3Q20 Added 23,387 New Subscribers
Revenues Up 31.7% YoY to RMB334.7
Million ($48.1 Million)
Operating Income Up 65.1% YoY to RMB152.9 Million ($22.0
Million)
Non-GAAP Operating Income Up 56.7% YoY to RMB165.0 Million ($23.7
Million)
Conference Call to be Held on March 12,
2020, at 8:00 a.m. ET
HONG KONG, March 11, 2020 /PRNewswire/ -- Global Cord
Blood Corporation (NYSE: CO) ("GCBC" or the "Company"),
China's leading provider of cord
blood collection, laboratory testing, hematopoietic stem cell
processing and stem cell storage services, today announced its
unaudited financial results for the third quarter and first nine
months of fiscal year 2020 ended December
31, 2019.
Third Quarter of Fiscal 2020 Highlights
- Revenues increased by 31.7% year over year ("YoY") to
RMB334.7 million ($48.1 million).
- New subscribers and accumulated subscriber base were 23,387 and
815,000[1], respectively.
- Gross profit increased by 37.5% YoY to RMB283.1 million ($40.7
million), and gross margin improved from 81.0% in the prior
year period to 84.6%.
- Operating income increased by 65.1% YoY to RMB152.9 million ($22.0
million), and operating margin improved from 36.4% in the
prior year period to 45.7%.
- Operating income before depreciation and amortization
("non-GAAP operating income[2]") increased by 56.7% YoY
to RMB165.0 million ($23.7 million).
- Net income attributable to the Company's shareholders jumped
136.3% to RMB145.0 million
($20.8 million) as a result of the
new processing fee pricing and an increase in fair value of equity
securities.
- Net cash provided by operating activities was RMB156.0 million ($22.4
million).
First Nine Months of Fiscal 2020 Highlights
- Revenues increased by 25.4% YoY to RMB921.6 million ($132.4
million).
- New subscriber sign-ups were 65,753, and accumulated subscriber
base expanded to 815,000[1].
- Gross profit increased by 30.1% YoY to RMB776.0 million ($111.5
million).
- Operating income increased by 39.9% YoY to RMB409.7 million ($58.8
million).
- Non-GAAP operating income[2] increased by 34.5% YoY
to RMB446.7 million ($64.2 million).
- Net income attributable to the Company's shareholders increased
by 86.8% to RMB373.7 million
($53.7 million).
- Net cash provided by operating activities for the first nine
months of fiscal 2020 was RMB534.0
million ($76.7 million).
"Our results this quarter were in line with management
expectations despite difficulties we faced from cautious consumer
sentiment," said Ms. Ting Zheng, Chairperson and Chief Executive
Officer of GCBC. "In view of the impact of the coronavirus on the
next fiscal quarter and likely the next fiscal year, the
uncertainties surrounding updated regulations on the cord blood
banking industry in China, and
prolonged consumer caution on spending compounded by traditionally
soft newborn numbers in the Year of the Mouse, we will remain agile
in order to navigate through tough waters in the short term while
accelerating our business development activities to expand our
service offerings and alleviate business concentration risks."
Summary – Third
Quarter and First Nine Months Ended December 31, 2018 and
2019
|
|
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
(in
thousands)
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
254,178
|
|
334,733
|
48,082
|
|
735,103
|
|
921,572
|
132,376
|
Gross
Profit
|
|
205,947
|
|
283,127
|
40,669
|
|
596,451
|
|
775,902
|
111,452
|
Operating
Income[3]
|
|
92,595
|
|
152,873
|
21,959
|
|
292,803
|
|
409,694
|
58,848
|
Change in Fair Value
of
Equity Securities
|
|
(28,385)
|
|
8,047
|
1,156
|
|
(68,651)
|
|
10,983
|
1,578
|
Net Income
Attributable to
the Company's
Shareholders
|
|
61,360
|
|
145,013
|
20,830
|
|
200,016
|
|
373,710
|
53,681
|
Earnings per
Ordinary
Share
(RMB/US$)
– Basic
|
|
0.51
|
|
1.19
|
0.17
|
|
1.66
|
|
3.07
|
0.44
|
–
Diluted
|
|
0.51
|
|
1.19
|
0.17
|
|
1.65
|
|
3.07
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
Revenues Breakdown
(%)
|
|
|
|
|
|
|
|
|
|
|
Processing Fees
and
Other Services
|
|
61.9%
|
|
65.3%
|
|
|
61.5%
|
|
63.6%
|
|
Storage
Fees
|
|
38.1%
|
|
34.7%
|
|
|
38.5%
|
|
36.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Subscribers
(persons)
|
|
23,663
|
|
23,387
|
|
|
67,172
|
|
65,753
|
|
Total Accumulated
Subscribers (persons)
|
|
728,279
|
|
815,000[1]
|
|
|
728,279
|
|
815,000[1]
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary – Selected
Cash Flow Statement Items
|
|
|
|
Three Months Ended
December 31,
|
|
Nine Months Ended
December 31,
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
(in
thousands)
|
|
RMB
|
|
RMB
|
US$
|
|
RMB
|
|
RMB
|
US$
|
Net cash provided
by
|
|
183,689
|
|
156,031
|
22,413
|
|
570,623
|
|
534,042
|
76,710
|
operating
activities
|
Net cash used
in
|
|
(13,754)
|
|
(139,806)
|
(20,082)
|
|
(29,702)
|
|
(145,035)
|
(20,833)
|
investing
activities
|
Net cash used
in
|
|
-
|
|
-
|
-
|
|
(18,173)
|
|
(4,039)
|
(580)
|
financing
activities
|
Third Quarter of Fiscal 2020 Financial Results
REVENUES. Revenues increased by 31.7% YoY to
RMB334.7 million ($48.1 million) in the third quarter of fiscal
2020. The increase was mainly driven by the implementation of a new
processing fee in April 2019 as well
as growth in the Company's total subscriber base.
The Company recruited 23,387 new subscribers during the
reporting quarter. Revenues generated from processing fees and
other services increased by 38.9% YoY to RMB218.5 million ($31.4
million). Revenues from processing fees and other services
as a percentage of total revenues was 65.3% compared to 61.9% in
the prior year period.
Revenues generated from storage fees increased by 20.0% YoY to
RMB116.3 million ($16.7 million) in the reporting quarter. The
accumulated subscriber base as of December
31, 2019, reached 815,000[1].
GROSS PROFIT. Gross profit for the third quarter
increased by 37.5% YoY to RMB283.1
million ($40.7 million). Gross
margin improved to 84.6% from 81.0% in the prior year period,
mainly driven by the increase in processing fees, while raw
material costs continued to rise.
OPERATING INCOME. Operating income for the
reporting quarter increased by 65.1% YoY to RMB152.9 million ($22.0
million), mainly driven by margin expansion as a result of
new processing pricing and steady storage revenue growth. Operating
margin increased by approximately 9 percentage points YoY to 45.7%.
Depreciation and amortization expenses for the third quarter were
RMB12.1 million ($1.7 million) compared to RMB12.7 million in the same period last year.
Non-GAAP operating income[2] increased by 56.7% YoY to
RMB165.0 million ($23.7 million) in the reporting quarter.
Research and Development
Expenses. Research and development expenses amounted to
RMB6.4 million ($0.9 million) compared to RMB3.7 million in the prior year period as the
Company continued to advance its services through improved
technology.
Sales and Marketing
Expenses. Sales and marketing expenses increased by 17.1%
YoY to RMB75.9 million ($10.9 million). The Company continued to
strengthen its sales teams through new recruits and awards under
its incentive schemes. In the reporting quarter, higher marketing
and promotion spending was incurred as the Company dedicated more
resources to promote public awareness among potential clients.
Sales and marketing expenses as a percentage of revenues was 22.7%,
down by 2.8 percentage points from the prior year period but up by
2.0 percentage points from the previous quarter.
General and Administrative
Expenses. General and administrative expenses
amounted to RMB47.9 million
($6.9 million) compared to
RMB44.8 million in the same quarter
last year as the increase in labor costs outgrew cost savings
mechanisms and lower provisions. General and administrative
expenses as a percentage of revenues declined by 3.3 percentage
points YoY to 14.3% in the reporting quarter.
OTHER INCOME AND EXPENSES.
Change in Fair Value of
Equity Securities. In the third quarter, the Company
recognized an increase in fair value of equity securities, or
"mark-to-market gain," of RMB8.0
million ($1.2 million)
compared to the mark-to-market loss of RMB28.4 million in the prior year period. The
changes were mainly attributable to the valuation of the Company's
investments in equity securities.
NET INCOME ATTRIBUTABLE TO THE COMPANY'S
SHAREHOLDERS. As a result of the new processing fee pricing
and an increase in fair value of equity securities, income before
income tax for the third quarter increased by 128.5% YoY to
RMB171.8 million ($24.7 million). Income tax expense was
RMB25.6 million ($3.7 million). Net income attributable to the
Company's shareholders increased by 136.3% YoY to RMB145.0 million ($20.8
million). Net margin for the reporting quarter improved to
43.3% from 24.1% in the prior year period.
EARNINGS PER SHARE. Basic and diluted earnings per
ordinary share for the third quarter of fiscal 2020 was
RMB1.19 ($0.17).
First Nine Months of Fiscal 2020 Financial Results
For the first nine months of fiscal year 2020, total revenues
increased by 25.4% YoY to RMB921.6
million ($132.4 million). The
increase was mainly attributable to the new processing fee as well
as an increase in the Company's storage fee revenues from its
accumulated subscriber base. Revenues from processing fees and
other services increased by 29.6% YoY to RMB586.4 million ($84.3
million), and revenues from storage fees increased by 18.5%
YoY to RMB335.2 million ($48.1 million). Gross profit increased by 30.1%
YoY to RMB775.9 million ($111.5 million). Operating income increased by
39.9% YoY to RMB409.7 million
($58.8 million). Non-GAAP operating
income[2] increased by 34.5% YoY to RMB446.7 million ($64.2
million). Net income attributable to the Company's
shareholders improved by 86.8% to RMB373.7
million ($53.7 million). Basic
and diluted earnings per ordinary share was RMB3.07 ($0.44). Net cash provided by operating
activities in the first nine months of fiscal 2020 was RMB534.0 million ($76.7
million).
Recent Developments
- On June 4, 2019, the board of
directors of the Company (the "Board") received a non-binding
proposal letter from Cordlife Group Limited ("Cordlife"), a company
listed on the Mainboard of the Singapore Exchange Securities
Trading Limited ("SGX"), pursuant to which Cordlife proposed to
combine the businesses of Cordlife and the Company, by way of a
statutory merger. According to the letter, Cordlife would issue
approximately 2,497.9 million ordinary shares at an issue price of
SGD0.5 per ordinary share in exchange
for all of the outstanding ordinary shares of the Company at
$7.50 per ordinary share. Upon
completion of the proposed transaction, the Company's ordinary
shares would be delisted from the New York Stock Exchange, and
Cordlife ordinary shares would continue to trade on the SGX. On
June 5, 2019, the Board formed a
special committee of independent directors (the "Special
Committee") who are not affiliated with Cordlife to evaluate such
proposal.
On November 11, 2019, the Company
appointed Mr. Jack Chow as an
independent non-executive director ("INED") of the Board. Mr. Chow
has extensive professional experience and a broad network in the
finance and investment industry. He replaced Mr. Mark Chen as a member of the Audit Committee and
Ms. Jennifer Weng as a member of the
Special Committee. Mr. Chow also joined the Board's Compensation
Committee and Nominating and Corporate Governance Committee.
On February 6, 2020, the Company
appointed Mr. Jacky Cheng as an INED
of the Board. Mr. Cheng has extensive professional experience and
knowledge in legal and compliance and Chinese laws. He joined the
Board's Compensation Committee as a member and the Company's
Special Committee as a member. Currently, the Special Committee is
composed of four members, including Mr. Mark Chen, Dr. Ken
Lu, Mr. Jack Chow, and Mr.
Jacky Cheng.
- The Company cautions its shareholders and others considering
trading its ordinary shares that no decisions have been made with
respect to the Company's response to the proposed transaction with
Cordlife. The proposed transaction is still subject to various
conditions, including but not limited to, completion of due
diligence, parties entering into a definitive agreement, and/or
each of Cordlife and the Company obtaining its relevant regulatory
and shareholder approvals. In addition, litigation has been filed
in the Cayman Islands challenging
the proposed transaction. There can be no assurance that any
definitive offer will be made, that any agreement will be executed,
or that this or any other transaction will be approved or
consummated.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on
Thursday, March 12, 2020, to discuss
its financial performance and give a brief overview of the
Company's recent developments, followed by a question and answer
session. Interested parties can access the audio webcast through
the Company's IR website at
http://ir.globalcordbloodcorp.com. A replay of the webcast
will be accessible two hours after the conference call and
available for seven days at the same URL above. Listeners can also
access the call by dialing 1-646-722-4977 or 1-855-824-5644 for US
callers, or +852-3027-6500 for Hong
Kong callers, access code: 66192143#.
[1] During
the three months and nine months ended December 31, 2019, 23,387
and 65,753 new subscribers were recruited, respectively. The
Company reclassified 199 and 1,026 private cord blood units as
donated cord blood units during the three months and nine months
ended December 31, 2019, respectively, after the Company determined
that the recoverability of these prior private cord blood banking
subscribers was remote. Therefore, the Company terminated their
subscription services according to the subscription contracts and
these units are being treated as if they were donated cord blood
units and will be part of the Company's non-current inventories.
Hence, the net accumulated subscriber base was 815,000 as of
December 31, 2019.
|
[2] See exhibit 3 to this press
release for a reconciliation of non-GAAP operating income to
exclude the non-cash items related to the depreciation and
amortization expenses to the comparable financial measure prepared
in accordance with U.S. generally accepted accounting principles
("U.S. GAAP").
|
[3] The reported operating income for
the three months ended December 31, 2018 and 2019 included
depreciation and amortization expenses related to property, plant
and equipment and intangible assets of RMB12.7 million and RMB12.1
million ($1.7 million), respectively. The reported operating income
for the nine months ended December 31, 2018 and 2019 included
depreciation and amortization expenses related to property, plant
and equipment and intangible assets of RMB39.3 million and RMB37.0
million ($5.3 million), respectively.
|
Use of Non-GAAP Financial Measures
GAAP results for the three months and nine months ended
December 31, 2019, include non-cash
items related to depreciation and amortization expenses. To
supplement the Company's unaudited condensed consolidated financial
statements presented on a U.S. GAAP basis, the Company has provided
adjusted financial information excluding the impact of these items
in this press release. The non-GAAP financial measure represents
non-GAAP operating income. Such adjustment is a departure of U.S.
GAAP; however, the Company's management believes that these
adjusted measures provide investors with a better understanding of
how the results relate to the Company's historical performance.
Also, management uses non-GAAP operating income as a measurement
tool for evaluating actual operating performance compared to budget
and prior periods. These adjusted measures should not be considered
an alternative to operating income, or any other measure of
financial performance or liquidity presented in accordance with
U.S. GAAP. These measures are not necessarily comparable to a
similarly titled measure of another company. A reconciliation of
the adjustments to U.S. GAAP results appears in exhibit 3
accompanying this press release. This additional adjusted
information is not meant to be considered in isolation or as a
substitute for U.S. GAAP financials. The adjusted financial
information that the Company provides also may differ from the
adjusted information provided by other companies.
About Global Cord Blood Corporation
Global Cord Blood Corporation is the first and largest umbilical
cord blood banking operator in China in terms of geographical coverage and
the only cord blood banking operator with multiple licenses. Global
Cord Blood Corporation provides cord blood collection, laboratory
testing, hematopoietic stem cell processing and stem cell storage
services. For more information, please visit the Company's website
at: http://www.globalcordbloodcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. These
statements relate to future events or the Company's future
financial performance. The Company has attempted to identify
forward-looking statements by terminology including "anticipates",
"believes", "expects", "can", "continue", "could", "estimates",
"intends", "may", "plans", "potential", "predict", "should" or
"will" or the negative of these terms or other comparable
terminology. These statements are only predictions, uncertainties
and other factors may cause the Company's actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. The information in this press release is not intended
to project future performance of the Company. Although the Company
believes that the expectations reflected in the forward-looking
statements are reasonable, the Company does not guarantee future
results, levels of activity, performance or achievements. The
Company expectations are as of the date this press release is
issued, and the Company does not intend to update any of the
forward-looking statements after the date this press release is
issued to conform these statements to actual results, unless
required by law.
The forward-looking statements included in this press release
are subject to risks, uncertainties and assumptions about the
Company's businesses and business environments. These statements
reflect the Company's current views with respect to future events
and are not a guarantee of future performance. Actual results of
the Company's operations may differ materially from information
contained in the forward-looking statements as a result of risk
factors some of which include, among other things: the effects of
the current 2019-nCoV outbreak, including the inability of the
Company's salesforce to return to work due to current lockdowns
implemented in various cities in the PRC and the imposition by some
hospitals in the PRC of restrictions on entrance to solely to
hospital staff and patients; levels of consumer confidence in the
healthcare services sector generally in the PRC as a result of the
outbreak; the length of the 2019-nCoV outbreak and severity of such
outbreak across the globe; the pace of recovery following the
2019-nCoV outbreak; continued compliance with government
regulations regarding cord blood banking in the People's Republic of China, or PRC and any
other jurisdiction in which the Company conducts its operations;
changing legislation or regulatory environments in the PRC and any
other jurisdiction in which the Company conducts its operations;
the acceptance by subscribers of the Company's different pricing
and payment options and reaction to the introduction of the
Company's premium-quality pricing strategy; demographic trends in
the regions of the PRC in which the Company is the exclusive
licensed cord blood banking operator; labor and personnel
relations; the existence of a significant shareholder able to
influence and direct the corporate policies of the Company; credit
risks affecting the Company's revenue and profitability; changes in
the healthcare industry, including those which may result in the
use of stem cell therapies becoming redundant or obsolete; the
Company's ability to effectively manage its growth, including
maintaining effective controls and procedures and attracting and
retaining key management and personnel; changing interpretations of
generally accepted accounting principles; the availability of
capital resources, including in the form of capital markets
financing opportunities, in light of industry developments
affecting issuers that have pursued a "reverse merger" with an
operating company based in China,
the presence of a new majority shareholder, international pressure
on trade and currency against the PRC and its potential impact on
the PRC consumer behavior, as well as general economic conditions;
the non-binding proposal letter from Cordlife and the potential
transaction contemplated by such letter, and other relevant risks
detailed in the Company's filings with the Securities and Exchange
Commission in the United
States.
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars as of and for the period ended
December 31, 2019 were made at the
noon buying rate of RMB6.9618 to
$1.00 on December 31, 2019 in the City of New York for cable transfers in
Renminbi per U.S. dollar as certified for customs purposes by the
Federal Reserve Bank of New York.
Global Cord Blood Corporation makes no representation that the
Renminbi or U.S. dollar amounts referred to in this press release
could have been or could be converted into U.S. dollars or
Renminbi, at any particular rate or at all.
For more information, please contact:
Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com
ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com
GLOBAL CORD BLOOD
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
As of March and
December 31, 2019
|
|
|
March
31,
|
|
December
31,
|
|
|
2019
|
|
2019
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands
except share data)
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
4,997,861
|
|
5,386,386
|
|
773,706
|
|
Accounts receivable,
less allowance for doubtful accounts
|
|
|
|
|
|
|
(March 31,
2019: RMB89,634; December 31, 2019:
|
|
|
|
|
|
|
RMB113,783
(US$16,344))
|
96,923
|
|
98,102
|
|
14,091
|
|
Inventories
|
27,612
|
|
34,368
|
|
4,937
|
|
Prepaid expenses and
other receivables
|
25,532
|
|
28,235
|
|
4,056
|
|
Total current
assets
|
5,147,928
|
|
5,547,091
|
|
796,790
|
|
Property, plant and
equipment, net
|
545,340
|
|
530,368
|
|
76,182
|
|
Operating lease
right-of-use assets[4]
|
-
|
|
5,325
|
|
765
|
|
Non-current
deposits
|
236,719
|
|
347,511
|
|
49,917
|
|
Non-current accounts
receivable, less allowance for doubtful
|
|
|
|
|
|
|
accounts
(March 31, 2019: RMB74,800; December 31,
|
|
|
|
|
|
|
2019:
RMB72,573 (US$10,424))
|
104,857
|
|
140,817
|
|
20,228
|
|
Inventories
|
77,194
|
|
82,660
|
|
11,873
|
|
Intangible assets,
net
|
97,444
|
|
93,978
|
|
13,499
|
|
Investment in equity
securities at fair value
|
107,362
|
|
123,416
|
|
17,728
|
|
Other equity
investment
|
189,129
|
|
189,129
|
|
27,167
|
|
Deferred tax
assets
|
44,981
|
|
51,199
|
|
7,354
|
|
Total
assets
|
6,550,954
|
|
7,111,494
|
|
1,021,503
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
33,566
|
|
15,615
|
|
2,243
|
|
Accrued expenses and
other payables
|
79,977
|
|
109,408
|
|
15,716
|
|
Operating lease
liabilities[4]
|
-
|
|
3,354
|
|
482
|
|
Deferred
revenue
|
461,986
|
|
436,355
|
|
62,678
|
|
Income tax
payable
|
20,113
|
|
30,358
|
|
4,361
|
|
Total current
liabilities
|
595,642
|
|
595,090
|
|
85,480
|
|
Non-current deferred
revenue
|
2,108,442
|
|
2,260,586
|
|
324,713
|
|
Non-current operating
lease liabilities[4]
|
-
|
|
1,812
|
|
260
|
|
Other non-current
liabilities
|
404,482
|
|
442,388
|
|
63,545
|
|
Deferred tax
liabilities
|
19,626
|
|
18,494
|
|
2,656
|
|
Total
liabilities
|
3,128,192
|
|
3,318,370
|
|
476,654
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Shareholders'
equity of Global Cord Blood
|
|
|
|
|
|
|
Corporation
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
|
-
US$0.0001 par value, 250,000,000 shares authorized,
|
|
|
|
|
|
|
121,687,974 and
121,551,075 shares issued and
|
|
|
|
|
|
|
outstanding as of March
31 and December 31, 2019,
|
|
|
|
|
|
|
respectively
|
83
|
|
83
|
|
12
|
|
Additional paid-in
capital
|
2,101,582
|
|
2,101,582
|
|
301,873
|
|
Treasury stock, at
cost (March 31 and December 31,
|
|
|
|
|
|
|
2019: 136,899 shares,
respectively)
|
(2,815)
|
|
(2,815)
|
|
(404)
|
|
Accumulated other
comprehensive losses
|
(88,738)
|
|
(96,538)
|
|
(13,867)
|
|
Retained
earnings
|
1,407,223
|
|
1,780,933
|
|
255,816
|
|
Total equity
attributable to Global Cord Blood
|
|
|
|
|
|
|
Corporation
|
3,417,335
|
|
3,783,245
|
|
543,430
|
|
Non-controlling
interests
|
5,427
|
|
9,879
|
|
1,419
|
|
Total
equity
|
3,422,762
|
|
3,793,124
|
|
544,849
|
|
Total liabilities
and equity
|
6,550,954
|
|
7,111,494
|
|
1,021,503
|
|
|
[4] Since
April 1, 2019, the Company adopted Accounting Standards Update
Topic 842 using a modified retrospective transition approach which
resulted in the recognition of right-of-use assets and lease
liabilities for operating leases as of April 1, 2019 of
approximately RMB6.9 million and RMB5.8 million,
respectively.
|
GLOBAL CORD BLOOD
CORPORATION
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
For the Three Months
and Nine Months Ended December 31, 2018 and 2019
|
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
Nine months ended
December 31,
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
254,178
|
|
334,733
|
|
48,082
|
|
735,103
|
|
921,572
|
|
132,376
|
Direct costs
|
|
(48,231)
|
|
(51,606)
|
|
(7,413)
|
|
(138,652)
|
|
(145,670)
|
|
(20,924)
|
Gross
profit
|
|
205,947
|
|
283,127
|
|
40,669
|
|
596,451
|
|
775,902
|
|
111,452
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
(3,672)
|
|
(6,404)
|
|
(920)
|
|
(10,053)
|
|
(17,504)
|
|
(2,514)
|
Sales and
marketing
|
|
(64,858)
|
|
(75,936)
|
|
(10,908)
|
|
(167,761)
|
|
(201,453)
|
|
(28,938)
|
General and
administrative
|
|
(44,822)
|
|
(47,914)
|
|
(6,882)
|
|
(125,834)
|
|
(147,251)
|
|
(21,152)
|
Total operating
expenses
|
|
(113,352)
|
|
(130,254)
|
|
(18,710)
|
|
(303,648)
|
|
(366,208)
|
|
(52,604)
|
Operating
income
|
|
92,595
|
|
152,873
|
|
21,959
|
|
292,803
|
|
409,694
|
|
58,848
|
Other
(expenses)/income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
7,168
|
|
6,350
|
|
912
|
|
19,271
|
|
19,072
|
|
2,740
|
Foreign currency
exchange losses
|
|
(2)
|
|
26
|
|
4
|
|
(77)
|
|
(164)
|
|
(24)
|
Change in fair value of
equity securities
|
|
(28,385)
|
|
8,047
|
|
1,156
|
|
(68,651)
|
|
10,983
|
|
1,578
|
Dividend
income
|
|
-
|
|
-
|
|
-
|
|
976
|
|
507
|
|
73
|
Others
|
|
3,799
|
|
4,515
|
|
649
|
|
2,984
|
|
5,277
|
|
758
|
Total other
(expenses)/income,
net
|
|
(17,420)
|
|
18,938
|
|
2,721
|
|
(45,497)
|
|
35,675
|
|
5,125
|
Income before income
tax
|
|
75,175
|
|
171,811
|
|
24,680
|
|
247,306
|
|
445,369
|
|
63,973
|
Income tax
expense
|
|
(13,410)
|
|
(25,644)
|
|
(3,684)
|
|
(44,855)
|
|
(67,207)
|
|
(9,654)
|
Net
income
|
|
61,765
|
|
146,167
|
|
20,996
|
|
202,451
|
|
378,162
|
|
54,319
|
Net
income attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling
interests
|
|
(405)
|
|
(1,154)
|
|
(166)
|
|
(2,435)
|
|
(4,452)
|
|
(638)
|
Net income
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Cord Blood
Corporation's
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
61,360
|
|
145,013
|
|
20,830
|
|
200,016
|
|
373,710
|
|
53,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to
ordinary shares
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic
|
|
0.51
|
|
1.19
|
|
0.17
|
|
1.66
|
|
3.07
|
|
0.44
|
-
Diluted
|
|
0.51
|
|
1.19
|
|
0.17
|
|
1.65
|
|
3.07
|
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income/(loss),
net of nil income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign
currency translation
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
|
828
|
|
(30,953)
|
|
(4,447)
|
|
38,305
|
|
(7,800)
|
|
(1,120)
|
Comprehensive
income
|
|
62,593
|
|
115,214
|
|
16,549
|
|
240,756
|
|
370,362
|
|
53,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
attributable
to non-controlling interests
|
|
(405)
|
|
(1,154)
|
|
(166)
|
|
(2,435)
|
|
(4,452)
|
|
(638)
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to
Global Cord Blood
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation's
shareholders
|
|
62,188
|
|
114,060
|
|
16,383
|
|
238,321
|
|
365,910
|
|
52,561
|
GLOBAL CORD BLOOD
CORPORATION
|
|
|
RECONCILIATION OF
NON-GAAP OPERATING INCOME
|
|
|
For the Three Months
and Nine Months Ended December 31, 2018 and 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
December
31,
|
December
31,
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP amount of
operating
|
|
92,595
|
|
152,873
|
|
21,959
|
|
292,803
|
|
409,694
|
|
58,848
|
income
|
|
Depreciation and
amortization
|
|
12,737
|
|
12,140
|
|
1,744
|
|
39,274
|
|
37,040
|
|
5,320
|
expenses[5]
|
|
Non-GAAP
operating
|
|
105,332
|
|
165,013
|
|
23,703
|
|
332,077
|
|
446,734
|
|
64,168
|
income
|
|
|
|
|
[5] Depreciation and amortization
expenses relate to property, plant and equipment and intangible
assets respectively.
|
|
|
View original
content:http://www.prnewswire.com/news-releases/global-cord-blood-corporation-reports-financial-results-for-the-third-quarter-and-first-nine-months-of-fiscal-2020-301021387.html
SOURCE Global Cord Blood Corporation