SHANGHAI, China, April 16, 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 that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2012 with the Securities and Exchange Commission of the United States. The annual report can be accessed on JA Solar's investor relations website at http://investors.jasolar.com/. JA Solar will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request.
In addition, the Company also revised its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012, previously released on March 25, 2013. The revision relates to a reduction in selling, general and administrative expenses recorded in the fourth quarter of 2012 of RMB 55.7 million ($8.9 million), as a result of a change in estimate of the Company's tax liabilities due to a waiver received by the Company from the local tax bureau of Ningjin County, Hebei Province (the "Ningjin Tax Bureau"). Such waiver pertained to certain interest and surcharge (the "Surcharge") related to an additional income tax expense of RMB 82.6 million ($13.3 million) (the "Additional Tax"), resulting from a capital injection made in 2007 and initially reflected in the Company's unaudited financial results for the fourth quarter and fiscal year ended December 31, 2012.
Shortly after the announcement of its unaudited fourth quarter and fiscal year 2012 financial results, the Company received approval from the Ningjin Tax Bureau, which waived the Surcharge. The Company has revised its results for the fourth quarter and fiscal year ended December 31, 2012 accordingly.After the revision, audited selling, general and administrative expenses for the fourth quarter and fiscal year 2012 were RMB 260.4 million (US$41.8 million) and RMB 901.6 million (US$144.7 million), respectively, representing a decrease of 17.6% and 5.8%, respectively, from the previously released unaudited selling, general and administrative expenses.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts