SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
November 25, 2015
Commission
File Number: 001-34990
Bona Film Group Limited
18/F, Tower 1, U-town Office Building
No. 1 San Feng Bei Li, Chaoyang District
Beijing, 100020
People’s Republic of China
(Address of principal
executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x 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): ¨
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): ¨
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
Yes ¨ No x
If "Yes" is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): N/A
TABLE OF CONTENTS
Exhibit 99.1 – Press release:
Bona Reports Third Quarter 2015 Financial Results
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.
| |
Bona FILM group LIMITED |
| |
|
|
| |
By: |
/s/ Nicholas Zhi Qi |
| |
Name: |
Nicolas Zhi Qi |
| |
Title: |
Chief Financial Officer |
Date: November 25, 2015
Exhibit 99.1
Bona
Reports Third Quarter 2015 Financial Results
BEIJING – November 25, 2015 —
Bona Film Group Limited (NASDAQ: BONA) (“Bona” or the “Company”), a leading film distributor and vertically
integrated film company in China, today announced unaudited financial results for the third quarter ended September 30, 2015.
“We are pleased with our third quarter
results with non-GAAP net income meeting our prior guidance,” said Bona’s founder, Chairman and CEO Mr. Yu Dong. “Our
movie theater business continued its growth momentum in the third quarter, achieving a year-over-year increase of 55%, which was
mainly driven by the Company’s strategic expansion efforts with additional theaters and screens. The rapid growth of China’s
film industry also benefitted our overall business in the third quarter.”
“In November, we were delighted
to announce our investment in TSG, one of the pre-eminent film financing companies in the United States to build our film presence
in the international market as well as to participate in more Hollywood mainstream film projects, while also sharing in their
worldwide box office receipts. Our international expansion initiative is pivotal to our long-term growth strategy, as it expands
our market reach, with the goal of becoming one of the leading film companies in China and around the world,” Mr. Yu added.
Third Quarter 2015 Financial Summary
| · | Third
quarter 2015 net revenues were US$78.9 million, a decrease of 21.1% from US$100.0 million
in the third quarter of 2014. |
| · | Third
quarter 2015 gross profit was US$40.5 million, a decrease of 1.1% from US$40.9 million
in the third quarter of 2014. |
| · | Third
quarter 2015 gross margin was 51.3%, compared with 40.9% in the third quarter of 2014. |
| · | Third
quarter 2015 net income attributable to Bona Film Group Limited was US$0.8 million, or
US$0.01 per basic and diluted ADS1,
compared with net income attributable to Bona Film Group Limited of US$5.9 million, or
US$0.10 and US$0.09, per basic and diluted ADS, in the third quarter of 2014, respectively. |
| · | Third
quarter 2015 non-GAAP net income2
was US$5.1 million, compared with non-GAAP net income of US$9.3 million
in the third quarter of 2014. |
| · | Third
quarter 2015 adjusted EBITDA, non-GAAP2 was US$9.9 million, compared with
adjusted EBITDA, non-GAAP of US$16.5 million in the third quarter of 2014. |
| · | Cash
and cash equivalents and restricted cash totaled US$150.9 million as of September 30,
2015. |
| · | Cash
used in operating activities totaled US$164.9 million in the third quarter of 2015, compared
with cash provided from operating activities of US$1.3 million in the third quarter of
2014. |
| 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 expenses. Adjusted EBITDA,
non-GAAP excludes share-based compensation expenses, 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. |
Bona Film Group Limited
Page 2 of 10
Third Quarter 2015 Business Updates
and Recent Highlights
| · | Distributed
and/or invested in a total of 5 films in the third quarter of 2015 – Bride Wars
and The Dead End were Bona’s top performers in the third quarter. The
five films generated total box office receipts of RMB587.3 million to date. |
| o | Distributed
Bride Wars on August 20, 2015. The film has generated RMB173.3 million in domestic
box office receipts. |
| o | Distributed
The Dead End on August 27, 2015. The film has generated RMB304.5 million in domestic
box office receipts. |
| · | Major
films undergoing production in the third quarter of 2015 include The Cinema That Never
Dies, Sword Master and The Treasure. |
| · | The
movie theater business achieved record quarterly revenues of US$33.8 million, a 55.0%
increase compared with the same period last year. |
| · | As
of September 30, 2015, Bona owned and operated 30 theaters with 250 screens, including
seven DMAX screens and two IMAX screens. |
| · | On November 5,
2015, the Company announced an investment (the “Investment”) of $235 million
in TSG Entertainment Finance LLC (“TSG”). TSG is a film finance entity working
with Twentieth Century Fox to finance primarily live action films. The Investment
is structured primarily with the Bona Film Fund and a credit facility arranged by East
West Bank, and entitles Bona to participate in the on-going slate financing arrangement
that TSG has with Twentieth Century Fox, which will continue to distribute films worldwide.
Films previously included in the TSG slate were Dawn of the Planet of the Apes,
X-Men Days of Future Past, and the recently released Ridley Scott film, starring
Matt Damon, The Martian. |
Third Quarter 2015 Financial Results
Net Revenues
| | |
3Q15 | | |
3Q14 | | |
Y-o-Y% | |
| Net Revenues (US$mm) | |
| 78.9 | | |
| 100.0 | | |
| (21.1 | )% |
Net revenues for the third quarter of
2015 decreased 21.1% year-over-year to US$78.9 million. The decrease in net revenues was primarily attributable to the stronger
performance of the films distributed in the third quarter of 2014, especially the films The White-Haired Witch and The
Continent.
Net Revenues by Segment Operations
| | |
Film Distribution | | |
Film Investment &
Production | | |
Movie Theater | | |
Talent Agency | | |
Intersegment Elimination | | |
Consolidated | |
| Net Revenues from External Customers (US$mm) | |
| 46.2 | | |
| 0.1 | | |
| 32.5 | | |
| 0.1 | | |
| - | | |
| 78.9 | |
| Intersegment Revenues (US$mm) | |
| 1.6 | | |
| 12.5 | | |
| 1.3 | | |
| - | | |
| (15.4 | ) | |
| - | |
| Total Net Revenues (US$mm) | |
| 47.8 | | |
| 12.6 | | |
| 33.8 | | |
| 0.1 | | |
| (15.4 | ) | |
| 78.9 | |
Net revenues from the film distribution
segment totaled US47.8 million in the third quarter of 2015, a decrease of 39.6% from US$79.1 million in the third quarter of
2014. The decrease was mainly due to the stronger performance of the films distributed in the third quarter of 2014, especially
the film The Continent. During the third quarter of 2015, Bona distributed and/or invested in a total of 5 films, with
Bride Wars and The Dead End being well received by movie audiences.
Bona Film Group Limited
Page 3 of 10
Net revenues from the film investment
and production segment were US$12.6 million in the third quarter of 2015, a decrease of 32.3% from US$18.6 million in the third
quarter of 2014. The decrease was mainly due to the stronger performance of the films distributed in the third quarter of 2014,
especially the film The White-Haired Witch.
Net revenues from the movie theater segment
were US$33.8 million in the third quarter of 2015, a 55.0% increase from US$21.8 million in the third quarter of 2014. The increase
was mainly due to the increase in the number of theaters and screens from the Company’s strategic expansion efforts, and
the maturation of new theaters over time.
Gross Profit and Gross Margin
| | |
3Q15 | | |
3Q14 | | |
Y-o-Y% | |
| Gross Profit (US$mm) | |
| 40.5 | | |
| 40.9 | | |
| (1.1 | )% |
| Gross Margin | |
| 51.3 | % | |
| 40.9 | % | |
| - | |
For the third quarter of 2015, gross profit
slightly decreased to US$40.5 million, compared with US$40.9 million in the third quarter of 2014.
Segment Profit3
and Segment Margin
| | |
Film Distribution | | |
Film Investment &
Production | | |
Movie Theater | | |
Talent Agency | | |
Consolidated | |
| Segment Profit (US$mm) | |
| 20.6 | | |
| 1.2 | | |
| 19.9 | | |
| 0.1 | | |
| 40.6 | |
| As % of Total Segment Profit | |
| 50.7 | % | |
| 3.0 | % | |
| 49.0 | % | |
| 0.2 | % | |
| 100.0 | % |
| Segment Margin | |
| 43.1 | % | |
| 9.5 | % | |
| 58.9 | % | |
| 100.0 | % | |
| 51.5 | % |
Margin for the Company’s film distribution
segment was 43.1% in the third quarter of 2015, compared with 37.3% in the third quarter of 2014. The increase was mainly due
to better economic returns on films distributed in the third quarter of 2015.
Margin for the Company’s film investment and production
segment was 9.5% in the third quarter of 2015, compared with a segment margin of negative 24.2% in the third quarter of 2014.
The increase was the result of the acceleration of amortization, impairment and one-time write-off of production costs in the
third quarter of 2014.
Margin for the Company’s movie theater
segment was 58.9% in the third quarter of 2015, in line with 58.3% in the third quarter of 2014.
Operating Income and Operating Margin
| | |
3Q15 | | |
3Q14 | | |
Y-o-Y% | |
| Operating Expenses (US$mm) | |
| 31.0 | | |
| 32.3 | | |
| (4.2 | )% |
| Operating Income (US$mm) | |
| 9.1 | | |
| 10.6 | | |
| (13.9 | )% |
| Operating Margin | |
| 11.6 | % | |
| 10.6 | % | |
| - | |
| 3 | Segment profit = segment gross profit - film participation
expenses + equity in earnings of equity method investments. |
Bona Film Group Limited
Page 4 of 10
Total operating expenses, including participation
expenses, general and administrative expenses, and selling and marketing expenses, for the third quarter of 2015 slightly decreased
to US$31.0 million, compared with US$32.3 million in the third quarter of 2014.
Operating income for the third quarter
of 2015 decreased 13.9% to US$9.1 million from US$10.6 million in the third quarter of 2014. Operating margin in the third quarter
of 2015 was 11.6% compared with 10.6% in the third quarter of 2014. The year-over-year increase in operating margin was primarily
due to the growth in the Company’s movie theater businesses.
Net Income and Net Income Attributable to Bona Film Group
Limited per ADS
| | |
3Q15 | | |
3Q14 | |
| Net Income Attributable to Bona Film Group Limited (US$mm) | |
| 0.8 | | |
| 5.9 | |
| Net Income Attributable to Bona Film Group Limited per Basic ADS (US$) | |
| 0.01 | | |
| 0.10 | |
| Net Income Attributable to Bona Film Group Limited per Diluted ADS (US$) | |
| 0.01 | | |
| 0.09 | |
| | |
3Q15 | | |
3Q14 | |
| Non-GAAP Net Income (US$mm) | |
| 5.1 | | |
| 9.3 | |
| Non-GAAP Net Income Attributable to Bona Film Group Limited per Basic ADS (US$) | |
| 0.08 | | |
| 0.16 | |
| Non-GAAP Net Income Attributable to Bona Film Group Limited per Diluted ADS (US$) | |
| 0.08 | | |
| 0.15 | |
Excluding share-based compensation expenses
of US$4.5 million and US$3.6 million for the third quarters of 2015 and 2014, respectively, non-GAAP net income for the third
quarter of 2015 was US$5.1 million, compared with non-GAAP net income of US$9.3 million in the third quarter of 2014.
| | |
3Q15 | | |
3Q14 | |
| Adjusted EBITDA, non-GAAP (US$mm) | |
| 9.9 | | |
| 16.5 | |
Adjusted EBITDA, non-GAAP in the third
quarter of 2015 was US$9.9 million, compared with adjusted EBITDA, non-GAAP of US$16.5 million in the third quarter of 2014.
Cash and Cash Flow
As of September 30, 2015, Bona had cash
and cash equivalents and restricted cash totaling US$150.9 million, compared with US$153.6 million as of December 31, 2014. Net
cash used in operating activities for the third quarter of 2015 was US$164.9 million, compared with net cash provided from operating
activities of US$1.3 million for the third quarter of 2014. The change in cash flow from operations was mainly attributable to
the increase in investment in films scheduled for release in future.
“I am very excited about our film
slate for the fourth quarter of 2015 and the first half of 2016, which includes highly anticipated productions, such as The
Treasure, The Cinema That Never Dies, Absolutely Unexpected, and The Man from Macau 3. In addition, the film
we are developing in partnership with Tristar and Studio 8, Billy Lynn's Long Halftime Walk, is in the post-production
phase and is on schedule for a November 2016 release. As we continue to roll out our international expansion plan, we look forward
to adding more high quality films to our pipeline,” concluded Mr. Yu.
Bona Film Group Limited
Page 5 of 10
Third quarter 2015 Conference Call
Details
Bona management will hold the earnings
conference call at 8:00 p.m. Eastern Time on Wednesday, November 25, 2015 (9:00 a.m. Beijing/Hong Kong Time on Thursday, November
26, 2015). 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: 800-906-606
China, Domestic: 400-120-0654
International: +65-6713-5440
The conference ID # is 85580082.
A live and archived webcast of the earnings
conference call will be available on the IR Calendar page of the Bona 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 thirty 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.
Bona Film Group Limited
Page 6 of 10
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 adjusted EBITDA, non-GAAP, which excludes share-based compensation expenses, 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. Adjusted EBITDA, non-GAAP
excludes depreciation and amortization, so it does not reflect any cash requirements for the replacement of the assets, which
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.
Contact Us
| In China: |
In the U.S.: |
| Peng Li |
The Piacente Group, Inc. |
| Bona Film Group Limited |
Investor Relations |
| Tel: +86-10-5631-0700-398 |
Don Markley |
| Email: ir@bonafilm.cn |
Tel: (212) 481-2050 |
| |
Email: bona@tpg-ir.com |
Bona Film Group Limited
Page 7 of 10
BONA FILM GROUP
LIMITED
Unaudited Condensed
Consolidated Statement of Operations
(in thousands
of U.S. dollars, except share data)
| | |
Three-months
ended September
30 | | |
Nine-months
ended September
30 | |
| | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| | |
| | |
| | |
| | |
| |
| Net revenues | |
| 78,918 | | |
| 100,044 | | |
| 267,554 | | |
| 201,504 | |
| Cost of revenues | |
| 38,463 | | |
| 59,150 | | |
| 148,194 | | |
| 114,050 | |
| Gross profit | |
| 40,455 | | |
| 40,894 | | |
| 119,360 | | |
| 87,454 | |
| Film participation expenses | |
| (1,533 | ) | |
| 3,985 | | |
| 13,541 | | |
| 11,856 | |
| Selling and marketing expenses | |
| 10,869 | | |
| 11,854 | | |
| 35,120 | | |
| 20,530 | |
| General and administrative expenses | |
| 21,640 | | |
| 16,489 | | |
| 60,769 | | |
| 45,047 | |
| Total operating expenses | |
| 30,976 | | |
| 32,328 | | |
| 109,430 | | |
| 77,433 | |
| | |
| | | |
| | | |
| | | |
| | |
| Government subsidies | |
| 997 | | |
| 939 | | |
| 3,278 | | |
| 1,876 | |
| Equity in earnings of equity method investments, net of tax | |
| (1,340 | ) | |
| 1,109 | | |
| 2,981 | | |
| 3,328 | |
| Operating income | |
| 9,136 | | |
| 10,614 | | |
| 16,189 | | |
| 15,225 | |
| Interest income from bank deposits | |
| 334 | | |
| 316 | | |
| 1,284 | | |
| 904 | |
| Interest income from loan to producer of TV series | |
| 30 | | |
| 10 | | |
| 90 | | |
| 10 | |
| Interest expenses | |
| (1,152 | ) | |
| (481 | ) | |
| (3,625 | ) | |
| (1,198 | ) |
| Exchange (loss) gain | |
| (4,074 | ) | |
| 856 | | |
| (3,949 | ) | |
| (673 | ) |
| Other income | |
| 380 | | |
| 71 | | |
| 522 | | |
| 213 | |
| Investment income | |
| - | | |
| - | | |
| - | | |
| 64 | |
| Loss on deconsolidation of a subsidiary | |
| (1,831 | ) | |
| - | | |
| (1,803 | ) | |
| - | |
| Income before income taxes | |
| 2,823 | | |
| 11,386 | | |
| 8,708 | | |
| 14,545 | |
| | |
| | | |
| | | |
| | | |
| | |
| Provision for income taxes | |
| 2,230 | | |
| 5,655 | | |
| 6,880 | | |
| 6,982 | |
| Net income | |
| 593 | | |
| 5,731 | | |
| 1,828 | | |
| 7,563 | |
| | |
| | | |
| | | |
| | | |
| | |
| Less: Net loss attributable to the noncontrolling interests | |
| (180 | ) | |
| (140 | ) | |
| (433 | ) | |
| (422 | ) |
| Net income attributable to Bona Film Group Limited | |
| 773 | | |
| 5,871 | | |
| 2,261 | | |
| 7,985 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to Bona Film Group Limited per ADS | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.01 | | |
| 0.10 | | |
| 0.04 | | |
| 0.13 | |
| Diluted | |
| 0.01 | | |
| 0.09 | | |
| 0.03 | | |
| 0.13 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares used in calculating net income per ordinary share | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 31,188,741 | | |
| 30,409,861 | | |
| 30,854,369 | | |
| 30,334,730 | |
| Diluted | |
| 34,110,140 | | |
| 31,809,409 | | |
| 33,511,816 | | |
| 31,591,505 | |
Bona Film Group Limited
Page 8 of 10
BONA FILM GROUP
LIMITED
Unaudited Condensed
Consolidated Statement of Comprehensive (Loss) Income
(In thousands
of U.S. dollars)
| | |
Three-months
ended September
30 | | |
Nine-months
ended September
30 | |
| | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| Net income | |
| 593 | | |
| 5,731 | | |
| 1,828 | | |
| 7,563 | |
| Other comprehensive income, net of tax | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| (3,743 | ) | |
| 1,323 | | |
| (3,607 | ) | |
| (1,459 | ) |
| Comprehensive (loss) income | |
| (3,150 | ) | |
| 7,054 | | |
| (1,779 | ) | |
| 6,104 | |
| Less: comprehensive loss attribute to the noncontrolling interests | |
| (183 | ) | |
| (137 | ) | |
| (437 | ) | |
| (424 | ) |
| Comprehensive (loss) income attributable to Bona Film Group Ltd. | |
| (2,967 | ) | |
| 7,191 | | |
| (1,342 | ) | |
| 6,528 | |
Bona Film Group Limited
Page 9 of 10
BONA FILM GROUP
LIMITED
Unaudited Condensed
Consolidated Balance Sheets
(In thousands
of U.S. dollars, except share data)
| | |
September 30, | | |
December 31, | |
| | |
2015 | | |
2014 | |
| | |
| | |
| |
| Cash and cash equivalents | |
| 75,799 | | |
| 97,171 | |
| Restricted cash | |
| 75,108 | | |
| 56,473 | |
| Accounts receivable and notes receivable, net of allowance for doubtful accounts | |
| 71,801 | | |
| 72,680 | |
| Prepaid expenses and other current assets | |
| 25,870 | | |
| 23,691 | |
| Amounts due from related parties | |
| 1,028 | | |
| 269 | |
| Current deferred tax assets | |
| 1,516 | | |
| 1,564 | |
| Inventories | |
| 585 | | |
| 377 | |
| Total current assets | |
| 251,707 | | |
| 252,225 | |
| | |
| | | |
| | |
| Distribution rights | |
| 11,555 | | |
| 6,546 | |
| Production costs | |
| 167,928 | | |
| 168,475 | |
| Prepaid film costs | |
| 5,730 | | |
| 4,407 | |
| Property and equipment, net | |
| 86,063 | | |
| 75,716 | |
| Acquired intangible assets, net | |
| 2,336 | | |
| 2,346 | |
| Non-current deferred tax assets | |
| 793 | | |
| 918 | |
| Cost method investments | |
| 1,474 | | |
| 1,477 | |
| Equity method investments | |
| 67,913 | | |
| 34,622 | |
| Goodwill | |
| 48,141 | | |
| 49,312 | |
| Long-term prepaid expenses | |
| 18 | | |
| 34 | |
| Other non-current assets | |
| 151,629 | | |
| - | |
| Total assets | |
| 795,287 | | |
| 596,078 | |
| | |
| | | |
| | |
| Accounts payable (including accounts payable of the consolidated variable interest entities without
recourse to Bona Film Group Limited of $58,174 and $29,882 as of September 30,2015 and December 31, 2014, respectively) | |
| 59,010 | | |
| 31,592 | |
| Accrued expenses and other current liabilities (including accrued expenses and other current
liabilities of the consolidated variable interest entities without recourse to Bona Film Group Limited of $57,992 and $46,699
as of September 30,2015 and December 31, 2014, respectively) | |
| 58,374 | | |
| 50,686 | |
| Amounts due to related parties (including amounts due to related parties of the consolidated
variable interest entities without recourse to Bona Film Group Limited of $9,081 and $6,995 as of September 30,2015 and December
31, 2014, respectively) | |
| 13,057 | | |
| 8,373 | |
| Income tax payable (including income tax payable of the consolidated variable interest entities
without recourse to Bona Film Group Limited of $15,212 and $11,734 as of September 30,2015 and December 31, 2014, respectively) | |
| 8,594 | | |
| 11,702 | |
| Bank borrowings (including bank borrowings of the consolidated variables interest entities without
recourse to Bona Film Group Limited of $28,321 and $54,277 as of September 30, 2015 and December 31, 2014, respectively) | |
| 120,828 | | |
| 127,293 | |
| Other borrowings (including other borrowings of the consolidated variable interest entities without
recourse to Bona Film Group Limited of $1,697 and $7,304 as of September 30, 2015 and December 31, 2014, respectively) | |
| 26,697 | | |
| 7,304 | |
| Current film participation financing liabilities with unrelated parties (including current film
participation financing liabilities with unrelated parties of the consolidated variable interest entities without recourse
to Bona Film Group Limited of $14,106 and $13,063 as of September 30, 2015 and December 31, 2014, respectively) | |
| 14,340 | | |
| 13,251 | |
| Current film participation financing liabilities with related parties (including
current film participation financing liabilities with related parties of the consolidated variable interest entities without
recourse to Bona Film Group Limited of $77,827 and $84,033 as of September 30, 2015 and December 31, 2014, respectively) | |
| 77,827 | | |
| 84,033 | |
| Total current liabilities | |
| 378,727 | | |
| 334,234 | |
| | |
| | | |
| | |
| Bank borrowings (including bank borrowings of the consolidated variable interest entities without
recourse to Bona Film Group Limited of $5,951 and 24,227 as of September 30,2015 and December 31, 2014, respectively) | |
| 5,951 | | |
| 24,227 | |
| Deferred income (including deferred income of the consolidated variable interest entities without
recourse to Bona Film Group Limited of $1,010 and $1,049 as of September 30,2015 and December 31, 2014, respectively) | |
| 1,010 | | |
| 1,249 | |
| Non-current film participation financing liabilities with an unrelated party (including current
film participation financing liabilities with an unrelated party of the consolidated variable interest entities without recourse
to Bona Film Group Limited of nil and $1,990 as of September 30,2015 and December 31, 2014, respectively) | |
| - | | |
| 1,990 | |
| Non-current film participation financing liabilities with related parties
(including non-current film participation financing liabilities with related parties of the consolidated variable interest
entities without recourse to Bona Film Group Limited of $174,636 and $14,667 as of September 30,2015 and December 31, 2014,
respectively) | |
| 174,636 | | |
| 14,667 | |
| Total liabilities | |
| 560,324 | | |
| 376,367 | |
| | |
| | | |
| | |
| Bona Film Group Limited’s ordinary shares (par value of US$0.0005 per share, 85,000,000 shares authorized, 32,402,346
and 31,359,919 shares issued and outstanding as of September 30, 2015 and 31,402,346 and 30,496,848 shares issued and outstanding
as of December 31, 2014) | |
| 16 | | |
| 15 | |
| Additional paid-in capital | |
| 213,013 | | |
| 195,976 | |
| Statutory reserves | |
| 3,704 | | |
| 3,704 | |
| Accumulated profit | |
| 13,706 | | |
| 11,445 | |
| Accumulated other comprehensive income | |
| 2,929 | | |
| 6,532 | |
| Total Bona Film Group Limited’s equity | |
| 233,368 | | |
| 217,672 | |
| | |
| | | |
| | |
| Noncontrolling interests | |
| 1,595 | | |
| 2,039 | |
| Total equity | |
| 234,963 | | |
| 219,711 | |
| | |
| | | |
| | |
| Total liabilities and equity | |
| 795,287 | | |
| 596,078 | |
Bona Film Group Limited
Page 10 of 10
BONA FILM GROUP
LIMITED
Unaudited Reconciliation
of Non-GAAP Measures
(in thousands
of U.S. dollars)
| | |
Three-months ended
September 30 | | |
Nine-months
ended September
30 | |
| | |
2015 | | |
2014 | | |
2015 | | |
2014 | |
| | |
| | |
| | |
| | |
| |
| Net income | |
| 593 | | |
| 5,731 | | |
| 1,828 | | |
| 7,563 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjustment for share-based compensation | |
| 4,459 | | |
| 3,582 | | |
| 11,586 | | |
| 7,189 | |
| Adjusted net income (non-GAAP) | |
| 5,052 | | |
| 9,313 | | |
| 13,414 | | |
| 14,752 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjustment for interest | |
| 788 | | |
| 155 | | |
| 2,251 | | |
| 284 | |
| Adjustment for taxes | |
| 2,230 | | |
| 5,655 | | |
| 6,880 | | |
| 6,982 | |
| Adjustment for depreciation & amortization | |
| 1,799 | | |
| 1,352 | | |
| 5,174 | | |
| 4,113 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA (non-GAAP) | |
| 9,869 | | |
| 16,475 | | |
| 27,719 | | |
| 26,131 | |
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