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TheStreet Open House

JA Solar Announces Fourth Quarter And Fiscal Year 2012 Results

Stock quotes in this article: JASO

For more information, please visit www.jasolar.com .

JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
   
  For three months ended
  Dec. 31, 2011 Sep. 30, 2012 Dec. 31, 2012 Dec. 31, 2012
  RMB'000 RMB'000 RMB'000 USD'000
         
Net revenues 1,945,724 1,639,989 1,670,241 268,092
Cost of sales (1,936,616) (1,736,605) (1,747,352) (280,469)
Gross profit/(loss) 9,108 (96,616) (77,111) (12,377)
Selling, general and administrative expenses (170,084) (251,202) (316,079) (50,734)
Impairment loss for property, plant and equipment (303,068) (250,697) (147,092) (23,610)
Research and development expenses (23,550) (32,737) (9,362) (1,503)
Total operating expenses (496,702) (534,636) (472,533) (75,847)
Loss from operations (487,594) (631,252) (549,644) (88,224)
Interest expense (117,492) (129,308) (103,427) (16,601)
Other income 208,915 363,718 20,544 3,298
Loss before income taxes (396,171) (396,842) (632,527) (101,527)
Income tax (expenses)/benefit (33,478) 25,441 (5,327) (855)
Net loss (429,649) (371,401) (637,854) (102,382)
         
Net loss per share:        
Basic (2.45) (1.91) (3.30) (0.53)
Diluted (2.45) (1.91) (3.30) (0.53)
         
Weighted average number of shares outstanding:        
Basic 175,522,534 194,417,359 193,300,847 193,300,847
Diluted 175,522,534 194,417,359 193,300,847 193,300,847
         
Comprehensive loss        
Net loss (429,649) (371,401) (637,854) (102,382)
Foreign currency translation adjustments, net of tax 2,058 (1,258) 859 138
Cash flow hedging loss, net of tax (15,201) 0 0 0
Other comprehensive (loss)/income (13,143) (1,258) 859 138
Comprehensive loss (442,792) (372,659) (636,995) (102,244)
 
JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
   
  For twelve months ended
  Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2012
  RMB'000 RMB'000 USD'000
       
Net revenues 10,732,854 6,719,065 1,078,484
Cost of sales (10,271,521) (6,773,423) (1,087,209)
Gross profit/(loss) 461,333 (54,358) (8,725)
Selling, general and administrative expenses (509,832) (957,366) (153,668)
Impairment loss for property, plant and equipment (303,068) (397,789) (63,849)
Research and development expenses (68,948) (86,429) (13,873)
Total operating expenses (881,848) (1,441,584) (231,390)
Loss from operations (420,515) (1,495,942) (240,115)
Interest expense (373,710) (489,346) (78,545)
Other income 279,950 367,935 59,058
Loss before income taxes (514,275) (1,617,353) (259,602)
Income tax expenses (57,823) (100,625) (16,151)
Loss from continuing operations (572,098) (1,717,978) (275,753)
Income from discontinued operations 7,753 0 0
Net loss (564,345) (1,717,978) (275,753)
       
Loss per share from continuing operations:      
Basic (3.43) (8.82) (1.42)
Diluted (3.42) (8.82) (1.42)
       
Income per share from discontinued operations:      
Basic 0.05 0.00 0.00
Diluted 0.04 0.00 0.00
       
Net loss per share:      
Basic (3.38) (8.82) (1.42)
Diluted (3.38) (8.82) (1.42)
       
Weighted average number of shares outstanding:      
Basic  167,101,076  194,788,429  194,788,429
Diluted  167,101,076  194,788,429  194,788,429
       
Comprehensive loss      
Net loss (564,345) (1,717,978) (275,753)
Foreign currency translation adjustments, net of tax 1,181 218 35
Cash flow hedging gain/(loss), net of tax 9,428 (11,755) (1,887)
Other comprehensive gain/(loss) 10,609 (11,537) (1,852)
Comprehensive loss (553,736) (1,729,515) (277,606)
 
JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
       
  Dec. 31, Dec. 31,
  2011 2012 2012
  RMB'000 RMB'000 USD'000
   
ASSETS      
Current assets:       
Cash and cash equivalents  3,889,092  3,031,462  486,583
Restricted cash  88,632  194,379  31,200
Accounts receivable   1,244,904  1,723,090  276,575
Inventories  730,635  930,137  149,297
Advances to suppliers  435,657  266,403  42,761
Other current assets  1,320,202  976,658  156,764
Total current assets  7,709,122  7,122,129  1,143,180
Property and equipment, net  5,099,208  4,447,469  713,868
Advances to suppliers  1,452,920  1,157,555  185,800
Long-term investment  94,411  50,910  8,172
Deferred issuance cost  67,531  --   -- 
Other long term assets  312,407  326,153  52,351
Total assets  14,735,599  13,104,216  2,103,371
LIABILITIES AND SHAREHOLDERS' EQUITY      
Current liabilities:      
Short-term bank borrowings   529,906  972,730  156,134
Accounts payable   725,093  1,163,274  186,718
Advances from customers  320,277  76,875  12,339
Notes payables  --   122,011  19,584
Current portion of long term bank borrowings  885,000  1,850,500  297,026
Convertible Bond  --   708,548  113,730
Accrued and other liabilities   865,012  1,022,072  164,054
Total current liabilities  3,325,288  5,916,010  949,585
Convertible Bond  1,238,485  --   -- 
Long-term borrowings   3,461,916  2,088,139  335,169
Other long term liabilities  161,241  262,964  42,209
Total liabilities  8,186,930  8,267,113  1,326,963
Commitment and Contingencies      
Shareholders' equity  6,548,669  4,837,103  776,408
Total liabilities and shareholders' equity  14,735,599  13,104,216  2,103,371
CONTACT: In China
 
         Nick Beswick
         Brunswick Group
         Tel: +86-10-5960-8600
         E-mail: jasolar@brunswickgroup.com
 
         In the U.S.
 
         Cindy Zheng
         Brunswick Group
         Tel: +1-212-333 3810
         E-mail: jasolar@brunswickgroup.com

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