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China Cord Blood Corporation Reports Financial Results for the Fourth Quarter and Full Year of Fiscal 2013
Date:6/18/2013

and administrative expenses of the Company in the third quarter of fiscal 2013.

OTHER INCOME AND EXPENSES

Interest Expense.  Interest expense increased to RMB22.1 million ($3.6 million) from RMB0.9 million in the prior year period.  The increase was largely attributable to the convertible notes issued to KKR China Healthcare Investment Limited ("KKR") and Golden Meditech Holdings Limited ("Golden Meditech").  In the fourth quarter of fiscal 2013, interest expense related to the convertible notes amounted to RMB21.2 million ($3.4 million).

NET INCOME ATTRIBUTABLE TO THE COMPANY.  Income before income tax for the fourth quarter of fiscal 2013 decreased by 12.1% to RMB33.6 million ($5.4 million) due to higher interest expense recorded in the current quarter.  As a result, net income attributable to the Company for the fourth quarter of fiscal 2013 was RMB23.0 million ($3.7 million), and decreased from RMB29.2 million in the prior year period.  Net margin for the fourth quarter of fiscal 2013 was 17.3%, compared to 29.3% in the prior year period, as a result of higher operating margin offset by higher interest expense incurred for the convertible notes.

EARNINGS PER SHARE.  The terms of the convertible notes issued to KKR and Golden Meditech provide each party with the ability to participate in any Excess Cash Dividend.[2]  Therefore, the calculation of basic and diluted EPS has taken into consideration the effect of such participating rights equal to RMB0.00 ($0.00) for the fourth quarter of fiscal 2013.  Basic and diluted earnings per ordinary share for the fourth quarter of fiscal 2013 were RMB0.32 ($0.05).

LIQUIDITY.  As of March 31, 2013, the Company had cash and cash equivalents of RMB1,494.1 million ($240.6 million) compared to RMB794.3 million as of March 31, 2012.  The Company had total deb
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SOURCE China Cord Blood Corporation
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