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JA Solar Files Annual Report on Form 20-F

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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 million).
  • 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
(Unaudited)
Dec. 31, Dec. 31,
2012 2013 2013
RMB'000 RMB'000 USD'000
ASSETS
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' equity 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

Source:JA Solar Holdings Co., Ltd.