JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2014 Earnings Presentation
12 slides from JinkoSolar's earnings presentation, Mar 2, 2015
Slide 1: Q4 2014 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q4 2014 Earnings Call Presentation Mar 2, 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 Q3 2014 Q4 2014 Q1 2015E FY 2015E 2,300 – wafer 2,500 – wafer 2,500 – wafer 2,500 – wafer Capacity (MW) 1,800 – cell 2,000 – cell 2,000 – cell 2,500 – cell 2,800 – module 3,200 – module 3,200 – module 4,000 – module 710MW – 780MW 758.1MW 1078.3MW Including 550MW- 3.3
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Product Shipments (MW) 960 3,600 3,200 880 3,200 800 2,100 739.2 2,800 2,500 720 640 570.8 658.1 2,400 2,000 2,000 560 2,000 455.1 480 489.3 533.3 1,600 400 1,200 460.0 320 1,200 252.3 282.4 240 34.0 34.6 45.9 800 600 160 19.8 24.3 18.7 45.7 400 80 18.1 54.1 53.1
Slide 5: Significant Cost per Watt Reduction
Significant Cost per Watt Reduction In-house Cost Q1 2014 Q2 2014 Q3 2014 Q4 2014 Mono & Multi Non-Silicon Cost ($/Watt) $0.37 $0.365 $0.36 $0.35 (Including Depreciation) Mono & Multi Silicon Cost $0.10 $0.105 $0.10 $0.10 ($/Watt) Total Cost ($/Watt) $0.47 $0.47 $0.46 $0.45 (Including Depreciation)
Slide 6: Connected Downstream Project List
Connected Downstream Project List Capacity Commercial Region Name (MW) operation date Qinghai Delingha Ruiqida 27 (1) Q1 2013 Gansu Gansu Longchang PV 20 Q1 2013 Gansu Gansu Jintai Electric 28 (2) Q3 2013 Qinghai Hainan South Zhongzhou PV 10 Q3 2013 Xinjiang Shaya Jingxin 20 Oct-13 Xinjiang Wusu Cit
Slide 7: Quarterly Financial Highlights
Quarterly Financial Highlights Total Revenues and Total Shipments Gross Profit and Gross Margin 838.2 24.7% 708.2 24.0% 586.3 659.5 22.8% 581.2 22.6% 20.6% $89.3 $109.3 $77.7 $88.7 $86.1 $361.4 $323.9 $392.1 $417.3 $478.9 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 Gross Profit (US$ mln) 4Q 13 1Q 14 2Q 14 3Q 14 4
Slide 8: Module Sales Geographical Distribution
Module Sales Geographical Distribution Q4 2014 Module sale by Region FY 2014 Module sale by Region 9% 12% 34% 13% 17% 43% 28% 17% 15% 12% China APAC China APAC Europe North America Europe North America Emerging Market Emerging Market Emerging (MW) China APAC Europe North America Market Q4 2014 251.6
Slide 9: P&L Summary
P&L Summary US$ in millions Q4 2013* Q1 2014* Q2 2014* Q3 2014* Q4 2014* Revenues 361.4 323.9 392.1 417.3 478.9 Gross Profit 89.3 77.7 88.7 86.1 109.3 Gross Margin 24.7% 24.0% 22.6% 20.6% 22.8% Operating Expenses 46.0 45.0 48.1 47.0 71.2 Operating Margin 12.7% 10.1% 10.3% 9.4% 8.0% Interest Expense
Slide 10: Balance Sheet
Balance Sheet US$ in millions Q4 2013* Q1 2014* Q2 2014* Q3 2014* Q4 2014* Cash and Restricted Cash 141.2 271.0 252.7 340.7 369.7 Accounts Receivable (third parties) 272.4 303.3 438.9 443.2 502.6 Inventories 117.6 166.7 161.3 243.4 304.8 Advances to Suppliers (third parties) 11.6 15.2 25.5 19.1 13.0
Slide 11: Key Information of Cash Flows
Key Information of Cash Flows (US$ in millions) 2014 Q3 2014 Q4 Depreciation $18 $20 Operating CF $38 $58 EBITDA $57 $65 CAPEX - Module $21 $21 - Projects $102 $112 EBITDA: net income before interest, taxes, depreciation, amortization, change in fair value of convertible senior notes and capped call
Slide 12: Thank you!
Thank you! www.jinkosolar.com 11