- Report of Foreign Issuer (6-K)
Date : 03/05/2010 @ 6:13AM
Source : Edgar (US Regulatory)
Stock : (CO)
Quote : 5.45 0.0 (0.00%) @ 4:15PM
- Report of Foreign Issuer (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 2010
Commission File Number: 001-34541
CHINA CORD BLOOD CORPORATION
(Translation of registrant’s name into English)
48th Floor, Bank of China Tower
1 Garden Road
Central
Hong Kong S.A.R.
(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.
Form 20-F x Form 40-F 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)(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
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.
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EXPLANATORY NOTE
This Report of Foreign Private Issuer on Form 6-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company’s future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates”, “believes”, “expects”, “can”, “continue”, “could”, “estimates”, “intends”, “may”, “plans”, “potential”, “predict”, “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this Report on Form 6-K is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company expectations are as of the date this Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report on Form 6-K is filed to confirm these statements to actual results, unless required by law.
The forward-looking statements included in this Form 6-K are subject to risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which include, among other things: continued compliance with government regulations; changing legislation or regulatory environments; requirements or changes affecting the businesses in which the Company is engaged; industry trends, including factors affecting supply and demand; labor and personnel relations; credit risks affecting the Company’s revenue and profitability; changes in the healthcare industry; the Company’s ability to effectively manage its growth, including implementing effective controls and procedures and attracting and retaining key management and personnel; changing interpretations of generally accepted accounting principles; general economic conditions; and other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission.
Results of Operations and Financial Condition
Following this cover page are the unaudited consolidated financial results for the three months and nine months ended December 31, 2009 of China Cord Blood Corporation (the “Company”).
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CHINA CORD BLOOD CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of December 31 and March 31, 2009
December 31, 2009 March 31, 2009
US$ RMB RMB
(in thousands except redemption value and number of shares)
ASSETS
Current assets
Cash and cash equivalents 56,560 386,069 161,406
Accounts receivable, less allowance for doubtful accounts
(December 31, 2009: RMB9,251; March 31, 2009: RMB 6,170) 8,361 57,071 49,763
Inventories 843 5,757 6,501
Prepaid expenses and other receivables 1,511 10,312 7,978
Deferred tax assets 476 3,249 1,846
Total current assets 67,751 462,458 227,494
Property, plant and equipment, net 37,553 256,331 236,740
Non-current prepayments and deposits 1,735 11,846 27,184
Non-current accounts receivable, less allowance for doubtful
accounts (December 31, 2009: RMB5,390; March 31, 2009: RMB2,223) 24,007 163,872 91,761
Inventories 4,153 28,348 26,069
Intangible asset, net 3,888 26,540 27,268
Available-for-sale equity securities 8,780 59,932 26,242
Deferred reverse recapitalization costs - - 33,633
Deferred tax assets 89 609 -
Total assets 147,956 1,009,936 696,391
LIABILITIES
Current liabilities
Bank loan 6,592 45,000 -
Accounts payable 1,274 8,693 5,128
Accrued expenses and other payables 2,853 19,472 19,269
Deferred revenue 5,135 35,049 18,351
Amounts due to related parties 384 2,621 -
Income tax payable 584 3,989 4,321
Total current liabilities 16,822 114,824 47,069
Deferred revenue 12,530 85,530 74,231
Other non-current liabilities 2,113 14,427 13,551
Deferred tax liabilities 414 2,827 4,017
Total liabilities 31,879 217,608 138,868
Commitments and contingencies
Redeemable ordinary shares of China Cord Blood Services Corporation US$0.0001 par value, 14,614,140 shares issued and outstanding as of March 31, 2009 (redemption value of US$51,088,745 as of March 31, 2009) - - 386,577
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CHINA CORD BLOOD CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of December 31 and March 31, 2009 - (continued)
December 31, 2009 March 31, 2009
US$ RMB RMB
(in thousands except redemption value and number of shares)
EQUITY
China Cord Blood Corporation shareholders’ equity
Ordinary shares US$0.0001 par value, 250,000,000 shares authorized, 43,237,100 shares and 66,182,726 shares issued and outstanding as of March 31, 2009 and December 31, 2009, respectively 7 45 34
Additional paid-in capital 102,233 697,834 140,745
Accumulated other comprehensive loss 2,055 14,023 (19,319 )
Retained earnings 10,425 71,161 44,082
Total China Cord Blood Corporation shareholders’ equity 114,720 783,063 165,542
Noncontrolling interests 1,357 9,265 5,404
Total equity 116,077 792,328 170,946
Total liabilities, redeemable ordinary shares and equity 147,956 1,009,936 696,391
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CHINA CORD BLOOD CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Nine Months Ended December 31, 2009 and 2008
Three months ended
December 31, Nine months ended
December 31,
2009 2008 2009 2008
US$ RMB RMB US$ RMB RMB
(in thousands except per share)
Revenues 10,095 68,905 55,795 27,941 190,731 137,730
Direct costs (2,451 ) (16,727 ) (13,561 ) (7,415 ) (50,615 ) (35,736 )
Gross profit 7,644 52,178 42,234 20,526 140,116 101,994
Operating expenses
Sales and marketing (1,526 ) (10,416 ) (6,636 ) (3,945 ) (26,928 ) (21,683 )
General and administrative (2,442 ) (16,669 ) (10,718 ) (5,991 ) (40,896 ) (21,696 )
Total operating expenses (3,968 ) (27,085 ) (17,354 ) (9,936 ) (67,824 ) (43,379 )
Operating income 3,676 25,093 24,880 10,590 72,292 58,615
Other income/(expense), net
Interest income 336 2,292 882 739 5,047 2,793
Interest expense (102 ) (695 ) - (265 ) (1,812 ) -
Exchange gain/(loss) 6 39 (107 ) 88 602 (188 )
Write-off of deferred offering and reverse recapitalization costs - - 215 (3,159 ) (21,566 ) (9,473 )
Impairment loss on available-for-sale equity securities - - (9,828 ) - - (37,426 )
Others (8 ) (51 ) 1,809 48 326 663
Total other income/(expense), net 232 1,585 (7,029 ) (2,549 ) (17,403 ) (43,631 )
Income before income tax 3,908 26,678 17,851 8,041 54,889 14,984
Income tax expense (795 ) (5,431 ) (4,012 ) (2,574 ) (17,572 ) (11,810 )
Net income 3,113 21,247 13,839 5,467 37,317 3,174
Income attributable to redeemable noncontrolling interests - - - (51 ) (347 ) -
Income attributable to noncontrolling interests (183 ) (1,246 ) (1,003 ) (575 ) (3,922 ) (2,598 )
Net income attributable to China Cord Blood Corporation shareholders 2,930 20,001 12,836 4,841 33,048 576
Net income/(loss) per share:
Attributable to ordinary shares
-Basic 0.05 0.31 0.11 0.06 0.44 (0.32 )
-Diluted 0.04 0.29 0.11 0.06 0.42 (0.32 )
Attributable to redeemable ordinary shares
-Basic N/A N/A 0.54 0.24 1.65 0.98
-Diluted N/A N/A 0.54 0.24 1.62 0.98
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Other Events
On March 5, 2010, Company issued a press release announcing the unaudited consolidated financial results for the three months and nine months ended December 31, 2009. A copy of the press release is attached as Exhibit 99.1.
Exhibits
Exhibit No. Description
99.1 Press Release, dated March 5, 2010
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SIGNATURES
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 hereunto duly authorized.
CHINA CORD BLOOD CORPORATION
By: /s/ Albert Chen
Name: Albert Chen
Title: Chief Financial Officer
Dated: March 5, 2010
AI
