- 1Q18 Added 22,523 New Subscribers
- 1Q18 Revenues Up 29.6% YOY to RMB224.2 Million ($33.1
Million)
- 1Q18 Operating Income Reached
RMB83.0 Million ($12.2 Million)
- Conference Call to be Held on August 24, 2017 at 8:00
a.m. ET
HONG KONG, Aug. 23, 2017 /PRNewswire/ -- China Cord Blood
Corporation (NYSE: CO) ("CCBC" or the "Company"), China's leading provider of cord blood
collection, laboratory testing, hematopoietic stem cell processing
and stem cell storage services, today announced its unaudited
financial results for the first quarter of fiscal 2018 ended
June 30, 2017.
First Quarter of Fiscal 2018 Highlights
- Revenues for the first quarter of fiscal 2018 increased by
29.6% to RMB224.2 million
($33.1 million) from RMB173.0 million in the prior year period.
- New subscribers and accumulated subscriber base were 22,523 and
597,1751, respectively.
- Gross profit increased to RMB179.4
million ($26.5 million) from
RMB135.5 million in the prior year
period.
- Gross margin increased to 80.0% from 78.4% in the prior year
period.
- Operating income increased to RMB83.0
million ($12.2 million) from
RMB52.1 million in the prior year
period.
- Operating income before depreciation and amortization and
share-based compensation expenses was RMB92.3 million ($13.6
million), up 15.7% from RMB79.8
million in the prior year period.2
- Interest expense decreased to RMB3.3
million ($0.5 million)
compared to RMB28.8 million in the
prior year period, following the conversion of all outstanding
convertible notes.
- Net income attributable to the Company's shareholders amounted
to RMB69.1 million ($10.2 million) from RMB15.7 million in the prior year period.
- Net cash provided by operating activities for the first quarter
of fiscal 2018 amounted to RMB226.4
million ($33.4 million).
"In the first quarter of fiscal 2018, we recorded 22,523 new
subscribers, representing a year-over-year growth of 35.4%. The
strong growth was mainly due to our ongoing efforts to enhance our
sales team and the more effective and precise sales and marketing
strategy. During this quarter, the majority of our new subscribers
still came from the Guangdong
market and the Beijing market
performed steadily as expected." said Ms. Ting Zheng, Chief
Executive Officer of China Cord Blood Corporation.
"In the reporting period, the National Health and Family
Planning Commission and five other ministries in China collectively issued the "13th
Five-Year Plan - A Specific Program for Health and Health Science
and Technology Innovation"3, which signals their full
support to the stem cell and regenerative medicine industry and
provided clarity on regulations for the clinical applications of
biotherapies. At the same time, the China Maternal and Child
Health Association formed its Umbilical Cord Blood Application
Committee in Beijing. We believe such developments will be
beneficial to the long-term development of the PRC cord blood
banking industry. In the near term, we will continue to
explore various sales and marketing tactics to improve demand and
expand revenue sources to offset the negative impact of low
consumer sentiment and few newborns in certain regions of the
PRC."
Summary -- First Quarter Ended June 30, 2016 and 2017
|
|
Three Months Ended
June 30,
|
|
|
2016
|
|
2017
|
(in
thousands)
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues
|
|
|
172,952
|
|
|
224,222
|
|
|
33,074
|
Gross
Profit
|
|
|
135,519
|
|
|
179,440
|
|
|
26,468
|
Operating
Income4
|
|
|
52,135
|
|
|
82,961
|
|
|
12,238
|
Interest
Expense
|
|
|
(28,833)
|
|
|
(3,257)
|
|
|
(480)
|
Net Income
Attributable to the Company's
Shareholders
|
|
|
15,722
|
|
|
69,135
|
|
|
10,198
|
Earnings per Ordinary
Share
- Basic and Diluted5
(RMB/US$)
|
|
|
0.22
|
|
|
0.62
|
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
Revenue Breakdown
(%)
|
|
|
|
|
|
|
|
|
|
Processing
Fees
|
|
|
61.8%
|
|
|
65.6%
|
|
|
|
Storage
Fees
|
|
|
38.2%
|
|
|
34.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Subscribers
(persons)
|
|
|
16,637
|
|
|
22,523
|
|
|
|
Total Accumulated
Subscribers (persons)
|
|
|
520,905
|
|
|
597,1751
|
|
|
|
Summary -- Selected Cash Flow Statement Items
|
|
Three Months Ended
June 30,
|
|
|
2016
|
|
2017
|
(in
thousands)
|
|
RMB
|
|
RMB
|
|
US$
|
Net cash provided by
operating activities
|
|
|
131,014
|
|
|
226,417
|
|
|
33,398
|
Net cash used in
investing activities
|
|
|
(79,129)
|
|
|
(10,663)
|
|
|
(1,573)
|
Net cash provided by
financing activities
|
|
|
-
|
|
|
-
|
|
|
-
|
First Quarter of Fiscal 2018 Financial Results
REVENUES. Revenues increased by 29.6% to
RMB224.2 million ($33.1 million) in the first quarter of fiscal
2018 from RMB173.0 million in the
prior year period. The increase was mostly driven by the strong
growth in new subscriber sign-ups of 22,523 during the quarter.
Revenues generated from processing fees and other services in
the first quarter of fiscal 2018 were RMB147.0 million ($21.7
million), up 37.5% from RMB106.9
million in the prior year period. Revenues generated from
processing fees accounted for 65.6% of total revenues.
Revenues generated from storage fees increased by 16.8% to
RMB77.2 million ($11.4 million) in the first quarter of fiscal
2018 from RMB66.1 million in the
prior year period. The increase was due to the increase of the
accumulated subscriber base, which grew to 597,1751 by
the end of June 2017. Storage fee
revenues accounted for 34.4% of total revenues.
GROSS PROFIT. Gross profit for the first quarter
of fiscal 2018 increased by 32.4% to RMB179.4 million ($26.5
million) from RMB135.5 million
in the prior year period. Gross margin improved to 80.0% from 78.4%
in the prior year period, benefiting from economy of scale.
OPERATING INCOME. Operating income for the first
quarter of fiscal 2018 increased to RMB83.0
million ($12.2 million) from
RMB52.1 million in the prior year
period. Driven by the increase in gross profit partly netted by
higher operating expenses, operating margin increased to 37.0% from
30.1% in the prior year period. Depreciation and amortization
expenses for the reporting quarter were RMB12.8 million ($1.9
million), compared to RMB12.6
million in the prior year period. Net share-based
compensation expense related to the Company's restricted share
units ("RSUs") scheme recorded a reversal of RMB3.4 million ($0.5
million) for the first quarter of fiscal 2018. Such reversal
was resulted from the write back of previously recognized
share-based compensation expense due to the cancellation of RSUs
forfeited on the resignation of one of the grantees, partially
offset by additional expense charged on the RSUs granted during the
first quarter. Comparatively, share-based compensation expense was
RMB15.1 million in the prior year
period. Operating income before depreciation and amortization and
share-based compensation expenses totaled RMB92.3 million ($13.6
million), representing a 15.7% increase from RMB79.8 million in the prior year
period.2
|
|
Research and
Development Expenses. Research and development expenses
were RMB2.7 million ($0.4 million) in the first quarter of fiscal
2018, compared to RMB1.9 million in the prior year
period.
|
|
|
|
|
|
Sales and
Marketing Expenses. Sales and marketing expenses for the
first quarter amounted to RMB43.5 million ($6.4 million), compared
to RMB38.2 million in the prior year period. Our efforts to
strengthen our sales team and promote our service to target clients
in a more comprehensive manner led to the increase. As a percentage
of revenues, sales and marketing expenses were 19.4%, down from
22.1% in the prior year period.
|
|
|
|
|
|
General and
Administrative Expenses. General and administrative
expenses for the first quarter increased to RMB50.4 million ($7.4
million) from RMB43.2 million in the prior year period. General and
administrative expenses as the percentage of revenues remained in
check at 22.5%, down from 25.0% in the prior year
period.
|
OTHER INCOME AND EXPENSES.
|
|
Interest
Expense. Interest expense was down from RMB28.8 million to
RMB3.3 million ($0.5 million) in the current period. The decrease
was mainly because of the conversion of the Company's convertible
notes into ordinary shares in early April 2017 and no convertible
notes related interest expense was incurred thereafter.
|
NET INCOME ATTRIBUTABLE TO THE COMPANY'S
SHAREHOLDERS. As a result of the increase in operating
income and the decline in interest expense, income before income
tax for the first quarter of fiscal 2018 increased significantly to
RMB85.7 million ($12.6 million) from RMB27.9 million in the prior year period. Income
tax expense for the first quarter of fiscal 2018 was RMB15.7 million ($2.3
million), compared to RMB11.7
million in the prior year period. Net income attributable to
the Company's shareholders for the first quarter of fiscal 2018
reached RMB69.1 million ($10.2 million) from RMB15.7 million in the prior year period. Net
margin for the first quarter of fiscal 2018 improved to 30.8% from
9.1% in the prior year period.
EARNINGS PER SHARE. Basic and diluted earnings per
ordinary share for the first quarter of fiscal 2018 increased to
RMB0.62 ($0.09)5 from RMB0.22 in the prior year period.
LIQUIDITY. As of June 30,
2017, the Company had cash and cash equivalents of
RMB3,724.7 million ($549.4 million) with aggregate current and
non-current deferred revenues amounted to RMB1,995.2 million ($294.3
million). Net cash provided by operating activities for the
first quarter of fiscal 2018 amounting to RMB226.4 million ($33.4
million).
Conference Call
The Company will host a conference call at 8:00 a.m. ET on Thursday,
August 24, 2017 to discuss its financial performance and
give a brief overview of the Company's recent developments,
followed by a question and answer session. Interested parties can
access the audio webcast through the Company's IR website at
http://ir.chinacordbloodcorp.com. A replay of the webcast will be
accessible two hours after the conference call and available for
three weeks at the same URL above. Listeners can also access the
call by dialing 1-719-325-2213 or 1-866-564-2842 for US callers, or
+852-3008-1527 for Hong Kong
callers, access code: 2659383.
1 During
the three months ended June 30, 2017, 22,523 new subscribers were
recruited and the Company reclassified 388 private cord blood units
as donated cord blood units after the Company determined that the
recoverability of these prior private cord blood banking
subscribers was low therefore the Company terminated their
subscription services according to the subscription contracts.
These units are being treated as if they were donated cord blood
units and will be part of the Company's non-current inventories.
Hence the net accumulated subscriber base was 597,175 as of June
30, 2017.
|
|
2 See
exhibit 3 of this press release for a reconciliation of operating
income to exclude the non-cash items related to the depreciation
and amortization and share-based compensation expenses to the
comparable financial measure prepared in accordance with U.S.
generally accepted accounting principles ("U.S. GAAP").
|
|
3
http://www.most.gov.cn/mostinfo/xinxifenlei/fgzc/gfxwj/gfxwj2017/201706/t20170614_133527.htm
|
|
4 The
reported operating income for the three months ended June 30, 2016
and 2017 included the following:
|
(i) Depreciation
and amortization expenses for the three months ended June 30, 2016
and 2017 were RMB12.6 million and RMB12.8 million ($1.9 million);
and
|
(ii) As of June 30, 2017,
a total of 7,300,000 RSUs were issued and outstanding under
the Company's RSU scheme, subject to certain performance
conditions. Share-based compensation expenses related to this RSU
scheme were RMB15.1 million for the three months ended June 30,
2016. During the three months ended June 30, 2017, a net reversal
of RMB3.4 million ($0.5 million) share-based compensation expense
was recorded.
|
|
5 Out of
7,300,000 RSUs issued and outstanding as of June 30, 2017,
7,080,000 ordinary shares ("Shares") were issued and deposited into
a trust sponsored and funded by the Company ("Trust"), and will be
transferred to respective executives, directors and key employees
(or their designated nominees) under the Company's RSU scheme when
the performance conditions are met. The Trust facilitates the
granting (and subsequent vesting) of incentive RSUs and holds such
Shares for the benefit of such executives, directors and key
employees as a class. Taking into account of such Shares, in
addition to 113,524,742 outstanding shares (73,003,248 outstanding
shares for the three months ended June 30, 2016), basic and diluted
earnings per ordinary share would be RMB0.20 and RMB0.59 ($0.09)
for the three months ended June 30, 2016 and 2017,
respectively.
|
Use of Non-GAAP Financial Measures
GAAP results for the three months ended June 30, 2017 include non-cash items related to
the depreciation and amortization and share-based compensation
expenses. To supplement the Company's unaudited condensed
consolidated financial statements presented on a U.S. GAAP basis,
the Company has provided adjusted financial information excluding
the impact of these items in this press release. The non-GAAP
financial measure represents non-GAAP operating income. Such
adjustment is a departure of U.S. GAAP; however, the Company's
management believes that these adjusted measures provide investors
with a better understanding of how the results relate to the
Company's historical performance. Also, management uses non-GAAP
operating income as a measurement tool for evaluating actual
operating performance compared to budget and prior periods. These
adjusted measures should not be considered an alternative to
operating income, or any other measure of financial performance or
liquidity presented in accordance with U.S. GAAP. These measures
are not necessarily comparable to a similarly titled measure of
another company. A reconciliation of the adjustments to U.S. GAAP
results appears in exhibit 3 accompanying this press release. This
additional adjusted information is not meant to be considered in
isolation or as a substitute for U.S. GAAP financials. The adjusted
financial information that the Company provides also may differ
from the adjusted information provided by other companies.
About China Cord Blood Corporation
China Cord Blood Corporation is the first and largest umbilical
cord blood banking operator in China in terms of geographical coverage and
the only cord blood banking operator with multiple licenses.
Under current PRC government regulations, only one licensed cord
blood banking operator is permitted to operate in each licensed
region and no new licenses will be granted before 2020 in addition
to the seven licenses authorized as of today. China Cord
Blood Corporation provides cord blood collection, laboratory
testing, hematopoietic stem cell processing, and stem cell storage
services. For more information, please visit our website at
http://www.chinacordbloodcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. These
statements relate to future events or the Company's future
financial performance. The Company has attempted to identify
forward-looking statements by terminology including "anticipates",
"believes", "expects", "can", "continue", "could", "estimates",
"intends", "may", "plans", "potential", "predict", "should" or
"will" or the negative of these terms or other comparable
terminology. These statements are only predictions, uncertainties
and other factors may cause the Company's actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. The information in this press release is not intended
to project future performance of the Company. Although the Company
believes that the expectations reflected in the forward-looking
statements are reasonable, the Company does not guarantee future
results, levels of activity, performance or achievements. The
Company expectations are as of the date this press release is
issued, and the Company does not intend to update any of the
forward-looking statements after the date this press release is
issued to conform these statements to actual results, unless
required by law.
The forward-looking statements included in this press release
are subject to risks, uncertainties and assumptions about the
Company's businesses and business environments. These statements
reflect the Company's current views with respect to future events
and are not a guarantee of future performance. Actual results of
the Company's operations may differ materially from information
contained in the forward-looking statements as a result of risk
factors some of which include, among other things: continued
compliance with government regulations regarding cord blood banking
in the People's Republic of China,
or PRC and any other jurisdiction in which the Company conducts its
operations; changing legislation or regulatory environments
(including the relaxation of China's one child policy) in the PRC and any
other jurisdiction in which the Company conducts its operations;
the acceptance by subscribers of the Company's different pricing
and payment options and reaction to the introduction of the
Company's premium-quality pricing strategy; demographic trends in
the regions of the PRC in which the Company is the exclusive
licensed cord blood banking operator; labor and personnel
relations; the existence of a significant shareholder able to
influence and direct the corporate policies of the Company; credit
risks affecting the Company's revenue and profitability; changes in
the healthcare industry, including those which may result in the
use of stem cell therapies becoming redundant or obsolete; the
Company's ability to effectively manage its growth, including
implementing effective controls and procedures and attracting and
retaining key management and personnel; changing interpretations of
generally accepted accounting principles; the availability of
capital resources, including in the form of capital markets
financing opportunities, in light of industry developments
affecting issuers that have pursued a "reverse merger" with an
operating company based in China,
as well as general economic conditions; the proposed transactions
between an affiliate of Golden Meditech Holdings Limited and
Nanjing Ying Peng Hui Kang Medical Industry Investment Partnership
(limited partnership); and other relevant risks detailed in the
Company's filings with the Securities and Exchange Commission in
the United States.
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars as of and for the period ending
June 30, 2017 were made at the noon
buying rate of RMB6.7793 to
$1.00 on June
30, 2017 in the City of New
York for cable transfers in Renminbi per U.S. dollar as
certified for customs purposes by the Federal Reserve Bank of
New York. China Cord Blood
Corporation makes no representation that the Renminbi or U.S.
dollar amounts referred to in this press release could have been or
could be converted into U.S. dollars or Renminbi, at any particular
rate or at all.
For more information, please contact:
China Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@chinacordbloodcorp.com
ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com
EXHIBIT
1
|
CHINA CORD BLOOD
CORPORATION UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31 and June 30, 2017
|
|
|
|
|
|
March
31,
|
|
June
30,
|
|
2017
|
|
2017
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in
thousands except share data)
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
3,510,264
|
|
3,724,699
|
|
549,422
|
Accounts receivable,
less allowance for doubtful
accounts (March 31, 2017: RMB46,858;
|
|
|
|
|
|
June 30, 2017: RMB53,475 (US$7,888))
|
112,533
|
|
111,469
|
|
16,443
|
Inventories
|
30,987
|
|
35,794
|
|
5,280
|
Prepaid expenses and
other receivables
|
17,524
|
|
17,397
|
|
2,566
|
Total current
assets
|
3,671,308
|
|
3,889,359
|
|
573,711
|
Property, plant and
equipment, net
|
551,434
|
|
545,684
|
|
80,493
|
Non-current
deposits
|
237,487
|
|
237,810
|
|
35,079
|
Non-current accounts
receivable, less allowance
for doubtful accounts (March 31, 2017: RMB70,744;
|
|
|
|
|
|
June 30, 2017: RMB68,386 (US$10,087))
|
135,148
|
|
129,498
|
|
19,102
|
Inventories
|
68,775
|
|
69,497
|
|
10,251
|
Intangible assets,
net
|
106,686
|
|
105,531
|
|
15,567
|
Available-for-sale
equity securities
|
200,790
|
|
184,829
|
|
27,264
|
Other
investment
|
189,129
|
|
189,129
|
|
27,898
|
Deferred tax
assets
|
22,155
|
|
24,098
|
|
3,555
|
Total
assets
|
5,182,912
|
|
5,375,435
|
|
792,920
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Convertible notes,
net
|
1,031,154
|
|
-
|
|
-
|
Accounts
payable
|
11,060
|
|
14,251
|
|
2,102
|
Accrued expenses and
other payables
|
65,162
|
|
85,003
|
|
12,539
|
Deferred
revenue
|
323,690
|
|
347,074
|
|
51,196
|
Amount due to related
party
|
4,679
|
|
10,459
|
|
1,543
|
Income tax
payable
|
11,383
|
|
13,641
|
|
2,012
|
Total current
liabilities
|
1,447,128
|
|
470,428
|
|
69,392
|
Non-current deferred
revenue
|
1,569,579
|
|
1,648,138
|
|
243,113
|
Other non-current
liabilities
|
302,233
|
|
315,725
|
|
46,572
|
Deferred tax
liabilities
|
21,423
|
|
21,274
|
|
3,138
|
Total
liabilities
|
3,340,363
|
|
2,455,565
|
|
362,215
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Shareholders'
equity of China Cord Blood
Corporation
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
-
US$0.0001 par value, 250,000,000 shares
authorized, 73,140,147 shares issued and
73,003,248
shares outstanding as of March 31,
2017 and 113,661,641 shares issued and
113,524,742
shares outstanding as of June 30, 2017
|
50
|
|
78
|
|
12
|
Additional paid-in
capital
|
936,417
|
|
1,967,406
|
|
290,208
|
Treasury stock, at
cost (March 31 and June 30,
2017: 136,899
shares, respectively)
|
(2,815)
|
|
(2,815)
|
|
(415)
|
Accumulated other
comprehensive income
|
24,428
|
|
772
|
|
114
|
Retained
earnings
|
879,775
|
|
948,910
|
|
139,972
|
Total equity
attributable to China Cord Blood
|
|
|
|
|
|
Corporation
|
1,837,855
|
|
2,914,351
|
|
429,891
|
Non-controlling
interests
|
4,694
|
|
5,519
|
|
814
|
Total
equity
|
1,842,549
|
|
2,919,870
|
|
430,705
|
Total liabilities
and equity
|
5,182,912
|
|
5,375,435
|
|
792,920
|
|
|
|
|
|
|
EXHIBIT
2
|
CHINA CORD BLOOD
CORPORATION
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
For the Three Months
Ended June 30, 2016 and 2017
|
|
|
|
|
Three months ended
June 30,
|
|
|
|
2016
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
172,952
|
|
224,222
|
|
33,074
|
|
Direct costs
|
|
(37,433)
|
|
(44,782)
|
|
(6,606)
|
|
Gross
profit
|
|
135,519
|
|
179,440
|
|
26,468
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and
development
|
|
(1,949)
|
|
(2,679)
|
|
(394)
|
|
Sales and
marketing
|
|
(38,192)
|
|
(43,450)
|
|
(6,409)
|
|
General and
administrative
|
|
(43,243)
|
|
(50,350)
|
|
(7,427)
|
|
Total operating
expenses
|
|
(83,384)
|
|
(96,479)
|
|
(14,230)
|
|
Operating
income
|
|
52,135
|
|
82,961
|
|
12,238
|
|
Other (expenses)/income,
net
|
|
|
|
|
|
|
|
Interest
income
|
|
4,277
|
|
4,827
|
|
712
|
|
Interest
expense
|
|
(28,833)
|
|
(3,257)
|
|
(480)
|
|
Foreign currency
exchange gains
|
|
135
|
|
1
|
|
-
|
|
Others
|
|
152
|
|
1,149
|
|
169
|
|
Total other
(expenses)/income, net
|
|
(24,269)
|
|
2,720
|
|
401
|
|
Income before income
tax
|
|
27,866
|
|
85,681
|
|
12,639
|
|
Income tax
expense
|
|
(11,676)
|
|
(15,721)
|
|
(2,319)
|
|
Net
income
|
|
16,190
|
|
69,960
|
|
10,320
|
|
Net income attributable
to non-controlling interests
|
|
(468)
|
|
(825)
|
|
(122)
|
|
Net income
attributable to China Cord
|
|
|
|
|
|
|
|
Blood
Corporation's shareholders
|
|
15,722
|
|
69,135
|
|
10,198
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Attributable to
ordinary shares
|
|
|
|
|
|
|
|
-
Basic
|
|
0.22
|
|
0.62
|
|
0.09
|
|
-
Diluted
|
|
0.22
|
|
0.62
|
|
0.09
|
|
|
|
|
|
|
|
|
|
Other comprehensive
losses,
net of nil income taxes
|
|
|
|
|
|
|
|
- Foreign currency translation
adjustments
|
|
(6,960)
|
|
(11,731)
|
|
(1,730)
|
|
- Unrealized holding losses in
available-for-sale equity securities
|
|
(6,470)
|
|
(11,925)
|
|
(1,759)
|
|
Total other
comprehensive losses
|
|
(13,430)
|
|
(23,656)
|
|
(3,489)
|
|
Comprehensive
income
|
|
2,760
|
|
46,304
|
|
6,831
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable to
|
|
|
|
|
|
|
|
non-controlling interests
|
|
(468)
|
|
(825)
|
|
(122)
|
|
Comprehensive income
attributable to
|
|
|
|
|
|
|
|
China Cord Blood
Corporation's shareholders
|
|
2,292
|
|
45,479
|
|
6,709
|
|
|
|
|
|
|
|
|
|
EXHIBIT
3
|
CHINA CORD BLOOD
CORPORATION
RECONCILIATION OF
NON-GAAP OPERATING INCOME
For the Three Months
Ended June 30, 2016 and 2017
|
|
|
|
|
|
Three months ended
June 30,
|
|
|
2016
|
|
2017
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
GAAP amount of
operating income
|
|
52,135
|
|
82,961
|
|
12,238
|
|
|
|
|
|
|
|
Depreciation and
amortization expenses6
|
|
12,584
|
|
12,752
|
|
1,881
|
|
|
|
|
|
|
|
Share-based
compensation expense7
|
|
15,059
|
|
(3,438)
|
|
(507)
|
|
|
|
|
|
|
|
Non-GAAP operating
income
|
|
79,778
|
|
92,275
|
|
13,612
|
|
|
|
|
|
|
|
6
Depreciation and amortization expenses relate to property, plant
and equipment and intangible assets
respectively.
|
|
7
Share-based compensation expense relates to the Company's RSU
scheme, in which 7,300,000 RSUs were
issued and outstanding as of June 30, 2017.
|
View original
content:http://www.prnewswire.com/news-releases/china-cord-blood-corporation-reports-financial-results-for-the-first-quarter-of-fiscal-2018-300508286.html
SOURCE China Cord Blood Corporation