JA Solar Files Annual Report on Form 20-F

JA Solar Files Annual Report on Form 20-F

Company Revises Down Fourth Quarter 2012 Selling, General and Administrative
Expenses by RMB55.7 Million Due to Waiver of Surcharge

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 waiverof 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         (170,084)    (251,202)    (260,358)    (41,790)
expenses
Impairment loss for
property, plant and    (303,068)    (250,697)    (147,092)    (23,610)
equipment
Research and           (23,550)     (32,737)     (9,362)      (1,503)
development expenses
Total operating        (496,702)    (534,636)    (416,812)    (66,903)
expenses
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     (396,171)    (396,842)    (576,806)    (92,583)
taxes
Income tax             (33,478)     25,441       (5,327)      (855)
(expenses)/benefit
Net loss               (429,649)    (371,401)    (582,133)    (93,438)
                                                             
Net lossper 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            2,058        (1,258)      859          138
adjustments, net of
tax
Cash flow hedging      (15,201)     0            0            0
loss, net of tax
Other comprehensive    (13,143)     (1,258)      859          138
(loss)/income
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  (509,832)     (901,645)     (144,724)
expenses
Impairment loss for property, plant  (303,068)     (397,789)     (63,849)
and equipment
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         1,181         218           35
adjustments, net of tax
Cash flow hedging gain/(loss), net   9,428         (11,755)      (1,887)
of tax
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           885,000    1,850,500  297,026
borrowings
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

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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