omniture

Noah Education Announces Unaudited Third Quarter Fiscal Year 2013 Results

2013-05-23 05:15 968

SHENZHEN, China, May 23, 2013 /PRNewswire/ -- Noah Education Holdings Ltd. ("Noah" or the "Company") (NYSE: NED), a leading provider of education services in China, today announced its unaudited financial results for the third fiscal quarter ended March 31, 2013.

Third Quarter Fiscal 2013 Financial Highlights (compared to third quarter fiscal 2012)

  • Net revenue increased 24.6% to RMB46.4 million (US$7.5 million)
  • Gross profit decreased 0.9% to RMB17.2 million (US$2.8 million), and gross profit margin was 37.0%
  • Operating loss was RMB4.5 million (US$0.7 million) as compared to an operating loss of RMB1.8 million
  • Net loss was RMB0.2 million (US$0.03 million), compared to a net income of RMB2.2 million
  • Non-GAAP net loss, excluding share based compensation expenses, was RMB0.2 million (US$0.03 million), compared to a Non-GAAP net income of RMB2.6 million
  • Basic and diluted earnings per share were nil as compared to basic and diluted earnings per share of RMB0.04
  • Non-GAAP basic and diluted earnings per share were nil as compared to non-GAAP basic and diluted earnings per share of RMB0.05

Commenting on the results, Dong Xu, Chairman and Chief Executive Officer of Noah, said, "We are pleased to report that Noah recorded another strong quarter of top line growth in a traditionally slow quarter during which the month-long Chinese New Year holidays and winter break fell. Nevertheless, our revenue increased 24.6% year-over-year, driven by contributions from our newly acquired DDK Consulting and Xiaoxiao Consulting, as well as organic growth from our existing schools and kindergartens."

Mr. Xu continued, "Looking ahead, while staff costs has increased across the education services sector, we are confident of maintaining our margins at the current level through our two-pronged strategy of growing organically and by strategic acquisitions in the longer term. We strongly believe that business sustainability and delivering consistent results are essential in creating value for our shareholders."

Dora Li, Chief Financial Officer, added, "We are optimistic in meeting our fiscal year 2013 guidance as we progress to the final quarter. The fourth quarter is traditionally one of our strongest in terms of revenue, as we anticipate a full three months of revenue recognition across all our operations. Our cash inflows from operations also provide us important financial resources for future business expansion. Last but not least, we remain on course in achieving breakeven at the operating level for fiscal year 2013."

Third Quarter of Fiscal Year 2013 Financial Results

Net revenue

Net revenue for the third quarter of fiscal 2013 increased 24.6% year-over-year to RMB46.4 million (US$7.5 million) from RMB37.3 million. The increase was attributable mainly to the newly acquired business of DDK Consulting and Xiaoxiao Consulting and organic growth of existing schools and kindergartens.

In terms of revenue breakdown by business lines, revenue from kindergartens increased 38.7% year-over-year to RMB28.3 million (US$4.5 million) from RMB20.4 million. Revenue from primary and secondary schools increased 29.9% year-over-year to RMB11.3 million (US$1.8 million) from RMB8.7 million. Revenue from supplemental education, which includes English training courses and the sale of teaching materials, decreased 17.1% year-over-year to RMB6.8 million (US$1.1 million) from RMB8.2 million.

Services

3Q FY2013

3Q FY2012

Revenue

(RMB million)

Percentage of
net revenue

Revenue

(RMB million)

Percentage of
net revenue

Kindergartens

28.3

61.0

20.4

54.7

Primary and secondary schools

11.3

24.4

8.7

23.3

Supplemental education

6.8

14.6

8.2

22.0

Total

46.4

100

37.5

100

Gross profit and gross profit margin

Gross profit for the third quarter of fiscal 2013 decreased 0.9% year-over-year to RMB17.2 million (US$2.8 million) from RMB17.3 million. Gross profit margin for the third quarter of fiscal 2013 was 37.0%, compared to 46.5% in the third quarter of fiscal 2012. The decrease in gross profit margin was primarily due to an increase in staff costs and expenses associated with the newly acquired DDK Consulting and Xiaoxiao Consulting, as well as an overall increase in the salaries of teachers in existing schools reflecting escalating staff costs generally in China's educational sector.

Operating expenses

Total operating expenses for the third quarter of fiscal 2013 were RMB25.2 million (US$4.0 million), compared to RMB23.2 million in the third quarter of fiscal 2012, primarily due to the increase in general and administrative expenses.

Research and development ("R&D") expenses for the third quarter of fiscal 2013 were RMB0.4 million (US$0.07 million), compared to RMB0.8 million in the same period of fiscal 2012. The decrease in R&D expenses was mainly due to the decrease in staff costs as result of a consolidation in R&D staffing. As a percentage of net revenue, R&D expenses decreased to 1.0% in the third quarter of fiscal 2013 from 2.1% in the same quarter of fiscal 2012. The R&D investment is focused on the development of teaching materials.

Sales and marketing ("S&M") expenses for the third quarter were RMB1.5 million (US$0.2 million) compared to RMB1.3 million in the same period of fiscal 2012. The increase in S&M expenses was mainly attributable to the increase in promotion expenses related to spring term enrollment in our primary and secondary school sector. As a percentage of net revenue, S&M expenses decreased to 3.1% in the third quarter of fiscal 2013, compared to 3.5% in the same period of fiscal 2012.

General and administrative ("G&A") expenses for the third quarter of fiscal 2013 were RMB23.1 million (US$3.7 million), compared to RMB21.1 million in the same period of fiscal 2012. The increase in G&A expenses was primarily attributable to incremental G&A expenses arising from the acquired business of DDK and Xiaoxiao Consulting of RMB0.9 million (US$0.1 million), and from newly opened kindergartens of RMB0.6 million (US$0.1 million). As a percentage of net revenue, G&A expenses decreased to 49.7% in the third quarter of fiscal 2013, compared to 56.6% in the same period of fiscal 2012. The decrease in G&A expenses, as a percentage of net revenue reflects the improvement of the Company's operational leverage with the expansion of revenue scale.

Other operating income

Other operating income for the third quarter of fiscal 2013 decreased 15.3% year-over-year to RMB3.5 million (US$0.6 million) from RMB4.1 million in the third quarter of fiscal 2012. The decrease was mainly due to decreased in revenue derived from training camps and interest groups.

Net operating loss

Net operating loss for the third quarter of fiscal 2013 was RMB4.5 million (US$0.7 million), compared to an operating loss of RMB1.8 million in the third quarter of fiscal 2012. The increase in operating loss for this quarter is mainly attributable to the increase in staff cost and expenses associated with the newly acquired DDK Consulting and Xiaoxiao Consulting, as well as an overall increase in the salaries of teachers in existing schools.

Non-operating income

Interest income for the third quarter of fiscal 2013 was RMB0.4 million (US$0.07 million), compared to RMB0.2 million in the same period of fiscal 2012. Investment income for the third quarter of fiscal 2013 was RMB4.6 million (US$0.7 million), compared to RMB5.5 million in the third quarter of fiscal 2012. The Company incurred a non-operating loss for the third quarter of fiscal 2013 of RMB0.5 million (US$0.07 million), due to the recognition of an impairment loss of RMB1.1 million from our investment in Franklin Electronic Publishers. In the same period of fiscal 2012, Noah reported other non-operating income of RMB0.4 million.

Income tax expenses

Income tax expenses for the third quarter of fiscal 2013 were RMB0.2 million (US$0.04 million), compared to an expense of RMB1.7 million for the same period in fiscal 2012. The decrease was mainly due to the decrease in income before tax.

Net Income/ (loss)

Net loss for the third quarter of fiscal 2013 was RMB0.2 million (US$0.03 million), compared to a net income of RMB2.2 million in the same period of fiscal 2012. Basic and diluted earnings per share were nil, compared to basic and diluted earnings per share of RMB0.04 in the third quarter of fiscal 2012.

Net loss excluding share-based compensation expenses (non-GAAP) for the third quarter of fiscal 2013 was RMB0.2million (US$0.03 million), compared to non-GAAP net income of RMB2.6 million in the same period of fiscal 2012. Non-GAAP basic and diluted earnings per share for the third quarter of fiscal 2013 were nil, compared to a non-GAAP basic and diluted earnings per share of RMB0.05 in the third quarter of fiscal 2012.

Liquidity

Cash and cash equivalents, and short-term investments totaled RMB531.1 million (US$85.5 million) as of March 31, 2013, compared to RMB486.6 million as of December 31, 2012. For the three months ended March 31, 2013, operating cash provided by continuing operations was RMB57.3 million (US$9.2 million).

Free cash flow for the quarter ended March 31, 2013 was RMB45.0 million (US$7.2 million), compared to outflow of RMB30.2 million as of December 31, 2012. Free cash flow includes operating cash flow less cash spent on capital expenditure and acquisition for the period.

Deferred revenue

Deferred revenue related to tuition fees and franchising fees was RMB60.3 million (US$9.7 million) as of March 31, 2013, compared to RMB24.2 million as of December 31, 2012. Deferred revenue primarily includes the tuition fees and franchising fees collected that have not yet been recognized during the quarter. It will be recognized according to the course and contract schedule.

Operational Updates

Noah operated 65 schools and kindergartens in its network at the end of the third quarter of fiscal 2013. The network includes 49 kindergartens, two of which have recently opened in the period and have begun contributing revenue. Currently, there are 10 kindergartens in their respective ramp up periods.

Noah's network also includes five primary and secondary schools. One of them opened in the first quarter of fiscal 2012 and remains in its ramp up stage, with enrollment rate of 38% as of March 31, 2013.

Noah also operates 11 directly-owned supplemental training centers.

Student enrollment totaled over 21,400, reflecting a year-over-year increase of about 23% due to the expansion of the network. Categorized according to business segments, more than 12,600 students are enrolled in kindergartens, while approximately 4,900 are accounted for in primary and secondary schools, and the remaining 3,900 are in directly owned supplemental training centers.

Financial Outlook for the Fourth Quarter of Fiscal 2013 and Full Fiscal 2013

Based on current estimates and market conditions, for the fourth quarter of fiscal 2013, Noah expects to generate net revenue in the range of RMB58 million (US$9.3 million) to RMB67 million (US$10.8 million). For the full fiscal 2013, the Company maintains the revenue outlook in the range of RMB206 million (US$33.0 million) to RMB215 million (US$34.6 million). This forecast reflects Noah's current and preliminary view, which is subject to change.

Conference Call

Noah's senior management will host a conference call at 8:00 am (Eastern)/5:00 am (Pacific)/8:00 pm (China) on Thursday, May 23, 2013 to discuss its third quarter of fiscal year 2013 financial results and recent business activities. The conference call may be accessed by calling:

US

+1-866-519-4004

International

+65-6723-9381

China, Domestic

400-620-8038, 800-819-0121

Hong Kong

800-930-346

Please dial in 10 minutes before the scheduled starting time. An operator will answer your call and please use "Noah" as the verbal passcode to access the call. Replay of the conference call will be available from 11:00 am US Eastern Time on May 23, 2013 until March 30, 2013 by dialing the following numbers:

US

+1-855-452-5696

International

+61-2-8199-0299

China

400-120-0932, 800-870-0205

Hong Kong

800-963-117

Passcode

44898403

A live webcast can also be accessed through the investor relations section of the Company's website at http://ir.noaheducation.com.

Statement Regarding Unaudited Financial Information

The unaudited financial information set forth above is subject to adjustments that may be identified when audit work is performed on our year-end financial statements, which could result in significant differences from this unaudited financial information.

Currency Convenience Translation

For the convenience of readers, certain RMB amounts in the statement of operations, balance sheet and cash flow statements have been translated into US dollars at the rate of RMB6.2108, the noon buying rate for US dollars in effect on March 31, 2013 for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York.

Use of Non-GAAP Financial Measures

In addition to consolidated financial results under GAAP, the Company also provides non-GAAP financial measures, including non-GAAP net income which excludes goodwill and intangible assets impairment and non-cash share-based compensation. The Company believes that the non-GAAP financial measures provide investors with another method for assessing the Company'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. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company's liquidity and when planning and forecasting future periods.

About Noah Education Holdings Ltd

Noah is a leading provider of education services in China. The Company's brands include Wentai Education, which operates and manages high-end kindergartens, primary and secondary schools, Little New Star, which provides English language training for children aged 3-12 in its directly owned and franchised training centers, and Yuanbo Education, which focuses on early childhood education services in the Yangtze Delta region. Noah was founded in 2004 and is listed on the New York Stock Exchange under the ticker symbol NED. For more information about Noah, please visit http://ir.noaheducation.com.

Safe Harbor Statement

This press release contains forward-looking statements that reflect Noah's current expectations and views of future events that involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Noah has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. You should understand that our actual future results may be materially different from and worse than what Noah expects. Information regarding these risks, uncertainties and other factors is included in Noah's most recent Annual Report on Form 20-F and other filings with the SEC.

Investor Contacts
Noah Education Holdings Ltd.
Email: ir@noaheducation.com


Noah Education Holdings Ltd.

Consolidated Balance Sheet



December 31


March 31


2012


2013


Unaudited


Unaudited


RMB


RMB

USD

Assets:





Current assets





Cash and cash equivalents

184,575,609


161,356,566

25,979,997

Investments





Held to maturity investments

302,003,441


369,703,441

59,525,897

Accounts receivables, net of allowance of doubtful debts

296,832


337,131

54,281

Inventories

5,119,933


4,642,528

747,493

Prepaid expenses, and other current assets

27,384,846


26,200,693

4,218,570

Total current assets

519,380,661


562,240,359

90,526,238

Investments

16,536,812


15,432,931

2,484,854

Property, plant and equipment, net

197,208,442


199,628,288

32,142,121

Intangible assets, net

83,110,006


81,752,779

13,163,003

Goodwill

75,486,941


75,486,941

12,154,141

Deposit for property, plant and equipment

775,675


2,586,916

416,519

Deferred tax assets - non-current

186,569


141,166

22,729

Total assets

892,685,106


937,269,380

150,909,605






Liabilities and Shareholders' equity





Current liabilities





Accounts payable (including account payables of the
consolidated variable interest entities ("VIEs") without
recourse to the Company of RMB1,457,134 and
RMB1,315,664 as of December 31, 2012 and March 31,
2013, respectively)

1,499,973


1,358,983

218,810

Other payables and accruals (including other payables, accruals
of the consolidated VIEs without recourse to the Company
of RMB13,505,027 and RMB21,534,003 as of December 31,
2102 and March 31, 2013, respectively)

36,990,477


48,171,743

7,756,125

Advances from customers (including advance from customer of
the consolidated VIEs without recourse to the Company of
RMB568,310 and RMB463,408 as of December 31, 2012 and
March 31, 2013, respectively)

578,904


468,703

75,466

Income tax payable (including income tax payables of the
consolidated VIEs without recourse to the Company of
RMB8,175,506 and RMB6,574,234 as of December 31, 2012
and March 31, 2013, respectively)

17,879,204


16,839,966

2,711,400

Deferred revenue (including deferred revenues of the
consolidated VIEs without recourse to the Company of
RMB4,668,876 and RMB25,256,986 as of December 31,
2012 and March 31, 2013, respectively)

23,262,482


59,222,987

9,535,484

Contingent consideration payable

3,395,000


3,395,000

546,628

Total current liabilities

83,606,040


129,457,382

20,843,913

Deferred revenues - non-current

3,327,424


3,136,747

505,047

Deferred tax liabilities

10,219,833


9,813,852

1,580,127

Other liabilities

1,102,801


1,102,801

177,563

Total non-current liabilities

14,650,058


14,053,400

2,262,737

Total liabilities

98,256,098


143,510,782

23,106,650






Shareholders' equity





Ordinary shares

14,841


14,841

2,390

Additional paid-in capital

1,047,772,763


1,047,772,763

168,701,739

Accumulated other comprehensive loss

(120,997,040)


(121,371,763)

(19,542,051)

Retained earnings

(202,575,169)


(202,709,680)

(32,638,256)

Total Noah Education Holdings Ltd. shareholders' equity

724,215,395


723,706,161

116,523,822

Non-controlling interests

70,213,613


70,052,437

11,279,133

Total equity

794,429,008


793,758,598

127,802,955

Total liabilities and shareholders' equity

892,685,106


937,269,380

150,909,605

Noah Education Holdings Ltd.

Consolidated Statements of Operations



Three months ended March 31


Nine months ended March 31


2012

2013


2012

2013


(Unaudited)

(Unaudited)


(Unaudited)

(Unaudited)


RMB

RMB

USD


RMB

RMB

USD

Net revenue

37,270,199

46,435,942

7,476,644


116,351,788

147,952,131

23,821,751

Cost of revenue

(19,945,356)

(29,263,086)

(4,711,645)


(62,817,369)

(87,151,997)

(14,032,330)

Gross profit

17,324,843

17,172,856

2,764,999


53,534,419

60,800,134

9,789,421

Research & development expenses

(783,723)

(427,772)

(68,876)


(2,256,886)

(1,611,411)

(259,453)

Sales & marketing expenses

(1,318,864)

(1,457,516)

(234,674)


(4,513,559)

(4,448,221)

(716,207)

General & administrative expenses

(21,111,395)

(23,095,703)

(3,718,636)


(65,118,894)

(67,337,942)

(10,842,072)

Other expenses

(16,291)

(170,400)

(27,436)


(33,463)

(254,690)

(41,008)

Total operating expenses

(23,230,273)

(25,151,391)

(4,049,622)


(71,922,802)

(73,652,264)

(11,858,740)

Other operating income

4,093,262

3,468,649

558,487


12,381,499

12,713,730

2,047,036

Net operating (loss)

(1,812,168)

(4,509,886)

(726,136)


(6,006,884)

(138,400)

(22,283)

Interest income

239,935

424,043

68,275


931,370

1,208,860

194,638

Investment income

5,492,581

4,617,151

743,407


13,202,071

13,800,389

2,221,999

Other non-operating income(loss)

(79,713)

(454,217)

(73,134)


3,050,115

(4,241,804)

(682,972)

Income before income taxes

3,840,635

77,091

12,412


11,176,672

10,629,045

1,711,382

Income tax (expenses)

(1,683,167)

(240,361)

(38,700)


(4,932,350)

(3,727,222)

(600,119)

Net income/(loss)

2,157,468

(163,270)

(26,288)


6,244,322

6,901,823

1,111,263

less: net income/(loss) attributable to non-
controlling shareholders

610,823

(28,759)

(4,630)


2,548,907

1,740,939

280,308

Net income/(loss) attributable to Noah Education
Holdings Ltd. shareholders

1,546,645

(134,511)

(21,658)


3,695,415

5,160,884

830,955









Net income/(loss) per share








Basic

0.04

(0.00)

(0.00)


0.10

0.14

0.02

Diluted

0.04

(0.00)

(0.00)


0.10

0.14

0.02









Weighted average ordinary shares outstanding








Basic

37,625,186

36,563,991

36,563,991


37,640,503

36,564,300

36,564,300

Diluted

37,718,241

36,587,482

36,587,482


37,744,299

36,564,300

36,564,300

Noah Education Holdings Ltd.

Reconciliation of Non-GAAP to GAAP



The Third Quarter


The First Nine Months


FY 2012

FY 2013


FY 2012

FY 2013


(Unaudited)

(Unaudited)


(Unaudited)

(Unaudited)


RMB

% of
Rev

RMB

USD

% of
Rev


RMB

% of
Rev

RMB

USD

% of
Rev













GAAP net revenue

37,270,199

100.0

46,435,942

7,476,644

100.0


116,351,788

100.0

147,952,131

23,821,751

100.0













GAAP gross profit

17,324,843

46.5

17,172,856

2,764,999

37.0


53,534,419

46.0

60,800,134

9,789,421

41.1

Share-based compensation

0

0.0

0

0

0.0


0

0.0

0

0

0.0

Non-GAAP gross profit

17,324,843

46.5

17,172,856

2,764,999

37.0


53,534,419

46.0

60,800,134

9,789,421

41.1













GAAP operating income (loss)

(1,812,168)

-4.9

(4,509,886)

(726,136)

-9.7


(6,006,884)

-5.2

(138,400)

(22,283)

-0.1

Share-based compensation

480,169

1.3

0

0

0.0


2,279,837

2.0

960,337

154,624

0.6

Non-GAAP operating income

(1,331,999)

-3.6

(4,509,886)

(726,136)

-9.7


(3,727,047)

-3.2

821,937

132,341

0.6













GAAP net income

2,157,468

5.8

(163,270)

(26,288)

-0.4


6,244,322

5.4

6,901,823

1,111,263

4.7

Share-based compensation

480,169

1.3

0

0

0.0


2,279,837

2.0

960,337

154,624

0.6

Non-GAAP net income

2,637,637

7.1

(163,270)

(26,288)

-0.4


8,524,159

7.3

7,862,160

1,265,887

5.3













GAAP net income per share












Basic

0.04


(0.00)

(0.00)



0.10


0.14

0.02


Diluted

0.04


(0.00)

(0.00)



0.10


0.14

0.02














Non-GAAP income per share












Basic

0.05


(0.00)

(0.00)



0.16


0.17

0.03


Diluted

0.05


(0.00)

(0.00)



0.16


0.17

0.03














Note: This reconciliation is for illustration purpose to compare GAAP and Non-GAAP performance

Noah Education Holdings Ltd.

Consolidated Cash Flow Statements




The Third Quarter


The First Nine Months


FY 2012

FY 2013


FY 2012

FY 2013


(Unaudited)

(Unaudited)


(Unaudited)

(Unaudited)


RMB

RMB

USD


RMB

RMB

USD

Cash flows from operating activities








Net income

2,157,468

(163,270)

(26,288)


6,244,322

6,901,822

1,111,261

Adjustments to reconcile net income





-

-

-

Amortization of intangible assets

1,200,120

1,507,227

242,678


3,503,724

4,112,609

662,171

Depreciation of property, plant and
equipment

6,084,554

6,966,269

1,121,638


15,933,387

20,747,985

3,340,630

Share-based compensation expense

480,169

-

-


2,279,837

960,337

154,624

Loss on disposal of fixed assets

13,196

170,990

27,531


13,196

319,622

51,462

Allowance for doubtful debts

-

-

-


-

462,288

74,433

Impairment loss on Franklin B share
investment

50,534

1,103,881

177,736


581,574

6,266,913

1,009,035

Changes in fair value of call option

520,000

-

-


520,000

-

-









Change in current assets and liabilities








Accounts receivables

(25,125)

(40,299)

(6,489)


626,462

(48,565)

(7,819)

Related party receivables

(27,304)

-

-


(27,304)

-

-

Inventories

(73,356)

477,405

76,867


724,791

809,283

130,303

Prepaid and others

(7,119,661)

1,959,827

315,551


40,838,781

6,842,676

1,101,738

Deferred tax asset

112,557

45,403

7,310


94,919

157,665

25,386

Accounts payable

342,604

(140,991)

(22,701)


(778,258)

(419,586)

(67,557)

Other payables and accruals

3,117,659

11,181,267

1,800,294


(3,083,153)

15,594,285

2,510,834

Advances from customers

(226,479)

(110,201)

(17,743)


(13,838)

36,955

5,950

Deferred revenue

20,072,400

35,769,828

5,759,295


22,126,525

20,078,363

3,232,814

Income tax payable

486,767

(1,039,238)

(167,328)


4,444,260

2,622,181

422,197

Deferred tax liability

(396,556)

(405,981)

(65,367)


(1,410,976)

(1,997,068)

(321,548)

Operating cash provided (used) by
continuing operations

26,769,547

57,282,117

9,222,984


92,618,249

83,447,765

13,435,914









Cash flows from investing activities








Acquisition of property, plant and
equipment

(3,592,817)

(9,557,105)

(1,538,788)


(23,332,652)

(29,978,383)

(4,826,815)

Prepayment for property, plant and
equipment

(1,377,784)

(2,586,915)

(416,519)


(2,060,807)

(4,597,223)

(740,198)

Acquisition of intangible assets

-

(150,000)

(24,151)


(40,000)

(150,000)

(24,151)

Acquisition of Kindergartens

-

-

-


-

(29,921,337)

(4,817,630)

Acquisition of Yuanbo

-

-

-


(25,097,107)

(7,272,337)

(1,170,918)

(Increase) decrease in held-to-maturity
investment

(78,300,000)

(67,700,000)

(10,900,367)


(305,800,000)

(349,200,000)

(56,224,641)

Decrease (increase) in short-term fixed
deposits

-

-

-


32,000,000

-

-

Investing cash provided (used) by
continuing operations

(83,270,601)

(79,994,020)

(12,879,825)


(324,330,566)

(421,119,280)

(67,804,353)









Cash flows from financing activities








Proceed from exercise of employee share
options

-

-

-


1,572,428

-

-

Share repurchases

-

-

-


(145,617)

(51,181)

(8,241)

Dividend paid to non-controlling
shareholders

-

(132,417)

(21,320)


(950,000)

(1,422,417)

(229,023)

Financing cash provided (used) by
continuing operations

-

(132,417)

(21,320)


476,811

(1,473,598)

(237,264)









Effect of exchange rate changes on cash

(154,850)

(374,723)

(60,334)


(4,213,678)

(1,270,974)

(204,642)

Net increase (decrease) in cash

(56,501,054)

(22,844,320)

(3,678,161)


(231,235,506)

(339,145,113)

(54,605,703)

Cash and cash equivalent at beginning of
period

227,081,421

184,575,609

29,718,492


405,874,701

501,772,653

80,790,342

Cash and cash equivalents at end of period

170,425,517

161,356,566

25,979,997


170,425,517

161,356,566

25,979,997

Source: Noah Education Holdings Ltd.
Keywords: Education
collection