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.
Also after the revision, audited net loss for the fourth quarter and fiscal year 2012 was RMB 582.1 million (US$93.4 million) and RMB 1.66 billion (US$266.8 million), respectively, representing a decrease from the previously released unaudited net loss of RMB 637.9 million (US$102.4 million) and RMB 1.72 billion (US$275.8 million), respectively.
In connection with receiving the waiver of the Surcharge, the Company paid the Additional Tax to the Ningjin Tax Bureau on March 28, 2013.
The Company's full revised financial results for the fourth quarter and fiscal year ended December 31, 2012 are included at the end of this press release.
Exchange Rate
This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.2301 to US$1.00, the noon buying rate in effect on December 31, 2012 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York.
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 1.7 GW of solar power products in 2012. JA Solar is headquartered in Shanghai, China, and maintains production facilities in Shanghai, as well as Hebei, Jiangsu and Anhui provinces.
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) | (260,358) | (41,790) |
| 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) | (416,812) | (66,903) |
| Loss from operations | (487,594) | (631,252) | (493,923) | (79,280) |
| 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) | (576,806) | (92,583) |
| Income tax (expenses)/benefit | (33,478) | 25,441 | (5,327) | (855) |
| Net loss | (429,649) | (371,401) | (582,133) | (93,438) |
| Net loss per share: | ||||
| Basic | (2.45) | (1.91) | (3.01) | (0.48) |
| Diluted | (2.45) | (1.91) | (3.01) | (0.48) |
| 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) | (582,133) | (93,438) |
| 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) | (581,274) | (93,300) |
| 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) | (901,645) | (144,724) |
| 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) | (1,385,863) | (222,446) |
| Loss from operations | (420,515) | (1,440,221) | (231,171) |
| Interest expense | (373,710) | (489,346) | (78,545) |
| Other income | 279,950 | 367,935 | 59,058 |
| Loss before income taxes | (514,275) | (1,561,632) | (250,658) |
| Income tax expenses | (57,823) | (100,625) | (16,151) |
| Loss from continuing operations | (572,098) | (1,662,257) | (266,809) |
| Income from discontinued operations | 7,753 | 0 | 0 |
| Net loss | (564,345) | (1,662,257) | (266,809) |
| Loss per share from continuing operations: | |||
| Basic | (3.43) | (8.53) | (1.37) |
| Diluted | (3.42) | (8.53) | (1.37) |
| 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) | (8.53) | (1.37) |
| Diluted | (3.38) | (8.53) | (1.37) |
| 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) | (1,662,257) | (266,809) |
| 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) | (1,673,794) | (268,662) |
| 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 | 294,653 | 47,295 |
| Other current assets | 1,320,202 | 976,658 | 156,764 |
| Total current assets | 7,709,122 | 7,150,379 | 1,147,714 |
| 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 | 13,132,466 | 2,107,905 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Short-term bank borrowings | 529,906 | 972,730 | 156,134 |
| Accounts payable | 725,093 | 1,313,535 | 210,837 |
| Advances from customers | 320,277 | 76,875 | 12,339 |
| 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 | 966,351 | 155,110 |
| Total current liabilities | 3,325,288 | 5,888,539 | 945,176 |
| 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 | 8,239,642 | 1,322,554 |
| Commitment and Contingencies | |||
| Shareholders' equity | 6,548,669 | 4,892,824 | 785,351 |
| Total liabilities and shareholders' equity | 14,735,599 | 13,132,466 | 2,107,905 |