JA Solar Files Annual Report on Form 20-F

JA Solar Files Annual Report on Form 20-F

Company Revises Certain Items in Its Financial Results for the Fourth Quarter
and Fiscal Year 2013

SHANGHAI, China, April 23, 2014 (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 filed its annual report on Form 20-F for the fiscal year ended December 31,
2013 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 certain items in its financial results
for the fourth quarter and fiscal year 2013, previously released on March 17,
2014. In the previous release, the Company reported positive operating cash
flow of RMB 426.1 million ($70.4 million) in the fourth quarter of 2013 and
positive operating cash flow of RMB 1.5 billion ($255.2 million) in fiscal
year 2013.

After further review of the nature of certain payables, the Company has
reclassified RMB 80 million ($13.2 million) from other payables to short-term
borrowings as of December 31, 2013, such that:

  *Operating cash flow in the fourth quarter 2013 is positive RMB 366.1
    million ($60.5 million), compared with the previously stated positive RMB
    426.1 million ($70.4 million).
  *Operating cash flow in fiscal year 2013 is RMB 1.4 billion ($242.0
    million), compared with the previously stated RMB 1.5 billion ($255.2
  *Total short-term borrowings due 2014 were RMB 1.1 billion ($185.4
    million), compared with the previously stated total short-term bank
    borrowings due 2014 of RMB 1.0 billion ($172.2 million).

The Company's revised condensed consolidated balance sheets as of December 31,
2013 are included at the end of this press release.

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.

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 December 31, 2013, which was RMB
6.0537 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 December 31, 2013, or at any other date. Any
percentages stated in this press release are calculated based on Renminbi.

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 2.1 GW
of solar power products in 2013. JA Solar is headquartered in Shanghai, China,
and maintains production facilities in Shanghai, as well as Hebei, Jiangsu and
Anhui provinces.

JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
                                           Dec. 31,    Dec. 31,
                                           2012        2013        2013
                                           RMB'000     RMB'000     USD'000
Current assets:                                                  
Cash and cash equivalents                   3,031,462  2,119,740  350,156
Restricted cash                             194,379    588,413    97,199
Accounts receivable                        1,723,090  1,044,111  172,475
Inventories                                 930,137    1,347,094  222,524
Advances to suppliers                       294,653    401,472    66,319
Other current assets                        976,658    851,203    140,609
Total current assets                        7,150,379  6,352,033  1,049,282
Property and equipment, net                 4,447,469  4,158,108  686,870
Project assets, net                         --        47,746     7,888
Advances to suppliers                       1,157,555  753,913    124,538
Long-term investment                        50,910     48,802     8,061
Other long term assets                      326,153    521,092    86,078
Total assets                                13,132,466 11,881,694 1,962,717
LIABILITIES AND SHAREHOLDERS' EQUITY                              
Current liabilities:                                              
Short-term borrowings                      972,730    1,122,352  185,399
Accounts payable                           1,313,535  1,882,631  310,988
Advances from customers                     76,875     202,723    33,487
Current portion of long term borrowings     1,850,500  936,163    154,643
Convertible Bond                            708,548    --        --
Derivative liabilities-current              --        31,106     5,138
Accrued and other liabilities              966,351    865,909    143,039
Total current liabilities                   5,888,539  5,040,884  832,694
Long-term borrowings                       2,088,139  1,554,000  256,703
Derivative liabilities-non current          --        154,259    25,482
Other long term liabilities                 262,964    428,472    70,779
Total liabilities                           8,239,642  7,177,615  1,185,658
Total JA Solar Holdings shareholders'       4,892,824  4,620,262  763,213
Noncontrolling interest                     --        83,817     13,846
Total shareholders' equity                  4,892,824  4,704,079  777,059
Total liabilities and shareholders' equity  13,132,466 11,881,694 1,962,717

CONTACT: For more information, please contact:
         ICR, LLC
         Gary Dvorchak, CFA
         Senior Vice President
         Phone (U.S.): +1 (310) 954-1123
         Phone (China): +86 (138) 1079-1408
         Email: gary.dvorchak@icrinc.com

JA Solar Logo
Press spacebar to pause and continue. Press esc to stop.