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SHANGHAI, Nov. 10 /PRNewswire-FirstCall/ -- JA Solar Holdings Co., Ltd. (Nasdaq: JASO), a leading manufacturer of high-performance solar products, today announced financial results for its third quarter ended Sept. 30, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090309/JASOLARLOGO)
Third Quarter 2009 Results
Revenue in the third quarter of 2009 was RMB 1.3 billion ($193.3 million), an increase of 119.6 percent from RMB 600.7 million ($88.0 million) reported in the second quarter of 2009 and a decrease of 37.8 percent from RMB 2.1 billion ($310.7 million) reported in the third quarter of 2008. Total shipments in the third quarter were a record 177MW, compared with the second quarter shipments of 77MW, representing a sequential growth of 129.9 percent. Compared with the same period last year, shipment growth was 78.8 percent, up from 99 MW in the third quarter of 2008.
"We are pleased to report the highest quarterly shipments in our company's history, with increasing demand for our products worldwide," said Baofang Jin, JA Solar's chairman and CEO. "Our Q3 results demonstrate many advantages that JA Solar has, including scale, technological leadership, a strong brand, high quality products and a low cost structure, making JA Solar the preferred supplier to many customers," he said.
"We also gained significant market share during the quarter and made further progress diversifying our customer base. JASO is the top choice for companies that are purchasing multiple-megawatts of products in a short time, with requirements for high conversion efficiency at a competitive price," he said.
Total gross profit in the third quarter of 2009 was RMB 220.5 million ($32.3 million), or 16.7 percent, compared with RMB 68.3 million ($10.0 million) or 11.4 percent in the second quarter of 2009 and RMB 458.1 million ($67.1 million) or 21.6 percent in the third quarter of 2008.
Total operating expenses in the third quarter of 2009 were RMB 72.3 million ($10.6 million), compared with RMB 177.4 million ($26.0 million) in the second quarter of 2009 and RMB 24.8 million ($3.6 million) in the third quarter of 2008.
Included in the third quarter of 2009 operating expenses was a non-cash stock-based compensation charge of RMB 11.7 million ($1.7 million), compared with RMB 81.1 million ($11.9 million) in the second quarter of 2009 and a non-cash gain of RMB 17.2 million ($2.5 million) in the third quarter of 2008.
Operating income in the third quarter of 2009 was RMB 148.2 million ($21.7 million), compared with an operating loss of RMB 109.0 million (a loss of $16.0 million) in the second quarter of 2009 and operating income of RMB 433.3 million ($63.5 million) in the third quarter of 2008. Excluding the stock-based compensation charge, the company generated an operating income of RMB 159.9 million ($23.4 million) for the third quarter of 2009.
Earnings per diluted ADS in the third quarter of 2009 were RMB 0.66 ($0.10), compared with net loss per diluted ADS of RMB 1.21 (a loss of $0.18) in the second quarter of 2009 and net loss per diluted ADS of RMB 2.47 (a loss of $0.36) in the third quarter of 2008.
Operating cash flow for the third quarter of 2009 was a positive cash flow of RMB 288.6 million ($42.3 million), compared with RMB 194.7 million ($28.5 million) in the second quarter of 2009 and a negative cash flow of RMB 458.1 million ($67.1 million) in the third quarter of 2008.
At Sept. 30, 2009, JA Solar had cash and cash equivalents of RMB 1.7 billion ($256.1 million), compared with RMB 2.2 billion ($329.0 million) at June 30, 2009. The convertible bonds outstanding at Sept. 30, 2009 were RMB 1.7 billion ($253.5 million) and total long-term bank loans outstanding at Sept. 30, 2009 were RMB 680.0 million ($99.6 million). Total working capital at Sept. 30, 2009 was RMB 3.3 billion ($483.5 million).
Fourth Quarter and Full Year 2009 Guidance
"As demand for solar products has improved significantly across multiple geographies, we are seeing robust demand from our customers with improved visibility," said Mr. Jin.
Based on current customer orders, the company expects the fourth quarter of 2009 shipments to be in the range of 170MW to 200MW, and full year 2009 shipments to be in the range of 448MW to 478MW. The nameplate production capacity by year-end 2009 is expected to be 800 MW.
Management Change
Dr. Qingtang Jiang has resigned from his position as Chief Technology Officer to pursue other interests, effective Nov. 13, 2009. The company has identified qualified candidates for the position of CTO and will announce the new CTO when the appointment is made. "We would like to thank Dr. Jiang for his service and contribution to JA Solar and wish him success in his future endeavors," said Mr. Jin.
Investor Conference Call / Webcast Details
A conference call has been scheduled for today, Tuesday, Nov. 10, 2009 at 8:00 am Eastern time. The call may be accessed by dialing 1.800.299.0433 (U.S.) or 1.617.801.9712 (international). The passcode is 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 and will be accessible by dialing 1.888.286.8010 (U.S.) or 1.617.801.6888 (international). The passcode for the replay is 98389633.
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 Sept. 30, 2009, which was RMB 6.8262 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, 2009, 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 "will," "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 cells. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit http://www.jasolar.com.
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
For three months ended
Sept. 30, Jun. 30, Sept. 30, Sept. 30,
2008 2009 2009 2009
RMB'000 RMB'000 RMB'000 USD'000
Net revenues 2,120,568 600,729 1,319,238 193,261
Cost of sales (1,662,506) (532,402) (1,098,713) (160,955)
---------- -------- ---------- --------
Gross profit 458,062 68,327 220,525 32,306
------- ------ ------- ------
Selling, general
and administrative
expenses (17,858) (163,949) (60,574) (8,874)
Research and
development
expenses (6,914) (13,425) (11,712) (1,716)
------ ------- ------- ------
Total operating
expenses (24,772) (177,374) (72,286) (10,590)
------- -------- ------- -------
Income/(loss) from
operations 433,290 (109,047) 148,239 21,716
------- -------- ------- ------
Interest expense (63,490) (57,256) (58,432) (8,560)
Change in fair
value of
derivatives 229,052 (52,760) 20,063 2,939
Gain/(loss) on
buyback of
convertible bond - 11,044 (212) (31)
Other income/
(expenses) (35,228) 13,879 8,172 1,198
Impairment on
available-for-
sale securities (686,320) - - -
-------- --- --- ---
Income/(loss)
before income
taxes (122,697) (194,140) 117,830 17,262
-------- -------- ------- ------
Income tax expenses (20,056) (605) (11,002) (1,612)
------- ---- ------- ------
Net income/(loss) (142,753) (194,745) 106,828 15,650
-------- -------- ------- ------
Net income/(loss)
per share:
Basic (0.92) (1.21) 0.66 0.10
Diluted (2.47) (1.21) 0.66 0.10
Weighted average
number of shares
outstanding:
Basic 155,832,515 161,419,260 161,428,882 161,428,882
Diluted 169,896,784 161,419,260 170,517,891 170,517,891
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
For nine months ended
Sept. 30, Sept. 30, Sept. 30,
2008 2009 2009
RMB'000 RMB'000 USD'000
Net revenues 4,479,278 2,151,651 315,205
Cost of sales (3,496,909) (2,005,539) (293,800)
---------- ---------- --------
Gross profit 982,369 146,112 21,405
------- ------- ------
Selling, general and
administrative expenses (154,051) (263,988) (38,673)
Research and development expenses (15,157) (36,074) (5,285)
------- ------- ------
Total operating expenses (169,208) (300,062) (43,958)
-------- -------- -------
Income/(loss) from operations 813,161 (153,950) (22,553)
------- -------- -------
Interest expense (96,931) (173,844) (25,467)
Change in fair value of
derivatives 445,436 621 91
Gain on buyback of convertible
bond - 24,649 3,611
Other income/(expenses) (110,812) 13,527 1,982
Impairment on available-for-sale
securities (686,320) - -
-------- --- ---
Income/(loss) before income taxes 364,534 (288,997) (42,336)
------- -------- -------
Income tax benefit/(expenses) (34,260) 7,811 1,144
------- ----- -----
Net income/(loss) 330,274 (281,186) (41,192)
------- -------- -------
Net income/(loss) per share:
Basic 2.13 (1.74) (0.26)
Diluted (1.63) (1.74) (0.26)
Weighted average number of shares
outstanding:
Basic 154,812,869 161,422,502 161,422,502
Diluted 166,470,323 171,362,650 171,362,650
JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
December 31, Sept. 30,
2008 2009 2009
RMB'000 RMB'000 USD'000
(Audited) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents 1,542,784 1,748,141 256,093
Restricted cash 33,061 84,737 12,413
Short term investment 421,865 - -
Accounts receivable 355,051 228,505 33,475
Inventories 591,989 685,211 100,380
Advances to suppliers 680,447 692,074 101,385
Other current assets 205,227 336,051 49,230
------- ------- ------
Total current assets 3,830,424 3,774,719 552,976
--------- --------- -------
Property and equipment, net 1,369,807 1,560,284 228,573
Advances to suppliers 1,944,912 1,646,270 241,169
Derivative asset 4,485 6,408 939
Deferred issuance cost 58,953 41,862 6,133
Other long term assets 70,603 83,517 12,234
------ ------ ------
Total assets 7,279,184 7,113,060 1,042,024
========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings 490,000 10,000 1,465
Accounts payable 117,982 222,003 32,522
Accrued and other liabilities 262,842 242,134 35,472
------- ------- ------
Total current liabilities 870,824 474,137 69,459
------- ------- ------
Convertible Bond 1,532,600 1,277,081 187,085
Embedded derivatives 115,676 92,035 13,483
Long-term bank borrowings - 680,000 99,616
Other long term liabilities 5,185 22,150 3,245
----- ------ -----
Total liabilities 2,524,285 2,545,403 372,888
--------- --------- -------
Commitment and Contingencies
Shareholders' equity 4,754,899 4,567,657 669,136
--------- --------- -------
Total liabilities and shareholders'
equity 7,279,184 7,113,060 1,042,024
========= ========= =========
SOURCE JA Solar Holdings Co., Ltd.
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