Form 6-K JinkoSolar Holding Co., For: Aug 26

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

______________

 

FORM 6-K

 

______________

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

  

For the Month of August 2016

 

Commission File Number 001-34615

 

JinkoSolar Holding Co., Ltd.

(Translation of registrant’s name into English)

 

1 Jingke Road

Shangrao Economic Development Zone

Jiangxi Province, 334100

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x     Form 40-F o

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

 

Yes o     No x

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

 

Yes o     No x

 

 

EXHIBIT INDEX

 

 

Number	Description of Document
99.1	Press Release

 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

	JinkoSolar Holding Co., Ltd.
	By:		/s/ Haiyun (Charlie) Cao
	Name:		Haiyun (Charlie) Cao
	Title:		Chief Financial Officer

 

 

Date: August 26, 2016

 

 

Exhibit 99.1

 

 

JinkoSolar Announces Second Quarter 2016 Financial Results

 

 

SHANGHAI, China, August 25, 2016 -- 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

 

l

In July 2016, JinkoSolar signed three power purchase agreements with Mexico's Federal Electricity Commission for three projects totaling 188MWac.

l

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.

l

In July 2016, JinkoSolar made a big leap forward in the latest China Fortune 500 list, climbing from position 437 to 330.

l

In July 2016, JinkoSolar signed a one-year JPY2 billion syndicated loan agreement with a bank consortium led by Sumitomo Mitsui Banking Corporation.

l

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.

 

inkoSolar (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

 

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