JA Solar Announces First Quarter 2013 Results

게시됨 2013. 5. 21.
JA Solar 
May 20, 2013 - JA Solar Holdings Co., Ltd. today announced its unaudited financial results for its first quarter ended March 31, 2013.

First Quarter 2013 Highlights

Shipments were 442.7MW, consisting of 248.0MW of modules, 189.5MW of cells, and 5.2MW of module and cell tolling, exceeding the high end of the Company's previous guidance of 430MW and representing a decrease of 11.5% from the fourth quarter of 2012 

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

Cash and cash equivalents at the end of the quarter were RMB 2.8 billion ($454.9 million), compared to RMB 3.0 billion ($488.1 million) at the end of 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."

First Quarter 2013 Financial Results

Total shipments in the first quarter of 2013 were 442.7MW, consisting of 248.0MW of modules, 189.5MW of cells, and 5.2MW of module and cell tolling, above the Company's previously provided guidance of 410MW to 430MW. This represents an 11.5% decrease from 500MW in the fourth quarter of 2012 and an increase of 20.9% from 366MW in the first quarter of 2012. The sequential decline in shipment volumes was primarily due to seasonality.

Net revenue in the first quarter of 2013 was RMB 1.7 billion ($270.0 million), an increase of 0.4% from RMB 1.7 billion ($268.9 million) in the fourth quarter of 2012 and an increase of 4.7% from RMB 1.6 billion ($258.0 million) in the first quarter of 2012. The slight sequential increase in net revenue despite the decline in shipment volumes was primarily the result of the Company's shift in focus to markets with higher average selling price.

Gross profit in the first quarter of 2013 was RMB 99.9 million ($16.1 million), compared with a gross loss of RMB 77.1 million ($12.4 million) in the fourth quarter of 2012 and gross profit of RMB 33.2 million ($5.4 million) in the first quarter of 2012. Gross margin was positive 6.0% in the first quarter of 2013, compared with negative 4.6% in the fourth quarter of 2012 and positive 2.1% in the first quarter of 2012.

Total operating expenses in the first quarter of 2013 were RMB 185.2 million ($29.8 million), compared with RMB 416.8 million ($67.1 million) in the fourth quarter of 2012 and RMB 192.4 million ($31.0 million) in the first quarter of 2012. Total operating expenses in the first quarter of 2013 included an accounts receivable provision of RMB 12.3 million ($2.0 million). Total operating expenses in the fourth quarter of 2012 included an accounts receivable provision of RMB 134.1 million ($21.6 million), and a long-lived asset impairment of RMB 147.1 million ($23.7 million). Research and development expenses in the first quarter of 2013 were RMB 21.4 million ($3.4 million), an increase from RMB 9.4 million ($1.5 million) in the fourth quarter of 2012. The sequential increase in research and development expenses was primarily related to various initiatives implemented to further improve the efficiency and quality of the Company's products.

Operating loss in the first quarter of 2013 was RMB 85.2 million ($13.7 million), compared with an operating loss of RMB 493.9 million ($79.5 million) in the fourth quarter of 2012 and an operating loss of RMB 159.1 million ($25.6 million) in the first quarter of 2012. Operating margin was negative 5.1% in the first quarter of 2013, compared with negative 29.6% in the fourth quarter of 2012 and negative 9.9% in the first quarter of 2012.

Other loss in the first quarter of 2013 was RMB 17.5 million ($2.8 million), compared with other income of RMB 20.5 million ($3.3 million) in the fourth quarter of 2012 and other income of RMB 32.1 million ($5.2 million) in the first quarter of 2012.

Loss per diluted ADS in the first quarter of 2013 was RMB 5.29 ($0.85), compared with loss per diluted ADS of RMB 15.06 ($2.42) in the fourth quarter of 2012 and earnings per diluted ADS of RMB 6.41 ($1.03) in the first quarter of 2012.

Liquidity

As of March 31, 2013, the Company had cash and cash equivalents of RMB 2.8 billion ($454.9 million), and total working capital of RMB 278.4 million ($44.8 million). Total short-term bank borrowings were RMB 946.6 million ($152.4 million). Total long-term bank borrowings were RMB 3.9 billion ($623.2 million), among which RMB 2.8 billion ($451.4 million) were due in one year. The total face value of the Company's outstanding convertible bonds due 2013 was RMB 724.2 million ($116.6 million) at March 31, 2013. The Company repaid at maturity its convertible notes on May 15, 2013.

Business Outlook

For the second quarter of 2013, the Company expects total shipments to be between 410MW and 430MW. The Company's full year guidance of 1.7GW to 1.9GW remains unchanged.


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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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