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JA Solar Announces Fourth Quarter And Fiscal Year 2012 Results

SHANGHAI, China, March 25, 2013 (GLOBE NEWSWIRE) -- 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, 2012.

Fourth Quarter 2012 Highlights

  • Shipments were 500 MW, above the high end of the Company's previous guidance of 420 MW, and exceeding the 418 MW shipped in the third quarter of 2012
  • Net revenue wa s RMB 1.7 billion ($268.1 million) , an increase of 1.8% from RMB 1.6 billion ($263.2 million) in the third quarter of 2012
  • Gross margin was negative 4.6 %, compared with negative 5.9 % in the third quarter of 2012
  • Operating loss was RMB 549.6 million ($88.2 million), compared with operating loss of RMB 631.3 million ($101.3 million) in the third quarter of 2012
  • Net loss was RMB 637.9 million ($102.4 million), compared with a net loss of RMB 371.4 million ($59.6 million) in the third quarter of 2012. Loss per diluted ADS 1 was RMB 16.50 ($2.65), compared with a loss per diluted ADS of RMB 9.55 ($1.53) in the third quarter of 2012
  • Operating cash flow was negative RMB 27.5 million ($4.4 million), compared with positive RMB 176.1 million ($28.2 million) in the third quarter of 2012
  • Cash and cash e quivalents at the end of the quarter were RMB 3.0 billion ($486.6 million) , compared with RMB 3.4 billion ($548.5 million) at the end of the third quarter of 2012

Fiscal Year 2012 Highlights

  • Shipments grew to approximately 1.7 GW, an increase of 0.4% from 1.69 GW in fiscal year 2011
  • Net revenue was RMB 6.7 billion ($1.1 billion), compared with net revenue of RMB 10.7 billion ($1.7 billion) in fiscal year 2011
  • Gross margin was negative 0.8%, compared with gross margin of positive 4.3% in fiscal year 2011
  • Operating loss was RMB 1.5 billion ($240.1 million), compared with operating loss of RMB 420.5 million ($67.5 million) in fiscal year 2011
  • Net loss was RMB 1.7 billion ($275.8 million) and loss per diluted ADS was RMB 44.10 ($7.10), compared with loss per diluted ADS of RMB 16.90 ($2.71) in fiscal year 2011
  • Operating cash flow was positive RMB 8.6 million ($1.4 million), compared with operating cash flow of positive RMB 364.4 million ($58.5 million) in fiscal year 2011
  • Cash and cash equivalents at the end of the year were RMB 3.0 billion ($486.6 million), compared with RMB 3.9 billion ($624.2 million) at the end of fiscal year 2011

1 Each ADS represents five ordinary shares, effective on December 10, 2012.

Mr. Baofang Jin, executive chairman and CEO of JA Solar, commented, "2012 was another challenging year for the solar sector as industry-wide overcapacity continued to put downward pressure on ASP and margins. In response, we have been readjusting and optimizing our business to ensure we maintain our market-leading position. In the fourth quarter, shipments exceeded the top end of our prior guidance, largely due to a better-than-expected performance across key growth markets. The proportion of modules , including module tolling, in our overall product mix increased to 64.4% of total shipments and 70.1% of revenue by the fourth quarter."

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