6-K 1 v328523_6k.htm FORM 6-K

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

 

______________

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER 

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER 

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2012

 

Commission File Number: 001-34541

 

CHINA CORD BLOOD CORPORATION 

(Translation of registrant’s name into English)

 

48th Floor, Bank of China Tower 

1 Garden Road 

Central 

  Hong Kong S.A.R.  
  (Address of Principal Executive Offices)  

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x          Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes   ¨               No     x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.

 

 
 

 

EXPLANATORY NOTE

 

This Report of Foreign Private Issuer on Form 6-K 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 China Cord Blood Corporation’s (the “Company”) 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 Report on Form 6-K 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’s expectations are as of the date this Report on Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report on Form 6-K is filed to confirm these statements to actual results, unless required by law.

 

The forward-looking statements included in this Report on Form 6-K 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: continued compliance with government regulations regarding cord blood banking in the People’s Republic of China, or PRC; changing legislation or regulatory environments in the PRC; 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; 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 implementing 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 the PRC, as well as general economic conditions; and other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission.

 

 
 

 

Results of Operations and Financial Condition

 

Following this cover page are the preliminary unaudited consolidated financial results for the three months and six months ended September 30, 2012 of the Company.

 

 
 

 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31 and September 30, 2012

 

  

   March 31,   September 30, 
   2012   2012 
   RMB   RMB   US$ 
   (in thousands except share data) 
             
ASSETS               
Current assets               
Cash and cash equivalents   794,311    1,324,507    210,748 
Accounts receivable, less allowance for doubtful accounts
(March 31, 2012: RMB13,916; September 30, 2012: RMB14,841)		   79,012    78,627    12,511 
Inventories   6,666    5,074    807 
Prepaid expenses and other receivables   11,561    15,055    2,395 
Trading securities   354    -    - 
Deferred offering costs   -    2,852    454 
Deferred tax assets   5,268    5,715    909 
Total current assets   897,172    1,431,830    227,824 
Property, plant and equipment, net   267,862    345,279    54,939 
Non-current prepayments   2,863    3,144    500 
Non-current accounts receivable, less allowance for doubtful accounts
(March 31, 2012: RMB38,628; September 30, 2012: RMB42,744)		   254,236    246,086    39,156 
Inventories   34,651    37,773    6,010 
Intangible assets, net   129,791    127,481    20,284 
Available-for-sale equity securities   98,199    78,332    12,464 
Other investment   134,363    134,363    21,379 
Deferred offering costs   -    10,183    1,620 
Deferred tax assets   5,013    5,879    935 
Total assets   1,824,150    2,420,350    385,111 
                
LIABILITIES               
Current liabilities               
Bank loan   45,000    50,000    7,956 
Accounts payable   6,343    14,234    2,265 
Accrued expenses and other payables   33,351    62,555    9,953 
Deferred revenue   106,110    151,496    24,105 
Amounts due to related party   360    720    115 
Income tax payable   5,943    5,809    924 
Total current liabilities   197,107    284,814    45,318 
Convertible notes   -    422,569    67,237 
Non-current deferred revenue   306,534    406,359    64,657 
Other non-current liabilities   60,420    81,455    12,961 
Deferred tax liabilities   24,462    23,306    3,708 
Total liabilities   588,523    1,218,503    193,881 
                
EQUITY               
Shareholders’ equity               
Ordinary shares               
- US$0.0001 par value, 250,000,000 shares authorized, 73,140,147 shares issued and outstanding as of March 31, 2012 and 73,140,147 shares issued and 69,064,092 shares outstanding as of September 30, 2012   50    50    8 
Additional paid-in capital   865,654    865,654    137,737 
Treasury stock   -    (72,675)   (11,564)
Accumulated other comprehensive income   26,057    3,705    589 
Retained earnings   310,973    366,761    58,358 
Total shareholders’ equity   1,202,734    1,163,495    185,128 
Non-controlling interests   32,893    38,352    6,102 
Total equity   1,235,627    1,201,847    191,230 
Total liabilities and equity   1,824,150    2,420,350    385,111 

 

 
 

 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months and Six Months ended September 30, 2011 and 2012

 

   Three months ended September 30,   Six months ended September 30, 
   2011   2012   2011   2012 
   RMB   RMB   US$   RMB   RMB   US$ 
   (in thousands except share data) 
                         
Revenues   98,433    128,462    20,440    185,891    243,792    38,791 
Direct costs   (21,757)   (27,057)   (4,305)   (41,625)   (51,446)   (8,186)
Gross profit   76,676    101,405    16,135    144,266    192,346    30,605 
Operating expenses                              
Research and development   (1,932)   (1,860)   (296)   (3,709)   (4,123)   (656)
Sales and marketing   (15,575)   (23,517)   (3,742)   (28,181)   (42,737)   (6,800)
General and administrative   (21,444)   (28,984)   (4,612)   (43,899)   (54,044)   (8,599)
Total operating expenses   (38,951)   (54,361)   (8,650)   (75,789)   (100,904)   (16,055)
Operating income   37,725    47,044    7,485    68,477    91,442    14,550 
Other (expense)/income , net                              
Interest income   3,312    3,859    614    6,451    7,188    1,144 
Interest expense   (1,190)   (14,089)   (2,242)   (1,650)   (24,265)   (3,861)
Exchange (loss)/gain   (4,956)   41    7    (4,860)   51    8 
Dividend income   -    -    -    7,217    2,420    385 
Others   111    (1,002)    (160)   325    (766)   (121)
Total other (expense)/income, net   (2,723)   (11,191)    (1,781)   7,483    (15,372)   (2,445)
Income before income tax   35,002    35,853    5,704    75,960    76,070    12,105 
Income tax expense   (9,093)   (8,466)   (1,347)   (7,310)   (14,801)   (2,355)
Net income   25,909    27,387    4,357    68,650    61,269    9,750 
Income attributable to non-controlling interests   (2,660)   (2,692)   (428)   (5,379)   (5,481)   (872)
Net income attributable to shareholders   23,249    24,695    3,929    63,271    55,788    8,878 
                               
Net income per share:                              
Attributable to ordinary shares                              
- Basic   0.31    0.34    0.05    0.85    0.75    0.12 
- Diluted   0.31    0.34    0.05    0.85    0.75    0.12 
                               
Other comprehensive income                              
- Net effect of foreign currency translation, net of nil tax   122    (1,007)   (160)   (689)   (2,424)   (386)
- Net unrealized (loss)/gain in available-for-sale equity securities, net of nil tax   (5,976)   2,624    418    (11,508)   (19,950)   (3,174)
Comprehensive income   20,055    29,004    4,615    56,453    38,895    6,190 
                               
Comprehensive income attributable to non-controlling interests   (2,680)   (2,672)   (425)   (5,605)   (5,459)   (869)
Comprehensive income attributable to shareholders   17,375    26,332    4,190    50,848    33,436    5,321 
 
 

Other Events

 

On November 19, 2012, the Company issued a press release announcing preliminary unaudited consolidated financial results for the three months and six months ended September 30, 2012. A copy of the press release is attached as Exhibit 99.1.

 

Exhibits

 

  Exhibit No.   Description
       
  99.1   Press Release, dated November 19, 2012

  

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  CHINA CORD BLOOD CORPORATION  
       
  By: /s/ Albert Chen  
  Name: Albert Chen  
  Title: Chief Financial Officer  

 

Dated: November 19, 2012