JA Solar Announces Second Quarter 2015 Results

Pubblicato su 12 ago 2015
JA Solar 
JA Solar Holdings Co., Ltd. today announced its unaudited financial results for its second quarter ended June 30, 2015.

Second Quarter 2015 Highlights

- Total shipments were 790.8MW, an increase of 16.0% y/y and 16.0% sequentially

- Shipments of modules and module tolling were 717.4MW, an increase of 60.9% y/y and 22.8% sequentially

- Shipments of cells and cell tolling were 73.4MW, a decrease of 68.9% y/y and 24.7% sequentially

- Net revenue was RMB 2.7 billion ($436.8 million), an increase of 11.8% y/y and 12.7% sequentially

- Gross margin was 16.4%, an increase of 120 basis points y/y and 30 basis points sequentially

- Operating profit was RMB 156.1 million ($25.2 million), compared to RMB 89.7 million ($14.5 million) in the second quarter of 2014, and RMB 149.6 million ($24.1 million) in the first quarter of 2015

- Net income was RMB 136.0 million ($21.9 million), compared to RMB 40.1 million ($6.5 million) in the second quarter of 2014, and RMB 35.0 million ($5.6 million) in the first quarter of 2015

- Earnings per diluted ADS were RMB 2.26 ($0.36), compared to RMB 0.59 ($0.10) in the second quarter of 2014, and RMB 0.59 ($0.10) in the first quarter of 2015

- Cash and cash equivalents were RMB 1.7 billion ($282.0 million), a decrease of RMB 149.6 million ($24.1 million) during the quarter

- Non-GAAP earnings1 per diluted ADS were RMB 1.67 ($0.27), compared to RMB 0.87 ($0.14) in the second quarter of 2014, and RMB 0.82 ($0.13) in the first quarter of 2015

Mr. Baofang Jin, chairman and CEO of JA Solar, commented, "We were pleased to close out the first half of the year with shipments higher than previous expectations due to strong demand in several key markets. Solid shipment growth was largely driven by demand in China, which represented 45% of our total shipments during the second quarter. Additionally, we continue to make progress on the establishment of our new cell manufacturing plant in Malaysia.

"As we continue into the second half of the year, we expect industry demand to remain relatively strong, especially in China. We are focused on capturing greater market share in emerging markets, particularly in India and the Americas. Our growing market share and continued development of our downstream project portfolio, supported by the expansion of our manufacturing capacity, will be our key growth drivers for the next several quarters."

Second Quarter 2015 Financial Results

All shipment and financial figures refer to the quarter ended June 30, 2015, unless otherwise specified. All "year over year" or "y/y" comparisons are against the quarter ended June 30, 2014. All "sequential" comparisons are against the quarter ended March 31, 2015.

Total shipments were 790.8MW, above the high end of the previously announced guidance of 680 to 720MW. Shipments grew 16.0% both sequentially and year-over-year.


Net revenue was RMB 2.7 billion ($436.8 million), an increase of 11.8% y/y and 12.7% sequentially. Growth was mainly driven by strong shipments to key markets such as China.

Gross profit of RMB 444.3 million ($71.7 million) increased 20.8% y/y and 14.9% sequentially. Gross margin was 16.4%, which compares to 15.2% in the year-ago quarter, and 16.1% in the first quarter of 2015. The sequential increase in gross margin was primarily due to a higher percentage of revenue from downstream projects and continued cost reduction, which offset a slight decline in ASP.

Total operating expenses of RMB 288.1 million ($46.5 million) were 10.6% of revenue. As a percentage of revenue, operating expenses were 11.5% in the year-ago quarter, and 9.9% in the first quarter of 2015.

Operating profit was RMB 156.1 million ($25.2 million), compared to RMB 89.7 million ($14.5 million) in the year-ago quarter, and RMB 149.6 million ($24.1 million) in the first quarter of 2015.

Interest expense was RMB 58.6 million ($9.4 million), compared to RMB 54.8 million ($8.8 million) in the year-ago quarter, and RMB 66.6 million ($10.7 million) in the first quarter of 2015.

The change in fair value of warrant derivatives was positive RMB 35.1 million ($5.7 million), compared to negative RMB 16.4 million ($2.6 million) in the year-ago quarter, and negative RMB 13.9 million ($2.2 million) in the first quarter of 2015. The warrants were issued on August 16, 2013 in conjunction with the Company's $96 million registered direct offering. The non-cash gain from the change in fair value was mainly due to the higher stock price as of March 31, 2015 when compared with the stock price as of June 30, 2015.

Earnings per diluted ADS were RMB 2.26 ($0.36), compared to earnings per diluted ADS of RMB 0.59 ($0.10) in the year-ago quarter, and earnings per diluted ADS of RMB 0.59 ($0.10) in the first quarter of 2015.

Liquidity

As of June 30, 2015, the Company had cash and cash equivalents of RMB 1.7 billion ($282.0 million), and total working capital of RMB 3.0 billion ($480.9 million). Total short-term borrowings were RMB 1.9 billion ($307.6 million). Total long-term borrowings were RMB 2.5 billion ($399.3 million), of which RMB 126.6 million ($20.4 million) were due in one year.

Business Outlook

For the third quarter of 2015, the Company expects total cell and module shipments to be in the range of 900MW to 950MW. Based on the latest project development and permitting status, the Company now expects to ship 150MW of modules to its downstream projects in 2015.


source: JA Solar
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JA Solar (Materiali): https://it.enfsolar.com/ja-solar
JA Solar (Pannelli Fotovoltaici): https://it.enfsolar.com/ja-solar
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