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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

JA Solar Announces Fourth Quarter and Fiscal Year 2016 Results

BEIJING, March 16, 2017 - 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, 2016.

Fourth Quarter 2016 Highlights

  • Total shipments were 1,416.2 megawatts ("MW"), consisting of 1,353.0 MW of modules and 58.9 MW of cells to external customers, and 4.3 MW of modules to the Company's downstream projects.  External shipments were up +5.5% y/y and up +13.8% sequentially
  • Shipments of modules and module tolling were 1,353.0 MW, an increase of +4.3% y/y and +12.8% sequentially
  • Shipments of cells and cell tolling were 58.9 MW, an increase of +43.0% y/y and +44.0% sequentially
  • Net revenue was RMB 4.0 billion ($574.8 million), a decrease of 13.1% y/y and 4.1% sequentially
  • Gross margin was 12.9%, a decrease of 420 basis points y/y and 90 basis points sequentially
  • Operating profit was RMB 370.5 million ($53.4 million), compared to RMB 260.1 million ($37.5 million) in the fourth quarter of 2015, and RMB 121.4 million ($17.5 million) in the third quarter of 2016
  • Net income was RMB 353.4 million ($50.9 million), compared to RMB 184.9 million ($26.6 million) in the fourth quarter of 2015, and RMB 44.1 million ($6.4 million) in the third quarter of 2016
  • Earnings per diluted ADS were RMB 6.80 or $0.98, compared to RMB 3.39 or $0.49 in the fourth quarter of 2015, and RMB 0.86 or $0.12 in the third quarter of 2016
  • Cash and cash equivalents were RMB 2.6 billion ($370.1 million), an increase of RMB 580.6 million ($83.6 million) during the quarter
  • Non-GAAP earnings1 per diluted ADS were RMB 6.80 or $0.98, compared to RMB 3.14 or $0.45 in the fourth quarter of 2015, and RMB 0.86 or $0.12 in the third quarter of 2016

Fiscal Year 2016 Highlights

  • Total shipments were 5.2 gigawatts ("GW"), consisting of 4,606.6 MW of modules and module tolling and 313.8 MW of cells and cell tolling to external customers, and 245.8 MW of modules to the Company's downstream projects. External Shipments represented an increase of 24.9% from 3.9 GW in fiscal year 2015
  • Net revenue was RMB 15.7 billion ($2.3 billion), compared to net revenue of RMB 13.5 billion ($1.9 billion) in fiscal year 2015
  • Gross margin was 14.6%, compared to 17.0% in fiscal year 2015
  • Operating profit was RMB 903.2 million ($130.1 million), compared to an operating profit of RMB 865.0 million ($124.6 million) in fiscal year 2015
  • Net income was RMB 719.6 million ($103.6 million), compared to RMB 614.5 million ($88.5 million) in fiscal year 2015
  • Earnings per diluted ADS were RMB 14.58 or $2.10, compared to RMB 10.58 or $1.52 in fiscal year 2015
  • Cash and cash equivalents at the end of the fiscal year were RMB 2.6 billion ($370.1 million), compared to RMB 2.9 billion ($415.3 million) at the end of fiscal year 2015
  • Non-GAAP net income attributable to the Company's ordinary shareholders was RMB 612.8 million ($88.3 million), compared to a non-GAAP net income attributable to the Company's ordinary shareholders of RMB 584.1 million ($84.1 million) in fiscal year 2015
  • Non-GAAP earnings per diluted ADS in fiscal year 2016 was RMB 13.07 ($1.88), compared to a non-GAAP earnings per diluted ADS of RMB 9.91 ($1.43) in fiscal year 2015

 

Mr. Baofang Jin, Chairman and CEO of JA Solar, commented, "While the overall market environment remained challenging, we delivered solid Q4 operating results, topping off a strong 2016 for us.  We achieved our 2016 financial and operating goals with revenue and external shipments growing 16% and 25%, respectively.  In the fourth quarter, demand across Asia, especially China, exceeded our expectations with the overall APAC region representing over 83% of total shipments."

Mr. Jin continued, "Growth remains a key focus for our team and we are optimistic about our prospects in 2017 and beyond, despite increasing competition in the solar industry.  We are committed to investing in research and development, and differentiating our product portfolio with high-power, high-efficiency solar products.  We still have some opportunity to improve our cost structure and manufacturing performance through efficiency initiatives, and believe our operations are positioned to benefit as market conditions improve around the world.  Looking ahead, we expect demand in the domestic Chinese market to remain solid in the first half of 2017, followed by a potential slowdown in the second half.  Nonetheless, we are confident that our balanced global footprint and flexible business model will enable us to adjust to evolving market conditions. "

Fourth Quarter 2016 Results

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

Total shipments were 1,416.2 MW, in line with our previously announced guidance. External shipments of 1,411.9 MW increased 5.5% year over year and 13.8% sequentially.

External shipments breakdown by product (MW)

 

2015Q4

2016Q3

2016Q4

QoQ%

YoY%

Modules and module tolling

1,297.6

1,200.0

1,353.0

12.8

%

4.3

%

Cells and cell tolling

41.2

40.9

58.9

44.0

%

43.0

%

Total

1,338.8

1,240.9

1,411.9

13.8

%

5.5

%

External shipments breakdown by region (percentage)

 

2015Q4

2016Q3

2016Q4

QoQ(pp)

YoY(pp)

China

43.8

%

32.0

%

58.0

%

26.0pp

14.2pp

APAC ex-China

40.5

%

25.8

%

25.2

%

-0.6pp

-15.3pp

Europe

5.1

%

6.5

%

3.3

%

-3.2pp

-1.8pp

North America

8.4

%

13.0

%

7.4

%

-5.6pp

-1.0pp

South America

0

%

20.2

%

5.6

%

-14.6pp

5.6pp

Others

2.2

%

2.5

%

0.5

%

-2.1pp

-1.8pp

Net revenue was RMB 4.0 billion ($574.8 million), a decrease of 13.1% y/y and 4.1% sequentially.

Gross profit of RMB 515.4 million ($74.2 million) decreased 34.3% y/y and 10.3% sequentially.  Gross margin was 12.9%, which compares to 17.1% in the year-ago quarter, and 13.8% in the third quarter of 2016. The decrease in gross margin was primarily due to a decline of average selling price of solar modules in the fourth quarter of 2016.

Total operating expenses of RMB 144.9 million ($20.9 million) were 3.6% of revenue.  This compares to operating expenses of 11.4% of revenue in the year-ago quarter, and 10.9% of revenue in the third quarter of 2016. Included in operating expenses in the fourth quarter of 2016 were a one-time reversal of RMB 348.3 million ($50.2 million) of previously recorded expenses due to the resolution of the Company's dispute with Hemlock Semiconductor Pte. Ltd ("Hemlock"), and a one-time charge of RMB 99.6 million ($14.3 million) resulted from the termination of business relationship with one of the Company's business partners.

Operating profit was RMB 370.5 million ($53.4 million), compared to RMB 260.1 million ($37.5 million) in the year-ago quarter, and RMB 121.4 million ($17.5 million) in the third quarter of 2016.  Operating margin was 9.3%, compared with 5.7% in the prior year period and 2.9% in the previous quarter.

Interest expense was RMB 72.9 million ($10.5 million), compared to RMB 66.0 million ($9.5 million) in the year-ago quarter, and RMB 75.4 million ($10.9 million) in the third quarter of 2016.

The change in fair value of warrant derivatives was nil, compared with positive RMB 14.0 million ($2.0 million) in the year-ago quarter, and positive RMB 17 thousand ($2.4 thousand) in the third 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 6.80 or $0.98, compared to earnings per diluted ADS of RMB 3.39 or $0.49 in the year-ago quarter, and earnings per diluted ADS of RMB 0.86 or $0.12 in the third quarter of 2016.

Fiscal Year 2016 Results

Fiscal year 2016 shipments were 5.2 GW, including 245.8 MW of modules to the Company's downstream projects. External shipments of 4.9 GW represented an increase of 24.9% from 3.9 GW in fiscal year 2015.

External shipments breakdown by product (MW)

 

2015

2016

YoY%

Modules and module tolling

3,672.9

4,606.6

25.4

%

Cells and cell tolling

265.0

313.8

18.4

%

Total

3,937.9

4,920.4

24.9

%

External shipments breakdown by region (percentage)

 

2015

 

2016

 

YoY(pp)

China

42.9

%

53.3

%

10.4pp

APAC ex-China

39.9

%

21.6

%

-18.3pp

Europe

10.9

%

4.7

%

-6.2pp

North America

3.4

%

9.4

%

6.0pp

South America

0

%

9.8

%

9.8pp

Others

2.9

%

1.2

%

-1.7pp

Net revenue in fiscal year 2016 was RMB 15.7 billion ($2.3 billion), an increase of 16.4% from RMB 13.5 billion ($1.9 billion) in fiscal year 2015.

Total gross profit in fiscal year 2016 was RMB 2.3 billion ($330.3 million), or 14.6% of net revenue, compared with RMB 2.3 billion ($330.2 million), or 17.0% of net revenue, in fiscal year 2015. The decline in gross margin was primarily due to the decrease of average selling price of solar modules during 2016.

Operating profit in fiscal year 2016 was RMB 903.2 million ($130.1 million), compared with operating profit of RMB 865.0 million ($124.6 million) in fiscal year 2015. Included in operating expenses in fiscal year 2016 were a one-time reversal of RMB 348.3 million ($50.2 million) of previously recorded expenses due to the resolution of the Company's dispute with Hemlock, and a one-time charge of RMB 99.6 million ($14.3 million) resulted from the termination of business relationship with one of the Company's business partners.

In fiscal year 2016, net earnings per diluted ADS were RMB 14.58 or $2.10, compared with net earnings per diluted ADS of RMB 10.58 or $1.52 in fiscal year 2015.

Liquidity

As of December 31, 2016, the Company had cash and cash equivalents of RMB 2.6 billion ($370.1 million), and total working capital of RMB 1.6 billion ($232.5 million).  Total short-term borrowings were RMB 2.9 billion ($419.5 million). Total long-term borrowings were RMB 3.2 billion ($464.7 million), of which RMB 525.3 million ($75.7 million) were due in one year.

Business Outlook

For the first quarter of 2017, the Company expects total cell and module shipments to be in the range of 1,200 to 1,300 MW, essentially all being external shipments.

Full year 2017 shipments are expected to be in the range of 6.0 to 6.5 GW, including 200 to 250 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 US GAAP.

Manufacturing Capacity Update

As of December 31, 2016, the Company had an annual wafer manufacturing capacity of 2.5 GW, cell capacity of 5.5 GW, and module capacity of 5.5 GW.

JA Solar expects to further expand its annual manufacturing capacity to 3.0 GW for wafers, 7.0 GW for cells, and 6.0 GW for modules by the end of 2017.

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 30, 2016, which was RMB 6.943 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 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 5.2 GW of solar power products in 2016. 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 and Hanoi, Vietnam.

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.

 

JA Solar Holdings Co., Ltd.

 

Condensed Consolidated Statements of Operations and Comprehensive Income

 

(Unaudited)

 

 

For three months ended

 

 

Dec. 31, 2015

Sep. 30, 2016

Dec. 31, 2016

Dec. 31, 2016

 

 

RMB'000

RMB'000

RMB'000

USD'000

 

 

 

 

 

 

 

Net revenues

4,594,447

 

4,162,927

 

3,998,657

 

575,926

 

 

Cost of sales

(3,810,358

)

(3,588,469

)

(3,482,235

)

(501,546

)

 

Gross profit

784,089

 

574,458

 

516,422

 

74,380

 

 

Selling, general and administrative expenses

(482,409

)

(406,194

)

(99,969

)

(14,399

)

 

Research and development expenses

(41,536

)

(46,871

)

(44,937

)

(6,472

)

 

Total operating expenses

(523,945

)

(453,065

)

(144,906

)

(20,871

)

 

Income from operations

260,144

 

121,393

 

371,516

 

53,509

 

 

Interest expense

(66,018

)

(75,378

)

(72,879

)

(10,497

)

 

Change in fair value of warrant derivatives

13,997

 

17

 

  - 

 

  - 

 

 

Other income, net

33,754

 

10,450

 

95,453

 

13,748

 

 

Income before income taxes

241,877

 

56,482

 

394,090

 

56,760

 

 

Income tax expense

(56,995

)

(12,361

)

(29,259

)

(4,214

)

 

Net income

184,882

 

44,121

 

364,831

 

52,546

 

 

Less: income/(loss) attributable to noncontrolling interest

(8,581

)

(715

)

34,922

 

5,030

 

 

Net income attributable to JA Solar Holdings

193,463

 

44,836

 

329,909

 

47,516

 

 

 

 

 

 

 

 

Net income per share attributable to ordinary shareholders:

 

 

 

 

 

Basic

0.68

 

0.17

 

1.41

 

0.20

 

 

Diluted

0.68

 

0.17

 

1.41

 

0.20

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

Basic 

234,281,009

 

234,290,842

 

234,290,842

 

234,290,842

 

 

Diluted

234,510,474

 

234,338,817

 

234,305,887

 

234,305,887

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

Net income

184,882

 

44,121

 

364,831

 

52,546

 

 

Foreign currency translation adjustments, net of tax

(4,228

)

(3,776

)

(18,141

)

(2,613

)

 

Other comprehensive loss

(4,228

)

(3,776

)

(18,141

)

(2,613

)

 

Comprehensive income

180,654

 

40,345

 

346,690

 

49,933

 

 

Income/(loss) attributable to noncontrolling interest

(8,581

)

(715

)

34,922

 

5,030

 

 

Comprehensive income attributable to JA Solar Holdings

189,235

 

41,060

 

311,768

 

44,903

 

 

 

 

 

 

 

 

NON-GAAP RECONCILIATION

 

 

 

 

 

 

 

 

 

 

 

GAAP net income attributable to JA Solar Holdings

193,463

 

44,836

 

329,909

 

47,516

 

 

Change in fair value of warrant derivatives

(13,997

)

(17

)

  - 

 

  - 

 

 

Non-GAAP net income attributable to JA Solar Holdings

179,466

 

44,819

 

329,909

 

47,516

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

0.63

 

0.17

 

1.36

 

0.20

 

 

Diluted

0.63

 

0.17

 

1.36

 

0.20

 

 

 

 

 

 

 

 

Non-GAAP weighted average number of shares outstanding:

 

 

 

 

 

Basic

234,281,009

 

234,290,842

 

234,290,842

 

234,290,842

 

 

Diluted

234,510,474

 

234,338,817

 

234,305,887

 

234,305,887

 

 

 

 

 

 

 

 

 

JA Solar Holdings Co., Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

 

For twelve months ended

 

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2016

 

RMB'000

RMB'000

USD'000

 

 

 

 

Net revenues

13,525,407

 

15,744,891

 

2,267,736

 

Cost of sales

(11,232,818

)

(13,450,356

)

(1,937,254

)

Gross profit

2,292,589

 

2,294,535

 

330,482

 

Selling, general and administrative expenses

(1,279,023

)

(1,214,933

)

(174,987

)

Research and development expenses

(148,548

)

(175,450

)

(25,270

)

Total operating expenses

(1,427,571

)

(1,390,383

)

(200,257

)

Income from operations

865,018

 

904,152

 

130,225

 

Interest expense

(249,382

)

(284,334

)

(40,953

)

Change in fair value of warrant derivatives

39,593

 

70,882

 

10,209

 

Other income, net

116,574

 

153,063

 

22,045

 

Income before income taxes

771,803

 

843,763

 

121,526

 

Income tax expenses

(157,332

)

(112,746

)

(16,239

)

Net income

614,471

 

731,017

 

105,287

 

Less: income/(loss) attributable to noncontrolling interest

(9,244

)

35,911

 

5,172

 

Net income attributable to JA Solar Holdings

623,715

 

695,106

 

100,115

 

 

 

 

 

Net income per share attributable to ordinary shareholders:

 

 

 

Basic

2.12

 

2.61

 

0.38

 

Diluted

2.12

 

2.61

 

0.38

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

Basic

  243,506,821

 

  234,290,842

 

  234,290,842

 

Diluted

  243,744,921

 

  234,402,452

 

  234,402,452

 

 

 

 

 

Comprehensive income

 

 

 

Net income

614,471

 

731,017

 

105,287

 

Foreign currency translation adjustments, net of tax

(35,038

)

(44,126

)

(6,355

)

Other comprehensive loss

(35,038

)

(44,126

)

(6,355

)

Comprehensive income

579,433

 

686,891

 

98,932

 

Income/(loss) attributable to noncontrolling interest

(9,244

)

35,911

 

5,172

 

Comprehensive income attributable to JA Solar Holdings

588,677

 

650,980

 

93,760

 

 

 

 

 

NON-GAAP RECONCILIATION

 

 

 

 

 

 

 

GAAP net income attributable to JA Solar Holdings

623,715

 

695,106

 

100,115

 

Change in fair value of warrant derivatives

(39,593

)

(70,882

)

(10,209

)

Non-GAAP net income attributable to JA Solar Holdings

584,122

 

624,224

 

89,906

 

 

 

 

 

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

 

 

 

Basic

1.98

 

2.62

 

0.38

 

Diluted

1.98

 

2.61

 

0.38

 

 

 

 

 

Non-GAAP weighted average number of shares outstanding:

 

 

 

Basic

243,506,821

 

234,290,842

 

234,290,842

 

Diluted

243,744,921

 

234,402,452

 

234,402,452

 

 

 

 

 

 

JA Solar Holdings Co., Ltd.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

 

Dec. 31,

Dec. 31,

 

2015

2016

2016

 

RMB'000

RMB'000

USD'000

 

 

ASSETS

 

 

 

Current assets: 

 

 

 

Cash and cash equivalents

  2,883,294

  2,350,538

  338,548

Restricted cash

  663,518

  836,761

  120,519

Accounts receivable 

  2,872,775

  2,758,747

  397,342

Notes receivable 

  837,711

  563,144

  81,110

Inventories

  1,660,543

  2,453,466

  353,373

Advances to suppliers

  473,310

  282,369

  40,670

Other current assets

  633,354

  1,120,479

  161,383

Total current assets

  10,024,505

  10,365,504

  1,492,945

Property and equipment, net

  4,365,348

  5,219,501

  751,765

Project asset

  1,028,615

  2,389,842

  344,209

Advances to suppliers

  195,341

  97,429

  14,033

Prepaid land use rights

  428,495

  524,208

  75,502

Long-term investment

  55,169

  69,022

  9,941

Other long term assets

  208,430

  290,253

  41,805

Total assets

  16,305,903

  18,955,759

  2,730,200

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Short-term borrowings 

  2,194,957

  2,912,866

  419,540

Accounts payable 

  2,389,467

  2,635,525

  379,595

Advances from customers

  691,867

  607,915

  87,558

Current portion of long term borrowings

  238,400

  525,256

  75,653

Derivative liabilities-warrants

  71,237

  - 

  - 

Accrued and other liabilities 

  1,588,885

  1,830,790

  263,689

Total current liabilities

  7,174,813

  8,512,352

  1,226,035

Long-term borrowings 

  2,461,017

  2,701,438

  389,088

Other long term liabilities

  752,925

  1,268,842

  182,751

Total liabilities

  10,388,755

  12,482,632

  1,797,874

Total JA Solar Holdings shareholders' equity

  5,819,695

  6,472,927

  932,295

Noncontrolling interest

  97,453

  200

  29

Total shareholders' equity

  5,917,148

  6,473,127

  932,324

Total liabilities and shareholders' equity

  16,305,903

  18,955,759

  2,730,198

 

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