SHENZHEN, China, Nov. 20, 2012 /PRNewswire/ -- Noah Education
Holdings Ltd. ("Noah" or the "Company") (NYSE: NED), a leading
provider of education services in China, today announced its unaudited financial
results for the first quarter of fiscal year ending
September 30, 2012.
First Quarter Fiscal 2013 Highlights
(compared to first quarter fiscal 2012)
- Net revenue increased 13.5% year-over-year to RMB38.8 million (US$6.2
million)
- Gross profit decreased by 7.1% year-over-year to RMB15.1 million (US$2.4
million), and gross profit margin was 38.9%
- Operating loss was RMB5.2 million
(US$0.8 million) as compared to an
operating loss of RMB1.9 million
- Net loss was RMB0.07 million
(US$0.01 million) as compared to a
net income of RMB1.8 million
- Non-GAAP net income, excluding share based compensation
expenses, was RMB0.4 million
(US$0.07 million) as compared to
non-GAAP net income of RMB2.7
million
- Basic and diluted earnings per share were RMB0.01(US$0.002)
as compared to basic and diluted earnings per share of RMB0.02
- Non-GAAP basic and diluted earnings per share were RMB0.03 (US$0.004)
as compared to a non-GAAP basic and diluted loss per share of
RMB0.05.
Acquisition of Kindergartens from DKK Consulting and
Acquisition of Kindergarten Operator –Xiaoxiao Consulting,
Completed in November 2012
Yuanbo Education, one of the brands operated by Noah, has
completed the acquisition of four kindergartens from Dai Dai Kang
Enterprise Management Consulting Co., Ltd. ("DDK Consulting"), and
the acquisition of a 100% interest in Hangzhou Xiaoxiao Kids Art
and Education Consulting Co., Ltd. ("Xiaoxiao Consulting"), for a
total consideration of RMB46.26
million (US$7.36 million) in
November 2012. We expect the acquired
kindergartens from DKK Consulting and the operations of XiaoXiao
Consulting to contribute a total revenue of RMB22 million - RMB25 million for fiscal year
2013.
DDK Consulting
The four kindergartens acquired from DDK Consulting are located
in Tongxiang and Jiaxing city, Zhejiang province. These kindergartens have a
total student enrollment of 1,350 with over 200 staff members. The
purchase consideration of RMB14.5
million (US$2.3 million) was
funded from the Company's cash reserve.
Xiaoxiao Consulting
Xiaoxiao Consulting operates six kindergartens and one
children's arts and music training center in Hangzhou and has a total student enrollment of
approximately 1,500 with over 200 staff members. The consideration
of RMB31.76 million (US$5.05 million) was funded from the Company's
cash reserve.
Commenting on the results, Dong
Xu, Chairman and Chief Executive Officer of Noah, said, "We
are pleased to deliver another quarter of solid performance driven
by our primary and secondary school segment with increasing revenue
contribution from the ramp up of new schools and expanded
capacities from mature schools.
Mr. Xu continued, "I am also very excited to announce the
successful acquisition of the kindergartens from DKK Consulting and
the acquisition of XiaoXiao Consulting in this quarter. Following
on from this we plan on opening another 4 new kindergartens next
quarter, reinforcing the continued success of our core strategy to
expand the kindergarten portfolio. With the anticipated new
additions, we are pleased to be able to revise our guidance upward
to reflect the contribution from these new schools."
"Our strategy remains firmly focused on driving our growth
organically and through acquisitions, with the ultimate goal of
delivering long-term value to our shareholders."
Dora Li, Chief Financial Officer,
added, "The first quarter is usually the low season for schools and
kindergartens because of the summer break. In the first
quarter of fiscal 2013, we incurred a full month of cost from
Yuanbo in July, which was consolidated into the group starting
August last year. As a result, this drags down our overall gross
margin for the first quarter of fiscal 2013. While we
continue our focus on organic and acquisitive growth and ramping up
existing schools, we are confident that we will achieve a healthy
gross margin and breakeven at operating level for full year fiscal
2013."
First Quarter of Fiscal Year
2013 Financial Results
Net revenue
Net revenue for the first quarter of fiscal 2013 increased 13.5%
year-over-year to RMB38.8 million
(US$6.2 million) from RMB34.2 million. The year over year increase was
driven mainly by contributions from the primary and secondary
school segment.
In terms of revenue breakdown by business lines, revenue from
kindergartens increased 3.2% year-over-year to RMB15.9 million (US$2.5
million) from RMB15.4 million.
Revenue from primary and secondary schools increased 56.0%
year-over-year to RMB11.7 million
(US$1.9 million) from RMB7.5 million. Revenue from supplemental
education, which includes English training courses and the sale of
teaching materials, decreased by 0.9% year-over-year to
RMB11.2 million (US$1.8 million) from RMB11.3 million, as the sale of teaching
materials was slow in this quarter.
Services
|
Q1FY2013
|
Q1FY2012
|
Revenue
(RMB million)
|
Percentage
of
net revenue
|
Revenue
(RMB million)
|
Percentage
of
net revenue
|
Kindergartens
|
15.9
|
41.1%
|
15.4
|
45.0%
|
Primary
and secondary schools
|
11.7
|
30.2%
|
7.5
|
22.0%
|
Supplemental education
|
11.2
|
28.7%
|
11.3
|
33.0%
|
Total
|
38.8
|
100.0%
|
34.2
|
100.0%
|
Gross profit and gross profit margin
Gross profit for the first quarter of fiscal 2013 decreased by
7.1% year-over-year to RMB15.1
million (US$2.4 million) from
RMB16.2 million. Gross profit margin
for the first quarter of fiscal 2013 was 38.9%, compared to 47.5%
in the first quarter of fiscal 2012. The contraction in margins
reflected the inclusion of a full first quarter of expenses from
Yuanbo for fiscal 2013, along with an average 10% increase in staff
costs and a change in revenue mix towards an expanded portfolio of
kindergartens. The increase in staff costs was necessary for the
Company to retain key talent and maintain its competitiveness.
Operating expenses
Total operating expenses for the first quarter of fiscal 2013
was RMB23.9 million (US$3.8 million) as compared to RMB22.7 million in the first quarter of fiscal
2012.
Research and development ("R&D") expenses for the first
quarter of fiscal 2013 was RMB0.6
million (US$0.1 million) as
compared to RMB0.7 million in the
same period of fiscal 2012. As a percentage of net revenue, R&D
expenses decreased to 1.5% in the first quarter of fiscal 2013 from
2.0% in the same quarter of fiscal 2012. The R&D investment is
focused on the development of teaching materials.
Sales and marketing ("S&M") expenses for the first quarter
were RMB1.6 million (US$0.3 million) as compared to RMB1.5 million in the same quarter of fiscal
2012. As a percentage of net revenue, S&M expenses decreased to
4.2% in the first quarter of fiscal 2013, compared to 4.4% in the
same period of fiscal 2012.
General and administrative ("G&A") expenses for the first
quarter of fiscal 2013 were RMB21.6
million (US$3.4 million) as
compared to RMB20.5 million in the
same period of fiscal 2012. As a percentage of net revenue, G&A
expenses decreased to 55.7% in the first quarter of fiscal 2013,
compared to 60.0% in the same period of fiscal 2012. The continuous
decrease in G&A expenses to net revenue continued to reflect
the improvement of the Company's operational leverage with the
expansion of revenue scale.
Other operating income
Other operating income for the first quarter of fiscal 2013
decreased by 21.8% year-over-year to RMB3.6
million (US$0.6 million) from
RMB4.6 million in the first quarter
of fiscal 2012. The decrease was mainly due to a drop in summer
camp income from primary and secondary school services.
Operating loss
Operating loss for the first quarter of fiscal 2013 was
RMB5.2 million (US$0.8 million), compared to an operating loss of
RMB1.9 million in the first quarter
of fiscal 2012.
Non-operating income
Interest income for the first quarter of fiscal 2013 was
RMB0.4 million (US$0.06 million), compared to RMB0.3 million in the first quarter of fiscal
2012. Investment income for the first quarter of fiscal 2013 was
RMB4.7 million (US$0.7 million), compared to RMB3.4 million in the first quarter of fiscal
2012. Other non-operating income for the first quarter of fiscal
2012 was RMB1,146 (US$182), compared to RMB1.6 million in the same period of fiscal
2012.
Income tax expenses
Income tax benefit for the first quarter of fiscal 2013 were
RMB0.1 million (US$0.02 million), compared to an expense of
RMB1.6 million for the same period in
fiscal 2012.
Net loss
Net loss for the first quarter of fiscal 2013 was RMB0.07 million (US$0.01
million), compared to a net income of RMB1.8 million in the same period of fiscal 2012.
Basic and diluted earnings per share were RMB0.01 (US$0.002),
compared to basic and diluted earnings per share of RMB0.02 in the first quarter of fiscal 2012.
Net income excluding share-based compensation expenses
(non-GAAP) for the first quarter of fiscal 2013 was RMB0.4 million (US$0.07
million), compared to non-GAAP net income of RMB2.7 million in the same period of fiscal 2012.
Non-GAAP basic and diluted earnings per share for the first quarter
of fiscal 2013 were RMB0.03
(US$0.004), compared to a non-GAAP
basic and diluted earnings per share of RMB0.05 in the first quarter of fiscal 2012.
Liquidity
Cash and cash equivalents, and short-term investments totaled
RMB519.3 million (US$82.6 million) on September 30, 2012, compared to RMB522.3 million on June
30, 2012. For the three months ended September 30, 2012, operating cash provided by
continuing operations was RMB23.4
million (US$3.7 million).
Deferred revenue
Deferred revenue related to tuition fees and franchising fees as
of September 30, 2012 was
RMB51.6 million (US$8.2 million). This compares to deferred
revenue related to tuition fees and franchising fees of
RMB28.7 million as of June 30, 2012. Deferred revenue primarily
includes the tuition fees and franchising fees collected that have
not yet been recognized during the quarter. It will be recognized
according to the course and contract schedule.
Operational Updates
Noah operated 50 schools and kindergartens in its network at the
end of the first quarter of fiscal 2013. The network includes 34
kindergartens, two of which have recently secured licenses and have
already started to contribute to revenue, and six kindergartens are
in their respective ramp up periods.
Noah's network also includes five primary and secondary schools.
One of them opened in the first quarter of fiscal 2012 and remains
in its ramp up stage, with enrollment rate rising from 18% to
38%.
Noah also operates 11 directly owned supplemental training
centers. Two unprofitable training centers were closed as we
continue our mission to improve operating proficiency in existing
centers through an increased opening of classes.
Student enrollment totaled approximately 17,800, reflecting a
year-over-year increase of about 5% due to the expansion of the
network. Broken down into business segments, more than 9,100
students are enrolled in kindergartens, approximately 4,900 are
accounted for in primary and secondary schools, and approximately
3,800 are in directly owned supplemental training centers.
We plan to roll out 4 new kindergartens in the second quarter of
fiscal 2013, and expect some of them to begin to contribute to
revenue in the third quarter of fiscal 2013.
Financial Outlook for the Second Quarter
of Fiscal 2013 and Upward Revision of Full
Fiscal 2013
Based on current estimates, market conditions and the
anticipation of revenue contribution from DKK Consulting and
Xiaoxiao Consulting, as well as new kindergarten openings, for the
second quarter of fiscal 2013, Noah expects to generate net revenue
in the range of RMB 54 million
(US$8.6 million) to RMB58 million
(US$9.2 million). For the full fiscal
2013, the Company expects to generate revenue between RMB 206 million (US$32.8
million) and RMB215 million
(US$34.2 million). The upward
revision of Full Fiscal 2013 represents an increase of 26% to 32%.
This forecast reflects Noah's current and preliminary view, which
is subject to change.
Conference Call
Noah's senior management will host a conference call at
8:00 am (Eastern)/5:00 am (Pacific)/9:00
pm (China) on Wednesday, November 21, 2012 to discuss its first
quarter of fiscal year 2013 financial results and recent business
activities. The conference call may be accessed by calling:
US
|
+1-866-519-4004
|
International
(toll)
|
+65-6723-9381
|
China,
Domestic
mobile
|
400-620-8038
|
China,
Domestic
|
800-819-0121
|
Hong
Kong
|
800-930-346
|
Please dial in 10 minutes before the scheduled starting time. An
operator will answer your call and please use "Noah" as the verbal
passcode to access the call. Replay of the conference call will be
available from 11:00 am US Eastern
Time on November 21, 2012 until
November 28, 2012 by dialing the
following numbers:
US
|
+1-855-452-5696
|
International
(toll)
|
+61-2-8199-0299
|
China,
Domestic
mobile
|
400-120-0932
|
China,
Domestic
|
800-870-0205
|
Hong
Kong
|
800-963-117
|
Passcode
|
6523-4745
|
A live webcast can also be accessed through the investor
relations section of the Company's website at
http://ir.noaheducation.com.
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth above is subject
to adjustments that may be identified when audit work is performed
on our year-end financial statements, which could result in
significant differences from this unaudited financial
information.
Currency Convenience Translation
For the convenience of readers, certain RMB amounts in the
statement of operations, balance sheet and cash flow statements
have been translated into US dollars at the rate of RMB6.2848, the noon buying rate for US dollars in
effect on September 30, 2012 for
cable transfers of RMB per US dollar as certified for customs
purposes by the Federal Reserve Bank of New York.
Use of Non-GAAP Financial Measures
In addition to consolidated financial results under GAAP, the
Company also provides non-GAAP financial measures, including
non-GAAP net income which excludes goodwill and intangible assets
impairment and non-cash share-based compensation. The Company
believes that the non-GAAP financial measures provide investors
with another method for assessing the Company's operating results
in a manner that is focused on the performance of its ongoing
operations. Readers are cautioned not to view non-GAAP results on a
stand-alone basis or as a substitute for results under GAAP, or as
being comparable to results reported or forecasted by other
companies. The Company believes that both management and investors
benefit from referring to these non-GAAP financial measures in
assessing the performance of the Company's liquidity and when
planning and forecasting future periods.
About Noah Education Holdings Ltd
Noah is a leading provider of education services in China. The Company's brands include Wentai
Education, which operates and manages high-end kindergartens,
primary and secondary schools, Little New Star, which provides
English language training for children aged 3-12 in its directly
owned and franchised training centers, and Yuanbo Education, which
focuses on early childhood education services in the Yangtze Delta
region. Noah was founded in 2004 and is listed on the New York
Stock Exchange under the ticker symbol NED. For more information
about Noah, please visit
http://ir.noaheducation.com.
Safe Harbor Statement
This press release contains forward-looking statements that
reflect Noah's current expectations and views of future events that
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Noah has based these forward-looking statements largely
on its current expectations and projections about future events and
financial trends that it believes may affect its financial
condition, results of operations, business strategy and financial
needs. You should understand that our actual future results may be
materially different from and worse than what Noah expects.
Information regarding these risks, uncertainties and other factors
is included in Noah's most recent Annual Report on Form 20-F and
other filings with the SEC.
Investor Contacts
Noah Education Holdings
Ltd.
Email: ir@noaheducation.com
Noah
Education Holdings Ltd.
Consolidated Balance Sheet
|
|
June
30
|
|
September
30
|
|
|
|
2012
|
|
2012
|
|
|
|
Audited
|
|
Unaudited
|
|
|
|
RMB
|
|
RMB
|
USD
|
Assets:
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
501,772,653
|
|
115,828,355
|
18,429,919
|
|
Investments
|
|
|
|
|
|
|
Held to maturity investment
|
|
20,503,441
|
|
403,503,441
|
64,203,068
|
|
Accounts
receivables, net of allowance of doubtful debts
|
|
750,854
|
|
303,374
|
48,271
|
|
Inventories
|
|
5,451,811
|
|
5,212,467
|
829,377
|
|
Prepaid
expenses, and other current assets
|
|
19,798,366
|
|
36,076,058
|
5,740,208
|
|
Total
current assets
|
|
548,277,125
|
|
560,923,695
|
89,250,843
|
|
Investments
|
|
17,761,427
|
|
17,586,336
|
2,798,233
|
|
Property,
plant and equipment, net
|
|
184,477,616
|
|
191,197,685
|
30,422,239
|
|
Intangible
assets, net
|
|
68,815,388
|
|
67,713,482
|
10,774,167
|
|
Goodwill
|
|
56,738,812
|
|
56,738,812
|
9,027,942
|
|
Deposit
for investment
|
|
0
|
|
4,800,000
|
763,747
|
|
Deposit
for property, plant and equipment
|
|
618,519
|
|
1,853,152
|
294,863
|
|
Deferred
tax assets - non-current
|
|
298,831
|
|
229,396
|
36,500
|
|
Total
assets
|
|
876,987,718
|
|
901,042,558
|
143,368,534
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accountants payable (including account payables
of the consolidated variable interest entities ('VIEs") without
recourse to the Company of RMB1,704,882 and RMB 1,493,603 as of
June 30, 2012 and September 30, 2012, respectively)
|
|
1,778,569
|
|
1,619,059
|
257,615
|
|
Other
payables and accruals (including other payables,
accruals of the consolidated VIEs without recourse to
the Company of RMB11,543,129 and RMB 18,589,055 as of June 30, 2012
and September 30, 2012, respectively)
|
|
27,925,392
|
|
37,752,646
|
6,006,976
|
|
Advances
from customers (including advance from customer of the consolidated
VIEs without recourse to the Company of RMB427,071 and RMB 467,714
as of June 30, 2012 and September 30, 2012,
respectively)
|
|
431,748
|
|
500,312
|
79,607
|
|
Income tax
payable (including income tax payables of the consolidated VIEs
without recourse to the Company of RMB7,030,809 and RMB 7,134,316
as of June 30, 2012 and September 30, 2012,
respectively)
|
|
14,217,785
|
|
13,980,942
|
2,224,564
|
|
Deferred
revenue (including deferred revenues of the consolidated VIEs
without recourse to the Company of RMB13,020,663 and RMB 23,580,514
as of June 30, 2012 and September 30, 2012,
respectively)
|
|
28,105,992
|
|
50,519,090
|
8,038,297
|
|
Contingent
consideration payable
|
|
7,272,337
|
|
0
|
0
|
|
Total
current liabilities
|
|
79,731,823
|
|
104,372,049
|
16,607,059
|
|
Deferred
revenues-non current
|
|
3,864,580
|
|
3,808,982
|
606,063
|
|
Deferred
tax liabilities
|
|
7,585,920
|
|
6,401,129
|
1,018,510
|
|
Other
liabilities
|
|
1,102,801
|
|
1,102,801
|
175,471
|
|
Total
non-current liabilities
|
|
12,553,301
|
|
11,312,912
|
1,800,044
|
|
Total
liabilities
|
|
92,285,124
|
|
115,684,961
|
18,407,103
|
Shareholders' Equity
|
|
|
|
|
|
Ordinary shares
|
|
14,843
|
|
14,841
|
2,361
|
Additional paid-in capital
|
|
1,046,863,605
|
|
1,047,292,594
|
166,638,969
|
Accumulated other comprehensive loss
|
|
(124,039,206)
|
|
(123,742,109)
|
(19,689,107)
|
Retained earnings
|
|
(207,870,563)
|
|
(207,378,519)
|
(32,996,837)
|
Total Noah
Education Holdings Ltd. shareholders' equity
|
|
714,968,679
|
|
716,186,807
|
113,955,386
|
Non-controlling interest
|
|
69,733,915
|
|
69,170,790
|
11,006,045
|
Total
equity
|
|
784,702,594
|
|
785,357,597
|
124,961,431
|
Total
liabilities and shareholders' equity
|
|
876,987,718
|
|
901,042,558
|
143,368,534
|
Noah
Education Holdings Ltd.
|
Consolidated Statements of
Operations
|
|
|
|
|
|
Three
months ended
|
|
Sept
30
|
|
2011
|
2012
|
|
(Unaudited)
|
(Unaudited)
|
|
RMB
|
RMB
|
USD
|
Net
revenue
|
34,181,667
|
38,810,263
|
6,175,258
|
Cost of
revenue
|
(17,940,774)
|
(23,728,785)
|
(3,775,583)
|
Gross
profit
|
16,240,893
|
15,081,478
|
2,399,675
|
Research
& development expenses
|
(695,279)
|
(584,053)
|
(92,931)
|
Sales
& marketing expenses
|
(1,515,266)
|
(1,649,335)
|
(262,432)
|
General
and administrative expenses
|
(20,524,375)
|
(21,600,150)
|
(3,436,887)
|
Other
expenses
|
(10,022)
|
(79,790)
|
(12,696)
|
Total
operating expenses
|
(22,744,942)
|
(23,913,328)
|
(3,804,946)
|
|
|
|
|
Other
operating income
|
4,589,348
|
3,587,643
|
570,844
|
Operating
loss
|
(1,914,701)
|
(5,244,207)
|
(834,427)
|
Interest
income
|
323,302
|
385,810
|
61,388
|
Investment
income
|
3,377,236
|
4,656,355
|
740,892
|
Other
Non-Operating income
|
1,588,839
|
1,146
|
182
|
Income
(loss) before income taxes
|
3,374,676
|
(200,896)
|
(31,965)
|
Income tax
(expenses) credit
|
(1,570,955)
|
129,815
|
20,655
|
Net income
(loss) from continuing operations
|
1,803,721
|
(71,081)
|
(11,310)
|
Net income
(loss) from discontinued operations
|
0
|
0
|
0
|
Net income
(loss)
|
1,803,721
|
(71,081)
|
(11,310)
|
less: Net income (loss) attributable to
non-controlling interest
|
894,336
|
(563,125)
|
(89,601)
|
Net income
attributable to Noah Education Holdings Ltd.
Shareholders
|
909,385
|
492,044
|
78,291
|
|
|
|
|
|
|
|
|
Net income
per share from continuing operations
|
|
|
|
Basic
|
0.02
|
0.01
|
0.002
|
Diluted
|
0.02
|
0.01
|
0.002
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding
|
|
|
|
Basic
|
36,429,742
|
36,564,911
|
36,564,911
|
Diluted
|
36,581,556
|
36,564,911
|
36,564,911
|
Noah
Education Holdings Ltd.
|
Reconciliation of Non-GAAP to GAAP
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
|
September 30
|
|
|
2011
|
2012
|
|
|
(Unaudited)
|
(Unaudited)
|
|
|
RMB
|
% of
Rev
|
RMB
|
USD
|
% of
Rev
|
|
|
|
|
|
|
|
|
GAAP net
revenue
|
34,181,667
|
100.0%
|
38,810,263
|
6,175,258
|
100.0%
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
16,240,893
|
47.5%
|
15,081,478
|
2,399,675
|
38.9%
|
|
Share-based compensation
|
0
|
0.0%
|
0
|
0
|
0.0%
|
|
Non-GAAP
gross profit
|
16,240,893
|
47.5%
|
15,081,478
|
2,399,675
|
38.9%
|
|
|
|
|
|
|
|
|
GAAP
operating loss
|
(1,914,701)
|
-5.6%
|
(5,244,207)
|
(834,427)
|
-13.5%
|
|
Share-based compensation
|
899,834
|
2.6%
|
480,168
|
76,402
|
1.2%
|
|
Non-GAAP
operating loss
|
(1,014,867)
|
-3.0%
|
(4,764,039)
|
(758,025)
|
-12.3%
|
|
|
|
|
|
|
|
|
GAAP net
income(loss)
|
1,803,721
|
5.3%
|
(71,081)
|
(11,310)
|
-0.2%
|
|
Share-based compensation
|
899,834
|
2.6%
|
480,168
|
76,402
|
1.2%
|
|
Non-GAAP
net income
|
2,703,555
|
7.9%
|
409,087
|
65,092
|
1.1%
|
|
|
|
|
|
|
|
|
GAAP net
income(loss) per share from continuing operation
|
|
|
|
|
|
Basic
|
0.02
|
|
0.01
|
0.002
|
|
|
Diluted
|
0.02
|
|
0.01
|
0.002
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income(loss) per share
|
|
|
|
|
|
|
Basic
|
0.05
|
|
0.03
|
0.004
|
|
|
Diluted
|
0.05
|
|
0.03
|
0.004
|
|
|
Noah
Education Holdings Ltd.
Consolidated Cash Flow Statements
|
|
|
For Three Months Ended
|
|
September 30
|
|
2011
|
|
2012
|
|
2012
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
Cash
flows from operating activities
|
|
|
|
|
|
Net income (loss)
|
1,803,721
|
|
(71,081)
|
|
(11,310)
|
Adjustments to reconcile net income (loss)
|
|
|
|
|
|
Amortization of intangible assets
|
1,103,483
|
|
1,101,906
|
|
175,329
|
Depreciation of PPE
|
4,485,151
|
|
6,471,104
|
|
1,029,644
|
Share-based compensation expense
|
899,834
|
|
480,168
|
|
76,401
|
Loss on disposal of fixed assets
|
0
|
|
155,988
|
|
24,820
|
Others
|
228,776
|
|
563,744
|
|
89,700
|
|
|
|
|
|
|
Changes in
current assets & liabilities
|
|
|
|
|
|
Accounts receivable
|
376,064
|
|
(14,808)
|
|
(2,356)
|
Related party receivables
|
(80,052)
|
|
0
|
|
0
|
Inventories
|
653,122
|
|
239,344
|
|
38,083
|
Prepaid and others
|
20,314,594
|
|
(16,277,692)
|
|
(2,590,010)
|
Deferred tax asset
|
(128,746)
|
|
69,435
|
|
11,048
|
Accounts payable
|
(1,609,929)
|
|
(159,510)
|
|
(25,380)
|
Other payables and accruals
|
3,070,437
|
|
9,827,254
|
|
1,563,654
|
Advances from customers
|
578,824
|
|
68,564
|
|
10,909
|
Deferred revenue
|
21,194,687
|
|
22,357,500
|
|
3,557,392
|
Income tax payable
|
2,342,394
|
|
(236,843)
|
|
(37,685)
|
Deferred tax liability
|
(657,316)
|
|
(1,184,791)
|
|
(188,517)
|
Operating cash provided by continuing
operations
|
54,575,044
|
|
23,390,282
|
|
3,721,722
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
|
Acquisition of PPE
|
(14,537,250)
|
|
(13,347,161)
|
|
(2,123,721)
|
Deposits for PPE
|
0
|
|
(1,234,633)
|
|
(196,447)
|
Acquisition of Yuanbo
|
(25,097,107)
|
|
(7,272,337)
|
|
(1,157,131)
|
Deposit for investment
|
0
|
|
(4,800,000)
|
|
(763,747)
|
Increase in HTM investments
|
(37,000,000)
|
|
(383,000,000)
|
|
(60,940,682)
|
Decrease in short-term fixed deposits
|
7,000,000
|
|
0
|
|
0
|
Investing cash used by continuing
operations
|
(69,634,357)
|
|
(409,654,131)
|
|
(65,181,728)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
|
Proceed from exercise of employee share
options
|
140,600
|
|
0
|
|
0
|
Shares repurchases
|
(145,617)
|
|
(51,181)
|
|
(8,144)
|
Financing cash used by continuing
operations
|
(5,017)
|
|
(51,181)
|
|
(8,144)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
(2,773,371)
|
|
370,732
|
|
58,989
|
Net decrease in cash
|
(15,064,330)
|
|
(386,315,030)
|
|
(61,468,150)
|
Cash and cash equivalents at beginning of
qtr
|
405,874,701
|
|
501,772,653
|
|
79,839,080
|
Cash and cash equivalents at end of qtr
|
388,037,000
|
|
115,828,355
|
|
18,429,919
|
SOURCE Noah Education Holdings Ltd.