Noah Education Announces Unaudited Second Quarter Fiscal Year 2013 Results

Revenue Increased 39.7% Year Over Year, Exceeding Guidance

Operating Profit Was RMB9.6 million

Feb 27, 2013, 17:00 ET from Noah Education Holdings Ltd.

SHENZHEN, China, Feb. 27, 2013 /PRNewswire/ -- Noah Education Holdings Ltd. ("Noah" or the "Company") (NYSE: NED), a leading provider of education services in China, today announced its unaudited financial results for the second quarter of  fiscal year ending December 31, 2012.

Second Quarter Fiscal 2013 Financial Highlights (compared to second quarter fiscal 2012)

  • Net revenue increased 39.7% year-over-year to RMB62.7 million (US$ 10.0 million)
  • Gross profit increase 43.0% year-over-year to RMB28.5 million (US$4.6 million), and gross profit margin was 45.5%
  • Operating income was RMB9.6 million (US$1.5 million) as compared to an operating loss of RMB2.3 million
  • Net income increased 212.6% year-over-year to RMB7.1 million (US$1.1 million). Non-GAAP net income, excluding share based compensation expenses, was RMB7.6 million (US$1.2 million), up 139.3% year-over-year
  • Basic and diluted earnings per share were RMB0.13 (US$0.02) as compared to basic and diluted earnings per share of RMB0.03
  • Non-GAAP basic and diluted earnings per share were RMB0.14 (US$0.02) as compared to non-GAAP basic and diluted earnings per share of RMB0.06

Second Quarter Fiscal 2013 Operational Highlights

  • Dai Dai Kang Enterprise Management Consulting Co., Ltd ("DDK Consulting") and Xiaoxiao Kids Arts and Education Consulting Co., Ltd ("Xiaoxiao Consulting") started contributing to the Company's net revenue this quarter
  • School network (excluding franchised schools and centers) expanded from 50 schools as of September 30, 2012 to 63 schools as of December 31, 2012.

Commenting on the results, Dong Xu, Chairman and Chief Executive Officer of Noah, said, "We are pleased to report that Noah exceeded our revenue guidance in the second quarter of the fiscal year 2013. Noah is committed to providing first-class kindergarten education services, and our offering has become appreciably enhanced following the acquisitions of DDK Consulting and Xiaoxiao Consulting."

Mr. Xu continued, "While our focus in the short-term is to achieve breakeven at operating level for the fiscal year 2013, we will continue to focus on driving the growth of the Company organically and through strategic acquisitions in the long-term, delivering long-term value to our shareholders. We will continue to ramp up utilization rate of existing schools and increase operating efficiency."

Dora Li, Chief Financial Officer, added, "While the second quarter of a fiscal year is typically a strong quarter for Noah, our revenue expansion was also boosted by the contribution of DDK Consulting and Xiaoxiao Consulting, which we acquired in October 2012. We are also glad to report that our operating costs are well under control, which has further helped the Company to achieve an operating profit this quarter."

Second Quarter of Fiscal Year 2013 Financial Results

Net revenue

Net revenue for the second quarter of fiscal 2013 increased 39.7% year-over-year to RMB62.7 million (US$10.0 million) from RMB44.9 million. The year-over-year increase was driven mainly by our organic growth and revenue from the newly acquired business of DDK Consulting and Xiaoxiao Consulting.

In terms of revenue breakdown by business lines, revenue from kindergartens increased 59.6% year-over-year to RMB35.9 million (US$5.8 million) from RMB22.5 million. Revenue from primary and secondary schools increased 23.3% year-over-year to RMB18.5 million (US$3.0 million) from RMB15.0 million. Revenue from supplemental education, which includes English training courses and the sale of teaching materials, increased 12.2% year-over-year to RMB8.3 million (US$1.3 million) from RMB7.4 million.

Services

Q2FY2013

Q2FY2012

Revenue

(RMB million)

Percentage of net revenue

Revenue

(RMB million)

Percentage of net revenue

Kindergartens

35.9

57.3%

22.5

50.1%

Primary and secondary schools  

18.5

29.5%

15.0

33.4%

Supplemental education

8.3

13.2%

7.4

16.5%

Total

62.7

100.0%

44.9

100.0%

Gross profit and gross profit margin

Gross profit for the second quarter of fiscal 2013 increased 43.0% year-over-year to RMB28.5 million (US$4.6 million) from RMB20.0 million. Gross profit margin for the second quarter of fiscal 2013 was 45.5%, compared to 44.5% in the second quarter of fiscal 2012. The modest improvement in gross profit margin was primarily due to revenue expansion, offset by an increase in staff costs and expenses associated with the ramp up of the Company's existing school network.

Operating expenses

Total operating expenses for the second quarter of fiscal 2013 were RMB24.6 million (US$3.9 million) as compared to RMB25.9 million in the second quarter of fiscal 2012, as the Company continued to make progress to improve its overall cost structure and reduce expenses in research & development, sales and marketing, as well as general and administrative expenses.

Research and development ("R&D") expenses for the second quarter of fiscal 2013 were RMB0.6 million (US$0.1 million) as compared to RMB0.8 million in the same period of fiscal 2012. As a percentage of net revenue, R&D expenses decreased to 1.0% in the second quarter of fiscal 2013 from 1.7% in the same quarter of fiscal 2012. The R&D investment is focused on the development of teaching materials.

Sales and marketing ("S&M") expenses for the second quarter were RMB1.3 million (US$0.2 million) as compared to RMB1.7 million in the same period of fiscal 2012. As a percentage of net revenue, S&M expenses decreased to 2.1% in the second quarter of fiscal 2013, compared to 3.7% in the same period of fiscal 2012.

General and administrative ("G&A") expenses for the second quarter of fiscal 2013 were RMB22.6 million (US$3.6 million) as compared to RMB23.5 million in the same period of fiscal 2012. As a percentage of net revenue, G&A expenses decreased to 36.1% in the second quarter of fiscal 2013, compared to 52.3% in the same period of fiscal 2012. The decrease in G&A expenses to net revenue continued to reflect the improvement of the Company's operational leverage with the expansion of revenue scale.

Other operating income

Other operating income for the second quarter of fiscal 2013 increased 54.1% year-over-year to RMB5.7 million (US$0.9 million) from RMB3.7 million in the second quarter of fiscal 2012. The increase was mainly due to revenue derived from training camps and interest groups.

Net operating income (loss)

Net operating income for the second quarter of fiscal 2013 was RMB9.6 million (US$1.6 million), compared to an operating loss of RMB2.3 million in the second quarter of fiscal 2012.

Non-operating income

Interest income for the second quarter of fiscal 2013 remained unchanged at RMB0.4 million (US$0.06 million), compared to the same period of fiscal 2012. Investment income for the second quarter of fiscal 2013 was RMB4.5 million (US$0.7 million), compared to RMB4.3 million in the second quarter of fiscal 2012. The Company incurred a non-operating loss for the second quarter of fiscal 2013 of RMB3.8 million (US$0.6 million), due to the recognition of a one-time impairment loss of RMB5.1 million on our investment in Franklin Electronic Publishers. In the same period of fiscal 2012, Noah reported other non-operating income of RMB1.5 million.

Income tax expenses

Income tax expenses for the second quarter of fiscal 2013 were RMB3.6 million (US$0.6 million), compared to an expense of RMB1.7 million for the same period in fiscal 2012.

Net Income

Net income for the second quarter of fiscal 2013 was RMB7.1 million (US$1.1 million), compared to a net income of RMB2.3 million in the same period of fiscal 2012. Basic and diluted earnings per share were RMB0.13 (US$0.02), compared to basic and diluted earnings per share of RMB0.03 in the second quarter of fiscal 2012.

Net income excluding share-based compensation expenses (non-GAAP) for the second quarter of fiscal 2013 was RMB7.6million (US$1.2 million), compared to non-GAAP net income of RMB3.2 million in the same period of fiscal 2012. Non-GAAP basic and diluted earnings per share for the second quarter of fiscal 2013 were RMB0.14 (US$0.02), compared to a non-GAAP basic and diluted earnings per share of RMB0.06 in the second quarter of fiscal 2012.

Liquidity

Cash and cash equivalents, and short-term investments totaled RMB486.6 million (US$78.1 million) as of December 31, 2012, compared to RMB519.3 million as of September 30, 2012. For the three months ended December 31, 2012, operating cash provided by continuing operations was RMB2.8 million (US$0.4 million).

Deferred revenue

Deferred revenue related to tuition fees and franchising fees was RMB24.2 million (US$3.9 million) as of December 31, 2012, compared to RMB51.6 million as of September 30, 2012. Deferred revenue primarily includes the tuition fees and franchising fees collected that have not yet been recognized during the quarter. It will be recognized according to the course and contract schedule.

Operational Updates

Noah operated 63 schools and kindergartens in its network at the end of the second quarter of fiscal 2013. The network includes 47 kindergartens, two of which have recently secured licenses and have already started to contribute to revenue, and 11 of which are in their respective ramp up periods.

Noah's network also includes five primary and secondary schools. One of them opened in the first quarter of fiscal 2012 and remains in its ramp up stage, with enrollment rate of 38% at end of December 31, 2012.

Noah also operates eleven directly-owned supplemental training centers.

Student enrollment totaled approximately 20,300, reflecting a year-over-year increase of about 23% due to the expansion of the network. Categorized according to business segments, more than 12,000 students are enrolled in kindergartens, while approximately 4,700 are accounted for in primary and secondary schools, and the remaining 3,600 are in directly owned supplemental training centers.

The Company plans to roll out two new kindergartens in the third quarter of fiscal 2013, and expects them to begin contributing to revenue in the third quarter of fiscal 2013.

Financial Outlook for the Third Quarter of Fiscal 2013 and Full Fiscal 2013

Based on current estimates and market conditions, for the third quarter of fiscal 2013, Noah expects to generate net revenue in the range of RMB46 million (US$7.4 million) to RMB51 million (US$8.2 million). For the full fiscal 2013, the Company maintains the revenue outlook in the range of RMB206 million (US$33.0 million) to RMB215 million (US$34.5 million). This forecast reflects Noah's current and preliminary view, which is subject to change.

Conference Call

Noah's senior management will host a conference call at 8:00 am (Eastern)/5:00 am (Pacific)/9:00 pm (China) on Thursday, February 28, 2013 to discuss its second quarter of fiscal year 2013 financial results and recent business activities. The conference call may be accessed by calling:

US

+1-866-519-4004

International

+65-6723-9381

China, Domestic

400-620-8038, 800-819-0121

Hong Kong

800-930-346

Please dial in 10 minutes before the scheduled starting time. An operator will answer your call and please use "Noah" as the verbal passcode to access the call. Replay of the conference call will be available from 11:00 am US Eastern Time on February 28, 2013 until March 7, 2013 by dialing the following numbers:

US

+1-855-452-5696

International

+61-2-8199-0299

China

400-120-0932, 800-870-0205

Hong Kong

800-963-117

Passcode

96054899

A live webcast can also be accessed through the investor relations section of the Company's website at http://ir.noaheducation.com.

Statement Regarding Unaudited Financial Information

The unaudited financial information set forth above is subject to adjustments that may be identified when audit work is performed on our year-end financial statements, which could result in significant differences from this unaudited financial information.

Currency Convenience Translation

For the convenience of readers, certain RMB amounts in the statement of operations, balance sheet and cash flow statements have been translated into US dollars at the rate of RMB6.2301, the noon buying rate for US dollars in effect on December 31, 2012 for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York.

Use of Non-GAAP Financial Measures

In addition to consolidated financial results under GAAP, the Company also provides non-GAAP financial measures, including non-GAAP net income which excludes goodwill and intangible assets impairment and non-cash share-based compensation. The Company believes that the non-GAAP financial measures provide investors with another method for assessing the Company's operating results in a manner that is focused on the performance of its ongoing operations. Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company's liquidity and when planning and forecasting future periods.

About Noah Education Holdings Ltd

Noah is a leading provider of education services in China. The Company's brands include Wentai Education, which operates and manages high-end kindergartens, primary and secondary schools, Little New Star, which provides English language training for children aged 3-12 in its directly owned and franchised training centers, and Yuanbo Education, which focuses on early childhood education services in the Yangtze Delta region. Noah was founded in 2004 and is listed on the New York Stock Exchange under the ticker symbol NED. For more information about Noah, please visit http://ir.noaheducation.com.

Safe Harbor Statement

This press release contains forward-looking statements that reflect Noah's current expectations and views of future events that involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Noah has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. You should understand that our actual future results may be materially different from and worse than what Noah expects. Information regarding these risks, uncertainties and other factors is included in Noah's most recent Annual Report on Form 20-F and other filings with the SEC.

Investor Contacts

Noah Education Holdings Ltd. Email: ir@noaheducation.com

 

Noah Education Holdings Ltd.

Consolidated Balance Sheet

September 30

December 31

2012

2012

Unaudited

Unaudited

RMB

RMB

USD

Assets:

Current assets

Cash and cash equivalents

115,828,355

184,575,609

29,626,428

Short term bank deposit

Investments

Held to maturity investment

403,503,441

302,003,441

48,474,895

Accounts receivables, net of allowance of doubtful debts              

303,374

296,832

47,645

Related party receivables

-

-

-

Inventories

5,212,467

5,119,933

821,806

Prepaid expenses, and other current assets

36,076,058

27,384,846

4,395,571

Total current assets

560,923,695

519,380,661

83,366,345

Investments

17,586,336

16,536,812

2,654,342

Property, plant and equipment, net

191,197,685

197,208,442

31,654,137

Intangible assets, net

67,713,482

83,110,006

13,340,076

Goodwill

56,738,812

75,486,941

12,116,489

Deposit for investment

4,800,000

-

-

Deposit for property, plant and equipment

1,853,152

775,675

124,504

Deferred tax assets – non-current

229,396

186,569

29,946

Total assets

901,042,558

892,685,106

143,285,839

Liabilities and Shareholders' equity

Current liabilities

Accounts payable (including account payables of the         consolidated variable interest entities ("VIEs") without         recourse to the Company of RMB1,493,603 and         RMB1,457,134 as of September 30, 2012 and December 31,         2012, respectively)

1,619,059

1,499,973

240,762

Other payables and accruals (including other payables, accruals         of the consolidated VIEs without recourse to the Company         of RMB18,589,055 and RMB13,505,027 as of September 30,         2102 and December 31, 2012, respectively)

37,752,646

36,990,477

5,937,381

Advances from customers (including advance from customer of         the consolidated VIEs without recourse to the Company of         RMB467,714 and RMB568,310 as of September 30, 2012         and December 31, 2012, respectively)

500,312

578,904

92,920

Income tax payable (including income tax payables of the         consolidated VIEs without recourse to the Company of         RMB7,134,316 and RMB8,175,506 as of September 30, 2012         and December 31, 2012, respectively)

13,980,942

17,879,204

2,869,810

Deferred revenue (including deferred revenues of the         consolidated VIEs without recourse to the Company of         RMB23,580,514 and RMB4,668,876 as of September 30,         2012 and December 31, 2012, respectively)

50,519,090

23,262,482

3,733,886

Contingent consideration payable

-

3,395,000

544,935

Total current liabilities

104,372,049

83,606,040

13,419,694

Deferred revenues -- non-current

3,808,982

3,327,424

534,088

Deferred tax liabilities

6,401,129

10,219,833

1,640,396

Other liabilities

1,102,801

1,102,801

177,013

Total non-current liabilities

11,312,912

14,650,058

2,351,497

Total liabilities

115,684,961

98,256,098

15,771,191

Shareholders' equity

Ordinary shares

14,841

14,841

2,382

Additional paid-in capital

1,047,292,594

1,047,772,763

168,179,124

Accumulated other comprehensive loss

(123,742,109)

(120,997,040)

(19,421,364)

Retained earnings

(207,378,519)

(202,575,169)

(32,515,556)

Total Noah Education Holdings Ltd. shareholders' equity

716,186,807

724,215,395

116,244,586

Non-controlling interests

69,170,790

70,213,613

11,270,062

Total equity

785,357,597

794,429,008

127,514,648

Total liabilities and shareholders' equity

901,042,558

892,685,106

143,285,839

 

 

Noah Education Holdings Ltd.

Consolidated Statements of Operations

Three months ended December 31

Six months ended December 31

2011

2012

2011

2012

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB

RMB

USD

RMB

RMB

USD

Net revenue

44,899,922

62,705,926

10,064,995

79,081,589

101,516,189

16,294,472

Cost of revenue                                     

(24,931,239)

(34,160,126)

(5,483,078)

(42,872,013)

(57,888,911)

(9,291,811)

Gross profit

19,968,683

28,545,800

4,581,917

36,209,576

43,627,278

7,002,661

Research & development expenses            

(777,884)

(599,586)

(96,240)

(1,473,163)

(1,183,639)

(189,987)

Sales & marketing expenses

(1,679,429)

(1,341,370)

(215,305)

(3,194,695)

(2,990,705)

(480,041)

General & administrative expenses

(23,483,124)

(22,642,089)

(3,634,306)

(44,007,499)

(44,242,239)

(7,101,369)

Other expenses

(7,150)

(4,500)

(722)

(17,172)

(84,290)

(13,529)

Total operating expenses

(25,947,587)

(24,587,545)

(3,946,573)

(48,692,529)

(48,500,873)

(7,784,926)

Other operating income

3,698,889

5,657,438

908,081

8,288,237

9,245,081

1,483,938

Net operating income (loss)

(2,280,015)

9,615,693

1,543,425

(4,194,716)

4,371,486

701,673

Interest income

368,133

399,007

64,045

691,435

784,817

125,972

Investment income

4,332,254

4,526,883

726,615

7,709,490

9,183,238

1,474,011

Other non-operating income(loss)

1,540,989

(3,788,733)

(608,134)

3,129,828

(3,787,587)

(607,950)

Income before income taxes

3,961,361

10,752,850

1,725,951

7,336,037

10,551,954

1,693,706

Income tax (expenses)

(1,678,228)

(3,616,676)

(580,517)

(3,249,183)

(3,486,861)

(559,680)

Net income

2,283,133

7,136,174

1,145,435

4,086,855

7,065,093

1,134,026

less: net income attributable to non-        controlling shareholders

1,043,747

2,332,823

374,444

1,938,083

1,769,698

284,056

Net income attributable to Noah Education    Holdings Ltd. shareholders

1,239,386

4,803,352

770,991

5,295,395

849,970

Net income per share

Basic

0.03

0.13

0.02

0.06

0.14

0.02

Diluted

0.03

0.13

0.02

0.06

0.14

0.02

Weighted average ordinary shares outstanding

Basic

36,483,915

36,563,991

36,563,991

36,456,828

36,567,239

36,567,239

Diluted

36,545,812

36,605,534

36,605,534

36,557,674

36,567,239

36,567,239

 

 

Noah Education Holdings Ltd.

Reconciliation of Non-GAAP to GAAP

The Second Quarter

The First Six Months

FY 2012

FY 2013

FY 2012

FY 2013

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB

% of Rev

RMB

USD

% of Rev

RMB

% of Rev

RMB

USD

% of Rev

GAAP net revenue

44,899,922

100.0

62,705,926

10,064,995

100.0

79,081,589

100.0

101,516,189

16,294,472

100.0

GAAP gross profit                    

19,968,683

44.5

28,545,800

4,581,917

45.5

36,209,576

45.8

43,627,278

7,002,661

43.0

Share-based compensation

-

0.0

-

-

0.0

-

0.0

-

-

0.0

Non-GAAP gross profit

19,968,683

44.5

28,545,800

4,581,917

45.5

36,209,576

45.8

43,627,278

7,002,661

43.0

GAAP operating income (loss)

(2,280,015)

-5.1

9,615,693

1,543,425

15.3

(4,194,716)

-5.3

4,371,486

701,673

4.3

Share-based compensation

899,834

2.0

480,168

77,072

0.8

1,799,669

2.3%

960,337

154,145

0.9

Non-GAAP operating income

(1,380,181)

-3.1

10,095,862

1,620,498

16.1

(2,395,046)

-3.0

5,331,823

855,817

5.3

GAAP net income

2,283,133

5.1

7,136,174

1,145,435

11.4

4,086,855

5.2

7,065,093

1,134,026

7.0

Share-based compensation

899,834

2.0

480,168

77,072

0.8

1,799,668

2.3%

960,337

154,145

0.9

Non-GAAP net income

3,182,967

7.1

7,616,342

1,222,507

12.1

5,886,523

7.4

8,025,430

1,288,171

7.9

GAAP net income per share

Basic

0.03

0.13

0.02

0.06

0.14

0.02

Diluted

0.03

0.13

0.02

0.06

0.14

0.02

Non-GAAP income  per share

Basic

0.06

0.14

0.02

0.11

0.17

0.03

Diluted

0.06

0.14

0.02

0.11

0.17

0.03

Note: This reconciliation is for illustration purpose to compare GAAP and Non-GAAP performance

 

 

Noah Education Holdings Ltd.

Consolidated Cash Flow Statements

The Second Quarter

The First Six Months

FY 2012

FY 2013

FY 2012

FY 2013

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

RMB

RMB

USD

RMB

RMB

USD

Cash flows from operating activities

Net income

2,283,133

7,136,175

1,145,435

4,086,855

7,065,092

1,134,025

Adjustments to reconcile net income                          

Amortization of intangible assets

1,200,120

1,503,476

241,325

2,303,603

2,605,382

418,193

Depreciation of property, plant and       equipment

5,363,681

7,310,612

1,173,434

9,848,832

13,781,716

2,212,118

Share-based compensation expense

899,834

480,169

77,072

1,799,669

960,337

154,145

Loss on disposal of fixed assets

-

(7,356)

(1,181)

-

148,632

23,857

Allowance for doubtful debts

-

-

-

-

462,288

74,202

Impairment loss on Franklin B share       investment

302,443

5,061,576

812,439

531,220

5,163,032

828,724

Change in current assets and liabilities

Accounts receivables

275,522

6,542

1,050

651,587

(8,266)

(1,327)

Related party receivables

80,052

-

-

-

-

-

Inventories

145,024

92,534

14,853

798,146

331,878

53,270

Prepaid and others

26,960,825

21,160,541

3,396,501

47,275,419

4,882,849

783,751

Deferred tax asset

111,107

42,827

6,874

(17,639)

112,262

18,019

Accounts payable

489,067

(119,085)

(19,114)

(1,120,861)

(278,595)

(44,718)

Other payables and accruals

(9,271,248)

(5,414,236)

(869,045)

(6,200,812)

4,413,018

708,338

Advances from customers

(366,183)

78,592

12,615

212,641

147,156

23,620

Deferred revenue

(19,140,562)

(38,048,966)

(6,107,280)

2,054,125

(15,691,465)

(2,518,654)

Income tax payable

1,615,099

3,898,262

625,714

3,957,493

3,661,419

587,698

Deferred tax liability

(357,104)

(406,296)

(65,215)

(1,014,420)

(1,591,087)

(255,387)

Operating cash provided (used) by    continuing operations

10,590,810

2,775,365

445,477

65,165,858

26,165,647

4,199,874

Cash flows from investing activities

Acquisition of property, plant and        equipment

(5,202,585)

(7,074,117)

(1,135,474)

(18,929,836)

(20,421,278)

(3,277,841)

Deposit for property, plant and         equipment

-

(775,675)

(124,504)

-

(2,010,308)

(322,677)

Acquisition of intangible assets

(40,000)

-

-

(40,000)

-

-

Acquisition of subsidiaries

-

(29,921,336)

(4,802,705)

-

(29,921,336)

(4,802,705)

Acquisition of Yuanbo

-

-

-

(25,907,107)

(7,272,337)

(1,167,291)

(Deposit) repayment for investment

-

4,800,000

770,453

-

-

-

(Increase) decrease in held-to-maturity        investment

(190,500,000)

101,500,000

16,291,873

(227,500,000)

(281,500,000)

(45,183,865)

Decrease (increase) in short-term fixed        deposits

25,000,000

-

-

32,000,000

-

-

Investing cash provided (used) by continuing operations

(170,742,585)

68,528,872

10,999,643

(240,376,943)

(341,125,259)

(54,754,379)

Cash flows from financing activities

Proceed from exercise of employee share        options

1,431,828

-

-

1,572,428

-

-

Share repurchases

-

-

-

(145,617)

(51,181)

(8,215)

Dividend paid to non-controlling        shareholders

(950,000)

(1,290,000)

(207,059)

(950,000)

(1,290,000)

(207,059)

Financing cash provided (used) by     continuing operations

481,828

(1,290,000)

(207,059)

476,811

(1,341,181)

(215,274)

Net increase (decrease) in cash

(159,669,947)

70,014,237

11,238,060

(174,734,274)

(316,300,793)

(50,769,779)

Effect of exchange rate changes on cash

(1,285,632)

(1,266,983)

(203,365)

(4,059,006)

(896,251)

(143,858)

Cash and cash equivalent at beginning of     period

388,037,000

115,828,355

18,591,733

405,874,701

501,772,653

80,540,064

Cash and cash equivalents at end of period

227,081,421

184,575,609

29,626,428

227,081,421

184,575,609

29,626,428

SOURCE Noah Education Holdings Ltd.



RELATED LINKS

http://www.noahedu.com.cn