BEIJING, April 1, 2013 (GLOBE NEWSWIRE) -- Bona Film Group Limited ("Bona" or the "Company") (Nasdaq:BONA), a leading film distributor and vertically integrated film company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2012.
"We accomplished a great deal in 2012. We further developed two key growth areas for the Company, secured a significant strategic investment from one of the world's leading media conglomerates, News Corporation, and signed a letter of intent for film co-production with Fox International Productions, as well as a co-production term sheet with Universal Studios and Working Title Films," said Bona Founder, Chairman and CEO Mr. Yu Dong. "Despite these achievements, our financial results were impacted by a weak fourth quarter, which was largely attributable to the delayed release of The Grandmasters, lower-than-expected box office receipts for The Last Tycoon and increased start-up costs associated with new theater openings."
Fourth Quarter 2012 Financial Summary
- Fourth quarter 2012 net revenues were US$53.2 million, compared with US$52.6 million in the fourth quarter of 2011.
- Fourth quarter 2012 gross profit was US$10.1 million, compared with US$20.9 million in the fourth quarter of 2011.
- Fourth quarter 2012 gross margin was 19.0 %, compared with 39.7% in the fourth quarter of 2011.
- Fourth quarter 2012 net loss attributable to Bona Film Group Limited was US$(5.4) million, or US$(0.09) per diluted ADS1, compared with net income attributable to Bona Film Group Limited of US$5.6 million, or US$0.09 per diluted ADS, in the fourth quarter of 2011.
- Fourth quarter 2012 non-GAAP net loss2 was US$(4.2) million, or US$(0.07) per diluted ADS, compared to non-GAAP net income of US$6.2 million, or US$0.10 per diluted ADS in the fourth quarter of 2011.
- Fourth quarter 2012 EBITDA, non-GAAP2, was US$(2.4) million, compared with US$6.4 million in the fourth quarter of 2011.
- Cash and cash equivalents, term deposits and restricted cash totaled US$28.0 million as of December 31, 2012.
- Cash used in operating activities totaled US$7.3 million, compared with cash generated from operating activities of US$21.1 million in the fourth quarter of 2011.
Full Year 2012 Financial Summary
- Full year 2012 net revenues were US$142.3 million, compared with US$126.2 million for the full year 2011.
- Full year 2012 gross profit was US$56.2 million, compared with US$59.7 million for the full year 2011.
- Full year 2012 gross margin was 39.5%, compared with 47.3% for the full year 2011.
- Full year 2012 net loss attributable to Bona Film Group Limited was US$(1.3) million, or US$(0.02) per diluted ADS, compared with net income attributable to Bona Film Group Limited of US$14.4 million, or US$0.24 per diluted ADS, for the full year 2011.
- Full year 2012 non-GAAP net income was US$3.2 million, or US$0.06 per diluted ADS, compared to non-GAAP net income of US$18.2 million, or US$0.30 per diluted ADS for the full year 2011.
- Full year 2012 EBITDA, non-GAAP, was US$9.1 million, compared with US$21.6 million in 2011.
- Cash used in operating activities totaled US$10.0 million, compared with cash generated from operating activities US$2.2 million for the full year 2011.
Full Year 2012 Business Updates and Recent Highlights
- Distributed a total of 15 films theatrically in 2012; including two imported titles for which the Company assisted in marketing. For the year, Bona's films accounted for approximately 7.5% of the total box office for domestic productions.
- Secured a strategic investment from News Corporation in May 2012, through which an affiliate of News Corporation purchased a 19.9% equity stake in the Company from Bona's Founder, Chairman and Chief Executive Officer, Mr. Yu Dong.
- Appointed Dr. Jack Q. Gao, Senior Vice President of News Corporation and Chief Executive Officer of News Corporation China Investments, to the Company's Board of Directors.
- In October 2012, signed a letter of intent with Fox International Productions ("FIP") for the joint development, production and distribution of multiple Chinese language films.
- In the fourth quarter of 2012, signed a term sheet for the joint production and distribution of a Chinese-language romantic drama with Universal Studios and Working Title Films.
- Premiered the Company's first produced television series, The King's Battles, on multiple major satellite networks in China.
- Opened five new movie theaters in the fourth quarter of 2012 and nine for the full year, increasing the Company's portfolio of owned and operated theaters to 20.
- In November 2012, entered into a $20 million secured revolving credit line agreement with East West Bank and drew down $10 million of credit as of December 31, 2012. This additional capital will be used to fund upcoming productions and to acquire the distribution rights to international films, which the Company will assist in marketing in China.
Mr. Yu continued, "Our initiatives to grow our theater segment and advance our television production capabilities are part of our core strategy to diversify our revenue base. Film exhibition and TV provide more stable, predictable revenue streams than our film investment, production and distribution businesses. While investment, production and distribution will remain critical parts of our growth, we are committed to achieving greater balance between business segments and we made important progress in this regard throughout the year. We nearly doubled the size of our high-margin theater network in 2012 with 20 theaters in operation at year-end, putting us on track to meet our goal of 40 owned and operated theaters by the end of 2014. In late December, our first television series, The King's Battles premiered to strong ratings and positive audience reactions on several of China's largest satellite networks, giving us confidence in future TV projects, including series based on some of Bona's most popular films. I am pleased with the strategic progress we made during the past year and I am confident that these initiatives have further solidified our platform for steady, sustainable growth beginning in the first quarter, during which we expect to return to profitability and report non-GAAP net income of US$1.2 to US$1.5 million."
Fourth Quarter 2012 Financial Results
Net Revenues
| 4Q12 | 4Q11 | Y-o-Y% | |
| Net Revenues (US$mm) | 53.2 | 52.6 | 1.1% |
Net revenues for the fourth quarter of 2012 increased 1.1% year-over-year to US$53.2 million. The increase in net revenues was primarily attributable to growth in the number of Bona-owned and operated movie theaters. The Company distributed three films in the fourth quarter of 2012, compared with three films in the fourth quarter of 2011.
Net Revenues by Segment Operations
| Distribution |
Investment & Production |
Movie Theater |
Talent Agency |
Intersegment Elimination |
Consolidated | |
| Net Revenues from External Customers (US$mm) | 8.4 | 31.6 | 13.1 | 0.1 | -- | 53.2 |
| Intersegment Revenues (US$mm) | 0.3 | 5.8 | -- | -- | (6.1) | -- |
| Total Net Revenues (US$mm) | 8.7 | 37.4 | 13.1 | 0.1 | (6.1) | 53.2 |
Net revenues from distribution totaled US$8.7 million. During the fourth quarter of 2012, Bona distributed three new films, The Cold Light of Day, The Next Eleven Daysand The Last Tycoon.
Net revenues from film investment and production were US$37.4 million, mainly derived from Bona's investments in films released in the fourth quarter of 2012, and sales of the Company's television series The King's Battles.
Net revenues from the movie theater segment increased to US$13.1 million, primarily as a result of growth in the number of Bona-owned theaters in operation. The Company owned and operated 20 theaters as of December 31, 2012, compared with 11 as of December 31, 2011.
Gross Profit and Gross Margin
| 4Q12 | 4Q11 | Y-o-Y% | |
| Gross Profit (US$mm) | 10.1 | 20.9 | (51.7)% |
| Gross Margin | 19.0% | 39.7% | -- |
For the fourth quarter of 2012, gross profit decreased to US$10.1 million from US$20.9 million for the fourth quarter of 2011. The year-over-year decline in gross profit was primarily attributable to the acceleration of the amortization of production costs based on the economic performance and public acceptance of certain films, and the impairment of production costs using a discounted cash flow approach, as well as the lower-than-expected box office performance of The Last Tycoon.
Segment Profit3 and Segment Margin
| Distribution |
Investment & Production |
Movie Theater |
Talent Agency |
Consolidated | |
| Segment Profit (US$mm) | 3.8 | (0.8) | 7.4 | 0.1 | 10.5 |
| As % of Total Segment Profit | 35.7% | (7.1)% | 70.5% | 0.9% | 100% |
| Segment Margin | 43.4% | (2.0)% | 56.7% | 100.0% | 19.8% |
Segment margin for the distribution segment increased to 43.4% in the fourth quarter of 2012 from 32.2% in the fourth quarter of 2011, primarily as a result of increased reimbursements for print and advertising expenses as a percentage of film distribution revenue.
Segment margin from the Company's investment and production business was (2.0)% in the fourth quarter of 2012, compared with a segment margin of 8.0% in the fourth quarter of 2011. This decrease in segment margin was mainly due to the lower-than-expected box office performance of The Last Tycoon.
Segment margin from the Company's movie theater business reached 56.7% in the fourth quarter of 2012, which is in-line with the Company's normal business based on current theater operations.
Operating Income and Operating Margin
| 4Q12 | 4Q11 | Y-o-Y% | |
| Operating Expenses (US$mm) | 18.8 | 17.5 | 7.3% |
| Operating (Loss) Income (US$mm) | (5.7) | 3.4 | (269.7)% |
| Operating Margin | (10.7)% | 6.4% | -- |
Total operating expenses, including participation expenses, general and administrative expenses, and sales and marketing expenses, increased 7.3% to US$18.8 million from US$17.5 million in the fourth quarter of 2011. The year-over-year increase in operating expenses was primarily due to an increase in general and administrative expenses related to the expansion of the Company's movie theater business.
Fourth quarter 2012 operating margin was (10.7)% compared to 6.4% in the fourth quarter of 2011. The year-over-year decline in operating margin was primarily due to the decline in gross profit.
Net Income and Net Income Attributable to Bona Film Group Limited per ADS
| 4Q12 | 4Q11 | |
| Net (Loss) Income Attributable to Bona Film Group Limited (US$mm) | (5.4) | 5.6 |
| Net (Loss) Income Attributable to Bona Film Group Limited per ADS (US$) | (0.09) | 0.10 |
| 4Q12 | 4Q11 | |
| Non-GAAP Net (Loss) Income (US$mm) | (4.2) | 6.2 |
| Non-GAAP Net (Loss) Income Attributable to Bona Film Group Limited per ADS (US$) | (0.07) | 0.10 |
Excluding share-based compensation expense of US$1.4 million and US$0.4 million for the fourth quarters of 2012 and 2011, respectively, non-GAAP net loss for the fourth quarter of 2012 was US$(4.2) million, compared with non-GAAP net income of US$6.2 million in the fourth quarter of 2011.
| 4Q12 | 4Q11 | |
| EBITDA, non-GAAP (US$mm) | (2.4) | 6.4 |
EBITDA, non-GAAP, in the fourth quarter of 2012 was US$(2.4) million, compared with EIBTDA, non-GAAP of US$6.4 million in the fourth quarter of 2011.
Cash and cash equivalents, time deposits and restricted cash as of December 31st 2012 totaled US$28.0 million. Operating cash flow for the fourth quarter 2012 was a net outflow of approximately US$7.3 million, related to increased investment in several films released in the fourth quarter of 2012 or scheduled for release in 2013.
Full Year 2012 Financial Results
Net Revenues
| FY12 | FY11 | Y-o-Y% | |
| Net Revenues (US$mm) | 142.3 | 126.2 | 12.8% |
Net revenues for the full year 2012 increased 12.8% year-over-year to US$142.3 million. The increase in net revenues was primarily attributable to increased revenues from the Company's film investment and production and movie theater segments, partially offset by a decline in distribution revenues.
Net Revenues by Segment Operating
| Distribution |
Investment & Production |
Movie Theater |
Talent Agency |
Intersegment Elimination |
Consolidated | |
| Net Revenues from External Customers (US$mm) | 62.9 | 37.0 | 41.7 | 0.6 | -- | 142.3 |
| Intersegment Revenues (US$mm) | 1.1 | 36.7 | -- | -- | (37.8) | -- |
| Total Net Revenues (US$mm) | 64.1 | 73.7 | 41.7 | 0.6 | (37.8) | 142.3 |
Net revenues from distribution totaled US$64.1 million, compared with US$94.9 million in 2011. During 2012, Bona distributed 15 new films theatrically, including two imported films for which the Company assisted in the marketing. In addition, the Company recognized incremental revenue from Flying Swords of Dragon Gate, its December 2011 blockbuster, in the first quarter of 2012. The decrease in net revenues from the distribution segment was mainly due to the lower-than-expected box office performance of The Last Tycoon.
Net revenues from film investment and production were US$73.7 million, compared with US$50.5 million in 2011. The increase was primarily attributable to the success of the Company's TV series, The King's Battles.
Net revenues from the movie theater segment increased to US$41.7 million, compared with US$26.0 million in 2011. The increase was primarily attributable to the increase in the number of theaters and screens from the Company's strategic expansion efforts. The Company owned and operated 20 theaters as of December 31, 2012, compared with 11 as of December 31, 2011.
Top-five Films in Terms of Revenue Contribution
| Film Title | Release Date | |
| 1. Flying Swords of Dragon Gate | December 15, 2011 | |
| 2. The Great Magician | January 12, 2012 | |
| 3. A Simple Life | March 8, 2012 | |
| 4. The Last Tycoon | December 21, 2012 | |
| 5. The Lion Roars 2 | August 17, 2012 |
The top-five films in 2012 contributed US$53.2 million, or 37.4% of full-year 2012 revenues, whereas the top-five films in 2011 accounted for 54.1% of revenues.
Gross Profit and Gross Margin
| FY12 | FY11 | Y-o-Y% | |
| Gross Profit (US$mm) | 56.2 | 59.7 | (5.9)% |
| Gross Margin | 39.5% | 47.3% | -- |
For the full year 2012, gross profit decreased to US$56.2 million compared with US$59.7 million for the full year of 2011. The decrease was primarily attributable to the lower-than-expected box office of The Last Tycoon.
Segment Profit and Segment Margin
| Distribution |
Investment & Production |
Movie Theater |
Talent Agency |
Consolidated | |
| Segment Profit (US$mm) | 25.1 | 6.4 | 23.6 | 0.6 | 55.7 |
| As % of Total Segment Profit | 45.1% | 11.5% | 42.4% | 1.1% | 100% |
| Segment Margin | 39.2% | 8.7% | 56.6% | 96.1% | 39.2% |
Segment margin for the distribution segment increased to 39.2% for the full year 2012 from 38.9% for 2011, primarily as a result of larger reimbursements for print and advertising expenses as a percentage of film distribution revenue.
Segment margin from the Company's investment and production business was 8.7% for the full year 2012, compared with a segment margin of 13.2% for 2011. This decline in segment margin was mainly due to the lower-than-expected box office performance of The Last Tycoon.
Segment margin from the Company's movie theater business was 56.6%, compared with 56.1% in 2011.
Operating Income and Operating Margin
| FY12 | FY11 | Y-o-Y% | |
| Operating Expenses (US$mm) | 60.8 | 47.2 | 28.9% |
| Operating (Loss) Income (US$mm) | (0.8) | 12.7 | (105.9%) |
| Operating Margin | (0.5)% | 10.1% | -- |
Total operating expenses, including participation expenses, general and administrative expenses, and sales and marketing expenses, increased 28.9% to US$60.8 million from US$47.2 million for the full year 2011. The year-over-year increase in operating expenses was primarily due toan increase in general and administrative expenses related to the expansion of the Company's movie theater business.
For the full year 2012 operating margin was (0.5)% compared to 10.1% for full year 2011. The year-over-year decline in operating margin primarily resulted from the unexpectedly low box office of The Last Tycoon.
Net Income and Net Income Attributable to Bona Film Group Limited per ADS
| FY12 | FY11 | |
| Net (Loss) Income Attributable to Bona Film Group Limited (US$mm) | (1.3) | 14.4 |
| Net (Loss) Income Attributable to Bona Film Group Limited per ADS (US$) | (0.02) | 0.25 |
| FY12 | FY11 | |
| Non-GAAP Net Income (US$mm) | 3.2 | 18.2 |
| Non-GAAP Net Income Attributable to Bona Film Group Limited per ADS (US$) | 0.06 | 0.31 |
Non-GAAP net income for the full year 2012 was US$3.2 million, compared with non-GAAP net income of US$18.2 million in 2011.
| FY12 | FY11 | |
| EBITDA, non-GAAP (US$mm) | 9.1 | 21.6 |
EBITDA, non-GAAP, was US$9.1 million for the year ended December 31, 2012, compared with US$21.6 million for the year ended December 31, 2011.
Cash and Cash Flow
As of December 31, 2012, Bona had cash and cash equivalents, term deposits and restricted cash totaling US$28.0 million, compared with US$30.2 million as of December 31, 2011. Operating cash flow for 2012 was a net outflow of approximately US$10.0 million, compared with a net inflow of US$2.2 million for the full year 2011. The change in cash flow was mainly attributable to investment in several films released in 2012 or scheduled for release in 2013.
Business Outlook
Based on current market and operating conditions, the Company expects non-GAAP net income for the first quarter of 2013 to be in the range of US$1.2 million to US$1.5 million.
Mr. Yu added, "2013 has gotten off to a strong start, led by the first quarter releases of The Grandmasters, surprise hit Bring Happiness Home, as well as Angry Kid and Princess and the Seven Kung Fu Masters. We have a strong film slate for the remainder of the year, with several potential hits including Overheard 3, My Lucky Star and The White Haired Witch, and expect to realize further benefits from our theater expansion. We expect another year of significant growth for China's film industry and believe that these favorable industry dynamics in conjunction with the execution of our growth strategy will lead to a successful year for Bona."
Fourth Quarter 2012 Conference Call Details
Bona management will hold the earnings conference call at 8:00 p.m. Eastern Time on Monday, April 1, 2013 (8:00 a.m. Beijing/Hong Kong Time on Tuesday, April 2, 2013). Management will discuss results and highlights of the quarter and answer questions from investors.
The dial-in numbers for the earnings conference call are as follows:
| U.S. Toll Free: +1-855-500-8701 |
| Hong Kong Toll Free: 800-903-737 |
| China, Domestic: 400-120-0654 |
| International: +65-6723-9385 |
| The conference ID # is 16496567 |
A live and archived webcast of the earnings conference call will be available on Bona's Investor Relations website at http://ir.bonafilm.cn/events.cfm.
About Bona Film Group Limited
Bona Film Group Limited (Nasdaq:BONA) is a leading film distributor in China, with an integrated business model encompassing film distribution, film production, film exhibition and talent representation. Bona distributes films to Greater China, Korea, Southeast Asia, the United States and Europe, invests and produces movies in a variety of genres, owns and operates twenty movie theaters and manages a range of talented and popular Chinese artists.
For more information about Bona, please visit http://www.bonafilm.cn.
To be added to Bona's email list to receive Company news, please send your request to bona@tpg-ir.com.
Forward Looking Statements
This news release may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.
Non-GAAP Financial Measures
To supplement Bona's consolidated financial results presented in accordance with GAAP, Bona uses the following measures defined as non-GAAP financial measures by the SEC: non-GAAP net income, non-GAAP net income attributable to Bona Film Group Limited per ADS, which exclude share-based compensation expenses, and EBITDA, non-GAAP, which excludes interest, taxes, and non-cash depreciation and amortization charges. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, as a substitute for, or to be superior to the financial information prepared and presented in accordance with GAAP. In addition, Bona's definition of non-GAAP net income may be different from the definitions used by other companies, and therefore comparability may be limited.
Bona believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding certain expenses and expenditures that may not be indicative of its operating performance and a supplemental liquidity measure which is useful for understanding and evaluating the Company's capacity for servicing its debt, and otherwise meeting its cash needs. Because EBITDA, non-GAAP, excludes depreciation and amortization, EBITDA, non-GAAP, does not reflect any cash requirements for the replacement of the assets being depreciated and amortized, which assets will often have to be replaced in the future. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company's performance and liquidity, and when planning and forecasting future periods. The table appears at the end of this press release has more details on the reconciliations between GAAP financial measures that are comparable to non-GAAP financial measures.
1 "ADS" is American depositary share. Each two ADSs represent one ordinary share.
2 As used in this press release, non-GAAP net income and non-GAAP net income attributable to Bona Film Group Limited per ADS exclude share-based compensation. EBITDA, non-GAAP, excludes interest, taxes and non-cash depreciation and amortization charges. See "Non- GAAP Financial Measures" and "Reconciliation of Non-GAAP Measures" at the end of this press release.
3 Segment profit is gross profit less film participation expense by segments for the periods indicated.
| Unaudited Condensed Consolidated Statement of Operations | ||||
| (in U.S. dollars, except share data) | ||||
| Three-months ended Dec. 31 | Twelve-months ended Dec. 31 | |||
| 2012 | 2011 | 2012 | 2011 | |
| Net revenue | 53,226,173 | 52,649,520 | 142,282,919 | 126,161,270 |
| Cost of revenue | 43,130,900 | 31,734,002 | 86,085,046 | 66,458,217 |
| Gross profit | 10,095,273 | 20,915,518 | 56,197,873 | 59,703,053 |
| Film participation expense | (436,890) | 265,977 | 438,636 | 321,100 |
| Sales and marketing | 6,174,117 | 8,469,567 | 18,490,433 | 18,506,262 |
| General and administrative | 13,083,391 | 8,812,806 | 41,890,064 | 28,371,497 |
| Total operating expenses | 18,820,618 | 17,548,350 | 60,819,133 | 47,198,859 |
| Government Subsidies | 3,011,685 | -- | 3,866,700 | 220,559 |
| Operating (loss) income | (5,713,660) | 3,367,168 | (754,560) | 12,724,753 |
| Interest income | (10,016) | 69,889 | 246,423 | 248,266 |
| Interest expense | (178,231) | (295,436) | (399,319) | (589,833) |
| Exchange gain | 635,081 | 1,149,898 | 373,265 | 1,748,044 |
| Interest income from TV series investment | -- | 141,545 | -- | 141,545 |
| Other income | 71,429 | 351,279 | 288,157 | 770,081 |
| Investment Loss | -- | -- | -5,584 | -- |
| (Loss) Income before income tax provision, equity in earnings of affiliated companies, and net of taxes | (5,195,397) | 4,784,343 | (251,618) | 15,042,856 |
| Provision for income taxes | 333,611 | (939,055) | 1,322,368 | 473,542 |
| Equity in earnings of affiliated companies, net of taxes | -- | (7,478) | 5,604 | 3,062 |
| Net (loss) income | (5,529,008) | 5,715,920 | (1,568,382) | 14,572,376 |
| Less: Net (loss) income attributable | (165,499) | 79,843 | (284,500) | 140,295 |
| to the noncontrolling interests | ||||
| Net (loss) income attributable | (5,363,509) | 5,636,077 | (1,283,882) | 14,432,081 |
| to Bona Film Group Limited | ||||
| Net (loss) income attributable to Bona Film Group Limited per ADS | ||||
| Basic | (0.09) | 0.1 | (0.02) | 0.25 |
| Diluted | (0.09) | 0.09 | (0.02) | 0.24 |
| Weighted average shares used in calculating net income per ordinary share | ||||
| Basic | 29,666,695 | 29,363,899 | 29,514,979 | 29,353,936 |
| Diluted | 29,666,695 | 29,723,759 | 29,514,979 | 29,844,462 |
| Unaudited Condensed Statement of Consolidated Comprehensive Income | ||||
| (in U.S. dollars) | ||||
| Three-months ended Dec. 31 | Twelve-months ended Dec. 31 | |||
| 2012 | 2011 | 2012 | 2011 | |
| Net (loss) income | (5,529,008) | 5,715,920 | (1,568,382) | 14,572,376 |
| Other comprehensive income, net of tax | ||||
| Foreign currency translation adjustments | 842,939 | 1,193,882 | 1,030,733 | 3,449,951 |
| Comprehensive (loss) income | (4,686,069) | 6,909,802 | (537,649) | 18,022,327 |
| Less: comprehensive (loss) income attribute to the noncontrolling interests | (150,142) | 107,250 | (282,552) | 188,095 |
| Comprehensive (loss) income attributable to Bona Film Group Ltd. | (4,535,927) | 6,802,552 | (255,097) | 17,834,232 |
| Unaudited Condensed Consolidated Balance Sheets | ||
| (in U.S. dollars, except share data) | ||
| Dec. 31 | Dec 31, | |
| 2012 | 2011 | |
| Cash | 23,227,922 | 20,107,349 |
| Term Deposit | -- | 6,038,107 |
| Restricted Cash | 4,815,332 | 4,066,162 |
| Accounts receivable, net of allowance for doubtful accounts | 40,307,672 | 41,642,787 |
| Prepaid expenses and other current assets | 23,329,262 | 27,335,348 |
| Amount due from related parties | 343,817 | 1,183,083 |
| Current deferred tax assets | 970,683 | 15,697 |
| Inventory | 276,436 | 228,412 |
| Total current assets | 93,271,124 | 100,616,945 |
| Distribution rights | 11,406,692 | 3,663,966 |
| Production costs | 90,345,409 | 69,844,822 |
| Prepaid film costs | 7,426,915 | 6,340,770 |
| Property and equipment, net | 60,208,609 | 40,208,447 |
| Acquired intangible assets | 3,189,481 | 3,993,152 |
| Non-current deferred tax assets | 311,102 | 320,670 |
| Long-term investments | 1,296,307 | 150,670 |
| Goodwill | 49,110,021 | 48,612,487 |
| Total assets | 316,565,660 | 273,751,929 |
| Accounts payable | 35,257,660 | 27,807,118 |
| Accrued expenses and other current liabilities | 28,145,099 | 27,239,987 |
| Amounts due to related parties | 5,746,328 | 3,027,872 |
| Income taxes payable | 2,420,443 | 795,229 |
| Bank borrowing | 12,542,161 | 12,561,806 |
| Other borrowing | 8,671,050 | 1,831,658 |
| Current film participation liabilities | 15,086,892 | 16,224,219 |
| Total current liabilities | 107,869,633 | 89,487,889 |
| Bank borrowing- Long term | 18,025,553 | -- |
| Deferred income | 813,681 | 1,056,676 |
| Deferred tax liability | 211,203 | 413,219 |
| Total liabilities | 126,920,070 | 90,957,784 |
| Ordinary shares (par value of US$0.0005 per share, 85,000,000 shares authorized, 30,402,346 and 29,389,089 shares issued and outstanding as of December 31, 2011 and 30,402,346 and 29,737,257 shares issued and outstanding as of Dec 31, 2012.) | 14,869 | 14,695 |
| Additional paid-in capital | 176,134,737 | 169,519,847 |
| Statutory reserves | 2,543,272 | 2,044,870 |
| Accumulated deficit | 550,518 | 2,332,802 |
| Accumulated other comprehensive income | 6,465,090 | 5,436,305 |
| Total Bona Film Group Limited's equity | 185,708,486 | 179,348,519 |
| Noncontrolling interests | 3,937,104 | 3,445,626 |
| Total equity | 189,645,590 | 182,794,145 |
| Total liabilities and equity | 316,565,660 | 273,751,929 |
| Unaudited Reconciliation of Non-GAAP Measures | ||||
| (in U.S. dollars) | ||||
| Three-months ended Dec. 31 | Twelve-months ended Dec. 31 | |||
| 2012 | 2011 | 2012 | 2011 | |
| Net (loss) income | (5,529,008) | 5,715,920 | (1,568,382) | 14,572,376 |
| Share-based compensation | 1,367,266 | 441,389 | 4,803,163 | 3,647,143 |
| Non-GAAP Net (loss) income | (4,161,742) | 6,157,309 | 3,234,781 | 18,219,519 |
| Interests | 188,247 | 84,002 | 152,896 | 200,022 |
| Taxes | 333,611 | (939,055) | 1,322,368 | 473,542 |
| Depreciation & Amortization | 1,212,750 | 1,119,446 | 4,370,679 | 2,711,958 |
| EBITDA, non-GAAP | (2,427,134) | 6,421,702 | 9,080,725 | 21,605,041 |