SOURCE: JinkoSolar

JinkoSolar

August 19, 2013 15:39 ET

JinkoSolar Announces Second Quarter 2013 Financial Results

SHANGHAI, CHINA--(Marketwired - Aug 19, 2013) -  JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NASDAQ: JKS), a leading global solar power product manufacturer, today announces its unaudited financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Highlights

  • Total solar product shipments were 489.2 megawatts ("MW"), consisting of 460.0 MW of solar modules, 11.1 MW of silicon wafers and 18.1 MW of solar cells. This represents an increase of 44.5% from 338.6 MW in the first quarter of 2013 and an increase of 61.9% from 302.1 MW in the second quarter of 2012.
  • Total revenues were RMB1.76 billion (US$287.6 million), representing an increase of 51.7% from the first quarter of 2013 and an increase of 42.6% from the second quarter of 2012.
  • Gross margin was 17.7%, compared with 12.7% in the first quarter of 2013 and 8.4% in the second quarter of 2012.
  • In-house gross margin (the gross margin of PV modules produced using the Company's in-house produced silicon wafers and solar cells) was 18.3%, compared with 13.1% in the first quarter of 2013 and 11.2% in the second quarter of 2012.
  • Income from operations was RMB155.8 million (US$25.4 million), compared with a loss from operations of RMB16.8 million in the first quarter of 2013 and a loss from operations of RMB82.5 million in the second quarter of 2012.
  • Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB49.0 million (US$8.0 million), compared with a net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB128.7 million in the first quarter of 2013 and a net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB310.5 million in the second quarter of 2012.
  • Diluted earnings per American depositary share ("ADS") was RMB2.20 (US$0.36), compared with a diluted loss per ADS of RMB5.80 in the first quarter of 2013 and a diluted loss per ADS of RMB14.00 in the second quarter of 2012. Each ADS represents four ordinary shares.
  • Cash flow from operating activities was RMB459.3 million (US$74.8 million).
  • Three utility-scale projects in China, consisting of 55 MW, were completed, which are currently operating and earning feed-in tariffs. Six utility-scale projects, totaling 146 MW, are currently under construction.
  • Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2013 was RMB74.3 million (US$12.1 million), compared with a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB75.3 million in the first quarter of 2013 and a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB297.6 million in the second quarter of 2012. (JinkoSolar adjusts net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders to exclude 1) the expenses related to the issuance of convertible senior notes, 2) changes in fair value of convertible senior notes and capped call options, 3) interest expenses on the convertible senior notes, and 4) the exchange gain on the convertible senior notes and capped call options.)
  • Non-GAAP basic and diluted earnings per ADS were RMB3.36 (US$0.56) and RMB3.32 (UD$0.56), respectively in the second quarter of 2013.

The complete second quarter results press release is available in attachment. An archived webcast of the results conference call is available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com. For more information or to book an interview with JinkoSolar, please contact Dalyce Suanez at d.suanez@open2america.com or at 403-869-3259.

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.

About JinkoSolar

JinkoSolar is a leading solar power product manufacturer with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Montpellier, France; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo, Japan; and Cape Town, South Africa.

JinkoSolar has built a vertically integrated solar product value chain with an integrated annual capacity of approximately 1.5 GW each for silicon ingots and wafers, solar PV cells, and solar PV modules as of Jun 30, 2013. JinkoSolar distributes its photovoltaic products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, France, Eastern Europe, China, India, Japan, South Africa, and other countries and regions.

Documents and/or Photos available for this release:

JinkoSolar Second Quarter Results complete press release

To view supporting documents and/or photos, go to www.enr-corp.com/pressroom and enter Release ID: 359220

Contact Information