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JinkoSolar Announces Second Quarter 2018 Financial Results

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JinkoSolar Announces Second Quarter 2018 Financial Results

PR Newswire

SHANGHAI, Aug. 13, 2018 /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, 2018.

Second Quarter 2018 Highlights

  • Total solar module shipments were 2,794 megawatts ("MW") (including 200 MW to the Company's overseas downstream segment for which no revenue has been recognized), an increase of 38.7% from 2,015 MW in the first quarter of 2018 and a decrease of 3.1% from 2,884 MW in the second quarter of 2017.
  • Total revenues were RMB6.06 billion (US$915.9 million), an increase of 32.7% from the first quarter of 2018 and a decrease of 23.5% from the second quarter of 2017.
  • Gross margin was 12.0%, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017.
  • Income from operations was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017.
  • Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.
  • Diluted earnings per American depositary share ("ADS") were RMB2.512 (US$0.408) in the second quarter of 2018.
  • Non-GAAP net income attributable to the Company's ordinary shareholders in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.
  • Non-GAAP basic and diluted earnings per ADS were RMB2.728 (US$0.412) and RMB2.708 (US$0.408) in the second quarter of 2018, compared with RMB0.300 and RMB0.296 in the first quarter of 2018 and RMB1.908 and RMB1.892 in the second quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We delivered a strong quarter with module shipments hitting 2,794 MW while generating total revenue of US$915.9 million. Leveraging our cutting-edge technologies, strong global sales network, and industry leading cost structure, I'm confident in our ability to generate sustainable profits and growth going forward."

"Growth during the quarter was strong and we expect this momentum to continue into the second half of the year despite the impact from the new policies issued by the Chinese government on May 31 as shipments to overseas markets are expected to continue growing and account for an increasing proportion of our shipments. We believe these new policies will have a relatively limited impact on our operations over the short-term and are optimistic about our future prospects. We expect demand from Top Runner Program, poverty alleviation projects, local government subsidies, and self-contained DG projects to continue to drive the growth in the Chinese market, especially in regions with ample sunlight and high commercial power prices."

"We already have good visibility of our order book for the entire year which is predominantly made up of overseas orders to markets which are growing rapidly and will generate significant opportunities ahead. We are taking full advantage of our market leading position and production facility in Florida to expand our presence in the US market. Demand in emerging markets continues to grow, especially in Latin American and the Middle East and North Africa. We are devoting our resources there towards securing large long-term orders through our mature sales network which spans a number of markets there. We believe the Indian solar sector will maintain its long-term growth trajectory despite the short-term impact of recently announced tariffs and will continue to explore opportunities there."

"We continued to develop high-efficiency technologies while optimizing the cost structure of our products. We made significant progress in improving wafer efficiency and reducing both oxygen content and light induced degradation. We are increasing our mono PREC cell capacity which will reach 4.2GW by the end of year. We are also investing in N type technology, especially HOT double sided cell technology. The falling cost of raw materials and our deep experience in rapidly rolling out new technologies will allow us to further optimize our cost structure going forward and help us increase market share by providing clients with high-efficiency products at cost effective prices."

"Despite some industry headwinds, we believe those challenges also create opportunities for us to further strengthen our position as a global leader in the solar PV industry. On one hand they will push the industrial upgrading and accelerate the industry's consolidation by phasing out outdated production capacities and replacing them with high efficiency ones; On the other hand, it will push the rapidly falling cost of solar, making solar more competitive and stimulating the global demand. We are now in a good position and are fully prepared for these new opportunities to continue to expand our market share and further consolidate our leading position in the industry."

Second Quarter 2018 Financial Results

Total Revenues

Total revenues in the second quarter of 2018 were RMB6.06 billion (US$915.9 million), an increase of 32.7% from RMB4.57 billion in the first quarter of 2018 and a decrease of 23.5% from RMB7.92 billion in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules in the second quarter of 2018.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2018 was RMB727.6 million (US$110.0 million), compared with RMB656.1 million in the first quarter of 2018 and RMB834.8 million in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules, which was partially offset by a decrease in solar module cost in the second quarter of 2018.

Gross margin was 12.0% in the second quarter of 2018, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017. The sequential decrease was mainly attributable to a decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to a decrease in solar module cost, which was partially offset by a decrease in solar module shipments and a decline in the average selling price of solar modules in the second quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2018 was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017. Operating margin in the second quarter of 2018 was 1.6%, compared with 2.7% in the first quarter of 2018 and 1.1% in the second quarter of 2017.

Total operating expenses in the second quarter of 2018 were RMB633.0 million (US$95.7 million), an increase of 19.2% from RMB531.1 million in the first quarter of 2018 and a decrease of 15.5% from RMB749.5 million in the second quarter of 2017. The sequential increase was mainly due to an increase in shipping cost as a result of an increase in solar module shipments, an increase in bad debt expenses and an occurrence of provision for impairment of property, plant and equipment for certain damaged equipment of South Africa manufacturing facilities. The year-over-year decrease was primarily due to a decrease in shipping costs.

Total operating expenses accounted for 10.4% of total revenues in the second quarter of 2018, compared to 11.6% in the first quarter of 2018 and 9.5% in the second quarter of 2017.

Interest Expense, Net

Net interest expense in the second quarter of 2018 was RMB80.6 million (US$12.2 million), a decrease of 5.6% from RMB85.4 million in the first quarter of 2018 and an increase of 0.1% from RMB80.6 million in the second quarter of 2017.

Exchange Gain / (Loss), Net and Change in Fair Value of Forward Contracts

The Company recorded a net exchange gain (including change in fair value of forward contracts) of RMB20.8 million (US$3.1 million) in the second quarter of 2018, compared to a net exchange loss of RMB90.8 million in the first quarter of 2018 and a net exchange loss of RMB34.2 million in the second quarter of 2017. The sequential gain was primarily due to the appreciation of the US dollar against the RMB during the quarter.

Change in Fair Value of Derivatives

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate exposure. The Company recorded a gain of RMB14.3 million (US$2.2 million) in the second quarter of 2018, compared to a gain of RMB21.1 million in the first quarter of 2018 and a loss of RMB16.4 million in the second quarter of 2017. The sequential and year-over-year changes were primarily due to an increase in the LIBOR rate.

Equity in Income of Affiliated Companies

The Company indirectly holds 20% equity interest of Sweihan PV Power Company P.J.S.C, which develops and operates solar power projects in Dubai and accounts for its investments using the equity method. The Company also holds 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as OEM manufacturer and accounts for its investments using the equity method. The Company recorded equity in income of affiliated companies of RMB 28.0 million (US$ 4.2 million) in the second quarter of 2018, compared with a loss of RMB 5.2 million in the first quarter of 2018 and a loss of RMB 0.2 million in the second quarter of 2017.

Income Tax Benefit, Net

The Company recorded an income tax benefit of RMB10.0 million (US$1.5 million) in the second quarter of 2018, increased from RMB3.3 million in the first quarter of 2018 and decreased from RMB32.5 million in the second quarter of 2017. The sequential increase was mainly due to the additional 2017 income tax deduction for R&D costs approved by the local tax bureau in the second quarter of 2018.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.

Basic and diluted earnings per ordinary share were RMB0.633 (US$0.096) and RMB0.628 (US$0.095), respectively during the second quarter of 2018. This translates into basic and diluted earnings per ADS of RMB2.532 (US$0.384) and RMB2.512 (US$0.380), respectively.

Non-GAAP net income in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were RMB0.682 (US$0.103) and RMB0.677 (US$0.102), respectively during the second quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS of RMB2.728 (US$0.412) and RMB2.708 (US$0.408), respectively.

Financial Position

As of June 30, 2018, the Company had RMB2.56 billion (US$386.5 million) in cash and cash equivalents and restricted cash, compared with RMB2.86 billion as of March 31, 2018.

As of June 30, 2018, the Company's accounts receivables due from third parties were RMB4.77 billion (US$720.7 million), compared with RMB4.18 billion as of March 31, 2018.

As of June 30, 2018, the Company's inventories were RMB5.89 billion (US$890.2 million), compared with RMB4.71 billion as of March 31, 2018.

As of June 30, 2018, the Company's total interest-bearing debts were RMB9.29 billion (US$1.40 billion), compared with RMB8.38 billion as of March 31, 2018.

Second Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2018 were 2,794 MW, including 200 MW to the Company's overseas downstream segment.

Solar Products Production Capacity

As of June 30, 2018, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 9.0 GW, 5.0 GW and 9.0 GW, respectively.

Recent Business Developments

  • In June 2018, JinkoSolar announced that its wholly owned subsidiary, JinkoSolar (U.S.) Inc. has entered into a three-year agreement to supply 1.43GW of high efficiency modules to sPower, a leading renewable energy independent power producer.
  • In June 2018, JinkoSolar announced that it has supplied 275.4 MWdc of high efficiency modules to Green Light Contractors Pty Ltd for use in the Bungala Solar Farm near Port Augusta, South Australia, which is owned by a joint venture between Enel Green Power and Dutch Infrastructure Fund.
  • In July 2018, JinkoSolar announced that JinkoSolar Japan K.K., a subsidiary of the Company, has signed a JPY5.3 billion syndicated loan agreement up to two years with a bank consortium led by Sumitomo Mitsui Banking Corporation.
  • In July 2018, JinkoSolar announced that it will supply 86 MW of solar modules for a PV Plant that will be located in the Cesar, northern Colombia.
  • In July 2018, JinkoSolar announced that it is ranked 278th on the 2018 Fortune 500 Companies in China and 1st among solar manufacturers.

Operations and Business Outlook

Third Quarter and Full Year 2018 Guidance

For the third quarter of 2018, the Company estimates total solar module shipments to be in the range of 2.8 GW to 3.0 GW.

For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5 GW to 12 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday, August 13, 2018 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 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

55864212#

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, August 20, 2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319295377#

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 9.0 GW for silicon wafers, 5.0 GW for solar cells, and 9.0 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

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, and non-GAAP earnings per ADS, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options:

  • Non-GAAP net income is adjusted to exclude the expenses relating to interest expenses of convertible senior notes, exchange gain on the convertible senior notes, and stock-based compensation; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude interest expenses of convertible senior notes and exchange gain on the convertible senior notes, and stock-based compensation.

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 29, 2018, which was RMB6.6171 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: ir@jinkosolar.com

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


For the six months ended


June 30, 2017


March 31, 2018


June 30, 2018


June 30, 2017


June 30, 2018


RMB


RMB


RMB


USD


RMB


RMB


USD

 Revenues from third parties 

7,908,533


3,671,345


5,618,862


849,143


13,661,612


9,290,207


1,403,969















 Revenues from related parties 

15,555


895,491


441,769


66,762


39,279


1,337,260


202,092















 Total revenues 

7,924,088


4,566,836


6,060,631


915,905


13,700,891


10,627,467


1,606,061















 Cost of revenues 

(7,089,255)


(3,910,775)


(5,333,000)


(805,942)


(12,217,034)


(9,243,775)


(1,396,953)















 Gross profit 

834,833


656,061


727,631


109,963


1,483,857


1,383,692


209,108















 Operating expenses: 














   Selling and marketing 

(550,823)


(313,897)


(366,077)


(55,323)


(964,635)


(679,974)


(102,760)

   General and administrative 

(125,029)


(130,831)


(170,509)


(25,768)


(240,979)


(301,340)


(45,539)

   Research and development 

(73,694)


(86,382)


(81,907)


(12,378)


(136,180)


(168,289)


(25,432)

   Impairment of long-lived assets 

-


-


(14,548)


(2,199)


-


(14,548)


(2,199)

 Total operating expenses 

(749,546)


(531,110)


(633,041)


(95,668)


(1,341,794)


(1,164,151)


(175,930)















 Income from operations 

85,287


124,951


94,590


14,295


142,063


219,541


33,178

 Interest expenses, net 

(80,572)


(85,411)


(80,636)


(12,186)


(137,693)


(166,047)


(25,093)

 Change in fair value of derivatives 

(16,394)


21,104


14,284


2,159


(16,018)


35,388


5,348

 Subsidy income 

49,038


36,581


2,619


396


104,229


39,200


5,924

 Exchange (loss)/gain 

(29,810)


(91,413)


42,389


6,406


(36,149)


(49,024)


(7,409)

 Change in fair value of forward contracts 

(4,341)


585


(21,618)


(3,267)


(3,235)


(21,033)


(3,179)

 Other income, net 

11,773


8,678


9,444


1,427


23,716


18,122


2,739

 Loss on disposal of subsidiaries 

-


(9,425)


-


-


-


(9,425)


(1,424)

 Income before income taxes

14,981


5,650


61,072


9,230


76,913


66,722


10,084

 Income tax benefit 

32,460


3,293


10,003


1,512


30,933


13,296


2,009

 Equity in income of affiliated companies 

(194)


(5,240)


28,024


4,235


(194)


22,784


3,443

 Net income 

47,247


3,703


99,099


14,977


107,652


102,802


15,536

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

(121)


107


117


18


(290)


224


34

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

47,368


3,596


98,982


14,959


107,942


102,578


15,502















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














   Basic 

0.369


0.025


0.633


0.096


0.846


0.680


0.103

   Diluted 

0.366


0.024


0.628


0.095


0.838


0.672


0.102















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














   Basic 

1.476


0.100


2.532


0.384


3.384


2.720


0.412

   Diluted 

1.464


0.096


2.512


0.380


3.352


2.688


0.408















 Weighted average ordinary shares outstanding: 














   Basic 

128,247,292


145,540,445


156,457,441


156,457,441


127,556,967


150,894,845


150,894,845

   Diluted 

129,493,716


147,793,780


157,574,069


157,574,069


128,859,633


152,579,390


152,579,390















 Weighted average ADS outstanding: 














   Basic 

32,061,823


36,385,111


39,114,360


39,114,360


31,889,242


37,723,711


37,723,711

   Diluted 

32,373,429


36,948,445


39,393,517


39,393,517


32,214,908


38,144,848


38,144,848















UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME





















 Net income 

47,247


3,703


99,099


14,977


107,652


102,802


15,536

 Other comprehensive income: 














   -Foreign currency translation adjustments 

(22,391)


(33,351)


47,966


7,249


(39,954)


14,615


2,209

 Comprehensive income/(loss) 

24,856


(29,648)


147,065


22,226


67,698


117,417


17,745

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

(121)


107


117


18


(290)


224


34

 Comprehensive income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders 

24,977


(29,755)


146,948


22,208


67,988


117,193


17,711











































 Reconciliation of GAAP and non-GAAP Results 



























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




























 GAAP net income attributable to ordinary shareholders 

47,368


3,596


98,982


14,959


107,942


102,578


15,502















 4% of interest expense of convertible senior notes 

1


1


1


-


1,556


1


-















 Exchange loss/(gain) on convertible senior notes 

(1)


(2)


3


-


843


1


-















 Stock-based compensation expense 

13,822


7,376


7,700


1,164


31,224


15,076


2,278















 Non-GAAP net income attributable to ordinary

shareholders 

61,190


10,971


106,686


16,123


141,565


117,656


17,780















 Non-GAAP earnings per share attributable to ordinary
shareholders - 














   Basic 

0.477


0.075


0.682


0.103


1.110


0.780


0.118

   Diluted 

0.473


0.074


0.677


0.102


1.099


0.771


0.117















 Non-GAAP earnings per ADS attributable to ordinary
shareholders - 














   Basic 

1.908


0.300


2.728


0.412


4.440


3.120


0.472

   Diluted 

1.892


0.296


2.708


0.408


4.396


3.084


0.468















 Non-GAAP weighted average ordinary shares
outstanding  














   Basic 

128,247,292


145,540,445


156,457,441


156,457,441


127,556,967


150,894,845


150,894,845

   Diluted 

129,493,716


147,793,780


157,574,069


157,574,069


128,859,633


152,579,390


152,579,390















 Non-GAAP weighted average ADS outstanding  














   Basic 

32,061,823


36,385,111


39,114,360


39,114,360


31,889,242


37,723,711


37,723,711

   Diluted 

32,373,429


36,948,445


39,393,517


39,393,517


32,214,908


38,144,847


38,144,847

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2017


June 30, 2018


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

1,928,303


2,299,826


347,558

  Restricted cash 

833,072


257,955


38,983

  Restricted short-term investments

3,237,773


4,037,172


610,112

  Short-term investments

2,685


4,642


702

  Accounts receivable, net - related parties

2,113,042


2,163,388


326,939

  Accounts receivable, net - third parties

4,497,635


4,768,733


720,668

  Notes receivable, net - third parties

571,232


350,504


52,969

  Advances to suppliers, net - third parties

397,076


441,902


66,782

  Inventories, net

4,273,730


5,890,591


890,207

  Other receivables - related parties

46,592


73,237


11,068

  Derivative assets

-


10,133


1,531

  Prepayments and other current assets

1,706,717


1,360,476


205,601

Total current assets

19,607,857


21,658,559


3,273,120







Non-current assets:






  Restricted cash

248,672


506,529


76,549

  Project Assets

473,731


1,314,267


198,617

  Long-term investments

22,322


52,972


8,005

  Property, plant and equipment, net

6,680,187


7,132,508


1,077,890

  Land use rights, net

443,269


580,725


87,761

  Intangible assets, net

25,743


26,179


3,956

  Deferred tax assets 

275,372


300,989


45,487

  Other assets - related parties

146,026


112,360


16,980

  Other assets - third parties

713,226


1,197,993


181,045

Total non-current assets

9,028,548


11,224,522


1,696,290







Total assets

28,636,405


32,883,081


4,969,410







LIABILITIES






Current liabilities:






  Accounts payable - related parties

5,329


40,546


6,128

  Accounts payable - third parties

4,658,202


4,991,274


754,299

  Notes payable - related parties

-


14,000


2,116

  Notes payable - third parties

5,672,497


4,976,512


752,068

  Accrued payroll and welfare expenses

721,380


694,786


104,999

  Advances from related parties

37,400


35,158


5,313

  Advances from  third parties

748,959


2,169,672


327,889

  Income tax payable

27,780


41,126


6,215

  Other payables and accruals

1,804,799


2,056,294


310,755

  Other payables due to related parties

12,333


13,214


1,997

  Forward contract payables

4,521


21,618


3,267

  Derivative liability

26,486


-


-

  Bond payable and accrued interests

10,257


21,373


3,230

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

6,204,440


7,639,625


1,154,528

  Guarantee liabilities to related parties

28,034


33,161


5,011

Total current liabilities

19,962,417


22,748,359


3,437,815







Non-current liabilities:






  Long-term borrowings

379,789


855,562


129,296

  Accrued income tax - non current

6,041


6,041


913

  Long-term payables

538,410


471,215


71,212

  Bond payables

298,425


298,950


45,178

  Accrued warranty costs - non current

571,718


543,971


82,207

  Convertible senior notes

65


66


10

  Deferred tax liability

70,122


63,783


9,639

  Long-term liabilities of equtiy investment

-


7,537


1,139

  Guarantee liabilities to related parties 
   - non current

120,154


98,517


14,888

Total non-current liabilities

1,984,724


2,345,642


354,482







Total liabilities

21,947,141


25,094,001


3,792,297







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 132,146,074
and 156,457,441 shares issued and
outstanding as of  December 31, 2017
and June 30, 2018, respectively)

19


22


3

Additional paid-in capital

3,313,608


3,996,004


603,890

Statutory reserves

516,886


516,886


78,114

Accumulated other comprehensive income

23,296


37,911


5,729

Treasury stock, at cost; 1,723,200 ordinary
shares as of  December 31, 2017 and June
30, 2018

(13,876)


(13,876)


(2,097)

Accumulated retained earnings

2,849,341


2,951,919


446,105







Total JinkoSolar Holding Co., Ltd.
shareholders' equity

6,689,274


7,488,866


1,131,744







Non-controlling interests

(10)


300,214


45,369







Total liabilities and shareholders' equity

28,636,405


32,883,081


4,969,410

 

 

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2018-financial-results-300695888.html

SOURCE JinkoSolar Holding Co., Ltd.

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