Sky-mobi Limited ("Sky-mobi" or the "Company") (Nasdaq:MOBI), a
leading mobile application store in China, today announced
unaudited financial results for the fiscal second quarter ended
September 30, 2013 ("second quarter 2014").
Second Quarter 2014
Highlights
- Total revenues decreased 16.6% to RMB116.6 million (US$19.1
million) compared to RMB139.8 million in the fiscal second quarter
ended September 30, 2012 ("the prior year period"). Revenues from
smartphones represented 33.6% of total revenues
- Gross margin decreased to 23.3%, compared to 24.6% in the prior
year period
- Non-IFRS1 gross margin decreased to 23.5%, compared to 25.3% in
the prior year period
- Loss from operations decreased to RMB2.3 million (US$0.4
million), compared to loss from operations of RMB15.3 million in
the prior year period
- Non-IFRS profit from operations increased to RMB0.7 million
(US$0.1 million), compared to non-IFRS loss from operations of
RMB7.3 million in the prior year period
- Net loss decreased to RMB4.4 million (US$0.7 million), compared
to net loss of RMB11.7 million in the prior year period
- Non-IFRS net loss decreased to RMB1.5 million (US$0.2 million),
compared to non-IFRS net loss of RMB3.6 million in the prior year
period
- Basic and diluted loss per common share was RMB0.02 (US$0.00),
which represents the equivalent of RMB0.13 (US$0.02) per ADS2
- Non-IFRS basic and diluted loss per common share was RMB0.00
(US$0.00), which represents the equivalent of RMB0.03 (US$0.01) per
ADS
Michael Tao Song, Chairman and Chief Executive Officer of
Sky-mobi, stated, "We are pleased that our fiscal second quarter
2014 revenues exceeded the high end of our prior guidance by
approximately 11% due to stronger than expected growth in our
smartphone business. Anticipating the continued decline of the
feature phone market, we have continued to effectively reallocate
cash flow and resources away from our feature phone business and
into development of our smartphone platform. By focusing more
heavily on growing our smartphone business, we were able to see
revenues from this line more than double quarter-over-quarter to
over RMB39.2 million, or 33.6% of total revenues. One remarkable
phenomenon behind this growth is that long-time Maopao community
users on feature phones are more comfortable migrating to
smartphones using the familiar features we offer them. As a result,
this same group of users is quickly developing increased digital
consumption habits through our smartphone Maopao platform. These
impressive results demonstrate the strong growth and monetization
potential of our large Maopao community user base accumulated in
our feature phone business.
"We have proven our strategy of user penetration through two
competitive distribution channels: pre-installations with
smartphone handset manufactures and engagement with physical stores
where we install mobile applications on smartphones directly. By
adding over 360,000 new users per day, these initiatives have
allowed us to grow to over 73.4 million users on our smartphone
platform. We believe the success achieved from this long-term
strategy will continue to be a significant entry barrier for our
competitors in the fast-growth, low-cost smartphone market. In
addition, another key element to strengthening our position in the
smartphone business is our content offering. We strive to provide
enjoyable and entertaining content to users in order to improve
user experience and, in turn, deliver sustainable financial and
operational growth."
John Bi, Chief Financial Officer of Sky-mobi, commented, "We are
pleased with the accelerating growth in our smartphone business.
Since we began to monetize on our smartphone platform last quarter,
this business has become an increasingly important contributor that
drives our top-line growth significantly as well as our overall
user base expansion. We continued to implement cost control
measures to maximize cash flow from our feature phone operations,
while allocating more resources to our smartphone business. In the
fiscal second quarter, we continued to maintain positive cash flow
and had RMB519 million cash and deposits as of September 30,
2013."
Financial Results for Second Quarter
2014
Total Revenues
Sky-mobi provides revenue breakdown in two forms: by handset
type and by source.
Revenues by handset type are broken down into "Feature phone
revenues" and "Smartphone revenues".
Revenues by source are broken down into "Revenues collected from
carrier channels", "Revenues collected from third party channels"
and "Other revenues".
|
For the three months ended |
|
September 30, |
|
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
|
Revenues by handset type: |
|
|
|
Feature phone revenues |
139,831 |
77,420 |
12,651 |
Smartphone revenues |
-- |
39,163 |
6,399 |
Total revenues |
139,831 |
116,583 |
19,050 |
|
|
|
|
|
|
|
For the three months ended |
|
September 30, |
|
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
|
Revenues by source: |
|
|
|
Revenues collected from carrier
channels |
99,360 |
67,830 |
11,084 |
Revenues collected from third
party |
|
|
|
Channels |
36,826 |
32,521 |
5,314 |
Other revenues |
3,645 |
16,232 |
2,652 |
Total revenues |
139,831 |
116,583 |
19,050 |
Total revenues for second quarter 2014 decreased 16.6% to
RMB116.6 million (US$19.1 million) from RMB139.8 million in the
prior year period. Revenues from the smartphone business
amounted to RMB39.2 million (US$6.4 million), representing 33.6% of
the Company's total revenues in second quarter 2014. The company's
smartphone revenues as a percentage of total revenues more than
doubled from the fiscal first quarter ended June 30, 2013 due to
the increased user base and higher monetization rate on the
smartphone business.
Revenues collected from carrier channels (which principally
consist of application store revenues) were RMB67.8 million
(US$11.1 million) in second quarter 2014, representing 58.2% of
total revenues, decreasing 31.7% from RMB99.4 million in the prior
year period. The decrease in revenues collected from carrier
channels was primarily due to fewer user visits and downloads from
the feature phone Maopao application store resulting from the
shrinking feature phone market, partially offset by increased
revenue from the Company's smartphone Maopao application store and
a higher monetization rate resulting from direct cooperation with
mobile operators. Sky-mobi had 700.5 million user visits and 128.5
million smartphone application store downloads during the second
quarter 2014, increasing from 6.9 million and 10.2 million,
respectively, in the prior year period.
Due to a substantial increase in user visits and downloads on
the Company's smartphone Maopao application store, the Company's
smartphone Maopao application store generated approximately RMB28.9
million (US$5.0 million) in second quarter 2014, representing 42.5%
of total revenues collected from carrier channels. The Company
believes that its smartphone user visits and downloads will
increase steadily in future quarters as it expands its user
base.
Revenues collected from third party channels, which principally
consist of Maopao community revenues from both feature phone and
smartphone handsets, were RMB32.5 million (US$5.3 million), down
11.7% from the prior year period and contributing 27.9% of total
revenues in second quarter 2014. Sky-mobi had 5.1 million active
members and 414.0 million member log-ins on the Maopao Community
during second quarter 2014, representing a decrease from 15.0
million active members and 778.4 million member log-ins in the
prior year period. Revenues from the Maopao Community decreased due
to a decline in active members and log-ins on feature phones,
partially offset by an increase in active members and log-ins on
the Company's smartphone platform, which is especially the case
with loyal Maopao Community users migrating to smartphones, and
higher ARPU1 on the Company's two most popular mobile social games,
"Fantasy of Three Kingdoms" and "Fairy Magic World", which are also
available on smartphone handsets. The Company expects that the
Maopao community revenues collected from smartphone handsets will
continuously contribute to its revenue collected from third party
channels and that revenue collected from third party channels will
contribute a steady percentage of total revenues in future
quarters.
Other revenues were RMB16.2 million (US$2.7 million) in second
quarter 2014, increased significantly from RMB3.6 million the prior
year period. The increase was primarily due to the Company's
strengthened efforts in developing its promotional services on its
Maopao platforms on feature phones and smartphones, as well as
growth of its application store and related services outside of
China. Other revenues consist of commissions from companies
for using feature phone and smartphone Maopao platforms to promote
and sell applications ("promotional income") as well as overseas
revenues generated by the Company's international mobile service
providers.
Cost of Revenues and Gross
Profit
Total cost of revenues for second quarter 2014 decreased 15.2%
to RMB89.4 million (US$14.6 million) compared to RMB105.5 million
in the prior year period.
Total non-IFRS cost of revenues for second quarter 2014
decreased 14.7% to RMB89.2 million (US$14.6 million) compared to
RMB104.5 million in the prior year period.
|
For the three months ended |
|
September 30, |
|
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
Cost of revenues: |
|
|
|
Costs associated with
payments |
|
|
|
to industry participants |
93,909 |
81,478 |
13,314 |
Direct costs |
11,542 |
7,939 |
1,297 |
Total cost of revenues: |
105,451 |
89,417 |
14,611 |
Gross Margin |
24.6% |
23.3% |
|
|
|
Non-IFRS cost of revenues: |
|
|
|
Costs associated with
payments |
|
|
|
to industry participants |
93,909 |
81,478 |
13,314 |
Direct costs |
10,586 |
7,695 |
1,257 |
Total non-IFRS cost of revenues: |
104,495 |
89,173 |
14,571 |
Non-IFRS Gross Margin |
25.3% |
23.5% |
|
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.
Non-IFRS costs associated with payments to industry participants
decreased 13.2% to RMB81.5 million (US$13.3 million) in second
quarter 2014, compared to RMB93.9 million in the prior year period.
This decrease was primarily due to reduced channel costs, which
were in-line with the decline in revenues, and cost savings from
dealing directly with mobile operators, partially offset by
increased content provider costs due to the higher sharing
percentage with smartphone content providers.
Non-IFRS direct costs decreased 27.3% to RMB7.7 million (US$1.3
million) in second quarter 2014 compared to RMB10.6 million in the
prior year period. Non-IFRS direct costs included salaries and
benefits, depreciation, office expenses and utilities directly
related to the operation of Maopao application stores on feature
phones and smartphones. The decrease was primarily due to a
reduction in overall headcount in the Company's feature phone
market business, which reflected the Company's strategy to focus on
the smartphone market.
Non-IFRS gross profit for second quarter 2014 decreased 22.4% to
RMB27.4 million (US$4.5 million) compared to RMB35.3 million the
prior year period. Non-IFRS gross margin in second quarter 2014 was
23.5%, down from 25.3% the prior year period. This decrease was
principally due to increased smartphone revenues with lower profit
margins resulting from the Company's higher revenue sharing
percentage with smartphone handset partners and content providers
in order to expand its smartphone user base as well as improve the
content and applications offered to smartphone users.
Operating Expenses
Total operating expenses, primarily consisting of employee
salaries and benefits, training expenses, traveling, entertainment
and office related expenses, decreased 40.7% in second quarter 2014
to RMB29.4 million (US$4.8 million) from RMB49.7 million in the
prior year period, primarily due to the decrease in headcount.
Total non-IFRS operating expenses were RMB26.7 million (US$4.4
million) in second quarter 2014, a decrease of 37.2% from RMB42.6
million in the prior year period.
|
For the three months ended |
|
September 30, |
|
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
|
Operating expenses: |
|
|
|
Research and development
expenses |
23,008 |
8,296 |
1,356 |
Sales and marketing
expenses |
8,342 |
7,118 |
1,163 |
General and administrative
expenses |
18,263 |
14,067 |
2,299 |
Other income and expense |
43 |
(49) |
(8) |
Total operating expenses |
49,656 |
29,432 |
4,810 |
|
|
|
|
Non-IFRS operating expenses: |
|
|
|
Research and development
expenses |
20,769 |
7,715 |
1,261 |
Sales and marketing
expenses |
7,518 |
6,912 |
1,129 |
General and administrative
expenses |
14,256 |
12,158 |
1,987 |
Other income and expense |
43 |
(49) |
(8) |
Total non-IFRS operating expenses |
42,586 |
26,736 |
4,369 |
Non-IFRS operating expenses are defined as operating expenses
excluding share-based compensation expenses.
The decrease in operating expenses was primarily due to reduced
overall headcount in connection with the Company's strategic
reorganization, which rebalanced headcount between the smartphone
and feature phone businesses and reduced resources in the feature
phone business. The Company's employee headcount decreased to 423
as of September 30, 2013 from 685 as of September 30, 2012 as
described in the table below.
|
As of |
As of |
As of |
|
September 30, |
June 30, |
September 30, |
|
2012 |
2013 |
2013 |
|
|
|
|
Headcount |
|
|
|
Operations |
122 |
77 |
79 |
Research and development |
369 |
139 |
151 |
Sales and marketing |
96 |
100 |
119 |
General and administrative |
98 |
79 |
74 |
|
|
|
|
Total headcount |
685 |
395 |
423 |
|
|
|
|
Average headcount for the three months |
684 |
450 |
414 |
Net Profit/ Loss and
Earnings/Loss
Per
Share
Net loss in second quarter 2014 decreased to RMB4.4 million
(US$0.7 million), from RMB11.7 million in the prior year period.
This improvement in net loss was attributable to the reduction in
operating expenses as the Company realigned away from the feature
phone business towards the smartphone business, which was partially
offset by RMB 4.4 million (US$0.7 million) income tax expenses
resulting from the change of the holding entity of certain equity
investments for tax planning purposes and RMB1.5 million (US$0.3
million) impairment losses on investments in associates and
available-for-sale investments.
Non-IFRS net loss in second quarter 2014 decreased to RMB1.5
million (US$0.2 million), from RMB3.6 million in the prior year
period.
Basic and diluted loss per common share in second quarter 2014
was RMB0.02 (US$0.00), which represents the equivalent of RMB0.13
(US$0.02) per ADS.
Non-IFRS basic and diluted loss per common share in second
quarter 2014 was RMB0.00 (US$0.00), which represents the equivalent
of RMB0.03 (US$0.01) per ADS.
The weighted average number of ADSs used to calculate basic and
diluted earnings per ADS for second quarter 2014 was
29,796,691.
Common Shares
Sky-mobi had 252.3 million common shares outstanding as of
September 30, 2013, or the equivalent of 31.5 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 |
|
|
September 30, |
|
In millions |
2012 |
2013 |
% change |
|
|
|
|
Feature Phone Application Store |
|
|
|
User visits |
3,066.3 |
806.8 |
-73.7% |
|
|
|
|
|
|
|
|
Single-user application and content
downloads |
|
|
|
Single-player games |
245.3 |
107.6 |
-56.1% |
Other Single-user applications
and content titles |
411.9 |
136.1 |
-67.0% |
Total Single-user application and content
downloads |
657.2 |
243.7 |
-62.9% |
|
|
|
|
Multiplayer games downloads |
41.0 |
17.8 |
-56.6% |
|
|
|
|
|
|
|
|
Total feature phone application store
downloads |
698.2 |
261.5 |
-62.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
September 30, |
|
In millions |
2012 |
2013 |
|
|
|
|
|
Smartphone Application Store |
|
|
|
User visits |
6.9 |
700.5 |
|
|
|
|
|
Single-user application and content
downloads |
|
|
|
Single-player games |
2.7 |
37.1 |
|
Other Single-user applications
and content titles |
7.5 |
89.8 |
|
Total Single-user application and content
downloads |
10.2 |
126.9 |
|
|
|
|
|
Multiplayer games downloads |
0.0 |
1.6 |
|
|
|
|
|
|
|
|
|
Total smartphone application store
downloads |
10.2 |
128.5 |
|
The following table sets forth the number of registered members,
active members and member log-ins for the Company's Maopao
Community on feature phones and smartphones as of the dates
indicated:
|
As of September 30, |
In millions |
2012 |
2013 |
% change |
|
|
|
|
Number of registered members |
215.3 |
267.0 |
24.0% |
|
|
|
|
|
|
|
|
|
For the three months
ended |
|
September 30, |
In millions |
2012 |
2013 |
% change |
|
|
|
|
Maopao Community |
|
|
|
Number of active members |
15.0 |
5.1 |
-66.0% |
Number of member log-ins |
778.4 |
414.0 |
-46.8% |
Business Outlook
For the fiscal third quarter 2014 ending December 31, 2013,
Sky-mobi expects total revenues to be in the range of RMB 90
million to RMB 100 million.
These are Sky-mobi's current projections, which are subject to
change.
Conference Call and Webcast
Sky-mobi's management team will host a conference call today
November 18, 2013 at 8:00 AM EST, (or 5:00 AM U.S. Pacific Standard
Time and 9:00 PM, Beijing/Hong Kong time) to discuss the
Company's financial results. Participants may access the call by
dialing the following numbers:
United States: |
+1-845-675-0438 |
International Toll Free: |
+1-855-500-8701 |
China Domestic: |
400-1200654 |
Hong Kong: |
+852-3051-2745 |
Conference ID: |
#98789361 |
The replay will be accessible through November 26, 2013 by
dialing the following numbers:
United States Toll Free: |
+1- 855-452-5696 |
International: |
+61-2-8199-0299 |
Conference ID: |
#98789361 |
A live and archived 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 (loss) from operations is
defined as Non-IFRS gross profit less non-IFRS operating
expenses.
Non-IFRS net profit
(loss) is defined as non-IFRS profit (loss) from
operations plus/minus other gains or losses, impairment loss
on investments in associates, impairment loss on available-for-sale
investments and share of results of associates, less income
tax.
Non-IFRS basic and diluted
earnings (losses) per common
share/ADS are defined as non-IFRS net profit (loss)
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 RMB6.12
to US$1.00, the exchange rate at September 30, 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 on feature phones or smartphones 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 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 28, 2013.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 Profit or Loss and Other Comprehensive Income
(IFRS) |
|
|
|
|
|
|
|
|
For the three months ended |
For the six months ended |
|
September 30, |
September 30, |
|
2012 |
2013 |
2013 |
2012 |
2013 |
2013 |
In thousands |
(RMB) |
(RMB) |
(US$) |
(RMB) |
(RMB) |
(US$) |
(Except for share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
139,831 |
116,583 |
19,050 |
293,186 |
241,800 |
39,510 |
Cost of revenues |
(105,451) |
(89,417) |
(14,611) |
(221,747) |
(180,387) |
(29,475) |
Gross profit |
34,380 |
27,166 |
4,439 |
71,439 |
61,413 |
10,035 |
|
|
|
|
|
|
|
Research and development expenses |
(23,008) |
(8,296) |
(1,356) |
(43,083) |
(20,084) |
(3,282) |
Sales and marketing expenses |
(8,342) |
(7,118) |
(1,163) |
(17,272) |
(17,882) |
(2,922) |
General and administrative expenses |
(18,263) |
(14,067) |
(2,299) |
(35,533) |
(29,531) |
(4,825) |
Other income and expense |
(43) |
49 |
8 |
17 |
10 |
2 |
Total operating expenses |
(49,656) |
(29,432) |
(4,810) |
(95,871) |
(67,487) |
(11,027) |
|
|
|
|
|
|
|
Loss from operations |
(15,276) |
(2,266) |
(371) |
(24,432) |
(6,074) |
(992) |
|
|
|
|
|
|
|
Other gains and losses |
4,222 |
4,168 |
681 |
8,718 |
7,013 |
1,146 |
Impairment loss on investments in
associates |
-- |
(727) |
(119) |
-- |
(727) |
(119) |
Impairment loss on available-for-sale
investments |
-- |
(800) |
(131) |
-- |
(800) |
(131) |
Share of results of associates |
(498) |
96 |
16 |
(779) |
1,552 |
254 |
Profit before tax |
(11,552) |
471 |
76 |
(16,493) |
964 |
158 |
Income tax expenses |
(108) |
(4,919) |
(804) |
(275) |
(5,743) |
(938) |
Loss for the period |
(11,660) |
(4,448) |
(728) |
(16,768) |
(4,779) |
(780) |
|
|
|
|
|
|
|
Total comprehensive loss for the period |
(11,660) |
(4,448) |
(728) |
(16,768) |
(4,779) |
(780) |
|
|
|
|
|
|
|
Profit (loss) and total comprehensive
income (loss)attributable to: |
|
|
|
|
|
|
- Owners of the Company |
(11,768) |
(3,939) |
(645) |
(16,867) |
(4,393) |
(717) |
- Non-controlling interests |
108 |
(509) |
(83) |
99 |
(386) |
(63) |
|
(11,660) |
(4,448) |
(728) |
(16,768) |
(4,779) |
(780) |
|
|
|
|
|
|
|
Losses per common share |
|
|
|
|
|
|
Basic |
(0.04) |
(0.02) |
(0.00) |
(0.06) |
(0.02) |
(0.00) |
Diluted |
(0.04) |
(0.02) |
(0.00) |
(0.06) |
(0.02) |
(0.00) |
|
|
|
|
|
|
|
Weight average number of ADS |
|
|
|
|
|
|
Basic |
32,273,875 |
29,796,691 |
|
32,273,853 |
30,034,578 |
|
Diluted |
32,273,875 |
29,796,691 |
|
32,273,853 |
30,034,578 |
|
|
|
|
|
|
|
|
Weight average number of shares |
|
|
|
|
|
|
Basic |
258,191,000 |
238,373,525 |
|
258,190,821 |
240,276,625 |
|
Diluted |
258,191,000 |
238,373,525 |
|
258,190,821 |
240,276,625 |
|
|
Unaudited
Reconciliations of non-IFRS financial measures |
to comparable IFRS
financial measures |
|
|
|
|
For the three months ended |
For the six months ended |
|
September 30, |
September 30, |
|
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 |
(105,451) |
(89,417) |
(14,611) |
(221,747) |
(180,387) |
(29,475) |
Less: share-based compensation expenses |
956 |
244 |
40 |
1,946 |
287 |
47 |
Non-IFRS cost of revenues |
(104,495) |
(89,173) |
(14,571) |
(219,801) |
(180,100) |
(29,428) |
|
|
|
|
|
|
|
IFRS gross profit |
34,380 |
27,166 |
4,439 |
71,439 |
61,413 |
10,035 |
Add: share-based compensation expenses |
956 |
244 |
40 |
1,946 |
287 |
47 |
Non-IFRS gross profit |
35,336 |
27,410 |
4,479 |
73,385 |
61,700 |
10,082 |
|
|
|
|
|
|
|
Total IFRS operating expenses |
(49,656) |
(29,432) |
(4,810) |
(95,871) |
(67,487) |
(11,027) |
Less: share-based compensation expenses |
7,070 |
2,696 |
441 |
14,317 |
9,744 |
1,592 |
Total non-IFRS operating expenses |
(42,586) |
(26,736) |
(4,369) |
(81,554) |
(57,743) |
(9,435) |
|
|
|
|
|
|
|
IFRS loss from operations |
(15,276) |
(2,266) |
(371) |
(24,432) |
(6,074) |
(992) |
Add: share-based compensation expenses |
8,026 |
2,940 |
481 |
16,263 |
10,031 |
1,639 |
Non-IFRS profit (loss) from operations |
(7,250) |
674 |
110 |
(8,169) |
3,957 |
647 |
|
|
|
|
|
|
|
IFRS net loss for the period |
(11,660) |
(4,448) |
(728) |
(16,768) |
(4,779) |
(781) |
Add: share-based compensation expenses |
8,026 |
2,940 |
481 |
16,263 |
10,031 |
1,639 |
Non-IFRS net profit (loss) for the
period |
(3,634) |
(1,508) |
(247) |
(505) |
5,252 |
858 |
|
|
|
|
|
|
|
Non-IFRS earnings (losses) per common
share |
|
|
|
|
|
|
Basic |
(0.01) |
(0.00) |
(0.00) |
(0.00) |
0.02 |
0.00 |
Diluted |
(0.01) |
(0.00) |
(0.00) |
(0.00) |
0.02 |
0.00 |
|
|
|
|
|
|
|
Weight average number of shares |
|
|
|
|
|
|
Basic |
258,191,000 |
238,373,525 |
|
258,190,821 |
240,276,625 |
|
Diluted |
258,191,000 |
238,373,525 |
|
258,190,821 |
240,276,625 |
|
|
Sky-mobi
Limited |
Unaudited Consolidated
Statements of Financial Position (IFRS) |
|
|
|
|
|
As of |
As of |
|
June 30, |
September 30, |
September 30, |
|
2013 |
2013 |
|
In thousands |
(RMB) |
(RMB) |
(US$) |
|
|
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
107,368 |
125,215 |
20,460 |
Term deposits |
507,166 |
393,776 |
64,342 |
Investment in financial products |
-- |
85,820 |
14,023 |
Trade and other receivables |
81,678 |
67,260 |
10,989 |
Amounts due from related parties |
131 |
2,219 |
363 |
Total current assets |
696,343 |
674,290 |
110,177 |
|
|
|
|
Non-current assets |
|
|
|
Property and equipment |
12,040 |
9,401 |
1,536 |
Investments in associates |
29,326 |
64,085 |
10,471 |
Available-for-sale investments |
7,081 |
6,248 |
1,021 |
Prepayment for investment |
250 |
1,450 |
237 |
Other non-current assets |
3,098 |
3,312 |
541 |
Deferred tax assets |
1,765 |
1,765 |
288 |
Total non-current assets |
53,560 |
86,261 |
14,094 |
|
|
|
|
Total assets |
749,903 |
760,551 |
124,271 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
130,713 |
143,445 |
23,439 |
Income tax liabilities |
4,103 |
9,022 |
1,474 |
Amounts due to related parties |
7,644 |
8,109 |
1,325 |
Deferred revenue |
8,436 |
7,860 |
1,284 |
Total current liabilities |
150,896 |
168,436 |
27,522 |
|
|
|
|
Total liabilities |
150,896 |
168,436 |
27,522 |
|
|
|
|
Equity |
|
|
|
Share capital |
90 |
90 |
15 |
Share premium |
628,126 |
624,385 |
102,024 |
Reserves |
164,647 |
166,014 |
27,126 |
Treasury stock |
(4) |
(5) |
(1) |
Deficit |
(198,280) |
(202,288) |
(33,054) |
Equity attributable to owners of the
Company |
594,579 |
588,196 |
96,110 |
Non-controlling interests |
4,428 |
3,919 |
639 |
Total equity |
599,007 |
592,115 |
96,749 |
|
|
|
|
Total equity and liabilities |
749,903 |
760,551 |
124,271 |
CONTACT: Sky-mobi Limited
Mr. John Bi, 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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