Jinko Solar Announces Second Quarter 2014 Financial Results

公開日 2014/08/19
Jinko Solar 
August 18, 2014 - JinkoSolar Holding Co., Ltd. today announced its unaudited financial results for the second quarter ended June 30, 2014.

Second Quarter 2014 Highlights

- Total solar product shipments amounted to 659.5MW, consisting of 570.8MW of solar modules, 54.1MW of silicon wafers and 34.6MW of solar cells. This represents an increase of 13.5% from 581.2MW in the first quarter of 2014 and an increase of 34.8% from 489.2MW in the second quarter of 2013.

- As of June 30, 2014, the Company has connected 252MW of solar projects to the grid and expects to connect another 100MW of solar projects during the third quarter.

- Total revenues were RMB2.4 billion (US$392.1 million), representing an increase of 20.8% from the first quarter of 2014 and an increase of 37.8% from the second quarter of 2013.

- Electricity revenues generated from solar projects were RMB61.0 million (US$9.8 million), representing an increase of 26.1% from the first quarter of 2014.

- Gross margin was 22.6%, compared with 24.0% in the first quarter of 2014 and 17.7% in the second quarter of 2013.

- Income from operations was RMB251.6 million (US$40.6 million), compared with income from operations of RMB203.5 million in the first quarter of 2014 and income from operations of RMB155.8 million in the second quarter of 2013.

- Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB138.2 million (US$22.3 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB9.5 million in the first quarter of 2014 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB49.0 million in the second quarter of 2013.

- Diluted earnings per American depositary share ("ADS") were RMB4.04 (US$0.64), compared with diluted loss per ADS of RMB1.20 in the first quarter of 2014 and diluted earnings per ADS of RMB2.20 in the second quarter of 2013.

- Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2014 was RMB173.0 million (US$27.9 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB37.3 million in the first quarter of 2014 and non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB74.3 million in the second quarter of 2013.

- Non-GAAP basic and diluted earnings per ADS were RMB5.60 (US$0.92) and RMB4.88 (US$0.80), respectively, in the second quarter of 2014.

"I am pleased to report our fifth consecutive quarter of profitability, as we confidently look towards the second half of the year," commented Mr. Kangping Chen, JinkoSolar's Chief Executive Officer. "We gained considerable momentum during the quarter. Total revenues increased 20.8% sequentially and 37.8% year-over-year. We expanded our geographic reach, secured financial support from globally-respected financial institutions for our downstream business and solidified our position in important emerging markets where we have made strategic investments such as South Africa and Latin America."

"Our downstream business continued to grow, with revenue from power generation for the quarter increasing 26.1% sequentially to RMB 61.0 million. In addition to the RMB1 billion strategic financing agreement we signed with China Minsheng Bank, mainly for our distributed PV generation systems, we secured US$225 million in private equity financing for our downstream solar power subsidiary, from China Development Bank International, Macquarie Greater China Infrastructure Fund and New Horizon Capital, In addition to financing, they will also provide a wide range of support to drive future growth in our downstream business. These agreements demonstrate the growing interest of Chinese capital in the downstream solar market, as China's solar power regulatory framework matures and rapid market growth is expected. With the added strength of these new partnerships, we revise our full-year 2014 project development guidance upwards from 400MW to above 600MW. We will continue to taking full advantage of our financial and operational resources to further grow our downstream businesses in the future."

"We maintained our market leading position in China as we continue to seek out opportunities in new emerging markets. We remain confident that the Chinese market will keep growing following the National Energy Administration's reiteration of strong support for the solar industry and solar power generation, and particularly distributed power generation. The government is also encouraging local governments to play a larger and more proactive role by offering more support and extra subsidies."

"Our market share in the US continues to grow with shipments for the quarter increasing 61.3% sequentially. While this is partially due to rush orders, it demonstrates our commitment to and growing customer base in the US market. While our presence in traditional markets such as Europe has remained stable with our large and loyal customer base, we continue to grow our presence in new emerging markets such as Chile and South Africa where we have become the market leader. The recent establishment of our first overseas production facility in South Africa will certainly aid us in enhancing our global production chain and allow us to serve customers across the region with local products.

"With the distributed generation market on the verge of entering a phase of rapid growth, we have increased mass production of our high-efficiency, PID-free 'Eagle+' modules as well as smart modules and light-weight modules. By continuing to innovate our products, we are not only promoting our reputation as the industry's technological leader, but showing customers that we are able to quickly tailor modules to meet customer requirements."

"To conclude, I am proud of what we have accomplished and even more excited about our future. Our strong financial position, steady downstream expansion, industry leading technology and diversified geographic presence are all contributing to our robust, sustainable long-term growth and transformation into a one-stop energy solution provider. We will continue to deploy our capital into specific areas of our business in order to increase shareholder value and carry our momentum into the third quarter and throughout the whole year."

Second Quarter 2014 Financial Results

Total Revenues

Total revenues in the second quarter of 2014 were RMB2.4 billion (US$392.1 million), representing an increase of 20.8% from RMB2.0 billion in the first quarter of 2014 and an increase of 37.8% from RMB1.8 billion in the second quarter of 2013. The sequential increase in revenues was primarily attributable to the increase in shipments of solar modules. The year-over-year increase in total revenues was mainly attributable to the increase in shipments, improving average selling prices ("ASPs") of solar modules and the increase in electricity revenues from solar projects.

During the second quarter of 2014, electricity revenues from solar projects were RMB61.0 million (US$9.8 million), an increase of 26.1% from the first quarter of 2014. The increase in electricity revenues was primarily due to an increase in the number and capacity of the Company's completed solar projects. Gross profit for electricity revenues was RMB38.9 million (US$6.3 million) during the second quarter of 2014, representing a gross margin of 63.8%.

The Company has entered into certain sales contracts with retainage terms (the "Retainage Contracts") since the second half of 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage for the specified period which generally ranges from one year to two years (the "Retainage Period"). Given the limited experience the Company has with respect to the collectability of the retainage under Retainage Contracts, the Company does not recognize such retainage until the customers pay it after the Retainage Period expires. The total amount of retainage under the Retainage Contracts that was not recognized as revenue was RMB21.2 million (US$3.4 million) and RMB9.2 million for the second and the first quarters of 2014, respectively. During the second quarter of 2014, the Company did not recognize any retainage payments as revenue. As of June 30, 2014, the cumulative amount of retainage that had not yet been recognized as revenue was RMB175.9 million (US$28.4 million).

Gross Profit and Gross Margin

Gross profit in the second quarter of 2014 was RMB550.3 million (US$88.7 million), compared with gross profit of RMB483.1 million in the first quarter of 2014 and gross profit of RMB311.6 million in the second quarter of 2013.

Gross margin was 22.6% in the second quarter of 2014 compared with 24.0% in the first quarter of 2014 and 17.7% in the second quarter of 2013. In-house gross margin, which relates to the Company's in-house silicon wafer, solar cell, and solar module production, was 25.4% in the second quarter of 2014, compared with 26.6% in the first quarter of 2014 and 18.3% in the second quarter of 2013. The sequential decrease in gross margin and in-house gross margin was due to a slight decrease in solar module ASPs. The year-over-year increases in gross margin and in-house gross margin were mainly due to improvements in operating efficiency, continued cost reductions for the Company's polysilicon and auxiliary materials and improved ASPs. The Company also enjoyed higher gross margins generated by solar project electricity revenues.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2014 was RMB251.6 million (US$40.6 million), compared with income from operations of RMB203.5 million in the first quarter of 2014 and income from operations of RMB155.8 million in the second quarter of 2013. Operating margin in the second quarter of 2014 was 10.3%, compared with 10.1% in the first quarter of 2014 and 8.8% in the second quarter of 2013.

Total operating expenses in the second quarter of 2014 were RMB298.6 million (US$48.1 million), an increase of 6.8% from RMB279.7 million in the first quarter of 2014 and an increase of 91.7% from RMB155.8 million in the second quarter of 2013. The year-over-year increase in operating expenses was mainly due to the increase in selling and marketing expenses, as a result of increased shipping and warranty costs from increased solar product shipments, and research and development expenses. The significant year-over-year increase in general and administrative expenses was due to the reversal of bad debt provisions of RMB54.0 million as a result of the subsequent cash collection of long-aged account receivables in the second quarter of 2013.

Total operating expenses excluding non-cash charges were RMB293.3 million (US$47.3 million), compared to RMB263.3 million in the first quarter of 2014 and RMB209.8 million in the second quarter of 2013. Non-cash charges consisted of the provision for bad debts in the second quarter of 2014, and non-cash charges consisted of the provision for bad debts and an impairment of long-lived assets in the first quarter of 2014 and the second quarter of 2013.

Total operating expenses excluding non-cash charges as a percentage of total net revenues was 12.1% in the second quarter of 2014, compared to 13.1% in the first quarter of 2014 and 11.9% in the second quarter of 2013.

Interest Expense, net

Net interest expense in the second quarter of 2014 was RMB71.5 million (US$11.5 million), an increase of 17.3% from RMB61.0 million in the first quarter of 2014 and an increase of 22.3% from RMB58.5 million in the second quarter of 2013. This increase was primarily due to expenses associated with additional long-term bank borrowings for the downstream solar projects in the second quarter of 2014.

Exchange Loss, net

The Company recorded an exchange loss of RMB4.8 million (US$0.8 million) in the second quarter of 2014, which was primarily due to a foreign currency exchange loss of RMB2.8 million (US$0.5 million) and loss in fair value change of forward contracts of RMB2.0 million (US$0.3 million). The Company had net exchange loss of RMB137.4 million in the first quarter of 2014 and net exchange loss of RMB5.8 million in the second quarter of 2013.

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 of RMB25.9 million (US$4.2 million) and a gain from a change in fair value of capped call options of RMB8.1 million (US$1.3 million) primarily due to the changes in the stock price of the Company in the second quarter of 2014.

Equity in income of affiliated companies

The Company recognized equity income from affiliated companies of RMB2.4 million (US$0.4 million) in the second quarter of 2014 as a result of its share of profits for solar projects held by affiliated companies.

Income Tax Expense

The Company incurred an income tax expense of RMB20.9 million (US$3.4 million) in the second quarter of 2014, compared with an income tax expense of RMB8.0 million in the first quarter of 2014 and an income tax benefit of RMB0.2 million during the second quarter of 2013.

Net Income / (Loss) and Earnings/ (Loss) per Share

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2014 was RMB138.2 million (US$22.3 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB9.5 million in the first quarter of 2014 and a net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB49.0 million in the second quarter of 2013.

Basic and diluted earnings per share were RMB1.12 (US$0.18) and RMB1.01 (US$0.16), respectively, during the second quarter of 2014. This translates into basic and diluted earnings per ADS of RMB4.48 (US$0.72) and RMB4.04 (US$0.64), respectively.

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2014 was RMB173.0 million (US$27.9 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB37.3 million in the first quarter of 2014 and non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB74.3 million in the second quarter of 2013.

Non-GAAP basic and diluted earnings per share were RMB1.40 (US$0.23) and RMB1.22 (US$0.20), respectively, during the second quarter for 2014. This translates into non-GAAP basic and diluted earnings per ADS of RMB5.60 (US$0.92) and RMB4.88 (US$0.80), respectively.

Financial Position

As of June 30, 2014, the Company had RMB1.6 billion (US$252.7 million) in cash and cash equivalents and restricted cash, compared with RMB1.7 billion of cash and cash equivalents and restricted cash as of March 31, 2014.

As of June 30, 2014, total short-term bank borrowings, including the current portion of long-term bank borrowings, was RMB2.0 billion (US$324.7 million), compared with RMB1.7 billion as of March 31, 2014, and total long-term borrowings was RMB893.4 million (US$144.0 million), compared with RMB352.5 million as of March 31, 2014.

As of June 30, 2014, the Company's working capital was positive RMB257.4 million (US$41.5 million), compared with negative RMB396.2 million as of March 31, 2014.

Second Quarter 2014 Operational Highlights

Solar Product Shipments

Total solar product shipments in the second quarter of 2014 amounted to 659.5MW, consisting of 570.8MW of solar modules, 54.1MW of silicon wafers and 34.6MW of solar cells. In comparison, total shipments for the first quarter of 2014 amounted to 581.2MW, consisting of 455.1MW of solar modules, 92.1MW of silicon wafers and 34.0MW of solar cells, and total solar product shipments in the second quarter of 2013 amounted to 489.2MW, consisting of 460.0MW of solar modules, 11.1MW of silicon wafers and 18.1MW of solar cells.

Solar Project Capacity

As of June 30, 2014, the Company has connected 252MW of solar projects to the grid and expects to connect another 100MW of solar projects during the third quarter.

Solar Products Production Capacity

As of June 30, 2014, the Company's in-house annual silicon wafer, ingot, and solar cell production capacity was 2.0GW each and solar module production capacity was 2.1GW, including annual silicon wafer and solar cell production capacity of 500MW each and solar module production capacity of 100MW operated under an operating lease agreement from the restructured manufacturing assets of Zhejiang Topoint Photovoltaic Co., Ltd., Zhejiang Yutai Photovoltaic Material Co., Ltd., Zhejiang Weishida Photovoltaic Material Co., Ltd., and Zhejiang Jiutai New Energy Co., Ltd. (collectively, "Topoint"). A third party investor has recently been selected to proceed with the Topoint reorganization. Under the operating lease agreement, JinkoSolar will operate Topoint's manufacturing assets until the completion of Topoint's reorganization, which is expected to be completed in September 2014.

Recent Business Developments

- In July 2014, JinkoSolar partnered with Tsinghua University to build a cell-phone tower along with a microgrid system to provide power to Gonggashan center school and Gonggasha Yulong West Village School.

- In July 2014, JinkoSolar entered into a five-year RMB1 billion strategic financing agreement with China Minsheng Banking Corp., Ltd.

- In July 2014, China Development Bank International, the Macquarie Greater China Infrastructure Fund (a fund managed by Macquarie Infrastructure and Real Assets), and New Horizon Capital agreed to invest a total of US$225 million in JinkoSolar's downstream solar power project business.

- In August 2014, JinkoSolar opened a solar module factory with annual production capacity of 120MW in Cape Town, South Africa.

- In August 2014, JinkoSolar signed a PV project development agreement with the Economic Development Zone of Lishui City, Zhejiang Province, to develop a 500MW PV power plant with an aggregate investment amount of RMB5 billion.

Operations and Business Outlook

Third Quarter and Full Year 2014 Guidance

For the third quarter of 2014, the Company estimates total solar module shipments to be in the range of 800MW to 850MW, which includes 650MW to 680MW module shipments to third parties and 150MW to 170MW for its own downstream projects.

For the full year 2014, the Company estimates total solar module shipments to be in the range of 2.9GW and 3.2GW, which includes 2.3GW to 2.5GW module shipments to third parties, and 600MW to 650MW for its own downstream projects. Full year project development scale is expected to be above 600MW.


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