JA Solar Announces First Quarter 2014 Results

公開日 2014/05/09
JA Solar 
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."

First Quarter 2014 Financial Results

Total shipments in the first quarter of 2014 were 638.1MW, exceeding the high end of the Company's previously provided guidance of 610MW, representing a 4.1% decrease from the 665.5MW shipped in the fourth quarter of 2013 and a 44.1% increase from 442.7MW in the first quarter of 2013. In addition, in the first quarter of 2014, solar module shipment used in the Company's solution business was 23.7MW.

Shipment breakdown by product (MW)
                                                   2013Q1   2013Q4   2014Q1   QoQ%   YoY%
Modules and module tolling        251.5      363.3       388.0        6.8%      54.3%
Cells and cell tolling                    191.2      302.1       250.1      -17.2%    30.8%
Total                                            442.7      665.5       638.1       -4.1%      44.1%

Shipment breakdown by region (percentage)
                               2013Q1    2013Q4    2014Q1    QoQ(pp)    YoY(pp)
China                     39.0%       53.2%        26.0%      -27.2pp      -13.0pp
APAC ex-China     29.3%       31.7%        52.8%        21.1pp       23.5pp
Europe                  26.8%         8.5%        14.8%           6.3pp      -12.0pp
Americas               0.6%         5.9%          4.1%           -1.8pp         3.5pp
Others                    4.3%        0.7%           2.3%            1.6pp        -2.0pp

Net revenue in the first quarter of 2014 was RMB 2.3 billion ($366.0 million), an increase of 5.2% from RMB 2.2 billion ($348.0 million) in the fourth quarter of 2013, and an increase of 35.7% from RMB 1.7 billion ($269.8 million) in the first quarter of 2013.

Gross profit in the first quarter of 2014 was RMB 380.6 million ($61.2 million), compared with a gross profit of RMB 335.0 million ($53.9 million) in the fourth quarter of 2013 and a gross profit of RMB 99.9 million ($16.1 million) in the first quarter of 2013. Gross margin was positive 16.7% in the first quarter of 2014, compared with positive 15.5% in the fourth quarter of 2013 and positive 6.0% in the first quarter of 2013.

Total operating expenses were RMB 219.7 million ($35.3 million), compared with RMB 276.1 million ($44.4 million) in the fourth quarter of 2013 and RMB 185.2 million ($29.8 million) in the first quarter of 2013. The sequential decrease in operating expense was primarily due to an accounts receivable provision of RMB 33.2 million ($5.3 million) in the fourth quarter of 2013.

Operating profit in the first quarter of 2014 was RMB 160.9 million ($25.9 million), compared with an operating profit of RMB 58.9 million ($9.5 million) in the fourth quarter of 2013 and an operating loss of RMB 85.2 million ($13.7 million) in the first quarter of 2013. Operating margin was positive 7.1% in the first quarter of 2014, compared with a positive operating margin of 2.7% in the fourth quarter of 2013 and a negative operating margin of 5.1% in the first quarter of 2013.

Change in fair value of warrant derivatives in the first quarter of 2014 was negative RMB 33.6 million ($5.4 million), compared with positive RMB 87.3 million ($14.0 million) in the fourth quarter of 2013 and nil in the first quarter of 2013. The change in fair value of warrants was a combined result of change in share price, volatility, expected term to maturity, risk-free rate and credit spread. Fair value loss in the first quarter of 2014 was mainly due to an increase in the Company's share price as of March 31, 2014 from that on December 31, 2013.

Other income in the first quarter of 2014 was RMB 29.1 million ($4.7 million), compared with other income of RMB 4.1 million ($0.7 million) in the fourth quarter of 2013 and other loss of RMB 17.5 million ($2.8 million) in the first quarter of 2013.

Tax expense in the first quarter of 2014 was RMB 14.7 million ($2.4 million), compared with tax benefit of RMB 40.0 million ($6.4 million) in the fourth quarter of 2013 and a tax expense of RMB 5.5 million ($0.9 million) in the first quarter of 2013.

Earnings per diluted ADS in the first quarter of 2014 was RMB 1.41 ($0.23), compared with earnings per diluted ADS of RMB 1.92 ($0.31) in the fourth quarter of 2013 and loss per diluted ADS of RMB 5.29 ($0.85) in the first quarter of 2013.

In the first quarter of 2014, the Company had a positive operating cash flow of RMB 198.2 million ($31.9 million).

Liquidity

As of March 31, 2014, the Company had cash and cash equivalents of RMB 1.9 billion ($313.4 million) and total working capital of RMB 1.4 billion ($225.6 million). Total short-term borrowings were RMB 1.1 billion ($182.4 million). Total long-term borrowings were RMB 2.3 billion ($366.7 million), of which RMB 736.8 million ($118.5 million) were due in one year.

Business Outlook

For the second quarter of 2014, the Company expects total cell and module shipments to be between 670MW and 700MW. For the full year 2014, the Company the Company reiterates its full year cell and module shipments guidance of between 2.7GW and 2.9GW, which includes 200MW of module shipments to the Company's downstream projects.


出所: JA Solar
この記事で言及した企業のENFプロフィール

JA Solar (ソーラー素材): https://jp.enfsolar.com/ja-solar
JA Solar (ソーラーパネル): https://jp.enfsolar.com/ja-solar
JA Solar (販売会社): https://jp.enfsolar.com/ja-solar
PV業界のニュースは無料で再発行されますので、あなたのニュースを に送ってください