Form 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2011
Commission File Number: 001-33768
CNINSURE INC.
22/F, Yinhai Building
No. 299 Yanjiang Zhong Road
Guangzhou, Guangdong 510110
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): o
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CNinsure Inc.
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By: |
/s/ Peng Ge
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Name: |
Peng Ge |
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Title: |
Chief Financial Officer |
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Date: March 2, 2011
Exhibit Index
Exhibit 99.1 Press Release
Exhibit 99.1
Exhibit 99.1
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IR-111 |
CNinsure Reports Fourth Quarter and Fiscal Year 2010 Unaudited Financial Results
Quarterly Diluted Net Income per ADS up 22.7% and Fiscal Year Diluted Net Income per
ADS up 31.6% Year-over-Year
GUANGZHOU, March 1, 2011 (GLOBE NEWSWIRE) CNinsure Inc., (Nasdaq: CISG), (the Company or
CNinsure), a leading independent insurance intermediary company operating in China, today
announced its unaudited financial results for the fourth quarter and fiscal year ended December 31,
2010.1
Financial Highlights:
Highlights for Fourth Quarter 2010
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Total net revenues: RMB449.0 million (US$68.0 million),
representing an increase of 26.3% from the corresponding
period of 2009. |
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Income from operations: RMB132.7 million (US$20.1
million), representing an increase of 20.4% from the
corresponding period of 2009. |
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Net income attributable to the Companys shareholders:
RMB126.5 million (US$19.2 million), representing an
increase of 34.9% from the corresponding period of 2009.
Excluding non-recurring investment income incurred by
business combination achieved in stages, net income
attributable to the Companys shareholders grew 32.4%
from the corresponding period of 2009, which exceeded the
previous guidance of approximately 32% year-over-year
growth. |
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Basic and diluted net income per American Depositary
Share (ADS): RMB2.514 (US$0.381) and RMB2.447
(US$0.371), respectively, representing an increase of
22.3% and 22.7%, respectively, from the corresponding
period of 2009. |
Highlights for Fiscal Year 2010
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Total net revenues: RMB1,485.0 million (US$225.0
million), representing an increase of 28.6% from 2009. |
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Income from operations: RMB431.6 million (US$65.4
million), representing an increase of 32.3% from 2009. |
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Net income attributable to the Companys shareholders:
RMB422.3 million (US$64.0 million), representing an
increase of 40.4% from 2009. Excluding non-recurring
investment income incurred by business combination
achieved in stages, net income attributable to the
Companys shareholders grew 36.5% from 2009. |
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1 |
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This announcement contains translations of certain
Renminbi (RMB) amounts into U.S. dollars (US$) at specified rates solely for
the convenience of the reader. Unless otherwise noted, all translations from
RMB to U.S. dollars are made at a rate of RMB6.60 to US$1.00, the effective
noon buying rate as of December 30, 2010 in The City of New York for cable
transfers of RMB as set forth in H.10 weekly statistical release of the Federal
Reserve Board. |
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Basic and diluted net income per ADS: RMB8.816 (US$1.336)
and RMB8.529 (US$1.292), respectively, representing an
increase of 33.7% and 31.6%, respectively, from 2009. |
Commenting on the financial results, Mr. Yinan Hu, chairman and chief executive officer of the
Company, stated, I am pleased to report that CNinsure continued to deliver solid financial results
in 2010 with total net revenues and net income attributable to the Companys shareholders growing
28.6% and 40.4%, respectively, and fully diluted EPS growing 31.6% to RMB 8.529, which exceeded the
management target.
During 2010, we continued our efforts to enhance our long-term competitiveness by further
penetrating into the property and casualty (P&C) and life insurance markets, and launching
initiatives to explore the insurance brokerage, e-commerce insurance, wealth management and
consumer credit brokerage businesses. Going forward, the life insurance business, which has become
a key growth driver for CNinsure benefiting from the strong market demand and growth potential,
will remain a strategic focus for the Company. In the meantime, with telemarketing and online sales
rapidly gaining popularity as a distribution channel for commodity type P&C insurance products,
e-commerce insurance business will become a new strategic focus for us in the next few years. As
such, we expect to make significant investment in IT infrastructure, call center and advertisement
to develop our e-commerce insurance platform which we believe will enable us to directly reach a
broader customer base.
CNinsure received several awards in 2010, including the Insurance Intermediary of the Year for
2010 and a 2010 Financial Innovation Award. We are honored that after ten years of development,
CNinsure has won the support and recognition of the regulatory body and its insurance partners,
which has motivated us to strengthen our commitment in the insurance intermediary market. The
management will reward their loyalty and support by presenting them a better and stronger
CNinsure.
Financial Results for the Fourth Quarter Ended December 31, 2010
Total net revenues for the fourth quarter ended December 31, 2010 were RMB449.0 million (US$68.0
million), representing an increase of 26.3% from RMB355.5 million for the corresponding period of
2009. The increase was primarily driven by the significant growth of the life and P&C insurance
businesses as a result of the increase in the number of sales agents.
Total operating costs and expenses were RMB316.4 million (US$47.9 million) for the fourth quarter
of 2010, representing an increase of 29.0% from RMB245.3 million for the corresponding period of
2009.
Commissions and fees expenses were RMB212.2 million (US$32.2 million) for the fourth quarter of
2010, representing an increase of 19.8% from RMB177.2 million for the corresponding period of 2009.
The increase was primarily due to sales growth and largely tracked the increase in net revenues
from commissions and fees.
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Selling expenses were RMB23.4 million (US$3.5 million) for the fourth quarter of 2010, representing
an increase of 52.3% from RMB15.3 million for the corresponding period of 2009, primarily due to
sales growth and an increase in expenses incurred in connection with the establishment of new
outlets.
General and administrative expenses were RMB80.8 million (US$12.2 million) for the fourth quarter
of 2010, representing an increase of 52.9% from RMB52.8 million for the corresponding period of
2009. The increase was primarily due to increases in the following non-cash items:
(1) |
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an increase of 49.8% in depreciation of fixed assets from RMB4.3 million for the fourth
quarter of 2009 to RMB6.5 million (US$1.0 million) for the fourth quarter of 2010, largely as
a result of the operation of the upgraded IT system in more affiliated entities in the fourth
quarter of 2010; |
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an increase of 157.6% in amortization of intangible assets from RMB2.8 million for the fourth
quarter of 2009 to RMB7.3 million (US$1.1 million) for the fourth quarter of 2010, largely as
a result of the acquisitions we made in 2010; |
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a recognition of RMB4.6 million (US$0.7 million) impairment loss in respect of intangible
assets for the fourth quarter of 2010; and |
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an increase of 298.9% in share-based compensation expenses from RMB1.5 million for the fourth
quarter of 2009 to RMB5.9 million (US$0.9 million) for the fourth quarter of 2010, associated
with the grant of options to various directors, officers and employees in February 2010. |
As a result of the foregoing factors, income from operations was RMB132.7 million (US$20.1 million)
for the fourth quarter of 2010, representing an increase of 20.4% from RMB110.2 million for the
corresponding period of 2009. Operating margin was 29.5% for the fourth quarter of 2010, compared
to 31.0% for the corresponding period of 2009.
In the fourth quarter of 2010, the Company acquired an additional 46% equity interest in Shenyang
Fangda Insurance Agency Co., Ltd. (Shenyang Fangda), which increased the Companys equity
interest in Shenyang Fangda from 5% to 51%. As a result, the Company recognized RMB3.2 million
(US$0.5 million) investment income, representing gains from re-measuring the 5% equity interests
formerly held by the Company in Shenyang Fangda. At the same time, the Company recognized a RMB0.8
million (US$0.1 million) deferred income tax expense, which was included in income tax expense.
Interest income for the fourth quarter of 2010 was RMB7.2 million (US$1.1 million), representing an
increase of 0.6% from RMB7.2 million for the corresponding period of 2009.
Income tax expense for the fourth quarter of 2010 was RMB24.5 million (US$3.7 million),
representing a decrease of 13.6% from RMB28.3 million for the corresponding period of 2009. The
effective income tax rate applicable to the Company was 17.1% for the fourth quarter of 2010,
compared to 24.1% for the corresponding period of 2009. The decrease was primarily attributable to
a tax holiday enjoyed by an affiliated subsidiary of the Company.
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Net income attributable to the Companys shareholders was RMB126.5 million (US$19.2 million) for
the fourth quarter of 2010, representing an increase of 34.9% from RMB93.8 million for the
corresponding period of 2009. Excluding non-recurring investment income incurred by business
combination achieved in stages, net income attributable to the Companys shareholders was RMB124.1
million (US$18.8 million) for the fourth quarter of 2010, representing an increase of 32.4% from
RMB93.8 from the corresponding period of 2009.
Net margin was 28.2% for the fourth quarter of 2010 compared to 26.4% for the corresponding period
of 2009.
Basic net income per ADS was RMB2.514 (US$0.381) for the fourth quarter of 2010, representing an
increase of 22.3% from RMB2.055 for the corresponding period of 2009. Fully diluted net income per
ADS was RMB2.447 (US$0.371) for the fourth quarter of 2010, representing an increase of 22.7% from
RMB1.995 for the corresponding period of 2009.
As of December 31, 2010, the Company had RMB1.9 billion (US$291.6 million) in cash and cash
equivalents.
Financial Results for the Year Ended December 31, 2010
Total net revenues for fiscal year 2010 were RMB1,485.0 million (US$225.0 million), representing an
increase of 28.6% from RMB1,154.9 million in fiscal year 2009. The increase was primarily driven by
the significant growth of the life insurance business as a result of the growth in the number of
sales agents, the increase in commission rate for new life insurance policies and the growth in
renewal commissions.
Total operating costs and expenses were RMB1,053.4 million (US$159.6 million) for fiscal year 2010,
representing an increase of 27.1% from RMB828.7 million in fiscal year 2009.
Commissions and fees expenses were RMB708.4 million (US$107.3 million) for fiscal year 2010,
representing an increase of 22.2% from RMB579.9 million in fiscal year 2009. The increase was
primarily due to sales growth and largely tracked the increase in net revenues from commissions and
fees.
Selling expenses were RMB73.6 million (US$11.1 million) for fiscal year 2010, representing an
increase of 48.6% from RMB49.5 million in fiscal year 2009, primarily due to sales growth and an
increase in expenses incurred in connection with the establishment of new outlets.
General and administrative expenses were RMB271.4 million (US$41.1 million) for fiscal year 2010,
representing an increase of 36.2% from RMB199.2 million in fiscal year 2009. The increase was
primarily due to increases in the following non-cash items:
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(1) |
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an increase of 59.5% in depreciation of fixed assets from RMB14.1 million for fiscal year
2009 to RMB22.4 million (US$3.4 million) in fiscal year 2010, largely as a result of operating
the upgraded IT system in more affiliated entities in fiscal year 2010; |
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an increase of 122.9% in amortization of intangible assets from RMB9.7 million for fiscal
year 2009 to RMB21.5 million (US$3.3 million) in fiscal year 2010, largely as a result of the
acquisitions we made in 2010; |
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a recognition of RMB4.6 million (US$0.7 million) impairment loss in respect of intangible
assets for the fourth quarter of 2010; and |
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an increase of 194.0% in share-based compensation expenses from RMB7.6 million for fiscal
year 2009 to RMB22.2 million (US$3.4 million) in fiscal year 2010, associated with the grant
of options to various directors, officers and employees in February 2010. |
As a result of the foregoing factors, income from operations was RMB431.6 million (US$65.4 million)
for fiscal year 2010, representing an increase of 32.3% from RMB326.2 million in fiscal year 2009.
Operating margin was 29.1% for fiscal year 2010, compared to 28.2% in fiscal year 2009.
In the fiscal year 2010, the Company acquired an additional 41% equity interest in each of Hebei
Fanlian Insurance Agency Co., Ltd. (Hebei Fanlian), Ningbo Baolian Insurance Agency Co., Ltd.
(Ningbo Baolian) and Shandong Fanhua Mintai Insurance Agency Co., Ltd. (Shandong Mintai), and
46% equity interest in Shenyang Fangda, which increased the Companys equity interests in Hebei
Fanlian, Ningbo Baolian and Shandong Mintai from 10% to 51% and in Shenyang Fangda from 5% to 51%.
As a result, the Company recognized RMB41.2 million (US$6.2 million) investment income,
representing gains from re-measuring the 10% and 5% equity interests formerly held by the Company
in Hebei Fanlian, Ningbo Baolian, Fanhua Mintai and Shenyang Fangda. At the same time, the Company
recognized RMB10.3 million (US$1.6 million) deferred income tax expense in relation to the
investment income, which was included in income tax expense.
In the fiscal year 2009, the Company acquired additional 41% and 46% equity interests in Hangzhou
Fanhua Zhixin Insurance Agency Co., Ltd. (Hangzhou Zhixin) and Zhengzhou Fanhua Anlian Insurance
Agency Co., Ltd (Zhengzhou Anlian), respectively, which increased the Companys equity interests
in these entities from 10% and 5% to 51%. As a result, the Company recognized RMB18.9 million
investment income, representing gains from re-measuring the 10% and 5% equity interests formerly
held by the Company in Hangzhou Zhixin and Zhengzhou Anlian. At the same time, the Company
recognized a RMB4.7 million deferred income tax expense in relation to the investment income, which
was included in income tax expense.
Interest income for fiscal year 2010 was RMB26.9 million (US$4.1 million), representing a decrease
of 19.1% from RMB33.3 million in fiscal year 2009.
Income tax expense for fiscal year 2010 was RMB96.7 million (US$14.7 million), representing an
increase of 1.2% from RMB95.6 million in fiscal year 2009. The effective income tax rate applicable
to the Company was 19.3% for fiscal year 2010, compared to 25.6% in fiscal year 2009, the decrease
was primarily attributable to a tax holiday enjoyed by an affiliated subsidiary of the Company.
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Net income attributable to the Companys shareholders was RMB422.3 million (US$64.0 million) for
fiscal year 2010, representing an increase of 40.4% from RMB300.8 million in fiscal year 2009. If
excluding non-recurring investment income incurred by business combination achieved in stages, net
income attributable to the Companys shareholders was RMB391.4 million (US$59.3 million) for fiscal
year 2010, representing an increase of 36.5% from RMB286.7 from fiscal year 2009.
Net margin was 28.4% for fiscal year 2010 compared to 26.1% in fiscal year 2009.
Basic net income per ADS was RMB8.816 (US$1.336) for fiscal year 2010, representing an increase of
33.7% from RMB6.594 in fiscal year 2009. Fully diluted net income per ADS was RMB8.529 (US$1.292)
for fiscal year 2010, representing an increase of 31.6% from RMB6.481 in fiscal year 2009.
Recent developments:
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On February 17, 2011, CNinsure established Fanhua Lianxing
Insurance Sales Co., Ltd (Fanhua Lianxing) to engage in the
distribution of life insurance business. Fanhua Lianxing, which is
wholly owned by CNinsure, is capitalized at RMB50 million. With
head office based in Beijing, Fanhua Lianxing has been granted an
insurance agency license for nation-wide operation by the CIRC. As
of date, two of CNinsures affiliated life insurance agencies have
obtained nation-wide insurance agency operation licenses. |
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On February 15, 2011, CNinsure entered a termination of
cooperation agreement (the Agreement) with Chengdu Jingshi
Investment Co., Ltd (Chengdu Jingshi). Pursuant to the
agreement, both parties will continue to honor the existing
agreements related to the ongoing projects, but will terminate
cooperation for future acquisitions. In the mean time, Chengdu
Jingshi remains liable for its obligations to ensure the
achievement of guaranteed performance targets by the acquired
entities. |
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Currently, there are 19 ongoing projects. CNinsure has acquired controlling stakes in 10 of the
ongoing projects and has the right of first refusal to acquire the remaining stakes in three to
five years. The remaining nine projects are still in the development stage and CNinsure has
preemptive right to acquire controlling stake or 100% of the stakes if the businesses satisfy
CNinsures requirements. |
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On January 22, 2011, CNinsure was named the Insurance Intermediary
of the Year for 2010 at the 5th annual ceremony of
China Insurance Innovation Awards. A customized property &
casualty insurance product co-designed by CNinsure and Chartis
Insurance Company China Ltd. that targets small and medium
enterprises was also awarded the Most Innovative Insurance Product
at the ceremony. |
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As of December 31, 2010, CNinsures distribution and service
network consisted of 660 sales and services outlets operating in
23 provinces, compared to 501 sales and service outlets operating
in 22 provinces as of December 31, 2009. CNinsure had 50,086 sales
agents and 1,497 professional claims adjustors as of December 31,
2010, compared to 38,675 sales agents and 1,556 professional
claims adjustors as of December 31, 2009. |
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Net revenues from commissions and fees derived from the property
and casualty insurance, life insurance and claims adjusting
businesses for the fiscal year 2010 each contributed 55.3%, 32.8%
and 11.9% of the Companys total net revenues, respectively,
compared to 67.8%, 20.0%, 12.2%, respectively, for the same period
of 2009. |
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On December 22, 2010, CNinsure entered into a strategic
partnership agreement with China Continent Property and Casualty
Insurance Co., Ltd., pursuant to which, both parties agree to work
closely on product distribution, development of customized
products, data sharing as well as outsourcing of claims adjusting
services. It is also agreed that commissions for CNinsure are
subject to upward adjustment on top of the market commissions if
CNinsure meets certain targets in terms of sales volume and
quality. |
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On December 3, 2010, CNinsures board of directors approved a
corporate share repurchase program authorizing up to US$100
million in ADS repurchases by June 30, 2011. As of December 31,
2010, the Company had repurchased 331,059 ADS for an aggregate
price of approximately US$5.6 million on the open market. |
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In November 2010, CNinsure launched a co-branded customized
accident insurance product with Taiping Life Insurance Co., Ltd.
(Taiping Life). This new insurance product is custom designed by
Taiping Life for CNinsure to meet the needs of various target
group of customers and is exclusively distributed through
CNinsures sales network. CNinsure has launched ten customized
insurance products with insurance companies. |
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CNinsure was awarded a 2010 Financial Innovation Award by the
Peoples Government of Guangdong Province of China and recieved a
cash prize of RMB0.5 million for its successful implementation of
the operating platform + entrepreneurial agent program. |
Business Outlook
CNinsure expects its net income attributable to the Companys shareholders, excluding non-recurring
investment income incurred by business combination achieved in stages and the estimated strategic
spending on e-commerce insurance, to grow by approximately 20~23% for the first quarter 2011
compared to the corresponding period of 2010. This forecast reflects CNinsures current and
preliminary view, which is subject to change.
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Conference Call
The Company will host a conference call to discuss the fourth quarter and fiscal year 2010 results
at
Time: 8:00 pm Eastern Standard Time on March 1, 2011
or 9:00 am Beijing/Hong Kong Time on March 2, 2011
The dial-in numbers:
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United States:
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+1-866-549-1292 |
United Kingdom:
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0808-234-6305 |
Canada:
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+1-866-8691-825 |
Singapore:
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800-852-3576 |
Taiwan:
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0080-185-6004 |
Hong Kong & Other Areas:
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+852-3005-2050 |
China (Mainland):
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400-681-6949 |
Password: 885507#
A replay of the call will be available for 30 days as follows:
+852-3005-2020 (Hong Kong & other areas)
PIN number: 142589#
Additionally, a live and archived web cast of this call will be available at:
http://www.corpasia.net/us/CISG/irwebsite/index.php?mod=event
About CNinsure Inc.
CNinsure is a leading independent intermediary company operating in China. CNinsures distribution
network reaches many of Chinas most economically developed regions and affluent cities. The
Company distributes a wide variety of property and casualty and life insurance products
underwritten by domestic and foreign insurance companies operating in China, and provides insurance
claims adjusting as well as other insurance-related services.
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Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements, including the
statements relating to the Companys future financial and operating results, are made under the
safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can
identify these forward- looking statements by terminology such as will, expects, believes,
anticipates, intends, estimates and similar statements. Among other things, the managements
quotations and the Business Outlook section contain forward-looking statements. These
forward-looking statements involve known and unknown risks and uncertainties and are based on
current expectations, assumptions, estimates and projections about CNinsure and the industry.
Potential risks and uncertainties include, but are not limited to, those relating to CNinsures
limited operating history, especially its limited experience in selling life insurance products,
its ability to attract and retain productive agents, especially entrepreneurial agents, its ability
to maintain existing and develop new business relationships with insurance companies, its ability
to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the
Chinese insurance industry, its ability to compete effectively against its competitors, quarterly
variations in its operating results caused by factors beyond its control and macroeconomic
conditions in China and their potential impact on the sales of insurance products. All information
provided in this press release is as of March 1, 2011, and CNinsure undertakes no obligation to
update any forward-looking statements to reflect subsequent occurring events or circumstances, or
changes in its expectations, except as may be required by law. Although CNinsure believes that the
expectations expressed in these forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further information regarding risks and
uncertainties faced by CNinsure is included in CNinsures filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
Page 9 of 14
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CNINSURE INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
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As of December 31, |
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As of December 31, |
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As of December 31, |
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2009 |
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2010 |
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2010 |
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RMB |
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RMB |
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US$ |
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ASSETS: |
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Current assets: |
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Cash and cash equivalents |
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1,457,890 |
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1,924,884 |
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291,649 |
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Restricted cash |
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1,957 |
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9,177 |
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1,390 |
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Accounts receivable, net |
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181,360 |
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243,175 |
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36,845 |
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Insurance premium receivables |
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230 |
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92 |
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14 |
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Other receivables |
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52,108 |
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67,034 |
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10,157 |
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Deferred tax assets |
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2,602 |
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5,691 |
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862 |
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Amounts due from related parties |
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25,337 |
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40,000 |
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6,061 |
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Other current assets |
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6,015 |
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12,372 |
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1,874 |
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Total current assets |
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1,727,499 |
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2,302,425 |
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348,852 |
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Non-current assets: |
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Property, plant, and equipment, net |
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108,318 |
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102,175 |
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15,481 |
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Goodwill |
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535,911 |
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1,154,373 |
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174,905 |
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Intangible assets, net |
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81,485 |
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145,653 |
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22,069 |
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Deferred tax assets |
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3,801 |
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6,755 |
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1,023 |
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Investment in affiliates |
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86,701 |
|
|
|
139,116 |
|
|
|
21,078 |
|
Other non-current assets |
|
|
2,250 |
|
|
|
3,959 |
|
|
|
600 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
2,545,965 |
|
|
|
3,854,456 |
|
|
|
584,008 |
|
|
|
|
|
|
|
|
|
|
|
Page 10 of 14
|
|
|
|
|
|
|
|
IR-111 |
CNINSURE INC.
Unaudited Condensed Consolidated Balance Sheets-(Continued)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
As of December 31, |
|
|
As of December 31, |
|
|
|
2009 |
|
|
2010 |
|
|
2010 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
LIABILITIES AND EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
72,716 |
|
|
|
89,573 |
|
|
|
13,572 |
|
Insurance premium payables |
|
|
1,957 |
|
|
|
1,364 |
|
|
|
207 |
|
Other payables and accrued expenses |
|
|
182,139 |
|
|
|
93,460 |
|
|
|
14,160 |
|
Accrued payroll |
|
|
24,152 |
|
|
|
31,237 |
|
|
|
4,733 |
|
Income tax payable |
|
|
37,410 |
|
|
|
34,927 |
|
|
|
5,292 |
|
Amounts due to related parties |
|
|
19,274 |
|
|
|
37,800 |
|
|
|
5,727 |
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
337,648 |
|
|
|
288,361 |
|
|
|
43,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Other tax liabilities |
|
|
2,537 |
|
|
|
5,519 |
|
|
|
836 |
|
Deferred tax liabilities |
|
|
19,075 |
|
|
|
43,513 |
|
|
|
6,593 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
359,260 |
|
|
|
337,393 |
|
|
|
51,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
7,036 |
|
|
|
7,649 |
|
|
|
1,159 |
|
Additional paid-in capital |
|
|
1,604,774 |
|
|
|
2,261,849 |
|
|
|
342,704 |
|
Statutory reserves |
|
|
103,877 |
|
|
|
136,681 |
|
|
|
20,709 |
|
Retained earnings |
|
|
348,663 |
|
|
|
738,165 |
|
|
|
111,843 |
|
Accumulated other comprehensive loss |
|
|
(72,542 |
) |
|
|
(83,360 |
) |
|
|
(12,630 |
) |
|
|
|
|
|
|
|
|
|
|
Total CNinsure Inc. shareholders
equity |
|
|
1,991,808 |
|
|
|
3,060,984 |
|
|
|
463,785 |
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
|
194,897 |
|
|
|
456,079 |
|
|
|
69,103 |
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
2,186,705 |
|
|
|
3,517,063 |
|
|
|
532,888 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
2,545,965 |
|
|
|
3,854,456 |
|
|
|
584,008 |
|
|
|
|
|
|
|
|
|
|
|
Page 11 of 14
|
|
|
|
|
|
|
|
IR-111 |
CNINSURE INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except for shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
|
For The Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2009 |
|
|
2010 |
|
|
2010 |
|
|
2009 |
|
|
2010 |
|
|
2010 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions and fees |
|
|
355,217 |
|
|
|
448,695 |
|
|
|
67,984 |
|
|
|
1,154,090 |
|
|
|
1,484,389 |
|
|
|
224,907 |
|
Other service fees |
|
|
278 |
|
|
|
327 |
|
|
|
50 |
|
|
|
761 |
|
|
|
640 |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
|
355,495 |
|
|
|
449,022 |
|
|
|
68,034 |
|
|
|
1,154,851 |
|
|
|
1,485,029 |
|
|
|
225,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions and fees |
|
|
(177,180 |
) |
|
|
(212,235 |
) |
|
|
(32,156 |
) |
|
|
(579,911 |
) |
|
|
(708,403 |
) |
|
|
(107,333 |
) |
Selling expenses |
|
|
(15,342 |
) |
|
|
(23,362 |
) |
|
|
(3,540 |
) |
|
|
(49,498 |
) |
|
|
(73,567 |
) |
|
|
(11,147 |
) |
General and administrative expenses |
|
|
(52,809 |
) |
|
|
(80,758 |
) |
|
|
(12,236 |
) |
|
|
(199,246 |
) |
|
|
(271,444 |
) |
|
|
(41,128 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses |
|
|
(245,331 |
) |
|
|
(316,355 |
) |
|
|
(47,932 |
) |
|
|
(828,655 |
) |
|
|
(1,053,414 |
) |
|
|
(159,608 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
110,164 |
|
|
|
132,667 |
|
|
|
20,102 |
|
|
|
326,196 |
|
|
|
431,615 |
|
|
|
65,396 |
|
Other income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
|
|
|
|
|
3,194 |
|
|
|
484 |
|
|
|
18,905 |
|
|
|
41,244 |
|
|
|
6,249 |
|
Interest income |
|
|
7,195 |
|
|
|
7,241 |
|
|
|
1,097 |
|
|
|
33,299 |
|
|
|
26,924 |
|
|
|
4,080 |
|
Interest expense |
|
|
|
|
|
|
(5 |
) |
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
(1 |
) |
Others, net |
|
|
371 |
|
|
|
159 |
|
|
|
24 |
|
|
|
1,408 |
|
|
|
391 |
|
|
|
59 |
|
Changes in fair value of
contingent consideration
payables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,946 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes and
income of affiliates |
|
|
117,730 |
|
|
|
143,256 |
|
|
|
21,706 |
|
|
|
373,858 |
|
|
|
500,169 |
|
|
|
75,783 |
|
Income tax expense |
|
|
(28,328 |
) |
|
|
(24,483 |
) |
|
|
(3,710 |
) |
|
|
(95,618 |
) |
|
|
(96,743 |
) |
|
|
(14,658 |
) |
Share of income of affiliates |
|
|
811 |
|
|
|
3,097 |
|
|
|
469 |
|
|
|
774 |
|
|
|
12,904 |
|
|
|
1,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
90,213 |
|
|
|
121,870 |
|
|
|
18,465 |
|
|
|
279,014 |
|
|
|
416,330 |
|
|
|
63,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 12 of 14
|
|
|
|
|
|
|
|
IR-111 |
CNINSURE INC.
Unaudited Condensed Consolidated Statements of Operations-(Continued)
(In thousands, except for shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
|
For The Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2009 |
|
|
2010 |
|
|
2010 |
|
|
2009 |
|
|
2010 |
|
|
2010 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Less: Net loss attributable to
the noncontrolling interests |
|
|
(3,561 |
) |
|
|
(4,664 |
) |
|
|
(707 |
) |
|
|
(21,827 |
) |
|
|
(5,978 |
) |
|
|
(906 |
) |
Net income attributable to the
Companys shareholders |
|
|
93,774 |
|
|
|
126,534 |
|
|
|
19,172 |
|
|
|
300,841 |
|
|
|
422,308 |
|
|
|
63,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
0.103 |
|
|
|
0.126 |
|
|
|
0.019 |
|
|
|
0.330 |
|
|
|
0.441 |
|
|
|
0.067 |
|
Diluted |
|
|
0.100 |
|
|
|
0.122 |
|
|
|
0.019 |
|
|
|
0.324 |
|
|
|
0.426 |
|
|
|
0.065 |
|
Net income per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2.055 |
|
|
|
2.514 |
|
|
|
0.381 |
|
|
|
6.594 |
|
|
|
8.816 |
|
|
|
1.336 |
|
Diluted |
|
|
1.995 |
|
|
|
2.447 |
|
|
|
0.371 |
|
|
|
6.481 |
|
|
|
8.529 |
|
|
|
1.292 |
|
Shares used in calculating net income
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
912,497,726 |
|
|
|
1,006,781,184 |
|
|
|
1,006,781,184 |
|
|
|
912,497,726 |
|
|
|
958,029,717 |
|
|
|
958,029,717 |
|
Diluted |
|
|
940,308,935 |
|
|
|
1,034,047,730 |
|
|
|
1,034,047,730 |
|
|
|
928,312,312 |
|
|
|
990,318,528 |
|
|
|
990,318,528 |
|
Page 13 of 14
|
|
|
|
|
|
|
|
IR-111 |
For more information, please contact:
Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2777 x 850
Email: qiusr@cninsure.net
Source: CNinsure Inc.
Page 14 of 14