51job, Inc. Reports Fourth Quarter and Fiscal Year 2013 Financial Results - myFOXnepa.com

51job, Inc. Reports Fourth Quarter and Fiscal Year 2013 Financial Results

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SOURCE 51job, Inc.

SHANGHAI, Feb. 20, 2014 /PRNewswire/ -- 51job, Inc. (Nasdaq: JOBS), a leading provider of integrated human resource services in China, announced today its unaudited financial results for the fourth quarter and fiscal year of 2013 ended December 31, 2013.

Fourth Quarter 2013 Financial Highlights:

  • Total revenues increased 18.9% over Q4 2012 to RMB472.4 million (US$78.0 million), exceeding the Company's guidance range
  • Online recruitment services revenues increased 21.6% over Q4 2012 to RMB289.2 million (US$47.8 million)
  • Gross margin of 71.3% compared with 70.6% in Q4 2012
  • Income from operations increased 11.7% over Q4 2012 to RMB133.3 million (US$22.0 million)
  • Fully diluted earnings per common share were RMB2.57 (US$0.85 per ADS)
  • Excluding share-based compensation expense and loss from foreign currency translation as well as their related tax impact, non-GAAP adjusted fully diluted earnings per common share were RMB2.89 (US$0.95 per ADS), exceeding the Company's guidance range

Fiscal Year 2013 Financial Highlights:

  • Total revenues increased 10.9% over 2012 to RMB1,676,7 million (US$277.0 million)
  • Gross margin of 72.5% compared with 72.0% in 2012
  • Operating income increased 0.6% over 2012 to RMB488.6 million (US$80.7 million)
  • Fully diluted earnings per common share were RMB8.33 (US$2.75 per ADS)
  • Excluding share-based compensation expense and loss from foreign currency translation as well as their related tax impact, non-GAAP adjusted fully diluted earnings per common share were RMB9.52 (US$3.15 per ADS)
  • Cash and short-term investments increased to RMB3,147.5 million (US$519.9 million) as of December 31, 2013

Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, Inc., said, "We are pleased to close 2013 with record revenues and net income in the fourth quarter. Through successful strategy execution and increased sales and marketing investments, which we expect will generate even greater returns in the future, we accelerated the growth of our online business and significantly expanded our customer base over the past year. We expect to carry solid momentum into 2014 as we focus on efforts to further extend our market leadership in the HR services industry and strengthen our value proposition to employers in China."

Fourth Quarter 2013 Unaudited Financial Results

Total revenues for the fourth quarter ended December 31, 2013 were RMB472.4 million (US$78.0 million), an increase of 18.9% from RMB397.3 million for the same quarter in 2012.

Online recruitment services revenues for the fourth quarter of 2013 were RMB289.2 million (US$47.8 million), representing a 21.6% increase from RMB237.9 million for the same quarter of the prior year. The growth was principally due to an increase in the number of unique employers using the Company's online recruitment services, which was partially offset by a decrease in average revenue per unique employer.  Unique employers increased 28.6% to 235,940 in the fourth quarter of 2013 compared with 183,446 in the same quarter of the prior year driven by strengthened customer acquisition efforts and increased usage of online recruitment services by employers. However, average revenue per unique employer decreased 5.5% in the fourth quarter of 2013 as compared to the same quarter in 2012 primarily due to the addition of new customers who generally purchase introductory, lower priced services.

Print advertising revenues for the fourth quarter of 2013 decreased 53.9% to RMB5.8 million (US$1.0 million) compared with RMB12.7 million for the same quarter in 2012 primarily due to the ongoing business transition away from print advertising services. The estimated number of print advertising pages generated in the fourth quarter of 2013 declined 35.3% to 244 from 377 pages in the same quarter in 2012.  In addition, due to the Company's strategic decision to discontinue certain newspaper editions, the number of cities where 51job Weekly is published decreased to two as of December 31, 2013 compared with seven cities as of December 31, 2012.

Other human resource related revenues for the fourth quarter of 2013 increased 20.8% to RMB177.3 million (US$29.3 million) from RMB146.8 million in the same quarter of 2012 primarily due to greater customer adoption and usage of business process outsourcing and training services as well as strong demand for seasonal campus recruitment services.

Gross profit for the fourth quarter of 2013 increased 20.3% to RMB323.3 million (US$53.4 million) from RMB268.7 million for the same quarter of the prior year. Gross margin, which is gross profit as a percentage of net revenues, was 71.3% in the fourth quarter of 2013 compared with 70.6% in the same quarter in 2012.

Operating expenses for the fourth quarter of 2013 increased 27.2% to RMB190.0 million (US$31.4 million) from RMB149.4 million for the same quarter of 2012.  Sales and marketing expenses for the fourth quarter of 2013 increased 31.2% to RMB127.5 million (US$21.1 million) from RMB97.2 million for the same quarter of the prior year primarily due to sales headcount additions, higher employee compensation expenses, and greater spending on advertising and promotional activities. General and administrative expenses for the fourth quarter of 2013 increased 19.7% to RMB62.5 million (US$10.3 million) from RMB52.2 million in the fourth quarter of 2012 primarily due to higher employee compensation expenses, office expenses, professional service fees and depreciation.

Income from operations for the fourth quarter of 2013 increased 11.7% to RMB133.3 million (US$22.0 million) from RMB119.4 million for the same quarter of the prior year. Operating margin, which is income from operations as a percentage of net revenues, was 29.4% in the fourth quarter of 2013 compared with 31.4% in the same quarter of 2012. Excluding share-based compensation expense, operating margin would be 33.5% in the fourth quarter of 2013 compared with 35.0% in the same quarter of 2012.

Other income in the fourth quarter of 2013 included local government financial subsidies of RMB30.3 million (US$5.0 million). The effective tax rate in the fourth quarter decreased to 14.9% as a result of adjustments to income tax expense for the full year 2013 to reflect actual income tax due.

Net income for the fourth quarter of 2013 increased 27.1% to RMB155.3 million (US$25.6 million) from RMB122.1 million for the same quarter in 2012. Fully diluted earnings per common share for the fourth quarter of 2013 were RMB2.57 (US$0.42) compared with RMB2.06 for the same quarter in 2012. Fully diluted earnings per ADS for the fourth quarter of 2013 were RMB5.13 (US$0.85) compared with RMB4.11 in the fourth quarter of 2012.

In the fourth quarter of 2013, the Company recognized total share-based compensation expense of RMB18.3 million (US$3.0 million) compared with RMB13.8 million in the fourth quarter of 2012. The Company also recognized a loss from foreign currency translation of RMB1.3 million (US$0.2 million) in the fourth quarter of 2013 compared with RMB1.8 million in the fourth quarter of 2012.

Excluding share-based compensation expense, loss from foreign currency translation and gain from sale of long-term investments as well as their related tax impact, non-GAAP adjusted net income for the fourth quarter of 2013 increased 28.3% to RMB174.9 million (US$28.9 million) compared with RMB136.3 million for the fourth quarter of 2012. Non-GAAP adjusted fully diluted earnings per common share were RMB2.89 (US$0.48) in the fourth quarter of 2013 compared with RMB2.30 in the fourth quarter of 2012.  Non-GAAP adjusted fully diluted earnings per ADS in the fourth quarter of 2013 were RMB5.78 (US$0.95) compared with RMB4.59 in the fourth quarter of 2012.

Fiscal Year 2013 Unaudited Financial Results

Total revenues for 2013 were RMB1,676.7 million (US$277.0 million), an increase of 10.9% from RMB1,512.2 million in 2012.

Unique employers using the Company's online recruitment services grew 22.6% to 333,973 in 2013 from 272,322 in 2012. Employers who purchase online services multiple times or in multiple quarters throughout the fiscal year are counted as one unique employer for the annual total. The estimated number of print advertising pages generated in 2013 decreased 45.6% to 1,492 compared with 2,742 estimated pages in 2012.

Income from operations for 2013 increased 0.6% to RMB488.6 million (US$80.7 million) from RMB485.5 million in 2012. Net income for 2013 increased 6.5% to RMB500.6 million (US$82.7 million) from RMB470.1 million in 2012. Fully diluted earnings per common share for 2013 were RMB8.33 (US$1.38) compared with RMB7.92 in 2012. Fully diluted earnings per ADS for 2013 were RMB16.67 (US$2.75) compared with RMB15.84 in 2012.

Excluding share-based compensation expense, loss from foreign currency translation and gain from sale of long-term investments as well as their related tax impact, non-GAAP adjusted net income for 2013 increased 10.1% to RMB572.0 million (US$94.5 million) from RMB519.8 million in 2012. Non-GAAP adjusted fully diluted earnings per common share were RMB9.52 (US$1.57) for 2013 compared with RMB8.75 in 2012. Non-GAAP adjusted fully diluted earnings per ADS for 2013 were RMB19.05 (US$3.15) compared with RMB17.51 in 2012.

As of December 31, 2013, the Company had cash and short-term investments totaling RMB3,147.5 million (US$519.9 million) compared with RMB2,531.4 million as of December 31, 2012. Short-term investments consist of certificates of deposit with original maturities from three months to one year.

Business Outlook

Based on current market conditions and a year-over-year decrease in print advertising revenues as the Company transitions away from this business, the Company's revenue target for the first quarter of 2014 is in the estimated range of RMB435 million to RMB450 million (US$71.9 million to US$74.3 million). Excluding share-based compensation expense and any loss or gain from foreign currency translation as well as their related tax impact, the Company's non-GAAP fully diluted earnings target for the first quarter of 2014 is in the estimated range of RMB1.95 to RMB2.15 per common share (US$0.64 to US$0.71 per ADS). The Company expects total share-based compensation expense in the first quarter of 2014 to be approximately RMB19 million to RMB20 million (US$3.1 million to US$3.3 million).

Other Company News

In the fourth quarter, the Company made a cash payment of RMB148.9 million (US$24.6 million) to complete the purchase of approximately 6,120 square meters of office space in Beijing to house its local sales, customer service and operations staff. The total purchase price for the premises was RMB164.9 million (US$27.2 million) and the transaction was funded from the Company's existing cash resources.

In December 2013, the Company discontinued the publication of 51job Weekly in Chengdu and Harbin but continues to maintain its facilities and all other operations in these cities.

Currency Convenience Translation

For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollars at the rate of RMB6.0537 to US$1.00, the noon buying rate on December 31, 2013 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

Conference Call Information

Management will hold a conference call at 8:00 p.m. Eastern Time on February 20, 2014 (9:00 a.m. Shanghai / Hong Kong time zone on February 21, 2014) to discuss its fourth quarter and fiscal year 2014 financial results, operating performance and business outlook. To dial in to the call, please use conference ID 4665794 and the following telephone numbers:

US:

+1-877-941-0844

Hong Kong:

+852-3009-5027

International:

+1-480-629-9835

The call will also be available live and on replay through 51job's investor relations website, http://ir.51job.com. Please go to the website at least fifteen minutes early to register or install any necessary audio software.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (GAAP), 51job uses non-GAAP measures of income before income tax expense, income tax expense, adjusted net income, adjusted earnings per share and adjusted earnings per ADS, which are adjusted from results based on GAAP to exclude share-based compensation expense, loss from foreign currency translation and gain from sale of long-term investments as well as their related tax impact. The Company believes excluding share-based compensation expense and its related tax impact from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such expense is not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company believes excluding loss from foreign currency translation and its related tax impact from its non-GAAP financial measures is useful for its management and investors as such translation loss is not indicative of the Company's core business operations and will not result in cash settlement nor impact the Company's cash earnings. The Company believes excluding gain from sale of long-term investments and its related tax impact from its non-GAAP financial measures is useful for its management and investors as such gain from sale is unrelated to the Company's core business operations. 51job also believes these non-GAAP measures excluding share-based compensation expense, loss from foreign currency translation and gain from sale of long-term investments, as well as their related tax impact, are important in helping investors to understand the Company's current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.

About 51job

51job, Inc. (Nasdaq: JOBS) is a leading provider of integrated human resource services in China with a strong focus on recruitment related services. Through online recruitment services at http://www.51job.com and print advertisements in 51job Weekly, 51job enables enterprises to attract, identify and recruit employees and connects millions of job seekers with employment opportunities. 51job also provides a number of other value-added human resource services, including business process outsourcing, training, executive search and compensation and benefits analysis.  51job has a call center in Wuhan and a nationwide sales office network spanning 25 cities across China.

Safe Harbor Statement

Statements in this release regarding targets for the first quarter of 2014, future business and operating results constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations, and actual results could differ materially. Among the factors that could cause actual results to differ are the number of recruitment advertisements placed, sales orders received and customer contracts executed during the remaining weeks of the first quarter of 2014; any accounting adjustments that may occur during the quarterly close; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; behavioral and operational changes of customers in meeting their human resource needs as they respond to evolving social, economic, regulatory and political changes in China as well as stock market volatilities; introduction by its competitors of new or enhanced products or services; price competition in the market for the various human resource services that the Company provides in China; acceptance of new products and services developed or introduced by the Company outside of the human resources industry; and fluctuations in general economic conditions. For additional information on these and other factors that may affect the Company's financial results, please refer to the Company's filings with the Securities and Exchange Commission.  51job undertakes no obligation to update these targets prior to announcing final results for the first quarter of 2014 or as a result of new information, future events or otherwise.

Contact:

Rebecca Liu
Investor Relations
51job, Inc.
+(86-21) 6879-6250
ir@51job.com

51job, Inc.

Consolidated Statements of Operations and Comprehensive Income



For the Three Months Ended

 

 

(In thousands, except share, per share and per ADS data)

December 31, 2012

(unaudited)

December 31, 2013

(unaudited)

December 31, 2013

(unaudited)


RMB

RMB

US$ (Note 1)





Revenues:




      Online recruitment services

237,861

289,239

47,779

      Print advertising

12,677

5,844

965

      Other human resource related revenues

146,774

177,323

29,292

Total revenues

397,312

472,406

78,036





Less: Business and related tax

(16,656)

(19,252)

(3,180)

Net revenues

380,656

453,154

74,856





Cost of services (Note 2)

(111,908)

(129,853)

(21,450)





Gross profit

268,748

323,301

53,406





Operating expenses:




      Sales and marketing (Note 3)

(97,195)

(127,510)

(21,063)

      General and administrative (Note 4)

(52,195)

(62,475)

(10,320)

Total operating expenses

(149,390)

(189,985)

(31,383)





Income from operations

119,358

133,316

22,023

Loss from foreign currency translation

(1,760)

(1,344)

(222)

Interest and investment income

16,186

20,238

3,343

Other income

13,443

30,132

4,977





Income before income tax expense

147,227

182,342

30,121

Income tax expense

(25,104)

(27,082)

(4,474)





Net income

122,123

155,260

25,647





Other comprehensive income:




      Foreign currency translation adjustments

23

(66)

(11)





Comprehensive income

122,146

155,194

25,636





Earnings per share:




      Basic

2.12

2.63

0.43

      Diluted

2.06

2.57

0.42





Earnings per ADS (Note 5):




      Basic

4.23

5.26

0.87

      Diluted

4.11

5.13

0.85





Weighted average number of common shares outstanding:




      Basic

57,721,227

59,043,449

59,043,449

      Diluted

59,359,096

60,528,878

60,528,878





Notes:

1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.0537 to US$1.00 on December 31, 2013 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

2. Includes share-based compensation expense of RMB2,145 and RMB2,929 (US$484) for the three months ended December 31, 2012 and 2013, respectively.

3. Includes share-based compensation expense of RMB1,844 and RMB2,518 (US$416) for the three months ended December 31, 2012 and 2013, respectively.

4. Includes share-based compensation expense of RMB9,774 and RMB12,836 (US$2,120) for the three months ended December 31, 2012 and 2013, respectively.

5. Each ADS represents two common shares.

 

 

51job, Inc.

Consolidated Statements of Operations and Comprehensive Income



For the Year Ended

(In thousands, except share, per share and per ADS data)

December 31, 2012

(unaudited)

December 31, 2013

(unaudited)

December 31, 2013

(unaudited)


RMB

RMB

US$ (Note 1)





Revenues:




      Online recruitment services

943,432

1,084,448

179,138

      Print advertising

105,309

51,023

8,428

      Other human resource related revenues

463,508

541,270

89,412

Total revenues

1,512,249

1,676,741

276,978





Less: Business and related tax

(64,911)

(68,073)

(11,245)

Net revenues

1,447,338

1,608,668

265,733





Cost of services (Note 2)

(405,233)

(442,454)

(73,088)





Gross profit

1,042,105

1,166,214

192,645





Operating expenses:




      Sales and marketing (Note 3)

(370,100)

(459,802)

(75,954)

      General and administrative (Note 4)

(186,460)

(217,765)

(35,972)

Total operating expenses

(556,560)

(677,567)

(111,926)





Income from operations

485,545

488,647

80,719

Loss from foreign currency translation

(447)

(6,522)

(1,077)

Interest and investment income

61,653

75,301

12,439

Other income

18,934

43,522

7,189





Income before income tax expense

565,685

600,948

99,270

Income tax expense

(95,579)

(100,308)

(16,570)





Net income

470,106

500,640

82,700





Other comprehensive income:




      Foreign currency translation adjustments

(9)

(88)

(15)





Comprehensive income

470,097

500,552

82,685





Earnings per share:




      Basic

8.17

8.55

1.41

      Diluted

7.92

8.33

1.38





Earnings per ADS (Note 5):




      Basic

16.35

17.10

2.82

      Diluted

15.84

16.67

2.75





Weighted average number of common shares outstanding:




      Basic

57,510,591

58,551,925

58,551,925

      Diluted

59,375,123

60,069,197

60,069,197





Notes:

1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.0537 to US$1.00 on December 31, 2013 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

2. Includes share-based compensation expense of RMB7,870 and RMB10,391 (US$1,716) for 2012 and 2013, respectively.

3. Includes share-based compensation expense of RMB6,766 and RMB8,933 (US$1,476) for 2012 and 2013, respectively.

4. Includes share-based compensation expense of RMB35,902 and RMB45,534 (US$7,522) for 2012 and 2013, respectively.

5. Each ADS represents two common shares.

 

 


51job, Inc.

Reconciliation of GAAP and Non-GAAP Results



For the Three Months Ended

 

 

(In thousands, except share, per share and per ADS data)

December 31, 2012
(unaudited)

December 31, 2013
(unaudited)

December 31, 2013
(unaudited)


RMB

RMB

USD (Note 1)





GAAP income before income tax expense

147,227

182,342

30,121

Add back: Share-based compensation expense

13,763

18,283

3,020

Add back: Loss from foreign currency translation

1,760

1,344

222

Subtract: Gain from sale of long-term investments

(1,318)

-

-

Non-GAAP income before income tax expense

161,432

201,969

33,363





GAAP income tax expense

(25,104)

(27,082)

(4,474)

Tax impact of share-based compensation expense, loss from

      foreign currency translation and gain from sale of long-term

      investments

 

 

(0)

 

 

0

 

 

0

Non-GAAP income tax expense

(25,104)

(27,082)

(4,474)





Non-GAAP adjusted net income

136,328

174,887

28,889





Non-GAAP adjusted earnings per share:




      Basic

2.36

2.96

0.49

      Diluted

2.30

2.89

0.48





Non-GAAP adjusted earnings per ADS (Note 2):




      Basic

4.72

5.92

0.98

      Diluted

4.59

5.78

0.95





Weighted average number of common shares outstanding:




      Basic

57,721,227

59,043,449

59,043,449

      Diluted

59,359,096

60,528,878

60,528,878






For the Year Ended

(In thousands, except share, per share and per ADS data)

December 31, 2012
(unaudited)

December 31, 2013
(unaudited)

December 31, 2013
(unaudited)


RMB

RMB

USD (Note 1)





GAAP income before income tax expense

565,685

600,948

99,270

Add back: Share-based compensation expense

50,538

64,858

10,714

Add back: Loss from foreign currency translation

447

6,522

1,077

Subtract: Gain from sale of long-term investments

(1,318)

-

-

Non-GAAP income before income tax expense

615,352

672,328

111,061





GAAP income tax expense

(95,579)

(100,308)

(16,570)

Tax impact of share-based compensation expense, loss from

      foreign currency translation and gain from sale of long-term

      investments

 

 

2

 

 

(5)

 

 

(1)

Non-GAAP income tax expense

(95,577)

(100,313)

(16,571)





Non-GAAP adjusted net income

519,775

572,015

94,490





Non-GAAP adjusted earnings per share:




      Basic

9.04

9.77

1.61

      Diluted

8.75

9.52

1.57





Non-GAAP adjusted earnings per ADS (Note 2):




      Basic

18.08

19.54

3.23

      Diluted

17.51

19.05

3.15





Weighted average number of common shares outstanding:




      Basic

57,510,591

58,551,925

58,551,925

      Diluted

59,375,123

60,069,197

60,069,197





Notes:

1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.0537 to US$1.00 on December 31, 2013 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

2. Each ADS represents two common shares.

 

 

 

51job, Inc.

Consolidated Balance Sheets



As of

 

 

(In thousands, except share and per share data)

December 31,

2012

(unaudited)

December 31,

2013

(unaudited)

December 31,

2013

(unaudited)


RMB

RMB

US$ (Note 1)





ASSETS








Current assets:




      Cash

1,122,557

1,065,543

176,015

      Restricted cash

14,468

15,489

2,559

      Short-term investments

1,408,845

2,081,964

343,916

      Accounts receivable (net of allowance of RMB3,260 and
           RMB3,347 as of December 31, 2012 and 2013,
           respectively)

 

 

52,688

 

 

62,808

 

 

10,375

      Prepayments and other current assets

280,242

345,061

57,000

      Deferred tax assets, current

8,643

9,757

1,612





Total current assets

2,887,443

3,580,622

591,477





Property and equipment, net

280,657

519,277

85,778

Intangible assets, net

3,919

3,652

603

Other long-term assets

69,343

18,808

3,107

Deferred tax assets, non-current

-

632

105





Total non-current assets

353,919

542,369

89,593





Total assets

3,241,362

4,122,991

681,070





LIABILITIES AND SHAREHOLDERS' EQUITY








Current liabilities:




      Accounts payable

17,146

22,858

3,776

      Salary and employee related accrual

48,450

60,076

9,924

      Taxes payable

65,858

78,100

12,901

      Advance from customers

338,330

411,877

68,037

      Other payables and accruals

103,565

212,978

35,182





Total current liabilities

573,349

785,889

129,820





Deferred tax liabilities, non-current

1,985

5,983

988





Total liabilities

575,334

791,872

130,808





Shareholders' equity:




      Common shares (US$0.0001 par value; 500,000,000
           shares authorized, 57,786,679 and 59,144,055 shares
           issued and outstanding as of December 31, 2012 and
           2013, respectively)

 

 

 

48

 

 

 

48

 

 

 

8

      Additional paid-in capital

1,152,174

1,316,713

217,505

      Statutory reserves

6,944

8,456

1,397

      Accumulated other comprehensive income

1,629

1,541

255

      Retained earnings

1,505,233

2,004,361

331,097





Total shareholders' equity

2,666,028

3,331,119

550,262





Total liabilities and shareholders' equity

3,241,362

4,122,991

681,070





Note 1: The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.0537 to US$1.00 on December 31, 2013 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

©2012 PR Newswire. All Rights Reserved.