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China Cord Blood Corporation Reports Financial Results for Third Quarter and First Nine Months of Fiscal 2010
Date:3/5/2010

HONG KONG, March 5 /PRNewswire-Asia-FirstCall/ -- China Cord Blood Corporation ("CCBC" or "the Company") (NYSE: CO), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced unaudited financial results for the third quarter and first nine months ended December 31, 2009.

    Highlights

    -- Net revenue in the third quarter of fiscal 2010 increased 23.5%
       year-over-year to RMB68.9 million (USD10.1 million) from RMB55.8
       million in the third quarter of fiscal 2009.
    -- New subscriber sign-ups during the third quarter of fiscal 2010
       increased 19.6% to 11,771 subscribers from 9,842 in the third quarter
       of fiscal 2009.
    -- Net income attributable to shareholders in the third quarter of fiscal
       2010 increased 56.3% to RMB20.0 million (USD2.9 million) from RMB12.8
       million year-on-year.
    -- Net revenue in the first nine months of fiscal 2010 increased 38.5% to
       RMB190.7 million (USD27.9 million) from RMB137.7 million last year.
    -- New subscriber sign-ups during the first nine months of fiscal 2010
       increased 36.1% to 33,523 subscribers from 24,631 in the first nine
       months of fiscal 2009.
    -- Net income attributable to shareholders for the first nine months of
       fiscal 2010 increased to RMB33.0 million (USD4.8 million) compared to
       RMB0.6 million in the first nine months of fiscal 2009.
    -- On February 24, 2010, CCBC entered into agreement to acquire an
       effective interest of 19.92% in the Shandong Cord Blood Bank ("SCBB"),
       the exclusive cord blood bank operator for the Shandong province in
       China. Inclusive of the latest acquisition, the Company has gained
       exclusive strategic access into the Beijing municipality, Guangdong
       province and Shandong province, namely three of the six licenses issued
       by Ministry of Health of China. China Government adopts one license
       per region policy which means license holder will be the exclusive
       operator providing cord blood services in these markets.



    Summary - The quarter and nine months ended December 31, 2009 and 2008

                          Three Months Ended            Nine Months Ended
                             December 31,                  December 31,
                           2009           2008           2009           2008
                    USD('000) RMB('000) RMB('000) USD('000) RMB('000) RMB('000)
    Revenue          10,095    68,905    55,795    27,941    190,731   137,730
    Gross Profit      7,644    52,178    42,234    20,526    140,116   101,994
    Operating
     Income           3,676    25,093    24,880    10,590     72,292    58,615
    Non-GAAP
     EBITDA           4,320    29,485    27,362    12,627     86,196    64,450
    Net Income
     Attributable
     to China
     Cord Blood
     Corporation
     Shareholders     2,930    20,001    12,837     4,841     33,048       576
    EPS Attributable
     to Ordinary
     Shares
     - Basic
      (USD/RMB)        0.05      0.31      0.11      0.06       0.44     (0.32)
    Non-GAAP EPS
     Attributable to
     Shareholders
     - Basic
      (USD/RMB)        0.05      0.31      0.22      0.13       0.88      0.01

    Revenue
     Breakdown (%)
    Processing Fee              81.4%     85.2%                82.2%     84.0%
    Storage Fee                 18.4%     14.1%                17.3%     15.1%

    New Subscribers
     (persons)                 11,771     9,842               33,523    24,631
    Accumulated
     Total Number
     of Subscribers
     (persons)                117,583    74,013              117,583    74,013

"This is a very exciting time," said Ms. Ting Zheng, China Cord Blood Corporation's chairperson and chief executive officer. "We concluded the third quarter with remarkable results with record breaking new subscribers numbers. The robust performance reflected the team capabilities to deepen market penetrations in our existing markets in an effective, efficient and lucrative manner. Leveraging the rising acceptance of umbilical cord blood banking, China's single child policy and our dominant market presence, we expect our business will continue to flourish and we should capture a growing number of new subscribers."

"Also, our Group has made tremendous progress to expand our geographical reach following the recently announced Shandong acquisition. By acquiring a 19.92% equity interest and the right of first refusal, we open the doorway into Shandong province, which has approximately 1.1 million babies per annum. Together with our local partner, we will seize this opportunity and deploy our resources and market expertise to rapidly build out a significant presence in this affluent region of China. Beijing, Guangdong and Shandong together have a market size of 2.1 million new born babies per annum."

Third Quarter Fiscal 2010 Financial Results

Net revenue for the third quarter of fiscal 2010 increased 23.5% to RMB68.9 million (USD10.1 million) from RMB55.8 million in the third quarter of fiscal 2009. Net revenue generated from processing fees increased 18.1% year-over-year to RMB56.1 million (USD8.2 million), tracking a 19.6% increase in new subscribers to 11,771 from 9,842 from last year. Net revenue from storage fees increased 60.8% year-over-year to RMB12.7 million (USD1.9 million) from RMB 7.9 million on the back of a 58.9% increase in the total subscriber base to 117,583 subscribers, compared to 74,013 subscribers last year. Processing fees and storage fees for the third quarter of fiscal 2010 accounted for 81.4% and 18.4% of net revenue, respectively, compared to 85.2% and 14.1% for the prior year period.

For the third quarter of fiscal 2010, gross profit increased 23.7% to RMB52.2 million (USD7.6 million) from RMB42.2 million in the prior year period, due primarily to rising new subscriber numbers. The 75.7% gross margin was similar to the same period last year.

Sales and marketing expense was RMB10.4 million (USD1.5 million) in the third quarter of fiscal 2010 compared to RMB6.6 million for the prior year period. Third quarter sales and marketing expense as a percentage of revenue was 15.1%, up from 11.9% last year but similar on a quarter-on-quarter basis.

Administrative expense increased to RMB16.7 million (USD2.4 million) compared to RMB10.7 million in the prior year period in light of the Group's business expansion and the commencement of the new Beijing and Guangdong facilities and the increase in corporate overhead.

Operating income for the third quarter of fiscal 2010 was RMB25.1 million (USD3.7 million) compared to RMB24.9 million for the same period last year. Operating margin for the quarter was 36.4% compared to 44.6% in the prior year period. The decline in operating margin was largely attributable to the commencement of new Beijing storage facilities in April 2009 and the increase in administrative expense, related to legal and professional fees associated with being a newly public company.

Non-GAAP EBITDA in the third quarter increased 7.8% to RMB29.5 million (USD4.3 million).

Net income attributable to shareholders for the third quarter of fiscal 2010 increased 56.3% to RMB20.0 million (USD2.9 million) from RMB12.8 million for the prior year period. Net margin for the third quarter of fiscal 2010 increased to 29.0% from 23.0% in the prior year period.

Basic earnings per share and fully diluted earnings per share for third quarter of fiscal 2010 were RMB0.31 (USD0.05) and RMB0.29 (USD0.04), respectively.

Non-GAAP EPS for the third quarter amounted to RMB0.31 (USD0.05), up from RMB0.22 in the prior year period.

As of December 31, 2009, the Company had cash and cash equivalents of RMB386.1 million (USD56.6 million), compared to RMB161.4 million as of March 31, 2009.

Ms. Ting Zheng continued, "Adding the Shandong cord blood bank license, we now have direct access into the top three regions licensed for cord blood banking services. The acquisition of the Shandong cord blood bank illustrated our execution capabilities beyond Beijing and Guangdong regions, and more importantly, it is a recognition of the Company as the market leader in the industry. This will pave the way for future corporate developments in China and the Asia Pacific region."

Nine Months Fiscal 2010 Financial Results

First nine months of fiscal 2010, net revenue increased 38.5% to RMB190.7 million (USD27.9 million), from RMB137.7 million last year. During the first nine months of fiscal 2010, new subscribers sign-up increased by 36.1% to 33,523 new subscribers from 24,631 subscribers in the prior year period. Gross profit for first nine months of fiscal 2010 increased 37.4% to RMB140.1 million (USD20.5 million) from RMB102.0 million in the prior year period. For the first nine months of fiscal 2010, operating income increased 23.3% to RMB72.3 million (USD10.6 million). Net income attributable to shareholders in the same period was RMB33.0 million (USD4.8 million) compared to RMB0.6 million in the prior year period. Basic earnings per share and fully diluted earnings per share attributable to ordinary shares were RMB0.44 (USD0.06) and RMB0.42 (USD0.06), respectively. Non-GAAP EBITDA increased 33.7% to RMB86.2 million (USD12.6 million).

Financial Outlook

The Company expects total number of new subscribers for the 2010 fiscal year to increase by approximately 30% year-over-year or no less than 45,000 new subscribers which is expected to translate into not less than a 30% increase in total net revenue. Management also expects accumulated total number of subscribers will be at least 129,000 by March 31, 2010. In addition to organic growth on the existing markets, the Company plans to continue to pursue any opportunities with existing licensees and license applicants for potential acquisitions. The Company's practice is to provide guidance on a full year basis only. Such expectations reflect the Company's current and preliminary views, which are subject to change and the Company does not undertake any responsibility to update or correct any such forward-looking information.

Conference Call

The Company will hold a teleconference at 8:00 a.m. EST on Friday, March 5, 2010 to discuss its financial performance and give a brief overview of the Company's recent developments, followed by a question and answer session.

Interested parties may access the audio webcast through the following link: http://phx.corporate-ir.net/playerlink.zhtml?c=206671&s=wm&e=2770193 . A replay of the webcast will be accessible two hours after the presentation and available for three weeks at the same URL link above. Listeners may also access the call by dialing 1-718-354-1231 or 1-866-519-4004 for US callers or +852-2475-0994 for Hong Kong callers, access code: 59252599.

About China Cord Blood Corporation

China Cord Blood Corporation is the first and the largest cord blood banking operator in China in terms of geographical coverage and is the only cord blood bank operator with more than one license (i.e., Beijing, Guangdong and Shandong). Under the current PRC government regulations, only one licensed cord blood bank operator is permitted to operate in each licensed region and only six licenses have been issued as of today. China Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services. For more information, please visit our website at http://www.chinacordbloodcorp.com.

Non-GAAP Disclosure

Non-GAAP basic earnings attributable to shareholders represents a pro forma adjustment to the number of ordinary shares outstanding for all periods to reflect the conversion of certain redeemable shares into ordinary shares in June 2009. This is effected by adding income attributable to redeemable noncontrolling interest back to GAAP net income attributable to shareholders and divides by proforma weighted average ordinary shares issued and outstanding. Proforma weighted average ordinary shares issued and outstanding is the sum of weighted average ordinary shares issued and outstanding and assumes all redeemable shares are exchanged into ordinary shares at the beginning of the period.

Non-GAAP EBITDA represents operating income excluding acquired intangible assets amortization expense and depreciation expense. We have presented EBITDA because we consider it an important supplemental measure of our performance and believe it is frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. Management uses EBITDA as a measurement tool for evaluating our actual operating performance compared to budget and prior periods. Other companies in our industry may calculate EBITDA differently than we do, basing the determination on net income before net interest expense, income tax expense (benefit), depreciation and amortization. EBITDA is not a measure of performance under generally accepted accounting principles (GAAP) and should not be considered as a substitute for net income prepared in accordance with GAAP.

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 GAAP. The non-GAAP measures described by the Company are reconciled to the corresponding GAAP measure in the exhibits below titled "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures" and "Reconciliations of non-GAAP EPS to the nearest comparable GAAP measures".

The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to its historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to the supplemental information used by management in its financial and operational decision making.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, performance and results of operations, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

This announcement contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars as of and for the third quarter and first nine months of fiscal 2010 were made at the noon buying rate of RMB6.8259 to USD1.00 on December 31, 2009 in the City of New York for cable transfers in Renminbi per US dollar as certified for customs purposes by the Federal Reserve Bank of New York. China Cord Blood Corporation makes no representation that the Renminbi or US dollar amounts referred to in this press release could have been or could be converted into US dollars or Renminbi, at any particular rate or at all.

    For more information, please contact:

    China Cord Blood Corporation
     Ms. Joeling Law
     Phone: +852-3605-8180
     Email: joeling.law@chinacordbloodcorp.com

    Integrated Corporate Relations, Inc.
     In New York:
     Ashley M. Ammon or Christine Duan
     Phone: +1-646-277-1227

     In Beijing:
     Wei-Jung Yang
     Phone: +86-10-6599-7968


    Exhibit 1

                            CHINA CORD BLOOD CORPORATION
                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                        As of December 31 and March 31, 2009

                                                 December 31,     March 31,
                                                     2009           2009
                                                 US$       RMB       RMB
                                             (in thousands except redemption
                                               value and number of shares)
    ASSETS
    Current assets
    Cash and cash equivalents                  56,560    386,069    161,406
    Accounts receivable, less
     allowance for doubtful accounts
     (December 31, 2009: RMB9,251;
     March 31, 2009: RMB 6,170)                 8,361     57,071     49,763
    Inventories                                   843      5,757      6,501
    Prepaid expenses and other
     receivables                                1,511     10,312      7,978
    Deferred tax assets                           476      3,249      1,846

    Total current assets                       67,751    462,458    227,494
    Property, plant and equipment, net         37,553    256,331    236,740
    Non-current prepayments and deposits        1,735     11,846     27,184
    Non-current accounts receivable, less
     allowance for doubtful accounts
     (December 31, 2009: RMB5,390;
     March 31, 2009: RMB2,223)                 24,007    163,872     91,761
    Inventories                                 4,153     28,348     26,069
    Intangible asset, net                       3,888     26,540     27,268
    Available-for-sale equity securities        8,780     59,932     26,242
    Deferred reverse recapitalization costs        --         --     33,633
    Deferred tax assets                            89        609         --

    Total assets                              147,956  1,009,936    696,391

    LIABILITIES
    Current liabilities
    Bank loan                                   6,592     45,000         --
    Accounts payable                            1,274      8,693      5,128
    Accrued expenses and other payables         2,853     19,472     19,269
    Deferred revenue                            5,135     35,049     18,351
    Amounts due to related parties                384      2,621         --
    Income tax payable                            584      3,989      4,321

    Total current liabilities                  16,822    114,824     47,069
    Deferred revenue                           12,530     85,530     74,231
    Other non-current liabilities               2,113     14,427     13,551
    Deferred tax liabilities                      414      2,827      4,017

    Total liabilities                          31,879    217,608    138,868

    Commitments and contingencies
    Redeemable ordinary shares of China
     Cord Blood Services Corporation
     US$0.0001 par value, 14,614,140
     shares issued and outstanding as of
     March 31, 2009 (redemption value of
     US$51,088,745 as of March 31, 2009)           --         --    386,577

    EQUITY
    China Cord Blood Corporation
     shareholders' equity
    Ordinary shares US$0.0001
     par value, 250,000,000 shares
     authorized, 43,237,100 shares
     and 66,182,726 shares issued
     and outstanding as of March 31,
     2009 and December 31, 2009,
     respectively                                   7         45         34
    Additional paid-in capital                102,233    697,834    140,745
    Accumulated other comprehensive loss        2,055     14,023    (19,319)
    Retained earnings                          10,425     71,161     44,082

    Total China Cord Blood Corporation
     shareholders' equity                     114,720    783,063    165,542
    Noncontrolling interests                    1,357      9,265      5,404

    Total equity                              116,077    792,328    170,946

    Total liabilities, redeemable
     ordinary shares and equity               147,956  1,009,936    696,391



    Exhibit 2

                             CHINA CORD BLOOD CORPORATION
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
      For the Three Months and Nine Months Ended December 31, 2009 and 2008

                         Three months ended           Nine months ended
                             December 31,                December 31,
                         2009          2008            2009            2008
                     US$       RMB      RMB       US$        RMB        RMB
                                (in thousands except per share)

    Revenues       10,095    68,905    55,795    27,941    190,731    137,730
    Direct costs   (2,451)  (16,727)  (13,561)   (7,415)   (50,615)   (35,736)
    Gross profit    7,644    52,178    42,234    20,526    140,116    101,994
    Operating
     expenses
    Sales and
     marketing     (1,526)  (10,416)   (6,636)   (3,945)   (26,928)   (21,683)
    General and
     admini-
     strative      (2,442)  (16,669)  (10,718)   (5,991)   (40,896)   (21,696)
    Total
     operating
     expenses      (3,968)  (27,085)  (17,354)   (9,936)   (67,824)   (43,379)
    Operating
     income         3,676    25,093    24,880    10,590     72,292     58,615
    Other income/
     (expense), net
    Interest
     income           336     2,292       882       739      5,047      2,793
    Interest
     expense         (102)     (695)       --      (265)    (1,812)        --
    Exchange
     gain/(loss)        6        39      (107)       88        602       (188)
    Write-off of
     deferred
     offering and
     reverse
     recapital-
     ization costs     --        --       215    (3,159)   (21,566)    (9,473)
    Impairment
     loss on
     available-
     for-sale
     equity
     securities        --        --    (9,828)       --         --    (37,426)
    Others             (8)      (51)    1,809        48        326        663

    Total other
     income/
     (expense), net   232     1,585    (7,029)   (2,549)   (17,403)   (43,631)

    Income before
     income tax     3,908    26,678    17,851     8,041     54,889     14,984
    Income tax
     expense         (795)   (5,431)   (4,012)   (2,574)   (17,572)   (11,810)

    Net income      3,113    21,247    13,839     5,467     37,317      3,174
    Income attri-
     butable to
     redeemable
     noncontrolling
     interests         --        --        --       (51)      (347)        --
    Income attri-
     butable to
     noncontrolling
     interests       (183)   (1,246)   (1,003)     (575)    (3,922)    (2,598)

    Net income
     attributable to
     China Cord Blood
     Corporation
     shareholders   2,930    20,001    12,836     4,841     33,048        576

    Net income/
     (loss) per
      share:
    Attributable
     to ordinary
     shares
      -Basic         0.05      0.31      0.11      0.06       0.44      (0.32)
      -Diluted       0.04      0.29      0.11      0.06       0.42      (0.32)

    Attributable
     to redeemable
     ordinary
     shares
      -Basic          N/A      N/A       0.54      0.24       1.65       0.98
      -Diluted        N/A      N/A       0.54      0.24       1.62       0.98



    Exhibit 3

    CHINA CORD BLOOD CORPORATION
    Reconciliations of non-GAAP results of operations measures to the nearest
     comparable GAAP measures

                       Three     Three    Three     Nine      Nine      Nine
                      months    months   months   months    months    months
                       Ended     Ended    Ended    Ended     Ended     Ended
                      Dec 31,   Dec 31,  Dec 31,  Dec 31,   Dec 31,   Dec 31,
                       2009      2009     2008      2009     2009      2008
                        US$       RMB      RMB      US$       RMB       RMB
                      ('000)    ('000)   ('000)    ('000)   ('000)    ('000)

    GAAP Operating
     Income            3,676    25,093   24,880   10,590    72,292    58,615
    Depreciation         608     4,149    2,239    1,930    13,176     5,107
    Amortization          36       243      243      107       728       728
    Earnings before
     interest, tax,
     depreciation
     and amortization  4,320    29,485   27,362   12,627    86,196    64,450
     ("Non-GAAP
     EBITDA")



    Exhibit 4
    CHINA CORD BLOOD CORPORATION
    Reconciliations of non-GAAP EPS to the nearest comparable GAAP measures

                                        3 Months 3 Months  9 Months 9 Months
                                           Ended    Ended     Ended    Ended
                                          Dec 09   Dec 08    Dec 09   Dec 08

    NUMERATOR ('RMB'000)
    GAAP net income attributable to
     China Cord Blood Corporation
     shareholders                         20,001   12,836    33,048      576
    Pro forma adjustments
      Income attributable to redeemable
       noncontrolling interest                --       --       347       --
      Write-off of deferred reverse
       recapitalization costs                 --       --    21,566       --

    Non-GAAP net income attributable
     to shareholders                      20,001   12,836    54,961      576

    DENOMINATOR ('000 shares)
    Weighted average ordinary shares
     issued and outstanding               64,377   43,237    56,252   43,237
    Add:
      Issue of ordinary shares upon
       share exchange with ordinary
       shareholders of China Cord
       Blood Services Corporation
       In June 2009                           --   12,476     4,159   12,476
    Add:
      Issue of ordinary shares for
       redeemable share exchange
       in Aug 2009                            --    3,506     1,719    3,506

    Pro forma weighted average
     ordinary shares issued and
      outstanding                         64,377   59,219    62,130   59,219

    Non-GAAP basic earnings attributable
     to shareholders (RMB)                  0.31     0.22      0.88     0.01

    Non-GAAP basic earnings attributable
     to shareholders (US$)                  0.05     0.03      0.13     0.00

SOURCE China Cord Blood Corporation

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