JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2016 Earnings Presentation
11 slides from JinkoSolar's earnings presentation, Feb 27, 2017
Slide 1: Q4 2016 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q4 2016 Earnings Call Presentation Feburary 27, 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 Q3 2016 Q4 2016 Q1 2017E FY 2017E 4,500 – wafer 5,000 – wafer 5,000 – wafer 7,000 – wafer Capacity (MW) 3,700 – cell 4,000 – cell 4,000 – cell 4,500 – cell 6,500 – module 6,500 – module 6,500 – module 8,000 – module Module Shipments (MW) 1,606MW 1,733MW 1.9GW – 2.0GW
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Total Module Shipments (MW) 2,000 7,000 6,500 1,800 6,000 1,600 1,733 5,000 1,710 1,716 1,400 1,600 1,606 5,000 4,300 4,000 1,200 4,000 1,000 3,200 3,000 1,135 3,000 2,500 2,500 800 913 2,000 2,000 600 754 2,000 1,500 1,200 1,200 400 1,000 1,500 200 1,200 0 0 2012
Slide 5: Significant Cost per Watt Reduction
Significant Cost per Watt Reduction ($/Watt) Q1 2016 Q2 2016 Q3 2016 Q4 2016 Non-Silicon Cost (Including 0.30 0.29 0.27 0.25 Depreciation) Silicon Cost 0.07 0.08 0.08 0.07 In-house Cost 0.37 0.37 0.35 0.32 (Including Depreciation) Blended Cost 0.41 0.41 0.37 0.34 (Excluding tariff cost) Blended Cost
Slide 6: Quarterly Financial Highlights from continuing operations (Unaudited)
Quarterly Financial Highlights from continuing operatoins (Unaudited) Total Revenues and Module Shipments Gross Profit and Gross Margin 1,733 19.0% 1,710 1,716 20.6% 19.3% 18.3% 14.3% 1,600 1,606 917 819 853 799 738 174 169 156 154 105 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 Gros
Slide 7: Module Sales Geographical Distribution
Module Sales Geographical Distribution Q3 2016 Module sale by Region Q4 2016 Module sale by Region Emerging Market Emerging 7% Market 10% China China 39% 41% North North America Total: America Total: 37% 1,606 MW 19% 1,733 MW Europe 6% APAC APAC Europe 11% 24% 6% Emerging (MW) China APAC Europe Nort
Slide 8: P&L Summary from continuing operations (Unaudited)
P&L Summary from continuing operations (Unaudited) US$ in millions Q4 2015* Q1 2016* Q2 2016* Q3 2016* Q4 2016* Revenues 917 819 853 799 738 Gross Profit 174 168 155 154 105 Gross Margin 19.0% 20.5% 18.1% 19.3% 14.3% Operating Expenses 103 86 108 88 94 Operating Margin 7.8% 10.0% 5.4% 8.2% 1.5% Inte
Slide 9: Balance Sheet (Unaudited)
Balance Sheet(Unaudited) US$ in millions Dec 31, 2015* Dec 31, 2016* Cash and Restricted Cash 455 406 Accounts Receivable 425 888 Inventories 495 644 Net PP&E 582 683 Total Assets 3,259 3,758 Total Debt 956 892 -Short-term Borrowings (incl. current portion of long-term 400 760 borrowings) -Long-term
Slide 10: Other Key Information from continuing operations
Other Key Information from continuing operations (Unaudited) (US$ in millions) 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 Depreciation 16 16 16 18 17 Operating CF 369 (15) 57 (179) (96) EBITDA 111 114 99 89 44 CAPEX 43 79 42 68 138 EBITDA: net income before interest, taxes, depreciation, amortization, chang
Slide 11: Thank you!
Thank you! www.jinkosolar.com