Agria Corporation
Consolidated Statements of Operations
(In thousands of RMB, except per share and per ADS data)
(Unaudited)
Three months ended Twelve months ended
31-Dec 31-Dec 31-Dec 31-Dec
2006 2007 2006 2007
Revenue:
Corn seeds 97,371 209,890 245,634 343,743
Sheep breeding products 42,668 83,427 193,054 255,508
Seedlings 9,167 24,736 51,015 71,505
----------- ----------- ----------- -----------
Total revenue 149,206 318,053 489,703 670,756
----------- ----------- ----------- -----------
Cost of revenue:
Corn seeds (57,863) (123,314) (144,730) (203,709)
Sheep breeding products (12,604) (28,127) (52,287) (72,716)
Seedlings (3,150) (6,063) (10,357) (20,459)
----------- ----------- ----------- -----------
Total cost of revenue (73,617) (157,504) (207,374) (296,884)
----------- ----------- ----------- -----------
Gross profit 75,589 160,549 282,329 373,872
Operating (expense)
income (Note 1):
Selling expenses (4,087) (25,535) (14,031) (36,443)
General and
administrative
expenses (2,784) (14,607) (7,472) (25,723)
Research and
development expenses (561) (1,413) (3,746) (3,080)
Government Grants -- -- 80 --
----------- ----------- ----------- -----------
Total operating
expenses (7,432) (41,555) (25,169) (65,246)
----------- ----------- ----------- -----------
Operating profit 68,157 118,994 257,160 308,626
Interest income 67 7,857 280 8,700
Interest expense (1,164) (1,988) (4,923) (8,260)
Exchange loss -- (7,745) -- (7,745)
Other income 342 281 1,386 578
Other expense -- (680) -- (680)
----------- ----------- ----------- -----------
Income before income
tax 67,402 116,719 253,903 301,219
Income tax -- (159,001) -- (159,001)
----------- ----------- ----------- -----------
Net income/(loss) 67,402 (42,282) 253,903 142,218
=========== =========== =========== ===========
Earnings/(loss) per
share:
-Basic RMB0.67 RMB(0.37) RMB2.54 RMB1.37
-Diluted RMB0.67 RMB(0.37) RMB2.54 RMB1.34
=========== =========== =========== ===========
Weighted average number
of ordinary shares
outstanding:
-Basic 100,000,000 115,782,609 100,000,000 103,978,082
-Diluted 100,000,000 115,782,609 100,000,000 106,091,889
Earnings/(loss) per ADS
(Note 2):
-Basic RMB1.35 RMB(0.74) RMB5.08 RMB2.74
-Diluted RMB1.35 RMB(0.74) RMB5.08 RMB2.68
=========== =========== =========== ===========
Note 1:
Share based
compensation expense
are included in:
General and
administrative
expenses -- (8,782) -- (13,147)
Research and
development expenses -- (12) -- (12)
Cost of revenue -- (152) -- (152)
----------- ----------- ----------- -----------
Total share based
compensation expense -- (8,946) -- (13,311)
=========== =========== =========== ===========
Note 2:
Each ADS represents two
ordinary shares.
Agria Corporation
Consolidated Statements of Operations
(In thousands of US$, except per share and per ADS data)
(Unaudited)
Three months Twelve months
ended ended
31-Dec 31-Dec
2007 2007
Revenue:
Corn seeds 28,773 47,123
Sheep breeding products 11,437 35,027
Seedlings 3,391 9,802
----------- -----------
Total revenue 43,601 91,952
----------- -----------
Cost of revenue:
Corn seeds (16,905) (27,926)
Sheep breeding products (3,856) (9,968)
Seedlings (831) (2,805)
----------- -----------
Total cost of revenue (21,592) (40,699)
----------- -----------
Gross profit 22,009 51,253
Operating expense (Note 1):
Selling expenses (3,501) (4,996)
General and administrative expenses (2,002) (3,526)
Research and development expenses (194) (422)
----------- -----------
Total operating expenses (5,697) (8,944)
----------- -----------
Operating profit 16,312 42,309
Interest income 1,077 1,193
Interest expense (273) (1,133)
Exchange loss (1,062) (1,062)
Other income 39 79
Other expense (93) (93)
----------- -----------
Income before income tax 16,000 41,293
Income tax (21,797) (21,797)
----------- -----------
Net (loss)/income (5,797) 19,496
=========== ===========
(Loss)/earnings per share:
-Basic USD(0.05) USD0.19
-Diluted USD(0.05) USD0.18
=========== ===========
Weighted average number of ordinary shares
outstanding:
-Basic 115,782,609 103,978,082
-Diluted 115,782,609 106,091,889
(Loss)/earnings per ADS (Note 2):
-Basic USD(0.10) USD0.38
-Diluted USD(0.10) USD0.37
=========== ===========
Note 1:
Share based compensation expense are
included in:
General and administrative expenses (1,204) (1,802)
Research and development expenses (2) (2)
Cost of revenue (21) (21)
----------- -----------
Total (1,227) (1,825)
=========== ===========
Note 2:
Each ADS represents two ordinary shares.
Agria Corporation
Reconciliation of Non-GAAP measures
(In thousands of RMB, except per share and per ADS data)
(Unaudited)
Three months ended Twelve months ended
31-Dec 31-Dec 31-Dec 31-Dec
2006 2007 2006 2007
Net income/(loss) 67,402 (42,282) 253,903 142,218
Share based compensation
expense -- 8,946 -- 13,311
----------- ---------- ----------- -----------
Non-GAAP net income/(loss) 67,402 (33,336) 253,903 155,529
=========== ========== =========== ===========
Net income/(loss) per ADS -
basic RMB1.35 RMB(0.74) RMB5.08 RMB2.74
Net income/(loss) per ADS -
diluted RMB1.35 RMB(0.74) RMB5.08 RMB2.68
=========== ========== =========== ===========
Non-GAAP net income/(loss)
per ADS - basic RMB1.35 RMB(0.58) RMB5.08 RMB2.99
Non-GAAP net income/(loss)
per ADS - diluted RMB1.35 RMB(0.58) RMB5.08 RMB2.93
=========== ========== =========== ===========
Weighted average shares
used in calculating basic
net income/(loss) per ADS 50,000,000 57,891,305 50,000,000 51,989,041
Weighted average shares
used in calculating
diluted net income/(loss)
per ADS 50,000,000 57,891,305 50,000,000 53,045,945
Note 1:
Each ADS represents two common shares.
Agria Corporation
Reconciliation of Non-GAAP measures
(In thousands of US$, except per share and per ADS data)
(Unaudited)
Three months Twelve months
ended ended
31-Dec 31-Dec
2007 2007
Net (loss)/income (5,797) 19,496
Share based compensation expense 1,227 1,825
----------- -----------
Non-GAAP net (loss)/income (4,570) 21,321
=========== ===========
Net (loss)/income per ADS - basic USD(0.10) USD0.38
Net (loss)/income per ADS - diluted USD(0.10) USD0.37
=========== ===========
Non-GAAP net (loss)/income per ADS - basic USD(0.08) USD0.41
Non-GAAP net (loss)/income per ADS - diluted USD(0.08) USD0.40
=========== ===========
Weighted average shares used in calculating
basic net (loss)/income per ADS 57,891,305 51,989,041
Weighted average shares used in calculating
diluted net (loss)/income per ADS 57,891,305 53,045,945
Note 1:
Each ADS represents two common shares.
Agria Corporation
Consolidated Statements of Operations
(In thousands of RMB, except per share and per ADS data)
(Unaudited)
Three months ended
31-Mar 31-Mar
2007 2008
Revenue:
Corn seeds 92,986 101,908
Sheep breeding products 19,748 4,467
Seedlings 5,960 8,073
----------- -----------
Total revenue 118,694 114,448
----------- -----------
Cost of revenue:
Corn seeds (53,257) (61,759)
Sheep breeding products (6,336) (8,597)
Seedlings (1,153) (1,167)
----------- -----------
Total cost of revenue (60,746) (71,523)
----------- -----------
Gross profit 57,948 42,925
Operating expense (Note 1):
Selling expenses (3,560) (4,013)
General and administrative expenses (1,645) (80,657)
Research and development expenses (513) (3,177)
----------- -----------
Total operating expenses (5,718) (87,847)
----------- -----------
Operating profit/(loss) 52,230 (44,922)
Interest income 79 10,571
Interest expense (1,400) (452)
Exchange loss -- (5,190)
Other income -- 2
Other expense -- (12,382)
----------- -----------
Income/(loss) before income tax 50,909 (52,373)
Income tax -- (5,632)
----------- -----------
Net income/(loss) 50,909 (58,005)
=========== ===========
Earnings/(loss) per share:
-Basic RMB0.51 RMB(0.46)
-Diluted RMB0.51 RMB(0.46)
=========== ===========
Weighted average number of ordinary shares
outstanding:
-Basic 100,000,000 126,400,000
-Diluted 100,000,000 126,400,000
Earnings/(loss) per ADS (Note 2):
-Basic RMB1.02 RMB(0.92)
-Diluted RMB1.02 RMB(0.92)
=========== ===========
Note 1:
P3A Settlement included in general and
administrative expenses -- (64,652)
=========== ===========
Share based compensation expense are included in:
General and administrative expenses -- (8,396)
Research and development expenses -- (6)
Cost of revenue -- (81)
----------- -----------
Total Share based compensation expense -- (8,483)
=========== ===========
Note 2:
Each ADS represents two ordinary shares.
Agria Corporation
Consolidated Statements of Operations
(In thousands of US$, except per share and per ADS data)
(Unaudited)
Three months ended
31-Mar 31-Mar
2007 2008
Revenue:
Corn seeds 12,040 14,534
Sheep breeding products 2,557 637
Seedlings 772 1,151
----------- -----------
Total revenue 15,369 16,322
----------- -----------
Cost of revenue:
Corn seeds (6,896) (8,808)
Sheep breeding products (820) (1,226)
Seedlings (149) (166)
----------- -----------
Total cost of revenue (7,865) (10,200)
----------- -----------
Gross profit 7,503 6,122
Operating expense (Note 1):
Selling expenses (461) (572)
General and administrative expenses (213) (11,503)
Research and development expenses (66) (453)
----------- -----------
Total operating expenses (740) (12,528)
----------- -----------
Operating profit/(loss) 6,763 (6,406)
Interest income 10 1,507
Interest expense (181) (64)
Exchange gain/loss -- (740)
Other expenses -- (1,766)
----------- -----------
Income/(loss) before income tax 6,592 (7,469)
Income tax -- (803)
----------- -----------
Net income/(loss) 6,592 (8,272)
=========== ===========
Earnings/(loss) per share:
-Basic USD0.07 USD(0.07)
-Diluted USD0.07 USD(0.07)
=========== ===========
Weighted average number of ordinary shares
outstanding:
-Basic 100,000,000 126,400,000
-Diluted 100,000,000 126,400,000
Earnings/(loss) per ADS (Note 2):
-Basic USD0.13 USD(0.13)
-Diluted USD0.13 USD(0.13)
=========== ===========
Note 1:
P3A Settlement included in general and
administrative expenses -- (9,220)
=========== ===========
Share based compensation expense are included in
General and administrative expenses -- (1,197)
Research and development expenses -- (1)
Cost of revenue -- (12)
----------- -----------
Total share based compensation expense -- (1,210)
=========== ===========
Note 2:
Each ADS represents two ordinary shares.
Agria Corporation
Reconciliation of Non-GAAP measures
(In thousands of RMB, except per share and per ADS data)
(Unaudited)
Three months ended
31-Mar 31-Mar
2007 2008
Net income/(loss) 50,909 (58,005)
P3A Settlement -- 64,652
Share based compensation expense -- 8,483
----------- ----------
Non-GAAP net income 50,909 15,130
=========== ==========
Net income/(loss) per ADS - basic RMB1.02 RMB(0.92)
Net income/(loss) per ADS - diluted RMB1.02 RMB(0.92)
=========== ==========
Non-GAAP net income per ADS - basic RMB1.02 RMB0.24
Non-GAAP net income per ADS - diluted RMB1.02 RMB0.24
=========== ==========
Weighted average shares used in calculating
basic net income per ADS 50,000,000 63,200,000
Weighted average shares used in calculating
diluted net income per ADS 50,000,000 63,200,000
Note 1: Each ADS represents two common shares.
Agria Corporation
Reconciliation of Non-GAAP measures
(In thousands of US$, except per share and per ADS data)
(Unaudited)
Three months
ended
31-Mar
2008
Net loss (8,272)
P3A Settlement 9,220
Share based compensation expense 1,210
----------
Non-GAAP net income 2,158
==========
Net loss per ADS - basic USD(0.13)
Net loss per ADS - diluted USD(0.13)
==========
Non-GAAP net income per ADS - basic USD0.03
Non-GAAP net income per ADS - diluted USD0.03
==========
Weighted average shares used in calculating basic net
(loss)/income per ADS 63,200,000
Weighted average shares used in calculating diluted net
(loss)/income per ADS 63,200,000
Note 1: Each ADS represents two common shares.
Agria Corporation
Consolidated Balance Sheets
(In thousands)
(Audited) (Unaudited) (Unaudited)
31-Dec 31-Dec 31-Mar
2006 2007 2008
(RMB) (RMB) (US$)
ASSETS
Current assets:
Cash and cash equivalents 42,782 1,387,153 195,779
Accounts receivable (net of allowance
for doubtful accounts) 156,440 200,757 16,682
Inventories 58,007 59,937 8,960
Prepayments and other current assets 22,584 48,626 15,511
Amounts due from related parties 1,059 557 80
----------- ----------- -----------
Total current assets 280,872 1,697,030 237,012
----------- ----------- -----------
Non-current assets:
Property, plant and equipment, net 40,126 65,680 9,600
Investment 205 205 29
Intangible assets, net 74,437 189,499 28,127
Non-current prepayments -- 14,127 1,711
Deferred tax assets -- 529 76
Other assets, net 94,836 104,466 14,566
----------- ----------- -----------
Total non-current assets 209,604 374,506 54,109
----------- ----------- -----------
Total assets 490,476 2,071,536 291,121
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings 36,900 15,160 2,019
Long-term bank borrowing, current
portion 1,500 -- --
Accounts payable 27,161 9,011 346
Accrued expenses and other
liabilities 14,907 31,471 4,343
Deferred revenue -- 1,122 144
Amount due to a shareholder 29,992 -- --
Amounts due to related parties 16,884 212 66
----------- ----------- -----------
Total current liabilities 127,344 56,976 6,918
----------- ----------- -----------
Non-current liabilities:
Deferred tax liability -- 157,561 23,274
Amounts due to related parties 8,996 8,792 1,254
----------- ----------- -----------
Total non-current liabilities 8,996 166,353 24,528
----------- ----------- -----------
Total liabilities 136,340 223,329 31,446
----------- ----------- -----------
Shareholders' equity:
Paid-up capital -- -- --
Additional paid-in capital 8,098 1,561,933 233,994
Statutory reserves 76,953 76,953 10,974
Accumulated other comprehensive loss -- (9,421) (8,216)
Retained earnings 269,085 218,742 22,923
----------- ----------- -----------
Total shareholders' equity 354,136 1,848,207 259,675
----------- ----------- -----------
Total liabilities and shareholders'
equity 490,476 2,071,536 291,121
=========== =========== ===========
Contact Information: Contacts: In China: Matt Feng Investor Relations China Tel: 133-1130-0320 matt.feng@agriacorp.com In the U.S.: David Pasquale Senior Vice President U.S. Tel: +914-337-1117 david.pasquale@agriacorp.com