JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q3 2016 Earnings Presentation
15 slides from JinkoSolar's earnings presentation, Nov 16, 2016
Slide 1: Q3 2016 Earnings Call Presentation
JinkoSolar Holding Co., Ltd. Q3 2016 Earnings Call Presentation November 16, 2016
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 2016 Q3 2016E Q4 2016E FY 2016E 3,500 – wafer 4,500 – wafer 4,500 – wafer 4,500 – wafer Capacity (MW) 3,500 – cell 3,700 – cell 3,700 – cell 3,700 – cell 6,500 – module 6,500 – module 6,500 – module 6,500 – module 1,716MW 1,606MW Module Shipments (MW) Including 1,
Slide 4: Capacity and Shipment
Capacity and Shipment Capacity (MW) Module Shipments (MW) 7,000 6,500 2,000 6,000 1,800 1,710 1,716 1,600 1,606 4,500 1,600 5,000 4,300 1,400 3,700 4,000 1,078 1,135 3,200 3,000 1,200 1,000 913 3,000 2,500 2,500 1,512 2,000 2,000 754 1,617 1,434 800 1,556 2,000 1,600 739 1,200 1,200 600 1,064 1,000
Slide 5: Significant Cost per Watt Reduction
Significant Cost per Watt Reduction ($/Watt) Q4 2015 Q1 2016 Q2 2016 Q3 2016 Non-Silicon Cost (Including 0.32 0.30 0.29 0.27 Depreciation) Silicon Cost 0.07 0.07 0.08 0.08 In-house Cost 0.39 0.37 0.37 0.35 (Including Depreciation) Blended Cost 0.42 0.41 0.41 0.37 (Excluding tariff cost) Blended Cost
Slide 6: Connected Downstream Projects
Connected Downstream Projects Ownership No. of Province Capacity(MW) projects Qinghai 37 3 Xinjiang 170 8 Gansu 76 2 Inner Mongolia 130 3 Ningxia 60 2 Hebei 20 1 Xinjiang Xinjiang Beijing Beijing 170 170 MW MW Henan 79.5 5 Gansu Inner Gansu Inner Mongolia Mongolia Jiangsu 145 4 76 76 MW MW 130 130 M
Slide 7: Power Output
Power Output +21% 395 +56% 327 +15% -34% +36% 234 203 210 154 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 Power Output (GWh) 6
Slide 8: Quarterly Financial Highlights (Unaudited)
Quarterly Financial Highlights (Unaudited) Total Revenues and Module Shipments Gross Profit and Gross Margin 1,710 1,716 1,600 1,606 22.1% 1617 21.3% 1,135 1556 21.3% 1512 1434 1064 20.4% 19.5% 638 938 848 896 855 136 183 181 182 189 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 Revenu
Slide 9: Third Party Module Sales Geographical Distribution
Third Party Module Sales Geographical Distribution Q2 2016 Module sale by Region Q3 2016 Module sale by Region Emerging Emerging Market Market 2% 7% China China 38% North America Total: 46% North Total: 43% America 1,512 MW 38% 1,556 MW APAC Europe APAC Europe 11% 4% 5% 6% Emerging (MW) China APAC E
Slide 10: P&L Summary (Unaudited)
P&L Summary (Unaudited) US$ in millions Q3 2015* Q4 2015* Q1 2016* Q2 2016* Q3 2016* Revenues 638 938 848 896 855 Gross Profit 136 183 181 182 189 Gross Margin 21.3% 19.5% 21.3% 20.4% 22.1% Operating Expenses 76 108 92 115 99 Operating Margin 9.5% 7.9% 10.5% 7.5% 10.5% Interest Expense 23 15 20 18 3
Slide 11: Balance Sheet (Unaudited)
Balance Sheet(Unaudited) US$ in millions Q3 2015* Q4 2015* Q1 2016* Q2 2016* Q3 2016* Cash and Restricted Cash 584 654 523 557 547 Accounts Receivable 563 528 611 628 881 Inventories 624 495 482 466 489 Advances to Suppliers 25 39 61 53 41 Net PP&E 546 582 609 599 641 Project Assets 904 1,088 1,152
Slide 12: Financial performance of Power & Module Business (Unaudited)
Financial performance of Power& Module Business (Unaudited) US$ in millions Power Business Module Business Total Total assets 2,324 2,776 5,100 Working Capital (149) 40 (109) Cash and Restricted 226 321 547 Cash Total debt 1,252 918 2,170 Accounts receivable 187 694 881 Net debt 1,025 597 1,622 Reve
Slide 13: Other Key Information (Unaudited)
Other Key Information (Unaudited) (US$ in millions) 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 Depreciation 26 27 29 29 35 - Module 16 16 16 16 18 - Projects 10 11 13 13 17 Operating CF 1 369 (15) 57 (179) EBITDA 74 120 125 136 132 - Module 52 111 109 102 85 - Projects 22 9 16 34 47 CAPEX 94 147 164 198 174
Slide 14: Pro-forma balance sheet by the end of Q3 2016
Pro-forma balance sheet by the end of Q3 2016 US$ in millions Total business before spin-off Total business after spin-off Cash and Restricted 547 571 Cash Accounts receivable- 876 750 third parties Accounts payable-third 622 622 parties Total debt 2,170 918 Net debt 1,623 347 Liability 4,050 2,452
Slide 15: Thank you!
Thank you! www.jinkosolar.com