UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February 2011
Commission File Number: 001-34988
SKY-MOBI LIMITED
10/F, Building B, United Mansion
No. 2, Zijinhua Road, Hangzhou
Zhejiang 310013
People’s Republic of China
(86-571) 8777-0978
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b):
82-
N/A
TABLE OF CONTENTS
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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SKY-MOBI LIMITED
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By:
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/s/ Carl Yeung
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Name:
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Carl Yeung
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Title:
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Chief Financial Officer
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Date: February 15, 2011
2
EXHIBIT INDEX
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Page
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Exhibit 99.1 — Press Release
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4
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3
Exhibit 99.1
Sky-mobi Limited Announces Unaudited Financial
Results for the Fiscal Third Quarter 2011
HANGZHOU, China, February 14, 2011 — Sky-mobi Limited (“Sky-mobi” or the “Company”) (NASDAQ:
“MOBI”), a leading mobile application store and mobile social network community operator in China,
announced today its unaudited financial results for the fiscal third quarter ended December 31,
2010 (“third quarter 2011”).
Third Quarter 2011 Highlights:
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Total revenues increased 2.5% to RMB161.2 million (US$24.2 million) in third quarter
2011, compared to the fiscal third quarter ended December 31, 2009 (“third quarter 2010”).
Maopao Community revenues through K Currency, i.e., revenues not collected through mobile
network operators represented 12% of total revenues
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Loss from operations was RMB6.1 million (US$0.9 million) in third quarter 2011, compared
to the fiscal third quarter 2010 profit from operations of RMB36.6 million
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Non-IFRS profit from operations was RMB11.0 million (US$1.6 million) in third quarter
2011, down 70.4% from third quarter 2010
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Net profit was RMB184.7 million (US$27.7 million) in third quarter 2011, compared to net
loss of RMB27.9 million in third quarter 2010
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Non-IFRS net profit was RMB13.3 million (US$2.0 million) in third quarter 2011, down
62.1% from third quarter 2010
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Basic and diluted earnings per common share were RMB1.06 (US$0.16) and RMB-0.01
(US$0.00), respectively. Non-IFRS basic and diluted earnings per common share were RMB0.08
(US$0.01) and RMB0.06 (US$0.01), respectively
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Application store revenue decreased 9.4% to RMB136.6 million (US$20.5 million) in third
quarter 2011 from third quarter 2010. Sky-mobi’s application store experienced 3.5 billion
user visits with 846 million downloads in third quarter 2011
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4
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Maopao Community revenue through K Currency increased 1,497.7% to RMB19.1 million
(US$2.9 million) in third quarter 2011 from third quarter 2010. Sky-mobi had 10.4 million
active members of the Maopao Community with 761 million member log-ins in third quarter
2011
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Non-IFRS figures exclude share-based compensation expenses and other non-operating one-time items.
Please see “About Non-IFRS Financial Measures” in this release for more information.
Commenting on the Company’s results, Michael Tao Song, Chairman and Chief Executive Officer of
Sky-mobi, remarked: “We are pleased with our third quarter 2011 results, with revenue performing
well given the introduction by carriers of triple-confirmation for mobile application transactions
as well as our server migration caused third quarter revenue to decline from the second quarter.
However, our large user base and strong user demand for mobile content, applications and social
network-based services provided strong uplift to our revenue towards the end of third quarter 2011.
This indicated that the negative effect from the carrier policy changes is mostly behind us and our
non-IFRS profit for the quarter increased compared to the quarter ended September 30, 2010, beating
expectations.”
“For third quarter 2011, we had 3.5 billion user visits and 846 million downloads, bringing total
cumulative downloads to 4.4 billion, since January 2007. This makes Sky-mobi a clear leader in
China’s mobile application store market with a thriving and sustainable ecosystem of over 800
industry partners based on Sky-mobi’s handset application store, software development standard and
mobile payment infrastructure,” Mr. Song continued.
“Building on the success of our Maopao application store, we continue to be very excited about the
growth of our Maopao mobile social community. At the end of third quarter 2011, our Maopao
Community reached over 58 million registered members and over 10 million active members. User
monetization continued at a rapid pace with Maopao Community revenue through K Currency growth of
approximately 1,500% year on year, helping to partly off-set the effect of carrier policy changes
and contributing 12% of total revenue, up from 8% in the previous quarter. We remain optimistic
with the outlook for our Maopao Community and our ability to grow our carrier-independent revenue
stream, as we working on and plan to have six new exciting social game titles lined up for launch
before the end of June 2011, which will more than double our social game offerings from the current
four titles,” Mr. Song concluded.
Commenting on the Company’s results, Carl Yeung, Chief Financial Officer of Sky-mobi, said: “Our
non-IFRS net profit in third quarter 2011 represents our best quarter for the fiscal year 2011 so
far, amidst a difficult operating environment. We have seen uptrend continued into January and we
currently expect to deliver sequential top-line growth in the fiscal fourth quarter 2011 compared
to third quarter 2011.”
5
“We view fiscal year 2011 as a transition year, with operating performance affected by the
significant initial investments made to develop our Maopao mobile social community and introduce
our non-carrier based third-party payment systems, which increased our operating expenses
significantly. These initiatives have clearly paid off in third fiscal quarter 2011 and as the
phase for significant initial investment in the above areas is over, and as the expenses are
expected to stabilize, we anticipate to be well-positioned to benefit from operating leverage in
the quarters ahead,” continued Mr. Yeung.
“Last but not least, as a newly public company, we will strive to undertake the highest
standards of corporate governance and disclosure. We have already launched our SOX compliance
program which we expect will further strengthen our internal controls and better equip us to manage
our expected rapid growth,” concluded Mr. Yeung.
6
Financial Results for Third Quarter 2011
Total Revenues
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For the three months ended
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December 31,
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2009
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2010
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2010
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In thousands
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(RMB)
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(RMB)
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(US$)
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(unaudited)
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Revenues:
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Application store revenues
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150,750
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136,596
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20,520
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Maopao Community
revenues through K
Currency
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1,196
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19,103
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2,870
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Other revenues
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5,222
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5,456
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820
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Total revenues
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157,168
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161,155
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24,210
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Total revenues for third quarter 2011 increased 2.5% to RMB161.2 million (US$24.2 million) compared
to RMB157.2 million for third quarter 2010.
Application store revenues of RMB136.6 million (US$20.5 million) in third quarter 2011 representing
84.8% of total revenues, decreased 9.4% from third quarter 2010. Sky-mobi had 3.5 billion user
visits and 846 million downloads of applications and content from the Maopao application store in
third quarter 2011, an increase of 155.8% and 91.0%, respectively, compared to 1.4 billion user
visits and 406 million downloads in third quarter 2010. The fast growth in application store user
activity was offset by lower store activity monetization as a result of (i) policies introduced by
mobile network operators requiring multiple confirmations on SMS-based purchases of mobile
applications and content, including triple-confirmation introduced in September 2010 and (ii)
difficulties encountered by users of one mobile network in accessing the Company’s servers hosted
by a competing telecommunication network operator, which was subsequently addressed by Sky-mobi’s
internal server migration in October 2010.
Maopao Community revenues through K Currency were RMB19.1 million (US$2.9 million), up 1,497.7%
from third quarter 2010 and contributing 11.9% of total revenue in third quarter 2011. Sky-mobi’s
Maopao Community had 10.4 million active members and 761.2 million member log-ins in third quarter
2011, an increase of 205.9% and 187.9%, respectively, compared to 3.4 million active members and
264.4 million member log-ins in third quarter 2010. Revenues from the community increased due to
fast growth in the number of active members as well as increased spending per active member
resulting from the success of “Fantasy of Three Kingdoms,” a mobile social game. The Company
expects that Maopao Community revenues through K Currency will contribute an increasing percentage
of total revenues in the quarters ahead as Sky-mobi continues to focus on growing its active mobile
community member base and on diversifying revenue
7
collection away from carrier-based payment channels.
Cost of Revenues and Gross Profit
Total cost of revenues for third quarter 2011 increased 5.4% to RMB112.1 million (US$16.8 million)
compared to RMB106.4 million in third quarter 2010. Our gross profit for third quarter 2011
decreased 3.4% to RMB49.0 million (US$7.4 million) from RMB50.8 million in third quarter 2010.
Total non-IFRS cost of revenues for third quarter 2011 increased 5.0% to RMB111.7 million (US$16.8
million) compared to RMB106.4 million in third quarter 2010.
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For the three months ended
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December 31,
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2009
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2010
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2010
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In thousands
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(RMB)
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(RMB)
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(US$)
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(unaudited)
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Non-IFRS cost of revenues:
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Costs associated with payments
to industry participants
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102,492
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100,736
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15,132
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Direct costs
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3,894
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10,920
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1,641
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Total non-IFRS cost of revenues:
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106,386
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111,656
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16,773
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Non-IFRS Gross Margin
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32.3
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%
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30.7
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%
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Costs associated with payments to industry participants decreased 1.7% to RMB100.7 million (US$15.1
million) in third quarter 2011 compared to RMB102.5 million in third quarter 2010. The decrease was
primarily attributable to lower payments to service providers and mobile network operators due to
lower application store activity monetization as well as more contribution from Maopao Community
revenue through K Currency as a result of increased use of third-party payment agents, partially
offset by increased payment to content providers that provide mobile social games on Maopao
Community.
Direct costs including salaries and benefits, depreciation, office expenses and utilities directly
related to the operation of Maopao application store increased 180.4% to RMB10.9 million (US$1.6
million) in third quarter 2011 compared to RMB3.9 million in third quarter 2010. This increase was
largely due to the significant increase in depreciation related to the higher number of servers
deployed since third quarter of 2010 to support the growth of the Maopao Community.
Our non-IFRS gross profit for third quarter 2011 decreased 2.5% to RMB49.5 million (US$7.4 million) compared
to RMB50.8 million in third quarter 2010. Non-IFRS gross margin in third quarter 2011 was 30.7%,
down from 32.3% in third quarter 2010, mainly due to the increase in direct costs related to the
growth of the Company’s Maopao Community.
Operating Expenses (representing the total amount of research and development expense, sales and
marketing expenses, general and administrative expenses)
8
Total operating expenses primarily consisting of employee salaries and benefits, training expenses,
travelling, entertainment and office related expenses increased 288.3% in third quarter 2011 to
RMB55.1 million (US$8.3 million) from RMB14.2 million in third quarter 2010.
Total non-IFRS operating expenses increased 179.0% in third quarter 2011 to RMB38.5 million (US$5.8
million) from RMB13.8 million in third quarter 2010.
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For the three months ended
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December 31,
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2009
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2010
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2010
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In thousands
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(RMB)
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(RMB)
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(US$)
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(unaudited)
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Non-IFRS operating expenses:
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Research and development expenses
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6,840
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10,790
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1,621
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Sales and marketing expenses
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4,643
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12,783
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1,921
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General and administration expenses
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2,330
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14,970
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2,249
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Total non-IFRS operating expenses
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13,813
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38,543
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5,791
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The increase in operating expenses was primarily due to the increase in headcount, as described
below, and in marketing activities to support the growth of the Maopao Community and develop
carrier independent third-party payment systems.
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As of December 31,
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2009
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2010
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% change
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Headcount
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Operation
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59
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98
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66.1
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%
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Research and development
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145
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258
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77.9
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%
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Sales and marketing
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32
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110
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243.8
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%
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General and administration
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36
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65
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80.6
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%
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Total Headcount
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272
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531
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95.2
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The Company’s employee headcount increased 95.2% to 531 as of December 31, 2010 from 272 as of
December 31, 2009. The increase in headcount was necessary to support the growing operation and
active promotion of the Maopao Community and carrier independent third-party payment system.
Net profit and EPS
Net profit in third quarter 2011 was RMB184.7 million (US$27.7 million) compared to a loss of
RMB27.9 million in third quarter 2010.
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Non-IFRS net profit in third quarter 2011 decreased 62.1% to RMB13.3 million (US$2.0 million) from
RMB35.0 million in third quarter 2010.
Basic and diluted earnings per common share in third quarter 2011 were RMB1.06 (US$0.16) and
RMB-0.01 (US$0.00) respectively, and basic and diluted earnings per ADS were RMB8.50(US$1.28) and
RMB -0.06(US$-0.01).
Non-IFRS basic and diluted earnings per common share in third quarter 2011 were RMB0.08 (US$0.01)
and RMB0.06 (US$0.01) respectively, and non-IFRS basic and diluted earnings per ADS were RMB0.62
(US$0.09) and RMB0.49 (US$0.07).
The weighted average number of ADSs used to calculate basic and diluted earnings per ADS for third
quarter 2011 were 20,989,754 and 26,383,060, respectively.
Each ADS represents eight common shares.
Other Operating Data
The following table sets forth total user downloads of our single-user applications and content
titles for the period indicated:
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For the three months ended
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December31,
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In millions
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2009
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2010
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%change
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User visits
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1,384.3
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3,541.6
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155.8
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%
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Single-user application and content downloads
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Single-player games
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261.2
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317.2
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21.4
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%
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Mutimedia applications and content titles
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91.7
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143.3
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56.3
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%
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Other single-user applications
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109.4
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385.2
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252.1
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%
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Total Single-user application and content downloads
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462.3
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845.7
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82.9
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%
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The following table sets forth the number of registered, active members and member log-ins in our
Maopao Community as of the date indicated:
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As of December 31,
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In millions
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2009
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2010
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% change
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Number of registered members
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12.5
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58.6
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368.8
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%
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For the three months ended
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December31,
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2009
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2010
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%change
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Maopao Community
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Number of active members
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3.4
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10.4
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205.9
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%
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Number of member log-ins
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264.4
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761.2
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187.9
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%
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10
Sky-mobi had 257,389,800 common shares outstanding as of December 31, 2010 and 141,666,600 common
shares outstanding as of December 31, 2009.
Business Outlook
For the fiscal fourth quarter 2011 ending March 31, 2011, Sky-mobi expects total revenues to be in
the range of RMB 165 million to RMB 171 million.
Total revenues for the fiscal year ending March 31, 2011 are expected to be in the range of RMB 663
million to RMB 669 million.
These are Sky-mobi’s current projections, which are subject to change. You are cautioned that
operating results in third quarter 2011 are not necessarily indicative of operating results for any
future periods.
Other Announcements:
In December 2010, Sky-mobi successfully completed its IPO on the NASDAQ Stock Exchange of 6,125,000
ADSs, from which the Company received net proceeds of approximately US$41 million.
On February 12, 2011, the Company’s board of directors appointed Mr. Fan Bao as a new independent
director. As a result, Sky-mobi’s board of directors has expanded to five directors, two of whom
are independent directors.
Mr. Bao is the founder and chief executive officer of China Renaissance Partners, a leading
boutique investment bank in China. Prior to founding China Renaissance Partners in 2004, Mr. Bao
was the chief strategy officer of AsiaInfo Holdings, Inc., a leading IT service and software
company in China. Prior to that, Mr. Bao worked at investment banking divisions with Morgan Stanley
and Credit Suisse for seven years. Mr. Bao received a bachelor’s degree from Fudan University in
Shanghai and a master’s degree from Norwegian School of Management.
On February 12, 2011, the Company appointed Mr. Walker Yuangang Wu as a vice president of channel
management.
Mr. Wu has been general manager of channel business of the Company since January 2010, responsible
for channel marketing, business development, and channel products management as well as R&D
management of channel products. Mr. Wu was first the head of Huanan district (Shenzhen
representative office) and then the director of channel department at Sky-Mobi. Prior to joining
Sky-Mobi, from 2002 to 2005, Mr. Wu worked as product department manager at Eastcom Communications
Co., Ltd, a telecommunication technology company listed on the Shanghai Stock Exchange. From 2005 to 2007, Mr. Wu served as the product director at Eastcom Baifeng
11
Technology Co., Ltd, a subsidiary of Eastcom Communications Co., Ltd. Mr. Wu received his bachelor’s degree in
international trade from Hangzhou Business School (renamed “Hangzhou University of Commerce”) in
2002.
Conference Call and Webcast
Sky-mobi’s management team will host a conference call today February 14, 2011 at 8:00 AM ET, (or
5:00 AM U.S. Pacific Time and 9:00 PM, February 14, 2011 Beijing/Hong Kong time). A live audio
webcast of the conference call will be available on Sky-mobi’s website at www.Sky-mobi.com/en. To
listen to the conference call, please use the dial in numbers below:
USA Toll Number: 1-877-275-8968
International: +1-706-643-1666
Passcode: 43660247
A replay of the call will be available for two weeks following the call and can be accessed on the
Company website or by dialing the numbers below:
USA Toll Number: 1-800-642-1687
International: 1-706-645-9291
Passcode: 43660247
About Non-IFRS Financial Measures
To supplement its consolidated financial statements presented in accordance with International
Financial Reporting Standards, or IFRS, Sky-mobi uses several non-IFRS financial measures defined
below. The Company believes both management and investors benefit from referring to non-IFRS
financial measures in assessing the Company’s performance and prospects for the future.
Specifically, the Company believes that non-IFRS financial measures provide meaningful supplemental
information regarding its performance by excluding certain items that may not be indicative of the
Company’s operating performance.
The presentation of this additional information is not meant to be considered superior to, in
isolation from or as a substitute for results prepared in accordance with IFRS. A limitation of
using non-IFRS cost of revenues, gross profit, operating expenses, net profit and net profit per
share is that these non-IFRS measures exclude the share-based compensation expenses that have been
and will continue to be for the foreseeable future a significant recurring expense in the business.
Management compensates for these limitations by providing specific information regarding the IFRS
12
amounts excluded from each non-IFRS measure. For more information on these non-IFRS financial
measures, please see the tables captioned “Reconciliations of non-IFRS financial measures to
comparable IFRS measures” contained elsewhere in this release.
Definitions of Non-IFRS Measures
Non-IFRS cost of revenues
is defined as cost of revenue excluding share-based compensation
expenses.
Non-IFRS gross profit
is defined as Revenue less non-IFRS cost of Revenues.
Non-IFRS operating expenses
is defined as operating expenses excluding share-based compensation
expense and non-operating one-time items such as IPO marketing expenses.
Non-IFRS profit from operations
is defined as Non-IFRS gross profit less non-IFRS operating
expenses.
Non-IFRS net profit
is defined as non-IFRS profit from operations plus/minus other
income/(expenses), less income taxes, excluding non-cash expenses from changes of fair value of
preferred shares and warrant, and non-operating one-time items such as reversal of provision for
withholding tax on dividend.
Non-IFRS basic and diluted earnings
per common share/ADS are defined as non-IFRS profit after tax
divided by weighted average outstanding shares/ADSs during the period.
Explanatory Notes
This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$)
at a specified rate solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB6.6570 to US$1.00, the exchange rate
as average exchange rate during the quarter as set forth in the H.10 statistical release of the
Federal Reserve Board.
When calculating number of users of Maopao application store, Sky-mobi counts an individual who
uses a particular handset with a particular SIM card to access Maopao as one user. Therefore, an
individual who accesses Maopao through one handset with two SIM cards separately will be counted as
two users, while an individual who accesses Maopao through two handsets using the same SIM card
will also be counted as two users.
The number of downloads of application and content titles on Maopao refers to the number of
requests made by mobile users for downloading a particular application or a content title, or for
authorization to access to a specified feature of a particular application or a content title from
13
Maopao. There may be multiple download requests made by a user for an application depending on the
complexity of the application and whether interruptions occurred during the downloading process.
The number of active members of the Maopao Community refers to the number of registered members who
logged on to the Maopao Community at least twice during a month for the relevant quarter.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by such terms as ''believes,’’ ''expects,’’ ''anticipates,’’
''intends,’’ ''estimates,’’ the negative of these terms, or other comparable terminology. Such
statements are subject to risks and uncertainties that could cause actual results to differ
materially from those projected. Potential risks and uncertainties include the effectiveness,
profitability, and marketability of the company’s solutions; the Company’s limited operating
history; measures introduced by the PRC government and mobile network operators aimed at mobile
applications-related services; the Company’s ability to maintain cooperation relationships with
handset companies, content providers and payment service providers; its dependence on mobile
service providers, and ultimately mobile network operators, for the collection of a substantial
majority of its revenues; billing and transmission failures, which are often beyond the Company’s
control; its ability to compete effectively; its ability to capture opportunities in the expected
growth of the smart phone market; its ability to obtain and maintain all applicable permits and
approvals; general economic and business conditions; the volatility of the company’s operating
results and financial condition; the company’s ability to attract or retain qualified senior
management personnel and research and development staff; and other risks detailed in the company’s
filings with the Securities and Exchange Commission. These forward-looking statements are based on
current expectations, assumptions, estimates and projections about the Company and the industry.
The company undertakes no obligation to update forward-looking statements to reflect subsequent
occurring events or circumstances, or changes in its expectations, except as may be required by
law.
About Sky-mobi Limited
Sky-mobi Limited operates the leading mobile application store in China as measured by revenues in
2009, according to Analysys International. The company works with handset companies to pre-install
its Maopao mobile application store on handsets and with content providers to provide users with
applications and content titles. Users of its Maopao store can browse, download, and enjoy a range
of applications and content, such as single-player games, mobile music, and books.
The Company’s Maopao store enables mobile applications and content to be downloaded and run
14
on various mobile handsets with different hardware and operating system configurations. The company
also operates a mobile social network community in China, the Maopao Community, where it offers
mobile social games, as well as applications and content with social network functions to its
registered members. The Company is based in Hangzhou, the People’s Republic of China. For more
information, please visit: www.sky-mobi.com.
FINANCIAL TABLES FOLLOW
15
Sky-mobi Limited
Consolidated Statements of Comprehensive Income Data (IFRS)
|
|
|
|
|
|
|
|
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|
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|
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|
|
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|
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|
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For the three months ended
December 31,
|
|
|
For the nine months ended
December 31,
|
|
|
|
|
2009
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2010
|
|
|
In thousands
|
|
(RMB)
|
|
|
(RMB)
|
|
|
(US$)
|
|
|
(RMB)
|
|
|
(RMB)
|
|
|
(US$)
|
|
|
(Except for share and per share data)
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
157,168
|
|
|
|
161,155
|
|
|
|
24,210
|
|
|
|
397,307
|
|
|
|
497,836
|
|
|
|
74,784
|
|
|
Cost of revenues
|
|
|
(106,386
|
)
|
|
|
(112,113
|
)
|
|
|
(16,843
|
)
|
|
|
(256,628
|
)
|
|
|
(348,334
|
)
|
|
|
(52,326
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
50,782
|
|
|
|
49,042
|
|
|
|
7,367
|
|
|
|
140,679
|
|
|
|
149,502
|
|
|
|
22,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses
|
|
|
(6,840
|
)
|
|
|
(12,884
|
)
|
|
|
(1,936
|
)
|
|
|
(17,943
|
)
|
|
|
(37,715
|
)
|
|
|
(5,665
|
)
|
|
Sales and marketing expenses
|
|
|
(4,643
|
)
|
|
|
(13,822
|
)
|
|
|
(2,077
|
)
|
|
|
(12,076
|
)
|
|
|
(33,499
|
)
|
|
|
(5,033
|
)
|
|
General and administration expenses
|
|
|
(2,718
|
)
|
|
|
(28,440
|
)
|
|
|
(4,273
|
)
|
|
|
(8,828
|
)
|
|
|
(71,582
|
)
|
|
|
(10,752
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
(14,201
|
)
|
|
|
(55,146
|
)
|
|
|
(8,286
|
)
|
|
|
(38,847
|
)
|
|
|
(142,796
|
)
|
|
|
(21,450
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from operations
|
|
|
36,581
|
|
|
|
(6,104
|
)
|
|
|
(919
|
)
|
|
|
101,832
|
|
|
|
6,706
|
|
|
|
1,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other gains
|
|
|
2,143
|
|
|
|
2,786
|
|
|
|
419
|
|
|
|
2,947
|
|
|
|
12,966
|
|
|
|
1,947
|
|
|
Finance costs
|
|
|
(5,417
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
(5,417
|
)
|
|
|
(4,333
|
)
|
|
|
(651
|
)
|
|
Share of results of associates
|
|
|
0
|
|
|
|
(829
|
)
|
|
|
(125
|
)
|
|
|
0
|
|
|
|
(3,564
|
)
|
|
|
(536
|
)
|
|
Gain (loss) on changes in fair value of
convertible redeemable preferred shares
|
|
|
(58,570
|
)
|
|
|
166,304
|
|
|
|
24,982
|
|
|
|
(219,483
|
)
|
|
|
106,684
|
|
|
|
16,026
|
|
|
Gain (loss) on changes in fair value of warrants
|
|
|
(3,943
|
)
|
|
|
11,428
|
|
|
|
1,717
|
|
|
|
(2,767
|
)
|
|
|
7,377
|
|
|
|
1,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) before tax
|
|
|
(29,206
|
)
|
|
|
173,585
|
|
|
|
26,074
|
|
|
|
(122,888
|
)
|
|
|
125,836
|
|
|
|
18,903
|
|
|
Income tax benefit
|
|
|
1,284
|
|
|
|
11,119
|
|
|
|
1,671
|
|
|
|
3,006
|
|
|
|
5,302
|
|
|
|
797
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
|
(27,922
|
)
|
|
|
184,704
|
|
|
|
27,745
|
|
|
|
(119,882
|
)
|
|
|
131,138
|
|
|
|
19,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive profit (loss) for the period
|
|
|
(27,922
|
)
|
|
|
184,704
|
|
|
|
27,745
|
|
|
|
(119,882
|
)
|
|
|
131,138
|
|
|
|
19,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive profit (loss) attributable to owners of the company
|
|
|
(27,922
|
)
|
|
|
184,872
|
|
|
|
27,770
|
|
|
|
(119,882
|
)
|
|
|
131,681
|
|
|
|
19,781
|
|
|
Non-controlling interests
|
|
|
0
|
|
|
|
(168
|
)
|
|
|
(25
|
)
|
|
|
0
|
|
|
|
(543
|
)
|
|
|
(81
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(27,922
|
)
|
|
|
184,704
|
|
|
|
27,745
|
|
|
|
(119,882
|
)
|
|
|
131,138
|
|
|
|
19,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
RMB(0.19
|
)
|
|
|
RMB1.06
|
|
|
US$
|
0.16
|
|
|
|
RMB(0.8
|
)
|
|
|
RMB0.83
|
|
|
US$
|
0.12
|
|
|
Diluted
|
|
|
RMB(0.19
|
)
|
|
|
RMB(0.01
|
)
|
|
US$
|
(0.00
|
)
|
|
|
RMB(0.8
|
)
|
|
|
RMB0.04
|
|
|
US$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weight average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
132,291,767
|
|
|
|
167,918,033
|
|
|
|
|
|
|
|
126,041,967
|
|
|
|
157,332,452
|
|
|
|
|
|
|
Diluted
|
|
|
132,291,767
|
|
|
|
211,064,482
|
|
|
|
|
|
|
|
126,041,967
|
|
|
|
206,945,437
|
|
|
|
|
|
16
Reconciliations of non-IFRS financial measures to comparable IFRS financial measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
December 31,
|
|
|
For the nine months ended
December 31,
|
|
|
|
|
2009
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2010
|
|
|
In thousands
|
|
(RMB)
|
|
|
(RMB)
|
|
|
(US$)
|
|
|
(RMB)
|
|
|
(RMB)
|
|
|
(US$)
|
|
|
(Except for share and per share data)
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS cost of revenus
|
|
|
(106,386
|
)
|
|
|
(112,113
|
)
|
|
|
(16,843
|
)
|
|
|
(256,628
|
)
|
|
|
(348,334
|
)
|
|
|
(52,326
|
)
|
|
Less: Share-based compensation expenses
|
|
|
—
|
|
|
|
457
|
|
|
|
70
|
|
|
|
—
|
|
|
|
1,377
|
|
|
|
207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS cost of revenus
|
|
|
(106,386
|
)
|
|
|
(111,656
|
)
|
|
|
(16,773
|
)
|
|
|
(256,628
|
)
|
|
|
(346,957
|
)
|
|
|
(52,119
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS gross profit
|
|
|
50,782
|
|
|
|
49,042
|
|
|
|
7,367
|
|
|
|
140,679
|
|
|
|
149,502
|
|
|
|
22,458
|
|
|
Add: Share-based compensation expenses
|
|
|
0
|
|
|
|
457
|
|
|
|
70
|
|
|
|
0
|
|
|
|
1,377
|
|
|
|
207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS gross profit
|
|
|
50,782
|
|
|
|
49,499
|
|
|
|
7,437
|
|
|
|
140,679
|
|
|
|
150,879
|
|
|
|
22,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total IFRS operating expenses
|
|
|
(14,201
|
)
|
|
|
(55,146
|
)
|
|
|
(8,286
|
)
|
|
|
(38,847
|
)
|
|
|
(142,796
|
)
|
|
|
(21,451
|
)
|
|
Less: Share-based compensation expenses
|
|
|
388
|
|
|
|
12,944
|
|
|
|
1,944
|
|
|
|
1,659
|
|
|
|
35,813
|
|
|
|
5,380
|
|
|
Less: IPO expenses charged into current expenses
|
|
|
0
|
|
|
|
3,659
|
|
|
|
551
|
|
|
|
0
|
|
|
|
3,659
|
|
|
|
550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-IFRS operating expenses
|
|
|
(13,813
|
)
|
|
|
(38,543
|
)
|
|
|
(5,791
|
)
|
|
|
(37,188
|
)
|
|
|
(103,324
|
)
|
|
|
(15,521
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS profit (loss) from operations
|
|
|
36,581
|
|
|
|
(6,104
|
)
|
|
|
(919
|
)
|
|
|
101,832
|
|
|
|
6,706
|
|
|
|
1,007
|
|
|
Add: Share-based compensation expenses
|
|
|
388
|
|
|
|
13,401
|
|
|
|
2,014
|
|
|
|
1,659
|
|
|
|
37,190
|
|
|
|
5,587
|
|
|
Add: IPO expenses charged into current expenses
|
|
|
0
|
|
|
|
3,659
|
|
|
|
551
|
|
|
|
0
|
|
|
|
3,659
|
|
|
|
550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Profit from operations
|
|
|
36,969
|
|
|
|
10,956
|
|
|
|
1,646
|
|
|
|
103,491
|
|
|
|
47,555
|
|
|
|
7,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS Profit (loss) for the period
|
|
|
(27,922
|
)
|
|
|
184,704
|
|
|
|
27,745
|
|
|
|
(119,882
|
)
|
|
|
131,138
|
|
|
|
19,699
|
|
|
Add: Share-based compensation expenses
|
|
|
388
|
|
|
|
13,401
|
|
|
|
2,014
|
|
|
|
1,659
|
|
|
|
37,190
|
|
|
|
5,587
|
|
|
Add: IPO expenses charged into current expenses
|
|
|
0
|
|
|
|
3,659
|
|
|
|
551
|
|
|
|
0
|
|
|
|
3,659
|
|
|
|
550
|
|
|
Add: Loss(Gain) on changes in fair value of warrants
|
|
|
3,943
|
|
|
|
(11,428
|
)
|
|
|
(1,717
|
)
|
|
|
2,767
|
|
|
|
(7,377
|
)
|
|
|
(1,108
|
)
|
|
Add: Loss(Gain) on changes in fair value of
convertible redeemable preferred shares
|
|
|
58,570
|
|
|
|
(166,304
|
)
|
|
|
(24,982
|
)
|
|
|
219,483
|
|
|
|
(106,684
|
)
|
|
|
(16,026
|
)
|
|
Less: Exchange gain relating to change in fair value
of warrants
|
|
|
(19
|
)
|
|
|
(2,474
|
)
|
|
|
(372
|
)
|
|
|
(167
|
)
|
|
|
(12,240
|
)
|
|
|
(1,839
|
)
|
|
Less: reversal withholding tax of shareholding’s
dividend
|
|
|
0
|
|
|
|
(8,305
|
)
|
|
|
(1,248
|
)
|
|
|
0
|
|
|
|
(8,305
|
)
|
|
|
(1,248
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS net profit for the period
|
|
|
34,960
|
|
|
|
13,253
|
|
|
|
1,991
|
|
|
|
103,860
|
|
|
|
37,381
|
|
|
|
5,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-IFRS Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
RMB0.23
|
|
|
|
RMB0.08
|
|
|
US$
|
0.01
|
|
|
|
RMB0.69
|
|
|
|
RMB0.24
|
|
|
US$
|
0.04
|
|
|
Diluted
|
|
|
RMB0.23
|
|
|
|
RMB0.06
|
|
|
US$
|
0.01
|
|
|
|
RMB0.69
|
|
|
|
RMB0.18
|
|
|
US$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weight average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
132,291,767
|
|
|
|
167,918,033
|
|
|
|
|
|
|
|
126,041,967
|
|
|
|
157,332,452
|
|
|
|
|
|
|
Diluted
|
|
|
132,291,767
|
|
|
|
211,064,482
|
|
|
|
|
|
|
|
126,041,967
|
|
|
|
206,945,437
|
|
|
|
|
|
17
Sky-mobi Limited
Consolidated Statements of Financial Position (IFRS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2010
|
|
|
In thousands
|
|
(RMB)
|
|
|
(RMB)
|
|
|
(US$)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
158,123
|
|
|
|
463,820
|
|
|
|
69,674
|
|
|
Term deposits
|
|
|
50,000
|
|
|
|
50,000
|
|
|
|
7,511
|
|
|
Trade and other receivables
|
|
|
74,115
|
|
|
|
76,263
|
|
|
|
11,454
|
|
|
Amounts due from related parties
|
|
|
2,668
|
|
|
|
650
|
|
|
|
98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
284,906
|
|
|
|
590,733
|
|
|
|
88,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
50,412
|
|
|
|
47,784
|
|
|
|
7,178
|
|
|
Investments in associates
|
|
|
9,037
|
|
|
|
8,207
|
|
|
|
1,233
|
|
|
Deferred tax assets
|
|
|
4,351
|
|
|
|
4,012
|
|
|
|
603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
63,800
|
|
|
|
60,003
|
|
|
|
9,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
348,706
|
|
|
|
650,736
|
|
|
|
97,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
132,504
|
|
|
|
154,298
|
|
|
|
23,178
|
|
|
Income tax liabilities
|
|
|
8,929
|
|
|
|
5,777
|
|
|
|
868
|
|
|
Amounts due to related parties
|
|
|
10,764
|
|
|
|
581
|
|
|
|
87
|
|
|
Deferred revenue
|
|
|
4,857
|
|
|
|
6,066
|
|
|
|
911
|
|
|
Warrants
|
|
|
30,681
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
187,735
|
|
|
|
166,722
|
|
|
|
25,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible redeemable preferred shares (liquidation value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB23,892,000 (US$3,500,000) as at Sep 30, 2010)
|
|
|
501,903
|
|
|
|
—
|
|
|
|
—
|
|
|
Deferred tax liabilities
|
|
|
8,305
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
|
510,208
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
697,943
|
|
|
|
166,722
|
|
|
|
25,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
59
|
|
|
|
92
|
|
|
|
14
|
|
|
Share premium
|
|
|
—
|
|
|
|
679,771
|
|
|
|
102,114
|
|
|
Reserves
|
|
|
86,937
|
|
|
|
56,181
|
|
|
|
8,439
|
|
|
Deficit
|
|
|
(436,908
|
)
|
|
|
(252,537
|
)
|
|
|
(37,936
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Deficit) Equity attributable to owners of the Company
|
|
|
(349,912
|
)
|
|
|
483,507
|
|
|
|
72,631
|
|
|
Non-controlling interests
|
|
|
675
|
|
|
|
507
|
|
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity (deficit)
|
|
|
(349,237
|
)
|
|
|
484,014
|
|
|
|
72,707
|
|
|
Total equity and liabilities
|
|
|
348,706
|
|
|
|
650,736
|
|
|
|
97,751
|
|
|
|
|
|
|
|
|
|
|
|
|
18
For further information, please contact:
Sky-mobi Limited
Mr. Carl Yeung, CFO
Phone: +
(
86) 571-87770978 (Hangzhou)
Email:
ir@sky-mobi.com
CCG Investor Relations
Mr. Ed Job, Account Manager
Phone: +(86) 138-1699-7314 (Shanghai)
Ms. Kristin Knies, Sr. MI Executive (New York)
Phone: + (1) 646-833-3401
19
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