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Press release from GlobeNewswire (a Nasdaq OMX company)

JA Solar Announces Fourth Quarter and Fiscal Year 2013 Results

Monday, March 17, 2014

JA Solar Announces Fourth Quarter and Fiscal Year 2013 Results

04:20 EDT Monday, March 17, 2014

SHANGHAI, China, March 17, 2014 (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 its unaudited financial results for its fourth quarter and fiscal year ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Shipments were 665.5 megawatts (" MW ") , consisting of 363.3 MW of modules and 302.2 MW of cells and cell tolling, above the high end of the Company's previous guidance of 550.0 MW, and an increase of 33.0% from 500.2 MW in the third quarter of 2013
  • Net revenue wa s RMB 2.2 billion ($357.3 million) , an increase from RMB 1.8 billion ($290.5 million) in the third quarter of 2013
  • Gross margin was 15.5%, compared with 11.3% in the third quarter of 2013
  • Operating profit was RMB 58.9 million ($9.7 million), compared with an operating loss of RMB 31.6 million ($5.2 million) in the third quarter of 2013
  • Net income was RMB 139.5 million ($23.0 million), compared with a net loss of RMB 227.0 million ($37.5 million) in the third quarter of 2013. Earnings per diluted ADS were RMB 1.92 ($0.32), compared with a loss per diluted ADS of RMB 6.77 ($1.12) in the third quarter of 2013
  • Cash and cash e quivalents at the end of the quarter were RMB 2.1 billion ($350.2 million) , compared with RMB 1.9 billion ($313.3 million) at the end of the third quarter of 2013
  • Operating cash flow was positive RMB 426.1 million ($70.4 million), compared with positive RMB 623.4 million ($103.0 million) in the third quarter of 2013
  • Non-GAAP net earnings1 attributable to the Company's ordinary shareholders were RMB 55.1 million ($9.1 million), compared to a non-GAAP net loss attributable to the Company's ordinary shareholders of RMB 90.2 million ($14.9 million) in the third quarter of 2013
  • Non-GAAP earnings per diluted ADS in the fourth quarter of 2013 were RMB 0.94 ($0.16), compared to Non-GAAP loss per diluted ADS of RMB 2.24 ($0.37) in the third quarter of 2013

Fiscal Year 2013 Highlights

  • Shipments grew to approximately 2.1 gigawatts ("GW"), consisting of 1,173.7 MW of modules and module tolling and 898.3 MW of cells and cell tolling, an increase of 21.7% from 1.7 GW in fiscal year 2012
  • Net revenue was RMB 7.2 billion ($1.2 billion), compared to net revenue of RMB 6.7 billion ($1.1 billion) in fiscal year 2012
  • Gross margin was positive 10.6%, compared to gross margin of negative 0.8% in fiscal year 2012
  • Operating loss was RMB 91.3 million ($15.1 million), compared to an operating loss of RMB 1.4 billion ($237.9 million) in fiscal year 2012
  • Net loss was RMB 426.5 million ($70.5 million) and loss per diluted ADS was RMB 11.76 ($1.94), compared to a net loss of RMB 1.7 billion ($274.6 million) and a loss per diluted ADS of 42.65 ($7.05) in fiscal year 2012
  • Operating cash flow was positive RMB 1.5 billion ($255.2 million), compared to operating cash flow of positive RMB 8.6 million ($1.4 million) in fiscal year 2012
  • Cash and cash equivalents at the end of the fiscal year were RMB 2.1 billion ($ 350.2 million), compared with RMB 3.0 billion ($500.8 million) at the end of fiscal year 2012
  • Non-GAAP net loss attributable to the Company's ordinary shareholders was RMB 378.2 million ($62.5 million), compared to a non-GAAP net loss attributable to the Company's ordinary shareholders of RMB 1.7 billion ($274.6 million) in fiscal year 2012
  • Non-GAAP loss per diluted ADS in fiscal year 2013 was RMB 9.39 ($1.55), compared to a non-GAAP loss per diluted ADS of RMB 42.65 ($7.05) in fiscal year 2012

1 JA Solar adjusts net income attributable to the Company's ordinary shareholders to exclude (1) changes in fair value of certain warrants granted to certain investors in a registered direct offering (the "Offering") closed on August 16, 2013, (2) fair value of such warrants exceeding net proceeds from the Offering, and (3) changes in fair value of embedded derivatives underlying the convertible notes issued in May 2008. Consistent with this approach, the Company believes that disclosing non-GAAP net loss per share provides useful supplemental data that, while not a substitute for GAAP net loss per share, allows for greater transparency in the review of the Company's financial and operational performance.

Mr. Baofang Jin, chairman and CEO of JA Solar, commented, "JA Solar ended 2013 on a strong note, as we comfortably exceeded the high end of our shipment guidance and returned to profitability in the fourth quarter. Stabilization of the pricing environment coupled with our continuous cost-reduction efforts enabled us to expand our gross margin to over 15%. We also generated significant operating cash flow as we focused on collecting receivables and executing sales with favorable payment terms, allowing us to fuel the expansion of our business while maintaining a prudent capital structure."

Mr. Jin continued, "We continued to perform well in all of our key regions in the fourth quarter, notably China, which is proving to be one of the cornerstone markets of global solar demand. With Japan expected to remain a major growth driver in 2014, we're pleased to have solidified our position there as one of the leading international solar suppliers. We also continue to see healthy demand in a range of European markets, with our progress in the U.K. utility market being a particular highlight."

"In 2014, we plan to build out our position in key markets across Asia, Europe and North America, while exploring opportunities in fast-growing regions including Latin America and the Middle East, where we have gained a solid foothold in recent months. With our global footprint and increasing recognition of JA Solar's superior conversion efficiency and product performance, we target to grow our shipments by over 30% this year to between 2.7 GW and 2.9 GW. We will also continue to explore downstream opportunities that diversify our revenue mix and deliver attractive returns. With a positive revenue outlook and a very competitive cost structure, we are focused on delivering full-year profitability in 2014."

Fourth Quarter 2013 Financial Results

Total shipments in the fourth quarter of 2013 were 665.5 MW, exceeding the high end of the Company's previously provided guidance of 500 MW to 550 MW, and representing a 33.0% increase from the 500.2 MW shipped in the third quarter of 2013, and a 33.0% increase from 500.4 MW in the fourth quarter of 2012.

Shipment breakdown by product (MW)

  2012Q4 2013Q3 2013Q4 QoQ% YoY%
Modules and module tolling 322.2 305.0 363.3 19.1% 12.8%
Cells and cell tolling 178.2 195.2 302.2 54.8% 69.6%
Total 500.4 500.2 665.5 33.0% 33.0%

Shipment breakdown by region (percentage)

  2012Q4 2013Q3 2013Q4 QoQ(pp) YoY(pp)
China 56.0% 38.7% 53.2% 14.5pp -2.8pp
APAC ex-China 23.9% 39.3% 31.7% -7.6pp 7.8pp
Europe 16.1% 9.3% 8.5% -0.8pp -7.6pp
Americas 3.2% 10.7% 5.9% -4.8pp 2.7pp
Others 0.8% 2.0% 0.7% -1.3pp -0.1pp

Net revenue in the fourth quarter of 2013 was RMB 2.2 billion ($357.3 million), an increase of 23.0% from RMB 1.8 billion ($290.5 million) in the third quarter of 2013, and an increase of 29.5% from RMB 1.7 billion ($275.9 million) in the fourth quarter of 2012.

Gross profit in the fourth quarter of 2013 was RMB 335.0 million ($55.3 million), compared with a gross profit of RMB 198.7 million ($32.8 million) in the third quarter of 2013 and a gross loss of RMB 77.1 million ($12.7 million) in the fourth quarter of 2012. Gross margin in the fourth quarter of 2013 was positive 15.5%, compared with positive 11.3% in the third quarter of 2013 and negative 4.6% in the fourth quarter of 2012.

Total operating expenses in the fourth quarter of 2013 were RMB 276.1 million ($45.6 million), compared with RMB 230.4 million ($38.1 million) in the third quarter of 2013 and RMB 416.8 million ($68.9 million) in the fourth quarter of 2012.

Operating profit in the fourth quarter of 2013 was RMB 58.9 million ($9.7 million), compared with an operating loss of RMB 31.6 million ($5.2 million) in the third quarter of 2013 and an operating loss of RMB 493.9 million ($81.6 million) in the fourth quarter of 2012. Operating margin in the fourth quarter of 2013 was positive 2.7%, compared with a negative operating margin of 1.8% in the third quarter of 2013 and a negative operating margin of 29.6% in the fourth quarter of 2012.

Other income in the fourth quarter of 2013 was RMB 4.1 million ($0.7 million), compared with other income of RMB 8.2 million ($1.4 million) in the third quarter of 2013 and other income of RMB 20.5 million ($3.4 million) in the fourth quarter of 2012.

Tax benefit in the fourth quarter of 2013 was RMB 40.0 million ($6.6 million), compared with tax expense of RMB 8.4 million ($1.4 million) in the third quarter of 2013 and tax expense of RMB 5.3 million ($0.9 million) in the fourth quarter of 2012.

Earnings per diluted ADS in the fourth quarter of 2013 was RMB 1.92($0.32), compared with loss per diluted ADS of RMB 6.77 ($1.12) in the third quarter of 2013 and loss per diluted ADS of RMB 15.06 ($2.49) in the fourth quarter of 2012.

In the fourth quarter of 2013, the Company generated positive operating cash flow of RMB 426.1 million ($70.4 million).

Fiscal Year 2013 Results

Fiscal year 2013 shipments were 2.1 GW, an increase of 21.7% from 1.7 GW in fiscal year 2012.

Shipment breakdown by product (MW)

  2012 2013 YoY%
Modules and module tolling 938.6 1173.7 25.0%
Cells and cell tolling 763.5 898.3 17.7%
Total 1702.1 2,072.0 21.7%

Shipment breakdown by region (percentage)

  2012 2013 YoY%
China 50.2% 43.2% -7.0pp
APAC ex-China 15.0% 33.6% 18.6pp
Europe 29.8% 15.1% -14.7pp
Americas 4.4% 6.4% 2.0pp
Others 0.6% 1.7% 1.1pp

Net revenue in fiscal year 2013 was RMB 7.2 billion ($1.2 billion), an increase of 6.9% from RMB 6.7 billion ($1.1 billion) in fiscal year 2012.

Total gross profit in fiscal year 2013 was RMB 762.3 million ($125.9 million), or 10.6% of net revenue, compared with gross loss of RMB 54.4 million ($9.0 million), or negative 0.8% of net revenue, in fiscal year 2012. Operating loss in fiscal year 2013 was RMB 91.3 million ($15.1 million), compared with operating loss of RMB 1.4 billion ($237.9 million) in fiscal year 2012. In fiscal year 2013, net loss per diluted ADS was RMB 11.76 ($1.94), compared with net loss per diluted ADS of RMB 42.67 ($7.05) in fiscal year 2012.

In fiscal year 2013, the Company generated positive operating cash flow of RMB 1.5 billion ($255.2 million), or RMB 38.40 ($6.34) per diluted ADS.

Liquidity

As of December 31, 2013, the Company had cash and cash equivalents of RMB 2.1 billion ($350.2 million) and total working capital of RMB 1.3 billion ($216.6 million). Total short-term bank borrowings due 2014 were RMB 1.0 billion ($172.2 million). Total long-term bank borrowings were RMB 2.5 billion ($411.3 million), of which RMB 936.2 million ($154.6 million) were due in one year.

Manufacturing Capacity Update

As of December 31, 2013, JA Solar had an annual wafer production capacity of 1.0 GW, an annual cell production capacity of 2.5 GW and an annual module production capacity of 1.8 GW. To satisfy the growing demand for JA Solar's products, the Company intends to increase both its cell manufacturing capacity and its module manufacturing capacity to 2.8 GW. The expansions are expected to be completed during the second quarter of 2014.

Recent Business Development

On August 14, 2013, the Company announced that it has entered into a Securities Purchase Agreement with a single institutional investor to issue securities in a registered direct offering (the "Offering"). In the Offering, the Company issued to the investor American depositary shares, a "Series A-1 Warrant," a "Series A-2 Warrant," a "Series A-3 Warrant" and a "Series B Warrant." On February 14, 2014, the Series A-2 Warrant was exercised in full with 2,544,833 American depositary shares issued at the price of $9.43 per ADS, resulting in gross proceeds to the Company of $24.0 million.

Business Outlook

For the first quarter of 2014, the Company expects total cell and module shipments to be between 580 MW and 610 MW. For the full year 2014, the Company expects total cell and module shipments to be between 2.7 GW and 2.9 GW, including 200 MW of module shipments to the Company's downstream projects.

Investor Conference Call / Webcast Details

A conference call has been scheduled for today, March 17, 2014, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time). The call may be accessed by dialing +65-6723-9381 (international), +1-845-675-0437 (U.S.), or +852-2475-0994 (Hong Kong). 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 +61-2-8199-0299 (international) or +1-646-254-3697 (U.S.). The passcode for the replay is 7243347.

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, 2013, which was RMB 6.0537 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, 2013, 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 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 2.1 GW of solar power products in 2013. JA Solar is headquartered in Shanghai, China, and maintains production facilities in Shanghai, as well as Hebei, Jiangsu and Anhui provinces.

JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
  For three months ended
  Dec. 31, 2012 Sep. 30, 2013 Dec. 31, 2013 Dec. 31, 2013
  RMB'000 RMB'000 RMB'000 USD'000
         
Net revenues 1,670,241 1,758,444 2,163,044 357,309
Cost of sales (1,747,352) (1,559,720) (1,828,087) (301,979)
Gross (loss)/profit (77,111) 198,724 334,957 55,330
Selling, general and administrative expenses (260,358) (212,639) (245,496) (40,553)
Impairment loss for property, plant and equipment (147,092) 0 0 0
Research and development expenses (9,362) (17,715) (30,587) (5,053)
Total operating expenses (416,812) (230,354) (276,083) (45,606)
(Loss)/income from operations (493,923) (31,630) 58,874 9,724
Interest expense (103,427) (56,875) (50,694) (8,374)
Change in fair value of warrant derivatives  --  (138,333) 87,259 14,414
Other income, net 20,544 8,174 4,073 673
(Loss)/income before income taxes (576,806) (218,664) 99,512 16,437
Income tax (expenses)/benefit (5,327) (8,366) 39,997 6,607
Net (loss)/income (582,133) (227,030) 139,509 23,044
Fair value of warrants in excess of net proceeds of equity offering 0 (44,396) 0 0
Less: income/(loss) attributable to noncontrolling interest 0 1,534 (2,875) (475)
Net (loss)/income attributable to JA Solar Holdings (582,133) (272,960) 142,384 23,519
         
Net (loss)/income per share attributable to ordinary shareholders::        
Basic (Note) (3.01) (1.35) 0.49 0.08
Diluted (3.01) (1.35) 0.38 0.06
         
Weighted average number of shares outstanding:        
Basic 193,300,847 201,665,457 216,365,357 216,365,357
Diluted 193,300,847 201,665,457 218,396,065 218,396,065
         
Comprehensive (loss)/income        
Net (loss)/income (582,133) (227,030) 139,509 23,044
Foreign currency translation adjustments, net of tax 859 (2,447) 1,849 305
Other comprehensive income/(loss) 859 (2,447) 1,849 305
Comprehensive (loss)/income (581,274) (229,477) 141,358 23,349
Fair value of warrants in excess of net proceeds of equity offering 0 (44,396) 0 0
Income/(loss) attributable to noncontrolling interest 0 1,534 (2,875) (475)
Comprehensive (loss)/income attributable to JA Solar Holdings (581,274) (275,407) 144,233 23,824
         
NON-GAAP RECONCILIATION        
         
GAAP net (loss)/income attributable to JA Solar Holdings (582,133) (272,960) 142,384 23,519
Change in fair value of warrant derivatives 0 138,333 (87,259) (14,414)
Fair value of warrants in excess of net proceeds of equity offering 0 44,396 0 0
Non-GAAP net (loss)/income attributable to JA Solar Holdings (582,133) (90,231) 55,125 9,105
         
Non-GAAP net (loss)/income per share attributable to ordinary shareholders:        
Basic (3.01) (0.45) 0.19 0.03
Diluted (3.01) (0.45) 0.19 0.03
         
Non-GAAP weighted average number of shares outstanding:        
Basic 193,300,847 201,665,457 216,365,357 216,365,357
Diluted 193,300,847 201,665,457 218,396,065 218,396,065
         
Note: JA Solar excludes net income attributable to the participating warrant holder of RMB 37.1 million ($ 6.1 million) from the numerator of basic EPS in the fourth quarter 2013.
 
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
  For twelve months ended
  Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2013
  RMB'000 RMB'000 USD'000
       
Net revenues 6,719,065 7,182,789 1,186,512
Cost of sales (6,773,423) (6,420,500) (1,060,591)
Gross (loss)/profit (54,358) 762,289 125,921
Selling, general and administrative expenses (901,645) (765,236) (126,408)
Impairment loss for property, plant and equipment (397,789) 0 0
Research and development expenses (86,429) (88,306) (14,587)
Total operating expenses (1,385,863) (853,542) (140,995)
Loss from operations (1,440,221) (91,253) (15,074)
Interest expense (489,346) (285,618) (47,181)
Change in fair value of warrant derivatives   (51,074) (8,437)
Other income/(loss), net 367,935 (13,574) (2,242)
Loss before income taxes (1,561,632) (441,519) (72,934)
Income tax (expenses)/benefit (100,625) 15,027 2,482
Net loss (1,662,257) (426,492) (70,452)
Fair value of warrants in excess of net proceeds of equity offering 0 (44,396) (7,334)
Less: income attributable to noncontrolling interest 0 2,788 461
Net loss attributable to JA Solar Holdings (1,662,257) (473,676) (78,247)
       
Net loss per share attributable to ordinary shareholders:      
Basic (8.53) (2.35) (0.39)
Diluted (8.53) (2.35) (0.39)
       
Weighted average number of shares outstanding:      
Basic  194,788,429  201,317,884  201,317,884
Diluted  194,788,429  201,317,884  201,317,884
       
Comprehensive loss      
Net loss (1,662,257) (426,492) (70,452)
Foreign currency translation adjustments, net of tax 218 9,507 1,570
Cash flow hedging loss, net of tax (11,755) 0 0
Other comprehensive (loss)/income (11,537) 9,507 1,570
Comprehensive loss (1,673,794) (416,985) (68,882)
Fair value of warrants in excess of net proceeds of equity offering 0 (44,396) (7,334)
Income attributable to noncontrolling interest 0 2,788 461
Comprehensive loss attributable to JA Solar Holdings (1,673,794) (464,169) (76,677)
       
NON-GAAP RECONCILIATION      
       
GAAP net loss attributable to JA Solar Holdings (1,662,257) (473,676) (78,247)
Change in fair value of warrant derivatives 0 51,074 8,437
Change in fair value of embedded derivatives underlying convertible notes (31) 0 0
Fair value of warrants in excess of net proceeds of equity offering 0 44,396 7,334
Non-GAAP net loss attributable to JA Solar Holdings (1,662,288) (378,206) (62,476)
       
Non-GAAP net loss per share attributable to ordinary shareholders:      
Basic (8.53) (1.88) (0.36)
Diluted (8.53) (1.88) (0.36)
       
Non-GAAP weighted average number of shares outstanding:      
Basic 194,788,429 201,317,884 201,317,884
Diluted 194,788,429 201,317,884 201,317,884
 
JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
       
  Dec. 31, Dec. 31,
  2012 2013 2013
  RMB'000 RMB'000 USD'000
   
ASSETS      
Current assets:       
Cash and cash equivalents  3,031,462  2,119,740  350,156
Restricted cash  194,379  588,413  97,199
Accounts receivable   1,723,090  1,044,111  172,475
Inventories  930,137  1,347,094  222,524
Advances to suppliers  294,653  401,472  66,319
Other current assets  976,658  851,203  140,609
Total current assets  7,150,379  6,352,033  1,049,282
Property and equipment, net  4,447,469  4,205,854  694,758
Advances to suppliers  1,157,555  753,913  124,538
Long-term investment  50,910  48,802  8,061
Other long term assets  326,153  521,092  86,078
Total assets  13,132,466  11,881,694  1,962,717
LIABILITIES AND SHAREHOLDERS' EQUITY      
Current liabilities:      
Short-term bank borrowings   972,730  1,042,352  172,184
Accounts payable   1,313,535  1,882,631  310,988
Advances from customers  76,875  202,723  33,487
Current portion of long term bank borrowings  1,850,500  936,163  154,643
Convertible Bond  708,548  --   -- 
Derivative liabilities-current  --   31,106  5,138
Accrued and other liabilities   966,351  945,909  156,254
Total current liabilities  5,888,539  5,040,884  832,694
Long-term borrowings   2,088,139  1,554,000  256,703
Derivative liabilities-non current  --   154,259  25,482
Other long term liabilities  262,964  428,472  70,779
Total liabilities  8,239,642  7,177,615  1,185,658
Total JA Solar Holdings shareholders' equity  4,892,824  4,620,262  763,213
Noncontrolling interest  --   83,817  13,846
Total shareholders' equity  4,892,824  4,704,079  777,059
Total liabilities and shareholders' equity  13,132,466  11,881,694  1,962,717
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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