JinkoSolar Announces Fourth Quarter and Full Year 2021 Financial Results
JinkoSolar (NYSE: JKS) announced strong financial results for Q4 and the full year 2021, overcoming supply chain challenges. In Q4 2021, total shipments surged to 9,693 MW, resulting in revenues of RMB16.39 billion (US$2.57 billion), a 91.2% sequential increase. Full-year revenues reached RMB40.83 billion (US$6.41 billion), up 16.2% year-over-year. Net income for Q4 was RMB239.5 million (US$37.6 million), a sharp turnaround from a loss the previous year. The company aims to increase production capacity significantly in 2022 and has launched its N-type Tiger Neo modules, which are well-received in the market.
- Q4 2021 total shipments of 9,693 MW, up 94.1% sequentially and 67.9% year-over-year.
- Total revenues for Q4 2021 reached RMB16.39 billion (US$2.57 billion), a sequential rise of 91.2% and a year-over-year increase of 73.9%.
- Net income of RMB239.5 million (US$37.6 million) in Q4 2021 compared to a net loss of RMB377 million in Q4 2020.
- Successfully launched N-type Tiger Neo modules, contributing to competitive pricing and strong market demand.
- Significant IPO of Jiangxi Jinko in Q1 2022, raising RMB10 billion for expansion.
- Full-year 2021 gross margin decreased to 16.3% from 17.6% in 2020 due to rising raw material costs.
- Income from operations down 38.2% year-over-year in 2021.
- Non-GAAP net income for 2021 fell 41.7% to RMB558.4 million (US$87.6 million), compared to RMB958.4 million in 2020.
SHANGRAO, China, March 23, 2022 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter and Full Year 2021 Business Highlights
- Despite supply chain challenges in the fourth quarter of 2021, we achieved significant growth in both shipments and revenues compared to the third quarter of 2021.
- The proportion of shipments in the Chinese market increased to approximately
34% in the fourth quarter of 2021. We actively participated in the distribution market while enhancing our competitiveness in the utility sector. - The mass production efficiency of approximately 900MW N-type Topcon Cells in our Haining production facility has reached
24.5% in the fourth quarter of 2021, with the yield rate close to that of the passivated emitter rear cell ("PERC"). - The next-generation N-type Ultra-efficiency Tiger Neo Module with better power generation performance remains popular in the market since its launch in the fourth quarter of 2021, giving the Company a competitive advantage with premium pricing.
- Jinko Solar Co., Ltd. ("Jiangxi Jinko"), the Company's principal operating subsidiary, completed its initial public offering ("IPO") process in the first quarter of 2022. Access to this new source of growth capital, combined with the Company's competitiveness accumulated over the years, will further strengthen its leading position in the industry.
Fourth Quarter 2021 Operational and Financial Highlights
- Quarterly shipments were 9,693 MW (9,024 MW for solar modules, 669 MW for cells and wafers), total shipments up
94.1% sequentially, and up67.9% year over year. - Total revenues were RMB16.39 billion (US
$2.57 billion ), up91.2% sequentially and up73.9% year over year. The sequential increase was mainly attributable to an increase in the shipment of solar modules. - Gross profit was RMB2.64 billion (US
$414.9 million ), up104.0% sequentially and up75.5% year over year. - Gross margin was
16.1% , compared with15.1% in Q3 2021 and16.0% in Q4 2020. - Net income was RMB239.5 million (US
$37.6 million ), compared with RMB194.2 million sequentially and net loss RMB377.0 million year over year. - Non-GAAP net income was RMB218.6 million (US
$34.3 million ), up 12.8 times sequentially and up 5.5 times year over year. - Basic and diluted earnings per ordinary share were RMB1.26 (US
$0.20) and RMB1.04 (US$0.16) , respectively. This translates into basic and diluted earnings per ADS of RMB5.02 (US$0.79) and RMB4.16 (US$0.65) , respectively. - Non-GAAP basic and diluted earnings per share were RMB1.15 (US
$0.18) and RMB1.06 (US$0.17) , respectively. Non-GAAP basic and diluted earnings per ADS were RMB4.58 (US$0.72) and RMB4.25 (US$0.67) , respectively.
Full Year 2021 Operational and Financial Highlights
- Annual shipments were 25,242 MW (including 22,233 MW for solar modules), up
18.4% year over year for solar modules shipments. - Total revenues were RMB40.83 billion (US
$6.41 billion ), up16.2% year over year. - Gross profit was RMB6.66 billion (US
$1.04 billion ), up7.9% year over year (or RMB6.66 billion, up10.7% year over year[1] if excluding the reversal benefit of the Countervailing Duty ("CVD") and Anti-dumping Duty ("ADD")). - Gross margin of
16.3% , compared with17.6% in full year of 2020 (or16.3% compared with17.1% in full year 2020 if excluding the reversal benefit of CVD and ADD). - Income from operations of RMB1.10 billion (US
$173.0 million ), down38.2% year over year (or RMB1.10 billion down32.2% if excluding the reversal benefit of CVD and ADD). - Net income of RMB721.0 million (US
$113.1 million ), up 2.1 times year over year. - Non-GAAP net income of RMB558.4 million (US
$87.6 million ), down41.7% year over year.
[1] The company recorded the reversal benefit of ADD and CVD of RMB0.2 million in cost of revenues in 2021, compared to RMB160.0 million (US |
Mr. Xiande Li, JinkoSolar's Chairman of the Board of Directors and Chief Executive Officer, commented, "We were very pleased to close a very challenging year of 2021 with excellent results. We were able to swiftly respond to supply chain volatility and logistic challenges thanks to our competitive advantages in supply chain management and global network. We continued to improve our in-house production capabilities and further strengthened our global supply chain to reduce costs, while increasing resilience to risks by leveraging our global network. As a result, our shipments, revenues, and profitability grew significantly in the fourth quarter of 2021 compared to the previous quarter. In the fourth quarter of 2021,our gross profit doubled, operating profit quadrupled and non-GAAP net profit increased by approximately 13 times sequentially."
"In the first quarter of 2022, our principal operating subsidiary, Jiangxi Jinko successfully listed on the Shanghai Stock Exchange Science and Technology Innovation Board, raising RMB10 billion. We believe this historic milestone will create greater momentum for the advancement of our state-of-the-art technology and business expansion.
We are optimistic about the growth prospects in distributed generation markets and will continue to grow our brand influence in these markets. In China, as installation capacity reached 55 GW for the full year of 2021, distributed generation made up more than half of newly-added installations due to its higher returns."
In light of the industry transition from P-type to N-type, and growing demand for higher efficiency products, we have launched the next-generation of N-type ultra-efficiency Tiger Neo modules. These modules have received worldwide acclaim for better power generation performance. We will reinforce the leadership position of our N-Type modules in both domestic and overseas markets. We have roughly 16 GW of N-type cell capacity operational in the first quarter of 2022 and currently are steadily ramping up our production capacity. With integrated capacity structure constantly improving, our integrated cost is expected to further decrease.
"In Vietnam, our 7GW monocrystalline silicon wafer plant commenced production in the first quarter of 2022. This nearly 7 GW of integrated mono wafer-cell-module manufacturing capacity overseas is significantly improving our global supply chain advantage. At the same time, we have been strategically cooperating with our supply chain partners to combine our complementary resources and build integrated industrial ecosystems. All these advantages will allow us to mitigate raw material shortages and respond to production challenges in the long term, further strengthen the competitiveness of our core products, and bring greater value to our global customers with high-quality, reliable modules and premium services."
Fourth Quarter 2021 Financial Results
Total Revenues
Total revenues in the fourth quarter of 2021 were RMB16.39 billion (US
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2021 was RMB2.64 billion (US
Gross margin was
Income from Operations and Operating Margin
Income from operations in the fourth quarter of 2021 was RMB485.8 million (US
Operating profit margin was
Total operating expenses in the fourth quarter of 2021 were RMB2.16 billion (US
Total operating expenses accounted for
Interest Expense, Net
Net interest expense in the fourth quarter of 2021 was RMB144.4 million (US
Subsidy Income
Subsidy income in the fourth quarter of 2021 was RMB109.6 million (US
Exchange Loss and Change in Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange loss (including change in fair value of foreign exchange derivatives) of RMB10.5 million (US
Change in Fair Value of Convertible Senior Notes and Call Option
The Company issued US
Concurrent with the issuance of the Notes in May 2019, the Company entered into a call option transaction with an affiliate of Credit Suisse Securities (USA) LLC. The Company accounted for the call option transaction as freestanding derivative assets in its consolidated balance sheets, which is marked to market during each reporting period. The Company recorded nil in the fourth quarter of 2021, compared to a loss of RMB38.2 million in the third quarter of 2021 and a gain of RMB257.8 million in the fourth quarter of 2020. The change was primarily due to the Company exercised all the remaining call option using cash settlement in the third quarter of 2021.
Equity in Earnings/(loss)of Affiliated Companies
The Company indirectly holds a
Income Tax Expense/(Benefit)
The Company recorded an income tax expense of RMB126.9 million (US
Net Income/(loss) and Earnings/(loss) per Share
Net income attributable to the Company's ordinary shareholders was RMB239.5 million (US
Net income attributable to non-controlling interests increased in the fourth quarter of 2021 mainly attributable to higher profit generated from the Company's certain subsidiary of which non-controlling shareholders own equity interests.
Basic and diluted earnings/(loss) per ordinary share were RMB1.26 (US
Non-GAAP net income attributable to the Company's ordinary shareholders in the fourth quarter of 2021 was RMB218.6 million (US
Non-GAAP basic and diluted earnings per ordinary share were RMB1.15 (US
Financial Position
As of December 31, 2021, the Company had RMB8.92 billion (US
As of December 31, 2021, the Company's accounts receivables due from third parties were RMB7.47 billion (US
As of December 31, 2021, the Company's inventories were RMB13.25 billion (US
As of December 31, 2021, the Company's total interest-bearing debts were RMB25.63 billion (US
As of December 31, 2021, the Company's Investments in equity securities were RMB 95.0 million (US
Full Year 2021 Financial Results
Total Revenues
Total revenues for full year 2021 were RMB40.83 billion (US
Gross Profit and Gross Margin
Gross profit for full year 2021 was RMB6.66 billion (US
Gross margin was
Income from Operations and Operating Margin
Income from operations for full year 2021 was RMB1.10 billion (US
Total operating expenses for full year 2021 were RMB5.56 billion (US
Interest Expense, Net
Net interest expense for full year 2021 was RMB624.0 million (US
Subsidy Income
Subsidy income for full year 2021 was RMB465.7million (US
Exchange Loss and Change in Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange loss (including change in fair value of foreign exchange derivatives) of RMB47.8 million (US
Change in Fair Value of Interest Rate Swap
The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate risk exposure. The Company recorded nil in change in fair value of the Interest Rate Swap agreements for full year 2021, compared to a loss of RMB78.9 million for full year 2020. The company applied hedge accounting for certain of its interest swap arrangement and recorded related change in fair value in other comprehensive income in 2021.
Change in Fair Value of Convertible Senior Notes and Call Option
The Company issued the Notes in May 2019 and has elected to measure them at fair value derived by valuation model, i.e. Binomial Model. The Company recognized a gain from a change in fair value of the Notes of RMB327.8 million (US
Concurrent with the issuance of the Notes in May 2019, the Company entered into a call option transaction with an affiliate of Credit Suisse Securities (USA) LLC. The Company accounted for the call option transaction as freestanding derivative assets in its consolidated balance sheets, which is marked to market at each reporting period. The Company recorded a loss from a change in fair value of the call option of RMB 136.1 million (US
Equity in (Loss)/Income of Affiliated Companies
The Company indirectly holds a
Income Tax Expense, Net
The Company recognized an income tax expense of RMB194.1 million (US
Net Income and Earnings/(loss) per Share
Net income attributable to the Company's ordinary shareholders for full year 2021 was RMB721.0 million (US
Basic and diluted earnings/(loss) per share for full year 2021 were RMB3.78 (US
Non-GAAP net income for full year 2021 was RMB558.4 million (US
Non-GAAP basic and diluted earnings per share for full year 2021 were RMB2.93 (US
Fourth Quarter and Full Year 2021 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments in the fourth quarter of 2021 were 9,693 MW, including 9,024 MW for solar module shipments and 669 MW for cell and wafer shipments.
Total shipments in the full year 2021 were 25,242 MW, including 22,232 MW for solar module shipments and 3,010 MW for cell and wafer shipments.
Solar Products Production Capacity
As of December 31, 2021, the Company's annual mono wafer, solar cell and solar module production capacity was 32.5 GW, 24.0 GW (940 MW for N-type cells) and 45.0 GW, respectively.
Operations and Business Outlook Highlights
We have roughly 16 GW of N-type cell capacity operational in the first quarter of 2022, and currently are steadily ramping up our production capacity. With integrated capacity structure constantly improving, our integrated cost is expected to further decrease. Leveraging on continuous investments in R&D and technological innovation, we hope to continuously improve the mass production efficiency of N-type cells, solidifying our leading position in the industry. In light of growing demand for higher efficiency N-type products, we are committed to providing customers with the best solutions leveraging our technological innovation and product competitiveness, as well as further enhancing our global market share and profitability.
First Quarter and Full Year 2022 Guidance
The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management's views and estimates are subject to change without notice.
For the first quarter of 2022, the Company expects its total shipments to be in the range of 7.5 GW to 8.0 GW.
For full year 2022, the Company estimates its total shipments (including solar modules, cells and wafers) to be in the range of 35.0 GW to 40.0 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar module production capacity to reach 50.0 GW, 40.0 GW (including 16.9 GW N-type cells) and 60.0 GW, respectively, by the end of 2022.
Recent Business Developments
- In December 2021, JinkoSolar announced that its principal operating subsidiary, Jiangxi Jinko and Aldo Solar, which stands out as the largest distributor of solar energy solutions in Brazil with
31% market share, reinforce their partnership for 2022 with the signing of the largest distribution agreement for Distributed Generation ever signed by Jiangxi Jinko outside China. - In December 2021, JinkoSolar announced that according to the information published by the China Securities Regulatory Commission ("CSRC"), Jiangxi Jinko has completed its IPO registration process with the CSRC and will soon enter the issuance process for its IPO on the Shanghai Stock Exchange's Sci-Tech innovation board.
- In January 2022, JinkoSolar announced that Jiangxi Jinko's updated IPO prospectus and indicative IPO timetable was published by the Shanghai Stock Exchange on its website.
- In January 2022, JinkoSolar announced that Jiangxi Jinko's IPO pricing has been announced by the Shanghai Stock Exchange.
- In January 2022, JinkoSolar announced that Jiangxi Jinko has completed its IPO process and started trading on the Shanghai Stock Exchange's Sci-Tech innovation board (SSE, code: 688223) on January 26, 2022.
- In February 2022, JinkoSolar announced that its Tiger Neo Bifacial BDV 570 (144 cells) and Tiger Neo Bifacial BDV 610 (156 cells) modules, have been officially certified by CERTISOLIS for their very competitively low carbon footprint values.
- In March 2022, JinkoSolar announced that it recently hosted a high-level dialogue with delegates from the UN Global Compact Liaison Office in Beijing, on the role of solar PV technology development in achieving global Sustainable Development Goals set up by the United Nations.
- In March 2022, JinkoSolar announced that its principal operating subsidiary, Jiangxi Jinko, has entered into a project investment cooperation framework agreement with Qinghai Provincial Department of Industry and Information Technology, Xining Municipal Government and Xining Economic and Technological Development Zone Management Committee for a joint monocrystalline silicon pull rod project, and the total estimated investment is approximately RMB10.0 billion.
- In March 2022, JinkoSolar announced that its principal operating subsidiary, Jiangxi Jinko, has entered into an investment framework agreement with the Shangrao Guangxin District Government for a high-efficiency solar module and PV module aluminum frame project, with a total estimated investment at approximately RMB10.8 billion.
Conference Call Information
JinkoSolar's management will host an earnings conference call on Wednesday, March 23, 2022 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: | 83659628# |
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, March 30, 2022. The dial-in details for the replay are as follows:
International: | +61 2 8325 2405 | |
U.S.: | +1 646 982 0473 | |
Passcode: | 520001038# |
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 one of the largest and most innovative solar module manufacturers in the world. 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 32.5 GW for mono wafers, 24 GW for solar cells, and 45 GW for solar modules, as of December 31, 2021.
JinkoSolar has 12 productions facilities globally, 22 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Portugal, Canada, Malaysia, UAE, and Denmark, and global sales teams in China, the United States, Canada, Germany, Switzerland, Italy, Japan, Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong Kong, as of December 31, 2021.
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 call option:
- Non-GAAP net income is adjusted to exclude the expenses relating to issuance cost of convertible senior notes, change in fair value of convertible senior notes and call option, interest expenses of convertible senior notes and call option, exchange (gain)/loss on the convertible senior notes and call option, and stock-based compensation (benefit)/expense; 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 issuance cost of convertible senior notes, change in fair value of convertible senior notes and call option, interest expenses of convertible senior notes and call option, exchange gain on the convertible senior notes and call option, and stock-based compensation. As the Non-GAAP net income is adjusted to exclude the change in fair value of call option, the dilutive impact of call option, if any, is also excluded from the denominator for the calculation of Non-GAAP earnings per share and non-GAAP earnings per ADS.
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 December 30, 2021, which was RMB6.3726 to US
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:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
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 year ended | ||||||||||||
Dec 31, 2020 | Sep 30, 2021 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | |||||||||
RMB'000 | RMB'000 | RMB'000 | USD'000 | RMB'000 | RMB'000 | USD'000 | |||||||
Revenues from third parties | 9,418,979 | 8,568,057 | 16,361,236 | 2,567,435 | 35,067,287 | 40,794,759 | 6,401,588 | ||||||
Revenues from related parties | 5,599 | 1,948 | 26,472 | 4,154 | 62,172 | 31,763 | 4,984 | ||||||
Total revenues | 9,424,578 | 8,570,005 | 16,387,708 | 2,571,589 | 35,129,459 | 40,826,522 | 6,406,572 | ||||||
Cost of revenues | (7,917,667) | (7,273,962) | (13,743,415) | (2,156,642) | (28,957,798) | (34,168,686) | (5,361,812) | ||||||
Gross profit | 1,506,911 | 1,296,043 | 2,644,293 | 414,947 | 6,171,661 | 6,657,836 | 1,044,760 | ||||||
Operating expenses: | |||||||||||||
Selling and marketing | (652,751) | (614,694) | (1,117,473) | (175,356) | (2,473,980) | (2,856,464) | (448,242) | ||||||
General and administrative | (531,097) | (445,050) | (776,137) | (121,793) | (1,409,371) | (1,963,562) | (308,126) | ||||||
Research and development | (137,320) | (125,091) | (114,549) | (17,975) | (389,192) | (461,590) | (72,434) | ||||||
Impairment of long-lived assets | (114,168) | - | (150,308) | (23,587) | (114,168) | (273,713) | (42,952) | ||||||
Total operating expenses | (1,435,336) | (1,184,835) | (2,158,467) | (338,711) | (4,386,711) | (5,555,329) | (871,754) | ||||||
Income from operations | 71,575 | 111,208 | 485,826 | 76,236 | 1,784,950 | 1,102,507 | 173,006 | ||||||
Interest expenses, net | (115,161) | (165,553) | (144,420) | (22,663) | (459,234) | (624,029) | (97,924) | ||||||
Subsidy income | 109,702 | 63,518 | 109,636 | 17,204 | 191,981 | 465,685 | 73,076 | ||||||
Exchange loss | (223,439) | (46,217) | (127,483) | (20,005) | (336,523) | (355,499) | (55,786) | ||||||
Change in fair value of interest rate swap | - | - | - | - | (78,878) | - | - | ||||||
Change in fair value of foreign exchange derivatives | 175,521 | 39,979 | 116,993 | 18,359 | 187,578 | 307,689 | 48,283 | ||||||
Change in fair value of convertible senior notes and call option | (427,624) | 200,730 | 9,540 | 1,497 | (725,792) | 191,641 | 30,073 | ||||||
Other income/(expense), net | 3,762 | 172 | (2,865) | (450) | 2,292 | 1,911 | 300 | ||||||
Income/(loss) before income taxes | (405,664) | 203,837 | 447,227 | 70,178 | 566,374 | 1,089,905 | 171,028 | ||||||
Income tax (expenses)/benefit | 23,089 | (21,958) | (126,872) | (19,909) | (178,411) | (194,140) | (30,465) | ||||||
Equity in earnings/(loss) of affiliated companies | 19,906 | 13,158 | 3,471 | 545 | (52,706) | 59,809 | 9,385 | ||||||
Net income/(loss) | (362,669) | 195,037 | 323,826 | 50,814 | 335,257 | 955,574 | 149,948 | ||||||
Less: Net income attributable to non-controlling | 14,282 | 813 | 84,359 | 13,238 | 104,871 | 234,554 | 36,807 | ||||||
Net income/(loss) attributable to JinkoSolar | (376,951) | 194,224 | 239,467 | 37,576 | 230,386 | 721,020 | 113,141 | ||||||
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s | |||||||||||||
Basic | (2.08) | 1.02 | 1.26 | 0.20 | 1.29 | 3.78 | 0.59 | ||||||
Diluted | (3.60) | (0.12) | 1.04 | 0.16 | (1.36) | 2.01 | 0.32 | ||||||
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s | |||||||||||||
Basic | (8.32) | 4.07 | 5.02 | 0.79 | 5.15 | 15.12 | 2.37 | ||||||
Diluted | (14.40) | (0.49) | 4.16 | 0.65 | (5.42) | 8.02 | 1.26 | ||||||
Weighted average ordinary shares outstanding: | |||||||||||||
Basic | 181,285,886 | 190,768,148 | 190,775,385 | 190,775,385 | 178,938,853 | 190,672,869 | 190,672,869 | ||||||
Diluted | 173,785,886 | 205,195,236 | 205,838,968 | 205,838,968 | 171,438,853 | 205,719,772 | 205,719,772 | ||||||
Weighted average ADS outstanding: | |||||||||||||
Basic | 45,321,472 | 47,692,037 | 47,693,846 | 47,693,846 | 44,734,713 | 47,668,217 | 47,668,217 | ||||||
Diluted | 43,446,472 | 51,298,809 | 51,459,742 | 51,459,742 | 42,859,713 | 51,429,943 | 51,429,943 | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||
Net income | (362,669) | 195,037 | 323,826 | 50,814 | 335,257 | 955,574 | 149,948 | ||||||
Other comprehensive income/(loss): | |||||||||||||
-Foreign currency translation adjustments | (187,456) | 15,258 | (107,654) | (16,893) | (251,894) | (67,732) | (10,629) | ||||||
-Change in the instrument-specific credit risk | 71,330 | 12,510 | (15,948) | (2,503) | 60,326 | 41,972 | 6,586 | ||||||
Comprehensive income/(loss) | (478,795) | 222,805 | 200,224 | 31,418 | 143,689 | 929,814 | 145,905 | ||||||
Less: Comprehensive income attributable to non-controlling interests | 14,282 | 813 | 84,359 | 13,238 | 104,871 | 234,553 | 36,807 | ||||||
Comprehensive income/(loss) attributable to JinkoSolar Holding Co., | (493,077) | 221,992 | 115,865 | 18,180 | 38,818 | 695,261 | 109,098 | ||||||
Reconciliation of GAAP and non-GAAP Results | |||||||||||||
1. Non-GAAP earnings per share and non-GAAP earnings per ADS | |||||||||||||
GAAP net income/(loss) attributable to ordinary shareholders | (376,951) | 194,224 | 239,467 | 37,576 | 230,386 | 721,020 | 113,141 | ||||||
Change in fair value of convertible senior notes and call option | 427,624 | (200,730) | (9,540) | (1,497) | 725,792 | (191,641) | (30,073) | ||||||
Net interest expenses of convertible senior notes and call option | 6,535 | 5,431 | 5,096 | 800 | 26,614 | 21,664 | 3,400 | ||||||
Exchange loss/(gain) on convertible senior notes and call option | (23,816) | 11,883 | (21,065) | (3,306) | (25,347) | (2,492) | (391) | ||||||
Stock-based compensation expense | 56 | 5,046 | 4,671 | 733 | 923 | 9,884 | 1,551 | ||||||
Non-GAAP net income attributable to ordinary shareholders | 33,448 | 15,854 | 218,629 | 34,306 | 958,368 | 558,435 | 87,628 | ||||||
Non-GAAP earnings per share attributable to ordinary shareholders - | |||||||||||||
Basic | 0.19 | 0.08 | 1.15 | 0.18 | 5.36 | 2.93 | 0.46 | ||||||
Diluted | 0.19 | 0.08 | 1.06 | 0.17 | 5.36 | 2.72 | 0.43 | ||||||
Non-GAAP earnings per ADS attributable to ordinary shareholders - | |||||||||||||
Basic | 0.74 | 0.33 | 4.58 | 0.72 | 21.42 | 11.72 | 1.84 | ||||||
Diluted | 0.74 | 0.31 | 4.25 | 0.67 | 21.42 | 10.86 | 1.70 | ||||||
Non-GAAP weighted average ordinary shares outstanding | |||||||||||||
Basic | 181,285,886 | 190,768,148 | 190,775,385 | 190,775,385 | 178,938,853 | 190,672,869 | 190,672,869 | ||||||
Diluted | 181,285,886 | 205,195,236 | 205,838,968 | 205,838,968 | 178,938,853 | 205,719,772 | 205,719,772 | ||||||
Non-GAAP weighted average ADS outstanding | |||||||||||||
Basic | 45,321,472 | 47,692,037 | 47,693,846 | 47,693,846 | 44,734,713 | 47,668,217 | 47,668,217 | ||||||
Diluted | 45,321,472 | 51,298,809 | 51,459,742 | 51,459,742 | 44,734,713 | 51,429,943 | 51,429,943 | ||||||
JINKOSOLAR HOLDING CO., LTD. | |||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(in thousands) | |||||
Dec 31, 2020 | Dec 31, 2021 | ||||
RMB'000 | RMB'000 | USD'000 | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 7,481,678 | 8,321,415 | 1,305,812 | ||
Restricted cash | 593,094 | 598,068 | 93,850 | ||
Restricted short-term investments | 6,400,637 | 9,241,276 | 1,450,158 | ||
Short-term investments | 570,000 | 150,000 | 23,538 | ||
Accounts receivable, net - related parties | 410,358 | 29,417 | 4,616 | ||
Accounts receivable, net - third parties | 4,534,758 | 7,471,103 | 1,172,379 | ||
Notes receivable, net - related parties | 33,001 | - | - | ||
Notes receivable, net - third parties | 1,051,561 | 1,689,102 | 265,057 | ||
Advances to suppliers, net - third parties | 1,002,613 | 1,536,155 | 241,056 | ||
Inventories, net | 8,376,936 | 13,252,352 | 2,079,583 | ||
Forward contract receivables | 183,146 | 73,532 | 11,539 | ||
Prepayments and other current assets, net - related | 23,756 | 17,348 | 2,722 | ||
Prepayments and other current assets, net | 3,020,592 | 2,435,056 | 382,113 | ||
Held-for-sale assets | - | 684,631 | 107,434 | ||
Total current assets | 33,682,130 | 45,499,455 | 7,139,857 | ||
Non-current assets: | |||||
Restricted cash | 1,389,194 | 1,229,315 | 192,906 | ||
Accounts receivable, net - third parties | 26,405 | 27,624 | 4,335 | ||
Project Assets | 645,355 | - | - | ||
Long-term investments | 194,258 | 538,866 | 84,560 | ||
Property, plant and equipment, net | 12,455,444 | 19,969,894 | 3,133,712 | ||
Land use rights, net | 760,962 | 1,090,057 | 171,054 | ||
Intangible assets, net | 35,838 | 55,484 | 8,707 | ||
Financing lease right-of-use assets, net | 829,122 | 628,592 | 98,640 | ||
Operating lease right-of-use assets, net | 316,512 | 438,270 | 68,774 | ||
Deferred tax assets | 255,107 | 371,767 | 58,338 | ||
Call Option - concurrent with issuance of convertible | 756,929 | - | - | ||
Advances to suppliers to be utilised beyond one year | - | 296,709 | 46,560 | ||
Other assets, net - related parties | 107,319 | 3,292 | 517 | ||
Other assets, net - third parties | 1,777,799 | 2,739,159 | 429,833 | ||
Investments in equity securities | 95,000 | 14,908 | |||
Total non-current assets | 19,550,244 | 27,484,029 | 4,312,844 | ||
Total assets | 53,232,374 | 72,983,484 | 11,452,701 | ||
LIABILITIES | |||||
Current liabilities: | |||||
Accounts payable - related parties | 14,114 | 15,863 | 2,489 | ||
Accounts payable - third parties | 4,436,495 | 6,799,854 | 1,067,045 | ||
Notes payable - third parties | 9,334,876 | 12,072,223 | 1,894,395 | ||
Accrued payroll and welfare expenses | 995,054 | 1,240,791 | 194,707 | ||
Advances from third parties | 2,451,495 | 5,914,354 | 928,091 | ||
Income tax payable | 73,720 | 214,856 | 33,716 | ||
Other payables and accruals | 3,408,391 | 4,844,077 | 760,142 | ||
Other payables due to related parties | 71,515 | 2,230 | 350 | ||
Forward contract payables | 17,895 | 2,659 | 417 | ||
Convertible senior notes - current | 1,831,612 | - | - | ||
Financing lease liabilities - current | 272,330 | 194,939 | 30,590 | ||
Operating lease liabilities - current | 48,244 | 62,515 | 9,810 | ||
Short-term borrowings from third parties, | 8,238,531 | 13,339,367 | 2,093,238 | ||
Guarantee liabilities to related parties | 22,519 | 2,500 | 392 | ||
Held-for-sale liabilities | - | 553,234 | 86,814 | ||
Deferred revenue | - | 200,000 | 31,384 | ||
Total current liabilities | 31,216,791 | 45,459,462 | 7,133,580 | ||
Non-current liabilities: | |||||
Long-term borrowings | 7,301,536 | 9,896,455 | 1,552,970 | ||
Convertible senior notes | - | 1,098,736 | 172,416 | ||
Accrued warranty costs - non current | 769,332 | 858,641 | 134,740 | ||
Financing lease liabilities | 313,088 | 236,373 | 37,092 | ||
Operating lease liabilities | 277,239 | 385,420 | 60,481 | ||
Deferred tax liability | 328,713 | 183,003 | 28,717 | ||
Long-term Payables | 97 | 568,495 | 89,209 | ||
Guarantee liabilities to related parties | 34,812 | 9,642 | 1,513 | ||
Total non-current liabilities | 9,024,817 | 13,236,765 | 2,077,138 | ||
Total liabilities | 40,241,608 | 58,696,227 | 9,210,718 | ||
SHAREHOLDERS' EQUITY | |||||
Ordinary shares (US | 26 | 26 | 4 | ||
Additional paid-in capital | 5,251,245 | 5,617,923 | 881,575 | ||
Statutory reserves | 692,009 | 700,244 | 109,884 | ||
Accumulated other comprehensive income | (128,615) | (154,375) | (24,225) | ||
Treasury stock, at cost; 2,945,840 ordinary shares as of | (43,170) | (43,170) | (6,774) | ||
Accumulated retained earnings | 4,216,353 | 4,929,138 | 773,489 | ||
Total JinkoSolar Holding Co., Ltd. shareholders' equity | 9,987,848 | 11,049,786 | 1,733,953 | ||
Non-controlling interests | 3,002,918 | 3,237,471 | 508,030 | ||
Total liabilities and shareholders' equity | 53,232,374 | 72,983,484 | 11,452,701 | ||
View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2021-financial-results-301508836.html
SOURCE JinkoSolar Holding Co., Ltd.
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