FUJIAN, China, April 30, 2014 -- Exceed Company Ltd. (NASDAQ: EDS) ("Exceed" or the "Company"), the owner and operator of the "Xidelong" brand, one of the leading domestic sportswear brands in China, today released its financial results for the fourth quarter and the year ended December 31, 2013.
Financial Highlights – Fourth Quarter ended December 31, 2013 (unaudited)(1)
- Revenue was RMB495.9 million (US$81.9 million), representing a 32.7% year-over-year increase.
- Gross profit was RMB135.3 million (US$22.3 million), representing a 32.8% year-over-year increase. Gross margin was 27.3%, which remained the same as the fourth quarter ended December 31, 2012.
- Operating profit was RMB31.6 million (US$5.2 million), representing a 137.6% year-over-year increase.
- Net profit was RMB21.7 million (US$3.6 million), representing a 104.7% year-over-year increase.
Financial Highlights – Full Year ended December 31, 2013 (audited)(1)
- Revenue was RMB1,629.6 million (US$269.2 million), representing a 31.6% year-over-year decrease.
- Gross profit was RMB441.0 million (US$72.8 million), representing a 34.7% year-over-year decrease. Gross margin was 27.1%, representing a decrease of 1.2 percentage points year-over-year.
- Operating profit was RMB94.5 million (US$15.6 million), representing a 59.2% year-over-year decrease.
- Net profit was RMB65.5 million (US$10.8 million), representing a 67.1% year-over-year decrease.
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(1)
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The Company's reporting
currency is Renminbi ("RMB"). RMB numbers included in this press release
have been translated into U.S. dollars at the rate of US$1.00 =
RMB6.0537, the exchange rate set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve on December 31, 2013.
The translation of amounts from RMB to U.S. dollars is solely for the
convenience of the reader. No representation is made that RMB amounts
could have been, or could be, converted into U.S. dollars at that rate
or at any other rate on December 31, 2013.
|
Shuipan
Lin, Exceed's founder, Chairman and CEO, commented, "2013 proved to be a
challenging year for Exceed and the Chinese sportswear industry in
general. Our financial results for the fourth quarter and the year ended
December 31, 2013 continued to be impacted by the weakening consumer demand in China
for our products, which was primarily due to the ongoing global
macroeconomic uncertainties and the slowdown of economic growth in China.
However, we have seen signs of a slow market recovery in the domestic
sportswear industry, and we believe that the excessive inventory or
stocking, which bothered the domestic sportswear industry for quite some
time, is gradually reducing. In response to the prevailing market
conditions, we took a prudent approach to control the amount of orders
placed by our distributors.
In addition, we continue to enhance the
efficiency of our distribution network by closing or relocating
inefficient retail selling locations. We believe that these initiatives
will help to reduce the overall inventory of finished products in the
retail selling locations."
"Despite the unfavorable operating environment and volatile prospects, we are still confident in the outlook of China's
sportswear industry. We believe that the economic slowdown will not
hinder the development of the domestic sportswear industry in the long
run. Our experience over the years has led us to believe that market
demand for leisure sportswear will be a dominant driving force behind
the growth of the industry.
The increase in demand is mainly
attributable to the increase in the disposable income of consumers and
changes in the attitude of consumption, and we are optimistic about the
long-term development of the domestic sportswear industry. We believe
Exceed is in a good position to consolidate its leading position in its
target market segments as the market develops."
Unaudited Fourth Quarter and Audited Fiscal Year 2013 Financial Results
Revenue breakdown
|
Quarter Ended
| ||||||
|
Dec 31, 2013
US$'000
|
Dec 31, 2013
RMB'000
|
% of
Revenue
|
Dec 31, 2012
RMB'000
|
% of
Revenue
|
Fourth Quarter
YoY Growth
| |
|
Footwear
|
37,386
|
226,327
|
45.6%
|
193,731
|
51.8%
|
16.8 %
|
|
Apparel
|
43,705
|
264,574
|
53.4%
|
173,075
|
46.3%
|
52.9 %
|
|
Accessories
|
821
|
4,968
|
1.0%
|
6,932
|
1.9%
|
(28.3)%
|
|
Total
|
81,912
|
495,869
|
100.0%
|
373,738
|
100.0%
|
32.7 %
|
|
Year Ended
| ||||||
|
Dec 31, 2012
US$'000
|
Dec 31, 2013
RMB'000
|
% of
Revenue
|
Dec 31, 2012
RMB'000
|
% of
Revenue
|
Fiscal Year
YoY Growth
| |
|
Footwear
|
123,965
|
750,448
|
46.1%
|
1,144,843
|
48.0%
|
(34.5)%
|
|
Apparel
|
141,135
|
854,391
|
52.4%
|
1,198,186
|
50.3%
|
(28.7)%
|
|
Accessories
|
4,093
|
24,777
|
1.5%
|
40,487
|
1.7%
|
(38.8)%
|
|
Total
|
269,193
|
1,629,616
|
100.0%
|
2,383,516
|
100.0%
|
(31.6)%
|
Revenue.
Although a slow recovery occurred towards the end of 2013, the global
macroeconomic environment had remained difficult for much of the year,
which had an adverse impact on the Chinese economy and its sportswear
industry. In addition, initial forecasts for sports products demand in
preceding years proved to be overly optimistic, leading to an
industry-wide build-up in inventory levels. In response, most sportswear
brands aggressively cleared their excessive inventory.
In an effort to
maintain our competitive position and pricing power and to manage
inventory levels and the efficiency of our distribution network, we
enacted a number of strategic initiatives throughout the year. Among
others, as all of our products are sold to distributors, we actively
engaged our distributors and authorized third party retailers to manage
the level of wholesale orders placed with us but not yet manufactured.
In anticipation of weaker consumer demand and to prevent a buildup of
inventory at our distributors, we trimmed our production and delivery
activities.
As a result, revenue for the fourth quarter of 2013 was RMB495.9 million (US$81.9 million), representing a 32.7% increase from RMB373.7 million for the same period in 2012. However, revenue decreased by 31.6%, from RMB2,383.5 million for 2012 toRMB1,629.6 million (US$269.2 million)for 2013. The year-over-year decrease in revenue was primarily due to a decrease in the volume of products produced and sold.
- Footwear. Revenue from footwear accounted for 45.6%
and 46.1% of our total revenue for the fourth quarter and the full year
of 2013, respectively. Our footwear products include nine categories:
running footwear, leisure footwear, basketball footwear, skateboarding
footwear, canvas footwear, tennis footwear, outdoor footwear, vintage
design footwear and cross-training footwear. A portion of our footwear
production is outsourced.
Revenue from footwear decreased by 34.5%, from RMB1,144.8 million for 2012 to RMB750.4 million (US$124.0 million) for 2013, primarily due to a 32.7% decrease in sales volume and a 2.7% decrease in the average selling price ("ASP"). The decrease in ASP was attributable to the introduction of a range of lower priced footwear products to target the mass market and to better align with customer preferences.
Revenue from footwear was RMB226.3 million (US$37.4 million) for the fourth quarter of 2013, representing an increase of 16.8% from RMB193.7 million for the same period in 2012. This increase was primarily due to a 5.4% increase in sales volume and a 10.8% increase in ASP as a result of a slow market recovery in the fourth quarter of 2013. - Apparel. Revenue from apparel accounted for 53.4% and
52.4% of our total revenue for the fourth quarter and the full year
of2013, respectively. Our apparel products primarily include sports
tops, sports pants, jackets and track suits. Our apparel production is
entirely outsourced.
Revenue from apparel decreased by 28.7%, from RMB1,198.2 million for 2012 to RMB854.4 million (US$141.1 million) for 2013. This decrease was primarily due to a 42.8% decrease in sales volume, which was partially offset by a 24.6% increase in ASP. The increase in ASP was primarily caused by the improvement of the design and quality of certain apparel products to better align with consumer demand. To a lesser extent, the increase in ASP was also attributable to the increase in the proportion of sales of higher priced winter collection. For 2013, higher priced winter collection apparel accounted for 19.6% of the total apparel sales, compared with 9.4% for 2012.
Revenue from apparel was RMB264.6 million (US$43.7 million) for the fourth quarter of 2013, an increase of 52.9% from RMB173.1 million for the same period in 2012. This increase was due to a 17.9% increase in sales volume and 29.7% increase in ASP, which was mainly attributable to the slow market recovery in the fourth quarter of 2013. To a lesser extent, the increase in ASP was also attributable to the increase in the proportion of sales of higher priced winter collection compared with the same period of 2012. - Accessories. Revenue from accessories accounted for
1.0% and 1.5% of our total revenue for the fourth quarter and the full
year of 2013, respectively. Our accessories products primarily include
sports caps, sports socks, bags and backpacks. Our accessories
production is entirely outsourced.
Revenue from accessories decreased by 38.8%, from RMB40.5 million for 2012 to RMB24.8 million (US$4.1 million) for 2013. Revenue from accessories was RMB5.0 million (US$0.8 million) for the fourth quarter of2013, representing a decrease of 28.3% from RMB6.9 million for the same period in 2012. The decreases in revenue for the fourth quarter and for the full year of 2013 were primarily attributable to the decrease in overall sales of our main products.
Gross profit and Gross profit margin.
Our gross profit for 2013 decreased by 34.7% to RMB441.0 million (US$72.8 million) from RMB675.7 million
for 2012, primarily as a result of the decrease in revenue. Overall
gross profit margin for 2013 decreased by 1.2 percentage points to 27.1%
from 28.3% for 2012, primarily as a result of the increase in supply
and outsourcing costs, which was largely attributable to the increasing
costs of raw materials and labor and costs of finished goods purchased
from contract manufacturers. We will continue our efforts to maintain
our gross margin by balancing product pricing and production cost moving
forward.
As a result of the slow market recovery, gross profit for the fourth quarter of 2013 increased by 32.8% to RMB135.3 million (US$22.3 million) from RMB101.9 million
for the same period for 2012. Gross profit margin was 27.3% for the
fourth quarter of 2013, which remained the same as the same period of
2012.
Other income and gains.
Other income and gains decreased by 38.5%to RMB2.4 million (US$0.4 million) for the fourth quarter of 2013 from RMB3.9 million for the same period in 2012. Other income and gains decreased by 23.3% to RMB12.2 million (US$2.0 million) for 2013 from RMB15.9 million for 2012.
The
decrease in other income and gains for the fourth quarter and full year
of 2013 was mainly attributable to the decrease in the average interest
rate and the average amount of deposits. Other income and gains in 2013
mainly consisted of interest income derived from short-term time
deposits, with an average outstanding balance of RMB371.0 million (US$61.3 million) for 2013, bearing interest of 2.85% per annum.
Selling and distribution costs.
Selling and distribution costs for the fourth quarter of 2013 was RMB76.5 million (US$12.6 million), representing an increase of 13.0% from RMB67.7 million for the same period for 2012. Selling and distribution costs for 2013 were RMB260.8 million (US$43.1 million), representing a decrease of 25.0% from RMB347.7 million for 2012.
The
decrease in selling and distribution costs for the full year of 2013
was primarily due to decreases in advertising and promotional expenses.
Advertising and promotional expenses decreased from RMB328.4 million for 2012 to RMB246.6 million (US$40.7 million)
for 2013, primarily because of the decrease of renovation subsidies
provided to our distributors and third-party retailers for their
renovation of certain existing Xidelong retail selling locations, some
of which were received in the form of standardized promotional materials
and display equipment.
The decrease was mainly due to the decrease in
the average size of retail selling locations renovated. The average size
of retail selling locations renovated decreased from 87 sq. meters in
2012 to 74 sq. meters in 2013. We focused on renovating retail selling
locations with relatively smaller areas in 2013. Moreover, in 2013, our
advertising and promotional activities continued to focus on events
relating to the Nationwide "Fitness for All" Sports Campaign organized
by China's General Administration of Sport, the government agency responsible for sports activities administration in China.
The
increase in selling and distribution costs for the fourth quarter of
2013 was primarily due to an increase in advertising and promotional
expenses. Advertising and promotional expenses increased from RMB63.9 million for the fourth quarter of 2012 to RMB73.1 million (US$12.1 million)
for the fourth quarter of 2013.
During the fourth quarter of 2013, 155
new Xidelong retail selling locations were opened and 477 existing
Xidelong selling locations were renovated either by our distributors or
by third-party retailers, some of which received renovation subsidies
from us in the form of standardized promotional materials and store
displays. In comparison, there were 11 new Xidelong retail locations
opened and 205 existing Xidelong selling locations renovated during the
same period of 2012.
Administrative expenses.
Administrative expenses for the fourth quarter of 2013 was RMB15.0 million (US$2.5 million), representing an increase of 0.7% from RMB14.9 million for the same period in 2012. Administrative expenses for 2013 was RMB51.2 million (US$8.5 million), a decrease of 24.6%from RMB67.9 million for 2012.
The
decrease in administrative expenses for the full year of 2013 was
primarily due to the decrease in other taxes, employee share-based
payment and professional and consultancy fees. Other taxes, including
Urban Maintenance Construction Tax, Educational Surcharge, Local
Educational Surcharge, etc, decreased from RMB16.9 million for 2012 to RMB11.8 million (US$1.9 million) for 2013, primarily because of the decline in our revenue.
Employee share-based payment expenses decreased from RMB5.9 million for 2012 to RMB2.0 million (US$0.3 million) for 2013, because most of the shares previously granted under our equity incentive plan had been fully vested as of June 30, 2013. The decrease in professional and consultancy fees from RMB9.1 million for 2012 to RMB7.1 million (US$1.2 million)
for 2013 was a result of our continuing efforts in cost control, which
resulted in a decrease in the amount of professional and consulting
services procured from our service providers.
Merger related expenses of
RMB2.7 million (US$0.5 million) incurred in relation to our going private transaction were included in the professional and consultancy fees.
Administrative
expenses remained constant for the fourth quarter of 2013 when
comparing to the same period of 2012. The increase in the professional
and consultancy fees from RMB1.3 million for the fourth quarter of 2012 to RMB4.3 million (US$0.7 million) for the fourth quarter of 2013, was partially offset by a decrease in employee share-based payment expenses from RMB1.5 million for the fourth quarter of 2012 to RMB0.2 million (US$33,000)
for the fourth quarter of 2013.
Professional and consultancy fees
increased in the fourth quarter of 2013, which was mainly attributable
to our going private transaction, where we obtained more professional
and consultancy services. Our going private transaction is ongoing.
Employee share-based payment expenses decreased in the fourth quarter of
2013 because most of the shares previously granted under our equity
incentive plan had been fully vested as of June 30, 2013.
Research and development expenses.
Research and development expenses for the fourth quarter of 2013 were RMB14.6 million (US$ 2.4 million), representing an increase of 46.0%from RMB10.0 million for the same period in 2012. Research and development expenses for 2013 was RMB46.6 million (US$ 7.7 million), representing an increase of 5.4% from RMB44.2 million for 2012.
The
research and development expenses increased for the fourth quarter and
the full year of 2013 as we continue to allocate resources towards
research and development work as well as our research and development
efforts in cooperation with the General Administration of Sport of China to increase the quality and sophistication of our products so as to enhance our brand recognition.
Finance costs.
Finance costs for the fourth quarter of 2013 was RMB0.2 million (US$33,000), representing a decrease of 33.3% from RMB0.3 million
for the same period in 2012. The decrease was mainly due to a decrease
in the average interest rate for our short-term bank borrowings for the
fourth quarter of 2013.
Finance costs for 2013 was RMB1.1 million (US$0.2 million), representing an increase of 83.3% from RMB0.6 million for 2012, primarily due to an increase in the average outstanding balance of our short-term bank borrowings for 2013.
Profit before tax.
As a result of the foregoing, profit before tax for the fourth quarter of 2013 was RMB31.4 million (US$ 5.2 million), representing an increase of 141.5% from RMB13.0 million for the same period in 2012. Profit before tax for 2013 was RMB93.3 million (US$15.4 million), representing a decrease of 59.6% from RMB231.2 million for 2012.
Tax.
Tax expenses increased by 304.2% from RMB2.4 million for the fourth quarter of 2012 to RMB9.7 million (US$1.6 million)
for the fourth quarter of 2013. The increase in tax expenses for the
fourth quarter of 2013 was primarily due to the increase in profit
before tax and the increase in the applicable tax rate of Xidelong (China) Co., Ltd. Xidelong (China) Co., Ltd. was entitled to a 50% reduction in the PRC enterprise income tax until December 31, 2012, after which it was subject to the standard tax rate of 25%. Therefore, the tax rate applied to Xidelong (China)
Co., Ltd. was 12.5% in the fourth quarter of 2012 and 25% in the fourth
quarter of 2013, respectively. The effective tax rates for the fourth
quarter of 2013 and 2012 were 30.9% and 18.5%, respectively.
Tax expenses decreased by 13.7% from RMB32.2 million for 2012 to RMB27.8 million (US$4.6 million)
for 2013 primarily due to the decrease in profit before tax, partially
offset by the increase in the applicable tax rate of Xidelong (China) Co., Ltd. Xidelong (China) Co., Ltd. was entitled to a 50% reduction in the PRC enterprise income tax until December 31, 2012, after which it was subject to the standard tax rate of 25%. Therefore, the tax rate applied to Xidelong (China)
Co. Ltd. was 12.5% in 2012 and 25% in 2013, respectively. The effective
tax rate for 2012 and 2013 were 13.9% and 29.8%, respectively.
Profit.
As a result of the above factors, profit for the fourth quarter of 2013 was RMB 21.7 million (US$3.6 million), representing an increase of 104.7% from RMB10.6 million for the same period for 2012. Profit for 2013 was RMB65.5 million (US$10.8 million), representing a decrease of 67.1% from RMB198.9 million for 2012.
Balance Sheet
Inventory.
The average inventory turnover days for the fourth quarter ended December 31, 2013 and 2012 were 4 days and 7 days, respectively. The average inventory turnover days for the year ended December 31, 2013
and 2012 were both 5 days. The average inventory turnover days remained
relatively stable as a result of our effective production planning,
procurement control and logistics management.
Trade receivables.
The average trade receivables turnover days for the fourth quarter of
2013 and 2012 were 205 days and 274 days, respectively. The average
trade receivables turnover days for 2013 and 2012 were 250 days and 137
days, respectively. Average trade receivables turnover days for 2013
increased as the unfavourable market conditions have lengthened the time
required for our distributors to settle their invoices. As a result, we
have been closely monitoring trade receivables that are overdue by 30
days or more by taking into account, among others, the ability and
intent of the distributor to settle an outstanding balance. We, however,
do not make any provision for the overdue balance if (1) we have
ongoing trading relationship with the distributor; (2) we have received
payments on other invoices from the distributor; and (3) we do not have
on-going disputes on the amount overdue with the distributor.
The
decrease in the average trade receivables turnover days for the fourth
quarter of 2013 was primarily attributable to our continuing efforts to
maintain a tight control on our trade receivables balance.
Trade payables.
The average trade payables turnover days for the fourth quarter of 2013
and 2012 were 17 days and 9 days, respectively. The average trade
payables turnover days for 2013 and 2012 were 10 days and 7 days,
respectively. Average trade payables turnover days were within the
normal credit period granted by our suppliers.
Cash and cash equivalents.
Cash and cash equivalents decreased to RMB486.6 million (US$80.4 million) as of December 31, 2013 from RMB587.7 million as of September 30, 2013, which was primarily a result of cash outflow from operating activities of RMB86.1 million (US$14.2 million).
Cash Flow.
Cash outflow from operating activities for the fourth quarter of 2013 was RMB86.1 million (US$14.2 million) compared to an inflow of RMB47.5 million for the same period for 2012.
For 2013, our net cash inflow from operating activities was RMB56.6 million (US$9.4 million), which was primarily attributable to profit before tax of RMB93.3 million (US$15.4 million), an increase in trade payables of RMB50.3 million (US$8.3 million) and non-cash expenses in the amount of RMB20.2 million (US$3.3 million),
including depreciation of property, plant and equipment, amortization
of intangible assets and expense recognized in respect of equity-settled
share-based payments, which was partially offset by an increase in
trade receivables of RMB59.3 million (US$9.8 million) and PRC tax payment of RMB20.5 million (US$3.4 million).
For 2013, our net cash outflow from our investing activities was RMB234.2 million (US$38.7 million), which was mainly due to an increase in construction-in-progress in Jiangxi Province and Fujian Province of RMB246.8 million (US$40.8 million).
For 2013, our net cash inflow from our financing activities was RMB26.8 million (US$4.4 million) due to a new loan of HKD60.0 million (US$7.7 million) from a shareholder, which is repayable on May 31, 2015 with an annual interest rate of 7%.
Business Highlights and Outlook
- There were 3,080 Xidelong retail selling locations as of December 31, 2013. During the fourth quarter of 2013, there was a net decrease of 221 locations as compared with the number of locations as of September 30, 2013. During the year of 2013, there was a net decrease of 1,829 locations as compared with the number of locations as of December 31, 2012. The net decrease of retail selling locations was caused by the closure of the relatively inefficient retail selling locations. Our retail selling locations are operated either by our distributors or by authorized third party retailers.
- On November 19, 2013, Xidelong (China) Co., Ltd., our principal PRC subsidiary, was successfully awarded as one of the "Most Influential Chinese Brands" in the corporate activity organized by hc360.com, a B2B e-commerce platform in China.
Safe Harbor Statement
This
announcement contains forward-looking statements that are based on our
current expectations, assumptions, estimates and projections about us
and our industry. All statements other than statements of historical
fact in this form are forward-looking statements. These forward-looking
statements can be identified by words or phrases such as "may", "will",
"expect", "anticipate", "estimate", "plan", "believe", "is/are likely
to" or other similar expressions.
These
forward-looking statements involve various risks and uncertainties.
Although we believe that our expectations expressed in these
forward-looking statements are reasonable, we cannot assure you that our
expectations will turn out to be correct. Our actual results could be
materially different from and worse than our expectations. A number of
factors could cause actual results to differ materially from those
contained in these forward-looking statements, including but not limited
to changes in our goals and strategies, our ability to control costs
and expenses, success of our products, competition in the sportswear
industry in China, and changes in PRC
government preferential tax treatment and financial incentives. The
forward-looking statements made in this announcement relate only to
events or information as of the date on which this announcement is
published. We undertake no obligation to update any forward-looking
statements to reflect events or circumstances after the date this
announcement is published or to reflect the occurrence of unanticipated
events.
Contacts:
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– FINANCIAL TABLES TO FOLLOW –
| |||||||||||
|
EXCEED COMPANY LTD. AND SUBSIDIARIESCONDENSED STATEMENTS OF COMPREHENSIVE INCOME
| |||||||||||
|
Year ended December 31
|
Three months ended December 31
| ||||||||||
|
2013
|
2013
|
2012
|
2013
|
2013
|
2012
| ||||||
|
US$'000
|
RMB'000
|
RMB'000
|
US$'000
|
RMB'000
|
RMB'000
| ||||||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
| ||||||
|
Revenue
|
269,193
|
1,629,616
|
2,383,516
|
81,912
|
495,869
|
373,738
| |||||
|
Cost of sales
|
(196,352)
|
(1,188,657)
|
(1,707,801)
|
(59,563)
|
(360,578)
|
(271,801)
| |||||
|
Gross profit
|
72,841
|
440,959
|
675,715
|
22,349
|
135,291
|
101,937
| |||||
|
Other income and gains
|
2,007
|
12,150
|
15,917
|
393
|
2,378
|
3,866
| |||||
|
Selling and distribution costs
|
(43,086)
|
(260,828)
|
(347,680)
|
(12,634)
|
(76,480)
|
(67,653)
| |||||
|
Administrative expenses
|
(8,458)
|
(51,203)
|
(67,932)
|
(2,483)
|
(15,036)
|
(14,891)
| |||||
|
Research and development expenses
|
(7,700)
|
(46,613)
|
(44,227)
|
(2,406)
|
(14,563)
|
(10,005)
| |||||
|
OPERATING PROFIT
|
15,604
|
94,465
|
231,793
|
5,219
|
31,590
|
13,254
| |||||
|
Finance costs
|
(185)
|
(1,122)
|
(638)
|
(40)
|
(240)
|
(252)
| |||||
|
PROFIT BEFORE TAX
|
15,419
|
93,343
|
231,155
|
5,179
|
31,350
|
13,002
| |||||
|
Tax
|
(4,592)
|
(27,801)
|
(32,213)
|
(1,597)
|
(9,665)
|
(2,368)
| |||||
|
PROFIT FOR THE YEAR/PERIOD
|
10,827
|
65,542
|
198,942
|
3,582
|
21,685
|
10,634
| |||||
|
EXCEED COMPANY LTD. AND SUBSIDIARIESCONDENSED STATEMENTS OF FINANCIAL POSITION
| |||||||
|
As of December 31
|
As of September 30
| ||||||
|
2013
|
2013
|
2012
|
2013
| ||||
|
US$'000
|
RMB'000
|
RMB'000
|
RMB'000
| ||||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Unaudited)
| ||||
|
NON-CURRENT ASSETS
|
|||||||
|
Property, plant and equipment
|
93,765
|
567,627
|
330,914
|
564,030
| |||
|
Prepaid land lease payments
|
4,354
|
26,355
|
27,103
|
26,542
| |||
|
Deposit paid for acquisition of land use rights
|
24,776
|
149,986
|
149,986
|
149,986
| |||
|
Total non-current assets
|
122,895
|
743,968
|
508,003
|
740,558
| |||
|
CURRENT ASSETS
|
|||||||
|
Inventories
|
3,139
|
19,001
|
11,655
|
13,219
| |||
|
Trade receivables
|
188,954
|
1,143,872
|
1,084,535
|
1,068,781
| |||
|
Prepayments, deposits and other receivables
|
3,258
|
19,719
|
24,396
|
17,773
| |||
|
Cash and cash equivalents
|
80,388
|
486,647
|
637,184
|
587,655
| |||
|
Total current assets
|
275,739
|
1,669,239
|
1,757,770
|
1,687,428
| |||
|
CURRENT LIABILITIES
|
|||||||
|
Trade payables
|
9,773
|
59,160
|
8,831
|
75,497
| |||
|
Deposits received, other payables and accruals
|
9,060
|
54,849
|
61,681
|
68,902
| |||
|
Interest-bearing bank borrowings
|
1,652
|
10,000
|
30,000
|
20,000
| |||
|
Tax payable
|
1,595
|
9,653
|
2,357
|
6,858
| |||
|
Total current liabilities
|
22,080
|
133,662
|
102,869
|
171,257
| |||
|
NET CURRENT ASSETS
|
253,659
|
1,535,577
|
1,654,901
|
1,516,171
| |||
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
376,554
|
2,279,545
|
2,162,904
|
2,256,729
| |||
|
NON-CURRENT LIABILITIES
|
|||||||
|
Loan from a shareholder
|
8,052
|
48,747
|
-
|
48,432
| |||
|
Total non-current liabilities
|
8,052
|
48,747
|
-
|
48,432
| |||
|
Net assets
|
368,502
|
2,230,798
|
2,162,904
|
2,208,297
| |||
|
STOCKHOLDER'S EQUITY
|
|||||||
|
Share capital
|
4
|
23
|
23
|
23
| |||
|
Treasury shares
|
(2,626)
|
(15,898)
|
(15,898)
|
(15,898)
| |||
|
Retained profits
|
286,838
|
1,736,428
|
1,678,920
|
1,717,336
| |||
|
Reserves
|
84,286
|
510,245
|
499,859
|
506,836
| |||
|
Total equity
|
368,502
|
2,230,798
|
2,162,904
|
2,208,297
| |||
|
EXCEED COMPANY LTD. AND SUBSIDIARIESCONDENSED STATEMENTS OF CASH FLOWS
| |||||||||||
|
Year ended December 31
|
Three months ended December 31
| ||||||||||
|
2013
|
2013
|
2012
|
2013
|
2013
|
2012
| ||||||
|
US$'000
|
RMB'000
|
RMB'000
|
US$'000
|
RMB'000
|
RMB'000
| ||||||
|
(Audited)
|
(Audited)
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
| ||||||
|
Net cash inflow/(outflow) from operating
activities |
9,352
|
56,615
|
(229,319)
|
(14,228)
|
(86,124)
|
47,491
| |||||
|
Net cash outflow from investing activities
|
(38,695)
|
(234,247)
|
(123,391)
|
(813)
|
(4,926)
|
(124,009)
| |||||
|
Net cash inflow/(outflow) from financing
activities |
4,429
|
26,814
|
25,707
|
(1,652)
|
(10,000)
|
20,038
| |||||
|
Effect of foreign exchange rate changes
|
47
|
281
|
(130)
|
7
|
42
|
(80)
| |||||
|
Net decrease in cash and cash equivalents
|
(24,867)
|
(150,537)
|
(327,133)
|
(16,686)
|
(101,008)
|
(56,560)
| |||||
|
Cash at beginning of the year/period
|
105,255
|
637,184
|
964,317
|
97,074
|
587,655
|
693,744
| |||||
|
Cash at end of the year/period
|
80,388
|
486,647
|
637,184
|
80,388
|
486,647
|
637,184
| |||||
SOURCE Exceed Company Ltd.
http://www.ir.xdlong.cn
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