SHANGHAI, March 25, 2013 /PRNewswire/ -- Focus Media
Holding Limited (Nasdaq: FMCN) today announced its unaudited
financial results for the fourth quarter and full year ended
December 31, 2012.
Highlights for Fourth Quarter 2012:
- Total net revenue for the fourth quarter of 2012 was
$250.2 million, of which
- aggregate net revenue from the LCD display network, in-store
network, poster frame network and movie theater network was
$244.1 million, within the Company's
guidance of between $237.0 million and
$246.0 million. This represented a slight decrease of
1% from $247.7 million for the third
quarter of 2012 and an increase of 2% from $238.8 million for the fourth quarter of 2011;
and
- net revenue from the traditional outdoor billboard network for
the fourth quarter of 2012 was $6.1
million, within the Company's guidance of between
$6.0 million and $7.0
million.
- GAAP net income attributable to Focus Media for the fourth
quarter of 2012 was $76.7 million,
representing an increase of 19% from $64.6
million for the third quarter of 2012 and an increase of
107% from $37.1 million for the
fourth quarter of 2011, and was adversely affected by the loss from
equity method investee, VisionChina, of $38.9 million.
- Non-GAAP net income attributable to Focus Media for the fourth
quarter of 2012 was $95.1 million,
within the Company's guidance of between $93
million and $98 million, slightly increasing from
$94.6 million for the third quarter
of 2012 and a slight decline of 1% from $96.0 million for the fourth quarter of 2011.
Please see the below sections on "Use of Non-GAAP Financial
Measures" and "Reconciliation of GAAP to non-GAAP" for more
information about the non-GAAP measures referred to within this
announcement.
- GAAP net income attributable to Focus Media per fully diluted
ADS was $0.57, representing an
increase of 19% from $0.48 per fully
diluted ADS for the third quarter of 2012 and an increase of 111%
from $0.27 per fully diluted ADS in
the fourth quarter of 2011.
- Non-GAAP net income attributable to Focus Media per fully
diluted ADS was $0.71, substantially
unchanged from $0.71 per fully
diluted ADS for the third quarter of 2012 and an increase of 1%
from $0.70 per fully diluted ADS for
the fourth quarter of 2011.
Highlights for Full Year 2012:
- Total net revenue for full year 2012 was $927.5 million, an increase of 18% from
$786.5 million for full year 2011, of
which
- aggregate net revenue from the LCD display network, in-store
network, poster frame network and movie theater network was
$895.5 million, representing an
increase of 22% from $737.0 million
for full year 2011 ; and
- net revenue from the traditional outdoor billboard network was
$32.0 million, representing a
decrease of 35% from $49.5 million
for full year 2011.
- GAAP net income attributable to Focus Media for full year 2012
was $238.1 million, representing an
increase of 46% from $162.7 million
for full year 2011.
- Non-GAAP net income attributable to Focus Media for full year
2012 was $333.1 million, representing
an increase of 17% from $284.1
million for full year 2011. Please see the below
sections on "Use of Non-GAAP Financial Measures" and
"Reconciliation of GAAP to non-GAAP" for more information about the
non-GAAP measures referred to within this announcement.
- GAAP net income attributable to Focus Media per fully diluted
ADS for full year 2012 was $1.79,
representing an increase of 52% from $1.18 per fully diluted ADS for full year 2011.
- Non-GAAP net income attributable to Focus Media per fully
diluted ADS for full year 2012 was $2.50, a 22% increase from $2.05 per fully diluted ADS for full year
2011.
Highlights for Balance Sheet and Cash Flow Results of Fourth
Quarter and Full Year 2012:
- Cash, cash equivalents, short-term investments and restricted
cash were $1,029.8 million as of
December 31, 2012, increasing by 14%
from $901.1 million as of
September 30, 2012. Our
short-term investments consist of longer term dated cash deposits
that earn a higher interest rate as compared to cash and cash
equivalents.
- Bank loans were $200.0 million
which were all long-term bank loans as of December 31, 2012 secured by onshore renminbi
cash deposits, as compared to bank loans of $200.0 million inclusive of short-term bank loans
of $100.0 million as of September 31, 2012, which was renewed and
converted into long-term bank loans in the fourth quarter of 2012.
Long-term bank loans of $100.0
million outstanding as of September
30, 2012, were also extended to 2018 in the fourth quarter
of 2012. The bank loan as of December
31, 2012 consisted of a $200.0
million term loan facility agreement entered into on
November 21, 2012 with DBS Bank Ltd.,
Hong Kong Branch ("DBS") and was
used to repay all of the Company's outstanding indebtedness under
its previous credit facilities with DBS.
- Net accounts receivable for the LCD display network, in-store
network, poster frame network and movie theater network was
$275.6 million as of December 31, 2012, a decrease of 3% from
$284.1 million as of September 30, 2012. Days sales outstanding
was 100 days in the fourth quarter of 2012 versus 92 days for the
third quarter of 2012. Days sales outstanding was 97 days for
full year 2012 versus 85 days for full year 2011. As a
supplementary cash collection metric, the actual cash collection
from accounts receivables and prepayments from the advertisers was
$281.7 million in the fourth quarter
of 2012, as compared to $239.8
million in the fourth quarter of 2011.
- Net cash inflow from operating activities in the fourth quarter
of 2012 and full year of 2012 were $142.4
million and $358.3 million,
respectively, representing an 11% increase from $128.8 million for the fourth quarter of 2011 and
a 28% increase from $280.2 million
for full year 2011, respectively.
- Net cash inflow from operating activities for the fourth
quarter of 2012, after deducting the purchase of equipment and
subsidiaries was $137.6 million, an
increase of 22% from $112.7 million
for the fourth quarter of 2011. Net cash inflow from
operating activities for full year 2012, after deducting the
purchase of equipment and subsidiaries was $335.7 million, representing an increase of 47%
from $228.0 million for full year
2011.
- Capital expenditures were $4.8
million and $19.6 million
respectively for the fourth quarter and full year of 2012, mostly
attributable to upgrading our LCD screens into interactive screens
and network expansion in and into lower tier cities in China.
Jason Jiang, Chairman and Chief
Executive Officer of Focus Media said, "In the fourth quarter of
2012, our operation's performance was in-line with our previous
expectations as we continue to be affected by a slower overall
advertising spending in China."
Kit Low, the Company's Chief
Financial Officer added, "In the fourth quarter of 2012, the
Company's aggregate net revenue year-on-year growth in our LCD
display, poster frame business, in-store and movie theater network
was 2%. GAAP net income attributable to Focus Media and Non-GAAP
net income attributable to Focus Media for the fourth quarter of
2012 was $76.7 million and
$95.1 million, respectively. In
the fourth quarter of 2012, the Company generated a net cash inflow
from operating activities after deducting the purchases of
equipment and subsidiaries of $137.6
million."
Fourth Quarter 2012 financial results
Advertising net revenue from the LCD display network was
$127.5 million for the fourth quarter
of 2012, representing a slight decrease of 1% from $128.4 million for the third quarter of 2012 and
a decrease of 7% from $137.4 million
for the fourth quarter of 2011. The decrease in net revenue
was due to a weaker brand advertising environment.
Advertising net revenue from the poster frame network was
$85.7 million for the fourth quarter
of 2012, representing an increase of 5% from $81.6 million for the third quarter of 2012 and
an increase of 33% from $64.5 million
for the fourth quarter of 2011, which was driven by the strength of
promotional budget spending in the market.
Advertising net revenue from the in-store network was
$11.1 million for the fourth quarter
of 2012, representing a decrease of 23% from $14.5 million for the third quarter of 2012 and a
decrease of 31% from $16.1 million
for the fourth quarter of 2011. The decrease was mostly
attributable to less advertising spending from domestic dairy
producers.
Advertising net revenue from the movie theater network was
$19.8 million for the fourth quarter
of 2012, representing a decrease of 15% from $23.2 million for the third quarter of 2012 due
to seasonal factors and a decrease of 5% from $20.8 million for the fourth quarter of
2011. The decrease in net revenue was mainly due to a weaker
brand advertising environment.
Advertising net revenue from the traditional outdoor billboard
network was $6.1 million for the
fourth quarter of 2012, representing a decrease of 21% from
$7.7 million for the third quarter of
2012 and a decrease of 56% from $13.9
million for the fourth quarter of 2011 due to combination of
downsizing of the division and a weaker advertising
environment. Due to medium term advertising spending
uncertainties and the continued view of the Company that the
traditional outdoor billboard network is not a core business
segment, the Company has decided to downsize this business segment
by divesting four entities within the segment. Two of which have
been divested prior to end of the third quarter of 2012 and the
other two were divested in the fourth quarter of 2012.
Consequently, $1.2 million of
revenues of two divested entities for the fourth quarter of 2012,
$4.8 million of revenues of four
divested entities for the third quarter of 2012 and $3.8 million of revenues of four divested
entities for the fourth quarter of 2011 have been reclassified into
"Net loss from discontinued operations" in the consolidated
statements of operations. Other relevant items in the
consolidated statements of operations were also reclassified
accordingly to reflect the reclassification arising from the
discontinued operations of the 4 entities.
Non-GAAP gross profit from the LCD display network for the
fourth quarter of 2012 was $98.3
million, representing a decrease of 2% from $99.8 million for the third quarter of 2012 and a
decrease of 13% from $113.6 million
for the fourth quarter of 2011. The decrease in non-GAAP
gross profit was a result of quarter-on-quarter and year-on-year
revenue declines while the cost of sales remained largely unchanged
in the LCD display network
Non-GAAP gross profit from the poster frame network for the
fourth quarter of 2012 was $56.9
million, representing an increase of 8% from $52.5 million for the third quarter of 2012, and
an increase of 58% from $35.9 million
for the fourth quarter of 2011.
Non-GAAP gross profit from the in-store network for the fourth
quarter of 2012 was $5.8 million,
representing a decrease of 36% from $9.1
million for the third quarter of 2012 and a decrease of 55%
from $12.8 million in the fourth
quarter of 2011 mainly due to the combination of a lower revenue
and relatively unchanged cost of sales.
Non-GAAP gross profit from the movie theater network for the
fourth quarter of 2012 was $10.9
million, representing a decrease of 25% from $14.5 million for the third quarter of 2012 and a
decrease of 21% from $13.8 million
for the fourth quarter of 2011 due to a lower revenue and a larger
cost of sales as a result of network expansion.
Non-GAAP gross profit from the traditional outdoor billboard
network for the fourth quarter of 2012 was $0.8 million, compared to $1.2 million loss for the third quarter of 2012
and a decrease of 62% from $2.1
million for the fourth quarter of 2011.
Non-GAAP operating expense for the fourth quarter of 2012 was
$57.9 million, substantially
unchanged from $57.5 million for the
third quarter of 2012. It also represented a decrease
of 7% from $62.2 million for the
fourth quarter of 2011.
Net cash inflow from operating activities in the fourth quarter
of 2012 and full year of 2012 were $142.4
million and $358.3 million,
respectively, representing an 11% increase from $128.8 million for the fourth quarter of 2011 and
a 28% increase from $280.2 million
for full year 2011, respectively.
Net cash inflow from investing activities for the fourth
quarter of 2012 was $53.3 million.
In the fourth quarter of 2012, the Company incurred capital
expenditures of $4.8 million.
Meanwhile, the Company received net cash inflows from disposal of
short-term investments after deducting the placement of restricted
cash totaling $57.3 million during
the quarter. Short-term investments are longer term dated cash
deposits normally with maturities of between three and twelve
months that earn higher interest rate as compared to cash and cash
equivalents. Restricted cash is deposited in bank accounts as
security for bank borrowings.
Net cash used for financing activities for the fourth quarter of
2012 was $17.8 million, which
consisted of a dividend paid by the Company declared in the third
quarter of 2012.
Operating Data Summary
The Company is providing a breakdown of operating data as
follows:
1) The approximate number of displays in the LCD display network
was as follows:
|
As of
December 31, 2012
|
As of
September 30, 2012
|
|
LCD
screens (note)
|
136,711
|
136,870
|
|
LCD 2.0
digital picture screens
|
35,615
|
35,535
|
|
Total for
LCD display network
|
172,326
|
172,405
|
Note: The decrease in the total number of LCD screens as
of December 31, 2012 as compared to
that as of September 30, 2012 was due
to network optimization. Of the total LCD screens of 136,711
as of December 31, 2012, 10,534
screens were operated through our regional distributors as compared
to 9,589 screens as of September 30,
2012.
2) The approximate number of devices in the poster frame network
was as follows:
|
As of
December 31, 2012
|
As of
September 30, 2012
|
|
Frame 1.0
picture frames (note)
|
505,571
|
497,269
|
|
Frame 2.0
digital picture screens
|
36,341
|
35,892
|
|
Total
|
541,912
|
533,161
|
Note: The increase in the total number of Frame 1.0 picture
frames as of December 31, 2012 as
compared to that as of September 30,
2012 was due to organic network expansion.
3) The total number of displays installed in our in-store
network was approximately 52,267 as of December 31, 2012, slightly decreasing from
53,239 as of September 30, 2012 due
to network optimization.
4) The number of movie screens on which the Company had the
right to lease advertising time as of December 31, 2012 was approximately 2,730, as
compared to 2,470 as of September 30,
2012. The increase was due to organic network expansion
Arrangements Regarding Announced Recurring Shareholder
Payments
On January 10, 2012, the Company
announced a policy starting from 2012 to issue a recurring dividend
with payments expected to equal approximately 25% of the Company's
annual non-GAAP net income of the preceding fiscal year and to
reserve up to an additional 30% of the Company's annual non-GAAP
net income of the preceding fiscal year (starting from 2012
earnings) that can be used, at the discretion of the board of
directors, to increase the dividend payment or the size of our
share purchase program in effect at that time (the "dividend
policy").
The Company announced on November 27,
2012 that its board of directors had resolved to postpone
approval of future cash dividends through December 31, 2012 due to ongoing considerations
relating to the going private proposal.
Due to the signing on December 19,
2012 of the going private merger agreement, which prohibits
the Company from paying any dividends or repurchasing any of its
ordinary shares or ADS pending consummation of the merger, the
Company's board of directors has resolved to terminate the dividend
policy effective December 31,
2012.
Announcement of the Extraordinary General Meeting of
Shareholders to Vote on the Going Private Transaction
The Company announced today that it has called an extraordinary
general meeting of the shareholders to be held on April 29, 2013 to consider and vote on, among
other things, the proposal to authorize and approve the previously
announced agreement and plan of merger, dated December 19, 2012, among Giovanna Parent Limited,
Giovanna Acquisition Limited and the Company, the plan of merger
and the transactions contemplated thereby (including the
merger).
Foreign Currency Translation
Assets and liabilities are translated at the exchange rate as of
December 31, 2012, which was
$1 to RMB 6.2855. Equity
accounts are translated at historical exchange rates and revenues,
expenses, gains and losses are translated using the average rate
for the fourth quarter of 2012, which was $1
to RMB 6.2926. Translation adjustments are reported as
a component of comprehensive income.
USE OF NON-GAAP FINANCIAL MEASURES
In addition to Focus Media's consolidated financial results
under GAAP, the Company also provides non-GAAP financial measures,
including non-GAAP gross profit (cumulatively and by segment),
non-GAAP operating expenses, non-GAAP operating profit (loss),
non-GAAP net income and non-GAAP fully-diluted earnings per ADR,
all excluding share-based compensation expenses, amortization of
acquired intangible assets, loss from equity investment and
goodwill impairment. Management uses these non-GAAP financial
measures to better assess operating performance of the
Company. The Company believes that these non-GAAP financial
measures provide investors with another method for assessing Focus
Media's operating results in a manner that is focused on the
performance of its ongoing operations. Readers are cautioned
not to view non-GAAP results on a stand-alone basis or as a
substitute for results under GAAP, or as being comparable to
results reported or forecasted by other companies, and should refer
to the reconciliation of GAAP results with non-GAAP results in the
attached financial information. The Company believes that
both management and investors benefit from referring to these
non-GAAP financial measures in assessing the performance of Focus
Media and when planning and forecasting for future periods.
The Company computes its non-GAAP financial measures using a
consistent method from quarter to quarter, mostly excluding
share-based compensation expenses, amortization of acquired
intangible assets, loss from equity investment and goodwill
impairment. The accompanying tables have more details on the
GAAP financial measures that are most directly comparable to
non-GAAP financial measures and the related reconciliation between
these financial measures.
|
Focus
Media Holding Ltd.
Reconciliation of GAAP to non-GAAP
(U.S.
Dollars in thousands, except percentages, share and per-share
data)
(Unaudited)
|
|
Three
months ended December 31, 2012
|
|
GAAP
|
(1)
|
(2)
|
(3)
|
(4)
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Gross
Profit (loss)
|
|
|
|
|
|
|
|
LCD
display network
|
97,431
|
354
|
478
|
|
-
|
98,263
|
|
Poster
frame network
|
56,776
|
-
|
74
|
|
-
|
56,850
|
|
In-store
network
|
5,841
|
-
|
|
|
-
|
5,841
|
|
Movie
theater network
|
10,925
|
-
|
|
|
-
|
10,925
|
|
Traditional outdoor billboard network
|
333
|
-
|
418
|
|
-
|
751
|
|
Total
Gross Profit
|
171,306
|
354
|
970
|
|
-
|
172,630
|
|
|
|
|
|
|
|
|
General
and administrative
|
32,968
|
(11,638)
|
|
|
|
21,330
|
|
Selling
and marketing
|
51,973
|
(998)
|
(521)
|
|
|
50,454
|
|
Other
operating income, net
|
(13,897)
|
|
|
|
|
(13,897)
|
|
Total
operating expense
|
71,044
|
(12,636)
|
(521)
|
|
|
57,887
|
|
|
|
|
|
|
|
|
Operating profit from continuing
operations
|
100,262
|
12,990
|
1,491
|
|
|
114,743
|
|
|
|
|
|
|
|
|
Profit
from continuing operations
before income taxes and loss
from equity method investee
|
103,506
|
12,990
|
1,491
|
1,526
|
|
119,513
|
|
|
|
|
|
|
|
|
Net
profit from continuing
operations
|
76,296
|
12,990
|
1,491
|
4,126
|
|
94,903
|
|
Net
loss from discontinued
operations
|
(232)
|
|
174
|
|
(375)
|
(433)
|
|
|
|
|
|
|
|
|
Net
income attributable to Focus
Media
|
76,672
|
12,990
|
1,665
|
4,126
|
(375)
|
95,078
|
|
|
|
|
|
|
|
|
Basic net
income from continuing
operations attributable to Focus
Media per ADS
|
0.59
|
|
|
|
|
0.73
|
|
Diluted
net income from continuing
operations attributable to Focus
Media per ADS
|
0.57
|
|
|
|
|
0.71
|
|
|
|
|
|
|
|
|
Basic net
income from discontinued
operations attributable to Focus
Media per ADS
|
0.00
|
|
|
|
|
0.00
|
|
Diluted
net income from discontinued
operations attributable to Focus
Media per ADS
|
0.00
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
Basic net
income attributable to Focus
Media per ADS
|
0.59
|
|
|
|
|
0.73
|
|
Diluted
net income attributable to Focus
Media per ADS
|
0.57
|
|
|
|
|
0.71
|
|
ADS used
in calculating basic income
per ADS
|
130,265,271
|
|
|
|
|
130,265,271
|
|
ADS used
in calculating diluted income
per ADS
|
134,529,688
|
|
|
|
|
134,529,688
|
|
|
|
|
|
|
|
|
|
(1).
Share-based compensation.
(2). Amortization of acquired
intangible assets.
(3). loss from equity investment,
including equity method investee (VisionChina) and cost method
investment
(4). Gain from disposal of previously acquired
subsidiaries
|
|
Three
months ended September 30, 2012
|
|
GAAP
|
(1)
|
(2)
|
(3)
|
(4)
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Gross
Profit (loss)
|
|
|
|
|
|
|
|
LCD
display network
|
98,443
|
495
|
813
|
-
|
-
|
99,751
|
|
Poster
frame network
|
52,341
|
-
|
129
|
-
|
-
|
52,470
|
|
In-store
network
|
9,082
|
-
|
-
|
-
|
-
|
9,082
|
|
Movie
theater network
|
14,471
|
-
|
-
|
-
|
-
|
14,471
|
|
Traditional outdoor billboard network
|
(1,708)
|
-
|
462
|
-
|
-
|
(1,246)
|
|
Total
Gross Profit
|
172,629
|
495
|
1,404
|
-
|
-
|
174,528
|
|
|
|
|
|
|
|
|
General
and administrative
|
36,132
|
(14,884)
|
-
|
-
|
-
|
21,248
|
|
Selling
and marketing
|
53,123
|
(1,438)
|
(552)
|
-
|
-
|
51,133
|
|
Other
operating income, net
|
(14,890)
|
-
|
-
|
-
|
-
|
(14,890)
|
|
Total
operating expense
|
74,365
|
(16,322)
|
(552)
|
-
|
-
|
57,491
|
|
|
|
|
|
|
|
|
Operating profit from continuing
operations
|
98,264
|
16,817
|
1,956
|
-
|
-
|
117,037
|
|
|
|
|
|
|
|
|
Profit
from continuing operations
before income taxes and loss
from equity method investee
|
102,346
|
16,817
|
1,956
|
-
|
-
|
121,119
|
|
|
|
|
|
|
|
|
Net
profit from continuing
operations
|
65,334
|
16,817
|
1,956
|
9,499
|
-
|
93,606
|
|
Net
profit/ (loss) from discontinued
operations
|
(1,008)
|
-
|
806
|
-
|
908
|
706
|
|
|
|
|
|
|
|
|
Net
income attributable to Focus
Media
|
64,590
|
16,817
|
2,762
|
9,499
|
908
|
94,576
|
|
|
|
|
|
|
|
|
Basic net
income from continuing
operations attributable to Focus
Media per ADS
|
0.52
|
|
|
|
|
0.74
|
|
Diluted
net income from continuing
operations attributable to Focus
Media per ADS
|
0.49
|
|
|
|
|
0.71
|
|
|
|
|
|
|
|
|
Basic net
income from discontinued
operations attributable to Focus
Media per ADS
|
(0.01)
|
|
|
|
|
0.00
|
|
Diluted
net income from discontinued
operations attributable to Focus
Media per ADS
|
(0.01)
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
Basic net
income attributable to Focus
Media per ADS
|
0.51
|
|
|
|
|
0.74
|
|
Diluted
net income attributable to Focus
Media per ADS
|
0.48
|
|
|
|
|
0.71
|
|
ADS used
in calculating basic income
per ADS
|
127,777,021
|
|
|
|
|
127,777,021
|
|
ADS used
in calculating diluted income
per ADS
|
133,518,344
|
|
|
|
|
133,518,344
|
|
|
|
|
|
|
|
|
(1).
Share-based compensation.
(2).
Amortization of acquired intangible assets.
(3).
Loss from equity method investee (VisionChina)
(4).
Goodwill impairment
|
|
Three
months ended December 31, 2011
|
|
GAAP
|
(1)
|
(2)
|
(3)
|
Non-GAAP
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
LCD
display network
|
112,179
|
286
|
1,100
|
-
|
113,565
|
|
Poster
frame network
|
35,036
|
-
|
890
|
-
|
35,926
|
|
In-store
network
|
12,797
|
-
|
-
|
-
|
12,797
|
|
Movie
theater network
|
13,803
|
-
|
-
|
-
|
13,803
|
|
Traditional outdoor billboard network
|
1,591
|
-
|
459
|
-
|
2,050
|
|
Total
Gross Profit
|
175,406
|
286
|
2,449
|
-
|
178,141
|
|
|
|
|
|
|
|
General
and administrative
|
37,092
|
(14,267)
|
-
|
-
|
22,825
|
|
Selling
and marketing
|
49,606
|
(1,029)
|
(1,055)
|
-
|
47,522
|
|
Other
operating income, net
|
(8,181)
|
-
|
-
|
-
|
(8,181)
|
|
Total
operating expense
|
78,517
|
(15,296)
|
(1,055)
|
-
|
62,166
|
|
|
|
|
|
|
|
Operating profit from continuing
operations
|
96,889
|
15,582
|
3,504
|
-
|
115,975
|
|
|
|
|
|
|
|
Profit
before tax from continuing
operations
|
100,941
|
15,582
|
3,504
|
-
|
120,027
|
|
|
|
|
|
|
|
Net
profit from continuing
operations
|
37,037
|
15,582
|
3,504
|
38,882
|
95,005
|
|
Net
loss from discontinued
operations
|
(1,538)
|
|
980
|
|
(558)
|
|
|
|
|
|
|
|
Net
income attributable to Focus
Media
|
37,093
|
15,582
|
4,484
|
38,882
|
96,041
|
|
|
|
|
|
|
|
Basic net
income from continuing
operations attributable to Focus
Media per ADS
|
0.29
|
|
|
|
0.73
|
|
Diluted
net income from continuing
operations attributable to Focus
Media per ADS
|
0.28
|
|
|
|
0.70
|
|
|
|
|
|
|
|
Basic net
income from discontinued
operations attributable to Focus
Media per ADS
|
(0.01)
|
|
|
|
0.00
|
|
Diluted
net income from discontinued
operations attributable to Focus
Media per ADS
|
(0.01)
|
|
|
|
0.00
|
|
|
|
|
|
|
|
Basic net
income attributable to Focus
Media per ADS
|
0.28
|
|
|
|
0.73
|
|
Diluted
net income attributable to Focus
Media per ADS
|
0.27
|
|
|
|
0.70
|
|
|
|
|
|
|
|
ADS used
in calculating basic income
per ADS
|
132,073,143
|
|
|
|
132,073,143
|
|
ADS used
in calculating diluted
income per ADS
|
136,912,952
|
|
|
|
136,912,952
|
|
|
|
|
|
|
|
(1).
Share-based compensation.
(2).
Amortization of acquired intangible assets.
(3).
Loss from equity method investee (VisionChina)
|
|
Focus
Media Holding Ltd.
Reconciliation of GAAP to non-GAAP
(U.S.
Dollar in thousands, except share and per-share data)
(Unaudited)
|
|
Twelve
months ended December 31, 2012
|
|
GAAP
|
(1)
|
(2)
|
(3)
|
(4)
|
Non-GAAP
|
|
|
|
|
|
|
|
|
Gross
Profit (loss)
|
|
|
|
|
|
|
|
LCD
display network
|
352,346
|
1,821
|
3,136
|
|
|
357,303
|
|
Poster
frame network
|
183,873
|
|
596
|
|
|
184,469
|
|
In-store
network
|
30,284
|
|
|
|
|
30,284
|
|
Movie
theater network
|
43,994
|
|
|
|
|
43,994
|
|
Traditional outdoor billboard network
|
(2,592)
|
|
1,805
|
|
|
(787)
|
|
Total
Gross Profit
|
607,905
|
1,821
|
5,537
|
|
|
615,263
|
|
|
|
|
|
|
|
|
General
and administrative
|
136,704
|
(56,561)
|
|
|
|
80,143
|
|
Selling
and marketing
|
194,095
|
(5,255)
|
(2,260)
|
|
|
186,580
|
|
Other
operating income, net
|
(38,588)
|
|
|
|
|
(38,588)
|
|
Total
operating expense
|
292,211
|
(61,816)
|
(2,260)
|
|
|
228,135
|
|
|
|
|
|
|
|
|
Operating profit from continuing
operations
|
315,694
|
63,637
|
7,797
|
|
|
387,128
|
|
|
|
|
|
|
|
|
Profit
before tax from continuing
operations
|
331,459
|
63,637
|
7,797
|
1,526
|
|
404,419
|
|
Net
profit from continuing
operations
|
237,001
|
63,637
|
7,797
|
20,087
|
|
328,522
|
|
Net
profit/ (loss) from
discontinued operations
|
(1,065)
|
|
3,005
|
|
533
|
2,
473
|
|
Net
income attributable to Focus
Media
|
238,078
|
63,637
|
10,802
|
20,087
|
533
|
333,137
|
|
|
|
|
|
|
|
|
Basic net
income from continuing
operations attributable to Focus
Media per ADS
|
1.86
|
|
|
|
|
2.57
|
|
Diluted
net income from continuing
operations attributable to Focus
Media per ADS
|
1.80
|
|
|
|
|
2.48
|
|
|
|
|
|
|
|
|
Basic net
income from discontinued
operations attributable to Focus
Media
per ADS
|
(0.01)
|
|
|
|
|
0.02
|
|
Diluted
net income from discontinued
operations attributable to Focus
Media per ADS
|
(0.01)
|
|
|
|
|
0.02
|
|
|
|
|
|
|
|
|
Basic net
income attributable to
Focus Media per ADS
|
1.85
|
|
|
|
|
2.59
|
|
Diluted
net income attributable to
Focus Media per ADS
|
1.79
|
|
|
|
|
2.50
|
|
|
|
|
|
|
|
|
ADS used
in calculating basic
income per ADS
|
128,809,554
|
|
|
|
|
128,809,554
|
|
ADS used
in calculating diluted
income per ADS
|
133,250,339
|
|
|
|
|
133,250,339
|
|
|
|
|
|
|
|
|
(1).
Share-based compensation.
(2).
Amortization of acquired intangible assets.
(3). loss from equity investment, including
equity method investee (VisionChina) and cost method
investment
(4).
Loss from disposal of previously acquired subsidiaries, of which
gain from disposal of subsidiaries was $0.4 million and loss from
impairment of goodwill was $0.9 million.
|
|
Focus
Media Holding Ltd.
Reconciliation of GAAP to non-GAAP
(U.S.
Dollar in thousands, except percentages, share and per-share
data)
(Unaudited)
|
|
Twelve
months ended December 31, 2011
|
|
GAAP
|
(1)
|
(2)
|
(3)
|
Non-
GAAP
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
|
|
|
|
LCD
display network
|
358,518
|
880
|
4,409
|
-
|
363,807
|
|
Poster
frame network
|
75,079
|
-
|
4,175
|
-
|
79,254
|
|
In-store
network
|
35,792
|
-
|
-
|
-
|
35,792
|
|
Movie
theater network
|
25,082
|
-
|
43
|
-
|
25,125
|
|
Traditional outdoor billboard network
|
7,610
|
-
|
1,808
|
-
|
9,418
|
|
Total
Gross Profit
|
502,081
|
880
|
10,435
|
-
|
513,396
|
|
|
|
|
|
|
|
General
and administrative
|
126,518
|
(57,119)
|
-
|
-
|
69,399
|
|
Selling
and marketing
|
146,392
|
(3,803)
|
(4,220)
|
-
|
138,369
|
|
Other operating (income), net
|
(16,147)
|
-
|
-
|
-
|
(16,147)
|
|
Total
operating expense
|
256,763
|
(60,922)
|
(4,220)
|
-
|
191,621
|
|
|
|
|
|
|
|
Operating profit from continuing
operations
|
245,318
|
61,802
|
14,655
|
-
|
321,775
|
|
|
|
|
|
|
|
Profit
before tax from continuing
operations
|
260,139
|
61,802
|
14,655
|
-
|
336,596
|
|
|
|
|
|
|
|
Net
profit from continuing
operations
|
161,790
|
61,802
|
14,655
|
43,633
|
281,880
|
|
Net profit
from discontinued operations
|
(978)
|
-
|
1,343
|
-
|
365
|
|
|
|
|
|
|
|
Net
income attributable to Focus
Media
|
162,677
|
61,802
|
15,998
|
43,633
|
284,110
|
|
|
|
|
|
|
|
Basic net
income from continuing
operations per ADS
|
1.21
|
|
|
|
2.11
|
|
Diluted
net income from continuing
operations per ADS
|
1.18
|
|
|
|
2.04
|
|
|
|
|
|
|
|
Basic net
income from discontinued
operations per ADS
|
0.00
|
|
|
|
0.01
|
|
Diluted
net income from discontinued
operations per ADS
|
0.00
|
|
|
|
0.01
|
|
|
|
|
|
|
|
Basic net
income attributable to Focus
Media per ADS
|
1.21
|
|
|
|
2.12
|
|
Diluted
net income attributable to
Focus Media per ADS
|
1.18
|
|
|
|
2.05
|
|
|
|
|
|
|
|
ADS used
in calculating basic income
per ADS
|
134,241,550
|
|
|
|
134,241,550
|
|
ADS used
in calculating diluted income
per ADS
|
138,320,991
|
|
|
|
138,320,991
|
|
|
|
|
|
|
|
(1).
Share-based compensation.
(2).
Amortization of acquired intangible assets.
(3).
Loss from equity method investee (VisionChina)
|
CONFERENCE CALL
1) The Company will host a conference call to discuss the fourth
quarter and full year 2012 results at 9:00
p.m. U.S. Eastern Time on March 25,
2013 (6:00 p.m. U.S. Pacific
Time on March 25, 2013 and
9:00 a.m. Beijing/Hong Kong Time on March 26, 2013). The dial-in details for the live
conference call are set forth below:
International Toll Dial-In Number: + 65.6723.9381
Local Dial-In Number(s):
China, Domestic Mobile:
400.620.8038
China, Domestic: 800.819.0121
Hong Kong: +852.2475.0994
United States: +1.718.354.1231
International Toll Free Dial-in Number(s):
Hong Kong: +852.800.930.346
United States: +1.866.519.4004
Conference ID # 23817537
2) A replay of the call will be available from 0:00 a.m. March 26
- 8:59 a.m. April 2, 2013 (US Eastern Time). The dial-in
details for the replay are set forth below:
International Toll Dial-In Number: +61.2.8199.0299
Local Dial-In Number(s):
Hong Kong: +852.3051.2780
United States: +1.646.254.3697
International Toll Free Dial-in Number(s):
China 400: 400.120.0932
China 800: 800.870.0205
Hong Kong: +852.800.963.117
United States: +1.855.452.5696
Conference ID # 23817537
Additionally, a live and archived web cast of this call
will be available on the Focus Media web site at
http://ir.focusmedia.cn
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the 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" and similar statements. Focus
Media may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
on forms 20-F and 6-K., in its annual report to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about Focus Media's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, risks outlined in
Focus Media's filings with the U.S. Securities and Exchange
Commission, including its registration statements on Form F-1, F-3
and 20-F, in each case as amended. Focus Media does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
This release is not an offer of securities for sale in the
United States. Securities may not be offered or sold in
the United States absent
registration or an exemption from registration. Any public
offering of securities to be made in the
United States will be made by means of a prospectus that may
be obtained from the issuer or selling security holder and that
will contain detailed information about the company and management,
as well as financial statements.
ABOUT FOCUS MEDIA HOLDING LIMITED
Focus Media Holding Limited (Nasdaq: FMCN) operates China's largest lifestyle targeted interactive
digital media network. The Company offers one of the most
comprehensive targeted interactive digital media platforms aimed at
Chinese consumers at various urban locations. The increasingly
fragmented and mobile lifestyle of Chinese urban consumers has
created the need for more efficient media means to capture consumer
attention. Focus Media's mission is to build an increasingly
comprehensive and measurable interactive urban media network that
reaches consumers at various out-of-home locations.
Focus
Media Holding Limited
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(U.S
Dollars in Thousands)
|
|
|
|
2012-12-31
|
2012-09-30
|
2011-12-31
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash equivalents
|
674,133
|
491,729
|
331,218
|
|
Restricted cash
|
-
|
99,043
|
99,673
|
|
Short-term investments
|
115,125
|
211,238
|
226,047
|
|
Accounts receivable, net
|
282,977
|
294,102
|
249,206
|
|
Prepaid expenses and other current assets
|
83,048
|
71,616
|
62,604
|
|
Rental deposits
|
57,152
|
60,739
|
60,913
|
|
Held-for-sale assets-current
|
-
|
4,660
|
-
|
|
Other current assets
|
2,418
|
2,262
|
3,222
|
|
Total
current assets
|
1,214,853
|
1,235,389
|
1,032,883
|
|
Restricted cash
|
240,554
|
99,043
|
99,673
|
|
Rental deposits, non-current
|
3,447
|
3,252
|
4,047
|
|
Equipment, net
|
66,073
|
66,044
|
79,042
|
|
Acquired intangible assets, net
|
3,326
|
4,776
|
35,025
|
|
Goodwill
|
439,384
|
439,201
|
459,113
|
|
Equity method investment
|
1,001
|
5,040
|
|
|
Held-for-sale assets-non-current
|
-
|
21,008
|
20,534
|
|
Other long term assets
|
7,248
|
14,642
|
11,120
|
|
Total
assets
|
1,975,886
|
1,888,395
|
1,741,437
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Short-term bank loan
|
-
|
100,000
|
100,000
|
|
Accounts payable
|
14,810
|
16,828
|
19,448
|
|
Accrued expenses and other current
liabilities
|
179,441
|
188,569
|
173,754
|
|
Income taxes payable
|
69,437
|
43,745
|
35,463
|
|
Amount due to related parties
|
577
|
1,554
|
2,196
|
|
Held-for-sale liabilities-current
|
-
|
9,468
|
-
|
|
Deferred tax liabilities
|
31,464
|
29,339
|
33,550
|
|
Total
current liabilities
|
295,729
|
389,503
|
364,411
|
|
Long-term loan
|
200,000
|
100,000
|
71,000
|
|
Acquisition purchase price payable
|
-
|
-
|
13,106
|
|
Held-for-sale liabilities-non-current
|
-
|
6,159
|
-
|
|
Deferred tax liabilities, non-current
|
12,201
|
13,190
|
20,099
|
|
Total
liabilities
|
507,930
|
508,852
|
468,616
|
|
|
|
|
|
Equity
|
|
|
|
|
Ordinary shares
|
33
|
32
|
32
|
|
Additional paid in capital
|
1,561,435
|
1,548,446
|
1,533,617
|
|
Subscription receivable
|
-
|
-
|
-
|
|
Accumulated deficit
|
(214,554)
|
(291,226)
|
(400,276)
|
|
Accumulated other comprehensive income
|
123,015
|
113,318
|
119,796
|
|
Total
Focus Media equity
|
1,469,929
|
1,370,570
|
1,253,169
|
|
Noncontrolling interests
|
(1,973)
|
8,973
|
19,652
|
|
Total equity
|
1,467,956
|
1,379,543
|
1,272,821
|
|
Total
liabilities and equity
|
1,975,886
|
1,888,395
|
1,741,437
|
|
Focus
Media Holding Limited
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(U.S
Dollars in thousands, except earnings per ADS and ADS
data)
|
|
|
Three
months ended
|
Twelve
Months ended
|
|
2012-12-31
|
2012-9-30
|
2011-12-31
|
2012-12-31
|
2011-12-31
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
LCD
display network
|
134,372
|
135,777
|
150,452
|
491,290
|
486,550
|
|
In-store
network
|
11,311
|
14,879
|
17,559
|
53,149
|
61,669
|
|
Poster
frame network
|
89,679
|
86,056
|
70,595
|
319,522
|
202,548
|
|
Movie
theater network
|
20,358
|
23,753
|
21,658
|
78,591
|
53,330
|
|
Traditional outdoor
billboard network
|
6,141
|
7,751
|
14,242
|
32,490
|
50,358
|
|
Total
gross revenues
|
261,861
|
268,216
|
274,506
|
975,042
|
854,455
|
|
Less:
Sales taxes
|
11,672
|
12,740
|
21,807
|
47,541
|
67,923
|
|
Total
net revenue (note 1)
|
250,189
|
255,476
|
252,699
|
927,501
|
786,532
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
LCD
display network
|
30,025
|
29,976
|
25,229
|
113,135
|
85,847
|
|
In-store
network
|
5,254
|
5,384
|
3,258
|
21,504
|
20,582
|
|
Poster
frame network
|
28,903
|
29,268
|
29,511
|
117,685
|
110,370
|
|
Movie
theater network
|
8,924
|
8,762
|
6,980
|
32,661
|
25,753
|
|
Traditional outdoor
billboard network
|
5,777
|
9,457
|
12,315
|
34,611
|
41,899
|
|
Total
cost of revenues
|
78,883
|
82,847
|
77,293
|
319,596
|
284,451
|
|
Gross
profit
|
171,306
|
172,629
|
175,406
|
607,905
|
502,081
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
General
and administrative
|
32,968
|
36,132
|
37,092
|
136,704
|
126,518
|
|
Selling
and marketing
|
51,973
|
53,123
|
49,606
|
194,095
|
146,392
|
|
Other
operating (income)
expenses, net
|
(13,897)
|
(14,890)
|
(8,181)
|
(38,588)
|
(16,147)
|
|
Total
operating expenses
|
71,044
|
74,365
|
78,517
|
292,211
|
256,763
|
|
|
|
|
|
|
|
Operating profit
|
100,262
|
98,264
|
96,889
|
315,694
|
245,318
|
|
Interest
income
|
6,181
|
5,366
|
4,636
|
22,358
|
15,538
|
|
Interest
expense
|
(1,411)
|
(1,284)
|
(584)
|
(5,067)
|
(717)
|
|
Loss from
cost method
equity investment
|
(1,526)
|
-
|
-
|
(1,526)
|
-
|
|
Income
from continuing
operations before
income taxes
|
103,506
|
102,346
|
100,941
|
331,459
|
260,139
|
|
Provision
for income taxes
|
24,610
|
27,513
|
25,022
|
75,897
|
54,716
|
|
Loss from
equity method
investee
|
2,600
|
9,499
|
38,882
|
18,561
|
43,633
|
|
Net
income from
continuing operations
|
76,296
|
65,334
|
37,037
|
237,001
|
161,790
|
|
|
|
|
|
|
|
Net loss
from discontinued
operations, net of tax
|
(232)
|
(1,008)
|
(1,538)
|
(1,065)
|
(978)
|
|
Net
income
|
76,064
|
64,326
|
35,499
|
235,936
|
160,812
|
|
|
|
|
|
|
|
Less: Net
loss attributable
to noncontrolling
interests
|
(608)
|
(264)
|
(1,594)
|
(2,142)
|
(1,865)
|
|
Net
income attributable
to Focus Media
|
76,672
|
64,590
|
37,093
|
238,078
|
162,677
|
|
|
|
|
|
|
|
Net income
from continuing
operations per ADS
|
|
|
|
|
|
|
-
basic
|
0.59
|
0.52
|
0.29
|
1.86
|
1.21
|
|
-
diluted
|
0.57
|
0.49
|
0.28
|
1.80
|
1.18
|
|
|
|
|
|
|
|
Net income
from discontinued
operations per ADS
|
|
|
|
|
|
|
-
basic
|
0.00
|
(0.01)
|
(0.01)
|
(0.01)
|
0.00
|
|
-
diluted
|
0.00
|
(0.01)
|
(0.01)
|
(0.01)
|
0.00
|
|
|
|
|
|
|
|
Net income
attributable to
Focus Media per ADS
|
|
|
|
|
|
|
-
basic
|
0.59
|
0.51
|
0.28
|
1.85
|
1.21
|
|
-
diluted
|
0.57
|
0.48
|
0.27
|
1.79
|
1.18
|
|
|
|
|
|
|
|
ADS used
in calculating
basic income per ADS
|
130,265,271
|
127,777,021
|
132,073,143
|
128,809,554
|
134,241,550
|
|
ADS used
in calculating
diluted income per ADS
|
134,529,688
|
133,518,344
|
136,912,952
|
133,250,339
|
138,320,991
|
|
|
|
|
|
|
|
Focus
Media Holding Limited
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
(U.S
Dollars in thousands, except earnings per ADS and ADS
data)
|
|
|
|
|
|
|
|
Three
months ended
|
Twelve
months ended
|
|
2012-12-31
|
2012-09-30
|
2011-12-31
|
2012-12-31
|
2011-12-31
|
|
Net
income
|
76,064
|
64,326
|
35,499
|
235,936
|
160,812
|
|
Other
comprehensive
income, net of tax
|
|
|
|
|
|
|
Foreign
currency
translation adjustments
|
9,687
|
(2,964)
|
8,256
|
2,638
|
40,190
|
|
Share of
post-acquisition
movements in equity
investee's other
comprehensive income
|
76
|
(43)
|
256
|
552
|
1,639
|
|
Comprehensive income
|
85,827
|
61,319
|
44,011
|
239,126
|
202,641
|
|
Comprehensive loss
attributable to
non-controlling interests
|
(542)
|
(286)
|
(1,429)
|
(2,171)
|
(1,491)
|
|
Comprehensive income
attributable to Focus
Media
|
86,369
|
61,605
|
45,440
|
241,297
|
204,132
|
Note 1: Details of net revenues by segment are as follows (U.S.
Dollars in thousands):
|
Three
months ended
|
Twelve
months ended
|
|
2012-12-31
|
2012-9-30
|
2011-12-31
|
2012-12-31
|
2011-12-31
|
|
Gross
revenues
|
|
|
|
|
|
|
LCD
display network
|
134,372
|
135,777
|
150,452
|
491,290
|
486,550
|
|
In-store network
|
11,311
|
14,879
|
17,559
|
53,149
|
61,669
|
|
Poster
frame network
|
89,679
|
86,056
|
70,595
|
319,522
|
202,548
|
|
Movie
theater network
|
20,358
|
23,753
|
21,658
|
78,591
|
53,330
|
|
Traditional outdoor
billboard network
|
6,141
|
7,751
|
14,242
|
32,490
|
50,358
|
|
Total
gross revenues
|
261,861
|
268,216
|
274,506
|
975,042
|
854,455
|
|
Less:
Sales taxes
|
|
|
|
|
|
|
LCD
display network
|
6,916
|
7,358
|
13,044
|
25,809
|
42,185
|
|
In-store network
|
216
|
413
|
1,504
|
1,361
|
5,295
|
|
Poster
frame network
|
4,000
|
4,447
|
6,048
|
17,964
|
17,099
|
|
Movie
theater network
|
509
|
520
|
875
|
1,936
|
2,495
|
|
Traditional outdoor
billboard network
|
31
|
2
|
336
|
471
|
849
|
|
Total
sales tax
|
11,672
|
12,740
|
21,807
|
47,541
|
67,923
|
|
Net
revenues
|
|
|
|
|
|
|
LCD
display network
|
127,456
|
128,419
|
137,408
|
465,481
|
444,365
|
|
In-store network
|
11,095
|
14,466
|
16,055
|
51,788
|
56,374
|
|
Poster
frame network
|
85,679
|
81,609
|
64,547
|
301,558
|
185,449
|
|
Movie
theater network
|
19,849
|
23,233
|
20,783
|
76,655
|
50,835
|
|
Traditional outdoor
billboard network
|
6,110
|
7,749
|
13,906
|
32,019
|
49,509
|
|
Total
net revenues
|
250,189
|
255,476
|
252,699
|
927,501
|
786,532
|
|
Focus
Media Holding Limited
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASHFLOWS
(U.S.
Dollars in thousands)
|
|
Three months ended
|
Twelve months ended
|
|
2012-12-31
|
2011-12-31
|
2012-12-31
|
2011-12-31
|
|
Operating activities:
|
|
|
|
|
|
Net
income
|
76,064
|
35,499
|
235,936
|
160,812
|
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
Bad debt
expenses
|
4,182
|
5,755
|
13,341
|
16,013
|
|
Share-based compensation
|
12,990
|
15,582
|
63,637
|
61,802
|
|
Depreciation
|
7,820
|
7,601
|
30,741
|
28,787
|
|
Amortization of acquired intangible assets
|
1,665
|
4,484
|
10,802
|
15,998
|
|
Loss from
cost method investee
|
1,526
|
-
|
1,526
|
-
|
|
Loss from
equity method investee
|
2,600
|
38,882
|
18,561
|
43,632
|
|
Change in
fair value of contingent consideration
liabilities for acquisition of subsidiaries
|
-
|
-
|
1,179
|
-
|
|
Others
|
(1,523)
|
(199)
|
621
|
1,910
|
|
Net
changes in current assets and current liabilities,
net of effects of acquisitions
|
37,121
|
21,189
|
(18,094)
|
(48,796)
|
|
Net
cash provided by operating activities
|
142,445
|
128,793
|
358,250
|
280,158
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
Purchase
of equipment and other long term assets
|
(4,807)
|
(15,494)
|
(19,645)
|
(38,918)
|
|
Payment
paid to acquire subsidiaries, net of cash
acquired
|
-
|
(606)
|
(2,929)
|
(13,228)
|
|
Investment
in equity method investee
|
-
|
-
|
-
|
(61,003)
|
|
Cash
deposited as restricted cash
|
(40,719)
|
(199,346)
|
(67,232)
|
(199,346)
|
|
Cash
received from the release of restricted
cash
|
|
|
26,366
|
|
|
Proceeds
received from the sale of short-term
investments
|
114,916
|
166,643
|
470,977
|
1,044,680
|
|
Proceeds used in investment in short-term
investments
|
(16,937)
|
(186,371)
|
(359,595)
|
(1,124,034)
|
|
Proceeds received from disposal of fixed
assets
|
69
|
100
|
409
|
672
|
|
Proceeds
from disposal of subsidiaries
|
1,392
|
-
|
2,519
|
7,296
|
|
Cash of
disposed entities
|
(596)
|
-
|
(2,378)
|
-
|
|
Net
cash provided by/(used in) investing
activities
|
53,318
|
(235,074)
|
48,492
|
(383,881)
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Proceeds
from short-term loan
|
-
|
145,000
|
34,794
|
175,000
|
|
Repayment
of short-term loan
|
(100,000)
|
(75,000)
|
(134,017)
|
(75,000)
|
|
Proceeds
from long-term loan
|
200,000
|
71,000
|
229,000
|
71,000
|
|
Repayment
from long-term loan
|
(100,000)
|
-
|
(100,000)
|
-
|
|
Cash used
for share repurchase
|
-
|
(144,269)
|
(41,445)
|
(213,375)
|
|
Dividend
payout
|
(17,846)
|
-
|
(53,148)
|
-
|
|
(Repayment
to) capital injection from noncontrolling
interests
|
-
|
(321)
|
-
|
(397)
|
|
Proceeds
from issuance of ordinary shares, net of
issuance costs
|
-
|
1,236
|
34
|
3,063
|
|
Net
cash provided by/(used in) financing
activities
|
(17,846)
|
(2,354)
|
(64,782)
|
(39,709)
|
|
Effect of
exchange rate changes
|
3,504
|
4,531
|
955
|
20,174
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents
|
181,421
|
(104,104)
|
342,915
|
(123,258)
|
|
Cash and
cash equivalents, beginning of period
|
491,729
|
435,322
|
331,218
|
454,476
|
|
Add: Cash
and cash equivalents in held-for-sale
assets, beginning of period
|
983
|
-
|
-
|
-
|
|
|
|
|
|
|
Cash
and cash equivalents, end of period
|
674,133
|
331,218
|
674,133
|
331,218
|
|
|
|
|
|
|
Supplemental disclosure of cash flow
information:
|
|
|
|
|
|
Income
taxes paid
|
2,684
|
2,970
|
39,791
|
27,582
|
|
Interest
paid
|
1,487
|
560
|
4,885
|
665
|
|
|
|
|
|
|
Supplemental disclosure of non-cash investing
activity:
|
|
|
|
|
|
Accrual for acquisition of subsidiaries
|
671
|
19,584
|
671
|
19,584
|
|
|
|
|
|
|
SOURCE Focus Media Holding Limited