JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q3 2015 Earnings Presentation
13 slides from JinkoSolar's earnings presentation, Nov 19, 2015
Slide 1: Q3 2015 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q3 2015 Earnings Call Presentation Nov 19, 2015
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 2015 Q3 2015 Q4 2015E FY 2015E 3,000 – wafer 3,000 – wafer 3,000 – wafer 3,000 – wafer Capacity (MW) 2,500 – cell 2,500 – cell 2,500 – cell 2,500 – cell 4,000 – module 4,000 – module 4,000 – module 4,300 – module 913.4MW 1134.5MW 1.4GW – 1.7GW 4.2GW – 4.5GW Module
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Product Shipments (MW) 1,200 4,400 4,000 1,120 4,000 1,040 3,600 960 1063.9 3,200 880 3000 823.0 3,200 800 703.5 2,800 2500 2,500 720 640 739.2 2,400 2,000 2,000 560 570.8 658.1 2,000 480 455.1 1500 400 533.3 1,600 489.3 1200 1,200 320 1,200 1,500 240 32.4 32.5 34
Slide 5: Significant Cost per Watt Reduction
Significant Cost per Watt Reduction In-house Cost Q4 2014 Q1 2015 Q2 2015 Q3 2015 Mono & Multi Non-Silicon Cost ($/Watt) $0.35 $0.35 $0.34 $0.33 (Including Depreciation) Mono & Multi Silicon Cost $0.10 $0.09 $0.08 $0.08 ($/Watt) Total Cost ($/Watt) $0.45 $0.44 $0.42 $0.41 (Including Depreciation) No
Slide 6: Connected Downstream Project List
Connected Downstream Project List Capacity Commercial Capacity Commercial Region Name Region Name (MW) operation date (MW) operation date Qinghai Delingha Ruiqida 27 (1) Q1 2013 Zhejiang Jiaxing 12 Q1 2015 Gansu Gansu Longchang PV 20 Q1 2013 Jiangxi Hengfeng 50 Q1 2015 Gansu Gansu Jintai Electric 28
Slide 7: Power Output
Power Output +15% +209% +76% 234 203 +25% +22% 115 92 76 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 (GWh) Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Power Output 76 92 115 203 234 6
Slide 8: Quarterly Financial Highlights
Quarterly Financial Highlights Total Revenues and Total Shipments Gross Profit and Gross Margin 1107.7 22.8% 915.0 838.2 708.2 789.2 21.3% 20.6% 20.7% 20.3% $136.0 $109.3 $107.0 $86.1 $90.1 $417.3 $478.9 $443.5 $516.2 $637.6 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 Gross Profit (U
Slide 9: Module Sales Geographical Distribution
Module Sales Geographical Distribution Q2 2015 Module sale by Region Q3 2015 Module sale by Region 9% 21% 23% 45% 31% 23% 14% 9% 18% 7% China APAC China APAC Europe North America Europe North America Emerging Market Emerging Market Emerging (MW) China APAC Europe North America Market Q2 2015 368 76
Slide 10: P&L Summary
P&L Summary US$ in millions Q3 2014* Q4 2014* Q1 2015* Q2 2015* Q3 2015* Revenues 417.3 478.9 443.5 516.2 637.6 Gross Profit 86.1 109.3 90.1 107.0 136.0 Gross Margin 20.6% 22.8% 20.3% 20.7% 21.3% Operating Expenses 47.0 71.2 53.0 68.8 75.6 Operating Margin 9.4% 8.0% 8.4% 7.4% 9.5% Interest Expense 1
Slide 11: Balance Sheet
Balance Sheet US$ in millions Q3 2014* Q4 2014* Q1 2015* Q2 2015* Q3 2015* Cash and Restricted Cash 340.7 369.7 282.0 367.5 584.2 Accounts Receivable (third parties) 443.2 502.6 526.1 577.0 540.7 Inventories 243.4 304.8 314.8 475.8 623.5 Advances to Suppliers (third parties) 19.1 13.0 25.4 16.5 25.2
Slide 12: Key Information of Cash Flows
Key Information of Cash Flows (US$ in millions) 2014 Q4 2015 Q1 2015Q2 2015Q3 Depreciation $20 $23 $24 $26 Operating CF $58 ($72) ($92) $1 EBITDA $65 $56 $65 $74 CAPEX - Module $21 $44 $20 $25 - Projects $112 $69 $87 $69 EBITDA: net income before interest, taxes, depreciation, amortization, change i
Slide 13: Thank you!
Thank you! www.jinkosolar.com 12