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JA Solar
Holdings Co., Ltd. today reported financial results for the fourth
quarter and year ended December 31, 2007.
Fourth
Quarter 2007 Results
Total revenues for the fourth quarter 2007 were RMB 1.05 billion
(US$ 144.2 million), an increase of 201.0% from fourth quarter 2006
quarter revenues of RMB 349.4 million (US$ 47.9 million), and an
increase of 23.7% from third quarter 2007 revenues of RMB 850.0
million (US$ 116.5 million). Total gross profit for the fourth
quarter 2007 was RMB 222.7 million (US$ 30.5 million) compared to
RMB 83.7 million (US$ 11.5 million) in the fourth quarter 2006, and
RMB 199.3 million (US$ 27.3 million) in the third quarter 2007.
Gross margin was 21.2% in the fourth quarter of 2007 compared to
23.9% in the fourth quarter of 2006, and 23.5% in the third quarter
of 2007.
Net income available to ordinary shareholders for the fourth quarter
2007 was RMB 98.3 million (US$ 13.5 million) compared to a net
income available to ordinary shareholders of RMB 66.9 million (US$
9.2 million) for the fourth quarter 2006, and net income available
to ordinary shareholders of RMB 165.9 million (US$ 22.7 million) for
the third quarter 2007. For the fourth quarter 2007 basic and
diluted earnings per ADS were RMB 0.65 (US$ 0.09) and RMB 0.64 (US$
0.09), respectively. The fourth quarter 2007 included share-based
compensation expense of RMB 61.2 million (US$ 8.4 million) and
foreign exchange loss of RMB 57.3 million (US$ 7.9 million).
Capital expenditures were RMB 128.9 million (US$ 17.7 million) in
the fourth quarter 2007, as compared to RMB 23.6 million (US$ 3.2
million) in the fourth quarter 2006, and RMB 144.3 million (US$ 19.8
million) in the third quarter 2007. Depreciation and amortization
expenses in the fourth quarter 2007 were RMB 11.9 million (US$ 1.6
million), as compared to RMB 4.9 million (US$ 0.7 million) in the
fourth quarter 2006, and RMB 10.7 million (US$ 1.5 million) in the
third quarter 2007.
As of December 31, 2007, JA Solar had cash and cash equivalents of
RMB 1.15 billion (US$ 157.0 million) compared with RMB 95.8 million
(US$ 13.1 million) at the end of the fourth quarter 2006, and RMB
0.79 billion (US$ 108.9 million) at the end of the third quarter
2007. Short term debt increased to RMB 200.0 million (US$ 27.4
million) at the end of the fourth quarter 2007 from RMB 150.0
million (US$ 20.6 million) at the end of the fourth quarter 2006,
and RMB 150.0 million (US$ 20.6 million) at the end of third quarter
2007.
2007 Full Year Results
Revenues for the full year 2007 were RMB 2.69 billion (US$ 369.3
million), an increase of 286.8% from the full year 2006 revenues of
RMB 696.5 million (US$ 95.5 million). The increase was principally
due to continued strong growth in market demand for PV industry and
our ability to expand the Company's production capacity to support
the business growth. Total gross profit for 2007 was RMB 600.9
million (US$ 82.4 million) compared to RMB 172.3 million (US$ 23.6
million). Total gross margin was 22.3% for 2007 compared to 24.7%
for 2006.
Net income available to ordinary shareholders for the full year 2007
was RMB 398.2 million (US$ 54.6 million) compared to a net income
available to ordinary shareholders of RMB 86.4 million (US$ 11.8
million) for the full year 2006.
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