Added 18,488 New Subscribers in
4Q20
4Q20 Revenues Increased by 19.2% YoY to RMB299.9 Million ($42.4
Million)
4Q20 Operating Income
Increased by 68.1% YoY to RMB149.3 Million
($21.1
Million)
Non-GAAP Operating Income Up 58.7% YoY to
RMB161.7 Million ($22.8 Million)
Conference Call to be
Held on June 30, 2020
at 8:00 a.m. ET
HONG
KONG, June 29, 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 fourth
quarter and full year of fiscal year 2020 ended March 31, 2020.
Fourth Quarter of Fiscal 2020
Highlights
- Fourth quarter revenues increased by 19.2% year over year
("YoY") to RMB299.9 million
($42.4 million).
- New subscribers were 18,488, and the accumulated subscriber
base expanded to 833,094[1].
- Gross profit increased by 25.5% YoY to RMB256.4 million ($36.2
million). Gross margin increased to 85.5% from 81.2% in the
prior year period on the back of a higher processing fee since
April 2019.
- Operating income increased by 68.1% YoY to RMB149.3 million ($21.1
million). Operating margin improved to 49.8% from 35.3% in
the prior year period, achieved mainly through higher gross profit
and measures taken to curb operating expenses.
- Operating income before depreciation and amortization expense
("non-GAAP operating income[2]") increased by 58.7% YoY to
RMB161.7 million ($22.8 million).
- Net income attributable to the Company's shareholders increased
by 6.5% YoY to RMB97.0 million
($13.7 million), after taking into
account fair value losses of equity securities and higher income
tax expense.
- Net cash provided by operating activities decreased by 59.4%
YoY to RMB90.0 million ($12.7 million) due to the impact from the 2019
novel coronavirus ("COVID-19") pandemic, as it remained challenging
to recruit new subscribers.
Full Year Fiscal 2020 Highlights
- Revenues increased by 23.8% YoY to RMB1,221.5 million ($172.5
million).
- New subscriber sign-ups were 84,241 and the accumulated
subscriber base expanded to 833,094[1].
- Gross profit increased by 28.9% YoY to RMB1,032.3 million ($145.8
million).
- Operating income increased by 46.5% to RMB559.0 million ($79.0
million).
- Non-GAAP operating income[2] improved by 40.2% to RMB608.5 million ($85.9
million).
- Net income attributable to the Company's shareholders increased
by 61.7% YoY to RMB470.7 million
($66.5 million).
- Net cash provided by operating activities was down by 21.2% YoY
to RMB624.0 million ($88.1 million).
"Despite the difficult market conditions resulting from the
unprecedented COVID-19 pandemic and a continued decrease in newborn
numbers in the markets in which we operate, we managed to recruit
over 84,000 new subscribers during fiscal 2020 and achieved our
full-year target," said Ms. Ting Zheng, Chairperson and Chief
Executive Officer of GCBC. "As the impact of COVID-19 lingers,
hospitals in China have
implemented strict access rules, and consumers remain cautious on
inter-personal contact and discretionary spending. In addition, the
regulatory uncertainties of the cord blood banking industry in
China continue to exist.
Therefore, we believe that the business environment for the next
fiscal year will remain challenging. However, we will continue to
execute on our strategy to overcome the short-term challenges,
focus on achieving operational targets, and explore business
opportunities to pave a solid path for our long-term
development."
Summary –
Fourth Quarter and Full Year Ended
March 31, 2019 and 2020
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Year Ended March
31,
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
(In
thousands)
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues
|
251,651
|
|
299,888
|
|
42,352
|
|
986,754
|
|
1,221,460
|
|
172,503
|
Gross Profit
|
204,276
|
|
256,430
|
|
36,215
|
|
800,727
|
|
1,032,332
|
|
145,793
|
Operating
Income[3]
|
88,854
|
|
149,339
|
|
21,091
|
|
381,657
|
|
559,033
|
|
78,950
|
Change in Fair
Value
|
|
|
|
|
|
|
|
|
|
|
|
of Equity
Securities
|
11,526
|
|
(24,155)
|
|
(3,411)
|
|
(57,125)
|
|
(13,172)
|
|
(1,860)
|
Net Income
Attributable
|
|
|
|
|
|
|
|
|
|
|
|
to the
Company's
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders
|
91,108
|
|
97,007
|
|
13,701
|
|
291,124
|
|
470,717
|
|
66,477
|
Earnings per
Share
|
|
|
|
|
|
|
|
|
|
|
|
– Basic
(RMB/US$)
|
0.74
|
|
0.80
|
|
0.11
|
|
2.40
|
|
3.87
|
|
0.55
|
– Diluted
(RMB/US$)
|
0.74
|
|
0.80
|
|
0.11
|
|
2.40
|
|
3.87
|
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Breakdown
(%)
|
|
|
|
|
|
|
|
|
|
|
|
Processing
Fees
|
|
|
|
|
|
|
|
|
|
|
|
and Other
Services
|
59.1%
|
|
61.1%
|
|
|
|
60.9%
|
|
63.0%
|
|
|
Storage Fees
|
40.9%
|
|
38.9%
|
|
|
|
39.1%
|
|
37.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Subscribers
|
|
|
|
|
|
|
|
|
|
|
|
(persons)
|
22,194
|
|
18,488
|
|
|
|
89,366
|
|
84,241
|
|
|
Total
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
Subscribers
|
|
|
|
|
|
|
|
|
|
|
|
(persons)
|
750,273
|
|
833,094[1]
|
|
|
|
750,273
|
|
833,094[1]
|
|
|
Summary – Selected
Cash Flow Statement Items
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
Year Ended March 31,
|
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
(In
thousands)
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net cash provided
by operating
activities
|
|
221,495
|
|
89,962
|
|
12,704
|
|
792,118
|
|
624,004
|
|
88,124
|
Net cash used
in
investing activities
|
|
(508)
|
|
(1,026)
|
|
(144)
|
|
(30,210)
|
|
(146,061)
|
|
(20,626)
|
Net cash used
in
financing activities
|
|
(3,019)
|
|
-
|
|
-
|
|
(21,192)
|
|
(4,039)
|
|
(570)
|
Fourth Quarter of Fiscal 2020 Financial Results
REVENUES. Revenues in the fourth quarter of fiscal
2020 increased by 19.2% YoY to RMB299.9
million ($42.4 million). The
growth was mainly driven by the implementation of a new processing
fee in April 2019 as well as the
expansion of the total subscriber base.
During the reporting quarter, despite the COVID-19 pandemic
affecting the Company's operations, 18,488 new subscribers were
recruited. Revenues generated from processing fees and other
services in the fourth quarter increased by 23.3% YoY to
RMB183.4 million ($25.9 million). As a percentage of revenues,
revenues generated from processing fees and other services
accounted for 61.1% compared to 59.1% in the prior year period.
The Company's accumulated subscriber base reached
833,094[1] by the end of
March 2020, and revenues generated
from storage fees increased by 13.1% YoY to RMB116.5 million ($16.5
million). Storage fees revenues accounted for 38.9% of the
total revenues, down from 40.9% in the prior year period.
GROSS PROFIT. Gross profit for the fourth quarter
of fiscal 2020 increased by 25.5% YoY to RMB256.4 million ($36.2
million). As a result of the boosting effect from the new
processing fee, gross margin expanded to 85.5% from 81.2% in the
prior year period.
OPERATING INCOME and NON-GAAP OPEARTING
INCOME[2].
Fourth quarter operating income increased by 68.1% YoY to
RMB149.3 million ($21.1 million) as a result of increased gross
profit and the implementation of cost saving measures. Depreciation
and amortization expenses for the reporting quarter was
RMB12.4 million ($1.8 million) compared to RMB13.1 million in prior year period. Fourth
quarter non-GAAP operating income[2] improved by 58.7% YoY to
RMB161.7 million ($22.8 million). Non-GAAP operating margin
improved to 53.9% from 40.5% in the prior year period.
Research and Development
Expenses. Research and development expenses for the fourth
quarter amounted to RMB3.6 million
($0.5 million), representing a 22.2%
decline YoY.
Sales and Marketing
Expenses. Sales and marketing expenses for the fourth
quarter was down by 10.1% YoY to RMB60.5
million ($8.5 million). The
decrease was mainly driven by a decrease in staff and
performance-related costs as well as a halt to non-essential
marketing and promotional activities due to the COVID-19 pandemic.
As a percentage of revenues, sales and marketing expenses decreased
from 26.7% in the prior year period to 20.2% in the reporting
period.
General and Administrative
Expenses. General and administrative expenses for the
fourth quarter decreased to RMB43.0
million ($6.1 million) from
RMB43.5 million in the prior year
period and from RMB47.9 million in
the prior quarter, the net effect of which was mainly driven by
reductions in costs for staff and provisions. General and
administrative expenses as a percentage of revenues decreased to
14.3% from 17.3% from the prior year period.
OTHER INCOME AND EXPENSES.
Change in Fair Value of
Equity Securities. In the reporting quarter, the Company
recognized a decrease in fair value of equity securities, or
"mark-to-market losses," of RMB24.2
million ($3.4 million)
compared to mark-to-market gains of RMB11.5
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 increase in operating
income, netted by a decrease in fair value of equity securities and
an increase in income tax expense, net income attributable to the
Company's shareholders for the reporting period increased by 6.5%
YoY to RMB97.0 million ($13.7 million). Net margin for the fourth quarter
of fiscal 2020 was 32.3%.
EARNINGS PER SHARE. Basic and diluted earnings per
ordinary share for the fourth quarter of fiscal 2020 improved to
RMB0.80 ($0.11).
Full Year Fiscal 2020 Financial Results
For the full year fiscal 2020, total revenues increased by 23.8%
YoY to RMB1,221.5 million
($172.5 million). The increase was
mainly attributable to the application of a new processing fee as
well as growth in storage fee revenues. Revenues from processing
fees and other services increased by 28.1% YoY to RMB769.8 million ($108.7
million), and revenues from storage fees increased by 17.1%
YoY to RMB451.7 million ($63.8 million). Gross profit increased by 28.9%
YoY to RMB1,032.3 million
($145.8 million). Operating income
increased by 46.5% YoY to RMB559.0
million ($79.0 million).
Non-GAAP operating income[2] improved by 40.2% YoY to
RMB608.5 million ($85.9 million). Net income attributable to the
Company's shareholders increased by 61.7% to RMB470.7 million ($66.5
million). Basic and diluted earnings per ordinary share
increased to RMB3.87 ($0.55). Net cash provided by operating
activities in the full year of fiscal 2020 was RMB624.0 million ($88.1
million) compared to RMB792.1
million in the prior year.
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.
|
|
|
|
|
[1] During
the three months and year ended March 31, 2020, 18,488 and 84,241
new subscribers were recruited, respectively. The Company
reclassified 394 and 1,420 private cord blood units as donated cord
blood units during the three months and year ended March 31, 2020,
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 833,094 as of March 31,
2020.
|
|
[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 March 31, 2019
and 2020 included depreciation and amortization expenses related to
property, plant and equipment and intangible assets of RMB13.1
million and RMB12.4 million ($1.8 million), respectively. The
reported operating income for the year ended March 31, 2019 and
2020 included depreciation and amortization expenses related to
property, plant and equipment and intangible assets of RMB52.4
million and RMB49.4 million ($7.0 million),
respectively.
|
Conference Call
The Company will host a conference call at 8:00 a.m. ET on Tuesday, June 30, 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 link
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:
50605287#.
Use of Non-GAAP Financial Measures
GAAP results for the three months and year ended March 31, 2020, 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 COVID-19 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 COVID-19 outbreak and severity of such
outbreak across the globe; the pace of recovery following the
COVID-19 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 legislative developments in the U.S. affecting listed
issuers whose independent registered public accounting firms are
based in China and not subject to
U.S. Public Company Accounting Oversight Board inspections,
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 periods ended
March 31, 2020 were made at the noon
buying rate of RMB7.0808 to
$1.00 on March
31, 2020 in the City of New
York for cable transfers in Renminbi per U.S. dollar as
certified for customs purposes by the Federal Reserve Bank of
New York. Global Cord Blood
Corporation makes no representation that the Renminbi or U.S.
dollar amounts referred to in this press release could have been or
could be converted into U.S. dollars or Renminbi, at any particular
rate or at all.
For more information, please contact:
Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com
ICR, Inc.
Mr. William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: william.zima@icrinc.com
EXHIBIT
1
|
|
|
|
GLOBAL CORD BLOOD
CORPORATION
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
As of March 31, 2019 and
2020
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
2019
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands except share
data)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
4,997,861
|
|
5,473,373
|
|
772,988
|
|
Accounts receivable,
less allowance for
doubtful
accounts
|
|
|
|
|
|
|
|
(March 31,
2019: RMB89,634;
|
|
|
|
|
|
|
|
March 31,
2020: RMB111,869 (US$15,799))
|
|
96,923
|
|
104,251
|
|
14,723
|
|
Inventories
|
|
27,612
|
|
43,758
|
|
6,180
|
|
Prepaid expenses and
other receivables
|
|
25,532
|
|
44,785
|
|
6,325
|
|
Total current
assets
|
|
5,147,928
|
|
5,666,167
|
|
800,216
|
|
Property, plant and
equipment, net
|
|
545,340
|
|
522,679
|
|
73,817
|
|
Operating lease
right-of-use assets[4]
|
|
-
|
|
4,548
|
|
642
|
|
Non-current
deposits
|
|
236,719
|
|
347,360
|
|
49,057
|
|
Non-current accounts
receivable, less
allowance for doubtful accounts
(March 31, 2019: RMB74,800;
|
|
|
|
|
|
|
|
March 31,
2020: RMB71,421 (US$10,087))
|
|
104,857
|
|
160,031
|
|
22,600
|
|
Inventories
|
|
77,194
|
|
85,109
|
|
12,020
|
|
Intangible assets,
net
|
|
97,444
|
|
92,823
|
|
13,109
|
|
Investment in equity
securities at fair value
|
|
107,362
|
|
101,306
|
|
14,307
|
|
Other equity
investment
|
|
189,129
|
|
189,129
|
|
26,710
|
|
Deferred tax
assets
|
|
44,981
|
|
50,701
|
|
7,160
|
|
Total
assets
|
|
6,550,954
|
|
7,219,853
|
|
1,019,638
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
33,566
|
|
19,992
|
|
2,823
|
|
Accrued expenses and
other payables
|
|
79,977
|
|
113,989
|
|
16,099
|
|
Operating lease
liabilities[4]
|
|
-
|
|
1,717
|
|
242
|
|
Deferred
revenue
|
|
461,986
|
|
402,751
|
|
56,879
|
|
Income tax
payable
|
|
20,113
|
|
32,329
|
|
4,566
|
|
Total current
liabilities
|
|
595,642
|
|
570,778
|
|
80,609
|
|
Non-current deferred
revenue
|
|
2,108,442
|
|
2,289,762
|
|
323,376
|
|
Non-current operating
lease liabilities[4]
|
|
-
|
|
1,782
|
|
252
|
|
Other non-current
liabilities
|
|
404,482
|
|
450,900
|
|
63,679
|
|
Deferred tax
liabilities
|
|
19,626
|
|
18,140
|
|
2,562
|
|
Total
liabilities
|
|
3,128,192
|
|
3,331,362
|
|
470,478
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Shareholders'
equity of Global Cord Blood Corporation
|
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
|
|
US$0.0001 par
value, 250,000,000 shares authorized,
|
|
|
|
|
|
|
|
121,687,974
and 121,551,075 shares issued and outstanding
|
|
|
|
|
|
|
|
as of March
31, 2019 and 2020, respectively
|
|
83
|
|
83
|
|
12
|
|
Additional paid-in
capital
|
|
2,101,582
|
|
2,101,582
|
|
296,801
|
|
Treasury stock, at
cost (March 31, 2019 and 2020: 136,899
|
|
|
|
|
|
|
|
shares,
respectively)
|
|
(2,815)
|
|
(2,815)
|
|
(398)
|
|
Accumulated other
comprehensive losses
|
|
(88,738)
|
|
(94,663)
|
|
(13,369)
|
|
Retained
earnings
|
|
1,407,223
|
|
1,877,940
|
|
265,215
|
|
Total equity
attributable to Global Cord Blood
Corporation
|
|
3,417,335
|
|
3,882,127
|
|
548,261
|
|
Non-controlling
interests
|
|
5,427
|
|
6,364
|
|
899
|
|
Total
equity
|
|
3,422,762
|
|
3,888,491
|
|
549,160
|
|
Total liabilities
and equity
|
|
6,550,954
|
|
7,219,853
|
|
1,019,638
|
|
|
|
|
|
|
|
|
|
|
|
[4] Since
April 1, 2019, the Company adopted Accounting Standards Update
Topic 842 using a modified retrospective transition approach which
resulted in the recognition of right-of-use assets and lease
liabilities for operating leases as of April 1, 2019 of
approximately RMB6.9 million and RMB5.8 million,
respectively.
|
EXHIBIT
2
|
|
|
|
GLOBAL CORD BLOOD
CORPORATION
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
For the Three Months and Year
Ended March 31, 2019 and 2020
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
Year ended March 31,
|
|
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(in thousands except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
251,651
|
|
299,888
|
|
42,352
|
|
986,754
|
|
1,221,460
|
|
172,503
|
|
Direct costs
|
|
(47,375)
|
|
(43,458)
|
|
(6,137)
|
|
(186,027)
|
|
(189,128)
|
|
(26,710)
|
|
Gross
profit
|
|
204,276
|
|
256,430
|
|
36,215
|
|
800,727
|
|
1,032,332
|
|
145,793
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
development
|
|
(4,635)
|
|
(3,605)
|
|
(509)
|
|
(14,688)
|
|
(21,109)
|
|
(2,981)
|
|
Sales and
marketing
|
|
(67,301)
|
|
(60,505)
|
|
(8,545)
|
|
(235,062)
|
|
(261,958)
|
|
(36,996)
|
|
General and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
administrative
|
|
(43,486)
|
|
(42,981)
|
|
(6,070)
|
|
(169,320)
|
|
(190,232)
|
|
(26,866)
|
|
Total
operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses
|
|
(115,422)
|
|
(107,091)
|
|
(15,124)
|
|
(419,070)
|
|
(473,299)
|
|
(66,843)
|
|
Operating
income
|
|
88,854
|
|
149,339
|
|
21,091
|
|
381,657
|
|
559,033
|
|
78,950
|
|
Other
income/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expenses),
net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
6,049
|
|
6,287
|
|
888
|
|
25,320
|
|
25,359
|
|
3,581
|
|
Foreign
currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
exchange
gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(losses)
|
|
15
|
|
(139)
|
|
(20)
|
|
(62)
|
|
(303)
|
|
(43)
|
|
Change in fair value
of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
securities
|
|
11,526
|
|
(24,155)
|
|
(3,411)
|
|
(57,125)
|
|
(13,172)
|
|
(1,860)
|
|
Dividend
income
|
|
-
|
|
-
|
|
-
|
|
976
|
|
507
|
|
72
|
|
Others
|
|
2,711
|
|
2,111
|
|
298
|
|
5,695
|
|
7,388
|
|
1,043
|
|
Total other
income/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expenses), net
|
|
20,301
|
|
(15,896)
|
|
(2,245)
|
|
(25,196)
|
|
19,779
|
|
2,793
|
|
Income
before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
tax
|
|
109,155
|
|
133,443
|
|
18,846
|
|
356,461
|
|
578,812
|
|
81,743
|
|
Income tax
expense
|
|
(16,405)
|
|
(33,877)
|
|
(4,784)
|
|
(61,260)
|
|
(101,084)
|
|
(14,276)
|
|
Net
income
|
|
92,750
|
|
99,566
|
|
14,062
|
|
295,201
|
|
477,728
|
|
67,467
|
|
Net income
attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
non-controlling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests
|
|
(1,642)
|
|
(2,559)
|
|
(361)
|
|
(4,077)
|
|
(7,011)
|
|
(990)
|
|
Net
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Cord
Blood
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporation's
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
91,108
|
|
97,007
|
|
13,701
|
|
291,124
|
|
470,717
|
|
66,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ordinary
shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic
|
|
0.74
|
|
0.80
|
|
0.11
|
|
2.40
|
|
3.87
|
|
0.55
|
|
-
Diluted
|
|
0.74
|
|
0.80
|
|
0.11
|
|
2.40
|
|
3.87
|
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(losses)/income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of nil income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign
currency
translation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
adjustments
|
|
(10,073)
|
|
1,875
|
|
265
|
|
28,232
|
|
(5,925)
|
|
(837)
|
|
Comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
|
|
82,677
|
|
101,441
|
|
14,327
|
|
323,433
|
|
471,803
|
|
66,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to
non-controlling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interests
|
|
(1,642)
|
|
(2,559)
|
|
(361)
|
|
(4,077)
|
|
(7,011)
|
|
(990)
|
|
Comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income
attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to Global
Cord
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blood
Corporation's
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
81,035
|
|
98,882
|
|
13,966
|
|
319,356
|
|
464,792
|
|
65,640
|
|
EXHIBIT
3
|
|
GLOBAL CORD BLOOD
CORPORATION
|
RECONCILIATION OF
NON-GAAP OPERATING INCOME
|
For the Three Months
and Year Ended March 31, 2019 and 2020
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
Year ended March
31,
|
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP amount
of
|
|
|
|
|
|
|
|
|
|
|
|
|
operating income
|
|
88,854
|
|
149,339
|
|
21,091
|
|
381,657
|
|
559,033
|
|
78,950
|
Depreciation and
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses[5]
|
|
13,091
|
|
12,409
|
|
1,752
|
|
52,365
|
|
49,449
|
|
6,984
|
Non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
operating income
|
|
101,945
|
|
161,748
|
|
22,843
|
|
434,022
|
|
608,482
|
|
85,934
|
|
|
|
|
|
|
[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-fourth-quarter-and-full-year-of-fiscal-2020-301084919.html
SOURCE Global Cord Blood Corporation