Home
Why Solar
Retailer Price
Contract Price
Inverter Price
Weekly Snapshots
Price Download
Monthly Insights
Weekly Forecast
Price Forecast
Premier Insights
Premier Data
Advertising
Solar PV Corporate News Release
Trina Solar Announces Third Quarter 2016 Results
Nov 23, 2016
Canadian Solar Reports Third Quarter 2016 Results
Nov 21, 2016
JASolar Announces Third Quarter 2016 Financial Results
Nov 17, 2016
JinkoSolar Announces Third Quarter 2016 Financial Results
Nov 16, 2016
SunPower Reports Third Quarter 2016 Results
Nov 10, 2016
First Solar, Inc. Announces Third Quarter 2016 Financial Results
Nov 03, 2016
Hanwha Q CELLS Reports Second Quarter 2016 Results
Aug 23, 2016
Yingli Green Energy Reports Second Quarter 2016 Results
Aug 23, 2016
Canadian Solar Reports Second Quarter 2016 Results
Aug 18, 2016
JA Solar Announces Second Quarter 2016 Results
Aug 17, 2016
SunPower Reports Second Quarter 2016 Results
Aug 10, 2016
First Solar, Inc. Announces Second Quarter 2016 Financial Results
Aug 04, 2016
First Solar, Inc. Announces First Quarter 2016 Financial Results
Apr 27, 2016
JinkoSolar Announces Fourth Quarter and Full Year 2015 Financial Results
Mar 01, 2016
First Solar, Inc. Announces Fourth Quarter & Full Year 2015 Financial Results
Feb 24, 2016
SunPower Corp. announced financial results for its fourth quarter and fiscal year ended Jan. 3, 2016
Feb 18, 2016
Trina Solar Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company
Dec 14, 2015
Hanwha Q CELLS Reports Third Quarter 2015 Results
Nov 19, 2015
JinkoSolar Announces Third Quarter 2015 Financial Results
Nov 19, 2015
JA Solar Announces Third Quarter 2015 Results
Nov 17, 2015
SunPower Announces Fiscal Year 2016 Guidance
Nov 12, 2015
SunEdison Reports Third Quarter 2015 Results
Nov 10, 2015
Canadian Solar Reports Third Quarter 2015 Results
Nov 10, 2015
Yingli Green Energy Reports Second Quarter 2015 Results
Sep 08, 2015
Hanwha Q CELLS Reports Second Quarter 2015 Results
Aug 27, 2015
TSMC to Cease Solar Manufacturing Operations
Aug 25, 2015
JinkoSolar Announces Better-Than-Expected Second Quarter 2015 Financial Results
Aug 20, 2015
Trina Solar Announces $43.1 million of Net Profits for Second Quarter 2015 Results
Aug 18, 2015
First Solar, Inc. Announces Second Quarter 2015 Financial Results with $896 million of Net sales.
Aug 05, 2015
Sunpower announced financial results of 377 million net profits for its second fiscal quarter ended June 28, 2015.
Jul 29, 2015
8point3 Energy Partners LP, a YieldCo Formed by First Solar, Inc. and SunPower Corporation, Announces Pricing of its Ini
Jun 19, 2015
JA Solar and Essel Infraprojects Limited Sign MOU on 500MW PV Joint Venture
May 25, 2015
First Solar, Inc. Announces First Quarter 2015 Financial Results with net loss of USD 62 million
May 01, 2015
Israeli Parliament Solar Project Adopts JA Solar Modules
Apr 07, 2015
JA Solar Supplies Modules Again to First Large-Scale Solar Farm in Central America
Mar 16, 2015
Hyundai offers compact 250W high-performance modules for UK rooftop market
Mar 12, 2015
JA Solar Launching 1500V PV Module
Mar 09, 2015
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Mar 05, 2015
Canadian Solar Reports Fourth Quarter and Full Year 2014 Results
Mar 05, 2015
JA Solar Makes Breakthrough in South Pacific Market in 2014
Feb 05, 2015
First Solar Achieves Efficiency, Durability Milestones
Feb 05, 2015
JA Solar Reaches 100MWp of PV Module Shipments to Solarcentury for UK Projects in 2014
Jan 05, 2015
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Jan 05, 2015
Hanwha Solarone Files Shareholder Circular for Acquisition of Hanwha Q CELLS
Dec 29, 2014
Motech and Topcell Announced the Signing of Merger Agreement
Dec 26, 2014
JA Solar Supplies 100MW of Modules to First Large-Scale Solar Farm in Pakistan
Dec 08, 2014
Yingli Green Energy Reports Third Quarter 2014 Results
Nov 25, 2014
Trina Solar Announces Third Quarter 2014 Results
Nov 24, 2014
Hanwha SolarOne Reports Third Quarter 2014 Results
Nov 21, 2014
JA Solar Announces Third Quarter 2014 Results
Nov 19, 2014
Trina Solar Announces New Efficiency Records for Silicon Solar Cells
Nov 17, 2014
JA Solar Sets Power Output Record of over 280W for Multi-Si 60-cells Solar Modules
Nov 17, 2014
SunPower Announces Fiscal Year 2015 Guidance
Nov 13, 2014
WINAICO launches patented micro-crack preventing HeatCap technology at PV Taiwan
Oct 22, 2014
Trina Solar Announces Fourth Quarter and Full Year 2014 Results
Jan 01, 1970
JA Solar Announces Third Quarter 2015 Results

JA Solar Announces Third Quarter 2015 Results

BEIJING, Nov. 17, 2015 -- 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 third quarter ended September 30, 2015.

Third Quarter 2015 Highlights

  • Total shipments were 1,126.8 megawatts ("MW"), an increase of 43.5% y/y and 42.5% sequentially
  • Shipments of modules and module tolling were 1,073.8 MW, an increase of 54.8% y/y and 49.7% sequentially
  • Shipments of cells and cell tolling were 53.0 MW, a decrease of 42.3% y/y and 27.8% sequentially
  • Net revenue was RMB 3.8 billion ($601.0 million), an increase of 26.4% y/y and 41.0% sequentially
  • Gross margin was 17.7%, an increase of 270 basis points y/y and 130 basis points sequentially
  • Operating profit was RMB 299.1 million ($47.1 million), compared to RMB 189.6 million ($29.8 million) in the third quarter of 2014, and RMB 156.1 million ($24.6 million) in the second quarter of 2015
  • Net income was RMB 258.6 million ($40.7 million), compared to RMB 155.4 million ($24.5 million) in the third quarter of 2014, and RMB 136.0 million ($21.4 million) in the second quarter of 2015
  • Earnings per diluted ADS were RMB 4.42 ($0.70), compared to RMB 2.55 ($0.40) in the third quarter of 2014, and RMB 2.26 ($0.36) in the second quarter of 2015
  • Cash and cash equivalents were RMB 1.8 billion ($289.4 million), an increase of RMB 90.6 million ($14.3 million) during the quarter
  • Non-GAAP earnings1 per diluted ADS were RMB 4.35 ($0.68), compared to RMB 1.30 ($0.20) in the third quarter of 2014, and RMB 1.67 ($0.26) in the second quarter of 2015

Mr. Baofang Jin, chairman and CEO of JA Solar, commented, "We are pleased to report strong financial results for the third quarter of 2015 as total shipments of 1.1 GW exceeded the high end of our previous expectations. Strong demand in China continued to drive shipment growth, as China represented 53% of our total shipments during the quarter. We also made great progress on our new cell manufacturing facility in Malaysia during the quarter, and are very excited to have announced the facility's launch in late October.

"Due to relatively strong demand in the second half, we have allocated additional shipments from our downstream projects to meet customer demand. As a result, we now expect shipments to our own downstream projects to be under 100 MW in 2015.

"As we continue into the final quarter of 2015, we expect demand to remain strong in our key markets, especially China. Although we expect ASPs to remain stable, rising wafer prices may pressure margins slightly in the remainder of the year. We also continue to focus on capturing greater market share in the Americas, and are very pleased with the addition of Mr. Robert Petrina to our management team as we enhance our presence in the U.S. Growing our market share in the U.S. and several emerging markets remains our focus to drive growth in the remainder of the year and beyond."

Third Quarter 2015 Financial Results

All shipment and financial figures refer to the quarter ended September 30, 2015, unless otherwise specified. All "year over year" or "y/y" comparisons are against the quarter ended September 30, 2014. All "sequential" comparisons are against the quarter ended June 30, 2015.

Total shipments were 1,126.8 MW, above the high end of the previously announced guidance of 900 MW to 950 MW. Shipments grew 43.5% year-over-year and 42.5% sequentially.

Shipment breakdown by product (MW)

 

2014Q3

2015Q2

2015Q3

QoQ%

YoY%

Modules and module tolling

693.5

717.4

1,073.8

49.7%

54.8%

Cells and cell tolling

91.9

73.4

53.0

-27.8%

-42.3%

Total

785.4

790.8

1,126.8

42.5%

43.5%

Shipment breakdown by region (percentage)

 

2014Q3

2015Q2

2015Q3

QoQ(pp)

YoY(pp)

China

34.8%

45.3%

53.1%

7.8pp

18.3pp

APAC ex-China

46.4%

31.9%

36.3%

4.4pp

-10.1pp

Europe

9.2%

14.8%

7.8%

-7.0pp

-1.4pp

Americas

4.7%

0.6%

1.0%

0.4pp

-3.7pp

Others

4.9%

7.4%

1.8%

-5.6pp

-3.1pp

Net revenue was RMB 3.8 billion ($601.0 million), an increase of 26.4% y/y and 41.0% sequentially. Growth was mainly driven by strong shipments to China.

Gross profit of RMB 677.5 million ($106.6 million) increased 49.2% y/y and 52.5% sequentially. Gross margin was 17.7%, which compares to 15.0% in the year-ago quarter, and 16.4% in the second quarter of 2015. The y/y and sequential increase in gross margin was primarily due to continued cost reduction efforts combined with lower polysilicon prices and a stable ASP in key markets, including China.

Total operating expenses were RMB 378.4 million ($59.5 million), compared to RMB 264.6 million ($41.6 million) in the year-ago quarter, and RMB 288.1 million ($45.3 million) in the second quarter of 2015. The increase in total operating expenses was primarily due to an increase in selling costs associated with higher sales during the quarter. As a percentage of net revenue, total operating expenses were 9.9% in the third quarter of 2015, 8.8% in the year-ago quarter, and 10.6% in the second quarter of 2015.

Operating profit was RMB 299.1 million ($47.1 million), compared to RMB 189.6 million ($29.8 million) in the year-ago quarter, and RMB 156.1 million ($24.6 million) in the second quarter of 2015.  

Interest expense was RMB 58.2 million ($9.2 million), compared to RMB 56.7 million ($8.9 million) in the year-ago quarter, and RMB 58.6 million ($9.2 million) in the second quarter of 2015. 

The change in fair value of warrant derivatives was positive RMB 4.4 million ($0.7 million), compared to positive RMB 75.3 million ($11.9 million) in the year-ago quarter, and positive RMB 35.1 million ($5.5 million) in the second quarter of 2015. The warrants were issued on August 16, 2013 in conjunction with the Company's $96 million registered direct offering. The non-cash gain from the change in fair value was mainly due to the higher stock price as of June 30, 2015 when compared with the stock price as of September 30, 2015.

Earnings per diluted ADS were RMB 4.42 ($0.70), compared to earnings per diluted ADS of RMB 2.55 ($0.40) in the year-ago quarter, and earnings per diluted ADS of RMB 2.26 ($0.36) in the second quarter of 2015.

Liquidity

As of September 30, 2015, the Company had cash and cash equivalents of RMB 1.8 billion ($289.4 million), and total working capital of RMB 3.0 billion ($466.0 million). Total short-term borrowings were RMB 2.3 billion ($358.2 million). Total long-term borrowings were RMB 2.6 billion ($403.5 million), of which RMB 217.4 million ($34.2 million) were due in one year.

Business Outlook

For the fourth quarter of 2015, the Company expects total cell and module shipments to be in the range of 1.1 GW to 1.2 GW. Due to strong customer demand, the Company now expects to ship less than 100 MW of modules to its downstream projects in 2015.

Manufacturing Capacity Update

On October 26, 2015, the Company announced the launch of its 400 MW solar cell manufacturing facility in Penang, Malaysia.

To meet growing demand for the Company's high quality products, JA Solar plans to further expand its manufacturing capacity and expects an annual production capacity of 1.5 GW for wafers, 5.0 GW for cells, and 5.0 GW for modules by mid 2016.

Share Buyback Update

As of September 30, 2015, the Company has repurchased a total of 2,971,163 of the Company's American Depositary Shares ("ADSs") from the open market pursuant to a board-approved share repurchase program since its buyback announcement on November 18, 2014.

Investor Conference Call / Webcast Details

JA Solar will hold a conference call on Tuesday, November 17, 2015, at 8:00 a.m. U.S. Eastern Time (9:00 p.m. Beijing/Hong Kong Time), to discuss the Company's third quarter 2015 results.

Dial-in details for the live conference call are as follows:

International: 

+65-6713-5090

U.S.

+1-866-519-4004

Hong Kong

+852-3018-6771

Passcode

JA Solar 

A live webcast of the conference call will be available on the Company's website at http://www.jasolar.com.

A replay of the call will be available beginning two hours after the live call.

The dial-in details for the replay are as follows:

International: 

+61-2-8199-0299 

United States:

+1-855-452-5696

Passcode

70827951

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 September 30, 2015, which was RMB 6.3556 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 September 30, 2015, 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 3.1 GW of solar power products in 2014. JA Solar is headquartered in Beijing, China, and maintains production facilities in Shanghai, Hebei, Jiangsu and Anhui provinces in China, as well as Penang, Malaysia.

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

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

JA Solar Holdings Co., Ltd.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

 

For three months ended

 

Sep. 30, 2014

Jun. 30, 2015

Sep. 30, 2015

Sep. 30, 2015

 

RMB'000

RMB'000

RMB'000

USD'000

 

 

 

 

 

Net revenues

3,021,304

2,708,096

3,819,510

600,968

Cost of sales

(2,567,126)

(2,263,838)

(3,141,961)

(494,361)

Gross profit

454,178

444,258

677,549

106,607

Selling, general and administrative expenses

(225,456)

(254,479)

(344,152)

(54,149)

Research and development expenses

(39,170)

(33,663)

(34,278)

(5,393)

Total operating expenses

(264,626)

(288,142)

(378,430)

(59,542)

Income from operations

189,552

156,116

299,119

47,065

Interest expense

(56,652)

(58,555)

(58,213)

(9,159)

Change in fair value of warrant derivatives

75,332

35,096

4,394

691

Other income/(loss), net

(34,068)

30,401

74,301

11,691

Income before income taxes

174,164

163,058

319,601

50,288

Income tax expense

(18,749)

(27,028)

(61,014)

(9,600)

Net income

155,415

136,030

258,587

40,688

Less: income/(loss) attributable to noncontrolling interest

2,175

535

(644)

(101)

Net income attributable to JA Solar Holdings

153,240

135,495

259,231

40,789

 

 

 

 

 

Net income per share attributable to ordinary shareholders:

 

 

 

 

Basic (Note)

0.51

0.45

0.88

0.14

Diluted

0.51

0.45

0.88

0.14

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

Basic 

248,618,157

248,906,272

242,328,656

242,328,656

Diluted

248,984,677

249,222,492

242,473,131

242,473,131

 

 

 

 

 

Comprehensive income

 

 

 

 

Net income

155,415

136,030

258,587

40,688

Foreign currency translation adjustments, net of tax

5,045

4,045

(32,876)

(5,173)

Other comprehensive income/(loss)

5,045

4,045

(32,876)

(5,173)

Comprehensive income

160,460

140,075

225,711

35,515

Income/(loss) attributable to noncontrolling interest

2,175

535

(644)

(101)

Comprehensive income attributable to JA Solar Holdings

158,285

139,540

226,355

35,616

 

 

 

 

 

NON-GAAP RECONCILIATION

 

 

 

 

 

 

 

 

 

GAAP net income attributable to JA Solar Holdings

153,240

135,495

259,231

40,789

Change in fair value of warrant derivatives

(75,332)

(35,096)

(4,394)

(691)

Non-GAAP net income attributable to JA Solar Holdings

77,908

100,399

254,837

40,098

 

 

 

 

 

Non-GAAP net income per share attributable to ordinary shareholders:

 

 

 

 

Basic

0.26

0.33

0.87

0.14

Diluted

0.26

0.33

0.87

0.14

 

 

 

 

 

Non-GAAP weighted average number of shares outstanding:

 

 

 

 

Basic

248,618,157

248,906,272

242,328,656

242,328,656

Diluted

248,984,677

249,222,492

242,473,131

242,473,131

 

 

 

 

 

Note: JA Solar excludes net income attributable to the participating warrant holder of RMB 45.0 million (US$7.1 million) from the numerator of basic EPS in the third quarter of 2015.

 

 

JA Solar Holdings Co., Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

 

For nine months ended

 

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2015

 

RMB'000

RMB'000

USD'000

 

 

 

 

Net revenues

7,719,216

8,930,960

1,405,211

Cost of sales

(6,516,583)

(7,422,460)

(1,167,861)

Gross profit

1,202,633

1,508,500

237,350

Selling, general and administrative expenses

(661,597)

(796,614)

(125,340)

Research and development expenses

(100,939)

(107,012)

(16,837)

Total operating expenses

(762,536)

(903,626)

(142,177)

Income from operations

440,097

604,874

95,173

Interest expense

(168,169)

(183,364)

(28,851)

Change in fair value of warrant derivatives

25,351

25,596

4,027

Other income, net

26,785

82,820

13,031

Income before income taxes

324,064

529,926

83,380

Income tax expenses

(43,537)

(100,337)

(15,787)

Net income

280,527

429,589

67,593

Less: income/(loss) attributable to noncontrolling interest

9,836

(663)

(104)

Net income attributable to JA Solar Holdings

270,691

430,252

67,697

 

 

 

 

Net income per share attributable to ordinary shareholders:

 

 

 

Basic

0.92

1.45

0.23

Diluted

0.86

1.44

0.23

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

Basic

 240,005,377

 246,627,317

 246,627,317

Diluted

 240,682,850

 246,868,295

 246,868,295

 

 

 

 

Comprehensive loss

 

 

 

Net income

280,527

429,589

67,593

Foreign currency translation adjustments, net of tax

1,478

(30,810)

(4,848)

Other comprehensive income/(loss)

1,478

(30,810)

(4,848)

Comprehensive income

282,005

398,779

62,745

Income/(loss) attributable to noncontrolling interest

9,836

(663)

(104)

Comprehensive income attributable to JA Solar Holdings

272,169

399,442

62,849

 

 

 

 

NON-GAAP RECONCILIATION

 

 

 

 

 

 

 

GAAP net income attributable to JA Solar Holdings

270,691

430,252

67,697

Change in fair value of warrant derivatives

(25,351)

(25,596)

(4,027)

Non-GAAP net income attributable to JA Solar Holdings

245,340

404,656

63,670

 

 

 

 

Non-GAAP net income per share attributable to ordinary shareholders:

 

 

 

Basic

0.83

1.36

0.21

Diluted

0.78

1.36

0.21

 

 

 

 

Non-GAAP weighted average number of shares outstanding:

 

 

 

Basic

240,005,377

246,627,317

246,627,317

Diluted

240,682,850

246,868,295

246,868,295

 

 

 

 

 

JA Solar Holdings Co., Ltd.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

 

 

Dec. 31,

Sep. 30,

 

2014

2015

2015

 

RMB'000

RMB'000

USD'000

 

 

ASSETS

 

 

 

Current assets: 

 

 

 

Cash and cash equivalents

 2,155,009

 1,839,287

 289,396

Restricted cash

 833,084

 779,103

 122,585

Accounts receivable 

 2,461,741

 3,314,584

 521,522

Notes receivable 

 74,984

 618,408

 97,301

Inventories

 1,886,268

 1,953,513

 307,369

Advances to suppliers

 337,595

 404,409

 63,630

Other current assets

 851,822

 623,093

 98,038

Total current assets

 8,600,503

 9,532,397

 1,499,841

Property and equipment, net

 4,166,747

 4,088,088

 643,226

Project asset

 651,494

 763,015

 120,054

Advances to suppliers

 451,704

 232,367

 36,561

Long-term investment

 13,524

 55,549

 8,740

Other long term assets

 599,806

 615,756

 96,884

Total assets

 14,483,778

 15,287,172

 2,405,306

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Short-term borrowings 

 2,275,533

 2,276,282

 358,154

Accounts payable 

 2,770,299

 2,325,804

 365,946

Advances from customers

 243,959

 393,034

 61,841

Current portion of long term borrowings

 22,000

 217,400

 34,206

Derivative liabilities-warrants

 105,785

 83,452

 13,130

Accrued and other liabilities 

 1,162,510

 1,275,005

 200,608

Total current liabilities

 6,580,086

 6,570,977

 1,033,885

Long-term borrowings 

 1,902,400

 2,347,000

 369,281

Other long term liabilities

 534,424

 634,783

 99,878

Total liabilities

 9,016,910

 9,552,760

 1,503,044

Total JA Solar Holdings shareholders' equity

 5,360,172

 5,628,378

 885,578

Noncontrolling interest

 106,696

 106,034

 16,684

Total shareholders' equity

 5,466,868

 5,734,412

 902,262

Total liabilities and shareholders' equity

 14,483,778

 15,287,172

 2,405,306

 

         Victor Kuo

         Phone: +86 (10) 6583-7526

         Email: victor.kuo@icrinc.com

 

JA Solar Holdings Co., Ltd.

 

Copyright © 2017 PVinsights.com All rights reserved