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China Cord Blood Corporation Reports Financial Results for the Third Quarter and First Nine Months of Fiscal 2013
Date:2/26/2013

ijing, Guangdong and Zhejiang markets and efforts to educate more people about the benefits of cord blood banking services.  During the period, sales and marketing expenses were managed to maintain a level of approximately 16.6% of revenues in the third quarter of fiscal 2013, down from 17.9% in the prior year period.

General and Administrative Expenses.  General and administrative expenses were RMB27.0 million ($4.3 million), compared to RMB22.7 million in the prior year period, mainly due to an increase in staff-related costs and transaction costs related to the recent corporate restructuring. The increase in general administrative expenses is consistent with management expectations.

OTHER INCOME AND EXPENSES

Interest Expense.  Interest expense increased to RMB23.8 million ($3.8 million) from RMB0.7 million in the prior year period.  The increase was largely attributable to the convertible notes issued to KKR China Healthcare Investment Limited ("KKR") and Golden Meditech Holdings Limited ("Golden Meditech").  In the third quarter of fiscal 2013, interest expense related to the convertible notes annual coupon interest payment amounted to RMB12.7 million ($2.0 million) and the amortization of other related costs amounted to RMB10.0 million ($1.6 million).

NET INCOME ATTRIBUTABLE TO THE COMPANY.  Income before income tax for the third quarter grew by a lesser extent of 29.7% because of the higher interest expense and the lack of exchange gain recorded in the comparable prior third quarter.  The Company recorded an exchange gain of RMB3.5 million during the third quarter of fiscal 2012 versus an exchange loss of RMB1.0 million ($0.2 million) during the third quarter of fiscal 2013, but the impact was partially offset by the dividend income of RMB2.3 million ($0.4 million) contributed by Cordlife Group Limited recorded in the current
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SOURCE China Cord Blood Corporation
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