JA Solar Announces Third Quarter 2016 Results

게시됨 2016. 11. 21.
JA Solar 
JA Solar Holdings Co., Ltd. today announced its unaudited financial results for its third quarter ended September 30, 2016.

Third Quarter 2016 Highlights

 - Total shipments were 1,240.9MW, nearly all of which were modules and cells shipped to external customers. External shipments were up +10.1% y/y and up +0.9% sequentially

 - Shipments of modules and module tolling were 1,200.0MW, an increase of +11.8% y/y and +5.8% sequentially

 - Shipments of cells and cell tolling were 40.9MW, a decrease of 22.8% y/y and 57.0% sequentially

 - Net revenue was RMB 4.2 billion ($624.3 million), an increase of +9.0% y/y and +1.2 % sequentially

 - Gross margin was 13.8%, a decrease of 390 basis points y/y and 150 basis points sequentially

 - Operating profit was RMB 121.4 million ($18.2 million), compared to RMB 299.1 million ($44.9 million) in the third quarter of 2015, and RMB 188.0 million ($28.2 million) in the second quarter of 2016

 - Net income was RMB 44.1 million ($6.6 million), compared to RMB 258.6 million ($38.8 million) in the third quarter of 2015, and RMB 164.1 million ($24.6 million) in the second quarter of 2016

 - Earnings per diluted ADS were RMB 0.86 or $0.13, compared to RMB 4.42 or $0.66 in the third quarter of 2015, and RMB 2.87 or $0.43 in the second quarter of 2016

 - Cash and cash equivalents were RMB 2.0 billion ($298.2 million), a decrease of RMB 25.1million ($3.8 million) during the quarter

 - Non-GAAP earnings[1] per diluted ADS were RMB 0.86 or $0.13, compared to RMB 4.35 or $0.65 in the third quarter of 2015, and RMB 2.04 or $0.31 in the second quarter of 2016

Mr. Baofang Jin, Chairman and CEO of JA Solar, commented, "Third quarter results were in-line with our expectations with external shipments and revenue growing 10% and 9% year-over-year, respectively. We executed our strategy to redirect solar product sales to several stronger international markets, as shipments to the domestic market of China declined significantly after demand was pulled forward into Q2. Furthermore, our downstream strategy remains intact. We have approximately 50MW of downstream projects under construction and intend to develop another 150 to 200MW in the coming year."

Mr. Jin continued, "While we anticipate more market headwinds in the near-term, we are confident that our favorable geographic exposure, prudent cost control and flexible business model will enable us to succeed. As market conditions improve, we will be positioned for strong long-term growth."

All shipment and financial figures refer to the quarter ended September 30, 2016, unless otherwise specified. All "year over year" or "y/y" comparisons are against the quarter ended September 30, 2015. All "sequential" comparisons are against the quarter ended June 30, 2016.

Total shipments were 1,240.9MW, exceeding the low end of the previously announced guidance range of 1,200 to 1,300MW. External shipments of 1,240.9MW increased 10.1% year over year and 0.9% sequentially.


Net revenue was RMB 4.2 billion ($624.3 million), an increase of +9.0% y/y and +1.2% sequentially.

Gross profit of RMB 574.5 million ($86.1 million) decreased 15.2% y/y and 8.6% sequentially. Gross margin was 13.8%, which compares to 17.7% in the year-ago quarter, and 15.3% in the second quarter of 2016.

Total operating expenses of RMB 453.1 million ($67.9 million) were 10.9% of revenue. This compares to operating expenses of 9.9% of revenue in the year-ago quarter, and 10.7% of revenue in the second quarter of 2016.

Operating profit was RMB 121.4 million ($18.2 million), compared to RMB 299.1 million ($44.9 million) in the year-ago quarter, and RMB 188.0 million ($28.2 million) in the second quarter of 2016. Operating margin was 2.9%, compared with 7.8% in the prior year period and 4.6% in the previous quarter.

Interest expense was RMB 75.4 million ($11.3 million), compared to RMB 58.2 million ($8.7 million) in the year-ago quarter, and RMB 68.8 million ($10.3 million) in the second quarter of 2016.

The change in fair value of warrant derivatives was a gain of RMB 17.0 thousand ($2.6 thousand), compared with RMB 4.4 million ($0.7 million) in the year-ago quarter, and RMB 47.4 million ($7.1 million) in the second quarter of 2016. The warrants were issued on August 16, 2013 in conjunction with the Company's $96 million registered direct offering, and expired on August 16, 2016.

Earnings per diluted ADS were RMB 0.86 or $0.13, compared to earnings per diluted ADS of RMB 4.42 or $0.66 in the year-ago quarter, and earnings per diluted ADS of RMB 2.87 or $0.43 in the second quarter of 2016.

Liquidity

As of September 30, 2016, the Company had cash and cash equivalents of RMB 2.0 billion ($298.2 million), and total working capital of RMB 1.5 billion ($228.8 million). Total short-term borrowings were RMB 2.9 billion ($429.0 million). Total long-term borrowings were RMB 3.1 billion ($467.8 million), of which RMB 536.3 million ($80.4 million) were due in one year.

Business Outlook

For the fourth quarter of 2016, the Company expects total cell and module shipments to be in the range of 1,200 to 1,300MW, with essentially all being external shipments. Accordingly, full year 2016 shipments are expected to range from 4.9GW to 5.0GW, below the Company's previous guidance of 5.2GW to 5.5GW.


제공: JA Solar
위 기사에 언급한 회사들의 ENF 프로필

JA Solar (솔라원자재): https://kr.enfsolar.com/ja-solar
JA Solar (솔라패널): https://kr.enfsolar.com/ja-solar
JA Solar (판매업체): https://kr.enfsolar.com/ja-solar
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