JinkoSolar Announces Second Quarter 2020 Financial Results
JinkoSolar (NYSE: JKS) reported its second quarter 2020 financial results, showing a 31.0% rise in solar module shipments to 4,469 MW and total revenues of RMB8.45 billion (US$1.20 billion), exceeding guidance. Net income attributable to shareholders was RMB318.0 million (US$45.0 million), a significant increase from the previous year. Despite a slight gross margin decline to 17.9%, JinkoSolar anticipates strong demand continuing through 2020, projecting third quarter module shipments of 5.0 to 5.3 GW. The company plans to list its subsidiary Jiangxi Jinko on the STAR Market to enhance growth opportunities.
- Total solar module shipments increased by 31.0% sequentially and 32.0% year-over-year.
- Total revenues exceeded guidance at US$1.20 billion, a 22.2% increase year-over-year.
- Net income rose to RMB318.0 million (US$45.0 million), up significantly from the previous year.
- Strong demand for solar products expected to continue through the end of 2020.
- Gross margin decreased to 17.9% from 19.5% in the previous quarter.
- Operating income dropped to RMB434.7 million from RMB732.7 million in the first quarter.
- Average selling prices of solar modules declined due to decreased global demand.
SHANGRAO, China, Sept. 23, 2020 /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 second quarter ended June 30, 2020.
Strategic Business Updates
- Module shipments in the second quarter increased significantly compared with the first quarter, despite the negative impact caused by the global pandemic.
- Large-area N-Type monocrystalline silicon solar cell reached a record high efficiency of
24.79% . - Demand and deployment of large-size modules exceeded expectations. The company recently launched its Tiger Pro N-type large-size module products with maximum power output of up to 610 W.
- Industry consolidation is accelerating due to increased competition in a challenging economic environment. Module shipments of the top five module manufacturers are expected to account for
65% to70% of the total shipments in the industry this year. - Announced the plan to list the Company's principal operating subsidiary Jiangxi Jinko on the Shanghai Stock Exchange's Sci-Tech innovation board, or the STAR Market.
Second Quarter 2020 Operational and Financial Highlights
- Total solar module shipments were 4,469 megawatts ("MW"), within JinkoSolar's guidance range of 4.2 GW to 4.5 GW, an increase of
31.0% from 3,411 MW in the first quarter of 2020 and an increase of32.0% from 3,386 MW in the second quarter of 2019. - Total revenues were RMB8.45 billion (US
$1.20 billion ), exceeding JinkoSolar's guidance range of US$1.10 billion to US$1.18 billion ; a decrease of0.4% from the first quarter of 2020 and an increase of22.2% from the second quarter of 2019. - Gross margin was
17.9% , within JinkoSolar's guidance range of16.0% to18.0% , compared with19.5% in the first quarter of 2020 and16.5% in the second quarter of 2019. - Income from operations was RMB434.7 million (US
$61.5 million ), compared with RMB732.7 million in the first quarter of 2020 and RMB260.3 million in the second quarter of 2019. - Net income attributable to the Company's ordinary shareholders was RMB318.0 million (US
$45.0 million ) in the second quarter of 2020, compared with RMB282.4 million in the first quarter of 2020 and RMB125.4 million in the second quarter of 2019. - Diluted earnings per American depositary share ("ADS") were RMB6.55 (US
$0.93) in the second quarter of 2020. - Non-GAAP net income attributable to the Company's ordinary shareholders in the second quarter of 2020 was RMB376.1 million (US
$53.2 million ), compared with RMB227.5 million in the first quarter of 2020 and RMB202.9 million in the second quarter of 2019. - Non-GAAP basic and diluted earnings per ADS were RMB8.46 (US
$1.20) in the second quarter of 2020, compared with RMB5.09 and RMB4.59, respectively, in the first quarter of 2020 and RMB4.87 for both in the second quarter of 2019.
Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "JinkoSolar delivered a strong quarter with total revenue exceeding guidance. Despite the tough economic environment around the world, total solar module shipments and gross margin for the quarter were all within our guidance range. Module shipments hit a new high of 4,469 MW, an increase of
"Solar demand decreased during the quarter due to the economic slowdown, triggering a drop in module prices. Many upstream manufacturing companies were forced to reduce inventory and companies lacking product differentiation and cost flexibility struggled to remain competitive. The market continues to consolidate due to the challenging economic environment and strong competition within the industry, while the production capacity and infrastructure of integrated manufacturers remain resilient to risks and price fluctuations. All of the above has enabled a few key players, including JinkoSolar, to increase global market share. Overall, the combined shipment volumes of the top five solar module manufacturers are expected to account for
"More than ever, technology is the major differentiating factor giving companies with integrated applications a clear advantage. Recently, our large-area N-type monocrystalline silicon solar cells reached a conversion efficiency of
"As economies have started to rebound in many markets, we believe global demand will eventually accelerate and we are well positioned to benefit from the momentum. Earlier this year, the shortage of supply in the Chinese market drove up prices along the supply chain, but prices have stabilized since then and we expect strong market demand to continue until the end of the year. With our strong R&D platform, expanding capacity and cost leadership, we believe we are well positioned to capitalize on the strong potential of solar energy as governments increasingly focus on clean energy in the wake of the pandemic and growing climate change challenges."
"This week, we announced our plan to list our principal operating subsidiary Jiangxi Jinko on the Shanghai Stock Exchange's Sci-Tech innovation board, or the STAR Market. We are committed to maintaining the New York Stock Exchange listing for JinkoSolar. We believe the additional listing of Jiangxi Jinko on the STAR Market will raise our profile with investors both in China and globally and provide us with additional growth opportunities in the future."
Second Quarter 2020 Financial Results
Total Revenues
Total revenues in the second quarter of 2020 were RMB8.45 billion (US
Gross Profit and Gross Margin
Gross profit in the second quarter of 2020 was RMB1.51 billion (US
Gross margin was
Income from Operations and Operating Margin
Income from operations in the second quarter of 2020 was RMB434.7 million (US
Operating margin was
Total operating expenses in the second quarter of 2020 were RMB1.08 billion (US
Total operating expenses accounted for
Interest Expense, Net
Net interest expense in the second quarter of 2020 was RMB106.2 million (US
Exchange Gain and Change in Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB69.7 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 associated with the Company's overseas solar power projects. After the disposal of two solar power projects in Mexico in the first quarter of 2020, there was no change in fair value of interest rate swap recognized in the second quarter of 2020.
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 a gain from a change in fair value of the call option of RMB38.0 million (US
Equity in (Loss)/Gain of Affiliated Companies
The Company indirectly holds a
Income Tax (Expenses)/Benefit
The Company recorded an income tax expense of RMB22.8 million (US
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders was RMB318.0 million (US
Basic and diluted earnings per ordinary share were RMB1.79 (US
Non-GAAP net income attributable to the Company's ordinary shareholders in the second quarter of 2020 was RMB376.1 million (US
Non-GAAP basic and diluted earnings per ordinary share were RMB2.12 (US
Financial Position
As of June 30, 2020, the Company had RMB6.85 billion (US
As of June 30, 2020, the Company's accounts receivables due from third parties were RMB5.90 billion (US
As of June 30, 2020, the Company's inventories were RMB6.89 billion (US
As of June 30, 2020, the Company's total interest-bearing debts were RMB16.5 billion (US
Second Quarter 2020 Operational Highlights
Solar Module Shipments
Total solar module shipments in the second quarter of 2020 were 4,469 MW.
Solar Products Production Capacity
As of June 30, 2020, the Company's in-house annual mono wafer, solar cell and solar module production capacity was 20 GW, [1] 11GW (10.2 GW for PERC cells and 800 MW for N type cells) and 25 GW, respectively.
Note 1: In addition to the mono wafer, our multi wafer production capacity was 3.5 GW as of June 30, 2020[1] |
Operations and Business Outlook
Strong market demand is expected to continue until the end of the year. COVID-19 has negatively impacted demand and caused substantial challenges across the supply chain, which is expected to further accelerate market consolidation within the industry. The penetration of large-size modules exceed expectations.
Third Quarter and Full Year 2020 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 third quarter of 2020, the Company expects total solar module shipments to be in the range of 5.0 GW to 5.3 GW. Total revenue for the third quarter is expected to be in the range of US
For full year 2020, the Company estimates total solar module shipments to be in the range of 18 GW to 20 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar module production capacity to reach 20 GW, 11 GW (including 800 MW N-type cells) and 30 GW, respectively, by the end of 2020.
Recent Business Developments
- In June 2020, JinkoSolar's innovative Tiger Pro Series of high-efficiency modules received the world's first IEC 61701 Ed. 3 (FDIS) certification for salt mist corrosion test issued by TÜV Nord AG, an independent provider of technical services for testing, inspection, certification, consultation and training.
- In June 2020, United States International Trade Commission ("ITC") issued a favorable final determination concluding that JinkoSolar's products do not infringe a patent asserted by Hanwha Q CELLS.
- In June 2020, JinkoSolar appointed Mr. Ji Shao Guo as Chief Human Resources Officer.
- In June 2020, JinkoSolar responded to the Regional Court of Düsseldorf's recent determination concluding that third-party cell technology contained in certain JinkoSolar modules, no longer in production, infringes a patent held by Hanwha Q CELLS.
- In June 2020, JinkoSolar announced that it will supply 60.9 MW of bifacial modules for the first industrial hybrid plant in Chile.
- In July 2020, JinkoSolar won the 6th All Quality Matters Award for PV Module Energy Yield Simulation (Mono Group) at the Solar Congress 2020 organized by TÜV Rheinland.
- In July 2020, JinkoSolar announced supply of 126 MW of solar modules for the expansion of an existing 160 MW solar PV park in Chile.
- In July 2020, the maximum solar conversion efficiency of JinkoSolar's large-area N-type monocrystalline silicon solar cells reached
24.79% , and have set a world record for large-size contact-passivated solar cells. - In August 2020, JinkoSolar unveiled its RE100 roadmap by providing details on its approach to achieve
100% capacity powered by renewables by 2025. - In August 2020, JinkoSolar launched its new generation of 610W Tiger Pro high-efficiency monocrystalline TR solar module and its BIPV solutions, Building Integrated Photovoltaics product series, which will be unveiled at SNEC 2020 in Shanghai.
Conference Call Information
JinkoSolar's management will host an earnings conference call on Wednesday, September 23, 2020 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: | 55345060 | |
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 30, 2020. The dial-in details for the replay are as follows:
International: | +61 2 8325 2405 | |
U.S.: | +1 646 982 0473 | |
Passcode: | 319337163# | |
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 20 GW for mono wafers, 11 GW for solar cells, and 25 GW for solar modules, as of June 30, 2020.
JinkoSolar has 7 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income, non-GAAP earnings per Share, and non-GAAP earnings per ADS, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation convertible senior notes and 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.
Impact of the Recently Adopted Major Accounting Pronouncement
The Company adopted the update of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): "Measurement of Credit Losses on Financial Instruments" on January 1, 2020.
Upon adoption of ASC 326 on January 1, 2020, the Company used the modified retrospective transition method through a RMB6.6 million cumulative-effect increase to retained earnings, among which RMB30.9 million was related to the decrease of allowance for accounts receivables-third parties, RMB15.0 million was related to the increase of allowance for accounts receivables- related parties and RMB9.3 million was related to the increase of allowance for other receivables and other current/non-current assets. The adoption of the new guidance did not have a material impact to the Company's consolidated financial statements.
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, 2020, which was RMB7.0651 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:
Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com
Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com
In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
JINKOSOLAR HOLDING CO., LTD. | |||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
(in thousands, except ADS and Share data) | |||||||||||||
For the quarter ended | For the six months ended | ||||||||||||
June 30, 2019 | March 31, 2020 | June 30, 2020 | June 30, 2019 | June 30, 2020 | |||||||||
RMB | RMB | RMB | USD | RMB | RMB | USD | |||||||
Revenues from third parties | 6,912,301 | 8,431,213 | 8,448,719 | 1,195,839 | 12,589,528 | 16,879,932 | 2,389,199 | ||||||
Revenues from related parties | 725 | 52,710 | 1,943 | 275 | 145,546 | 54,653 | 7,736 | ||||||
Total revenues | 6,913,026 | 8,483,923 | 8,450,662 | 1,196,114 | 12,735,074 | 16,934,585 | 2,396,935 | ||||||
Cost of revenues | (5,769,143) | (6,827,045) | (6,937,720) | (981,971) | (10,626,854) | (13,764,765) | (1,948,276) | ||||||
Gross profit | 1,143,883 | 1,656,878 | 1,512,942 | 214,143 | 2,108,220 | 3,169,820 | 448,659 | ||||||
Operating expenses: | |||||||||||||
Selling and marketing | (561,959) | (613,821) | (709,189) | (100,379) | (1,021,273) | (1,323,010) | (187,260) | ||||||
General and administrative | (248,376) | (238,594) | (294,452) | (41,677) | (440,278) | (533,046) | (75,448) | ||||||
Research and development | (73,258) | (71,784) | (74,643) | (10,565) | (150,636) | (146,427) | (20,725) | ||||||
Total operating expenses | (883,593) | (924,199) | (1,078,284) | (152,621) | (1,612,187) | (2,002,483) | (283,433) | ||||||
Income from operations | 260,290 | 732,679 | 434,658 | 61,522 | 496,033 | 1,167,337 | 165,226 | ||||||
Interest expenses, net | (116,754) | (108,613) | (106,239) | (15,037) | (212,864) | (214,852) | (30,410) | ||||||
Subsidy income | 10,517 | 5,061 | 14,379 | 2,035 | 15,258 | 19,440 | 2,752 | ||||||
Exchange gain | 87,487 | 10,951 | 51,616 | 7,306 | 6,507 | 62,567 | 8,856 | ||||||
Change in fair value of interest rate swap | (46,118) | (78,878) | - | - | (76,317) | (78,878) | (11,164) | ||||||
Change in fair value of foreign exchange derivatives | (41,619) | (117,787) | 18,133 | 2,567 | (23,505) | (99,654) | (14,105) | ||||||
Convertible senior notes issuance costs | (18,646) | - | - | - | (18,646) | - | - | ||||||
Change in fair value of convertible senior notes and call option | (45,070) | 65,990 | (51,165) | (7,242) | (45,070) | 14,825 | 2,098 | ||||||
Other income/(expense), net | 7,302 | (2,187) | 2,127 | 301 | 14,700 | (60) | (8) | ||||||
Income before income taxes | 97,389 | 507,216 | 363,509 | 51,452 | 156,096 | 870,725 | 123,245 | ||||||
Income tax benefit/(expense) | 55,917 | (109,520) | (22,754) | (3,221) | 60,167 | (132,274) | (18,722) | ||||||
Equity in (loss)/gain of affiliated companies | (28,621) | (101,527) | 4,211 | 596 | (52,330) | (97,316) | (13,774) | ||||||
Net income | 124,685 | 296,169 | 344,966 | 48,827 | 163,933 | 641,135 | 90,749 | ||||||
Less: Net (loss)/income attributable to non-controlling | (725) | 13,728 | 26,923 | 3,811 | (1,664) | 40,651 | 5,754 | ||||||
Net income attributable to JinkoSolar | 125,410 | 282,441 | 318,043 | 45,016 | 165,597 | 600,484 | 84,995 | ||||||
Net income attributable to JinkoSolar Holding Co., Ltd.'s | |||||||||||||
Basic | 0.75 | 1.58 | 1.79 | 0.25 | 1.02 | 3.37 | 0.48 | ||||||
Diluted | 0.32 | 0.67 | 1.64 | 0.23 | 0.57 | 2.77 | 0.39 | ||||||
Net income attributable to JinkoSolar Holding Co., Ltd.'s | |||||||||||||
Basic | 3.01 | 6.32 | 7.16 | 1.01 | 4.10 | 13.48 | 1.91 | ||||||
Diluted | 1.26 | 2.67 | 6.55 | 0.93 | 2.28 | 11.08 | 1.57 | ||||||
Weighted average ordinary shares outstanding: | |||||||||||||
Basic | 166,605,808 | 178,743,903 | 177,718,162 | 177,718,162 | 161,670,693 | 178,231,033 | 178,231,033 | ||||||
Diluted | 165,385,410 | 198,081,276 | 170,989,776 | 170,989,776 | 161,633,544 | 197,139,692 | 197,139,692 | ||||||
Weighted average ADS outstanding: | |||||||||||||
Basic | 41,651,452 | 44,685,976 | 44,429,541 | 44,429,541 | 40,417,673 | 44,557,758 | 44,557,758 | ||||||
Diluted | 41,346,352 | 49,520,319 | 42,747,444 | 42,747,444 | 40,408,386 | 49,284,923 | 49,284,923 | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||
Net income | 124,685 | 296,169 | 344,966 | 48,827 | 163,933 | 641,135 | 90,749 | ||||||
Other comprehensive income/(loss): | |||||||||||||
-Foreign currency translation adjustments | 48,233 | 45,040 | 30,442 | 4,309 | 30,774 | 75,482 | 10,684 | ||||||
-Change in the instrument-specific credit risk | 5,546 | 39,202 | (52,681) | (7,457) | 5,546 | (13,479) | (1,908) | ||||||
Comprehensive income | 178,464 | 380,411 | 322,727 | 45,679 | 200,253 | 703,138 | 99,525 | ||||||
Less: Comprehensive (loss)/income attributable to non-controlling | (725) | 13,728 | 26,923 | 3,811 | (1,664) | 40,651 | 5,754 | ||||||
Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s | 179,189 | 366,683 | 295,804 | 41,868 | 201,917 | 662,487 | 93,771 | ||||||
Reconciliation of GAAP and non-GAAP Results | |||||||||||||
1. Non-GAAP earnings per share and non-GAAP earnings per ADS | |||||||||||||
GAAP net income attributable to ordinary shareholders | 125,410 | 282,441 | 318,043 | 45,016 | 165,597 | 600,484 | 84,995 | ||||||
Convertible senior notes issuance costs | 18,646 | - | - | - | 18,646 | - | - | ||||||
Change in fair value of convertible senior notes and call option | 45,070 | (65,990) | 51,165 | 7,242 | 45,070 | (14,825) | (2,098) | ||||||
Net interest expenses of convertible senior notes and call option | 2,914 | 6,128 | 6,734 | 953 | 2,914 | 12,862 | 1,820 | ||||||
Exchange (gain)/loss on convertible senior notes and call option | (721) | 4,664 | (291) | (41) | (721) | 4,373 | 619 | ||||||
Stock-based compensation expense | 11,587 | 249 | 423 | 60 | 4,663 | 672 | 95 | ||||||
Non-GAAP net income attributable to ordinary shareholders | 202,906 | 227,492 | 376,074 | 53,230 | 236,169 | 603,566 | 85,431 | ||||||
Non-GAAP earnings per share attributable to ordinary shareholders - | |||||||||||||
Basic | 1.22 | 1.27 | 2.12 | 0.30 | 1.461 | 3.39 | 0.48 | ||||||
Diluted | 1.22 | 1.15 | 2.12 | 0.30 | 1.461 | 3.06 | 0.43 | ||||||
Non-GAAP earnings per ADS attributable to ordinary shareholders - | |||||||||||||
Basic | 4.87 | 5.09 | 8.46 | 1.20 | 5.84 | 13.54 | 1.92 | ||||||
Diluted | 4.87 | 4.59 | 8.46 | 1.20 | 5.84 | 12.25 | 1.73 | ||||||
Non-GAAP weighted average ordinary shares outstanding | |||||||||||||
Basic | 166,605,808 | 178,743,903 | 177,718,162 | 177,718,162 | 161,670,693 | 178,231,033 | 178,231,033 | ||||||
Diluted | 166,605,808 | 198,081,276 | 177,718,162 | 177,718,162 | 161,670,693 | 197,139,692 | 197,139,692 | ||||||
Non-GAAP weighted average ADS outstanding | |||||||||||||
Basic | 41,651,452 | 44,685,976 | 44,429,541 | 44,429,541 | 40,417,673 | 44,557,758 | 44,557,758 | ||||||
Diluted | 41,651,452 | 49,520,319 | 44,429,541 | 44,429,541 | 40,417,673 | 49,284,923 | 49,284,923 | ||||||
JINKOSOLAR HOLDING CO., LTD. | |||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(in thousands) | |||||
December 31, | June 30, 2020 | ||||
RMB | RMB | USD | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 5,653,854 | 6,256,894 | 885,606 | ||
Restricted cash | 576,546 | 593,580 | 84,016 | ||
Restricted short-term investments | 6,930,502 | 6,351,495 | 898,996 | ||
Accounts receivable, net - related parties | 520,504 | 457,227 | 64,716 | ||
Accounts receivable, net - third parties | 5,266,351 | 5,896,205 | 834,554 | ||
Notes receivable, net - related parties | 18,629 | 38,629 | 5,468 | ||
Notes receivable, net - third parties | 1,529,801 | 2,069,340 | 292,896 | ||
Advances to suppliers, net - third parties | 2,522,373 | 2,131,005 | 301,624 | ||
Inventories, net | 5,818,789 | 6,889,268 | 975,113 | ||
Forward contract receivables | 52,281 | 997 | 141 | ||
Prepayments and other current assets, net - related parties | 54,318 | 35,630 | 5,043 | ||
Prepayments and other current assets, net | 1,573,482 | 1,570,550 | 222,297 | ||
Held-for-sale assets | 1,170,818 | - | - | ||
Total current assets | 31,688,248 | 32,290,820 | 4,570,470 | ||
Non-current assets: | |||||
Restricted cash | 531,158 | 922,353 | 130,551 | ||
Accounts receivable, net - third parties | - | 28,020 | 3,966 | ||
Project Assets | 798,243 | 806,474 | 114,149 | ||
Long-term investments | 278,021 | 163,442 | 23,134 | ||
Property, plant and equipment, net | 10,208,205 | 11,336,560 | 1,604,586 | ||
Land use rights, net | 597,922 | 721,113 | 102,067 | ||
Intangible assets, net | 36,395 | 38,234 | 5,412 | ||
Financing lease right-of-use assets, net | 1,259,713 | 975,047 | 138,009 | ||
Operating lease right-of-use assets, net | 317,904 | 276,781 | 39,176 | ||
Deferred tax assets | 271,286 | 271,286 | 38,398 | ||
Call Option-concurrent with issuance of convertible | 294,178 | 235,084 | 33,274 | ||
Other assets, net - related parties | 96,753 | 99,296 | 14,054 | ||
Other assets, net - third parties | 1,466,692 | 1,437,186 | 203,421 | ||
Total non-current assets | 16,156,470 | 17,310,876 | 2,450,197 | ||
Total assets | 47,844,718 | 49,601,696 | 7,020,667 | ||
LIABILITIES | |||||
Current liabilities: | |||||
Accounts payable - related parties | 36,310 | 20,473 | 2,898 | ||
Accounts payable - third parties | 4,952,630 | 4,619,921 | 653,907 | ||
Notes payable - third parties | 7,518,570 | 6,857,544 | 970,622 | ||
Accrued payroll and welfare expenses | 879,465 | 793,927 | 112,373 | ||
Advances from related parties | 749 | - | - | ||
Advances from third parties | 4,350,380 | 2,380,763 | 336,975 | ||
Income tax payable | 117,422 | 78,598 | 11,125 | ||
Other payables and accruals | 3,055,928 | 3,296,258 | 466,560 | ||
Other payables due to related parties | 13,127 | 14,633 | 2,070 | ||
Forward contract payables | 3,857 | 37,716 | 5,338 | ||
Convertible senior notes - current | - | 634,256 | 89,773 | ||
Financing lease liabilities - current | 227,613 | 219,428 | 31,058 | ||
Operating lease liabilities - current | 40,043 | 40,532 | 5,737 | ||
Short-term borrowings from third parties, | 9,047,250 | 12,066,725 | 1,707,934 | ||
Guarantee liabilities to related parties | 25,688 | 23,363 | 3,307 | ||
Held-for-sale liabilities | 1,008,196 | - | - | ||
Total current liabilities | 31,277,228 | 31,084,137 | 4,399,677 | ||
Non-current liabilities: | |||||
Long-term borrowings | 1,586,187 | 2,831,051 | 400,709 | ||
Convertible senior notes | 728,216 | - | - | ||
Accrued warranty costs - non current | 651,968 | 703,747 | 99,609 | ||
Financing lease liabilities | 583,491 | 471,138 | 66,685 | ||
Operating lease liabilities | 279,534 | 236,566 | 33,484 | ||
Deferred tax liability | 250,734 | 250,734 | 35,489 | ||
Guarantee liabilities to related parties | 46,332 | 41,109 | 5,819 | ||
Total non-current liabilities | 4,126,462 | 4,534,345 | 641,795 | ||
Total liabilities | 35,403,690 | 35,618,482 | 5,041,472 | ||
SHAREHOLDERS' EQUITY | |||||
Ordinary shares (US | 25 | 25 | 4 | ||
Additional paid-in capital | 4,582,850 | 4,587,584 | 649,330 | ||
Statutory reserves | 689,707 | 689,707 | 97,622 | ||
Accumulated other comprehensive income | 62,952 | 124,955 | 17,686 | ||
Treasury stock, at cost; 1,723,200 and 2,945,840 ordinary | (13,876) | (43,170) | (6,110) | ||
Accumulated retained earnings | 3,981,661 | 4,588,753 | 649,495 | ||
Total JinkoSolar Holding Co., Ltd. shareholders' equity | 9,303,319 | 9,947,854 | 1,408,027 | ||
Non-controlling interests | 3,137,709 | 4,035,360 | 571,168 | ||
Total liabilities and shareholders' equity | 47,844,718 | 49,601,696 | 7,020,667 | ||
View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2020-financial-results-301136494.html
SOURCE JinkoSolar Holding Co., Ltd.
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