NANJING, China, Nov. 14,
2013 /PRNewswire/ -- Simcere Pharmaceutical Group ("Simcere"
or the "Company") (NYSE: SCR), a leading pharmaceutical company
specializing in the development, manufacturing, and marketing of
branded generic and proprietary pharmaceuticals in China, today reported preliminary unaudited
financial results for the quarter ended September 30,
2013.
Highlights
Revenue from continuing operations for the third
quarter of 2013 was RMB421.3 million (US$68.8 million), a decrease of 16.5%
compared to RMB504.7 million for the
same period in 2012. Revenue from continuing operations for the
first nine months of 2013 was RMB1,408.2
million (US$230.1 million), a decrease of 3.8% from
RMB1,463.8 million for the same
period in 2012.
Gross margin from continuing operations for the
third quarter of 2013 decreased to 76.0% compared to 84.2% for the
same period in 2012. For the first nine months of 2013, gross
margin decreased to 79.9% compared to 83.9% for the same period in
2012.
Operating loss from continuing operations was
RMB125.5 million (US$20.5 million) for the third quarter of
2013, compared to operating income from continuing operations of
RMB26.5 million for the same period
in 2012. The operating loss was primarily due to the impairment
charge for goodwill and intangible assets along with the
inventory write-down for the vaccine reporting unit in the third
quarter of 2013.Operating loss from continuing operations was
RMB73.2 million (US$12.0 million) for the first nine months
of 2013, compared to operating income from continuing operations of
RMB98.4 million for the same period
in 2012.
Net income attributable to Simcere from continuing
operations for the third quarter of 2013 was RMB167.0 million (US$27.3
million), an increase of 944.2% from RMB16.0 million for the same period in 2012,
primarily due to the gain arising from the sale of equity interest
in Kanda Biotech Holding Limited ("Kanda"), partially offset by the
impairment charge of goodwill and intangible assets and inventory
write-down. Net income attributable to Simcere from continuing
operations for the first nine months of 2013 was RMB197.9 million (US$32.3
million), an increase of 220.3% from RMB61.8 million for the same period in 2012.
Net income attributable to Simcere was
RMB384.1 million (US$62.8 million) for the third quarter of 2013, a
significant increase from RMB22.2
million for the same period in 2012, primarily due to the
gain arising from the sale of equity interest in Kanda and Jilin
Boda Pharmaceutical Co., Ltd. ("Boda"), partially offset by the
impairment charge for goodwill and intangible assets and inventory
write-down. Net income attributable to Simcere was RMB436.8 million (US$71.4 million) for the first nine months of
2013, an increase of 461.7% from RMB77.8
million for the same period in 2012.
In July 2013, the Company sold its
approximately 99.99% equity interest in Boda to Zhuhai Rongding
Equity Investment Partnership L.P. for a total cash consideration
of RMB400.0 million (US$65.4 million). Boda was the manufacturer of
Yidasheng. In accordance with U.S. GAAP, Boda's operating
results and the gain from the disposal are presented as
discontinued operations. The preliminary unaudited condensed
consolidated statements of income have been retrospectively
modified to distinguish between continuing operations and
discontinued operations.
In July 2013, the Company sold all
its equity interest in Kanda which holds Shanghai Celgen
Bio-Pharmaceutical Co., Ltd. ("Celgen") and other assets to Devont
Asset Management Limited for a total cash consideration of
RMB302.0 million (US$49.3 million). The company realized
RMB233.8 million (US$38.2 million) gain from the sale, which has
been reflected in earnings (losses) from continuing operations
before income taxes of the consolidated statement of income.
Management of the Company performed impairment testing for the
goodwill and intangible assets of the vaccines reporting unit as of
September 30, 2013 as triggered by
the expectation that the Company may not realize production and
sales of influenza vaccines in 2013 as previously planned. Based on
the revised expectation, management reassessed the present
operating status and future expectation of the Company in the
vaccine industry and revised its sales forecast, leading to an
impairment loss of RMB106.4 million
(US$17.4 million) for goodwill and
RMB19.0 million (US$3.1 million) for the intangible assets. The
impairment loss has been reflected in income (losses) from
operations of the consolidated statement of income. In the
meantime, RMB 26.1 million
(US$ 4.3 million) of inventory
write-down has been provided in the third quarter of
2013.
Mr. Hongquan Liu, Executive
Director and Chief Executive Officer of Simcere Pharmaceutical
Group said: "In the third quarter, we completed the sale of our
equity interest in Boda and Kanda, which is consistent with our
future business strategy, enabling us to focus more effectively on
our core business. While third quarter sales declined due to the
impact of price policy and issues related to EDL tendering, we were
pleased to see that our cost control measures are proving
effectual."
2013 Third Quarter Financial Results
Revenue from continuing operations for the third quarter
of 2013 was RMB421.3 million
(US$68.8 million), a decrease of
16.5% compared to RMB504.7 million
for the same period in 2012. Revenue from continuing operations for
the first nine months of 2013 was RMB1,408.2
million (US$230.1 million), a decrease of 3.8% from
RMB1,463.8 million for the same
period in 2012.
The tables below set forth the Company's top 10 products,
excluding Yidasheng which was manufactured by Boda, a subsidiary
disposed of by the Company, by revenue for the three months ended
September 30, 2013 and the nine
months ended September 30, 2013:
In
Thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2013
|
|
Three months ended
September 30, 2012
|
|
|
|
RMB
|
|
USD
|
|
% of total
revenue
|
|
RMB
|
|
% of total
revenue
|
Change
|
Products
|
Therapeutic
Area
|
|
|
|
|
|
|
|
|
|
|
|
Bicun
|
Neuroscience
|
|
115,324
|
|
18,844
|
|
27.4%
|
|
160,37
|
|
31.8%
|
(28.2%)
|
Endu
|
Oncology
|
|
75,854
|
|
12,394
|
|
18.0%
|
|
70,519
|
|
14.0%
|
7.6%
|
Yintaiqing
|
Inflammation
|
|
42,944
|
|
7,017
|
|
10.2%
|
|
52,123
|
|
10.3%
|
(17.6%)
|
Sinofuan
|
Oncology
|
|
34,836
|
|
5,692
|
|
8.3%
|
|
40,667
|
|
8.1%
|
(14.3%)
|
Biqi
|
Gastroenterology
|
|
24,820
|
|
4,056
|
|
5.9%
|
|
17,900
|
|
3.5%
|
38.7%
|
Jiebaishu
|
Oncology
|
|
21,187
|
|
3,462
|
|
5.0%
|
|
19,047
|
|
3.8%
|
11.2%
|
Zailin
|
Infectious
Disease
|
|
15,017
|
|
2,454
|
|
3.6%
|
|
53,999
|
|
10.7%
|
(72.2%)
|
Faneng
|
Anti-Osteoporosis
|
|
13,033
|
|
2,130
|
|
3.1%
|
|
11,564
|
|
2.3%
|
12.7%
|
Anxin
|
Infectious
Disease
|
|
12,191
|
|
1,992
|
|
2.9%
|
|
15,385
|
|
3.0%
|
(20.8%)
|
Iremod
|
Inflammation
|
|
11,966
|
|
1,955
|
|
2.8%
|
|
7,170
|
|
1.4%
|
66.9%
|
Others
|
|
|
54,129
|
|
8,844
|
|
12.8%
|
|
55,804
|
|
11.1%
|
(3.0%)
|
Total
|
|
|
421,301
|
|
68,840
|
|
100.0%
|
|
504,715
|
|
100.0%
|
(16.5%)
|
|
|
|
Nine months ended
September 30, 2013
|
|
Nine months ended
September 30, 2012
|
|
|
|
RMB
|
|
USD
|
|
% of total
revenue
|
|
RMB
|
|
% of total
revenue
|
Change
|
Products
|
Therapeutic
Area
|
|
|
|
|
|
|
|
|
|
|
|
Bicun
|
Neuroscience
|
|
365,893
|
|
59,786
|
|
26.0%
|
|
448,552
|
|
30.6%
|
(18.4%)
|
Endu
|
Oncology
|
|
244,404
|
|
39,935
|
|
17.4%
|
|
193,647
|
|
13.2%
|
26.2%
|
Yintaiqing
|
Inflammation
|
|
136,517
|
|
22,307
|
|
9.7%
|
|
129,198
|
|
8.8%
|
5.7%
|
Zailin
|
Infectious
Disease
|
|
120,312
|
|
19,659
|
|
8.5%
|
|
175,661
|
|
12.0%
|
(31.5%)
|
Sinofuan
|
Oncology
|
|
113,266
|
|
18,508
|
|
8.0%
|
|
121,640
|
|
8.3%
|
(6.9%)
|
Biqi
|
Gastroenterology
|
|
76,413
|
|
12,486
|
|
5.4%
|
|
66,620
|
|
4.6%
|
14.7%
|
Jiebaishu
|
Oncology
|
|
57,257
|
|
9,356
|
|
4.1%
|
|
53,781
|
|
3.7%
|
6.5%
|
Anxin
|
Infectious
Disease
|
|
41,325
|
|
6,752
|
|
2.9%
|
|
45,674
|
|
3.1%
|
(9.5%)
|
Faneng
|
Anti-Osteoporosis
|
|
39,026
|
|
6,377
|
|
2.8%
|
|
29,210
|
|
2.0%
|
33.6%
|
Anqi
|
Antibacterial
|
|
29,098
|
|
4,755
|
|
2.1%
|
|
40,422
|
|
2.8%
|
(28.0%)
|
Others
|
|
|
184,736
|
|
30,185
|
|
13.1%
|
|
159,363
|
|
10.9%
|
15.9%
|
Total
|
|
|
1,408,247
|
|
230,106
|
|
100.0%
|
|
1,463,768
|
|
100.0%
|
(3.8%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin from continuing operations for the
third quarter of 2013 decreased to 76.0% compared to 84.2% for the
same period in 2012. The decrease was mainly due to the inventory
write-down for the influenza vaccine reporting unit and the drop in
sales of products with higher gross margins as a percentage of
total sales. Gross margin excluding the impact of inventory
write-down was 82.2% in the third quarter of 2013. For the first
nine months of 2013, gross margin decreased to 79.9% compared to
83.9% for the same period in 2012.
Research and development expenses from continuing
operations for the third quarter of 2013 totaled RMB47.5 million (US$7.8
million) which represented a decrease of 26.5% from
RMB64.7 million for the same period
in 2012. The decrease occurred as the Company completed development
of its influenza vaccine and began commercial manufacturing. As a
percentage of revenue from continuing operations, research and
development expenses from continuing operations decreased to 11.3%
for the third quarter of 2013 from 12.8% for the same period in
2012. For the first nine months of 2013, research and development
expenses from continuing operations totaled RMB136.8 million (US$22.4 million), compared to RMB166.0 million for the same period in
2012.
Sales, marketing and distribution expenses from continuing
operations for the third quarter of 2013 were RMB206.8 million (US$33.8 million), which represented a
decrease of 31.1% from RMB300.2 million for the same period in
2012.The decrease was the result of a drop in travelling and
conference expenses and promotional expenses. As a percentage of
total revenue from continuing operations, sales, marketing and
distribution expenses from continuing operations decreased to 49.1%
for the third quarter of 2013 from 59.5% for the same period in
2012. For the first nine months of 2013, sales, marketing and
distribution expenses from continuing operations were RMB743.1 million (US$121.4 million), which represented a decrease
of 10.9% from RMB834.4 million
for the same period in 2012.
General and administrative expenses from continuing
operations were RMB66.1 million (US$10.8 million) for the third quarter of
2013, which represented an increase of 13.6% from RMB58.2 million for the same period in 2012.
The increase was primarily due to legal and professional fees
incurred during the Company's going-private process and the
share-based compensation expenses as noted in the paragraph below.
As a percentage of revenue from continuing operations, general and
administrative expenses increased to 15.7% for the third quarter of
2013 from 11.5% for the same period in 2012. For the first nine
months of 2013, general and administrative expenses from continuing
operations were RMB192.7 million
(US$31.5 million), which
represented an increase of 13.0% from RMB170.4 million for the same period in 2012.
Share-based compensation expenses, which were allocated
to research and development expenses, sales, marketing and
distribution expenses, and general and administrative expenses,
based on the nature of the work that the relevant employee was
assigned to perform, totaled RMB8.9 million (US$1.5 million) for the third quarter of 2013.
Share-based compensation expenses for the third quarter of 2012
were RMB3.9 million. For the
first nine months of 2013, share-based compensation expenses
totaled RMB27.1 million
(US$4.4 million), which
represented an increase of 159.1% from RMB10.5 million for the same period in 2012.
The increase was primarily due to restricted shares granted to our
management in the second half of 2012.
Operating loss from continuing operations was
RMB125.5 million (US$20.5 million) for the third quarter of
2013, compared to operating income from continuing operations
of RMB26.5 million for the same
period in 2012. The unfavorable result was due to the
impairment charge for the goodwill and intangible assets of the
influenza vaccine reporting unit along with the inventory
write-down for influenza vaccines in the third quarter of 2013.
Operating loss from continuing operations was RMB73.2 million (US$12.0 million) for the first nine months
of 2013, compared to operating income from continuing operations of
RMB98.4 million for the same period in 2012.
Income tax benefit from continuing operations for the
third quarter of 2013 was RMB5.8 million (US$0.9 million), compared to income tax
expense of RMB3.2 million for the
third quarter in 2012. The income tax benefit in the third quarter
of 2013 was due to tax losses of the Company's PRC subsidiaries.
For the first nine months of 2013, income tax benefit from
continuing operations was RMB10.6 million (US$
1.7million), compared to income tax expense of RMB 5.9 million for the same period in 2012.
This was primarily due to the reversal of an unrecognized tax
benefit and related accrued cumulative interest as a result of a
lapse of the statute of limitations in accordance to the PRC Tax
Administration and Collection Law in the second quarter.
Income from discontinued operations, net of tax, was
RMB217.1 million (US$35.5 million) and RMB6.2 million for the third quarter of 2013 and
2012, respectively. The favorable result was mainly due to gain
realized from the disposal of Boda. For the first nine months of
2013, income from discontinued operations, net of tax, was
RMB238.9 million (US$39.0 million), a significant increase from
RMB16.0 million for the same period
in 2012.
Net income attributable to Simcere was
RMB384.1 million (US$62.8 million) for the third quarter of
2013, which consists of net income attributable to Simcere from
continuing operations of RMB167.0
million (US$27.3 million) and
net income attributable to Simcere from discontinued operations of
RMB217.1 million (US$35.5 million). Net income attributable to
Simcere from continuing operations for the third quarter of 2013
increased by 944.2% from RMB16.0
million for the same period in 2012, primarily due to gain
arising from the sale of equity interest in Kanda Biotech,
partially offset by the impairment charge of goodwill and
intangible assets. For the first nine months of 2013, net income
attributable to Simcere was RMB436.8 million (US$71.4 million) which consists of net
income attributable to Simcere from continuing operations of
RMB197.9 million (US$32.3 million) and net income attributable to
Simcere from discontinued operations of RMB238.9 million (US$39.0
million). For the first nine months of 2012, net income
attributable to Simcere was RMB77.8 million which consists of net income
attributable to Simcere from continuing operations of RMB61.8 million and net income attributable to
Simcere from discontinued operations of RMB16.0 million.
Basic and diluted earnings per American Depository
Share ("ADS") from continuing operations for the third quarter
of 2013 were RMB3.16 (US$0.52) and RMB3.11 (US$0.51),
respectively. Basic and diluted earnings per ADS from continuing
operations for the first nine months of 2013 were RMB3.76 (US$0.61)
and RMB3.70 (US$0.60), respectively. Basic and diluted
earnings per ADS from discontinued operations for the third quarter
of 2013 were RMB4.12 (US$0.67) and RMB4.04 (US$0.66),
respectively. Basic and diluted earnings per ADS from discontinued
operations for the first nine months of 2013 were RMB4.54 (US$0.74)
and RMB4.47 (US$0.73), respectively. One ADS represents two
ordinary shares of the Company.
As of September 30, 2013, the
Company had cash and restricted cash of RMB871.8 million (US$142.5 million), compared to RMB201.6 million as of December 31,
2012. The increase was primarily due to cash consideration received
from the sale of equity interest in Kanda Biotech and Boda.
Financial Information
The preliminary unaudited condensed consolidated statements of
income and balance sheets accompanying this press release have been
prepared by management using U.S. GAAP. This preliminary financial
information is not intended to fully comply with U.S. GAAP because
it does not present all of the financial information and
disclosures required by U.S. GAAP.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and as defined in the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "anticipate," "believe,"
"estimate," "expect," "forecast," "intend," "may," "plan,"
"project," "predict," "should" and "will" and similar expressions.
In particular, the quotations from management in this press release
contain forward-looking statements. These forward looking
statements are based upon management's current views and
expectations with respect to future events and are not a guarantee
of future performance. Furthermore, these statements are, by their
nature, subject to a number of risks and uncertainties that could
cause actual performance and results to differ materially from
those discussed in the forward-looking statements as a result of a
number of factors. Further information regarding these and other
risks is included in Simcere's filings with the U.S. Securities and
Exchange Commission at www.sec.gov. Simcere does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
Conference Call
Simcere Pharmaceutical Group will host a conference call to
discuss the Company's results for the third quarter of 2013 on
Thursday, November 14, at
8:00 a.m. Eastern Time (Thursday, November 14 at 9:00 p.m. Beijing/Hong
Kong time). The management team will be on the call to
discuss the results for the third quarter of 2013 and to answer
questions.
To access the conference call, please dial:
International
toll:
|
+65.6723.9381
|
United States
toll-free:
|
+1.866.519.4004
|
United States
toll:
|
+1.845.6750.437
|
China Domestic
toll:
|
800.819.0121
|
China Domestic mobile
toll:
|
400.620.8038
|
Hong Kong
toll:
|
+852.2475.0994
|
Please ask to be connected to Q3 2013 Simcere Pharmaceutical
Group Earnings Conference Call and provide the following pass code:
94745140.
Simcere will also broadcast a live audio webcast of the
conference call. The broadcast will be available by visiting the
"Investor Relations" section of the company's web site at
www.simcere.com.
Following the earnings conference call, an archive of the
call will be available by dialing:
United States
toll-free:
|
+1.855.452.5696
|
United States
toll:
|
+1.646.254.3697
|
The pass code for replay participants is 94745140. The telephone
replay also will be archived on the "Investor Relations" section of
the company's web site for seven days following the earnings
announcement.
About Simcere Pharmaceutical Group
Simcere Pharmaceutical Group (NYSE: SCR, Simcere) is a leading
pharmaceutical company specializing in the development,
manufacturing, and marketing of branded and proprietary
pharmaceuticals in China. Simcere
concentrates its research and development efforts on the treatment
of diseases with high incidence and/or mortality rates and for
which there is a clear demand for more effective pharmacotherapy
such as cancer, strokes, cardiovascular disease, infectious
diseases and pain. For more information about Simcere
Pharmaceutical Group, please visit www.simcere.com.
Investor and Media Contacts:
Email: ir@simcere.com
In
Nanjing:
|
In the United
States:
|
Vivien
Liang
|
Cindy
Zheng
|
Simcere
Pharmaceutical
Group
|
Brunswick
Group
|
Tel:
86-25-8556-6666*8857
|
Tel:
1-212-333-3810
|
|
|
In
Beijing:
|
|
Yue Yu
|
|
Brunswick
Group
|
|
Tel:
86-10-5960-8600
|
|
SIMCERE
PHARMACEUTICAL GROUP
|
PRELIMINARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
|
(AMOUNTS EXPRESSED IN
THOUSANDS, EXCEPT SHARE AND ADS DATA)
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
2012
|
|
2013
|
|
2013
|
|
2012
|
|
2013
|
|
2013
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Product
revenue
|
504,715
|
|
421,301
|
|
68,840
|
|
1,463,768
|
|
1,408,247
|
|
230,106
|
Total
revenue
|
504,715
|
|
421,301
|
|
68,840
|
|
1,463,768
|
|
1,408,247
|
|
230,106
|
Cost of materials and production
|
(79,933)
|
|
(101,068)
|
|
(16,514)
|
|
(234,940)
|
|
(283,458)
|
|
(46,317)
|
Gross
profit
|
424,782
|
|
320,233
|
|
52,326
|
|
1,228,828
|
|
1,124,789
|
|
183,789
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses and other operating
income:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
(64,673)
|
|
(47,520)
|
|
(7,765)
|
|
(165,956)
|
|
(136,818)
|
|
(22,356)
|
Sales, marketing and
distribution
|
(300,208)
|
|
(206,766)
|
|
(33,785)
|
|
(834,424)
|
|
(743,135)
|
|
(121,427)
|
General and
administrative
|
(58,217)
|
|
(66,128)
|
|
(10,805)
|
|
(170,446)
|
|
(192,682)
|
|
(31,484)
|
Impairment on
goodwill and intangible
assets*
|
-
|
|
(125,365)
|
|
(20,485)
|
|
-
|
|
(125,365)
|
|
(20,485)
|
Gain arising from
loss of control
of a
subsidiary
|
24,789
|
|
-
|
|
-
|
|
24,789
|
|
-
|
|
-
|
Other operating
income
|
-
|
|
-
|
|
-
|
|
15,650
|
|
-
|
|
-
|
Income (losses)
from operations
|
26,473
|
|
(125,546)
|
|
(20,514)
|
|
98,441
|
|
(73,211)
|
|
(11,963)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
757
|
|
6,746
|
|
1,102
|
|
2,715
|
|
8,591
|
|
1,404
|
Interest
expense
|
(15,466)
|
|
(12,024)
|
|
(1,965)
|
|
(52,357)
|
|
(35,731)
|
|
(5,838)
|
Foreign currency
exchange losses
|
(239)
|
|
(1,162)
|
|
(190)
|
|
(842)
|
|
(1,538)
|
|
(251)
|
Other
income
|
3,996
|
|
1,318
|
|
215
|
|
8,185
|
|
6,029
|
|
985
|
Gain arising from
disposal of
|
-
|
|
233,773
|
|
38,199
|
|
-
|
|
233,773
|
|
38,198
|
affiliated
companies
|
|
|
|
|
Equity in losses of
equity method affiliated
companies
|
(5,994)
|
|
(8,705)
|
|
(1,422)
|
|
(10,921)
|
|
(31,831)
|
|
(5,201)
|
Earnings from continuing operations
before income
taxes
|
9,527
|
|
94,400
|
|
15,425
|
|
45,221
|
|
106,082
|
|
17,334
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expenses)
benefits
|
(3,207)
|
|
5,776
|
|
944
|
|
(5,945)
|
|
10,595
|
|
1,731
|
Net Income from continuing operations
|
6,320
|
|
100,176
|
|
16,369
|
|
39,276
|
|
116,677
|
|
19,065
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
discontinued operations
|
6,409
|
|
232,192
|
|
37,940
|
|
16,371
|
|
257,727
|
|
42,112
|
before income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
(238)
|
|
(15,062)
|
|
(2,461)
|
|
(393)
|
|
(18,825)
|
|
(3,076)
|
Income from discontinued operations, net
of
tax
|
6,171
|
|
217,130
|
|
35,479
|
|
15,978
|
|
238,902
|
|
39,036
|
Net
Income
|
12,491
|
|
317,306
|
|
51,848
|
|
55,254
|
|
355,579
|
|
58,101
|
Net loss attributable
to the non-controlling
interests
|
9,669
|
|
66,783
|
|
10,912
|
|
22,503
|
|
81,197
|
|
13,268
|
Net income
attributable to
Simcere
Pharmaceutical Group
shareholders
|
22,160
|
|
384,089
|
|
62,760
|
|
77,757
|
|
436,776
|
|
71,369
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Simcere
Pharmaceutical Group
shareholder from
continuing
operations
|
15,989
|
|
166,960
|
|
27,281
|
|
61,780
|
|
197,877
|
|
32,333
|
Net income
attributable to Simcere
Pharmaceutical Group
shareholder from
discontinued
operations
|
6,171
|
|
217,129
|
|
35,479
|
|
15,977
|
|
238,899
|
|
39,036
|
Earnings per share
attributable to
Simcere from continuing
operations:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.15
|
|
1.58
|
|
0.26
|
|
0.57
|
|
1.88
|
|
0.31
|
Diluted
|
0.15
|
|
1.55
|
|
0.25
|
|
0.57
|
|
1.85
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to
Simcere from discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.06
|
|
2.06
|
|
0.34
|
|
0.15
|
|
2.27
|
|
0.37
|
Diluted
|
0.06
|
|
2.02
|
|
0.33
|
|
0.15
|
|
2.23
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
attributable to
Simcere from continuing
operations:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.30
|
|
3.16
|
|
0.52
|
|
1.15
|
|
3.76
|
|
0.61
|
Diluted
|
0.30
|
|
3.11
|
|
0.51
|
|
1.15
|
|
3.70
|
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
attributable to
Simcere from discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.12
|
|
4.12
|
|
0.67
|
|
0.30
|
|
4.54
|
|
0.74
|
Diluted
|
0.12
|
|
4.04
|
|
0.66
|
|
0.30
|
|
4.47
|
|
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary
shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
106,517,423
|
|
105,525,617
|
|
105,525,617
|
|
107,592,694
|
|
105,332,033
|
|
105,332,033
|
Diluted
|
106,693,034
|
|
107,474,892
|
|
107,474,892
|
|
107,822,027
|
|
106,985,425
|
|
106,985,425
|
* Impairment of
goodwill and intangible assets is subject to the completion of the
valuation work and may be adjusted.
|
SIMCERE
PHARMACEUTICAL GROUP
|
PRELIMINARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
(AMOUNTS EXPRESSED IN
THOUSANDS)
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
2012
|
|
2013
|
|
2013
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and pledged bank
deposits
|
201,556
|
|
871,832
|
|
142,456
|
Held-to-maturity
securities
|
-
|
|
564,000
|
|
92,157
|
Assets held for sale
|
90,550
|
|
-
|
|
-
|
Bills receivable
|
679,630
|
|
367,130
|
|
59,989
|
Accounts receivable, net
|
413,481
|
|
475,229
|
|
77,652
|
Inventories
|
120,932
|
|
108,973
|
|
17,806
|
Other current assets
|
237,248
|
|
311,854
|
|
50,956
|
Total current
assets
|
1,743,397
|
|
2,699,018
|
|
441,016
|
Property, plant and
equipment, net
|
853,546
|
|
765,847
|
|
125,138
|
Land use
rights
|
128,220
|
|
117,553
|
|
19,208
|
Goodwill and
intangible assets, net
|
519,334
|
|
295,741
|
|
48,324
|
Investment in equity
method investments
|
56,785
|
|
28,238
|
|
4,614
|
Other non-current
assets
|
71,381
|
|
124,342
|
|
20,317
|
Total
assets
|
3,372,663
|
|
4,030,739
|
|
658,617
|
Liabilities
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term borrowings
|
675,779
|
|
720,520
|
|
117,732
|
Accounts payable
|
47,136
|
|
42,748
|
|
6,985
|
Bills payable
|
15,000
|
|
15,000
|
|
2,451
|
Other payables and accrued
liabilities
|
471,603
|
|
560,870
|
|
91,645
|
Total current
liabilities
|
1,209,518
|
|
1,339,138
|
|
218,813
|
Long-term
borrowings
|
2,000
|
|
186,440
|
|
30,464
|
Deferred tax
liabilities
|
56,120
|
|
35,315
|
|
5,771
|
Other
liabilities
|
32,657
|
|
21,195
|
|
3,463
|
Total
liabilities
|
1,300,295
|
|
1,582,088
|
|
258,511
|
Shareholders'
equity
|
|
|
|
|
|
Simcere shareholders'
equity
|
|
|
|
|
|
Ordinary shares at par
|
8,258
|
|
8,288
|
|
1,354
|
Additional paid-in
capital
|
853,551
|
|
880,720
|
|
143,909
|
Accumulated other comprehensive
loss
|
(104,147)
|
|
(104,347)
|
|
(17,050)
|
Retained
earnings
|
1,254,464
|
|
1,691,240
|
|
276,346
|
Total equity
attributable to Simcere
|
2,012,126
|
|
2,475,901
|
|
404,559
|
Non-controlling
interest
|
60,242
|
|
(27,250)
|
|
(4,453)
|
Total
shareholders' equity
|
2,072,368
|
|
2,448,651
|
|
400,106
|
Commitments and
contingencies
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
3,372,663
|
|
4,030,739
|
|
658,617
|
|
Note: The conversions
of Renminbi (RMB) into United States dollars (USD) as at the
reporting dates are based on the noon buying rate of USD1.00 =
RMB6.1200 on September 30, 2013 as set forth in the H. 10
statistical release of the Federal Reserve Board. No representation
is intended to imply that the RMB amounts could have been, or could
be, converted, realized or settled into U.S. dollars at that rate
on the reporting dates.
|
SOURCE Simcere Pharmaceutical Group