BEIJING, Jun 26, 2008 (MARKET WIRE via COMTEX News Network) -- Agria Corporation (NYSE: GRO) (the Company or Agria), an
innovative China-based agri-solutions provider, today announced its
financial results for the fourth quarter and year ended December 31,
2007, and for the first quarter ended March 31, 2008.
Fourth Quarter and Full Year 2007 Results
Revenues for the fourth quarter of 2007 were RMB 318.1 million
(US$43.6 million), as compared to revenues of RMB 149.2 million for
the fourth quarter of 2006. In the fourth quarter of 2007, gross
profit was RMB 160.5 million (US$22.0 million) as compared to RMB
75.6 million in the fourth quarter of 2006. In the fourth quarter of
2007, gross margins were 41%, 66% and 75% from the Company's corn
seed, sheep breeding and seedling segments, respectively, while
revenues from the corn seed, sheep breeding and seedling segments
accounted for 66%, 26% and 8%, respectively, of total revenues.
Net loss was RMB 42.3 million (US$5.8 million), as compared to net
income of RMB 67.4 million during the same period last year. Results
reflect the impact of recognizing a deferred income tax expense of
RMB 157.6 million (US$21.6 million) relating to our operating
subsidiary, Primalights III Agriculture Development Co., Ltd. (P3A)
starting in the fourth quarter of 2007, which did not exist in 2006.
Excluding share-based compensation expense of RMB 8.9 million (US$1.2
million) in the fourth quarter of 2007, net loss for the fourth
quarter of 2007 (non-GAAP) was RMB 33.3 million (US$4.6 million).
For the fourth quarter 2007, basic and diluted loss per ADS were RMB
0.74 (US$0.10), as compared to earnings of RMB 1.35 per basic and
diluted ADS in the same period in 2006. Results reflect the impact
of recognizing a deferred income tax expense of RMB 157.6 million
(US$21.6 million) relating to P3A starting in the fourth quarter of
2007, which did not exist in 2006. Excluding share-based compensation
expense of RMB 8.9 million (US$1.2 million) in the fourth quarter of
2007, diluted loss per ADS (non-GAAP) was RMB 0.58 (US$0.08). Each
ADS represents two ordinary shares of the Company.
Revenues for the year ended December 31, 2007 were RMB 670.8 million
(US$92.0 million), as compared to revenues of RMB 489.7 million for
the year ended December 31, 2006. Revenues from our corn seed segment
in 2007 increased by 39.9% year-on-year, primarily due to an increase
in sales of our proprietary corn seeds and a higher average selling
price of our corn seed products. Revenues from our sheep breeding
segment in 2007 increased by 32.4% year-on-year primarily due to
growth of our Primalights III hybrid sheep business, combined with
growth in the sales of our frozen sheep semen and a higher average
selling price of our frozen sheep semen products. Revenues from our
seedling segment increased by 40.2% year-on-year, primarily due to
increased sales of our date and white bark pine seedlings and the
introduction of new seedling types in 2007.
For the year ended December 31, 2007, gross profit was RMB 373.9
million (US$51.3 million) as compared to RMB 282.3 million for the
year ended December 31, 2006. For the full year 2007, the Company
achieved gross margins of 41%, 72% and 71% from its corn seed, sheep
breeding and seedling segments, respectively, while revenues from the
corn seed, sheep breeding and seedling segments accounted for 51%,
38% and 11%, respectively, of total revenues.
Net income for the year ended December 31, 2007 was RMB 142.2 million
(US$19.5 million), as compared to RMB 253.9 million in the same
period of 2006. Results reflect the impact of recognizing a deferred
income tax expense of RMB 157.6 million (US$21.6 million) relating to
P3A starting in the fourth quarter of 2007, which did not exist in
2006. Excluding share-based compensation expense of RMB 13.3 million
(US$1.8 million) in the year ended December 31, 2007, net income for
the year ended December 31, 2007 (non-GAAP) was RMB 155.5 million
(US$21.3 million).
For the year ended December 31, 2007, basic and diluted earnings per
ADS were RMB 2.74 (US$0.38) and RMB 2.68 (US$0.37), respectively, as
compared to RMB 5.08 per basic and diluted earnings per ADS for the
same period in 2006. Results reflect the impact of recognizing a
deferred income tax expense of RMB 157.6 million (US$21.6 million)
relating to P3A starting in the fourth quarter of 2007, which did not
exist in 2006. Excluding share-based compensation expense of RMB 13.3
million (US$1.8 million) in the year ended December 31, 2007, diluted
earnings per ADS (non-GAAP) were RMB 2.93 (US$0.40).
As of December 31, 2007, Agria had cash and cash equivalents of RMB
1.39 billion (US$190.2 million).
First Quarter 2008 Results
Revenues for the first quarter of 2008 were RMB 114.4 million
(US$16.3 million), as compared to revenues of RMB 118.7 million for
the first quarter of 2007. Revenues from our corn seed segment in
the first quarter of 2008 increased by 10% year-on-year, despite the
impact of transportation issues caused by adverse weather conditions.
Revenues from our sheep breeding segment declined 77% year-on-year
in the first quarter of 2008 due to the centralization and technology
upgrade of our sheep breeding operations. This resulted in a longer
than expected cessation in sales of frozen semen and embryos due to
delays in the installation and qualification of new equipment. The
technology upgrade, equipment qualification and centralization were
completed at the end of May 2008, allowing the Company to resume
sales in its frozen semen and embryo business in June 2008. Revenues
from our seedling segment increased by 35% year-on-year primarily due
to increased sales volume in the segment.
In the first quarter of 2008, gross profit was RMB 42.9 million
(US$6.1 million) as compared to RMB 57.9 million in the first quarter
of 2007. In the first quarter of 2008, gross margins/loss were 39%,
-92% and 86% from the Company's corn seed, sheep breeding and
seedling segments, respectively, while revenues from the corn seed,
sheep breeding and seedling segments accounted for 89%, 4% and 7%,
respectively, of total revenues.
For the first quarter of 2008, net loss was RMB 58.0 million (US$8.3
million), compared to net income of RMB 50.9 million in same period
last year, primarily due to the RMB 64.7 million (US$9.2 million)
settlement between our shareholder, Brothers Capital Limited, and
management of P3A (please refer to our press release dated June 2,
2008; the P3A Settlement) and the above mentioned issues in the
Company's higher margin sheep breeding segment. The cash settlement
between our shareholder, Brothers Capital Limited, and management of
P3A was a non-cash charge to Agria. Results reflect the impact of
recognizing a deferred income tax expense of RMB 5.6 million (US$0.8
million) relating to P3A in the first quarter of 2008, which did not
exist in the same period in 2007. Excluding the P3A Settlement and
share-based compensation expense of RMB 8.5 million (US$1.2 million)
in the first quarter of 2008, net income for the first quarter of
2008 (non-GAAP) was RMB 15.1 million (US$2.2 million).
For the first quarter of 2008, basic and diluted loss per ADS were
RMB 0.92 (US$0.13), as compared to earnings of RMB 1.02 per basic and
diluted ADS in the same period in 2007. Results reflect the impact
of recognizing a deferred income tax expense of RMB 5.6 million
(US$0.8 million) relating to P3A in the first quarter of 2008, which
did not exist in the same period in 2007. Excluding share-based
compensation expense of RMB 8.5 million (US$1.2 million) and the P3A
Settlement in the first quarter of 2008, diluted earnings per ADS
(non-GAAP) were RMB 0.24 (US$0.03).
The Company had cash and cash equivalents of RMB 1.37 billion
(US$195.8 million) as of March 31, 2008.
Business Outlook
Kenneth Hua Huang, Agria's chief executive officer, commented, Our
strong performance in 2007 underscores the long-term potential of our
business. We also recently took actions to enhance our corporate
governance and organizational structure. While this was a time
intensive effort for our board and management team, we are confident
our actions will allow Agria to move forward as a more focused and
cohesive company, better able to capitalize on the significant growth
opportunities in our three core operating segments. We will work to
build shareholder value by focusing on operations and growth and
acquiring new businesses.
Based primarily on the sales orders received to date, Agria expects
to generate total revenues in the range of approximately RMB 125
million (US$17 million) to RMB 135 million (US$19 million) for the
second quarter of 2008, representing a year-on-year decline in the
range by approximately 16% to 22%, respectively, as compared to RMB
161 million in the second quarter of 2007. For the full year 2008,
Agria expects to generate total revenues in the range of
approximately RMB 738 million (US$100 million) to RMB 771 million
(US$110 million), representing year-on-year growth in the range by
approximately 10% to 15%, respectively. This forecast reflects
Agria's current and preliminary view, which is subject to change, and
is expected to be back-end weighted to the fourth quarter due to
normal seasonality of the industry.
Convenience Currency Translation
The conversion of RMB into U.S. dollars in this release, made solely
for the convenience of the reader, is based on the noon buying rate in
The City of New York for cable transfers of RMB as certified for
customs purposes by the Federal Reserve Bank of New York. For the
fourth quarter and full year periods of 2007, the rate is as of
December 31, 2007, which was RMB 7.2946 to US$1.0000. For the first
quarter of 2008, the rate is as of March 31, 2008, which was RMB
7.0120 to US$1.0000. No representation contained herein is intended
to imply that the RMB amounts could have been, or could be,
converted, realized or settled into U.S. dollars at that rate on
March 31, 2008, or at any other date. The percentages stated in this
press release are calculated based on RMB.
Investor Conference Call / Webcast Details
The dial-in number for the live audio call beginning on June 26, 2008
at 8:00 a.m. U.S. Eastern Time (8:00 p.m. June 26, 2008 in Beijing) is
+1-201-689-8560. A live webcast of the conference call will be
available on Agria's website at www.agriacorp.com.
A replay of the call will be available approximately 2 hours after
the conclusion of the live call through midnight on July 10, 2008,
U.S. Eastern Time (12 p.m., July 11, 2008 in Beijing) by telephone at
+1-201-612-7415. To access the replay use conference ID#288947, with
account #3055. A webcast replay will also be available at
www.agriacorp.com.
About Agria Corporation
Agria Corporation (NYSE: GRO) is an innovative China-based
agri-solutions provider focusing on research and development,
production and distribution of three different types of upstream
agricultural products. Its diversified portfolio of products
comprises corn seeds, sheep breeding and seedlings, including
proprietary products developed through its own research and
development capability. The Company has access to approximately
27,000 acres of farmland in seven provinces and its extensive
distribution network provides direct or third party distribution in
14 provinces. For more information about Agria Corporation, please
visit www.agriacorp.com.
Safe Harbor Statement:
This announcement contains forward-looking statements. These
statements are made under the safe harbor provisions of the U.S.
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, confident and similar statements. Agria
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, etc., 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
Agria's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties.
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,
those risks outlined in Agria's filings with the U.S. Securities and
Exchange Commission, including its Form F-1/A filed on November 2,
2007. All information provided in this press release is as of the
date of this announcement unless otherwise stated, and Agria does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
Non-GAAP Financial Measures
To supplement our consolidated financial information prepared in
accordance with U.S. GAAP, Agria Corporation uses non-GAAP measures of
net income and earnings per share and per ADS, which are adjusted to
exclude share-based compensation expenses. The presentation of these
non-GAAP financial measures is not intended to be considered in
isolation or as a substitute for the financial information prepared
and presented in accordance with U.S. GAAP. For more information on
these non-GAAP financial measures, please see the tables captioned
Reconciliations of non-GAAP results of operations measures to the
nearest comparable GAAP measures set forth at the end of this
release.
Agria believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding share-based compensation expenses that may not
be indicative of its operating performance from a cash perspective.
We believe that both management and investors benefit from referring
to these non-GAAP financial measures in assessing our performance and
when planning and forecasting future periods. These non-GAAP
financial measures also facilitate management's internal comparisons
to Agria's historical performance and liquidity. Agria intends to
compute its non-GAAP financial measures using the same consistent
method from quarter to quarter. We believe these non-GAAP financial
measures are useful to investors in allowing for greater transparency
with respect to supplemental information used by management in its
financial and operational decision making. A limitation of using
non-GAAP net income and earnings per share and per ADS excluding
share-based compensation expenses is that these non-GAAP measures
exclude share-based compensation charge that has been and will
continue to be for the foreseeable future a significant recurring
expense in our business. Management compensates for these limitations
by providing specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The accompanying tables have more details
on the reconciliations between GAAP financial measures that are most
directly comparable to non-GAAP financial measures.
Agria Corporation
Consolidated Statements of Operations
(In thousands of RMB, except per share and per ADS data)
(Unaudited)
Three months ended Twelve months ended
31-Dec 31-Dec 31-Dec 31-Dec
2006 2007 2006 2007
Revenue:
Corn seeds 97,371 209,890 245,634 343,743
Sheep breeding products 42,668 83,427 193,054 255,508
Seedlings 9,167 24,736 51,015 71,505
----------- ----------- ----------- -----------
Total revenue 149,206 318,053 489,703 670,756
----------- ----------- ----------- -----------
Cost of revenue:
Corn seeds (57,863) (123,314) (144,730) (203,709)
Sheep breeding products (12,604) (28,127) (52,287) (72,716)
Seedlings (3,150) (6,063) (10,357) (20,459)
----------- ----------- ----------- -----------
Total cost of revenue (73,617) (157,504) (207,374) (296,884)
----------- ----------- ----------- -----------
Gross profit 75,589 160,549 282,329 373,872
Operating (expense)
income (Note 1):
Selling expenses (4,087) (25,535) (14,031) (36,443)
General and
administrative
expenses (2,784) (14,607) (7,472) (25,723)
Research and
development expenses (561) (1,413) (3,746) (3,080)
Government Grants -- -- 80 --
----------- ----------- ----------- -----------
Total operating
expenses (7,432) (41,555) (25,169) (65,246)
----------- ----------- ----------- -----------
Operating profit 68,157 118,994 257,160 308,626
Interest income 67 7,857 280 8,700
Interest expense (1,164) (1,988) (4,923) (8,260)
Exchange loss -- (7,745) -- (7,745)
Other income 342 281 1,386 578
Other expense -- (680) -- (680)
----------- ----------- ----------- -----------
Income before income
tax 67,402 116,719 253,903 301,219
Income tax -- (159,001) -- (159,001)
----------- ----------- ----------- -----------
Net income/(loss) 67,402 (42,282) 253,903 142,218
=========== =========== =========== ===========
Earnings/(loss) per
share:
-Basic RMB0.67 RMB(0.37) RMB2.54 RMB1.37
-Diluted RMB0.67 RMB(0.37) RMB2.54 RMB1.34
=========== =========== =========== ===========
Weighted average number
of ordinary shares
outstanding:
-Basic 100,000,000 115,782,609 100,000,000 103,978,082
-Diluted 100,000,000 115,782,609 100,000,000 106,091,889
Earnings/(loss) per ADS
(Note 2):
-Basic RMB1.35 RMB(0.74) RMB5.08 RMB2.74
-Diluted RMB1.35 RMB(0.74) RMB5.08 RMB2.68
=========== =========== =========== ===========
Note 1:
Share based
compensation expense
are included in:
General and
administrative
expenses -- (8,782) -- (13,147)
Research and
development expenses -- (12) -- (12)
Cost of revenue -- (152) -- (152)
----------- ----------- ----------- -----------
Total share based
compensation expense -- (8,946) -- (13,311)
=========== =========== =========== ===========
Note 2:
Each ADS represents two
ordinary shares.
Agria Corporation
Consolidated Statements of Operations
(In thousands of US$, except per share and per ADS data)
(Unaudited)
Three months Twelve months
ended ended
31-Dec 31-Dec
2007 2007
Revenue:
Corn seeds 28,773 47,123
Sheep breeding products 11,437 35,027
Seedlings 3,391 9,802
----------- -----------
Total revenue 43,601 91,952
----------- -----------
Cost of revenue:
Corn seeds (16,905) (27,926)
Sheep breeding products (3,856) (9,968)
Seedlings (831) (2,805)
----------- -----------
Total cost of revenue (21,592) (40,699)
----------- -----------
Gross profit 22,009 51,253
Operating expense (Note 1):
Selling expenses (3,501) (4,996)
General and administrative expenses (2,002) (3,526)
Research and development expenses (194) (422)
----------- -----------
Total operating expenses (5,697) (8,944)
----------- -----------
Operating profit 16,312 42,309
Interest income 1,077 1,193
Interest expense (273) (1,133)
Exchange loss (1,062) (1,062)
Other income 39 79
Other expense (93) (93)
----------- -----------
Income before income tax 16,000 41,293
Income tax (21,797) (21,797)
----------- -----------
Net (loss)/income (5,797) 19,496
=========== ===========
(Loss)/earnings per share:
-Basic USD(0.05) USD0.19
-Diluted USD(0.05) USD0.18
=========== ===========
Weighted average number of ordinary shares
outstanding:
-Basic 115,782,609 103,978,082
-Diluted 115,782,609 106,091,889
(Loss)/earnings per ADS (Note 2):
-Basic USD(0.10) USD0.38
-Diluted USD(0.10) USD0.37
=========== ===========
Note 1:
Share based compensation expense are
included in:
General and administrative expenses (1,204) (1,802)
Research and development expenses (2) (2)
Cost of revenue (21) (21)
----------- -----------
Total (1,227) (1,825)
=========== ===========
Note 2:
Each ADS represents two ordinary shares.
Agria Corporation
Reconciliation of Non-GAAP measures
(In thousands of RMB, except per share and per ADS data)
(Unaudited)
Three months ended Twelve months ended
31-Dec 31-Dec 31-Dec 31-Dec
2006 2007 2006 2007
Net income/(loss) 67,402 (42,282) 253,903 142,218
Share based compensation
expense -- 8,946 -- 13,311
----------- ---------- ----------- -----------
Non-GAAP net income/(loss) 67,402 (33,336) 253,903 155,529
=========== ========== =========== ===========
Net income/(loss) per ADS -
basic RMB1.35 RMB(0.74) RMB5.08 RMB2.74
Net income/(loss) per ADS -
diluted RMB1.35 RMB(0.74) RMB5.08 RMB2.68
=========== ========== =========== ===========
Non-GAAP net income/(loss)
per ADS - basic RMB1.35 RMB(0.58) RMB5.08 RMB2.99
Non-GAAP net income/(loss)
per ADS - diluted RMB1.35 RMB(0.58) RMB5.08 RMB2.93
=========== ========== =========== ===========
Weighted average shares
used in calculating basic
net income/(loss) per ADS 50,000,000 57,891,305 50,000,000 51,989,041
Weighted average shares
used in calculating
diluted net income/(loss)
per ADS 50,000,000 57,891,305 50,000,000 53,045,945
Note 1:
Each ADS represents two common shares.
Agria Corporation
Reconciliation of Non-GAAP measures
(In thousands of US$, except per share and per ADS data)
(Unaudited)
Three months Twelve months
ended ended
31-Dec 31-Dec
2007 2007
Net (loss)/income (5,797) 19,496
Share based compensation expense 1,227 1,825
----------- -----------
Non-GAAP net (loss)/income (4,570) 21,321
=========== ===========
Net (loss)/income per ADS - basic USD(0.10) USD0.38
Net (loss)/income per ADS - diluted USD(0.10) USD0.37
=========== ===========
Non-GAAP net (loss)/income per ADS - basic USD(0.08) USD0.41
Non-GAAP net (loss)/income per ADS - diluted USD(0.08) USD0.40
=========== ===========
Weighted average shares used in calculating
basic net (loss)/income per ADS 57,891,305 51,989,041
Weighted average shares used in calculating
diluted net (loss)/income per ADS 57,891,305 53,045,945
Note 1:
Each ADS represents two common shares.
Agria Corporation
Consolidated Statements of Operations
(In thousands of RMB, except per share and per ADS data)
(Unaudited)
Three months ended
31-Mar 31-Mar
2007 2008
Revenue:
Corn seeds 92,986 101,908
Sheep breeding products 19,748 4,467
Seedlings 5,960 8,073
----------- -----------
Total revenue 118,694 114,448
----------- -----------
Cost of revenue:
Corn seeds (53,257) (61,759)
Sheep breeding products (6,336) (8,597)
Seedlings (1,153) (1,167)
----------- -----------
Total cost of revenue (60,746) (71,523)
----------- -----------
Gross profit 57,948 42,925
Operating expense (Note 1):
Selling expenses (3,560) (4,013)
General and administrative expenses (1,645) (80,657)
Research and development expenses (513) (3,177)
----------- -----------
Total operating expenses (5,718) (87,847)
----------- -----------
Operating profit/(loss) 52,230 (44,922)
Interest income 79 10,571
Interest expense (1,400) (452)
Exchange loss -- (5,190)
Other income -- 2
Other expense -- (12,382)
----------- -----------
Income/(loss) before income tax 50,909 (52,373)
Income tax -- (5,632)
----------- -----------
Net income/(loss) 50,909 (58,005)
=========== ===========
Earnings/(loss) per share:
-Basic RMB0.51 RMB(0.46)
-Diluted RMB0.51 RMB(0.46)
=========== ===========
Weighted average number of ordinary shares
outstanding:
-Basic 100,000,000 126,400,000
-Diluted 100,000,000 126,400,000
Earnings/(loss) per ADS (Note 2):
-Basic RMB1.02 RMB(0.92)
-Diluted RMB1.02 RMB(0.92)
=========== ===========
Note 1:
P3A Settlement included in general and
administrative expenses -- (64,652)
=========== ===========
Share based compensation expense are included in:
General and administrative expenses -- (8,396)
Research and development expenses -- (6)
Cost of revenue -- (81)
----------- -----------
Total Share based compensation expense -- (8,483)
=========== ===========
Note 2:
Each ADS represents two ordinary shares.
Agria Corporation
Consolidated Statements of Operations
(In thousands of US$, except per share and per ADS data)
(Unaudited)
Three months ended
31-Mar 31-Mar
2007 2008
Revenue:
Corn seeds 12,040 14,534
Sheep breeding products 2,557 637
Seedlings 772 1,151
----------- -----------
Total revenue 15,369 16,322
----------- -----------
Cost of revenue:
Corn seeds (6,896) (8,808)
Sheep breeding products (820) (1,226)
Seedlings (149) (166)
----------- -----------
Total cost of revenue (7,865) (10,200)
----------- -----------
Gross profit 7,503 6,122
Operating expense (Note 1):
Selling expenses (461) (572)
General and administrative expenses (213) (11,503)
Research and development expenses (66) (453)
----------- -----------
Total operating expenses (740) (12,528)
----------- -----------
Operating profit/(loss) 6,763 (6,406)
Interest income 10 1,507
Interest expense (181) (64)
Exchange gain/loss -- (740)
Other expenses -- (1,766)
----------- -----------
Income/(loss) before income tax 6,592 (7,469)
Income tax -- (803)
----------- -----------
Net income/(loss) 6,592 (8,272)
=========== ===========
Earnings/(loss) per share:
-Basic USD0.07 USD(0.07)
-Diluted USD0.07 USD(0.07)
=========== ===========
Weighted average number of ordinary shares
outstanding:
-Basic 100,000,000 126,400,000
-Diluted 100,000,000 126,400,000
Earnings/(loss) per ADS (Note 2):
-Basic USD0.13 USD(0.13)
-Diluted USD0.13 USD(0.13)
=========== ===========
Note 1:
P3A Settlement included in general and
administrative expenses -- (9,220)
=========== ===========
Share based compensation expense are included in
General and administrative expenses -- (1,197)
Research and development expenses -- (1)
Cost of revenue -- (12)
----------- -----------
Total share based compensation expense -- (1,210)
=========== ===========
Note 2:
Each ADS represents two ordinary shares.
Agria Corporation
Reconciliation of Non-GAAP measures
(In thousands of RMB, except per share and per ADS data)
(Unaudited)
Three months ended
31-Mar 31-Mar
2007 2008
Net income/(loss) 50,909 (58,005)
P3A Settlement -- 64,652
Share based compensation expense -- 8,483
----------- ----------
Non-GAAP net income 50,909 15,130
=========== ==========
Net income/(loss) per ADS - basic RMB1.02 RMB(0.92)
Net income/(loss) per ADS - diluted RMB1.02 RMB(0.92)
=========== ==========
Non-GAAP net income per ADS - basic RMB1.02 RMB0.24
Non-GAAP net income per ADS - diluted RMB1.02 RMB0.24
=========== ==========
Weighted average shares used in calculating
basic net income per ADS 50,000,000 63,200,000
Weighted average shares used in calculating
diluted net income per ADS 50,000,000 63,200,000
Note 1: Each ADS represents two common shares.
Agria Corporation
Reconciliation of Non-GAAP measures
(In thousands of US$, except per share and per ADS data)
(Unaudited)
Three months
ended
31-Mar
2008
Net loss (8,272)
P3A Settlement 9,220
Share based compensation expense 1,210
----------
Non-GAAP net income 2,158
==========
Net loss per ADS - basic USD(0.13)
Net loss per ADS - diluted USD(0.13)
==========
Non-GAAP net income per ADS - basic USD0.03
Non-GAAP net income per ADS - diluted USD0.03
==========
Weighted average shares used in calculating basic net
(loss)/income per ADS 63,200,000
Weighted average shares used in calculating diluted net
(loss)/income per ADS 63,200,000
Note 1: Each ADS represents two common shares.
Agria Corporation
Consolidated Balance Sheets
(In thousands)
(Audited) (Unaudited) (Unaudited)
31-Dec 31-Dec 31-Mar
2006 2007 2008
(RMB) (RMB) (US$)
ASSETS
Current assets:
Cash and cash equivalents 42,782 1,387,153 195,779
Accounts receivable (net of allowance
for doubtful accounts) 156,440 200,757 16,682
Inventories 58,007 59,937 8,960
Prepayments and other current assets 22,584 48,626 15,511
Amounts due from related parties 1,059 557 80
----------- ----------- -----------
Total current assets 280,872 1,697,030 237,012
----------- ----------- -----------
Non-current assets:
Property, plant and equipment, net 40,126 65,680 9,600
Investment 205 205 29
Intangible assets, net 74,437 189,499 28,127
Non-current prepayments -- 14,127 1,711
Deferred tax assets -- 529 76
Other assets, net 94,836 104,466 14,566
----------- ----------- -----------
Total non-current assets 209,604 374,506 54,109
----------- ----------- -----------
Total assets 490,476 2,071,536 291,121
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings 36,900 15,160 2,019
Long-term bank borrowing, current
portion 1,500 -- --
Accounts payable 27,161 9,011 346
Accrued expenses and other
liabilities 14,907 31,471 4,343
Deferred revenue -- 1,122 144
Amount due to a shareholder 29,992 -- --
Amounts due to related parties 16,884 212 66
----------- ----------- -----------
Total current liabilities 127,344 56,976 6,918
----------- ----------- -----------
Non-current liabilities:
Deferred tax liability -- 157,561 23,274
Amounts due to related parties 8,996 8,792 1,254
----------- ----------- -----------
Total non-current liabilities 8,996 166,353 24,528
----------- ----------- -----------
Total liabilities 136,340 223,329 31,446
----------- ----------- -----------
Shareholders' equity:
Paid-up capital -- -- --
Additional paid-in capital 8,098 1,561,933 233,994
Statutory reserves 76,953 76,953 10,974
Accumulated other comprehensive loss -- (9,421) (8,216)
Retained earnings 269,085 218,742 22,923
----------- ----------- -----------
Total shareholders' equity 354,136 1,848,207 259,675
----------- ----------- -----------
Total liabilities and shareholders'
equity 490,476 2,071,536 291,121
=========== =========== ===========
Contacts:
In China:
Matt Feng
Investor Relations
China Tel: 133-1130-0320
matt.feng@agriacorp.com
In the U.S.:
David Pasquale
Senior Vice President
U.S. Tel: +914-337-1117
david.pasquale@agriacorp.com
