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JinkoSolar Announces First Quarter 2024 Financial Results

SHANGRAO, China, April 29, 2024 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Business Highlights

First Quarter 2024 Operational and Financial Highlights

Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “We are pleased to announce that our module shipments grew 53.3% year-over-year to 19.99 GW in the first quarter, ranking first in the industry. Notably, N-type shipments accounted for nearly 80%, solidifying our leading position in the industry. Module prices continued to fall in the first quarter. While the industry average utilization rate declined sharply, we maintained our leading utilization rate at high level, leading the industry. Over 70% of modules were shipped to overseas markets in the first quarter, with a significant sequential increase in the proportion of shipments to Europe and the U.S. Gross margin was 11.9%, flat sequentially. Net income was US$84.4 million, up 19.8 times sequentially. Adjusted net income to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was US$65.1 million, up 1.6% sequentially.

Newly added installations in China reached 45.7 GW, an increase of 35.9% year-over-year. Module exports totaled 61.7 GW, an increase of over 20% year-over-year. The PV industry remained one of the few sectors maintaining a high growth rate, and we expect global PV demand to grow approximately 25%-30% in 2024.While polysilicon prices continued to decline in the second quarter with supply surpassing demand, module prices remained relatively stable due to increases in the cost of some materials. We expect the profitability of integrated solar companies to come under pressure in the short term, and the impact on different companies varies depending on their specific operational capabilities. As a result, we believe overall production capacity in our industry will shrink with the elimination of weaker players that lack market competitiveness, sustainable production capabilities, and the ability to regularly upgrade and iterate technology.

In responses to pressure along the industry chain, we continue to deploy new technologies to improve the mass-produced efficiency of TOPCon cells and module output while reducing costs through optimization of supply chain and production process. We are accelerating the phasing out of our P-type capacity and expect our N-type capacity to exceed 90% of total capacity by the end of 2024 and our advanced capacity structure to continue to lead the industry.

We have the largest overseas integrated capacity in the industry and continuously work to expand the global industry chain. Our 1GW N-type module capacity in the U.S. has started production and another 1GW is expected to start production in the second quarter of 2024. With the strength of our global operations and long accumulated experience in risk management, we are confident in our ability to quickly adapt to changes in international trade and continue to deliver premium products and services to our global clients.

According to the latest predictions by the International Energy Agency (IEA), solar PV and wind will account for 95% of global renewable expansion and by 2028, the share of wind and solar PV in global electricity generation will double to 25%. Meanwhile, the declining cost of solar+storage will continue to improve the economics of investing in PV storage projects. We strongly believe that solar+storage will become the major model for future growth in electricity generation and are confident we will continue to lead the industry with advanced technologies and premium high-efficiency products.

We expect module shipments to be between 24.0 GW and 26.0 GW for the second quarter of 2024, and between 100.0 GW and 110.0 GW for the full year 2024, with N-type modules accounting for nearly 90% of total module shipments. We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 120.0 GW, 110.0 GW and 130.0 GW, respectively, by the end of 2024. By then, we believe the mass-produced N-type cell efficiency will have reached 26.5%.

First Quarter 2024 Financial Results

Total Revenues

Total revenues in the first quarter of 2024 were RMB23.04 billion (US$3.19 billion), a decrease of 29.8% from RMB32.83 billion in the fourth quarter of 2023 and a decrease of 1.2% from RMB23.33 billion in the first quarter of 2023. The sequential decrease was mainly due to a decrease in the shipment of solar modules, and the year-over-year decrease was mainly due to a decrease in the average selling price of solar modules.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2024 was RMB2.74 billion (US$378.8 million), compared with RMB4.09 billion in the fourth quarter of 2023 and RMB4.04 billion in the first quarter of 2023. 

Gross margin was 11.9% in the first quarter of 2024, compared with 12.5% in the fourth quarter of 2023 and 17.3% in the first quarter of 2023. The sequential and year-over-year decreases were mainly due to the decreases in the average selling price of solar modules.

(Loss)/Income from Operations and Operating Margin

Loss from operations in the first quarter of 2024 was RMB339.6 million (US$47.0 million), compared with RMB352.5 million income from operations in the fourth quarter of 2023 and RMB1.21 billion income from operations in the first quarter of 2023. The changes were primarily attributable to the decreases in our revenues and gross margin in the first quarter of 2024.  

Operating loss margin was 1.5% in the first quarter of 2024, compared with 1.1% operating profit margin in the fourth quarter of 2023 and 5.2% operating profit margin in the first quarter of 2023.

Total operating expenses in the first quarter of 2024 were RMB3.07 billion (US$425.8 million), a decrease of 17.8% from RMB3.74 billion in the fourth quarter of 2023 and an increase of 8.7% from RMB2.83 billion in the first quarter of 2023. The sequential decrease was mainly due to (i) the decrease in the shipment of solar modules and (ii) expenses in relation to settlement of a dispute with one of our customers that we recorded in the fourth quarter of 2023. The year-over-year changes were relatively flat.

Total operating expenses accounted for 13.3% of total revenues in the first quarter of 2024, compared to 11.4% in the fourth quarter of 2023 and 12.1% in the first quarter of 2023.

Interest Expenses, Net

Net interest expenses consist of interest expenses of RMB281.7 million (US$39.0 million) and interest income of RMB94.9 million (US$13.1 million) in the first quarter of 2024.

Net interest expenses decreased by 9.1% from RMB205.6 million in the fourth quarter of 2023 to RMB186.8 million (US$25.9 million) in the first quarter of 2024. The sequential change was due to an increase in interest income. Net interest expenses increased by 237.3% from RMB55.4 million in the first quarter of 2023 to RMB186.8 million (US$25.9 million) in the first quarter of 2024. The year-over-year increase was mainly due to the decrease in interest income.

Subsidy Income

Subsidy income in the first quarter of 2024 was RMB231.8 million (US$32.1 million), compared with RMB554.6 million in the fourth quarter of 2023 and RMB264.0 million in the first quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in the cash receipt of incentives to the Company’s business operations.

Exchange Gain/Loss and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB139.7 million (US$19.4 million) in the first quarter of 2024, compared to a net exchange gain of RMB76.3 million in the fourth quarter of 2023 and a net exchange loss of RMB73.7 million in the first quarter of 2023. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuation of US dollars against RMB in the first quarter of 2024.

Change in Fair Value of Convertible Senior Notes 

The Company issued US$85.0 million of 4.5% convertible senior notes (the “Notes”) due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e. Binomial Model.

The Company recognized a gain from a change in fair value of the convertible senior notes of RMB310.7 million (US$43.0 million) in the first quarter of 2024, compared to a loss of RMB155.1 million in the fourth quarter of 2023 and a loss of RMB261.4 million in the first quarter of 2023. The changes were primarily due to the changes in the Company’s stock price in the first quarter of 2024.

Change in Fair Value of Long-term Investment

The Company invested in certain equity interests in several solar technology companies engaged in the photovoltaic industry chain. As of March 31, 2024, the Company had RMB967.0 million (US$133.9 million) in long-term investment, compared with RMB1.02 billion as of December 31, 2023.

The Company recognized a loss from change in fair value of RMB55.3 million (US$7.7 million) in the first quarter of 2024, compared with a loss of RMB90.9 million in the fourth quarter of 2023 and a gain of RMB440.4 million in the first quarter of 2023. The changes were primarily due to the changes in the valuation of several solar technology companies that we invested in.

Other income, net 

Net other income in the first quarter of 2024 was RMB1.32 billion (US$183.3 million), compared with net other loss of RMB10.8 million in the fourth quarter of 2023 and net other income of RMB3.1 million in the first quarter of 2023. The sequential and year-over-year changes were mainly due to income generated from the disposition of a wholly-owned subsidiary in the first quarter of 2024.

Equity in Earnings of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both are accounted for using the equity method. The Company recorded equity in earnings of affiliated companies of RMB13.2 million (US$1.8 million) in the first quarter of 2024, compared with gain of RMB2.4 million in the fourth quarter of 2023 and gain of RMB180.0 million in the first quarter of 2023. The fluctuation of equity in earnings of affiliated companies primarily arose from the net gain or loss incurred by the affiliate companies.

Income Tax Expense

The Company recorded an income tax expense of RMB476.7 million (US$66.0 million) in the first quarter of 2024, compared with RMB200.8 million in the fourth quarter of 2023 and RMB315.0 million in the first quarter of 2023.

Net Income attributable to Non-Controlling Interests

Net income attributable to non-controlling interests amounted to RMB351.0 million (US$48.6 million) in the first quarter of 2024, compared with RMB293.3 million in the fourth quarter of 2023 and RMB605.1 million in the first quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in net income of the Company’s majority-owned principal operating subsidiary, Jinko Solar Co., Ltd..

Net Income and Earnings per Share

Net income attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB609.4 million (US$84.4 million) in the first quarter of 2024, compared with RMB29.3 million   in the fourth quarter of 2023 and RMB788.7 million in the first quarter of 2023. Excluding the impact from (i) a change in fair value of the convertible senior notes, (ii) a change in fair value of the long-term investment, and (iii) share based compensation expenses, was RMB470.3 million (US$65.1 million), compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders RMB462.7 million in the fourth quarter of 2023 and RMB836.4 million in the first quarter of 2023.

Basic and diluted earnings per ordinary share were RMB2.82 (US$0.39) and RMB1.34 (US$0.19), respectively, in the first quarter of 2024, compared to RMB0.14 and RMB0.14, respectively, in the fourth quarter of 2023, and RMB3.91 and RMB3.74, respectively, in the first quarter of 2023. As each ADS represents four ordinary shares, this translates into basic and diluted earnings per ADS of RMB11.28 (US$1.56) and RMB5.36 (US$0.74), respectively in the first quarter of 2024; basic and diluted earnings per ADS of RMB0.56 and RMB0.54, respectively, in the fourth quarter of 2023; and basic and diluted earnings per ADS of RMB15.62 and RMB14.95, respectively, in the first quarter of 2023.

Financial Position

As of March 31, 2024, the Company had RMB17.63 billion (US$2.44 billion) in Cash, cash equivalents, and restricted cash, compared with RMB19.07 billion as of December 31, 2023.

As of March 31, 2024, the Company’s accounts receivables were RMB19.82 billion (US$2.74 billion), compared with RMB22.96 billion as of December 31, 2023.

As of March 31, 2024, the Company’s inventories were RMB20.13 billion (US$2.79 billion), compared with RMB18.22 billion as of December 31, 2023.

As of March 31, 2024, the Company’s total interest-bearing debts were RMB26.46 billion (US$3.66 billion), compared with RMB31.10 billion as of December 31, 2023.

First Quarter 2024 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 21,906 MW in the first quarter of 2024, including 19,993 MW for solar module shipments and 1,914 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

We are optimistic about global market demand and the opportunities brought by the increasing penetration of N-type technology. We will continue to maintain our leading position in N-type modules through technology iteration, improvement in mass production capability, and cost optimization. By the end of 2024, we expect mass-produced N-type cell efficiency to reach 26.5%. The proportion of N-type modules shipments in our total module shipments is expected to reach nearly 90% in 2024, as we anticipate strong demand for high-efficiency products from a growing number of markets and customers.

Taking into account supply chain and market conditions, we are reducing investments in capacity expansion in 2024. We are focusing on expanding our advanced N-type capacity, including 28 GW of integrated capacity in our Shanxi plant in China. We continue to focus on improving working capital efficiency and achieving sustainable growth in operating cash flow.

Second Quarter and Full Year 2024 Guidance

The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.

For the second quarter of 2024, the Company expects its module shipments to be in the range of 24.0 GW to 26.0 GW.

For full year 2024, the Company estimates its module shipments to be in the range of 100.0 GW to 110.0 GW.

Solar Products Production Capacity

JinkoSolar expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 110.0 GW and 130.0 GW, respectively, by the end of 2024.

Recent Business Developments 

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Monday, April 29, 2024 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10038581-hgu87y.html 

It will automatically direct you to the registration page of “JinkoSolar First Quarter 2024 Earnings Conference Call”, where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, May 6, 2024. The dial-in details for the replay are as follows:

International:         +61 7 3107 6325  
U.S.:                          +1 855 883 1031  
Passcode:                 10038581

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at http://www.jinkosolar.com

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had 14 productions facilities globally, 26 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams  in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of March 31, 2024.

To find out more, please see: www.jinkosolar.com

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of March 29, 2024, which was RMB7.2203 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

Mar 31, 2023

Dec 31, 2023

Mar 31, 2024

RMB’000

RMB’000

RMB’000

USD’000

 Revenues 

23,329,062

32,830,172

23,044,280

3,191,596

 Cost of revenues 

(19,288,045)

(28,739,438)

(20,309,195)

(2,812,791)

 Gross profit 

4,041,017

4,090,734

2,735,085

378,805

 Operating expenses: 

   Selling and marketing 

(1,556,301)

(1,857,825)

(1,466,397)

(203,094)

   General and administrative 

(1,084,408)

(1,541,467)

(1,367,868)

(189,448)

   Research and development 

(188,556)

(279,642)

(240,428)

(33,299)

   Impairment of long-lived assets 

(59,342)

 Total operating expenses 

(2,829,265)

(3,738,276)

(3,074,693)

(425,841)

 Loss/(income) from operations 

1,211,752

352,458

(339,608)

(47,036)

 Interest expenses 

(290,735)

(292,076)

(281,733)

(39,020)

 Interest income 

235,343

86,487

94,900

13,144

 Subsidy income 

264,042

554,619

231,844

32,110

 Exchange gain/(loss),net 

(129,047)

(38,424)

126,010

17,452

 Change in fair value of foreign exchange derivatives 

55,338

114,769

13,714

1,899

 Change in fair value of Long-term Investment 

440,424

(90,918)

(55,328)

(7,663)

 Change in fair value of convertible senior notes 

(261,435)

(155,102)

310,683

43,029

 Other income/(loss), net 

3,124

(10,771)

1,323,478

183,300

Income before income taxes

1,528,806

521,042

1,423,960

197,215

 Income tax expenses 

(315,004)

(200,831)

(476,718)

(66,025)

 Equity in income of affiliated companies 

179,955

2,375

13,181

1,826

 Net income 

1,393,757

322,586

960,423

133,016

 Less: Net income attributable to non-controlling
          interests 

(605,107)

(293,269)

(351,025)

(48,616)

 Net income attributable to JinkoSolar
 Holding Co., Ltd.’s ordinary shareholders 

788,650

29,317

609,398

84,400

 Net income attributable to JinkoSolar Holding Co., Ltd.’s
 ordinary shareholders per share: 

   Basic 

3.91

0.14

2.82

0.39

   Diluted 

3.74

0.14

1.34

0.19

 Net income attributable to JinkoSolar Holding Co., Ltd.’s
   ordinary shareholders per ADS: 

   Basic 

15.62

0.56

11.28

1.56

   Diluted 

14.95

0.54

5.36

0.74

 Weighted average ordinary shares outstanding: 

   Basic 

201,919,745

209,582,718

216,001,414

216,001,414

   Diluted 

210,954,844

215,266,963

223,646,269

223,646,269

 Weighted average ADS outstanding: 

   Basic 

50,479,936

52,395,679

54,000,353

54,000,353

   Diluted 

52,738,711

53,816,741

55,911,567

55,911,567

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income 

1,393,757

322,586

960,423

133,016

 Other comprehensive income/(loss): 

   -Unrealized loss on available-for-sale securities 

(1,031)

19,134

   -Foreign currency translation adjustments 

(57,972)

(116,523)

(177,267)

(24,550)

   -Change in the instrument-specific credit risk 

45,218

42

421

58

 Comprehensive income 

1,379,972

225,239

783,577

108,524

 Less: Comprehensive income attributable to non-controlling interests 

(586,223)

(280,158)

(348,517)

(48,269)

 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders 

793,750

(54,919)

435,060

60,255

 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2023

Mar 31, 2024

RMB’000

RMB’000

USD’000

ASSETS

Current assets:

  Cash,cash equivalents, and restricted cash

19,069,107

17,626,962

2,441,306

  Restricted short-term investments and short-term investments

8,509,257

9,657,340

1,337,526

  Accounts receivable, net 

22,958,693

19,816,330

2,744,530

  Notes receivable, net 

4,090,085

4,761,900

659,516

  Advances to suppliers, net 

4,565,779

4,556,481

631,065

  Inventories, net

18,215,537

20,133,914

2,788,515

  Foreign exchange forward contract receivables

103,100

97,729

13,535

  Prepayments and other current assets, net 

3,430,224

5,356,867

741,918

  Held-for-sale assets

2,003,417

187,052

25,906

Total current assets

82,945,199

82,194,575

11,383,817

Non-current assets:

  Restricted long-term investments

1,536,198

1,862,693

257,980

  Long-term investments

2,117,628

2,089,615

289,409

  Property, plant and equipment, net

41,267,187

43,383,008

6,008,477

  Land use rights, net

1,821,012

1,861,500

257,815

  Intangible assets, net

569,088

319,268

44,218

  Right-of-use assets, net

742,431

696,918

96,522

  Deferred tax assets 

1,290,004

1,293,193

179,105

  Advances to suppliers to be utilised beyond one year

648,377

622,369

86,197

  Other assets, net 

2,790,567

2,654,153

367,596

  Available-for-sale securities-non-current

104,134

104,134

14,422

Total non-current assets

52,886,626

54,886,851

7,601,741

Total assets

135,831,825

137,081,426

18,985,558

LIABILITIES

Current liabilities:

  Accounts payable 

15,475,166

15,027,303

2,081,258

  Notes payable 

25,690,532

27,008,610

3,740,649

  Accrued payroll and welfare expenses

2,798,964

2,477,585

343,142

  Advances from customers

6,965,298

8,046,296

1,114,399

  Income tax payables

1,016,039

1,139,408

157,806

  Other payables and accruals

13,448,501

17,090,442

2,366,997

  Foreign exchange forward derivatives payables

26,466

22,270

3,084

  Convertible senior notes

782,969

131,593

18,225

  Lease liabilities – current

155,931

142,124

19,684

 Short-term borrowings, including current portion of long-term
borrowings, and failed sale-leaseback financing

13,583,774

9,069,717

1,256,141

  Held-for-sale liabilities

1,117,005

Total current liabilities

81,060,645

80,155,348

11,101,385

Non-current liabilities:

  Long-term borrowings

11,238,806

10,108,230

1,399,974

  Convertible notes

4,785,480

6,480,846

897,587

  Accrued warranty costs – non current

2,145,426

2,155,012

298,466

  Lease liabilities-noncurrent

557,136

526,412

72,907

  Deferred tax liability

131,506

139,017

19,254

  Long-term Payables

2,378,684

2,813,272

389,634

Total non-current liabilities

21,237,038

22,222,789

3,077,822

Total liabilities

102,297,683

102,378,137

14,179,207

SHAREHOLDERS’ EQUITY

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

20,156,434

20,953,278

2,901,996

Non-controlling interests

13,377,708

13,750,011

1,904,355

Total shareholders’ equity

33,534,142

34,703,289

4,806,351

Total liabilities, non-controlling interest and shareholders’ equity 

135,831,825

137,081,426

18,985,558

 

 

 

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