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Lentuo International Inc. Announces First Quarter 2011 Financial Results

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 “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
 

LENTUO INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares)
 
March 31,

 

2010
 

2011
RMB RMB   US$
ASSETS
 
Current assets:
Cash and cash equivalents 177,803 766,557 117,062
Restricted cash 95,930 248,980 38,022
Accounts receivable (net of allowance for doubtful accounts of nil as of March 31, 2010 and 2011) 22,659 44,520 6,799
Inventories, net 349,039 390,961 59,704
Advances to suppliers 206,158 199,315 30,438
Prepaid expenses and other current assets 28,985 51,456 7,858
Amounts due from related parties 290,554 - -
Deferred tax assets - 5,006 764
     
Total current assets 1,171,128 1,706,795 260,647
 
Non-current assets:
Property and equipment, net 262,843 222,415 33,965
Land use rights, net 9,086 5,771 881
Deferred initial public offering costs 6,034 - -
Deferred tax assets 465 860 131
     
Total non-current assets 278,428 229,046 34,977
 
TOTAL ASSETS 1,449,556 1,935,841 295,624
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable 10,979 1,925 294
Bills payable 315,711 274,460 41,913
Advances from customers 18,500 40,781 6,228
Deposits from third parties 142,738 111,486 17,025
Accrued expenses and other current liabilities 216,856 391,052 59,717
Amounts due to related parties 7,436 14,145 2,160
Unrecognized tax benefits 49,525 4,963 758
Taxes payable 60,637 108,443 16,560
Short-term loans 316,108 222,233 33,938
     
Total current liabilities 1,138,490 1,169,490 178,593
 
Total liabilities 1,138,490 1,169,490 178,593
 
 
 
Shareholders’ equity:
Ordinary shares, par value US$0.00001 per share

Authorized – 500,000,000 shares as of March 31, 2010 and 2011
1 4 1
Issued and outstanding –39,908,389 and 58,937,912 shares as of March 31, 2010 and 2011
Additional paid-in capital 53,973 469,761 71,738
Retained earnings 257,092 296,588 45,292
 
Total shareholders’ equity 311,066 766,353 117,031
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,449,556 1,935,841 295,624
 

LENTUO INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares and per share data)
 
  Three months ended March 31,
2010   2011
RMB RMB   US$
Revenues:
Sales of automobiles 528,571 521,784 79,682
Automobile repair and maintenance services 51,057 68,940 10,528
Other services 1,611 7,459 1,139
581,239 598,183 91,349
 
Cost of goods sold:
Sales of automobiles (488,589) (490,596) (74,920)
Automobile repair and maintenance services (26,576) (28,639) (4,374)
Other services (247) (58) (9)
(515,412) (519,292) (79,302)
Gross profit 65,827 78,891 12,048
 
Operating expenses:
Selling, marketing and distribution expenses (7,695) (12,156) (1,856)
General and administrative expenses (8,456) (10,154) (1,551)
Total operating expenses (16,151) (22,310) (3,407)
 
Operating income 49,676 56,581 8,641
 
Interest income 68 578 88
Interest expenses (10,056) (10,828) (1,654)
Exchange loss - (3,592) (549)
Other income, net 451 2 -
 
Income before income tax expenses 40,139 42,741 6,527
Income tax expenses (11,442) (12,841) (1,961)
 
Income from continuing operations 28,697 29,900 4,566
Income from discontinued operations, net of tax - - -
 
Net income attributable to ordinary shareholders and comprehensive income 28,697 29,900 4,566
 
Earnings per ordinary share:
from continuing operations 1 1 0.08
from discontinued operations - - -
 
Basic and diluted earnings per ordinary share 1 1 0.08
 
Weighted average ordinary shares outstanding:
Basic and diluted 39,908,389 58,937,912 58,937,912

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