Noah Education Holdings Ltd. |
||||
By: | /s/ Dora Li | |||
Name: | Dora Li | |||
Title: | Chief Financial Officer | |||
Exhibit No. | Description | |||
99.1 | Press Release |
| Profits and losses relating to the ELP business are presented as discontinued
operations, while profits and losses for the remaining business are presented as
continuing operations |
| The assets and liabilities of the discontinued operations are classified as
assets/liabilities held-for-sale on the face of the balance sheet |
| Net revenue for the quarter decreased by 71.3% to RMB72.7 million (US$11.1 million),
compared with RMB253.7 million in the third quarter of fiscal 2010 |
| Net revenue from the education services business was RMB23.1 million (US$3.5
million), a 115.5% increase compared with RMB10.7 million in the third quarter of
fiscal 2010 |
| Net revenue from the ELP business was RMB49.6 million (US$7.6 million), a 79.6%
decrease from RMB242.9 million in the third quarter of fiscal 2010 |
| Total operating loss was RMB43.3 million (US$6.6 million), compared with operating income
of RMB32.9 million in the third quarter of fiscal 2010 |
| Operating loss from continuing operations was RMB6.0 million (US$0.9 million) |
| Operating loss from discontinued operations was RMB37.3 million (US$5.7 million) |
| Net loss was RMB290.9 million (US$44.4 million) compared with net income of RMB36.0 million
in the third quarter of fiscal 2010 |
| Net loss from discontinued operations (ELP business) was RMB293.2 million
(US$44.8 million), which included an impairment loss of RMB 221.7 million relating
to the sale of the ELP business |
| Net income from continuing operations was RMB2.3 million (US$0.3 million) |
| Basic and diluted losses per share were RMB8.04 (US$1.23), compared with basic and diluted
earnings per share of RMB0.94 and RMB0.92 respectively for the third quarter of fiscal 2010.
Non-GAAP basic and diluted losses per share, excluding share-based compensation expenses, were
RMB7.99 (US$1.22), compared with basic and diluted earnings per share of RMB1.00 and RMB0.98
respectively for the third quarter of fiscal 2010 |
| Basic and diluted earnings per share from continuing operations for the third
fiscal quarter were RMB0.04 (US$0.01), impacted by legal and financial advisory
fees relating to the sale of the ELP business. Excluding these fees, pro-forma
basic and diluted earnings per share for the third fiscal quarter were RMB0.10
(US$0.02) |
| Basic and diluted losses per share from discontinued operations for the third
fiscal quarter were RMB8.07 (US$1.23) |
- 2 -
Q3FY11 | Q3FY10 | |||||||||||||||||||||||||||||||
RMB million (except | ELP | Education | ELP | Education | ||||||||||||||||||||||||||||
Gross margin) | Business | Unallocated | Services | Consolidated | Business | Unallocated | Services | Consolidated | ||||||||||||||||||||||||
Revenue |
49.6 | 23.1 | 72.7 | 242.9 | 10.7 | 253.7 | ||||||||||||||||||||||||||
Gross profit |
11.5 | 12.5 | 23.9 | 119.0 | 5.3 | 124.3 | ||||||||||||||||||||||||||
Gross margin |
23.2 | % | 54.1 | % | 33.0 | % | 49.0 | % | 49.5 | % | 49.0 | % | ||||||||||||||||||||
Operating expenses |
(63.8 | ) | (8.2 | ) | (71.9 | ) | (105.3 | ) | (3.3 | ) | (108.9 | ) | ||||||||||||||||||||
R&D expenses |
(10.4 | ) | (0.5 | ) | (10.8 | ) | (12.9 | ) | (0.5 | ) | (13.5 | ) | ||||||||||||||||||||
S&M expenses |
(35.2 | ) | (0.8 | ) | (36.0 | ) | (72.5 | ) | (0.7 | ) | (73.2 | ) | ||||||||||||||||||||
G&A expenses discontinued operation |
(6.0 | ) | | (6.0 | ) | (10.0 | ) | | (10.0 | ) | ||||||||||||||||||||||
G&A expenses continued operation |
(12.2 | ) | (6.9 | ) | (19.1 | ) | (9.9 | ) | (2.1 | ) | (12.0 | ) | ||||||||||||||||||||
Other expenses |
(0.02 | ) | | (0.02 | ) | (0.2 | ) | | (0.2 | ) | ||||||||||||||||||||||
Operating income/(loss) discontinued operation |
(37.3 | ) | | (37.3 | ) | 40.8 | | 40.8 | ||||||||||||||||||||||||
Operating income/(loss) continued operation |
(12.2) | * | 6.2 | (6.0 | ) | (9.9 | ) | 2.0 | (7.9 | ) | ||||||||||||||||||||||
Impairment loss on assets held for sale |
(221.7 | ) | | (221.7 | ) | | | | ||||||||||||||||||||||||
Net income discontinued operation |
(293.2 | ) | | (293.2 | ) | 40.8 | | 40.8 | ||||||||||||||||||||||||
Net income(loss) continued operation |
(3.1 | ) | 5.4 | 2.3 | (6.8 | ) | 2.1 | (4.7 | ) |
- 3 -
Volume | Net Revenue (RMBm) | |||||||||||||||||||||||
Inc/(Dec) | Inc/(Dec) | |||||||||||||||||||||||
Noah | Q3FY11 | Q3FY10 | (%) | Q3FY11 | Q3FY10 | (%) | ||||||||||||||||||
DLD |
44,762 | 118,017 | -62.1 | % | 33.0 | 87.3 | -62.2 | % | ||||||||||||||||
KLD |
30,808 | 238,517 | -87.1 | % | 9.0 | 118.4 | -92.4 | % | ||||||||||||||||
E-dictionary |
48,952 | 164,292 | -70.2 | % | 7.6 | 37.1 | -79.7 | % | ||||||||||||||||
Others |
| | | | 0.2 | -100 | % | |||||||||||||||||
Total |
124,522 | 520,826 | -76.1 | % | 49.6 | 243.0 | -79.6 | % | ||||||||||||||||
- 4 -
| Net loss from discontinued operations (ELP business) was RMB293.2 million
(US$44.8 million), which included an impairment loss of RMB 221.7 million relating
to the sale of the ELP business |
| Net income from continuing operations was RMB2.3 million (US$0.3 million) |
- 5 -
- 6 -
Toll Free | Toll | |||
United States |
1-866-831-6291 | 1-617-213-8860 | ||
China South China Telecom |
10-800-130-0399 | |||
South China Netcom |
10-800-852-1490 | |||
North China Telecom |
10-800-152-1490 | |||
Hong Kong |
###-##-#### | |||
International |
1-617-213-8860 | |||
Pass code | Noah Education or Noah or NED |
Toll Free | Toll | |||
United States |
1-888-286-8010 | 1-617-801-6888 | ||
International Dial In |
1-617-801-6888 | |||
Passcode |
4864 0988 |
- 7 -
Noah Education Holdings Ltd.
|
Investor Relations (US) | |
Léa Wu
|
Kelly Gawlik | |
Tel: +86 (755) 8204 3194
|
Taylor Rafferty | |
Email: wuzy@noahedu.com
|
Tel: +1 (212) 889 4350 | |
Email: noahedu@taylor-rafferty.com | ||
Investor Relations (Hong Kong) | ||
Mahmoud Siddig | ||
Taylor Rafferty | ||
Tel: +852 3196 3712 | ||
Email: noahedu@taylor-rafferty.com |
- 8 -
Three months ended | Nine months ended | |||||||||||||||||||||||
March 31 | March 31 | |||||||||||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||||||||||||||
Net revenue |
10,736,340 | 23,141,479 | 3,533,967 | 29,570,909 | 63,900,981 | 9,758,408 | ||||||||||||||||||
Cost of revenue |
(5,464,845 | ) | (10,658,055 | ) | (1,627,606 | ) | (13,582,555 | ) | (29,421,000 | ) | (4,492,922 | ) | ||||||||||||
Gross profit (loss) |
5,271,494 | 12,483,424 | 1,906,361 | 15,988,354 | 34,479,980 | 5,265,486 | ||||||||||||||||||
Research & development expenses |
(537,497 | ) | (479,753 | ) | (73,264 | ) | (1,441,602 | ) | (1,592,862 | ) | (243,248 | ) | ||||||||||||
Sales & marketing expenses |
(680,611 | ) | (815,099 | ) | (124,475 | ) | (2,400,089 | ) | (2,824,136 | ) | (431,278 | ) | ||||||||||||
General and administrative expenses |
(11,962,897 | ) | (19,097,247 | ) | (2,916,367 | ) | (34,450,884 | ) | (56,701,120 | ) | (8,658,907 | ) | ||||||||||||
Other expenses |
0 | 0 | 0 | (103,113 | ) | (13,252 | ) | (2,024 | ) | |||||||||||||||
Total operating expenses |
(13,181,005 | ) | (20,392,099 | ) | (3,114,106 | ) | (38,395,687 | ) | (61,131,371 | ) | (9,335,457 | ) | ||||||||||||
Other operating income |
0 | 1,872,532 | 285,957 | 44,828 | 3,045,514 | 465,085 | ||||||||||||||||||
Operating income (loss) |
(7,909,511 | ) | (6,036,144 | ) | (921,788 | ) | (22,362,506 | ) | (23,605,876 | ) | (3,604,886 | ) | ||||||||||||
Interest income |
2,191,777 | 237,855 | 36,323 | 7,714,381 | 1,593,698 | 243,376 | ||||||||||||||||||
Investment income |
298,046 | 2,556,986 | 390,481 | 1,916,671 | 6,519,581 | 995,614 | ||||||||||||||||||
Other Non-Operating income |
583,487 | 7,312,006 | 1,116,627 | 1,712,567 | 25,721,709 | 3,927,998 | ||||||||||||||||||
Income before income taxes |
(4,836,201 | ) | 4,070,704 | 621,643 | (11,018,887 | ) | 10,229,112 | 1,562,102 | ||||||||||||||||
Income tax (expenses) credit |
129,726 | (1,787,464 | ) | (272,966 | ) | 750,302 | (3,684,919 | ) | (562,729 | ) | ||||||||||||||
Net income (loss) from continuing operations |
(4,706,476 | ) | 2,283,240 | 348,677 | (10,268,585 | ) | 6,544,193 | 999,373 | ||||||||||||||||
less: Net income attributable to non-controlling interest |
0 | 939,377 | 143,453 | 0 | 1,580,442 | 241,352 | ||||||||||||||||||
Net income attributable to controlling interest from continuing operations |
(4,706,476 | ) | 1,343,863 | 205,223 | (10,268,585 | ) | 4,963,751 | 758,021 |
- 9 -
Three months ended | Nine months ended | |||||||||||||||||||||||
March 31 | March 31 | |||||||||||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||||||||||||||
Income/(Loss) from discontinued operation before income tax (including impairment loss on assets held for sale of RMB221,680,403) |
40,819,015 | (258,986,833 | ) | (39,550,240 | ) | 97,874,684 | (338,393,755 | ) | (51,676,581 | ) | ||||||||||||||
Income tax |
(63,013 | ) | (34,204,146 | ) | (5,223,363 | ) | 1,608,196 | (34,395,681 | ) | (5,252,612 | ) | |||||||||||||
Loss from discontinued operations |
40,756,002 | (293,190,979 | ) | (44,773,602 | ) | 99,482,880 | (372,789,436 | ) | (56,929,193 | ) | ||||||||||||||
Net income per share from continued operation |
||||||||||||||||||||||||
Basic |
(0.12 | ) | 0.04 | 0.01 | (0.27 | ) | 0.13 | 0.02 | ||||||||||||||||
Diluted |
(0.12 | ) | 0.04 | 0.01 | (0.27 | ) | 0.13 | 0.02 | ||||||||||||||||
Net income per share from discontinued operation |
||||||||||||||||||||||||
Basic |
1.06 | (8.07 | ) | (1.23 | ) | 2.60 | (10.07 | ) | (1.54 | ) | ||||||||||||||
Diluted |
1.04 | (8.07 | ) | (1.23 | ) | 2.54 | (10.07 | ) | (1.54 | ) | ||||||||||||||
Weighted average ordinary shares outstanding |
||||||||||||||||||||||||
Basic |
38,420,502 | 36,314,550 | 36,314,550 | 38,223,281 | 37,033,095 | 37,033,095 | ||||||||||||||||||
Diluted |
39,162,596 | 36,492,546 | 36,492,546 | 39,127,490 | 37,265,561 | 37,265,561 |
- 10 -
December 31 | March 31 | |||||||||||
2010 | 2011 | |||||||||||
Unaudited | Unaudited | |||||||||||
RMB | RMB | USD | ||||||||||
Assets: |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
280,766,291 | 428,178,794 | 65,387,779 | |||||||||
Investments |
||||||||||||
Held to maturity investment |
214,959,569 | 63,003,441 | 9,621,343 | |||||||||
Accounts receivables, net of allowance |
253,664,008 | 2,665,331 | 407,026 | |||||||||
Related party receivables |
368,505 | 0 | 0 | |||||||||
Inventories |
136,210,813 | 5,418,466 | 827,462 | |||||||||
Prepaid expenses, and other current assets |
47,184,516 | 10,624,568 | 1,622,493 | |||||||||
Assets held for sale (note) |
0 | 166,919,775 | 25,490,551 | |||||||||
Total current assets |
933,153,702 | 676,810,375 | 103,356,654 | |||||||||
Investments |
25,367,008 | 23,393,235 | 3,572,413 | |||||||||
Property, plant and equipment, net |
176,057,855 | 163,578,694 | 24,980,330 | |||||||||
Intangible assets, net |
45,319,472 | 40,255,370 | 6,147,454 | |||||||||
Goodwill |
85,438,649 | 85,438,649 | 13,047,455 | |||||||||
Deposit for investment |
0 | 6,000,000 | 916,268 | |||||||||
Deferred tax asset |
2,058,180 | 0 | 0 | |||||||||
Total assets |
1,267,394,866 | 995,476,323 | 152,020,575 | |||||||||
Liabilities and Shareholders Equity |
||||||||||||
Current liabilities |
||||||||||||
Accountants payable (including account payables of the
consolidated VIEs without recourse to Noah of RMB70,807 as
of March 31, 2011) |
23,748,761 | 3,316,979 | 506,541 | |||||||||
Other payables and accruals (including other payables,
accruals of the consolidated VIEs without recourse to Noah
of RMB13,605,141 as of March 31, 2011) |
65,252,696 | 44,578,437 | 6,807,635 | |||||||||
Advances from customers |
4,280,223 | 372,792 | 56,930 | |||||||||
Income tax payable (including income tax payables of the
consolidated VIEs without recourse to Noah of RMB1,700,223
as of March 31, 2011) |
1,556,003 | 3,415,484 | 521,583 | |||||||||
Deferred revenue (including deferred revenue of the
consolidated VIEs without recourse to Noah of
RMB16,333,258 as of March 31, 2011) |
15,156,566 | 23,760,360 | 3,628,478 |
- 11 -
December 31 | March 31 | |||||||||||
2010 | 2011 | |||||||||||
Unaudited | Unaudited | |||||||||||
RMB | RMB | USD | ||||||||||
Liabilities held for sale (note) |
| 66,919,775 | 10,219,412 | |||||||||
Total current liabilities |
109,994,249 | 142,363,827 | 21,740,579 | |||||||||
Deferred revenues-non current |
6,155,890 | 5,754,839 | 878,829 | |||||||||
Deferred tax liabilities |
4,377,023 | 4,214,131 | 643,546 | |||||||||
Total non-current liabilities |
10,532,912 | 9,968,970 | 1,522,375 | |||||||||
Total liabilities |
120,527,161 | 152,332,797 | 23,262,954 | |||||||||
Shareholders Equity |
||||||||||||
Ordinary shares |
14,763 | 14,764 | 2,255 | |||||||||
Additional paid-in capital |
1,036,369,505 | 1,037,991,055 | 158,513,058 | |||||||||
Accumulated other comprehensive loss |
(112,243,729 | ) | (120,750,781 | ) | (18,440,020 | ) | ||||||
Retained earnings |
180,896,744 | (116,881,309 | ) | (17,849,107 | ) | |||||||
Total shareholders equity |
1,105,037,282 | 800,373,729 | 122,226,186 | |||||||||
Minority interest |
41,830,422 | 42,769,798 | 6,531,435 | |||||||||
Total liabilities and shareholders equity |
1,267,394,866 | 995,476,324 | 152,020,575 | |||||||||
Note: |
||||||||||||
Net Assets classified as held for sale as of March 31, 2011 |
||||||||||||
Accounts Receivables (net of allowance) |
87,131,651 | 13,305,996 | ||||||||||
Prepaid expenses and other current assets |
29,820,041 | 4,553,860 | ||||||||||
Inventories |
37,536,912 | 5,732,314 | ||||||||||
Property, plant and equipment, (net) |
8,852,920 | 1,351,942 | ||||||||||
Intangible assets(net) |
3,578,250 | 546,440 | ||||||||||
Account Payables |
(17,625,037 | ) | (2,691,544 | ) | ||||||||
Advances from customer |
(4,952,467 | ) | (756,298 | ) | ||||||||
Income tax payable |
(48,391 | ) | (7,390 | ) | ||||||||
Deferred tax liabilities |
(32,115,572 | ) | (4,904,414 | ) | ||||||||
Other payables and accruals |
(12,178,308 | ) | (1,859,766 | ) | ||||||||
Total |
100,000,000 | 15,271,139 |
- 12 -
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||
March 31 | March 31 | |||||||||||||||||||||||||||||||||||||||
2010 | 2011 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||||
RMB | % of Rev | RMB | USD | % of Rev | RMB | % of Rev | RMB | USD | % of Rev | |||||||||||||||||||||||||||||||
GAAP net revenue |
10,736,340 | 100.0 | % | 23,141,479 | 3,533,967 | 100.0 | % | 29,570,909 | 100.0 | % | 63,900,981 | 9,758,408 | 100.0 | % | ||||||||||||||||||||||||||
GAAP gross profit (loss) |
5,271,494 | 49.1 | % | 12,483,424 | 1,906,361 | 53.9 | % | 15,988,354 | 54.1 | % | 34,479,980 | 5,265,486 | 54.0 | % | ||||||||||||||||||||||||||
Share-based compensation |
76,361 | 0.7 | % | 32,771 | 5,004 | 0.1 | % | 219,579 | 0.7 | % | 171,838 | 26,242 | 0.3 | % | ||||||||||||||||||||||||||
Non-GAAP gross profit |
5,347,855 | 49.8 | % | 12,516,195 | 1,911,365 | 54.1 | % | 16,207,933 | 54.8 | % | 34,651,819 | 5,291,727 | 54.2 | % | ||||||||||||||||||||||||||
GAAP operating income (loss) |
(7,909,511 | ) | -73.7 | % | (6,036,144 | ) | (921,788 | ) | -26.1 | % | (22,362,506 | ) | -75.6 | % | (23,605,876 | ) | (3,604,886 | ) | -36.9 | % | ||||||||||||||||||||
Share-based compensation |
2,515,755 | 23.4 | % | 1,574,262 | 240,408 | 6.8 | % | 7,871,356 | 26.6 | % | 6,085,378 | 929,307 | 9.5 | % | ||||||||||||||||||||||||||
Non-GAAP operating income(loss) |
(5,393,756 | ) | -50.2 | % | (4,461,882 | ) | (681,380 | ) | -19.3 | % | (14,491,150 | ) | -49.0 | % | (17,520,498 | ) | (2,675,580 | ) | -27.4 | % | ||||||||||||||||||||
GAAP net income(loss) |
(4,706,476 | ) | -43.8 | % | 2,283,240 | 348,677 | 9.9 | % | (10,268,585 | ) | -34.7 | % | 6,544,193 | 999,373 | 10.2 | % | ||||||||||||||||||||||||
Share-based compensation |
2,515,755 | 23.4 | % | 1,574,262 | 240,408 | 6.8 | % | 7,871,356 | 26.6 | % | 6,085,378 | 929,307 | 9.5 | % | ||||||||||||||||||||||||||
Non-GAAP net income |
(2,190,721 | ) | -20.4 | % | 3,857,502 | 589,084 | 16.7 | % | (2,397,229 | ) | -8.1 | % | 12,629,571 | 1,928,679 | 19.8 | % | ||||||||||||||||||||||||
GAAP net income(loss) per share -continuing operations |
||||||||||||||||||||||||||||||||||||||||
Basic |
(0.12 | ) | 0.04 | 0.01 | (0.27 | ) | 0.13 | 0.02 | ||||||||||||||||||||||||||||||||
Diluted |
(0.12 | ) | 0.04 | 0.01 | (0.27 | ) | 0.13 | 0.02 | ||||||||||||||||||||||||||||||||
Non-GAAP net income(loss) per share continuing
operation |
||||||||||||||||||||||||||||||||||||||||
Basic |
(0.06 | ) | 0.08 | 0.01 | (0.06 | ) | 0.30 | 0.05 | ||||||||||||||||||||||||||||||||
Diluted |
(0.06 | ) | 0.08 | 0.01 | (0.06 | ) | 0.30 | 0.05 |
Note: | This reconciliation is for illustration purpose to compare GAAP and Non-GAAP performance for the continuing operations |
- 13 -
For Three Months Ended | For Nine Months Ended | |||||||||||||||||||||||
March 31 | March 31 | |||||||||||||||||||||||
2010 | 2011 | 2011 | 2010 | 2011 | 2011 | |||||||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||||||||||||||
Cash flows from operating activities |
||||||||||||||||||||||||
Net income (loss) |
(4,706,476 | ) | 2,283,240 | 348,677 | (10,268,585 | ) | 6,544,193 | 999,373 | ||||||||||||||||
Adjustments to reconcile net income (loss) |
||||||||||||||||||||||||
Amortization of intangible assets |
378,125 | 787,986 | 120,334 | 1,030,678 | 2,245,046 | 342,844 | ||||||||||||||||||
Depreciation of PPE |
247,240 | 959,863 | 146,582 | 685,740 | 3,250,817 | 496,437 | ||||||||||||||||||
Write down of inventories |
1,130 | 0 | 0 | 1,130 | 0 | 0 | ||||||||||||||||||
Share-based compensation expense |
2,515,755 | 1,574,262 | 240,408 | 7,871,356 | 6,085,378 | 929,307 | ||||||||||||||||||
Unrealized loss on trading investments |
159,113 | 0 | 0 | (1,125,389 | ) | (706,454 | ) | (107,884 | ) | |||||||||||||||
Realized gain on trading investments |
0 | 0 | 0 | 0 | (358,377 | ) | (54,728 | ) | ||||||||||||||||
Unrealized Exchange difference |
(208,751 | ) | (6,884,340 | ) | (1,051,317 | ) | (570,529 | ) | (24,172,917 | ) | (3,691,480 | ) | ||||||||||||
Impairment loss on long term investment |
0 | 681,866 | 104,129 | 0 | 681,866 | 104,129 | ||||||||||||||||||
Changes in current assets & liab |
||||||||||||||||||||||||
Trading investments |
1,654 | 0 | 0 | 3,324,043 | 6,561,451 | 1,002,008 | ||||||||||||||||||
Accounts receivable |
(2,273,247 | ) | 403,603 | 61,635 | (2,492,436 | ) | 1,186,750 | 181,230 | ||||||||||||||||
Inventories |
553,071 | 366,374 | 55,950 | 1,153,672 | (609,998 | ) | (93,154 | ) | ||||||||||||||||
Prepaid and others |
(3,157,121 | ) | 1,999,654 | 305,370 | 4,829,907 | 2,245,152 | 342,860 | |||||||||||||||||
Deferred tax assets |
(612,433 | ) | 0 | 0 | (1,001,706 | ) | 0 | 0 | ||||||||||||||||
Accounts payable |
1,902,461 | (1,575,131 | ) | (240,540 | ) | 1,131,160 | (715,308 | ) | (109,236 | ) | ||||||||||||||
Other payables and accruals |
1,836,811 | 2,127,032 | 324,822 | 2,262,909 | 2,106,416 | 321,674 | ||||||||||||||||||
Advances from customers |
(20,933 | ) | 79,048 | 12,072 | (3,416,907 | ) | 6,342 | 969 | ||||||||||||||||
Income tax payable |
312,135 | 1,877,478 | 286,712 | 370,328 | 3,085,546 | 471,198 | ||||||||||||||||||
Deferred revenue |
2,434,239 | 8,202,744 | 1,252,652 | 4,406,754 | 4,518,080 | 689,962 | ||||||||||||||||||
Deferred tax liabilities |
(107,198 | ) | (162,892 | ) | (24,875 | ) | 2,352,672 | (263,555 | ) | (40,248 | ) | |||||||||||||
Operating cash from continued operation |
(744,426 | ) | 12,720,789 | 1,942,609 | 10,544,796 | 11,690,426 | 1,785,261 | |||||||||||||||||
Operating cash from discontinued operation |
(42,751,059 | ) | (2,894,274 | ) | (441,989 | ) | (9,128,828 | ) | (43,643,953 | ) | (6,664,929 | ) | ||||||||||||
Total operating cash flow |
(43,495,484 | ) | 9,826,516 | 1,500,621 | 1,415,969 | (31,953,527 | ) | (4,879,668 | ) | |||||||||||||||
Cash flows from investing activities |
||||||||||||||||||||||||
Acquisition of PPE |
(345,776 | ) | (56,145 | ) | (8,574 | ) | (1,126,908 | ) | (9,571,344 | ) | (1,461,653 | ) | ||||||||||||
Acquisition of Intangible assets |
(2,708,125 | ) | 0 | 0 | (6,155,502 | ) | (125 | ) | (19 | ) | ||||||||||||||
Acquisition of LNS |
| (6,636,124 | ) | (1,013,412 | ) | (4,485,215 | ) | (6,636,124 | ) | (1,013,412 | ) |
- 14 -
For Three Months Ended | For Nine Months Ended | |||||||||||||||||||||||
March 31 | March 31 | |||||||||||||||||||||||
2010 | 2011 | 2011 | 2010 | 2011 | 2011 | |||||||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||||||||||||||
Acquisition of Wentai |
| | | | (4,380,923 | ) | (669,017 | ) | ||||||||||||||||
Repayment of deposit for investment |
| | | | 4,200,000 | 641,388 | ||||||||||||||||||
Deposits for acquisition of kindergartens in Wentai |
| (6,000,000 | ) | (916,268 | ) | | (6,000,000 | ) | (916,268 | ) | ||||||||||||||
(Increase) Decrease in short-term fixed deposits |
210,865,142 | | | 254,200,000 | 60,000,000 | 9,162,683 | ||||||||||||||||||
Decrease in short-term investments (held-to-maturity
investment) |
| 151,956,128 | 23,205,432 | | (94,003,441 | ) | (14,355,396 | ) | ||||||||||||||||
Increase in long-term investment (Franklin) |
(20,480,701 | ) | 0 | (20,480,701 | ) | 0 | 0 | |||||||||||||||||
Decrease in AFS short-term investment |
0 | 37,000,000 | 5,650,321 | |||||||||||||||||||||
Investing cash flow from continued operation |
187,330,540 | 139,263,859 | 21,267,178 | 221,951,673 | -19,391,957 | -2,961,373 | ||||||||||||||||||
Investing cash flow from discontinued operation |
(6,349,982 | ) | (1,394,361 | ) | (212,935 | ) | (13,756,946 | ) | (7,467,067 | ) | (1,140,306 | ) | ||||||||||||
Total investing cash flow |
180,980,558 | 137,869,498 | 21,054,243 | 208,194,727 | (26,859,024 | ) | (4,101,679 | ) | ||||||||||||||||
Cash flows from financing activities |
||||||||||||||||||||||||
Dividend paid to minority shareholders |
0 | 0 | 0 | 0 | -450,000 | -68,720 | ||||||||||||||||||
Proceed from exercise of employee share options |
5,431,855 | 47,290 | 7,222 | 9,892,940 | 357,993 | 54,670 | ||||||||||||||||||
Shares repurchases |
(18,104,493 | ) | 0 | 0 | (18,104,493 | ) | (17,818,804 | ) | (2,721,134 | ) | ||||||||||||||
Repayment of short-term borrowing of LNS |
0 | 0 | 0 | -7,000,000 | 0 | 0 | ||||||||||||||||||
Financing cash flow from continued operation |
(12,672,638 | ) | 47,290 | 7,222 | (15,211,553 | ) | (17,910,812 | ) | (2,735,185 | ) | ||||||||||||||
Financing cash flow from discontinued operation |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total financing cash flow |
(12,672,638 | ) | 47,290 | 7,222 | (15,211,553 | ) | (17,910,812 | ) | (2,735,185 | ) | ||||||||||||||
Effect of exchange rate changes on cash |
(18,041 | ) | (330,798 | ) | (50,517 | ) | (56,275 | ) | (1,825,365 | ) | (278,754 | ) | ||||||||||||
Net increase (decrease) in cash from continued operation |
173,913,476 | 152,031,938 | 23,217,009 | 217,284,917 | (25,612,343 | ) | (3,911,297 | ) | ||||||||||||||||
Net increase (decrease) in cash from discontinued operation |
(49,101,041 | ) | (4,288,635 | ) | (654,923 | ) | (22,885,774 | ) | (51,111,019 | ) | (7,805,235 | ) | ||||||||||||
Cash and cash equivalents at beginning of yr |
563,459,955 | 280,766,291 | 42,876,211 | 493,911,466 | 506,727,524 | 77,383,065 | ||||||||||||||||||
Cash and cash equivalents at end of yr |
688,254,349 | 428,178,796 | 65,387,779 | 688,254,334 | 428,178,797 | 65,387,780 | ||||||||||||||||||
- 15 -
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