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Solar PV Corporate News Release
Panasonic Solar Promotes First Group of Authorized Installers to Premium Level
Jul 26, 2017
Benefiting from the Leading Edge Technology, TZS Announced Mono-Crystalline Wafer Price Modification
Jul 18, 2017
Canadian Solar Reports First Quarter 2017 Results
Jun 06, 2017
JinkoSolar Announces First Quarter 2017 Financial Results
Jun 05, 2017
Hanwha Q CELLS Reports
May 25, 2017
JA Solar Announces First Quarter 2017 Results
May 24, 2017
Yingli Green Energy Reports Fourth Quarter and Full Year 2016 Results
Apr 13, 2017
Hanwha Q CELLS Reports Fourth Quarter and Full Year 2016 Results
Mar 23, 2017
JA Solar Announces Fourth Quarter and Fiscal Year 2016 Results
Mar 16, 2017
Higher yield of solar wafers and enhanced solar cell efficiency with new HeraGlaze coating by Heraeus
Mar 01, 2017
Heraeus enables significant higher efficiency gains with three new metallization pastes
Mar 01, 2017
First Solar, Inc. Announces Fourth Quarter & Full Year 2016 Financial Results
Feb 22, 2017
SunPower Reports Fourth Quarter 2016 Results
Feb 16, 2017
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

JASolar Announces Third Quarter 2016 Financial Results

BEIJING, Nov. 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 third quarter ended September 30, 2016.

Third Quarter 2016 Highlights

Total shipments were 1,240.9 megawatts ("MW"), nearly all of which were modules and cells shipped to external customers. External shipments were up +10.1% y/y and up +0.9% sequentially

Shipments of modules and module tolling were 1,200.0 MW, an increase of +11.8% y/y and +5.8% sequentially

Shipments of cells and cell tolling were 40.9 MW, a decrease of 22.8% y/y and 57.0% sequentially 

Net revenue was RMB 4.2 billion ($624.3 million), an increase of +9.0% y/y and +1.2 % sequentially

Gross margin was 13.8%, a decrease of 390 basis points y/y and 150 basis points sequentially

Operating profit was RMB 121.4 million ($18.2 million), compared to RMB 299.1 million ($44.9 million) in the third quarter of 2015, and RMB 188.0 million ($28.2 million) in the second quarter of 2016

Net income was RMB 44.1 million ($6.6 million), compared to RMB 258.6 million ($38.8 million) in the third quarter of 2015, and RMB 164.1 million ($24.6 million) in the second quarter of 2016

Earnings per diluted ADS were RMB 0.86 or $0.13, compared to RMB 4.42 or $0.66 in the third quarter of 2015, and RMB 2.87 or $0.43 in the second quarter of 2016

Cash and cash equivalents were RMB 2.0 billion ($298.2 million), a decrease of RMB 25.1million ($3.8 million) during the quarter

 

Non-GAAP earnings[1] per diluted ADS were RMB 0.86 or $0.13, compared to RMB 4.35 or $0.65 in the third quarter of 2015, and RMB 2.04 or $0.31 in the second quarter of 2016

Mr. Baofang Jin, Chairman and CEO of JA Solar, commented, "Third quarter results were in-line with our expectations with external shipments and revenue growing 10% and 9% year-over-year, respectively. We executed our strategy to redirect solar product sales to several stronger international markets, as shipments to the domestic market of China declined significantly after demand was pulled forward into Q2. Furthermore, our downstream strategy remains intact. We have approximately 50 MW of downstream projects under construction and intend to develop another 150 to 200 MW in the coming year. "

Mr. Jin continued, "While we anticipate more market headwinds in the near-term, we are confident that our favorable geographic exposure, prudent cost control and flexible business model will enable us to succeed. As market conditions improve, we will be positioned for strong long-term growth. "

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

Total shipments were 1,240.9 MW, exceeding the low end of the previously announced guidance range of 1,200 to 1,300 MW. External shipments of 1,240.9 MW increased 10.1% year over year and 0.9% sequentially.

External shipments breakdown by product (MW)

 

2015Q3

2016Q2

2016Q3

QoQ%

YoY%

Modules and module tolling

1,073.8

1,134.2

1,200.0

 

5.8

%

 

11.8

%

Cells and cell tolling

53.0

95.1

40.9

 

-57.0

%

 

-22.8

%

Total

1,126.8

1229.3

1,240.9

 

0.9

%

 

10.1

%

External shipments breakdown by region (percentage)

 

2015Q3

2016Q2

2016Q3

QoQ(pp)

YoY(pp)

China

 

53.1

%

 

63.9

%

 

32.0

%

-31.9pp

-21.1pp

APAC ex-China

 

36.3

%

 

12.0

%

 

25.8

%

13.8pp

-10.5pp

Europe

 

7.8

%

 

3.7

%

 

6.5

%

2.8pp

-1.3pp

North America

 

1.0

%

 

9.3

%

 

13.0

%

3.7pp

12.0pp

South America

 

0

%

 

9.9

%

 

20.2

%

10.3pp

20.2pp

Others

 

1.8

%

 

1.2

%

 

2.5

%

1.3pp

0.7pp

Net revenue was RMB 4.2 billion ($624.3 million), an increase of +9.0% y/y and +1.2% sequentially.

Gross profit of RMB 574.5 million ($86.1 million) decreased 15.2% y/y and 8.6% sequentially. Gross margin was 13.8%, which compares to 17.7% in the year-ago quarter, and 15.3% in the second quarter of 2016.

Total operating expenses of RMB 453.1 million ($67.9 million) were 10.9% of revenue. This compares to operating expenses of 9.9% of revenue in the year-ago quarter, and 10.7% of revenue in the second quarter of 2016.

Operating profit was RMB 121.4 million ($18.2 million), compared to RMB 299.1 million ($44.9 million) in the year-ago quarter, and RMB 188.0 million ($28.2 million) in the second quarter of 2016. Operating margin was 2.9%, compared with 7.8% in the prior year period and 4.6% in the previous quarter.

Interest expense was RMB 75.4 million ($11.3 million), compared to RMB 58.2 million ($8.7 million) in the year-ago quarter, and RMB 68.8 million ($10.3 million) in the second quarter of 2016.

The change in fair value of warrant derivatives was a gain of RMB 17.0 thousand ($2.6 thousand), compared with RMB 4.4 million ($0.7 million) in the year-ago quarter, and RMB 47.4 million ($7.1 million) in the second 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.

Earnings per diluted ADS were RMB 0.86 or $0.13, compared to earnings per diluted ADS of RMB 4.42 or $0.66 in the year-ago quarter, and earnings per diluted ADS of RMB 2.87 or $0.43 in the second quarter of 2016.

Liquidity

As of September 30, 2016, the Company had cash and cash equivalents of RMB 2.0 billion ($298.2 million), and total working capital of RMB 1.5 billion ($228.8 million). Total short-term borrowings were RMB 2.9 billion ($429.0 million). Total long-term borrowings were RMB 3.1 billion ($467.8 million), of which RMB 536.3 million ($80.4 million) were due in one year.

Business Outlook

For the fourth quarter of 2016, the Company expects total cell and module shipments to be in the range of 1,200 to 1,300 MW, with essentially all being external shipments. Accordingly, full year 2016 shipments are expected to range from 4.9 GW to 5.0 GW, below the Company's previous guidance of 5.2 GW to 5.5 GW.

Investor Conference Call / Webcast Details

JA Solar's management will host an earnings conference call on November 17, 2016 at 8:00 a.m. U.S. Eastern Time (9:00 p.m. China Time).

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

 

Phone Number

Toll-Free Number

United States

+1 8456750437

+1 8665194004

Hong Kong

+852 30186771

+852 800906601

Mainland China

+86 8008190121
+86 4006208038

 

Other International

+65 67135090

 

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is “JA Solar".

A replay of the conference call may be accessed by phone at the following numbers until November 25, 2016. To access the replay, please reference the conference ID 13977699.

 

Phone Number

Toll-Free Number

United States

+1 6462543697

+1 8554525696

Hong Kong

+852 30512780

+852 800963117

Mainland China

+86 8008700206
+86 4006322162

 

Other International

+61 281990299

 

 

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, 2016, which was RMB 6.6685 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, 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.

[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, and (2) fair value of such warrants exceeding net proceeds from the Offering.

JA Solar Holdings Co., Ltd.

 

Condensed Consolidated Statements of Operations and Comprehensive Income

 

(Unaudited)

 

 

For three months ended

 

 

Sep. 30, 2015

Jun. 30, 2016

Sep. 30, 2016

Sep. 30, 2016

 

 

RMB'000

RMB'000

RMB'000

USD'000

 

 

 

 

 

 

 

Net revenues

 

3,819,510

 

 

4,113,592

 

 

4,162,927

 

 

624,267

 

 

Cost of sales

 

(3,141,961

)

 

(3,485,300

)

 

(3,588,469

)

 

(538,122

)

 

Gross profit

 

677,549

 

 

628,292

 

 

574,458

 

 

86,145

 

 

Selling, general and administrative expenses

 

(344,152

)

 

(396,294

)

 

(406,194

)

 

(60,912

)

 

Research and development expenses

 

(34,278

)

 

(44,043

)

 

(46,871

)

 

(7,029

)

 

Total operating expenses

 

(378,430

)

 

(440,337

)

 

(453,065

)

 

(67,941

)

 

Income from operations

 

299,119

 

 

187,955

 

 

121,393

 

 

18,204

 

 

Interest expense

 

(58,213

)

 

(68,804

)

 

(75,378

)

 

(11,304

)

 

Change in fair value of warrant derivatives

 

4,394

 

 

47,417

 

 

17

 

 

3

 

 

Other income, net

 

74,301

 

 

30,878

 

 

10,450

 

 

1,567

 

 

Income before income taxes

 

319,601

 

 

197,446

 

 

56,482

 

 

8,470

 

 

Income tax expense

 

(61,014

)

 

(33,357

)

 

(12,361

)

 

(1,854

)

 

Net income

 

258,587

 

 

164,089

 

 

44,121

 

 

6,616

 

 

Less: income/(loss) attributable to noncontrolling interest

 

(644

)

 

388

 

 

(715

)

 

(107

)

 

Net income attributable to JA Solar Holdings

 

259,231

 

 

163,701

 

 

44,836

 

 

6,723

 

 

 

 

 

 

 

 

Net income per share attributable to ordinary shareholders:

 

 

 

 

 

  Basic

 

0.88

 

 

0.57

 

 

0.17

 

 

0.03

 

 

  Diluted

 

0.88

 

 

0.57

 

 

0.17

 

 

0.03

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

  Basic 

 

242,328,656

 

 

234,290,842

 

 

234,290,842

 

 

234,290,842

 

 

  Diluted

 

242,473,131

 

 

234,443,142

 

 

234,338,817

 

 

234,338,817

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

Net income

 

258,587

 

 

164,089

 

 

44,121

 

 

6,616

 

 

  Foreign currency translation adjustments, net of tax

 

(32,876

)

 

(22,068

)

 

(3,776

)

 

(566

)

 

Other comprehensive loss

 

(32,876

)

 

(22,068

)

 

(3,776

)

 

(566

)

 

Comprehensive income

 

225,711

 

 

142,021

 

 

40,345

 

 

6,050

 

 

Income/(loss) attributable to noncontrolling interest

 

(644

)

 

388

 

 

(715

)

 

(107

)

 

Comprehensive income attributable to JA Solar Holdings

 

226,355

 

 

141,633

 

 

41,060

 

 

6,157

 

 

 

 

 

 

 

 

NON-GAAP RECONCILIATION

 

 

 

 

 

 

 

 

 

 

 

GAAP net income attributable to JA Solar Holdings

 

259,231

 

 

163,701

 

 

44,836

 

 

6,723

 

 

Change in fair value of warrant derivatives

 

(4,394

)

 

(47,417

)

 

(17

)

 

(3

)

 

Non-GAAP net income attributable to JA Solar Holdings

 

254,837

 

 

116,284

 

 

44,819

 

 

6,720

 

 

 

 

 

 

 

 

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

 

 

 

 

 

  Basic

 

0.87

 

 

0.41

 

 

0.17

 

 

0.03

 

 

  Diluted

 

0.87

 

 

0.41

 

 

0.17

 

 

0.03

 

 

 

 

 

 

 

 

Non-GAAP weighted average number of shares outstanding:

 

 

 

 

 

  Basic

 

242,328,656

 

 

234,290,842

 

 

234,290,842

 

 

234,290,842

 

 

  Diluted

 

242,473,131

 

 

234,443,142

 

 

234,338,817

 

 

234,338,817

 

 

 

 

 

 

 

 

Note:  JA Solar excludes net income attributable to the participating warrant holder of RMB 4.5 million (US$0.7 million) from the numerator of basic EPS in the third quarter of 2016.

 

 

JA Solar Holdings Co., Ltd.

 

Condensed Consolidated Statements of Operations

 

(Unaudited)

 

 

For nine months ended

 

 

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2016

 

 

RMB'000

RMB'000

USD'000

 

 

 

 

 

 

Net revenues

 

8,930,960

 

 

11,746,233

 

 

1,761,451

 

 

Cost of sales

 

(7,422,460

)

 

(9,968,121

)

 

(1,494,807

)

 

Gross profit

 

1,508,500

 

 

1,778,112

 

 

266,644

 

 

Selling, general and administrative expenses

 

(796,614

)

 

(1,114,964

)

 

(167,199

)

 

Research and development expenses

 

(107,012

)

 

(130,513

)

 

(19,572

)

 

Total operating expenses

 

(903,626

)

 

(1,245,477

)

 

(186,771

)

 

Income from operations

 

604,874

 

 

532,635

 

 

79,873

 

 

Interest expense

 

(183,364

)

 

(211,455

)

 

(31,710

)

 

Change in fair value of warrant derivatives

 

25,596

 

 

70,882

 

 

10,629

 

 

Other income, net

 

82,820

 

 

57,610

 

 

8,639

 

 

Income before income taxes

 

529,926

 

 

449,672

 

 

67,431

 

 

Income tax expenses

 

(100,337

)

 

(83,487

)

 

(12,520

)

 

Net income

 

429,589

 

 

366,185

 

 

54,911

 

 

Less: income/(loss) attributable to noncontrolling interest

 

(663

)

 

990

 

 

148

 

 

Net income attributable to JA Solar Holdings

 

430,252

 

 

365,195

 

 

54,763

 

 

 

 

 

 

 

Net income per share attributable to ordinary shareholders:

 

 

 

 

  Basic

 

1.45

 

 

1.32

 

 

0.20

 

 

  Diluted

 

1.44

 

 

1.32

 

 

0.20

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

  Basic

 

  246,627,317

 

 

  234,290,842

 

 

  234,290,842

 

 

  Diluted

 

  246,868,295

 

 

  234,434,640

 

 

  234,434,640

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

Net income

 

429,589

 

 

366,185

 

 

54,911

 

 

  Foreign currency translation adjustments, net of tax

 

(30,810

)

 

(25,984

)

 

(3,897

)

 

Other comprehensive loss

 

(30,810

)

 

(25,984

)

 

(3,897

)

 

Comprehensive income

 

398,779

 

 

340,201

 

 

51,014

 

 

Income/(loss) attributable to noncontrolling interest

 

(663

)

 

990

 

 

148

 

 

Comprehensive income attributable to JA Solar Holdings

 

399,442

 

 

339,211

 

 

50,866

 

 

 

 

 

 

 

NON-GAAP RECONCILIATION

 

 

 

 

 

 

 

 

 

GAAP net income attributable to JA Solar Holdings

 

430,252

 

 

365,195

 

 

54,763

 

 

Change in fair value of warrant derivatives

 

(25,596

)

 

(70,882

)

 

(10,629

)

 

Non-GAAP net income attributable to JA Solar Holdings

 

404,656

 

 

294,313

 

 

44,134

 

 

 

 

 

 

 

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

 

 

 

 

  Basic

 

1.36

 

 

1.06

 

 

0.16

 

 

  Diluted

 

1.36

 

 

1.06

 

 

0.16

 

 

 

 

 

 

 

Non-GAAP weighted average number of shares outstanding:

 

 

 

 

  Basic

 

246,627,317

 

 

234,290,842

 

 

234,290,842

 

 

  Diluted

 

246,868,295

 

 

234,434,640

 

 

234,434,640

 

 

 

JA Solar Holdings Co., Ltd.

 

Condensed Consolidated Balance Sheets

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Dec. 31,

Sep. 30,

 

 

2015

 

 

2016

 

 

2016

 

 

RMB'000

 

 

RMB'000

 

 

USD'000

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

2,883,294

 

 

1,988,819

 

 

298,241

 

Restricted cash

663,518

 

 

759,566

 

 

113,904

 

Accounts receivable

2,872,775

 

 

3,191,666

 

 

478,618

 

Notes receivable

837,711

 

 

152,461

 

 

22,863

 

Inventories

1,660,543

 

 

2,628,699

 

 

394,197

 

Advances to suppliers

473,310

 

 

274,476

 

 

41,160

 

Other current assets

633,354

 

 

1,178,816

 

 

176,774

 

Total current assets

10,024,505

 

 

10,174,503

 

 

1,525,757

 

Property and equipment, net

4,365,348

 

 

5,201,064

 

 

779,945

 

Project asset

1,028,615

 

 

2,313,280

 

 

346,897

 

Advances to suppliers

195,341

 

 

114,359

 

 

17,149

 

Prepaid land use rights

428,495

 

 

528,265

 

 

79,218

 

Long-term investment

55,169

 

 

66,994

 

 

10,046

 

Other long term assets

208,430

 

 

263,173

 

 

39,465

 

Total assets

16,305,903

 

 

18,661,638

 

 

2,798,477

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term borrowings

2,194,957

 

 

2,860,456

 

 

428,950

 

Accounts payable

2,389,467

 

 

2,689,848

 

 

403,366

 

Advances from customers

691,867

 

 

475,496

 

 

71,305

 

Current portion of long term borrowings

238,400

 

 

536,338

 

 

80,429

 

Derivative liabilities-warrants

71,237

 

 

-

 

 

-

 

Accrued and other liabilities

1,588,885

 

 

2,086,639

 

 

312,911

 

Total current liabilities

7,174,813

 

 

8,648,777

 

 

1,296,961

 

Long-term borrowings

2,461,017

 

 

2,583,444

 

 

387,410

 

Other long term liabilities

752,925

 

 

1,170,290

 

 

175,495

 

Total liabilities

10,388,755

 

 

12,402,511

 

 

1,859,866

 

Total JA Solar Holdings shareholders' equity

5,819,695

 

 

6,160,484

 

 

923,819

 

Noncontrolling interest

97,453

 

 

98,643

 

 

14,792

 

Total shareholders' equity

5,917,148

 

 

6,259,127

 

 

938,611

 

Total liabilities and shareholders’ equity

16,305,903

 

 

18,661,638

 

 

2,798,477

 

 

 

 

 

 

 

 

 

 

 

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