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JinkoSolar Announces Second Quarter 2016 Financial Results
[August 25, 2016]

JinkoSolar Announces Second Quarter 2016 Financial Results


SHANGHAI, Aug. 25, 2016 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the second quarter ended June 30, 2016.

Second Quarter 2016 Highlights

  • Total solar module shipments were 1,716 megawatts ("MW"), which includes 204 MW used in the Company's downstream projects. Total solar module shipments increased by 7.3% from 1,600 MW in the first quarter of 2016 and 87.9% from 913 MW in the second quarter of 2015.
  • Total revenues were RMB5.96 billion (US$896.1 million), representing an increase of 8.9% from the first quarter of 2016 and 86.1% from the second quarter of 2015.
  • Solar power projects generated 327 GWh of electricity, representing an increase of 55.8% from the first quarter of 2016 and 60.9% from the second quarter of 2015. Total revenues generated from solar power projects were RMB288.5 million (US$43.4 million), representing an increase of 55.5% from the first quarter of 2016 and 62.1% from the second quarter of 2015.
  • As of June 30, 2016, the Company had connected 1,130 MW worth of solar power projects.
  • Gross margin was 20.4%, compared with 21.3% in the first quarter of 2016 and 20.7% in the second quarter of 2015.
  • Income from operations was RMB445.1 million (US$67.0 million), compared with RMB573.7 million in the first quarter of 2016 and RMB237.0 million in the second quarter of 2015.
  • Net income attributable to the Company's ordinary shareholders was RMB280.1 million (US$42.1 million), compared with RMB313.3 million in the first quarter of 2016 and RMB76.4 million in the second quarter of 2015.
  • Diluted earnings per American depositary share ("ADS") were RMB8.48 (US$1.28), compared with RMB9.32 in the first quarter of 2016 and RMB2.40 in the second quarter of 2015.
  • Non-GAAP net income attributable to the Company's ordinary shareholders was RMB421.8 million (US$63.5 million), compared with RMB414.6 million in the first quarter of 2016 and RMB206.8 million in the second quarter of 2015.
  • Non-GAAP basic and diluted earnings per ADS were RMB13.44 (US$2.04) and RMB12.72 (US$1.92), respectively, in the second quarter of 2016.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer, commented, "I am pleased to announce another strong quarter. Module shipments reached a record high of 1,716 MW, exceeding the high end of our guidance. Total revenues reached US$896.1 million, an increase of 86.1% over the same period last year. We expect global demand to remain robust despite recent industry headwinds and are confident that we will be able to carry this strong growth momentum throughout the second half of the year."

"Electricity output from our domestic projects improved substantially to 327 GWh, an increase of 55.8% sequentially while generating RMB285 million in revenue. This solid increase was mainly due to a number of our projects ramping up to full capacity, increased seasonal sunlight hours, and reduced curtailment in China's western regions. We remain on track to hit our project development guidance with the addition of 123 MW of projects this quarter, bringing our total project capacity to 1,130 MW as of June 30, 2016. We continue to work on spinning off our downstream business, which we believe has enormous potential in the long-run to maximize shareholder value and deleverage our balance sheet from this asset-heavy business."

"Demand during the quarter was strong, especially from the US and China which accounted for the majority of our shipments. While the industry is facing a challenging period, we have already built a strong book of orders for the second half of 2016. Demand in China is expected to soften in the third quarter due to the June 30th FiT cut but is expected to pick up again in the fourth quarter of 2016. The geographic mix of our shipments is also expected to balance out during the second half of this year with other markets such as Latin America, India and Japan expected to grow rapidly."  

"In China, we are actively participating in Top Runner Program and PV Poverty Alleviation Program projects to counter the effects of the declining traditional utility- scale market. We became the first PV company to receive the China Quality Certification Center's level-one energy efficiency certification for both mono and multi-crystalline PV products for the Top Runner Program, another demonstration of the traction our products have in the market given their high-efficiency and reliability. We continue to expand our PERC production lines and have made solid progress in developing our black-silicon technology. We are also working to combine these two technologies to further increase the efficiency and reliability of our products."  

"We update our guidance for year-end manufacturing capacity to 4.5GW, 3.7GW, and 6.5GW for wafers, cells and modules, respectively. The increase is mainly as a result of increased wafer production for usage of our PERC-line products."

"I am confident in our ability to execute our strategy and deliver long-term sustainable growth despite a challenging global environment. We view these challenges as opportunities for us to further improve ourselves as we work to increase value for our shareholders." 

Second Quarter 2016 Financial Results

Total Revenues

Total revenues in the second quarter of 2016 were RMB5.96 billion (US$896.1 million), representing an increase of 8.9% from RMB5.47 billion in the first quarter of 2016 and an increase of 86.1% from RMB3.2 billion in the second quarter of 2015. The sequential and year-over-year increases in total revenues were mainly attributable to the increase in solar module shipments as well as the increase in electricity revenue.

During the second quarter of 2016, revenues from downstream solar power projects were RMB288.5 million (US$43.4 million), an increase of 55.5% from RMB185.5 million in the first quarter of 2016 and an increase of 62.1% from RMB177.9 million in the second quarter of 2015. The sequential and year-over-year increases were primarily due to the increase in number and capacity of the Company's solar projects and reduced curtailment of electricity in China's western regions. Gross profit for solar power project revenues was RMB178.0 million (US$26.8 million) during the second quarter of 2016, representing a gross margin of 61.7%.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2016 was RMB1.21 billion (US$182.4 million), compared with RMB1.17 billion in the first quarter of 2016 and RMB663.6 million in the second quarter of 2015.

Gross margin was 20.4% in the second quarter of 2016, compared with 21.3% in the first quarter of 2016 and 20.7% in the second quarter of 2015. The sequential decrease was mainly due to an increase in tariffs paid for solar modules produced in the Company's Chinese production facilities and shipped to US market.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2016 was RMB445.1 million (US$67.0 million), compared with RMB573.7 million in the first quarter of 2016 and RMB237.0 million in the second quarter of 2015. Operating margin in the second quarter of 2016 was 7.5%, compared with 10.5% in the first quarter of 2016 and 7.4% in the second quarter of 2015.

Total operating expenses in the second quarter of 2016 were RMB767.1 million (US$115.4 million), an increase of 29.5% from RMB592.2 million in the first quarter of 2016 and an increase of 79.8% from RMB426.6 million in the second quarter of 2015. Total operating expenses accounted for 12.9% of total revenues, compared to 10.8% in the first quarter of 2016 and 13.3% in the second quarter of 2015. The sequential and year-over-year increases in operating expenses were mainly due to increases in shipping, warranty costs, provisions of accounts receivables and impairment of property, plant and equipment. The impairment was due to the Company's replacement of certain production equipment in an effort to improve production automation.

Total operating expenses excluding the impact of stock-based compensation, provisions for doubtful accounts, disposal and impairment of fixed assets were RMB596.9 million (US$89.8 million), compared to RMB554.5 million in the first quarter of 2016 and RMB422.8 million in the second quarter of 2015.

Total operating expenses excluding the impact of stock-based compensation, provisions for doubtful accounts, disposal and impairment of fixed assets as a percentage of total net revenues was 10.0% in the second quarter of 2016, compared to 10.1% in the first quarter of 2016 and 13.2% in the second quarter of 2015.

Interest Expense, Net

Net interest expense in the second quarter of 2016 was RMB121.6 million (US$18.3 million), a decrease of 3.8% from RMB126.4 million in the first quarter of 2016 and an increase of 53.0% from RMB79.5 million in the second quarter of 2015. The year-over-year increase was mainly due to an increase in bank borrowings used for solar power projects.

Exchange Gain, Net

The Company recorded a net exchange gain of RMB106.6 million (US$16.0 million) including change in fair value of forward contracts in the second quarter of 2016, compared to RMB11.7 million in the first quarter of 2016 and RMB15.2 million in the second quarter of 2015.

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 option of RMB49.1 million (US$7.4 million) in the second quarter of 2016.

Income Tax Benefit / (Expense), net

The Company recorded an income tax expense of RMB90.9 million (US$13.7 million) in the second quarter of 2016, compared with an income tax expense of RMB100.4 million in the first quarter of 2016 and an income tax benefit of RMB1.8 million during the second quarter of 2015.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders in the second quarter of 2016 was RMB280.1 million (US$42.1 million), compared with RMB313.3 million in the first quarter of 2016 and RMB76.4 million in the second quarter of 2015.

Basic and diluted earnings per ordinary share were RMB2.23 (US$0.34) and RMB2.12 (US$0.34), respectively, during the second quarter of 2016. This translates into basic and diluted earnings per ADS of RMB8.92 (US$1.36) and RMB8.28 (US$1.28), respectively.

Non-GAAP net income attributable to the Company's ordinary shareholders in the second quarter of 2016 was RMB421.8 million (US$63.5 million), compared with RMB414.6 million in the first quarter of 2016 and RMB206.8 million in the second quarter of 2015.

Non-GAAP basic and diluted earnings per ordinary share were RMB3.36 (US$0.51) and RMB3.18 (US$0.48), respectively, during the second quarter of 2016. This translates into non-GAAP basic and diluted earnings per ADS of RMB13.44 (US$2.04) and RMB12.72 (US$1.92), respectively.

Financial Position

As of June 30, 2016, the Company had RMB3.70 billion (US$556.8 million) in cash and cash equivalents and restricted cash, compared with RMB3.37 billion as of March 31, 2016.

As of June 30, 2016, the Company's accounts receivables were RMB4.17 billion (US$627.5 million), compared with RMB3.94 billion as of March 31, 2016.

As of June 30, 2016, the Company's inventories were RMB3.10 billion (US$466.0 million), compared with RMB3.11 billion as of March 31, 2016.

As of June 30, 2016, the Company's total interest-bearing debts were RMB12.05 billion (US$1.81 billion), compared with RMB10.41 billion as of March 31, 2016. Interest-bearing debts from downstream solar power projects were RMB6.66 billion (US$1.0 billion), compared with RMB5.58 billion as of March 31, 2016.

Second Quarter 2016 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2016 amounted to 1,716 MW, including 204 MW used in the Company's downstream projects.

Solar Power Project Capacity

As of June 30, 2016, the Company had connected 1,130 MW of solar power projects to the grid.

Solar Products Production Capacity

As of June 30, 2016, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 3.5 GW, 3.5 GW and 6.5 GW, respectively.

Recent Business Developments

  • In July 2016, JinkoSolar signed three power purchase agreements with Mexico's Federal Electricity Commission for three projects totaling 188MWac.
  • In July 2016, JinkoSolar signed amendments to the credit agreement with Wells Fargo Capital Finance to increase its credit limit to $60 million from $40 million with a three year term.
  • In July 2016, JinkoSolar made a big leap forward in the latest China Fortune 500 list, climbing from position 437 to 330.
  • In July 2016, JinkoSolar signed a one-year JPY2 billion syndicated loan agreement with a bank consortium led by Sumitomo Mitsui Banking Corporation.
  • In July 2016, JinkoSolar was awarded the 2016 BlueSky Award for Global Top Investment Scenarios to Apply New Technologies for Renewable Energy Utilization.

Operations and Business Outlook

Third Quarter and Full Year 2016 Guidance

For the third quarter of 2016, the Company estimates total solar module shipments to be in the range of 1.5 GW to 1.7GW, which includes 1.40 GW to 1.65 GW module shipments to third parties. Revenues will not be recognized for the modules shipped to the Company's own downstream projects as required by U.S. GAAP.

For the full year 2016, the Company estimates total solar module shipments to be in the range of 6 GW and 6.5 GW, which includes 5.4 GW to 5.7 GW module shipments to third parties. Full year newly-added solar power project development scale is expected to be in the range of 600 MW to 800 MW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Thursday, August 25, 2016 at 8:00 a.m. U.S. Eastern 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 23:59 U.S. Eastern Time, September 1, 2016. The dial-in details for the replay are as follows:

International:                      

+61-2-9641-7900


U.S. Toll Free:

+1-866-846-0868


Passcode:

8605972


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

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 3.5 GW for silicon ingots and wafers, 3.5 GW for solar cells, and 6.5 GW for solar modules, as of June 30, 2016. JinkoSolar also sells electricity in China, and had connected approximately 1,130 MW of solar power projects to the grid, as of June 30, 2016.

JinkoSolar has over 15,000 employees across its 5 productions facilities in Jiangxi and Zhejiang Provinces, China, Malaysia, Portugal and South Africa, 16 oversea subsidiaries in Japan,  Singapore, India, Turkey, Germany, Italy, Switzerland, Spain, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa; and 18 global sales offices in China ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income , non-GAAP earnings per Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted average ordinary shares outstanding, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options, and accretion to redemption value of redeemable non-controlling interest:

  • Non-GAAP net income 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, exchange gain on the convertible senior notes and capped call options, stock-based compensation, and accretion to redemption value of redeemable non-controlling interests; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude the expenses relating to the issuance costs of convertible senior notes, changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes and exchange gain on the convertible senior notes and capped call options, stock-based compensation, and accretion to redemption value of redeemable non-controlling interests.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2016, which was RMB6.6459 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: [email protected]

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: [email protected]

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: [email protected]

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


Jun 30, 2015


Mar 31, 2016


Jun 30, 2016


RMB


RMB


RMB


USD

 Revenues from third parties 

3,200,594


5,400,055


5,918,875


890,606









 Revenues from related parties 

-


66,611


36,349


5,469









 Total revenues 

3,200,594


5,466,666


5,955,224


896,075









 Cost of revenues 

(2,536,999)


(4,300,807)


(4,743,024)


(713,677)









 Gross profit 

663,595


1,165,859


1,212,200


182,398









 Operating expenses: 








   Selling and marketing 

(261,551)


(338,369)


(373,338)


(56,176)

   General and administrative 

(125,239)


(215,412)


(250,845)


(37,744)

   Research and development 

(39,838)


(38,394)


(43,617)


(6,563)

   Impairment of long-lived assets 

-


-


(99,328)


(14,946)

 Total operating expenses 

(426,628)


(592,175)


(767,128)


(115,429)









 Income from operations 

236,967


573,684


445,072


66,969

 Interest expenses, net 

(79,506)


(126,440)


(121,615)


(18,299)

 Change in fair value of derivative liability 

-


(1,109)


(1)


-

 Subsidy income 

3,850


35,227


39,475


5,940

 Exchange gain 

12,991


52,045


117,018


17,608

 Change in fair value of forward contracts 

2,170


(40,328)


(10,390)


(1,563)

 Change in fair value of convertible senior
   notes and capped call options 

(50,675)


(30,771)


(49,076)


(7,384)

 Other income/(expense), net 

32


(1,735)


1,291


194

 Income before income taxes  

125,829


460,573


421,774


63,465

 Income tax benefit/(expense), net 

1,845


(100,441)


(90,888)


(13,676)

 Equity in income of affiliated companies 

3,882


1,109


2,351


354

 Net income 

131,556


361,241


333,237


50,143

 Less: Net income attributable to non-controlling
          interests 

751


1,684


1,950


293

 Less: Accretion to redemption value of redeemable non-controlling
          interests 

42,458


46,226


47,555


7,155

 Less:Allocation of net income to participating preferred shares issued
          by subsidiary 

11,929


-


3,648


549

 Net income attributable to
 JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders 

76,418


313,331


280,084


42,146

 Net income attributable to
 JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share: 








   Basic 

0.61


2.50


2.23


0.34

   Diluted 

0.60


2.33


2.12


0.32









 Net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS: 








   Basic 

2.44


10.00


8.92


1.36

   Diluted 

2.40


9.32


8.48


1.28









 Weighted average ordinary shares outstanding: 








   Basic 

124,453,627


125,477,086


125,501,184


125,501,184

   Diluted 

128,359,626


147,904,878


132,545,247


132,545,247









UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME









 Net income 

131,556


361,241


333,237


50,143

 Other comprehensive income: 








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

(303)


-


-


-

   -Foreign currency translation adjustments 

(1,647)


(1,579)


(10,887)


(1,638)

 Comprehensive income 

129,606


359,662


322,350


48,505

 Less: Comprehensive income attributable to non-controlling interests 

751


1,684


1,950


293

 Less:Allocation of net income to participating preferred shares issued
          by subsidiary 

11,929


-


3,648


549

 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders 

116,926


357,978


316,752


47,663

























 NON-GAAP RECONCILIATION 
















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
















 GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary
   shareholders 

76,418


313,331


280,084


42,146









 Change in fair value of derivative liability 

-


1,109


1


-









 Change in fair value of convertible senior
   notes and capped call options 

50,675


30,771


49,076


7,384









 4% of interest expense of convertible  senior notes 

16,726


13,529


10,463


1,574









 Exchange (gain)/loss on  convertible senior  notes and
   capped call options 

(7,328)


(3,005)


21,224


3,193









 Stock-based compensation expense 

27,862


12,669


13,353


2,009









 Accretion to redemption value of redeemable non-controlling interests 

42,458


46,226


47,555


7,155









 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders 

206,810


414,629


421,755


63,463









 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s 
   ordinary shareholders per share 








   Basic 

1.66


3.30


3.36


0.51

   Diluted 

1.61


2.80


3.18


0.48









 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS 








   Basic 

6.64


13.20


13.44


2.04

   Diluted 

6.44


11.20


12.72


1.92









 Non-GAAP weighted average ordinary shares outstanding  








   Basic 

124,453,627


125,477,086


125,501,184


125,501,184

   Diluted 

128,359,626


147,904,878


132,545,247


132,545,247

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


Mar 31, 2016


Jun 30, 2016


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

2,907,936


3,403,496


512,120

  Restricted cash 

463,838


296,901


44,674

  Restricted short-term investments

2,830,027


2,935,036


441,631

  Short-term investments

22,333


12,865


1,936

  Accounts receivable, net - related parties

55,396


33,000


4,965

  Accounts receivable, net - third parties

3,881,261


4,137,507


622,565

  Notes receivable, net - third parties

113,650


774,924


116,602

  Advances to suppliers, net - related parties

137


137


21

  Advances to suppliers, net - third parties

390,641


354,849


53,394

  Inventories, net

3,110,185


3,097,311


466,048

  Forward contract receivables

5,711


2,124


320

  Deferred tax assets - current

92,696


92,696


13,948

  Other receivables - related parties

103


16


2

  Capped Call options

57


-


-

  Prepayments and other current assets

963,302


975,490


146,781







Total current assets

14,837,273


16,116,352


2,425,007







Non-current assets:






  Restricted cash

290,345


325,986


49,051

  Project Assets

7,430,060


8,517,536


1,281,623

  Long-term investments

118,377


121,887


18,340

  Property, plant and equipment, net

3,926,447


3,977,421


598,477

  Land use rights, net

348,995


353,008


53,117

  Intangible assets, net

20,782


20,803


3,130

  Deferred tax assets - no current

125,844


125,844


18,936

  Other assets - related parties

-


24,927


3,751

  Other assets

1,057,482


1,166,659


175,545







Total non-current assets:

13,318,332


14,634,071


2,201,970







Total assets

28,155,605


30,750,423


4,626,977







LIABILITIES






Current liabilities:






  Accounts payable - related parties

10


317


48

  Accounts payable - third parties

3,927,121


4,072,281


612,751

  Notes payable - third parties

3,667,304


3,495,154


525,911

  Accrued payroll and welfare expenses

478,682


494,611


74,423

  Advances from customers

684,672


761,924


114,646

  Income tax payable

200,293


233,577


35,146

  Other payables and accruals

1,901,983


2,347,050


353,159

  Other payables due to related parties

5,703


6,039


909

  Forward contract payables

43,537


50,850


7,651

  Convertible senior notes- current

1,101,188


839,969


126,389

  Deferred tax liabilities - current

9,266


9,266


1,394

  Derivative liability -  current

69,135


70,954


10,676

  Bonds payable and accrued interests

1,698


4,615


694

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

5,019,602


5,682,307


855,009







Total current liabilities

17,110,194


18,068,914


2,718,806







Non-current liabilities:






  Long-term borrowings

4,167,091


5,399,232


812,415

  Long-term payables

53,567


67,622


10,175

  Bond payables

120,000


120,000


18,057

  Accrued warranty costs -non-current

348,705


396,405


59,647

  Deferred tax liability - non-current

23,848


23,848


3,588

Total non-current liabilities

4,713,211


6,007,107


903,882







Total liabilities

21,823,405


24,076,021


3,622,688







Redeemable non-controlling interests

1,654,151


1,701,706


256,053







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
  500,000,000 shares authorized, 125,473,930
  and 125,967,386 shares issued and
  outstanding as of December 31, 2015 and
  June 30, 2016, respectively)

18


18


3

Additional paid-in capital

2,937,153


2,957,005


444,937

Statutory reserves

351,763


378,576


56,964

Accumulated other comprehensive income

11,003


116


17

Treasury stock, at cost; 1,723,200 shares of
  ordinary shares as of December 31,
  2015 and June 30, 2016, respectively

(13,876)


(13,876)


(2,088)

Accumulated retained earnings

1,360,375


1,617,293


243,352







Total JinkoSolar Holding Co., Ltd. shareholders' equity

4,646,436


4,939,132


743,185







Non-controlling interests

31,613


33,564


5,051







Total liabilities and shareholders' equity

28,155,605


30,750,423


4,626,977

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2016-financial-results-300318182.html

SOURCE JinkoSolar Holding Co., Ltd.


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