Concord Medical Reports Fourth Quarter and Full Year 2014 Financial Results

Loading...
Loading...

-- Meets Full Year 2014 Earnings per ADS Guidance --

BEIJING, March 23, 2015 /PRNewswire/ -- Concord Medical Services Holdings Limited ("Concord Medical" or the "Company") CCM, a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China, today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2014[1] . Please note that all reported financial results exclude the financial contribution from Chang'an Hospital.

Fourth Quarter Highlights

  • Total net revenues from the network business were RMB160.3 million ($25.8 million) in the fourth quarter of 2014, an 8.3% decrease from RMB174.8 million in the fourth quarter of 2013.
  • Gross profit was RMB86.9 million ($14.0 million), representing a 26.6% decrease from RMB118.4 million in the fourth quarter of 2013.
  • Net income attributable to ordinary shareholders for the fourth quarter of 2014 increased 154.1% to RMB28.1 million ($4.5 million), compared to RMB11.1 million for the fourth quarter of 2013. Both basic and diluted earnings per American Depositary Share ("ADS")[2] for the fourth quarter of 2014 were RMB0.64 ($0.10).
  • Non-GAAP net income for the fourth quarter of 2014 increased 133.0% to RMB33.1 million ($5.3 million), compared to RMB14.2 million for the fourth quarter of 2013. Both non-GAAP basic and diluted earnings per ADS in the fourth quarter of 2014 were RMB0.74($0.12)
  • Adjusted EBITDA[3] (non-GAAP) was RMB101.7 million ($16.4 million) for the fourth quarter of 2014, representing a 14.0% increase from the fourth quarter of 2013.

Full Year 2014 Highlights

  • Total net revenues for the full year 2014 were RMB606.9 million ($97.8million), a 7.8% increase from 2013.
  • Gross profit for the full year 2014 was RMB332.3 million ($53.6 million), a 3.8% decrease from 2013.
  • Net income attributable to ordinary shareholders for the full year 2014 increased 44.5% to RMB124.7 million ($20.1 million) compared to RMB86.3 million for the full year 2013. Basic and diluted earnings per ADS for the full year 2014 were RMB2.77 ($0.45) and RMB2.76 ($0.45), respectively.
  • Non-GAAP net income for the full year of 2014 increased 18.6% to RMB114.0 million ($18.4 million), compared to RMB95.3 million for the full year of 2013. Non-GAAP basic and diluted earnings per ADS in 2014 were RMB2.54 ($0.41) and RMB2.53 ($0.41), respectively.
  • Adjusted EBITDA(non-GAAP) was RMB348.6 million($56.2) in 2014, representing a 9.3% increase from 2013.
  • The number of treatment and diagnostic patient cases was 29,791 and 323,757 for the full year 2014, respectively, representing a 6.5% decrease and 2.0% increase from 2013, respectively.

Dr. Jianyu Yang, Chairman and Chief Executive Officer of Concord Medical, commented, "We are pleased to have met our full year earnings per ADS guidance and completed 2014 with strong financial results and significant operational accomplishments. Our performance was augmented by rising rates of cancer incidence and increased healthcare spending levels in China and from our internal efforts to improve operational efficiency and cost controls."

"In December 2014, after careful analysis, we fully divested Chang'an Hospital and CCICC from our group to focus on our core strategy of building a nationwide network of diagnosis and treatment centers and specialized cancer hospitals. The transaction was closed on the end of the year, providing Concord Medical with proceeds of approximately $64.8 million, which we are using to fund the construction of our current projects and to improve our financial position."

Dr. Yang concluded, "Looking ahead, we expect 2015 to be another year of important accomplishments for Concord Medical. We expect to open our first specialized cancer hospital in Datong in the first half of 2015. This will be a state-of-the-art oncology facility once complete. We also expect our hospitals in Guangzhou and Shanghai to also break ground in 2015."

2014 Fourth Quarter Financial Results

Total net revenues from the network business were RMB160.3 million ($25.8 million), an 8.3% decrease from RMB174.8 million in the fourth quarter of 2013, primarily due to decreased treatment and diagnostic patient cases as a result of the closure of two centers due to contract expiration. As of December 31, 2014, the Company operated a network of 139 centers in 56 cities in China and had entered into agreements to establish 3 additional centers.

Cost of revenue was RMB73.3 million ($11.8 million), a 30.1% increase from RMB56.3 million in the fourth quarter of 2013, mainly due to the increased network depreciation expenses from new centers.

Gross profit was RMB86.9 million ($14.0 million), representing a 26.6% decrease from RMB118.4 million in the fourth quarter of 2013. The gross profit margin for the fourth quarter of 2014 was 54.3%, compared to 67.8% for the fourth quarter of 2013.

Selling expenses were RMB25.2 million ($4.1 million), representing a 33.5% decrease from RMB37.9 million in the fourth quarter of 2013. Selling expenses as a percentage of total net revenues decreased to 15.7% in the fourth quarter of 2014 from 21.7% in the fourth quarter of 2013. The decrease was mainly due to decreased advertising expenses.

General and administrative expenses were RMB12.9 million ($2.1 million), representing a 52.7% decrease from RMB27.2 million in the fourth quarter of 2013. General and administrative expenses as a percentage of total net revenues was 8.0% in the fourth quarter of 2014, compared to 15.6% in the fourth quarter of 2013. The decrease was mainly due to decreased office expenses, consulting expenses and bank expenses.

Operating income was RMB48.8 million ($7.9 million) for the fourth quarter of 2014, compared to RMB53.3 million in the fourth quarter of 2013.

Income tax expense was RMB40.8 million ($6.6 million) for the fourth quarter of 2014, compared to RMB30.7 million in the fourth quarter of 2013. The effective tax rate for the fourth quarter of 2014 was 85.8%. The increase was mainly related to the withholding taxes relating to the company's oversea investment and tax expenses of Chang'an Hospital.

Net income from discontinued operations was RMB21.9 million ($3.5 million) for the fourth quarter of 2014 attributable to income generated from Chang'an Hospital.

Net income attributable to ordinary shareholders was RMB28.1 million ($4.5 million) for the fourth quarter of 2014, compared to RMB11.1 million in the fourth quarter of 2013. The net profit margin in the fourth quarter of 2014 was 17.6%, compared to 6.3% in the fourth quarter of 2013.

Non-GAAP net income for the fourth quarter of 2014 was RMB33.1 million ($5.3 million), compared to RMB14.2 million for the fourth quarter of 2013. Both non-GAAP basic and diluted earnings per ADS in the fourth quarter of 2014 were RMB0.74 ($0.12)

Both basic and diluted earnings per ADS for the fourth quarter of 2014 were RMB0.64 ($0.10).. Each ADS represents three ordinary shares.

Adjusted EBITDA (non-GAAP) was RMB101.7 million ($16.4million) for the fourth quarter of 2014, representing a 14.0% increase from the fourth quarter of 2013.

During the fourth quarter of 2014, the Company handled 6,815 patient treatment cases and 74,986 patient diagnostic cases, representing a 16.2% decrease and 8.8% decrease from the fourth quarter of 2013 mainly due to the closure of two centers during the quarter.

Fiscal 2014 Full Year Results

Total net revenues in 2014 were RMB606.9 million ($97.8 million), representing a 7.8% increase from RMB563.1 million in 2013, mainly due to the increased revenue contributions from diagnostic equipment patients.

Cost of revenues in 2014 was RMB274.6 million ($44.3 million), representing a 26.1% increase from RMB217.7 million in 2013, mainly due to the increased network depreciation expenses from the new centers.

Gross profit in 2014 was RMB332.3 million ($53.6 million), representing a 3.8% decrease from RMB345.5 million in 2013.

Gross profit margin in 2014 was 54.8%, compared to 61.3% in 2013.

Selling expenses in 2014 were RMB95.1 million ($15.3 million), representing a 9.1% decrease from RMB104.7 million in 2013. Selling expenses as a percentage of total net revenues decreased to 15.7% in 2014 from 18.6% in 2013. The decrease was mainly due to decreased advertising, reception, entertainment and conference expenses.

General and administrative expenses in 2014 were RMB53.6 million ($8.6 million), representing a 36.6% decrease from RMB84.5 million in 2013. General and administrative expenses as a percentage of total net revenues was 8.8% in 2014, compared to 15.0% in 2013. The decrease was primarily related to the collection of bad debt and decreased office expenses.

Operating income in 2014 was RMB183.6 million ($29.6 million), a 17.5% increase from RMB156.3 million in 2013.

Income tax expense in 2014 was RMB80.9 million ($13.0 million), compared to RMB63.8 million in 2013. The effective tax rate in 2014 was 46.0%.

Net income from discontinued operations in 2014 was RMB29.8 million ($4.8 million) attributable to income generated from Chang'an Hospital.

Net income attributable to ordinary shareholders in 2014 was RMB124.7 million ($20.1 million), a 44.5% increase from RMB86.3 million in 2013. The net profit margin in 2014 was 15.6%, compared to 14.3% in 2013.

Non-GAAP net income for the full year of 2014 was RMB114.0 million ($18.4 million), compared to RMB95.3 million for the full year of 2013. Non-GAAP basic and diluted earnings per ADS in 2014 were RMB2.54 ($0.41) and RMB2.53 (0.41), respectively.

Basic and diluted earnings per ADS in 2014 were RMB2.77 ($0.45) and RMB2.76 ($0.45), respectively.

Adjusted EBITDA (non-GAAP) was RMB348.6 million ($56.2 million) in 2014, representing an 9.3% increase from RMB318.9 million in 2013.

Share-based compensation expenses, which were allocated to related operating expense items, were RMB7.3 million ($1.2 million) in 2014, compared to RMB8.8 million in 2013.

Capital expenditures were RMB107.8 million ($17.4 million) in 2014, compared to RMB159.8 million in 2013.

As of December 31, 2014, the Company had cash and cash equivalents of RMB478.7 million ($77.2 million) and restricted cash of RMB392.3 million ($63.2 million), compared to RMB283.0 million and RMB422.1 million, respectively, as of December 31, 2013.

Accounts receivable was RMB265.0 million ($42.7 million) as of December 31, 2014, compared to RMB272.3 million as of December 31, 2013. The average period of sales outstanding for accounts receivable (also known as Days Sales Outstanding) was 159 days in 2014.

As of December 31, 2014, the Company had bank credit lines totaling RMB2.8 billion (US$456.3 million), of which RMB943.6 million ($152.1 million) were utilized.

Total property, plant & equipment net valued at RMB749.7 million ($120.8 million), compared to RMB1, 492.6 million as of December 31, 2013.

Recent Development

On Dec. 16, 2014, Concord Medical Services Holdings Limited announced that the Company has, through its subsidiaries, entered into a definitive agreement to sell 52% equity interest in Chang'an Hospital to the owner of the 48% equity, for a total consideration of RMB398 million (US$64.8 million, or $1=RMB 6.1376). The consideration also includes the sale of ownership interests in Chang'An CMS International Cancer Center ("CCICC"), a specialized cancer diagnosis and treatment center established between Concord Medical and Chang'an Hospital in July 2010. This 100% cash transaction has been approved by the boards of directors of both parties. The transaction was closed on Dec. 31, 2014 and the financial result of Chang'an Hospital for Q4 and the full year of 2014 was included under the discontinued operations.

Notes:

[1] This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.2046 to US$1.00, the effective noon buying rate as of December 31, 2014 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.

[2] Each ADS represents three ordinary shares of the Company.

[3] Definition of adjusted EBITDA: Adjusted EBITDA is defined as net income plus interest, taxes, depreciation and amortization, share-based compensation expenses, and other adjustments. Other adjustments include foreign exchange gain (loss), loss from disposal of property, plant and equipment and other income or expense.

Conference Call Information

Concord Medical's management will hold an earnings conference call at 8:00 a.m. Eastern Time on March 24, 2015 (8:00 p.m. Beijing/Hong Kong time on March 24, 2015).

Dial-in details for the earnings conference call are as follows:

U.S. Toll Free:

1 866 519 4004

International:

65 67239381

U.K. Toll Free:

08082346646

Hong Kong Toll Free:

800-906-601

China Local:

400-620-8038 / 800-819-0121

Passcode:

CCM

A replay of the conference call may be accessed by phone at the following numbers for 7 days:

U.S. Toll Free:

1 855 452 5696

International:

6 12 8199 0299

Conference ID:

5641903

Additionally, a live and archived webcast of this conference call will be available at http://ir.concordmedical.com/.

About Concord Medical

Concord Medical Services Holdings Limited is a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China. As of December 31, 2014, the Company operated a network of 139 centers with 80 hospital partners that spanned 56 cities and 25 provinces and administrative regions in China. Under long-term arrangements with top-tier hospitals in China, The Company provides radiotherapy and diagnostic imaging equipment and manages the daily operations of these centers, which are located on the premises of its hospital partners. The Company also provides ongoing training to doctors and other medical professionals in its network of centers to ensure a high level of clinical care for patients. For more information, please see http://ir.concordmedical.com.

Safe Harbor Statement

This news release may contain "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions. These forward looking statements are based upon management's current views and expectations with respect to future events and are not a guarantee of future performance. Furthermore, these statements are by their nature, subject to a number of risks and uncertainties that could cause actual performance and results to differ materially from those discussed in the forward-looking statements as a result of a number of factors. Such factors include: the number of new radiotherapy and diagnostic imaging centers opened; the increase in the number of patients in existing centers; the establishment of specialty cancer hospitals; changes in the healthcare industry in China, including changes in the healthcare policies and regulations of the PRC government; technological or therapeutic changes affecting the field of cancer treatment and diagnostic imaging; and possible effects on consumers and hospitals, hospital construction, and suppliers, as a result of inflation and the Chinese government's policies and actions to control inflation. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. The Company does not assume any obligation to update any forward-looking statement, except as required by law.

About Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Concord Medical uses certain non-GAAP measures. The Company presents certain of its financial information that is adjusted from results based on GAAP to exclude the impact of share-based compensation expense and changes in fair value of derivatives. The Company believes excluding share-based compensation expense and changes in fair value of derivatives from its 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 current cash earnings. Concord Medical also believes these non-GAAP measures excluding share-based compensation expense and changes in fair value of derivatives 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. In addition, Concord Medical also presents the non-GAAP measure of Adjusted EBITDA, which is defined in this announcement as net income plus interest, taxes, depreciation and amortization, and share-based compensation expenses. Other adjustments include foreign exchange gain (loss), loss from disposal of property, plant and equipment and other income or expense. Furthermore, Adjusted EBITDA eliminates the impact of items that the Company does not consider to be indicative of the performance of the network business and hospital business. The Company believes investors will similarly use Adjusted EBITDA as one of the key metrics to evaluate its financial performance and to compare its current operating results with corresponding historical periods and with other companies in the healthcare services industry. 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 information.

For more information, please contact:

Concord Medical Services

Mr. Adam J. Sun (Chinese and English)
+86 10 5957 5266
adam.sun@concordmedical.com

Mr. Ting Jia (Chinese and English)
+86 10 5957 5270
ting.jia@concordmedical.com

Ms. Fang Liu (Chinese and English)
+86 10 5903 6688 (ext. 639)
fang.liu@concordmedical.com

ICR Inc.

In China:
Ms. Rene Jiang
+86 10 6583-7521
rene.jiang@icrinc.com

In the United States:
Mr. William Zima
+1 203-682-8233
William.Zima@icrinc.com

 


Concord Medical Services Holdings Co., Ltd.
Consolidated Balance Sheets

(in thousands)






December 31, 2013 (*)


December 31, 2014


RMB


RMB


US$


(Audited)


(Unaudited)


(Unaudited)

ASSETS






Current assets






Cash

283,033


478,682


77,150

Restricted cash, current portion

422,140


392,328


63,232

Accounts receivable

313,909


265,010


42,712

Inventories

19,717


2,986


481

Prepayments and other current assets

111,480


177,267


28,570

Amount due from related parties

10,265


-


-

Net investments in direct financing leases, current portion

128,814


143,853


23,185

Deferred tax assets, current portion

10,652


3,556


573

Total current assets

1,300,010


1,463,682


235,903







Non-current assets






Property, plant and equipment, net

1,492,573


749,683


120,827

Goodwill

292,885


-


-

Intangible assets, net

116,843


61,243


9,871

Deposits for non-current assets

76,669


101,166


16,305

Net investments in direct financing leases, non-current portion

199,467


130,934


21,103

Deferred tax assets, non-current portion

17,721


17,183


2,769

Equity method investments

217,413


221,180


35,648

Other non-current assets

86,847


52,892


8,525

Prepaid land lease payments

140,201


51,529


8,305

Restricted cash,non-current portion

-


109,840


17,703

Indemnification assets

59,518


-


-

Loan to a noncontrolling shareholder of a subsidiary  

93,410


-


-

Total non-current assets

2,793,547


1,495,650


241,056







Total assets

4,093,557


2,959,332


476,959













LIABILITIES AND EQUITY






Current liabilities






Short-term bank borrowings

487,964


322,128


51,918

Long-term bank borrowings, current portion

273,310


246,233


39,686

Accounts payable

149,209


1,064


171

Accrual for purchase of property, plant and equipment

49,741


11,784


1,899

Accrued expenses and other liabilities

146,489


130,193


20,983

Income tax payable

48,201


56,151


9,050

Deferred revenue, current portion

15,668


1,038


167

Amount due to related parties, current portion

3,217


-


-

Deferred tax liability, current portion

860


1,228


198

Total current liabilities

1,174,659


769,819


124,072







Non-current liabilities






Long-term bank borrowings, non-current portion

324,974


335,479


54,069

Deferred tax liabilities, non-current portion

32,891


50,227


8,095

Accrued unrecognized tax benefits and surcharges, non-current portion

67,719


-


-

Amount due to related parties, non-current portion

26,828


-


-

Other long-term liabilities

32,769


3,749


604

Total non-current liabilities

485,181


389,455


62,768







Total liabilities

1,659,840


1,159,274


186,840







Commitments and contingencies












EQUITY






Ordinary shares

105


105


17

Treasuary stock

(5)


(5)


(1)

Additional paid-in capital

2,520,338


2,074,125


334,288

Accumulated other comprehensive loss

(15,283)


(18,651)


(3,006)

Accumulated deficit

(383,162)


(258,025)


(41,583)

Total Concord Medical Services Holdings Limited shareholders' equity

2,121,993


1,797,549


289,715

Non-controlling interests

311,724


2,509


404







Total equity

2,433,717


1,800,058


290,119







Total liabilities and equity

4,093,557


2,959,332


476,959







(*) Amounts for the year ended December 31, 2013 were derived from the December 31, 2013 audited consolidated financial statements.

 

 

Concord Medical Services Holdings Limited

Consolidated Statements of Income

(in thousands, except per ADS data)


For The Three Months Ended


For The Twelve Months Ended


December 31, 2013 (*)


December 31, 2014


December 31, 2013 (*)


December 31, 2014


RMB


RMB


US$


RMB


RMB


US$

Revenues, net of business tax, value-added tax and related surcharges



(Unaudited)


(Unaudited)




(Unaudited)


(Unaudited)

Network

174,771


160,251


25,828


563,124


606,883


97,813

Total net revenues

174,771


160,251


25,828


563,124


606,883


97,813













Cost of revenues












Network

(56,331)


(73,313)


(11,816)


(217,655)


(274,562)


(44,251)

Total cost of revenues

(56,331)


(73,313)


(11,816)


(217,655)


(274,562)


(44,251)













Gross profit

118,440


86,938


14,012


345,469


332,321


53,562













Operating expenses












Selling expenses

(37,906)


(25,220)


(4,065)


(104,667)


(95,096)


(15,327)

General and administrative expenses

(27,191)


(12,871)


(2,074)


(84,506)


(53,576)


(8,635)













Operating income

53,343


48,847


7,873


156,296


183,649


29,600

Interest expenses

(13,682)


(21,917)


(3,532)


(36,884)


(53,470)


(8,618)

Foreign exchange (loss) gain

(296)


9,511


1,533


784


9,585


1,545

(Loss on) disposal of property, plant and equipment

(254)


(4,894)


(789)


(1,235)


(3,955)


(637)

Interest income

1,719


6,615


1,066


9,828


21,208


3,418

Changes in fair value of derivatives

-


6,585


1,061


-


2,605


420

Equity pick up of equity investee

159


2,643


426


13,470


13,911


2,242

Other income

1,766


114


18


2,010


2,113


341













Income from continuing operations before income tax

42,755


47,504


7,656


144,269


175,646


28,311

Income tax expenses

(30,708)


(40,796)


(6,575)


(63,838)


(80,850)


(13,031)

Net income from continuing operations

12,047


6,708


1,081


80,431


94,796


15,280

























Net (loss) income from discontinued operations

(1,491)


21,935


3,535


4,547


29,767


4,798


Net income

10,556


28,643


4,616


84,978


124,563


20,078













Net (loss) income attributable to non-controlling interests

(518)


495


80


(1,322)


(146)


(24)













Net income attributable to ordinary shareholders

11,074


28,148


4,536


86,300


124,709


20,102













Earnings per ADS












Net profit from continuing operations

0.27


0.15


0.02


1.79


2.11


0.34

Net (loss) profit from discontinued operations

(0.03)


0.49


0.08


0.10


0.66


0.11

Basic

0.24


0.64


0.10


1.89


2.77


0.45

Net profit from continuing operations

0.27


0.15


0.02


1.79


2.10


0.34

Net (loss) profit from discontinued operations

(0.03)


0.49


0.08


0.10


0.66


0.11

Diluted

0.24


0.64


0.10


1.89


2.76


0.45













Weighted average number of ADS outstanding:












Basic

44,945,433


44,945,433


44,945,433


44,945,433


44,945,433


44,945,433

Diluted

44,945,433


45,064,240


45,064,240


44,945,433


45,060,214


45,060,214













Other comprehensive income (loss), net of tax












Foreign currency translation

1,523


(6,477)


(1,044)


1,672


(3,368)


(543)

Total other comprehensive income (loss), net of tax

1,523


(6,477)


(1,044)


1,672


(3,368)


(543)

Comprehensive income

12,079


22,166


3,572


86,650


121,195


19,533

Comprehensive (loss) income attributable to noncontrolling interests

(518)


495


80


(1,322)


(146)


(24)

Comprehensive income attributable to Concord Medical Services Holdings Limited's shareholders

12,597


21,671


3,492


87,972


121,341


19,557













(*) For comparative purposes, the result of operations of the disposed component in prior periods are also reflected in discontinued operations.






 

 

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*) (in RMB thousands, unaudited)


























For the three months ended December 31, 2013


For the three months ended December 31, 2014


Twelve months ended December 31, 2013


Twelve months ended December 31, 2014


GAAP
Measure


Adjustment


Non-GAAP
Measure


GAAP
Measure


Adjustment


Non-GAAP
Measure


GAAP Measure


Adjustment


Non-GAAP
Measure


GAAP Measure


Adjustment


Non-GAAP
Measure

Operating income

53,343


3,651


56,994


48,847


4,458


53,305


156,296


10,337


166,633


183,649


(10,558)


173,091

Net income

10,556


3,651


14,207


28,643


4,458


33,101


84,978


10,337


95,315


124,563


(10,558)


114,005

Basic earnings per ADS

0.24


0.08


0.32


0.64


0.10


0.74


1.89


0.23


2.12


2.77


(0.23)


2.54

Diluted earnings per ADS

0.24


0.08


0.32


0.64


0.10


0.74


1.89


0.23


2.12


2.76


(0.23)


2.53

























(*) The adjustment is share-based compensation and bad debt provision

 

 

Reconciliation from net income to adjusted EBITDA(*) (in RMB thousands, unaudited)


















For the three months ended


For the three months ended


Twelve months ended


Twelve months ended


December 31, 2013


December 31, 2014


December 31, 2013


December 31, 2014

Net income from continuing operations

12,047


6,708


80,431


94,796

Interest expenses, net

11,963


15,302


27,056


32,262

Income tax expenses

30,708


40,796


63,838


80,850

Depreciation and amortization

35,357


29,686


135,668


143,545

Share-based compensation

2,118


2,439


8,804


7,349

Bad debt provision

1,533


2,019


1,533


(17,907)

Other adjustments

1,216


4,731


1,559


7,743









Adjusted EBITDA

94,942


101,681


318,889


348,638









(*) Definition of adjusted EBITDA: Adjusted EBITDA is defined as net income plus interest, taxes, depreciation and amortization, share-based compensation expenses, bad debt provision, and other adjustments. Other adjustments include foreign exchange loss, gain/(loss) from disposed of PPE and other income or expense.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/concord-medical-reports-fourth-quarter-and-full-year-2014-financial-results-300054358.html

SOURCE Concord Medical Services Holdings Limited

Loading...
Loading...
Posted In: Press Releases
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...