JinkoSolar Holding Co., Ltd. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2014. Jinko Solar had strong financial performance throughout the entire 2014. Its total revenues during the fourth quarter of 2014 reached US$478.9 million, representing an increase of 35.8% over the same period in 2013 as module shipments reached a record high of 1,078.3 MW which includes 339.1 MW designated for its own downstream business. Full year solar module shipments also reached a record high of 2,943.6 MW, which includes 520.4 MW used in our downstream projects. Because of its rapidly growing downstream business, expanding geographic presence and industry-leading products, Jinko can continue to grow as it’s working towards the goal to transform into a one-stop energy solution provider.
Fourth Quarter 2014 Highlights
• Total solar product shipments to the third parties amounted to 838.2 megawatts ("MW"), consisting of 739.2 MW of solar modules, 53.1 MW of silicon wafers and 45.9 MW of solar cells. This represents an increase of 18.4% from 708.2 MW in the third quarter of 2014 and an increase of 43.0% from 586.3 MW in the fourth quarter of 2013. Total solar module shipments were 1,078.3 MW, which includes 339.1 MW to be used in the Company's downstream projects.
• As of December 31, 2014, the Company has connected a total of 502.6 MW of solar power projects to the grid.
• Total revenues were RMB2.97 billion (US$478.9 million), representing an increase of 16.0% from the third quarter of 2014 and an increase of 35.8% from the fourth quarter of 2013.
• Electricity revenues from solar power projects were RMB80.4 million (US$13.0 million), representing an increase of 68.6% over the third quarter of 2014. In the third quarter, the Company reversed the revenue of RMB19.6 million related to the value-added tax of feed-in-tariffs. Electricity revenues from solar power projects, excluding the effect of value-added tax, representing an increase of 19.5% over the third quarter of 2014.
• Gross margin was 22.8%, compared with 20.6% in the third quarter of 2014 and 24.7% in the fourth quarter of 2013.
• Income from operations was RMB236.6 million (US$38.1 million), compared with income from operations of RMB239.9 million in the third quarter of 2014 and income from operations of RMB262.3 million in the fourth quarter of 2013.
• Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB244.7 million (US$39.4 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB280.6 million in the third quarter of 2014 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB164.3 million in the fourth quarter of 2013.
• Diluted earnings per American depositary share ("ADS") were RMB3.12 (US$0.52), compared with diluted earnings per ADS of RMB8.00 in the third quarter of 2014 and diluted earnings per ADS of RMB5.88 in the fourth quarter of 2013.
• Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the fourth quarter of 2014 was RMB237.1 million (US$38.2 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB342.0 million in the third quarter of 2014 and non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB228.6 million in the fourth quarter of 2013.
• Non-GAAP basic and diluted earnings per ADS were RMB7.64 (US$1.24) and RMB6.12 (US$1.00), respectively, in the fourth quarter of 2014.
Full Year 2014 Highlights
• Total solar module shipments were 2,943.6 MW, which include 520.4 MW to be used in the Company's downstream solar power projects.
• Total solar product shipments to the third parties for the full year 2014 reached a record high of 2,787.1 MW, consisting of 2,423.2 MW of solar modules, 229.6 MW of silicon wafers and 134.3 MW of solar cells, an increase of 44.2% from 1,933.1 MW for the full year 2013.
• As of December 31, 2014, the Company has connected 502.6 MW of solar power projects to the grid.
• Total revenues were RMB9.98 billion (US$1.61 billion) for the full year 2014, an increase of 41.0% from RMB7.08 billion for the full year 2013.
• Electricity revenues generated from solar power projects were RMB237.6 million (US$38.3 million), representing a 209.7% increase from RMB76.7 million in 2013.
• Gross margin was 22.4% for the full year 2014, compared with 20.3% for the full year 2013.
• Income from operations was RMB931.6 million (US$150.1 million), compared with income from operations of RMB645.5 in the full year 2013.
• Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB673.0 million (US$108.5 million) for the full year 2014, compared with a net income of RMB188.0 million for the full year 2013.
• Diluted earnings per ADS for the full year 2014 was RMB15.44 (US$2.48), compared with diluted earnings per ADS of RMB7.84 for the full year 2013.
• Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the full year 2014 was RMB800.2 million (US$129.0 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB432.3 million for the full year 2013.
• Non-GAAP basic and diluted earnings per ADS for the full year 2014 were RMB26.04 (US$4.20) and RMB20.8 (US$3.36), respectively.
