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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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