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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

______________

 

FORM 6-K

 

______________

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

  

For the Month of November 2014

 

Commission File Number 001-34615

 

JinkoSolar Holding Co., Ltd.

(Translation of registrant’s name into English)

 

1 Jingke Road

Shangrao Economic Development Zone

Jiangxi Province, 334100

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F o

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

 

Yes o No x

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

 

Yes o No x

 

 
 

 

EXHIBIT INDEX

 

Number Description of Document   
99.1 Press Release, dated November 20, 2014

 

 
 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  JinkoSolar Holding Co., Ltd.
   
  By: /s/ Haiyun (Charlie) Cao                             
  Name: Haiyun (Charlie) Cao
  Title: Chairman of the Board of Directors

 

Date: November 21, 2014

 

 

 

 

 

 

Exhibit 99.1

 

JinkoSolar Announces Third quarter 2014 Financial Results

 

SHANGHAI, Nov. 20, 2014 /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, 2014.

 

Third quarter 2014 Highlights

 

 
 

 

“We are pleased to report another solid quarter, as total revenues increased 30.5% from the same period last year,” commented Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer. “ We shipped a record-high 758.1 MW modules, including 100 MW designated for our own downstream projects. Our business continues to gain considerable momentum as we remain on track to deliver a very successful year in terms of top- and bottom-line growth and near completion of our targeted solar power project expansion. With strong financial support from established financial institutions, a constantly expanding geographic presence and a host of new products coming on line in the near future, we are poised to finish the year on a strong note and look forward to a successful 2015.”

 

“Our downstream business continued to pick up pace, reinforcing our leadership position in this promising market. We currently have 15 projects with a total of 488.5 MW under construction. We expect these projects to be connected by the end of 2014 and first quarter of 2015. We plan on gradually increasing the percentage of DG project construction in 2015 to improve our project portfolio. Management continues to evaluate the spin off and listing of our downstream business, as both our project portfolio and pipeline has grown substantially in the past few months and investor interest has increased.”

“By efficiently allocating our resources, we were able to maintain our market leading position in China and new emerging markets such as South Africa and Chile, while increasing our market share in the US and Japan. Shipments to China increased 81.4% compared with the second quarter of 2014, as the China market continued to recover. We also continue to build our position in the US and to serve our growing customer base despite tariff uncertainties. With the landmark agreement between the US and China to cap carbon emissions announced during the APEC summit, we are very optimistic about growth in both countries and globally. While the market has seen some turbulence caused by the sharp decline in oil prices, we are confident about solar power’s potential. The European market remained stable, with demand from the UK in particular increasing significantly.”

 

“We increased our capacity to produce our high-efficiency, PID-free ‘Eagle +’ modules during the quarter. We aim to increase power output for the mass produced ‘Eagle +’ modules from 265 W to 270 W by the end of the year. By devoting resources towards technical innovation, we also increased the yield and stability of our smart modules, light-weight modules and double-glass modules.”

 

“With six consecutive quarters of profitability behind us, we eagerly look forward to seeing the investments we have made in building our downstream project portfolio, diversifying our geographic presence, developing industry leading technology, building long-lasting relationships with financial institutions and creating a stronger foundation for our future growth.”

 

 
 

 

Third quarter 2014 Financial Results

 

Total Revenues

 

Total revenues in the third quarter of 2014 were RMB2.6 billion (US$417.3 million), representing an increase of 5.3% from RMB2.4 billion in the second quarter of 2014 and an increase of 30.5% from RMB2.0 billion in the third quarter of 2013. The sequential increase in revenues was primarily attributable to the increase in shipments of solar modules, which was offset by a slight decrease in ASPs of modules. The year-over-year increase in total revenues was mainly attributable to the increase in shipments of solar modules and the increase in electricity revenues from solar projects.

 

Before the third quarter of 2014, the Company received feed-in tariff without being requested to issue value-added tax invoices, and the Company recognized 100% of the feed-in tariff as revenue. During the third quarter of 2014, the Company was requested by the State Grid Corporation of China to issue value-added tax invoices for feed-in tariff collected by the Company. As a result of such change, the Company recorded a cumulative value-added tax payable and reduction of revenue in Q3 2014 for the amount of RMB19.6 million (US$3.2 million) related to previous periods. Starting from the current quarter, the Company records value-added tax payable with a corresponding reduction to revenue, and each of the Company’s subsidiaries that are operating the solar projects will be subject to a value-added tax payment to the extent that their value-added tax payable exceeds the value-added tax recoverable at entity level.

 

Excluding the effect of value-added taxes mentioned above, the Company’s electricity revenues were RMB67.3 million (US$11.0 million), representing an increase of 10.4% from the second quarter of 2014. The increase was primarily due to an increase in the number and capacity of the Company's completed solar projects. Gross profit for electricity revenue would have been RMB46.1 million (US$7.5 million), representing a gross margin of 68.5%.

 

Electricity revenues including the effect of value-added taxes mentioned above were RMB47.7 million (US$7.8 million) in the third quarter of 2014, representing a decrease of 21.8% from the second quarter of 2014. Gross profit for electricity revenues was RMB26.5 million (US$4.3 million) during the third quarter of 2014, representing a gross margin of 55.6%.

 

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 RMB49.4 million (US$8.0 million) and RMB21.2 million for the third and the second quarters of 2014, respectively. During the third quarter of 2014, the Company recognized retainage payments of RMB10.0 million (US$1.6 million) as revenue. As of September 30, 2014, the cumulative amount of retainage that had not yet been recognized as revenue was RMB215.2 million (US$35.1 million).

 

 
 

 

Gross Profit and Gross Margin

 

Gross profit in the third quarter of 2014 was RMB528.5 million (US$86.1 million), compared with gross profit of RMB550.3 million in the second quarter of 2014 and gross profit of RMB437.6 million in the third quarter of 2013.

 

Gross margin was 20.6% in the third quarter of 2014 compared with 22.6% in the second quarter of 2014 and 22.3% in the third quarter of 2013. In-house gross margin, which relates to the Company's in-house silicon wafer, solar cell and solar module production, was 23.3% in the third quarter of 2014, compared with 25.4% in the second quarter of 2014 and 21% in the third 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 decrease in gross margin was mainly due to the decrease in ASPs. The year-over-year increase in in-house gross margin was mainly due to improvements in operating efficiency and continued cost reductions for the Company's polysilicon and auxiliary materials.

 

Income from Operations and Operating Margin

 

Income from operations in the third quarter of 2014 was RMB239.9 million (US$39.1 million), compared with income from operations of RMB251.6 million in the second quarter of 2014 and income from operations of RMB244.3 million in the third quarter of 2013. Operating margin in the third quarter of 2014 was 9.4%, compared with 10.3% in the second quarter of 2014 and 12.4% in the third quarter of 2013.

 

Total operating expenses in the third quarter of 2014 were RMB288.6 million (US$47.0 million), a decrease of 3.4% from RMB298.6 million in the second quarter of 2014 and an increase of 49.3% from RMB193.3 million in the third quarter of 2013. The year-over-year increase in operating expenses were mainly due to the increase in selling and marketing expenses associated with increased shipping and warranty costs from increased solar product shipments, and research and development expenses.

 

Total operating expenses excluding the reversal of bad debt provision were RMB301.0 million (US$49.0 million), compared to RMB293.3 million in the second quarter of 2014 and RMB222.3 million in the third quarter of 2013.

 

 
 

 

Total operating expenses excluding the reversal of bad debt provision as a percentage of total net revenues was 11.7% in the third quarter of 2014, compared to 12.1% in the second quarter of 2014 and 11.3% in the third quarter of 2013.

 

Interest Expense, net

 

Net interest expense in the third quarter of 2014 was RMB73.1 million (US$11.9 million), an increase of 2.1% from RMB71.5 million in the second quarter of 2014 and an increase of 29.8% from RMB56.3 million in the third quarter of 2013. This year-over-year increase was primarily due to expenses associated with additional long-term bank borrowings for the downstream solar projects in year 2014.

 

Exchange Gain, net

 

The Company recorded an exchange gain of RMB1.3 million (US$0.2 million) in the third quarter of 2014, which was primarily due to the gain in fair value change of forward contracts of RMB77.1 million (US$12.6 million) offset by a foreign currency exchange loss of RMB75.8 million (US$12.4 million) and. The Company had net exchange loss of RMB4.8 million in the second quarter of 2014 and net exchange gain of RMB25.1 million in the third 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 RMB 13.4 million (US$2.2 million) and a loss from a change in fair value of capped call options of RMB11.6 million (US$1.9 million). Loss from change in fair value of convertible senior notes was primarily due to the changes in the stock price of the Company in the third quarter of 2014. Loss from change in fair value of capped call was primarily due to a decrease in remaining life.

 

Equity in Loss of Affiliated Companies

 

The Company recognized equity loss from affiliated companies of RMB5.2 million (US$0.8million) in the third quarter of 2014 as a result of its share of loss for solar projects held by affiliated companies.

 

Income Tax Expense / (Benefit), net

 

The Company incurred an income tax benefit of RMB153.8 million (US$25.1 million) in the third quarter of 2014, compared with an income tax expense of RMB20.9 million in the second quarter of 2014 and an income tax expense of RMB18.4 million during the third quarter of 2013. The Company’s evaluation of its deferred tax assets was based on both positive and negative indications of the ability to realize the benefits of such tax assets. Based on the strong financial performance of certain subsidiaries, the Company determined that the future taxable income of certain subsidiaries would be sufficient to realize the benefits of such tax assets and reversed the valuation allowance of RMB203.6 million (US$33.2 million) in the third quarter of 2014.

 

 
 

 

Net Income and Earnings per Share

 

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the third quarter of 2014 was RMB280.6 million (US$45.7 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB138.2 million in the second quarter of 2014 and a net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB103.5 million in the third quarter of 2013.

 

Basic and diluted earnings per share were RMB2.27 (US$0.37) and RMB2.00 (US$0.33), respectively, during the third quarter of 2014. This translates into basic and diluted earnings per ADS of RMB9.08 (US$1.48) and RMB8.00 (US$1.32), respectively.

 

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the third quarter of 2014 was RMB322.2 million (US$52.5 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB173.0 million in the second quarter of 2014 and non-GAAP net gain attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB196.9 million in the third quarter of 2013.

 

Non-GAAP basic and diluted earnings per share were RMB2.60 (US$0.42) and RMB2.07 (US$0.34), respectively, during the third quarter for 2014. This translates into non-GAAP basic and diluted earnings per ADS of RMB10.40 (US$1.68) and RMB8.28 (US$1.36), respectively.

 

Financial Position

 

As of September 30, 2014, the Company had RMB2.1 billion (US$340.7 million) in cash and cash equivalents and restricted cash, compared with RMB1.6 billion of cash and cash equivalents and restricted cash as of June 30, 2014.

 

As of September 30, 2014, total short-term bank borrowings, including the current portion of long-term bank borrowings, was RMB2.1 billion (US$347.1 million), compared with RMB2.0 billion as of June 30, 2014, and total long-term borrowings was RMB938.6 million (US$152.9 million), compared with RMB893.4 million as of June 30, 2014.

 

As of September 30, 2014, the Company's working capital was positive RMB1.0 billion (US$169.1 million), compared with positive RMB257.4 million as of June 30, 2014.

 

 
 

 

Third quarter 2014 Operational Highlights

 

Solar Product Shipments

 

Total solar product shipments to third parties in the third quarter of 2014 amounted to 708.2 MW, consisting of 658.1 MW of solar modules, 30.3 MW of silicon wafers and 19.8 MW of solar cells. In comparison, total shipments for the second quarter of 2014 amounted to 659.5 MW, consisting of 570.8 MW of solar modules, 54.1 MW of silicon wafers and 34.6 MW of solar cells, and total solar product shipments in the third quarter of 2013 amounted to 518.9 MW, consisting of 489.3 MW of solar modules, 10.9 MW of silicon wafers and 18.7 MW of solar cells.

 

Solar Project Capacity

 

As of September 30, 2014, the Company has connected 352 MW of solar projects to the grid and expects to connect another 461 MW of solar projects during the fourth quarter.

 

Solar Products Production Capacity

 

As of September 30, 2014, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 2.3 GW, 1.8 GW and 2.8 GW, respectively.

 

Recent Business Developments

 

 
 

 

Operations and Business Outlook

 

Fourth Quarter and Full Year 2014 Guidance

 

For the fourth quarter of 2014, the Company estimates total solar module shipments to be in the range of 1,030 MW to 1,120 MW, which includes 730 MW to 770 MW module shipments to third parties and 300 MW to 350 MW for its own downstream projects. Revenues will not be recognized for the modules shipped to its own downstream projects as required by U.S. GAAP.

 

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

 

Conference Call Information

 

JinkoSolar's management will host an earnings conference call on Thursday, November 20, 2014 at 8:00 a.m. U.S. Eastern Time (9:00 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 p.m. U.S. Eastern Time, November 27, 2014. The dial-in details for the replay are as follows:

 

International: +61-2-9641-7900  
U.S. Toll Free: +1-866-846-0868  
Passcode: 9551777  
     

 

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 Holdings Co., Ltd.

 

JinkoSolar is a global leader in the solar industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; 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 2.3 GW for silicon ingots and wafers, 1.8 GW for solar cells and 2.8 GW for solar modules, as of September 30, 2014. JinkoSolar sells electricity in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, Eastern Europe, China, India, Japan, South Africa and other countries and regions.

 

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 (loss), non-GAAP Earnings (Loss) Per Share, non-GAAP earnings (loss) 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 convertible senior notes and capped call options:

 

 

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, 2014, which was RMB6.1380 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 21-6061-1792
Email: ir@jinkosolar.com

 

Christian Arnell
Christensen
Tel: +86-10-5900-1548
Email: carnell@christensenir.com

 

In the U.S.:
Jeff Bloker
Christensen
Tel: +1-480-614-3003
Email: jbloker@christensenir.com

 

 
 

 

 

JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except ADS and Share data)
   For the quarter ended 
   September 30, 2013   June 30, 2014   September 30, 2014 
    RMB    RMB    RMB    USD 
 Manufacturing revenues from third parties   1,798,879    2,371,242    2,513,106    409,434 
 Manufacturing revenues from related parties   123,669    -    557    91 
 Solar project electricity revenues from third parties   39,936    60,998    47,722    7,775 
                     
 Total revenues   1,962,484    2,432,240    2,561,385    417,300 
                     
 Total cost of revenue   (1,524,871)   (1,881,983)   (2,032,904)   (331,200)
                     
 Gross profit   437,613    550,257    528,481    86,100 
                     
 Operating expenses:                    
   Selling and marketing   (138,064)   (182,425)   (177,170)   (28,864)
   General and administrative   (42,319)   (92,693)   (87,978)   (14,333)
   Research and development   (12,945)   (23,508)   (23,433)   (3,818)
 Total operating expenses   (193,328)   (298,626)   (288,581)   (47,015)
                     
 Income from operations   244,285    251,631    239,900    39,085 
 Interest expenses, net   (56,286)   (71,525)   (73,055)   (11,902)
 Subsidy income   368    831    4,114    670 
 Exchange gain / (loss)   20,789    (2,823)   (75,861)   (12,359)
 Other income / (expense), net   1,382    (1,321)   (505)   (82)
 Change in fair value of forward contracts   4,330    (1,979)   77,105    12,562 
 Change in fair value of convertible senior
 notes and capped call options		   (88,637)   (17,828)   (24,936)   (4,063)
 Income before income taxes   126,231    156,986    146,762    23,911 
 Income tax (expense) / benefit, net   (18,388)   (20,893)   153,774    25,053 
 Equity in (loss)/income of affiliated companies   (2,405)   2,350    (5,186)   (845)
 Net income   105,438    138,443    295,350    48,119 
 Net income / (loss) attributable to non-controlling interests   (1,933)   (232)   428    70 
 Accretion to redemption value of redeemable non-controlling interests   -    -    (15,213)   (2,479)
 Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders   103,505    138,211    280,565    45,710 
                     
 Net income attributable to  JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share:		                    
   Basic   1.15    1.12    2.27    0.37 
   Diluted   1.10    1.01    2.00    0.33 
                     
 Net income attributable to  JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per ADS:		                    
   Basic   4.60    4.48    9.08    1.48 
   Diluted   4.40    4.04    8.00    1.32 
                     
 Weighted average ordinary shares outstanding:                    
   Basic   90,377,871    123,516,733    123,747,372    123,747,372 
   Diluted   93,849,833    142,128,705    155,445,422    155,445,422 
                     
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME 
                     
 Net income   105,438    138,443    295,350    48,119 
 Other comprehensive (loss)/income:                    
   -Unrealized loss on available-for-sale securities, net   -    (887)   (6,151)   (1,002)
   -Foreign currency translation adjustments   (1,710)   (2,285)   8,242    1,343 
 Comprehensive income   103,728    135,272    297,441    48,460 
 Comprehensive (gain) / loss attributable to non-controlling interest   (1,933)   (232)   428    70 
 Accretion to redemption value of redeemable non-controlling interests   0    0    (15,213)   (2,479)
 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders   101,795    135,040    282,656    46,051 
                     
                     
                     
 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   103,505    138,211    280,565    45,710 
                     
 Change in fair value of convertible senior
 notes and capped call options		   88,637    17,828    24,936    4,063 
                     
 4% of interest expense of convertible
 senior notes		   7,597    16,814    16,824    2,741 
                     
 Exchange loss/(gain) on  convertible senior
 notes and capped call options		   (2,801)   128    (143)   (23)
                     
 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-   196,938    172,981    322,182    52,491 
                     
 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per share -                    
   Basic   2.18    1.40    2.60    0.42 
   Diluted   2.10    1.22    2.07    0.34 
                     
 Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd. ‘s ordinary shareholders per ADS -                    
   Basic   8.72    5.60    10.40    1.68 
   Diluted   8.40    4.88    8.28    1.36 
                     
 Non-GAAP weighted average ordinary shares outstanding                    
   Basic   90,377,871    123,516,733    123,747,372    123,747,372 
   Diluted   93,849,833    142,128,705    155,445,422    155,445,422 

 

 
 

 

JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
   December 31, 2013   September 30, 2014 
   RMB   RMB   USD 
ASSETS               
Current assets:               
  Cash and cash equivalents   456,076    1,778,890    289,816 
  Restricted cash   398,500    312,105    50,848 
  Restricted short-term investments   734,093    1,155,835    188,308 
  Short-term investments   -    4,000    652 
  Accounts receivable, net - related parties   284,142    182,645    29,756 
  Accounts receivable, net - third parties   1,648,748    2,720,232    443,179 
  Notes receivable - related parties   42,900    -    - 
  Notes receivable, net - third parties   254,774    79,134    12,892 
  Advances to suppliers, net - related parties   -    884    144 
  Advances to suppliers, net - third parties   70,017    117,296    19,110 
  Inventories   712,029    1,493,740    243,359 
  Forward contract receivables   42,149    49,507    8,066 
  Deferred tax assets - current   -    84,242    13,725 
  Other receivables—related parties   216    212    35 
  Capped Call options   107,224    -    - 
  Prepayments and other current assets   591,853    670,478    109,233 
                
Total current assets   5,342,721    8,649,200    1,409,123 
                
Non-current assets:               
  Deposits under long-term pledge   87,387    184,623    30,079 
  Available-for-sale  investment   30,118    22,832    3,720 
  Project assets   1,358,944    2,531,592    412,446 
  Long-term investments   93,569    100,977    16,451 
  Property, plant and equipment, net   3,186,998    3,171,841    516,755 
  Land use rights, net   359,085    364,023    59,306 
  Intangible assets, net   6,464    8,174    1,332 
  Forward contract receivables-long term   1,011    -    - 
  Capped call options   -    73,261    11,936 
  Deferred tax -non current   -    52,677    8,582 
  Other assets   144,928    478,909    78,024 
                
Total non-current assets:   5,268,504    6,988,909    1,138,631 
                
Total assets   10,611,225    15,638,109    2,547,754 
                
LIABILITIES               
Current liabilities:               
  Accounts payable - related parties   2,468    5,236    853 
  Accounts payable - third parties   1,765,268    2,354,239    383,551 
  Notes payable - third party   1,411,994    1,626,130    264,928 
  Accrued payroll and welfare expenses   238,655    285,552    46,522 
  Advances from customers   147,583    241,018    39,267 
  Income tax payable   15,625    65,022    10,593 
  Other payables and accruals   830,374    842,918    137,329 
  Other payables due to a related party   3,262    4,087    666 
  Forward contract payables   10,080    30,165    4,914 
  Convertible senior notes   770,486    -    - 
  Bonds payable and accrued interests   66,726    48,746    7,942 
  Short-term borrowings from third parties, including current portion of long-term bank borrowings   1,974,594    2,130,633    347,122 
                
Total current liabilities   7,237,115    7,633,746    1,243,687 
                
Non-current liabilities:               
  Long-term borrowings   362,000    938,640    152,923 
  Long-term payables   32,396    33,569    5,469 
  Bond payables   800,000    800,000    130,336 
  Accrued warranty costs – non-current   159,101    204,699    33,349 
  Convertible senior notes   -    1,681,262    273,910 
  Forward contract payables-long term   -    11,601    1,890 
                
Total non-current liabilities   1,353,497    3,669,771    597,877 
                
Total liabilities   8,590,612    11,303,517    1,841,564 
                
Redeemable non-controlling interests   -    1,076,033    175,307 
                
SHAREHOLDERS' EQUITY               
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 108,051,630 and  124,266,030 shares issued and outstanding as of December 31, 2013 and September 30, 2014, respectively)   16    18    3 
Additional paid-in capital   1,968,702    2,766,567    450,728 
Statutory reserves   184,929    185,333    30,194 
Accumulated other comprehensive income   12,869    9,801    1,597 
Treasury stock, at cost; 1,723,200 shares of ordinary shares as of December 31,
2013 and September 30, 2014, respectively		   (13,876)   (13,876)   (2,261)
Accumulated (losses) / retained earnings   (142,898)   285,009    46,434 
                
Total JinkoSolar Holding Co., Ltd. shareholders' equity   2,009,742    3,232,852    526,695 
                
Non-controlling interests   10,871    25,707    4,188 
                
Total liabilities and shareholders' equity   10,611,225    15,638,109    2,547,754