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JinkoSolar Announces Third Quarter 2012 Results



               JinkoSolar Announces Third Quarter 2012 Results

PR Newswire

SHANGHAI, Nov. 20, 2012

SHANGHAI, Nov. 20, 2012 /PRNewswire/ -- JinkoSolar Holding Co., Ltd.
("JinkoSolar" or the "Company") (NYSE: JKS), a leading global solar power
product manufacturer, today announced its unaudited financial results for the
third quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  o Total solar product shipments were 335.2 megawatts ("MW"), of which
    280.0MW were solar modules, 28.6MW were silicon wafers, and 26.6MW were
    solar cells. This represents an increase of 11.0% from 302.1 MW in the
    second quarter of 2012, and an increase of 30.1% from 257.7 MW in the
    third quarter of 2011.
  o Total revenues were RMB1.4 billion (US$221.1 million), representing an
    increase of 12.2% from the second quarter of 2012, and a decrease of 22.0%
    from the third quarter of 2011.
  o Gross margin was 9.9%, compared with 8.4% in the second quarter of 2012
    and 3.7% in the third quarter of 2011.
  o In-house gross margin[1] was 12.6%, compared with 11.2% in the second
    quarter of 2012 and 18.4% in the third quarter of 2011.
  o Loss from operations was RMB51.5 million (US$8.2 million), compared with a
    loss from operations of RMB82.5 million in the second quarter of 2012, and
    a loss from operations of RMB197.3 million in the third quarter of 2011.
  o Net loss was RMB54.8 million (US$8.7 million), compared with a net loss of
    RMB310.5 million in the second quarter of 2012, and net income of RMB68.1
    million in the third quarter of 2011.
  o Diluted loss per share was RMB0.62 (US$0.10), compared with diluted loss
    per share of RMB3.50 in the second quarter of 2012, and diluted loss per
    share of RMB2.97 in the third quarter of 2011.
  o Diluted loss per American Depositary Share ("ADS") was RMB2.48 (US$0.39),
    compared with diluted loss per ADS of RMB14.00 in the second quarter of
    2012, and diluted loss per ADS of RMB11.88 in the third quarter of 2011.
    Each ADS represents four ordinary shares.
  o Non-GAAP net loss[2] in the third quarter of 2012 was RMB27.8 million
    (US$4.4 million), compared with non-GAAP net loss of RMB297.6 million in
    the second quarter of 2012, and non-GAAP net loss of RMB247.9 million in
    the third quarter of 2011.
  o Non-GAAP basic and diluted loss per share in the third quarter of 2012 was
    RMB0.31 (US$0.05).Non-GAAP basic and diluted loss per ADS was RMB1.24
    (US$0.20) in the third quarter of 2012.

(1) JinkoSolar defines "in-house gross margin" as the gross margin of PV
modules produced using the Company's in-house produced silicon wafers and
solar cells.
(2) JinkoSolar adjusts net loss to exclude 1) the expenses related to the
issuance of the Company's convertible senior notes, 2) changes in the fair
value of the convertible senior notes and capped call options, 3) interest
expenses on the convertible senior notes, and 4) the exchange gains on the
convertible senior notes and capped call options.

"We are encouraged by our strong performance this past quarter as we continue
to benefit from our strategic focus on cost reduction and geographical
diversification with strong sales in China compensating for weakness in our
more traditional markets. We believe we have turned a corner operationally and
financially despite the global economic softening as we continue to focus on
our core business and work to advance our industry leading position." stated
Mr. Kangping Chen, JinkoSolar's Chief Executive Officer. "This marks the third
consecutive quarter where we effectively increased gross margin and reduced
net loss as we make our way back to profitability. This was done in part, by
working aggressively to maintain our industry-leading position in terms of
cost structure by improving efficiency without sacrificing the quality and
performance our modules are well known for."

"We continue to deepen our relationships with customers across the globe with
total module shipments of 280 MW during the third quarter of 2012. The strong
momentum we have picked up in China continued where shipments surged 117%
quarter-over-quarter, a testament to being a market leader domestically as
well as internationally. Despite the difficult circumstances in the United
States, the final determination of injury by the United States International
Trade Commission concerning the anti-dumping duty and countervailing duty
investigation of imports of crystalline silicon photovoltaic cells and modules
from the People's Republic of China was partially favorable to us and we
remain fully committed to our customers in the United States. With potential
European Union tariffs on the horizon, we continue to adapt our strategy there
and diversify the geographic mix of our customers. We are focused on emerging
markets such as China, South Africa, South America and Eastern Europe."

"Our downstream business remains on track and looks to be increasingly
lucrative for us as module prices and construction expenses continue to drop
along with the assurances that stable feed-in-tariffs provide. Our project
development and EPC business pipeline is showing increasing strength with
three projects in Northwest China about to begin construction. We have already
begun to see benefits from one of our EPC projects during the quarter and
expect our downstream business to increase in scale and profitability as we
move forward. Likewise, we have begun to adapt our strategy and deploy
resources to leverage the opportunities that will emerge following the
announcements by the Chinese Energy Administration and Chinese Finance
Ministry to support distributed PV systems."

"As we look forward, solar demand over the long term remains promising and we
believe we are particularly well positioned to lead the industry in recovery
given our strong balance sheet, competitive cost structure, efficient assets,
and wide-reaching global presence. Our strong client relationships and
reputation have enabled us to increase repeat business opportunities for us.
We plan on continuing to manage our business prudently, adapt our strategy in
line with market developments, and leverage our industry leading technology
and cost structure to seize market opportunities and drive future growth,"
concluded Mr. Kangping Chen.

Third Quarter 2012 Financial Results

Total Revenues

Total revenues in the third quarter of 2012 were RMB1.4 billion (US$221.1
million), representing an increase of 12.2% from RMB1.2 billion in the second
quarter of 2012 and a decrease of 22.0% from RMB1.8 billion in the third
quarter of 2011. The sequential increase was primarily due to the increase in
the sales volume of the Company's solar modules, which was partially offset by
the decline in the ASPs of the Company's solar modules.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2012 was RMB137.4 million (US$21.9
million), compared with gross profit of RMB103.6 million in the second quarter
of 2012 and gross profit of RMB66.0 million in the third quarter of 2011.

Gross margin was 9.9% in the third quarter of 2012, compared with 8.4% in the
second quarter of 2012 and 3.7% in the third quarter of 2011. In-house gross
margin relating to the Company's in-house silicon wafer, solar cell and solar
module production was 12.6% in the third quarter of 2012, compared with 11.2%
in the second quarter of 2012 and 18.4% in the third quarter of 2011.

Income / (Loss) from Operations and Operating Margin

Loss from operations in the third quarter of 2012 was RMB51.5 million (US$8.2
million), compared with a loss from operations of RMB82.5 million in the
second quarter of 2012 and a loss from operations of RMB197.3 million in the
third quarter of 2011. Operating margin in the third quarter of 2012 was
negative 3.7%, compared with negative 6.7% in the second quarter of 2012 and
negative 11.1% in the third quarter of 2011.

Total operating expenses in the third quarter of 2012 were RMB188.9 million
(US$30.1 million), representing an increase of 1.5% from RMB186.1 million in
the second quarter of 2012.

The Company's operating expenses represented 13.6% of its total revenues in
the third quarter of 2012, representing a decrease from 15.0% in the second
quarter of 2012, and a decrease from 14.8% in the third quarter of 2011.

Interest Expense, Net

Net interest expense in the third quarter of 2012 was RMB51.8 million (US$8.2
million), representing a decrease of 5.6% from RMB54.8 million in the second
quarter of 2012, and an increase of 4.5% from RMB49.5 million in the third
quarter of 2011.

Foreign Currency Exchange Gain / (Loss)

Due to the appreciation of the Euro against the RMB during the third quarter
of 2012, the Company recorded a foreign currency exchange gain of RMB44.2
million (US$7.0 million) in the third quarter of 2012, which was primarily due
to exchange gain of RMB49.1 million (US$7.8 million) and loss in fair value of
forward contracts of RMB4.9 million (US$0.8 million).

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

The Company recognized a loss from change in fair value of convertible senior
notes and capped call options of RMB6.8 million (US$1.1 million) in the third
quarter of 2012.

Income Tax (Expense)/ Benefit

The Company recognized an income tax expense of RMB1.3 million (US$0.2
million) in the third quarter of 2012 due to the true-up recorded for income
tax expenses applicable to the Company in 2011. The Company recognized an
income tax benefit of RMB10.3 million in the second quarter of 2012 and an
income tax expense of RMB1.0 million in the third quarter of 2011.

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

Net loss in the third quarter of 2012 was RMB54.8 million (US$8.7 million),
compared with a net loss of RMB310.5 million in the second quarter of 2012 and
a net income of RMB68.1 million in the third quarter of 2011.

Basic and diluted loss per share was RMB0.62 (US$0.10) in the third quarter of
2012. Basic and diluted loss per ADS was RMB2.48 (US$0.39) in the third
quarter of 2012.

Non-GAAP net loss in the third quarter of 2012 was RMB27.8 million (US$4.4
million), compared with non-GAAP net loss of RMB297.6 million in the second
quarter of 2012 and non-GAAP net loss of RMB247.9 million in the third quarter
of 2011.

Non-GAAP basic and diluted loss per share in the third quarter of 2012 was
RMB0.31 (US$0.05). Non-GAAP basic and diluted loss per ADS was RMB1.24
(US$0.20) in the third quarter of 2012.

Financial Position

As of September 30, 2012, the Company had RMB345.0 million (US$54.9 million)
in cash and cash equivalents and restricted cash, compared with RMB617.6
million of cash and cash equivalents and restricted cash as of June 30, 2012.

Capital expenditures in the third quarter of 2012 were RMB27.6 million
(US$4.4million).

As of September 30, 2012, total short-term borrowings, including the current
portion of long-term bank borrowings, were RMB2.1 billion (US$341.4 million),
compared with RMB2.3 billion as of June 30, 2012. Total long-term borrowings
were RMB275.0 million (US$43.8 million) as of September 30, 2012, compared
with RMB275.0 million as of June 30, 2012.

As of September 30, 2012, the Company's working capital deficit was RMB1.04
billion (US$165.4 million), compared with a deficit of RMB1.11 billion as of
June 30, 2012.

Third Quarter 2012 Operational Highlights

Solar Product Shipments

Total solar product shipments in the third quarter of 2012 were 335.2 MW,
including 28.6MW of silicon wafers, 26.6MW of solar cells and 280.0MW of solar
modules. By comparison, total shipments for the second quarter of 2012 were
302.1 MW, consisting of 63.3 MW of silicon wafers, 15.8 MW of solar cells and
223.0 MW of solar modules.

Capacity Expansion of Solar Products

As of September 30, 2012, the Company's in-house annual silicon wafer, solar
cell and solar module production capacity each remained at approximately 1,200
MW.

Recent Business Developments

  o In August 2012, JinkoSolar won a bid from China Guangdong Nuclear Solar
    Energy Development Co., Ltd. to supply 30 MW of PV modules for a PV power
    plant project planned in Hami City, Xinjiang Province, China.
  o In August 2012, JinkoSolar's testing facility received certification from
    China National Accreditation Service for its industry leading quality
    controls. 
  o In August 2012, JinkoSolar was selected to deliver a chrome mine located
    in Limpopo Province, South Africa with the first ever off-grid utility
    scale PV system in South Africa. The 1 MW plant will produce approximately
    1.8 GWh of electricity per year and will effectively reduce the mine's
    daytime diesel dependency for the next 20 to 30 years.   
  o In September 2012, JinkoSolar won a bid from China Power International New
    Energy Holding Ltd. to supply 40 MW of PV modules for two PV power plant
    projects in Baiyin and Wuwei cities in Gansu Province, China.
    JinkoSolar will deliver 163,200 high-efficiency solar panels to the two
    projects.
  o In September 2012, JinkoSolar signed a cooperative agreement with China
    Jiangxi Corporation for International Economic & Technical Co, Ltd. to
    provide technical support for its 50MW solar power project development
    in Kenya. According to the agreement, JinkoSolar has also been appointed
    as the preferred module supplier for the project. The project is planned
    to occupy 81 hectare and is expected to be one of the largest grid
    connected solar power plants in Africa.
  o In October 2012, JinkoSolar won a bid from China Three Gorges New Energy
    Corp., a wholly-owned subsidiary of China Three Gorges Corporation, to
    supply 50 MW of solar modules for a PV power plant in Gansu
    Province, China.

Operations and Business Outlook

Fourth Quarter 2012 Guidance

Based on current operating and market conditions, JinkoSolar's total solar
module shipments for the fourth quarter of 2012 are expected to be
approximately 250 MW to 300 MW, as compared to the 280.0 MW of module
shipments made during the third quarter of 2012. JinkoSolar's in-house annual
silicon wafer, solar cell and solar module production capacity are each
expected to be approximately 1,200 MW by the end of 2012.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Tuesday,
November 20, 2012 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m.
Beijing / Hong Kong the same day).

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

Hong Kong / International: +852-2475-0994
U.S. Toll Free:            +1-866-519-4004
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 after the conclusion of the
conference call through 12:00 a.m. U.S. Eastern Standard Time, November 28,
2012. The dial-in details for the replay are as follows:

International:                      +61-2-8199-0299
Passcode:                           64800368

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

JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a leading solar power product
manufacturer with production operations in Jiangxi and Zhejiang Provinces in
China and sales and marketing offices in Shanghai and Beijing, China; Munich,
Germany; Bologna, Italy; Montpellier, France; Zug, Switzerland; San Francisco,
U.S.; Queensland, Australia; Ontario, Canada and Singapore.

JinkoSolar has built a vertically integrated solar product value chain with an
integrated annual capacity of approximately 1.2 GW each for silicon wafers,
solar cells and solar modules as of September 30, 2012. JinkoSolar distributes
its photovoltaic products to a diversified customer base in the global PV
market, including in Germany, Italy, Belgium, Spain, the United States,
France, Eastern Europe, China and other countries and regions.

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:

  o Non-GAAP net income (loss) is adjusted to exclude the expenses relating to
    the issuance of convertible senior notes, changes in fair value of
    convertible senior notes and capped call options, interest expenses of
    convertible senior notes and exchange gains on the convertible senior
    notes and capped call options;
  o 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 gains on the convertible senior notes and capped call
    options as well as incremental shares for assumed conversions of
    convertible senior notes; and
  o Non-GAAP diluted weighted average ordinary shares outstanding are adjusted
    to exclude incremental shares for assumed conversions of convertible
    senior notes.

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.    

Exchange Rate Information

The U.S. dollars (US$) amounts disclosed in this press release are presented
solely for the convenience of the readers. Translations of amounts from RMB
into U.S. dollars for the convenience of the readers were calculated at the
certified exchange rate of US$1.00 = RMB6.2848 on September 28, 2012 as set
forth in the H.10 weekly statistical release of the Federal Reserve Board. No
representation is intended to imply that the RMB amounts could have been, or
could be, converted, realized or settled into U.S. dollars at that rate on
September 30, 2012, or at any other date. The percentages stated are
calculated based on RMB amounts.

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: +86-10-5826-4939
Email: carnell@christensenir.com

In theU.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
                         September 30,  June 30, 2011  September 30, 2012
                         2011
                         RMB            RMB            RMB          USD
 Revenues from third     1,781,052      1,180,267      1,365,956    217,343
parties 
 Revenues from related   -              57,724         23,349       3,715
parties 
 Total revenues          1,781,052      1,237,991      1,389,305    221,058
 Cost of revenues        (1,715,011)    (1,134,401)    (1,251,910)  (199,196)
 Gross profit            66,041         103,590        137,395      21,862
 Operating expenses: 
   Selling and           (73,933)       (90,433)       (90,420)     (14,387)
marketing 
   General and           (184,136)      (77,561)       (81,545)     (12,975)
administrative 
   Research and          (5,238)        (18,107)       (16,944)     (2,696)
development 
 Total operating         (263,307)      (186,101)      (188,909)    (30,058)
expenses 
 Loss from operations    (197,266)      (82,511)       (51,514)     (8,196)
 Interest expenses, net  (49,520)       (54,828)       (51,757)     (8,235)
 Subsidy income          17,044         -              -            -
 Exchange (loss)/gain    (77,039)       (124,976)      49,069       7,808
 Other (expense)/income, (3,725)        (1,999)        12,414       1,975
net 
 Change in fair value of
forward                  68,453         (53,198)       (4,873)      (775)
 contracts 
 Change in fair value of
convertible senior       311,144        (3,266)        (6,801)      (1,082)
 notes and capped call
options 
 Income/(loss) before    69,091         (320,778)      (53,462)     (8,505)
income taxes  
 Income tax              (986)          10,290         (1,289)      (205)
(expense)/benefit 
 Net income/(loss)       68,105         (310,488)      (54,751)     (8,710)
 Less: Net loss/(income)
attributable to          -              (2)            2            -
non-controlling
interests 
Net income/(loss)
attributable to
 JinkoSolar Holding Co., 68,105         (310,486)      (54,753)     (8,710)
Ltd.'s
 ordinary shareholders
 Net income/(loss)
attributable to
 JinkoSolar Holding Co.,
Ltd.'s
 ordinary shareholders
per share: 
   Basic                 0.72           (3.50)         (0.62)       (0.10)
   Diluted               (2.97)         (3.50)         (0.62)       (0.10)
 Net income/(loss)
attributable to
 JinkoSolar Holding Co.,
Ltd.'s
 ordinary shareholders
per ADS: 
   Basic                 2.86           (14.00)        (2.48)       (0.39)
   Diluted               (11.88)        (14.00)        (2.48)       (0.39)
 Weighted average
ordinary shares
 outstanding: 
   Basic                 95,115,055     88,740,778     88,740,778   88,740,778
   Diluted               110,780,910    88,740,778     88,740,778   88,740,778
 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
 Net income/ (loss)      68,105         (310,488)      (54,751)     (8,710)
 Other comprehensive
income: 
   -Foreign currency     (683)          (247)          (609)        (97)
translation adjustments 
 Comprehensive income/   67,422         (310,735)      (55,360)     (8,807)
(loss) 
 Less: comprehensive
income/ (loss)
attributable to          -              (2)            2            -
non-controlling
interest 
 Comprehensive income/
(loss) attributable to
JinkoSolar Holding Co.,  67,422         (310,733)      (55,362)     (8,807)
Ltd.'s ordinary
shareholders 
 NON-GAAP
RECONCILIATION 
 1. Non-GAAP earnings per share and non-GAAP earnings per ADS 

 
 GAAP net income/(loss)
attributable to
JinkoSolar Holding Co.,  68,105         (310,486)      (54,753)     (8,710)
Ltd.'s ordinary
shareholders 
 Change in fair value of
convertible senior       (311,144)      3,266          6,801        1,082
 notes and capped call
options 
 4% of interest expense
of convertible           7,982          7,746          6,192        985
 senior notes 
 Exchange (loss)/gain    (12,887)       1,909          13,985       2,225
 Non-GAAP net
income/(loss)
attributable to          (247,944)      (297,565)      (27,775)     (4,418)
JinkoSolar Holding Co.,
Ltd.'s ordinary
shareholders-  
 Non-GAAP net
income/(loss)
attributable to
JinkoSolar Holding Co.,
Ltd.'s ordinary
shareholders per share
- 
   Basic                 (2.61)         (3.35)         (0.31)       (0.05)
   Diluted               (2.58)         (3.35)         (0.31)       (0.05)
 Non-GAAP net income
attributable to
 JinkoSolar Holding Co.,
Ltd. 's ordinary
 shareholders per ADS - 
   Basic                 (10.43)        (13.40)        (1.24)       (0.20)
   Diluted               (10.33)        (13.40)        (1.24)       (0.20)
 Non-GAAP weighted
average ordinary
 shares outstanding - 
   Basic                 95,115,055     88,740,778     88,740,778   88,740,778
   Diluted               95,966,098     88,740,778     88,740,778   88,740,778

 

 

JINKOSOLAR HOLDING CO., LTD. 
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

 
                                           December 31,
                                           2011           September 30, 2012
                                           (Note 1)
                                           RMB            RMB        USD
ASSETS
Current assets:
  Cash and cash equivalents                433,851        228,449    36,349
  Restricted cash                          146,175        116,582    18,550
  Short-term investments                   494,215        618,087    98,346
  Accounts receivable, net - related       31,010         140,588    22,370
parties
  Accounts receivable, net - third parties 1,600,207      2,061,730  328,050
  Notes receivable                         17,280         267        42
  Advances to suppliers, net - related     -              1,662      264
parties
  Advances to suppliers, net - third       208,104        191,897    30,534
parties
  Inventories                              798,075        852,585    135,658
  Forward contract receivables             64,955         10,751     1,711
  Other receivables—related parties        691            772        123
  Project assets                           -              351,557    55,938
  Prepayments and other current assets     813,910        438,748    69,810
Total current assets                       4,608,473      5,013,675  797,745
Non-current assets:
  Long term investment                     -              7,200      1,146
  Property, plant and equipment, net       3,840,799      3,458,769  550,339
  Land use rights, net                     368,043        367,416    58,461
  Intangible assets, net                   3,656          6,415      1,021
  Advances to suppliers to be utilized     209,631        47,600     7,574
  beyond one year
  Capped call options                      16,408         10,792     1,717
  Other assets                             129,388        145,573    23,163
Total assets                               9,176,398      9,057,440  1,441,166
LIABILITIES
Current liabilities:
  Accounts payable - related parties       35,888         142,765    22,716
  Accounts payable - third parties         340,999        1,289,783  205,223
  Notes payable                            909,831        904,268    143,882
  Accrued payroll and welfare expenses     176,648        187,880    29,894
  Advances from customers                  85,524         77,672     12,359
  Income tax payables                      32,884         2          -
  Other payables and accruals              813,027        959,283    152,636
  Other payables due to a related party    1,094          2,222      354
  Forward contract payables                5,524          33,927     5,398
  Bonds payable and accrued interests      1,039,635      308,460    49,080
  Short-term borrowings from third
parties, including current portion of      2,200,032      2,145,521  341,382
long-term bank
borrowings
  Guarantee liabilities                    1,500          1,500      239
Total current liabilities                  5,642,586      6,053,283  963,163
Non-current liabilities:
  Long-term borrowings                     155,500        275,000    43,756
  Long-term payables                       0              164        26
  Accrued warranty costs – non-current     85,362         99,917     15,898
  Convertible senior notes                 387,777        413,151    65,738
  Forward contract payables-long term      -              14,515     2,310
Total long term liabilities                628,639        802,747    127,728
Total liabilities                          6,271,225      6,856,030  1,090,891
SHAREHOLDERS' EQUITY
Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 89,435,058
and 88,740,778 shares issued and           13             13         2
outstanding as of December 31, 2011 and
September 30, 2012, respectively)
Additional paid-in capital                 1,507,225      1,522,012  242,173
Statutory reserves                         178,984        178,984    28,479
Accumulated other comprehensive            (135)          (270)      (43)
(loss)/income
Treasury stock, at cost; 1,028,920 and
1,723,200 of ordinary shares as of         (8,354)        (13,876)   (2,208)
December 31,
2011 and September 30, 2012, respectively
Retained earnings                          1,217,457      495,947    78,912
Total JinkoSolar Holding Co., Ltd.         2,895,190      2,182,810  347,315
shareholders' equity
Non-controlling interests                  9,983          18,600     2,960
Total liabilities and shareholders' equity 9,176,398      9,057,440  1,441,166
Note 1: The Condensed Consolidated Balance Sheet as of December 31, 2011 was
derived from the audited consolidated financial statements.

 

 

SOURCE JinkoSolar Holding Co., Ltd.

Website: http://www.jinkosolar.com
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