty Alleviation projects as well as distributed generation projects will provide strong support for demand during the second half of the year.”
“We strongly oppose the petition under Section 201 in the US, but believe growth momentum there will continue. ASPs of solar modules in the US have risen slightly in recently months due to strong demand. Demand from India and other emerging markets where we are devoting more resources to expand our leading market share also continue to grow rapidly. With such strong demand from across the globe, we expect module shipments to increase by approximately 25% sequentially in the second quarter of 2017.”
“We continue to ramp up our mono wafer and PERC cell capacity, which will reduce the overall cost of our mono products and help increase our margins. Our mono PERC products are in short supply and have been fully booked out for the rest of the year, demonstrating the strong demand for our high quality products. In the meanwhile, our team is working hard to optimize the cost structure of both our mono and multi products.”
“While we are facing some short-term industry headwinds, the continued development of the global solar industry is irreversible. We are confident in the long-term prospects of the solar industry and our sustainable growth strategy.”
First Quarter 2017 Financial Results
Total Revenues
Total revenues in the first quarter of 2017 were RMB5.78 billion (US$839.3 million), an increase of 12.8% from RMB5.12 billion in the fourth quarter of 2016 and an increase of 9.4% from RMB5.28 billion in the first quarter of 2016. The sequential and year-over-year increases were mainly attributable to an increase in solar module shipments in the first quarter of 2017.
| 2 |
Gross Profit and Gross Margin
Gross profit in the first quarter of 2017 was RMB649.0 million (US$94.3 million), compared with RMB730.0 million in the fourth quarter of 2016 and RMB1.08 billion in the first quarter of 2016. The sequential and year-over-year decreases were mainly attributable to a decline in the ASP of solar modules in the first quarter of 2017.
Gross margin was 11.2% in the first quarter of 2017, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016.
Income from Operations and Operating Margin
Income from operations in the first quarter of 2017 was RMB56.8 million (US$8.2 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016. Operating margin in the first quarter of 2017 was 1.0%, compared with 1.5% in the fourth quarter of 2016 and 10.0% in the first quarter of 2016.
Total operating expenses in the first quarter of 2017 were RMB592.2 million (US$86.0 million), a decrease of 9.2% from RMB652.1 million in the fourth quarter of 2016 and an increase of 6.6% from RMB555.7 million in the first quarter of 2016. The sequential decrease was primarily due to the reversal of an allowance for doubtful accounts because of subsequent collection. The year-over-year increase was mainly due to increased shipping costs which were in line with the increase in solar module shipments.
Total operating expenses accounted for 10.3% of total revenues in the first quarter of 2017, compared to 12.7% in the fourth quarter of 2016 and 10.5% in the first quarter of 2016.
Interest Expense, Net
Net interest expense in the first quarter of 2017 was RMB57.1 million (US$8.3 million), a decrease of 23.4% from RMB74.5 million in the fourth quarter of 2016 and a decrease of 25.7% from RMB76.9 million in the first quarter of 2016.The sequential decrease was due to the repurchase of US$61.1 million in convertible senior notes. The year-over-year decrease was due to the repurchase of US$184.0 million in convertible senior notes and the repayment of US$17.4 million in bond payables.
| 3 |
Exchange Gain / (Loss), Net
The Company recorded a net exchange loss of RMB5.2 million (US$0.8 million) in the first quarter of 2017, compared to a net exchange gain of RMB17.7 million in the fourth quarter of 2016 and a net exchange gain of RMB29.5 million in the first quarter of 2016.
Income Tax Expense / (Benefit), Net
The Company recorded an income tax expense of RMB1.5 million (US$0.2 million) in the first quarter of 2017, compared with an income tax benefit of RMB49.2 million in the fourth quarter of 2016 and an income tax expense of RMB100.3 million in the first quarter of 2016. The sequential change was mainly due to the successful renewal of a National High and New Technology Enterprise license which grants one of the Company’s subsidiaries a preferential tax rate. The year-over-year change was due to one of the Company’s overseas subsidiaries receiving a tax exemption for a five-year period starting from August 2015.
The Company adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" in 2017, which is effective for annual and interim periods beginning after December 15, 2016, and prospectively classified deferred tax liabilities and assets as noncurrent in the financial statements during the quarter ended March 31, 2017.
Net Income and Earnings per Share
Net income attributable to the Company’s ordinary shareholders from continuing operations in the first quarter of 2017 was RMB60.6 million (US$8.8 million), compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7million in the first quarter of 2016.
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 first quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of RMB1.92 (US$0.28) and RMB1.88 (US$0.28), respectively.
Non-GAAP net income in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016.
Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.63 (US$0.09) and RMB0.62 (US$0.09), respectively, during the first quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB2.52 (US$0.36) and RMB2.48 (US$0.36), respectively.
| 4 |
Financial Position
As of March 31, 2017, the Company had RMB1.71 billion (US$249.0 million) in cash and cash equivalents and restricted cash, compared with RMB2.82 billion as of December 31, 2016.
As of March 31, 2017, the Company’s accounts receivables due from third parties were RMB5.93 billion (US$860.9 million), compared with RMB4.75 billion as of December 31, 2016.
As of March 31, 2017, the Company’s inventories were RMB5.37 billion (US$780.2 million), compared with RMB4.47 billion as of December 31, 2016. The strategic increase in inventories was primarily due to strong anticipated demand during the second quarter of 2017.
As of March 31, 2017, the Company's total interest-bearing debts were RMB6.10 billion (US$886.0 million), compared with RMB6.44 billion as of December 31, 2016.
First Quarter 2017 Operational Highlights
Solar Module Shipments
Total solar module shipments in the first quarter of 2017 amounted to 2,068 MW.
Solar Products Production Capacity
As of March 31, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 5.0 GW, 4.0 GW and 6.5 GW, respectively.
Recent Business Developments
| l | In May 2017, JinkoSolar was the only Chinese company invited to participate in The Business 20 (B20) Summit held in Berlin, Germany. |
| l | In April 2017, JinkoSolar supplied 42 MW of solar modules to Asunim for use in two PV power plants in Izmir Province, southwest Turkey. |
| l | In March 2017, JinkoSolar, in partnership with GRID Alternatives, donated over 620 kW of high-efficiency solar modules to support GRID Alternatives’ work brining solar power and job training to underserved communities. |
| l | In March 2017, JinkoSolar partnered with CleanFund Commercial PACE Capital to offer long-term project financing to US commercial project customers through the SolarPACETM program. |
| 5 |
| l | In March 2017, JinkoSolar and Marubeni Corporation entered into a Power Purchase Agreement with the Abu Dhabi Water and Electricity Company for the Solar PV Independent Power Project located at Sweihan, Emirate of Abu Dhabi, United Arab Emirates. |
| l | In February 2017, JinkoSolar completed the repurchase of certain 4.00% Convertible Senior Notes due in 2019 at the option of holders of the Notes. |
| l | In February 2017, JinkoSolar supplied 106.4 MWdc of PV modules to sPower for the Solverde 1 solar project in California. |
Operations and Business Outlook
Second Quarter and Full Year 2017 Guidance
For the second quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.5 GW to 2.6 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 Monday, June 5, 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: | +852-5808-3202 |
| U.S. Toll Free: | +1-855-298-3404 |
| Passcode: | JinkoSolar |
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, June 12, 2017. The dial-in details for the replay are as follows:
| International: | +61-2-9641-7900 |
| U.S. Toll Free: | +1-866-846-0868 |
| Passcode: | 5716028 |
| 6 |
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 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of March 31, 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, change in fair value of derivative liability, 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 |
| 7 |
| · | 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 March 31, 2017, which was RMB6.8832 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.
| 8 |
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 |
| 9 |
JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except ADS and Share data)
| For the quarter ended | ||||||||||||||||
| March 31, 2016 | December 31, 2016 | March 31, 2017 | ||||||||||||||
| Continuing operations | RMB | RMB | RMB | USD | ||||||||||||
| Revenues from third parties | 5,214,532 | 5,085,938 | 5,753,080 | 835,815 | ||||||||||||
| Revenues from related parties | 66,611 | 35,565 | 23,724 | 3,446 | ||||||||||||
| Total revenues | 5,281,143 | 5,121,503 | 5,776,804 | 839,261 | ||||||||||||
| Cost of revenues | (4,196,265 | ) | (4,391,518 | ) | (5,127,779 | ) | (744,970 | ) | ||||||||
| Gross profit | 1,084,878 | 729,985 | 649,025 | 94,291 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and marketing | (338,369 | ) | (350,662 | ) | (413,812 | ) | (60,119 | ) | ||||||||
| General and administrative | (178,983 | ) | (221,810 | ) | (115,950 | ) | (16,845 | ) | ||||||||
| Research and development | (38,395 | ) | (57,231 | ) | (62,486 | ) | (9,078 | ) | ||||||||
| Impairment of long-lived assets | - | (22,377 | ) | - | - | |||||||||||
| Total operating expenses | (555,747 | ) | (652,080 | ) | (592,248 | ) | (86,043 | ) | ||||||||
| Income from operations | 529,131 | 77,905 | 56,777 | 8,248 | ||||||||||||
| Interest expenses, net | (76,891 | ) | (74,538 | ) | (57,121 | ) | (8,299 | ) | ||||||||
| Change in fair value of derivative liability | (1,109 | ) | (10,364 | ) | 376 | 55 | ||||||||||
| Subsidy income | 35,193 | 81,222 | 55,192 | 8,018 | ||||||||||||
| Exchange gain/(loss) | 47,592 | 17,674 | (6,339 | ) | (921 | ) | ||||||||||
| Change in fair value of forward contracts | (18,088 | ) | 19 | 1,105 | 161 | |||||||||||
| Change in fair value of convertible senior notes and capped call options | (30,771 | ) | (14,712 | ) | - | - | ||||||||||
| Other income/(expense), net | (1,485 | ) | 9,437 | 11,943 | 1,735 | |||||||||||
| Investment income | (482 | ) | 4,812 | - | - | |||||||||||
| Gain on disposal of subsidiaries | - | 5,018 | - | - | ||||||||||||
| Income from continuing operations before income taxes | 483,090 | 96,473 | 61,933 | 8,997 | ||||||||||||
| Income tax (expense)/benefit | (100,305 | ) | 49,200 | (1,528 | ) | (222 | ) | |||||||||
| Income from continuing operations, net of tax | 382,785 | 145,673 | 60,405 | 8,775 | ||||||||||||
| Discontinued operations | ||||||||||||||||
| Gain on disposal of discontinued operations | - | 1,007,884 | - | - | ||||||||||||
| Loss from discontinued operations before income taxes | (21,408 | ) | (97,396 | ) | - | - | ||||||||||
| Income tax expense, net | (137 | ) | (53,020 | ) | - | - | ||||||||||
| (Loss)/income from discontinued operations, net of tax | (21,545 | ) | 857,468 | - | - | |||||||||||
| Net income | 361,240 | 1,003,141 | 60,405 | 8,775 | ||||||||||||
| Less: Net income/(loss) attributable to non-controlling interests from continuing operations | 89 | (123 | ) | (169 | ) | (25 | ) | |||||||||
| Less: Net income attributable to non-controlling interests from discontinued operations | 1,595 | 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 | 46,226 | 16,776 | - | - | ||||||||||||
| Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | 313,330 | 999,622 | 60,574 | 8,800 | ||||||||||||
| Earnings/(loss) per share for ordinary shareholders, basic | ||||||||||||||||
| Continuing operations | 3.05 | 1.15 | 0.48 | 0.07 | ||||||||||||
| Discontinued operations | (0.55 | ) | 6.75 | - | - | |||||||||||
| Total earnings/(loss) per share for ordinary shareholders, basic | 2.50 | 7.90 | 0.48 | 0.07 | ||||||||||||
| Earnings/(loss) per share for ordinary shareholders, diluted | ||||||||||||||||
| Continuing operations | 2.80 | 1.14 | 0.47 | 0.07 | ||||||||||||
| Discontinued operations | (0.47 | ) | 6.68 | - | - | |||||||||||
| Total earnings/(loss) per share for ordinary shareholders, diluted | 2.33 | 7.82 | 0.47 | 0.07 | ||||||||||||
| Earnings/(loss) per ADS for ordinary shareholders, basic | ||||||||||||||||
| Continuing operations | 12.20 | 4.60 | 1.92 | 0.28 | ||||||||||||
| Discontinued operations | (2.20 | ) | 27.00 | - | - | |||||||||||
| Total earnings/(loss) per ADS for ordinary shareholders, basic | 10.00 | 31.60 | 1.92 | 0.28 | ||||||||||||
| Earnings/(loss) per ADS for ordinary shareholders, diluted | ||||||||||||||||
| Continuing operations | 11.20 | 4.56 | 1.88 | 0.28 | ||||||||||||
| Discontinued operations | (1.88 | ) | 26.72 | - | - | |||||||||||
| Total earnings/(loss) per ADS for ordinary shareholders, diluted | 9.32 | 31.28 | 1.88 | 0.28 | ||||||||||||
| Weighted average ordinary shares outstanding: | ||||||||||||||||
| Basic | 125,477,086 | 126,412,714 | 126,820,607 | 126,820,607 | ||||||||||||
| Diluted | 147,904,878 | 127,872,331 | 128,179,515 | 128,179,515 | ||||||||||||
| Weighted average ADS outstanding: | ||||||||||||||||
| Basic | 31,369,272 | 31,603,178 | 31,705,152 | 31,705,152 | ||||||||||||
| Diluted | 36,976,220 | 31,968,083 | 32,044,879 | 32,044,879 | ||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||
| Net income | 361,240 | 1,003,141 | 60,405 | 8,775 | ||||||||||||
| Other comprehensive income: | ||||||||||||||||
| -Unrealized loss on available-for-sale securities | - | - | - | |||||||||||||
| -Foreign currency translation adjustments | (1,579 | ) | 108,078 | (17,563 | ) | (2,552 | ) | |||||||||
| Comprehensive income | 359,661 | 1,111,219 | 42,842 | 6,223 | ||||||||||||
| Less: Comprehensive income attributable to non-controlling interests | 1,684 | 638 | (169 | ) | (25 | ) | ||||||||||
| Less: Allocation of net income to participating preferred shares issued by discontinued operations | - | (13,895 | ) | - | - | |||||||||||
| Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | 357,977 | 1,124,476 | 43,011 | 6,248 | ||||||||||||
| 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 | 382,695 | 145,796 | 60,574 | 8,800 | ||||||||||||
| Change in fair value of derivative liability | 1,109 | 10,364 | (376 | ) | (55 | ) | ||||||||||
| Change in fair value of convertible senior notes and capped call options | 30,771 | 14,712 | - | - | ||||||||||||
| 4% of interest expense of convertible senior notes | 13,529 | 5,180 | 1,555 | 226 | ||||||||||||
| Exchange (gain)/loss on convertible senior notes and capped call options | (3,005 | ) | 18,536 | 844 | 123 | |||||||||||
| Stock-based compensation expense | 12,669 | 33,987 | 17,402 | 2,528 | ||||||||||||
| Non-GAAP net income attributable to ordinary shareholders from continuing operations | 437,768 | 228,575 | 79,999 | 11,622 | ||||||||||||
| Non-GAAP earnings per share attributable to ordinary shareholders from continuing operations - | ||||||||||||||||
| Basic | 3.49 | 1.81 | 0.63 | 0.09 | ||||||||||||
| Diluted | 2.96 | 1.79 | 0.62 | 0.09 | ||||||||||||
| Non-GAAP earnings per ADS attributable to ordinary shareholders from continuing operations - | ||||||||||||||||
| Basic | 13.96 | 7.24 | 2.52 | 0.36 | ||||||||||||
| Diluted | 11.84 | 7.16 | 2.48 | 0.36 | ||||||||||||
| Non-GAAP weighted average ordinary shares outstanding | ||||||||||||||||
| Basic | 125,477,086 | 126,412,714 | 126,820,607 | 126,820,607 | ||||||||||||
| Diluted | 147,904,878 | 127,872,331 | 128,179,515 | 128,179,515 | ||||||||||||
| Non-GAAP weighted average ADS outstanding | ||||||||||||||||
| Basic | 31,369,272 | 31,603,178 | 31,705,152 | 31,705,152 | ||||||||||||
| Diluted | 36,976,220 | 31,968,083 | 32,044,879 | 32,044,879 | ||||||||||||
Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise
| 10 |
JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| December 31, 2016 | March 31, 2017 | |||||||||||
| RMB | RMB | USD | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 2,501,417 | 1,468,630 | 213,364 | |||||||||
| Restricted cash | 318,785 | 245,141 | 35,614 | |||||||||
| Restricted short-term investments | 3,333,450 | 3,362,971 | 488,577 | |||||||||
| Short-term investments | 71,301 | 174,557 | 25,360 | |||||||||
| Accounts receivable, net - related parties | 1,414,084 | 906,636 | 131,717 | |||||||||
| Accounts receivable, net - third parties | 4,753,715 | 5,925,716 | 860,896 | |||||||||
| Notes receivable, net - related parties | 610,200 | 610,000 | 88,622 | |||||||||
| Notes receivable, net - third parties | 915,315 | 430,258 | 62,508 | |||||||||
| Advances to suppliers, net - related parties | 662 | - | - | |||||||||
| Advances to suppliers, net - third parties | 325,766 | 312,962 | 45,468 | |||||||||
| Inventories, net | 4,473,515 | 5,370,024 | 780,164 | |||||||||
| Forward contract receivables | 641 | 1,029 | 149 | |||||||||
| Deferred tax assets - current | 130,676 | - | - | |||||||||
| Other receivables - related parties | 79,125 | 77,426 | 11,249 | |||||||||
| Prepayments and other current assets | 766,645 | 1,133,643 | 164,697 | |||||||||
| Total current assets | 19,695,297 | 20,018,993 | 2,908,385 | |||||||||
| Non-current assets: | ||||||||||||
| Restricted cash | 197,214 | 161,860 | 23,515 | |||||||||
| Project Assets | 55,063 | 89,484 | 13,000 | |||||||||
| Long-term investments | 7,200 | 9,080 | 1,319 | |||||||||
| Property, plant and equipment, net | 4,738,681 | 5,278,158 | 766,817 | |||||||||
| Land use rights, net | 450,941 | 449,434 | 65,294 | |||||||||
| Intangible assets, net | 20,297 | 20,853 | 3,030 | |||||||||
| Deferred tax assets - non current | 134,791 | 265,467 | 38,567 | |||||||||
| Other assets - related parties | 173,376 | 175,255 | 25,461 | |||||||||
| Other assets - third parties | 617,780 | 534,468 | 77,650 | |||||||||
| Total non-current assets | 6,395,343 | 6,984,059 | 1,014,653 | |||||||||
| Total assets | 26,090,640 | 27,003,052 | 3,923,038 | |||||||||
| LIABILITIES | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable - third parties | 4,290,071 | 5,737,776 | 833,591 | |||||||||
| Notes payable - third parties | 4,796,766 | 4,608,253 | 669,493 | |||||||||
| Accrued payroll and welfare expenses | 582,276 | 541,267 | 78,636 | |||||||||
| Advances from related parties | 60,541 | 62,900 | 9,138 | |||||||||
| Advances from third parties | 1,376,920 | 1,388,464 | 201,718 | |||||||||
| Income tax payable | 168,112 | 131,247 | 19,068 | |||||||||
| Other payables and accruals | 1,019,419 | 993,597 | 144,352 | |||||||||
| Other payables due to related parties | 76,034 | 77,349 | 11,237 | |||||||||
| Convertible senior notes - current | 423,740 | - | - | |||||||||
| Deferred tax liabilities - current | 17,074 | - | - | |||||||||
| Derivative liability - current | 10,364 | 9,988 | 1,451 | |||||||||
| Short-term borrowings from third parties, including current portion of long-term bank borrowings | 5,488,629 | 5,617,682 | 816,144 | |||||||||
| Guarantee liabilities to related parties | 52,711 | 47,376 | 6,882 | |||||||||
| Total current liabilities | 18,362,657 | 19,215,899 | 2,791,710 | |||||||||
| Non-current liabilities: | ||||||||||||
| Long-term borrowings | 488,520 | 445,734 | 64,757 | |||||||||
| Long-term payables | 44,014 | 35,022 | 5,089 | |||||||||
| Accrued warranty costs - non current | 511,209 | 531,498 | 77,217 | |||||||||
| Convertible senior notes | - | 69 | 10 | |||||||||
| Deferred tax liability - non current | 50,651 | 67,725 | 9,839 | |||||||||
| Guarantee liabilities to related parties - non current | 173,376 | 169,867 | 24,678 | |||||||||
| Total non-current liabilities | 1,267,770 | 1,249,915 | 181,590 | |||||||||
| Total liabilities | 19,630,427 | 20,465,814 | 2,973,300 | |||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
| Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 126,733,266 and 127,988,106 shares issued and outstanding as of December 31, 2016 and March 31, 2017, respectively) | 18 | 18 | 3 | |||||||||
| Additional paid-in capital | 3,145,262 | 3,179,445 | 461,914 | |||||||||
| Statutory reserves | 466,253 | 466,253 | 67,738 | |||||||||
| Accumulated other comprehensive income | 104,784 | 87,221 | 12,671 | |||||||||
| Treasury stock, at cost; 1,723,200 shares of ordinary shares as of December 31, 2016 and March 31, 2017, respectively | (13,876 | ) | (13,876 | ) | (2,016 | ) | ||||||
| Accumulated retained earnings | 2,758,268 | 2,818,842 | 409,525 | |||||||||
| Total JinkoSolar Holding Co., Ltd. shareholders' equity | 6,460,709 | 6,537,903 | 949,835 | |||||||||
| Non-controlling interests | (496 | ) | (665 | ) | (97 | ) | ||||||
| Total liabilities and shareholders' equity | 26,090,640 | 27,003,052 | 3,923,038 | |||||||||
| 11 |