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JinkoSolar Announces Fourth Quarter and Full Year 2013 Financial Results



March 3, 2014

JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, announced its unaudited financial results for the fourth quarter and full year ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Total solar product shipments were 586.3 megawatts ("MW"), consisting of 533.3 MW of solar modules, 7.3 MW of silicon wafers and 45.7 MW of solar cells. This represents an increase of 13.0% from 518.9 MW in the third quarter of 2013 and 94.3% from 301.9 MW in the fourth quarter of 2012.
  • As of December 31, 2013, the Company had connected approximately 213 MW worth of solar PV projects to the grid.
  • Total revenues were RMB2.19 billion (US$361.4 million), representing an increase of 11.5% from the third quarter of 2013 and 87.5% from the fourth quarter of 2012.
  • Electricity revenues generated from solar projects were RMB29.8 million (US$4.9 million).Excluding the government subsidy recognized during the third quarter of 2013 for electricity revenues generated before July 1, 2013, it represents an increase of 41.2 % from RMB 21.1 million in the third quarter of 2013.
  • Gross margin was 24.7%, compared with 22.3% in the third quarter of 2013 and 3.8% in the fourth quarter of 2012.
  • Income from operations was RMB262.3 million (US$43.3 million), compared with income from operations of RMB244.3 million in the third quarter of 2013 and a loss from operations of RMB733.7 million in the fourth quarter of 2012.
  • Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB164.3 million (US$27.1 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB103.5 million in the third quarter of 2013 and net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB761.1 million in the fourth quarter of 2012.
  • Diluted earnings per American depositary share ("ADS") was RMB 5.88 (US$0.96), compared with diluted earnings per ADS of RMB4.40 in the third quarter of 2013 and a diluted loss per ADS of RMB34.32 in the fourth quarter of 2012. Each ADS represents four ordinary shares.
  • Non-GAAP net income[1] attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the fourth quarter of 2013 was RMB218.5 million (US$36.1 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB196.9 million in the third quarter of 2013 and a non-GAAP net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB699.5 million in the fourth quarter of 2012.
  • 'Non-GAAP basic and diluted earnings per ADS were RMB8.12 (US$1.36) and RMB7.80 (US$1.28), respectively, in the fourth quarter of 2013.

[1] JinkoSolar adjusts net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders to exclude 1) changes in fair value of convertible senior notes and capped call options, 2) interest expenses on the convertible senior notes, and 3) the exchange gain on the convertible senior notes and capped call options. Consistent with this approach, we believe that disclosing non-GAAP net income and earnings per share to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP net income and earnings per share, allows for greater transparency in the review of our financial and operational performance.

Click here to read the full press release.

For more information :

Organization:
JinkoSolar Holding Co., Ltd.
Address:
343 Sansome Street, Suite 975
San Francisco, California
United States, 94104
www.jinkosolar.com


Link http://www.electricenergyonline.com/detail_news.php?ID=472605
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