GUANGZHOU, China, Aug. 16, 2017 /PRNewswire/ -- Vipshop Holdings
Limited (NYSE: VIPS), a leading online discount retailer for brands
in China ("Vipshop" or the
"Company"), today announced its unaudited financial results for the
second quarter ended June 30,
2017.
Second Quarter 2017 Highlights
- Total net revenue for the second quarter of 2017
increased by 30.3% to RMB17.52
billion (US$2.58 billion) from
RMB13.44 billion in the prior year
period.
- The number of active customers[1] for the
second quarter of 2017 increased by 22% year over year to 28.1
million.
- Total orders[2] for the second quarter of
2017 increased by 23% year over year to 84.8 million.
- Gross profit for the second quarter of 2017 increased by
19.1% to RMB3.86 billion
(US$569.4 million) from RMB3.24 billion in the prior year period.
- Net income attributable to Vipshop's shareholders for
the second quarter of 2017 was RMB386.5
million (US$57.0 million), as
compared with RMB451.6 million in the
prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[3] for the second quarter of 2017
increased by 7.5% to RMB728.2 million
(US$107.4 million) from RMB677.5 million in the prior year period.
"We delivered solid operational results in the second quarter of
2017," said Mr. Eric Shen, chairman
and chief executive officer of Vipshop. "Specifically, our total
active customers for the trailing twelve months ended June 30, 2017 reached 58.8 million, representing
a 32% year-over-year increase. We are also delighted to witness
improved average revenue per active customer during the quarter,
which was a testament of our ability to effectively manage the
lifetime value of our customers. In the past quarter, we made
further progress with the trial for our new Super VIP paid
membership program, aiming to increase our customer loyalty. We
remain focused on strengthening our core capability in
merchandising and exploring opportunities to diversify our product
categories to improve user stickiness."
Mr. Donghao Yang, chief financial
officer of Vipshop, further commented, "In the second quarter of
2017, we made significant strides in the expansion of our logistics
footprint and the enhancement of our logistics capabilities. We
currently have approximately 27,000 last mile delivery staff and
approximately 3,500 delivery stations. Meanwhile, we continue to
make solid progress in the exploration of the Internet finance
spin-off, which overtime will improve our cash flow and
earnings."
Recent Business Highlights
- To supplement the five regional warehousing centers, Vipshop
added four local warehouses in Nanning, Urumchi, Jinan, and Harbin,
China during the second quarter of 2017, bringing the total
number of local warehouses to eleven as of June 30, 2017. The Company also added
approximately 19,000 square meters of warehouse space in
Japan and Korea for its
cross-border business. Vipshop currently has a total of
approximately 2.2 million square meters of warehouses, of which 1.4
million square meters is owned by the Company.
- During the second quarter of 2017, the Company delivered 95% of
its orders through its proprietary last mile network, up from 91%
in the same period last year. Approximately 68% of returns from
customers were handled directly by Vipshop's last mile delivery
staff, up from 46% in the same period in 2016.
- Vipshop officially launched the spin-off of the Internet
finance business, which initiated a Series A financing in the
second quarter of 2017. The Company's consumer financing business
had 4.4 million users in the second quarter of 2017, which
represents a 179% increase from 1.6 million in the second quarter
of 2016.
- During the second quarter of 2017, Vipshop added a number of
popular international brands, including Roberto Cavalli, Trussardi, Desigual, and many
others. The Company also started to work directly with Luxottica
Group, the world's largest eyewear company. In addition, the
Company entered into a strategic partnership with Aveeno to help
the brand enter the China
market.
- In the second quarter of 2017, Vipshop's average revenue per
active customer increased by 6.7% year over year, which was mainly
driven by the 5.9% year-over-year increase in average ticket
size.
- Excluding impact from the Internet finance business, the
Company's free cash inflow for the trailing twelve months ended
June 30, 2017 was 1.96 billion as
compared with free cash outflow of 93.3 million in the prior year
period.
- Vipshop attended and sponsored MAGIC Las Vegas, a
world-renowned fashion tradeshow and the
United States' most comprehensive fashion marketplace from
August 14 to 16, 2017, which expanded
the Company's strategic partnerships with international brands and
enhanced Vipshop's brand awareness globally.
- As of June 30, 2017, more than
300 of Vipshop's suppliers had seamlessly connected their inventory
management systems to the Company's system, increasing Vipshop's
daily average SKUs online to 2.7 million in the second quarter of
2017, up from 0.8 million in the same period last year.
Second Quarter 2017 Financial Results
REVENUE
Total net revenue for the second quarter of 2017 increased by
30.3% to RMB17.52 billion
(US$2.58 billion) from RMB13.44 billion in the prior year period,
primarily driven by the growth in the number of total active
customers, repeat customers, and total orders.
The number of active customers for the second quarter of 2017
increased by 22% to 28.1 million from 23.0 million in the prior
year period. The number of total orders for the second quarter of
2017 increased by 23% to 84.8 million from 68.9 million in the
prior year period.
GROSS PROFIT
Gross profit for the second quarter of 2017 increased by 19.1%
to RMB3.86 billion (US$569.4 million) from RMB3.24 billion in the prior year period. Gross
margin was 22.0% as compared with 24.1% in the prior year period,
primarily attributable to investment in promotional activities for
market share gain.
OPERATING INCOME AND EXPENSES
Total operating expenses for the second quarter of 2017 were
RMB3.42 billion (US$504.9 million), as compared with RMB2.65 billion in the prior year period. As a
percentage of total net revenue, total operating expenses decreased
to 19.5% from 19.7% in the prior year period.
- Fulfillment expenses for the second quarter of
2017 were RMB1.64 billion
(US$242.5 million), as compared with
RMB1.15 billion in the prior year
period, primarily reflecting an increase in sales volume and number
of orders fulfilled. As a percentage of total net revenue,
fulfillment expenses were 9.4% as compared with 8.6% in the prior
year period, primarily attributable to the Company's expansion to
support an increase in the last mile business outside of the
Vipshop platform.
- Marketing expenses for the second quarter of 2017
were RMB752.1 million (US$110.9 million), as compared with RMB672.3 million in the prior year period,
reflecting the Company's strategy to strengthen its brand
awareness, attract new users, and expand market share. As a
percentage of total net revenue, marketing expenses decreased to
4.3% from 5.0% in the prior year period, primarily attributable to
the Company's strategic balance between promotional activities and
its broader marketing efforts.
- Technology and content expenses for the second
quarter of 2017 were RMB447.8 million
(US$66.1 million), as compared with
RMB391.5 million in the prior year
period, reflecting the Company's continuing efforts to invest in
human capital, advanced technologies, and its Internet finance
business. As a percentage of total net revenue, technology and
content expenses decreased to 2.6% from 2.9% in the prior year
period.
- General and administrative expenses for the
second quarter of 2017 were RMB578.8
million (US$85.4 million), as
compared with RMB434.2 million in the
prior year period. As a percentage of total net revenue, general
and administrative expenses were 3.3% as compared with 3.2% in the
prior year period, primarily attributable to an increase in share
based compensation as well as the impact from building out the
Internet finance business.
Income from operations for the second quarter of 2017 was
RMB621.7 million (US$91.7 million), as compared with RMB643.9 million in the prior year period.
Operating margin was 3.5% as compared with 4.8% in the prior year
period.
Non-GAAP income from operations[4], which excludes
share-based compensation expenses and amortization of intangible
assets resulting from business acquisitions, increased by 6.0% to
RMB887.7 million (US$130.9 million) from RMB837.2 million in the prior year period.
Non-GAAP operating income margin[5] was 5.1% as compared
with 6.2% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders was
RMB386.5 million (US$57.0 million), as compared with RMB451.6 million in the prior year period. Net
margin attributable to Vipshop's shareholders was 2.2% as compared
with 3.4% in the prior year period, primarily attributable to
decreased gross margin and impairment loss of investments of
RMB103.1 million. Net income
attributable to Vipshop's shareholders per diluted
ADS[6] was RMB0.64
(US$0.09) as compared with
RMB0.76 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders,
which excludes share-based compensation expenses, impairment loss
of investments, and amortization of intangible assets resulting
from business acquisitions and equity method investments, increased
by 7.5% to RMB728.2 million
(US$107.4 million) from RMB677.5 million in the prior year period.
Non-GAAP net margin attributable to Vipshop's
shareholders[7] was 4.2% as compared with 5.0% in the
prior year period. Non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS[8] increased to
RMB1.18 (US$0.17) from RMB1.12 in the prior year period.
For the quarter ended June 30,
2017, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 629,352,488.
BALANCE SHEET AND CASH FLOW
As of June 30, 2017, the Company
had cash and cash equivalents and restricted cash of RMB4.20 billion (US$619.2
million) and held-to-maturity securities of RMB343.2 million (US$50.6
million).
For the quarter ended June 30,
2017, net cash used in operating activities was RMB0.27 billion, and free cash
flow[9], a non-GAAP measurement of liquidity, was as
follows:
For the three months
ended
|
|
Jun 30,
2016
RMB'000
|
Jun 30,
2017
RMB'000
|
Jun 30,
2017
US$'000
|
Net cash from (used
in) operating activities
|
1,227,110
|
(273,753)
|
(40,381)
|
Add: Impact from
Internet financing activities[9]
|
490,573
|
783,610
|
115,589
|
Less: Capital
expenditures
|
(587,852)
|
(673,891)
|
(99,404)
|
Free cash flow in
(out)
|
1,129,831
|
(164,034)
|
(24,196)
|
Free cash flow trailing twelve months ended
|
Jun 30,
2016
RMB'000
|
Jun 30,
2017
RMB'000
|
Jun 30,
2017
US$'000
|
Net cash from
operating activities
|
3,269,475
|
1,914,083
|
282,342
|
Add: Impact from
Internet financing activities[9]
|
1,218,589
|
2,850,206
|
420,428
|
Less: Capital
expenditures
|
(4,581,344)
|
(2,801,534)
|
(413,248)
|
Free cash flow (out)
in
|
(93,280)
|
1,962,755
|
289,522
|
Business Outlook
For the third quarter of 2017, the Company expects its total net
revenue to be between RMB14.9 billion and
RMB15.4 billion, representing a year-over-year growth rate
of approximately 24% to 28%. These forecasts reflect the Company's
current and preliminary view on the market and operational
conditions, which is subject to change.
Exchange Rate
This announcement contains currency conversions of certain
Renminbi amounts into U.S. dollars at specified rates solely for
the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB6.7793 to US$1.00, the effective noon buying rate for
June 30, 2017 as set forth in the
H.10 statistical release of the Federal Reserve Board.
Conference Call Information
The Company will hold a conference call on Thursday, August 17, 2017 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss its financial
results and operating performance for the second quarter of
2017.
United
States:
|
+1-845-675-0438
|
International Toll
Free:
|
+1-855-500-8701
|
China
Domestic:
|
400-1200-654
|
Hong
Kong:
|
+852-3018-6776
|
Conference
ID:
|
#58958603
|
The replay will be accessible through August 25, 2017 by dialing the following
numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-9003-4211
|
Conference
ID:
|
#58958603
|
A live and archived webcast of the conference call will
also be available at the Company's investor relations website at
http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit www.vip.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of 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. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Vipshop's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
Vipshop's filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and Vipshop does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of
America ("U.S. GAAP"), except that the consolidated
statement of shareholders' equity, consolidated statements of cash
flows, and the detailed notes required by Accounting Standards
Codification 270 Interim Reporting ("ASC270"), have not been
presented. Vipshop uses non-GAAP net income attributable to
Vipshop's shareholders, non-GAAP net income attributable to
Vipshop's shareholders per diluted ADS, non-GAAP income from
operations, non-GAAP operating income margin, non-GAAP net margin
attributable to Vipshop's shareholders, and free cash flow, each of
which is a non-GAAP financial measure. Non-GAAP net income
attributable to Vipshop's shareholders is net income attributable
to Vipshop's shareholders excluding share-based compensation
expenses, impairment loss of investments, and amortization of
intangible assets resulting from business acquisitions and equity
method investments. Non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS is computed using non-GAAP net income
attributable to Vipshop's shareholders divided by weighted average
number of diluted ADS outstanding for computing diluted earnings
per ADS. Non-GAAP income from operations is income from operations
excluding share-based compensation expenses and amortization of
intangible assets resulting from business acquisitions. Non-GAAP
operating income margin is non-GAAP income from operations as a
percentage of total net revenue. Non-GAAP net margin attributable
to Vipshop's shareholders is non-GAAP net income attributable to
Vipshop's shareholders as a percentage of total net revenue. Free
cash flow is the operating cash flow adding back the impact from
Internet financing activities and less capital expenditures, which
include purchase of property and equipment, purchase and deposits
of land use rights, and purchase of other assets. The Company
believes that separate analysis and exclusion of the non-cash
impact of share-based compensation, impairment loss of investments
and amortization of intangible assets adds clarity to the
constituent parts of its performance. The Company reviews these
non-GAAP financial measures together with GAAP financial measures
to obtain a better understanding of its operating performance. It
uses these non-GAAP financial measures for planning, forecasting
and measuring results against the forecast. The Company believes
that non-GAAP financial measures are useful supplemental
information for investors and analysts to assess its operating
performance without the effect of non-cash share-based compensation
expenses, impairment loss of investments, and amortization of
intangible assets. Free cash flow enables the Company to assess
liquidity and cash flow, taking into account the impact from
Internet financing activities and the financial resources needed
for the expansion of fulfillment infrastructure and technology
platform. Share-based compensation expenses and amortization of
intangible assets have been and will continue to be significant
recurring expenses in its business. However, the use of non-GAAP
financial measures has material limitations as an analytical tool.
One of the limitations of using non-GAAP financial measures is that
they do not include all items that impact the Company's net income
for the period. In addition, because non-GAAP financial measures
are not measured in the same manner by all companies, they may not
be comparable to other similar titled measures used by other
companies. One of the key limitations of free cash flow is that it
does not represent the residual cash flow available for
discretionary expenditures. In light of the foregoing limitations,
you should not consider non-GAAP financial measure in isolation
from or as an alternative to the financial measure prepared in
accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
Investor Relations Contact
Vipshop Holdings Limited
Millicent Tu
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
[1]
"Active customers" are defined as registered members who have
purchased from the Company or the Company's online marketplace
platforms at least once during the relevant period.
|
[2] "Total
orders" are defined as the total number of orders placed during the
relevant period, including the orders for products and services
sold in the Company's online sales business and on the Company's
online marketplace platforms, net of orders returned.
|
[3]
Non-GAAP net income attributable to Vipshop's shareholders is a
non-GAAP financial measure, which is defined as net income
attributable to Vipshop's shareholders excluding share-based
compensation expenses, impairment loss of investments, and
amortization of intangible assets resulting from business
acquisitions and equity method investments.
|
[4]
Non-GAAP income from operations is a non-GAAP financial measure,
which is defined as income from operations excluding share-based
compensation expenses and amortization of intangible assets
resulting from business acquisitions.
|
[5]
Non-GAAP operating income margin is a non-GAAP financial measure,
which is defined as non-GAAP income from operations as a percentage
of total net revenues.
|
[6] "ADS"
means American depositary share, each of which represents 0.2 Class
A ordinary share.
|
[7]
Non-GAAP net margin attributable to Vipshop's shareholders is a
non-GAAP financial measure, which is defined as non-GAAP net income
attributable to Vipshop's shareholders, as a percentage of total
net revenues.
|
[8]
Non-GAAP net income attributable to Vipshop's shareholders per
diluted ADS is a non-GAAP financial measure, which is defined as
non-GAAP net income attributable to Vipshop's shareholders, divided
by weighted average number of diluted ADS outstanding for computing
diluted earnings per ADS.
|
[9] Free
cash flow is a non-GAAP financial measure, which means the
operating cash flow adding back the impact from Internet financing
activities and less capital expenditures, which include purchase of
property and equipment, purchase and deposits of land use rights,
and purchase of other assets.
|
Vipshop Holdings
Limited
|
Condensed
Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except per share data)
|
|
Three Months
Ended
|
|
June
30,2016
|
June
30,2017
|
June
30,2017
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
Product
revenues
|
13,152,278
|
17,036,222
|
2,512,977
|
Other revenues
(1)
|
287,420
|
480,357
|
70,856
|
Total net
revenues
|
13,439,698
|
17,516,579
|
2,583,833
|
Cost of goods
sold
|
(10,198,289)
|
(13,656,686)
|
(2,014,468)
|
Gross
profit
|
3,241,409
|
3,859,893
|
569,365
|
Operating
expenses
|
|
|
|
Fulfillment expenses
(2)
|
(1,152,493)
|
(1,644,074)
|
(242,514)
|
Marketing
expenses
|
(672,345)
|
(752,148)
|
(110,948)
|
Technology and
content expenses
|
(391,525)
|
(447,820)
|
(66,057)
|
General and
administrative expenses (3)
|
(434,156)
|
(578,783)
|
(85,375)
|
Total operating
expenses
|
(2,650,519)
|
(3,422,825)
|
(504,894)
|
Other
income
|
53,039
|
184,669
|
27,240
|
Income from
operations
|
643,929
|
621,737
|
91,711
|
Impairment loss of
investments
|
(48,634)
|
(103,107)
|
(15,209)
|
Interest
expenses
|
(21,721)
|
(19,259)
|
(2,841)
|
Interest
income
|
28,212
|
29,684
|
4,379
|
Exchange
loss
|
(20,618)
|
(36,895)
|
(5,442)
|
Gain on disposal of
an investment
|
-
|
55,615
|
8,204
|
Income before income
taxes and share of result of affiliates
|
581,168
|
547,775
|
80,802
|
Income tax
expense(4)
|
(127,960)
|
(169,679)
|
(25,029)
|
Share of loss of
affiliates
|
(15,532)
|
(7,293)
|
(1,076)
|
Net income
|
437,676
|
370,803
|
54,697
|
Net loss attributable
to noncontrolling interests
|
13,929
|
15,680
|
2,313
|
Net income
attributable to Vipshop's shareholders
|
451,605
|
386,483
|
57,010
|
|
|
|
|
Shares used in
calculating earnings per share (5):
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
—Basic
|
115,858,596
|
117,365,737
|
117,365,737
|
—Diluted
|
124,555,621
|
125,870,498
|
125,870,498
|
|
|
|
|
Net earnings per
Class A and Class B share
|
|
|
|
Net income
attributable to Vipshop's shareholders--Basic
|
3.90
|
3.29
|
0.49
|
Net income
attributable to Vipshop's shareholders--Diluted
|
3.80
|
3.20
|
0.47
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
Net income
attributable to Vipshop's shareholders--Basic
|
0.78
|
0.66
|
0.10
|
Net income
attributable to Vipshop's shareholders--Diluted
|
0.76
|
0.64
|
0.09
|
|
|
|
|
(1) Other revenues
primarily consist of revenues from third-party logistics services,
product
promotion and online advertising, fees charged to third-party
merchants which the
Company provides platform access for sales of their products,and
inventory and
warehouse management services to certain suppliers.
|
(2) Including
shipping and handling expenses, which amounted RMB 617 million
and
RMB 887 million in the three month periods ended June 30,
2016 and June 30, 2017,
respectively.
|
(3)Including
amortization of intangible assets resulting from business
acquisitions, which
amounted to RMB 77 million and RMB 84 million in the three months
period ended June
30, 2016 and June 30, 2017, respectively.
|
(4)Included income
tax benefits of RMB 20 million and RMB 21 million related to
the
reversal of deferred tax liabilities, which was recognized on
business acquisitions for the
three months period ended June 30, 2016 and June 30, 2017,
respectively.
|
(5) Authorized
share capital are re-classified and re-designated into Class A
ordinary
shares and Class B ordinary shares, with each Class A ordinary
share being entitled to
one vote and each Class B ordinary share being entitled to ten
votes on all matters that
are subject to shareholder vote.
|
|
|
|
|
|
|
|
|
Net income
|
437,676
|
370,803
|
54,697
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
Foreign currency
translation adjustments
|
4,546
|
99,585
|
14,690
|
Unrealized (loss)
gain from available-for-sale securities
|
(8,934)
|
13,899
|
2,050
|
Reclassification
adjustment for losses(gains) of investment
included in net income
|
36,567
|
(55,615)
|
(8,204)
|
Comprehensive
income
|
469,855
|
428,672
|
63,233
|
Less: Comprehensive
loss attributable to noncontrolling interests
|
(15,380)
|
(15,680)
|
(2,313)
|
Comprehensive income
attributable to Vipshop's shareholders
|
485,235
|
444,352
|
65,546
|
|
|
|
|
|
Three Months
Ended
|
|
June
30,2016
|
June
30,2017
|
June
30,2017
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Share-based
compensation charges included are as follows
|
|
|
|
Fulfillment
expenses
|
10,146
|
19,058
|
2,811
|
Marketing
expenses
|
9,683
|
10,387
|
1,532
|
Technology and
content expenses
|
45,510
|
54,331
|
8,014
|
General and
administrative expenses
|
50,819
|
98,012
|
14,458
|
Total
|
116,158
|
181,788
|
26,815
|
|
|
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
Condensed
Consolidated Balance Sheets
|
(In thousands,
except per share data)
|
|
|
December
31,2016
|
June
30,2017
|
June
30,2017
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
4,109,577
|
4,148,892
|
611,994
|
Restricted
cash
|
-
|
48,898
|
7,213
|
Held-to-maturity
securities
|
671,776
|
343,239
|
50,630
|
Accounts receivable,
net
|
2,333,918
|
3,488,455
|
514,574
|
Amounts due from
related parties
|
8,352
|
11,089
|
1,636
|
Other receivables and
prepayments,net
|
2,293,825
|
2,208,141
|
325,718
|
Inventories
|
4,948,609
|
3,716,585
|
548,225
|
Deferred tax
assets
|
214,815
|
-
|
-
|
Total current
assets
|
14,580,872
|
13,965,299
|
2,059,990
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
4,467,451
|
5,510,239
|
812,804
|
Deposits for property
and equipment
|
1,039,793
|
556,074
|
82,025
|
Land use rights,
net
|
2,399,058
|
3,030,806
|
447,068
|
Intangible assets,
net
|
725,147
|
569,305
|
83,977
|
Investment in
affiliates
|
93,144
|
63,635
|
9,387
|
Other
investments
|
503,117
|
416,403
|
61,423
|
Available-for-sale
securities investments
|
407,944
|
149,999
|
22,126
|
Other long-term
assets
|
510,821
|
185,093
|
27,303
|
Goodwill
|
367,106
|
367,106
|
54,151
|
Deferred tax
assets
|
-
|
284,367
|
41,946
|
Total non-current
assets
|
10,513,581
|
11,133,027
|
1,642,210
|
TOTAL
ASSETS
|
25,094,453
|
25,098,326
|
3,702,200
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loan(Including Short term loan of the VIE without
recourse to the Company of nil and nil as of December
31, 2016
and June 30, 2017, respectively)
|
-
|
3,000
|
443
|
Accounts payable
(Including accounts payable of the VIE without
recourse to the Company of RMB 22,471 and RMB 22,914 as
of
December 31, 2016 and June 30, 2017,
respectively)
|
8,333,610
|
8,151,478
|
1,202,407
|
Advance from
customers (Including advance from customers of
the VIE without recourse to the Company of RMB
1,211,643 and
RMB1,066,815 as of December 31, 2016 and June 30,
2017,
respectively)
|
2,699,981
|
1,703,522
|
251,283
|
Accrued expenses and
other current liabilities (Including accrued
expenses and other current liabilities of the VIE without
recourse
to the Company of RMB 1,257,667 and RMB 1,508,350 as
of
December 31, 2016 and June 30, 2017,
respectively)
|
3,322,599
|
3,004,990
|
443,260
|
Amounts due to
related parties(Including amounts due to related
parties of the VIE without recourse to the Company of RMB 591
and RMB 263 as of December 31, 2016 and June 30,
2017,
respectively)
|
52,729
|
17,550
|
2,589
|
Deferred income
(Including deferred income of the VIE without
recourse to the Company of RMB 16,222 and RMB 2,835 as of
December 31, 2016 and June 30, 2017, respectively)
|
174,547
|
153,807
|
22,688
|
Securitization
debt
|
-
|
285,000
|
42,040
|
Total current
liabilities
|
14,583,466
|
13,319,347
|
1,964,710
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability(Including deferred tax of the VIE without
recourse to the Company of RMB 4,904 and RMB 4,533 as
of
December 31, 2016 and June 30, 2017,
respectively)
|
100,583
|
58,243
|
8,591
|
Deferred income-non
current(Including deferred income-non
current of the VIE without recourse to the Company of RMB 1,928
and RMB 3,189 as of December 31, 2016 and June 30,
2017,
respectively)
|
246,902
|
313,060
|
46,179
|
Convertible senior
notes
|
4,381,698
|
4,266,722
|
629,375
|
Total non-current
liabilities
|
4,729,183
|
4,638,025
|
684,145
|
Total
liabilities
|
19,312,649
|
17,957,372
|
2,648,855
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642
shares authorized, and 101,508,264 and 101,508,264 shares
issued and outstanding as of December 31, 2016 and June
30,
2017, respectively)
|
66
|
66
|
10
|
Class B ordinary
shares (US$0.0001 par value, 16,510,358
shares authorized, and 16,510,358 and 16,510,358 shares
issued and outstanding as of December 31, 2016 and June 30,
2017, respectively)
|
11
|
11
|
2
|
Treasury shares, at
cost - 1,356,918 shares and - 493,845
shares as of December 31, 2016 and June 30, 2017
|
(707,441)
|
(251,432)
|
(37,088)
|
Additional paid-in
capital
|
3,130,126
|
3,051,185
|
450,074
|
Retained
earnings
|
3,653,026
|
4,591,426
|
677,271
|
Accumulated other
comprehensive loss
|
(343,608)
|
(238,042)
|
(35,116)
|
Noncontrolling
interests
|
49,624
|
(12,260)
|
(1,808)
|
Total shareholders'
equity
|
5,781,804
|
7,140,954
|
1,053,345
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
25,094,453
|
25,098,326
|
3,702,200
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
Three Months
Ended
|
|
June
30,2016
|
June
30,2017
|
June
30,2017
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Income from
operations
|
643,929
|
621,737
|
91,711
|
Share-based
compensation expenses
|
116,158
|
181,788
|
26,815
|
Amortization of
intangible assets resulting from business
acquisitions
|
77,093
|
84,161
|
12,414
|
Non-GAAP income from
operations
|
837,180
|
887,686
|
130,940
|
|
|
|
|
|
|
|
|
Net income
|
437,676
|
370,803
|
54,697
|
Share-based
compensation expenses
|
116,158
|
181,788
|
26,815
|
Impairment loss in
investments
|
48,634
|
103,107
|
15,209
|
Amortization of
intangible assets resulting from
business acquisitions and equity method investments
|
92,160
|
90,129
|
13,295
|
Tax effect of
amortization of intangible assets resulting from
business acquisitions
|
(19,887)
|
(21,040)
|
(3,104)
|
Non-GAAP net
income
|
674,741
|
724,787
|
106,912
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
451,605
|
386,483
|
57,010
|
Share-based
compensation expenses
|
116,158
|
181,788
|
26,815
|
Impairment loss in
investments
|
48,634
|
103,107
|
15,209
|
Amortization of
intangible assets resulting from business
acquisitions and equity method investments
|
77,127
|
73,826
|
10,890
|
Tax effect of
amortization of intangible assets resulting from
business acquisitions
|
(16,009)
|
(16,965)
|
(2,502)
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
677,515
|
728,239
|
107,422
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Basic ordinary
shares:
|
|
|
|
Class A and Class B
ordinary shares:
|
|
|
|
-Basic
|
115,858,596
|
117,365,737
|
117,365,737
|
-Diluted
|
124,555,621
|
125,870,498
|
125,870,498
|
|
|
|
|
Non-GAAP net income
per Class A and Class B share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's
shareholders--Basic
|
5.85
|
6.20
|
0.92
|
Non-GAAP net income
attributable to Vipshop's
shareholders--Diluted
|
5.61
|
5.91
|
0.87
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's
shareholders--Basic
|
1.17
|
1.24
|
0.18
|
Non-GAAP net income
attributable to Vipshop's
shareholders--Diluted
|
1.12
|
1.18
|
0.17
|
View original
content:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2017-financial-results-300505265.html
SOURCE Vipshop Holdings Limited