CNinsure Inc., (Nasdaq:CISG), (the "Company" or "CNinsure"), a
leading independent insurance intermediary company operating in
China, today announced its unaudited financial results for the
first quarter ended March 31, 2013.1
Financial Highlights for First
Quarter of 2013
- Total net revenues: RMB401.3 million (US$64.6
million), representing an increase of 18.9% from the corresponding
period in 2012.
- Operating income: RMB1.6
million (US$0.3 million) representing a decrease of 95.8% from the
corresponding period in 2012.
- Non-GAAP
operating
income: RMB14.4 million (US$2.3
million), which excludes share-based compensation expenses,
representing a decrease of 66.3% from the corresponding period in
2012.
- Net income attributable to the Company's
shareholders: RMB21.0 million (US$3.4 million),
representing a decrease of 61.5% from the corresponding period in
2012.
- Non-GAAP net income attributable to the Company's
shareholders: RMB33.8 million (US$5.4 million), which
excludes share-based compensation expenses, representing a decrease
of 42.4% from the corresponding period in 2012.
- Basic and diluted net income per ADS: RMB0.42
(US$0.07) and RMB0.42 (US$0.07), respectively, representing
decreases of 61.4% and 61.3%, respectively, from the corresponding
period in 2012.
- Non-GAAP basic and
diluted net income per ADS: RMB0.68 (US$0.11) and RMB0.67
(US$0.11), respectively, representing decreases of 42.2% and 42.1%,
respectively, from the corresponding period in 2012.
Commenting on the first quarter financial results, Mr. Chunlin
Wang, CNinsure's chief executive officer, stated, "The first
quarter of 2013 continued to present challenges for the Chinese
insurance industry. Although the property and casualty ("P&C")
insurance market had solid premium growth, fiercer competition
among P&C insurance companies resulted in a higher combined
ratio and lower profitability for many P&C insurance companies.
Life insurance premium growth remained sluggish with weak growth in
new policy sales and a sharp increase in policy surrender
ratios.
"Against this backdrop, during the first quarter of 2013, our
total net revenues were up 18.9% year-on-year, beating our previous
guidance, while gross margin declined. Revenue growth was largely
attributable to volume growth in our claims adjusting and P&C
businesses, as well as a further increase in commission rate for
auto insurance due to intensified competition in the auto insurance
market. These higher commission rates also directly squeezed our
gross margin. In our life insurance segment, new policy sales
continued to drop year-on-year, but at a slower pace as compared to
the previous quarter, with net revenues derived from life insurance
flat compared with the previous year, benefiting from our continued
high persistency ratio. We believe that our high persistency ratio
is a reflection of our high service levels and a defendable
competitive advantage which will pay off as the life insurance
business rebounds.
"The financial results for the first quarter of 2013 also
reflect a key decision made by management during the Company's
strategic transformation. In view of the continuing increases in
the commission costs of our P&C business and the growth
slowdown of our life insurance business, we have decided to focus
resources on developing our e-commerce business and strengthening
our ability to offer comprehensive financial products and services
which we believe will become our new growth engines. However,
before these two areas start to make meaningful contribution, it is
crucial for us to keep the stability of our organization, sales
team and operation, maintain our bargain power and safeguard our
market position, in order to pave the way for a successful
transition to these new areas of focus.
"We are encouraged by the achievements we made on these two
initiatives during the first quarter of 2013. We are continuing the
pilot of the CNpad, the workstation for our proprietary mobile
sales support system, which contributed over RMB19 million
insurance premiums during the first quarter of 2013. In addition,
we distributed over RMB190 million worth of wealth management
products during the first quarter of 2013.
Mr. Wang concluded, "We believe that we are on the right track
and remain confident that the changes we are implementing will
bring the Company back to high volume growth and strong
profitability."
Financial Results for the First Quarter
of 2013
Total net revenues were RMB401.3 million
(US$64.6 million) for the first quarter of 2013, representing an
increase of 18.9% from RMB337.3 million for the corresponding
period in 2012, primarily due to increases in net revenues from our
P&C insurance and claims adjusting business segments. The
increase in the P&C business segment was mainly driven by
increases in commission rates received from insurance underwriters
and volume growth. The growth of the claims adjusting segment was
mainly attributable to growth in the auto insurance-related claims
adjusting business. Net revenues from commissions and fees derived
from the P&C insurance, life insurance and claims adjusting
businesses for the first quarter of 2013 contributed 70.5%, 16.5%,
and 13.0% of the Company's total net revenues, respectively,
compared to 67.6%, 19.4% and 13.0%, respectively, for the
corresponding period in 2012.
Total operating costs and expenses were
RMB399.7 million (US$64.3 million) for the first quarter of 2013,
representing an increase of 33.8% from RMB298.7 million for the
corresponding period in 2012.
Commissions and fees expenses were RMB297.2
million (US$47.8 million) for the first quarter of 2013,
representing an increase of 39.2% from RMB213.5 million for the
corresponding period in 2012. The increase was primarily due to
further increases in commissions paid to our P&C sales agents
caused by (i) higher commission rates in the auto insurance market
as a result of increased competition among P&C insurance
companies, and (ii) increased per policy acquisition costs largely
because of expenses incurred in competing with telemarketing
channels of certain P&C insurance companies.
Selling expenses were RMB20.1 million (US$3.2
million) for the first quarter of 2013, representing an increase of
7.6% from RMB18.7 million for the corresponding period in 2012,
primarily due to growth in sales volume.
General and administrative expenses were
RMB82.4 million (US$13.3 million) for the first quarter of 2013,
representing an increase of 23.8% from RMB66.5 million for the
corresponding period in 2012. The increase was primarily due to the
following factors:
(1) an increase of 211.9% in share-based compensation expenses,
from RMB4.1 million for the first quarter of 2012 to RMB12.8
million (US$2.1 million) for the first quarter of 2013. Share-based
compensation expenses for the first quarter of 2013 were mainly
associated with the grant of certain stock options in March,
2012;
(2) an increase of 11.5% in payroll and social insurance
expenses from RMB30.4 million for the first quarter of 2012 to
RMB33.9 million (US$5.5 million) for the first quarter of 2013
primarily due to pay raises for our administrative staff; and
(3) an increase of 41.6% in depreciation expense from RMB4.3
million for the first quarter of 2012 to RMB6.2 million (US$1.0
million) for the first quarter of 2013 due to the purchase of more
fixed assets for our e-commerce operation during 2012.
As a result of the foregoing factors, operating
income was RMB1.6 million (US$0.3 million) for the first
quarter of 2013, representing a decrease of 95.8% from RMB38.7
million for the corresponding period in 2012.
Non-GAAP operating income, which excludes
share-based compensation expenses was RMB14.4 million (US$2.3
million) for the first quarter of 2013, representing a decrease of
66.3% from RMB42.8 million for the corresponding period in
2012.
Operating margin was 0.4% for the first quarter
of 2013, compared with 11.5% for the corresponding period in 2012.
Non-GAAP operating margin was 3.6% for the first quarter of 2013,
compared with 12.7% for the corresponding period in 2012.
Interest income was RMB21.5 million (US$3.5
million) for the first quarter of 2013, representing a decrease of
4.1% from RMB22.5 million for the corresponding period in 2012. The
slight decrease in interest income was primarily due to a decrease
in the bank interest rate from the corresponding period in
2012.
Income tax expense was RMB6.2 million (US$1.0
million) for the first quarter of 2013, representing a decrease of
54.5% from RMB13.7 million for the corresponding period in 2012 due
to the significant decrease in operating income. The effective tax
rate for the first quarter of 2013 was 26.8% compared with 22.1%
for the corresponding period in 2012. The increase in effective tax
rate was mainly due to the increase in share-based compensation
expenses which are non tax-deductible.
Net income attributable to the Company's
shareholders was RMB21.0 million (US$3.4 million) for the
first quarter of 2013, representing a decrease of 61.5% from
RMB54.6 million for the corresponding period in 2012.
Net margin was 5.2% for the first quarter of
2013 compared with 16.2% for the corresponding period in 2012.
Non-GAAP net income attributable to the Company's
shareholders, which excludes share-based compensation
expense was RMB33.8 million (US$5.4 million) for the first quarter
of 2013, representing a decrease of 42.4% from RMB58.7 million for
the corresponding period in 2012.
Non-GAAP net margin was 8.4% for the
first quarter of 2013 compared with 17.4% for the corresponding
period in 2012.
Basic and diluted net
income per ADS were RMB0.42 (US$0.07) and RMB0.42
(US$0.07) for the first quarter of 2013, respectively; representing
decreases of 61.4% and 61.3% from RMB1.09 and RMB1.08 for the
corresponding period in 2012, respectively.
Non-GAAP basic and diluted
net income per ADS were RMB0.68 (US$0.11) and
RMB0.67 (US$0.11) for the first quarter of 2013, respectively;
representing decreases of 42.2% and 42.1% from RMB1.17 and RMB1.16
for the corresponding period in 2012, respectively.
As of March 31, 2013, the Company had RMB2.5 billion (US$395.8
million) in cash and cash equivalents.
Recent developments:
- As of March 31, 2013, CNinsure's distribution and service
network consisted of 481 sales and services outlets operating in 27
provinces, compared with 532 sales and service outlets operating in
26 provinces as of March 31, 2012. CNinsure had 47,312 sales agents
and representatives, and 1,258 professional claims adjustors as of
March 31, 2013, compared with 47,425 sales agents and
representatives, and 1,337 professional claims adjustors as of
March 31, 2012. The decrease in the number of sales outlets was
primarily because we shut down some sales outlets which were less
productive primarily during the second and third quarter of
2012.
Business Outlook
CNinsure expects its total net revenues to grow by over 5% for
the second quarter of 2013 compared with the corresponding period
in 2012. This forecast reflects CNinsure's current view, which is
subject to change.
1This announcement contains translations of certain Renminbi
(RMB) amounts into U.S. dollars (US$) at specified rates solely for
the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of
RMB6.2108 to US$1.00, the effective noon buying rate as of March
29, 2013 in The City of New York for cable transfers of RMB as set
forth in H.10 weekly statistical release of the Federal Reserve
Board.
Conference Call |
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The Company will host a
conference call to discuss the first quarter 2013 results
at |
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Time: 9:00 PM Eastern Daylight
Time on May 20, 2013 |
or 9:00 AM Beijing/Hong
Kong Time on May 21, 2013 |
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The dial-in numbers: |
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United States |
1-855-500-8701 |
United Kingdom |
0800-015-9724 |
Canada |
1-855-757-1565 |
Taiwan |
0080-665-1951 |
Hong Kong |
852-3051-2745 |
China (Mainland) |
400-120-0654 |
Singapore & Other Areas |
+65-6723-9385 |
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A replay of the call will be
available for 3 days by dialing the following number: |
+61 2-8199-0299 |
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Conference ID #: 68076906 |
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Additionally, a live and archived
web cast of this call will be available at: |
http://ir.cninsure.net/events.cfm |
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About CNinsure Inc.
CNinsure is a leading independent intermediary company operating
in China. CNinsure's distribution network reaches many of China's
most economically developed regions and affluent cities. The
Company distributes a wide variety of property and casualty and
life insurance products underwritten by domestic and foreign
insurance companies operating in China, and provides insurance
claims adjusting as well as other insurance-related services.
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these forward-
looking statements by terminology such as "will," "expects,"
"believes," "anticipates," "intends," "estimates" and similar
statements. Among other things, the management's quotations and the
Business Outlook section contain forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about CNinsure and the industry.
Potential risks and uncertainties include, but are not limited to,
those relating to CNinsure's limited operating history, especially
its limited experience in selling life insurance products, its
ability to attract and retain productive agents, especially
entrepreneurial agents, its ability to maintain existing and
develop new business relationships with insurance companies, its
ability to execute its growth strategy, its ability to adapt to the
evolving regulatory environment in the Chinese insurance industry,
its ability to compete effectively against its competitors,
quarterly variations in its operating results caused by factors
beyond its control and macroeconomic conditions in China and their
potential impact on the sales of insurance products. All
information provided in this press release is as of May 20, 2013,
and CNinsure undertakes no obligation to update any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although CNinsure 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. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsure's filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F.
About Non-GAAP Financial Measures
In addition to the Company's consolidated financial results
under GAAP, the Company also provides non-GAAP financial measures,
which are adjusted to exclude share-based compensation expenses.
The Company believes that both management and investors benefit
from referring to these non-GAAP financial measures in assessing
the Company's performance and when planning and forecasting future
periods. One limitation of using these non-GAAP financial measures
is that these non-GAAP measures exclude the items that were
significant in the first quarter of 2013 and the corresponding
period of 2012. Another is that items such as share-based
compensation expenses have been, and will continue to be, a
significant recurring factor in our business.
In light of the limitations, the presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with GAAP. We encourage investors and other
interested persons to review our financial information in its
entirety and not rely on a single financial measure. For more
information on these non-GAAP financial measures, please see the
tables captioned "Reconciliations of GAAP Financial Measures to
Non-GAAP Financial Measures" set forth at the end of this
release.
CNINSURE
INC. |
Unaudited Condensed
Consolidated Balance Sheets |
(In
thousands) |
|
|
|
|
|
As of December 31, |
As of March 31, |
As of March 31, |
|
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
ASSETS: |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
2,525,618 |
2,458,334 |
395,816 |
Restricted cash |
10,871 |
11,036 |
1,777 |
Short term investments |
600 |
95,600 |
15,393 |
Accounts receivable, net |
196,244 |
221,315 |
35,634 |
Insurance premium receivables |
10 |
461 |
74 |
Other receivables |
86,565 |
72,784 |
11,719 |
Deferred tax assets |
4,942 |
4,997 |
805 |
Amounts due from related parties |
151,785 |
111,714 |
17,987 |
Other current assets |
17,265 |
20,087 |
3,234 |
Total current assets |
2,993,900 |
2,996,328 |
482,439 |
|
|
|
|
Non-current assets: |
|
|
|
Property, plant, and equipment,
net |
94,921 |
87,470 |
14,084 |
Goodwill and intangible assets,
net |
121,333 |
117,917 |
18,986 |
Deferred tax assets |
3,967 |
5,963 |
960 |
Investment in affiliates |
168,620 |
173,954 |
28,008 |
Other non-current assets |
18,048 |
16,648 |
2,680 |
Total non-current
assets |
406,889 |
401,952 |
64,718 |
Total assets |
3,400,789 |
3,398,280 |
547,157 |
|
|
|
|
CNINSURE
INC. |
Unaudited Condensed
Consolidated Balance Sheets-(Continued) |
(In
thousands) |
|
|
|
|
|
As of December 31, |
As of March 31, |
As of March 31, |
|
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
LIABILITIES AND EQUITY: |
|
|
|
Current liabilities: |
|
|
|
Accounts payable (including accounts payable
of the consolidated variable interest entities ("VIEs") without
recourse to CNinsure Inc. of RMB30,689 and RMB21,460 (US$3,455) as
of December 31, 2012 and March 31, 2013, respectively) |
98,124 |
81,759 |
13,164 |
Insurance premium payables (including
insurance premium payables of the consolidated VIEs without
recourse to CNinsure Inc. of RMB202 and RMB31 (US$5) as of December
31, 2012 and March 31, 2013, respectively) |
2,941 |
3,107 |
500 |
Other payables and accrued expenses
(including other payables and accrued expense of the consolidated
VIEs without recourse to CNinsure Inc. of RMB35,000 and RMB40,452
(US$6,513) as of December 31, 2012 and March 31, 2013,
respectively) |
116,124 |
101,400 |
16,327 |
Accrued payroll (including accrued payroll of
the consolidated VIEs without recourse to CNinsure Inc. of RMB4,382
and RMB3,588 (US$578) as of December 31, 2012 and March 31, 2013,
respectively) |
42,317 |
35,166 |
5,662 |
Income tax payable (including income tax
payable of the consolidated of VIEs without recourse to CNinsure
Inc. of RMB2,037 and RMB2,136 (US$344) as of December 31, 2012 and
March 31, 2013, respectively) |
56,003 |
54,132 |
8,716 |
Amounts due to related parties (including
amounts due to related parties of the consolidated of VIEs without
recourse to CNinsure Inc. of RMB3,030 and RMB3,030 (US$488) as of
December 31, 2012 and March 31, 2013, respectively) |
3,030 |
3,030 |
488 |
Total current
liabilities |
318,539 |
278,594 |
44,857 |
|
|
|
|
CNINSURE
INC. |
Unaudited Condensed
Consolidated Balance Sheets-(Continued) |
(In
thousands) |
|
|
|
|
|
As of December 31, |
As of March 31, |
As of March 31, |
|
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
Non-current
liabilities: |
|
|
|
Other tax liabilities |
47,589 |
48,924 |
7,877 |
Deferred tax liabilities |
26,754 |
26,018 |
4,189 |
Total non-current
liabilities |
74,343 |
74,942 |
12,066 |
Total liabilities |
392,882 |
353,536 |
56,923 |
|
|
|
|
Ordinary shares |
7,624 |
7,624 |
1,228 |
Additional paid-in capital |
2,284,906 |
2,297,686 |
369,950 |
Statutory reserves |
178,440 |
178,440 |
28,731 |
Retained earnings |
527,542 |
548,570 |
88,325 |
Accumulated other comprehensive
loss |
(104,132) |
(104,888) |
(16,888) |
Total CNinsure Inc. shareholders'
equity |
2,894,380 |
2,927,432 |
471,346 |
Noncontrolling interests |
113,527 |
117,312 |
18,888 |
Total equity |
3,007,907 |
3,044,744 |
490,234 |
Total liabilities and
equity |
3,400,789 |
3,398,280 |
547,157 |
|
|
|
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CNINSURE
INC |
Unaudited Condensed
Consolidated Statements of Income and Comprehensive
Income |
(In thousands, except
for shares and per share data) |
|
|
|
|
|
For The Three
Months Ended |
|
March
31, |
|
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
Net revenues: |
|
|
|
Commissions and fees |
337,281 |
401,255 |
64,606 |
Other service fees |
61 |
7 |
1 |
Total net revenues |
337,342 |
401,262 |
64,607 |
Operating costs and
expenses: |
|
|
|
Commissions and fees |
(213,478) |
(297,169) |
(47,847) |
Selling expenses |
(18,680) |
(20,103) |
(3,237) |
General and administrative
expenses |
(66,522) |
(82,381) |
(13,264) |
Total operating costs and
expenses |
(298,680) |
(399,653) |
(64,348) |
Income from operations |
38,662 |
1,609 |
259 |
Other income, net: |
|
|
|
Interest income |
22,455 |
21,545 |
3,469 |
Others, net |
897 |
109 |
18 |
Income before income taxes and income
of affiliates |
62,014 |
23,263 |
3,746 |
Income tax expense |
(13,705) |
(6,233) |
(1,004) |
Share of income of affiliates |
4,525 |
5,334 |
859 |
Net income |
52,834 |
22,364 |
3,601 |
Less: Net (loss) gain attributable to the
noncontrolling interests |
(1,777) |
1,336 |
215 |
Net income attributable to the
Company's shareholders |
54,611 |
21,028 |
3,386 |
|
|
|
|
CNINSURE
INC. |
Unaudited Condensed
Consolidated Statements of Income and Comprehensive Income -
(Continued) |
(In thousands, except
for shares and per share data) |
|
|
|
|
|
For The Three
Months Ended |
|
March
31, |
|
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
Net income per
share: |
|
|
|
Basic |
0.05 |
0.02 |
— |
Diluted |
0.05 |
0.02 |
— |
|
|
|
|
Net income per ADS: |
|
|
|
Basic |
1.09 |
0.42 |
0.07 |
Diluted |
1.08 |
0.42 |
0.07 |
|
|
|
|
Shares used in calculating net
income per share: |
|
|
|
Basic |
1,002,551,217 |
998,861,526 |
998,861,526 |
Diluted |
1,008,067,534 |
1,002,235,490 |
1,002,235,490 |
|
|
|
|
Net income (loss) |
52,834 |
22,364 |
3,601 |
Other comprehensive income (loss), net of
tax: |
|
|
|
Foreign currency translation
adjustments |
219 |
(755) |
(121) |
Comprehensive income
(loss) |
53,053 |
21,609 |
3,480 |
Less: Comprehensive income (loss)
attributable to the noncontrolling interests |
(1,777) |
1,336 |
215 |
Comprehensive income attributable to
the CNinsure Inc's shareholders |
54,830 |
20,273 |
3,265 |
|
|
|
|
CNINSURE
INC. |
Unaudited Condensed
Consolidated Statements of Cash Flow |
(In
thousands) |
|
|
|
|
|
For The Three
Months Ended |
|
March
31, |
|
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
OPERATING ACTIVITIES |
|
|
|
Net income |
52,834 |
22,364 |
3,601 |
Adjustments to reconcile net income
to net cash generated from (used in) operating
activities: |
|
|
|
Depreciation |
6,750 |
7,936 |
1,278 |
Amortization of intangible assets |
4,028 |
3,416 |
550 |
Allowance for doubtful receivables |
1,016 |
749 |
121 |
Compensation expenses associated with stock
option |
4,097 |
12,780 |
2,058 |
Share of income of affiliates |
(4,525) |
(5,334) |
(859) |
Changes in operating assets and
liabilities |
(62,072) |
(50,311) |
(8,101) |
Net cash generated from (used in)
operating activities |
2,128 |
(8,400) |
(1,352) |
|
|
|
|
Cash flows used in investing
activities: |
|
|
|
Purchase of property, plant and
equipment |
(1,723) |
(5,498) |
(885) |
Proceeds from disposal of property and
equipment |
187 |
14 |
2 |
Proceeds from disposal of short term
investments |
13,630 |
— |
— |
Purchase of short term investments |
— |
(95,000) |
(15,296) |
Disposal of subsidiaries, net of cash |
47 |
— |
— |
Decrease (increase) in restricted
cash |
654 |
(166) |
(27) |
Purchase of non-current
assets |
(1,948) |
— |
— |
Return of investment in non-current
assets |
1,000 |
— |
— |
Refund of contingent consideration |
12,500 |
— |
— |
Decrease in amounts due from related
parties |
92,691 |
40,071 |
6,452 |
Net cash generated from (used in)
investing activities |
117,038 |
(60,579) |
(9,754) |
|
|
|
|
CNINSURE
INC. |
Unaudited Condensed
Consolidated Statements of Cash Flow-(Continued) |
(In
thousands) |
|
|
|
|
|
For The Three
Months Ended |
|
March
31, |
|
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
|
|
|
|
Cash flows generated from financing
activities: |
|
|
|
Capital injection by noncontrolling
interests |
6,530 |
2,450 |
394 |
Proceeds on exercise of stock
options |
48 |
— |
— |
Net cash generated from financing
activities |
6,578 |
2,450 |
394 |
|
|
|
|
Net increase (decrease) in cash and
cash equivalents |
125,744 |
(66,529) |
(10,712) |
Cash and cash equivalents at
beginning of period |
2,222,160 |
2,525,618 |
406,649 |
Effect of exchange rate changes on cash and
cash equivalents |
219 |
(755) |
(121) |
Cash and cash equivalents at end of
period |
2,348,123 |
2,458,334 |
395,816 |
|
|
|
|
Interest paid |
— |
— |
— |
Income taxes paid |
29,282 |
9,497 |
1,529 |
|
|
|
|
CNINSURE
INC. |
Reconciliations of GAAP
Financial Measures to Non-GAAP Financial Measures |
(In RMB in thousands,
except shares and per share data) |
|
|
|
|
|
|
|
|
|
For The Three
Months Ended March 31, 2012 |
|
GAAP |
|
Non-GAAP |
Operating income |
38,662 |
4,097 |
42,759 |
Operating margin |
11.5% |
1.2% |
12.7% |
Net income attributable to the Company's
shareholders |
54,611 |
4, 097 |
58,708 |
Net margin |
16.2% |
1.2% |
17.4% |
Shares used in calculating basic net income
per share |
1,002,551,217 |
— |
1,002,551,217 |
Basic net income per ADS |
1.09 |
0.08 |
1.17 |
|
|
|
|
|
|
|
For The Three
Months Ended March 31, 2013 |
|
GAAP |
|
Non-GAAP |
Operating income |
1,609 |
12,780 |
14,389 |
Operating margin |
0.4% |
3.2% |
3.6% |
Net income attributable to the Company's
shareholders |
21,028 |
12,780 |
33,808 |
Net margin |
5.2% |
3.2% |
8.4% |
Shares used in calculating basic net income
per share |
998,861,526 |
— |
998,861,526 |
Basic net income per ADS |
0.42 |
0.26 |
0.68 |
|
|
|
|
share-based compensation expenses. |
|
|
|
CONTACT: For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
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