SHANGHAI, March 17, 2016 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, today announced its unaudited financial results for the fourth quarter of 2015 and the full year ended December 31, 2015.
Starting from the fourth quarter of 2015, the Company changed its reporting currency from the U.S. dollar ("US$") to the Renminbi ("RMB"), based on the consideration that the majority of the Company's operations are conducted in RMB, and aligning the reporting currency with the underlying operations will better depict our results of operations for each period, and reduce the impact that the increased volatility of the RMB to US$ exchange rate will have on the Company's reported operating results. This release contains translations of certain RMB amounts into US$ for convenience[1]. Prior period numbers have been recast into the new reporting currency.
FOURTH QUARTER 2015 FINANCIAL HIGHLIGHTS
(RMB millions, except percentages) |
Q4 |
Q4 2014 Segment % |
Q4 |
Q4 2015 |
YoY |
||||
Wealth management |
311.5 |
80.1% |
431.3 |
75.2% |
38.4% |
||||
Asset management |
69.9 |
18.0% |
127.2 |
22.2% |
81.9% |
||||
Internet finance |
7.5 |
1.9% |
15.2 |
2.6% |
102.0% |
||||
Total net revenues |
389.0 |
100.0% |
573.7 |
100.0% |
47.5% |
(RMB millions, except percentages) |
Q4 |
Q4 2014 Segment % |
Q4 |
Q4 2015 |
YoY |
||||
Wealth management |
126.1 |
115.0% |
50.3 |
106.9% |
(60.1%) |
||||
Asset management |
12.2 |
11.1% |
52.7 |
112.0% |
333.2% |
||||
Internet finance |
(28.6) |
(26.1%) |
(56.0) |
(118.9%) |
95.4% |
||||
Total income from |
109.6 |
100.0% |
47.0 |
100.0% |
(57.1%) |
FULL YEAR 2015 FINANCIAL HIGHLIGHTS
(RMB millions, except percentages) |
FY |
FY 2014 Segment % |
FY |
FY 2015 |
YoY |
||||
Wealth management |
1,145.5 |
74.9% |
1,597.5 |
75.4% |
39.5% |
||||
Asset management |
366.1 |
24.0% |
465.0 |
21.9% |
27.0% |
||||
Internet finance |
16.9 |
1.1% |
57.4 |
2.7% |
240.5% |
||||
Total net revenues |
1,528.5 |
100.0% |
2,119.9 |
100.0% |
38.7% |
(RMB millions, except percentages) |
FY |
FY 2014 Segment % |
FY |
FY 2015 |
YoY |
||||
Wealth management |
444.8 |
80.4% |
466.1 |
83.4% |
4.8% |
||||
Asset management |
171.0 |
30.9% |
247.6 |
44.3% |
44.8% |
||||
Internet finance |
(62.7) |
(11.3%) |
(154.8) |
(27.7%) |
147.1% |
||||
Total income from |
553.1 |
100.0% |
558.8 |
100.0% |
1.0% |
FOURTH QUARTER AND FULL YEAR 2015 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business provides global wealth investment and asset allocation services to high net worth individuals and enterprise clients in China.
Product type |
Three months ended December 31, |
|||||||
2014 |
2015 |
|||||||
(RMB in billions, except percentages) |
||||||||
Fixed income products |
7.5 |
63.2% |
11.2 |
55.7% |
||||
Private equity products |
2.3 |
19.2% |
6.4 |
32.0% |
||||
Secondary market equity fund products |
3.3 |
27.9% |
4.8 |
23.9% |
||||
Other products |
(1.2) |
(10.3%) |
(2.3) |
(11.6%) |
||||
All products |
11.8 |
100.0% |
20.0 |
100% |
The below table summarizes the percentages of fixed income products and private equity products with chargeable recurring services fees and weighted average duration of these types of products distributed during the fourth quarter of 2014 and 2015, respectively. In the three months ended December 31, 2014, about RMB7.9 billion of products distributed had such recurring service fees. In the three months ended December 31, 2015, about RMB15.4 billion of products distributed had such recurring service fees, representing an increase of 94.9% from the corresponding period in 2014.
Product type |
Three months ended December 31, |
||||
2014 |
2015 |
||||
% of products |
Duration |
% of products |
Duration |
||
Fixed income products |
75% |
1.4 |
81% |
1.1 |
|
Private equity products |
97% |
5.3 |
99% |
7.9 |
|
Product type |
Twelve months ended December 31, |
|||
2014 |
2015 |
|||
(RMB billions, except percentages) |
||||
Fixed income products |
40.2 |
63.4% |
36.6 |
37.0% |
Private equity products |
12.0 |
18.9% |
31.9 |
32.2% |
Secondary market equity fund products |
10.3 |
16.3% |
28.1 |
28.4% |
Other products |
0.9 |
1.4% |
2.3 |
2.4% |
All products |
63.4 |
100.0% |
99.0 |
100% |
The below table summarizes the percentages of fixed income products and private equity products with chargeable recurring services fees and weighted average duration of these types of products distributed during the full year ended December 31, 2014 and 2015, respectively. In the twelve months ended December 31, 2014, about RMB43.9 billion of products distributed had such recurring service fees. In the twelve months ended December 31, 2015, about RMB62.4 billion of products distributed had such recurring service fees, representing an increase of 42.1% from the corresponding period in 2014.
Product type |
Twelve months ended December 31, |
||||
2014 |
2015 |
||||
% of products |
Duration |
% of products |
Duration |
||
Fixed income products |
80% |
1.3 |
85% |
1.2 |
|
Private equity products |
98% |
5.3 |
98% |
7.4 |
|
Asset Management Business
The Company's asset management business develops and manages financial products denominated in both domestic (Renminbi) and foreign currencies. These financial products include real estate funds and funds of funds, including private equity funds, real estate funds, hedge funds and fixed income funds.
Product type |
As of September 30, |
Asset |
Asset |
As of December 31, |
||
(RMB billions, except percentages) |
||||||
Real estate funds and real |
30.7 |
39.9% |
5.4 |
4.3 |
31.8 |
36.7% |
Private equity funds of funds |
32.1 |
41.7% |
5.9 |
0.1 |
37.9 |
43.7% |
Secondary market equity funds |
10.4 |
13.5% |
0.5 |
0.2 |
10.7 |
12.3% |
Other fixed income funds of |
3.8 |
4.9% |
3.1 |
0.6 |
6.3 |
7.3% |
All products |
77.0 |
100.0% |
14.9 |
5.2 |
86.7 |
100.0% |
Product type |
As of December 31, |
Asset |
Asset |
As of December 31, |
||
(RMB billions, except percentages) |
||||||
Real estate funds and real |
31.0 |
62.4% |
24.2 |
23.4 |
31.8 |
36.7% |
Private equity funds of funds |
10.4 |
20.9% |
27.9 |
0.4 |
37.9 |
43.7% |
Secondary market equity funds |
2.6 |
5.2% |
9.8 |
1.7 |
10.7 |
12.3% |
Other fixed income funds of |
5.7 |
11.5% |
5.0 |
4.4 |
6.3 |
7.3% |
All products |
49.7 |
100.0% |
66.9 |
29.9 |
86.7 |
100.0% |
Internet Finance Business
The Company's internet finance business provides financial products and services through a proprietary internet finance platform targeting aspiring high net worth individuals in China.
Mr. Kenny Lam, Group President of Noah, said, "We are very pleased with our fourth quarter and full year results. During the year, we successfully adjusted our product mix, which will both protect our clients' long-term interests and generate more recurring service fees for Noah in the coming years. Overall, 2015 was also a year of transformation for Noah. Two of our newer business units - asset management and internet finance - experienced tremendous growth and we continued to build a strong foundation for the next decade."
"Looking forward, we expect that the external environment will remain volatile in the short term and we will maintain a steady hand as we steer through this period. Our aspirations and objectives remain intact and we are on track to steadily grow our share of the wealth and asset management services market in China," added Mr. Lam.
FOURTH QUARTER 2015 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2015 were RMB573.7 million (US$88.6 million), a 47.5% increase from the corresponding period in 2014, primarily due to increases in one-time commission revenues, recurring service fees and performance-based income.
Operating costs and expenses
Operating costs and expenses include compensation and benefits, selling expenses, general and administrative expenses, other operating expenses and government subsidies. Operating costs and expenses for the fourth quarter of 2015 were RMB526.7 million (US$81.3 million), an 88.5% increase from the corresponding period in 2014. The increase was mainly due to a RMB31.9 million decrease in government subsidies received in the fourth quarter of 2015 compared with the fourth quarter of 2014, and an increase in marketing expenses for the wealth management business and internet finance business segments, as well as an increase in compensation expenses. The increase in compensation expenses was partially driven by a change in product mix to more products with recurring service fees and longer durations.
Operating costs and expenses for the fourth quarter of 2015 were RMB381.0 million (US$58.8 million), a 105.5% increase from the corresponding period in 2014.
Operating costs and expenses for the fourth quarter of 2015 were RMB74.5 million (US$11.5 million), a 29.0% increase from the corresponding period in 2014.
Operating costs and expenses for the fourth quarter of 2015 were RMB71.2 million (US$11.0 million), a 96.8% increase from the corresponding period in 2014, and represented the Company's expenses in human resources, marketing and internet infrastructure, as well as expenses incurred in promoting the Company's internet finance business. Operating costs and expenses for the fourth quarter of 2015 primarily consisted of compensation and benefits of RMB40.4 million (US$6.2 million), selling expenses of RMB11.9 million (US$1.8 million), general and administrative expenses of RMB12.5 million (US$1.9 million) and other operating expenses of RMB6.8 million (US$1.1 million).
Operating Margin
Operating margin for the fourth quarter of 2015 was 8.2% compared to 28.2% for the corresponding period in 2014. The decrease was primarily due to the growth in relationship manager compensation, resulting from changes in the product mix, exceeding the growth in net revenues, and the RMB31.9 million decrease in government subsidies received in the fourth quarter of 2015 compared with the fourth quarter of 2014. Compared to fixed income products, private equity products tend to bring Noah recurring revenues for longer periods. To encourage marketing of private equity products, the Company offers higher incentives to its relationship managers for successful sales of this type of product. Private equity products accounted for 32.0% of total finance products distributed during the fourth quarter of 2015, compared with 19.2% for the fourth quarter of 2014. The significant growth in private equity products distributed led to a significant increase in relationship manager commission expenses. As noted earlier, 99% of private equity products distributed in the fourth quarter of 2015 have recurring service fees with an average duration of 7.9 years, as compared to an average duration of 1.1 years for fixed income products.
Operating margin for the fourth quarter of 2015 was 11.7%, compared to 40.5% for the corresponding period in 2014. The decrease was mainly due to higher growth rate of operating costs and expenses compared to the growth rate of net revenues in the fourth quarter of 2015.
Operating margin increased to 41.4% for the fourth quarter of 2015 from 17.4% for the corresponding period in 2014. The increase was primarily due to the increase of revenues in the fourth quarter of 2015, compared to the corresponding period in 2014.
Operating loss for the fourth quarter of 2015 was RMB56.0 million (US$8.6 million) compared with RMB28.6 million for the corresponding period of the prior year.
Income Tax Expenses
Income tax expenses for the fourth quarter of 2015 were RMB7.1 million (US$1.1 million), a 78.5% decrease from the corresponding period in 2014. The decrease was primarily due to the combined impact of a lower effective tax rate and lower taxable income.
Net Income
FULL YEAR 2015 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2015 were RMB2,119.9 million (US$327.3 million), a 38.7% increase from 2014, primarily due to increases in one-time commission revenues, recurring service fees and performance-based income.
Operating costs and expenses
Operating costs and expenses include compensation and benefits, selling expenses, general and administrative expenses, other operating expenses and government subsidies. Operating costs and expenses for the full year 2015 were RMB1,561.2 million (US$241.0 million), a 60.1% increase from 2014. The increase in compensation expenses was partially driven by a change in product mix to more products with recurring service fees and longer durations.
Operating costs and expenses for the full year 2015 were RMB1,131.5 million (US$174.7 million), a 61.5% increase from 2014.
Operating costs and expenses for the full year 2015 were RMB217.4 million (US$33.6 million), an 11.4% increase from 2014.
Operating costs and expenses for the full year 2015 were RMB212.3 million (US$32.8 million), an increase of 166.9% from 2014, and represent the Company's expenses in human resources, marketing and internet infrastructure, as well as expenses incurred in promoting the Company's internet finance business. Operating costs and expenses primarily consisted of compensation and benefits of RMB125.1 million (US$19.3 million), selling expenses of RMB27.3 million (US$4.2 million), general and administrative expenses of RMB38.5 million (US$5.9 million) and other operating expenses of RMB21.8 million (US$3.4 million).
Operating Margin
Operating margin for the full year 2015 was 26.4%, as compared to 36.2% for the full year 2014. The decrease was mainly due to the growth in relationship manager compensation, resulting from the change in product mix year-over-year, being higher than the growth in net revenues, and the Company's continuous investments in developing its internet finance business. Compared to fixed income products, private equity products tend to bring Noah recurring revenues for longer periods. As noted earlier, 98% of private equity products distributed in 2015 have recurring service fees with an average duration of 7.4 years, as compared to an average duration of 1.2 years for fixed income products. To encourage marketing of private equity products, the Company offers higher incentives to its relationship managers for successful sales of this type of products. Private equity products accounted for 32.2% of total financial products distributed in 2015, compared with 18.9% in 2014. The significant growth in private equity products distributed led to a significant increase in relationship manager commission expenses.
Operating margin for the full year 2015 was 29.2%, compared to 38.8% for the full year 2014. The decrease was mainly due to higher growth rate of operating costs and expenses compared to the growth rate of net revenues in 2015.
Operating margin increased to 53.2% for the full year 2015 from 46.7% for 2014. The increase was primarily due to the increase of performance-based income in the full year 2015, compared to 2014.
Operating loss for the full year 2015 was RMB154.8 million (US$23.9 million) compared with RMB62.7 million for 2014.
Income Tax Expenses
Income tax expenses for the full year 2015 were RMB129.9 million (US$20.1 million), a 14.1% decrease from 2014. The decrease was primarily due to a lower effective tax rate of the Company for the full year 2015 as compared to 2014.
Net Income
Balance Sheet and Cash Flow
As of December 31, 2015, the Company had RMB2,132.9 million (US$329.3 million) in cash and cash equivalents, compared to RMB1,750.2 million as of December 31, 2014 and RMB1,788.5 million as of September 30, 2015.
Cash inflow from the Company's operating activities during the fourth quarter of 2015 was RMB247.2 million (US$38.2 million). Cash inflow from the Company's operating activities for the full year of 2015 was RMB675.1 million (US$104.2 million), an increase from RMB589.6 million for the full year of 2014, mainly due to the improvement in account receivable turnover and the temporary impact of deferring payments for certain compensation and benefits, and other expenses, resulting in an increase in accruals and payables.
Cash inflow from the Company's investing activities during the fourth quarter of 2015 was RMB87.5 million (US$13.5 million). Cash outflow from the Company's investing activities for the full year of 2015 was RMB759.5 million (US$117.2 million), an increase from RMB93.5 million for the full year of 2014, primarily due to an increase in investments in short-term and long-term investments, and increased capital expenditures.
Cash outflow from the Company's financing activities for the fourth quarter of 2015 was RMB1.7 million (US$0.3 million). Cash inflow from the Company's financing activities was RMB462.8 million (US$71.4 million) for the full year of 2015.
On July 8, 2015, the Company's board of directors authorized a share repurchase program of up to US$50 million worth of its issued and outstanding ADSs over the course of one year. As of December 31, 2015, the Company had repurchased 356,515 ADSs for approximately US$7.0 million under this program, inclusive of transaction charges.
2016 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2016 will be in the range of RMB690 million to RMB720 million, an increase of 14.4% to 19.4% compared to the full year 2015. This estimate reflects management's current business outlook and is subject to change.
CONFERENCE CALL
Senior management will host two conference calls to discuss the Company's fourth quarter and full year unaudited financial results and recent business activities, one in English and one in Mandarin Chinese.
The conference calls may be accessed with the following details:
English language conference call |
|
Date/Time
|
Wednesday, March 16, 2016 at 8:00 p.m., U.S. Eastern Time Thursday, March 17, 2016 at 8:00 a.m., Hong Kong Time |
Dial in details |
|
- United States Toll Free |
+1-888-346-8982 |
- Mainland China Toll Free |
4001-201203 |
- Hong Kong Toll Free |
800-905-945 |
- International |
+1-412-902-4272 |
Conference Title |
Noah Holdings Limited Fourth Quarter and Full Year 2015 Earnings Call |
Participant Password |
Noah Holdings |
A telephone replay will be available starting 1 hour after the end of the conference call until March 23, 2016 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10081317.
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahwm.com.
Chinese language conference call |
|
Date/Time
|
Wednesday, March 16, 2016 at 9:30 p.m., U.S. Eastern Time Thursday, March 17, 2016 at 9:30 a.m., Hong Kong Time |
Dial in details |
|
- Mainland China |
400-681-0220 |
- Hong Kong Toll Free |
800-968-112 |
- International |
+86-23-8682-9200 |
Conference Title |
Noah Holdings Limited Fourth Quarter and Full Year 2015 Earnings Call (Chinese Language) |
Participant Password |
985092# |
A telephone replay will be available starting 1 hour after the end of the conference call until March 23, 2016 at 400-681-0221 (Mainland China) or +86-23-8682-9250 (International). The conference reference number is 234265#, and the replay password is 205636#.
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahwm.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES:
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures that exclude the effects of all forms of share-based compensation. The reconciliation of these non-GAAP financial measures to the nearest GAAP measures is set forth in the table captioned "Reconciliation of GAAP to Non-GAAP Results" below.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measure used by the Company may be prepared differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
When evaluating the Company's operating performance in the periods presented, management reviewed non-GAAP net income results reflecting adjustments to exclude the impact of share-based compensation to supplement U.S. GAAP financial data. As such, the Company believes that the presentation of the non-GAAP net income, non-GAAP income per diluted ADS and non-GAAP net margin provides important supplemental information to investors regarding financial and business trends relating to the Company's financial condition and results of operations in a manner consistent with that used by management. Pursuant to U.S. GAAP, the Company recognized significant amounts of expenses for the restricted shares and share options in the periods presented. The Company utilized the non-GAAP financial results to make financial results comparable period to period and to better understand its historical business operations.
ABOUT NOAH HOLDINGS LIMITED
Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading wealth management services provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. In the fourth quarter of 2015, Noah distributed over RMB20.0 billion (US$3.1 billion) of wealth management products. As of December 31, 2015, Noah had assets under management of RMB86.7 billion (US$13.6 billion).
Noah distributes a wide array of wealth management products, including fixed income products, private equity fund products, mutual fund products and insurance products. Noah also develops and manages financial products denominated in both domestic (Renminbi) and foreign currencies, covering real estate funds and funds of funds, including private equity funds, real estate funds, hedge funds and fixed income funds through Gopher Asset Management. In addition, in 2014, the Company launched a proprietary internet finance platform to provide financial products and services to aspiring high net worth individuals and enterprise clients in China. Noah delivers customized financial solutions to clients through a network of 1,098 relationship managers across 135 branches and sub-branches in 67 cities in China, and serves the international investment needs of its clients through a wholly owned subsidiary in Hong Kong. The Company's wealth management business had 99,019 registered clients as of December 31, 2015.
Noah has won numerous awards and recognition, including top 5 in Fortune's list of Fastest-Growing Companies in 2015, Forbes' Best Potential Business in China award in 2015, STCN's Best Third Party Wealth Management Company award in 2014, Hurun Report's Popular Independent Wealth Management Institution award in 2013 and 2014, and Deloitte's Technology Fast 500 Asia Pacific award in 2013.
For more information please visit Noah at ir.noahwm.com.
FOREIGN CURRENCY TRANSLATION
Effective October 1, 2015, the Company changed its reporting currency from U.S. dollars ("US$") to Chinese Renminbi ("RMB"). The change in reporting currency is to better reflect the Company's performance and to improve investors' ability to compare the Company's financial results with other publicly traded companies in the industry. Prior to October 1, 2015, the Company reported its annual and quarterly consolidated balance sheets and consolidated statements of income and comprehensive income and shareholder's equity and cash flows in US$. In this announcement, the unaudited financial results for the quarter ended December 31, 2015 are stated in RMB. The related financial statements prior to October 1, 2015 have been recast to reflect RMB as the reporting currency for comparison to the financial results for the quarter ended December 31, 2015.
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.4778 to US$1.00, the effective noon buying rate for December 31, 2015 as set forth in the H.10 statistical release of the Federal Reserve Board.
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. Among other things, the outlook for 2016 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industry; its ability to attract and retain quality employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industry in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. All information provided in this press release and in the attachments is as of the date of this press release, and Noah does not undertake any obligation to update any such information, including forward-looking statements, as a result of new information, future events or otherwise, except as required under applicable law.
Contacts:
Noah Holdings Limited
Steve Zeng
Noah Holdings Limited
Tel: +86-21-8035-9221
ir@noahwm.com
[1] |
Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.4778 to US$1.00, the effective noon buying rate for December 31, 2015 as set forth in the H.10 statistical release of the Federal Reserve Board. |
|
[2] |
Noah's non-GAAP financial measures are its corresponding GAAP financial measures as adjusted by excluding the effects of all forms of share-based compensation. |
|
[3] |
The U.S. dollar equivalent presented in this document is based on the exchange rate as of December 31, 2015 (RMB6.4778 to US$1.00). The annual non-GAAP net income guidance of US$90 million to US$95 million as mentioned in our previous earnings releases was made based on an estimated average exchange rate for 2015. The actual average exchange of RMB to US$ for 2015 was RMB6.2818 to US$1.00. |
|
[4] |
"Active clients" refers to registered clients who purchased wealth management products distributed by Noah during the period specified. |
|
[5] |
"Average transaction value per client" refers to the average value of wealth management products distributed by Noah that were purchased by active clients during the period specified. |
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited |
||||||||||||||||
Condensed Consolidated Balance Sheets |
||||||||||||||||
(In RMB) |
||||||||||||||||
(unaudited) |
||||||||||||||||
As of |
||||||||||||||||
September 30, 2015 |
December 31, 2015 |
December 31, 2015 |
||||||||||||||
RMB |
RMB |
USD |
||||||||||||||
Assets |
||||||||||||||||
Current assets: |
||||||||||||||||
Cash and cash equivalents |
1,788,457,817 |
2,132,923,674 |
329,266,676 |
|||||||||||||
Restricted cash |
1,000,000 |
1,000,000 |
154,373 |
|||||||||||||
Short-term investments |
732,394,704 |
560,073,899 |
86,460,511 |
|||||||||||||
Accounts receivable, net of allowance |
142,300,644 |
122,346,687 |
18,887,074 |
|||||||||||||
Loans receivable |
101,415,460 |
132,109,897 |
20,394,254 |
|||||||||||||
Deferred tax assets |
21,864,801 |
- |
- |
|||||||||||||
Amounts due from related parties |
280,899,772 |
238,236,268 |
36,777,342 |
|||||||||||||
Other current assets |
50,589,481 |
75,141,655 |
11,599,874 |
|||||||||||||
Total current assets |
3,118,922,679 |
3,261,832,080 |
503,540,104 |
|||||||||||||
Long-term investments |
199,001,593 |
251,781,945 |
38,868,434 |
|||||||||||||
Investment in affiliates |
310,706,780 |
326,155,843 |
50,349,786 |
|||||||||||||
Property and equipment, net |
139,819,115 |
196,475,249 |
30,330,552 |
|||||||||||||
Non-current deferred tax assets |
13,500,704 |
43,863,568 |
6,771,368 |
|||||||||||||
Other non-current assets |
16,000,980 |
16,885,730 |
2,606,708 |
|||||||||||||
Total Assets |
3,797,951,851 |
4,096,994,415 |
632,466,952 |
|||||||||||||
Liabilities and Equity |
||||||||||||||||
Current liabilities: |
||||||||||||||||
Accrued payroll and welfare expenses |
352,334,410 |
494,688,785 |
76,366,789 |
|||||||||||||
Income tax payable |
86,135,437 |
61,650,980 |
9,517,271 |
|||||||||||||
Amounts due to related parties |
3,120,074 |
1,060 |
164 |
|||||||||||||
Deferred revenues |
93,732,217 |
68,425,735 |
10,563,113 |
|||||||||||||
Deferred tax liabilities |
- |
1,159,774 |
179,038 |
|||||||||||||
Other current liabilities |
245,978,885 |
340,904,047 |
52,626,518 |
|||||||||||||
Total current liabilities |
781,301,023 |
966,830,381 |
149,252,893 |
|||||||||||||
Non-current uncertain tax position liabilities |
11,244,614 |
67,248 |
10,381 |
|||||||||||||
Convertible notes |
508,448,000 |
518,224,000 |
80,000,000 |
|||||||||||||
Other non-current liabilities |
62,745,950 |
77,876,237 |
12,022,019 |
|||||||||||||
Total Liabilities |
1,363,739,587 |
1,562,997,866 |
241,285,293 |
|||||||||||||
Equity |
2,434,212,264 |
2,533,996,549 |
391,181,659 |
|||||||||||||
Total Liabilities and Equity |
3,797,951,851 |
4,096,994,415 |
632,466,952 |
|||||||||||||
Noah Holdings Limited |
|||||||||||||||||||||||
Condensed Consolidated Income Statements |
|||||||||||||||||||||||
(In RMB, except for ADS data, per ADS data and percentages) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Three months ended |
|||||||||||||||||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||||||||||||||||
2014 |
2015 |
2015 |
|||||||||||||||||||||
Revenues: |
RMB |
RMB |
USD |
||||||||||||||||||||
Third-party revenues |
|||||||||||||||||||||||
One-time commissions |
137,119,867 |
108,628,478 |
16,769,347 |
(20.8%) |
|||||||||||||||||||
Recurring service fees |
86,972,774 |
118,933,264 |
18,360,132 |
36.7% |
|||||||||||||||||||
Performance-based income |
10,865,921 |
29,759,827 |
4,594,126 |
173.9% |
|||||||||||||||||||
Other service fees |
12,244,874 |
57,823,793 |
8,926,456 |
372.2% |
|||||||||||||||||||
Total third-party revenues |
247,203,436 |
315,145,362 |
48,650,061 |
27.5% |
|||||||||||||||||||
Related party revenues |
|||||||||||||||||||||||
One-time commissions |
34,530,501 |
88,680,242 |
13,689,871 |
156.8% |
|||||||||||||||||||
Recurring service fees |
130,497,798 |
168,054,455 |
25,943,137 |
28.8% |
|||||||||||||||||||
Performance-based income |
- |
30,194,600 |
4,661,243 |
0.0% |
|||||||||||||||||||
Other service fees |
185,772 |
393,683 |
60,774 |
111.9% |
|||||||||||||||||||
Total related party revenues |
165,214,071 |
287,322,980 |
44,355,025 |
73.9% |
|||||||||||||||||||
Total revenues |
412,417,507 |
602,468,342 |
93,005,086 |
46.1% |
|||||||||||||||||||
Less: business taxes and related surcharges |
(23,424,761) |
(28,745,806) |
(4,437,588) |
22.7% |
|||||||||||||||||||
Net revenues |
388,992,746 |
573,722,536 |
88,567,498 |
47.5% |
|||||||||||||||||||
Operating costs and expenses: |
|||||||||||||||||||||||
Compensation and benefits |
|||||||||||||||||||||||
Relationship manager compensation |
(92,550,365) |
(147,065,089) |
(22,702,938) |
58.9% |
|||||||||||||||||||
Performance fee compensation |
- |
(2,477,428) |
(382,449) |
0.0% |
|||||||||||||||||||
Other Compensations |
(107,608,080) |
(191,731,525) |
(29,598,247) |
78.2% |
|||||||||||||||||||
Total compensation and benefits |
(200,158,445) |
(341,274,042) |
(52,683,634) |
70.5% |
|||||||||||||||||||
Selling expenses |
(52,319,461) |
(90,525,777) |
(13,974,772) |
73.0% |
|||||||||||||||||||
General and administrative expenses |
(63,179,772) |
(64,781,699) |
(10,000,571) |
2.5% |
|||||||||||||||||||
Other operating expenses |
(12,422,291) |
(46,919,354) |
(7,243,100) |
277.7% |
|||||||||||||||||||
Government subsidies |
48,724,840 |
16,822,156 |
2,596,894 |
(65.5%) |
|||||||||||||||||||
Total operating costs and expenses |
(279,355,129) |
(526,678,716) |
(81,305,183) |
88.5% |
|||||||||||||||||||
Income from operations |
109,637,617 |
47,043,820 |
7,262,315 |
(57.1%) |
|||||||||||||||||||
Other income: |
|||||||||||||||||||||||
Interest income |
9,302,559 |
11,754,938 |
1,814,650 |
26.4% |
|||||||||||||||||||
Interest expenses |
- |
(4,508,093) |
(695,930) |
0.0% |
|||||||||||||||||||
Investment income |
5,006,005 |
24,680,396 |
3,809,996 |
393.0% |
|||||||||||||||||||
Other income |
822,425 |
1,345,430 |
207,699 |
63.6% |
|||||||||||||||||||
Total other income |
15,130,989 |
33,272,671 |
5,136,415 |
119.9% |
|||||||||||||||||||
Income before taxes and loss from equity in affiliates |
124,768,606 |
80,316,491 |
12,398,730 |
(35.6%) |
|||||||||||||||||||
Income tax expense |
(33,110,012) |
(7,126,689) |
(1,100,171) |
(78.5%) |
|||||||||||||||||||
Income from equity in affiliates |
99,613 |
1,688,567 |
260,670 |
1595.1% |
|||||||||||||||||||
Net income |
91,758,207 |
74,878,369 |
11,559,229 |
(18.4%) |
|||||||||||||||||||
Less: net income attributable to non-controlling Interests |
1,049,943 |
(8,658,997) |
(1,336,718) |
(924.7%) |
|||||||||||||||||||
Net income attributable to Noah Shareholders |
90,708,264 |
83,537,366 |
12,895,947 |
(7.9%) |
|||||||||||||||||||
Income per ADS, basic |
1.62 |
1.49 |
0.23 |
(8.0%) |
|||||||||||||||||||
Income per ADS, diluted |
1.60 |
1.46 |
0.23 |
(8.8%) |
|||||||||||||||||||
Margin analysis: |
|||||||||||||||||||||||
Operating margin |
28.2% |
8.2% |
8.2% |
||||||||||||||||||||
Net margin |
23.6% |
13.1% |
13.1% |
||||||||||||||||||||
Weighted average ADS equivalent: [1] |
|||||||||||||||||||||||
Basic |
56,018,144 |
56,078,056 |
56,078,056 |
||||||||||||||||||||
Diluted |
56,573,597 |
60,204,346 |
60,204,346 |
||||||||||||||||||||
ADS equivalent outstanding at end of period |
56,110,604 |
56,143,075 |
56,143,075 |
||||||||||||||||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share
|
|||||||||||||||||||||||
Noah Holdings Limited |
|||||||||||||||||||||||||||||||||||||
Condensed Consolidated Income Statements |
|||||||||||||||||||||||||||||||||||||
(In RMB, except for ADS data, per ADS data and percentages) (unaudited) |
|||||||||||||||||||||||||||||||||||||
Twelve months ended |
|||||||||||||||||||||||||||||||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||||||||||||||||||||||||||||||
2014 |
2015 |
2015 |
|||||||||||||||||||||||||||||||||||
RMB |
RMB |
USD |
|||||||||||||||||||||||||||||||||||
Revenues: |
|||||||||||||||||||||||||||||||||||||
Third-party revenues |
|||||||||||||||||||||||||||||||||||||
One-time commissions |
423,218,934 |
391,188,385 |
60,389,080 |
(7.6%) |
|||||||||||||||||||||||||||||||||
Recurring service fees |
319,933,077 |
401,292,465 |
61,948,882 |
25.4% |
|||||||||||||||||||||||||||||||||
Performance-based income |
24,632,724 |
193,939,030 |
29,939,027 |
687.3% |
|||||||||||||||||||||||||||||||||
Other service fees |
29,979,126 |
128,290,261 |
19,804,604 |
327.9% |
|||||||||||||||||||||||||||||||||
Total third-party revenues |
797,763,861 |
1,114,710,141 |
172,081,593 |
39.7% |
|||||||||||||||||||||||||||||||||
Related party revenues |
|||||||||||||||||||||||||||||||||||||
One-time commissions |
180,943,785 |
428,687,491 |
66,177,945 |
136.9% |
|||||||||||||||||||||||||||||||||
Recurring service fees |
560,071,763 |
634,913,375 |
98,013,735 |
13.4% |
|||||||||||||||||||||||||||||||||
Performance-based income |
76,342,053 |
53,825,293 |
8,309,193 |
(29.5%) |
|||||||||||||||||||||||||||||||||
Other service fees |
2,036,800 |
559,806 |
86,419 |
(72.5%) |
|||||||||||||||||||||||||||||||||
Total related party revenues |
819,394,401 |
1,117,985,965 |
172,587,292 |
36.4% |
|||||||||||||||||||||||||||||||||
Total revenues |
1,617,158,262 |
2,232,696,106 |
344,668,885 |
38.1% |
|||||||||||||||||||||||||||||||||
Less: business taxes and related surcharges |
(88,673,371) |
(112,768,265) |
(17,408,420) |
27.2% |
|||||||||||||||||||||||||||||||||
Net revenues |
1,528,484,891 |
2,119,927,841 |
327,260,465 |
38.7% |
|||||||||||||||||||||||||||||||||
Operating costs and expenses: |
|||||||||||||||||||||||||||||||||||||
Compensation and benefits |
|||||||||||||||||||||||||||||||||||||
Relationship manager compensation |
(322,052,574) |
(524,629,723) |
(80,988,873) |
62.9% |
|||||||||||||||||||||||||||||||||
Performance fee compensation |
(22,034,438) |
(24,786,763) |
(3,826,417) |
12.5% |
|||||||||||||||||||||||||||||||||
Other compensations |
(393,373,326) |
(615,075,893) |
(94,951,356) |
56.4% |
|||||||||||||||||||||||||||||||||
Total compensation and benefits |
(737,460,338) |
(1,164,492,379) |
(179,766,646) |
57.9% |
|||||||||||||||||||||||||||||||||
Selling expenses |
(147,265,810) |
(263,815,409) |
(40,726,081) |
79.1% |
|||||||||||||||||||||||||||||||||
General and administrative expenses |
(151,626,278) |
(170,929,513) |
(26,386,970) |
12.7% |
|||||||||||||||||||||||||||||||||
Other operating expenses |
(29,961,830) |
(94,624,304) |
(14,607,475) |
215.8% |
|||||||||||||||||||||||||||||||||
Government subsidies |
90,931,462 |
132,709,712 |
20,486,849 |
45.9% |
|||||||||||||||||||||||||||||||||
Total operating costs and expenses |
(975,382,794) |
(1,561,151,893) |
(241,000,323) |
60.1% |
|||||||||||||||||||||||||||||||||
Income from operations |
553,102,097 |
558,775,948 |
86,260,142 |
1.0% |
|||||||||||||||||||||||||||||||||
Other income(expenses): |
|||||||||||||||||||||||||||||||||||||
Interest income |
38,901,980 |
39,698,790 |
6,128,437 |
2.0% |
|||||||||||||||||||||||||||||||||
Interest expenses |
- |
(16,050,359) |
(2,477,748) |
0.0% |
|||||||||||||||||||||||||||||||||
Investment income |
23,552,297 |
51,954,918 |
8,020,456 |
120.6% |
|||||||||||||||||||||||||||||||||
Other income (expense) income |
(13,961,307) |
455,030 |
70,245 |
(103.3%) |
|||||||||||||||||||||||||||||||||
Total other income |
48,492,970 |
76,058,379 |
11,741,390 |
56.8% |
|||||||||||||||||||||||||||||||||
Income before taxes and loss from equity in affiliates |
601,595,067 |
634,834,327 |
98,001,532 |
5.5% |
|||||||||||||||||||||||||||||||||
Income tax expenses |
(151,293,021) |
(129,885,747) |
(20,050,903) |
(14.1%) |
|||||||||||||||||||||||||||||||||
Income from equity in affiliates |
13,583,865 |
21,352,767 |
3,296,299 |
57.2% |
|||||||||||||||||||||||||||||||||
Net income |
463,885,911 |
526,301,347 |
81,246,928 |
13.5% |
|||||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interests |
17,333,060 |
(9,522,737) |
(1,470,057) |
(154.9%) |
|||||||||||||||||||||||||||||||||
Net income attributable to Noah Shareholders |
446,552,851 |
535,824,084 |
82,716,985 |
20.0% |
|||||||||||||||||||||||||||||||||
Income per ADS, basic |
8.01 |
9.54 |
1.47 |
19.1% |
|||||||||||||||||||||||||||||||||
Income per ADS, diluted |
7.91 |
9.15 |
1.41 |
15.7% |
|||||||||||||||||||||||||||||||||
Margin analysis: |
|||||||||||||||||||||||||||||||||||||
Operating margin |
36.2% |
26.4% |
26.4% |
||||||||||||||||||||||||||||||||||
Net margin |
30.3% |
24.8% |
24.8% |
||||||||||||||||||||||||||||||||||
Weighted average ADS equivalent: [2] |
|||||||||||||||||||||||||||||||||||||
Basic |
55,747,002 |
56,171,042 |
56,171,042 |
||||||||||||||||||||||||||||||||||
Diluted |
56,455,646 |
60,291,952 |
60,291,952 |
||||||||||||||||||||||||||||||||||
[2] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs |
|||||||||||||||||||||||||||||||||||||
Noah Holdings Limited |
|||||||||||||||||||
Condensed Comprehensive Income Statements |
|||||||||||||||||||
(In RMB) (unaudited) |
|||||||||||||||||||
Three months ended |
|||||||||||||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||||||||||||
2014 |
2015 |
2015 |
|||||||||||||||||
RMB |
RMB |
USD |
|||||||||||||||||
Net income |
91,758,207 |
74,878,369 |
11,559,229 |
(18.4%) |
|||||||||||||||
Other comprehensive income, net of tax: |
|||||||||||||||||||
Foreign currency translation adjustments |
13,307 |
2,707,480 |
417,963 |
20246.3% |
|||||||||||||||
Fair value fluctuation of available for sale Investment (after tax) |
105,937 |
1,228,939 |
189,715 |
1060.1% |
|||||||||||||||
Comprehensive income |
91,877,451 |
78,814,788 |
12,166,907 |
(14.2%) |
|||||||||||||||
Less: Comprehensive income (loss) attributable |
1,046,036 |
(8,669,054) |
(1,338,271) |
(928.8%) |
|||||||||||||||
Comprehensive income attributable to Noah |
90,831,415 |
87,483,842 |
13,505,178 |
(3.7%) |
|||||||||||||||
Noah Holdings Limited |
|||||||||||||||||||
Condensed Comprehensive Income Statements |
|||||||||||||||||||
(In RMB) (unaudited) |
|||||||||||||||||||
Twelve months ended |
|||||||||||||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||||||||||||
2014 |
2015 |
2015 |
|||||||||||||||||
RMB |
RMB |
USD |
|||||||||||||||||
Net income |
463,885,911 |
526,301,347 |
81,246,928 |
13.5% |
|||||||||||||||
Other comprehensive income, net of tax: |
|||||||||||||||||||
Foreign currency translation adjustments |
6,426,044 |
4,884,837 |
754,089 |
(24.0%) |
|||||||||||||||
Fair value fluctuation of available for sale Investment (after tax) |
2,620,351 |
718,414 |
110,904 |
(72.6%) |
|||||||||||||||
Comprehensive income |
472,932,306 |
531,904,598 |
82,111,921 |
12.5% |
|||||||||||||||
Less: Comprehensive income attributable to non- |
17,331,172 |
(9,520,184) |
(1,469,663) |
(154.9%) |
|||||||||||||||
Comprehensive income attributable to Noah |
455,601,134 |
541,424,782 |
83,581,584 |
18.8% |
|||||||||||||||
Noah Holdings Limited |
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
Change |
||||
December 31, 2014 |
December 31, 2015 |
||||
Number of registered clients |
70,557 |
99,019 |
40.3% |
||
Number of relationship managers |
779 |
1,098 |
40.9% |
||
Number of branch offices |
63 |
67 |
6.3% |
||
Three months ended |
Change |
||||
December 31, 2014 |
December 31, 2015 |
||||
(in millions of RMB, except number of active clients and percentages) |
|||||
Number of active clients |
3,529 |
4,603 |
30.4% |
||
Transaction value: |
|||||
Fixed income products |
7,479 |
11,164 |
49.3% |
||
Private equity fund products |
2,276 |
6,407 |
181.5% |
||
Secondary market equity fund products |
3,300 |
4,785 |
45.0% |
||
Other products, including mutual |
(1,223) |
(2,317) |
89.5% |
||
Total transaction value |
11,831 |
20,039 |
69.4% |
||
Average transaction value per client |
3.35 |
4.35 |
29.8% |
Twelve months ended |
Change |
||||||
December 31, 2014 |
December 31, 2015 |
||||||
(in millions of RMB, except number of active clients and percentages) |
|||||||
Number of active clients |
9,010 |
12,573 |
39.5% |
||||
Transaction value: |
|||||||
Fixed income products |
40,212 |
36,621 |
(8.9%) |
||||
Private equity fund products |
11,971 |
31,917 |
166.6% |
||||
Secondary market equity fund products |
10,328 |
28,054 |
171.6% |
||||
Other products, including mutual fund |
860 |
2,402 |
179.4% |
||||
Total transaction value |
63,371 |
98,994 |
56.2% |
||||
Average transaction value per client |
7.03 |
7.87 |
11.9% |
||||
Noah Holdings Limited |
|||||||||||
Segment Condensed Income Statements |
|||||||||||
(In RMB, except for ADS data, per ADS data and percentages) |
|||||||||||
(unaudited) |
|||||||||||
Three months ended December 31, 2014 |
|||||||||||
Wealth Business |
Asset Business |
Internet |
Total |
||||||||
RMB |
RMB |
RMB |
RMB |
||||||||
Revenues: |
|||||||||||
Third-party revenues |
|||||||||||
One-time commissions |
137,119,867 |
- |
- |
137,119,867 |
|||||||
Recurring service fees |
70,376,437 |
16,596,337 |
- |
86,972,774 |
|||||||
Performance-based income |
7,952,243 |
2,913,678 |
- |
10,865,921 |
|||||||
Other service fees |
4,671,321 |
- |
7,573,553 |
12,244,874 |
|||||||
Total third-party revenues |
220,119,868 |
19,510,015 |
7,573,553 |
247,203,436 |
|||||||
Related party revenues |
|||||||||||
One-time commissions |
34,530,501 |
- |
34,530,501 |
||||||||
Recurring service fees |
76,604,849 |
53,892,949 |
- |
130,497,798 |
|||||||
Other service fees |
- |
- |
185,772 |
185,772 |
|||||||
Total related party revenues |
111,135,350 |
53,892,949 |
185,772 |
165,214,071 |
|||||||
Total revenues |
331,255,218 |
73,402,964 |
7,759,325 |
412,417,507 |
|||||||
Less: business taxes and related surcharges |
(19,726,815) |
(3,485,956) |
(211,990) |
(23,424,761) |
|||||||
Net revenues |
311,528,403 |
69,917,008 |
7,547,335 |
388,992,746 |
|||||||
Operating costs and expenses: |
|||||||||||
Compensation and benefits |
|||||||||||
Relationship manager compensation |
(90,305,726) |
- |
(2,244,639) |
(92,550,365) |
|||||||
Other compensation |
(55,595,191) |
(29,974,303) |
(22,038,586) |
(107,608,080) |
|||||||
Total compensation and benefits |
(145,900,917) |
(29,974,303) |
(24,283,225) |
(200,158,445) |
|||||||
Selling expenses |
(47,815,815) |
(2,793,156) |
(1,710,490) |
(52,319,461) |
|||||||
General and administrative expenses |
(27,556,899) |
(27,980,194) |
(7,642,679) |
(63,179,772) |
|||||||
Other operating expenses |
(8,717,471) |
(1,159,164) |
(2,545,656) |
(12,422,291) |
|||||||
Government subsidies |
44,568,793 |
4,156,047 |
- |
48,724,840 |
|||||||
Total operating costs and expenses |
(185,422,309) |
(57,750,770) |
(36,182,050) |
(279,355,129) |
|||||||
Income from operations |
126,106,094 |
12,166,238 |
(28,634,715) |
109,637,617 |
|||||||
Noah Holdings Limited |
||||||||||||||||||||||||
Segment Condensed Income Statements |
||||||||||||||||||||||||
(In RMB, except for ADS data, per ADS data and percentages) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
Three months ended December 31, 2015 |
||||||||||||||||||||||||
Wealth Business |
Asset Business |
Internet |
Total |
|||||||||||||||||||||
RMB |
RMB |
RMB |
RMB |
|||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Third-party revenues |
||||||||||||||||||||||||
One-time commissions |
108,400,978 |
227,500 |
- |
108,628,478 |
||||||||||||||||||||
Recurring service fees |
103,525,654 |
15,407,610 |
- |
118,933,264 |
||||||||||||||||||||
Performance-based income |
28,313,104 |
1,446,723 |
29,759,827 |
|||||||||||||||||||||
Other service fees |
42,317,121 |
- |
15,506,672 |
57,823,793 |
||||||||||||||||||||
Total third-party revenues |
282,556,857 |
17,081,833 |
15,506,672 |
315,145,362 |
||||||||||||||||||||
Related party revenues |
||||||||||||||||||||||||
One-time commissions |
87,157,496 |
1,522,746 |
- |
88,680,242 |
||||||||||||||||||||
Recurring service fees |
82,789,078 |
85,265,377 |
- |
168,054,455 |
||||||||||||||||||||
Performance-based income |
- |
30,194,600 |
30,194,600 |
|||||||||||||||||||||
Other service fees |
393,683 |
- |
- |
393,683 |
||||||||||||||||||||
Total related party revenues |
170,340,257 |
116,982,723 |
- |
287,322,980 |
||||||||||||||||||||
Total revenues |
452,897,114 |
134,064,556 |
15,506,672 |
602,468,342 |
||||||||||||||||||||
Less: business taxes and related surcharges |
(21,623,140) |
(6,860,507) |
(262,159) |
(28,745,806) |
||||||||||||||||||||
Net revenues |
431,273,974 |
127,204,049 |
15,244,513 |
573,722,536 |
||||||||||||||||||||
Operating costs and expenses: |
||||||||||||||||||||||||
Compensation and benefits |
||||||||||||||||||||||||
Relationship manager compensation |
(146,135,190) |
(1,242,154) |
312,255 |
(147,065,089) |
||||||||||||||||||||
Performance fee compensation |
- |
(2,477,428) |
- |
(2,477,428) |
||||||||||||||||||||
Other compensation |
(111,121,819) |
(39,855,764) |
(40,753,942) |
(191,731,525) |
||||||||||||||||||||
Total compensation and benefits |
(257,257,009) |
(43,575,346) |
(40,441,687) |
(341,274,042) |
||||||||||||||||||||
Selling expenses |
(74,895,758) |
(3,747,660) |
(11,882,359) |
(90,525,777) |
||||||||||||||||||||
General and administrative expenses |
(30,752,315) |
(21,561,697) |
(12,467,687) |
(64,781,699) |
||||||||||||||||||||
Other operating expenses |
(33,052,868) |
(7,017,494) |
(6,848,992) |
(46,919,354) |
||||||||||||||||||||
Government subsidies |
14,980,060 |
1,397,228 |
444,868 |
16,822,156 |
||||||||||||||||||||
Total operating costs and expenses |
(380,977,890) |
(74,504,969) |
(71,195,857) |
(526,678,716) |
||||||||||||||||||||
Income from operations |
50,296,084 |
52,699,080 |
(55,951,344) |
47,043,820 |
||||||||||||||||||||
Noah Holdings Limited |
||||||||||||||||||||||||
Segment Condensed Income Statements |
||||||||||||||||||||||||
(In RMB, except for ADS data, per ADS data and percentages) |
||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||
Twelve months ended December 31, 2014 |
||||||||||||||||||||||||
Wealth Business |
Asset Management Business |
Internet |
Total |
|||||||||||||||||||||
RMB |
RMB |
RMB |
RMB |
|||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Third-party revenues |
||||||||||||||||||||||||
One-time commissions |
423,218,934 |
- |
- |
423,218,934 |
||||||||||||||||||||
Recurring service fees |
243,619,600 |
76,313,477 |
- |
319,933,077 |
||||||||||||||||||||
Performance-based income |
7,952,243 |
16,680,481 |
- |
24,632,724 |
||||||||||||||||||||
Other service fees |
13,246,685 |
- |
16,732,441 |
29,979,126 |
||||||||||||||||||||
Total third-party revenues |
688,037,462 |
92,993,958 |
16,732,441 |
797,763,861 |
||||||||||||||||||||
Related party revenues |
||||||||||||||||||||||||
One-time commissions |
180,943,785 |
- |
- |
180,943,785 |
||||||||||||||||||||
Recurring service fees |
342,603,359 |
217,438,078 |
30,326 |
560,071,763 |
||||||||||||||||||||
Performance-based income |
2,444,365 |
73,897,688 |
- |
76,342,053 |
||||||||||||||||||||
Other service fees |
75,050 |
1,105,055 |
856,695 |
2,036,800 |
||||||||||||||||||||
Total related party revenues |
526,066,559 |
292,440,821 |
887,021 |
819,394,401 |
||||||||||||||||||||
Total revenues |
1,214,104,021 |
385,434,779 |
17,619,462 |
1,617,158,262 |
||||||||||||||||||||
Less: business taxes and related surcharges |
(68,598,144) |
(19,319,443) |
(755,784) |
(88,673,371) |
||||||||||||||||||||
Net revenues |
1,145,505,877 |
366,115,336 |
16,863,678 |
1,528,484,891 |
||||||||||||||||||||
Operating costs and expenses: |
||||||||||||||||||||||||
Compensation and benefits |
||||||||||||||||||||||||
Relationship manager compensation |
(319,572,173) |
(235,762) |
(2,244,639) |
(322,052,574) |
||||||||||||||||||||
Performance Fee Compensation |
- |
(22,034,438) |
- |
(22,034,438) |
||||||||||||||||||||
Other compensation |
(214,841,520) |
(124,968,021) |
(53,563,785) |
(393,373,326) |
||||||||||||||||||||
Total compensation and benefits |
(534,413,693) |
(147,238,221) |
(55,808,424) |
(737,460,338) |
||||||||||||||||||||
Selling expenses |
(135,282,336) |
(9,756,483) |
(2,226,991) |
(147,265,810) |
||||||||||||||||||||
General and administrative expenses |
(74,673,516) |
(60,090,462) |
(16,862,300) |
(151,626,278) |
||||||||||||||||||||
Other operating expenses |
(23,641,595) |
(1,674,417) |
(4,645,818) |
(29,961,830) |
||||||||||||||||||||
Government subsidies |
67,303,362 |
23,601,038 |
27,062 |
90,931,462 |
||||||||||||||||||||
Total operating costs and expenses |
(700,707,778) |
(195,158,545) |
(79,516,471) |
(975,382,794) |
||||||||||||||||||||
Income from operations |
444,798,099 |
170,956,791 |
(62,652,793) |
553,102,097 |
||||||||||||||||||||
Noah Holdings Limited |
|||||||||||||
Segment Condensed Income Statements |
|||||||||||||
(In RMB, except for ADS data, per ADS data and percentages) |
|||||||||||||
(unaudited) |
|||||||||||||
Twelve months ended December 31, 2015 |
|||||||||||||
Wealth Business |
Asset Business |
Internet |
Total |
||||||||||
RMB |
RMB |
RMB |
RMB |
||||||||||
Revenues: |
|||||||||||||
Third-party revenues |
|||||||||||||
One-time commissions |
390,668,384 |
520,001 |
- |
391,188,385 |
|||||||||
Recurring service fees |
334,983,117 |
66,309,348 |
- |
401,292,465 |
|||||||||
Performance-based income |
141,773,493 |
52,165,537 |
- |
193,939,030 |
|||||||||
Other service fees |
69,447,545 |
512,475 |
58,330,241 |
128,290,261 |
|||||||||
Total third-party revenues |
936,872,539 |
119,507,361 |
58,330,241 |
1,114,710,141 |
|||||||||
Related party revenues |
|||||||||||||
One-time commissions |
424,354,473 |
4,333,018 |
- |
428,687,491 |
|||||||||
Recurring service fees |
324,182,643 |
310,730,732 |
- |
634,913,375 |
|||||||||
Performance-based income |
- |
53,825,293 |
- |
53,825,293 |
|||||||||
Other service fees |
393,683 |
- |
166,123 |
559,806 |
|||||||||
Total related party revenues |
748,930,799 |
368,889,043 |
166,123 |
1,117,985,965 |
|||||||||
Total revenues |
1,685,803,338 |
488,396,404 |
58,496,364 |
2,232,696,106 |
|||||||||
Less: business taxes and related surcharges |
(88,285,200) |
(23,408,513) |
(1,074,552) |
(112,768,265) |
|||||||||
Net revenues |
1,597,518,138 |
464,987,891 |
57,421,812 |
2,119,927,841 |
|||||||||
Operating costs and expenses: |
|||||||||||||
Compensation and benefits |
|||||||||||||
Relationship manager compensation |
(507,400,087) |
(8,044,612) |
(9,185,024) |
(524,629,723) |
|||||||||
Performance fee compensation |
- |
(24,786,763) |
- |
(24,786,763) |
|||||||||
Other compensation |
(348,504,061) |
(150,661,189) |
(115,910,643) |
(615,075,893) |
|||||||||
Total compensation and benefits |
(855,904,148) |
(183,492,564) |
(125,095,667) |
(1,164,492,379) |
|||||||||
Selling expenses |
(219,286,283) |
(17,278,343) |
(27,250,783) |
(263,815,409) |
|||||||||
General and administrative expenses |
(78,850,681) |
(53,554,038) |
(38,524,794) |
(170,929,513) |
|||||||||
Other operating expenses |
(53,374,913) |
(19,411,331) |
(21,838,060) |
(94,624,304) |
|||||||||
Government subsidies |
75,960,496 |
56,304,348 |
444,868 |
132,709,712 |
|||||||||
Total operating costs and expenses |
(1,131,455,529) |
(217,431,928) |
(212,264,436) |
(1,561,151,893) |
|||||||||
Income from operations |
466,062,609 |
247,555,963 |
(154,842,624) |
558,775,948 |
|||||||||
Noah Holdings Limited |
||||||||
Reconciliation of GAAP to Non-GAAP Results |
||||||||
(In RMB, except for ADS data and percentages) |
||||||||
(unaudited) |
||||||||
Three months ended |
||||||||
December 31, |
December 31, |
Change |
||||||
2014 |
2015 |
|||||||
RMB |
RMB |
|||||||
Net margin |
23.6% |
13.1% |
||||||
Adjusted net margin (non-GAAP)* |
24.8% |
17.0% |
||||||
Net income attributable to Noah Shareholders |
90,708,264 |
83,537,366 |
(7.9%) |
|||||
Adjustment for share-based compensation related to: |
||||||||
Share options |
2,012,410 |
13,888,693 |
590.2% |
|||||
Restricted shares |
2,607,909 |
8,805,247 |
237.6% |
|||||
Adjusted net income attributable to Noah Shareholders (non-GAAP)* |
95,328,583 |
106,231,306 |
11.4% |
|||||
Net income attributable to Noah Shareholders per ADS, diluted |
1.60 |
1.46 |
(8.8%) |
|||||
Adjusted net income attributable to Noah Shareholders per ADS, diluted (non-GAAP)* |
1.69 |
1.84 |
8.9% |
|||||
*The non-GAAP adjustments do not take into consideration the impact of taxes on such adjustments. |
Noah Holdings Limited |
||||||||
Reconciliation of GAAP to Non-GAAP Results |
||||||||
(In RMB, except for ADS data and percentages) |
||||||||
(unaudited) |
||||||||
Twelve months ended |
||||||||
December 31, |
December 31, |
Change |
||||||
2014 |
2015 |
|||||||
RMB |
RMB |
|||||||
Net margin |
30.3% |
24.8% |
||||||
Adjusted net margin (non-GAAP)* |
32.5% |
28.0% |
||||||
Net income attributable to Noah Shareholders |
446,552,851 |
535,824,084 |
20.0% |
|||||
Adjustment for share-based compensation related to: |
||||||||
Share options |
9,043,829 |
33,912,040 |
275.0% |
|||||
Restricted shares |
23,647,858 |
33,760,448 |
42.8% |
|||||
Adjusted net income attributable to Noah Shareholders (non-GAAP)* |
479,244,538 |
603,496,572 |
25.9% |
|||||
Net income attributable to Noah Shareholders per ADS, diluted |
7.91 |
9.15 |
15.7% |
|||||
Adjusted net income attributable to Noah Shareholders per ADS, diluted (non-GAAP)* |
8.49 |
10.28 |
21.1% |
|||||
*The non-GAAP adjustments do not take into consideration the impact of taxes on such adjustments. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-financial-results-for-the-fourth-quarter-and-full-year-2015-300237166.html