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China Nepstar Chain Drugstore Reports Fourth Quarter and Fiscal Year 2012 Financial Results
Date:3/28/2013

fourth quarter of 2012. The Company had 40% of equity interests in JZJ. On December 28th, the Company completed the sales of its 40% equity interests in JZJ to Yunnan Jianzhijia Holding Co., Ltd. ("JZJ Holding") for a total cash consideration of RMB 81.48 million. A gain of RMB68.4 million (US$11.0 million) was recognized in income upon completion of the sales. 

The Company's effective tax rate was 23.9% for the fourth quarter, compared to 25.6% for the same period in 2011.

Net income in the fourth quarter of 2012 was RMB78.8 million (US$12.6 million), which represented RMB0.80 (US$0.13) basic and diluted earnings per American depositary share ("ADS"). This compares to net income of RMB17.7 million, which represented RMB0.17 basic and diluted earnings per ADS in the same period of 2011.

In the fourth quarter of 2012, net cash-flows from operating activities was RMB21.4 million (US$3.5 million) compared to net cash outflow of RMB30.4 million in the fourth quarter of 2011.

Fiscal Year 2012 Financial ResultsIn fiscal year 2012, the Company opened 56 new stores and closed 319 stores. As of December 31, 2012, Nepstar had a total of 2,132 stores in operation.

Total revenue for 2012 increased to RMB2,549.9 million (US$409.3 million) from RMB2,491.3 million for 2011. Same store sales (for 2,009 stores opened before December 31, 2010) for 2012 increased by 9.1% compared to 2011. The increase in revenue and same store sales was driven by constant optimization of the merchandise portfolio through diversification into non-pharmaceutical categories and the closure of underperforming stores and also the management efforts in promotion.

In 2012, revenue contribution from prescription drugs was 20.4%, OTC drugs was 39.1%, nutritional supplements was 15.7%, traditional Chinese herbal products was 3.9% and convenience and other products wa
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SOURCE China Nepstar Chain Drugstore Ltd.
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