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Share Name | Share Symbol | Market | Type |
---|---|---|---|
JA Solar Holdings, Co., Ltd. ADS, Each Representing Five Ordinary Shares (delisted) | NASDAQ:JASO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.49 | 7.49 | 7.50 | 0 | 01:00:00 |
·
|
$34.6 million of proceeds from sales of Lehman Notes. The $100 million face-value USD 3-Month LCMNER Index-Linked Note was issued by Lehman Brothers Treasury Co. B.V. incorporated in The Netherlands and was previously written off as a result of the bankruptcy of Lehman Brothers and its affiliates. The proceeds from Lehman Notes resulted in a $0.20 gain per diluted ADS.
|
|
·
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Non-cash gain on change in fair value of derivatives was mainly related to a convertible bond issued in May 2008. Embedded derivative was calculated using a valuation model with many input assumptions such as interest rate yield curve, foreign exchange rates, stock price, volatility, expected terms, risk-free rate and fundamental change event probabilities. This gain had a positive impact of $0.13 on basic earnings per ADS. However, due to dilution, the gain of $21.9 million was excluded from the calculation of diluted earnings per share and the share count was increased by 7.5 million shares to 172.3 million shares assuming that the convertible bonds were converted at the beginning of the quarter. The calculation reduced diluted earnings per ADS by $0.13.
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For three months ended
|
||||
Dec. 31, 2009
|
Sept. 30, 2010
|
Dec. 31, 2010
|
Dec. 31, 2010
|
|
RMB'000
|
RMB'000
|
RMB'000
|
USD'000
|
|
Adjusted
|
Adjusted
|
|||
(a),(b)
|
(b)
|
|||
Net revenues
|
1,627,042
|
3,618,796
|
3,856,189
|
584,271
|
Cost of sales
|
(1,292,033)
|
(2,802,820)
|
(3,115,776)
|
(472,087)
|
Gross profit
|
335,009
|
815,976
|
740,413
|
112,184
|
Selling, general and administrative expenses
|
(79,285)
|
(123,573)
|
(135,863)
|
(20,585)
|
Research and development expenses
|
(9,027)
|
(23,082)
|
(13,894)
|
(2,105)
|
Total operating expenses
|
(88,312)
|
(146,655)
|
(149,757)
|
(22,690)
|
Income from operations
|
246,697
|
669,321
|
590,656
|
89,494
|
Interest expense
|
(48,603)
|
(56,326)
|
(64,928)
|
(9,838)
|
Loss on buyback of convertible bond
|
(9,468)
|
-
|
-
|
-
|
Other (loss)/income (c)
|
(42,388)
|
(17,127)
|
355,317
|
53,836
|
Income before income taxes
|
146,238
|
595,868
|
881,045
|
133,492
|
Income tax expenses
|
(15,810)
|
(85,528)
|
(78,100)
|
(11,833)
|
Net income from continuing operations
|
130,428
|
510,340
|
802,945
|
121,659
|
Net gain/(loss) from discontinued operations
|
5,441
|
3,344
|
(19,607)
|
(2,971)
|
Net income
|
135,869
|
513,684
|
783,338
|
118,688
|
Net income per share:
|
||||
Basic
|
0.84
|
3.15
|
4.79
|
0.73
|
Diluted
|
0.84
|
3.14
|
3.90
|
0.59
|
Weighted average number of shares outstanding:
|
||||
Basic
|
161,979,819
|
163,065,242
|
163,382,659
|
163,382,659
|
Diluted
|
162,272,950
|
163,668,148
|
172,306,566
|
172,306,566
|
For twelve months ended
|
|||
Dec. 31, 2009
|
Dec. 31, 2010
|
Dec. 31, 2010
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
Adjusted
|
|||
(a),(b)
|
|||
Net revenues
|
3,778,553
|
11,760,780
|
1,781,936
|
Cost of sales
|
(3,296,502)
|
(9,214,394)
|
(1,396,120)
|
Gross profit
|
482,051
|
2,546,386
|
385,816
|
Selling, general and administrative expenses
|
(343,253)
|
(505,101)
|
(76,530)
|
Research and development expenses
|
(45,101)
|
(63,816)
|
(9,669)
|
Total operating expenses
|
(388,354)
|
(568,917)
|
(86,199)
|
Income from operations
|
93,697
|
1,977,469
|
299,617
|
Interest expense
|
(231,487)
|
(221,209)
|
(33,516)
|
Loss on buyback of convertible bond
|
(24,156)
|
-
|
-
|
Other (loss)/income (c)
|
(26,969)
|
271,628
|
41,155
|
(Loss)/income before income taxes
|
(188,915)
|
2,027,888
|
307,256
|
Income tax expenses
|
(7,999)
|
(252,707)
|
(38,289)
|
Net (loss)/income from continuing operations
|
(196,914)
|
1,775,181
|
268,967
|
Net income/(loss) from discontinued operations
|
3,415
|
(19,830)
|
(3,005)
|
Net (loss)/income
|
(193,499)
|
1,755,351
|
265,962
|
Net (loss)/income per share:
|
|||
Basic
|
(1.20)
|
10.78
|
1.63
|
Diluted
|
(1.20)
|
10.61
|
1.61
|
Weighted average number of shares outstanding:
|
|||
Basic
|
161,643,312
|
162,900,657
|
162,900,657
|
Diluted
|
161,643,312
|
171,116,684
|
171,116,684
|
|
JA Solar Holdings Co., Ltd.
|
|||
Condensed Consolidated Balance Sheets
|
|||
(Unaudited)
|
|||
Dec. 31,
|
Dec. 31,
|
||
2009
|
2010
|
2010
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
Adjusted
|
|||
(d)
|
|||
ASSETS
|
|||
Current assets:
|
|||
Cash and cash equivalents
|
1,867,248
|
2,289,482
|
346,891
|
Restricted cash
|
43,612
|
112,593
|
17,060
|
Accounts receivable
|
339,524
|
945,633
|
143,278
|
Inventories
|
641,140
|
1,349,329
|
204,444
|
Advances to suppliers
|
423,283
|
605,630
|
91,762
|
Other current assets
|
346,488
|
1,115,561
|
169,024
|
Total current assets
|
3,661,295
|
6,418,228
|
972,459
|
Property and equipment, net
|
1,724,442
|
3,170,721
|
480,413
|
Advances to suppliers
|
1,835,421
|
1,653,177
|
250,481
|
Derivative asset
|
10,521
|
14,591
|
2,211
|
Deferred issuance cost
|
143,243
|
110,868
|
16,798
|
Other long term assets
|
87,248
|
251,797
|
38,150
|
Total assets
|
7,462,170
|
11,619,382
|
1,760,512
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||
Current liabilities:
|
|||
Short-term bank borrowings
|
10,000
|
-
|
-
|
Accounts payable
|
367,863
|
1,036,416
|
157,033
|
Advances from customers
|
53,859
|
484,458
|
73,404
|
Accrued and other liabilities
|
197,506
|
522,769
|
79,206
|
Total current liabilities
|
629,228
|
2,043,643
|
309,643
|
Convertible Bond
|
1,171,438
|
1,230,175
|
186,390
|
Embedded derivatives
|
136,632
|
66,174
|
10,026
|
Long-term bank borrowings
|
680,000
|
1,520,000
|
230,303
|
Other long term liabilities
|
22,314
|
79,235
|
12,005
|
Total liabilities
|
2,639,612
|
4,939,227
|
748,367
|
Commitment and Contingencies
|
|||
Shareholders’ equity
|
4,822,558
|
6,680,155
|
1,012,145
|
Total liabilities and shareholders’ equity
|
7,462,170
|
11,619,382
|
1,760,512
|
(d)
|
On January 1, 2010, the Company adopted the FASB’s update to the Debt topic of the FASB codification which requires an entity that enters into an equity-classified share lending agreement, utilizing its own shares, in contemplation of a convertible debt issuance or other financing to initially measure the share lending arrangement at fair value and treat it as a cost of the financing. In addition, if it becomes probable that the counterparty to the arrangement will default, the issuer shall recognize an expense for the fair value of the unreturned shares, net of probable recoveries. These rules require revision of prior periods to conform to current accounting. As a result of retrospectively adopting the new guidance related to the Company’s offering of senior convertible notes in May 2008, the line items of Deferred issuance cost and Shareholders’ equity in the condensed consolidated balance sheet as at December 31, 2009 have been revised.
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1 Year JA Solar Holdings, Co., Ltd. ADS, Each Representing Five Ordinary Shares (delisted) Chart |
1 Month JA Solar Holdings, Co., Ltd. ADS, Each Representing Five Ordinary Shares (delisted) Chart |
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