JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q3 2017 Earnings Presentation
10 slides from JinkoSolar's earnings presentation, Dec 7, 2017
Slide 1: JinkoSolar Q3 2017 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q3 2017 Earnings Call Presentation December 7, 2017
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 Q2 2017 Q3 2017 Q4 2017E FY 2017E 6,000 – wafer 7,000 – wafer 7,500 – wafer 7,500 – wafer Capacity (MW) 4,500 – cell 4,500 – cell 5,000 – cell 5,000 – cell 7,500 – module 8,000 – module 8,000 – module 8,000 – module Module Shipments (MW) 2,884MW 2,374MW 2.3GW-2.5GW 9
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Total Module Shipments (MW) 3,000 2,884 9,000 8,000 8,000 7,000 2,500 2,374 7,000 6,500 2,068 6,000 2,000 1,733 5,000 1,710 1,716 4,500 1,600 1,606 5,000 4,300 4,000 1,500 4,000 3,200 3,000 3,000 2,500 2,500 2,000 1,000 2,000 1,500 2,000 500 1,000 1,500 0 2013 201
Slide 5: Cost per Watt Reduction
Cost per Watt Reduction ($/Watt) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Non-Silicon Cost (Including 0.25 0.24 0.24 0.24 Depreciation) Silicon Cost 0.07 0.08 0.07 0.07 In-house Cost 0.32 0.32 0.31 0.31 (Including Depreciation) Blended Cost 0.35 0.35 0.34 0.332 Blended cost slightly decreased, mainly due to:
Slide 6: Quarterly Financial Highlights from continuing operations (Unaudited)
Quarterly Financial Highlights from continuing operations (Unaudited) Total Revenues and Module Shipments Gross Profit and Gross Margin 20.5% 2,884 2,374 2,068 14.3% 12.0% 1,606 1,733 19.2% 10.5% 799 738 839 1,169 965 154 105 94 123 116 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 Rev
Slide 7: P&L Summary from continuing operations (Unaudited)
P&L Summary from continuing operations (Unaudited) US$ in millions Q3 2016* Q4 2016* Q1 2017* Q2 2017* Q3 2017* Revenues 799 738 839 1,169 965 Gross Profit 154 105 94 123 116 Gross Margin 19.3% 14.3% 11.2% 10.5% 12.0% Operating Expenses 88 94 86 111 102 Operating Margin 8.2% 1.5% 1.0% 1.1% 1.4% Inte
Slide 8: Balance Sheet (Unaudited)
Balance Sheet(Unaudited) US$ in millions Dec 31, 2016 Sep 30, 2017* Cash and Restricted Cash 406 371 Accounts Receivable 888 875 Inventories 644 788 Net PP&E 683 906 Total Assets 3,758 4,456 Total Debt 929 1,195 -Short-term Borrowings (incl. current portion of long-term 791 1,041 borrowings) -Long-t
Slide 9: Other Key Information from continuing operations
Other Key Information from continuing operations (Unaudited) (US$ in millions) 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 Depreciation 18 15 20 23 25 Operating CF (179) (123) 25 8 (168) EBITDA 89 44 37 37 36 CAPEX 68 88 110 164 61 EBITDA: net income before interest, taxes, depreciation, amortization, change
Slide 10: Thank you!
Thank you! www.jinkosolar.com