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Solar PV Corporate News Release
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JA Solar Announces Second Quarter 2016 Results

BEIJING, Aug. 17, 2016 -- 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 second quarter ended June 30, 2016.

Second Quarter 2016 Highlights

Total shipments were 1,380.8 megawatts ("MW"), consisting of 1,229.3 MW of modules and cells to external customers, and 151.5 MW of modules to the Company's own downstream projects. External shipments were up +55.5% y/y and up +18.4% sequentially

Shipments of modules and module tolling were 1,134.2 MW, an increase of +58.1% y/y and an increase of +23.4% sequentially

Shipments of cells and cell tolling were 95.1MW, an increase of +29.6% y/y and a decrease of 20.0% sequentially

Net revenue was RMB 4.1 billion ($619.0 million), an increase of +51.9% y/y and an increase of +18.6% sequentially

Gross margin was 15.3%, a decrease of 110 basis points y/y and a decrease of 130 basis points sequentially

Operating profit was RMB 188.0 million ($28.3 million), compared to RMB 156.1 million ($23.5 million) in the second quarter of 2015, and RMB 223.3 million ($33.6 million) in the first quarter of 2016

Net income was RMB 164.1 million ($24.7 million), compared to RMB 136.0 million ($20.5 million) in the second quarter of 2015, and RMB 158.0 million ($23.8 million) in the first quarter of 2016

Earnings per diluted ADS were RMB 2.87 ($0.43), compared to RMB 2.26 ($0.34) in the second quarter of 2015, and RMB 2.74 ($0.41) in the first quarter of 2016

Cash and cash equivalents were RMB 2.0 billion ($303.0 million), a decrease of RMB 321.0 million ($48.3 million) during the quarter

Non-GAAP earnings1 per diluted ADS were RMB 2.04 ($0.31), compared to RMB 1.67 ($0.25) in the second quarter of 2015, and RMB 2.33 ($0.35) in the first quarter of 2016

Mr. Baofang Jin, Chairman and CEO of JA Solar, commented, "Second quarter results were in line with our expectations, with shipments and revenue growing over 50% year-over-year.  We are also encouraged by our downstream project development achievements as we successfully connected approximately 250 MW of solar projects to the grid in the quarter.  As expected, China was our strongest market in the quarter, driven by accelerated activity ahead of subsidy reductions that occurred this summer."

Mr. Jin continued, "While regulatory change should slow the domestic Chinese market in the second half of the year, we believe our balanced global footprint and flexible business model will allow us to adjust to evolving market conditions.  We are carefully controlling capital expenditures and staffing, and selling effort is focused on more robust markets outside of China. Our project business provides flexibility in our business model, since we can accelerate or slow down activity in order to balance demand for our modules.  The JA team remains focused on executing our business strategy to provide our customers with high-quality products in 2016 and beyond."

All shipment and financial figures refer to the quarter ended June 30, 2016, unless otherwise specified.  All "year over year" or "y/y" comparisons are against the quarter ended June 30, 2015.  All "sequential" comparisons are against the quarter ended March 31, 2016.

Total shipments were 1,380.8 MW, largely in line with the low end of the previously announced guidance range of 1,400 to 1,500 MW. External shipments of 1,229.3 MW increased 55.5% year-over-year and increased 18.4% sequentially.

External shipments breakdown by product (MW)

 

2015Q2

2016Q1

2016Q2

QoQ%

YoY%

Modules and module tolling

717.4

919.4

1,134.2

 

23.4

%

 

58.1

%

Cells and cell tolling

73.4

118.9

95.1

 

-20.0

%

 

29.6

%

Total

790.8

1,038.3

1,229.3

 

18.4

%

 

55.5

%

External shipments breakdown by region (percentage)

 

2015Q2

2016Q1

2016Q2

QoQ(pp)

YoY(pp)

China

 

45.3

%

 

59.6

%

 

63.9

%

4.3 pp

18.6 pp

APAC ex-China

 

31.9

%

 

26.7

%

 

12.0

%

-14.7 pp

-19.9 pp

Europe

 

14.8

%

 

5.6

%

 

3.7

%

-1.9 pp

-11.1 pp

Americas

 

0.6

%

 

4.5

%

 

9.3

%

4.8 pp

8.7 pp

Others

 

7.4

%

 

3.6

%

 

11.1

%

7.5 pp

3.7 pp

Net revenue was RMB 4.1 billion ($619.0 million), an increase of 51.9% y/y and an increase of 18.6% sequentially.

Gross profit of RMB 628.3 million ($94.5 million) increased 41.4% y/y and increased 9.2% sequentially. Gross margin was 15.3%, which compares to 16.4% in the year-ago quarter, and 16.6% in the first quarter of 2016.

Total operating expenses of RMB 440.3 million ($66.3 million) were 10.7% of revenue. This compares to operating expenses of 10.6% of revenue in the year-ago quarter, and 10.1% of revenue in the first quarter of 2016.

Operating profit was RMB 188.0 million ($28.3 million), compared to RMB 156.1 million ($23.5 million) in the year-ago quarter, and RMB 223.3 million ($33.6 million) in the first quarter of 2016. Operating margin was 4.6%, compared with 5.8% in the prior year period and 6.4% in the previous quarter.

Interest expense was RMB 68.8 million ($10.4 million), compared to RMB 58.6 million ($8.8 million) in the year-ago quarter, and RMB 67.3 million ($10.1 million) in the first quarter of 2016.

The change in fair value of warrant derivatives was gain of RMB 47.4 million ($7.1 million), compared with RMB 35.1 million ($5.3 million) in the year-ago quarter, and positive RMB 23.4 million ($3.5 million) in the first quarter of 2016. The warrants were issued on August 16, 2013 in conjunction with the Company's $96 million registered direct offering, and expired on August 16, 2016. The non-cash gain was mainly due to a decline in the time value of the warrants as they approached expiry.  In addition, the value of the warrants was impacted by the decline in the price of the company's ADS during the quarter.

Earnings per diluted ADS were RMB 2.87 ($0.43), compared to earnings per diluted ADS of RMB 2.26 ($0.34) in the year-ago quarter, and earnings per diluted ADS of RMB 2.74 ($0.41) in the first quarter of 2016.

Liquidity

As of June 30, 2016, the Company had cash and cash equivalents of RMB 2.0 billion ($303.0 million), and total working capital of RMB 1.1 billion ($162.2 million).  Total short-term borrowings were RMB 2.8 billion ($426.6 million). Total long-term borrowings were RMB 3.3 billion ($489.3 million), of which RMB 630.3 million ($94.8 million) were due in one year.

Business Outlook

For the third quarter of 2016, the Company expects total cell and module shipments to be in the range of 1,200 to 1,300 MW.  For the full year, the Company reiterates its prior shipment guidance of 5.2 to 5.5 GW, including 250 to 300 MW of module shipments to the Company's downstream projects. Revenues will not be recognized for the modules shipped to the Company's downstream projects as required by U.S. GAAP.

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 June 30, 2016, which was RMB 6.6459 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 June 30, 2016, 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 4.0 GW of solar power products in 2015. 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.

 

 

JA Solar Holdings Co., Ltd.

 

Condensed Consolidated Statements of Operations and Comprehensive Income

 

(Unaudited)

 

 

For three months ended

 

 

Jun. 30, 2015

Mar. 31, 2016

Jun. 30, 2016

Jun. 30, 2016

 

 

RMB'000

RMB'000

RMB'000

USD'000

 

 

 

 

 

 

 

Net revenues

 

2,708,096

 

 

3,469,714

 

 

4,113,592

 

 

618,967

 

 

Cost of sales

 

(2,263,838

)

 

(2,894,352

)

 

(3,485,300

)

 

(524,429

)

 

Gross profit

 

444,258

 

 

575,362

 

 

628,292

 

 

94,538

 

 

Selling, general and administrative expenses

 

(254,479

)

 

(312,475

)

 

(396,294

)

 

(59,630

)

 

Research and development expenses

 

(33,663

)

 

(39,599

)

 

(44,043

)

 

(6,627

)

 

Total operating expenses

 

(288,142

)

 

(352,074

)

 

(440,337

)

 

(66,257

)

 

Income from operations

 

156,116

 

 

223,288

 

 

187,955

 

 

28,281

 

 

Interest expense

 

(58,555

)

 

(67,273

)

 

(68,804

)

 

(10,353

)

 

Change in fair value of warrant derivatives

 

35,096

 

 

23,447

 

 

47,417

 

 

7,135

 

 

Other income, net

 

30,401

 

 

16,281

 

 

30,878

 

 

4,646

 

 

Income before income taxes

 

163,058

 

 

195,743

 

 

197,446

 

 

29,709

 

 

Income tax expense

 

(27,028

)

 

(37,769

)

 

(33,357

)

 

(5,019

)

 

Net income

 

136,030

 

 

157,974

 

 

164,089

 

 

24,690

 

 

Less: income attributable to noncontrolling interest

 

535

 

 

1,317

 

 

388

 

 

58

 

 

Net income attributable to JA Solar Holdings

 

135,495

 

 

156,657

 

 

163,701

 

 

24,632

 

 

 

 

 

 

 

 

Net income per share attributable to ordinary shareholders:

 

 

 

 

 

Basic (Note)

 

0.45

 

 

0.55

 

 

0.57

 

 

0.09

 

 

Diluted

 

0.45

 

 

0.55

 

 

0.57

 

 

0.09

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

Basic

 

248,906,272

 

 

234,290,842

 

 

234,290,842

 

 

234,290,842

 

 

Diluted

 

249,222,492

 

 

234,521,962

 

 

234,443,142

 

 

234,443,142

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

Net income

 

136,030

 

 

157,974

 

 

164,089

 

 

24,690

 

 

Foreign currency translation adjustments, net of tax

 

4,045

 

 

(140

)

 

(22,068

)

 

(3,321

)

 

Other comprehensive income/(loss)

 

4,045

 

 

(140

)

 

(22,068

)

 

(3,321

)

 

Comprehensive income

 

140,075

 

 

157,834

 

 

142,021

 

 

21,369

 

 

Income attributable to noncontrolling interest

 

535

 

 

1,317

 

 

388

 

 

58

 

 

Comprehensive income attributable to JA Solar Holdings

 

139,540

 

 

156,517

 

 

141,633

 

 

21,311

 

 

 

 

 

 

 

 

NON-GAAP RECONCILIATION

 

 

 

 

 

 

 

 

 

 

 

GAAP net income attributable to JA Solar Holdings

 

135,495

 

 

156,657

 

 

163,701

 

 

24,632

 

 

Change in fair value of warrant derivatives

 

(35,096

)

 

(23,447

)

 

(47,417

)

 

(7,135

)

 

Non-GAAP net income attributable to JA Solar Holdings

 

100,399

 

 

133,210

 

 

116,284

 

 

17,497

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

 

0.33

 

 

0.47

 

 

0.41

 

 

0.06

 

 

Diluted

 

0.33

 

 

0.47

 

 

0.41

 

 

0.06

 

 

 

 

 

 

 

 

Non-GAAP weighted average number of shares outstanding:

 

 

 

 

 

Basic

 

248,906,272

 

 

234,290,842

 

 

234,290,842

 

 

234,290,842

 

 

Diluted

 

249,222,492

 

 

234,521,962

 

 

234,443,142

 

 

234,443,142

 

 

 

 

 

 

 

 

Note:  JA Solar excludes net income attributable to the participating warrant holder of RMB 29.2 million (US$4.4 million) from the numerator of basic EPS in the second quarter of 2016.

 

 

 

 

 

 

 

 

 

JA Solar Holdings Co., Ltd.

 

Condensed Consolidated Balance Sheets

 

(Unaudited)

 

 

 

 

 

 

 

Dec. 31,

Jun. 30,

 

 

2015

2016

2016

 

 

RMB'000

RMB'000

USD'000

 

 

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

2,883,294

     2,013,944

   303,036

 

Restricted cash

663,518

974,659

146,656

 

Accounts receivable

2,872,775

3,240,070

487,529

 

Notes receivable

837,711

73,628

11,079

 

Inventories

1,660,543

3,256,803

490,047

 

Advances to suppliers

473,310

362,573

54,556

 

Other current assets

633,354

1,036,549

155,968

 

Total current assets

10,024,505

10,958,226

   1,648,871

 

Property and equipment, net

4,365,348

5,205,686

783,293

 

Project asset

1,028,615

2,333,920

351,182

 

Advances to suppliers

195,341

139,816

21,038

 

Prepaid land use rights

428,495

511,333

76,940

 

Long-term investment

55,169

64,210

9,662

 

Other long term assets

208,430

254,265

38,259

 

Total assets

16,305,903

19,467,456

2,929,245

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Short-term borrowings

2,194,957

2,835,421

426,642

 

Accounts payable

2,389,467

3,553,296

534,660

 

Advances from customers

691,867

713,839

107,410

 

Current portion of long term borrowings

238,400

630,297

94,840

 

Derivative liabilities-warrants

71,237

17

3

 

Accrued and other liabilities

1,588,885

2,147,582

323,146

 

Total current liabilities

7,174,813

9,880,452

1,486,701

 

Long-term borrowings

2,461,017

2,621,414

394,441

 

Other long term liabilities

752,925

747,471

112,471

 

Total liabilities

10,388,755

13,249,337

1,993,613

 

Total JA Solar Holdings shareholders' equity

5,819,695

6,118,761

920,682

 

Noncontrolling interest

97,453

99,358

14,950

 

Total shareholders' equity

5,917,148

6,218,119

935,632

 

Total liabilities and shareholders' equity

16,305,903

19,467,456

2,929,245

 

 

 

 

 

 

 

 

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