Ja Solar Holdings (NASDAQ:JASO)

First Quarter 2013 Financial Results

• Net revenue was RMB 1.7 billion ($270.0 million), compared to RMB 1.7 billion ($268.9 million) in thefourth 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

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 shift in 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."

SHANGHAI, China, May 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 repaid at maturity a total of $119 million, comprising the principal amount and accrued interest, of its 4.5% convertible notes due May 15, 2013.

"JA Solar is committed to meeting all of our debt obligations and managing our balance sheet prudently to protect the interests of our stakeholders," said Mr. Baofang Jin, executive chairman and CEO of JA Solar. "The successful repayment of these convertible notes is a testament to our solid business execution and financial strength. While market conditions remain challenging, we are confident that JA Solar's combination of industry-leading high-performance products and stringent financial management will make us a long-term winner in the global solar industry."

Fourth Quarter 2012 Results

• Net revenue was RMB 1.7 billion ($268.1 million), an increase of 1.8% from RMB 1.6 billion ($263.2 million) in the third quarter of 2012
• Net loss was RMB 637.9 million ($102.4 million), compared with a net loss of RMB 371.4 million ($59.6 million) in the third quarter of 2012. Loss per diluted ADS¹ was RMB 16.50 ($2.65), compared with a loss per diluted ADS of RMB 9.55 ($1.53) in the third quarter of 2012
• Loss per diluted ADS in the fourth quarter of 2012 was RMB 16.50 ($2.65), compared with loss per diluted ADS of RMB 9.55 ($1.53) in the third quarter of 2012 and loss per diluted ADS of RMB 12.25 ($1.97) in the fourth quarter of 2011.

¹ Each ADS represents five ordinary shares, effective on December 10, 2012.

Mr. Baofang Jin, executive chairman and CEO of JA Solar, commented, "2012 was another challenging year for the solar sector as industry-wide overcapacity continued to put downward pressure on ASP and margins. In response, we have been readjusting and optimizing our business to ensure we maintain our market-leading position. In the fourth quarter, shipments exceeded the top end of our prior guidance, largely due to a better-than-expected performance across key growth markets. The proportion of modules , including module tolling, in our overall product mix increased to 64.4% of total shipments and 70.1% of revenue by the fourth quarter."

Mr. Jin continued, "In the fourth quarter, shipments to Japan, where we have established ourselves as one of the top international suppliers, and China grew significantly. Shipments to the U.S. declined in the quarter due to seasonality, although we expect to see increasing demand there in 2013. We're optimistic that we will continue to make inroads into other markets, including the Middle East, Australia and Latin America, all of which have promising long-term potential."

"Moving into 2013, we remain focused on cost reduction and stringent cash management, while maintaining our leadership position in technology through continued R&D efforts and manufacturing process optimization. Ultimately, we believe JA Solar's value proposition, which combines high-quality, high-efficiency products with prudent financial management, will see us emerge from this difficult environment as one of the industry's long-term winners."

Business Outlook

For the first quarter of 2013, the Company expects total cell and module shipments to be between 410MW and 430MW. For the full year 2013, the Company expects total cell and module shipments to be between 1.7 GW and 1.9 GW.

SHANGHAI, China, March 21, 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 it has commenced delivery of 2 MW of solar modules to Jet Energy International for a solar power plant located in Kenitra, Morocco.

Expected to be the largest ground mount photovoltaic power plant in North Africa when completed in the first quarter of 2013, the 2 MW project will be equipped with 7,150 pieces of JA polycrystalline modules and is estimated to generate more than 3.5 million kWh of electricity per year. Electricity generated by the power plant will on average offset more than 2,100 metric tons of carbon dioxide emissions annually. Jet Energy International, a Morocco-based affiliate of JetAlu Morocco, is the engineering, procurement, and construction (EPC) service provider for the project.

"The power plant is designed to generate power at a levelized cost of electricity (LCOE) similar to that of other traditional forms of energy sources at around 0.8 Dirham per kWh, establishing a new benchmark in the region," said Mr. Adil Rtibi, CEO of Jet Energy International. "We are glad to have chosen JA Solar as our partner for the project. Their top-notch products and exceptional customer service are the key success factors to the project."

"We are very proud to be part of this flagship project in Morocco," said Mr. Baofang Jin, CEO of JA Solar. "This project with Jet Energy International not only signifies an important step for us in the North African market, but also serves as another example of JA Solar's continued success in expanding into emerging markets around the world. We will continue to increase our footprint by focusing on providing our customers with high-quality product offerings and great customer service."

SHANGHAI, China, Dec. 31, 2012 (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 received a letter dated December 27, 2012 from NASDAQ Stock Market LLC ("NASDAQ") notifying the Company that it has regained compliance with the minimum bid price of $1.00 per share requirement for continued listing set forth in NASDAQ Listing Rule 5450(a)(1) (the "Listing Rule").

On October 11, 2012, NASDAQ notified the Company that, based upon the closing bid price of the Company's American Depositary Shares ("ADS") for 30 consecutive business days, the Company no longer met the $1.00 per share minimum bid price requirement set forth in the Listing Rule. The Company was provided with a period of 180 calendar days, or until April 9, 2013, to regain compliance.

In the December 27, 2012 letter, NASDAQ informed the Company that it had determined that for the previous 10 consecutive business days, from December 10, 2012 to December 26, 2012, the closing bid price of the Company's ADSs had been at $1.00 per share or greater. Accordingly, the Company has regained compliance with the Listing Rule.

SHANGHAI, China, Nov. 16, 2012 (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 cells and solar power products, today announced that it will change the ratio of its American Depositary Shares ("ADSs") to ordinary shares from one (1) ADS representing one (1) ordinary share to one ADS representing five (5) ordinary shares, effective on December 10, 2012.

Each shareholder of record at the close of business on December 10, 2012 will be required to exchange every five ADSs then held for one new ADS. The effect on the ADS price will take place on December 10, 2012.

For JA Solar's ADS holders, this ratio change will have the same effect as a one-for-five reverse ADS split. There will be no change to JA Solar's underlying ordinary shares. ADS holders will be required to surrender their existing ADSs in exchange for new ADSs of the Company. The Company's Depositary, The Bank of New York Mellon, will provide further details on or prior to November 26, 2012 to NASDAQ and other market participants.

Third Quarter 2012 Highlights

• Net revenue was RMB 1.6 billion ($260.9 million), a decrease of 9.2% from RMB 1.8 billion ($287.5 million) in the second quarter of 2012
• Operating loss was RMB 631.3 million ($100.4 million), compared with operating loss of RMB 155.9 million ($24.8 million) in the second quarter of 2012.
• Net loss was RMB 371.4 million ($59.1 million), compared with net loss of RMB 457.8 million ($72.8 million) in the second quarter of 2012. Loss per diluted ADS was RMB 1.91 ($0.30), compared with loss per diluted ADS of RMB 2.34 ($0.37) in the second quarter of 2012

Dr. Peng Fang, CEO of JA Solar, commented, "In spite of tough market conditions, shipments exceeded the top end of our guidance in the third quarter, thanks to robust sales across emerging markets. The proportion of modules in our overall sales mix continued to increase, accounting for 68% of revenue and 59% of total shipments in the quarter. In light of the current slowdown in demand and ongoing trade issues in Europe, we continued to explore opportunities in nascent growth markets while stringently managing our cash position."

Dr. Fang continued, "In China, shipments more than doubled sequentially, largely driven by a strong pipeline of projects from major utility companies. We continue to perform strongly in Japan, where we achieved record quarterly shipments, thanks to our market development efforts and high-efficiency, high-quality product offerings. While the outcome of the recent trade dispute in the United States was disappointing, we are pleased that it has reached a conclusion, and we look forward to further expanding our presence there in the coming quarters. We are also making encouraging inroads into the burgeoning solar markets in Australia, Southeast Asia and South America, where we see strong growth potential.

"While the difficult pricing environment across the industry continues to affect margins and our bottom line, we continued to manage our financial position prudently while expanding market share in all of the major regions," Dr. Fang added. "This quarter, we recorded positive operating cash flow, and purchased a significant portion of our outstanding convertible notes as part of our efforts to reduce our short-term debt. We continue to explore potential channels to fulfill our long-term financing needs. In this challenging environment, customers are demonstrating that they value JA Solar's cost-efficient and reliable products, and our solid financial position. We believe the continued improvements we've made to the output and efficiency of our product portfolio combined with our relentless cost reduction efforts position JA Solar to be one of the long-term winners in the solar market."

Business Outlook

For the fourth quarter of 2012, the Company expects total cell and module shipments to be between 380 MW and 420 MW. For the full year 2012, the Company now expects total cell and module shipments to be between 1.55 GW and 1.65 GW, compared with the previously provided full year guidance of 1.5 GW to 1.8 GW.

SHANGHAI, China, Sept. 26, 2012 (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 commenced solar module shipments from successful bids totaling 90MW with China Power Investment Corporation ("CPI"). The Company has signed supply agreements with subsidiaries of CPI for an initial 40MW of modules, delivery of which is expected to be completed by the end of 2012. JA Solar's total of 90MW in successful bids makes it the largest single bid winner from a 200MW tender offered by CPI.

Dr. Peng Fang, CEO of JA Solar, said, "China is one of the most important growth engines in the global solar industry, and this cooperation with a major utility company demonstrates our strong position in this promising market. Like their peers in other markets, project developers in China demand that their suppliers offer quality, reliability, affordability and financial stability. JA Solar's ability to deliver across all these criteria ensures that we are well positioned for strong growth here."

Aslo announced another shipment....

SHANGHAI, China, Sept. 26, 2012 (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 commenced solar module shipments from successful bids totaling 70MW with China Guangdong Nuclear Solar Energy Development Co., Ltd. ("CGN"). The Company has signed supply agreements with subsidiaries of CGN for an initial 30MW of modules, delivery of which is expected to be completed by the end of 2012. The modules will be used in projects in China's Qinghai and Xinjiang provinces. JA Solar's total of 70MW in successful bids makes it the largest single bid winner in a 150MW tender offered by CGN.

Dr. Peng Fang, CEO of JA Solar, said, "This cooperation with CGN, one of China's largest utility companies, is yet another clear sign that project developers in China increasingly recognize JA Solar for the reliability and affordability of our world-class product offering. Combined with our stable financial position, this forms a solid foundation for JA Solar's continued long-term growth in this promising market."

SHANGHAI, China, Sept. 24, 2012 (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, during the third quarter of 2012, the Company purchased its 4.5% senior convertible notes ("Senior Notes") with an aggregate face value of US$89.2 million.

The Company's Senior Notes, which were offered in May 2008 with an aggregate principal amount of US$400 million, will mature on May 15, 2013, unless repurchased by the Company or converted in accordance with terms and conditions prior to such date. As of June 30, 2012, the total face value of the Company's Senior Notes was US$219.7 million. As of the date of this release, the Company had successfully reduced the total face value of its outstanding Senior Notes to US$130.5 million.

Dr. Peng Fang, CEO of JA Solar, said, "This repurchase of our Senior Notes demonstrates JA Solar's solid financial position and our ability to meet our financing obligations in the long term. This is also an important part of our efforts to maintain one of the healthiest balance sheets in the industry."

Second Quarter 2012 Results

• Revenue in the second quarter of 2012 was RMB 1.8 billion ($284.4 million), an increase of 12.8% from RMB 1.6 billion ($252.2 million) in the first quarter of 2012, and a decrease of 32.3% from RMB 2.7 billion ($420.1 million) in the second quarter of 2011.
• Loss per diluted ADS in the second quarter of 2012 was RMB 2.34 ($0.37), compared with loss per diluted ADS of RMB 1.28 ($0.20) in the first quarter of 2012 and loss per diluted ADS of RMB 1.39 ($0.22) in the second quarter of 2011.

Dr. Peng Fang, CEO of JA Solar, commented, "In the second quarter, JA Solar achieved shipments in line with the low end of our guidance and maintained a healthy financial position despite the challenging market environment. Gross margin increased to 4.8% from 2.1% in the first quarter, as a result of our cost reduction efforts and increased operating efficiency. This quarter, modules accounted for more than 60% of revenues and more than 55% of shipments for the first time in our history. Although not as severe as in previous quarters, the downward pressure on pricing continued. In light of this, we focused on sustaining a healthy balance sheet and building our footprint in key growth markets."

"In Europe, JA Solar is benefiting from the continued strength of the German market, and the growth in installation activity in new markets like the United Kingdom. We continue to work with our overseas manufacturing partners to supply the United States, but remain cautious given the lack of clarity about the impact of potential tariffs. At the same time, we have been successful in developing new customers in Canada. We are quickly building momentum in the promising Japanese market, where we have a strong position in both the rooftop and megawatt-scale solar farm segments. The new office we opened in Japan in August will allow even closer cooperation with our partners there. Along with China, where installation growth remains very encouraging, Japan should be an important growth market for JA Solar in the coming quarters."

"While we recorded a loss for the quarter due to the unfavorable pricing environment, we continue to actively manage costs and operating expenses and have one of the strongest balance sheets in the industry. Our prudent approach to cash management throughout the current downturn has ensured that we have one of the best debt-to-asset ratios among our peers. Looking to the third quarter, our outlook on the market is cautious in light of uncertainty in the United States and shifting dynamics in European markets, and we have revised our guidance for the full year accordingly. Nevertheless, our robust balance sheet, expansion in key growth markets, close partnerships, and strong customer demand for our modules and cells underline our conviction that JA Solar will be a long-term industry winner. Looking to the third quarter, we remain focused on maintaining a healthy cash position while continuing aggressive expansion into key growth markets."

Business Outlook

For the third quarter of 2012, the Company expects total cell and module shipments to be between 350 MW and 370 MW. For the full year 2012, the Company now expects total cell and module shipments to be between 1.5 GW and 1.8 GW, compared with the previously provided full year guidance of 1.8 GW to 2.0 GW. The revised estimates reflect the Company's prioritization of maintaining a healthy financial position over short-term shipment gains.

SHANGHAI, China, July 30, 2012 (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 entered into a share transfer agreement (the "Agreement") on July 23, 2012 with M.SETEK Co., Ltd. ("M.SETEK"), a polysilicon and solar wafer manufacturer in Japan controlled by AU Optronics Corp. (TAIEX:2409) (NYSE:AUO). Pursuant to the Agreement, M.SETEK will transfer its 65% equity interest in Hebei Ningjin Songgong Semiconductor Co., Ltd. ("Ningjin Songgong") to JA Solar Hong Kong Limited ("JA Hong Kong"), a wholly-owned subsidiary of the Company, for RMB247.0 million (US$38.9 million).

The parties expect to complete the share transfer by the end of this year, subject to possible government approval. The parties have been liaising with the Anti-monopoly Bureau of the Ministry of Commerce of the People's Republic of China to evaluate the necessity of an antitrust filing of the transaction under PRC law.

The share transfer is part of an arrangement with M.SETEK to settle outstanding prepayments made by the Company to M.SETEK for polysilicon supply, following an assignment by the Company of such claim over the outstanding prepayment to JA Hong Kong. Due to a magnitude-9 earthquake in Japan and a consequent tsunami, M.SETEK failed to make the majority of the scheduled delivery of polysilicon to the Company. M.SETEK subsequently entered into a framework agreement with the Company in March 2012 to settle outstanding prepayments of US$69.1 million (RMB438.7 million).

Under the framework agreement, M.SETEK agreed to (i) use the dividends distributed by Ningjin Songgong to repay part of the prepayments, (ii) transfer its 65% equity interest in Ningjin Songgong to the Company at an appraisal price, which will be used to offset part of the remaining unused prepayments, and (iii) continue to deliver polysilicon to fully utilize the remaining unused prepayments, if any. Full release.

SHANGHAI, China, June 14, 2012 (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 its board of directors has approved a share repurchase program, effective immediately, that authorizes JA Solar to repurchase up to a US$100 million worth of its issued and outstanding American Depositary Shares ("ADSs") prior to September 30, 2012.

The program permits the Company to purchase ADSs from time to time prior to September 30, 2012 on the open market at prevailing market prices, in accordance with applicable securities laws and subject to restrictions relating to volume, price and timing.

First Quarter 2012 Highlights

• Shipments were 366 MW, above the high end of the Company's previous guidance of 350 MW and a decrease of 8.1% from the fourth quarter of 2011
• Net revenue was RMB 1.6 billion ($254.4 million), compared to RMB 1.95 billion ($309.0 million) in the fourth quarter of 2011
• Gross margin, including provisions for potential countervailing and anti-dumping duties totaling $2.9 million, was 2.1%, compared to gross margin of 0.5% in thefourth quarter of 2011
• Operating loss was RMB 159.1 million ($25.3 million), compared to operating loss of RMB 487.6 million ($77.4 million) in the fourth quarter of 2011
• Net loss was RMB 250.9 million ($39.8 million) and loss per diluted ADS was RMB 1.28 ($0.20), compared to loss per diluted ADS of RMB 2.45 ($0.39) in the fourth quarter of 2011
• Operating cash flow was RMB 114.8 million ($18.2 million), compared to RMB 545.3 million ($86.6 million) in the fourth quarter of 2011
• Cash and cash equivalents at the end of the quarter were RMB 4.3 billion ($676.2 million), compared to RMB 3.9 billion ($617.6 million) at the end of the fourth quarter of 2011

Dr. Peng Fang, CEO of JA Solar, commented, "Despite the seasonal impact of the Chinese New Year holiday, we achieved shipments of 366 MW in the first quarter, above the high end of our previous guidance. Our results for the first quarter demonstrate the effectiveness of our strategy to ensure JA Solar's long-term sustainability through the current volatile market environment. Through prudent balance sheet management, we recorded positive operating cash flow of RMB 114.8 million. With industry-wide overcapacity continuing, we nevertheless recorded positive gross margin and positive EBITDA. This enabled us to maintain a relatively healthy balance sheet � one of the strongest in the industry � which gives customers and financial institutions confidence in JA Solar as a long-term partner. Across the industry, we have seen a shift where customers are seeking quality suppliers who can demonstrate both financial and technological strength. Going forward, we expect that JA Solar will increasingly benefit from this trend, as we build our presence in key markets and grow demand for our high-efficiency products.

"Demand for our cells and modules remains strong. In Germany and Italy, sales in the first quarter were above our expectations. In both markets we see a trend towards rooftop installations, to which JA Solar's high-efficiency product offerings are ideally suited. In the first quarter we also focused on expansion into promising new markets such as Japan, India and the Middle East. We expect that Japan, for example, will be an important market for JA Solar. Few suppliers can meet Japanese customers' rigorous standards for product quality and reliability, and our continued growth in this market is a testament to the superiority of our offering. We now have a local sales team on the ground, which is working to build out our fruitful relationships with Japanese customers, and we expect to record meaningful shipments to Japan in the coming quarters. In China, we have carefully nurtured strong partnerships with some of the leading project developers and EPCs and we expect shipments to Chinese customers to increase substantially in 2012.

"While we are disappointed by the U.S. Department of Commerce's preliminary decision on anti-dumping duties last month, since last year we have worked to ensure that JA Solar is relatively insulated from the impact of this ruling. The majority of our products sold in the U.S. market in the first quarter contained cells produced by our partners outside of mainland China. Therefore, our exposure to potential government tariffs is relatively small and we believe that JA Solar is significantly less exposed than our peers. We estimate that less than 10 MW of the products we shipped to the U.S. in Q1 will be subject to tariffs if the provisional ruling is ratified, and we have recorded a related provision of approximately $2.9 million in the first quarter.

"Globally, we have seen that both potential and existing customers are increasingly relying on strong and dependable Tier One suppliers. I'm therefore confident that JA Solar's strong balance sheet, prudent cash management strategy, and high-quality product offerings that are well suited to changing industry demands, position us for long-term success."

Business Outlook

For the second quarter of 2012, the Company expects total cell and module shipments to be between 420 MW and 440 MW. The Company's full year guidance of 1.8 GW to 2 GW remains unchanged.

SHANGHAI, China, Feb. 16, 2012 (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 cells and solar power products, today announced that it has supplied 23MW of solar modules to a utility-scale photovoltaic project in the city of Lingwu, Ningxia province, China.

Jointly developed by the Angli Group and China Datang Corporation ("Datang"), this project qualifies for a feed-in tariff of RMB1.15/kwh under the FiT program introduced by China's National Development and Reform Commission (NDRC) in August 2011.

"We are pleased that JA Solar's high quality PV modules were selected by Angli Group and Datang, one of China's leading independent power producers, for their utility-scale project in Ningxia. China's feed-in tariff program is creating an increasingly attractive IRR for solar projects, and we are seeing strong growth in installation activity across the country," said Dr. Peng Fang, CEO of JA Solar. "We are confident that China will grow to be a multi-gigawatt market in 2012 and for the foreseeable future, and we believe that JA Solar is ideally positioned to benefit from this rapid growth. As one of the world's leading suppliers of high-quality, low-cost solar products, JA Solar combines local market knowledge with global industry expertise, making us the natural partner for China's solar project developers."

SHANGHAI, China, Dec. 29, 2011 (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 cells and solar power products, today announced that it has entered into an agreement with Solarhybrid AG (Frankfurt:SHL) ("Solarhybrid"), a Germany-based project developer and general contractor for turn-key utility-scale solar power projects, to supply 19 MW of solar modules to Solarhybrid's Allstedt I solar power plant in Halle, Germany. JA Solar is the exclusive solar module supplier to the project.

Under the terms of the agreement, JA Solar will supply Solarhybrid with approximately 19 MW of high-efficiency PV modules. Located on a former military airfield in Germany, the Allstedt I solar power plant is expected to generate 19,030,000 kWh of electricity annually and reduce CO2 emissions by 266,381 tons over a service period of 20 years. The power plant is scheduled to be connected to the grid and commence operation by the end of this year.

"We are delighted to work with Solarhybrid as the exclusive module supplier to the Allstedt I solar power project," commented Dr. Peng Fang, CEO of JA Solar. "As this project demonstrates, demand and support for solar energy are strong in Germany. We look forward to working closely with Solarhybrid to ensure the success of this project and to take advantage of future growth opportunities in Germany and beyond."

Tom Schroder, CEO of Solarhybrid, said: "Following a stringent supplier selection process, we are very pleased to choose JA Solar, a proven provider of industry leading solar products, as our partner for this project. JA Solar's cost-effective, high-efficiency solutions will enable us to maximize the return on investment in this project. With JA Solar's support, we look forward to opening the Allstedt I power plant by end of this year."

JA Solar expects total module shipments to Solarhybrid to reach approximately 40 MW in 2011, including 19 MW of modules for the Allstedt I project.

SHANGHAI, China, Dec. 12, 2011 (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 cells and solar power products, today announced that it has signed a cooperation agreement with TÜV SÜD, one of the world's leading providers of testing and certification services. Under the terms of the agreement, JA Solar and TÜV SÜD will cooperate on a range of product and system testing and certification initiatives, including the establishment of a TÜV SÜD-accredited testing facility at JA Solar's Fengxian facility in Shanghai. JA Solar is the first Chinese solar company to sign a strategic cooperative agreement with TÜV SÜD.

SHANGHAI, China, Dec. 1, 2011 (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 cells and solar power products, today announced that it has successfully completed its previously announced acquisition of Silver Age Holdings Limited, a British Virgin Islands company that owns 100% of Solar Silicon Valley Electronic Science and Technology Co., Ltd. ("Solar Silicon Valley"), a leading producer of mono-crystalline solar wafers based in China.

JA Solar issued 30.901 million ordinary shares to the sellers, including Jinglong Group Co., Ltd., an affiliate of the Company, as consideration.

Third Quarter 2011 Results

• Revenue in the third quarter of 2011 was RMB 2.5 billion ($388.0 million), a decrease of 7.3% compared to RMB 2.7 billion ($418.5 million) in the second quarter of 2011 and a decrease of 31.6% from RMB 3.6 billion ($567.4 million) reported in the third quarter of 2010.
• Loss per diluted ADS in the third quarter of 2011 was RMB 2.28 ($0.36), compared with loss per diluted ADS of RMB 1.39 ($0.22) in the second quarter of 2011 and earnings per diluted ADS of RMB 3.14 ($0.49) in the third quarter of 2010.

Dr. Peng Fang, CEO of JA Solar, commented, "This continues to be a challenging period for the solar industry, but we are heartened that JA Solar has been able to retain customers and maintain strong market share in the third quarter. While ongoing macro-economic and industry volatility continued to restrain demand, overall product shipments were at the low end of our guidance at 445MW. With the European debt crisis limiting the amount of financing available for solar power projects, we did not see the anticipated demand recovery in major European markets during the month of September. However, JA Solar performed relatively well as customers increasingly relied on top tier suppliers with strong liquidity. In the current market environment, where customers have more choices of products and suppliers, we have seen customers shifting more of their orders to suppliers who can deliver high power products together with a strong brand, a reputation for quality, and a healthy balance sheet. JA Solar's suite of industry-leading high-performance products gives us a clear advantage and this is particularly evident in our module shipments for the third quarter, which grew by more than 45% sequentially. Our gross margin for the quarter has been impacted by an inventory provision of US$21.7 million. Excluding this inventory provision, gross margin would have been positive."

Dr. Fang continued, "As a result of on-going macro-economic and industry uncertainty, visibility in the near term is limited. We remain confident that we can outperform our peers by building on our already strong relationships with our diverse global customer base, and maintaining our long-term partnerships with leading solar companies internationally. JA Solar is also committed to ensuring operational efficiency by continuing our cost optimization efforts, reducing inventory, and producing to order. We believe that these efforts, supported by our healthy cash position and balance sheet strength, will ensure that JA Solar is well positioned to benefit when market conditions improve."

Outlook

Solar cell and module shipments in the fourth quarter are expected to be in the range of approximately 310 MW to 330 MW. The Company currently estimates that total cell and module shipments for full year 2011 will be approximately 1.6 GW. This compares to the Company's previous guidance of 1.8 GW.

Second Quarter 2011 Results

• Second quarter shipments of 401MW, an increase of 28.9% year-over-year and a decrease of 11.1% sequentially
   
• Second quarter revenue of $413.0 million, an increase of 12.1% year-over-year and a decrease of 26.7% sequentially
   
• Gross margin of negative 2.7%, compared to 17.3% in the first quarter of 2011
   
• Operating loss of $31.3 million and operating margin of negative 7.6%
   
• Second quarter net loss of $35.4 million and diluted loss per ADS of $0.22
   
• Strong balance sheet with a cash balance of $616.9 million and working capital of $872.4 million

Dr. Peng Fang, CEO of JA Solar, commented, "Our second quarter results reflect the market disruption that resulted from generally lower than anticipated installation levels in Germany and recent policy changes in Italy. Despite that challenging environment in the European market, demand for our high-efficiency, low-cost products remained healthy and ensured that we met our shipment goals. However, our gross margin and bottom line have been impacted by worse than anticipated market conditions and inventory provisions."

Dr. Fang continued, "In recent weeks, we have seen signs of market recovery with both orders and volume shipments increasing across our diverse customer base. Our strategic partners and key customers continue to value JA Solar's unyielding focus on technology leadership, innovation, quality, and customer service. We are particularly pleased to see growing demand for JA Solar's high-efficiency products, which underscores the success of our ongoing efforts to improve solar cell conversion efficiencies. With this healthy demand from our customers, we expect shipment volumes to increase in the second half of this year compared to the first half. We are also encouraged by a reduction in key raw material costs, as we continue to make progress on achieving our cost reduction targets. We have strong liquidity, with a cash balance in excess of $600 million, and we are confident JA Solar is well positioned to take advantage of growth opportunities as the solar market recovers."

Outlook

Solar cell and module shipments in the third quarter are expected to be in the range of approximately 450MW to 470MW. The Company's current estimate for total cell and module shipments for full year 2011 is expected to be approximately 1.8GW. This compares to the company's previous guidance of 2.2GW.

SHANGHAI, China, Aug. 8, 2011 (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 cells and solar power products, today announced selected preliminary unaudited financial results for the second quarter of 2011.

Shipments for the second quarter of 2011 are expected to be approximately 400MW, in line with the Company's previously provided shipment guidance. Gross profits were affected by inventory provisions recorded on high-cost inventory. As a result, gross margin is expected to be in a negative low single digit range.

"Despite a challenging market environment as a result of changes in solar subsidy regulations in Italy and slower than expected growth in market demand in Germany, we met our shipment targets for the second quarter. Our gross margin was negatively impacted by a worse than anticipated decline in average selling prices, and the impact of high-cost inventory provisions for the quarter," said Dr. Peng Fang, CEO of JA Solar. "Since July, we have seen promising signs that both orders and volume shipments have increased across our diverse customer base. Geographies such as Germany, the United States and China are expected to be particularly strong in the second half of this year. With demand for our high-efficiency products growing, we expect shipment volumes to increase significantly in the second half of this year compared to the first half. As market conditions stabilize, we continue to execute on our accelerated cost reduction roadmap and we expect gross margins in the second half of the year to improve significantly from second quarter levels."

JA Solar announces Share Repurchase Program

Board of directors has approved a share repurchase program, effective immediately, that authorizes JA Solar to repurchase up to US$100 million of its American Depositary Shares, or ADSs.

The program permits the Company to purchase ADSs from time to time on the open market at prevailing market prices, in negotiated transactions off the market, and in block trades, in accordance with applicable securities laws and subject to restrictions relating to volume, price and timing.

"We are confident in JA Solar's long-term prospects because we believe that our financial and technological strengths, long-term relationships with the major players across the solar value chain, and unique position as the low cost leader in the solar industry, mean that our company is well-placed to benefit as the sector recovers," said Dr. Peng Fang, CEO of JA Solar. "Today's announcement demonstrates both that confidence for the future and our ongoing commitment to enhancing value for our shareholders."

We have financed our operations primarily through equity contributions by our shareholders through our initial and follow-on public offerings, the 2008 Senior Notes, short-term and long-term bank borrowings and cash flow from operations.

We believe that current cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures, for at least the next twelve months. We may, however, require additional cash to repay existing debt obligations or to re-finance our existing debts or due to changing business conditions or other future developments.

We expect that purchase of property and equipment for our planned expansion in manufacturing capacity will continue to constitute a significant portion of our capital expenditure. As of December 31, 2010, we had contracted for capital expenditures on machinery and equipment of RMB 1,357.5 million. We estimate that our capital expenditures in 2011 will be approximately RMB 2.3 billion, which will be used primarily for the expansion of our solar product manufacturing facilities. In addition, we expect to expend approximately RMB 812 million in 2011 to develop our Hefei manufacturing center. We plan to fund the balance of our 2011 capital expenditure substantially with cash from operations and additional borrowings from third parties.

First Quarter Results:

• First quarter shipments of 451MW, an increase of 65.8% year-over-year and a decrease of 2.6% sequentially
• First quarter revenue of $556 million, an increase of 91.2% year-over-year and a decrease of 5.5% sequentially
• Gross margin of 17.3%, down from 19.2% in the fourth quarter of 2010
• Operating income of $83.3 million and operating margin of 15.0%
• First quarter net income of $71.8 million and GAAP diluted EPS of $0.41
• Strong balance sheet with cash balance of $422.2 million and working capital of $711.8 million

 "Despite the seasonally weaker first quarter and uncertainties surrounding Italy's solar policies, our first quarter performance illustrates that our strategic partners continue to recognize our clear market leadership on costs and technology," said Dr. Peng Fang, CEO of JA Solar. "Shipments in the first quarter were slightly below our previously announced estimates, primarily due to factory shutdowns during the week-long Chinese New Year holiday which had a stronger impact than anticipated on solar cell production output and shipping schedules. However, overall shipments for the quarter remained more or less in line with production volume. This sustained demand for our products highlights the success of our strategy of developing long-term strategic partnerships with the leading solar players across the global solar markets. Underpinning this is our unique position as the industry's low cost leader, and we are confident that in the future we can achieve even greater production efficiencies and drive costs down further."

Fourth Quarter Highlights:

• Revenue in the fourth quarter of 2010 was RMB 3.9 billion ($584.3 million), an increase of 6.6% compared to RMB 3.6 billion ($548.3 million) reported in the third quarter of 2010 and an increase of 137% from RMB 1.6 billion ($246.5 million) reported in the fourth quarter of 2009.
• Gross profit in the fourth quarter of 2010 was RMB 740.4 million ($112.2 million), compared with RMB 816.0 million ($123.6 million) in the third quarter of 2010 and RMB 335.0 million ($50.8 million) in the fourth quarter of 2009.
• Operating income in the fourth quarter of 2010 was RMB 590.7 million ($89.5 million), compared with RMB 669.3 million ($101.4 million) in the third quarter of 2010 and RMB 246.7 million ($37.4 million) in the fourth quarter of 2009.
• Earnings per diluted ADS in the fourth quarter of 2010 were RMB 3.90 ($0.59), an increase of 24% compared with RMB 3.14 ($0.48) in the third quarter of 2010 and an increase of 366% compared with RMB 0.84 ($0.13) in the fourth quarter of 2009.

Based on strong customer demand for JA Solar's products and a number of new customer wins, the Company currently expects total cell and module shipments to exceed 2.2GW in 2011, representing an increase of approximately 50% compared to 2010. Module shipments are expected to be approximately 500MW to 600MW. Sales contracts signed to date for 2011 delivery amount to more than 2GW, representing approximately 90% of the Company's expected shipments for 2011.

Third Quarter 2010 Financial Results

• Third quarter 2010 revenue was a record RMB 3.6 billion ($541.0 million), a sequential growth of 52 percent from RMB 2.4 billion ($356.0 million) reported in the second quarter. This compares with revenue reported in the third quarter a year ago of RMB 1.3 billion ($197.2 million).  Total shipments in the third quarter of 2010 were 418MW, compared with the second quarter shipments of 311MW, representing an increase of 34 percent. Compared with third quarter shipments a year ago of 177MW, total shipment increase was over 136 percent.
   
• GAAP earnings per diluted ADS in the third quarter were RMB 3.14 ($0.47), compared with RMB 1.20 ($0.18) in the second quarter of 2010, representing an increase of over 161 percent. Change in fair value of derivatives, a non-cash expense, totaled a RMB 37.7 million ($5.6 million) loss in the third quarter compared with a RMB 34.0 million ($5.1 million) loss in the second quarter. The non-cash impact of the change in fair value of derivatives was RMB 0.23 ($0.03) per diluted ADS in the third quarter. The impact of significant non-cash items including a provision for prepayments to Shunda and change in fair value of derivatives was RMB 0.61 ($0.09) per diluted ADS in the second quarter.

"We are pleased to deliver our fifth consecutive quarter of record shipments, with strong operating and financial results that exceeded our previous guidance," said Dr. Peng Fang, CEO of JA Solar. "JA Solar has achieved the one gigawatt shipment milestone in the first three quarters of 2010 and we will continue to deliver high quality, technologically advanced photovoltaic products to fulfill the fast growing global demand for clean energy. We continued to strengthen our market leadership by expanding our annual cell manufacturing capacity to 1.8 gigawatts at the end of September, and we recently reached 1.9 gigawatts of solar cell capacity, ahead of our capacity expansion schedule. 

"Business momentum and visibility continues to be strong, and we are seeing robust demand for our high quality products from both existing and new customers. As we continue to develop strong partnerships with leading international solar companies, we are expanding our customer base worldwide, with strong growth in several geographic end markets including, The United States, Canada, Italy, Japan, Australia, China and India. We believe our strategy of partnering with well established solar companies with strong presence in these geographies will help us to further capture market share and participate in the growth of these new markets," he said. 

Outlook

Based on strong demand for JA Solar's products, the company is raising its outlook for the full year of 2010. The company currently expects shipments to exceed 1.45GW in 2010, compared with prior guidance of 1.35GW. Shipments in the fourth quarter of 2010 are expected to be approximately 450MW. 

Based on strong customer orders and higher than anticipated production and shipments during the third quarter, JA Solar expects its third quarter 2010 shipments to exceed 410 MW, above its previous shipment guidance of 375MW given on Aug. 10, 2010.

The new guidance represents approximately 31.8 percent higher shipment compared with second quarter 2010 shipment of 311MW, and approximately 131.6 percent growth over third quarter 2009 shipment of 177MW.

"We are pleased with our second quarter results, which reflect our success in growing JA Solar's customer base and our market share," said Baofang Jin, JA Solar's chairman and CEO. "JA Solar continues to offer high quality products at a very competitive price, afforded by our industry-leading technology and cost structure. We are also pleased that because of our focus on operations and cost reductions, we were able to show gross margin improvement in the second quarter," he said.

"Looking ahead, we are seeing significant signs of market improvement in both end-market demand and financing. We believe our cost structure and customer relationships will drive even stronger third quarter results," he said.

Source: PR Newswire (August 12, 2009)

Guidance Update:

The first quarter results and the continuing market uncertainty are translating into less visibility for the coming quarters. At this time, JA Solar believes it is unlikely to achieve the results as given in the 2009 guidance provided on March 10, 2009, which was for revenue of $830 million to $952 million and production output of 500 MW to 550 MW. JA Solar has no plans to give further guidance on its 2009 revenue or production unless and until the company has better visibility of the global solar market conditions in the coming quarters.

Source: PR Newswire (May 19, 2009)

Guidance Report:

Full Year Fiscal 2009 Guidance Ending December

	2009 Guidance	2008 Reported	Period Change
GAAP Revenue	$830 to $952 million	$800.0 million	3.75% to 19%

Source: PR Newswire (March 10, 2009)