BEIJING, Nov. 17, 2014 /PRNewswire/ -- Concord
Medical Services Holdings Limited ("Concord Medical" or the
"Company") (NYSE: CCM), an operator of specialty cancer hospitals
and the largest network of radiotherapy and diagnostic imaging
centers in China, today announced
its unaudited consolidated financial results for the third quarter
ended September 30,
2014[1].
Third Quarter 2014 Highlights
- Total net revenue, which consists of net revenues
generated from the network business and hospital business, was
RMB265.7 million ($43.3 million) in the third quarter of 2014,
a 13.6% increase from RMB234.0
million in the third quarter of 2013.
- Gross profit in the third quarter of 2014
was RMB88.6 million ($14.4
million), a 0.8% increase from RMB87.9 million in the third quarter of
2013.
- Net income attributable to ordinary shareholders in the
third quarter of 2014 was RMB34.5 million ($5.6 million), a 30.3% increase from RMB26.5 million in the third quarter of
2013.
- Basic and diluted earnings per American Depositary
Share ("ADS")[2] in the third quarter of 2014
were RMB0.77 ($0.13) and
RMB0.72 ($0.12), respectively, compared with RMB0.59 in the third quarter of 2013.
- Adjusted EBITDA[3] (non-GAAP) in the
third quarter of 2014 was RMB111.4 million ($18.1 million), a 9.4% increase from RMB101.8 million in the third quarter of
2013.
Dr. Jianyu Yang, Chairman and
Chief Executive Officer of Concord Medical, stated: "The past
quarter was marked by our excellent operational and financial
performances. Our top and bottom lines increased by 13.6% and
30.3%, respectively, over the period of the previous year, and the
growth rate is also higher. We are seeing more contribution from
our network centers, especially from the centers which provide
high-end radiotherapy and diagnostic services to our patients, such
as CyberKnife and PET-CT centers. It is our corporate strategy to
provide the best treatment and services available to our patients.
The strategy is paying off and we will continue to pursue the
strategy, as we build Concord into a leading operator of cancer
specialty hospitals and radiotherapy and diagnostic centers in
China."
"During the quarter, we have achieved a great milestone in our
corporate strategy. Datong Meizhong Jiahe Cancer Center has
received the relevant government approvals. It is the first
free-standing cancer specialty hospital in the Concord network. We
plan to replicate the model in other cities in China, especially in cities we have existing
centers in operation. Thus, we can take advantage of the medical
and operational teams in place. The Datong Meizhong Jiahe Cancer
Center is expected to open in the first half of 2015. Our business
development team is actively exploring similar opportunities in
other cities in China."
"Currently, the healthcare reform in China is progressing quickly. The reform is
touching upon many historically challenging issues, such as
multi-location practice for doctors and equipment licensing to
private hospitals. We are very pleased to see that the new
government initiatives have brought great feasibility and
visibility to our strategic plans. As doctors enjoy more freedom of
practice, similar to their foreign counterparts, we will be able to
attract more talents to our future hospitals, providing Concord
Medical with a strong advantage, as our hospitals will be operated
and managed similar to the model of best hospitals in the
world."
"Giving the solid operational and financial performance in the
first three quarters of the year, we reiterate our full year
guidance forecast."
Third Quarter 2014 Results by Segment
Network business
The total number of centers in operation was 141 in 56 cities
around China as of September 30, 2014, same as the previous quarter.
At the end of this quarter the Company entered into agreements to
establish two additional centers.
Net revenues from the network business were RMB143.2 million ($23.3
million) for the third quarter of 2014, representing an
increase of 9.2% from RMB131.1
million for the third quarter of 2013, primarily due to the
increased contribution from PET-CT and CyberKnife centers.
Gross profit margin of the network business was 50.7% for the
third quarter of 2014, as compared with 56.0% for the third quarter
of 2013. The lower gross profit margin was primarily due to higher
medical consumable expenses during the quarter.
Capital expenditure of the network business was RMB16.7 million ($2.7
million) for the third quarter of 2014, compared with
RMB20.9 million in the third quarter
of
2013.
Selling expenses in the network business were RMB27.5 million ($4.5
million) for the third quarter of 2014, representing an
increase of 11.4% from the third quarter of 2013. The increase was
consistent with the higher revenue during the quarter.
General and administrative expenses in the network business were
RMB20.1 million ($3.3 million), compared with RMB13.3 million for the third quarter of 2013.The
increase was primarily due to higher travel and meeting expenses.
During the quarter, the Company collected RMB20 million historical bad debts that were
previously written off, resulting in net general and administrative
expenses of RMB0.1 million for the
quarter.
Accounts receivable from the network business was RMB258.1 million ($42.1
million) as of September 30,
2014, compared to RMB281.9
million as of June 30, 2014.
The average period of sales outstanding for accounts receivable, or
Days Sales Outstanding (DSO), was 173 days for the third quarter of
2014, compared to 156 days for the second quarter of 2014.
As of September 30, 2014, the
Company, not including Chang'an Hospital, had bank credit lines of
RMB2,920.0 million ($448.3 million), of which RMB1,065.3 million ($173.6
million) was utilized, inclusive of the IFC loan of
$50 million of which $20 million in convertible loans was utilized
since Feb 2014. The company is
working with IFC for the disbursement of the remaining $30 million in A-Loan currently.
During the third quarter of 2014, the Company handled 7,700
patient treatment cases and 78,829 patient diagnostic cases in the
center network, representing a 3.8% decrease and a 0.5% decrease
from the third quarter of 2013, respectively.
Hospital business
Net revenues from the hospital business were RMB122.5 million ($20.0
million) for the third quarter of 2014, an increase of
19.0% from the third quarter of 2013. Net revenues from the
hospital business for the third quarter of 2014 were comprised
of:
- outpatient revenues of RMB29.7
million ($4.8 million),
representing 24% of the net revenues from the hospital
business;
- inpatient revenues of RMB39.3
million ($6.4 million),
representing 32% of the net revenues from the hospital business;
and
- medicine revenues of RMB53.5
million ($8.7 million),
representing 44% of the net revenues from the hospital
business.
Cost of service for the hospital business for the third quarter
of 2014 was RMB106.5 million
($17.3 million), of which the
medicine cost was RMB44.4 million
($7.2 million) and the medical
service cost was RMB62.1 million
($10.1 million).
Gross profit margin of the hospital business was 13.1% for the
third quarter of 2014, as compared with 14.0% from the third
quarter of 2013. Higher salary and compensation costs to the
medical team were the main reasons for the decrease in gross profit
margin.
Capital expenditure of the hospital business was RMB8.5 million ($1.4
million) for the third quarter of 2014, compared with
RMB6.7 million for the third quarter
of 2013.
General and administrative expenses in the hospital business
were RMB4.7 million ($0.8 million) for the third quarter of 2014,
compared with RMB4.5 million for the
third quarter of 2013.
As of September 30, 2014, Chang'an
Hospital had accounts receivable of RMB47.0
million ($7.7 million),
compared to RMB43.9 million as of
June 30, 2014. The number of day
sales outstanding was 34 days, compared to 31 days for the second
quarter of 2014. The accounts receivable balance was mainly related
to medical revenues covered by various government-sponsored
insurance programs. Chang'an Hospital settles the balance with the
local social insurance bureau on a periodic basis.
Chang'an Hospital received 160,181 outpatients and 8,505
inpatients for the third quarter of 2014. The average bed
utilization for the quarter was 85.2%. The average number of days
of hospital stay was 8.8 days per patient for the quarter. Chang'an
Hospital operated 1,015 beds as of September
30, 2014.
Chang'an Hospital is a leading private-owned for-profit general
hospital, located in Xi'an,
Shanxi Province. Established in
2002, Chang'an Hospital had 57 departments with over 1,502 medical
and non-medical staff as of September 30,
2014.
Recent Developments
On October 27, 2014, the Company
announced that it has received relevant government approvals to
establish a free-standing radiotherapy cancer center, Datong
Meizhong Jiahe Cancer Center ("Datong Center") in Datong City,
Shanxi Province.
The Datong Center, a 100%-owned subsidiary of Concord Medical,
will provide advanced, best-practice diagnostic and radiotherapy
services. The 100 bed facility, once completed, will be the
first free-standing center in the Concord Medical network.
Construction is expected to begin in November 2014 and the center will be operational
in 2015.
The Datong center will be registered as a specialty cancer
hospital with all required departments, including radiation,
imaging, test laboratory, inpatient, and nursing. This center will
apply to join the local social insurance coverage. The Datong
center represents an important step of the Company's broader
strategy to build a nationwide chain of free-standing cancer
treatment and diagnosis centers in the future.
2014 Outlook
For the 2014 fiscal year, the Company expects earnings in the
range of $0.45 to $0.50 per ADS, or
$20.3 million to $22.5 million in Net
Income Attributable to Ordinary Shareholders. The Company forecasts
construction will start on Datong Meizhong Jiahe Cancer Center
during 2014.
These estimates are based on current market and operating
conditions, are subject to change, and may be impacted positively
or negatively by factors outside the Company's control, including
but not limited to macroeconomic events in the markets in which the
Company operates. See "Safe Harbor Statement" below for additional
information regarding forward-looking statements.
Notes:
|
[1] This announcement
contains translations of certain RMB amounts into U.S. dollars 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 RMB6.1380 to US$1.00, the effective noon buying rate
as of September 30, 2014 in the City of New York for cable
transfers of RMB as certified for customs purposes by the Federal
Reserve Bank of New York.
|
[2] Each ADS
represents three ordinary shares of the Company.
|
[3] Definition of
adjusted EBITDA: Adjusted EBITDA is defined as net income plus
interest, taxes, depreciation and amortization, share-based
compensation expenses, changes in fair value of derivatives and
other adjustments. Other adjustments include foreign exchange gain
(loss), loss from disposal of property, plant and equipment and
other income or expense.
|
Conference Call Information
Concord Medical's management will hold an earnings conference
call at 8:00 a.m. Eastern Time on November 18,
2014 (9:00 p.m. Beijing/Hong Kong time
on November 18, 2014).
Dial-in details for the earnings conference call are as
follows:
U.S. Toll
Free:
|
1 866 519 4004
|
International:
|
65 67239381
|
U.K. Toll
Free:
|
08082346646
|
Hong Kong Toll
Free:
|
800-906-601
|
China
Local:
|
400-620-8038 /
800-819-0121
|
Passcode:
|
CCM
|
A replay of the conference call may be accessed by phone at the
following numbers for 7 days:
U.S. Toll
Free:
|
1 855 452 5696
|
International:
|
6 12 8199 0299
|
Conference
ID:
|
30474533
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.concordmedical.com/.
About Concord Medical
Concord Medical Services Holdings Limited is an operator of
specialty cancer hospitals and the largest network of radiotherapy
and diagnostic imaging centers in China. As of September
30, 2014, the Company operated a network of 141 centers with
81 hospital partners that spanned 56 cities and 25 provinces and
administrative regions in China.
Under long-term arrangements with top-tier hospitals in
China, Concord Medical provides
radiotherapy and diagnostic imaging equipment and manages the daily
operations of these centers, which are located on the premises of
its hospital partners. The Company also provides ongoing training
to doctors and other medical professionals in its network of
centers to ensure a high level of clinical care for patients. For
more information, please see http://ir.concordmedical.com.
Safe Harbor Statement
This news release may contain "forward-looking" statements
within the meaning of 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 "anticipate," "believe,"
"estimate," "expect," "forecast," "intend," "may," "plan,"
"project," "predict," "should" and "will" and similar expressions.
These forward looking statements are based upon management's
current views and expectations with respect to future events and
are not a guarantee of future performance. Furthermore, these
statements are by their nature, subject to a number of risks and
uncertainties that could cause actual performance and results to
differ materially from those discussed in the forward-looking
statements as a result of a number of factors. Such factors
include: the number of new radiotherapy and diagnostic imaging
centers opened; the increase in the number of patients in existing
centers; the establishment of specialty cancer hospitals; changes
in the healthcare industry in China, including changes in the healthcare
policies and regulations of the PRC government; technological or
therapeutic changes affecting the field of cancer treatment and
diagnostic imaging; and possible effects on consumers and
hospitals, hospital construction, and suppliers, as a result of
inflation and the Chinese government's policies and actions to
control inflation. Further information regarding these and other
risks is included in the Company's filings with the U.S. Securities
and Exchange Commission, which are available at www.sec.gov. The
Company does not assume any obligation to update any
forward-looking statement, except as required by law.
About Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Concord Medical uses certain non-GAAP
measures. The Company presents certain of its financial information
that is adjusted from results based on GAAP to exclude the impact
of share-based compensation expense and changes in fair value of
derivatives. The Company believes excluding share-based
compensation expense and changes in fair value of derivatives from
its GAAP financial measures is useful for its management and
investors to assess and analyze the Company's core operating
results, as such expense is not directly attributable to the
underlying performance of the Company's business operations and do
not impact its current cash earnings. Concord Medical also believes
these non-GAAP measures excluding share-based compensation expense
and changes in fair value of derivatives are important in helping
investors to understand the Company's current financial performance
and future prospects and to compare business trends among different
reporting periods on a consistent basis. In addition, Concord
Medical also presents the non-GAAP measure of Adjusted EBITDA,
which is defined in this announcement as net income plus interest,
taxes, depreciation and amortization, share-based compensation
expenses, changes in fair value of derivatives and other
adjustments. Other adjustments include foreign exchange gain
(loss), loss from disposal of property, plant and equipment and
other income or expense. Furthermore, Adjusted EBITDA
eliminates the impact of items that the Company does not consider
to be indicative of the performance of the network business and
hospital business. The Company believes investors will similarly
use Adjusted EBITDA as one of the key metrics to evaluate its
financial performance and to compare its current operating results
with corresponding historical periods and with other companies in
the healthcare services industry. The presentation of these
additional measures should not be considered a substitute for or
superior to GAAP results or as being comparable to results reported
or forecasted by other companies. The non-GAAP measures have been
reconciled to GAAP measures in the attached financial
information.
For more information, please contact:
Concord Medical Services
Mr. Adam J. Sun (Chinese and
English)
+86 10 5957 5266
adam.sun@concordmedical.com
Mr. Ting Jia (Chinese and English)
+86 10 5903 6688 (ext. 809)
ting.jia@concordmedical.com
Ms. Fang Liu (Chinese and English)
+86 10 5903 6688 (ext. 639)
fang.liu@concordmedical.com
ICR Inc.
In China:
Ms. Rene Jiang
+86 10 6583-7521
rene.jiang@icrinc.com
In the United States:
Mr. William Zima
+1 203-682-8233
William.Zima@icrinc.com
Concord Medical
Services Holdings Co., Ltd.
|
Consolidated
Balance Sheets
|
(in
thousands)
|
|
December 31, 2013
|
|
September 30, 2014
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
283,033
|
|
246,985
|
|
40,239
|
Restricted cash,
current portion
|
422,140
|
|
499,587
|
|
81,392
|
Accounts
receivable
|
313,909
|
|
305,076
|
|
49,703
|
Inventories
|
19,717
|
|
20,663
|
|
3,366
|
Prepayments and other
current assets
|
111,480
|
|
127,608
|
|
20,790
|
Net investments in
direct financing leases, current portion
|
128,814
|
|
130,697
|
|
21,293
|
Deferred tax assets,
current portion
|
10,652
|
|
12,211
|
|
1,989
|
Amount due from
related parties
|
10,265
|
|
13,322
|
|
2,170
|
Total current
assets
|
1,300,010
|
|
1,356,149
|
|
220,942
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment, net
|
1,492,573
|
|
1,391,981
|
|
226,781
|
Goodwill
|
292,885
|
|
292,885
|
|
47,717
|
Intangible assets,
net
|
116,843
|
|
95,923
|
|
15,628
|
Deposits for
non-current assets
|
76,669
|
|
88,982
|
|
14,497
|
Net investments in
direct financing leases, non-current portion
|
199,467
|
|
141,847
|
|
23,110
|
Deferred tax assets,
non-current portion
|
17,721
|
|
16,465
|
|
2,682
|
Equity method
investments
|
217,413
|
|
219,217
|
|
35,715
|
Other non-current
assets
|
86,847
|
|
54,734
|
|
8,917
|
Prepaid land lease
payments
|
140,201
|
|
137,494
|
|
22,400
|
Indemnification
assets
|
59,518
|
|
59,518
|
|
9,697
|
Loan to a
non-controlling shareholder of a subsidiary
|
93,410
|
|
72,609
|
|
11,829
|
Total non-current
assets
|
2,793,547
|
|
2,571,655
|
|
418,973
|
|
|
|
|
|
|
Total
assets
|
4,093,557
|
|
3,927,804
|
|
639,915
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term bank
borrowings
|
487,964
|
|
484,901
|
|
79,000
|
Long-term bank
borrowings, current portion
|
273,310
|
|
235,315
|
|
38,337
|
Accounts
payable
|
149,209
|
|
161,470
|
|
26,307
|
Accrual for purchase
of property, plant and equipment
|
49,741
|
|
37,490
|
|
6,108
|
Obligations under
capital leases, current portion
|
|
|
15,133
|
|
2,465
|
Accrued expenses and
other liabilities
|
146,489
|
|
248,421
|
|
40,473
|
Income tax
payable
|
48,201
|
|
59,784
|
|
9,740
|
Deferred revenue,
current portion
|
15,668
|
|
14,789
|
|
2,409
|
Amount due to related
parties, current portion
|
3,217
|
|
1,271
|
|
207
|
Deferred tax
liabilities, current portion
|
860
|
|
860
|
|
140
|
Total current
liabilities
|
1,174,659
|
|
1,259,434
|
|
205,186
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Long-term bank
borrowings, non-current portion
|
324,974
|
|
386,431
|
|
62,957
|
Accrued unrecognized
tax benefits & surcharge, non-current portion
|
67,719
|
|
67,719
|
|
11,033
|
Obligations under
capital leases, non-current portion
|
400
|
|
29,824
|
|
4,859
|
Other long term
liabilities
|
32,369
|
|
44,277
|
|
7,214
|
Amount due to related
parties, non-current
|
26,828
|
|
7,528
|
|
1,226
|
Deferred tax
liabilities, non-current portion
|
32,891
|
|
38,469
|
|
6,267
|
Total non-current
liabilities
|
485,181
|
|
574,248
|
|
93,556
|
|
|
|
|
|
|
Total
liabilities
|
1,659,840
|
|
1,833,682
|
|
298,742
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Ordinary
shares
|
105
|
|
105
|
|
17
|
Treasuary
stock
|
(5)
|
|
(4)
|
|
(1)
|
Additional paid-in
capital
|
2,520,338
|
|
2,074,125
|
|
337,915
|
Accumulated other
comprehensive loss
|
(15,283)
|
|
(11,816)
|
|
(1,925)
|
Accumulated
deficit
|
(383,162)
|
|
(286,603)
|
|
(46,693)
|
Total Concord
Medical Services Holdings Limited shareholders'
equity
|
2,121,993
|
|
1,775,807
|
|
289,313
|
Noncontrolling
interests
|
311,724
|
|
318,315
|
|
51,860
|
|
|
|
|
|
|
Total
equity
|
2,433,717
|
|
2,094,122
|
|
341,173
|
|
|
|
|
|
|
Total liabilities
and equity
|
4,093,557
|
|
3,927,804
|
|
639,915
|
|
|
|
|
|
|
Concord Medical
Services Holdings Limited
|
Consolidated
Statements of Income
|
(in thousands,
except per ADS data)
|
|
For The Three
Months Ended
|
|
September 30, 2013
|
|
September 30, 2014
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues, net of
business tax, value-added tax and related surcharges
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Network
|
131,087
|
|
143,208
|
|
23,331
|
Hospital-Medicine
income
|
43,833
|
|
53,543
|
|
8,723
|
Hospital-Medical
service income
|
59,052
|
|
68,941
|
|
11,232
|
Total net
revenues
|
233,972
|
|
265,692
|
|
43,286
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
Network
|
(57,659)
|
|
(70,649)
|
|
(11,510)
|
Hospital-Medicine
cost
|
(37,263)
|
|
(44,404)
|
|
(7,234)
|
Hospital-Medical
service cost
|
(51,177)
|
|
(62,072)
|
|
(10,113)
|
Total cost of
revenues
|
(146,099)
|
|
(177,125)
|
|
(28,857)
|
|
|
|
|
|
|
Gross
profit
|
87,873
|
|
88,567
|
|
14,429
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
(24,672)
|
|
(27,485)
|
|
(4,478)
|
General and
administrative expenses
|
(17,770)
|
|
(4,613)
|
|
(752)
|
|
|
|
|
|
|
Operating
income
|
45,431
|
|
56,469
|
|
9,199
|
Interest
expenses
|
(10,893)
|
|
(11,799)
|
|
(1,922)
|
Foreign exchange
gain, net
|
465
|
|
(982)
|
|
(160)
|
(Loss) gain on
disposal of property, plant and equipment
|
(110)
|
|
(330)
|
|
(54)
|
Interest
income
|
4,720
|
|
5,111
|
|
833
|
Share of net profit
of equity investees
|
4,094
|
|
4,160
|
|
678
|
Other (loss) income,
net
|
203
|
|
409
|
|
67
|
|
|
|
|
|
|
Income before
income taxes
|
43,910
|
|
53,038
|
|
8,641
|
Income tax
expenses
|
(15,229)
|
|
(16,004)
|
|
(2,607)
|
Net
income
|
28,681
|
|
37,034
|
|
6,034
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interests
|
2,220
|
|
2,538
|
|
413
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
26,461
|
|
34,496
|
|
5,621
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
Basic
|
0.59
|
|
0.77
|
|
0.13
|
Diluted
|
0.59
|
|
0.72
|
|
0.12
|
|
|
|
|
|
|
Weighted average
number of ADS outstanding:
|
|
|
|
|
|
Basic
|
45,006,568
|
|
44,945,433
|
|
44,945,433
|
Diluted
|
45,006,568
|
|
48,006,314
|
|
48,006,314
|
|
Reconciliations of
non-GAAP results of operations measures to the nearest comparable
GAAP measures (*) (in RMB thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2013
|
|
For the three months ended September 30, 2014
|
|
GAAP Measure
|
Adjustment
|
Non-GAAP Measure
|
|
GAAP Measure
|
Adjustment
|
Non-GAAP Measure
|
Operating
income
|
45,431
|
2,211
|
47,642
|
|
56,469
|
2,125
|
58,594
|
Net
income
|
28,681
|
2,211
|
30,892
|
|
37,034
|
2,125
|
39,159
|
Basic earnings per
ADS
|
0.59
|
0.05
|
0.64
|
|
0.77
|
0.05
|
0.82
|
Diluted earnings
per ADS
|
0.59
|
0.05
|
0.64
|
|
0.72
|
0.04
|
0.76
|
|
|
|
|
|
|
|
|
(*) The only
adjustment is share-based compensation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
from net income to adjusted EBITDA(*) (in RMB thousands,
unaudited)
|
|
|
|
|
|
|
|
For the three
months ended
|
For the three months ended
|
|
September 30,
2013
|
September 30,
2014
|
Net
income
|
28,681
|
37,034
|
Interest expenses,
net
|
6,173
|
6,688
|
Income tax
expenses
|
15,229
|
16,004
|
Depreciation and
amortization
|
50,110
|
48,621
|
Share-based
compensation
|
2,211
|
2,125
|
Other
adjustments
|
(558)
|
903
|
Adjusted
EBITDA
|
101,846
|
111,374
|
|
|
|
(*) Definition of
adjusted EBITDA: Adjusted EBITDA is defined as net income plus
interest, taxes, depreciation and amortization, share-based
compensation expenses and other adjustments. Other adjustments
include foreign exchange gain, gain (loss) from disposal of
property, plant and equipment and other income or
expense.
|
SOURCE Concord Medical Services Holdings Limited