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Origin Agritech Limited Reports Third Quarter Unaudited Financial Results For Three Months Ended June 30, 2011

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In thousands, except share data)
  3 Months ended June 30,
2010   2011
RMB       US$ RMB       US$
 
Revenues 462,230 68,066 244,688 37,356
Cost of revenues (271,328)       (39,955) (158,886)       (24,257)
 
Gross profit 190,902       28,111 85,802       13,099
 
Operating expenses:
Selling and marketing (9,395) (1,383) (12,552) (1,916)
General and administrative (17,560) (2,586) (23,756) (3,627)
Research and development (10,588)       (1,559) (15,506)       (2,367)
 
Total operating expenses (37,543)       (5,528) (51,814)       (7,910)
 
Income from operations 153,359 22,583 33,988 5,189
Interest expense (2,444) (360) (327) (50)
Share of net income (loss) in equity investments (2,449) (361) 2,430 371
Interest income 1,212 178 660 101
Gain from disposal of an equity investment 15,559 2,291 - -
Other income (loss), net 1,097       162 (97)       (15)
 
Income before income taxes 166,334 24,493 36,654 5,596
Income tax expense
Current (15,181) (2,235) (1,739) (265)
Deferred (19,996)       (2,945) (3,754)       (573)
 
Income tax expense (35,177)       (5,180) (5,493)       (838)
 
Net income 131,157 19,313 31,161 4,758
Less: Net income attributable to the non-controlling interests 25,997       3,828 17,236       2,631
 
Net income attributable to Origin Agritech Limited 105,160       15,485 13,925       2,127
 
Other comprehensive income
Net income 131,157 19,313 31,161 4,758
Foreign currency translation difference 282       42 712       166
Comprehensive income 131,439 19,355 31,873 4,924
 
Less: Comprehensive income attributable to non-controlling interests 25,997       3,828 17,236       2,631
Comprehensive income attributable to Origin Agritech Limited 105,442       15,527 14,637       2,293
 
Net income attributable to Origin Agritech Limited per share – basic 4.57       0.67 0.60       0.09
 
Net income attributable to Origin Agritech Limited per share – diluted 4.52       0.67 0.60       0.09
 
Shares used in calculating basic net income per share 23,013,692       23,013,692 23,313,970       23,313,970
 
Shares used in calculating diluted net income per share 23,256,539       23,256,539 23,335,835       23,335,835
 

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)
 

June 30, 2010
 

September 30, 2010
  June 30, 2011
   
RMB RMB RMB US$
ASSETS
Current assets
Cash and cash equivalents 307,208 299,672 219,989 33,993
Accounts receivable, less allowance for doubtful amounts of RMB842 as of June 30, 2010, September 30, 2010 and June 30, 2011 9,797 10,048 8,592 1,328
Due from related parties 8,284 5,107 105 16
Advances to suppliers 10,274 3,986 5,215 806
Advances to growers 32,261 40,691 34,293 5,299
Inventories 260,020 283,174 434,114 67,080
Income tax recoverable 1,725 2,745 2,745 424
Other current assets 38,391   18,838 12,692 1,964
 
Total current assets 667,960 664,261 717,745 110,910
Land use rights, net 20,873 20,907 20,531 3,172
Plant and equipment, net 153,569 161,681 166,599 25,743
Equity investments 18,266 22,505 24,666 3,811
Goodwill 17,304 16,665 16,665 2,575
Acquired intangible assets, net 36,848 35,344 32,165 4,970
Deferred income tax assets 5,720 9,766 16,324 2,522
Other assets 7,890   3,882 29,763 4,599
 
Total assets 928,430   935,011 1,024,458 158,302
 
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings 136,900 85,900 20,000 3,090
Accounts payable 24,919 8,960 14,198 2,194
Due to growers 1,496 42,186 10,951 1,692
Due to related parties 11,249 7,926 14,830 2,292
Advances from customers 275,397 348,797 290,783 44,932
Deferred revenues 42,119 23,111 287,164 44,373
Income tax payable 54,217 44,075 45,486 7,029
Other payables and accrued expenses 25,756   35,656 29,056 4,490
 
Total current liabilities 572,053 596,611 712,468 110,092
 
Other long-term liabilities 8,460   9,426 6,133 948
 
Total liabilities 580,513 606,037 718,601 111,040
 
Shareholders’ equity:
Preferred stock (no par value; 1,000,000 shares authorized, none issued) - - - -
Common stock (no par value; 60,000,000 shares authorized, 23,013,692, 23,292,412 and 23,313,970 shares issued and outstanding as of June 30, 2010, September 30, 2010 and June 30, 2011 respectively) - - - -
Additional paid-in capital 382,185 387,052 391,101 60,433
Retained deficits (62,042) (76,454) (116,041) (17,931)
Treasury stock at cost (498,851 shares) (29,377) (29,377) (29,377) (4,539)
Accumulated other comprehensive loss (10,098)   (9,336) (7,387) (1,141)
Total Origin Agritech Limited shareholders' equity 280,668 271,885 238,296 36,822
Non-controlling interests 67,249 57,089 67,561 10,440
 
Total equity 347,917   328,974 305,857 47,262
 
Total liabilities and equity 928,430   935,011 1,024,458 158,302

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