JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2015 Earnings Presentation
13 slides from JinkoSolar's earnings presentation, Mar 1, 2016
Slide 1: Q4 2015 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q4 2015 Earnings Call Presentation Mar 01, 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 Q3 2015 Q4 2015 Q1 2016E FY 2016E 3,000 – wafer 3,000 – wafer 3,300 – wafer 3,500 – wafer Capacity (MW) 2,500 – cell 2,500 – cell 2,800 – cell 3,500 – cell 4,000 – module 4,300 – module 5,300 – module 6,300 – module 1,134.5MW 1,709.9GW 1.3GW – 1.4GW 6GW – 6.5GW Modul
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Module Shipments (MW) 4,800 2,000 4,300 4,400 1,800 4,000 1,600 1617 3,600 3,200 1,400 3,200 3,000 1,200 2,800 2500 2,500 2,400 1,000 1064 2,000 2,000 739 2,000 800 823 1500 1,600 1200 1,200 600 658 704 1,200 571 1,500 400 339 800 1,200 455 71 93 50 90 200 8 100 4
Slide 5: Significant Cost per Watt Reduction
Significant Cost per Watt Reduction ($/Watt) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Mono & Multi Non-Silicon $0.35 $0.34 $0.33 $0.32 Cost (Including Depreciation) Mono & Multi Silicon Cost $0.09 $0.08 $0.08 $0.07 In-house Cost $0.44 $0.42 $0.41 $0.39 (Including Depreciation) Blended Cost $0.47 $0.47 $0.45
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 Beijing Hebei 20 1 170 MW Gansu Inner Mongolia 40 2 76 MW 130 MW Henan Hebei Jiangsu 139 3 20 MW Shandong Ningxia 30 MW Zhejiang 192 76 Qing
Slide 7: Power Output
Power Output +15% -34% +76% 234 203 +25% 154 115 92 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 Power Output (GWh) Electricity revenue declined in Q4 mainly due to: Seasonal impacts. Curtailment in China’s western regions. 6
Slide 8: Quarterly Financial Highlights (Unaudited)
Quarterly Financial Highlights (Unaudited) Total Revenues and Total Shipments Gross Profit and Gross Margin 1681.9 22.8% 1107.7 21.3% 838.2 915.0 20.7% 789.2 20.3% 19.5% $182.6 $478.9 $443.5 $516.2 $637.6 $937.7 $136.0 $109.3 $107.0 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 $90.1 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 G
Slide 9: Module Sales Geographical Distribution
Module Sales Geographical Distribution Q3 2015 Module sale by Region Q4 2015 Module sale by Region Emerging Emerging Market Market 12% 21% China 31% China 37% Total: North Total: 1064 GW America 1617 GW North 29% America 23% APAC APAC Europe 18% Europe 10% 7% 12% Emerging (MW) China APAC Europe Nort
Slide 10: P&L Summary (Unaudited)
P&L Summary (Unaudited) US$ in millions Q4 2014* Q1 2015* Q2 2015* Q3 2015* Q4 2015* Revenues 478.9 443.5 516.2 637.6 937.7 Gross Profit 109.3 90.1 107.0 136.0 182.6 Gross Margin 22.8% 20.3% 20.7% 21.3% 19.5% Operating Expenses 71.2 53.0 68.8 75.6 108.1 Operating Margin 8.0% 8.4% 7.4% 9.5% 7.9% Inte
Slide 11: Balance Sheet (Unaudited)
Balance Sheet(Unaudited) US$ in millions Q4 2014* Q1 2015* Q2 2015* Q3 2015* Q4 2015* Cash and Restricted Cash 369.7 282.0 367.5 584.2 654.4 Accounts Receivable (third parties) 502.6 526.1 577.0 540.7 518.2 -Accounts Receivable for downstream 30.6 44.0 74.4 96.5 102.8 Inventories 304.8 314.8 475.8 6
Slide 12: Key Information of Cash Flows (Unaudited)
Key Information of Cash Flows (Unaudited) (US$ in millions) 2015 Q1 2015Q2 2015Q3 2015Q4 Depreciation $23 $24 $26 $24 - Module $15 $15 $16 $16 - Projects $8 $9 $10 $8 Operating CF ($72) ($92) $1 $370 EBITDA $56 $65 $74 $105 - Module $44 $43 $51 $100 - Projects $12 $22 $23 $5 CAPEX - Module $44 $20 $
Slide 13: Thank you!
Thank you! www.jinkosolar.com 12