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 fourth quarter and fiscal year
ended December 31, 2017.
Fourth Quarter 2017
Highlights
- Total shipments were 2,205.9
megawatts
(“MW”),
consisting of 2,088.1 MW of
modules and 102.8 MW of cells to
external customers, and 15.0 MW
of modules to the Company’s downstream
projects. External shipments were
up 55.2% y/y and 35.2% sequentially
- Shipments of modules and module
tolling were 2,088.1
MW, an increase of
54.3% y/y and 31.9%
sequentially
- Shipments of cells and cell
tolling were 102.8
MW, an increase
of 74.5% y/y and 171.2%
sequentially
- Net revenue was RMB
5.7 billion
($871.8
million), an increase
of 42.1% y/y
and 30.6%
sequentially
- Gross margin was
12.2%, a decrease of
70 basis points y/y
and an increase of 40 basis
points sequentially
- Operating profit was RMB
210.7 million
($32.4 million),
compared to RMB 370.5
million ($56.9
million) in
the fourth quarter of
2016, and RMB 169.8 million
($26.1 million) in the third quarter of 2017
- Net income was RMB
115.5 million
($17.8 million),
compared to RMB 353.4 million ($54.3 million) in the fourth
quarter of 2016, and RMB 41.9 million ($6.4 million) in the third
quarter of 2017
- Earnings per diluted ADS were RMB 2.46
or $0.38, compared to RMB 6.80 or
$1.05 in the fourth quarter of 2016, and RMB 0.89 or $0.14 in the
third quarter of 2017
- Cash and cash
equivalents were
RMB 1.5 billion
($226.5
million), a
decrease of RMB 583.3
million ($89.6 million)
during the quarter
- Non-GAAP earnings1 per diluted ADS were RMB
2.46 or $0.38, compared
to RMB 6.80 or $1.05 in the
fourth quarter of 2016, and RMB 0.89 or $0.14 in the third quarter
of 2017
Fiscal Year 2017 Highlights
- Total shipments were 7.6
gigawatts ("GW"), consisting of
7,143.1 MW of modules and module tolling
and 358.0 MW of cells and cell
tolling to external customers, and 127.4
MW of modules to the Company’s downstream projects.
External Shipments represented an increase of
52.4% from 4.9 GW in fiscal year
2016
- Net revenue was RMB
19.7
billion ($3.0 billion),
compared to RMB
15.7
billion ($2.4 billion) in fiscal year
2016
- Gross margin was
12.3%, compared to
14.6% in fiscal year
2016
- Operating profit was
RMB 715.7 million
($110.0 million), compared to an
operating profit of RMB 903.2
million ($138.8 million)
in fiscal year 2016
- Net income was RMB 300.1
million ($46.1 million),
compared to RMB 719.6 million
($110.6 million) in fiscal year
2016
- Earnings per diluted ADS
were RMB 6.40 or $0.98,
compared to RMB
14.58 or $2.24
in fiscal year 2016
- Cash and cash equivalents were RMB 1.5
billion ($226.5 million), compared to RMB
2.6 billion
($394.9 million) at the end of
fiscal year 2016
- Non-GAAP net income attributable to the Company's
ordinary shareholders was RMB 300.1
million ($46.1 million),
compared to a non-GAAP net income
attributable to the Company's ordinary shareholders of
RMB 612.8
million ($94.2
million) in fiscal year
2016
- Non-GAAP earnings per diluted ADS was RMB
6.40 ($0.98), compared to a
non-GAAP earnings per diluted ADS
of RMB 13.07 ($2.01) in fiscal
year 2016
Mr. Baofang Jin, Chairman and CEO of JA Solar,
commented, “Overall 2017 results were largely in-line with our
expectations. While net revenue grew 25% year-over-year, gross
margin was negatively impacted by lower ASPs and rising material
costs. Additionally, higher operating expenses led to a decline in
operating profits and net income in 2017 when compared to
2016.”
Mr. Jin continued, “Despite the negative impact
of the Section 201 trade case, we continue to invest in R&D to
develop high-performance products to strengthen our competitive
position. We are confident that our technologies, high-reliability
products and balanced global footprint will continue to position JA
Solar for a solid future.”
Fourth Quarter 2017 Results
All shipment and financial figures refer to the
quarter ended December 31, 2017, unless otherwise specified. All
“year over year” or “y/y” comparisons are against the quarter ended
December 31, 2016. All “sequential” comparisons are against the
quarter ended September 30, 2017.
Total shipments were 2,205.9 MW, above the
guidance range of 1,600 to 1,800 MW. External shipments of 2,190.9
MW increased 55.2% year over year and 35.2% sequentially.
External shipments breakdown by product (MW)
|
2016Q4 |
2017Q3 |
2017Q4 |
QoQ% |
YoY% |
Modules and module tolling |
1,353.0 |
1,582.5 |
2,088.1 |
31.9% |
54.3% |
Cells and cell tolling |
58.9 |
37.9 |
102.8 |
171.2% |
74.5% |
Total |
1,411.9 |
1620.4 |
2,190.9 |
35.2% |
55.2% |
|
|
|
|
|
|
External shipments breakdown by region
(percentage)
|
2016Q4 |
2017Q3 |
2017Q4 |
QoQ(pp) |
YoY(pp) |
China |
58.0% |
47.3% |
43.3% |
-4.0pp |
-14.7pp |
APAC ex-China |
25.2% |
16.3% |
21.7% |
5.4pp |
-3.5pp |
Europe |
3.3% |
14.1% |
7.3% |
-6.8pp |
4.0pp |
North America |
7.4% |
17.2% |
24.5% |
7.3pp |
17.1pp |
South America |
5.6% |
0.4% |
0.2% |
-0.2pp |
-5.4pp |
Others |
0.5% |
4.7% |
3.0% |
-1.7pp |
2.5pp |
|
|
|
|
|
|
Net revenue was RMB 5.7 billion ($871.8
million), an increase of 42.1% y/y and 30.6% sequentially.
Gross profit of RMB 691.6 million ($106.3
million) increased 34.2% y/y and 34.7% sequentially. Gross margin
was 12.2%, which compares to 12.9% in the year-ago quarter, and
11.8% in the third quarter of 2017.
Total operating expenses of RMB 480.9 million
($73.9 million) were 8.5% of revenue. This compares to operating
expenses of 3.6% of revenue in the year-ago quarter, and 7.9% of
revenue in the third quarter of 2017.
Operating profit was RMB 210.7 million ($32.4
million), compared to RMB 370.5 million ($57.0 million) in the
year-ago quarter, and RMB 169.8 million ($26.1 million) in the
third quarter of 2017. Operating margin was 3.7%, compared with
9.3% in the prior year period and 3.9% in the previous quarter.
Interest expense was RMB 78.2 million ($12.0
million), compared to RMB 72.9 million ($11.2 million) in the
year-ago quarter, and RMB 80.3 million ($12.3 million) in the third
quarter of 2017.
Earnings per diluted ADS were RMB 2.46 or $0.38,
compared to earnings per diluted ADS of RMB 6.80 or $1.05 in the
year-ago quarter, and earnings per diluted ADS of RMB 0.89 or $0.14
in the third quarter of 2017.
Fiscal Year 2017 Results
Fiscal year 2017 shipments were 7.6 GW,
including 127.4 MW of modules to the Company’s downstream projects.
External shipments of 7.5 GW represented an increase of 52.4% from
4.9 GW in fiscal year 2016.
External shipments breakdown by product (MW)
|
2016 |
2017 |
YoY% |
Modules and module tolling |
4,606.6 |
7,143.1 |
55.1% |
Cells and cell tolling |
313.8 |
358.0 |
14.1% |
Total |
4,920.4 |
7,501.1 |
52.4% |
|
|
|
|
External shipments breakdown by region
(percentage)
|
2016 |
2017 |
YoY(pp) |
China |
53.3% |
48.4% |
-4.90pp |
APAC ex-China |
21.6% |
25.6% |
4.00pp |
Europe |
4.7% |
7.8% |
3.10pp |
North America |
9.4% |
14.9% |
5.50pp |
South America |
9.8% |
0.3% |
-9.50pp |
Others |
1.2% |
3.0% |
1.80pp |
|
|
|
|
Net revenue in fiscal year 2017 was RMB 19.7
billion ($3.0 billion), an increase of 25.5% from RMB 15.7 billion
($2.4 billion) in fiscal year 2016.
Total gross profit in fiscal year 2017 was RMB
2.4 billion ($370.3 million), or 12.3% of net revenue, compared
with RMB 2.3 billion ($352.5 million), or 14.6% of net revenue, in
fiscal year 2016.
Operating profit in fiscal year 2017 was RMB
715.7 million ($110.0 million), compared with operating profit of
RMB 903.2 million ($138.8 million) in fiscal year 2016.
Net income in fiscal year 2017 was RMB 300.1
million ($46.1 million), compared with net income of RMB 719.6
million ($110.6 million) in fiscal year 2016.
In fiscal year 2017, net earnings per diluted
ADS were RMB 6.40 or $0.98, compared with net earnings per diluted
ADS of RMB 14.58 or $2.24 in fiscal year 2016.
Liquidity
As of December 31, 2017, the Company had cash
and cash equivalents of RMB 1.5 billion ($226.5 million), and total
working capital of RMB 12.6 million ($1.9 million). Total
short-term borrowings were RMB 2.9 billion ($447.4 million). Total
long-term borrowings were RMB 3.1 billion ($469.9 million), of
which RMB 996.0 million ($153.1 million) were due in one year.
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 29, 2017, which was
RMB 6.506 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 29, 2017, 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 7.6 GW of solar power products in 2017. JA Solar is
headquartered in Beijing, China, and maintains production
facilities in Shanghai, Hebei, Jiangsu, Inner Mongolia and Anhui
provinces in China, as well as Penang, Malaysia and Bac Giang,
Vietnam.
For more information, please visit
www.jasolar.com.
Contact:
The Blueshirt Group
Ralph FongPhone: +1 (415) 489-2195Email:
ralph@blueshirtgroup.com
__________
1 JA Solar adjusts net income attributable to the Company's
ordinary shareholders to exclude changes in fair value of certain
warrants granted to certain investors in a registered direct
offering (the "Offering") closed on August 16, 2013.
|
JA Solar Holdings Co., Ltd. |
Condensed Consolidated Statements of Operations
and Comprehensive Income |
(Unaudited) |
|
For three months ended |
|
Dec. 31, 2016 |
|
Sep. 30, 2017 |
|
Dec. 31, 2017 |
|
Dec. 31, 2017 |
|
|
RMB'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
|
|
|
|
|
|
|
|
|
Net
revenues |
3,990,642 |
|
4,341,718 |
|
5,672,120 |
|
871,789 |
|
Cost of
sales |
(3,475,213 |
) |
(3,828,137 |
) |
(4,980,563 |
) |
(765,499 |
) |
Gross
profit |
515,429 |
|
513,581 |
|
691,557 |
|
106,290 |
|
Selling,
general and administrative expenses |
(99,969 |
) |
(302,786 |
) |
(437,812 |
) |
(67,290 |
) |
Research
and development expenses |
(44,937 |
) |
(40,964 |
) |
(43,047 |
) |
(6,616 |
) |
Total
operating expenses |
(144,906 |
) |
(343,750 |
) |
(480,859 |
) |
(73,906 |
) |
Income
from operations |
370,523 |
|
169,831 |
|
210,698 |
|
32,384 |
|
Interest
expense |
(72,879 |
) |
(80,283 |
) |
(78,238 |
) |
(12,025 |
) |
Change
in fair value of warrant derivatives |
0 |
|
- |
|
- |
|
- |
|
Other
income/(loss), net |
95,596 |
|
(35,594 |
) |
6,780 |
|
1,042 |
|
Income
before income taxes |
393,240 |
|
53,954 |
|
139,240 |
|
21,401 |
|
Income
tax expense |
(39,814 |
) |
(12,061 |
) |
(23,737 |
) |
(3,648 |
) |
Net
income |
353,426 |
|
41,893 |
|
115,503 |
|
17,753 |
|
Less:
loss attributable to noncontrolling interest |
34,922 |
|
- |
|
- |
|
- |
|
Net
income attributable to JA Solar Holdings |
318,504 |
|
41,893 |
|
115,503 |
|
17,753 |
|
|
|
|
|
|
Net
income per share attributable to ordinary shareholders: |
|
|
|
|
Basic |
1.36 |
|
0.18 |
|
0.49 |
|
0.08 |
|
Diluted |
1.36 |
|
0.18 |
|
0.49 |
|
0.08 |
|
|
|
|
|
|
Weighted
average number of shares outstanding: |
|
|
|
|
Basic |
234,290,842 |
|
234,360,842 |
|
234,361,641 |
|
234,361,641 |
|
Diluted |
234,305,887 |
|
234,383,172 |
|
234,459,146 |
|
234,459,146 |
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
Net
income |
353,426 |
|
41,893 |
|
115,503 |
|
17,753 |
|
Foreign currency translation adjustments, net of tax |
(18,532 |
) |
3,276 |
|
661 |
|
102 |
|
Other
comprehensive (loss)/income |
(18,532 |
) |
3,276 |
|
661 |
|
102 |
|
Comprehensive income |
334,894 |
|
45,169 |
|
116,164 |
|
17,855 |
|
Loss
attributable to noncontrolling interest |
34,922 |
|
- |
|
- |
|
- |
|
Comprehensive income attributable to JA Solar Holdings |
299,972 |
|
45,169 |
|
116,164 |
|
17,855 |
|
|
|
|
|
|
NON-GAAP
RECONCILIATION |
|
|
|
|
|
|
|
|
|
GAAP net
income attributable to JA Solar Holdings |
318,504 |
|
41,893 |
|
115,503 |
|
17,753 |
|
Change
in fair value of warrant derivatives |
0 |
|
- |
|
- |
|
- |
|
Non-GAAP
net income attributable to JA Solar Holdings |
318,504 |
|
41,893 |
|
115,503 |
|
17,753 |
|
|
|
|
|
|
Non-GAAP
net income per share attributable to ordinary shareholders: |
|
|
|
|
Basic |
1.36 |
|
0.18 |
|
0.49 |
|
0.08 |
|
Diluted |
1.36 |
|
0.18 |
|
0.49 |
|
0.08 |
|
|
|
|
|
|
Non-GAAP
weighted average number of shares outstanding: |
|
|
|
|
Basic |
234,290,842 |
|
234,360,842 |
|
234,361,641 |
|
234,361,641 |
|
Diluted |
234,305,887 |
|
234,383,172 |
|
234,459,146 |
|
234,459,146 |
|
|
|
|
|
|
Note: JA Solar excludes net income attributable to the
participating warrant holder of RMB 4.5 million (US$0.7 million)
from the numerator of basic EPS in the third quarter of 2016. |
|
|
JA Solar Holdings Co., Ltd. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
|
For
twelve months ended |
|
Dec. 31, 2016 |
|
Dec. 31, 2017 |
|
Dec. 31, 2017 |
|
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
|
|
|
|
|
|
|
Net
revenues |
15,736,876 |
|
19,659,454 |
|
3,021,603 |
|
Cost of
sales |
(13,443,335 |
) |
(17,250,142 |
) |
(2,651,298 |
) |
Gross
profit |
2,293,541 |
|
2,409,312 |
|
370,305 |
|
Selling,
general and administrative expenses |
(1,214,933 |
) |
(1,533,521 |
) |
(235,698 |
) |
Research
and development expenses |
(175,450 |
) |
(160,137 |
) |
(24,613 |
) |
Total
operating expenses |
(1,390,383 |
) |
(1,693,658 |
) |
(260,311 |
) |
Income
from operations |
903,158 |
|
715,654 |
|
109,994 |
|
Interest
expense |
(284,334 |
) |
(324,413 |
) |
(49,861 |
) |
Change
in fair value of warrant derivatives |
70,882 |
|
- |
|
- |
|
Other
income, net |
153,205 |
|
7,356 |
|
1,131 |
|
Income
before income taxes |
842,911 |
|
398,597 |
|
61,264 |
|
Income
tax expenses |
(123,301 |
) |
(98,470 |
) |
(15,135 |
) |
Net
income |
719,610 |
|
300,127 |
|
46,129 |
|
Less:
income attributable to noncontrolling interest |
35,911 |
|
- |
|
- |
|
Net
income attributable to JA Solar Holdings |
683,699 |
|
300,127 |
|
46,129 |
|
|
|
|
|
Net
income per share attributable to ordinary shareholders: |
|
|
|
Basic |
2.92 |
|
1.28 |
|
0.20 |
|
Diluted |
2.92 |
|
1.28 |
|
0.20 |
|
|
|
|
|
Weighted
average number of shares outstanding: |
|
|
|
Basic |
234,290,842 |
|
234,331,621 |
|
234,331,621 |
|
Diluted |
234,402,452 |
|
234,369,595 |
|
234,369,595 |
|
|
|
|
|
Comprehensive income |
|
|
|
Net
income |
719,610 |
|
300,127 |
|
46,129 |
|
Foreign currency translation adjustments, net of tax |
(44,517 |
) |
4,233 |
|
651 |
|
Other
comprehensive (loss)/income |
(44,517 |
) |
4,233 |
|
651 |
|
Comprehensive income |
675,093 |
|
304,360 |
|
46,780 |
|
Income
attributable to noncontrolling interest |
35,911 |
|
- |
|
- |
|
Comprehensive income attributable to JA Solar Holdings |
639,182 |
|
304,360 |
|
46,780 |
|
|
|
|
|
NON-GAAP
RECONCILIATION |
|
|
|
|
|
|
|
GAAP net
income attributable to JA Solar Holdings |
683,699 |
|
300,127 |
|
46,129 |
|
Change
in fair value of warrant derivatives |
(70,882 |
) |
- |
|
- |
|
Non-GAAP
net income attributable to JA Solar Holdings |
612,817 |
|
300,127 |
|
46,129 |
|
|
|
|
|
Non-GAAP
net income per share attributable to ordinary shareholders: |
|
|
|
Basic |
2.62 |
|
1.28 |
|
0.20 |
|
Diluted |
2.61 |
|
1.28 |
|
0.20 |
|
|
|
|
|
Non-GAAP
weighted average number of shares outstanding: |
|
|
|
Basic |
234,290,842 |
|
234,331,621 |
|
234,331,621 |
|
Diluted |
234,402,452 |
|
234,369,595 |
|
234,369,595 |
|
|
|
|
|
|
JA Solar Holdings Co., Ltd. |
Condensed Consolidated Balance
Sheets |
(Unaudited) |
|
|
|
|
|
Dec. 31, |
Dec. 31, |
|
2016 |
2017 |
2017 |
|
RMB'000 |
RMB'000 |
USD'000 |
|
|
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
2,569,402 |
1,473,455 |
226,466 |
Restricted cash |
836,761 |
1,006,252 |
154,658 |
Accounts
receivable |
2,753,678 |
2,770,111 |
425,758 |
Notes
receivable |
563,144 |
77,995 |
11,988 |
Inventories |
2,460,488 |
3,481,116 |
535,038 |
Advances
to suppliers |
282,369 |
321,344 |
49,390 |
Other
current assets |
799,314 |
847,705 |
130,290 |
Total current assets |
10,265,156 |
9,977,978 |
1,533,588 |
Property
and equipment, net |
5,219,501 |
6,539,197 |
1,005,056 |
Project
asset |
2,338,648 |
2,945,613 |
452,732 |
Advances
to suppliers |
97,429 |
60,666 |
9,324 |
Prepaid
land use rights |
524,208 |
525,323 |
80,741 |
Long-term investment |
69,022 |
67,656 |
10,399 |
Other
long term assets |
517,292 |
715,412 |
109,956 |
Total assets |
19,031,256 |
20,831,845 |
3,201,796 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Short-term borrowings |
2,912,866 |
2,910,859 |
447,391 |
Accounts
payable |
2,635,525 |
3,481,239 |
535,057 |
Advances
from customers |
610,718 |
719,016 |
110,511 |
Current
portion of long term borrowings |
525,256 |
996,010 |
153,084 |
Accrued
and other liabilities |
1,966,475 |
1,858,266 |
285,610 |
Total current liabilities |
8,650,840 |
9,965,390 |
1,531,653 |
Long-term borrowings |
2,701,438 |
2,061,399 |
316,831 |
Other
long term liabilities |
1,217,648 |
2,038,926 |
313,377 |
Total liabilities |
12,569,926 |
14,065,715 |
2,161,861 |
Total JA Solar Holdings shareholders' equity |
6,461,130 |
6,765,930 |
1,039,904 |
Noncontrolling interest |
200 |
200 |
31 |
Total shareholders' equity |
6,461,330 |
6,766,130 |
1,039,935 |
Total liabilities and shareholders’ equity |
19,031,256 |
20,831,845 |
3,201,796 |
|
|
|
|
Grafico Azioni JA Solar Holdings, Co., Ltd. ADS, Each Representing Five Ordinary Shares (delisted) (NASDAQ:JASO)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni JA Solar Holdings, Co., Ltd. ADS, Each Representing Five Ordinary Shares (delisted) (NASDAQ:JASO)
Storico
Da Mag 2023 a Mag 2024