JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q1 2015 Earnings Presentation
13 slides from JinkoSolar's earnings presentation, May 28, 2015
Slide 1: Q1 2015 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q1 2015 Earnings Call Presentation May 28, 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 Q4 2014 Q1 2015 Q2 2015E FY 2015E 2,500 – wafer 3,000 – wafer 3,000 – wafer 3,000 – wafer Capacity (MW) 2,000 – cell 2,000 – cell 2,500 – cell 2,500 – cell 3,200 – module 3,500 – module 4,000 – module 4,000 – module 3.3GW – 3.8GW 850MW – 950MW 1078.3MW 753.8MW Includ
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Product Shipments (MW) 960 4,000 3,500 880 3,600 800 3,200 3000 739.2 703.5 3,200 720 640 658.1 2,800 2500 560 570.8 2,400 2,100 2000 2,000 2,000 480 533.3 455.1 2,000 400 489.3 1,600 2,000 320 460.0 1200 1,200 282.4 1,200 240 34.0 45.9 32.4 160 34.6 19.8 800 1,20
Slide 5: Significant Cost per Watt Reduction
Significant Cost per Watt Reduction In-house Cost Q2 2014 Q3 2014 Q4 2014 Q1 2015 Mono & Multi Non-Silicon Cost ($/Watt) $0.365 $0.36 $0.35 $0.35 (Including Depreciation) Mono & Multi Silicon Cost $0.105 $0.10 $0.10 $0.09 ($/Watt) Total Cost ($/Watt) $0.47 $0.46 $0.45 $0.44 (Including Depreciation)
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 Ineer Mongolia Azuoqi 34.7 (3) Q4 2014 Gansu Gansu Longchang PV 20 Q1 2013 Ineer Mongolia Tuyouqi 52(3) Q4 2014 Gansu Gans
Slide 7: Power Output
Power Output +25% +149% 115 +22% 92 +19% +37% 76 63 46 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 (GWh) Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Power Output 46.27 63.49 75.61 91.99 115.27 6
Slide 8: Quarterly Financial Highlights
Quarterly Financial Highlights Total Revenues and Total Shipments Gross Profit and Gross Margin 838.2 789.2 24.0% 659.5 708.2 22.8% 581.2 22.6% 20.6% 20.3% $109.3 $88.7 $86.1 $323.9 $392.1 $417.3 $478.9 $443.5 $77.7 $90.1 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 Gross Profit (US$
Slide 9: Module Sales Geographical Distribution
Module Sales Geographical Distribution Q4 2014 Module sale by Region Q1 2015 Module sale by Region 9% 4% 12% 34% 13% 38% 22% 28% 17% 23% 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 10: P&L Summary
P&L Summary US$ in millions Q1 2014* Q2 2014* Q3 2014* Q4 2014* Q1 2015* Revenues 323.9 392.1 417.3 478.9 443.5 Gross Profit 77.7 88.7 86.1 109.3 90.1 Gross Margin 24.0% 22.6% 20.6% 22.8% 20.3% Operating Expenses 45.0 48.1 47.0 71.2 53.0 Operating Margin 10.1% 10.3% 9.4% 8.0% 8.4% Interest Expense 9
Slide 11: Balance Sheet
Balance Sheet US$ in millions Q1 2014* Q2 2014* Q3 2014* Q4 2014* Q1 2015* Cash and Restricted Cash 271.0 252.7 340.7 369.7 282.0 Accounts Receivable (third parties) 303.3 438.9 443.2 502.6 526.1 Inventories 166.7 161.3 243.4 304.8 314.8 Advances to Suppliers (third parties) 15.2 25.5 19.1 13.0 25.4
Slide 12: Key Information of Cash Flows
Key Information of Cash Flows (US$ in millions) 2014 Q4 2015 Q1 Depreciation $20 $22 Operating CF $58 ($72) EBITDA $65 $56 CAPEX $133 $113 - Module $21 $44 - Projects $112 $69 EBITDA: net income before interest, taxes, depreciation, amortization, change in fair value of convertible senior notes and
Slide 13: Thank you!
Thank you! www.jinkosolar.com 12