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JinkoSolar Announces First Quarter 2017 Financial Results

2017-06-05 18:00
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SHANGHAI, June 5, 2017 /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 first quarter ended March 31, 2017.

First Quarter 2017 Highlights

  • Total solar module shipments were 2,068 megawatts ("MW"), an increase of 19.3% from 1,733 MW in the fourth quarter of 2016 and an increase of 29.3% from 1,600 MW in the first quarter of 2016.
  • Total revenues were RMB5.78 billion (US$839.3 million), an increase of 12.8% from the fourth quarter of 2016 and an increase of 9.4% from the first quarter of 2016.
  • Gross margin was 11.2%, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016.
  • Income from operations was RMB56.8 million (US$8.3 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016.
  • Net income attributable to the Company's ordinary shareholders from continuing operations was RMB60.6 million (US$8.8 million) in the first quarter of 2017, compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7 million in the first quarter of 2016.
  • Diluted earnings per American depositary share ("ADS") from continuing operations were RMB1.88 (US$0.28).
  • Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB2.52 (US$0.36) and RMB2.48 (US$0.36) respectively in the first quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Module shipments during the quarter hit a record high of 2,068MW, a 19.3% increase sequentially while generating US$839.3 million in revenue. We continued to capitalize on the growing recognition of JinkoSolar's brand and high quality products and services to increase our market share and capture new opportunities during the quarter."

"Our gross margin contracted to 11.2% from 14.3% last quarter as a result of a slight decline in the average selling prices ("ASP") of solar modules, increased silicon prices and material costs caused by a shortage of supply in the first quarter. We believe our margins have room to improve in the second quarter and throughout the second half of the year as our mono wafer and PERC cell capacity increases and polysilicon prices stabilize."

"Demand in China remains strong with growth momentum expected to continue into the next quarter. While the June 30 Feed-in-Tariff has created some uncertainties in China's utility-scale market, we haven't seen demand weaken. Our deep involvement in the Top Runner and PV Poverty Alleviation projects as well as distributed generation projects will provide strong support for demand during the second half of the year."

"We strongly oppose the petition under Section 201 in the US, but believe growth momentum there will continue. ASPs of solar modules in the US have risen slightly in recently months due to strong demand. Demand from India and other emerging markets where we are devoting more resources to expand our leading market share also continue to grow rapidly. With such strong demand from across the globe, we expect module shipments to increase by approximately 25% sequentially in the second quarter of 2017."

"We continue to ramp up our mono wafer and PERC cell capacity, which will reduce the overall cost of our mono products and help increase our margins. Our mono PERC products are in short supply and have been fully booked out for the rest of the year, demonstrating the strong demand for our high quality products. In the meanwhile, our team is working hard to optimize the cost structure of both our mono and multi products."

"While we are facing some short-term industry headwinds, the continued development of the global solar industry is irreversible. We are confident in the long-term prospects of the solar industry and our sustainable growth strategy."

First Quarter 2017 Financial Results

Total Revenues

Total revenues in the first quarter of 2017 were RMB5.78 billion (US$839.3 million), an increase of 12.8% from RMB5.12 billion in the fourth quarter of 2016 and an increase of 9.4% from RMB5.28 billion in the first quarter of 2016. The sequential and year-over-year increases were mainly attributable to an increase in solar module shipments in the first quarter of 2017.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2017 was RMB649.0 million (US$94.3 million), compared with RMB730.0 million in the fourth quarter of 2016 and RMB1.08 billion in the first quarter of 2016. The sequential and year-over-year decreases were mainly attributable to a decline in the ASP of solar modules in the first quarter of 2017.

Gross margin was 11.2% in the first quarter of 2017, compared with 14.3% in the fourth quarter of 2016 and 20.5% in the first quarter of 2016.

Income from Operations and Operating Margin

Income from operations in the first quarter of 2017 was RMB56.8 million (US$8.2 million), compared with RMB77.9 million in the fourth quarter of 2016 and RMB529.1 million in the first quarter of 2016. Operating margin in the first quarter of 2017 was 1.0%, compared with 1.5% in the fourth quarter of 2016 and 10.0% in the first quarter of 2016.

Total operating expenses in the first quarter of 2017 were RMB592.2 million (US$86.0 million), a decrease of 9.2% from RMB652.1 million in the fourth quarter of 2016 and an increase of 6.6% from RMB555.7 million in the first quarter of 2016. The sequential decrease was primarily due to the reversal of an allowance for doubtful accounts because of subsequent collection. The year-over-year increase was mainly due to increased shipping costs which were in line with the increase in solar module shipments.

Total operating expenses accounted for 10.3% of total revenues in the first quarter of 2017, compared to 12.7% in the fourth quarter of 2016 and 10.5% in the first quarter of 2016.

Interest Expense, Net

Net interest expense in the first quarter of 2017 was RMB57.1 million (US$8.3 million), a decrease of 23.4% from RMB74.5 million in the fourth quarter of 2016 and a decrease of 25.7% from RMB76.9 million in the first quarter of 2016.The sequential decrease was due to the repurchase of US$61.1 million in convertible senior notes. The year-over-year decrease was due to the repurchase of US$184.0 million in convertible senior notes and the repayment of US$17.4 million in bond payables.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss of RMB5.2 million (US$0.8 million) in the first quarter of 2017, compared to a net exchange gain of RMB17.7 million in the fourth quarter of 2016 and a net exchange gain of RMB29.5 million in the first quarter of 2016.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax expense of RMB1.5 million (US$0.2 million) in the first quarter of 2017, compared with an income tax benefit of RMB49.2 million in the fourth quarter of 2016 and an income tax expense of RMB100.3 million in the first quarter of 2016. The sequential change was mainly due to the successful renewal of a National High and New Technology Enterprise license which grants one of the Company's subsidiaries a preferential tax rate. The year-over-year change was due to one of the Company's overseas subsidiaries receiving a tax exemption for a five-year period starting from August 2015.

The Company adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" in 2017, which is effective for annual and interim periods beginning after December 15, 2016, and prospectively classified deferred tax liabilities and assets as noncurrent in the financial statements during the quarter ended March 31, 2017. 

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders from continuing operations in the first quarter of 2017 was RMB60.6 million (US$8.8 million), compared with RMB145.8 million in the fourth quarter of 2016 and RMB382.7million in the first quarter of 2016.

Basic and diluted earnings per ordinary share from continuing operations were RMB0.48 (US$0.07) and RMB0.47 (US$0.07), respectively, during the first quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of RMB1.92 (US$0.28) and RMB1.88 (US$0.28), respectively.

Non-GAAP net income in the first quarter of 2017 was RMB80.0 million (US$11.6 million), compared with RMB228.6 million in the fourth quarter of 2016 and RMB437.8 million in the first quarter of 2016.

Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.63 (US$0.09) and RMB0.62 (US$0.09), respectively, during the first quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB2.52 (US$0.36) and RMB2.48 (US$0.36), respectively.

Financial Position

As of March 31, 2017, the Company had RMB1.71 billion (US$249.0 million) in cash and cash equivalents and restricted cash, compared with RMB2.82 billion as of December 31, 2016.

As of March 31, 2017, the Company's accounts receivables due from third parties were RMB5.93 billion (US$860.9 million), compared with RMB4.75 billion as of December 31, 2016.

As of March 31, 2017, the Company's inventories were RMB5.37 billion (US$780.2 million), compared with RMB4.47 billion as of December 31, 2016. The strategic increase in inventories was primarily due to strong anticipated demand during the second quarter of 2017.

As of March 31, 2017, the Company's total interest-bearing debts were RMB6.10 billion (US$886.0 million), compared with RMB6.44 billion as of December 31, 2016.

First Quarter 2017 Operational Highlights

Solar Module Shipments

Total solar module shipments in the first quarter of 2017 amounted to 2,068 MW.

Solar Products Production Capacity

As of March 31, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 5.0 GW, 4.0 GW and 6.5 GW, respectively.

Recent Business Developments

  • In May 2017, JinkoSolar was the only Chinese company invited to participate in The Business 20 (B20) Summit held in Berlin, Germany.
  • In April 2017, JinkoSolar supplied 42 MW of solar modules to Asunim for use in two PV power plants in Izmir Province, southwest Turkey.
  • In March 2017, JinkoSolar, in partnership with GRID Alternatives, donated over 620 kW of high-efficiency solar modules to support GRID Alternatives' work brining solar power and job training to underserved communities.
  • In March 2017, JinkoSolar partnered with CleanFund Commercial PACE Capital to offer long-term project financing to US commercial project customers through the SolarPACETM program.
  • In March 2017, JinkoSolar and Marubeni Corporation entered into a Power Purchase Agreement with the Abu Dhabi Water and Electricity Company for the Solar PV Independent Power Project located at Sweihan, Emirate of Abu Dhabi, United Arab Emirates.
  • In February 2017, JinkoSolar completed the repurchase of certain 4.00% Convertible Senior Notes due in 2019 at the option of holders of the Notes.
  • In February 2017, JinkoSolar supplied 106.4 MWdc of PV modules to sPower for the Solverde 1 solar project in California.

Operations and Business Outlook

Second Quarter and Full Year 2017 Guidance

For the second quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.5 GW to 2.6 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 8.5 GW and 9.0 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday, June 5, 2017 at 7:30 a.m. U.S. Eastern Time (7:30 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, June 12, 2017. The dial-in details for the replay are as follows:

International:

+61-2-9641-7900


U.S. Toll Free:

+1-866-846-0868


Passcode:

5716028


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 5.0 GW for silicon ingots and wafers, 4.0 GW for solar cells, and 6.5 GW for solar modules, as of March 31, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China(5), Malaysia, Portugal and South Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,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:

  • Non-GAAP net income is adjusted to exclude the expenses relating to changes in fair value of convertible senior notes and capped call options, change in fair value of derivative liability, interest expenses of convertible senior notes, exchange gain on the convertible senior notes and capped call options, stock-based compensation, allocation of net income to redeemable non-controlling interests, and accretion to redemption value of redeemable non-controlling interests; 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 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 March 31, 2017, which was RMB6.8832 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


March 31, 2016


December 31, 2016


March 31, 2017

 Continuing operations 

RMB


RMB


RMB


USD

 Revenues from third parties 

5,214,532


5,085,938


5,753,080


835,815









 Revenues from related parties 

66,611


35,565


23,724


3,446









 Total revenues 

5,281,143


5,121,503


5,776,804


839,261









 Cost of revenues 

(4,196,265)


(4,391,518)


(5,127,779)


(744,970)









 Gross profit 

1,084,878


729,985


649,025


94,291









 Operating expenses: 








   Selling and marketing 

(338,369)


(350,662)


(413,812)


(60,119)

   General and administrative 

(178,983)


(221,810)


(115,950)


(16,845)

   Research and development 

(38,395)


(57,231)


(62,486)


(9,078)

   Impairment of long-lived assets 

-


(22,377)


-


-

 Total operating expenses 

(555,747)


(652,080)


(592,248)


(86,043)









 Income from operations 

529,131


77,905


56,777


8,248

 Interest expenses, net 

(76,891)


(74,538)


(57,121)


(8,299)

 Change in fair value of derivative liability 

(1,109)


(10,364)


376


55

 Subsidy income 

35,193


81,222


55,192


8,018

 Exchange gain/(loss) 

47,592


17,674


(6,339)


(921)

 Change in fair value of forward contracts 

(18,088)


19


1,105


161

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

(30,771)


(14,712)


-


-

 Other income/(expense), net 

(1,485)


9,437


11,943


1,735

 Investment income 

(482)


4,812


-


-

 Gain on disposal of subsidiaries 

-


5,018


-


-

 Income from continuing operations before income taxes

483,090


96,473


61,933


8,997

 Income tax (expense)/benefit 

(100,305)


49,200


(1,528)


(222)

Income from continuing operations, net of tax

382,785


145,673


60,405


8,775

 Discontinued operations 








 Gain on disposal of discontinued operations 

-


1,007,884


-


-

Loss from discontinued operations before income taxes   

(21,408)


(97,396)


-


-

Income tax expense, net

(137)


(53,020)


-


-

(Loss)/income from discontinued operations, net of tax

(21,545)


857,468


-


-









 Net income 

361,240


1,003,141


60,405


8,775

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

89


(123)


(169)


(25)

 Less: Net income attributable to non-controlling
          interests from discontinued operations 

1,595


761


-


-

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

-


(13,895)


-


-

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

46,226


16,776


-


-

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

313,330


999,622


60,574


8,800

































 Earnings/(loss) per share for ordinary shareholders, basic 








 Continuing operations 

3.05


1.15


0.48


0.07

 Discontinued operations 

(0.55)


6.75


-


-

 Total earnings/(loss) per share for ordinary shareholders, basic 

2.50


7.90


0.48


0.07

















 Earnings/(loss) per share for ordinary shareholders, diluted 








 Continuing operations 

2.80


1.14


0.47


0.07

 Discontinued operations 

(0.47)


6.68


-


-

 Total earnings/(loss) per share for ordinary shareholders, diluted 

2.33


7.82


0.47


0.07









 Earnings/(loss) per ADS for ordinary shareholders, basic 








 Continuing operations 

12.20


4.60


1.92


0.28

 Discontinued operations 

(2.20)


27.00


-


-

 Total earnings/(loss) per ADS for ordinary shareholders, basic 

10.00


31.60


1.92


0.28









 Earnings/(loss) per ADS for ordinary shareholders, diluted 








 Continuing operations 

11.20


4.56


1.88


0.28

 Discontinued operations 

(1.88)


26.72


-


-

 Total earnings/(loss) per ADS for ordinary shareholders, diluted 

9.32


31.28


1.88


0.28









 Weighted average ordinary shares outstanding: 








   Basic 

125,477,086


126,412,714


126,820,607


126,820,607

   Diluted 

147,904,878


127,872,331


128,179,515


128,179,515









 Weighted average ADS outstanding: 








   Basic 

31,369,272


31,603,178


31,705,152


31,705,152

   Diluted 

36,976,220


31,968,083


32,044,879


32,044,879









UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME









 Net income 

361,240


1,003,141


60,405


8,775

 Other comprehensive income: 








   -Unrealized loss on available-for-sale securities 



-


-


-

   -Foreign currency translation adjustments 

(1,579)


108,078


(17,563)


(2,552)

 Comprehensive income 

359,661


1,111,219


42,842


6,223

 Less: Comprehensive income attributable to non-controlling interests 

1,684


638


(169)


(25)

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

-


(13,895)


-


-

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

357,977


1,124,476


43,011


6,248

























 Reconciliation of GAAP and non-Gaap Results(Excluding discontinued operations) 















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
















 GAAP net income attributable to ordinary shareholders from continuing
operations 

382,695


145,796


60,574


8,800









 Change in fair value of derivative liability 

1,109


10,364


(376)


(55)









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

30,771


14,712


-


-









 4% of interest expense of convertible senior notes 

13,529


5,180


1,555


226









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

(3,005)


18,536


844


123









 Stock-based compensation expense 

12,669


33,987


17,402


2,528









 Non-GAAP net income attributable to ordinary shareholders from
continuing operations 

437,768


228,575


79,999


11,622









 Non-GAAP earnings per share attributable to ordinary shareholders from
continuing operations - 








   Basic 

3.49


1.81


0.63


0.09

   Diluted 

2.96


1.79


0.62


0.09









 Non-GAAP earnings per ADS attributable to ordinary shareholders from
continuing operations - 








   Basic 

13.96


7.24


2.52


0.36

   Diluted 

11.84


7.16


2.48


0.36









 Non-GAAP weighted average ordinary shares outstanding  








   Basic 

125,477,086


126,412,714


126,820,607


126,820,607

   Diluted 

147,904,878


127,872,331


128,179,515


128,179,515









 Non-GAAP weighted average ADS outstanding  








   Basic 

31,369,272


31,603,178


31,705,152


31,705,152

   Diluted 

36,976,220


31,968,083


32,044,879


32,044,879









Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2016


March 31, 2017


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

2,501,417


1,468,630


213,364

  Restricted cash 

318,785


245,141


35,614

  Restricted short-term investments

3,333,450


3,362,971


488,577

  Short-term investments

71,301


174,557


25,360

  Accounts receivable, net - related parties

1,414,084


906,636


131,717

  Accounts receivable, net - third parties

4,753,715


5,925,716


860,896

  Notes receivable, net - related parties

610,200


610,000


88,622

  Notes receivable, net - third parties

915,315


430,258


62,508

  Advances to suppliers, net - related parties

662


-


-

  Advances to suppliers, net - third parties

325,766


312,962


45,468

  Inventories, net

4,473,515


5,370,024


780,164

  Forward contract receivables

641


1,029


149

  Deferred tax assets - current

130,676


-


-

  Other receivables - related parties

79,125


77,426


11,249

  Prepayments and other current assets

766,645


1,133,643


164,697

Total current assets

19,695,297


20,018,993


2,908,385







Non-current assets:






  Restricted cash

197,214


161,860


23,515

  Project Assets

55,063


89,484


13,000

  Long-term investments

7,200


9,080


1,319

  Property, plant and equipment, net

4,738,681


5,278,158


766,817

  Land use rights, net

450,941


449,434


65,294

  Intangible assets, net

20,297


20,853


3,030

  Deferred tax assets - non current

134,791


265,467


38,567

  Other assets - related parties

173,376


175,255


25,461

  Other assets - third parties

617,780


534,468


77,650

Total non-current assets

6,395,343


6,984,059


1,014,653







Total assets

26,090,640


27,003,052


3,923,038







LIABILITIES






Current liabilities:






  Accounts payable - third parties

4,290,071


5,737,776


833,591

  Notes payable - third parties

4,796,766


4,608,253


669,493

  Accrued payroll and welfare expenses

582,276


541,267


78,636

  Advances from related parties

60,541


62,900


9,138

  Advances from  third parties

1,376,920


1,388,464


201,718

  Income tax payable

168,112


131,247


19,068

  Other payables and accruals

1,019,419


993,597


144,352

  Other payables due to related parties

76,034


77,349


11,237

  Convertible senior notes - current

423,740


-


-

  Deferred tax liabilities - current

17,074


-


-

  Derivative liability -  current

10,364


9,988


1,451

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

5,488,629


5,617,682


816,144

  Guarantee liabilities to related parties

52,711


47,376


6,882

Total current liabilities

18,362,657


19,215,899


2,791,710







Non-current liabilities:






  Long-term borrowings

488,520


445,734


64,757

  Long-term payables

44,014


35,022


5,089

  Accrued warranty costs - non current

511,209


531,498


77,217

  Convertible senior notes

-


69


10

  Deferred tax liability - non current

50,651


67,725


9,839

  Guarantee liabilities to related parties 
   - non current

173,376


169,867


24,678

Total non-current liabilities

1,267,770


1,249,915


181,590







Total liabilities

19,630,427


20,465,814


2,973,300







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 126,733,266
and 127,988,106 shares issued and
outstanding as of  December 31, 2016 and
March 31, 2017, respectively)

18


18


3

Additional paid-in capital

3,145,262


3,179,445


461,914

Statutory reserves

466,253


466,253


67,738

Accumulated other comprehensive income

104,784


87,221


12,671

Treasury stock, at cost; 1,723,200 shares of
ordinary shares as of December 31, 2016 and
March 31, 2017, respectively

(13,876)


(13,876)


(2,016)

Accumulated retained earnings

2,758,268


2,818,842


409,525







Total JinkoSolar Holding Co., Ltd. shareholders' equity

6,460,709


6,537,903


949,835







Non-controlling interests

(496)


(665)


(97)







Total liabilities and shareholders' equity

26,090,640


27,003,052


3,923,038

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2017-financial-results-300468445.html

Source: JinkoSolar Holding Co., Ltd.

Related stocks: NYSE:JKS

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