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 fourth quarter ("fourth quarter
2012") and fiscal year ended March 31, 2012 ("fiscal year 2012").
Fourth Quarter
2012 Highlights
- Total revenues increased 0.9% to RMB179.0 million (US$28.4
million) in fourth quarter 2012 compared to the fiscal fourth
quarter ended March 31, 2011 ("fourth quarter 2011"). Revenues
collected from third party channels (i.e., revenues not collected
through mobile network operators) represented 17.1% of total
revenues
- Profit from operations was RMB9.0 million (US$1.4 million) in
fourth quarter 2012, down 37.4% from fourth quarter 2011
- Non-IFRS1 profit from operations was RMB17.0 million (US$2.7
million) in fourth quarter 2012, down 38.1% from fourth quarter
2011
- Net profit was RMB12.0 million (US$1.9 million) in fourth
quarter 2012, up 170.9% compared to fourth quarter 2011
- Non-IFRS net profit was RMB20.0 million (US$3.2 million) in
fourth quarter 2012, up 14.2% from fourth quarter 2011
- Basic and diluted earnings per common share ("EPS") were
RMB0.05 (US$0.01). Non-IFRS basic and diluted EPS were RMB0.08
(US$0.01)
- Basic and diluted earnings per ADS2 were RMB0.37
(US$0.06). Non-IFRS basic and diluted earnings per ADS were RMB0.61
(US$0.10)
- Revenues collected from carrier channels decreased 7.8% to
RMB137.8 million (US$21.9 million) in fourth quarter 2012 from
fourth quarter 2011. Sky-mobi's application store experienced 3.8
billion user visits with 871.9 million downloads in fourth quarter
2012
- Revenues collected from third party channels increased 42.8% to
RMB30.5 million (US$4.9 million) in fourth quarter 2012 from fourth
quarter 2011. Sky-mobi had 17.3 million active members of the
Maopao Community with 775.1 million member log-ins in fourth
quarter 2012
Fiscal Year
2012
Highlights
- Total revenues increased 1.5% year-on-year to RMB685.6 million
(US$108.9 million) in fiscal year 2012. Revenues collected from
third party channels represented 16.1% of total revenues in fiscal
year 2012 compared to 8.9% for the fiscal year ended March 31, 2011
- Profit from operations increased 22.3% year-on-year to RMB25.8
million (US$4.1 million) in fiscal year 2012
- Non-IFRS profit from operations decreased 4.7% year-on-year to
RMB71.5 million (US$11.3 million) in fiscal year 2012
- Net profit decreased 75.7% year-on-year to RMB32.9 million
(US$5.2 million) in fiscal year 2012
- Non-IFRS net profit increased 43.2% year-on-year to RMB78.6
million (US$12.5 million) in fiscal year 2012
- Basic and diluted EPS were RMB0.13 (US$0.02). Non-IFRS basic
and diluted EPS were RMB0.30 (US$0.05)
- Revenues collected from carrier channels decreased 8.8% to
RMB546.1 million (US$86.7 million). Sky-mobi's application store
experienced 18.0 billion user visits with 3.2 billion downloads in
fiscal year 2012
- Revenues collected from third party channels increased 84.1% to
RMB110.5 million (US$17.6 million). Sky-mobi had 65.6 million
active members of the Maopao Community with 4.7 billion member
log-ins in fiscal year 2012
Commenting on the Company's results, Michael Tao Song, Chairman
and Chief Executive Officer of Sky-mobi, remarked: "We are pleased
to have completed the quarter and full fiscal year with revenues
ahead of our most recent guidance. The Chinese feature phone
industry in the March quarter experienced minor growth from the
December quarter mainly due to the Chinese New Year Holidays. The
strong performance in revenue was the direct result of our
continued focus on intensifying our monetization efforts in order
to stabilize revenues as the domestic market transitions from
feature phones to low cost smart phones."
"We formally announced at the Global Mobile Internet Conference
last week the launch of our smart phone series of products we have
been working on for the last six months, including the Android
application store and PC suite, Android social gaming platform, and
Android payment solution for developers. We are excited to see
these products reach commercial readiness at this critical time, as
local Chinese manufacturers begin to launch their sub RMB1,000
Android devices in volume," Mr. Song continued.
"With a portfolio of commercially competitive products for
Android that have real monetization capabilities compared to the
competition, we look forward to garnering solid support from our
current network of Chinese handset manufacturers and developers.
Our solid cash flow from feature phone operations and highly
competitive, new products for low cost smart phones make us one of
the best positioned mobile internet companies in China," Mr. Song
concluded.
Commenting on the Company's results, Carl Yeung, Chief Financial
Officer of Sky-mobi, said: "In addition to the pickup in feature
phone sales during the March quarter, we began direct operation of
China Mobile's reading and gaming base, which more than offset the
systematic deterioration in the service provider billing industry.
We expect the service provider billing sector to continue to
deteriorate as operators place tighter controls on the use of
mobile billing codes. However, our increased use of third-party
payment providers and ability to regulate more revenue traffic
directly to the carriers should largely offset this decline."
"Our non-IFRS net profit of RMB20 million is higher than that of
any of the previous eight quarters, due to higher margins from our
direct cooperation with China Mobile and prudent cost management
designed to maximize cash flow from our feature phone operations.
The cash flow will provide for a solid base for further development
of smart phone programs and operations."
"Despite the stronger than previously expected fourth quarter
and full year fiscal 2012, we want to be conservative in our
approach to guidance and look to over achieve when smart phone
products begin to monetize," concluded Mr. Yeung.
Financial Results for Fourth
Quarter 2012
Total Revenues
Sky-mobi analyzes revenue from two perspectives: by source and
business unit. Revenues by source are broken down into three
categories: "Revenues collected from carrier channels", "Revenues
collected from third party channels", and "Other
revenues".
Revenues by business unit are broken down into: "Application
store revenues", "Maopao Community revenues" and "Other
revenues".
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For the three months ended |
|
March 31, |
|
2011 |
2012 |
2012 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Revenues by source: |
|
|
|
Revenues collected from carrier
channels |
149,396 |
137,814 |
21,884 |
Revenues collected from third
party channels |
21,398 |
30,546 |
4,851 |
Other revenues |
6,664 |
10,676 |
1,695 |
Total revenues |
177,458 |
179,036 |
28,430 |
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|
|
|
For the three months ended |
|
March 31, |
|
2011 |
2012 |
2012 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Revenues by business unit: |
|
|
|
Application store revenues |
149,396 |
129,675 |
20,591 |
Maopao Community revenues |
21,398 |
38,685 |
6,143 |
Other revenues |
6,664 |
10,676 |
1,696 |
Total revenues |
177,458 |
179,036 |
28,430 |
The discussion and analysis below focus on revenues by source,
as the Company believes this metric is more useful to investors in
analyzing and understanding its business model.
Total revenues for fourth quarter 2012 increased 0.9% to
RMB179.0 million (US$28.4 million) compared to RMB177.5 million for
fourth quarter 2011.
Revenues collected from carrier channels of RMB137.8 million
(US$21.9 million) in fourth quarter 2012, representing 77.0% of
total revenues, decreased 7.8% from fourth quarter 2011. Sky-mobi
had 3.8 billion user visits and 871.9 million downloads of
applications and content from the Maopao application store in
fourth quarter 2012, a decrease of 25.4% and an increase of 2.8%,
respectively, compared to 5.0 billion user visits and 847.7 million
downloads in fourth quarter 2011. The decrease in application store
user activity and deceleration of growth in downloads were
primarily due to the overall shrinking feature phone market in
China.
Revenues collected from third party channels were RMB30.5
million (US$ 4.9 million), up 42.8% from fourth quarter 2011 and
contributing 17.1% of total revenues in fourth quarter 2012.
Sky-mobi's Maopao Community had 17.3 million active members and
775.1 million member log-ins in fourth quarter 2012, representing
an increase of 56.9% and a decrease of 12.3%, respectively,
compared to 11.0 million active members and 884.1 million member
log-ins in fourth quarter 2011. Revenues from the Maopao Community
increased due to the growth in the number of active members as well
as the increased spending per active member resulting from the
Company's two most popular mobile social games, "Fantasy of Three
Kingdoms" and "Fairy Magic World." The Company expects that
revenues collected from third party channels will contribute an
increasing percentage of total revenues in future quarters as
Sky-mobi focuses on growing its active mobile community member base
and on diversifying revenue collection methods away from
traditional carrier-based payment channels.
Cost of Revenues and Gross
Profit
Total cost of revenues for fourth quarter 2012 increased 5.1% to
RMB122.5 million (US$19.4 million) compared to RMB116.5 million in
fourth quarter 2011.
Total non-IFRS cost of revenues for fourth quarter 2012
increased 5.9% to RMB122.0 million (US$19.4million) compared to
RMB115.2 million in fourth quarter 2011.
|
For the three months
ended |
|
March 31, |
|
2011 |
2012 |
2012 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Cost of revenues: |
|
|
|
Costs associated with payment
to industry participants |
105,756 |
112,013 |
17,787 |
Direct costs |
10,747 |
10,461 |
1,662 |
Total cost of revenues: |
116,503 |
122,474 |
19,449 |
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|
|
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Gross Margin |
34.3% |
31.6% |
|
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|
|
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Non-IFRS cost of revenues: |
|
|
|
Costs associated with payment
to industry participants |
105,756 |
112,013 |
17,787 |
Direct costs |
9,466 |
10,032 |
1,594 |
Total non-IFRS cost of revenues: |
115,222 |
122,045 |
19,381 |
|
|
|
|
Non-IFRS Gross Margin |
35.1% |
31.8% |
|
Non-IFRS cost of revenues is defined as cost of revenues
excluding share-based compensation expenses. The discussion and
analysis below focus on non-IFRS cost of revenue, which the Company
believes more accurately reflects the Company's operating
performance than IFRS cost of revenues.
Costs associated with payments to industry participants
increased 5.9% to RMB112.0 million (US$17.8 million) in fourth
quarter 2012 compared to RMB105.8 million in fourth quarter 2011,
which was primarily due to increased spending on better quality
mobile content to realize improved customer retention of the Maopao
Community. Approximately RMB2.0 million (US$0.3 million) of accrued
costs payable for content and handset software designs were
reversed into cost of sales in fourth quarter 2012 compared to a
RMB5.5 million reversal in fourth quarter 2011. The accrued costs
originated from incompleteness of data provided by network
operators prior to March 2010 which did not enable the Company to
identify content sources or handset models for certain
transactions.
Direct costs including salaries and benefits, depreciation,
office expenses and utilities directly related to the operation of
Maopao application store and Maopao Community increased 6.0% to
RMB10.0 million (US$1.6 million) in fourth quarter 2012 compared to
RMB9.5 million in fourth quarter 2011. The increase was primarily
due to increased costs resulting from more frequent promotional
activities for the Maopao Chinese Poker game.
Gross profit for fourth quarter 2012 decreased 7.2% to RMB56.6
million (US$9.0 million) compared to RMB61.0 million in fourth
quarter 2011. Non-IFRS gross margin in fourth quarter 2012 was
31.8%, down from 35.1% in fourth quarter 2011, mainly due to the
increased revenue share percentage with mobile handset
manufacturers and as well as the higher costs of higher quality
mobile content.
Operating Expenses (representing research and
development expenses, sales and
marketing expenses, general and
administrative expenses and other income and
expenses)
Total operating expenses, primarily consisting of employee
salaries and benefits, training expenses, travelling, entertainment
and office related expenses, increased 2.1% in fourth quarter 2012
to RMB47.6million (US$7.6 million) from RMB46.6 million in fourth
quarter 2011.
Total non-IFRS operating expenses were RMB40.0 million (US$6.4
million) in fourth quarter 2012, increased 15.0% from RMB34.8
million in fourth quarter 2011.
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For the three months ended |
|
March 31, |
|
2011 |
2012 |
2012 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
|
Operating expenses: |
|
|
|
Research and development
expenses |
14,545 |
20,203 |
3,209 |
Sales and marketing
expenses |
6,742 |
7,915 |
1,257 |
General and administrative
expenses |
25,312 |
19,277 |
3,062 |
Other income and expense |
-- |
179 |
29 |
Total operating expenses |
46,599 |
47,574 |
7,557 |
|
|
|
|
Non-IFRS operating expenses: |
|
|
|
Research and development
expenses |
11,333 |
19,257 |
3,058 |
Sales and marketing
expenses |
5,137 |
7,507 |
1,193 |
General and administrative
expenses |
18,308 |
13,039 |
2,071 |
Other income and expense |
-- |
179 |
29 |
Total non-IFRS operating expenses |
34,778 |
39,982 |
6,351 |
Non-IFRS operating expenses are defined as operating expenses
excluding share-based compensation expenses and one-time items such
as IPO marketing expenses. The discussion and analysis below focus
on non-IFRS operating expenses, which the Company believes is more
useful to investors to understand the Company's operating
activities than IFRS operating expenses.
The increase in operating expenses was primarily due to the
increase in headcount, as described below, which was partially
offset by cost savings resulting from the improvements on labor
efficiencies and lower bonuses. The increase in research and
development expenses and the decrease in general and administrative
expenses were mainly due to the shift of business focus to research
and development activities, which was in preparation for the
transition to the smart phone market.
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As of March 31, |
|
2011 |
2012 |
% change |
|
|
|
|
Headcount |
|
|
|
Operations |
155 |
169 |
9.0% |
Research and development |
204 |
239 |
17.2% |
Sales and marketing |
100 |
80 |
-20.0% |
General and administrative |
75 |
95 |
26.7% |
Total Headcount |
534 |
583 |
9.2% |
The Company's employee headcount increased 9.2% to 583 as of
March 31, 2012 from 534 as of March 31, 2011. The increase in
headcount was mainly to implement business strategies in connection
with Android and Maopao community expansion.
Net profit and
EPS
Net profit in fourth quarter 2012 was RMB12.0 million (US$1.9
million), up 170.9% compared to fourth quarter 2011.
Non-IFRS net profit in fourth quarter 2012 increased 14.2% to
RMB20.0 million (US$3.2 million) from RMB17.5 million in fourth
quarter 2011.
Basic and diluted EPS in fourth quarter 2012 were RMB0.05
(US$0.01) and basic and diluted earnings per ADS were RMB0.37
(US$0.06).
Non-IFRS basic and diluted EPS in fourth quarter 2012 were
RMB0.08 (US$0.01), and non-IFRS basic and diluted earnings per ADS
were RMB0.61 (US$0.10).
The weighted average number of ADSs used to calculate basic and
diluted earnings per ADS for fourth quarter 2012 were
32,193,345.
Each ADS represents eight common shares.
Common Shares
Sky-mobi had 258,174,600 common shares outstanding as of March
31, 2012 and 257,389,800 common shares outstanding as of December
31, 2011.
Other Operating Data
The following table sets forth total user downloads of our
single-user applications and content titles for the period
indicated:
|
For the three months
ended |
|
March 31, |
In millions |
2011 |
2012 |
% change |
|
|
|
|
Application Store |
|
|
|
User visits |
5,029.8 |
3,754.7 |
-25.4% |
|
|
|
|
Single-user applications and content
downloads |
|
|
|
Single-player games |
322.4 |
366.8 |
13.8% |
Multimedia applications and
content titles |
129.2 |
161.9 |
25.3% |
Other single-user
applications |
396.1 |
343.2 |
-13.4% |
Total Single-user applications and content
downloads |
847.7 |
871.9 |
2.9% |
The following table sets forth the number of registered, active
members and member log-ins in our Maopao Community as of the date
indicated:
|
As of March 31, |
In millions |
2011 |
2012 |
% change |
|
|
|
|
Number of registered members |
72.7 |
170.6 |
134.6% |
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For the three months ended |
|
March 31, |
In millions |
2011 |
2012 |
% change |
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Maopao Community |
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Number of active members |
11.0 |
17.3 |
56.9% |
Number of member log-ins |
884.1 |
775.1 |
-12.3% |
Business Outlook
For the fiscal first quarter 2013 ending June 30, 2012, Sky-mobi
expects total revenues to be between RMB155 million to RMB165
million.
For the fiscal year 2013 ending March 31, 2013, Sky-mobi expects
total revenues to be between RMB545 million to RMB560 million.
These are Sky-mobi's current projections, which are subject to
change. You are cautioned that operating results in fourth quarter
2012 and fiscal year 2012 are not necessarily indicative of
operating results for any future periods.
Conference Call and Webcast
Sky-mobi's management team will host a conference
call Monday, May 14, 2012 at 8:00 AM ET, (or 5:00 AM U.S.
Pacific Time and 8:00 PM, May 14, 2012 Beijing/Hong Kong
time). A live audio webcast of the conference call will be
available on Sky-mobi's website at
http://ir.sky-mobi.com/events.cfm. 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: 76377128 |
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: 1-855-859-2056 |
International: +1-404-537-3406 |
Passcode: 76377128 |
About Non-IFRS Financial Measures
To supplement its consolidated financial statements prepared in
accordance with International Financial Reporting Standards, or
IFRS, Sky-mobi uses several non-IFRS financial measures defined
below. The Company believes management and investors benefit
from non-IFRS financial measures in assessing the Company's
performance and prospects. 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, profit
from operations, net profit and net profit per share is that these
non-IFRS measures exclude share-based compensation expenses that
have been and will continue to be for the foreseeable future a
significant recurring expense and other items disclosed in
"Definitions of Non-IFRS Measures," below. Management provides
specific information regarding the IFRS amounts excluded from each
non-IFRS measure. For more information on these non-IFRS financial
measures, please see the tables containing reconciliations of
non-IFRS financial measures to comparable IFRS measures in this
release.
Definitions of Non-IFRS Measures
Non-IFRS cost of
revenues is defined as cost of revenues
excluding share-based compensation expenses.
Non-IFRS gross profit is
defined as revenues less non-IFRS cost of revenues.
Non-IFRS operating expenses
are defined as operating expenses excluding share-based
compensation expenses and 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 gains or losses, less finance
cost, share of results of associates and income tax, excluding
non-cash expenses from changes of fair value of preferred shares
and warrants, and non-operating one-time items such as reversal of
withholding tax on shareholder's 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
RMB6.2975 to US$1.00, the exchange rate at March 31, 2012 as set
forth in the H.10 statistical release of the Federal Reserve
Board.
When calculating the number of Maopao users, 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 Maopao. A user may make
multiple download requests 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 "may," "will,"
"believes," "expects," "anticipates," "intends," "estimates,"
"plans," "continues" or other similar expressions, the
negative of these terms, or other comparable terminology. Such
statements, including the statements relating to the Company's
business outlook, 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 relationships with handset companies, content providers
and payment service providers; its dependence on mobile service
providers and 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
growing smart phone market; its ability to obtain and maintain
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 described in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F filed on August 17, 2011. These forward-looking
statements are based on current expectations, assumptions,
estimates and projections about the Company and its 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 2010, 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 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.
The Sky-mobi Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8458
FINANCIAL TABLES
FOLLOW
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Sky-mobi
Limited |
Unaudited Consolidated
Statements of Comprehensive Income Data (IFRS) |
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|
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For the three months ended |
For the year ended |
|
March 31, |
March 31, |
|
2011 |
2012 |
2012 |
2011 |
2012 |
2012 |
In thousands |
(RMB) |
(RMB) |
(US$) |
(RMB) |
(RMB) |
(US$) |
(Except for share and per share data) |
|
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|
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|
|
|
|
|
|
Revenues |
177,458 |
179,036 |
28,430 |
675,294 |
685,563 |
108,863 |
Cost of revenues |
(116,503) |
(122,474) |
(19,449) |
(464,837) |
(471,025) |
(74,796) |
Gross profit |
60,955 |
56,562 |
8,981 |
210,457 |
214,538 |
34,067 |
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|
|
|
|
|
|
Research and development expenses |
(14,545) |
(20,203) |
(3,209) |
(52,260) |
(71,088) |
(11,289) |
Sales and marketing expenses |
(6,742) |
(7,915) |
(1,257) |
(38,200) |
(37,361) |
(5,933) |
General and administrative expenses |
(25,312) |
(19,277) |
(3,062) |
(98,935) |
(83,996) |
(13,338) |
Other income and expenses |
-- |
(179) |
(29) |
-- |
3,675 |
584 |
Total operating expenses |
(46,599) |
(47,574) |
(7,557) |
(189,395) |
(188,770) |
(29,976) |
|
|
|
|
|
|
|
Profit from operations |
14,356 |
8,988 |
1,424 |
21,062 |
25,768 |
4,091 |
|
|
|
|
|
|
|
Other gains and losses |
(1,787) |
3,983 |
633 |
11,179 |
11,649 |
1,850 |
Impairment of investments in associates |
(5,760) |
-- |
-- |
(5,760) |
-- |
-- |
Finance cost |
-- |
-- |
-- |
(4,333) |
-- |
-- |
Share of results of associates |
(2,447) |
(151) |
(24) |
(6,011) |
(886) |
(141) |
Gain on changes in fair value of convertible
redeemable preferred shares |
-- |
-- |
-- |
106,684 |
-- |
-- |
Gain on changes in fair value of
warrants |
-- |
-- |
-- |
7,377 |
-- |
-- |
Profit before tax |
4,362 |
12,820 |
2,033 |
130,198 |
36,531 |
5,800 |
Income tax benefit (expense) |
65 |
(827) |
(132) |
5,367 |
(3,602) |
(572) |
Profit for the period |
4,427 |
11,993 |
1,901 |
135,565 |
32,929 |
5,228 |
|
|
|
|
|
|
|
Total comprehensive profit for the
period |
4,427 |
11,993 |
1,901 |
135,565 |
32,929 |
5,228 |
|
|
|
|
|
|
|
Total profit and comprehensive income
attributable to Owners of the company |
4,632 |
12,003 |
1,903 |
136,313 |
32,969 |
5,234 |
Non-controlling interests |
(205) |
(10) |
(2) |
(748) |
(40) |
(6) |
|
4,427 |
11,993 |
1,901 |
135,565 |
32,929 |
5,228 |
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
Basic |
0.02 |
0.05 |
0.01 |
0.74 |
0.13 |
0.02 |
Diluted |
0.02 |
0.05 |
0.01 |
0.06 |
0.13 |
0.02 |
|
|
|
|
|
|
|
Weighted average number of ADS |
|
|
|
|
|
|
|
32,173,725 |
32,193,345 |
|
22,751,289 |
32,178,563 |
|
|
32,255,178 |
32,193,345 |
|
27,471,584 |
32,283,795 |
|
Weighted average number of shares |
|
|
|
|
|
|
Basic |
257,389,800 |
257,546,760 |
|
182,010,313 |
257,428,502 |
|
Diluted |
258,041,427 |
257,546,760 |
|
219,772,671 |
258,270,359 |
|
|
|
Unaudited
Reconciliations of non-IFRS financial measures |
to comparable IFRS
financial measures |
|
|
|
|
|
|
|
|
For the three months ended |
For the year ended |
|
March 31, |
March 31, |
|
2011 |
2012 |
2012 |
2011 |
2012 |
2012 |
In thousands |
(RMB) |
(RMB) |
(US$) |
(RMB) |
(RMB) |
(US$) |
(Except for share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS cost of revenues |
(116,503) |
(122,474) |
(19,449) |
(464,837) |
(471,025) |
(74,796) |
Less: share-based compensation expenses |
1,281 |
429 |
68 |
2,658 |
2,939 |
467 |
Non-IFRS cost of revenues |
(115,222) |
(122,045) |
(19,381) |
(462,179) |
(468,086) |
(74,329) |
|
|
|
|
|
|
|
IFRS gross profit |
60,955 |
56,562 |
8,981 |
210,457 |
214,538 |
34,067 |
Add: share-based compensation expenses |
1,281 |
429 |
68 |
2,658 |
2,939 |
467 |
Non-IFRS gross profit |
62,236 |
56,991 |
9,049 |
213,115 |
217,477 |
34,534 |
|
|
|
|
|
|
|
Total IFRS operating expenses |
(46,599) |
(47,574) |
(7,557) |
(189,395) |
(188,770) |
(29,976) |
Less: share-based compensation expenses |
11,821 |
7,592 |
1,206 |
47,634 |
42,744 |
6,787 |
Less: IPO expenses charged into current
expenses |
-- |
-- |
-- |
3,659 |
-- |
-- |
Total non-IFRS operating expenses |
(34,778) |
(39,982) |
(6,351) |
(138,102) |
(146,026) |
(23,189) |
|
|
|
|
|
|
|
IFRS profit from operations |
14,356 |
8,988 |
1,424 |
21,062 |
25,768 |
4,091 |
Add: share-based compensation expenses |
13,102 |
8,021 |
1,274 |
50,292 |
45,683 |
7,254 |
Add: IPO expenses charged into current
expenses |
-- |
-- |
-- |
3,659 |
-- |
-- |
Non-IFRS Profit from operations |
27,458 |
17,009 |
2,698 |
75,013 |
71,451 |
11,345 |
|
|
|
|
|
|
|
IFRS Profit for the period |
4,427 |
11,993 |
1,901 |
135,565 |
32,929 |
5,228 |
Add: share-based compensation expenses |
13,102 |
8,021 |
1,274 |
50,292 |
45,683 |
7,254 |
Add: IPO expenses charged into current
expenses |
-- |
-- |
-- |
3,659 |
-- |
-- |
Less: gain on changes in fair value of
warrants |
-- |
-- |
-- |
(7,377) |
-- |
-- |
Less: gain on changes in fair value of
convertible redeemable preferred shares |
-- |
-- |
-- |
(106,684) |
-- |
-- |
Less: exchange gain relating to change in
fair value of warrants |
-- |
-- |
-- |
(12,240) |
-- |
-- |
Less: Reversal of withholding tax on
shareholder's dividend |
|
|
|
(8,305) |
|
|
Non-IFRS net profit for the period |
17,529 |
20,014 |
3,175 |
54,910 |
78,612 |
12,482 |
|
|
|
|
|
|
|
Non-IFRS earnings per common share |
|
|
|
|
|
|
Basic |
0.07 |
0.08 |
0.01 |
0.30 |
0.30 |
0.05 |
Diluted |
0.07 |
0.08 |
0.01 |
0.25 |
0.30 |
0.05 |
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
Basic |
257,389,800 |
257,546,760 |
|
182,010,313 |
257,428,502 |
|
Diluted |
258,041,427 |
257,546,760 |
|
219,772,671 |
258,270,359 |
|
|
|
Sky-mobi
Limited |
Unaudited Consolidated
Statements of Financial Position (IFRS) |
|
|
|
|
|
As of |
As of |
|
December 31, |
March 31, |
March 31, |
|
2011 |
2012 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
153,224 |
137,538 |
21,840 |
Term deposits |
323,009 |
438,393 |
69,614 |
Structured deposits |
80,000 |
-- |
-- |
Loan receivable |
19,663 |
-- |
-- |
Trade and other receivables |
88,688 |
103,372 |
16,415 |
Amounts due from related parties |
1,115 |
126 |
20 |
Total current assets |
665,699 |
679,429 |
107,889 |
|
|
|
|
Non-current assets |
|
|
|
Property and equipment |
38,244 |
32,856 |
5,217 |
Investments in associates |
864 |
714 |
113 |
Available-for-sale investments |
900 |
900 |
143 |
Prepayment for investment |
-- |
1,100 |
175 |
Other non-current assets |
1,617 |
1,542 |
245 |
Deferred tax assets |
3,496 |
2,210 |
351 |
Total non-current assets |
45,121 |
39,322 |
6,244 |
|
|
|
|
Total assets |
710,820 |
718,751 |
114,133 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
130,351 |
121,932 |
19,362 |
Income tax liabilities |
10,205 |
5,675 |
901 |
Amounts due to related parties |
867 |
871 |
138 |
Deferred revenue |
9,176 |
10,038 |
1,594 |
Total current liabilities |
150,599 |
138,516 |
21,995 |
|
|
|
|
Total liabilities |
150,599 |
138,516 |
21,995 |
|
|
|
|
Equity |
|
|
|
Share capital |
92 |
92 |
15 |
Share premium |
635,116 |
642,495 |
102,024 |
Reserves |
151,600 |
153,526 |
24,379 |
Subscription receivable |
-- |
(1,284) |
(204) |
Deficit |
(226,941) |
(214,938) |
(34,131) |
Equity attributable to owners of the
Company |
559,867 |
579,891 |
92,083 |
Non-controlling interests |
354 |
344 |
55 |
Total equity |
560,221 |
580,235 |
92,138 |
Total equity and liabilities |
710,820 |
718,751 |
114,133 |
|
|
|
|
1 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.
2 American Depositary Shares, which are traded on the NASDAQ,
each represents eight common shares of the Company.
CONTACT: Sky-mobi Limited
Mr. Carl Yeung, CFO
Phone: + (86) 571-87770978 (Hangzhou)
Email: ir@sky-mobi.com
CCG Investor Relations
Elaine Ketchmere, Partner and VP
Phone: +(1) 310-954-1345 (Los Angeles)
Email: elaine.ketchmere@ccgir.com
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