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JA Solar Announces Fourth Quarter and Full Year 2010 Results
  - Record Shipment Volumes, Revenue, and Earnings for Q4 and FY 2010

  - Record Revenue of $1.78 Billion, PV Product Shipment of 1.46GW, and
                GAAP Diluted EPS of US$1.61 for FY 2010

    - More Than 2GW of Sales Contracts for 2011 Delivery Signed With
      Multiple Customers; Total Shipments Expected to Exceed 2.2GW


SHANGHAI, China, Feb. 22, 2011 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd., (Nasdaq:JASO), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced its financial results for its fourth quarter and full year ended December 31, 2010.

Fourth Quarter and Full Year 2010 Financial and Operating Highlights:

  --  Record fourth quarter shipments of 463MW, an increase of 11%
      sequentially and 100% year-over-year
  --  Full Year 2010 shipments grew to 1.46 GW, an increase of 187% over 2009
  --  Full Year 2010 revenue of $1.78 billion, an increase of 211% from $572.5
      million in 2009
  --  Annual gross margin of 21.7%, up from 12.8% in 2009
  --  Full year 2010 operating income of $299.6 million and operating margin
      of 16.8%
  --  Full year 2010 net income of $266 million and GAAP diluted EPS of $1.61
  --  Fourth quarter revenue of $584.3 million, operating income of $89.5
      million and operating margin of 15.3%
  --  Fourth quarter net income of $118.7 million and GAAP diluted EPS of
      $0.59, a sequential increase of 24.3%
  --  Diversified global customer base in Q4: 53% international customers and
      47% domestic customers
  --  Strong balance sheet with cash balance of $346.9 million and working
      capital of $662.8 million


"2010 was a transformational year for our company, with annual revenues growing by 211% and shipments rising by 187% as we enhanced our position as one of the global leaders in the solar industry," said Dr. Peng Fang, CEO of JA Solar. "During the year, we firmly established JA Solar as the market leader in solar cell production and shipment. Customers worldwide responded to our clear advantages in technology, quality and cost, enabling us to build a very healthy and diversified global customer base."

According to reports published by SolarBuzz and IMS Research in December 2010, JA Solar ranked first globally in terms of solar cells produced and shipped in Q3 2010.

"Our results in 2010 are clear proof of the success of our emphasis on developing long term partnerships with the major players in the solar industry. Today, a growing number of top tier solar companies worldwide consider JA Solar to be their strategic supply partner of choice for high-quality, low-cost PV products."

"As one of the world's largest solar cell producers, JA Solar is well-positioned to take advantage of robust industry growth in 2011. With demand for our products currently well ahead of what we can produce, we intend to quickly ramp up production capacity in 2011. In particular, we intend to increase solar cell production capacity to more than 3GW, while module capacity is expected to increase to 800MW and wafer capacity to 600MW by year-end. We also intend to continue focusing on developing innovative new technologies that can enable us to further optimize our cost structure and ensure that our high quality solar products are even more attractive to our customers."

Fourth Quarter 2010 Financial Results

Total shipments in the fourth quarter of 2010 were a record 463MW, compared with third quarter shipments of 418MW, representing sequential growth of 11%. Compared with the same period last year, shipments grew 100% from 231MW.

Revenue in the fourth quarter of 2010 was RMB 3.9 billion ($584.3 million), an increase of 6.6% compared to RMB 3.6 billion ($548.3 million) reported in the third quarter of 2010 and an increase of 137% from RMB 1.6 billion ($246.5 million) reported in the fourth quarter of 2009.

Gross profit in the fourth quarter of 2010 was RMB 740.4 million ($112.2 million), compared with RMB 816.0 million ($123.6 million) in the third quarter of 2010 and RMB 335.0 million ($50.8 million) in the fourth quarter of 2009. Gross margin was 19.2% in the fourth quarter of 2010, compared with 22.5% in the third quarter of 2010 and 20.6% in the fourth quarter of 2009.

Total operating expenses in the fourth quarter of 2010 were RMB 149.8 million ($22.7 million), compared with RMB 146.7 million ($22.2 million) in the third quarter of 2010 and RMB 88.3 million ($13.4 million) in the fourth quarter of 2009.

Operating income in the fourth quarter of 2010 was RMB 590.7 million ($89.5 million), compared with RMB 669.3 million ($101.4 million) in the third quarter of 2010 and RMB 246.7 million ($37.4 million) in the fourth quarter of 2009. Operating margin was 15.3% in the fourth quarter of 2010, compared with 18.5% in the third quarter of 2010 and 15.2% in the fourth quarter of 2009.

Earnings per diluted ADS in the fourth quarter of 2010 were RMB 3.90 ($0.59), an increase of 24% compared with RMB 3.14 ($0.48) in the third quarter of 2010 and an increase of 366% compared with RMB 0.84 ($0.13) in the fourth quarter of 2009.

Included in other income are significant transactions from activities other than normal business operations:

  --  $34.6 million of proceeds from sales of Lehman Notes. The $100 million
      face-value USD 3-Month LCMNER Index-Linked Note was issued by Lehman
      Brothers Treasury Co. B.V. incorporated in The Netherlands and was
      previously written off as a result of the bankruptcy of Lehman Brothers
      and its affiliates. The proceeds from Lehman Notes resulted in a $0.20
      gain per diluted ADS.

  --  Non-cash gain on change in fair value of derivatives was mainly related
      to a convertible bond issued in May 2008. Embedded derivative was
      calculated using a valuation model with many input assumptions such as
      interest rate yield curve, foreign exchange rates, stock price,
      volatility, expected terms, risk-free rate and fundamental change event
      probabilities. This gain had a positive impact of $0.13 on basic
      earnings per ADS. However, due to dilution, the gain of $21.9 million
      was excluded from the calculation of diluted earnings per share and the
      share count was increased by 7.5 million shares to 172.3 million shares
      assuming that the convertible bonds were converted at the beginning of
      the quarter. The calculation reduced diluted earnings per ADS by $0.13.


The Company also recorded a net loss from discontinuing operations of $3.0 million associated with the potential sale of the 3MW solar power plant. This solar power plant was previously recorded in fixed assets. In conjunction with the potential sale, the operating results of this project have been reclassified out of continuing operations for all periods presented. The loss had an impact of $0.02 per ADS in the fourth quarter.

In the fourth quarter of 2010, the Company generated operating cash flow of RMB 169.0 million ($25.6 million) or RMB 0.98 ($0.15) per diluted ADS.

Full Year 2010 Results

Full year 2010 shipments were 1.46GW, an increase of 187%, from 509MW in full year 2009.

Total revenue for full year 2010 was RMB 11.8 billion ($1.8 billion), an increase of 211% compared with RMB 3.8 billion ($572.5 million) in full year 2009.

Total gross profit in full year 2010 was RMB 2.55 billion ($385.8 million) or 21.7%, compared with RMB 482.1 million ($73.0 million) or 12.8% in full year 2009. Operating income for full year 2010 was RMB 1.98 billion ($299.6 million), compared with RMB 93.7 million ($14.2 million) in full year 2009. In full year 2010, net income per diluted ADS was RMB 10.61 ($1.61), compared with a net loss per diluted ADS of RMB 1.20 (a loss of $0.18) in full year 2009.

For full year 2010, the Company generated an operating cash flow of RMB 1.3 billion ($193.9 million) or RMB 7.48 ($1.13) per diluted ADS.

Liquidity

The Company maintained a strong balance sheet with cash and cash equivalents of RMB 2.3 billion ($346.9 million), and total working capital of RMB 4.4 billion ($662.8 million) at December 31, 2010. Total long term bank borrowings were RMB 1.5 billion ($230.3 million) and the face value of outstanding convertible bonds due 2013 was RMB 1.5 billion ($228.2 million) at December 31, 2010.

Operations and Business Outlook

Research & Development Update

In February 2011, the Company announced that it had developed a new high-power multi-crystalline solar cell, dubbed Maple, which has achieved an 18.2% conversion efficiency rate in large-volume manufacturing conditions. Maple cells feature a proprietary technology that enables significantly improved conversion efficiency compared to traditional multi-crystalline silicon solar cells.

Supply Chain Optimization

In addition to expanding production capacity in 2011, the Company intends to further enhance its cost structure by optimizing its supply chain. The Company has signed long-term supply contracts with several strategic partners for 2011, a number of whom have announced their intention to locate production facilities close to JA Solar's factories in order to serve the Company's fast-rising demand. This cost-effective capacity is expected to ramp up throughout 2011.

Full Year 2011 Outlook

Based on strong customer demand for JA Solar's products and a number of new customer wins, the Company currently expects total cell and module shipments to exceed 2.2GW in 2011, representing an increase of approximately 50% compared to 2010. Module shipments are expected to be approximately 500MW to 600MW. Sales contracts signed to date for 2011 delivery amount to more than 2GW, representing approximately 90% of the Company's expected shipments for 2011.

Investor Conference Call / Webcast Details

A conference call has been scheduled for today, Tuesday February 22, 2011 at 8:00 AM Eastern Time. The call may be accessed by dialing +1-866-270-6057 (U.S.) or +1-617-213-8891 (international). The passcode is JA SOLAR. A live webcast of the conference call will be available on the Company's website at www.jasolar.com. A replay of the call will be available beginning two hours after the live call and will be accessible by dialing +1-888-286-8010 (U.S.) or +1-617-801-6888 (international). The passcode for the replay is 91792010.

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 New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2010, which was RMB 6.6000 to $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 on December 31, 2010, or at any other date. The percentages stated in this press release are calculated based on Renminbi.

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 "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 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products. The Company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit http://www.jasolar.com.

The JA Solar Holdings Co., Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8631



                            JA Solar Holdings Co., Ltd.
                  Condensed Consolidated Statements of Operations
                                    (Unaudited)
                                             For three months ended
                                Dec. 31,     Sept. 30,    Dec. 31,     Dec. 31,
                                  2009         2010         2010         2010
                                 RMB'000      RMB'000      RMB'000      USD'000
                                Adjusted     Adjusted
                                 (a),(b)        (b)

  Net revenues                   1,627,042    3,618,796    3,856,189      584,271

  Cost of sales                (1,292,033)  (2,802,820)  (3,115,776)    (472,087)
                               -----------  -----------  -----------  -----------

  Gross profit                     335,009      815,976      740,413      112,184
                               -----------  -----------  -----------  -----------
  Selling, general and
   administrative expenses        (79,285)    (123,573)    (135,863)     (20,585)
  Research and development
   expenses                        (9,027)     (23,082)     (13,894)      (2,105)
                               -----------  -----------  -----------  -----------

  Total operating expenses        (88,312)    (146,655)    (149,757)     (22,690)
                               -----------  -----------  -----------  -----------

  Income from operations           246,697      669,321      590,656       89,494
                               -----------  -----------  -----------  -----------
  Interest expense                (48,603)     (56,326)     (64,928)      (9,838)
  Loss on buyback of
   convertible bond                (9,468)            -            -            -

  Other (loss)/income (c)         (42,388)     (17,127)      355,317       53,836
                               -----------  -----------  -----------  -----------

  Income before income taxes       146,238      595,868      881,045      133,492
                               -----------  -----------  -----------  -----------

  Income tax expenses             (15,810)     (85,528)     (78,100)     (11,833)
                               -----------  -----------  -----------  -----------
  Net income from continuing
   operations                      130,428      510,340      802,945      121,659
                               -----------  -----------  -----------  -----------
  Net gain/(loss) from
   discontinued operations           5,441        3,344     (19,607)      (2,971)
                               -----------  -----------  -----------  -----------

  Net income                       135,869      513,684      783,338      118,688
                               -----------  -----------  -----------  -----------

  Net income per share:
  Basic                               0.84         3.15         4.79         0.73
  Diluted                             0.84         3.14         3.90         0.59

  Weighted average number of
   shares outstanding:
  Basic                        161,979,819  163,065,242  163,382,659  163,382,659
  Diluted                      162,272,950  163,668,148  172,306,566  172,306,566



                        JA Solar Holdings Co., Ltd.
              Condensed Consolidated Statements of Operations
                                (Unaudited)
                                           For twelve months ended
                                     Dec. 31,     Dec. 31,     Dec. 31,
                                       2009         2010         2010
                                      RMB'000      RMB'000      USD'000
                                     Adjusted
                                      (a),(b)

  Net revenues                        3,778,553   11,760,780    1,781,936

  Cost of sales                     (3,296,502)  (9,214,394)  (1,396,120)
                                    -----------  -----------  -----------

  Gross profit                          482,051    2,546,386      385,816
                                    -----------  -----------  -----------
  Selling, general and
   administrative expenses            (343,253)    (505,101)     (76,530)
  Research and development
   expenses                            (45,101)     (63,816)      (9,669)
                                    -----------  -----------  -----------

  Total operating expenses            (388,354)    (568,917)     (86,199)
                                    -----------  -----------  -----------

  Income from operations                 93,697    1,977,469      299,617
                                    -----------  -----------  -----------
  Interest expense                    (231,487)    (221,209)     (33,516)
  Loss on buyback of convertible
   bond                                (24,156)            -            -
  Other (loss)/income (c)              (26,969)      271,628       41,155
  (Loss)/income before income
   taxes                              (188,915)    2,027,888      307,256
                                    -----------  -----------  -----------

  Income tax expenses                   (7,999)    (252,707)     (38,289)
                                    -----------  -----------  -----------
  Net (loss)/income from
   continuing operations              (196,914)    1,775,181      268,967
                                    -----------  -----------  -----------
  Net income/(loss) from
   discontinued operations                3,415     (19,830)      (3,005)
                                    -----------  -----------  -----------

  Net (loss)/income                   (193,499)    1,755,351      265,962
                                    -----------  -----------  -----------

  Net (loss)/income per share:
  Basic                                  (1.20)        10.78         1.63
  Diluted                                (1.20)        10.61         1.61

  Weighted average number of
   shares outstanding:
  Basic                             161,643,312  162,900,657  162,900,657
  Diluted                           161,643,312  171,116,684  171,116,684


  (a) On January 1, 2010, the Company adopted the FASB's update to the Debt
   topic of the FASB codification which requires an entity that enters into
   an equity-classified share lending agreement, utilizing its own shares,
   in contemplation of a convertible debt issuance or other financing to
   initially measure the share lending arrangement at fair value and treat
   it as a cost of the financing. In addition, if it becomes probable that
   the counterparty to the arrangement will default, the issuer shall
   recognize an expense for the fair value of the unreturned shares, net of
   probable recoveries. These rules require revision of prior periods to
   conform to current accounting. As a result of retrospectively adopting
   the new guidance related to the Company's offering of senior convertible
   notes in May 2008, the line items of Interest expense, Gain/(loss) on
   buyback of convertible bond, Other income, Income before income taxes,
   Net income and Net income/(loss) per share in the condensed consolidated
   statements of operations for the three months ended Dec 31, 2009 and
   twelve months ended Dec 31, 2009 have been revised.

  (b) In Q4 we have determined to dispose of a subsidiary which was mainly
   focusing on the solar power plant business. The subsidiary represented a
   component of an entity as defined by ASC 205 "Presentation of Financial
   Statements". As such, the operating results of this subsidiary have been
   reclassified out of continuing operations for all periods presented.

  c) Other (loss)/income mainly consists of proceeds from sales of Lehman
   Notes and change in fair value of derivatives.



                    JA Solar Holdings Co., Ltd.
               Condensed Consolidated Balance Sheets
                            (Unaudited)

                               Dec. 31,          Dec. 31,
                                 2009        2010         2010
                               RMB'000      RMB'000     USD'000
                               Adjusted
                                 (d)

  ASSETS
  Current assets:
  Cash and cash equivalents    1,867,248    2,289,482     346,891
  Restricted cash                 43,612      112,593      17,060
  Accounts receivable            339,524      945,633     143,278
  Inventories                    641,140    1,349,329     204,444
  Advances to suppliers          423,283      605,630      91,762

  Other current assets           346,488    1,115,561     169,024
                              ----------  -----------  ----------

  Total current assets         3,661,295    6,418,228     972,459
                              ----------  -----------  ----------
  Property and equipment,
   net                         1,724,442    3,170,721     480,413
  Advances to suppliers        1,835,421    1,653,177     250,481
  Derivative asset                10,521       14,591       2,211
  Deferred issuance cost         143,243      110,868      16,798

  Other long term assets          87,248      251,797      38,150
                              ----------  -----------  ----------

  Total assets                 7,462,170   11,619,382   1,760,512
                              ==========  ===========  ==========
  LIABILITIES AND
   SHAREHOLDERS' EQUITY
  Current liabilities:
  Short-term bank borrowings      10,000            -           -
  Accounts payable               367,863    1,036,416     157,033
  Advances from customers         53,859      484,458      73,404
  Accrued and other
   liabilities                   197,506      522,769      79,206
                              ----------  -----------  ----------

  Total current liabilities      629,228    2,043,643     309,643
                              ----------  -----------  ----------
  Convertible Bond             1,171,438    1,230,175     186,390
  Embedded derivatives           136,632       66,174      10,026
  Long-term bank borrowings      680,000    1,520,000     230,303
  Other long term
   liabilities                    22,314       79,235      12,005
                              ----------  -----------  ----------

  Total liabilities            2,639,612    4,939,227     748,367
                              ----------  -----------  ----------
  Commitment and
   Contingencies

  Shareholders' equity         4,822,558    6,680,155   1,012,145
                              ----------  -----------  ----------
  Total liabilities and
   shareholders' equity        7,462,170   11,619,382   1,760,512
                              ==========  ===========  ==========


  (d) On January 1, 2010, the Company adopted the FASB's update to
   the Debt topic of the FASB codification which requires an entity
   that enters into an equity-classified share lending agreement,
   utilizing its own shares, in contemplation of a convertible debt
   issuance or other financing to initially measure the share
   lending arrangement at fair value and treat it as a cost of the
   financing. In addition, if it becomes probable that the
   counterparty to the arrangement will default, the issuer shall
   recognize an expense for the fair value of the unreturned shares,
   net of probable recoveries. These rules require revision of prior
   periods to conform to current accounting. As a result of
   retrospectively adopting the new guidance related to the
   Company's offering of senior convertible notes in May 2008, the
   line items of Deferred issuance cost and Shareholders' equity in
   the condensed consolidated balance sheet as at December 31, 2009
   have been revised.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: JA Solar Holdings Co., Ltd.

CONTACT: In China
Martin Reidy
Brunswick Group
Tel: +86-10-5960-8600
E-mail: jasolar@brunswickgroup.com
In the U.S.
Cindy Zheng
Brunswick Group
Tel: +1-212-333-3810
E-mail: jasolar@brunswickgroup.com