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JA Solar Files Annual Report on Form 20-F
Company Revises Down Fourth Quarter 2012 Selling, General and Administrative Expenses by RMB55.7 Million Due to Waiver of Surcharge

SHANGHAI, China, April 16, 2013 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd., (Nasdaq:JASO) ("JA Solar" or the "Company"), one of the world's largest manufacturers of high-performance solar power products, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2012 with the Securities and Exchange Commission of the United States. The annual report can be accessed on JA Solar's investor relations website at http://investors.jasolar.com/. JA Solar will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request.

In addition, the Company also revised its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012, previously released on March 25, 2013. The revision relates to a reduction in selling, general and administrative expenses recorded in the fourth quarter of 2012 of RMB 55.7 million ($8.9 million), as a result of a change in estimate of the Company's tax liabilities due to a waiver received by the Company from the local tax bureau of Ningjin County, Hebei Province (the "Ningjin Tax Bureau"). Such waiver pertained to certain interest and surcharge (the "Surcharge") related to an additional income tax expense of RMB 82.6 million ($13.3 million) (the "Additional Tax"), resulting from a capital injection made in 2007 and initially reflected in the Company's unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012.

Shortly after the announcement of its unaudited fourth quarter and fiscal year 2012 financial results, the Company received approval from the Ningjin Tax Bureau, which waived the Surcharge. The Company has revised its results for the fourth quarter and fiscal year ended December 31, 2012 accordingly.

After the revision, audited selling, general and administrative expenses for the fourth quarter and fiscal year 2012 were RMB 260.4 million (US$41.8 million) and RMB 901.6 million (US$144.7 million), respectively, representing a decrease of 17.6% and 5.8%, respectively, from the previously released unaudited selling, general and administrative expenses.

Also after the revision, audited net loss for the fourth quarter and fiscal year 2012 was RMB 582.1 million (US$93.4 million) and RMB 1.66 billion (US$266.8 million), respectively, representing a decrease from the previously released unaudited net loss of RMB 637.9 million (US$102.4 million) and RMB 1.72 billion (US$275.8 million), respectively.

In connection with receiving the waiver of the Surcharge, the Company paid the Additional Tax to the Ningjin Tax Bureau on March 28, 2013.

The Company's full revised financial results for the fourth quarter and fiscal year ended December 31, 2012 are included at the end of this press release.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.2301 to US$1.00, the noon buying rate in effect on December 31, 2012 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products that convert sunlight into electricity for residential, commercial, and utility-scale power generation. The Company is one of the world's largest producers of solar power products. Its standard and high-efficiency product offerings are among the most powerful and cost-effective in the industry. The Company distributes products under its own brand and also produces on behalf of its clients. The Company shipped 1.7 GW of solar power products in 2012. JA Solar is headquartered in Shanghai, China, and maintains production facilities in Shanghai, as well as Hebei, Jiangsu and Anhui provinces.

For more information, please visit www.jasolar.com.

JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
  For three months ended
  Dec. 31, 2011 Sep. 30, 2012 Dec. 31, 2012 Dec. 31, 2012
  RMB'000 RMB'000 RMB'000 USD'000
         
Net revenues  1,945,724  1,639,989  1,670,241  268,092
Cost of sales  (1,936,616)  (1,736,605)  (1,747,352)  (280,469)
Gross profit/(loss)  9,108  (96,616)  (77,111)  (12,377)
Selling, general and administrative expenses  (170,084)  (251,202)  (260,358)  (41,790)
Impairment loss for property, plant and equipment  (303,068)  (250,697)  (147,092)  (23,610)
Research and development expenses  (23,550)  (32,737)  (9,362)  (1,503)
Total operating expenses  (496,702)  (534,636)  (416,812)  (66,903)
Loss from operations  (487,594)  (631,252)  (493,923)  (79,280)
Interest expense  (117,492)  (129,308)  (103,427)  (16,601)
Other income  208,915  363,718  20,544  3,298
Loss before income taxes  (396,171)  (396,842)  (576,806)  (92,583)
Income tax (expenses)/benefit  (33,478)  25,441  (5,327)  (855)
Net loss  (429,649)  (371,401)  (582,133)  (93,438)
         
Net loss per share:        
Basic  (2.45)  (1.91)  (3.01)  (0.48)
Diluted  (2.45)  (1.91)  (3.01)  (0.48)
         
Weighted average number of shares outstanding:        
Basic  175,522,534  194,417,359  193,300,847  193,300,847
Diluted  175,522,534  194,417,359  193,300,847  193,300,847
         
Comprehensive loss        
Net loss  (429,649)  (371,401)  (582,133)  (93,438)
Foreign currency translation adjustments, net of tax  2,058  (1,258)  859  138
Cash flow hedging loss, net of tax  (15,201)  0  0  0
Other comprehensive (loss)/income  (13,143)  (1,258)  859  138
Comprehensive loss  (442,792)  (372,659)  (581,274)  (93,300)
         
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
  For twelve months ended
  Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2012
  RMB'000 RMB'000 USD'000
       
Net revenues 10,732,854 6,719,065 1,078,484
Cost of sales (10,271,521) (6,773,423) (1,087,209)
Gross profit/(loss) 461,333 (54,358) (8,725)
Selling, general and administrative expenses (509,832) (901,645) (144,724)
Impairment loss for property, plant and equipment (303,068) (397,789) (63,849)
Research and development expenses (68,948) (86,429) (13,873)
Total operating expenses (881,848) (1,385,863) (222,446)
Loss from operations (420,515) (1,440,221) (231,171)
Interest expense (373,710) (489,346) (78,545)
Other income 279,950 367,935 59,058
Loss before income taxes (514,275) (1,561,632) (250,658)
Income tax expenses (57,823) (100,625) (16,151)
Loss from continuing operations (572,098) (1,662,257) (266,809)
Income from discontinued operations 7,753 0 0
Net loss (564,345) (1,662,257) (266,809)
       
Loss per share from continuing operations:      
Basic (3.43) (8.53) (1.37)
Diluted (3.42) (8.53) (1.37)
       
Income per share from discontinued operations:      
Basic 0.05 0.00 0.00
Diluted 0.04 0.00 0.00
       
Net loss per share:      
Basic (3.38) (8.53) (1.37)
Diluted (3.38) (8.53) (1.37)
       
Weighted average number of shares outstanding:      
Basic  167,101,076  194,788,429  194,788,429
Diluted  167,101,076  194,788,429  194,788,429
       
Comprehensive loss      
Net loss (564,345) (1,662,257) (266,809)
Foreign currency translation adjustments, net of tax 1,181 218 35
Cash flow hedging gain/(loss), net of tax 9,428 (11,755) (1,887)
Other comprehensive gain/(loss) 10,609 (11,537) (1,852)
Comprehensive loss (553,736) (1,673,794) (268,662)
       
JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
 
  Dec. 31, Dec. 31,
  2011 2012 2012
  RMB'000 RMB'000 USD'000
 
ASSETS      
Current assets:       
Cash and cash equivalents  3,889,092  3,031,462  486,583
Restricted cash  88,632  194,379  31,200
Accounts receivable   1,244,904  1,723,090  276,575
Inventories  730,635  930,137  149,297
Advances to suppliers  435,657  294,653  47,295
Other current assets  1,320,202  976,658  156,764
Total current assets  7,709,122  7,150,379  1,147,714
Property and equipment, net  5,099,208  4,447,469  713,868
Advances to suppliers  1,452,920  1,157,555  185,800
Long-term investment  94,411  50,910  8,172
Deferred issuance cost  67,531  --   -- 
Other long term assets  312,407  326,153  52,351
Total assets  14,735,599  13,132,466  2,107,905
LIABILITIES AND SHAREHOLDERS' EQUITY      
Current liabilities:      
Short-term bank borrowings   529,906  972,730  156,134
Accounts payable   725,093  1,313,535  210,837
Advances from customers  320,277  76,875  12,339
Current portion of long term bank borrowings  885,000  1,850,500  297,026
Convertible Bond  --   708,548  113,730
Accrued and other liabilities   865,012  966,351  155,110
Total current liabilities  3,325,288  5,888,539  945,176
Convertible Bond  1,238,485  --   -- 
Long-term borrowings   3,461,916  2,088,139  335,169
Other long term liabilities  161,241  262,964  42,209
Total liabilities  8,186,930  8,239,642  1,322,554
Commitment and Contingencies      
Shareholders' equity  6,548,669  4,892,824  785,351
Total liabilities and shareholders' equity  14,735,599  13,132,466  2,107,905
CONTACT: In China

         Nick Beswick
         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

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JA Solar Holdings Co., Ltd.