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
fourth quarter and fiscal year ended December 31, 20131.
Financial Highlights for
Fourth Quarter
of 2013
- Total net revenues: RMB503.8 million (US$83.2
million), representing an increase of 15.6% from the corresponding
period in 2012.
- Operating income: RMB14.4
million (US$2.4 million), representing an increase of 125.1% from
the corresponding period in 2012.
- Net income attributable to the Company's
shareholders: RMB24.7 million (US$4.1 million),
representing an increase of 23.2% from the corresponding period in
2012.
- Adjusted EBITDA: RMB36.4 million (US$6.0
million), representing an increase of 8.3% from the corresponding
period in 2012.
- Basic and diluted net income per ADS: RMB0.49
(US$0.08) and RMB0.49 (US$0.08), respectively, representing
increases of 23.5% and 24.0%, respectively, from the corresponding
period in 2012.
Highlights for Fiscal Year
2013
- Total net revenues: RMB1.8 billion (US$290.2
million), representing an increase of 10.8% from 2012.
- Operating income: RMB18.0
million (US$3.0 million), representing a decrease of 72.7% from
2012.
- Net income attributable to the Company's
shareholders: RMB95.6 million (US$15.8 million),
representing a decrease of 26.7% from 2012.
- Adjusted EBITDA: RMB124.2 million (US$20.5
million), representing a decrease of 36.5% from 2012.
- Basic and diluted net income per ADS: RMB1.92
(US$0.32) and RMB1.91 (US$0.32), respectively, representing
decreases of 26.5% and 26.4%, respectively, from 2012.
Commenting on the fourth quarter financial results, Mr. Chunlin
Wang, CNinsure's chief executive officer, stated, "We delivered
much stronger top line growth than expected in the fourth quarter
of 2013, reflecting solid performance in our property and casualty
insurance and claims adjusting businesses. With disciplined expense
management in the fourth quarter of 2013, our operating expense to
revenue ratio dropped year-over-year, which translated into
improved operating profit and stellar profit growth in the fourth
quarter of 2013.
"We are particularly encouraged by this quarter's financial
results as we saw more benefits from our investment in CNpad in the
past three years. During 2013, CNpad generated RMB216 million gross
premiums written in aggregate, including RMB120 million in one
single quarter during the fourth quarter of 2013, of which an
increasing portion, though still small, was contributed by the
increasing productivity of our existing sales agents after using
CNpad, and by new sales agents who were attracted by CNpad to join
CNinsure. The results reaffirmed our belief that CNpad will become
our next growth driver and reassured our commitment to our growth
strategies.
"In 2014, we will continue our commitment to introducing CNpad
to a broader user base internally and externally, driving
cross-selling and offering high value products and services to our
clients. We believe these growth initiatives will pay dividends and
lead the company to strong and sustained profitable
growth."
Financial Results for the Fourth
quarter of 2013
Total net revenues were RMB503.8 million
(US$83.2 million) for the fourth quarter of 2013, representing an
increase of 15.6% from RMB435.8 million for the corresponding
period in 2012, primarily attributable to increases in net revenues
from our P&C insurance and claims adjusting business segments,
offsetting the decline in net revenues from our life insurance
business segment. The increase in the P&C business segment was
mainly driven by increases in both sales volume and commission
rates received from insurance underwriters, while the growth of the
claims adjusting segment was mainly attributable to growth in the
auto insurance-related claims adjusting business and a revenue
recognition of service fees in the fourth quarter of 2013 in
relation to the claims adjustment for damage caused by a
catastrophic snowstorm in Southern China. Net revenues from
commissions and fees derived from the P&C insurance, life
insurance and claims adjusting businesses for the fourth quarter of
2013 contributed 73.6%, 9.6%, and 16.8% of the Company's total net
revenues, respectively, compared to 71.3%, 14.0% and 14.7%,
respectively, for the corresponding period in 2012.
Total operating costs and expenses were
RMB489.4 million (US$80.9 million) for the fourth quarter of 2013,
representing an increase of 14.0% from RMB429.4 million for the
corresponding period in 2012.
Commissions and fees expenses were RMB365.8
million (US$60.4 million) for the fourth quarter of 2013,
representing an increase of 17.3% from RMB311.8 million for the
corresponding period in 2012. The increase was primarily due to
sales growth and 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 mainly
due to expenses incurred in competing with telemarketing channels
of certain P&C insurance companies.
Selling expenses were RMB24.7 million (US$4.1
million) for the fourth quarter of 2013, representing an increase
of 27.5% from RMB19.3 million for the corresponding period in 2012,
primarily due to increases in travel, vehicle, office and marketing
expenses due to significant sales increase.
General and administrative expenses were
RMB99.0 million (US$16.3 million) for the fourth quarter of 2013,
representing an increase of 0.7% from RMB98.3 million for the
corresponding period in 2012.
As a result of the foregoing factors, income from
operations was RMB14.4 million (US$2.4 million) for the
fourth quarter of 2013, representing an increase of 125.1% from
RMB6.4 million for the corresponding period in 2012.
Operating margin was 2.9% for the fourth
quarter of 2013, compared with 1.5% for the corresponding period in
2012.
Interest income was RMB21.7 million (US$3.6
million) for the fourth quarter of 2013, representing an increase
of 8.0% from RMB20.1 million for the corresponding period in 2012.
The increase in interest income was primarily due to an increase in
other receivables during fourth quarter of 2013 as compared with
the corresponding period in 2012.
Income tax expense was RMB10.4 million (US$1.7
million) for the fourth quarter of 2013, representing an increase
of 8.8% from RMB9.5 million for the corresponding period in 2012
mainly due to an increase in operating income. The effective tax
rate for the fourth quarter of 2013 was 31.5% compared with 34.8%
for the corresponding period in 2012.
Net income attributable to the Company's
shareholders was RMB24.7 million (US$4.1 million) for the
fourth quarter of 2013, representing an increase of 23.2% from
RMB20.1 million for the corresponding period in 2012.
Net margin was 4.9% for the fourth quarter of
2013 compared with 4.6% for the corresponding period in 2012.
Basic and diluted net
income per ADS were RMB0.49 (US$0.08) and RMB0.49
(US$0.08) for the fourth quarter of 2013, respectively,
representing increases of 23.5% and 24.0% from RMB0.40 and RMB0.40
for the corresponding period in 2012, respectively.
Adjusted EBITDA was RMB36.4 million
(US$6.0 million) for the fourth quarter of 2013, representing an
increase of 8.3% from RMB33.6 million for the corresponding period
in 2012.
Adjusted EBITDA margin
was 7.2% for the fourth quarter of 2013 compared with 7.7% for the
corresponding period in 2012.
Financial Result for the Year Ended December 31,
2013
Total net revenues were RMB1.8 billion
(US$290.2 million) for fiscal year 2013, representing an increase
of 10.8% from RMB1.6 billion in fiscal year 2012, primarily
attributable to increases in net revenues from our P&C
insurance and claims adjusting business segments, offsetting the
decline in net revenues from our life insurance business segment
mostly due to shifted focus to the sales of protection insurance
products which have lower average premium per policy compared to
participating insurance products, although the number of insurance
policies sold during fiscal year 2013 remained flat year-over-year.
The increase in the P&C insurance business segment was mainly
driven by increases in both sales volume and commission rates
received from insurance underwriters, while the growth of the
claims adjusting business 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
fiscal year 2013 contributed 72.0%, 13.1%, and 14.9% of the
Company's total net revenues, respectively, compared to 68.9%,
17.3% and 13.8%, respectively, for fiscal year 2012.
Total operating costs and expenses were RMB1.7
billion (US$287.3 million) for fiscal year 2013, representing an
increase of 14.4% from RMB1.5 billion in fiscal year 2012.
Commissions and fees expenses were RMB1.3
billion (US$213.7 million) for fiscal year 2013, representing an
increase of 19.1% from RMB1.1 billion in fiscal year 2012. The
increase was primarily due to sales growth and 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 mainly due to expenses
incurred in competing with telemarketing channels of certain
P&C insurance companies.
Selling expenses were RMB96.5 million (US$15.9
million) for fiscal year 2013, representing an increase of 23.0%
from RMB78.4 million in fiscal year 2012, primarily due to sales
increase and increases in staff salary, travel, gasoline and office
expenses mostly incurred by the claims adjusting business segment
due to staff increase.
General and administrative expenses were
RMB349.2 million (US$57.7 million) for fiscal year 2013,
representing a decrease of 1.9% from RMB356.0 million in fiscal
year 2012.
As a result of the foregoing factors, income from
operations was RMB18.0 million (US$3.0 million) for fiscal
year 2013, representing a decrease of 72.7% from RMB65.8 million in
fiscal year 2012.
Operating margin was 1.0% for fiscal year 2013,
compared with 4.2% for fiscal year 2012.
Interest income was RMB84.3 million (US$13.9
million) for fiscal year 2013, representing a decrease of 6.7% from
RMB90.3 million in fiscal year 2012. The decrease in interest
income was primarily due to a decrease in the bank deposits as we
increased short-term investments.
Income tax expense was RMB27.2 million (US$4.5
million) for fiscal year 2013, representing a decrease of 46.1%
from RMB50.4 million in fiscal year 2012 due to decrease in
operating income. The effective tax rate for fiscal year 2013 was
25.5% compared with 31.4% for fiscal year 2012 due to higher
share-based compensation expenses charged for fiscal year 2012
which were non-tax deductible.
Net income attributable to the Company's
shareholders was RMB95.6 million (US$15.8 million) for
fiscal year 2013, representing a decrease of 26.7% from RMB130.5
million for fiscal year 2012.
Net margin was 5.4% for fiscal year 2013
compared with 8.2% for fiscal year 2012.
Basic and diluted net
income per ADS were RMB1.92 (US$0.32) and RMB1.91
(US$0.32) for fiscal year 2013, respectively, representing
decreases of 26.5% and 26.4% from RMB2.60 and RMB2.60 for fiscal
year 2012, respectively.
Adjusted EBITDA was RMB124.2 million
(US$20.5 million) for fiscal year 2013, representing a decrease of
36.5% from RMB195.7 million for fiscal year 2012.
Adjusted EBITDA margin
was 7.1% for fiscal year 2013 compared with 12.3% for fiscal year
2012.
As of December 31, 2013, the Company had RMB2.3 billion
(US$378.1 million) in cash and cash
equivalents.
Business Highlights:
- As of December 31, 2013, CNinsure's distribution and service
network consisted of 480 sales and services outlets operating in 27
provinces, compared with 472 sales and service outlets operating in
26 provinces as of December 31, 2012. CNinsure had 51,583 sales
agents and representatives and 1,362 professional claims adjustors
as of December 31, 2013, compared with 46,940 sales agents and
representatives, and 1,287 professional claims adjustors as of
December 31, 2012.
- On December 25, 2013, Fanhua Insurance Surveyors & Loss
Adjustors Co., Ltd. was named Outstanding Credible Company in
Guangdong province. Based on a variety of matrix, the selection of
this award was organized by Guangdong Manufacturers Association and
Guangdong Modern Service Industry Association with a list of
sponsors encompassing Guangdong Development and Reform Commission,
Guangdong Small and Medium Enterprises Bureau, Guangzhou Branch of
People's Bank of China, Guangdong Credit Guarantee Association, and
Guangdong University of Finance.
Business Outlook
CNinsure expects its total net revenues to grow by approximately
15% for the first quarter of 2014 compared with the corresponding
period in 2013. This forecast reflects CNinsure's current view,
which is subject to change.
Conference Call
The Company will host a conference call to discuss the fourth
quarter and fiscal year 2013 results at
Time: 9:00 PM Eastern Daylight Time on March 10,
2014 or 9:00 AM Beijing/Hong Kong Time on
March 11, 2014
The toll free dial-in
numbers:
United States
|
1-855-500-8701 |
United Kingdom
|
0800-015-9724 |
Canada |
1-855-757-1565 |
Taiwan |
0080-665-1951 |
Hong Kong
|
800-903-737 |
The toll dial-in numbers:
China (Mainland)
|
400-120-0654 |
Singapore & Other
Areas |
+65-6723-9385 |
A replay of the call will be available for three days by dialing
the following number: +61 2 8199 0299
Conference ID #: 17694257
Additionally, a live and archived web cast of this call will be
available at: http://ir.cninsure.net/events.cfm
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 the date
hereof, 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 adjusted EBITDA and adjusted
EBITDA margin, which are non-GAAP financial measures. Adjusted
EBITDA is defined as net income before income tax expense,
investment income and interest income, depreciation, amortization
and share-based compensation expenses. Adjusted EBITDA margin is
defined as adjusted EBITDA divided by total net revenues. 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 fourth quarter of 2013, the fiscal year of 2013
and the corresponding period of 2012, and these items 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 Net Income to Adjusted EBITDA
and Adjusted EBITDA Margin" set forth at the end of this
release.
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
RMB6.0537 to US$1.00, the effective noon buying rate as of December
31, 2013 in The City of New York for cable transfers of RMB as set
forth in H.10 weekly statistical release of the Federal Reserve
Board.
CNINSURE
INC. |
Condensed Consolidated
Balance Sheets |
(In
thousands) |
|
|
|
|
|
As of December 31,
2012 |
As of December 31,
2013 |
As of December 31,
2013 |
|
RMB |
RMB |
US$ |
|
(audited) |
(unaudited) |
(unaudited) |
ASSETS: |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
2,525,618 |
2,288,623 |
378,054 |
Restricted cash |
10,871 |
11,100 |
1,834 |
Short term investments |
600 |
253,900 |
41,941 |
Accounts receivable, net |
196,244 |
199,482 |
32,952 |
Insurance premium receivables |
10 |
57 |
9 |
Other receivables |
86,565 |
214,670 |
35,461 |
Deferred tax assets |
4,942 |
4,858 |
802 |
Amounts due from related parties |
151,785 |
144,371 |
23,848 |
Other current assets |
17,265 |
20,634 |
3,409 |
Total current assets |
2,993,900 |
3,137,695 |
518,310 |
|
|
|
|
Non-current assets: |
|
|
|
Property, plant, and equipment,
net |
94,921 |
69,562 |
11,491 |
Goodwill and intangible assets,
net |
121,333 |
107,668 |
17,785 |
Deferred tax assets |
3,967 |
3,382 |
559 |
Investment in affiliates |
168,620 |
189,241 |
31,260 |
Other non-current assets |
18,048 |
13,076 |
2,160 |
Total non-current
assets |
406,889 |
382,929 |
63,255 |
Total assets |
3,400,789 |
3,520,624 |
581,565 |
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 RMB10,282
(US$1,699) as of December 31, 2012 and 2013,
respectively) |
98,124 |
92,324 |
15,251 |
Insurance premium payables (including
insurance premium payables of the consolidated VIEs without
recourse to CNinsure Inc. of RMB202 and RMB223 (US$37) as of
December 31, 2012 and 2013, respectively) |
2,941 |
4,066 |
672 |
Other payables and accrued expenses
(including other payables and accrued expense of the consolidated
VIEs without recourse to CNinsure Inc. of RMB35,000 and RMB21,129
(US$3,490) as of December 31, 2012 and 2013,
respectively) |
116,124 |
107,848 |
17,815 |
Accrued payroll (including accrued payroll of
the consolidated VIEs without recourse to CNinsure Inc. of RMB4,382
and RMB2,172 (US$359) as of December 31, 2012 and 2013,
respectively) |
42,317 |
39,089 |
6,457 |
Income tax payable (including income tax
payable of the consolidated of VIEs without recourse to CNinsure
Inc. of RMB2,037 and RMB2,603 (US$430) as of December 31, 2012 and
2013, respectively) |
56,003 |
55,992 |
9,249 |
Amounts due to related parties (including
amounts due to related parties of the consolidated of VIEs without
recourse to CNinsure Inc. of RMB3,030 and Nil as of December 31,
2012 and 2013, respectively) |
3,030 |
— |
— |
Total current
liabilities |
318,539 |
299,319 |
49,444 |
Non-current
liabilities: |
|
|
|
Other tax liabilities |
47,589 |
50,735 |
8,381 |
Deferred tax liabilities |
26,754 |
23,808 |
3,933 |
Total non-current
liabilities |
74,343 |
74,543 |
12,314 |
Total liabilities |
392,882 |
373,862 |
61,758 |
|
|
|
|
Ordinary shares |
7,624 |
7,624 |
1,259 |
Additional paid-in capital |
2,284,906 |
2,329,962 |
384,882 |
Statutory reserves |
178,440 |
182,740 |
30,186 |
Retained earnings |
527,542 |
618,885 |
102,233 |
Accumulated other comprehensive
loss |
(104,132) |
(111,114) |
(18,355) |
Total CNinsure Inc. shareholders'
equity |
2,894,380 |
3,028,097 |
500,205 |
Noncontrolling interests |
113,527 |
118,665 |
19,602 |
Total equity |
3,007,907 |
3,146,762 |
519,807 |
Total liabilities and
equity |
3,400,789 |
3,520,624 |
581,565 |
|
CNINSURE
INC. |
|
Condensed Consolidated
Statements of Income and Comprehensive Income |
(In thousands, except
for shares and per share data) |
|
|
|
|
|
|
|
|
For The Three
Months Ended |
For The Twelve
Months Ended |
|
December
31, |
December
31, |
|
2012 |
2013 |
2013 |
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
(unaudited) |
(unaudited) |
(unaudited) |
(audited) |
(unaudited) |
(unaudited) |
Net revenues: |
|
|
|
|
|
|
Commissions and fees |
430,137 |
502,411 |
82,992 |
1,580,234 |
1,755,545 |
289,995 |
Other service fees |
5,690 |
1,428 |
236 |
5,883 |
1,479 |
244 |
Total net revenues |
435,827 |
503,839 |
83,228 |
1,586,117 |
1,757,024 |
290,239 |
Operating costs and
expenses: |
|
|
|
|
|
|
Commissions and fees |
(311,821) |
(365,829) |
(60,431) |
(1,085,809) |
(1,293,372) |
(213,650) |
Selling expenses |
(19,332) |
(24,657) |
(4,073) |
(78,449) |
(96,461) |
(15,934) |
General and administrative
expenses |
(98,280) |
(98,957) |
(16,346) |
(356,033) |
(349,205) |
(57,684) |
Total operating costs and
expenses |
(429,433) |
(489,443) |
(80,850) |
(1,520,291) |
(1,739,038) |
(287,268) |
Income from operations |
6,394 |
14,396 |
2,378 |
65,826 |
17,986 |
2,971 |
Other income, net: |
|
|
|
|
|
|
Investment income |
— |
4,538 |
750 |
— |
8,886 |
1,468 |
Interest income |
20,055 |
21,661 |
3,578 |
90,323 |
84,250 |
13,917 |
Financial cost |
(2,439) |
— |
— |
(2,439) |
— |
— |
Others, net |
3,396 |
(7,640) |
(1,262) |
6,742 |
(4,601) |
(760) |
Income before income taxes and income
of affiliates |
27,406 |
32,955 |
5,444 |
160,452 |
106,521 |
17,596 |
Income tax expense |
(9,541) |
(10,380) |
(1,715) |
(50,373) |
(27,158) |
(4,486) |
Share of income of affiliates |
610 |
3,770 |
623 |
14,658 |
20,621 |
3,406 |
Net income |
18,475 |
26,345 |
4,352 |
124,737 |
99,984 |
16,516 |
Less: net gain (loss) attributable to
noncontrolling interests |
(1,581) |
1,644 |
271 |
(5,773) |
4,341 |
717 |
Net income attributable to the
Company's shareholders |
20,056 |
24,701 |
4,081 |
130,510 |
95,643 |
15,799 |
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.02 |
0.02 |
— |
0.13 |
0.10 |
0.02 |
Diluted |
0.02 |
0.02 |
— |
0.13 |
0.10 |
0.02 |
|
|
|
|
|
|
|
Net income per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.40 |
0.49 |
0.08 |
2.60 |
1.92 |
0.32 |
Diluted |
0.40 |
0.49 |
0.08 |
2.60 |
1.91 |
0.32 |
|
|
|
|
|
|
|
Shares used in calculating net income
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
1,001,558,815 |
998,861,526 |
998,861,526 |
1,002,308,275 |
998,861,526 |
998,861,526 |
Diluted |
1,005,461,258 |
998,861,526 |
998,861,526 |
1,005,301,969 |
1,000,570,018 |
1,000,570,018 |
|
|
|
|
|
|
|
Net income |
18,475 |
26,345 |
4,352 |
124,737 |
99,984 |
16,516 |
Other comprehensive loss, net of tax: Foreign
currency translation adjustments |
(2,110) |
(2,602) |
(430) |
(2,568) |
(6,981) |
(1,153) |
Comprehensive income |
16,365 |
23,743 |
3,922 |
122,169 |
93,003 |
15,363 |
Less: Comprehensive income (loss)
attributable to the noncontrolling interests |
(1,581) |
1,644 |
271 |
(5,773) |
4,341 |
717 |
Comprehensive income attributable to
the CNinsure Inc's shareholders |
17,946 |
22,099 |
3,651 |
127,942 |
88,662 |
14,646 |
|
CNINSURE
INC. |
Condensed Consolidated
Statements of Cash Flow |
(In
thousands) |
|
|
|
|
|
|
|
|
For The Three
Months Ended |
For The Twelve
Months Ended |
|
December
31, |
December
31, |
|
2012 |
2013 |
2013 |
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
(unaudited) |
(unaudited) |
(unaudited) |
(audited) |
(unaudited) |
(unaudited) |
OPERATING ACTIVITIES |
|
|
|
|
|
|
Net income |
18,475 |
26,345 |
4,352 |
124,737 |
99,984 |
16,516 |
Adjustments to reconcile net income
to net cash generated from operating activities: |
|
|
|
|
|
|
Depreciation |
6,539 |
7,732 |
1,277 |
26,349 |
31,253 |
5,163 |
Amortization of intangible assets |
3,725 |
3,416 |
564 |
15,285 |
13,664 |
2,257 |
Allowance for doubtful receivables |
1,323 |
2,661 |
440 |
4,523 |
5,303 |
876 |
Compensation expenses associated with stock
option |
12,920 |
14,702 |
2,428 |
66,878 |
45,317 |
7,485 |
Loss (gain) on disposal of property, plant
and equipment |
2,363 |
(16) |
(2) |
3,662 |
(17) |
(2) |
Financial cost |
2,439 |
— |
— |
2,439 |
— |
— |
Write down of dividend receivables |
— |
7,561 |
1,249 |
— |
7,561 |
1,249 |
Investment income |
— |
(4,538) |
(750) |
— |
(8,886) |
(1,468) |
Share of income of affiliates |
(610) |
(3,770) |
(623) |
(14,658) |
(20,621) |
(3,406) |
Changes in operating assets and
liabilities |
(24,835) |
40,964 |
6,767 |
(71,407) |
6,200 |
1,024 |
Net cash generated from operating
activities |
22,339 |
95,057 |
15,702 |
157,808 |
179,758 |
29,694 |
|
|
|
|
|
|
|
Cash flows generated from (used in)
investing activities: |
|
|
|
|
|
|
Purchase of property, plant and
equipment |
(4,054) |
(1,731) |
(286) |
(11,624) |
(36,181) |
(5,976) |
Proceeds from disposal of property and
equipment |
4 |
92 |
15 |
584 |
249 |
41 |
Proceeds from disposal of short term
investments |
— |
— |
— |
71,080 |
30,600 |
5,055 |
Purchase of short term investments |
— |
(30,000) |
(4,955) |
(40,600) |
(283,900) |
(46,897) |
Short-term investment gain |
— |
3,528 |
583 |
— |
7,876 |
1,301 |
Disposal of subsidiaries, net of
cash |
— |
(1,532) |
(253) |
1,967 |
(1,532) |
(253) |
Decrease (increase) in restricted
cash |
916 |
1,170 |
193 |
(795) |
(229) |
(38) |
Increase in other receivables |
— |
(67,705) |
(11,184) |
(3,400) |
(67,705) |
(11,184) |
Purchase of non-current assets |
— |
— |
— |
(1,948) |
— |
— |
Return of investment in non-current
assets |
— |
— |
— |
1,300 |
— |
— |
Decrease (increase) in amounts due from
related parties |
(99,105) |
22,666 |
3,744 |
218,350 |
(62,300) |
(10,291) |
Net cash generated from (used in)
investing activities |
(102,239) |
(73,512) |
(12,143) |
234,914 |
(413,122) |
(68,242) |
|
|
|
|
|
|
|
Cash flows generated from (used in)
financing activities: |
|
|
|
|
|
|
Acquisition of additional interest in
subsidiaries |
(70,000) |
— |
— |
(90,455) |
— |
— |
Capital injection by noncontrolling
interests |
— |
— |
— |
12,655 |
3,350 |
553 |
Proceeds on exercise of stock
options |
300 |
— |
— |
348 |
— |
— |
Repurchase of ordinary shares |
(9,244) |
— |
— |
(9,244) |
— |
— |
Net cash generated from (used in)
financing activities |
(78,944) |
— |
— |
(86,696) |
3,350 |
553 |
|
|
|
|
|
|
|
Net increase (decrease) in cash and
cash equivalents |
(158,844) |
21,545 |
3,559 |
306,026 |
(230,014) |
(37,995) |
Cash and cash equivalents at
beginning of period |
2,686,572 |
2,269,680 |
374,925 |
2,222,160 |
2,525,618 |
417,202 |
Effect of exchange rate changes on cash and
cash equivalents |
(2,110) |
(2,602) |
(430) |
(2,568) |
(6,981) |
(1,153) |
Cash and cash equivalents at end of
period |
2,525,618 |
2,288,623 |
378,054 |
2,525,618 |
2,288,623 |
378,054 |
|
|
|
|
|
|
|
Interest paid |
— |
— |
— |
— |
— |
— |
Income taxes paid |
8,321 |
6,911 |
1,142 |
63,400 |
27,153 |
4,485 |
|
CNINSURE
INC. |
Reconciliations of Net
Income to Adjusted EBITDA and Adjusted EBITDA Margin |
(In
thousands) |
|
|
|
|
|
|
|
|
For The Three
Months Ended |
For The Twelve
Months Ended |
|
December
31 |
December
31 |
|
2012 |
2013 |
2013 |
2012 |
2013 |
2013 |
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net income |
18,475 |
26,345 |
4,352 |
124,737 |
99,984 |
16,516 |
Income tax expense |
9,541 |
10,380 |
1,715 |
50,373 |
27,158 |
4,486 |
Investment income |
— |
(4,538) |
(750) |
— |
(8,886) |
(1,468) |
Interest income |
(20,055) |
(21,661) |
(3,578) |
(90,323) |
(84,250) |
(13,917) |
Financial cost |
2,439 |
— |
— |
2,439 |
— |
— |
Depreciation |
6,539 |
7,732 |
1,277 |
26,349 |
31,253 |
5,163 |
Amortization of intangible assets |
3,725 |
3,416 |
564 |
15,285 |
13,664 |
2,257 |
Compensation expenses associated with stock
option |
12,920 |
14,702 |
2,428 |
66,878 |
45,317 |
7,485 |
Adjusted EBITDA |
33,584 |
36,376 |
6,008 |
195,738 |
124,240 |
20,522 |
Total net revenues |
435,827 |
503,839 |
83,228 |
1,586,117 |
1,757,024 |
290,239 |
Adjusted EBITDA Margin |
7.7% |
7.2% |
7.2% |
12.3% |
7.1% |
7.1% |
CONTACT: For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
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