Noah Holdings Limited Announces 2010 Fourth Quarter And Fiscal Year 2010 Financial Results

Noah Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(In U.S. dollars except for share data)
				As of
				September 30, 2010		December 31, 2010
				$		$
Assets
	Current assets:
		Cash and cash equivalents		21,759,650		133,269,694
		Restricted cash		74,615		75,758
		Short-term investments		2,238,438		2,272,727
		Accounts receivable, net of allowance for doubtful accounts of nil at September 30, 2010 and December 31, 2010, respectively		1,788,187		1,098,327
		Other current assets		1,263,575		2,178,369
		Deferred tax assets		61,899		1,185,345
		Amounts due from related parties		1,952,418		1,017,434
		Total current assets		29,138,782		141,097,654
	Long-term Investments			-		4,445,455
	Investment in affiliates			364,187		859,982
	Property and equipment, net			1,100,880		1,406,247
	Other non-current assets			237,239		480,564
	Non-current deferred tax assets			-		25,000
Total Assets				30,841,088		148,314,902
Liabilities, Mezzanine Equity and Equity
	Current liabilities:
		Accrued payroll and welfare expenses		2,745,176		4,621,787
		Income tax payable		2,925,127		5,906,654
		Other current liabilities		2,423,947		3,799,946
		Deferred tax liabilities		24,525		32,295
		Total current liabilities		8,118,775		14,360,682
	Uncertain tax position liabilities			1,276,450		1,364,122
	Other non-current liabilities			-		961,277
	Total Liabilities			9,395,225		16,686,081
	Mezzanine Equity
		Series A convertible redeemable preferred shares		4,478,190		-
	Equity			16,967,673		131,628,821
Total Liabilities, Mezzanine Equity and Equity				30,841,088		148,314,902

Noah Holdings Limited
Unaudited Condensed Consolidated Income Statements
(In U.S. dollars, except for share data and percentages)
		Three months ended
		December 31,				December 31,					Change
		2009				2010
Revenues:		$				$
Third-party revenues		5,473,919				9,906,411					81.0	%
Related party revenues		282,707				4,887,691					1628.9	%
Total revenues		5,756,626				14,794,102					157.0	%
Less: business taxes and related surcharges		(308,781	)			(790,010		)			155.8	%
Net revenues		5,447,845				14,004,092					157.1	%
Operating cost and expenses:
Cost of revenues		(964,019	)			(2,560,956		)			165.7	%
Selling expenses		(1,128,258	)			(3,533,004		)			213.1	%
General and administrative expenses		(1,263,039	)			(1,835,112		)			45.3	%
Other operating income		42,968				9,345					(78.3	%)
Total operating cost and expenses		(3,312,348	)			(7,919,727		)			139.1	%
Income from operations		2,135,497				6,084,365					184.9	%
Other income(expenses):
Interest income		22,898				98,667					330.9	%
Other expense		(3,189	)			(128,661		)			3934.5	%
Investment income		232,623				65,728					(71.7	%)
Gain on change in fair value of derivative liabilities		265,500				-					(100	%)
Total other income (expenses)		517,832				35,734					(93.1	%)
Income before taxes		2,653,329				6,120,099					130.7	%
Income tax expenses		(404,437	)			(1,859,758		)			359.8	%
Loss from equity in affiliates		-				(12,707		)			-
Net income attributable to Noah Shareholders		2,248,892				4,247,634					88.9	%
Deemed dividend on Series A convertible redeemable preferred shares		(52,022	)			-					(100	%)
Net income attributable to ordinary shareholders		2,196,870				4,247,634					93.3	%
Income per ADS, basic		0.06				0.08					33.3	%
Income per ADS, diluted		0.04				0.08					100	%
Margin analysis:
Gross margin		82.3	%			81.7		%
Operating margin		39.2	%			43.4		%
Net margin		41.3	%			30.3		%
Weighted average ADS equivalent: [1]
Basic		24,255,978				46,329,565
Diluted		45,700,309				47,807,742
ADS equivalent outstanding at end of period		24,750,000				55,660,000
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs

Noah Holdings Limited
Unaudited Condensed Consolidated Income Statements
(In U.S. dollars, except for share data and percentages)
		Twelve months ended
		December 31,				December 31,				Change
		2009				2010
		$				$
Revenues:
Third-party revenues		14,257,047				30,996,179				117.4	%
Related party revenues		1,145,535				9,068,669				691.7	%
Total revenues		15,402,582				40,064,848				160.1	%
Less: business taxes and related surcharges		(838,350	)			(2,201,289	)			162.6	%
Net revenues		14,564,232				37,863,559				160.0	%
Operating cost and expenses:
Cost of revenues		(2,508,861	)			(6,570,752	)			161.9	%
Selling expenses		(3,168,051	)			(8,488,457	)			167.9	%
General and administrative expenses		(4,435,557	)			(7,292,577	)			64.4	%
Other operating income		230,547				172,737				(25.1	%)
Total operating cost and expenses		(9,881,922	)			(22,179,049	)			124.4	%
Income from operations		4,682,310				15,684,510				235.0	%
Other income(expenses):
Interest income		57,622				179,069				210.8	%
Other expense		(15,088	)			(153,060	)			914.4	%
Investment income		358,824				281,076				(21.7	%)
Gain(loss) on change in fair value of derivative liabilities		(796,500	)			354,000				(144.4	%)
Total other income (expenses)		(395,142	)			661,085				(267.3	%)
Income before taxes		4,287,168				16,345,595				281.3	%
Income tax expenses		(638,755	)			(4,790,089	)			649.9	%
Loss from equity in affiliates		-				(25,137	)			-
Net income attributable to Noah Shareholders		3,648,413				11,530,369				216.0	%
Deemed dividend on Series A convertible redeemable preferred shares		(208,088	)			(108,348	)			(47.9	%)
Net income attributable to ordinary shareholders		3,440,325				11,422,021				232.0	%
Income per ADS, basic		0.10				0.26				160.0	%
Income per ADS, diluted		0.07				0.23				228.6	%
Margin analysis:
Gross margin		82.8	%			82.6	%
Operating margin		32.1	%			41.4	%
Net margin		25.1	%			30.5	%
Weighted average ADS equivalent: [2]
Basic		22,242,328				33,331,836
Diluted		33,670,758				38,060,223
[2] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs

		Noah Holdings Limited
		Supplemental Information
		(unaudited)
				As of
				December 31,				December 31,
				2009				2010				Change
Number of registered clients				9,641				16,296				69.0%
Number of relationship managers				192				341				77.6%
Number of branch offices				16				39				143.8%
				Three months ended
				December 31,				December 31,
				2009				2010				Change
				(in millions of RMB, except percentages)
Active clients				506				621				22.7%
Transaction value:
Fixed income products				1,197				2,022				68.9%
Private equity fund products				1,085				2,336				115.3%
Securities investment funds and investment-linked insurance products				179				47				(73.7%)
Total transaction value				2,461				4,405				79.0%
Average transaction value per client				4.86				7.09				45.8%

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