JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q1 2016 Earnings Presentation
14 slides from JinkoSolar's earnings presentation, May 27, 2016
Slide 1: Q1 2016 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q1 2016 Earnings Call Presentation May 27, 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 Q4 2015 Q1 2016 Q2 2016E FY 2016E 3,000 – wafer 3,500 – wafer 3,500 – wafer 3,500 – wafer Capacity (MW) 2,500 – cell 3,000 – cell 3,500 – cell 3,500 – cell 4,300 – module 6,000 – module 6,300 – module 6,300 – module 1,710MW 1,600MW 1.6GW – 1.7GW 6GW – 6.5GW Module Sh
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Module Shipments (MW) 7,000 2,000 6,000 1,800 1,710 6,000 1,600 1,600 5,000 4,300 1,400 4,000 1,078 1,135 3,500 1,200 3,200 3,000 3,000 1,000 913 3,000 2,500 2,500 758 754 1,617 1,434 2,000 2,000 800 644 2,000 739 1,600 600 1,064 1,200 1,200 823 1,000 400 658 704
Slide 5: Significant Cost per Watt Reduction
Significant Cost per Watt Reduction ($/Watt) Q2 2015 Q3 2015 Q4 2015 Q1 2016 Non-Silicon Cost (Including 0.34 0.33 0.32 0.30 Depreciation) Silicon Cost 0.08 0.08 0.07 0.07 In-house Cost 0.42 0.41 0.39 0.37 (Including Depreciation) Blended Cost 0.44 0.42 0.42 0.41 (Excluding tariff cost) Blended Cost
Slide 6: Connected Downstream Projects
Connected Downstream Projects Ownership No. of Province Capacity(MW) projects Qinghai 37 3 Xinjiang 170 8 Gansu 76 2 Inner Mongolia 130 3 Ningxia 60 2 Xinjiang Hebei 20 1 Beijing 170 MW Gansu Inner Mongolia Henan 40 2 76 MW 130 MW Hebei Jiangsu 139 3 20 MW Shandong Ningxia 30 MW Zhejiang 192 76 Qing
Slide 7: Power Output
Power Output +15% -34% +76% 234 +36% 203 210 154 +25% 115 92 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 Power Output (GWh) 6
Slide 8: Quarterly Financial Highlights (Unaudited)
Quarterly Financial Highlights (Unaudited) Total Revenues and Module Shipments Gross Profit and Gross Margin 1,710 1,600 21.3% 21.3% 1,135 1617 20.7% 913 1434 20.3% 754 1064 823 19.5% 704 444 516 638 938 848 90 107 136 183 181 1Q 15 2Q 15 3Q 15 4Q 15 1Q 15 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 Revenues (US$
Slide 9: Third Party Module Sales Geographical Distribution
Third Party Module Sales Geographical Distribution Q4 2015 Module sale by Region Q1 2016 Module sale by Region Emerging Emerging Market Market 12% 19% China China 37% 37% North Total: Total: America 1,617 GW 1,434 GW 29% North America 30% APAC APAC Europe 10% Europe 7% 12% 7% Emerging (MW) China APA
Slide 10: P&L Summary (Unaudited)
P&L Summary (Unaudited) US$ in millions Q1 2015* Q2 2015* Q3 2015* Q4 2015* Q1 2016* Revenues 444 516 638 938 848 Gross Profit 90 107 136 183 181 Gross Margin 20.3% 20.7% 21.3% 19.5% 21.3% Operating Expenses 53 69 76 108 92 Operating Margin 8.4% 7.4% 9.5% 7.7% 10.5% Interest Expense 10 13 23 15 20 T
Slide 11: Balance Sheet (Unaudited)
Balance Sheet(Unaudited) US$ in millions Q1 2015* Q2 2015* Q3 2015* Q4 2015* Q1 2016* Cash and Restricted Cash 282 368 584 654 523 Accounts Receivable 553 602 563 528 611 Inventories 315 476 624 495 482 Advances to Suppliers 25 17 25 39 61 Net PP&E 515 550 546 582 609 Project Assets 750 874 904 1,08
Slide 12: Financial performance of Power & Module Business
Financial performance of Power& Module Business US$ in millions Power Business Module Business Total Total assets 1,824 2,543 4,367 Cash and Restricted 180 343 523 Cash Total debt 865 749 1,614 Accounts receivable 124 487 611 Net debt 685 406 1,091 Revenues 29 819 848 Interest Expense 12 8 20 Power
Slide 13: Other Key Information (Unaudited)
Other Key Information (Unaudited) (US$ in millions) 2015 Q1 2015Q2 2015Q3 2015Q4 2016Q1 Depreciation 22 24 26 27 29 - Module 15 16 16 16 16 - Projects 7 8 10 11 13 Operating CF (72) (92) 1 369 (15) EBITDA 56 66 74 120 125 - Module 44 44 52 111 109 - Projects 12 22 22 9 16 CAPEX 113 107 94 147 164 -
Slide 14: Thank you!
Thank you! www.jinkosolar.com 13