Added 19,367 New Subscribers in
4Q21
Revenues Up 0.8% YoY to RMB302.3 million ($46.1
million)
Net Income Attributable Up 31.7% YoY to
RMB127.7 million ($19.5 million)
Operating Cash Flow Up
134.6% YoY to RMB211.1 million
($32.2 million)
Conference
Call to be Held on June 29, 2021 at
8:00 a.m. ET
HONG KONG, June 28, 2021 /PRNewswire/ -- Global Cord
Blood Corporation (NYSE: CO) ("GCBC" 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 fourth quarter and full year of
fiscal 2021, ended March 31,
2021.
Fourth Quarter Fiscal 2021 Highlights
- New subscribers increased by 4.8% year-over-year ("YoY") to
19,367, and accumulated subscriber base expanded to
901,437[1].
- Revenues increased by 0.8% YoY to RMB302.3 million ($46.1
million), mainly due to an increase in storage fees
revenues.
- Gross profit remained at RMB256.4
million ($39.1 million). Gross
margin was 84.8%.
- Operating income decreased by 0.7% YoY to RMB148.2 million ($22.6
million). Operating margin was 49.0%, compared to 49.8% in
the prior year period.
- Operating income before depreciation and amortization
("non-GAAP operating income"[2]) decreased by 0.8% YoY
to RMB160.4 million ($24.5 million).
- Net income attributable to the Company's shareholders increased
by 31.7% to RMB127.7 million
($19.5 million), mainly due to a
reduction in fair value loss of equity securities ("mark-to-market
losses").
- Net cash provided by operating activities increased by 134.6%
YoY to RMB211.1 million ($32.2 million), mainly due to a low base in the
prior year period as a result of the impact from 2019 novel
coronavirus ("COVID-19").
Full Year Fiscal 2021 Highlights
- New subscribers decreased by 14.5% YoY to 72,045 and
accumulated subscriber base was 901,437[1].
- Revenues decreased by 5.1% YoY to RMB1,159.6 million ($177.0
million).
- Gross profit decreased by 5.0% YoY to RMB980.7 million ($149.7
million).
- Operating income decreased by 2.5% YoY to RMB544.9 million ($83.2
million).
- Non-GAAP operating income[2] decreased by 2.4% YoY
to RMB594.0 million ($90.7 million).
- Net income attributable to the Company's shareholders increased
by 8.0% to RMB508.2 million
($77.6 million), mainly due to an
increase in fair value of equity securities ("mark-to-market
gains").
- Net cash provided by operating activities increased by 1.1% YoY
to RMB630.7 million ($96.3 million).
"During the fourth quarter, hospitals in our operating markets
continued the fight against the COVID-19 pandemic on the frontline
and maintained relatively strict control over access to other
services, which had an impact on our business growth. Despite these
challenges, we were able to add 19,367 new subscribers in the
fourth quarter", said Ms. Ting Zheng, Chief Executive Officer and
Chairperson of GCBC. "Looking ahead, challenges remain due to
ambiguity surrounding cord blood banking industry regulations and
Biosecurity Law in China, as well
as difficulties regarding client access and conversion due to
ongoing anti-pandemic policies in hospitals. However, we believe in
the gradual recovery of consumer sentiment and intend to leverage
the solid foundation of our growing client base, pursue organic
growth opportunities in our current markets while selectively
considering new expansion opportunities to better serve our clients
and diversify income sources. Additionally, favorable policy trends
on increasing newborn growth rates issued by the Chinese government
to encourage childbirth bode well for long term trends in our
business but such measures will take time to be accepted and
implemented by a new generation of expectant parents."
Summary – Fourth
Quarter and Full Year Ended March 31, 2020 and 2021
|
|
|
|
Three Months Ended
March 31,
|
|
Year Ended
March 31,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
(In
thousands)
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues
|
|
299,888
|
|
302,321
|
|
46,143
|
|
1,221,460
|
|
1,159,639
|
|
176,995
|
Gross
Profit
|
|
256,430
|
|
256,413
|
|
39,136
|
|
1,032,332
|
|
980,692
|
|
149,682
|
Operating
Income[3]
|
|
149,339
|
|
148,243
|
|
22,627
|
|
559,033
|
|
544,870
|
|
83,162
|
Change in Fair
Value
of
Equity Securities
|
|
(24,155)
|
|
(4,722)
|
|
(721)
|
|
(13,172)
|
|
25,385
|
|
3,875
|
Net Income
Attributable
to the
Company's
Shareholders
|
|
97,007
|
|
127,734
|
|
19,497
|
|
470,717
|
|
508,247
|
|
77,573
|
Earnings per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
– Basic
(RMB/US$)
|
|
0.80
|
|
1.05
|
|
0.16
|
|
3.87
|
|
4.18
|
|
0.64
|
– Diluted
(RMB/US$)
|
|
0.80
|
|
1.05
|
|
0.16
|
|
3.87
|
|
4.18
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Breakdown
(%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Processing
Fees
|
|
|
|
|
|
|
|
|
|
|
|
|
and Other
Services
|
|
61.1
|
%
|
58.1
|
%
|
|
|
63.0
|
%
|
57.5
|
%
|
|
Storage
Fees
|
|
38.9
|
%
|
41.9
|
%
|
|
|
37.0
|
%
|
42.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Subscribers
|
|
|
|
|
|
|
|
|
|
|
|
|
(persons)
|
|
18,488
|
|
19,367
|
|
|
|
84,241
|
|
72,045
|
|
|
Total
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscribers
|
|
|
|
|
|
|
|
|
|
|
|
|
(persons)
|
|
833,094
|
|
901,437
|
[1]
|
|
|
833,094
|
|
901,437
|
[1]
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary – Selected
Cash Flow Statement Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Year Ended
March 31,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
(In
thousands)
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net cash provided
by
operating activities
|
|
89,962
|
|
211,079
|
|
32,218
|
|
624,004
|
|
630,710
|
|
96,266
|
Net cash used
in
investing activities
|
|
(1,026)
|
|
(2,791)
|
|
(426)
|
|
(146,061)
|
|
(20,107)
|
|
(3,069)
|
Net cash used
in
financing activities
|
|
-
|
|
-
|
|
-
|
|
(4,039)
|
|
(6,074)
|
|
(927)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Fiscal 2021 Financial Results
REVENUES. Revenues increased by 0.8% YoY to
RMB302.3 million ($46.1 million) in the fourth quarter of fiscal
2021, mainly due to the increase in storage fees revenues.
As of March 31, 2021, the
accumulated subscriber base had expanded to 901,437[1].
As a result, revenues generated from storage fees increased by 8.8%
YoY to RMB126.7 million ($19.3 million) in the reporting quarter.
During the reporting quarter, although new subscribers increased
by 4.8% YoY to 19,367, revenues generated from processing fees and
other services decreased by 4.3% YoY to RMB175.6 million ($26.8
million), mainly due to the decline in average revenue
contribution per subscriber as the Company introduced discounts and
incentives to capture new subscribers. Revenues from processing
fees and other services represented 58.1% of total revenues,
compared to 61.1% in the prior year period.
GROSS PROFIT. Due to the increase in costs of raw
materials, gross profit for the fourth quarter remained at
RMB256.4 million ($39.1 million). Gross margin decreased to 84.8%
from 85.5% in the prior year period.
OPERATING INCOME. Operating income for the
reporting quarter decreased slightly by 0.7% YoY to RMB148.2 million ($22.6
million). Operating margin was 49.0% compared to 49.8% in
the prior year period. Depreciation and amortization expenses for
the fourth quarter were RMB12.2
million ($1.9 million),
compared to RMB12.4 million in the
prior year period. Non-GAAP operating income[2]
decreased by 0.8% YoY to RMB160.4
million ($24.5 million) in the
reporting quarter.
Research and Development
Expenses. Research and development expenses incurred in the
fourth quarter amounted to RMB5.5
million ($0.8 million), as the
Company continued to devote resources towards stem cell related
technology.
Sales and Marketing
Expenses. During the reporting quarter, the Company
continued its marketing and promotional efforts on budget. As
higher performance incentives were offset by salesforce headcount
reduction and tightening of promotion budgets, sales and marketing
expenses decreased by 1.6% YoY to RMB59.5
million ($9.1 million). Sales
and marketing expenses as a percentage of revenue was down to 19.7%
from 20.2% in prior year period.
General and Administrative
Expenses. General and administrative expenses increased by
0.4% YoY to RMB43.2 million
($6.6 million) attributable to
increases in provisions for doubtful accounts and administrative
staff expenses partially offset by the reduction in professional
fees. General and administrative expenses as a percentage of
revenues remained at 14.3%, same as the prior year period.
OTHER INCOME.
Change in fair value of
equity securities. In the reporting period, the Company
recognized a mark-to-market loss of RMB4.7
million ($0.7 million),
compared to a mark-to-market loss of RMB24.2
million in the prior year period. The changes were mainly
attributable to the Company's investments in equity securities.
NET INCOME ATTRIBUTABLE TO THE COMPANY'S
SHAREHOLDERS. Income before income tax for the fourth
quarter increased by 15.9% YoY to RMB154.7
million ($23.6 million).
Income tax expense for the fourth quarter was RMB24.4 million ($3.7
million). Net income attributable to the Company's
shareholders for the reporting quarter increased by 31.7% YoY to
RMB127.7 million ($19.5 million). Net margin for the reporting
quarter improved to 42.3% from 32.3% in the prior year period.
EARNINGS PER SHARE. Basic and diluted earnings per
ordinary share for the fourth quarter of fiscal 2021 was
RMB1.05 ($0.16).
Full Year Fiscal 2021 Financial Results
Total revenues for the full year of fiscal 2021 decreased by
5.1% YoY to RMB1,159.6 million
($177.0 million). The decrease was
mainly due to the decline in new subscribers as various hospitals
rolled out anti-pandemic measures in conjunction with the decline
in newborn babies. Revenues from processing fees and other services
decreased by 13.4% YoY to RMB666.7
million ($101.8 million),
whereas revenues from storage fees increased by 9.1% YoY to
RMB492.9 million ($75.2 million). Gross profit decreased by 5.0%
YoY to RMB980.7 million ($149.7 million). Operating income decreased by
2.5% YoY to RMB544.9 million
($83.2 million). Non-GAAP operating
income[2] decreased by 2.4% YoY to RMB594.0 million ($90.7
million). Net income attributable to the Company's
shareholders improved by 8.0% to RMB508.2
million ($77.6 million) as a
result of changes in fair value of equity securities. Basic and
diluted earnings per ordinary share increased to RMB4.18 ($0.64). Net cash provided by operating
activities in the full year of fiscal 2021 was RMB630.7 million ($96.3
million).
Corporate Developments
- On March 2, 2021, the Board of
Directors of the Company (the "Board") received a non-binding
proposal letter (the "Alternate Ocean Offer") from Alternate Ocean
Investment Company Limited ("Alternate Ocean"), pursuant to which
Alternate Ocean, acting on behalf of certain funds and/or entities
(the "Acquirer") that it manages and/or advises, proposed to
acquire all of the outstanding ordinary shares of the Company for
$5.00 per ordinary share in cash,
subject to certain conditions.
- On March 15, 2021, the Board
announced it had formed a special committee of independent
directors who are not affiliated with Alternate Ocean (the "Special
Committee") to evaluate the Alternate Ocean Offer. The Special
Committee consists of Mr. Mark D.
Chen, Dr. Ken Lu, Mr.
Jack Chow, and Mr. Jacky Cheng, each of whom currently serves as an
independent director on the Board, with Mr. Chen serving as the
chair of the Special Committee.
- The Company cautions its shareholders and others considering
trading its ordinary shares that no decisions have been made with
respect to the Company's response to the proposed transaction. The
proposed transaction is still subject to various conditions,
including but not limited to, completion of due diligence, parties
entering into definitive agreement, and/or the Acquirer and the
Company each obtaining the relevant regulatory and shareholders'
approval. There can be no assurance that any definitive offer will
be made, that any agreement will be executed, or that this or any
other transaction will be approved or consummated.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on Tuesday, June 29, 2021, 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.globalcordbloodcorp.com. A
replay of the webcast will be accessible two hours after the
conference call and available for seven days at the same URL above.
Listeners can also access the call by dialing 1-646-722-4977 or
1-855-824-5644 for US callers, or +852-3027-6500 for Hong Kong callers, access code: 27000750#.
[1] During the three months and year
ended March 31, 2021, 19,367 and 72,045 new subscribers were
recruited, respectively. During the three months and year ended
March 31, 2021, the Company determined that the recoverability of
912 and 3,702 private cord blood units was remote and therefore,
the Company terminated their subscription services according to the
subscription contracts. Out of these prior private cord blood
units, 712 and 3,102 prior private cord blood units were 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 901,437 as of March 31,
2021.
|
[2] See exhibit 3 to this press
release for a reconciliation of non-GAAP operating income to
exclude the non-cash items related to the depreciation and
amortization expenses to the comparable financial measure prepared
in accordance with U.S. generally accepted accounting principles
("U.S. GAAP").
|
[3] The reported operating income for
the three months ended March 31, 2020 and 2021 included
depreciation and amortization expenses related to property, plant
and equipment and intangible assets of RMB12.4 million and RMB12.2
million ($1.9 million), respectively. The reported operating income
for the year ended March 31, 2020 and 2021 included depreciation
and amortization expenses related to property, plant and equipment
and intangible assets of RMB49.4 million and RMB49.1 million ($7.5
million), respectively.
|
Use of Non-GAAP Financial Measures
GAAP results for the three months and year ended March 31, 2021, include non-cash items related to
depreciation and amortization 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 Global Cord Blood Corporation
Global 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. Global
Cord Blood Corporation provides cord blood collection, laboratory
testing, hematopoietic stem cell processing and stem cell storage
services. For more information, please visit the Company's website
at:
http://www.globalcordbloodcorp.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: the effects of
the current COVID-19 outbreak, including the partial lockdowns
implemented in various cities in the PRC and the imposition by some
hospitals in the PRC of restrictions on entrance to solely to
hospital staff and patients; levels of consumer confidence in the
healthcare services sector generally in the PRC as a result of the
outbreak; the length of the COVID-19 outbreak and severity of such
outbreak across the globe; the pace of recovery following the
COVID-19 outbreak; 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 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 maintaining 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 legislative developments in the U.S. affecting listed
issuers whose independent registered public accounting firms are
based in China and not subject to
U.S. Public Company Accounting Oversight Board inspections,
international pressure on trade and currency against the PRC and
its potential impact on the PRC consumer behavior, as well as
general economic conditions, the non-binding proposal letter from
Alternate Ocean and the potential transaction contemplated by such
letter, 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 ended
March 31, 2021 were made at the noon
buying rate of RMB6.5518 to
$1.00 on March
31, 2021 in the City of New
York for cable transfers in Renminbi per U.S. dollar as
certified for customs purposes by the Federal Reserve Bank of
New York. Global Cord Blood
Corporation makes no representation that the Renminbi or U.S.
dollar amounts referred to in this press release could have been or
could be converted into U.S. dollars or Renminbi, at any particular
rate or at all.
For more information, please contact:
Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com
ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com
EXHIBIT
1
|
GLOBAL CORD BLOOD
CORPORATION UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2020 and 2021
|
|
|
|
March
31,
|
|
March
31,
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
(in thousands
except share data)
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
5,473,373
|
|
|
6,075,798
|
|
927,349
|
Accounts receivable,
less allowance for
doubtful accounts (March 31,
2020:
|
|
|
|
|
|
|
|
RMB111,869;
March 31, 2021:
|
|
|
|
|
|
|
|
RMB137,961
(US$21,057))
|
|
104,251
|
|
|
130,298
|
|
19,887
|
Inventories
|
|
43,758
|
|
|
44,257
|
|
6,755
|
Prepaid expenses and
other receivables
|
|
44,785
|
|
|
47,788
|
|
7,294
|
Total current
assets
|
|
5,666,167
|
|
|
6,298,141
|
|
961,285
|
Property, plant and
equipment, net
|
|
522,679
|
|
|
498,656
|
|
76,109
|
Operating lease
right-of-use assets
|
|
4,548
|
|
|
5,039
|
|
769
|
Non-current
deposits
|
|
347,360
|
|
|
344,752
|
|
52,619
|
Non-current accounts
receivable, less
allowance for doubtful accounts
(March 31, 2020: RMB71,421;
March
31, 2021: RMB67,095 (US$10,241))
|
|
160,031
|
|
|
217,208
|
|
33,152
|
Inventories
|
|
85,109
|
|
|
91,446
|
|
13,957
|
Intangible assets,
net
|
|
92,823
|
|
|
88,202
|
|
13,462
|
Investment in equity
securities at fair value
|
|
101,306
|
|
|
117,911
|
|
17,997
|
Other equity
investment
|
|
189,129
|
|
|
189,129
|
|
28,867
|
Deferred tax
assets
|
|
50,701
|
|
|
55,845
|
|
8,524
|
Total
assets
|
|
7,219,853
|
|
|
7,906,329
|
|
1,206,741
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
19,992
|
|
|
9,479
|
|
1,447
|
Accrued expenses and
other payables
|
|
113,989
|
|
|
136,448
|
|
20,825
|
Operating lease
liabilities
|
|
1,717
|
|
|
1,636
|
|
250
|
Deferred
revenue
|
|
402,751
|
|
|
449,359
|
|
68,586
|
Income tax
payable
|
|
32,329
|
|
|
29,547
|
|
4,510
|
Total current
liabilities
|
|
570,778
|
|
|
626,469
|
|
95,618
|
Non-current deferred
revenue
|
|
2,289,762
|
|
|
2,392,906
|
|
365,229
|
Non-current operating
lease liabilities
|
|
1,782
|
|
|
147
|
|
22
|
Other non-current
liabilities
|
|
450,900
|
|
|
482,224
|
|
73,602
|
Deferred tax
liabilities
|
|
18,140
|
|
|
16,132
|
|
2,462
|
Total
liabilities
|
|
3,331,362
|
|
|
3,517,878
|
|
536,933
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Shareholders'
equity of Global Cord Blood Corporation
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
|
|
-
US$0.0001 par value, 250,000,000 shares
authorized,
|
|
|
|
|
|
|
|
121,687,974
and 121,551,075 shares issued and outstanding
|
|
|
|
|
|
|
|
as of March
31, 2020 and 2021, respectively
|
|
83
|
|
|
83
|
|
13
|
Additional paid-in
capital
|
|
2,101,582
|
|
|
2,101,582
|
|
320,764
|
Treasury stock, at
cost (March 31, 2020 and 2021: 136,899
|
|
|
|
|
|
|
|
shares,
respectively)
|
|
(2,815)
|
|
|
(2,815)
|
|
(430)
|
Accumulated other
comprehensive losses
|
|
(94,663)
|
|
|
(103,179)
|
|
(15,748)
|
Retained
earnings
|
|
1,877,940
|
|
|
2,386,187
|
|
364,203
|
Total equity
attributable to Global Cord Blood
|
|
|
|
|
|
|
|
Corporation
|
|
3,882,127
|
|
|
4,381,858
|
|
668,802
|
Non-controlling
interests
|
|
6,364
|
|
|
6,593
|
|
1,006
|
Total
equity
|
|
3,888,491
|
|
|
4,388,451
|
|
669,808
|
Total liabilities
and equity
|
|
7,219,853
|
|
|
7,906,329
|
|
1,206,741
|
EXHIBIT
2
|
GLOBAL CORD BLOOD
CORPORATION
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
For the Three Months
and Year Ended March 31, 2020 and 2021
|
|
|
|
Three months ended
March 31,
|
|
Year ended
March 31,
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
299,888
|
|
302,321
|
|
46,143
|
|
1,221,460
|
|
1,159,639
|
|
176,995
|
Cost of
revenues
|
|
(43,458)
|
|
(45,908)
|
|
(7,007)
|
|
(189,128)
|
|
(178,947)
|
|
(27,313)
|
Gross
profit
|
|
256,430
|
|
256,413
|
|
39,136
|
|
1,032,332
|
|
980,692
|
|
149,682
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and
|
|
|
|
|
|
|
|
|
|
|
|
|
development
|
|
(3,605)
|
|
(5,486)
|
|
(837)
|
|
(21,109)
|
|
(23,769)
|
|
(3,628)
|
Sales and
marketing
|
|
(60,505)
|
|
(59,513)
|
|
(9,083)
|
|
(261,958)
|
|
(237,691)
|
|
(36,279)
|
General
and
|
|
|
|
|
|
|
|
|
|
|
|
|
administrative
|
|
(42,981)
|
|
(43,171)
|
|
(6,589)
|
|
(190,232)
|
|
(174,362)
|
|
(26,613)
|
Total
operating
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
(107,091)
|
|
(108,170)
|
|
(16,509)
|
|
(473,299)
|
|
(435,822)
|
|
(66,520)
|
Operating
income
|
|
149,339
|
|
148,243
|
|
22,627
|
|
559,033
|
|
544,870
|
|
83,162
|
Other
(expenses)/
|
|
|
|
|
|
|
|
|
|
|
|
|
income,
net
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
6,287
|
|
8,132
|
|
1,241
|
|
25,359
|
|
30,899
|
|
4,716
|
Foreign
currency
|
|
|
|
|
|
|
|
|
|
|
|
|
exchange
(losses)/
|
|
|
|
|
|
|
|
|
|
|
|
|
gains
|
|
(139)
|
|
(28)
|
|
(4)
|
|
(303)
|
|
155
|
|
24
|
Change in fair value
of
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
securities
|
|
(24,155)
|
|
(4,722)
|
|
(721)
|
|
(13,172)
|
|
25,385
|
|
3,875
|
Dividend
income
|
|
-
|
|
-
|
|
-
|
|
507
|
|
1,281
|
|
196
|
Others
|
|
2,111
|
|
3,091
|
|
472
|
|
7,388
|
|
8,161
|
|
1,246
|
Total other
(expenses)/
|
|
|
|
|
|
|
|
|
|
|
|
|
income,
net
|
|
(15,896)
|
|
6,473
|
|
988
|
|
19,779
|
|
65,881
|
|
10,057
|
Income
before
|
|
|
|
|
|
|
|
|
|
|
|
|
income
tax
|
|
133,443
|
|
154,716
|
|
23,615
|
|
578,812
|
|
610,751
|
|
93,219
|
Income tax
expense
|
|
(33,877)
|
|
(24,415)
|
|
(3,726)
|
|
(101,084)
|
|
(94,546)
|
|
(14,431)
|
Net
income
|
|
99,566
|
|
130,301
|
|
19,889
|
|
477,728
|
|
516,205
|
|
78,788
|
Net income
attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to
non-controlling
|
|
|
|
|
|
|
|
|
|
|
|
|
interests
|
|
(2,559)
|
|
(2,567)
|
|
(392)
|
|
(7,011)
|
|
(7,958)
|
|
(1,215)
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Cord
Blood
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation's
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
97,007
|
|
127,734
|
|
19,497
|
|
470,717
|
|
508,247
|
|
77,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic
|
|
0.80
|
|
1.05
|
|
0.16
|
|
3.87
|
|
4.18
|
|
0.64
|
-
Diluted
|
|
0.80
|
|
1.05
|
|
0.16
|
|
3.87
|
|
4.18
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
income/(losses), net
|
|
|
|
|
|
|
|
|
|
|
|
|
of nil
income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign
currency translation
adjustments
|
|
1,875
|
|
414
|
|
63
|
|
(5,925)
|
|
(8,516)
|
|
(1,300)
|
Comprehensive
income
|
|
101,441
|
|
130,715
|
|
19,952
|
|
471,803
|
|
507,689
|
|
77,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable
to
non-controlling
interests
|
|
(2,559)
|
|
(2,567)
|
|
(392)
|
|
(7,011)
|
|
(7,958)
|
|
(1,215)
|
Comprehensive
income attributable
to Global
Cord
Blood Corporation's
shareholders
|
|
98,882
|
|
128,148
|
|
19,560
|
|
464,792
|
|
499,731
|
|
76,273
|
EXHIBIT
3
|
|
GLOBAL CORD BLOOD
CORPORATION
RECONCILIATION OF
NON-GAAP OPERATING INCOME
For the Three Months
and Year Ended March 31, 2020 and 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
Year
ended March 31,
|
|
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
(in
thousands)
|
|
GAAP amount
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating income
|
|
149,339
|
|
148,243
|
|
22,627
|
|
559,033
|
|
544,870
|
|
83,162
|
|
Depreciation
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses[4]
|
|
12,409
|
|
12,171
|
|
1,858
|
|
49,449
|
|
49,090
|
|
7,493
|
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating income
|
|
161,748
|
|
160,414
|
|
24,485
|
|
608,482
|
|
593,960
|
|
90,655
|
|
[4] Depreciation and amortization
expenses relate to property, plant and equipment and intangible
assets, respectively.
|
View original
content:https://www.prnewswire.com/news-releases/global-cord-blood-corporation-reports-financial-results-for-the-fourth-quarter-and-full-year-of-fiscal-2021-301320954.html
SOURCE Global Cord Blood Corporation