JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q2 2016 Earnings Presentation
14 slides from JinkoSolar's earnings presentation, Aug 25, 2016
Slide 1: Q2 2016 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q2 2016 Earnings Call Presentation August 25, 2016
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis
Slide 3: Financial Highlights and Outlook
Financial Highlights and Outlook Q1 2016 Q2 2016 Q3 2016E FY 2016E 3,500 – wafer 3,500 – wafer 3,500 – wafer 4,500 – wafer Capacity (MW) 3,000 – cell 3,500 – cell 3,700 – cell 3,700 – cell 6,000 – module 6,500 – module 6,500 – module 6,500 – module 1,600MW 1,716MW 1.5GW – 1.7GW 6GW – 6.5GW Module Sh
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Module Shipments (MW) 7,000 6,500 2,000 6,000 1,800 1,710 1,716 1,600 5,000 1,600 4,300 1,400 4,000 3,500 3,500 1,135 3,200 3,000 1,200 1,078 3,000 2,500 2,500 1,000 913 1,512 2,000 2,000 758 754 1,617 1,434 2,000 1,600 800 1,200 1,200 739 600 1,064 1,000 1,500 82
Slide 5: Significant Cost per Watt Reduction
Significant Cost per Watt Reduction ($/Watt) Q3 2015 Q4 2015 Q1 2016 Q2 2016 Non-Silicon Cost (Including 0.33 0.32 0.30 0.29 Depreciation) Silicon Cost 0.08 0.07 0.07 0.08 In-house Cost 0.41 0.39 0.37 0.37 (Including Depreciation) Blended Cost 0.42 0.42 0.41 0.41 (Excluding tariff cost) Blended Cost
Slide 6: Connected Downstream Projects
Connected Downstream Projects Ownership No. of Province Capacity(MW) projects Qinghai 37 3 Xinjiang 170 8 Gansu 76 2 Inner Mongolia 130 3 Ningxia 60 2 Hebei 20 1 Xinjiang Beijing Henan 60 3 170 MW Gansu Inner Mongolia Jiangsu 139 3 76 MW 130 MW Hebei Zhejiang 193.3 77 Shanxi 20 MW Shandong Ningxia 5
Slide 7: Power Output
Power Output +56% 327 +15% -34% +76% +36% 234 203 210 154 115 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 Power Output (GWh) 6
Slide 8: Quarterly Financial Highlights (Unaudited)
Quarterly Financial Highlights (Unaudited) Total Revenues and Module Shipments Gross Profit and Gross Margin 1,716 21.3% 21.3% 1,710 1,600 20.7% 20.4% 1,135 1617 1512 913 1434 1064 823 19.5% 516 638 938 848 896 107 136 183 181 182 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 Revenues
Slide 9: Third Party Module Sales Geographical Distribution
Third Party Module Sales Geographical Distribution Q1 2016 Module sale by Region Q2 2016 Module sale by Region Emerging Emerging Market Market 2% 19% China 37% China North Total: America Total: 46% 43% 1,434 GW 1,512 GW North America 30% APAC Europe 7% Europe APAC 7% 4% 5% Emerging (MW) China APAC E
Slide 10: P&L Summary (Unaudited)
P&L Summary (Unaudited) US$ in millions Q2 2015* Q3 2015* Q4 2015* Q1 2016* Q2 2016* Revenues 516 638 938 848 896 Gross Profit 107 136 183 181 182 Gross Margin 20.7% 21.3% 19.5% 21.3% 20.4% Operating Expenses 69 76 108 92 115 Operating Margin 7.4% 9.5% 7.9% 10.5% 7.5% Interest Expense 13 23 15 20 18
Slide 11: Balance Sheet (Unaudited)
Balance Sheet(Unaudited) US$ in millions Q2 2015* Q3 2015* Q4 2015* Q1 2016* Q2 2016* Cash and Restricted Cash 368 584 654 523 557 Accounts Receivable 602 563 528 611 628 Inventories 476 624 495 482 466 Advances to Suppliers 17 25 39 61 53 Net PP&E 550 546 582 609 599 Project Assets 874 904 1,088 1,
Slide 12: Financial performance of Power & Module Business (Unaudited)
Financial performance of Power& Module Business (Unaudited) US$ in millions Power Business Module Business Total Total assets 2,072 2,546 4,627 Working Capital (373) 79 (294) Cash and Restricted 188 389 557 Cash Total debt 1,002 810 1,812 Accounts receivable 150 478 628 Net debt 814 441 1,255 Revenu
Slide 13: Other Key Information (Unaudited)
Other Key Information (Unaudited) (US$ in millions) 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 Depreciation 24 26 27 29 29 - Module 16 16 16 16 16 - Projects 8 10 11 13 13 Operating CF (92) 1 369 (15) 57 EBITDA 66 74 120 125 136 - Module 44 52 111 109 102 - Projects 22 22 9 16 34 CAPEX 107 94 147 164 198 -
Slide 14: Thank you!
Thank you! www.jinkosolar.com