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Bona Film Group Reports Fourth Quarter And Full Year 2012 Financial Results

Bona believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain expenses and expenditures that may not be indicative of its operating performance and a supplemental liquidity measure which is useful for understanding and evaluating the Company's capacity for servicing its debt, and otherwise meeting its cash needs. Because EBITDA, non-GAAP, excludes depreciation and amortization, EBITDA, non-GAAP, does not reflect any cash requirements for the replacement of the assets being depreciated and amortized, which assets will often have to be replaced in the future. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company's performance and liquidity, and when planning and forecasting future periods. The table appears at the end of this press release has more details on the reconciliations between GAAP financial measures that are comparable to non-GAAP financial measures.

1 "ADS" is American depositary share. Each two ADSs represent one ordinary share.

2 As used in this press release, non-GAAP net income and non-GAAP net income attributable to Bona Film Group Limited per ADS exclude share-based compensation. EBITDA, non-GAAP, excludes interest, taxes and non-cash depreciation and amortization charges. See "Non- GAAP Financial Measures" and "Reconciliation of Non-GAAP Measures" at the end of this press release.

3 Segment profit is gross profit less film participation expense by segments for the periods indicated.

 
Unaudited Condensed Consolidated Statement of Operations
(in U.S. dollars, except share data)
         
  Three-months ended Dec. 31 Twelve-months ended Dec. 31
  2012 2011 2012 2011
         
Net revenue 53,226,173 52,649,520 142,282,919 126,161,270
Cost of revenue 43,130,900 31,734,002 86,085,046 66,458,217
Gross profit 10,095,273 20,915,518 56,197,873 59,703,053
         
Film participation expense (436,890) 265,977 438,636 321,100
Sales and marketing 6,174,117 8,469,567 18,490,433 18,506,262
General and administrative 13,083,391 8,812,806 41,890,064 28,371,497
Total operating expenses 18,820,618 17,548,350 60,819,133 47,198,859
         
Government Subsidies 3,011,685 -- 3,866,700 220,559
         
Operating (loss) income (5,713,660) 3,367,168 (754,560) 12,724,753
         
Interest income (10,016) 69,889 246,423 248,266
Interest expense (178,231) (295,436) (399,319) (589,833)
Exchange gain 635,081 1,149,898 373,265 1,748,044
Interest income from TV series investment  -- 141,545 --  141,545
Other income 71,429 351,279 288,157 770,081
Investment Loss -- -- -5,584 --
         
(Loss) Income before income tax provision, equity in earnings of affiliated companies, and net of taxes (5,195,397) 4,784,343 (251,618) 15,042,856
         
Provision for income taxes 333,611 (939,055) 1,322,368 473,542
Equity in earnings of affiliated companies, net of taxes  --  (7,478) 5,604 3,062
         
Net (loss) income (5,529,008) 5,715,920 (1,568,382) 14,572,376
         
Less: Net (loss) income attributable (165,499) 79,843 (284,500) 140,295
to the noncontrolling interests        
         
Net (loss) income attributable (5,363,509) 5,636,077 (1,283,882) 14,432,081
to Bona Film Group Limited        
         
         
Net (loss) income attributable to Bona Film Group Limited per ADS      
Basic (0.09) 0.1 (0.02) 0.25
Diluted (0.09) 0.09 (0.02) 0.24
         
         
Weighted average shares used in calculating net income per ordinary share    
Basic 29,666,695 29,363,899 29,514,979 29,353,936
Diluted 29,666,695 29,723,759 29,514,979 29,844,462
 
 Unaudited Condensed Statement of Consolidated Comprehensive Income
(in U.S. dollars)
         
  Three-months ended Dec. 31 Twelve-months ended Dec. 31
  2012 2011 2012 2011
         
         
Net (loss) income (5,529,008) 5,715,920 (1,568,382) 14,572,376
Other comprehensive income, net of tax      
 Foreign currency translation adjustments 842,939 1,193,882 1,030,733 3,449,951
Comprehensive (loss) income (4,686,069) 6,909,802 (537,649) 18,022,327
 Less: comprehensive (loss) income attribute to the noncontrolling interests  (150,142) 107,250 (282,552) 188,095
Comprehensive (loss) income attributable to Bona Film Group Ltd.  (4,535,927) 6,802,552 (255,097) 17,834,232
 
Unaudited Condensed Consolidated Balance Sheets
(in U.S. dollars, except share data)
     
  Dec. 31 Dec 31,
  2012 2011
     
Cash 23,227,922 20,107,349
Term Deposit -- 6,038,107
Restricted Cash 4,815,332 4,066,162
Accounts receivable, net of allowance for doubtful accounts 40,307,672 41,642,787
Prepaid expenses and other current assets 23,329,262 27,335,348
Amount due from related parties 343,817 1,183,083
Current deferred tax assets 970,683 15,697
Inventory 276,436 228,412
Total current assets 93,271,124 100,616,945
     
Distribution rights 11,406,692 3,663,966
Production costs 90,345,409 69,844,822
Prepaid film costs 7,426,915 6,340,770
Property and equipment, net 60,208,609 40,208,447
Acquired intangible assets 3,189,481 3,993,152
Non-current deferred tax assets 311,102 320,670
Long-term investments 1,296,307 150,670
Goodwill 49,110,021 48,612,487
Total assets 316,565,660 273,751,929
     
Accounts payable 35,257,660 27,807,118
Accrued expenses and other current liabilities 28,145,099 27,239,987
Amounts due to related parties 5,746,328 3,027,872
Income taxes payable 2,420,443 795,229
Bank borrowing 12,542,161 12,561,806
Other borrowing 8,671,050 1,831,658
Current film participation liabilities 15,086,892 16,224,219
Total current liabilities 107,869,633 89,487,889
     
Bank borrowing- Long term  18,025,553 --
Deferred income 813,681 1,056,676
Deferred tax liability 211,203 413,219
Total liabilities 126,920,070 90,957,784
     
Ordinary shares (par value of US$0.0005 per share, 85,000,000 shares authorized, 30,402,346 and 29,389,089 shares issued and outstanding as of December 31, 2011 and 30,402,346 and 29,737,257 shares issued and outstanding as of Dec 31, 2012.) 14,869 14,695
Additional paid-in capital 176,134,737 169,519,847
Statutory reserves 2,543,272 2,044,870
Accumulated deficit 550,518 2,332,802
Accumulated other comprehensive income 6,465,090 5,436,305
Total Bona Film Group Limited's equity 185,708,486 179,348,519
     
Noncontrolling interests 3,937,104 3,445,626
Total equity 189,645,590 182,794,145
     
Total liabilities and equity 316,565,660 273,751,929
 
Unaudited Reconciliation of Non-GAAP Measures
(in U.S. dollars)
         
  Three-months ended Dec. 31 Twelve-months ended Dec. 31
  2012 2011 2012 2011
         
Net (loss) income  (5,529,008) 5,715,920 (1,568,382) 14,572,376
         
Share-based compensation 1,367,266 441,389 4,803,163 3,647,143
         
         
Non-GAAP Net (loss) income  (4,161,742) 6,157,309 3,234,781 18,219,519
         
         
Interests 188,247 84,002 152,896 200,022
Taxes 333,611 (939,055) 1,322,368 473,542
Depreciation & Amortization 1,212,750 1,119,446 4,370,679 2,711,958
         
EBITDA, non-GAAP (2,427,134) 6,421,702 9,080,725 21,605,041
CONTACT: In China:
         Ms. Lingzi Gui
         Bona Film Group Limited
         Tel: +86-10-5928-3663-398
         Email: ir@bonafilm.cn
         
         In the U.S.:
         The Piacente Group, Inc.
         Investor Relations
         Brandi Floberg or Lee Roth
         Tel: (212) 481-2050
         Email: bona@tpg-ir.com

Bona Film Group Limited Logo

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