JA Solar Announces First Quarter 2013 Results

JA Solar Announces First Quarter 2013 Results

SHANGHAI, China, May 20, 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 first quarter ended March 31, 2013.

First Quarter 2013 Highlights

  *Shipments were 442.7 MW, consisting of 248.0 MW of modules, 189.5 MW of
    cells, and 5.2 MW of module and cell tolling, exceeding the high end of
    the Company's previous guidance of 430 MW and representing a decrease of
    11.5% from the fourth quarter of 2012
  *Net revenue was RMB 1.7 billion ($270.0 million), compared to RMB 1.7
    billion ($268.9 million) in the fourth quarter of 2012
  *Gross margin was positive 6.0%, compared to gross margin of negative 4.6%
    in the fourth quarter of 2012
  *Operating loss was RMB 85.2 million ($13.7 million), compared to operating
    loss of RMB 493.9 million ($79.5 million) in the fourth quarter of 2012
  *Net loss was RMB 206.5 million ($33.3 million), of which net loss
    attributable to ordinary shareholders was RMB 204.3 million ($32.9
    million)
  *Loss per diluted ADS was RMB 5.29 ($0.85), compared to loss per diluted
    ADS of RMB 15.06 ($2.42) in the fourth quarter of 2012
  *Cash and cash equivalents at the end of the quarter were RMB 2.8 billion
    ($454.9 million), compared to RMB 3.0 billion ($488.1 million) at the end
    of the fourth quarter of 2012

Mr. Baofang Jin, executive chairman and CEO of JA Solar, commented, "Shipments
exceeded the high end of guidance in the first quarter thanks to solid sales
across our key markets, particularly in regions with higher ASPs, resulting in
improved gross margins and a significant reduction in net loss."

Mr. Jin continued, "We performed especially well in Japan, a high-ASP market,
which accounted for a record 38% of our module shipments in the quarter, while
module sales to China declined from last quarter due to seasonality and our
shiftin focus to markets with more attractive margins. We also made further
inroads into emerging markets, including in the Asia Pacific, the Middle East,
and Africa."

"While conditions remain challenging, we are confident that our strength
across key markets will continue to drive solid performance, and our emphasis
on stringent management of cash and our balance sheet should ensure the
long-term success of our business," Mr. Jin added. "Having successfully repaid
$119 million of our convertible notes in May, we are continuously evaluating
our financing options to ensure we have the cash needed to solidify our
market-leading position, while maintaining a healthy balance sheet. Going
forward, JA Solar's combination of superior product offerings and prudent
financial management will continue to help us further expand our global
footprint and customer base."

First Quarter 2013 Financial Results

Total shipments in the first quarter of 2013 were 442.7 MW, consisting of
248.0 MW of modules, 189.5 MW of cells, and 5.2 MW of module and cell tolling,
above the Company's previously provided guidance of 410 MW to 430 MW. This
represents an 11.5% decrease from 500 MW in the fourth quarter of 2012 and an
increase of 20.9% from 366 MW in the first quarter of 2012. The sequential
decline in shipment volumes was primarily due to seasonality.

Net revenue in the first quarter of 2013 was RMB 1.7 billion ($270.0 million),
an increase of 0.4% from RMB 1.7 billion ($268.9 million) in the fourth
quarter of 2012 and an increase of 4.7% from RMB 1.6 billion ($258.0 million)
in the first quarter of 2012. The slight sequential increase in net revenue
despite the decline in shipment volumes was primarily the result of the
Company's shift in focus to markets with higher average selling price.

Gross profit in the first quarter of 2013 was RMB 99.9 million ($16.1
million), compared with a gross loss of RMB 77.1 million ($12.4 million) in
the fourth quarter of 2012 and gross profit of RMB 33.2 million ($5.4 million)
in the first quarter of 2012. Gross margin was positive 6.0% in the first
quarter of 2013, compared with negative 4.6% in the fourth quarter of 2012 and
positive 2.1% in the first quarter of 2012.

Total operating expenses in the first quarter of 2013 were RMB 185.2 million
($29.8 million), compared with RMB 416.8 million ($67.1 million) in the fourth
quarter of 2012 and RMB 192.4 million ($31.0 million) in the first quarter of
2012. Total operating expenses in the first quarter of 2013 included an
accounts receivable provision of RMB 12.3 million ($2.0 million). Total
operating expenses in the fourth quarter of 2012 included an accounts
receivable provision of RMB 134.1 million ($21.6 million), and a long-lived
asset impairment of RMB 147.1 million ($23.7 million).Research and
development expenses in the first quarter of 2013 were RMB 21.4 million ($3.4
million), an increase from RMB 9.4 million ($1.5 million) in the fourth
quarter of 2012. The sequential increase in research and development expenses
was primarily related to various initiatives implemented to further improve
the efficiency and quality of the Company's products.

Operating loss in the first quarter of 2013 was RMB 85.2 million ($13.7
million), compared with an operating loss of RMB 493.9 million ($79.5 million)
in the fourth quarter of 2012 and an operating loss of RMB 159.1 million
($25.6 million) in the first quarter of 2012. Operating margin was negative
5.1% in the first quarter of 2013, compared with negative 29.6% in the fourth
quarter of 2012 and negative 9.9% in the first quarter of 2012.

Other loss in the first quarter of 2013 was RMB 17.5 million ($2.8 million),
compared with other income of RMB 20.5 million ($3.3 million) in the fourth
quarter of 2012 and other income of RMB 32.1 million ($5.2 million) in the
first quarter of 2012.

Loss per diluted ADS in the first quarter of 2013 was RMB 5.29 ($0.85),
compared with loss per diluted ADS of RMB 15.06 ($2.42) in the fourth quarter
of 2012 and earnings per diluted ADS of RMB 6.41 ($1.03) in the first quarter
of 2012.

Liquidity

As of March 31, 2013, the Company had cash and cash equivalents of RMB 2.8
billion ($454.9 million), and total working capital of RMB 278.4 million
($44.8 million). Total short-term bank borrowings were RMB 946.6 million
($152.4 million). Total long-term bank borrowings were RMB 3.9 billion ($623.2
million), among which RMB 2.8 billion ($451.4 million) were due in one year.
The total face value of the Company's outstanding convertible bonds due 2013
was RMB 724.2 million ($116.6 million) at March 31, 2013. The Company repaid
at maturity its convertible notes on May 15, 2013.

Business Outlook

For the second quarter of 2013, the Company expects total shipments to be
between 410 MW and 430 MW. The Company's full year guidance of 1.7 GW to 1.9
GW remains unchanged.

Investor Conference Call / Webcast Details

A conference call has been scheduled for today, Monday, May 20, 2013, at 8:00
a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time). The call may be
accessed by dialing +65-6723-9381 (international), +1-718-354-1231 (U.S.), or
+852-2475-0994 (Hong Kong). The passcode is JA Solar. A live webcast of the
conference call will be available on the Company's website at www.jasolar.com.
A replay of the call will be available beginning two hours after the live call
and will be accessible by dialing +61-2-8199-0299 (international) or
+1-646-254-3697 (U.S.). The passcode for the replay is 64802149.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for
the convenience of the reader, is based on the noon buying rate in the city of
New York for cable transfers of Renminbi as certified for customs purposes by
the Federal Reserve Bank of New York as of March 29, 2013, which was RMB
6.2108 to $1.00. No representation is intended to imply that the Renminbi
amounts could have been, or could be, converted, realized or settled into U.S.
dollars at that rate on March 29, 2013, or at any other date. The percentages
stated in this press release are calculated based on Renminbi.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by words such as
"may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate,"
"potential," "continue," and other similar statements. Statements other than
statements of historical facts in this announcement are forward-looking
statements, including but not limited to, our expectations regarding the
expansion of our manufacturing capacities, our future business development,
and our beliefs regarding our production output and production outlook. These
forward-looking statements involve known and unknown risks and uncertainties
and are based on current expectations, assumptions, estimates and projections
about the Company and the industry. Further information regarding these and
other risks is included in Form 20-F and other documents filed with the
Securities and Exchange Commission. The Company undertakes no obligation to
update forward-looking statements, except as may be required by law. Although
the Company believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that its expectations will
turn out to be correct, and investors are cautioned that actual results may
differ materially from the anticipated results.

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
                        Mar. 31, 2012 Dec. 31, 2012 Mar. 31, 2013 Mar. 31,
                                                                   2013
                        RMB'000       RMB'000       RMB'000       USD'000
                                                               
Net revenues             1,602,219     1,670,241     1,677,074     270,025
Cost of sales            (1,568,983)   (1,747,352)   (1,577,129)   (253,933)
Gross profit/(loss)      33,236        (77,111)      99,945        16,092
Selling, general and     (170,010)     (260,358)     (163,811)     (26,375)
administrative expenses
Impairment loss for
property, plant and      0             (147,092)     0             0
equipment
Research and development (22,365)      (9,362)       (21,366)      (3,440)
expenses
Total operating expenses (192,375)     (416,812)     (185,177)     (29,815)
Loss from operations     (159,139)     (493,923)     (85,232)      (13,723)
Interest expense         (123,091)     (103,427)     (98,310)      (15,829)
Other income/(loss), net 32,116        20,544        (17,540)      (2,824)
Loss before income taxes (250,114)     (576,806)     (201,082)     (32,376)
Income tax               (786)         (5,327)       (5,466)       (880)
(expenses)/benefit
Net loss                 (250,900)     (582,133)     (206,548)     (33,256)
Less: Loss attributable
to noncontrolling        0             0             (2,213)       (356)
interest
Net income/(loss)
available to ordinary    (250,900)     (582,133)     (204,335)     (32,900)
shareholders
                                                               
Net lossper share:                                             
Basic                    (1.28)        (3.01)        (1.06)        (0.17)
Diluted                  (1.28)        (3.01)        (1.06)        (0.17)
                                                               
Weighted average number                                         
of shares outstanding:
Basic                    195,706,103   193,300,847   193,300,847   193,300,847
Diluted                  195,706,103   193,300,847   193,300,847   193,300,847
                                                               
Comprehensive loss                                              
Net loss                 (250,900)     (582,133)     (206,548)     (33,256)
Foreign currency
translation adjustments, (284)         859           1,403         226
net of tax
Cash flow hedging loss,  (11,755)      0             0             0
net of tax
Other comprehensive      (12,039)      859           1,403         226
(loss)/income
Comprehensive loss       (262,939)     (581,274)     (205,145)     (33,030)
Loss attributable to     0             0             (2,213)       (356)
noncontrolling interest
Comprehensive loss
attributable to ordinary (262,939)     (581,274)     (202,932)     (32,674)
shareholders



JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
                                                                 
                                           Dec. 31,    Mar. 31,
                                           2012        2013        2013
                                           RMB'000     RMB'000     USD'000
                                           
ASSETS                                                            
Current assets:                                                  
Cash and cash equivalents                   3,031,462  2,825,133  454,874
Restricted cash                             194,379    239,481    38,559
Accounts receivable                        1,723,090  1,913,280  308,057
Inventories                                 930,137    1,067,896  171,942
Advances to suppliers                       294,653    323,561    52,096
Other current assets                        976,658    896,426    144,333
Total current assets                        7,150,379  7,265,777  1,169,861
Property and equipment, net                 4,447,469  4,432,018  713,599
Advances to suppliers                       1,157,555  972,290    156,548
Long-term investment                        50,910     50,910     8,197
Deferred issuance cost                      --        --        --
Other long term assets                      326,153    390,494    62,873
Total assets                                13,132,466 13,111,489 2,111,078
LIABILITIES AND SHAREHOLDERS' EQUITY                              
Current liabilities:                                              
Short-term bank borrowings                 972,730    946,608    152,413
Accounts payable                           1,313,535  1,593,562  256,579
Advances from customers                     76,875     105,282    16,951
Current portion of long term bank           1,850,500  2,803,613  451,409
borrowings
Convertible Bond                            708,548    722,865    116,388
Accrued and other liabilities              966,351    815,471    131,299
Total current liabilities                   5,888,539  6,987,401  1,125,039
Convertible Bond                            --        --        --
Long-term borrowings                       2,088,139  1,067,227  171,834
Other long term liabilities                 262,964    283,309    45,616
Total liabilities                           8,239,642  8,337,937  1,342,489
Total JA Solar Holdings shareholders'       4,892,824  4,694,736  755,899
equity
Noncontrolling interest                     --        78,816     12,690
Total shareholders' equity                  4,892,824  4,773,552  768,589
Total liabilities and shareholders' equity  13,132,466 13,111,489 2,111,078

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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