SHANGHAI, March 18, 2015 /PRNewswire-FirstCall/ -- E-House
(China) Holdings Limited
("E-House" or the "Company") (NYSE: EJ), a leading real estate
services company in China, today
announced its unaudited financial results for the fiscal quarter
and full year ended December 31,
2014.
Fourth Quarter 2014 Highlights
- Total revenues increased by 22% year-on-year to $312.3 million
- Revenues from real estate online services increased by 36%
year-on-year to $171.8 million,
including $124.5 million in revenues
from e-commerce services, which grew by 61% year-on-year
- Revenues from real estate information and consulting services
increased by 30% year-on-year to $31.7
million
- Revenues from primary real estate agency services increased by
6% year-on-year to $95.0
million
- Non-GAAP[1] income from
operations was $39.7 million;
excluding spending of $11.7 million
in new business units (community value-added services and real
estate financial services) launched in 2014, non-GAAP income from
operations was $51.5 million
- Non-GAAP net income attributable to E-House shareholders was
$25.9 million, or $0.14 per diluted American depositary share
("ADS")
[1] E-House uses in
this press release the following non-GAAP financial measures: (1)
income (loss) from operations, (2) net income (loss), (3) net
income (loss) attributable to E-House shareholders, (4) net income
(loss) attributable to E-House shareholders per basic ADS, and (5)
net income (loss) attributable to E-House shareholders per diluted
ADS, each of which excludes share-based compensation expense and
amortization of intangible assets resulting from business
acquisitions. See "About Non-GAAP Financial Measures" and
"Unaudited Reconciliation of GAAP and Non-GAAP Results" below for
more information about the non-GAAP financial measures included in
this press release.
|
Full Year 2014 Financial Highlights
- Total revenues increased by 24% year-on-year to $904.5 million
- Revenues from real estate online services increased by 48%
year-on-year to $495.9 million,
including $326.7 million in revenues
from e-commerce services, which grew by 92% year-on-year
- Revenues from real estate information and consulting services
increased by 8% year-on-year to $82.7
million
- Revenues from primary real estate agency services increased by
2% year-on-year to $273.9
million
- Non-GAAP income from operations was $99.1 million; excluding spending of $19.9 million in new business units (community
value-added services and real estate financial services) launched
in 2014, non-GAAP income from operations was $119.0 million
- Non-GAAP net income attributable to E-House shareholders was
$70.9 million, or $0.46 per diluted ADS
Xin Zhou, E-House's co-chairman
and CEO, said, "We achieved strong revenue growth in 2014 despite
overall weakness in China's real
estate market. This was driven primarily by continued high growth
of our online services unit Leju, which became a stand-alone public
company in April 2014. In addition,
our real estate information and consulting services and primary
real estate agency services continued to grow as well in 2014, due
to solid execution by our team."
Mr. Zhou continued, "While our existing business units continued
to deliver solid growth, we launched two new business units in the
second half of 2014 to broaden our service scope from serving
mainly home buyers to home owners as well, and to help position our
company for continued growth well into the future. The two new
business units, community value-added services and real estate
financial services, have seen very encouraging early results within
the first several months of their operations and are reflective of
the types of innovative products and services we aim to bring to
our customers. Our real estate financial services peer-to-peer
platform 'Fang Jin Suo' has introduced a variety of real
estate-related financial products since its launch and has
attracted over 14,000 individuals, resulting in over $47 million of transaction flows through the
platform. Our mobile community services app 'Shi Hui' attracts
significant mobile users by offering free products and services,
mostly supplied by retailers and service providers, and has already
grown its user base to more than 3.3 million, with approximately
390,000 daily active users. Retailers and service providers have
found Shi Hui more effective in
brand promotion than regular mobile ads due to active user
engagement and participation. In addition, a portion of
Shi Hui users are directed to the
official websites of these retailers and service providers for
additional opportunities to win free awards and discounts, driving
increased online traffic to these websites. Due to the unique
mobile marketing solutions Shi Hui
provides, retailers and service providers have increased their
activities on Shi Hui by providing
nearly RMB4 billion (approximately
US$650 million) worth of free offers
and discounts. In addition, Shi Hui
has also been used as a community social network app as it groups
its users by their residential compounds, office buildings or
schools. Because of Shi Hui's
initial success, we expanded its operations from Shanghai and Beijing to a total of 10 cities as of the end
of 2014 and expect to continue expanding into at least 50 cities in
2015. We believe both Shi Hui and
Fang Jin Suo complement our existing services and will add new
potential growth drivers to the company. Therefore, we plan to
invest $200 million to $300 million
in these new businesses during the next two years."
Bin Laurence, E-House's CFO, said, "We are very pleased that
E-House achieved top-line growth in all of our existing business
segments in 2014, despite a difficult real estate market with
overall real estate transaction volume reductions. Our margins have
been impacted by our spending on new business initiatives; yet,
excluding the new business-related expenditures, we achieved
profitability in both Leju and E-House's remaining businesses, as
well as solid growth in operating income. Based on the initial
results that we have seen, we believe the investments in our new
businesses will create additional value for our shareholders.
Furthermore, we continued to pay attractive dividends in the form
of a special dividend which included both cash and shares in Leju
in January 2015, and a cash dividend
that we are announcing today."
Fourth Quarter 2014 Results
Total revenues were $312.3
million, an increase of 22% from $255.4 million for the same quarter of 2013,
primarily driven by the growth of revenues from real estate online
services.
Revenues from real estate online services were
$171.8 million, an increase of 36%
from $126.3 million for the same
quarter of 2013, mainly contributed by the growth of revenues from
e-commerce services. Revenues from e-commerce
services were $124.5 million,
an increase of 61% from $77.5 million
for the same quarter of 2013, primarily due to a 28% increase in
discount coupons redeemed (see "Selected Operating Data" below for
more details on the discount coupons sold and redeemed).
Revenues from online advertising services were
$43.8 million, a slight increase from
$43.2 million for the same quarter of
2013. Revenues from listing services were
$3.5 million, compared to
$5.6 million for the same quarter of
2013, primarily due to the slowdown in secondary home sales.
Revenues from real estate brokerage services were
$97.8 million, an increase of 6% from
$92.1 million for the same quarter of
2013. Real estate brokerage services include primary real estate
agency services and secondary real estate brokerage services.
Revenues from primary real estate agency services
were $95.0 million, an increase of 6%
from $89.2 million for the same
quarter of 2013. The increase was caused by the increase of average
commission rate, despite the slight decreases in the total gross
floor area ("GFA") of new properties sold and the total transaction
value of new properties sold compared to the same quarter of 2013.
(See "Selected Operating Data" below for more details on the total
GFA and transaction value of new properties sold.) Revenues
from secondary real estate brokerage services were
$2.8 million, which was relatively
flat compared to $2.9 million for the
same quarter of 2013.
Revenues from real estate information and consulting
services were $31.7 million,
an increase of 30% compared to $24.4
million for the same quarter of 2013, due to increased
revenues in both information services and consulting services.
Revenues from other services were $11.0 million, a decrease of 12% from
$12.6 million for the same quarter of
2013. Other services include offline real estate advertising
services, promotional events services, real estate fund management
services, community value-added services and real estate financial
services. No material revenues were generated by the newly launched
community value-added services and real estate financial services.
The revenue decrease from other services in the fourth quarter was
primarily due to the decrease in revenues from offline promotional
events services.
Cost of revenues was $96.5
million, an increase of 16% from $83.2 million for the same quarter of 2013,
primarily due to increased staff costs from primary real estate
agency services, and increased consulting project costs from real
estate information and consulting services, in line with the
revenue increases.
Selling, general and administrative ("SG&A")
expenses were $186.0
million, an increase of 36% from $136.3 million for the same quarter of 2013,
primarily due to higher SG&A expenses for real estate online
services, as well as $8.0 million in
expenses related to community value-added services and $3.7 million in expenses related to real estate
financial services, both of which commenced in the third quarter of
2014.
Income from operations was $30.5 million, a decrease of 20% from
$38.0 million for the same quarter of
2013. Non-GAAP income from operations was
$39.7 million, a decrease of 17% from
$48.1 million for the same quarter of
2013. Excluding the expenses related to newly-launched community
value-added services and real estate financial services, non-GAAP
income from operations was $51.5
million.
Net income was $21.6
million, a decrease of 28% from $29.9
million for the same quarter of 2013. Non-GAAP net
income was $31.2 million, a
decrease of 14% from $36.5 million
for the same quarter of 2013.
Net income attributable to E-House shareholders
was $18.6 million, or $0.12 per diluted ADS, a decrease of 41% from
$31.8 million, or $0.22 per diluted ADS, for the same quarter of
2013. Non-GAAP net income attributable to E-House
shareholders was $25.9
million, or $0.14 per diluted
ADS, a decrease of 32% from $38.3
million, or $0.26 per diluted
ADS, for the same quarter of 2013.
Full Year 2014 Results
Total revenues were $904.5
million, an increase of 24% from $731.1 million for 2013, primarily driven by the
growth of revenues from real estate online services and real estate
information and consulting services.
Revenues from real estate online services were
$495.9 million, an increase of 48%
from $335.4 million for 2013,
contributed by the growth of revenues from e-commerce and online
advertising services. Revenues from e-commerce
services were $326.7 million,
an increase of 92% from $170.2
million for 2013, primarily due to a 61% increase in
discount coupons redeemed (see "Selected Operating Data" below for
more details on the discount coupons sold and redeemed).
Revenues from online advertising services were
$154.9 million, an increase of 7%
from $145.4 million for 2013, due to
growth in both the Company's new home and home furnishing channels.
Revenues from listing services were $14.3 million, compared to $19.8 million for 2013, primarily due to the
slowdown in secondary home sales.
Revenues from real estate brokerage services were
$283.4 million, a slight increase
from $280.8 million for 2013.
Revenues from primary real estate agency services
were $273.9 million, an increase of
2% from $269.6 million for 2013.
Revenues from secondary real estate brokerage
services were $9.5 million, a
decrease of 15% from $11.2 million
for 2013, due to the Company's decision to close unprofitable
physical stores.
Revenues from real estate information and consulting
services were $82.7 million,
an increase of 8% from $76.7 million
for 2013, mainly due to an increase in revenues from real estate
information services.
Revenues from other services were $42.5 million, an increase of 11% from
$38.2 million for 2013, primarily
attributable to carried interest recognized from real estate fund
management services of $5.4 million
during the third quarter of 2014.
Cost of revenues was $306.1
million, an increase of 12% from $274.0 million for 2013, due to increased staff
costs from primary real estate agency services, and increased
consulting project costs from real estate information and
consulting services, partially offset by the decrease of the fees
paid to third parties for services in connection with the Company's
online listing business, and the decrease of the amortization
expenses of intangible assets.
SG&A expenses were $545.5 million, an increase of 36% from
$400.9 million for 2013, primarily
due to higher SG&A expenses for real estate online services, as
well as $15.8 million in expenses
related to community value-added services and $3.9 million in expenses related to real estate
financial services, both of which commenced in the third quarter of
2014.
Income from operations was $61.7 million, a slight increase from
$61.0 million for 2013.
Non-GAAP income from operations was $99.1 million, a decrease of 3% from $102.5 million for 2013. Excluding the expenses
related to newly-launched community value-added services and real
estate financial services, non-GAAP income from operations was
$119.0 million.
Net income was $52.3
million, an increase of 2% from $51.1
million for 2013. Non-GAAP net income was
$88.0 million, an increase of 4% from
$84.9 million for 2013.
Net income attributable to E-House shareholders
was $40.0 million, or $0.26 per diluted ADS, a decrease of 23% from
$52.0 million, or $0.38 per diluted ADS, for 2013. Non-GAAP
net income attributable to E-House shareholders was
$70.9 million, or $0.46 per diluted ADS, a decrease of 17% from
$85.4 million, or $0.63 per diluted ADS, for 2013.
Cash Flow
As of December 31, 2014, the
Company's cash and cash equivalents balance was
$630.6 million.
Fourth quarter 2014 net cash
provided by operating activities was
$42.2 million, mainly attributable to
non-GAAP net income of $31.2 million,
as well as increases in accrued payroll and welfare of $39.9 million, an increase in income tax payables
and other tax payables of $26.4
million and a decrease in customer deposits of $22.5 million, offset by an increase in accounts
receivable of $39.2 million and an
increase in restricted cash of $38.6
million. Net cash used in investing activities
was $17.3 million, mainly comprised
of $15.2 million in capital
expenditures, and $5.9 million
prepayment for business acquisition, partially offset by the
collection of short-term investment of $1.3
million and proceeds from the disposal of property and
equipment of $2.3 million. Net
cash provided by financing
activities was $18.1 million,
mainly comprised of $36.0 million
cash received from short-term loan, partially offset by
$15.5 million in dividends paid to
shareholders and $2.2 million paid
for the acquisition of the remaining non-controlling interests in
the Company's online business.
Declaration of Cash Dividend
E-House announced today that its board of directors had
authorized and approved the Company's payment of a cash dividend of
$0.15 per ordinary share
($0.15 per ADS). The cash dividend
will be payable on or about May 15,
2015 to shareholders of record as of the close of business
on April 10, 2015. Dividends to be
paid to the Company's ADS holders through the depositary bank will
be subject to the terms of the deposit agreement, including the
fees and expenses payable thereunder.
Business Outlook
The Company estimates that its fiscal 2015 total revenues will
be approximately $1.05 billion to $1.10
billion, which would represent an increase of approximately
16% to 22% from $904.5 million in
2014. This forecast reflects the Company's current and preliminary
view, which is subject to change.
Conference Call Information
E-House's management will host an earnings conference call on
March 18, 2015 at 8:15 a.m. U.S. Eastern Time (8:15 p.m. Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
|
+1-845-675-0437
|
Hong Kong:
|
+852-3018-6771
|
Mainland
China:
|
+86-10-800-819-0121
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call. The passcode is "E-House
earnings call."
A replay of the conference call may be accessed by phone at the
following number until March 25,
2015:
International:
|
+1-646-254-3697
|
Passcode:
|
1002518
|
Additionally, a live and archived webcast will be available at
http://ir.ehousechina.com.
About E-House
E-House (China) Holdings
Limited ("E-House") (NYSE: EJ) is China's leading real estate services company
with a nationwide network covering more than 250 cities. E-House
offers a wide range of services to the real estate industry,
including real estate online services through our 70%-owned
subsidiary, Leju Holdings Limited (NYSE: LEJU), primary sales
agency, secondary brokerage, information and consulting, offline
advertising and promotion, real estate investment management and
financial services, and community value-added services. E-House has
received numerous awards for its innovative and high-quality
services, including "China's Best
Company" from the National Association of Real Estate Brokerage and
Appraisal Companies and "China Enterprises with the Best Potential"
from Forbes. For more information about E-House, please visit
http://www.ehousechina.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "may," "intend," "confident," "is
currently reviewing," "it is possible," "subject to" and similar
statements. Among other things, the Business Outlook section and
quotations from management in this press release, as well as
E-House's strategic and operational plans, contain forward-looking
statements. E-House may also make written or oral forward-looking
statements in its reports filed or furnished with the U.S.
Securities and Exchange Commission, including Forms 20-F and 6-K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about E-House's beliefs and
expectations, are forward-looking statements and are subject to
change. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained, either expressly
or impliedly, in any of the forward-looking statements in this
press release. Potential risks and uncertainties include, but are
not limited to, a severe or prolonged downturn in the global
economy, E-House's susceptibility to fluctuations in the real
estate market of China, government
measures aimed at China's real
estate industry, failure of the real estate services industry in
China to develop or mature as
quickly as expected, diminution of the value of E-House's brand or
image, E-House's inability to successfully execute its strategy of
expanding into new geographical markets in China, E-House's failure to manage its growth
effectively and efficiently, E-House's failure to successfully
execute the business plans for its strategic alliances and other
new business initiatives, E-House's loss of its competitive
advantage if it fails to maintain and improve its proprietary CRIC
system or to prevent disruptions or failure in the system's
performance, E-House's failure to compete successfully,
fluctuations in E-House's results of operations and cash flows,
E-House's reliance on a concentrated number of real estate
developers, natural disasters or outbreaks of health epidemics and
other risks outlined in E-House's filings with the U.S. Securities
and Exchange Commission. All information provided in this press
release is current as of the date of this press release, and
E-House does not undertake any obligation to update any such
information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement E-House's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), E-House uses in this press release the
following non-GAAP financial measures: (1) income (loss) from
operations, (2) net income (loss), (3) net income (loss)
attributable to E-House shareholders, (4) net income (loss)
attributable to E-House shareholders per basic ADS, and (5) net
income (loss) attributable to E-House shareholders per diluted ADS,
each of which excludes share-based compensation expense and
amortization of intangible assets resulting from business
acquisitions. The presentation of these non-GAAP financial measures
is not intended to be considered in isolation or as a substitute
for the financial information prepared and presented in accordance
with GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Unaudited Reconciliation
of GAAP and Non-GAAP Results" set forth at the end of this press
release.
E-House believes that these non-GAAP financial measures provide
meaningful supplemental information to investors regarding its
operating performance by excluding share-based compensation expense
and amortization of intangible assets resulting from business
acquisitions, , which may not be indicative of E-House's operating
performance. These non-GAAP financial measures also facilitate
management's internal comparisons to E-House's historical
performance and assist its financial and operational decision
making. A limitation of using these non-GAAP financial measures is
that share-based compensation expense and amortization of
intangible assets resulting from business acquisitions that may
continue to exist in E-House's business for the foreseeable future.
Management compensates for these limitations by providing specific
information regarding the GAAP amounts excluded from each non-GAAP
measure. The accompanying tables have more details on the
reconciliation between non-GAAP financial measures and their most
comparable GAAP financial measures.
For investor and media inquiries please contact:
Ms. Michelle Yuan
Director of Investor Relations
E-House (China) Holdings
Limited
Phone: +86 (21) 6133-0754
E-mail: michelleyuan@ehousechina.com
Mr. Derek Mitchell
Ogilvy Financial
In the U.S.: +1 (646) 867-1888
In China: +86 (10) 8520-6139
E-mail: ej@ogilvy.com
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
UNAUDITED
CONSOLIDATED BALANCE SHEET
|
(In thousands of
U.S. dollars)
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2013
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
413,319
|
|
|
|
630,617
|
|
Restricted
cash
|
|
|
|
2,310
|
|
|
|
40,402
|
|
Customer deposits,
net
|
|
|
|
67,602
|
|
|
|
92,797
|
|
Accounts receivable,
net
|
|
|
|
357,442
|
|
|
|
415,150
|
|
Advance payment for
properties, current
|
|
|
|
60,076
|
|
|
|
51,983
|
|
Properties held for
sale
|
|
|
|
15,305
|
|
|
|
34,842
|
|
Short-term
investment
|
|
|
|
1,279
|
|
|
|
—
|
|
Deferred tax assets,
net
|
|
|
|
66,332
|
|
|
|
64,805
|
|
Prepaid expenses and
other current assets
|
|
|
|
44,235
|
|
|
|
39,339
|
|
Amounts due from
related parties
|
|
|
|
1,263
|
|
|
|
6,094
|
|
Total current
assets
|
|
|
|
1,029,163
|
|
|
|
1,376,029
|
|
Property and
equipment, net
|
|
|
|
50,077
|
|
|
|
49,109
|
|
Intangible assets,
net
|
|
|
|
141,232
|
|
|
|
120,381
|
|
Investment in
affiliates
|
|
|
|
39,052
|
|
|
|
51,681
|
|
Goodwill
|
|
|
|
51,600
|
|
|
|
51,540
|
|
Customer deposits,
non-current, net
|
|
|
|
652
|
|
|
|
797
|
|
Investment in
preferred shares of a private entity
|
|
|
|
—
|
|
|
|
39,485
|
|
Other non-current
assets
|
|
|
|
43,744
|
|
|
|
87,902
|
|
Total
assets
|
|
|
|
1,355,520
|
|
|
|
1,776,924
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
11,265
|
|
|
|
8,261
|
|
Accrued payroll and
welfare expenses
|
|
|
|
102,632
|
|
|
|
116,577
|
|
Income tax
payable
|
|
|
|
98,686
|
|
|
|
117,594
|
|
Other tax
payable
|
|
|
|
40,001
|
|
|
|
49,390
|
|
Amounts due to
related parties
|
|
|
|
5,536
|
|
|
|
7,356
|
|
Advance from property
buyers
|
|
|
|
2,453
|
|
|
|
2,261
|
|
Short-term
borrowings
|
|
|
|
—
|
|
|
|
35,954
|
|
Dividend
payables
|
|
|
|
—
|
|
|
|
12,902
|
|
Advance from
customers and deferred revenue
|
|
|
|
24,617
|
|
|
|
19,013
|
|
Liability for
exclusive rights, current
|
|
|
|
8,968
|
|
|
|
—
|
|
Other current
liabilities
|
|
|
|
62,467
|
|
|
|
85,837
|
|
Total current
liabilities
|
|
|
|
356,625
|
|
|
|
455,145
|
|
Deferred tax
liabilities
|
|
|
|
29,901
|
|
|
|
28,203
|
|
Convertible senior
notes
|
|
|
|
131,651
|
|
|
|
132,752
|
|
Other non-current
liabilities
|
|
|
|
1,472
|
|
|
|
658
|
|
Total
liabilities
|
|
|
|
519,649
|
|
|
|
616,758
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Ordinary shares
($0.001 par value): 1,000,000,000 and 1,000,000,000 shares
authorized, 137,816,482 and 142,123,368 shares issued and
outstanding, as of December 31, 2013 and December 31, 2014,
respectively
|
|
|
|
138
|
|
|
|
142
|
|
Additional paid-in
capital
|
|
|
|
859,468
|
|
|
|
991,646
|
|
Subscription
receivables
|
|
|
|
(2,148)
|
|
|
|
(196)
|
|
Accumulated
deficit
|
|
|
|
(107,705)
|
|
|
|
(67,703)
|
|
Accumulated other
comprehensive income
|
|
|
|
72,185
|
|
|
|
83,901
|
|
Total E-House
equity
|
|
|
|
821,938
|
|
|
|
1,007,790
|
|
Non-controlling
interests
|
|
|
|
13,933
|
|
|
|
152,376
|
|
Total
equity
|
|
|
|
835,871
|
|
|
|
1,160,166
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
|
|
1,355,520
|
|
|
|
1,776,924
|
|
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands of
U.S. dollars, except share data and per share
data)
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
255,376
|
|
|
312,325
|
|
|
731,079
|
|
|
904,499
|
|
Cost of
revenues
|
|
|
(83,243)
|
|
|
(96,515)
|
|
|
(274,036)
|
|
|
(306,133)
|
|
Selling, general and
administrative expenses
|
|
|
(136,340)
|
|
|
(185,975)
|
|
|
(400,947)
|
|
|
(545,492)
|
|
Other operating
income
|
|
|
2,235
|
|
|
653
|
|
|
4,918
|
|
|
8,787
|
|
Income from
operations
|
|
|
38,028
|
|
|
30,488
|
|
|
61,014
|
|
|
61,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expenses
|
|
|
(193)
|
|
|
(1,334)
|
|
|
(193)
|
|
|
(5,325)
|
|
Interest
income
|
|
|
594
|
|
|
1,030
|
|
|
2,180
|
|
|
3,210
|
|
Other income
(expenses), net
|
|
|
(189)
|
|
|
678
|
|
|
(1,051)
|
|
|
3,858
|
|
Income before taxes and equity in affiliates
|
|
|
38,240
|
|
|
30,862
|
|
|
61,950
|
|
|
63,404
|
|
Income tax
expense
|
|
|
(7,691)
|
|
|
(9,522)
|
|
|
(13,678)
|
|
|
(14,901)
|
|
Income before
equity in affiliates
|
|
|
30,549
|
|
|
21,340
|
|
|
48,272
|
|
|
48,503
|
|
Income (loss) from
equity in affiliates
|
|
|
(668)
|
|
|
282
|
|
|
2,814
|
|
|
3,835
|
|
Net
income
|
|
|
29,881
|
|
|
21,622
|
|
|
51,086
|
|
|
52,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income
(loss) attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling
interests
|
|
|
(1,871)
|
|
|
3,026
|
|
|
(871)
|
|
|
12,336
|
|
Net income
attributable to E-House shareholders
|
|
|
31,752
|
|
|
18,596
|
|
|
51,957
|
|
|
40,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.23
|
|
|
0.13
|
|
|
0.40
|
|
|
0.29
|
|
Diluted
|
|
|
0.22
|
|
|
0.12
|
|
|
0.38
|
|
|
0.26
|
|
Shares used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
135,829,362
|
|
|
141,427,003
|
|
|
130,163,165
|
|
|
139,211,442
|
|
Diluted
|
|
|
146,664,066
|
|
|
146,710,603
|
|
|
135,779,997
|
|
|
146,687,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The conversion of Renminbi ("RMB")
amounts into USD amounts is based on the rate of USD1 = RMB6.1190
on December 31, 2014 and USD1 = RMB6.1380 for the three months
ended December 31, 2014
|
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
UNAUDITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
(In thousands of
U.S. dollars)
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
29,881
|
|
21,622
|
|
51,086
|
|
52,338
|
|
Other comprehensive
income, net of tax of nil:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
5,042
|
|
3,321
|
|
17,533
|
|
(2,120)
|
|
Unrealized holding gains for investment in
preferred shares of a private entity
|
|
—
|
|
9,136
|
|
—
|
|
13,765
|
|
Comprehensive
income
|
|
34,923
|
|
34,079
|
|
68,619
|
|
63,983
|
|
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive
income (loss) attributable to non-controlling interests
|
|
(1,778)
|
|
3,290
|
|
(404)
|
|
12,270
|
|
Comprehensive
income attributable to E-House shareholders
|
|
36,701
|
|
30,789
|
|
69,023
|
|
51,713
|
|
|
|
|
|
|
|
|
|
|
|
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
Unaudited
Reconciliation of GAAP and Non-GAAP Results
|
(In thousands of
U.S. dollars, except share data and per ADS
data)
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations
|
|
|
38,028
|
|
|
30,488
|
|
61,014
|
|
61,661
|
Share-based
compensation expense
|
|
|
4,383
|
|
|
5,807
|
|
18,903
|
|
22,176
|
Amortization of
intangible assets resulting from business acquisitions
|
|
|
5,660
|
|
|
3,450
|
|
22,606
|
|
15,269
|
Non-GAAP income
from operations
|
|
|
48,071
|
|
|
39,745
|
|
102,523
|
|
99,106
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
|
29,881
|
|
|
21,622
|
|
51,086
|
|
52,338
|
Share-based
compensation expense (net of tax)
|
|
|
4,383
|
|
|
5,807
|
|
18,903
|
|
22,176
|
Amortization of intangible assets resulting from
business acquisitions (net of
tax)
|
|
|
2,215
|
|
|
3,775
|
|
14,924
|
|
13,482
|
Non-GAAP net
income
|
|
|
36,479
|
|
|
31,204
|
|
84,913
|
|
87,996
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to E-House shareholders
|
|
|
31,752
|
|
|
18,596
|
|
51,957
|
|
40,002
|
Share-based
compensation expense
(net of tax and
non-controlling interests)
|
|
|
4,383
|
|
|
4,493
|
|
18,903
|
|
19,860
|
Amortization of intangible assets resulting from business
acquisitions (net of tax and non-controlling interests)
|
|
|
2,117
|
|
|
2,822
|
|
14,562
|
|
11,085
|
Non-GAAP net
income attributable to E-House shareholders
|
|
|
38,252
|
|
|
25,911
|
|
85,422
|
|
70,947
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per ADS
— basic
|
|
|
0.23
|
|
|
0.13
|
|
0.40
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per ADS
— diluted
|
|
|
0.22
|
|
|
0.12
|
|
0.38
|
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
ADS — basic
|
|
|
0.28
|
|
|
0.18
|
|
0.66
|
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
ADS — diluted
|
|
|
0.26
|
|
|
0.14
|
|
0.63
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating basic GAAP / non-GAAP net income attributable to
shareholders per ADS
|
|
|
135,829,362
|
|
|
141,427,003
|
|
130,163,165
|
|
139,211,442
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating diluted GAAP net income attributable to shareholders
per ADS
|
|
|
146,664,066
|
|
|
146,710,603
|
|
135,779,997
|
|
146,687,835
|
Shares used in
calculating diluted non-GAAP net income attributable to
shareholders per ADS
|
|
|
146,664,066
|
|
|
155,669,729
|
|
135,779,997
|
|
146,687,835
|
|
|
|
|
|
|
|
|
|
|
|
|
E-HOUSE (CHINA)
HOLDINGS LIMITED
|
SELECTED OPERATING
DATA
|
|
|
Three months
ended
|
|
|
Year
ended
|
|
|
December
31,
|
|
|
December
31,
|
|
|
2013
|
|
2014
|
|
|
2013
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Primary real
estate agency services
|
|
|
|
|
|
|
|
|
|
|
Total Gross Floor
Area ("GFA") of new properties sold (thousands of square
meters)
|
|
7,081
|
|
|
6,928
|
|
|
21,504
|
|
21,752
|
Total value of new
properties sold (millions of RMB)
|
|
64,312
|
|
|
63,795
|
|
|
196,509
|
|
195,410
|
Total value of new properties sold (millions of $)
|
|
10,480
|
|
|
10,503
|
|
|
31,747
|
|
31,993
|
|
|
|
|
|
|
|
|
|
|
|
E-commerce
services
|
|
|
|
|
|
|
|
|
|
|
Number of discount
coupons issued to prospective purchasers (number of
transactions)
|
|
92,527
|
|
|
99,688
|
|
|
231,008
|
|
323,495
|
Number of discount
coupons redeemed (number of transactions)
|
|
59,684
|
|
|
76,150
|
|
|
136,106
|
|
219,557
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/e-house-reports-fourth-quarter-and-full-year-2014-results-and-declares-cash-dividend-300052295.html
SOURCE E-House (China) Holdings
Limited