SHANGHAI, China, Aug. 11, 2015 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd. (JASO) ("JA Solar" or the "Company"), one of the world's largest manufacturers of high-performance solar power products, today announced its unaudited financial results for its second quarter ended June 30, 2015.

Second Quarter 2015 Highlights

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

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

- Shipments of cells and cell tolling were 73.4 MW, 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 790.8 MW, above the high end of the previously announced guidance of 680 to 720 MW. 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 900 MW to 950 MW. Based on the latest project development and permitting status, the Company now expects to ship 150 MW of modules to its downstream projects in 2015.

Share Buyback Update

As of the date of this press release, the Company has repurchased 1,023,903 of the Company's American Depositary Shares ("ADSs") from the open market, pursuant to a share repurchase program approved by the board of directors and announced on November 18, 2014.

The Company may continue to purchase ADSs from time to time on the open market at prevailing market prices, in accordance with applicable securities laws and subject to restrictions relating to volume, price and timing.

Investor Conference Call / Webcast Details

JA Solar will hold a conference call on Tuesday, August 11, 2015, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time), to discuss the Company's second quarter 2015 results.

Dial-in details for the live conference call are as follows:

A live webcast of the conference call will be available on the Company's website at http://www.jasolar.com.

A replay of the call will be available beginning two hours after the live call.

The dial-in details for the replay are as follows:

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2015, which was RMB 6.2000 to $1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2015, or at any other date. The percentages stated in this press release are calculated based on Renminbi.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Further information regarding these and other risks is included in Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products that convert sunlight into electricity for residential, commercial, and utility-scale power generation. The Company is one of the world's largest producers of solar power products. Its standard and high-efficiency product offerings are among the most powerful and cost-effective in the industry. The Company distributes products under its own brand and also produces on behalf of its clients. The Company shipped 3.1 GW of solar power products in 2014. JA Solar is headquartered in Shanghai, China, and maintains production facilities in Shanghai, as well as Hebei, Jiangsu and Anhui provinces.

For more information, please visit www.jasolar.com.

¹ JA Solar adjusts net income attributable to the Company's ordinary shareholders to exclude changes in fair value of certain warrants granted to certain investors in a registered direct offering (the "Offering") closed on August 16, 2013. Consistent with this approach, the Company believes that disclosing non-GAAP net income per share provides useful supplemental data that, while not a substitute for GAAP net income per share, allows for greater transparency in the review of the Company's financial and operational performance.