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| JA Solar Announces Second Quarter 2009 Financial Results |
(Logo: http://www.newscom.com/cgi-bin/prnh/20090309/JASOLARLOGO)
Second Quarter 2009 Results
Revenue in the second quarter of 2009 was RMB 600.7 million ( Total operating expenses in the second quarter of 2009 were RMB 177.4
million ( Operating loss in the second quarter of 2009 was RMB 109.0 million (a loss
of GAAP net loss per diluted ADS in the second quarter of 2009 was RMB 1.21
(a loss of At "We are pleased with our second quarter results, which reflect our success
in growing "Looking ahead, we are seeing significant signs of market improvement in both end-market demand and financing. We believe our cost structure and customer relationships will drive even stronger third quarter results," he said. Investor Conference Call / Webcast Details A conference call has been scheduled for today, 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
city of 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 Form F-20 and other documents
filed with the About
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
For three months ended
Jun. 30, 2008 Mar. 31, 2009 Jun. 30, 2009 Jun. 30, 2009
RMB'000 RMB'000 RMB'000 USD'000
Net revenues 1,236,677 231,684 600,729 87,952
Cost of sales (948,228) (374,424) (532,402) (77,948)
-------- -------- -------- -------
Gross profit 288,449 (142,740) 68,327 10,004
------- -------- ------ ------
Selling,
general and
administrative
expenses (66,588) (39,466) (163,949) (24,003)
Research and
development
expenses (5,545) (10,937) (13,425) (1,966)
------ ------- ------- ------
Total
operating
expenses (72,133) (50,403) (177,374) (25,969)
------- ------- -------- -------
Income/(loss)
from
operations 216,316 (193,143) (109,047) (15,965)
------- -------- -------- -------
Interest
expense (32,948) (58,155) (57,256) (8,383)
Change in fair
value of
derivatives 175,662 33,318 (52,760) (7,725)
Gain on
buyback of
convertible
bond - 13,817 11,044 1,617
Other income/
(expenses) (35,283) (8,524) 13,879 2,032
Income/(loss)
before income
taxes 323,747 (212,687) (194,140) (28,424)
------- -------- -------- -------
Income tax
benefit/
(expenses) (5,187) 19,419 (605) (89)
------ ------ ---- ---
Net income/
(loss) 318,560 (193,268) (194,745) (28,513)
------- -------- -------- -------
Net income/(loss)
per share:
Basic 2.06 (1.20) (1.21) (0.18)
Diluted (0.04) (1.20) (1.21) (0.18)
Weighted average
number of shares
outstanding:
Basic 154,519,808 161,419,260 161,419,260 161,419,260
Diluted 163,688,037 161,419,260 161,419,260 161,419,260
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
For six months ended
Jun. 30, 2008 Jun. 30, 2009 Jun. 30, 2009
RMB'000 RMB'000 USD'000
Net revenues 2,358,710 832,413 121,872
Cost of sales (1,834,403) (906,826) (132,767)
---------- -------- --------
Gross profit 524,307 (74,413) (10,895)
------- ------- -------
Selling, general and
administrative expenses (136,193) (203,415) (29,782)
Research and development
expenses (8,242) (24,362) (3,567)
------ ------- ------
Total operating expenses (144,435) (227,777) (33,349)
-------- -------- -------
Income/(loss) from
operations 379,872 (302,190) (44,244)
------- -------- -------
Interest expense (33,441) (115,411) (16,897)
Change in fair value of
derivatives 216,384 (19,442) (2,846)
Gain on buyback of
convertible bond - 24,861 3,640
Other income/(expenses) (75,584) 5,355 785
Income/(loss) before
income taxes 487,231 (406,827) (59,562)
------- -------- -------
Income tax benefit/
(expenses) (14,203) 18,814 2,755
------- ------ -----
Net income/(loss) 473,028 (388,013) (56,807)
------- -------- -------
Net income/(loss) per share:
Basic 3.07 (2.40) (0.35)
Diluted 0.92 (2.40) (0.35)
Weighted average number of
shares outstanding:
Basic 154,291,717 161,419,260 161,419,260
Diluted 159,733,545 161,419,260 161,419,260
JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
December 31, June 30,
2008 2009 2009
RMB'000 RMB'000 USD'000
ASSETS
Current assets:
Cash and cash equivalents 1,542,784 2,245,571 328,771
Restricted cash 33,061 41,517 6,078
Short term investment 421,865 - -
Accounts receivable 355,051 141,388 20,700
Inventories 591,989 744,877 109,056
Advances to suppliers 680,447 690,884 101,151
Other current assets 205,227 223,186 32,678
------- ------- ------
Total current assets 3,830,424 4,087,423 598,434
--------- --------- -------
Property and equipment, net 1,369,807 1,443,364 211,321
Advances to suppliers 1,944,912 1,778,886 260,444
Derivative asset-Capped call options 4,485 2,242 328
Deferred issuance cost 58,953 50,898 7,452
Other long term assets 70,603 78,129 11,439
------ ------ ------
Total assets 7,279,184 7,440,942 1,089,418
========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings 490,000 130,000 19,033
Accounts payable 117,982 127,041 18,600
Accrued and other liabilities 262,842 207,251 30,343
------- ------- ------
Total current liabilities 870,824 464,292 67,976
------- ------- ------
Convertible Bond 1,532,600 1,466,277 214,676
Embedded derivatives 115,676 123,534 18,087
Long-term bank borrowings - 920,000 134,696
Other long term liabilities 5,185 22,219 3,252
----- ------ -----
Total liabilities 2,524,285 2,996,322 438,687
--------- --------- -------
Commitment and Contingencies
Shareholders' equity 4,754,899 4,444,620 650,731
--------- --------- -------
Total liabilities and shareholders'
equity 7,279,184 7,440,942 1,089,418
========= ========= =========
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