* Q4 revenue of RMB 979 million (
* Annual shipments of 277 MW; above revised guidance of 250 to 260 MW
* 2008 revenue increased 103 percent over 2007
* Maintained strong balance sheet and liquidity with over
* Announced 175 MW strategic supply agreement with BP Solar
SHANGHAI,
Fourth Quarter 2008 Results
Revenue in the fourth quarter of 2008 was RMB 979.0 million (
On a GAAP basis, total gross profit in the fourth quarter was RMB 9.7 million (
Non-GAAP operating loss in the fourth quarter of 2008 was RMB 88.9 million (
Fiscal Year 2008 Results
Fiscal year 2008 revenue was RMB 5.5 billion (
On a GAAP basis, total gross profit in 2008 was RMB 992.0 million (
On a non-GAAP basis, operating income in 2008 was RMB 805.2 million (
Liquidity
At
During the fourth quarter of 2008,
2009 Outlook
The company currently expects 2009 revenue to be in the range of RMB 5,668 million (
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in The
About Non-GAAP Financial Measures
To supplement its consolidated financial results presented in accordance with GAAP,
Investor Conference Call / Webcast Details
A conference call has been scheduled for today,
About
Based in
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "will," "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Further information regarding these and other risks is included in our Form F-20 and other documents filed with the
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
For three months ended
Dec. 31, 2007 Sept. 30, 2008 Dec. 31, 2008 Dec. 31, 2008
RMB'000 RMB'000 RMB'000 USD'000
Net revenues 1,051,572 2,120,568 979,032 143,500
Cost of sales (828,875) (1,662,506) (969,366) (142,083)
-------- ---------- -------- --------
Gross profit 222,697 458,062 9,666 1,417
------- ------- ----- -----
Selling, general
and
administrative
expenses (88,287) (17,858) (117,443) (17,214)
Research and
development
expenses (1,461) (6,914) (13,353) (1,957)
Total operating
expenses (89,748) (24,772) (130,796) (19,171)
------- ------- -------- -------
Income /
(loss) from
operations 132,949 433,290 (121,130) (17,754)
------- ------- -------- -------
Interest
expense (1,498) (63,490) (63,611) (9,324)
Interest income 17,193 13,811 14,533 2,130
Change in fair
value of
derivatives - 229,052 118,570 17,379
Foreign
exchange loss (57,305) (40,772) (13,390) (1,963)
Investment loss - (8,320) (231) (34)
Gain on buyback
of convertible
bond - - 203,514 29,830
Other income 1,422 52 159 24
Impairment on
available-for-
sale
securities - (686,320) - -
--- -------- --- ---
Income / (loss)
before income
taxes 92,761 (122,697) 138,414 20,288
------ -------- ------- ------
Income tax
benefits /
(expenses) 5,570 (20,056) 10,377 1,521
----- ------- ------ -----
Net income/
(loss) 98,331 (142,753) 148,791 21,809
------ -------- ------- ------
Net income/ (loss)
per ordinary
shares and ADS
(RMB/USD):
Basic 0.65 (0.92) 0.92 0.14
Diluted 0.64 (2.47) (0.68) (0.10)
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
For the Year Ended
2007 2008 2008
RMB'000 RMB'000 USD'000
(Audited) (Unaudited) (Unaudited)
Net revenues 2,693,700 5,458,310 800,045
Cost of sales (2,092,792) (4,466,275) (654,639)
---------- ---------- --------
Gross profit 600,908 992,035 145,406
------- ------- -------
Selling, general and
administrative expenses (150,319) (271,494) (39,794)
Research and development
expenses (4,200) (28,509) (4,178)
Total operating expenses (154,519) (300,003) (43,972)
-------- -------- -------
Income from operations 446,389 692,032 101,434
------- ------- -------
Interest expense (6,595) (160,542) (23,531)
Interest income 62,580 54,495 7,988
Change in fair value of
derivatives - 564,006 82,669
Foreign exchange loss (112,800) (128,754) (18,872)
Investment loss - (39,043) (5,723)
Gain on buyback of
convertible bond - 203,514 29,830
Other income 5,226 3,560 521
Impairment on available-for-
sale securities - (686,320) (100,597)
--- -------- --------
Income before income taxes 394,800 502,948 73,719
------- ------- ------
Income tax benefits /
(expenses) 5,568 (23,882) (3,500)
----- ------- ------
Net income 400,368 479,066 70,219
------- ------- ------
Preferred shares accretion (515) - -
Allocation of net income to
participating preferred
shareholders (1,648) - -
------ --- ---
Net income available to
ordinary shareholders 398,205 479,066 70,219
------- ------- ------
Net income/(loss) per ordinary
shares and ADS (RMB/USD):
Basic 2.96 3.06 0.45
Diluted 2.93 (2.31) (0.34)
JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
December 31,
2007 2008 2008
RMB'000 RMB'000 USD'000
(Audited) (Unaudited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents 1,145,033 1,929,433 282,804
Available for sale securities 803,121 68,277 10,008
Accounts receivable from third party
customers 28,820 332,042 48,669
Accounts receivable from related
party customers 24,731 23,009 3,372
Inventories 157,334 591,989 86,770
Value-added tax recoverable - 116,061 17,013
Advances to related party supplier 389,872 415,950 60,967
Advances to third party supplier 898,723 264,497 38,768
Other current assets 42,315 75,020 10,996
Deferred tax assets 1,214 14,146 2,073
----- ------ -----
Total current assets 3,491,163 3,830,424 561,440
--------- --------- -------
Property and equipment, net 532,012 1,369,807 200,778
Intangible asset, net 6,688 11,805 1,730
Deferred tax asset 4,355 14,400 2,111
Advances to third party suppliers 536,332 1,944,912 285,073
Long term Lease Prepayment - 44,399 6,508
Derivative asset-capped call options - 4,485 657
Deferred issuance cost - 58,952 8,641
--- ------ -----
Total assets 4,570,550 7,279,184 1,066,938
========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings 200,000 490,000 71,821
Accounts payable to third parties 10,119 117,982 17,293
Tax payables 342 5,168 757
Advances from third party customers 70,286 65,051 9,535
Other payables to third parties 16,842 132,793 19,464
Payroll and welfare payable 6,364 14,199 2,081
Accrued expenses 15,280 22,766 3,337
Interest payable - 13,458 1,973
Amounts due to related parties 113,890 9,407 1,379
------- ----- -----
Total current liabilities 433,123 870,824 127,640
------- ------- -------
Accrued warranty cost 929 5,185 760
Convertible Bond - 1,532,600 224,639
Embedded derivatives - 115,676 16,955
- ------- ------
Total liabilities 434,052 2,524,285 369,994
------- --------- -------
Commitment and Contingencies
Shareholders' equity:
Ordinary shares 123 124 18
Additional paid-in capital 3,655,194 3,787,271 555,115
Statutory reserves 71,619 169,575 24,855
Retained earnings 417,203 798,312 117,012
Accumulated other comprehensive
income (7,641) (383) (56)
------ ---- ---
Total shareholders' equity 4,136,498 4,754,899 696,944
--------- --------- -------
Total liabilities and shareholders'
equity 4,570,550 7,279,184 1,066,938
========= ========= =========
JA Solar Holdings Co., Ltd.
Reconciliation of GAAP and Non GAAP Results
(Unaudited)
Three Months Ended
Dec. 31, 2007 Sept. 30, 2008 Dec. 31, 2008 Dec. 31, 2008
RMB'000 RMB'000 RMB'000 USD'000
Net income/
(loss)-GAAP 98,331 (142,753) 148,791 21,809
Stock-based
compensation 62,602 (17,245) 32,271 4,730
Change in
fair value
of
derivatives - (229,052) (118,570) (17,379)
Impairment
on
available-
for-sale
securities - 686,320 - -
Gain on
buyback of
convertible
bond - - (203,514) (29,830)
--- --- -------- -------
Net income/
(loss)-Non
GAAP 160,933 297,270 (141,022) (20,670)
======= ======= ======== =======
Three Months Ended
Dec. 31, 2007 Sept. 30, 2008 Dec. 31, 2008 Dec. 31, 2008
RMB RMB RMB USD
Net income/
(loss) per
Diluted ordinary
shares and ADS-GAAP 0.64 (2.47) (0.68) (0.10)
Stock-based
compensation 0.41 (0.10) 0.18 0.03
Change in
fair value
of capped
call
options and
non-
dilutive
components - 0.14 (0.26) (0.04)
Impairment
on
available-
for-sale
securities - 4.04 - -
--- ---- --- ---
Net income/
(loss) per
diluted ordinary
shares and
ADS-Non GAAP 1.05 1.61 (0.76) (0.11)
==== ==== ===== =====
Three Months Ended
Dec. 31, 2007 Sept. 30, 2008 Dec. 31, 2008 Dec. 31, 2008
RMB'000 RMB'000 RMB'000 USD'000
Income from
operations-
GAAP 132,949 433,290 (121,130) (17,754)
Stock-based
compensation 62,602 (17,245) 32,271 4,730
------ ------- ------ -----
Income from
operations-
Non GAAP 195,551 416,045 (88,859) (13,024)
======= ======= ======= =======
Fiscal Year Ended
2007 2008 2008
RMB'000 RMB'000 USD'000
Net income/(loss)-GAAP 400,368 479,066 70,219
Stock-based compensation 91,637 113,192 16,591
Change in fair value of
derivatives - (564,006) (82,669)
Impairment on available-for-
sale securities - 686,320 100,597
Gain on buyback of convertible
bond - (203,514) (29,830)
- -------- -------
Net income/(loss)-Non GAAP 492,005 511,058 74,908
======= ======= ======
Fiscal Year Ended
2007 2008 2008
RMB RMB USD
Net income/(loss) per diluted
ordinary shares and ADS-GAAP 2.93 (2.31) (0.34)
Stock-based compensation 0.67 0.67 0.10
Change in fair value of capped
call options and non-dilutive
components - 0.60 0.08
Impairment on available-for-
sale securities - 4.07 0.60
--- ---- ----
Net income/(loss) per diluted
ordinary shares
and ADS-Non GAAP 3.60 3.03 0.44
==== ==== ====
Fiscal Year Ended
2007 2008 2008
RMB'000 RMB'000 USD'000
Income from operations-GAAP 446,389 692,032 101,434
Stock-based compensation 91,637 113,192 16,591
------ ------- ------
Income from operations-Non GAAP 538,026 805,224 118,025
======= ======= =======
SOURCE
CONTACT:
deb@stapleton.com,
or
alexis@stapleton.com,
both of
+1-650-470-0200,
for
Web Site: http://www.jasolar.com
(JASO)