Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a
leading mobile application store and mobile social network
community operator in China, today announced unaudited financial
results for the fourth quarter ("fourth quarter 2013") and fiscal
year ended March 31, 2013.
Fourth Quarter 2013
Highlights
- Total revenues decreased 10.1% to RMB161.0 million (US$25.9
million) compared to RMB179.0 million in the fiscal fourth quarter
ended March 31, 2012 ("fourth quarter 2012"). Revenues collected
from third party channels (i.e., revenues not collected through
mobile network operators) represented 21.4% of total revenues
- Gross margin increased to 37.5%, up from 31.6% in fourth
quarter 2012
- Non-IFRS1 gross margin increased to 37.6%, up from 31.8% in
fourth quarter 2012
- Profit from operations increased 230.6% to RMB29.7 million
(US$4.8 million), up from RMB9.0 million in fourth quarter 2012
- Non-IFRS profit from operations increased 96.4% to RMB33.4
million (US$5.4 million), up from RMB17.0 million in fourth quarter
2012
- Net profit increased 151.7% to RMB30.2 million (US$4.9
million), up from RMB12.0 million in fourth quarter 2012
- Non-IFRS net profit increased 69.3% to RMB33.9 million (US$5.5
million), up from RMB20.0 million in fourth quarter 2012
- Basic and diluted earnings per common share ("EPS") were
RMB0.12 (US$0.02), which represents the equivalent of RMB0.95
(US$0.15) per ADS2
- Non-IFRS basic and diluted EPS were RMB0.13 (US$0.02), which
represents the equivalent of RMB1.06 (US$0.17) per ADS
Fiscal Year
2013
Highlights
- Total revenues decreased 12.3% to RMB601.1 million (US$96.8
million) compared to RMB685.6 million in fiscal year 2012. Revenues
collected from third party channels represented 23.4% of total
revenues
- Gross margin was 30.3%, down from 31.3% in fiscal year 2012
- Non-IFRS gross margin was 30.7%, down from 31.7% in fiscal year
2012
- Profit from operations was RMB6.8 million (US$1.1 million),
compared with RMB25.8 million in fiscal year 2012
- Non-IFRS profit from operations was RMB31.2 million (US$5.0
million), compared with RMB71.5 million in fiscal year 2012
- Net profit was RMB17.3 million (US$2.8 million), compared with
RMB32.9 million in fiscal year 2012
- Non-IFRS net profit was RMB41.7 million (US$6.7 million),
compared with RMB78.6 million in fiscal year 2012
- Basic and diluted earnings per common share ("EPS") were
RMB0.07 (US$0.01), which represents the equivalent of RMB0.53
(US$0.08) per ADS
- Non-IFRS basic and diluted EPS were RMB0.16 (US$0.03), which
represents the equivalent of RMB1.28 (US$0.21) per ADS
Michael Tao Song, Chairman and Chief Executive Officer of
Sky-mobi, stated, "We were pleased that our fiscal fourth quarter
2013 revenues exceeded the high end of our prior guidance by
approximately 28.8% and achieved 9.6% sequential growth. Even
though we revised up our full fiscal year guidance last quarter we
still managed to beat the high end of the guidance by 6.4%. These
results are a testament to our proactive strategy to address the
declining feature phone market by focusing on expanding our Maopao
Community, which delivered over 13% year-over-year growth through
game monetization.
"Our focus remains on the tremendous opportunities associated
with China's fast growing smartphone market, especially the
dramatic increase in the adoption of low-end smartphones. This
strategy resulted in accelerated growth in the number of smartphone
users which more than doubled quarter-over-quarter to over 20
million users. This strength continues to demonstrate the success
of our multi-pronged approach for growing our smartphone business.
More specifically, our partnerships with over 160 smartphone
handset partners continues to provide immediate access to new users
through direct pre-installations on smartphones. Also, our
established offline presence through physical stores for
application installation in partnership with Suning, one of China's
largest consumer electronics and appliance retailers, as well as
provincial carrier stores has become an increasingly important
growth avenue which has resulted in over 140,000 daily smartphone
user additions. Looking ahead, as China's smartphone market is
increasingly driven by the adoption of low-end smartphones, we
remain focused on the monetization opportunities available in this
segment and are confident in our strategy to service these users,
staying in front of China's evolving marketplace."
Carl Yeung, Chief Financial Officer of Sky-mobi, commented, "We
were encouraged by our better-than-expected top line performance
and the substantial improvement in operating profit and margins we
experienced in the past quarter. In addition, through strategic
analysis and disciplined investments, we continue to actively roll
out our innovative growth initiatives that led to our improved
quarter. As a result, we managed to maintain positive cashflow with
our cash and deposits position growing to RMB608 million as of
March 31, 2013. Given our recent success in navigating the macro
shift to smartphones in China, we remain cautiously optimistic as
we continue to adjust our model to better target these new emerging
opportunities and improve shareholder value over the long
term."
"In addition, beginning this quarter we have started to disclose
additional operating metrics for our smartphone operation. We
believe this additional disclosure will help investors to better
understand our progress in expanding our reach and audience
footprint in the increasingly important smartphone business.
Combined with our ongoing share repurchase program, we believe that
these efforts demonstrate our commitment to generating shareholder
value as well as confidence in achieving long-term growth."
Financial Results for
Fourth Quarter
2013
Total Revenues
Sky-mobi provides a revenue breakdown in two forms: by business
unit and by source. Revenues by business unit are broken down into:
"Application store revenues", "Maopao Community revenues" and
"Other revenues".
Revenues by source are broken down into three categories:
"Revenues collected from carrier channels", "Revenues collected
from third party channels", and "Other revenues".
|
For the three months ended |
|
March 31, |
|
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Revenues by source: |
|
|
|
Revenues collected from carrier
channels |
137,814 |
114,736 |
18,473 |
Revenues collected from third
party channels |
30,546 |
34,467 |
5,550 |
Other revenues |
10,676 |
11,802 |
1,901 |
Total revenues |
179,036 |
161,005 |
25,924 |
|
|
|
For the three months ended |
|
March 31, |
|
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Revenues by business unit: |
|
Application store revenues |
129,675 |
105,395 |
16,969 |
Maopao Community revenues |
38,685 |
43,808 |
7,054 |
Other revenues |
10,676 |
11,802 |
1,901 |
Total revenues |
179,036 |
161,005 |
25,924 |
The discussion and analysis below focuses 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 2013 decreased 10.1% to
RMB161.0 million (US$25.9 million) from RMB179.0 million in fourth
quarter 2012. The Company currently derives all revenues from its
feature phone business.
Revenues collected from carrier channels were RMB114.7 million
(US$18.5 million) in fourth quarter 2013, representing 71.3% of
total revenues, decreased 16.7% from RMB137.8 million in fourth
quarter 2012. Sky-mobi had 1.7 billion user visits and 443.0
million downloads of applications and content from the feature
phone Maopao application store in fourth quarter 2013, which
decreased from 3.8 billion user visits and 924.7 million downloads
in fourth quarter 2012. The decrease in revenues collected from
carrier channels was primarily due to fewer user visits and
downloads as a result of the anticipated on-going decline in the
feature phone market, which was partially offset by higher user
activity monetization rate as a result of direct cooperation with
wireless carriers and improved content installations.
Revenues collected from third party channels were RMB34.5
million (US$ 5.6 million), up 12.8% from fourth quarter 2012 and
contributing 21.4% of total revenues in fourth quarter 2013. The
Company collected most of its Maopao Community revenues through
this channel. Sky-mobi's Maopao Community had 10.6 million active
members and 608.2 million member log-ins during the fourth quarter
2013, representing a decrease from 17.3 million active members and
775.1 million member log-ins in the fourth quarter 2012. Revenues
from the Maopao Community increased due to higher ARPU3 on the
Company's two most popular mobile social games, "Fantasy of Three
Kingdoms" and "Fairy Magic World", despite a decrease in the number
of active members and log-ins. The Company expects the revenue
contribution collected from third party channels to steadily
increase in future quarters. Other revenues consist of commissions
from companies for using Maopao Platform to promote and sell
applications ("promotion income") as well as overseas revenues
generated by the Company's international mobile service providers.
Other revenues were RMB11.8 million (US$1.9 million) in fourth
quarter 2013, up from RMB10.7 million in fourth quarter 2012,
primarily due to the Company's strengthened efforts in developing
its promotional services on the Maopao Platform as well as growth
of its application store and related services outside of China.
Cost of Revenues and Gross
Profit
Total cost of revenues for fourth quarter 2013 decreased 17.8%
to RMB100.6 million (US$16.2 million) compared to RMB122.5 million
in fourth quarter 2012.
Total non-IFRS cost of revenues for fourth quarter 2013
decreased 17.7% to RMB100.4 million (US$16.2 million) compared to
RMB122.0 million in fourth quarter 2012.
|
For the three months ended |
|
March 31, |
|
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Cost of revenues: |
|
Costs associated with payments
to industry participants |
112,013 |
93,384 |
15,036 |
Direct costs |
10,461 |
7,234 |
1,165 |
Total cost of revenues: |
122,474 |
100,618 |
16,201 |
Gross Margin |
31.6% |
37.5% |
|
|
|
Non-IFRS cost of revenues: |
|
|
|
Costs associated with payments
to industry participants |
112,013 |
93,384 |
15,036 |
Direct costs |
10,032 |
7,022 |
1,131 |
Total non-IFRS cost of revenues: |
122,045 |
100,406 |
16,167 |
|
|
Non-IFRS Gross Margin |
31.8% |
37.6% |
|
Non-IFRS cost of revenues is defined as cost of revenues
excluding share-based compensation expenses. The discussion and
analysis below focuses on non-IFRS cost of revenues, which the
Company believes more accurately reflects the Company's operating
performance than IFRS cost of revenues.
Sky-mobi strengthened the cooperative relationship with China
Mobile in fiscal year 2013 and was granted access to fee-collection
codes from China Mobile, which enabled the Company to collect
proceeds without having to use service providers as intermediaries.
The Company will try to maximize its cooperation with China Mobile
directly, as long as the data volume resources granted by China
Mobile are not exceeded, to benefit from lower channel costs and
faster collection of the proceeds.
Non-IFRS costs associated with payments to industry participants
decreased 16.6% to RMB93.4 million (US$15.0 million) in fourth
quarter 2013 compared to RMB112.0 million in fourth quarter 2012.
This decrease was primarily due to reduced channel costs, which
were in-line with the decline in revenues collected from those
channels, costs savings from dealing directly with the mobile
operators as well as improved cost controls on purchasing mobile
content for feature phones. Approximately RMB2.0 million of accrued
costs payable were reversed into cost of sales in fourth quarter
2012 while no such reversal occurred in fourth quarter 2013. Such
accrued costs are not expected to recur in the current fiscal
year.
Non-IFRS direct costs including salaries and benefits,
depreciation, office expenses and utilities directly related to the
operation of the Maopao application store and the Maopao Community
decreased 30.0% to RMB7.0 million (US$1.1 million) in fourth
quarter 2013 compared to RMB10.0 million in fourth quarter 2012.
The decrease was primarily due to a reduction in overall headcount
in the Company's feature phone market business, which was in line
with the Company's strategy to focus on the smartphone
market.
Non-IFRS gross profit for fourth quarter 2013 increased 6.3% to
RMB60.6 million (US$9.8 million) compared to RMB57.0 million in
fourth quarter 2012. Non-IFRS gross margin in fourth quarter 2013
was 37.6%, up from 31.8% in fourth quarter 2012, mainly due to the
higher contribution of promotional income, which has a higher
profit margin, as well as lower billing and transmission failure
rates and cost savings from direct cooperation with China Mobile on
the game platform.
Operating Expenses
Total operating expenses, primarily consisting of employee
salaries and benefits, training expenses, travelling, entertainment
and office related expenses, decreased 35.5% in fourth quarter 2013
to RMB30.7 million (US$4.9 million) from RMB47.6 million in fourth
quarter 2012, primarily due to the decrease in headcount.
Total non-IFRS operating expenses were RMB27.2 million (US$4.4
million) in fourth quarter 2013, a decrease of 32.0% from RMB40.0
million in fourth quarter 2012.
|
For the three months ended |
|
March 31, |
|
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Operating expenses: |
|
|
|
Research and development
expenses |
20,203 |
6,049 |
974 |
Sales and marketing
expenses |
7,915 |
9,184 |
1,479 |
General and administrative
expenses |
19,277 |
17,267 |
2,781 |
Other income and expense |
179 |
(1,823) |
(294) |
Total operating expenses |
47,574 |
30,677 |
4,940 |
|
|
Non-IFRS operating expenses: |
|
Research and development
expenses |
19,257 |
5,532 |
891 |
Sales and marketing
expenses |
7,507 |
9,038 |
1,456 |
General and administrative
expenses |
13,039 |
14,449 |
2,327 |
Other income and expense |
179 |
(1,823) |
(294) |
Total non-IFRS operating expenses |
39,982 |
27,196 |
4,380 |
Non-IFRS operating expenses are defined as operating expenses
excluding share-based compensation expense. The discussion and
analysis below focuses on non-IFRS operating expenses, which the
Company believes are more useful to investors to understand the
Company's operating activities than IFRS operating expenses.
The Company's employee headcount decreased 16.3% to 489 as of
March 31, 2013 from 584 as of March 31, 2012 as described in the
table below. The decrease in headcount was a result of the
Company's reorganization, which rebalanced the Company's overall
headcount to focus on smartphone application development and
reducing resources allocated to the feature phone group.
The sharp decrease in research and development expenses was
primarily due to RMB6 million reversal of accrued annual bonus in
this quarter as a result of the performance review and office cost
control measures in addition to the decrease in headcount.
|
As of March 31, |
As of December 31, |
As of March 31, |
|
2012 |
2012 |
2013 |
|
|
|
|
Headcount |
|
|
|
Operations |
115 |
97 |
78 |
Research and development |
293 |
248 |
218 |
Sales and marketing |
80 |
85 |
111 |
General and administrative |
96 |
91 |
82 |
|
|
|
|
Total Headcount |
584 |
521 |
489 |
Net profit and
EPS
Net profit in fourth quarter 2013 increased 151.7% to RMB30.2
million (US$4.9 million) from RMB12.0 million in fourth quarter
2012.
Non-IFRS net profit in fourth quarter 2013 increased 69.3% to
RMB33.9 million (US$5.5 million) from RMB20.0 million in fourth
quarter 2012.
Basic and diluted EPS in fourth quarter 2013 were RMB0.12
(US$0.02), which represent the equivalent of RMB0.95 (US$0.15) per
ADS.
Non-IFRS basic and diluted EPS in fourth quarter 2013 were
RMB0.13 (US$0.02), which represent the equivalent of RMB1.06
(US$0.17) per ADS.
The weighted average number of ADSs used to calculate basic and
diluted earnings per ADS for fourth quarter 2013 were
31,529,139.
Common Shares
Sky-mobi had 250.4 million common shares outstanding as of March
31, 2013, or the equivalent of 31.3 million ADSs outstanding.
Other Operating Data
The following table sets forth total feature phone application
store downloads and smart phone application store downloads for the
periods indicated:
|
For the three months ended |
|
|
March 31, |
|
In millions |
2012 |
2013 |
% change |
|
|
|
|
Feature Phone Application Store |
|
|
|
User visits |
3,754.7 |
1,699.6 |
-54.7% |
|
|
|
Single-user application and
content downloads |
|
|
Single-player games |
366.8 |
166.6 |
-54.6% |
Other Single-user applications
and content titles |
505.1 |
244.5 |
-51.6% |
Total Single-user application and content
downloads |
871.9 |
411.1 |
-52.9% |
|
|
Multiplayer games downloads |
52.8 |
31.9 |
-39.6% |
|
|
|
|
Total Feature Phone application store
downloads |
924.7 |
443.0 |
-52.1% |
|
|
|
|
|
For the three months ended |
|
|
March 31, |
In millions |
|
2013 |
|
|
|
Smart Phone Application Store |
|
|
User visits |
|
251.8 |
|
|
Single-user application and
content downloads |
|
Single-player games |
|
32.6 |
Other Single-user applications
and content titles |
|
52.4 |
Total Single-user application and content
downloads |
|
85.0 |
|
|
|
Multiplayer games downloads |
|
0.4 |
|
|
|
Total Smart Phone application store
downloads |
|
85.4 |
The following table sets forth the number of registered, active
members and member log-ins in our Maopao Community as of the dates
indicated:
As of March 31, |
In millions |
2012 |
2013 |
% change |
|
|
|
|
Number of registered members |
170.6 |
248.3 |
45.5% |
|
|
|
|
|
For the three months
ended |
|
|
March 31, |
|
In millions |
2012 |
2013 |
% change |
|
|
|
|
Maopao Community |
|
|
|
Number of active members |
17.3 |
10.6 |
-38.7% |
Number of member log-ins |
775.1 |
608.2 |
-21.5% |
Business Outlook
For the fiscal first quarter 2014 ending June 30, 2013, Sky-mobi
expects total revenues to be in the range of RMB 100 million to RMB
115 million.
These are Sky-mobi's current projections, which are subject to
change.
Recent Developments
In April, 2013, the Company announced that its board of
directors has appointed Mr. Jimmy Lai, CPA, as the Company's
independent director and a member of the audit committee. Mr.
Lai succeeds Mr. Fan Bao, who has resigned from his position as an
independent director and a member of the audit committee due to
personal reasons.
Mr. Jimmy Lai has more than twenty years of finance and
leadership experience with leading gaming, mobile and technology
companies in the United States and China. Mr. Lai recently
served as the CFO of Gamewave Group Ltd, the largest web game
provider and the leading provider of interactive entertainment
services in China. Previously, he served as the CFO for several
US-listed and private companies, including Daqo New Energy Corp, a
leading polysilicon manufacturer based in China, and Linktone Ltd,
a leading provider of interactive entertainment products and
services in China. Earlier in his career, he worked in various
financial roles at Semiconductor Manufacturing International Corp,
one of the leading semiconductor foundries in the world, and AMX
Corp, a leading global system control company. Mr. Lai received a
MBA degree from the University of Texas at Dallas, and a bachelor's
degree in statistics from the National Cheng Kung University in
Taiwan.
Conference Call and Webcast
Sky-mobi's management team will host a conference call today May
13, 2013 at 8:00 AM EDT, (or 5:00 AM U.S. Pacific Standard Time and
8:00 PM, Beijing/Hong Kong time) to discuss the Company's
results. Listeners may access the call by dialing the following
numbers:
United States: |
+1-646-254-3515 |
International Toll Free: |
+1-855-500-8701 |
China Domestic: |
400-1200654 |
Hong Kong: |
+852-3051-2745 |
Conference ID: |
#59022897 |
The replay will be accessible through May 20, 2013 by dialing
the following numbers:
United States Toll Free: |
+1- 855-452-5696 |
International: |
+61-2-8199-0299 |
Conference ID: |
#59022897 |
A webcast of the conference call will be available on the
Company's investor relations website at http://ir.sky-mobi.com
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. 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.
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 and share of
results of associates, less impairment of investments in associates
and income tax.
Non-IFRS basic and diluted
earnings per common share/ADS are defined
as non-IFRS net profit attributable to owners of the Company
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
RMB6.2108 to US$1.00, the exchange rate at March 29, 2013 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 revenue
projections for future periods; 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 June 29, 2012.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 in terms of the user visits to the Company's Maopao
application store. 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.
1Non-IFRS figures exclude share-based compensation expenses.
Please see "About Non-IFRS Financial Measures" in this release for
more information.
2American Depositary Shares ("ADSs") are traded on the NASDAQ
Global Market, each of which represents eight common shares of the
Company.
3ARPU represents average revenue per user.
FINANCIAL TABLES FOLLOW
Sky-mobi
Limited |
Unaudited Consolidated
Statements of Comprehensive Income (IFRS) |
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For the three months ended |
For the year ended |
|
March 31, |
March 31, |
|
2012 |
2013 |
2013 |
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
(RMB) |
(RMB) |
(US$) |
(Except for share and per share data) |
|
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|
|
|
|
|
Revenues |
179,036 |
161,005 |
25,924 |
685,563 |
601,107 |
96,784 |
Cost of revenues |
(122,474) |
(100,618) |
(16,201) |
(471,025) |
(418,780) |
(67,428) |
Gross profit |
56,562 |
60,387 |
9,723 |
214,538 |
182,327 |
29,356 |
|
|
|
|
|
|
|
Research and development expenses |
(20,203) |
(6,049) |
(974) |
(71,088) |
(73,027) |
(11,758) |
Sales and marketing expenses |
(7,915) |
(9,184) |
(1,479) |
(37,361) |
(35,369) |
(5,695) |
General and administrative expenses |
(19,277) |
(17,267) |
(2,781) |
(83,996) |
(69,491) |
(11,189) |
Other income and expense |
(179) |
1,823 |
294 |
3,675 |
2,320 |
374 |
Total operating expenses |
(47,574) |
(30,677) |
(4,940) |
(188,770) |
(175,567) |
(28,268) |
|
|
|
|
|
|
|
Profit from operations |
8,988 |
29,710 |
4,783 |
25,768 |
6,760 |
1,088 |
|
|
|
|
|
|
|
Other gains and losses |
3,983 |
3,696 |
596 |
11,649 |
15,531 |
2,502 |
Impairment of investments in associates |
-- |
(1,367) |
(221) |
-- |
(1,367) |
(221) |
Share of results of associates |
(151) |
494 |
80 |
(886) |
(935) |
(151) |
Profit before tax |
12,820 |
32,533 |
5,238 |
36,531 |
19,989 |
3,218 |
Income tax expenses |
(827) |
(2,342) |
(377) |
(3,602) |
(2,733) |
(440) |
Profit for the period |
11,993 |
30,191 |
4,861 |
32,929 |
17,256 |
2,778 |
|
|
|
|
|
|
|
Total comprehensive profit for the
period |
11,993 |
30,191 |
4,861 |
32,929 |
17,256 |
2,778 |
|
|
|
|
|
|
|
Profit and total comprehensive
income attributable to: |
12,003 |
30,232 |
4,868 |
32,969 |
17,112 |
2,755 |
- Owners of the Company |
|
|
|
|
|
|
- Non-controlling interests |
(10) |
(41) |
(7) |
(40) |
144 |
23 |
|
11,993 |
30,191 |
4,861 |
32,929 |
17,256 |
2,778 |
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
Basic |
0.13 |
0.12 |
0.02 |
0.13 |
0.07 |
0.01 |
Diluted |
0.13 |
0.12 |
0.02 |
0.13 |
0.07 |
0.01 |
|
|
|
|
|
|
|
Weight average number of ADS |
|
|
|
|
|
|
Basic |
32,193,345 |
31,552,403 |
|
32,178,563 |
32,095,966 |
|
Diluted |
32,193,345 |
31,552,403 |
|
32,283,795 |
32,095,966 |
|
|
|
|
|
|
|
|
Weight average number of shares |
|
|
|
|
|
|
Basic |
257,546,760 |
252,419,221 |
|
257,428,502 |
256,767,732 |
|
Diluted |
257,546,760 |
252,419,221 |
|
258,270,359 |
256,767,732 |
|
|
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, |
|
2012 |
2013 |
2013 |
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
(RMB) |
(RMB) |
(US$) |
(Except for share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS cost of revenues |
(122,474) |
(100,618) |
(16,201) |
(471,025) |
(418,780) |
(67,428) |
Less: share-based compensation expenses |
429 |
212 |
34 |
2,939 |
2,473 |
398 |
Non-IFRS cost of revenues |
(122,045) |
(100,406) |
(16,167) |
(468,086) |
(416,307) |
(67,030) |
|
|
|
|
|
|
|
IFRS gross profit |
56,562 |
60,387 |
9,723 |
214,538 |
182,327 |
29,356 |
Add: share-based compensation expenses |
429 |
212 |
34 |
2,939 |
2,473 |
398 |
Non-IFRS gross profit |
56,991 |
60,599 |
9,757 |
217,477 |
184,800 |
29,754 |
|
|
|
|
|
|
|
Total IFRS operating expenses |
(47,574) |
(30,677) |
(4,940) |
(188,770) |
(175,567) |
(28,268) |
Less: share-based compensation expenses |
7,592 |
3,481 |
560 |
42,744 |
21,984 |
3,540 |
Total non-IFRS operating expenses |
(39,982) |
(27,196) |
(4,380) |
(146,026) |
(153,583) |
(24,728) |
|
|
|
|
|
|
|
IFRS profit from operations |
8,988 |
29,710 |
4,783 |
25,768 |
6,760 |
1,088 |
Add: share-based compensation expenses |
8,021 |
3,693 |
594 |
45,683 |
24,457 |
3,938 |
Non-IFRS profit from operations |
17,009 |
33,403 |
5,377 |
71,451 |
31,217 |
5,026 |
|
|
|
|
|
|
|
IFRS net profit for the period |
11,993 |
30,191 |
4,861 |
32,929 |
17,256 |
2,778 |
Add: share-based compensation expenses |
8,021 |
3,693 |
594 |
45,683 |
24,457 |
3,938 |
Non-IFRS net profit for the period |
20,014 |
33,884 |
5,455 |
78,612 |
41,713 |
6,716 |
|
|
|
|
|
|
|
Non-IFRS earnings per common share |
|
|
|
|
|
|
Basic |
0.30 |
0.13 |
0.02 |
0.31 |
0.16 |
0.03 |
Diluted |
0.30 |
0.13 |
0.02 |
0.30 |
0.16 |
0.03 |
|
|
|
|
|
|
|
Weight average number of shares |
|
|
|
|
|
|
Basic |
257,546,760 |
252,419,221 |
|
257,428,502 |
256,767,732 |
|
Diluted |
257,546,760 |
252,419,221 |
|
258,270,359 |
256,767,732 |
|
|
Sky-mobi
Limited |
Unaudited Consolidated
Statements of Financial Position (IFRS) |
|
|
|
|
|
As of |
As of |
|
|
December 31, |
March 31, |
March 31, |
|
2012 |
2013 |
|
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
40,952 |
135,025 |
21,740 |
Term deposits |
563,482 |
473,277 |
76,202 |
Trade and other receivables |
75,929 |
81,009 |
13,043 |
Amounts due from related parties |
1,126 |
523 |
84 |
Total current assets |
681,489 |
689,834 |
111,069 |
|
|
|
|
Non-current assets |
|
|
|
Property and equipment |
20,116 |
15,170 |
2,443 |
Investments in associates |
13,609 |
22,371 |
3,602 |
Available-for-sale investments |
7,195 |
7,167 |
1,154 |
Prepayment for investment |
-- |
3,000 |
483 |
Other non-current assets |
3,490 |
3,303 |
532 |
Deferred tax assets |
2,210 |
1,765 |
284 |
Total non-current assets |
46,620 |
52,776 |
8,498 |
|
|
|
|
Total assets |
728,109 |
742,610 |
119,567 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
137,431 |
122,119 |
19,662 |
Income tax liabilities |
2,889 |
4,787 |
771 |
Amounts due to related parties |
956 |
4,054 |
653 |
Deferred revenue |
10,127 |
9,062 |
1,459 |
Total current liabilities |
151,403 |
140,022 |
22,545 |
|
|
|
|
Total liabilities |
151,403 |
140,022 |
22,545 |
|
|
|
|
Equity |
|
|
|
Share capital |
92 |
89 |
14 |
Share premium |
626,498 |
625,651 |
100,736 |
Reserves |
176,178 |
172,718 |
27,809 |
Treasury stock |
(3) |
(2) |
(0) |
Deficit |
(228,058) |
(197,826) |
(31,852) |
Equity attributable to owners of the
Company |
574,707 |
600,630 |
96,707 |
Non-controlling interests |
1,999 |
1,958 |
315 |
Total equity |
576,706 |
602,588 |
97,022 |
Total equity and liabilities |
728,109 |
742,610 |
119,567 |
CONTACT: Sky-mobi Limited
Mr. Carl Yeung, CFO
Phone: + (86) 571-87770978 (China)
Email: investor.relations@sky-mobi.com
ICR Inc
Jeremy Peruski, Senior Vice President
Phone: + (1) (646) -915-1615 (US)
Email: investor.relations@sky-mobi.com
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