JinkoSolar Announces Third Quarter 2016 Financial Results

SHANGHAI, Nov. 16, 2016 /PRNewswire-FirstCall/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the third quarter ended September 30, 2016.

Third Quarter 2016 Highlights

  • Total solar module shipments were 1,606 megawatts (“MW”), which includes 50 MW used in the Company’s downstream projects. Total solar module shipments decreased by 6.4% from 1,716 MW in the second quarter of 2016 and increased by 41.6% from 1,134.5 MW in the third quarter of 2015.
  • Total revenues were RMB5.70 billion (US$855.3 million), a decrease of 4.4% from the second quarter of 2016 and an increase of 39.0% from the third quarter of 2015.
  • Gross margin was 22.1%, compared with 20.4% in the second quarter of 2016 and 21.3% in the third quarter of 2015.
  • Solar power projects generated 395 GWh of electricity, an increase of 20.8% from the second quarter of 2016 and an increase of 69.0% from the third quarter of 2015. Total revenues generated from solar power projects were RMB372.4 million (US$55.8 million), an increase of 29.1% from the second quarter of 2016 and an increase of 81.0% from the third quarter of 2015.
  • As of September 30, 2016, the Company had connected 1,314 MW worth of solar power projects.
  • In October 2016, the Company entered into definitive agreement to sell Jinko Power’s downstream business to Shangrao Kangsheng Technology Co., Ltd.(“Shangrao Kangsheng”), a company incorporated with limited liability under the laws of the People’s Republic of China, formed by a buyer consortium led by Mr. Xiande Li, chairman of the board of directors of the Company (the “Board”). The transaction was closed in November 2016. The Company expects to report a gain on the sale in the fourth quarter of 2016.
  • Income from operations was RMB600.9 million (US$90.1 million), compared with RMB445.1 million in the second quarter of 2016 and RMB384.0 million in the third quarter of 2015.
  • Net income attributable to the Company’s ordinary shareholders was RMB233.7 million (US$35.0 million), compared with RMB280.1 million in the second quarter of 2016 and RMB195.1 million in the third quarter of 2015.
  • Diluted earnings per American depositary share (“ADS”) was RMB6.04 (US$0.92), compared with RMB8.48 in the second quarter of 2016 and RMB3.12 in the third quarter of 2015.
  • Non-GAAP net income attributable to the Company’s ordinary shareholders in the third quarter of 2016 was RMB305.8 million (US$45.8 million), compared with RMB421.8 million in the second quarter of 2016 and RMB253.3 million in the third quarter of 2015.
  • Non-GAAP basic and diluted earnings per ADS were RMB9.72 (US$1.44) and RMB9.36 (US$1.40), respectively, in the third quarter of 2016.

Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer commented, “Our business continued to gain growth momentum despite a challenging environment. Module shipments reached 1,606 MW, an increase of 41.6% year-over-year while total revenues reached US$855.3 million, an increase of 39.0% over the same period last year. Based on our visibility into the fourth quarter of 2016, we are once again raising our full year 2016 shipment guidance to 6.6GW to 6.7GW from our previous guidance of 6.0GW to 6.5GW. We are well positioned to continue benefitting from the global adoption of solar energy, which is playing a more important role in the global energy landscape.”

“Jinko Power’s electricity output increased 20.8% sequentially to 395GWh while generating RMB372.4 million in revenue. Jinko Power connected an additional 184MW worth of solar projects during the quarter, bringing our total to 1,314 MW as of September 30, 2016. We closed the sale of Jinko Power’s business in November 2016 to Shangrao Kangsheng for US$250 million in cash, which will significantly improve our balance sheet by reducing our debt and net gearing ratio. We expect to report a gain on the sale in the fourth quarter of 2016. This injection into our already substantial cash position will also provide us with the extra flexibility for our future operations.”

“We consolidated our leading position across a number of key and emerging markets during the quarter. Demand in China remains robust as module prices stabilized. Demand is expected to pick up again in the first half of 2017 with the announcement of the next round of FiT cut, which we expect will act as a strong catalyst. Demand in the US is stable despite recent market panic which we believe is only temporary. We expect the US market will heat up again during the second half of 2017. We have always advocated a fair, transparent and market-driven environment, and the withdrawal of major solar manufacturers from the EU’s MIP agreement is boosting our outlook for the European markets. We also reinforced our presence on the ground in India by opening a new office to offer local technical and logistical support to our customers there. We expanded our emerging market presence to over 40 countries and regions, and strengthened our leading position in key markets such as Chile, Mexico and the UAE.”

“We continued to focus on developing high-efficiency products. Our mono wafer capacity using diamond-wire cutting is now operational and is scaling up rapidly to support our high-efficiency PERC lines. As leader in the industry, our team is constantly focusing on providing our customers the highest-quality, most reliable and high-efficiency products.”

“We have experienced the ups and downs of the solar industry but we have never had any doubt about its great potential. We will continue to grow our business sustainably as we fulfill our commitment to green energy.”

Third Quarter 2016 Financial Results

Total Revenues

Total revenues in the third quarter of 2016 were RMB5.70 billion (US$855.3 million), a decrease of 4.4% from RMB5.96 billion in the second quarter of 2016 and an increase of 39.0% from RMB4.1 billion in the third quarter of 2015. The sequential decrease was mainly attributable to a decline in module selling prices in the third quarter of 2016 as a result of a decrease in market demand and intense competition in the solar industry. The year-over-year increase was mainly due to the increase in revenues from electricity generation and solar module shipments growing at a faster pace than the decrease in average selling prices.

During the third quarter of 2016, revenues from downstream solar power projects were RMB372.4 million (US$55.8 million), an increase of 29.1% from RMB288.5 millionin the second quarter of 2016 and an increase of 81.0% from RMB205.8 million in the third 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.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2016 was RMB1.26 billion (US$188.6 million), compared with RMB1.21 billion in the second quarter of 2016 and RMB864.6 million in the third quarter of 2015.

Gross margin was 22.1% in the third quarter of 2016 compared with 20.4% in the second quarter of 2016 and 21.3% in the third quarter of 2015.

Income from Operations and Operating Margin

Income from operations in the third quarter of 2016 was RMB600.9 million (US$90.1 million), compared with RMB445.1 million in the second quarter of 2016 and RMB384.0 million in the third quarter of 2015. Operating margin in the third quarter of 2016 was 10.5%, compared with 7.5% in the second quarter of 2016 and 9.5% in the third quarter of 2015.

Total operating expenses in the third quarter of 2016 were RMB657.0 million (US$98.5 million), a decrease of 14.4% from RMB767.1 million in the second quarter of 2016 and an increase of 36.7% from RMB480.6 million in the third quarter of 2015. The sequential decrease was mainly due to an RMB99.3 million provision for impairment of property, plant and equipment during the second quarter of 2016. The year-over-year increase in operating expenses was mainly due to the increases in shipping and warranty costs and change in provision of accounts receivables.

Total operating expenses accounted for 11.5% of total revenues, compared to 12.9% in the second quarter of 2016 and 11.9% in the third quarter of 2015.

Interest Expense, Net

Net interest expense in the third quarter of 2016 was RMB219.7 million (US$32.9 million), an increase of 80.6% from RMB121.6 million in the second quarter of 2016 and an increase of 50.3% from RMB146.2 million in the third quarter of 2015. The sequential and year-over-year increases were mainly due to an increase in loans for solar power projects and fees charged by financial institutions associated with discounted notes receivables.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss of RMB14.1 million (US$2.1 million) including change in fair value of forward contracts in the third quarter of 2016, compared to a net exchange gain of RMB106.6 million in the second quarter of 2016 and a net exchange loss of RMB121.6 million in the third 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 options of RMB15.7 million (US$2.4 million) in the third quarter of 2016 primarily due to the change of volatility of the stock price of the Company.

Change in fair value of derivative liability

In July 2015, Jinko Power, the parent company of the solar projects, entered into a US$150 million loan agreement. In conjunction with the loan, Jinko Power issued certain warrants which granted the holders a right to purchase its ordinary shares. The warrants are liability derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period. In September 2016, Jinko Power refinanced and repaid the loan in advance and the warrants were settled.

The Company recognized a gain from change in fair value of derivative liability of RMB36.0 million (US$5.4 million) in the third quarter of 2016 mainly due to the early repurchase of warrants.

Income Tax Expense, net

The Company recorded an income tax expense of RMB116.8 million (US$17.5 million) in the third quarter of 2016, compared with an income tax expense of RMB90.9 million in the second quarter of 2016 and an income tax expense of RMB34.2 million during the third quarter of 2015. The sequential change was mainly due to additional tax deductions in R&D costs approved by the local tax bureau in the second quarter of 2016.

Net Income and Earnings per Share

Net income attributable to the Company’s ordinary shareholders in the third quarter of 2016 was RMB233.7 million (US$35.0 million), compared with RMB280.1 million in the second quarter of 2016 and RMB195.1 million in the third quarter of 2015.

Basic and diluted earnings per ordinary share were RMB1.85 (US$0.28) and RMB1.51 (US$0.23), respectively, during the third quarter of 2016. This translates into basic and diluted earnings per ADS of RMB7.40 (US$1.12) and RMB6.04 (US$0.92), respectively.

Non-GAAP net income attributable to the Company’s ordinary shareholders in the third quarter of 2016 was RMB305.8 million (US$45.8 million), compared with RMB421.8 million in the second quarter of 2016 and RMB253.3 million in the third quarter of 2015.

Non-GAAP basic and diluted earnings per ordinary share were RMB2.43 (US$0.36) and RMB2.34 (US$0.35), respectively during the third quarter of 2016. This translates into non-GAAP basic and diluted earnings per ADS of RMB9.72 (US$1.44) and RMB9.36 (US$1.40), respectively.

Financial Position

As of September 30, 2016, the Company had RMB3.6 billion (US$547.3 million) in cash and cash equivalents and restricted cash, compared with RMB3.70 billion as of June 30, 2016.

As of September 30, 2016, the Company’s accounts receivables were RMB5.87 billion (US$880.5 million), compared with RMB4.17 billion as of June 30, 2016. Accounts receivables from downstream solar power projects were RMB1.25 billion (US$186.8 million), compared with RMB1.00 billion as of June 30, 2016.

As of September 30, 2016, the Company’s inventories were RMB3.26 billion (US$488.7 million), compared with RMB3.10 billion as of June 30, 2016.

As of September 30, 2016, the Company’s total interest-bearing debts were RMB14.47 billion (US$2.17 billion), compared with RMB12.05 billion as of June 30, 2016. Interest-bearing debts from downstream solar power projects were RMB8.35 billion (US$1.25 billion), compared with RMB6.66 billion as of June 30, 2016.

Third Quarter 2016 Operational Highlights

Solar Module Shipments

Total solar module shipments in the third quarter of 2016 amounted to 1,606 MW, including 50 MW used in the Company’s downstream projects.

Solar Power Project Capacity

As of September 30, 2016, the Company had connected 1,314 MW of solar power projects to the grid.

Solar Products Production Capacity

As of September 30, 2016, the Company’s in-house annual silicon wafer, solar cell and solar module production capacity was 4.5 GW, 3.7 GW and 6.5 GW, respectively.

Recent Business Developments

  • In October 2016, JinkoSolar ranked 16th among Fortune magazine’s 100 Fastest-Growing Companies in 2016.
  • In October 2016, JinkoSolar entered into a definitive agreement for the sale of Jinko Power’s downstream business in China to Shangrao Kangsheng, a company incorporated with limited liability under the laws of the People’s Republic of China, formed by a buyer consortium led by Mr. Xiande Li, chairman of the Board. The transaction was closed in November 2016. JinkoSolar expects to report a gain on the sale in the fourth quarter of 2016.
  • In October 2016, JinkoSolar signed a 300MW master module supply agreement with Henan Senyuan Electric.
  • In September 2016, JinkoSolar helped create the first PV recycling network in the US
  • In September 2016, JinkoSolar signed a master module supply agreement with Con Edison Development in the U.S.
  • In September 2016, JinkoSolar supplied modules to power several mosques in Jordan.
  • In September 2016, JinkoSolar announced its withdrawal from the European Union Price Undertaking agreement.

Operations and Business Outlook

Fourth Quarter and Full Year 2016 Guidance

For the fourth quarter of 2016, the Company estimates total solar module shipments to be in the range of 1.7 GW to 1.8 GW.

For the full year 2016, the Company raises the estimation of total solar module shipments to be in the range of 6.6 GW and 6.7 GW.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Wednesday, November 16, 2016 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

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

Hong Kong /
International:
+852-5808-3202
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, November 22, 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: 1681350

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 4.5 GW for silicon ingots and wafers, 3.7 GW for solar cells, and 6.5 GW for solar modules, as of September 30, 2016.

JinkoSolar has over 15,000 employees across its 6 productions facilities in Jiangxi, Zhejiang and Xinjiang Provinces, China, Malaysia, Portugal and South Africa, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, Spain, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, and 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income , non-GAAP earnings per Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted average ordinary shares outstanding, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options, and accretion to redemption value of redeemable non-controlling interest:

  • Non-GAAP net income is adjusted to exclude the expenses relating to changes in fair value of convertible senior notes and capped call options, change in fair value of derivative liability, interest expenses of convertible senior notes, exchange gain on the convertible senior notes and capped call options, stock-based compensation, allocation of net income to redeemable non-controlling interests, and accretion to redemption value of redeemable non-controlling interests; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude the expenses relating to the issuance costs of convertible senior notes, changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes and exchange gain on the convertible senior notes and capped call options, stock-based compensation, and accretion to redemption value of redeemable non-controlling interests.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar’s current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of September 30, 2016, which was RMB6.6685 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended
Sep 30, 2015 Jun 30, 2016 Sep 30, 2016
RMB RMB RMB USD
 Revenues from third parties 4,052,520 5,918,875 5,703,608 855,306
 Revenues from related parties 36,349
 Total revenues 4,052,520 5,955,224 5,703,608 855,306
 Cost of revenues (3,187,894) (4,743,024) (4,445,768) (666,682)
 Gross profit 864,626 1,212,200 1,257,840 188,624
 Operating expenses:
   Selling and marketing (302,547) (373,338) (371,669) (55,735)
   General and administrative (138,214) (250,845) (239,634) (35,935)
   Research and development (39,869) (43,617) (41,864) (6,278)
   Impairment of long-lived assets (99,328) (3,819) (573)
 Total operating expenses (480,630) (767,128) (656,986) (98,521)
 Income from operations 383,996 445,072 600,854 90,103
 Interest expenses, net (146,235) (121,615) (219,684) (32,945)
 Change in fair value of derivative liability (2,532) (1) 36,048 5,406
 Subsidy income 43,562 39,475 12,854 1,928
 Exchange gain/(loss) (109,560) 117,018 (3,378) (507)
 Change in fair value of forward contracts (12,035) (10,390) (10,752) (1,612)
 Change in fair value of convertible senior
notes and capped call options
111,021 (49,076) (15,684) (2,352)
 Other income/(expense), net (230) 1,291 371 56
 Investment income/(loss) (1,158) 1,730 260
 Income before income taxes 267,987 420,616 402,359 60,337
 Income tax expense, net (34,225) (90,888) (116,803) (17,516)
 Equity in income of affiliated companies 7,021 3,509 8,626 1,294
 Net income 240,783 333,237 294,182 44,115
 Less: Net income attributable to non-controlling
interests
2,024 1,950 1,339 202
 Less: Accretion to redemption value of redeemable non-controlling
interests
43,678 47,555 48,922 7,336
  Less:Allocation of net income to participating preferred shares issued
by subsidiary
3,648 10,247 1,537
 Net income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders
195,081 280,084 233,674 35,040
 Net income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per share:
   Basic 1.56 2.23 1.85 0.28
   Diluted 0.78 2.12 1.51 0.23
 Net income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per ADS:
   Basic 6.24 8.92 7.40 1.12
   Diluted 3.12 8.48 6.04 0.92
 Weighted average ordinary shares outstanding:
   Basic 124,771,933 125,501,184 126,056,129 126,056,129
   Diluted 155,612,355 132,545,247 130,613,442 130,613,442
 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income

240,783 333,237 294,182 44,115
 Other comprehensive income:
   -Foreign currency translation adjustments 6,364 (10,887) (3,409) (511)
 Comprehensive income 247,147 322,350 290,773 43,604
 Less: Comprehensive income attributable to non-controlling interests 2,024 1,950 1,339 202
 Less:Allocation of net income to participating preferred shares issued
by subsidiary
3,648 10,247 1,537
 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders
245,123 316,752 279,187 41,865
 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

195,081 280,084 233,674 35,040
 Change in fair value of derivative liability 2,532 1 (36,048) (5,406)
 Change in fair value of convertible senior
notes and capped call options
(111,021) 49,076 15,684 2,352
 4% of interest expense of convertible  senior notes 16,932 10,463 8,007 1,201
 Exchange loss on  convertible senior  notes and
capped call options
65,224 21,224 5,958 893
 Stock-based compensation expense 40,832 13,353 29,558 4,432
 Accretion to redemption value of redeemable non-controlling

interests

43,678 47,555 48,922 7,336
 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders
253,258 421,755 305,755 45,848
 ·
 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per share
   Basic 2.03 3.36 2.43 0.36
   Diluted 1.63 3.18 2.34 0.35
 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per ADS
   Basic 8.12 13.44 9.72 1.44
   Diluted 6.52 12.72 9.36 1.40
 Non-GAAP weighted average ordinary shares outstanding
   Basic 124,771,933 125,501,184 126,056,129 126,056,129
   Diluted 155,612,355 132,545,247 130,613,442 130,613,442

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2015 Sep 30, 2016
RMB RMB USD
ASSETS
Current assets:
  Cash and cash equivalents 3,683,664 3,355,114 503,129
  Restricted cash 555,724 294,467 44,158
  Restricted short-term investments 1,759,566 2,901,598 435,120
  Short-term investments 29,427 6,526 979
  Accounts receivable, net – related parties 60,974 33,000 4,949
  Accounts receivable, net – third parties 3,356,719 5,838,663 875,559
  Notes receivable, net – third parties 554,087 281,519 42,216
  Advances to suppliers, net – related parties 1,021
  Advances to suppliers, net – third parties 251,390 275,987 41,387
  Inventories, net 3,203,325 3,258,802 488,686
  Forward contract receivables 7,039 647 97
  Deferred tax assets – current 79,101 92,696 13,901
  Other receivables – related parties 129 19
  Capped Call options 17,490
  Prepayments and other current assets 1,035,063 1,191,001 178,601
Total current assets 14,594,590 17,530,149 2,628,801
Non-current assets:
  Restricted cash 333,750 314,271 47,128
  Project Assets 7,044,729 9,492,974 1,423,555
  Long-term investments 116,787 130,513 19,572
  Property, plant and equipment, net 3,771,455 4,273,985 640,921
  Land use rights, net 349,914 362,190 54,314
  Intangible assets, net 21,203 22,309 3,345
  Deferred tax assets – non current 125,844 125,844 18,871
  Other assets 786,276 1,758,161 263,652
Total non-current assets: 12,549,958 16,480,247 2,471,358
Total assets 27,144,548 34,010,396 5,100,159
LIABILITIES
Current liabilities:
  Accounts payable – related parties 1,479 406 61
  Accounts payable – third parties 3,783,305 4,146,391 621,788
  Notes payable – third parties 2,513,762 3,402,611 510,251
  Accrued payroll and welfare expenses 475,598 531,163 79,653
  Advances from customers 1,299,805 794,780 119,184
  Income tax payable 106,042 248,649 37,287
  Other payables and accruals 2,228,567 2,826,331 423,831
  Other payables due to related parties 4,993 28,985 4,347
  Forward contract payables 4,296 8,890 1,333
  Convertible senior notes- current 650,917 545,501 81,803
  Deferred tax liabilities – current 9,266 9,266 1,390
  Bonds payable and accrued interests 866,726 7,192 1,079
  Short-term borrowings from third parties,
including current portion of long-term bank
borrowings
3,290,149 5,705,352 855,568
Total current liabilities 15,234,905 18,255,517 2,737,575
Non-current liabilities:
  Long-term borrowings 4,627,904 8,091,805 1,213,437
  Long-term payables 56,956 66,235 9,933
  Bond payables 120,000 17,996
  Accrued warranty costs -non-current 329,237 443,458 66,500
  Convertible senior notes 856,064
  Deferred tax liability – non-current 11,380 33,882 5,081
  Derivative liability – non current 68,378
Total non-current liabilities 5,949,919 8,755,380 1,312,947
Total liabilities 21,184,824 27,010,897 4,050,522
Redeemable non-controlling interests 1,607,926 1,750,628 262,522
SHAREHOLDERS’ EQUITY
Ordinary shares (US$0.00002 par value,

500,000,000 shares authorized, 125,473,930 and

126,351,194 shares issued and outstanding as of

December 31, 2015 and September 30, 2016,

respectively)

18 18 3
Additional paid-in capital 2,924,336 2,991,329 448,576
Statutory reserves 351,855 378,576 56,771
Accumulated other comprehensive income/(loss) 12,491 (3,293) (494)
Treasury stock, at cost; 1,723,200 shares of

ordinary shares as of December 31,
2015 and September 30, 2016, respectively

(13,876) (13,876) (2,081)
Accumulated retained earnings 1,047,045 1,861,214 279,105
Total JinkoSolar Holding Co., Ltd. shareholders’

equity

4,321,869 5,213,968 781,880
Non-controlling interests 29,929 34,903 5,235
Total liabilities and shareholders’ equity 27,144,548 34,010,396 5,100,159

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SOURCE JinkoSolar Holding Co., Ltd.