JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2017 Earnings Presentation
10 slides from JinkoSolar's earnings presentation, Mar 22, 2018
Slide 1: JinkoSolar Holding Co., Ltd. Q4 2017 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q4 2017 Earnings Call Presentation March 22, 2018
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 2017 Q4 2017 Q1 2018E FY 2018E 7,000 – wafer 8,000 – wafer 9,000 – wafer 9,500 – wafer Capacity (MW) 4,500 – cell 5,000 – cell 5,000 – cell 6,000 – cell 8,000 – module 8,000 – module 8,500 – module 10,000 – module Module Shipments (MW) 2,374MW 2,481MW 1.8GW-2GW 11
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Total Module Shipments (MW) 3,000 2,884 9,000 8,000 8,000 8,000 2,500 2,374 2,481 7,000 6,500 2,068 6,000 5,000 5,000 2,000 1,600 1,716 1,606 1,733 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 1,000 1,500 500 0 2013 201
Slide 5: Cost per Watt Reduction
Cost per Watt Reduction ($/Watt) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Non-Silicon Cost (Including 0.24 0.24 0.24 0.23 Depreciation) Silicon Cost 0.08 0.07 0.07 0.08 In-house Cost 0.32 0.31 0.31 0.31 (Including Depreciation) Blended Cost 0.35 0.34 0.332 0.336 Blended cost slightly increased, mainly due to
Slide 6: Quarterly Financial Highlights from continuing operations (Unaudited)
Quarterly Financial Highlights from continuing operations (Unaudited) Total Revenues and Module Shipments Gross Profit and Gross Margin 20.5% 2,884 12.0% 11.6% 2,481 11.2% 2,374 19.2% 2,068 1,733 738 839 1,169 965 976 105 94 123 116 113 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 Gro
Slide 7: P&L Summary from continuing operations (Unaudited)
P&L Summary from continuing operations (Unaudited) US$ in millions Q4 2016* Q1 2017* Q2 2017* Q3 2017* Q4 2017* Revenues 738 839 1,169 965 976 Gross Profit 105 94 123 116 113 Gross Margin 14.3% 11.2% 10.5% 12.0% 11.6% Operating Expenses 94 86 111 102 99 Operating Margin 1.5% 1.0% 1.1% 1.4% 1.4% Inte
Slide 8: Balance Sheet (Unaudited)
Balance Sheet(Unaudited) US$ in millions Dec 31, 2016 Dec 31, 2017* Cash and Restricted Cash 406 424 Accounts Receivable 888 1,016 Inventories 644 657 Net PP&E 683 1,027 Total Assets 3,758 4,401 Total Debt 929 1,142 -Short-term Borrowings (incl. current portion of long-term 791 954 borrowings) -Long
Slide 9: Other Key Information from continuing operations
Other Key Information from continuing operations (Unaudited) (US$ in millions) 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 Depreciation 15 20 23 25 27 Operating CF (123) 25 8 (168) 175 EBITDA 44 37 37 36 45 CAPEX 88 110 164 61 145 EBITDA: net income before interest, taxes, depreciation, amortization, change
Slide 10: Thank you!
Thank you! www.jinkosolar.com