JA Solar Announces First Quarter 2015 Results

Publicado el 19 may. 2015
JA Solar 
JA Solar Holdings Co., Ltd. today announced its unaudited financial results for its first quarter ended March 31, 2015.

First Quarter 2015 Highlights

- Total shipments were 681.5MW, an increase of 6.8% y/y and decrease of 28.5% sequentially

- Shipments of modules and module tolling were 584.1MW, an increase of 50.5% y/y and decrease of 33.6% sequentially

- Shipments of cells and cell tolling were 97.4MW, a decrease of 61.1% y/y and an increase of 33.2% sequentially

- Net revenue was RMB 2.4 billion ($387.7 million), an increase of 5.6% y/y and a decrease of 32.8% sequentially

- Gross margin was 16.1%, a decrease of 60 basis points y/y and an increase of 60 basis points sequentially

- Operating profit was RMB 149.6 million ($24.1 million), compared to RMB 160.9 million ($26.0 million) in the first quarter of 2014, and RMB 222.4 million ($35.9 million) in the fourth quarter of 2014

- Net income was RMB 35.0 million ($5.6 million), compared to RMB 85.0 million ($13.7 million) in the first quarter of 2014, and RMB 166.1 million ($26.8 million) in the fourth quarter of 2014

- Earnings per diluted ADS were RMB 0.59 ($0.10), compared to RMB 1.41 ($0.23) in the first quarter of 2014, and RMB 2.55 ($0.41) in the fourth quarter of 2014

- Cash and cash equivalents were RMB 1.9 billion ($306.2 million), a decrease of RMB 256.7 million ($41.4 million) during the quarter

- Operating cash flow was negative RMB 237.1 million ($38.2 million), compared to positive RMB 198.2 million ($32.0 million) in the first quarter of 2014

- Non-GAAP earnings1 per diluted ADS were RMB 0.82 ($0.13), compared to RMB 1.99 ($0.32) in the first quarter of 2014, and RMB 1.74 ($0.28) in the fourth quarter of 2014

Mr. Baofang Jin, chairman and CEO of JA Solar, commented, "Our first quarter shipments were in line with our expectations during a seasonally slow period. During the quarter, our gross margin held up well due to reduced material costs and high demand from the Japanese market, where pricing was better than expected. Shipments to Europe were also strong, growing both year over year and sequentially."

Mr. Jin continued, "Moving forward, we expect to see stronger demand in the second half, particularly in China and North America. Meanwhile, we remain focused on the execution of our downstream business and strategically expanding our manufacturing capabilities. We are currently working to establish a new cell manufacturing facility in Malaysia. Malaysia offers an advantageous location for our additional capacity as we continue to evaluate new opportunities in emerging markets, such as Latin America and India. Just earlier this month, we announced a new joint venture to develop solar projects in Chile, and believe this partnership will be a great opportunity for us to accelerate our penetration in the Latin America market.

"We are confident that our strong manufacturing and sales execution, growing downstream project portfolio, and continued geographic expansion will be key growth drivers for us moving forward. These, combined with the expected pick-up in demand in the second half of the year, leave us very optimistic about the remainder of 2015 as we continue to build on our leadership position in the industry."

First Quarter 2015 Financial Results

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

Total shipments were 681.5MW, an increase of 6.8% year over year and 28.5% sequentially.


Net revenue was RMB 2.4 billion ($387.7 million), an increase of 5.6% y/y and a decrease of 32.8% sequentially. Year over year growth was driven by strong demand in the Japanese and European markets.

Gross profit of RMB 386.7 million ($62.4 million) increased 1.6% y/y and decreased 30.2% sequentially. Gross margin was 16.1%, which compares to 16.7% in the year-ago quarter, and 15.5% in the fourth quarter of 2014. The sequential gross margin increase was driven by reduced raw material costs and high exposure to Japan where pricing was higher.

Total operating expenses of RMB 237.1 million ($38.2 million) were 9.9% of revenue. As a percentage of revenue, operating expenses were 9.7% in the first quarter of 2014 and 9.3% in the fourth quarter of 2014.

Operating profit was RMB 149.6 million ($24.1 million), compared to RMB 160.9 million ($26.0 million) in the year-ago quarter, and RMB 222.4 million ($35.9 million) in the fourth quarter of 2014. Operating margin was 6.2%, compared to 7.1% in the prior year period and 6.2% in the previous quarter.

Interest expense was RMB 66.6 million ($10.7 million), compared to RMB 56.8 million ($9.2 million) in the year-ago quarter, and RMB 61.5 million ($9.9 million) in the fourth quarter of 2014. 

The change in fair value of warrant derivatives was a charge of RMB 13.9 million ($2.2 million), compared to a charge of RMB 33.6 million ($5.4 million) in the first quarter of 2014, and a gain of RMB 48.7 million ($7.9 million) in fourth quarter of 2014. The warrants were issued on August 16, 2013 in conjunction with the Company's $96 million registered direct offering. The increase in fair value of the warrants, which was a non-cash loss, was mainly due to the increase in the Company's stock price during the quarter.

Earnings per diluted ADS were RMB 0.59 ($0.10), compared to earnings per diluted ADS of RMB 1.41 ($0.23) in the year-ago quarter, and earnings per diluted ADS of RMB 2.55 ($0.41) in the fourth quarter of 2014.

Operating cash flow was negative RMB 237.1 million ($38.2 million).

Liquidity

As of March 31, 2015, the Company had cash and cash equivalents of RMB 1.9 billion ($306.2 million), and total working capital of RMB 2.5 billion ($400.9 million). Total short-term borrowings were RMB 2.0 billion ($325.2 million). Total long-term borrowings were RMB 2.3 billion ($365.8 million), of which RMB 35.6 million ($5.7 million) are due within one year.

Business Outlook

For the second quarter of 2015, the Company expects total cell and module shipments to be in the range of 680MW to 720MW. Full year 2015 shipments are expected to be in the range of 3.6GW to 4.0GW, including 200MW of modules shipments to the Company's downstream projects.


Fuente: JA Solar
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JA Solar (Materiales Solares): https://es.enfsolar.com/ja-solar
JA Solar (Paneles Solares): https://es.enfsolar.com/ja-solar
JA Solar (Vendedor): https://es.enfsolar.com/ja-solar
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