51job, Inc. Reports Second Quarter 2015 Financial Results

Aug 10, 2015, 16:10 ET from 51job, Inc.

SHANGHAI, Aug. 10, 2015 /PRNewswire/ -- 51job, Inc. (Nasdaq: JOBS) ("51job" or the "Company"), a leading provider of integrated human resource services in China, announced today its unaudited financial results for the second quarter of 2015 ended June 30, 2015.

Second Quarter 2015 Highlights:

  • Total revenues increased 11.0% over Q2 2014 to RMB508.0 million (US$81.9 million), exceeding the Company's guidance range
  • Online recruitment services revenues increased 7.6% over Q2 2014 to RMB335.7 million (US$54.1 million), which reflected the impact of a 6% value-added tax ("VAT") policy change effective June 1, 2014
  • Other HR services increased 19.5% over Q2 2014 to RMB171.1 million (US$27.6 million)
  • Gross margin of 72.8% compared with 73.9% in Q2 2014
  • Income from operations was RMB122.4 million (US$19.7 million)
  • Fully diluted earnings per share were RMB2.33 (US$0.38)
  • Excluding share-based compensation expense, gain from foreign currency translation and change in fair value of convertible notes, as well as the related tax effect of these items, non-GAAP adjusted fully diluted earnings per share were RMB3.04 (US$0.49), exceeding the Company's guidance range
  • Closed the acquisition of Yingjiesheng.com

Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, said, "While we navigate through this period of softer recruitment demand in 2015, we are pleased that our value-added HR services maintained its solid growth momentum through strengthened sales efforts to generate high quality revenues from our core customer base in the second quarter.  We also made significant progress in executing our long-term, multi-product strategic blueprint with the completed acquisition of a campus recruitment website, investments in other HR services providers and the ongoing development of our new high-end recruitment site.  As we position 51job for the future, we stay continuously focused on value creation for all stakeholders: to connect our job seekers with the best and most relevant opportunities, to deliver tangible, successful results for our employers and to enhance profitable returns for our shareholders."

Second Quarter 2015 Unaudited Financial Results

Total revenues for the second quarter ended June 30, 2015 were RMB508.0 million (US$81.9 million), an increase of 11.0% from RMB457.5 million for the same quarter in 2014.

Online recruitment services revenues for the second quarter of 2015 were RMB335.7 million (US$54.1 million), representing a 7.6% increase from RMB312.0 million for the same quarter of the prior year.  The growth was principally due to an increase in the number of unique employers and greater usage of online recruitment services, which was partially offset by the implementation of a 6% VAT policy change effective June 1, 2014 that reduced revenues recorded.  Unique employers increased 7.3% to 300,681 in the second quarter of 2015 compared with 280,203 in the same quarter of the prior year driven by new customer additions.  Average revenue per unique employer increased 0.3% in the second quarter of 2015 as compared with the same quarter in 2014 primarily due to the purchase of higher priced services by customers, which offset the effect of the VAT policy change.

Print advertising revenues for the second quarter of 2015 decreased 47.0% to RMB1.2 million (US$0.2 million) compared with RMB2.3 million for the same quarter in 2014.  The estimated number of print advertising pages generated in the second quarter of 2015 was 11 pages compared with 21 pages in the same quarter in 2014.  The Company currently operates a print publication in the city of Xian.

Other human resource related revenues for the second quarter of 2015 increased 19.5% to RMB171.1 million (US$27.6 million) from RMB143.2 million in the same quarter of 2014.  The increase was primarily due to greater customer adoption and usage of business process outsourcing and training services driven by improved sales efforts.

Gross profit for the second quarter of 2015 increased 11.2% to RMB362.2 million (US$58.4 million) from RMB325.8 million for the same quarter of the prior year.  Gross margin, which is gross profit as a percentage of net revenues, was 72.8% in the second quarter of 2015 compared with 73.9% in the same quarter in 2014.

Operating expenses for the second quarter of 2015 increased 17.9% to RMB239.7 million (US$38.7 million) from RMB203.4 million for the same quarter of 2014.  Sales and marketing expenses for the second quarter of 2015 increased 22.0% to RMB173.9 million (US$28.1 million) from RMB142.6 million for the same quarter of the prior year primarily due to greater advertising and promotion expenditures as well as headcount additions and higher employee compensation expenses.  General and administrative expenses for the second quarter of 2015 increased 8.2% to RMB65.8 million (US$10.6 million) from RMB60.8 million in the second quarter of 2014 primarily due to higher employee compensation expenses, including share-based compensation, which was partially offset by lower professional services fees in the second quarter of 2015.

Income from operations for the second quarter of 2015 was RMB122.4 million (US$19.7 million), which was substantially the same as the second quarter of 2014.  Operating margin, which is income from operations as a percentage of net revenues, was 24.6% in the second quarter of 2015 compared with 27.8% in the same quarter of 2014.  Excluding share-based compensation expense, operating margin would be 29.3% in the second quarter of 2015 compared with 31.9% in the same quarter of 2014.

In April 2014, the Company completed an offering of US$172.5 million in convertible senior notes.  In the second quarter of 2015, the Company recognized a mark-to-market, non-cash loss of RMB25.9 million (US$4.2 million) associated with a change in the fair value of convertible notes compared with RMB28.9 million in the second quarter of 2014.

Other income in the second quarter of 2015 included local government financial subsidies of RMB45.4 million (US$7.3 million) compared with RMB32.6 million in the second quarter of 2014.  The effective tax rate in the second quarter of 2015 decreased to 19.3% compared with 36.0% in the second quarter of 2014, primarily due to non-taxable items, such as the change in fair value of convertible notes, which comprised a smaller portion of the income before income tax base in the second quarter of 2015 than in the comparable year-ago period.  The effective tax rate on non-GAAP results in the second quarter of 2015 was 15.2% compared with 15.0% in the second quarter of 2014.

Net income for the second quarter of 2015 was RMB137.0 million (US$22.1 million) compared with RMB52.0 million for the same quarter in 2014.  Fully diluted earnings per share for the second quarter of 2015 were RMB2.33 (US$0.38) compared with RMB0.86 for the same quarter in 2014.

In the second quarter of 2015, total share-based compensation expense was RMB23.2 million (US$3.7 million) compared with RMB18.3 million in the second quarter of 2014.  The Company also recognized a gain from foreign currency translation of RMB3.9 million (US$0.6 million) in the second quarter of 2015 compared with RMB5.3 million in the second quarter of 2014.

Excluding share-based compensation expense, gain from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items, non-GAAP adjusted net income for the second quarter of 2015 increased 9.9% to RMB182.2 million (US$29.4 million) compared with RMB165.8 million for the second quarter of 2014.  Non-GAAP adjusted fully diluted earnings per share were RMB3.04 (US$0.49) in the second quarter of 2015 compared with RMB2.75 in the second quarter of 2014.

Six Months 2015 Unaudited Financial Results

Total revenues for the six months ended June 30, 2015 were RMB966.1 million (US$155.8 million), an increase of 8.0% from RMB894.7 million for the same period in 2014.  Income from operations for the six months ended June 30, 2015 increased 1.5% to RMB245.9 million (US$39.7 million) from RMB242.2 million for the same period in 2014.

Net income for the six months ended June 30, 2015 was RMB310.3 million (US$50.0 million) compared with RMB170.4 million for the same period in 2014.  Fully diluted earnings per common share for the six months ended June 30, 2015 was RMB4.71 (US$0.76) compared with RMB2.81 for the same period in 2014.

Excluding share-based compensation expense, gain from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items, non-GAAP adjusted net income for the six months ended June 30, 2015 increased 6.8% to RMB324.0 million (US$52.3 million) from RMB303.4 million for the six months ended June 30, 2014.  Non-GAAP adjusted fully diluted earnings per common share were RMB5.43 (US$0.88) for the six months ended June 30, 2015 compared with RMB5.01 in the same period in 2014.

As of June 30, 2015, cash and short-term investments totaled RMB4,617.8 million (US$744.8 million) compared with RMB4,494.7 million as of December 31, 2014.  Short-term investments consist of certificates of deposit with original maturities from three months to one year.

Completed Acquisition and Investments

In the second quarter of 2015, the Company closed the acquisition of Yingjiesheng.com ("YJS"), an established recruitment website with over 8 million registered users which is focused on college graduates and students in China.  Operating commercially since 2007 and based in Shanghai, YJS provides information on full-time, part-time and internship job opportunities, campus talks, corporate visits and recruitment fairs, as well as moderates online career advice and job seeker counseling forums.  The total consideration for 100% of the equity interests in YJS was RMB250.0 million (US$40.3 million), which was funded by the Company's existing cash resources. Beginning April 3, 2015, YJS has been fully consolidated into 51job's financial statements.

On June 23, 2015, the Company completed an investment for a 60% equity interest in Beijing Zhiding Youyuan Management Consulting Co., Ltd. ("Zhiding Youyuan") for a total of RMB18.7 million (US$3.0 million), which was funded by the Company's existing cash resources.  Founded in 2010, Zhiding Youyuan provides talent assessment services, including a system of in-house developed, proprietary psychometric tests, which help employers to identify ideal job candidates and better allocate talent resources in their organizations in China.

During the second quarter of 2015, the Company also made several small, noncontrolling strategic investments for an aggregate amount of RMB20.1 million (US$3.2 million), which was funded by the Company's existing cash resources.

Business Outlook

Based on current market conditions, the Company's total revenues target for the third quarter of 2015 is in the estimated range of RMB505 million to RMB525 million (US$81.5 million to US$84.7 million).  Excluding share-based compensation expense, any gain or loss from foreign currency translation, and any mark-to-market gain or loss associated with a change in fair value of convertible notes, as well as the related tax effect of these items, the Company's non-GAAP fully diluted earnings target for the third quarter of 2015 is in the estimated range of RMB2.25 to RMB2.45 (US$0.36 to US$0.40) per share.  The Company expects total share-based compensation expense in the third quarter of 2015 to be in the estimated range of RMB20 million to RMB21 million (US$3.2 million to US$3.4 million).

Other Company News

In connection with the Company's US$75 million share repurchase program, the Company repurchased 101,350 ADSs in the open market for an aggregate consideration of US$3.1 million, including transaction fees, in the second quarter of 2015.

Currency Convenience Translation

For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollars at the rate of RMB6.2000 to US$1.00, the noon buying rate on June 30, 2015 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

Conference Call Information

Management will hold a conference call at 9:00 p.m. Eastern Time on August 10, 2015 (9:00 a.m. Beijing / Hong Kong time zone on August 11, 2015) to discuss its second quarter 2015 financial results, operating performance and business outlook.  To dial in to the call, please use conference ID 9316313 and the following telephone numbers:

US:

+1-866-839-8029

Hong Kong:

+852-2598-7556

International:

+1-914-449-1588

The call will also be available live and on replay through 51job's investor relations website, http://ir.51job.com.  Please go to the website at least fifteen minutes early to register or install any necessary audio software.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), 51job uses non-GAAP financial measures of income before income tax expense, income tax expense, adjusted net income and adjusted earnings per share, which are adjusted from results based on GAAP to exclude share-based compensation expense, gain from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items.  The Company believes excluding share-based compensation expense and its related tax effect from its non-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 cash earnings.  The Company believes excluding gain from foreign currency translation and its related tax effect from its non-GAAP financial measures is useful for its management and investors as such translation gain is not indicative of the Company's core business operations and will not result in cash settlement nor impact the Company's cash earnings.  The Company believes excluding convertible senior notes issuance costs and its related tax effect from its non-GAAP financial measures is useful for its management and investors as such costs are one-time, non-recurring and not attributable to the underlying performance of the Company's business.  The Company believes excluding changes in fair value of convertible notes and zero-strike call options, as well as their related tax effect, from its non-GAAP financial measures is useful for its management and investors as such changes are not indicative of the Company's core business operations and will not result in cash settlement nor impact the Company's cash earnings.  51job also believes these non-GAAP financial measures excluding share-based compensation expense, gain from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items, 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.  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 statements.

About 51job

Founded in 1998, 51job is a leading provider of integrated human resource services in China.  With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development.  The Company's main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, and http://www.51jingying.com), as well as mobile applications, connect millions of people with employment opportunities every day.  51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, executive search and compensation analysis.  51job has a call center in Wuhan and a nationwide sales office network spanning 25 cities across China.

Safe Harbor Statement

Statements in this release regarding targets for the third quarter of 2015, future business and operating results constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995.  These statements are based upon management's current expectations, and actual results could differ materially.  Among the factors that could cause actual results to differ are the number of recruitment advertisements placed, sales orders received and customer contracts executed during the remaining weeks of the third quarter of 2015; any accounting adjustments that may occur during the quarterly close; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; behavioral and operational changes of customers in meeting their human resource needs as they respond to evolving social, economic, regulatory and political changes in China as well as stock market volatilities; introduction by its competitors of new or enhanced products or services; price competition in the market for the various human resource services that the Company provides in China; acceptance of new products and services developed or introduced by the Company outside of the human resources industry; any risks related to acquisitions or investments the Company has made or will make in the future; and fluctuations in general economic conditions.  For additional information on these and other factors that may affect the Company's financial results, please refer to the Company's filings with the Securities and Exchange Commission.  51job undertakes no obligation to update these targets prior to announcing final results for the third quarter of 2015 or as a result of new information, future events or otherwise.


 


51job, Inc.

Consolidated Statements of Operations and Comprehensive Income


For the Three Months Ended

(In thousands, except share and per share data)

June 30, 2014

(unaudited)

June 30, 2015

(unaudited)

June 30, 2015

(unaudited)


RMB

RMB

US$ (Note 1)





Revenues:




      Online recruitment services

312,021

335,683

54,142

      Print advertising

2,338

1,239

200

      Other human resource related revenues

143,165

171,078

27,593





Total revenues

457,524

508,000

81,935





Less: Business and related taxes

(16,478)

(10,586)

(1,707)





Net revenues

441,046

497,414

80,228





Cost of services (Note 2)

(115,234)

(135,238)

(21,813)





Gross profit

325,812

362,176

58,415





Operating expenses:




      Sales and marketing (Note 3)

(142,568)

(173,945)

(28,056)

      General and administrative (Note 4)

(60,805)

(65,789)

(10,610)





Total operating expenses

(203,373)

(239,734)

(38,666)





Income from operations

122,439

122,442

19,749

Gain from foreign currency translation

5,337

3,906

630

Interest and investment income, net

22,030

23,801

3,839

Convertible senior notes issuance costs

(47,210)

-

-

Change in fair value of convertible notes

(28,879)

(25,878)

(4,174)

Change in fair value of zero-strike call options

(24,874)

-

-

Other income, net

32,303

45,342

7,313





Income before income tax expense

81,146

169,613

27,357

Income tax expense

(29,189)

(32,660)

(5,268)





Net income

51,957

136,953

22,089





Other comprehensive income:




      Foreign currency translation adjustments

5

(64)

(10)





Comprehensive income

51,962

136,889

22,079





Earnings per share:




      Basic

0.88

2.36

0.38

      Diluted (Note 5)

0.86

2.33

0.38





Weighted average number of common shares outstanding:




      Basic

59,285,976

57,936,743

57,936,743

      Diluted

60,273,997

58,767,817

58,767,817


Notes:

1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2000 to US$1.00 on June 30, 2015 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

2. Includes share-based compensation expense of RMB2,935 and RMB3,723 (US$600) for the three months ended June 30, 2014 and 2015, respectively.

3. Includes share-based compensation expense of RMB2,523 and RMB3,201 (US$516) for the three months ended June 30, 2014 and 2015, respectively.

4. Includes share-based compensation expense of RMB12,862 and RMB16,316 (US$2,632) for the three months ended June 30, 2014 and 2015, respectively.

5. Diluted earnings per share is calculated in accordance with the "if converted" method. The potential conversion of the convertible senior notes was excluded in the computation of diluted earnings per share for the three months ended June 30, 2014 and 2015 because the effect would be anti-dilutive.

 

 

51job, Inc.

Consolidated Statements of Operations and Comprehensive Income


For the Six Months Ended

(In thousands, except share and per share data)

June 30, 2014

(unaudited)

June 30, 2015

(unaudited)

June 30, 2015

(unaudited)


RMB

RMB

US$ (Note 1)





Revenues:




      Online recruitment services

613,564

645,855

104,170

      Print advertising

10,776

3,611

582

      Other human resource related revenues

270,385

316,627

51,070





Total revenues

894,725

966,093

155,822





Less: Business and related tax

(34,149)

(22,319)

(3,600)





Net revenues

860,576

943,774

152,222





Cost of services (Note 2)

(222,049)

(252,335)

(40,699)





Gross profit

638,527

691,439

111,523





Operating expenses:




      Sales and marketing (Note 3)

(274,521)

(317,252)

(51,170)

      General and administrative (Note 4)

(121,796)

(128,318)

(20,696)





Total operating expenses

(396,317)

(445,570)

(71,866)





Income from operations

242,210

245,869

39,657

Gain from foreign currency translation

5,876

416

67

Interest and investment income, net

43,700

46,295

7,467

Convertible senior notes issuance costs

(47,210)

-

-

Change in fair value of convertible notes

(28,879)

30,860

4,977

Change in fair value of zero-strike call options

(24,874)

-

-

Other income, net

32,378

45,255

7,299





Income before income tax expense

223,201

368,695

59,467

Income tax expense

(52,765)

(58,415)

(9,422)





Net income

170,436

310,280

50,045





Other comprehensive income:




      Foreign currency translation adjustments

84

(5)

(1)





Comprehensive income

170,520

310,275

50,044





Earnings per share:




      Basic

2.88

5.37

0.87

      Diluted (Note 5)

2.81

4.71

0.76





Weighted average number of common shares outstanding:




      Basic

59,260,210

57,795,130

57,795,130

      Diluted

60,550,822

62,826,630

62,826,630

Notes:

1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2000 to US$1.00 on June 30, 2015 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

2. Includes share-based compensation expense of RMB6,090 and RMB7,203 (US$1,162) for the six months ended June 30, 2014 and 2015, respectively.

3. Includes share-based compensation expense of RMB5,235 and RMB6,193 (US$999) for the six months ended June 30, 2014 and 2015, respectively.

4. Includes share-based compensation expense of RMB26,687 and RMB31,565 (US$5,091) for the six months ended June 30, 2014 and 2015, respectively

5. Diluted earnings per share is calculated in accordance with the "if converted" method. This includes the add-back of interest expense of RMB17,180 (US$2,771), subtraction of change in fair value of convertible notes of RMB30,860 (US$4,977) and subtraction of foreign currency translation gain of RMB725 (US$117) related to the convertible senior notes to the numerator of net income and the addition of the maximum number of 4,035,672 potentially converted shares related to the convertible senior notes to the denominator of common shares for the six months ended June 30, 2015. The potential conversion of the convertible senior notes was excluded in the computation of diluted earnings per share for the six months ended June 30, 2014 because the effect would be anti-dilutive.

 

 


51job, Inc.

Reconciliation of GAAP and Non-GAAP Results


For the Three Months Ended

(In thousands, except share and per share data)

June 30, 2014
(unaudited)

June 30, 2015
(unaudited)

June 30, 2015
(unaudited)


RMB

RMB

USD (Note 1)





GAAP income before income tax expense

81,146

169,613

27,357

Add back: Share-based compensation expense

18,320

23,240

3,748

Subtract: Gain from foreign currency translation

(5,337)

(3,906)

(630)

Add back: Convertible senior notes issuance costs

47,210

-

-

Add back: Change in fair value of convertible notes

28,879

25,878

4,174

Add back: Change in fair value of zero-strike call options

24,874

-

-





Non-GAAP income before income tax expense

195,092

214,825

34,649





GAAP income tax expense

(29,189)

(32,660)

(5,268)

Tax effect of non-GAAP line items

(124)

(0)

(0)





Non-GAAP income tax expense

(29,313)

(32,660)

(5,268)





Non-GAAP adjusted net income

165,779

182,165

29,381





Non-GAAP adjusted earnings per share:




      Basic

2.80

3.14

0.51

      Diluted (Note 2)

2.75

3.04

0.49





Weighted average number of common shares outstanding:




      Basic

59,285,976

57,936,743

57,936,743

      Diluted

60,273,997

62,803,489

62,803,489





GAAP income before income tax expense

223,201

368,695

59,467

Add back: Share-based compensation expense

38,012

44,961

7,252

Subtract: Gain from foreign currency translation

(5,876)

(416)

(67)

Add back: Convertible senior notes issuance costs

47,210

-

-

Add back (Subtract): Change in fair value of convertible notes

28,879

(30,860)

(4,977)

Add back: Change in fair value of zero-strike call options

24,874

-

-





Non-GAAP income before income tax expense

356,300

382,380

61,675





GAAP income tax expense

(52,765)

(58,415)

(9,422)

Tax effect of non-GAAP line items

(124)

(0)

(0)





Non-GAAP income tax expense

(52,889)

(58,415)

(9,422)





Non-GAAP adjusted net income

303,411

323,965

52,253





Non-GAAP adjusted earnings per share:




      Basic

5.12

5.61

0.90

      Diluted (Note 3)

5.01

5.43

0.88





Weighted average number of common shares outstanding:




      Basic

59,260,210

57,795,130

57,795,130

      Diluted

60,550,822

62,826,630

62,826,630

Notes:

1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2000 to US$1.00 on June 30, 2015 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

2. Diluted earnings per share is calculated in accordance with the "if converted" method.  This includes the add-back of interest expense of RMB8,571 (US$1,382) related to the convertible senior notes to the numerator of non-GAAP adjusted net income and the addition of the maximum number of 4,035,672 potentially converted shares related to the convertible senior notes to the denominator of common shares for the three months ended June 30, 2015. The potential conversion of the convertible senior notes was excluded in the computation of diluted earnings per share for the three months ended June 30, 2014 because the effect would be anti-dilutive.

3. Diluted earnings per share is calculated in accordance with the "if converted" method. This includes the add-back of interest expense of RMB17,180 (US$2,771) related to the convertible senior notes to the numerator of non-GAAP adjusted net income and the addition of the weighted average maximum number of 4,035,672 potentially converted shares related to the convertible senior notes to the denominator of common shares for the six months ended June 30, 2015. The potential conversion of the convertible senior notes was excluded in the computation of diluted earnings per share for the six months ended June 30, 2014 because the effect would be anti-dilutive.

 

 

 

51job, Inc.

Consolidated Balance Sheets


As of

(In thousands, except share and per share data)

December 31,

2014

(unaudited)

June 30,

2015

(unaudited)

June 30,

2015

(unaudited)


RMB

RMB

US$ (Note 1)





ASSETS








Current assets:




      Cash

1,074,096

974,822

157,230

      Restricted cash

37,660

29,336

4,732

      Short-term investments

3,420,650

3,642,973

587,576

      Accounts receivable (net of allowance of RMB1,103 and
            RMB1,610 as of December 31, 2014 and June 30, 2015,
            respectively)

 

 

74,670

 

 

58,144

 

 

9,378

      Prepayments and other current assets

428,432

454,865

73,365

      Deferred tax assets, current

10,256

7,821

1,261





Total current assets

5,045,764

5,167,961

833,542





Non-current assets:




      Long-term investments

-

20,100

3,242

      Property and equipment, net

519,558

560,684

90,433

      Goodwill

-

217,393

35,063

      Intangible assets, net

7,696

56,434

9,102

      Other long-term assets

8,626

5,738

926

      Deferred tax assets, non-current

76

402

65





Total non-current assets

535,956

860,751

138,831





Total assets

5,581,720

6,028,712

972,373





LIABILITIES AND SHAREHOLDERS' EQUITY








Current liabilities:




      Accounts payable

22,632

36,509

5,889

      Salary and employee related accrual

69,380

55,374

8,931

      Taxes payable

110,391

80,427

12,972

      Advance from customers

489,066

558,763

90,123

      Other payables and accruals

272,505

303,297

48,919





Total current liabilities

963,974

1,034,370

166,834





Non-current liabilities:




      Deferred tax liabilities, non-current

12,593

35,380

5,706

      Convertible senior notes

1,111,207

1,079,622

174,133





Total non-current liabilities

1,123,800

1,115,002

179,839





Total liabilities

2,087,774

2,149,372

346,673





Shareholders' equity:




Common shares (US$0.0001 par value; 500,000,000 shares 
      authorized, 59,004,772 and 59,447,326 shares issued and
      outstanding as of December 31, 2014 and June 30, 2015,
      respectively)

 

 

 

48

 

 

 

49

 

 

 

8

      Additional paid-in capital

1,040,639

1,106,427

178,456

      Statutory reserves

10,785

10,785

1,740

      Accumulated other comprehensive income

1,532

1,527

246

      Retained earnings

2,440,942

2,751,222

443,745





Total 51job, Inc. shareholders' equity

3,493,946

3,870,010

624,195





Noncontrolling interests

-

9,330

1,505





Total equity

5,581,720

3,879,340

625,700





Total liabilities and equity

5,581,720

6,028,712

972,373

Notes:

Note 1: The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2000 to US$1.00 on June 30, 2015 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

 

 

 

Contact:

Linda Chien
Investor Relations
51job, Inc.
|+86-21-6879-6250
ir@51job.com 

SOURCE 51job, Inc.



RELATED LINKS

http://www.51job.com