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TheStreet Open House

China Xiniya Fashion Limited Reports Fiscal Year 2010 Financial Results

About China Xiniya Fashion Limited

Xiniya is a leading provider of men's business casual apparel in China. The Company designs and manufactures men's business casual and business formal apparel and accessories, which are marketed under the Xiniya brand, and sells through its distribution network that includes 26 distributors and 24 department store chains. Its products are sold to consumers at over 1,400 authorized retail outlets owned and managed by third parties located in 21 provinces, five autonomous regions, and four municipalities in China. This retail network focuses on second- and lower-tier cities, where increasing affluence has led to an improvement in living standards and where most international men's apparel brands do not have a significant presence. The Company's target consumers are male working professionals in China between the ages of 25 and 45 who seek fashionable clothing to suit their working and lifestyle needs. For more information, please visit the Company's website at http://ir.xiniya.com.

 

CHINA XINIYA FASHION LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Chinese Renminbi in thousands except shares and per share and per ADS data)
For the Three Months and Years Ended December 31, 2009 and 2010
         

Three Months Ended Dec 31

Year Ended Dec 31

  2009     2010     2009     2010  
Revenue

 

256,867

 

333,556

 

672,075

 

899,252

Cost of sales   (159,293 )   (213,957 )   (438,773 )   (589,233 )
Gross profit 97,574 119,599 233,302 310,019
 
Interest income 241 236 793 847
Selling and distribution expenses (2,317 ) (2,964 ) (8,744 ) (11,999 )
Administrative expenses   (826 )   (6,055 )   (2,898 )   (10,108 )
Profit before taxation 94,672 110,816 222,453 288,759
Income tax expense   (11,897 )   (13,957 )   (28,109 )   (36,413 )
Profit for the year 82,775 96,859 194,344 252,346
 
Earnings per share - basic and diluted (in RMB) 0.41 0.45 0.97 1.24
Earnings per ADS - basic and diluted (in USD) 0.25 0.27 0.59 0.75
 
Weighted average shares outstanding in the period 200,000,000 213,565,217 200,000,000 203,419,178
Weighted average ADS outstanding in the period 50,000,000 53,391,304 50,000,000 50,854,795
One ADS represents four ordinary shares.
 
 
CHINA XINIYA FASHION LIMITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Chinese Renminbi in thousands)
As at December 31, 2009 and 2010
                 
2009 2010
Assets  
Non-current assets
Property, plant and equipment 2,776 1,642
Prepayments   - 5,018
Total non-current assets   2,776 6,660
 
Current assets
Cash and cash equivalents 142,302 862,797
Trade receivables 127,819 221,356
Inventories 11,018 5,658
Other receivables and prepayments   2,575 5,054
Total current assets   283,714 1,094,865
 
Total assets   286,490 1,101,525
 
Equity and liabilities
Equity
Share capital 9,843 77
Additional paid-in capital - 529,650
Statutory reserve 43,897 69,351
Retained earnings   174,667 403,754
Total equity   228,407 1,002,832
 
Current liabilities
Trade payables 28,017 46,358
Other payables and accruals 18,168 38,378
Current income tax payable   11,898 13,957
Total current liabilities   58,083 98,693
 
Total equity and liabilities   286,490 1,101,525
 
 

CHINA XINIYA FASHION LIMITEDCONSOLIDATED STATEMENTS OF CASH FLOWS(Chinese Renminbi in thousands)For the Years Ended December 31, 2009 and 2010

 
    2009       2010  
Cash flows from operating activities:
Profit before taxation

 

222,453

 

288,759

Adjustments for:
Depreciation for property, plant and equipment 518 389
Loss on disposal of property, plant and equipment - 351
Share-based compensation   -     2,195  
Operating profit before working capital changes 222,971 291,694
Increase in trade receivable (77,162 ) (93,537 )
(Increase)/decrease in inventories (7,524 ) 5,360
(Increase)/decrease in other receivables and prepayments 4,506 (8,400 )
Increase/(decrease) in trade payables (15,743 ) 18,341
Increase/(decrease) in other payables and accruals   (3,821 )   12,472  
Cash generated by operating activities 123,227 225,930
Income tax paid   (23,458 )   (34,354 )
Net cash generated by operating activities 99,769 191,576
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment - 396
Acquisition of property, plant and equipment   -     (2 )
Net cash generated by investing activities - 394
Cash flows from financing activities:
Proceeds from share issued, net - 519,884
Dividends paid (113,339 ) -
Increase/(decrease) in advance to and from director   (767 )   8,641  
Net cash (used in)/generated by financing activities (114,106 ) 528,525
Net increase/(decrease) in cash and cash equivalents (14,337 ) 720,495
Cash and cash equivalents at beginning of the year   156,639     142,302  
Cash and cash equivalents at end of the year   142,302     862,797  
 

     

CHINA XINIYA FASHION LIMITEDRECONCILIATION OF IFRS TO NON-IFRS FINANCIAL DATA(in thousands of Renminbi, except for ADS data and per ADS data)

 

Three months endedDecember 31,

Twelve months endedDecember 31,

2009   2010   %   2009   2010   %
     
IFRS operating expenses (3,143 ) (9,019 ) 187.0 % (11,642 ) (22,107 ) 89.9 %
Adjustment:
Share-based compensation -     2,195   -     2,195  
Non-IFRS operating expenses (3,143 )   (6,824 ) 117.1 % (11,642 )   (19,912 ) 71.0 %
 
IFRS profit before taxation 94,672 110,816 17.1 % 222,453 288,759 29.8 %
IFRS operating margin 36.9 % 33.2 % 33.1 % 32.1 %
Adjustment:
Share-based compensation -     2,195   -     2,195  
Non-IFRS profit before taxation 94,672 113,011 19.4 % 222,453 290,954 30.8 %
Non-IFRS operating margin 36.9 %   33.9 % 33.1 %   32.4 %
 
IFRS profit for the year 82,775 96,859 17.0 % 194,344 252,346 29.8 %
IFRS net margin 32.2 % 29.0 % 28.9 % 28.1 %
Adjustment:
Share-based compensation -     2,195   -     2,195  
Non-IFRS profit for the year 82,775 99,054 19.7 % 194,344 254,541 31.0 %
Non-IFRS net margin 32.2 %   29.7 % 28.9 %   28.3 %
 
IFRS Earnings per ADS 0.25 0.27 8.0 % 0.59 0.75 27.1 %
Adjustment:
Share-based compensation -     0.01   -     0.01  
Non-IFRS Earnings per ADS 0.25     0.28   12.0 % 0.59     0.76   28.8 %
 
Weighted average ADS outstanding, basic and diluted (in thousands) 1

50,000

53,391

50,000

50,855

 

1 Each ADS represents 4 ordinary shares.

Copyright Business Wire 2010
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