JinkoSolar Announces First Quarter 2016 Financial Results

SHANGHAI, May 30, 2016 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, has announced its unaudited financial results for the first quarter ended March 31, 2016.

First Quarter 2016 Highlights

• Total solar module shipments were 1,600 megawatts ("MW"), which includes 166 MW to be used in the Company's downstream projects. Total solar module shipments decreased by 6.4% from 1,710 MW in the fourth quarter of 2015 and increased by 102.7% from 789 MW in the first quarter of 2015.
• Total revenues were RMB5.47 billion (US$847.8 million), representing a 10.0% decrease from the fourth quarter of 2015 and an increase of 98.8% from the first quarter of 2015.
• Solar power projects generated 210 GWh of electricity, representing a 36.4% increase from the fourth quarter of 2015, and an increase of 81.7% from the first quarter of 2015. Revenues generated from solar power projects were RMB185.5 million (US$28.8 million), representing a 36.1% increase from the fourth quarter of 2015 and an increase of 81.7% from the first quarter of 2015.
• As of March 31, 2016, the Company had connected 1,007 MW worth of solar power projects.
• Gross margin was 21.3%, compared with 19.5% in the fourth quarter of 2015 and 20.3% in the first quarter of 2015.
• Income from operations was RMB573.7 million (US$89.0 million), compared with RMB482.7 million in the fourth quarter of 2015 and RMB230.0 million in the first quarter of 2015.
• Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB313.3 million (US$48.6 million), compared with RMB349.4 million in the fourth quarter of 2015 and RMB51.0 million in the first quarter of 2015.
• Diluted earnings per American depositary share ("ADS") were RMB9.32 (US$1.44), compared with RMB10.92 in the fourth quarter of 2015 and RMB1.60 in the first quarter of 2015.
• Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the first quarter of 2016 was RMB414.6 million (US$64.3 million), compared with RMB503.5 million in the fourth quarter of 2015 and RMB171.2 million in the first quarter of 2015.
• Non-GAAP basic and diluted earnings per ADS were RMB13.20 (US$2.04) and RMB11.20 (US$1.72), respectively, in the first quarter of 2016.