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JinkoSolar Announces First Quarter 2013 Results



               JinkoSolar Announces First Quarter 2013 Results

PR Newswire

SHANGHAI, June 7, 2013

SHANGHAI, June 7, 2013 /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
first quarter ended March 31, 2013.

First Quarter 2013 Highlights

  o Total solar product shipments were 338.6 megawatts ("MW"), consisting of
    282.4 MW of solar modules, 25.4 MW of silicon wafers and 30.8 MW of solar
    cells. This represents an increase of 12.2% from 301.9 MW in the fourth
    quarter of 2012 and an increase of 36.0% from 249.0 MW in the first
    quarter of 2012.
  o Total revenues were RMB1.16 billion (US$187.3 million), representing a
    decrease of 0.3% from the fourth quarter of 2012 and an increase of 9.7%
    from the first quarter of 2012. 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 RMB9.5
    million and RMB62.0 million for the first quarter of 2013 and the fourth
    quarter of 2012, respectively. As of March 31, 2013, the cumulative
    amounts of retainage that were not recognized as revenue was RMB131.3
    million.
  o Gross margin was 12.7%, compared with 3.8% in the fourth quarter of 2012
    and 0.7% in the first quarter of 2012.
  o In-house gross margin[1] was 13.1%, compared with 5.6% in the fourth
    quarter of 2012 and 10.8% in the first quarter of 2012.
  o Loss from operations was RMB16.8million (US$2.7million), compared with a
    loss from operations of RMB733.7 million in the fourth quarter of 2012 and
    a loss from operations of RMB306.0 million in the first quarter of 2012.
  o Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary
    shareholders was RMB128.7 million (US$20.7 million), compared with a net
    loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders
    of RMB761.1 million in the fourth quarter of 2012 and a net loss
    attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of
    RMB356.3 million in the first quarter of 2012.
  o Diluted loss per share was RMB1.45 (US$0.23), compared with a diluted loss
    per share of RMB8.58 in the fourth quarter of 2012 and a diluted loss per
    share of RMB4.01 in the first quarter of 2012.
  o Diluted loss per American depositary share ("ADS") was RMB5.80 (US$0.92),
    compared with a diluted loss per ADS of RMB34.32 in the fourth quarter of
    2012 and a diluted loss per ADS of RMB16.04 in the first quarter of 2012.
    Each ADS represents four ordinary shares.
  o Non-GAAP net loss[2] attributable to JinkoSolar Holding Co., Ltd.'s
    ordinary shareholders in the first quarter of 2013 was RMB75.3 million
    (US$12.1 million), compared with a non-GAAP net loss attributable to
    JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB699.5 million
    in the fourth quarter of 2012 and a non-GAAP net loss attributable to
    JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB330.5 million
    in the first quarter of 2012.
  o Non-GAAP basic and diluted loss per share in the first quarter of 2013 was
    RMB0.85 (US$0.14). Non-GAAP basic and diluted loss per ADS was RMB3.40
    (US$0.56) in the first quarter of 2013.

[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 attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders to exclude 1) the expenses related to the issuance of
convertible senior notes, 2) changes in fair value of convertible senior notes
and capped call options, 3) interest expenses on the convertible senior notes,
and 4) the exchange gain on the convertible senior notes and capped call
options.

"We are pleased with our substantial progress towards regaining profitability
in the face of continued module oversupply and weak global economic growth,"
commented Mr. Kangping Chen, JinkoSolar's Chief Executive Officer. "In the
first quarter of 2013, we maintained our leading position in the global PV
market, grew our shipments in volume and expanded our geographic reach. As a
result of improving ASPs and our competitive cost structure, our gross margin
further increased to 12.7%, among the industry's highest for PV product
manufacturers. We believe that this quarter's results demonstrate the
effectiveness of the measures we have taken to diversify our customer base and
the improvements in our operational efficiency in a rapidly changing solar
power environment."

"Our working capital and cash reserves improved significantly following the
successful issuance of RMB800 million in corporate bonds in the first quarter
and the signing of a RMB360 million loan facility with China Development Bank
shortly thereafter. We believe this support from respected institutions and
the financial markets is a clear vote of confidence in our long-term growth
potential."

"We continue to lead the global PV industry in the state-of-the-art
development of efficient and reliable solar products. We unveiled our newest
series of 'Eagle II' solar modules at the 7th SNEC International Photovoltaic
Power Generation Conference & Exhibition in Shanghai last month. Like its
predecessor, the 'Eagle I,' this series is also certified PID free under the
conditions of 85°C and 85% relative humidity, and represents a high standard
of performance and reliability. It is also Dust and Sand certified by TUV
Nord, underlining just how effective JinkoSolar has become at reliably
delivering the best performance in diverse real world conditions. We are
currently planning to develop a new series of modules with distinctive
features, including "smart modules," which we hope will revolutionize the way
in which solar modules are managed and optimized. With such strong products
and growing demand, we have been able to maintain our inventory at a
relatively healthy level."

"We are eager to leverage our strong brand reputation and excellent product
quality and service to increase our exports and exposure globally. We continue
to seek out new opportunities in emerging solar markets such as China, Japan,
US, South Africa and India. We have considerably expanded our market presence
in Japan. In March, we officially established a local sales office in Japan
and have already signed a few large contracts. We expect that Japan will
account for approximately 15% of our product shipments in the coming quarters.
We also expect demand to pick up in China as it emerges from the seasonally
slow first quarter. As one of the best-known PV module brands in China, we are
well positioned to maintain our market share, capture future module sales, and
further develop our PV project and EPC business. In addition, we have secured
a variety of large contracts in India and have increased our presence in South
Africa, where we have seen a rise in repeat business opportunities following
the signing of a 115 MW contract and a 81 MW contract. We are analyzing the
potential impact of the preliminary affirmative anti-dumping determination
announced by the European Commission on June 4, which we believe to be both
unfair and unfounded. We are determined to explore new ways to compete
effectively in Europe."

"We are optimistic about our future development and financial and operational
prospects. Our strong client relationships and reputation for excellence have
driven our geographic expansion as we search for new business opportunities.
Having prudently managed our business to adapt to the rapidly changing global
economic circumstances, we are eager to leverage our industry-leading
technology and cost structure along with our improved financial position to
seize market opportunities and drive future growth."

First Quarter 2013 Financial Results

Total Revenues

Total revenues in the first quarter of 2013 were RMB1.16 billion (US$187.3
million), representing a decrease of 0.3% from RMB1.17 billion in the fourth
quarter of 2012 and an increase of 9.7% from RMB1.06 billion in the first
quarter of 2012. The sequential stability in revenues was primarily
attributable to the decrease of revenues from system integration projects for
which the Company provides EPC services, as the Company recognized EPC
revenues in the fourth quarter of 2012 and did not recognize such revenues in
the first quarter of 2013, offset by an increase of revenues from the increase
shipments of solar module. The year-over-year increase in total revenues was
primarily attributable to an increase in the shipment of solar modules, offset
by the decline in average selling prices ("ASPs") of solar modules.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2013 was RMB147.3 million (US$23.7
million), compared with a gross profit of RMB44.0 million in the fourth
quarter of 2012 and a gross profit of RMB7.0 million in the first quarter of
2012.

Gross margin was 12.7% in the first quarter of 2013 compared with 3.8% in the
fourth quarter of 2012 and 0.7% in the first quarter of 2012. The sequential
and year-over-year increases in our gross margin were primarily attributable
to the continued reduction in costs for our polysilicon and auxiliary
materials and improvements in our operating efficiency.

In-house gross margin relating to the Company's in-house silicon wafer, solar
cell and solar module production was 13.1% in the first quarter of 2013,
compared with 5.6% in the fourth quarter of 2012and 10.8% in the first quarter
of 2012.

Loss from Operations and Operating Margin

Loss from operations in the first quarter of 2013 was RMB16.8 million
(US$2.7million), compared with a loss from operations of RMB733.7 million in
the fourth quarter of 2012 and a loss from operations of RMB306.0 million in
the first quarter of 2012. Operating margin in the first quarter of 2013 was
negative1.4%, compared with negative 62.9% in the fourth quarter of 2012 and
negative 28.9% in the first quarter of 2012.

Total operating expenses in the first quarter of 2013 were RMB 164.1 million
(US$26.4 million), a decrease of 78.9% from RMB777.7 million in the fourth
quarter of 2012 and a decrease of 47.6% from RMB313.0 million in the first
quarter of 2012, which was primarily due to the significant non-cash charges
recognized in the fourth quarter of 2012 and the first quarter of 2012,
respectively. In the fourth quarter of 2012, the Company recognized a
provision for bad debts of RMB364.1 million primarily due to the increase in
overdue balance of accounts receivable, a provision of RMB93.2 million on
inventory purchase prepayment under long-term polysilicon supply contracts as
a result of suspension of a supplier's production, an impairment of long-lived
assets for obsolete production lines of RMB65.5 million due to technological
innovations in the solar industry and a write off of equipment prepayments of
RMB44.2 million as a result of change of procurement plan. In the first
quarter of 2012, the Company recognized a provision of RMB129.8 million on
inventory purchase prepayment under long-term polysilicon supply contracts as
a result of the adverse developments in suppliers' operations.

Total operating expenses excluding non-cash charges, consisting of provision
for bad debts, an impairment of long-lived assets, a write-off for equipment
prepayment, and a provision for the Company's inventory purchase prepayment
under long-term polysilicon supply contracts were RMB173.8 million, compared
to RMB210.7 million in the fourth quarter of 2012 and RMB150.8 million in the
first quarter of 2012.

Total operating expenses excluding non-cash charges as a percentage of total
net revenues were 14.9% in the first quarter of 2013, compared to 18.1% in the
fourth quarter of 2012 and 14.2% in the first quarter of 2012.

Interest Expense, Net

Net interest expense in the first quarter of 2013 was RMB55.3 million (US$8.9
million), a decrease of 1.9% from RMB56.3 million in the fourth quarter of
2012and a decrease of 6.0% from RMB58.8 million in the first quarter of 2012.

Exchange Gain / (Loss)

Due to the depreciation of the Euro against the RMB during the first quarter
of 2013, the Company recorded anexchange loss of RMB18.7million (US$3.0
million) in the first quarter of 2013, which was primarily due to a foreign
currency exchange loss of RMB33.7 million (US$5.4 million) and gain in fair
value of forward contracts of RMB15.0 million (US$2.4million).The Company had
net exchange gain of RMB59.7 million in the fourth quarter of 2012 and net
exchange gain of RMB28.8 million in the first quarter of 2012.

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

The Company recognized a loss from a change in fair value of convertible
senior notes and capped call options of RMB47.0 million (US$7.6million) in the
first quarter of 2013, primarily as a result of the put options on the
Company's outstanding convertible notes due 2016 nearing their exercisable
date on May 15, 2014.

Income Tax Expense (Benefit)

The Company recognized a tax expense of RMB13, 235 (US$2,131) in the first
quarter of 2013, compared with a tax expense of RMB83,132 in the fourth
quarter of 2012 and no income tax expense during the first quarter of 2012.

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

Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders
in the first quarter of 2013 was RMB128.7 million (US$20.7 million), compared
with a net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders of RMB761.1 million in the fourth quarter of 2012 and a net loss
attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of
RMB356.3 million in the first quarter of 2012.

Basic and diluted loss per share was RMB1.45 (US$0.23) in the first quarter of
2013. Basic and diluted loss per ADS was RMB5.80 (US$0.92) in the first
quarter of 2013.

Non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders in the first quarter of 2013 was RMB75.3 million (US$12.1
million), compared with a non-GAAP net loss attributable to JinkoSolar Holding
Co., Ltd.'s ordinary shareholders of RMB699.5 million in the fourth quarter of
2012 and a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders of RMB330.5 million in the first quarter of 2012.

Non-GAAP basic and diluted loss per share in the first quarter of 2013 was
RMB0.85 (US$0.14).This translates into non-GAAP basic and diluted loss per ADS
of RMB3.40 (US$0.56) in the first quarter of 2013.

Financial Position

As of March 31, 2013, the Company had RMB790.7 million (US$127.3 million) in
cash and cash equivalents and restricted cash, compared with RMB419.9 million
of cash and cash equivalents and restricted cash as of December 31, 2012.

As of March 31, 2013, total short-term borrowings including the current
portion of long-term bank borrowings were RMB2.47 billion (US$397.0 million),
compared with RMB2.25 billion as of December 31, 2012, and total long-term
borrowings were RMB344.0 million (US$55.4 million), compared with RMB167.0
million as of December 31, 2012. 

On January 29, 2013, the Company issued six-year bonds with a principal amount
of RMB800 million (128.4 million), bearing a fixed annual interest rate of
8.99%. At the end of the third year in the life of the bonds, the Company has
the option to raise the interest rate by up to 100 basis points, and the
bondholders will have the right to require the Company to repurchase all or
part of their bonds at such time.

As of March 31, 2013, the Company's working capital balance was negative
RMB1.39 billion (US$223.1 million), compared with negative RMB2.25 billion as
of December 31, 2012.

First Quarter 2013Operational Highlights

Solar Product Shipments

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. In comparison, total shipments for the fourth quarter of 2012
were 301.9 MW, consisting of 252.3 MW of solar modules, 25.3 MW of silicon
wafers and 24.3 MW of solar cells, and total solar product shipments in the
first quarter of 2012 were 249.0 MW, consisting of 157.1 MW of solar modules,
80.1 MW of silicon wafers and 11.8 MW of solar cells.

Solar Products Production Capacity

As of March 31, 2013, the Company's in-house annual silicon wafer, solar cell
and solar module production capacity was approximately 1,200 MW each.

Recent Business Developments

  o In February 2013, JinkoSolar successfully completed the issuance of
    six-year bonds in a principal amount of RMB800 million. The bonds bear a
    fixed annual interest rate of 8.99% and will mature on January 29, 2019.
    The interest rate is equal to current one-year SHIBOR (Shanghai Interbank
    Offered Rate) of 4.40% plus 459 basis points (4.59%).
  o In February 2013, JinkoSolar entered into a strategic cooperation
    agreement with China Three Gorges New Energy Corp., pursuant to which
    JinkoSolar will supply 600 MW of its high efficiency solar panels to
    projects in western China from 2013 to 2015.
  o On March 19, 2013, JinkoSolar entered into loan facilities for an
    aggregate principal amount of RMB360 million (approximately US$57.8
    million) and a term of 15 years with China Development Bank. The financing
    will be used to develop JinkoSolar's domestic PV projects.
  o In April 2013, JinkoSolar entered into a module supply agreement with a
    well-recognized project developer, pursuant to which JinkoSolar will
    supply 115 MW of its high-efficiency solar panel to two projects in South
    Africa.
  o In May 2013, JinkoSolar unveiled its new series "Eagle II" solar modules
    at the 7^th SNEC International Photovoltaic Power Generation Conference &
    Exhibition in Shanghai. A 60-cell "Eagle II" module can reach peak power
    output of approximately 260-270 watts.
  o In May 2013, JinkoSolar's modules passed TUV Nord's Dust & Sand
    Certification Test. TUV Nord's certification indicates that JinkoSolar's
    modules are suitable for installation in desert regions, where a shortage
    of rain and constant sandstorms can cause solar PV plants to operate
    inefficiently.

Operations and Business Outlook

Second Quarter and Full Year 2013Guidance

For the second quarter of 2013, total solar module shipments are expected to
be between 450 MW and 470 MW. For the full year 2013, total solar module
shipments are expected to be between 1.2 GW and 1.5 GW, and total project
development scale is expected to be between 200 MW and 300 MW. The Company
expects to maintain in-house annual silicon wafer, solar cell, and solar
module production capacity at approximately 1,200 MW each during 2013.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Friday, June
7, 2013 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: +852-2475-0994
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 Daylight Time, June 14, 2013.
The dial-in details for the replay are as follows:

International:                      +61-2-8199-0299
U.S. Toll Free:                     +1-855-452-5696
Passcode:                           75004494

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 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, 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 1.2 GW each for silicon ingots and
wafers, solar PV cells and solar PV modules as of March 31, 2013. JinkoSolar
distributes its photovoltaic products to a diversified customer base in the
global PV market, including Germany, Italy, Belgium, Spain, the United States,
France, Eastern Europe, China, India, Japan, South Africa 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 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;
  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 gain 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.    

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 29, 2013, which was
RMB6.2108 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 on March 29, 2013 or March 31, 2013. 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: +86-10-5826-4939
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,    December 31, 2012  March 31, 2013
                       2012
                       RMB          RMB                RMB          USD
 Revenues from third   990,450      1,116,516          1,134,459    182,659
parties 
 Revenues from related 69,632       50,650             28,944       4,660
parties 
 Total revenues        1,060,082    1,167,166          1,163,403    187,319
 Cost of revenues      (1,053,050)  (1,123,171)        (1,016,092)  (163,601)
 Gross profit          7,032        43,995             147,311      23,718
 Operating expenses: 
   Selling and         (77,868)     (84,686)           (93,924)     (15,123)
marketing 
   General and         (91,645)     (510,056)          (60,064)     (9,671)
administrative 
   Research and        (13,653)     (20,256)           (10,133)     (1,632)
development 
   Provision for       (129,843)    (97,230)           -            -
advance to suppliers 
   Impairment of long  -            (65,476)           -            -
lived assets 
 Total operating       (313,009)    (777,704)          (164,121)    (26,426)
expenses 
 Loss from operations  (305,977)    (733,709)          (16,810)     (2,708)
 Interest expenses,    (58,814)     (56,320)           (55,266)     (8,898)
net 
 Subsidy income        284          40,619             1,854        299
 Exchange (loss)/gain  29,730       9,704              (33,716)     (5,429)
 Other                 (2,082)      (4,070)            6,784        1,092
(expense)/income, net 
 Change in fair value
of forward             (972)        50,000             15,034       2,421
 contracts 
 Change in fair value
of convertible senior  (18,423)     (68,671)           (46,984)     (7,565)
 notes and capped call
options 
 Loss before income    (356,254)    (762,447)          (129,104)    (20,788)
taxes  
 Income tax            0            (83)               (13)         (2)
benefit/(expense) 
 Equity in losses of   -            (16)               (45)         (7)
affiliated companies 
 Net loss              (356,254)    (762,546)          (129,162)    (20,797)
 Less: Net
(income)/loss
attributable to        17           (1,411)            (418)        (67)
 non-controlling
interests 
 Net loss attributable
to
 JinkoSolar Holding    (356,271)    (761,135)          (128,744)    (20,730)
Co., Ltd.'s
 ordinary
shareholders 
 Net loss attributable
to
 JinkoSolar Holding
Co., Ltd.'s
 ordinary shareholders
per share: 
   Basic               (4.01)       (8.58)             (1.45)       (0.23)
   Diluted             (4.01)       (8.58)             (1.45)       (0.23)
 Net loss attributable
to
 JinkoSolar Holding
Co., Ltd.'s
 ordinary shareholders
per ADS: 
   Basic               (16.04)      (34.32)            (5.80)       (0.92)
   Diluted             (16.04)      (34.32)            (5.80)       (0.92)
 Weighted average
ordinary shares
 outstanding: 
   Basic               88,786,920   88,742,978         88,758,778   88,758,778
   Diluted             88,786,920   88,742,978         88,758,778   88,758,778
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
 Net loss              (356,254)    (762,546)          (129,162)    (20,797)
 Other comprehensive
income: 
   -Foreign currency
translation            720          507                2,443        393
adjustments 
 Comprehensive income/ (355,534)    (762,039)          (126,719)    (20,404)
(loss) 
 Less: comprehensive
income/ (loss)
 attributable to       17           (1,411)            (418)        (67)
non-controlling
interest 
 Comprehensive loss
attributable to
 JinkoSolar Holding    (355,551)    (760,628)          (126,301)    (20,337)
Co., Ltd.'s ordinary
 shareholders 
 NON-GAAP
RECONCILIATION 
 1. Non-GAAP earnings per share
and non-GAAP earnings per ADS 
 GAAP net loss
attributable to
JinkoSolar             (356,271)    (761,135)          (128,744)    (20,730)
 Holding Co., Ltd.'s
ordinary shareholders 
 Change in fair value
of convertible senior  18,423       68,671             46,984       7,565
 notes and capped call
options 
 4% of interest
expense of convertible 7,751        9,356              7,729        1,244
 senior notes 
 Exchange (loss)/gain
on  convertible senior (398)        (16,440)           (1,287)      (207)
 notes and capped call
options 
 Non-GAAP net loss
attributable to
JinkoSolar             (330,495)    (699,548)          (75,318)     (12,128)
 Holding Co., Ltd.'s
ordinary
shareholders-  
 Non-GAAP net loss
attributable to
JinkoSolar
 Holding Co., Ltd.'s
ordinary shareholders
per share - 
   Basic               (3.72)       (7.88)             (0.85)       (0.14)
   Diluted             (3.72)       (7.88)             (0.85)       (0.14)
 Non-GAAP net loss
attributable to
 JinkoSolar Holding
Co., Ltd. 's ordinary
 shareholders per ADS
- 
   Basic               (14.88)      (31.52)            (3.40)       (0.56)
   Diluted             (14.88)      (31.52)            (3.40)       (0.56)
 Non-GAAP weighted
average ordinary
 shares outstanding - 
   Basic               88,786,920   88,742,978         88,758,778   88,758,778
   Diluted             88,786,920   88,742,978         88,758,778   88,758,778

 

JINKOSOLAR HOLDING CO., LTD. 
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                                       December 31,
                                       2012            March 31, 2013
                                       (Note 1)
                                       RMB             RMB          USD
ASSETS
Current assets:
  Cash and cash equivalents            279,130         577,521      92,987
  Restricted cash                      140,761         213,226      34,331
  Short-term investments               722,461         1,009,715    162,574
  Accounts receivable, net - related   105,531         120,976      19,478
parties
  Accounts receivable, net - third     1,712,685       1,892,718    304,746
parties
  Notes receivable - related parties   -               1,251        201
  Notes receivable - third parties     1,424           7,276        1,172
  Advances to suppliers, net - related -               721          116
parties
  Advances to suppliers, net - third   63,553          181,405      29,208
parties
  Inventories                          527,962         744,001      119,791
  Forward contract receivables         12,930          23,264       3,746
  Other receivables—related parties    5,840           5,896        949
  Prepayments and other current assets 413,331         550,461      88,630
Total current assets                   3,985,608       5,328,431    857,929
Non-current assets:
  Restricted cash                      14,800          14,800       2,383
  Project Assets                       536,391         619,041      99,672
  Long term investment                 35,184          35,139       5,658
  Property, plant and equipment, net   3,329,873       3,275,959    527,462
  Land use rights, net                 365,749         364,083      58,621
  Intangible assets, net               6,374           6,548        1,054
  Capped call options                  16,131          10,434       1,680
  Other assets                         82,210          96,627       15,558
Total assets                           8,372,320       9,751,062    1,570,017
LIABILITIES
Current liabilities:
  Accounts payable - related parties   30,045          28,611       4,607
  Accounts payable - third parties     1,347,327       1,170,018    188,384
  Notes payable                        1,149,137       1,561,946    251,489
  Accrued payroll and welfare expenses 206,425         203,173      32,713
  Advances from customers              121,031         101,321      16,314
  Income tax payables                  3               -            -
  Other payables and accruals          817,393         850,638      136,961
  Other payables due to a related      2,271           2,436        392
party
  Forward contract payables            5,491           -            -
  Bonds payable and accrued interests  313,690         330,502      53,214
  Short-term borrowings from third
parties,
  including current portion of         2,245,631       2,465,493    396,969
long-term bank
  borrowings
  Guarantee liabilities                -               -            -
Total current liabilities              6,238,444       6,714,138    1,081,043
Non-current liabilities:
  Long-term borrowings                 167,000         344,000      55,387
  Long-term payables                   146             9,134        1,471
  Bond payables                        -               800,000      128,808
  Accrued warranty costs – non-current 109,338         109,781      17,676
  Convertible senior notes             483,582         523,553      84,297
  Forward contract payables-long term  -               -            -
Total long term liabilities            760,066         1,786,468    287,639
Total liabilities                      6,998,510       8,500,606    1,368,682
SHAREHOLDERS' EQUITY
Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized,
88,758,778
shares issued and outstanding as of    13              13           2
December
31, 2012 and March 31, 2013,
respectively)
Additional paid-in capital             1,524,729       1,527,893    246,006
Statutory reserves                     179,041         179,041      28,827
Accumulated other comprehensive        236             2,679        431
(loss)/income
Treasury stock, at cost; 1,723,200
shares of
ordinary shares as of December 31,     (13,876)        (13,876)     (2,234)
2012 and
March 31, 2013, respectively
Retained earnings                      (325,022)       (453,766)    (73,061)
Total JinkoSolar Holding Co., Ltd.     1,365,121       1,241,984    199,971
shareholders' equity
Non-controlling interests              8,689           8,472        1,364
Total liabilities and shareholders'    8,372,320       9,751,062    1,570,017
equity
Note 1: The Condensed Consolidated Balance Sheet as of December 31, 2012 was
derived from the audited
consolidated financial statements.

 

SOURCE JinkoSolar Holding Co., Ltd.

Website: http://www.jinkosolar.com
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