FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of August, 2007
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F x Form 40-F o
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. )
Yes o No x
(If "Yes" is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-__________. )
N/A
JA Solar Holdings Co., Ltd.
Jinglong Group Industrial Park
Jinglong Street
Ningjin, Hebei Province 055550
The People’s Republic of China
This Form 6-K consists of:
The press release regarding the financial results for the second quarter ended June 30, 2007 of JA Solar Holding Co., Ltd. (the “Registrant”), made by the Registrant in English on August 8, 2007.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the under-signed, thereunto duly authorized.
JA Solar Holdings Co., Ltd.
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By |
/s/ |
Huaijin Yang |
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Name: |
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Huaijin Yang |
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Title: |
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Chief Executive Officer |
Date: August 9, 2007
3
JA Solar Reports Second Quarter 2007 Results
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• |
Total revenues for 2Q07 of RMB 457.0 million (US$ 60.0million) compared to revenues of RMB 96.1 million (US$ 12.6 million) for 2Q06 |
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2Q07 net income of RMB 1.63 (US$ 0.21) per diluted ADS compared to RMB 0.67( US$ 0.09 ) per diluted ADS in 2Q06 |
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Total capacity has reached 175MW per annum |
Hebei, China, August 8, 2007 – JA Solar Holdings Co., Ltd. (“JA Solar”, “the Company”) (NASDAQGM: JASO) today reported financial results for the second quarter ended June 30, 2007.
Second Quarter 2007 Results
Total revenues for the second quarter of 2007 were RMB 457.0 million (US$ 60.0million), compared to revenues of RMB 96.1 million (US$ 12.6 million) for the second quarter of 2006, and RMB 335.1 million (US$ 44.0million) in the first quarter of 2007. The second quarter of 2007 revenues included solar cells processing service revenue of RMB 26.2 million (US$3.4 million),compared to Nil in the second quarter of 2006 and RMB 0.1 million (US$0.02 million) in the first quarter of 2007.
Total gross profit for the second quarter of 2007 was RMB 110.1 million (US$ 14.5 million), including solar cells processing service profit of RMB 19.8 million (US$ 2.6 million). Total gross margin was 24.10% for the second quarter of 2007. Excluding solar cells processing service gross profit, our gross margin was 20.96% compared to 20.50% in the first quarter of 2007.
Net income available to ordinary shareholders for the second quarter of 2007 was RMB 75.7 million (US$ 9.9 million) compared to a net income available to ordinary shareholders of RMB 17.8 million (US$ 2.3 million) for the second quarter of 2006, and net income available to ordinary shareholders of RMB 58.3 million (US$ 7.7 million) for the first quarter of 2007.
For the second quarter of 2007 basic and diluted earnings per ADS were RMB 1.64 (US$ 0.22) and RMB 1.63 (US$ 0.21) respectively. Each ADS represents three of our ordinary shares.
The second quarter of 2007 expenses included share-based compensation expense of RMB 12.0 million (US$ 1.6 million), or RMB 0.26 (US$ 0.03) per diluted ADS.
Capital expenditures were RMB 47.4 million (US$ 6.2 million) in the second quarter of 2007, as compared to RMB 101.2 million (US$ 13.3 million) in the previous quarter and RMB 39.6 million (US$ 5.2 million) in the second quarter of 2006. Depreciation and amortization expenses in the second quarter of 2007 were RMB 6.3 million (US$ 0.8 million), as compared to RMB 5.2 million (US$ 0.7 million) in the previous quarter and RMB 2.1 million (US$ 0.3 million) in the second quarter of 2006.
As of June 30, 2007, JA Solar had cash and cash equivalents of RMB 1.6 billion (US$ 205.7 million) compared with RMB 1.8 billion (US$ 235.9 million) at the end of the first quarter of 2007.
4
Short term debt decreased to RMB 150 million (US$ 19.7 million) at the end of the second quarter of 2007 from RMB 200 million (US$ 26.3 million) at the end of the first quarter of 2007.
Set out below is a summary of megawatts produced and shipped (including processing service):
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Three months ended | ||
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Megawatts |
June 30, 2006 |
March 31, 2007 |
June 30, 2007 |
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Produced |
3.0MW |
17.6MW |
22.6MW |
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Shipped |
3.1MW |
14.4MW |
24.0MW |
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 29, 2007, which was RMB 7.6120 to US$ 1.0000. 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 29, 2007, or at any other date. The percentages stated in this press release are calculated based on Renminbi.
Samuel Yang, JA Solar’s Chief Executive Officer, said, “Our business momentum and track record of execution continued in the second quarter. Results came in at or above the high-end of our internal target for revenue, gross margin and net income. Four new production lines commenced production ahead of schedule. The JA Solar brand is becoming the standard for high-quality, high-performance monocrystalline solar cells. We remain focused on leveraging this differentiated position to further our customer diversification and global expansion efforts.”
Herman Zhao, JA Solar’s Chief Financial Officer, said, “Gross margin increased in the second quarter of 2007 from the first quarter of 2007 despite incurring routine costs. We now have a total of 175 MW of solar cell manufacturing capacity per annum. As we move into the second half of the year we will begin to solidify our capacity expansion plans for 2008 based on customer forecasts.”
Company Raises 2007 Outlook
Based on current market conditions and customer forecasts, the Company is raising its production outlook for 2007 from approximately 100MW to 110MW. This would result in revenues for the full year of 2007 in the range of approximately RMB 2,284 million (US$ 300 million) to RMB 2,360 million (US$ 310 million), with a gross margin expected to be approximately 19.5%, compared to prior guidance for revenues in the range of RMB 2,128 million (US$ 280 million) to RMB 2,205 million (US$ 290 million), with a gross margin expected to be approximately 19.5%.
Samuel Yang, JA Solar’s Chief Executive Officer, said, “We remain optimistic in our outlook for the second half of 2007. The increase in our guidance for the full year of 2007 reflects the strong demand globally for our high-quality, high-performance monocrystalline solar cells. We continue to diversify our customer base to take advantage of beneficial strategic relationships.”
Investor Conference Call / Webcast Details
5
A conference call has been scheduled for 9:00 p.m. on Wednesday, August 8, 2007 (in Hebei). This will be 9:00 a.m. on Wednesday, August 8, in New York. During the call, time will be set-aside for analysts and interested investors to ask questions of executive officers.
The call may be accessed by dialing +1-201-689-8560. A live webcast of the conference call will be available on the Company's website at www.jasolar.com. The playback will be available beginning two hours after the live call and will be accessible by dialing +1-201-612-7415. The account number to access the replay is 3055 and the passcode is 250008.
About JA Solar Holdings Co., Ltd.
Based in Hebei, China, JA Solar Holdings Co., Ltd. is an emerging and fast-growing manufacturer of high-performance monocrystalline solar cells. The Company sells its products to solar module manufacturers who assemble and integrate its solar cells into modules and systems that convert sunlight into electricity. For more information, please visit http://www.jasolar.com.
Safe Harbor Statement
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 ``will,'' ``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 our annual report on 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.
Contacts:
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In China Herman Zhao Chief Financial Officer JA Solar +86-319-580-0867 |
In the U.S. David Pasquale The Ruth Group dpasquale@theruthgroup.com +1-646-536-7006 |
# # #
6
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JA Solar Holdings Co., Ltd. | |||||||||||
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Condensed Consolidated Statements of Operations | |||||||||||
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(Unaudited) | |||||||||||
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Three months ended | ||||||||||
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June 30, 2006 |
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March 31, 2007 |
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June 30, 2007 | ||||||
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RMB |
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USD |
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RMB |
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USD |
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RMB |
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USD |
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Revenue from sale of goods |
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Revenue from third parties |
29,221,438 |
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3,838,865 |
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334,553,384 |
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43,950,786 |
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429,872,021 |
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56,472,940 |
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Revenue from related parties |
66,855,248 |
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8,782,875 |
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480,467 |
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63,120 |
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909,229 |
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119,447 |
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Revenue from processing service |
- |
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- |
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115,856 |
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15,220 |
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26,202,654 |
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3,442,282 |
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Total revenues |
96,076,686 |
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12,621,740 |
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335,149,707 |
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44,029,126 |
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456,983,904 |
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60,034,669 |
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Cost of revenue from sale of goods |
(73,080,301) |
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(9,600,670) |
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(266,350,597) |
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(34,990,882) |
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(340,498,142) |
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(44,731,758) |
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Cost of revenue from processing service |
- |
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- |
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(44,181) |
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(5,804) |
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(6,360,581) |
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(835,599) |
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Total cost of revenues |
(73,080,301) |
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(9,600,670) |
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(266,394,778) |
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(34,996,687) |
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(346,858,723) |
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(45,567,357) |
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Gross profit |
22,996,385 |
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3,021,070 |
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68,754,929 |
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9,032,439 |
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110,125,181 |
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14,467,312 |
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Selling, general and administrative expenses |
(4,156,126) |
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(545,997) |
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(9,772,067) |
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(1,283,771) |
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(24,447,478) |
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(3,211,702) |
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Research and development expenses |
(136,851) |
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(17,978) |
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(920,169) |
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(120,884) |
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(709,269) |
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(93,178) |
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Total operating expenses |
(4,292,977) |
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(563,975) |
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(10,692,236) |
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(1,404,655) |
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(25,156,747) |
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(3,304,880) |
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Income/ (loss) from operations |
18,703,408 |
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2,457,095 |
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58,062,693 |
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7,627,784 |
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84,968,434 |
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11,162,432 |
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Interest expense |
(1,186,748) |
|
(155,905) |
|
(2,815,537) |
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(369,881) |
|
(961,102) |
|
(126,261) |
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Interest income |
63,949 |
|
8,401 |
|
11,492,103 |
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1,509,735 |
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19,901,549 |
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2,614,497 |
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Other income |
- |
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- |
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- |
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- |
|
2,068,353 |
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271,723 |
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Foreign exchange gain/ (loss) |
177,214 |
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23,281 |
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(6,232,712) |
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(818,801) |
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(30,310,479) |
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(3,981,934) |
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Income/ (loss) before income taxes |
17,757,823 |
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2,332,872 |
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60,506,547 |
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7,948,837 |
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75,666,755 |
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9,940,457 |
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Income tax benefit/ (expense) |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
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Net income/ (loss) |
17,757,823 |
|
2,332,872 |
|
60,506,547 |
|
7,948,837 |
|
75,666,755 |
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9,940,457 |
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|
|
|
|
|
|
|
|
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Preferred shares accretion |
- |
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- |
|
(515,251) |
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(67,689) |
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- |
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- |
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Allocation of income to participating preferred share holders |
- |
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- |
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(1,648,040) |
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(216,506) |
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- |
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- |
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Net income available to ordinary shareholders |
17,757,823 |
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2,332,872 |
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58,343,256 |
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7,664,642 |
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75,666,755 |
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9,940,457 |
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Net income/(loss) per ordinary shares |
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Basic |
0.222 |
|
0.029 |
|
0.529 |
|
0.069 |
|
0.547 |
|
0.07 |
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Diluted |
0.222 |
|
0.029 |
|
0.525 |
|
0.069 |
|
0.542 |
|
0.07 |
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Weighted average number of ordinary shares outstanding: |
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Basic |
80,000,000 |
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80,000,000 |
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110,279,889 |
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110,279,889 |
|
138,270,000 |
|
138,270,000 |
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Diluted |
80,000,000 |
|
80,000,000 |
|
111,228,304 |
|
111,228,304 |
|
139,496,802 |
|
139,496,802 |
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|
|
|
|
|
|
|
|
|
|
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Net income/(loss) per ADS |
|
|
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|
|
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Basic |
0.666 |
|
0.087 |
|
1.587 |
|
0.208 |
|
1.642 |
|
0.216 |
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Diluted |
0.666 |
|
0.087 |
|
1.574 |
|
0.207 |
|
1.627 |
|
0.214 |
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Weighted average number of ADS outstanding: |
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|
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|
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Basic |
26,666,667 |
|
26,666,667 |
|
36,759,963 |
|
36,759,963 |
|
46,090,000 |
|
46,090,000 |
|
Diluted |
26,666,667 |
|
26,666,667 |
|
37,076,101 |
|
37,076,101 |
|
46,498,934 |
|
46,498,934 |
|
Each ADS represents 3 ordinary shares | |||||||||||
7
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JA Solar Holdings Co., Ltd. | ||||||||
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Condensed Consolidated Balance Sheets | ||||||||
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December 31, 2006 （Audited）
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June 30, 2007 （Unaudited） | |||||
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RMB |
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USD |
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RMB |
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USD | |
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ASSETS |
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Current assets |
|
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Cash and cash equivalents |
95,758,377 |
|
12,579,923 |
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1,565,942,627 |
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205,720,261 | |
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Accounts receivables from third party customers |
47,719,752 |
|
6,269,016 |
|
140,472,179 |
|
18,454,043 | |
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Inventories |
154,675,325 |
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20,319,932 |
|
161,161,177 |
|
21,171,989 | |
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Value-added tax recoverable
|
- |
|
- |
|
14,211,262 |
|
1,866,955 | |
|
Advances to related party suppliers |
39,831,642 |
|
5,232,743 |
|
16,705,242 |
|
2,194,593 | |
|
Advances to third party suppliers |
1,608,765 |
|
211,346 |
|
118,021,933 |
|
15,504,721 | |
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Other current assets |
6,673,976 |
|
876,770 |
|
20,393,695 |
|
2,679,151 | |
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Total current assets |
346,267,837 |
|
45,489,732 |
|
2,036,908,115 |
|
267,591,712 | |
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Property and equipment, net |
139,399,605 |
|
18,313,138 |
|
274,511,150 |
|
36,062,947 | |
|
Intangible asset, net |
7,224,713 |
|
949,122 |
|
6,651,433 |
|
873,809 | |
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Other long term assets-advance to third party suppliers |
- |
|
- |
|
225,469,000 |
|
29,620,205 | |
|
Total assets |
492,892,155 |
|
64,751,991 |
|
2,543,539,698 |
|
334,148,673 | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
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| |
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Current liabilities: |
|
|
|
|
|
|
| |
|
Tax payables |
3,639,665 |
|
478,148 |
|
- |
|
- | |
|
Advances from third parties customers |
21,329,609 |
|
2,802,103 |
|
26,830,394 |
|
3,524,750 | |
|
Short-term bank borrowings |
150,000,000 |
|
19,705,728 |
|
150,000,000 |
|
19,705,728 | |
|
Accounts payable to third parties |
2,501,790 |
|
328,664 |
|
41,529,563 |
|
5,455,802 | |
|
Other payables to third parties |
2,769,566 |
|
363,842 |
|
11,838,896 |
|
1,555,294 | |
|
Payroll and welfare payable |
2,676,854 |
|
351,662 |
|
3,570,656 |
|
469,083 | |
|
Accrued expenses |
3,932,709 |
|
516,646 |
|
3,533,395 |
|
464,187 | |
|
Accounts payable to related parties |
70,868 |
|
9,310 |
|
349,411 |
|
45,903 | |
|
Other payable to related parties |
183,555 |
|
24,114 |
|
223,199 |
|
29,322 | |
|
Total current liabilities |
187,104,616 |
|
24,580,218 |
|
237,875,514 |
|
31,250,068 | |
|
Total liabilities |
187,104,616 |
|
24,580,218 |
|
237,875,514 |
|
31,250,068 | |
|
Shareholders’ equity: |
|
|
|
|
|
|
| |
|
Preferred shares (US$0.0001 par value; 6,520,000 and 0 shares outstanding as of December 31, 2006 and June 30, 2007) |
110,037,714 |
|
14,455,822 |
|
- |
|
- | |
|
Ordinary shares(US$0.0001 par value; 493,480,000 shares authorized, 80,000,000 and 138,270,000 shares issued and outstanding as of December 31, 2006 and June 30 , 2007) |
66,212 |
|
8,698 |
|
111,453 |
|
14,642 | |
|
Additional paid-in capital |
106,715,707 |
|
14,019,404 |
|
2,080,926,774 |
|
273,374,511 | |
|
Statutory reserve |
14,587,748 |
|
1,916,415 |
|
14,587,748 |
|
1,916,415 | |
|
Retained earnings |
74,380,158 |
|
9,771,434 |
|
210,038,209 |
|
27,593,038 | |
|
Total shareholders’ equity |
195,749,825 |
|
25,715,952 |
|
2,305,664,184 |
|
302,898,605 | |
|
Total liabilities and shareholders’ equity |
492,892,155 |
|
64,751,991 |
|
2,543,539,698 |
|
334,148,673 | |
|
|
|
|
|
|
|
|
| |
8