Company Revises Certain Items in Its Financial Results for the Fourth Quarter and Fiscal Year 2013
SHANGHAI, China, April, 2014. – JA Solar Holdings Co., Ltd. (Nasdaq:JASO) (“JA Solar” or the “Company”), one of the world’s largest manufacturers of high-performance solar power products, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2013 with the Securities and Exchange Commission of the United States. The annual report can be accessed on JA Solar’s investor relations website at http://investors.jasolar.com/. JA Solar will provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request.
In addition, the Company also revised certain items in its financial results for the fourth quarter and fiscal year 2013, previously released on March 17, 2014. In the previous release, the Company reported positive operating cash flow of RMB 426.1 million ($70.4 million) in the fourth quarter of 2013 and positive operating cash flow of RMB 1.5 billion ($255.2 million) in fiscal year 2013.
After further review of the nature of certain payables, the Company has reclassified RMB 80 million ($13.2 million) from other payables to short-term borrowings as of December 31, 2013, such that:
Operating cash flow in the fourth quarter 2013 is positive RMB 366.1 million ($60.5 million), compared with the previously stated positive RMB 426.1 million ($70.4 million).
Operating cash flow in fiscal year 2013 is RMB 1.4 billion ($242.0 million), compared with the previously stated RMB 1.5 billion ($255.2 million).
Total short-term borrowings due 2014 were RMB 1.1 billion ($185.4 million), compared with the previously stated total short-term bank borrowings due 2014 of RMB 1.0 billion ($172.2 million).
The Company’s revised condensed consolidated balance sheets as of December 31, 2013 are included at the end of this press release.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.