JinkoSolar Announces First Quarter 2014 Financial Results

By PR Newswire,  May 27, 2014, 07:00:00 AM EDT


SHANGHAI, May 27, 2014 /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 first quarter ended March 31, 2014.

First Quarter 2014 Highlights

  • Total solar product shipments were 581.2 megawatts ("MW"), consisting of 455.1 MW of solar modules, 92.1 MW of silicon wafers and 34.0 MW of solar cells. This represents a decrease of 0.9% from 586.3 MW in the fourth quarter of 2013 and an increase of 71.6% from 338.6 MW in the first quarter of 2013.
  • As of March 31, 2014, the Company had completed 213 MW worth of solar projects and had approximately 100 MW of solar projects under construction.
  • Total revenues were RMB2.0 billion (US$323.9 million), representing a decrease of 8.0% from the fourth quarter of 2013 and an increase of 73.1% from the first quarter of 2013.
  • Electricity revenues generated from solar projects were RMB48.4 million (US$7.8 million), representing an increase of 62.3% from the fourth quarter of 2013.
  • Gross margin was 24.0%, compared with 24.7% in the fourth quarter of 2013 and 12.7% in the first quarter of 2013.
  • Income from operations was RMB203.5 million (US$32.7 million), compared with income from operations of RMB262.3 million in the fourth quarter of 2013 and a loss from operations of RMB16.8 million in the first quarter of 2013.
  • Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB9.5 million (US$1.5 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB164.3 million in the fourth quarter of 2013 and a net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB128.7 million in the first quarter of 2013.
  • Diluted loss per American depositary share ("ADS") was RMB1.20(US$0.20), compared with diluted earnings per ADS of RMB5.88 in the fourth quarter of 2013 and diluted loss per ADS of RMB5.80 in the first quarter of 2013. Diluted loss per share excluded gain on changes in the fair value of the convertible bonds issued in January 2014.
  • Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the first quarter of 2014 was RMB37.3 million (US$6.0 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB218.5 million in the fourth quarter of 2013 and a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB75.3 million in the first quarter of 2013.
  • Non-GAAP basic and diluted earnings per ADS were RMB1.24(US$0.20) and RMB1.12(US$0.20), respectively, in the first quarter of 2014.

"I am pleased to report a strong start to the year as we record our fourth consecutive quarter of profitability, well within our previously issued guidance," commented Mr. Kangping Chen, JinkoSolar's Chief Executive Officer. "We continued to expand our manufacturing and downstream businesses by increasing our geographic reach, further cutting costs and keeping gross margins stable. We are confident in our ability to deliver solid results for the year as we benefit from the high gross margins in our module business and the growing profits from our downstream business."

"Our new revenue stream from power generation increased 62.3% sequentially to RMB48.4 million as we generated a record 50 million kWh of energy during the quarter. We believe that project development will quickly rebound in the second quarter, as we work to connect 140MW worth of PV projects to the grid and begin constructing another 200MW to 250MW."

"Our geographic footprint continued to grow, as we expanded into new emerging markets. We also maintained our market leading position in China, where we anticipate a strong second quarter and second half of the year. Shipments to the US and Japan now account for approximately 30% of total shipments as we expanded our presence there to take advantage of higher ASPs. We continue to see shipments to new emerging markets such as South Africa, Chile and India increase as we leverage our position there as one of largest module suppliers. We expect module shipments to increase by approximately 30% next quarter and are confident we will meet our full year guidance."

"We remain a PV technology leader. Last week we proudly unveiled our new series of 'Eagle +' modules which have been engineered to reliably reach 275 watts of peak power output, a new record for mass-produced and commercially available modules in the market."

"I am proud of what we have accomplished during the quarter and am eager to see our investments in diverse revenues streams bear fruit. Despite the one-time foreign exchange loss, we will continue to prudently manage our business going forward as we develop to a one-stop energy solution provider."

First Quarter 2014 Financial Results

Total Revenues

Total revenues in the first quarter of 2014 were RMB2.0 billion (US$323.9 million), representing a decrease of 8.0% from RMB2.2 billion in the fourth quarter of 2013 and an increase of 73.1% from RMB1.16 billion in the first quarter of 2013. The sequential decrease in revenues was primarily attributable to the decrease in shipments of solar modules because of the negative impact of seasonality. The year-over-year increase in total revenues was mainly attributable to the increase in shipments, improving average selling prices ("ASPs") of solar modules and the increase in electricity revenues from solar projects.

During the first quarter of 2014, electricity revenues from solar projects were RMB48.4 million (US$7.8 million), an increase of 62.3% from the fourth quarter of 2013. The increase in electricity revenues was primarily due to the increase in number and capacity of the Company's solar projects. Gross profit for electricity revenues was RMB29.7 million (US$4.8 million) during the first quarter of 2014, representing a gross margin of 61.4%. Net income of solar power plant entities was RMB25.3 million (US$4.1 million) during the first quarter of 2014, representing a net profit margin of 52.2%.

The Company has entered into certain sales contracts with retainage terms (the "Retainage Contracts") since the second half of 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage for the specified period which generally ranges from one year to two years (the "Retainage Period"). Given the limited experience the Company has with respect to the collectability of the retainage under Retainage Contracts, the Company does not recognize such retainage until the customers pay it after the Retainage Period expires. The total amounts of retainage under the Retainage Contracts that were not recognized as revenue were RMB9.2 million and RMB11.1 million for the first quarter of 2014 and the fourth quarter of 2013, respectively. During the first quarter of 2014, the Company received retainage payment of RMB11.5 million and recognized it as revenue. As of March 31, 2014, the cumulative amount of retainage that had not yet been recognized as revenue was RMB167.3 million (US$26.9 million).

Gross Profit and Gross Margin

Gross profit in the first quarter of 2014 was RMB483.1 million (US$77.7 million), compared with a gross profit of RMB540.8 million in the fourth quarter of 2013 and a gross profit of RMB147.3 million in the first quarter of 2013.

Gross margin was 24.0% in the first quarter of 2014 compared with 24.7% in the fourth quarter of 2013 and 12.7% in the first quarter of 2013. In-house gross margin, which relates to the Company's in-house silicon wafer, solar cell, and solar module production, was 26.6% in the first quarter of 2014, compared with 24.3% in the fourth quarter of 2013 and 13.1% in the first quarter of 2013. The year-over-year increases in gross margin and in-house gross margin were mainly due to improvements in operating efficiency, continued cost reductions for the Company's polysilicon and auxiliary materials and improved ASPs. The Company also enjoyed higher gross margins generated by solar project electricity revenues.

Income/(Loss) from Operations and Operating Margin

Income from operations in the first quarter of 2014 was RMB203.5 million (US$32.7 million), compared with income from operations of RMB262.3 million in the fourth quarter of 2013 and a loss from operations of RMB16.8 million in the first quarter of 2013. Operating margin in the first quarter of 2014 was 10.1%, compared with 12.0% in the fourth quarter of 2013 and negative 1.4% in the first quarter of 2013.

Total operating expenses in the first quarter of 2014 were RMB279.7 million (US$45.0 million), an increase of 0.4% from RMB278.5 million in the fourth quarter of 2013 and an increase of 70.4% from RMB164.1 million in the first quarter of 2013. The year-over-year increase in operating expenses was mainly due to the increase in shipping and warranty costs and research and development expenses.

Total operating expenses excluding non-cash charges, consisting of the provision for bad debts and an impairment of long-lived assets, was RMB263.3 million (US$42.4 million), compared to RMB270.1 million in the fourth quarter of 2013 and RMB173.8 million in the first quarter of 2013.

Total operating expenses excluding non-cash charges as a percentage of total net revenues was 13.1% in the first quarter of 2014, compared to 12.3% in the fourth quarter of 2013 and 14.9% in the first quarter of 2013.

Interest Expense, Net

Net interest expense in the first quarter of 2014 was RMB61.0 million (US$9.8 million), an increase of 14.2% from RMB53.4 million in the fourth quarter of 2013 and an increase of 10.3% from RMB55.3 million in the first quarter of 2013. This increase was primarily due to expenses associated with the issuing of the Company's convertible notes in January 2014.

Exchange gain/loss

Due to the depreciation of RMB against the US dollar and euro during the first quarter of 2014, the Company recorded an exchange loss of RMB137.4 million (US$22.1 million) in the first quarter of 2014, which was primarily due to a foreign currency exchange loss of RMB23.0 million (US$3.7 million) and loss in fair value change of forward contracts of RMB114.4 million (US$18.4 million), including an unrealized loss of RMB110.4 million (US$17.8 million). The Company had net exchange gain of RMB9.2 million in the fourth quarter of 2013 and net exchange loss of RMB18.7 million in the first quarter of 2013.

Change in Fair Value of Convertible Senior Notes and Capped Call Options

The Company has elected to measure the convertible senior notes issued in January 2014 in their entirety at fair value. The Company recognized gain from a change in fair value of convertible senior notes of RMB58.0 million (US$9.3 million) and a loss from a change in fair value of capped call options of RMB31.3 million (US$5.0 million) primarily due to the changes in the stock price of the Company in the first quarter of 2014.

Equity in income of affiliated companies

The Company recognized equity income from affiliated companies of RMB10.2 million (US$1.6 million) in the first quarter of 2014 as a result of its share of profits for solar projects held by affiliated companies.

Income Tax Expense

The Company incurred an income tax expense of RMB8.0 million (US$1.3 million) in the first quarter of 2014, compared with an income tax expense of RMB0.3 million in the fourth quarter of 2013 and an income tax expense of RMB13.2 thousand during the first quarter of 2013.

Net Income / (Loss) and Earnings/ (Loss) per Share

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the first quarter of 2014 was RMB9.5 million (US$1.5 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB164.3 million in the fourth quarter of 2013 and a net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB128.7 million in the first quarter of 2013.

Basic earnings per share was RMB0.08(US$0.01) and diluted loss per share was RMB0.30(US$0.05) in the first quarter of 2014. Basic earnings per ADS was RMB0.32(US$0.04) and diluted loss per ADS was RMB1.20(US$0.20) in the first quarter of 2014. The diluted loss per share reflected changes in the fair value of the convertible bonds issued in January 2014.

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the first quarter of 2014 was RMB37.3 million (US$6.0 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB218.5 million in the fourth quarter of 2013 and a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB75.3 million in the first quarter of 2013.

Non-GAAP basic and diluted earnings per share in the first quarter of 2014 was RMB0.31(US$0.05) and RMB0.28(US$0.05), respectively. This translates into non-GAAP basic and diluted earnings per ADS of RMB1.24(US$0.20) and RMB1.12(US$0.20), respectively, in the first quarter of 2014.

Financial Position

In January 2014, the Company closed concurrent offerings of 3,750,000 ADSs and US$150.0 million of convertible senior notes. The Company received aggregate net proceeds of US$272.1 million from these offerings, after deducting discounts and commissions, but before offering expenses.

As of March 31, 2014, the Company had RMB1.7 billion (US$271.0 million) in cash and cash equivalents and restricted cash, compared with RMB854.6 million of cash and cash equivalents and restricted cash as of December 31, 2013.

As of March 31, 2014, total short-term bank borrowings, including the current portion of long-term bank borrowings, was RMB1.7 billion (US$265.9 million), compared with RMB2.0 billion as of December 31, 2013, and total long-term borrowings was RMB352.5 million (US$56.7 million), compared with RMB362.0 million as of December 31, 2013.

As of March 31, 2014, the Company's working capital was negative RMB0.4 billion (US$63.7 million), compared with negative RMB1.89 billion as of December 31, 2013.

First Quarter 2014 Operational Highlights

Solar Product Shipments

Total solar product shipments in the first quarter of 2014 were 581.2 MW, consisting of 455.1 MW of solar modules, 92.1 MW of silicon wafers and 34.0 MW of solar cells. In comparison, total shipments for the fourth quarter of 2013 were 586.3 MW, consisting of 533.3 MW of solar modules, 7.3 MW of silicon wafers and 45.7 MW of solar cells, and total solar product shipments in the first quarter of 2013 were 338.6 MW, consisting of 282.4 MW of solar modules, 25.4 MW of silicon wafers and 30.8 MW of solar cells.

Solar Project Capacity

As of March 31, 2014, the Company had connected approximately 213 MW of solar PV projects to the grid and 100 MW of solar projects under construction.

Solar Products Production Capacity

As of March 31, 2014, the Company's in-house annual silicon wafer, ingot, and solar cell production capacity was approximately 2,000 MW each and solar module production capacity was approximately 2,100 MW.

Recent Business Developments

  • In April 2014, JinkoSolar entered into a loan agreement for RMB241.4 million (US$38.8 million) with China Development Bank to finance two PV solar projects, one in Xinjiang Province and another in Gansu Province.
  • In April 2014, JinkoSolar signed a distribution agreement with PROINSO India who will begin distributing JinkoSolar solar PV modules through its extensive sales network in India.
  • In April 2014, JinkoSolar's 24 MW solar PV power plant in Xinyi, Jiangsu Province and 15 MW solar PV power plant in Lianyungang, Jiangsu Province were successfully connected to the grid. 
  • In April 2014, JinkoSolar signed a 21.09 MW solar PV module supply agreement with Nan Xin Solar, a subsidiary of China Southern Power Grid, for a distributed roof-top project located in Foshan, Guangdong Province.
  • In May 2014, JinkoSolar signed contracts to supply 100 MW of PV modules for two PV projects in Chile.
  • In May 2014, JinkoSolar signed a contract to supply 35 MW of solar PV modules to Clēnera, a leading clean energy finance and management firm, for the construction of the Avalon Solar Project.

Operations and Business Outlook

Second Quarter and Full Year 2014 Guidance

For the second quarter of 2014, total solar module shipments are expected to be between 570 MW and 600 MW. For the full year 2014, total solar module shipments are expected to be between 2.3 GW and 2.5 GW, with total project development scale expected to be above 400MW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Wednesday, May 27, 2014 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m.Beijing / Hong Kong the same day).

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

Hong Kong / International:

+852-5808-3202



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 11:59 p.m. U.S. Eastern Time, June 3, 2014. The dial-in details for the replay are as follows:

International:

+61-2-9641-7900



U.S. Toll Free:

+1-866-846-0868



Passcode:

5375918









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

About JinkoSolar Holdings Co., Ltd.

JinkoSolar is a global leader in the solar PV industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo, Japan and Cape town, South Africa.

JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of approximately 2.0 GW each for silicon ingots, wafers and solar cells and approximately 2.1 GW for solar modules, as of March 31, 2014. JinkoSolar sells electricity in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, Eastern Europe, China, India, Japan, South Africa, and other countries and regions.

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 (loss), non-GAAP Earnings (Loss) Per Share, non-GAAP earnings (loss) 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 convertible senior notes and capped call options:

  • Non-GAAP net income (loss) is 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;
  • Non-GAAP earnings (loss) per share and non-GAAP earnings (loss) 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; and

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, 2014, which was RMB6.2164 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 21-6061-1792

Email: ir@jinkosolar.com

Christian Arnell

Christensen

Tel: +86-10-5900-1548

Email: carnell@christensenir.com

In the U.S.:

Jeff Bloker

Christensen

Tel: +1-480-614-3003

Email: jbloker@christensenir.com

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)



For the quarter ended



March 31, 2013



December 31, 2013 



March 31, 2014



RMB



RMB



RMB



USD

 Revenues from third parties 

1,134,459



1,983,200



2,013,651



323,926

















 Revenues from related parties 

28,944



204,866



-



-

















 Total revenues 

1,163,403



2,188,066



2,013,651



323,926

















 Cost of revenues 

(1,016,092)



(1,647,227)



(1,530,515)



(246,206)

















 Gross profit 

147,311



540,839



483,136



77,720

















 Operating expenses: 















   Selling and marketing 

(93,924)



(143,147)



(155,438)



(25,005)

   General and administrative 

(60,064)



(102,462)



(101,661)



(16,354)

   Research and development 

(10,133)



(29,351)



(22,067)



(3,550)

   Impairment of long lived assets 

-



(3,573)



(515)



(83)

 Total operating expenses 

(164,121)



(278,533)



(279,681)



(44,992)

















 (Loss)/Income from operations 

(16,810)



262,306



203,455



32,728

 Interest expenses, net 

(55,266)



(53,364)



(60,986)



(9,811)

 Convertible senior notes issuance costs 

-



-



(26,053)



(4,191)

 Subsidy income 

1,854



3,523



2,557



411

 Exchange gain/(loss) 

(33,716)



(6,500)



(23,023)



(3,704)

 Other income/(expense), net 

6,784



(494)



32



5

 Change in fair value of forward contracts 

15,034



15,747



(114,395)



(18,402)

 Change in fair value of convertible senior

 notes and capped call options 

(46,984)



(52,044)



26,686



4,293

 (Loss)/Income before income taxes  

(129,104)



169,174



8,273



1,329

 Income tax expense 

(13)



(347)



(7,952)



(1,279)

 Equity in income/(loss) of affiliated companies 

(45)



(3,884)



10,245



1,648

 Net (loss)/income 

(129,162)



164,943



10,566



1,698

 Less: Net income/(loss) attributable to non-controlling

 interests 

(418)



657



1,031



166

 Net (loss)/income attributable to

 JinkoSolar Holding Co., Ltd.'s

 ordinary shareholders 

(128,744)



164,286



9,535



1,532

 Net (loss)/income attributable to

 JinkoSolar Holding Co., Ltd.'s

 ordinary shareholders per share: 















   Basic 

(1.45)



1.53



0.08



0.01

   Diluted 

(1.45)



1.47



(0.30)



(0.05)

















 Net (loss)/income attributable to

 JinkoSolar Holding Co., Ltd.'s

 ordinary shareholders per ADS: 















   Basic 

(5.80)



6.12



0.32



0.04

   Diluted 

(5.80)



5.88



(1.20)



(0.20)

















 Weighted average ordinary shares

 outstanding: 















   Basic 

88,758,778



107,703,736



119,512,317



119,512,317

   Diluted 

88,758,778



112,119,967



133,958,649



133,958,649

















UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME

















 Net (loss)/income 

(129,162)



164,943



10,566



1,698

 Other comprehensive (loss)/income: 















   -Unrealized gain on available-for-sale securities, net 

-



6,042



1,948



313

   -Foreign currency translation adjustments 

2,443



1,334



(3,936)



(633)

 Comprehensive (loss)/income 

(126,719)



172,319



8,578



1,378

 Less: comprehensive gain attributable to

 non-controlling interest 

(418)



657



1,031



166

 Comprehensive (loss)/income attributable to

 JinkoSolar Holding Co., Ltd.'s ordinary shareholders 

(126,301)



171,662



7,547



1,212

















































 NON-GAAP RECONCILIATION 































 1. Non-GAAP earnings per share and non-GAAP

 earnings per ADS 































 GAAP net (loss)/income attributable to JinkoSolar

 Holding Co., Ltd.'s ordinary shareholders 

(128,744)



164,286



9,535



1,532

















 Convertible senior notes issuance costs 

0



0



26,053



4,191

















 Change in fair value of convertible senior

 notes and capped call options 

46,984



52,044



(26,686)



(4,293)

















 4% of interest expense of convertible

 senior notes 

7,729



7,552



14,543



2,339

















 Exchange loss/(gain) on  convertible senior

 notes and capped call options 

(1,287)



(5,431)



13,871



2,231

















 Non-GAAP net (loss)/gain attributable to

 JinkoSolar Holding Co., Ltd.'s ordinary

 shareholders-  

(75,318)



218,451



37,316



6,000

















 Non-GAAP net (loss)/gain attributable to

 JinkoSolar Holding Co., Ltd.'s ordinary

 shareholders per share - 















   Basic 

(0.85)



2.03



0.31



0.05

   Diluted 

(0.85)



1.95



0.28



0.05

















 Non-GAAP net (loss)/gain attributable to

 JinkoSolar Holding Co., Ltd. 's ordinary

 shareholders per ADS - 















   Basic 

(3.40)



8.12



1.24



0.20

   Diluted 

(3.40)



7.80



1.12



0.20

















 Non-GAAP weighted average ordinary shares

 outstanding  















   Basic 

88,758,778



107,703,736



119,512,317



119,512,317

   Diluted 

88,758,778



112,119,967



133,958,649



133,958,649

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)



December 31, 2013



March 31, 2014



RMB



RMB



USD

ASSETS











Current assets:











  Cash and cash equivalents

456,076



936,781



150,695

  Restricted cash 

398,500



747,796



120,294

  Restricted short-term investments

734,093



634,106



102,005

  Short-term investments

-



72,500



11,663

  Accounts receivable, net - related parties

284,142



195,530



31,454

  Accounts receivable, net - third parties

1,648,748



1,885,636



303,332

  Notes receivable - related parties

42,900



46,075



7,412

  Notes receivable, net - third parties

254,774



61,443



9,884

  Advances to suppliers, net - related parties

-



103



17

  Advances to suppliers, net - third parties

70,017



94,301



15,170

  Inventories

712,029



1,036,068



166,667

  Forward contract receivables

42,149



3,053



491

  Other receivables-related parties

216



164



26

  Capped Call options

107,224



76,719



12,341

  Prepayments and other current assets

591,853



522,893



84,115













Total current assets

5,342,721



6,313,168



1,015,566













Non-current assets:











  Deposits under long-term pledge

87,387



117,282



18,867

  Available-for-sale  investment

30,118



32,216



5,182

  Project Assets

1,358,944



1,370,649



220,489

  Long-term investments

93,569



103,813



16,700

  Property, plant and equipment, net

3,186,998



3,147,138



506,264

  Land use rights, net

359,085



367,456



59,111

  Intangible assets, net

6,464



7,689



1,237

  Forward contract receivables-long term

1,011



-



-

  Other assets 

144,928



267,677



43,062













Total non-current assets:

5,268,504



5,413,920



870,912













Total assets

10,611,225



11,727,088



1,886,478













LIABILITIES











Current liabilities:











  Accounts payable - related parties

2,468



-



-

  Accounts payable - third parties

1,765,268



1,445,785



232,576

  Notes payable - third party

1,411,994



1,543,340



248,269

  Accrued payroll and welfare expenses

238,655



235,160



37,829

  Advances from customers

147,583



147,274



23,691

  Income tax payable

15,625



35,023



5,634

  Other payables and accruals

830,374



771,352



124,083

  Other payables due to a related party

3,262



3,537



569

  Forward contract payables

10,080



51,626



8,305

  Convertible senior notes

770,486



810,264



130,343

  Bonds payable and accrued interests

66,726



12,786



2,057

  Short-term borrowings from third parties, including

  current portion of long-term bank borrowings

1,974,594



1,653,225



265,946













Total current liabilities

7,237,115



6,709,372



1,079,302













Non-current liabilities:











  Long-term borrowings

362,000



352,500



56,705

  Long-term payables

32,396



32,396



5,211

  Bond payables

800,000



800,000



128,692

  Accrued warranty costs - non-current

159,101



162,339



26,115

  Convertible senior notes

-



831,706



133,792

  Forward contract payables-long term

-



28,751



4,625













Total non-current liabilities

1,353,497



2,207,692



355,140













Total liabilities

8,590,612



8,917,064



1,434,442













SHAREHOLDERS' EQUITY











Ordinary shares (US$0.00002 par value,

500,000,000 shares authorized, 108,051,630 and 

123,515,622 shares issued and outstanding as of

December 31, 2013 and March 31, 2014,

respectively)

16



17



3

Additional paid-in capital

1,968,702



2,749,533



442,303

Statutory reserves

184,929



184,370



29,659

Accumulated other comprehensive income

12,869



10,882



1,751

Treasury stock, at cost; 1,723,200 shares of ordinary

shares as of December 31,

2013 and March 31, 2014, respectively

(13,876)



(13,876)



(2,232)

Accumulated losses

(142,898)



(132,804)



(21,363)













Total JinkoSolar Holding Co., Ltd. shareholders' equity

2,009,742



2,798,122



450,121













Non-controlling interests

10,871



11,902



1,915













Total liabilities and shareholders' equity

10,611,225



11,727,088



1,886,478

 

SOURCE JinkoSolar Holding Co., Ltd.



This article appears in: News Headlines

Referenced Stocks: JKS


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