DupontL
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
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 First Quarter 2017 Results

BEIJING, May 24, 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 first quarter ended March 31, 2017.

First Quarter 2017 Highlights

Total shipments were 1,392.7 megawatts ("MW"), consisting of 1,325.1 MW of modules and 50.2 MW of cells to external customers, and 17.4 MW of modules to the Company's downstream projects.  External shipments were up 32.5% y/y and down 2.6% sequentially

Shipments of modules were 1,325.1 MW, an increase of 44.1% y/y and a decrease of 2.1% sequentially

Shipments of cells were 50.2 MW, a decrease of 57.8% y/y and 14.8% sequentially 

Net revenue was RMB 3.7 billion ($536.4 million), an increase of 6.4% y/y and a decrease of 7.5% sequentially

Gross margin was 11.7%, a decrease of 490 basis points y/y and 120 basis points sequentially

Operating profit was RMB 80.0 million ($11.6 million), compared to RMB 223.3 million ($32.4 million) in the first quarter of 2016, and RMB 370.5 million ($53.8 million) in the fourth quarter of 2016

Net income was RMB 8.1 million ($1.2 million), compared to RMB 158.0 million ($23.0 million) in the first quarter of 2016, and RMB 353.4 million ($51.3 million) in the fourth quarter of 2016

Earnings per diluted ADS were RMB 0.17 or $0.03, compared to RMB 2.74 or $0.40 in the first quarter of 2016, and RMB 6.80 or $0.99 in the fourth quarter of 2016

Cash and cash equivalents were RMB 2.3 billion ($332.1 million), a decrease of RMB 283.4 million ($41.2 million) during the quarter 

Non-GAAP earnings1 per diluted ADS were RMB 0.17 or $0.03, compared to RMB 2.33 or $0.34 in the first quarter of 2016, and RMB 6.80 or $0.99 in the fourth quarter of 2016

Mr. Baofang Jin, Chairman and CEO of JA Solar, commented, "Our operating results were in line with our expectations. We delivered high-single-digit year over year revenue growth on robust external shipments, driven by strength in the Asia Pacific markets. We expect solid demand from China in the second quarter, driven by accelerated activity ahead of subsidy reductions.  Despite this near-term strength, we are cautious on the business outlook for the second half of 2017, given limited visibility into customer demand, as well as the competitive pricing environment across multiple geographies. "

Mr. Jin continued, "We remain committed to streamlining our operations in order to optimize efficiencies, and are focused on executing our business strategy to provide our customers with high-quality products.  We continue to believe that our geographic exposure, prudent cost control and flexible business model will enable us to navigate through industry cycles. As market conditions improve, we will be positioned for sustainable long-term growth."

All shipment and financial figures refer to the quarter ended March 31, 2017, unless otherwise specified.  All "year over year" or "y/y" comparisons are against the quarter ended March 31, 2016.  All "sequential" comparisons are against the quarter ended December 31, 2016.

Total shipments were 1,392.7 MW, in line with our previously announced guidance. External shipments of 1,375.3 MW increased 32.5% year over year and decreased 2.6% sequentially.

External shipments breakdown by product (MW)

 

2016Q1

2016Q4

2017Q1

QoQ%

YoY%

Modules and module tolling

919.4

1,353.0

1,325.1

-2.1

%

44.1

%

Cells and cell tolling

118.9

58.9

50.2

-14.8

%

-57.8

%

Total

1,038.3

1,411.9

1,375.3

-2.6

%

32.5

%

External shipments breakdown by region (percentage)

 

2016Q1

2016Q4

2017Q1

QoQ(pp)

YoY(pp)

China

59.6

%

58.0

%

39.7

%

-18.3pp

-19.9pp

APAC ex-China

26.7

%

25.2

%

44.2

%

19.0pp

17.5pp

Europe

5.6

%

3.3

%

5.5

%

2.2pp

-0.1pp

North America

4.5

%

7.4

%

8.1

%

0.7pp

3.6pp

South America

2.8

%

5.6

%

0.1

%

-5.5pp

-2.7pp

Others

0.8

%

0.5

%

2.4

%

1.9pp

1.6pp

Net revenue was RMB 3.7 billion ($536.4 million), an increase of 6.4% y/y and a decrease of 7.5% sequentially.

Gross profit of RMB 433.3 million ($63.0 million) decreased 24.7% y/y and 15.9% sequentially.  Gross margin was 11.7%, which compares to 16.6% in the year-ago quarter, and 12.9% in the fourth quarter of 2016. The decrease in gross margin was primarily due to a decline of average selling price of solar modules in the first quarter of 2017.

Total operating expenses of RMB 353.3 million ($51.3 million) were 9.6% of revenue.  This compares to operating expenses of 10.1% of revenue in the year-ago quarter, and 3.6% of revenue in the fourth quarter of 2016. Included in operating expenses in the fourth quarter of 2016 were a one-time reversal of RMB 348.3 million ($50.6 million) of previously recorded expenses due to the resolution of the Company's dispute with Hemlock Semiconductor Pte. Ltd, and a one-time charge of RMB 99.6 million ($14.5 million) resulted from the termination of business relationship with one of the Company's business partners.

Operating profit was RMB 80.0 million ($11.6 million), compared to RMB 223.3 million ($32.4 million) in the year-ago quarter, and RMB 370.5 million ($53.8 million) in the fourth quarter of 2016.  Operating margin was 2.2%, compared with 6.4% in the prior year period and 9.3% in the previous quarter.

Interest expense was RMB 83.3 million ($12.1 million), compared to RMB 67.3 million ($9.8 million) in the year-ago quarter, and RMB 72.9 million ($10.6 million) in the fourth quarter of 2016.

The change in fair value of warrant derivatives was nil, compared with positive RMB 23.4 million ($3.4 million) in the year-ago quarter, and nil in the fourth 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 0.17 or $0.03, compared to earnings per diluted ADS of RMB 2.74 or $0.40 in the year-ago quarter, and earnings per diluted ADS of RMB 6.80 or $0.99 in the fourth quarter of 2016.

Liquidity.

As of March 31, 2017, the Company had cash and cash equivalents of RMB 2.3 billion ($332.1 million), and total working capital of RMB 0.8 billion ($118.0 million).  Total short-term borrowings were RMB 3.2 billion ($467.1 million). Total long-term borrowings were RMB 2.9 billion ($425.4 million), of which RMB 870.9 million ($126.5 million) were due in one year.

Business Outlook

For the second quarter of 2017, the Company expects total cell and module shipments to be in the range of 1,550 to 1,650 MW.  Nearly all will be external shipments.

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 March 31, 2017, which was RMB 6.8832 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 March 31, 2017, 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

 

 

Mar. 31, 2016

Dec. 31, 2016

Mar. 31, 2017

Mar. 31, 2017

 

 

RMB'000

RMB'000

RMB'000

USD'000

 

 

 

 

 

 

 

Net revenues

3,469,714

 

3,990,642

 

3,701,133

 

537,705

 

 

Cost of sales

(2,894,352

)

(3,475,213

)

(3,264,362

)

(474,251

)

 

Gross profit

575,362

 

515,429

 

436,771

 

63,454

 

 

Selling, general and administrative expenses

(312,475

)

(99,969

)

(327,504

)

(47,580

)

 

Research and development expenses

(39,599

)

(44,937

)

(40,460

)

(5,878

)

 

Total operating expenses

(352,074

)

(144,906

)

(367,964

)

(53,458

)

 

Income from operations

223,288

 

370,523

 

68,807

 

9,996

 

 

Interest expense

(67,273

)

(72,879

)

(76,269

)

(11,081

)

 

Change in fair value of warrant derivatives

23,447

 

  - 

 

  - 

 

  - 

 

 

Other income, net

16,281

 

95,596

 

19,411

 

2,820

 

 

Income before income taxes

195,743

 

393,240

 

11,949

 

1,735

 

 

Income tax expense

(37,769

)

(39,814

)

(1,792

)

(260

)

 

Net income

157,974

 

353,426

 

10,157

 

1,475

 

 

Less: income attributable to noncontrolling interest

1,317

 

34,922

 

  - 

 

  - 

 

 

Net income attributable to JA Solar Holdings

156,657

 

318,504

 

10,157

 

1,475

 

 

 

 

 

 

 

 

Net income per share attributable to ordinary shareholders:

 

 

 

 

 

Basic

0.55

 

1.36

 

0.04

 

0.01

 

 

Diluted

0.55

 

1.36

 

0.04

 

0.01

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

Basic 

234,290,842

 

234,290,842

 

234,290,842

 

234,290,842

 

 

Diluted

234,521,962

 

234,305,887

 

234,300,567

 

234,300,567

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

 

Net income

157,974

 

353,426

 

10,157

 

1,475

 

 

Foreign currency translation adjustments, net of tax

(140

)

(18,532

)

1,136

 

165

 

 

Other comprehensive loss

(140

)

(18,532

)

1,136

 

165

 

 

Comprehensive income

157,834

 

334,894

 

11,293

 

1,640

 

 

Income attributable to noncontrolling interest

1,317

 

34,922

 

  - 

 

  - 

 

 

Comprehensive income attributable to JA Solar Holdings

156,517

 

299,972

 

11,293

 

1,640

 

 

 

 

 

 

 

 

NON-GAAP RECONCILIATION

 

 

 

 

 

 

 

 

 

 

 

GAAP net income attributable to JA Solar Holdings

156,657

 

318,504

 

10,157

 

1,475

 

 

Change in fair value of warrant derivatives

(23,447

)

  - 

 

  - 

 

  - 

 

 

Non-GAAP net income attributable to JA Solar Holdings

133,210

 

318,504

 

10,157

 

1,475

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Basic

0.47

 

1.36

 

0.03

 

0.01

 

 

Diluted

0.47

 

1.36

 

0.03

 

0.01

 

 

 

 

 

 

 

 

Non-GAAP weighted average number of shares outstanding:

 

 

 

 

 

Basic

234,290,842

 

234,290,842

 

234,290,842

 

234,290,842

 

 

Diluted

234,521,962

 

234,305,887

 

234,300,567

 

234,300,567

 

 

 

 

 

 

 

 

 

JA Solar Holdings Co., Ltd.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

 

 

Dec. 31,

Mar. 31,

 

2016

2017

2017

 

RMB'000

RMB'000

USD'000

 

 

ASSETS

 

 

 

Current assets: 

 

 

 

Cash and cash equivalents

  2,569,402

  2,286,016

  332,115

Restricted cash

  836,761

  756,005

  109,833

Accounts receivable 

  2,753,678

  3,131,601

  454,963

Notes receivable 

  563,144

  256,065

  37,202

Inventories

  2,460,488

  3,099,716

  450,331

Advances to suppliers

  282,369

  222,388

  32,309

Other current assets

  799,314

  856,812

  124,479

Total current assets

  10,265,156

  10,608,603

  1,541,232

Property and equipment, net

  5,219,501

  5,444,942

  791,048

Project asset

  2,338,648

  2,490,908

  361,882

Advances to suppliers

  97,429

  71,024

  10,318

Prepaid land use rights

  524,208

  533,080

  77,447

Long-term investment

  69,022

  69,022

  10,028

Other long term assets

  517,292

  483,523

  70,247

Total assets

  19,031,256

  19,701,102

  2,862,202

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Short-term borrowings 

  2,912,866

  3,214,871

  467,061

Accounts payable 

  2,635,525

  2,909,599

  422,710

Advances from customers

  610,718

  940,865

  136,690

Current portion of long term borrowings

  525,256

  870,886

  126,523

Accrued and other liabilities 

  1,966,475

  1,638,687

  238,071

Total current liabilities

  8,650,840

  9,574,908

  1,391,055

Long-term borrowings 

  2,701,438

  2,057,336

  298,892

Other long term liabilities

  1,217,648

  1,596,110

  231,885

Total liabilities

  12,569,926

  13,228,354

  1,921,832

Total JA Solar Holdings shareholders' equity

  6,461,130

  6,472,549

  940,340

Noncontrolling interest

  200

  200

  29

Total shareholders' equity

  6,461,330

  6,472,749

  940,369

Total liabilities and shareholders' equity

  19,031,256

  19,701,103

  2,862,201

 

JA Solar Holdings Co., Ltd.

Copyright © 2017 PVinsights.com All rights reserved