JinkoSolar Announces Third Quarter 2017 Financial Results

December 7, 2017 6:00 AM

SHANGHAI, Dec. 7, 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 third quarter ended September 30, 2017.

Third Quarter 2017 Highlights

  • Total solar module shipments were 2,374 megawatts ("MW"), a decrease of 17.7% from 2,884 MW in the second quarter of 2017 and an increase of 47.8% from 1,606 MW in the third quarter of 2016.
  • Total revenues were RMB6.42 billion (US$964.8 million), a decrease of 19.0% from the second quarter of 2017 and an increase of 20.4% from the third quarter of 2016.
  • Gross margin was 12.0%, compared with 10.5% in the second quarter of 2017 and 19.2% in the third quarter of 2016.
  • Income from operations was RMB91.9 million (US$13.8 million), compared with RMB85.3 million in the second quarter of 2017 and RMB433.3 million in the third quarter of 2016.
  • Net income attributable to the Company's ordinary shareholders from continuing operations was RMB11.3 million (US$1.7 million) in the third quarter of 2017, compared with RMB47.4 million in the second quarter of 2017 and RMB233.7 million in the third quarter of 2016.
  • Diluted earnings per American depositary share ("ADS") from continuing operations were RMB0.32 (US$0.04).
  • Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the third quarter of 2017 was RMB25.9 million (US$3.9 million), compared with RMB61.2 million in the second quarter of 2017 and RMB271.4 million in the third quarter of 2016.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB0.80 (US$0.12) and RMB0.76 (US$0.12), respectively, in the third quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Module shipments during the quarter exceeded the high end of our guidance, reaching to 2,374MW. Total revenues hit $964.8 million, a decrease of 19% sequentially and 20.4% from the same period last year. Our gross margin rebounded to 12.0% from 10.5% last quarter as a direct result of our effective cost cutting measures and reduction in the usage of OEM manufacturers."

"Demand in China remained strong during the quarter as the distributed generation ("DG") market there grows rapidly. We have fully evaluated the various remedy recommendations from the US International Trade Commission and are awaiting its final decision on the Section 201 petition. Regardless of what the final outcome is, we strongly believe in the US solar market's long-term growth trajectory and will adjust our strategy there accordingly. Demand in Europe has shown signs of an improvement as the effects of electricity parity sink in for more countries. The Indian market is growing rapidly and is expected to become the world's third largest. The sustainable, long-term development of emerging markets such as Australia, Jordan, Egypt, Mexico and Brazil has greatly improved as solar system costs rapidly drop and regulators gain more experience in promoting green energy and organizing electricity auctions. We will continue to strengthen our leading position in various emerging markets by expanding our service teams there and enhancing our brand image."

"The optimization of our mono wafer costs and diamond wire cutting application to our multi wafer production lines remain on track and are expected to be completed next quarter. Our tech team continues to make solid progress in developing half-cell and bifacial n-type cells technologies. We also made progress in developing new technologies such as Hydride Oxide Thin Film. Overall, we will continue to allocate resources towards innovating new and exciting solar technologies to strengthen our leading position in the market."

"I remain confident in the long-term sustainability of our business as we continue to devote resources towards developing new technologies and supporting the expansion of our market share in exciting and rapidly growing markets."

Third Quarter 2017 Financial Results

Total Revenues

Total revenues in the third quarter of 2017 were RMB6.42 billion (US$964.8 million), a decrease of 19.0% from RMB7.92 billion in the second quarter of 2017 and an increase of 20.4% from RMB5.33 billion in the third quarter of 2016. The sequential decrease was mainly attributable to a decrease in solar module shipments. The year-over-year increase was mainly attributable to an increase in solar module shipments which was partially offset by a decline in average selling price ("ASP") of solar modules in the third quarter of 2017.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2017 was RMB772.4 million (US$116.1 million), compared with RMB834.8 million in the second quarter of 2017 and RMB1.03 billion in the third quarter of 2016. The sequential decrease was mainly attributable to a decrease in solar module shipments. The year-over-year decrease was mainly attributable to a decline in ASPs of solar modules in the third quarter of 2017.

Gross margin was 12.0% in the third quarter of 2017, compared with 10.5% in the second quarter of 2017 and 19.2% in the third quarter of 2016. The sequential increase was mainly attributable to the Company's effective cost control measures and reduction in the usage of OEM manufacturers. The year-over-year decrease was mainly attributable to a decline in ASPs of solar modules in the third quarter of 2017.

Income from Operations and Operating Margin

Income from operations in the third quarter of 2017 was RMB91.9 million (US$13.8 million), compared with RMB85.3 million in the second quarter of 2017 and RMB433.3 million in the third quarter of 2016. Operating margin in the third quarter of 2017 was 1.4%, compared with 1.1% in the second quarter of 2017 and 8.1% in the third quarter of 2016.

Total operating expenses in the third quarter of 2017 were RMB680.5 million (US$102.3 million), a decrease of 9.2% from RMB749.5 million in the second quarter of 2017 and an increase of 14.8% from RMB592.8 million in the third quarter of 2016. The sequential decease was mainly due to a decrease in shipping costs which was in line with the decline in solar module shipments. The year-over-year increase was primarily due to an increase in shipping costs, which was in line with the increase in solar module shipments, and partially offset by a decrease in bad debt expenses due to the reversal of allowance for doubtful accounts upon subsequent collections.

Total operating expenses accounted for 10.6% of total revenues in the third quarter of 2017, compared to 9.5% in the second quarter of 2017 and 11.1% in the third quarter of 2016.

Interest Expense, Net

Net interest expense in the third quarter of 2017 was RMB52.3 million (US$7.9 million), a decrease of 35.1% from RMB80.6 million in the second quarter of 2017 and a decrease of 60.6% from RMB132.9 million in the third quarter of 2016. The sequential and year-over–year decreases were due to a decrease in interest expenses associated with the discounted notes receivable.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss (including change in fair value of forward contracts) of RMB49.3 million (US$7.4 million) in the third quarter of 2017, compared to a net exchange loss of RMB34.2 million in the second quarter of 2017 and a net exchange loss of RMB7.2 million in the third quarter of 2016. The Company recorded a net exchange loss of RMB49.3 million(US$7.4 million) in the third quarter of 2017 due to the depreciation of US dollars against RMB.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax expense of RMB4.5 million (US$0.7 million) in the third quarter of 2017, compared with an income tax benefit of RMB32.5 million in the second quarter of 2017 and an income tax expense of RMB116.0 million in the third quarter of 2016.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders from continuing operations in the third quarter of 2017 was RMB11.3 million (US$1.7 million), compared with RMB47.4 million in the second quarter of 2017 and RMB233.7 million in the third quarter of 2016.

Basic and diluted earnings per ordinary share from continuing operations were RMB0.09 (US$0.01) and RMB0.08 (US$0.01), respectively, during the third quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of RMB0.36 (US$0.04) and RMB0.32 (US$0.04), respectively.

Non-GAAP net income in the third quarter of 2017 was RMB25.9 million (US$3.9 million), compared with RMB61.2 million in the second quarter of 2017 and RMB271.4 million in the third quarter of 2016.

Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.20 (US$0.03) and RMB0.19 (US$0.03), respectively, during the third quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB0.80 (US$0.12) and RMB0.76 (US$0.12), respectively.

Financial Position

As of September 30, 2017, the Company had RMB2.47 billion (US$371.1 million) in cash and cash equivalents and restricted cash, compared with RMB1.90 billion as of June 30, 2017.

As of September 30, 2017, the Company's accounts receivables due from third parties were RMB5.82 billion (US$875.1 million), compared with RMB6.47 billion as of June 30, 2017.

As of September 30, 2017, the Company's inventories were RMB5.24 billion (US$787.9 million), compared with RMB5.20 billion as of June 30, 2017.

As of September 30, 2017, the Company's total interest-bearing debts were RMB8.26 billion (US$1.24 billion), compared with RMB7.41 billion as of June 30, 2017. On July 17, 2017, the Company issued three-year medium term notes ("MTN") at a principal of RMB300 million (US$45.1 million). At the end of the second year in the life of the MTN, the Company has an option to adjust the interest rate while the bondholders have a right to require the Company to repurchase all or part of its outstanding MTN.

Third Quarter 2017 Operational Highlights

Solar Module Shipments

Total solar module shipments in the third quarter of 2017 were 2,374 MW.

Solar Products Production Capacity

As of September 30, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 7.0 GW, 4.5 GW and 8.0 GW, respectively.

Recent Business Developments

  • In November 2017, JinkoSolar announced that it has broken its own world record by achieving P-type monocrystalline PERC solar cell efficiency of 23.45%
  • In October 2017, JinkoSolar announced that its practical sized (245.83cm2) P-type multi-crystalline silicon solar cells reached the world's highest conversion efficiency of 22.04%.
  • In September 2017, JinkoSolar announced that it filed a prospectus supplement to sell up to an aggregate of US$100 million of its ADSs through an at-the-market equity offering program.
  • In September 2017, JinkoSolar supplied 28.2 MW dc of its solar PV modules to Swinerton Renewable Energy, for the construction of the Jacumba Solar Project.
  • In September 2017, JinkoSolar ranked as top solar brand used in debt-financed projects and most "bankable" PV manufacturer by Bloomberg New Energy Finance.
  • In September 2017, JinkoSolar was invited to attend the 9th BRICS Summit hosted in Xiamen, China.

Operations and Business Outlook

Fourth Quarter and Full Year 2017 Guidance

For the fourth quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.3 GW to 2.5 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 9.6 GW and 9.8 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Wednesday, December 7, 2017 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

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

Hong Kong / International:

+852 3008 1527

U.S. Toll Free:

+1 800-281-7973

Passcode:

7881926

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, December 14, 2017. The dial-in details for the replay are as follows:

International:

+61 (0) 2 9101 1954

U.S. Toll Free:

+1-888-203-1112

Passcode:

7881926

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 7 GW for silicon ingots and wafers, 4.5 GW for solar cells, and 8 GW for solar modules, as of September 30, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities globally, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa and United Arab Emirates, and 15 global sales offices in China (2), United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia.

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, 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 September 29, 2017, which was RMB6.6533 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 LiuJinkoSolar Holding Co., Ltd.Tel: +86 21-5183-3056Email: ir@jinkosolar.com

Christian ArnellChristensenTel: +86-10-5900-2940Email: 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 nine months ended

September 30, 2016

June 30, 2017

September 30, 2017

September 30, 2016

September 30, 2017

Continuing operations

RMB

RMB

RMB

USD

Revenues from third parties

5,331,232

7,908,533

5,958,121

895,514

16,176,175

19,619,733

2,948,872

Revenues from related parties

-

15,555

461,292

69,333

102,960

500,571

75,237

Total revenues

5,331,232

7,924,088

6,419,413

964,847

16,279,135

20,120,304

3,024,109

Cost of revenues

(4,305,166)

(7,089,255)

(5,647,016)

(848,754)

(13,139,781)

(17,864,049)

(2,684,991)

Gross profit

1,026,066

834,833

772,397

116,093

3,139,354

2,256,255

339,118

Operating expenses:

Selling and marketing

(371,669)

(550,823)

(489,767)

(73,613)

(1,083,377)

(1,454,402)

(218,599)

General and administrative

(175,414)

(125,029)

(116,121)

(17,453)

(557,757)

(357,100)

(53,673)

Research and development

(41,864)

(73,694)

(74,652)

(11,219)

(123,876)

(210,832)

(31,688)

Impairment of long-lived assets

(3,819)

-

-

-

(103,147)

-

-

Total operating expenses

(592,766)

(749,546)

(680,540)

(102,285)

(1,868,157)

(2,022,334)

(303,960)

Income from operations

433,300

85,287

91,857

13,808

1,271,197

233,921

35,158

Interest expenses, net

(132,859)

(80,572)

(52,286)

(7,859)

(284,758)

(189,979)

(28,554)

Change in fair value of derivative liability

36,048

(16,394)

(3,437)

(517)

34,937

(19,455)

(2,924)

Subsidy income

12,809

49,038

14,154

2,127

87,424

118,384

17,794

Exchange gain/(loss)

2,602

(29,810)

(46,368)

(6,969)

191,138

(82,518)

(12,403)

Change in fair value of forward contracts

(9,752)

(4,341)

(2,946)

(443)

(52,581)

(6,181)

(929)

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

(15,684)

-

-

-

(95,531)

-

-

Other income/(expense), net

(291)

11,773

15,109

2,271

(668)

38,824

5,835

Investment loss

1,731

(194)

(438)

(66)

92

(632)

(95)

Income from continuing operations before income taxes

327,904

14,787

15,645

2,352

1,151,250

92,364

13,882

Income tax (expense)/benefit

(115,973)

32,460

(4,466)

(671)

(306,687)

26,467

3,978

Income from continuing operations, net of tax

211,931

47,247

11,179

1,681

844,563

118,831

17,860

Discontinued operations

Income from discontinued operations before income taxes

83,083

-

-

-

145,542

-

-

Income tax expense, net

(830)

-

-

-

(1,446)

-

-

Income from discontinued operations, net of tax

82,253

-

-

-

144,096

-

-

Net income

294,184

47,247

11,179

1,681

988,659

118,831

17,860

Less: Net loss attributable to non-controlling interests from continuing operations

(221)

(121)

(113)

(17)

(310)

(403)

(61)

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

1,561

-

-

-

5,284

-

-

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

10,247

-

-

-

13,895

-

-

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

48,922

-

-

-

142,702

-

-

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

233,675

47,368

11,292

1,698

827,088

119,234

17,921

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

Continuing operations

1.68

0.37

0.09

0.01

6.72

0.93

0.14

Discontinued operations

0.17

-

-

-

(0.14)

-

-

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

1.85

0.37

0.09

0.01

6.58

0.93

0.14

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

Continuing operations

1.35

0.37

0.08

0.01

6.09

0.91

0.14

Discontinued operations

0.16

-

-

-

(0.14)

-

-

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

1.51

0.37

0.08

0.01

5.95

0.91

0.14

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

Continuing operations

6.72

1.48

0.36

0.04

26.88

3.72

0.56

Discontinued operations

0.68

-

-

-

(0.56)

-

-

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

7.40

1.48

0.36

0.04

26.32

3.72

0.56

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

Continuing operations

5.40

1.48

0.32

0.04

24.36

3.64

0.56

Discontinued operations

0.64

-

-

-

(0.56)

-

-

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

6.04

1.48

0.32

0.04

23.80

3.64

0.56

Weighted average ordinary shares outstanding:

Basic

126,056,129

128,247,292

130,186,074

130,186,074

125,680,215

128,442,966

128,442,966

Diluted

130,613,442

129,493,716

134,413,564

134,413,564

134,070,821

130,720,283

130,720,283

Weighted average ADS outstanding:

Basic

31,514,032

32,061,823

32,546,519

32,546,519

31,420,054

32,110,742

32,110,742

Diluted

32,653,360

32,373,429

33,603,391

33,603,391

33,517,705

32,680,071

32,680,071

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income

294,184

47,247

11,179

1,681

988,659

118,831

17,860

Other comprehensive income:

-Foreign currency translation adjustments

(3,409)

(22,391)

(25,226)

(3,792)

(15,876)

(65,180)

(9,797)

Comprehensive income

290,775

24,856

(14,047)

(2,111)

972,783

53,651

8,063

Less: Comprehensive income attributable to non-controlling interests

1,340

(121)

(113)

(17)

4,974

(403)

(61)

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

10,247

-

-

-

13,895

-

-

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

279,188

24,977

(13,934)

(2,094)

953,914

54,054

8,124

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

212,152

47,368

11,292

1,698

844,873

119,234

17,921

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

15,684

-

-

-

95,531

-

-

4% of interest expense of convertible senior notes

8,007

1

1

-

31,998

1,557

234

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

5,958

(1)

(1)

-

24,176

841

126

Stock-based compensation expense

29,558

13,822

14,645

2,201

55,580

45,868

6,894

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

271,359

61,190

25,937

3,899

1,052,158

167,500

25,175

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

Basic

2.15

0.48

0.20

0.03

8.37

1.30

0.20

Diluted

2.08

0.47

0.19

0.03

7.85

1.28

0.19

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

Basic

8.60

1.92

0.80

0.12

33.48

5.20

0.80

Diluted

8.32

1.88

0.76

0.12

31.40

5.12

0.76

Non-GAAP weighted average ordinary shares outstanding

Basic

126,056,129

128,247,292

130,186,074

130,186,074

125,680,215

128,442,966

128,442,966

Diluted

130,613,442

129,493,716

134,413,564

134,413,564

134,070,821

130,720,283

130,720,283

Non-GAAP weighted average ADS outstanding

Basic

31,514,032

32,061,823

32,546,519

32,546,519

31,420,054

32,110,742

32,110,742

Diluted

32,653,360

32,373,429

33,603,391

33,603,391

33,517,705

32,680,071

32,680,071

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

September 30, 2017

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

2,501,417

2,117,949

318,331

Restricted cash

318,785

350,893

52,740

Restricted short-term investments

3,333,450

4,042,325

607,567

Short-term investments

71,301

67,888

10,204

Accounts receivable, net - related parties

1,414,084

1,025,297

154,104

Accounts receivable, net - third parties

4,753,715

5,822,194

875,084

Notes receivable, net - related parties

610,200

240,000

36,072

Notes receivable, net - third parties

915,315

396,056

59,528

Advances to suppliers, net - related parties

662

-

-

Advances to suppliers, net - third parties

325,766

607,694

91,337

Inventories, net

4,473,515

5,242,139

787,901

Forward contract receivables

641

349

52

Deferred tax assets

130,676

-

-

Other receivables - related parties

79,125

98,963

14,874

Prepayments and other current assets

766,645

1,426,456

214,397

Total current assets

19,695,297

21,438,203

3,222,191

Non-current assets:

Restricted cash

197,214

176,344

26,505

Project Assets

55,063

219,181

32,943

Long-term investments

7,200

23,521

3,535

Property, plant and equipment, net

4,738,681

6,028,169

906,042

Land use rights, net

450,941

447,616

67,277

Intangible assets, net

20,297

26,466

3,978

Deferred tax assets

134,791

265,467

39,900

Other assets - related parties

173,376

135,382

20,348

Other assets - third parties

617,780

884,292

132,910

Total non-current assets

6,395,343

8,206,438

1,233,438

Total assets

26,090,640

29,644,641

4,455,629

LIABILITIES

Current liabilities:

Accounts payable - related parties

-

2,256

339

Accounts payable - third parties

4,290,071

4,593,518

690,412

Notes payable - third parties

4,796,766

6,072,200

912,660

Accrued payroll and welfare expenses

582,276

669,024

100,555

Advances from related parties

60,541

54,593

8,205

Advances from third parties

1,376,920

877,068

131,825

Income tax payable

168,112

62,419

9,382

Other payables and accruals

1,019,419

1,579,261

237,366

Other payables due to related parties

76,034

11,555

1,737

Forward contract payables

-

6,410

963

Convertible senior notes - current

423,740

-

-

Deferred tax liabilities

17,074

-

-

Derivative liability - current

10,364

29,819

4,482

Bond payable and accrued interests

-

4,606

692

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

5,488,629

6,923,327

1,040,585

Guarantee liabilities to related parties

52,711

33,928

5,099

Total current liabilities

18,362,657

20,919,984

3,144,302

Non-current liabilities:

Long-term borrowings

488,520

462,049

69,447

Long-term payables

44,014

567,777

85,338

Bond payables

-

298,075

44,801

Accrued warranty costs - non current

511,209

577,257

86,763

Convertible senior notes

-

66

10

Deferred tax liability

50,651

67,725

10,179

Guarantee liabilities to related parties - non current

173,376

128,183

19,266

Total non-current liabilities

1,267,770

2,101,132

315,804

Total liabilities

19,630,427

23,021,116

3,460,106

SHAREHOLDERS' EQUITY

Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 126,733,266 and 130,186,074 shares issued and outstanding as of December 31, 2016 and September 30, 2017, respectively)

18

18

3

Additional paid-in capital

3,145,262

3,254,923

489,219

Statutory reserves

466,253

466,253

70,078

Accumulated other comprehensive income

104,784

39,604

5,952

Treasury stock, at cost; 1,723,200 shares of ordinary shares as of December 31, 2016 and September 30, 2017, respectively

(13,876)

(13,876)

(2,086)

Accumulated retained earnings

2,758,268

2,877,502

432,492

Total JinkoSolar Holding Co., Ltd. shareholders' equity

6,460,709

6,624,424

995,658

Non-controlling interests

(496)

(899)

(135)

Total liabilities and shareholders' equity

26,090,640

29,644,641

4,455,629

View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2017-financial-results-300568322.html

SOURCE JinkoSolar Holding Co., Ltd.

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