JA Solar Announces First Quarter 2009 Financial Results

SHANGHAI, May 19 /PRNewswire-FirstCall/ -- JA Solar Holdings Co., Ltd.,
(Nasdaq: JASO) a leading manufacturer of high-performance solar products,
today announced financial results for its first quarter ended March 31, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090309/JASOLARLOGO)

First Quarter 2009 Results

Revenue in the first quarter of 2009 was RMB 231.7 million ($33.9 million), a
decrease of 79.4 percent from RMB 1.1 billion ($164.2 million) in the first
quarter of 2008 and a decrease of 76.3 percent from RMB 979.0 million ($143.3
million) reported in the fourth quarter of 2008.

Total gross loss in the first quarter was RMB 142.7 million (a loss of $20.9
million), compared with gross profit of RMB 235.9 million ($34.5 million) in
the first quarter of 2008, and gross profit of RMB 9.7 million ($1.4 million)
in the fourth quarter of 2008. Inventory provision at the end of the first
quarter of 2009 was RMB 138.4 million ($20.3 million), an increase of RMB 60.4
million ($8.8 million) compared with the balance at the end of the fourth
quarter of 2008.

Total operating expenses in the first quarter of 2009 were RMB 50.4 million
($7.4 million), compared with RMB 72.3 million ($10.6 million) in the first
quarter of 2008 and RMB 130.8 million ($19.1 million) in the fourth quarter of
2008. Included in operating expenses was an RMB 11.9 million ($1.7 million)
non-cash stock based compensation charge related to the hiring and retention
of key employees in the first quarter of 2009. Stock based compensation
charged to the income statement amounted to RMB 53.9 million ($7.9 million)
and RMB 32.3 million ($4.7 million) for the first quarter of 2008 and the
fourth quarter of 2008, respectively. Operating loss in the first quarter of
2009 was RMB 193.1 million (a loss of $28.3 million), compared with operating
income of RMB 163.6 million ($23.9 million) in the first quarter of 2008 and
operating loss of RMB 121.1 million (a loss of $17.7 million) in the fourth
quarter of 2008.

Net loss per diluted ADS in the first quarter of 2009 was RMB 1.20 (a loss of
$0.18), compared with net income per diluted ADS of RMB 0.99($0.15) in the
same period of 2008 and net loss per diluted ADS of RMB 0.68 (a loss of $0.10)
in the fourth quarter of 2008.

At March 31, 2009, JA Solar had cash and cash equivalents of RMB 1.7 billion
($249.2 million), compared with RMB 1.9 billion ($282.4 million) at Dec. 31,
2008. Total working capital at March 31, 2009 was RMB 2.6 billion ($385.2
million). The company repurchased RMB 42.4 million ($6.2 million) of
convertible bonds in the first quarter of 2009, and the convertible bonds
outstanding as of March 31, 2009 were RMB 2.2 billion ($315.3 million). Total
credit facility available at March 31, 2009 was RMB 1.5 billion ($213.7
million), of which RMB 520.0 million ($76.1 million) has been drawn down.

"The first quarter of 2009 was the most challenging quarter for JA Solar since
the company was founded in 2005," said Samuel Yang, CEO of JA Solar. "The
global industry conditions were particularly difficult, with the market
affected by worse than normal seasonality, a weak macro-economic environment
and the continuing impact of the credit crisis resulting in some issues with
customer project financing. However, we are actively managing our business to
prepare for what we hope to be the market's recovery in the latter part of
this year and we are seeing encouraging signs of market improvement in key end
markets. We have sufficient liquidity to sustain the current downturn and we
are positioning ourselves for growth in the second half of 2009 and beyond,"
he said.

2009 Outlook

The first quarter results and the continuing market uncertainty are
translating into less visibility for the coming quarters. At this time, JA
Solar believes it is unlikely to achieve the results as given in the 2009
guidance provided on March 10, 2009, which was for revenue of $830 million to
$952 million and production output of 500 MW to 550 MW. JA Solar has no plans
to give further guidance on its 2009 revenue or production unless and until
the company has better visibility of the global solar market conditions in the
coming quarters.

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 March 31, 2009, which was RMB
6.8329 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 March 31, 2009, or at any other date. The percentages
stated in this press release are calculated based on Renminbi.

Investor Conference Call / Webcast Details

A conference call has been scheduled for today, Tuesday, May 19, 2009 at 8:00
am Eastern time. The call may be accessed by dialing 1.866.831.6267 (U.S.) or
1.617.213.8857 (international). The passcode is JA Solar. A live webcast of
the conference call will be available on the company's website at
www.jasolar.com. A replay of the call will be available beginning two hours
after the live call and will be accessible by dialing 1.888.286.8010 (U.S.) or
1.617.801.6888 (international). The passcode for the replay is 84524855.

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
"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 Form F-20 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 cells. The company sells its products to solar manufacturers worldwide,
who assemble and integrate solar cells into modules and systems that convert
sunlight into electricity for residential, commercial, and utility-scale power
generation. For more information, please visit http://www.jasolar.com.

JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
For three months ended
Mar. Dec. Mar. Mar.
31, 2008 31, 2008 31, 2009 31, 2009
RMB'000 RMB'000 RMB'000 USD'000
Net revenues 1,122,033 979,032 231,684 33,907
Cost of sales (886,175) (969,366) (374,424) (54,797)
-------- -------- -------- -------
Gross profit 235,858 9,666 (142,740) (20,890)
------- ----- -------- -------
Selling, general and
administrative
expenses (69,605) (117,443) (39,466) (5,776)
Research and
development expenses (2,697) (13,353) (10,937) (1,601)
Total operating
expenses (72,302) (130,796) (50,403) (7,377)
------- -------- ------- ------
Income/(loss) from
operations 163,556 (121,130) (193,143) (28,267)
------- -------- -------- -------
Interest expense (492) (63,611) (58,155) (8,511)
Change in fair value
of derivatives 40,723 118,570 33,318 4,876
Gain on buyback of
convertible bond - 203,514 13,817 2,022
Other income/
(expenses) (40,302) 1,071 (8,524) (1,247)
Income/(loss) before
income taxes 163,485 138,414 (212,687) (31,127)
------- ------- -------- -------
Income tax benefit/
(expenses) (9,017) 10,377 19,419 2,842
------ ------ ------ -----
Net income/(loss) 154,468 148,791 (193,268) (28,285)
------- ------- -------- -------
Net income/(loss) per
share:
Basic 1.00 0.92 (1.20) (0.18)
Diluted 0.99 (0.68) (1.20) (0.18)

Weighted average
number of shares
outstanding:
Basic 154,058,500 161,366,977 161,419,260 161,419,260
Diluted 155,773,928 174,981,652 161,419,260 161,419,260

JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)

December 31, March 31,
2008 2009 2009
RMB'000 RMB'000 USD'000
ASSETS
Current assets:
Cash and cash equivalents 1,929,433 1,702,612 249,178
Available for sale securities 68,277 - -
Accounts receivable 355,051 163,937 23,992
Inventories 591,989 633,457 92,707
Advances to suppliers 680,447 688,066 100,699
Other current assets 205,227 289,407 42,355
------- ------- ------
Total current assets 3,830,424 3,477,479 508,931
--------- --------- -------
Property and equipment, net 1,369,807 1,435,018 210,016
Advances to suppliers 1,944,912 2,006,368 293,633
Derivative asset-Capped call options 4,485 1,346 197
Deferred issuance cost 58,953 56,042 8,202
Other long term assets 70,603 74,476 10,900
------ ------ ------
Total assets 7,279,184 7,050,729 1,031,879
========= ========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings 490,000 520,000 76,102
Accounts payable 117,982 78,698 11,517
Accrued and other liabilities 262,842 246,501 36,076
------- ------- ------
Total current liabilities 870,824 845,199 123,695
------- ------- -------
Convertible Bond 1,532,600 1,531,131 224,082
Embedded derivatives 115,676 77,690 11,370
Other long term liabilities 5,185 21,822 3,194
----- ------ -----
Total liabilities 2,524,285 2,475,842 362,341
--------- --------- -------
Commitment and Contingencies
Shareholders' equity 4,754,899 4,574,887 669,538
--------- --------- -------
Total liabilities and shareholders'
equity 7,279,184 7,050,729 1,031,879
========= ========= =========

SOURCE JA Solar Holdings Co., Ltd.

Deborah Stapleton, deb@stapleton.com, or Alexis Pascal, alexis@stapleton.com,
both of Stapleton Communications, +1-650-470-0200, for JA Solar Holdings Co.,
Ltd.