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JA Solar Announces First Quarter 2014 Results
Date£º2014/5/9
May 8, 2014 - JA Solar today announced its unaudited financial results for its first quarter ended March 31, 2014.
First Quarter 2014 Highlights
- Shipments were 638.1MW, consisting of 388.0MW of modules and 250.1MW of cells and cell tolling, above the high end of the Company¡¯s previous guidance of 610MW
- Net revenue was RMB 2.3 billion ($366.0 million), an increase of 5.2% from the fourth quarter of 2013 and an increase of 35.7% from the first quarter of 2013
- Gross margin was 16.7%, compared with 15.5% in the fourth quarter of 2013 and 6.0% in the first quarter of 2013
- Operating profit was RMB 160.9 million ($25.9 million), an increase of 173.2% from an operating profit of RMB 58.9 million ($9.5 million) in the fourth quarter of 2013, and compared with an operating loss of RMB 85.2 million ($13.7 million) in the first quarter of 2013
- Net income was RMB 85.0 million ($13.7 million), compared with a net income of RMB 139.5 million ($22.4 million) in the fourth quarter of 2013. Earnings per diluted ADS were RMB 1.41 ($0.23), compared with a profit per diluted ADS of RMB 1.92 ($0.31) in the fourth quarter of 2013
- Cash and cash equivalents at the end of the quarter were RMB 1.9 billion ($313.4 million), compared with RMB 2.1 billion ($341.0 million) at the end of the fourth quarter of 2013
- Operating cash flow was positive RMB 198.2 million ($31.9 million), compared with positive RMB 366.1 million ($58.9 million) in the fourth quarter of 2013
- Non-GAAP net earnings attributable to the Company's ordinary shareholders were RMB 116.2 million ($18.7 million), compared to a non-GAAP net earnings attributable to the Company's ordinary shareholders of RMB 55.1 million ($8.9 million) in the fourth quarter of 2013
- Non-GAAP earnings per diluted ADS in the first quarter of 2014 were RMB 1.99 ($0.32), compared to Non-GAAP gain per diluted ADS of RMB 0.94 ($0.15) in the fourth quarter of 2013
JA Solar adjusts net income attributable to the Company's ordinary shareholders to exclude (1) changes in fair value of certain warrants granted to certain investors in a registered direct offering (the "Offering") closed on August 16, 2013, (2) fair value of such warrants exceeding net proceeds from the Offering, and (3) changes in fair value of embedded derivatives underlying the convertible notes issued in May 2008. Consistent with this approach, the Company believes that disclosing non-GAAP net loss per share provides useful supplemental data that, while not a substitute for GAAP net loss per share, allows for greater transparency in the review of the Company's financial and operational performance.
Mr. Baofang Jin, chairman and CEO of JA Solar, commented, "I am proud to report the second consecutive profitable quarter for JA Solar since exiting the industry downturn. We exceeded our shipment guidance while improving revenue, gross margin and operating profit both sequentially and year-over-year. This performance was especially notable in a seasonally slow quarter for the industry. The solid results this quarter demonstrate the resiliency of our business model and our ability to quickly adapt to the most attractive product and geographic mix. "
Mr. Jin continued, "We continue to improve our margins by richening our mix of business while delivering further cost reductions. Module volume increased to over 60% of total shipments during the quarter, and our penetration of downstream project opportunities remained on track. Our performance in key geographies was a highlight of the quarter. Shipments to Japan increased sequentially, while demand in Europe remained healthy as our high-power products became increasingly competitive in the market. While shipments to China were impacted by seasonality this quarter, we expect a strong second half when many SOE-owned utility projects begin construction."
"We remain optimistic for the balance of 2014, both for the sustainability of the industry recovery, and for our ability to solidify a leadership position within the industry. We see opportunities to grow in emerging markets such as Latin America and the Middle East, in expanding our downstream project pipelines, and in taking market share in our home market here in China. Therefore, we are confident that we can achieve our previously announced 2014 shipment objective of 2.7 to 2.9 GW."
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