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JA Solar Files Annual Report on Form 20-F

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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

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

Source:JA Solar Holdings Co., Ltd.