JinkoSolar Announces Second Quarter 2013 Financial Results
JinkoSolar Announces Second Quarter 2013 Financial Results
SHANGHAI, China, August 14, 2013 - JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a leading global solar power product manufacturer, today announced 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 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 2013and 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 2013and a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB297.6 million in the second quarter of 2012.
· 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.
“I am pleased to report JinkoSolar’s first quarter of profitability since the third quarter of 2011,” commented Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer. “During the second quarter of 2013, increasing demand from regions where we have made strategic investments and our ability to efficiently execute our strategy further solidified our leading position in the global PV market. We increased shipment volumes and expanded our gross margin to 17.7%, making JinkoSolar among the first Chinese module producers to return to net profitability since the downturn. We recently increased our integrated production capacity from 1.2 GW to 1.5 GW as a result of technological improvements and the upgrading of production lines. By persevering through our strategy, we have successfully navigated the rapidly changing solar power environment to emerge a stronger, profitable, more nimble company. Most importantly, we expect to realize net profitability for the entire year as we are confident that this quarter’s strong operational and financial performance is indicative of our future performance. Module shipments for 2013 have been revised upwards and are expected to be in the range of 1.5 GW to 1.7 GW, compared to our previous outlook of 1.2 GW to 1.5 GW.
“Over the past few quarters, JinkoSolar has rapidly adapted to a number of fundamental shifts in the market and we now believe we are fully prepared to take advantage of the more favorable industry conditions. While ASPs continue to stabilize, the solar industry has begun to consolidate with demand gradually aligning with supply. These fundamental industry shifts are further supported by a series of positive developments domestically and internationally. The EU and China have reached a settlement agreement for the export of solar panels that has improved our visibility on the European market. The guidelines recently issued by China’s State Council emphasized the strategic importance of the PV industry and set a clear target of 35GW by 2015.”
“We believe we are ready to demonstrate and further improve upon the state-of-the-art technology, reliability and quality of our solar products. In just the past quarter, JinkoSolar received Dynamic Mechanical Load test certification - a first in the PV industry - and Dust and Sand verification from TUV Nord, as well as Fire Resistance certification from Italy’s Istituto Giordano. We have increased our ability to customize our modules for real world conditions and other customers demands. With increasing demands and a solid portfolio of products, we are poised to leverage our leading brand, strong relationships and technological leadership as the market recovers.”
“As a direct result of our decision to increase our exposure globally, we have reduced our reliance on Europe, and expanded our presence in emerging markets, such as China, Japan, the United States, South Africa and India. Having seen China’s potential early on, we made a significant push to capture a first mover advantage, further securing our leading position with our strong brand name ahead of our home market’s rapid growth. Following the establishment of our sales office in Tokyo earlier this year, Japan continues to show promise as we push deeper into the market, making it a more significant part of our shipment portfolio. We have developed multiple meaningful relationships with customers there and look forward to future opportunities. We remain dedicated to serving our customers in the US, which has already become a strategically important market for us following the recently announced 39 MW contract to supply three utility-scale projects in the Midwestern United States. Orders from South Africa and India also continue to grow as we build our brand there. Meanwhile, we have continued our effort to penetrate new emerging markets in the Middle East and Latin America.”
“We continue our transformation from a traditional manufacturer to a one-stop energy solution provider. By the end of this year, we expect to complete solar power projects with total capacity in the range of 200-300MW and our project pipeline is now rapidly approaching 700MW. Our financing, project development, EPC, and system operations and maintenance teams are well-positioned to take full advantage of these new opportunities. The State Council’s development guidelines established a clear 35 GW target by 2015 and guaranteed subsidies for the next 20 years, which will be settled monthly. With the largest project development pipeline and scale domestically among US-listed Chinese solar manufacturers, we expect our downstream business to benefit greatly as we continue our strategic transformation.”
“Having turned the corner both financially and operationally, we are optimistic about the future. We are proud of what we have accomplished this quarter on the foundation of our management’s vision and strategic execution. We believe that it speaks to our perseverance and determination during difficult times. We have successfully navigated the global downturn by prudently managing our business and diligently improving our industry leading technology, cost structure and brand equity. With our strong client relationships and respected reputation, we believe that we are now in a solid position to drive future growth and shareholder value.”
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.
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