Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter and Full Year 2017
FOURTH QUARTER 2017 FINANCIAL HIGHLIGHTS
- Net revenues for the fourth quarter of 2017 were
RMB722.1 million (US$111.0 million ), an 11.7% increase from the corresponding period in 2016.
(RMB millions, |
Q4 2016 |
Q4 2017 |
YoY Change |
||||
Wealth management |
488.2 |
524.8 |
7.5% |
||||
Asset management |
136.4 |
166.8 |
22.3% |
||||
Internet financial services |
21.6 |
30.5 |
41.2% |
||||
Total net revenues |
646.2 |
722.1 |
11.7% |
- Income from operations for the fourth quarter of 2017 was
RMB135.7 million (US$20.9 million ), a 62.7% increase from the corresponding period in 2016.
(RMB millions, |
Q4 2016 |
Q4 2017 |
YoY Change |
||||
Wealth management |
82.4 |
79.7 |
(3.3)% |
||||
Asset management |
43.5 |
76.9 |
76.9% |
||||
Internet financial services |
(42.5) |
(20.9) |
(50.8%) |
||||
Total income from operations |
83.4 |
135.7 |
62.7% |
- Net income attributable to Noah shareholders for the fourth quarter of 2017 was
RMB160.3 million (US$24.6 million ), a 49.3% increase from the corresponding period in 2016. - Non-GAAP[2] net income attributable to Noah shareholders for the fourth quarter of 2017 was
RMB184.7 million (US$28.4 million ), a 40.5% increase from the corresponding period in 2016.
FULL YEAR 2017 FINANCIAL HIGHLIGHTS
- Net revenues in the full year 2017 were
RMB2,826.9 million (US$434.5 million ), a 12.5% increase from the full year 2016.
(RMB millions, |
FY 2016 |
FY 2017 |
YoY Change |
||||
Wealth management |
1,931.7 |
2,126.3 |
10.1% |
||||
Asset management |
531.8 |
588.0 |
10.6% |
||||
Internet financial services |
50.1 |
112.6 |
124.7% |
||||
Total net revenues |
2,513.6 |
2,826.9 |
12.5% |
- Income from operations in the full year 2017 was
RMB777.0 million (US$119.4 million ), a 16.4% increase from the full year 2016.
(RMB millions, |
FY 2016 |
FY 2017 |
YoY Change |
||||
Wealth management |
526.0 |
580.9 |
10.4% |
||||
Asset management |
321.3 |
302.9 |
(5.7%) |
||||
Internet financial services |
(180.0) |
(106.8) |
(40.7%) |
||||
Total income from operations |
667.3 |
777.0 |
16.4% |
- Net income attributable to Noah shareholders in the full year 2017 was
RMB770.2 million (US$118.4 million ), a 19.6% increase from the full year 2016. - Non-GAAP net income attributable to Noah shareholders in the full year 2017 was
RMB863.8million (US$132.8 million ), a 19.5% increase from the full year 2016.
FOURTH QUARTER AND FULL YEAR 2017 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business offers financial products and provides comprehensive financial services to high net worth individuals, enterprises and institutional clients. Noah primarily distributes onshore and offshore fixed income products, private equity products, secondary market products and insurance products.
- Total number of registered clients as of
December 31, 2017 was 186,918, a 38.1% increase fromDecember 31, 2016 . - Total number of active clients[3] during the fourth quarter of 2017 was 6,276, a 38.5% increase from
December 31, 2016 , due to our promotion events during the fourth quarter of 2017. The total number of active clients during the full year 2017 was 12,720, a 5.8% increase from the full year 2016. - Aggregate value of financial products distributed during the fourth quarter of 2017 was
RMB28.2 billion (US$4.3 billion ), a 13.1% increase from the fourth quarter of 2016.
Product type |
Three months ended December 31, |
||||||||
2016 |
2017 |
||||||||
(RMB in billions, except percentages) |
|||||||||
Fixed income |
14.3 |
57.5% |
15.4 |
54.5% |
|||||
Private equity |
8.5 |
34.2% |
7.4 |
26.1% |
|||||
Secondary market equity |
1.7 |
6.8% |
5.4 |
19.2% |
|||||
Other products |
0.4 |
1.5% |
0.1 |
0.2% |
|||||
All products |
24.9 |
100.0% |
28.2 |
100.0% |
- Aggregate value of financial products distributed during the full year 2017 was
RMB117.4 billion (US$18.0 billion ), a 15.8% increase from the full year 2016.
Product type |
Twelve months ended December 31, |
||||||||
2016 |
2017 |
||||||||
(RMB in billions, except percentages) |
|||||||||
Fixed income |
64.5 |
63.6% |
71.8 |
61.1% |
|||||
Private equity |
27.5 |
27.2% |
34.3 |
29.2% |
|||||
Secondary market equity |
7.8 |
7.7% |
10.8 |
9.2% |
|||||
Other products |
1.5 |
1.5% |
0.6 |
0.5% |
|||||
All products |
101.4 |
100.0% |
117.4 |
100.0% |
- Average transaction value per client[4] for the fourth quarter of 2017 was
RMB4.5 million (US$0.7 million ), an 18.3% decrease from the corresponding period in 2016. Average transaction value per client for the full year 2017 wasRMB9.2 million (US$1.4 million ), a 9.5% increase from the full year 2016. - Coverage network included 237 branches and sub-branches covering 79 cities as of
December 31, 2017 , up from 222 branches and sub-branches covering 78 cities as ofSeptember 30, 2017 , and 185 branches and sub-branches covering 71 cities as ofDecember 31, 2016 . - Number of relationship managers was 1,335 as of
December 31, 2017 , a 3.8% increase fromSeptember 30, 2017 and a 14.2% increase fromDecember 31, 2016 .
Asset Management Business
- Total assets under management as of
December 31, 2017 wereRMB148.3 billion (US$22.8 billion ), a 3.8% increase fromSeptember 30, 2017 and a 22.6% increase fromDecember 31, 2016 .
Investment type |
As of |
Asset |
Asset |
As of |
||||||||
(RMB billions, except percentages) |
||||||||||||
Real estate |
11.6 |
8.1% |
2.6 |
2.7 |
11.6 |
7.8% |
||||||
Private equity |
81.3 |
56.9% |
5.6 |
0.1 |
86.9 |
58.6% |
||||||
Secondary market |
6.0 |
4.2% |
0.3 |
0.2 |
6.2 |
4.2% |
||||||
Credit |
40.4 |
28.3% |
7.1 |
7.5 |
40.0 |
27.0% |
||||||
Other investments |
3.6 |
2.5% |
0.1 |
- |
3.6 |
2.5% |
||||||
All Investments |
142.9 |
100.0% |
15.7 |
10.3 |
148.3 |
100.0% |
||||||
Investment type |
As of |
Asset |
Asset |
As of |
||||||||
(RMB billions, except percentages) |
||||||||||||
Real estate |
23.2 |
19.2% |
14.5 |
26.1 |
11.6 |
7.8% |
||||||
Private equity |
58.0 |
48.0% |
30.3 |
1.4 |
86.9 |
58.6% |
||||||
Secondary market |
8.3 |
6.9% |
0.5 |
2.7 |
6.2 |
4.2% |
||||||
Credit |
27.8 |
23.0% |
40.6 |
28.4 |
40.0 |
27.0% |
||||||
Other investments |
3.6 |
3.0% |
0.1 |
0.1 |
3.6 |
2.5% |
||||||
All Investments |
120.9 |
100.0% |
86.0 |
58.6 |
148.3 |
100.0% |
||||||
Internet Financial Services Business
The Company's Internet financial services business includes its online wealth management platform as well as micro-lending, payment processing and other online services.
Mr.
FOURTH QUARTER 2017 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2017 were
- Wealth Management Business
- Net revenues from one-time commissions for the fourth quarter of 2017 were
RMB241.0 million (US$37.0 million ), a 7.4% decrease from the corresponding period in 2016, primarily due to a decline in distribution of insurance products. - Net revenues from recurring service fees for the fourth quarter of 2017 were
RMB252.9 million (US$38.9 million ), a 21.1% increase from the corresponding period in 2016. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed. - Net revenues from performance-based income for the fourth quarter of 2017 were
RMB10.6 million (US$1.6 million ), compared withRMB3.4 million in the corresponding period of 2016. The increase was primarily due to an increase in performance-based income from secondary market products distributed in previous periods. - Net revenues from other service fees for the fourth quarter of 2017 were
RMB20.2 million (US$3.1 million ), a 29.3% increase from the corresponding period in 2016. - Asset Management Business
- Net revenues from recurring service fees for the fourth quarter of 2017 were
RMB140.9 million (US$21.7 million ), a 12.1% increase from the corresponding period in 2016. The increase was primarily due to the increase in assets under management. - Net revenues from performance-based income for the fourth quarter of 2017 were
RMB19.1 million (US$2.9 million ), compared withRMB10.3 million in the corresponding period of 2016, primarily due to an increase in performance-based income from real estate products. - Internet Financial Service Business
- Net revenues for the fourth quarter of 2017 were
RMB30.5 million (US$4.7 million ), a 41.2% increase from the corresponding period in 2016. The increase was primarily due to the growth of sales of several services within this segment compared with the corresponding period of 2016.
Operating costs and expenses
Operating costs and expenses for the fourth quarter of 2017 were
- Operating costs and expenses for the wealth management business for the fourth quarter of 2017 were
RMB445.2 million (US$68.4 million ), a 9.7% increase from the corresponding period in 2016, primarily due to an increase in marketing expenses and consulting fees. - Operating costs and expenses for the asset management business for the fourth quarter of 2017 were
RMB89.9 million (US$13.8 million ), a 3.2% decrease from the corresponding period in 2016, primarily due to a decrease in investment advisory expenses. - Operating costs and expenses for the Internet financial services business for the fourth quarter of 2017 were
RMB51.4 million (US$7.9 million ), a 19.7% decrease from the corresponding period in 2016, primarily due to a decrease in product promotion expenses and an increase in government subsidies.
Operating Margin
Operating margin for the fourth quarter of 2017 was 18.8%, an increase from 12.9% for the corresponding period in 2016. The increase was mainly due to cost optimization measures and increased government subsidies.
- Operating margin for the wealth management business for the fourth quarter of 2017 decreased to 15.2% from 16.9% for the corresponding period in 2016.
- Operating margin for the asset management business for the fourth quarter of 2017 was 46.1%, compared with 31.9% for the corresponding period in 2016.
- Operating loss for the Internet financial services business for the fourth quarter of 2017 was
RMB20.9 million (US$3.2 million ), down fromRMB42.5 million for the corresponding period in 2016.
Income Tax Expenses
Income tax expenses for the fourth quarter of 2017 were
Income from Equity in Affiliates
Income from equity in affiliates for the fourth quarter of 2017 was
Net Income
- Net Income
- Net income for the fourth quarter of 2017 was
RMB157.9 million (US$24.3 million ), a 93.2% increase from the corresponding period in 2016. - Net margin for the fourth quarter of 2017 was 21.9%, up from 12.6% for the corresponding period in 2016.
- Net income attributable to Noah shareholders for the fourth quarter of 2017 was
RMB160.3 million (US$24.6 million ), a 49.3% increase from the corresponding period in 2016. - Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2017 was
RMB2.82 (US$0.43) andRMB2.72 (US$0.42) , respectively, up fromRMB1.90 andRMB1.86 respectively, for the corresponding period in 2016. - Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2017 was
RMB184.67 million (US$28.38 million ), a 40.5% increase from the corresponding period in 2016. - Non-GAAP net margin attributable to Noah shareholders for the fourth quarter of 2017 was 25.6%, up from 20.3% for the corresponding period in 2016.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2017 was
RMB3.12 (US$0.48) , up fromRMB2.26 for the corresponding period in 2016.
FULL YEAR 2017 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2017 were
- Wealth Management Business
- Net revenues from one-time commissions for 2017 were
RMB1,092.2 million (US$167.9 million ), a 1.3% decrease from 2016, primarily due to a decline in distribution of insurance products. - Net revenues from recurring service fees for 2017 were
RMB871.7 million (US$134.0 million ), a 16.8% increase from 2016. The increase was primarily due to the cumulative effect of financial products with recurring service fees previously distributed by the Company. - Net revenues from performance-based income for 2017 were
RMB92.5 million (US$14.2 million ), a 695.4% increase from 2016, primarily due to an increase in performance-based income from secondary market, real estate and private equity products previously distributed by us. - Net revenues from other service fees for 2017 were
RMB69.9 million (US$10.7 million ), representing a 4.5% increase from 2016. - Asset Management Business
- Net revenues from recurring service fees for 2017 were
RMB527.6 million (US$81.1 million ), a 9.6% increase from 2016. The increase was primarily due to the increase in assets under management by the Company. - Net revenues from performance-based income for 2017 were
RMB47.7 million (US$7.3 million ), a 2.4% increase from year 2016, primarily due to an increase in performance-based income from real estate products previously distributed by us. - Internet Financial Services Business
- Net revenues for the full year 2017 were
RMB112.6 million (US$17.3 million ), a 124.7% increase from 2016. The increase was primarily due to the growth of sales of various services within this segment compared with 2016.
Operating costs and expenses
Operating costs and expenses for the full year 2017 were
- Operating costs and expenses for the wealth management business for 2017 were
RMB1,545.3 million (US$237.5 million ), a 9.9% increase from 2016, primarily due to an increase in relationship manager compensation in line with the growth in the number of relationship managers. - Operating costs and expenses for the asset management business for 2017 were
RMB285.1 million (US$43.8 million ), a 35.4% increase from 2016, primarily due to an increase in staff compensation and decreased government subsidies. - Operating costs and expenses for the Internet financial services business for 2017 were
RMB219.4 million (US$33.7 million ), a 4.7% decrease from 2016.
Operating Margin
Operating margin for the full year 2017 was 27.5%, compared to 26.5% for the full year 2016, mainly due to cost optimization measures and increased operating efficiency of the Internet financial services business.
- Operating margin for the wealth management business for 2017 was 27.3%, compared to 27.2% for 2016.
- Operating margin for the asset management business for 2017 was 51.5%, compared to 60.4% for 2016, primarily due to a decrease in government subsidies.
- Operating loss for Internet financial services business for 2017 was
RMB106.8 million (US$16.4 million ), compared to 180.0 million for 2016.
Income Tax Expenses
Income tax expenses for the full year 2017 were
Net Income
- Net Income
- Net income for the full year 2017 was
RMB762.9 million (US$117.3 million ), a 27.6% increase from the full year 2016. - Net margin for the full year 2017 was 27.0%, compared to 23.8% for the full year 2016.
- Net income attributable to Noah shareholders for the full year 2017 was
RMB770.2 million (US$118.4 million ), a 19.6% increase from the full year 2016. - Net income attributable to Noah shareholders per basic and diluted ADS for the full year 2017 was
RMB13.62 (US$2.09) andRMB13.07 (US$2.01) , respectively, as compared toRMB11.44 andRMB11.04 , respectively, for the full year 2016. - Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the full year 2017 was
RMB863.8 million (US$132.8 million ), a 19.5% increase from the full year 2016. - Non-GAAP net margin attributable to Noah shareholders for the full year 2017 was 30.6%, compared to 28.8% for the full year 2016.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the full year 2017 was
RMB14.62 (US$2.25) , compared toRMB12.36 for the full year 2016.
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the fourth quarter of 2017 was
Net cash outflow from the Company's investing activities during the fourth quarter of 2017 was
Net cash outflow from the Company's financing activities was
On
Note to Financial Information
As of the date of this press release, we are still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates, net income, net income attributable to Noah Shareholders, income per ADS and the balance of investments in affiliates in our consolidated financial statements. While not included in the unaudited preliminary fourth quarter 2017 financial results in this press release, we will include any such fair value adjustments in the audited consolidated financial statements in our 2017 Form 20-F and will make a subsequent announcement when our review conclude, as appropriate.
2018 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2018 will be in the range of
CONFERENCE CALL
Senior management will host a combined English and Chinese language conference call to discuss the Company's fourth quarter and full year 2017 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time: |
Tuesday, March 6, 2018 at 8:00 p.m., U.S. Eastern Time |
Dial in details: |
|
- United States Toll Free |
+1-866-311-7654 |
- Mainland China Toll Free |
4001-201203 |
- Hong Kong Toll Free |
800-905-945 |
- International |
+1-412-317-5227 |
Conference Title: |
Noah Holdings Limited Fourth Quarter and Full Year 2017 Earnings Call |
Participant Password: |
Noah Holdings |
A telephone replay will be available starting one hour after the end of the conference call until
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahwm.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures that exclude the effects of all forms of share-based compensation. The reconciliation of these non-GAAP financial measures to the nearest GAAP measures is set forth in the table captioned "Reconciliation of GAAP to Non-GAAP Results" below.
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for financial measures prepared in accordance with U.S. GAAP. The financial results reported in accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP results should be carefully evaluated. The non-GAAP financial measure used by the Company may be prepared differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
When evaluating the Company's operating performance in the periods presented, management reviewed non-GAAP net income attributable to Noah shareholders results reflecting adjustments to exclude the impact of share-based compensation to supplement U.S. GAAP financial data. As such, the Company believes that the presentation of the non-GAAP net income attributable to Noah shareholders, non-GAAP net income attributable to Noah shareholders per diluted ADS and non-GAAP net margin attributable to Noah shareholders provides important supplemental information to investors regarding financial and business trends relating to the Company's financial condition and results of operations in a manner consistent with that used by management. Pursuant to U.S. GAAP, the Company recognized significant amounts of expenses for the restricted shares and share options in the periods presented. The Company utilized the non-GAAP financial results to make financial results comparable period to period and to better understand its historical business operations.
ABOUT
Noah's wealth management business primarily distributes onshore and offshore fixed income products, private equity products, secondary market products and insurance products. Noah delivers customized financial solutions to clients through a network of 1,335 relationship managers across 237 branches and sub-branches in 79 cities in mainland
For more information, please visit Noah at ir.noahwm.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the fourth quarter of 2017 and the full year ended
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," "confident" and similar statements. Among other things, the outlook for 2018 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the
[1] As of the date of this press release, we are still in the process of reviewing the financial results of the funds of funds we manage and invest in as the general partner or manager. Any changes in the fair value of those investments could affect the income from equity in affiliates, net income, net income attributable to Noah Shareholders, income per ADS and the balance of investments in affiliates in our consolidated financial statements. While not included in the unaudited preliminary fourth quarter 2017 financial results in this press release, we will include any such fair value adjustments in the audited consolidated financial statements in our 2017 Form 20-F and will make a subsequent announcement when our review conclude, as appropriate.
[2] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures as adjusted by excluding the effects of all forms of share-based compensation.
[3] "Active clients" refers to registered clients who purchased financial products distributed by Noah during the period specified.
[4] "Average transaction value per client" refers to the average value of financial products distributed by Noah that were purchased by active clients during the period specified.
Contacts:
Noah Holdings Limited
Tel: +86-21-8035-9221
ir@noahwm.com
____________________________________
FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited |
|||||||||
Condensed Consolidated Balance Sheets |
|||||||||
(unaudited) |
|||||||||
As of |
|||||||||
September 30, |
December 31, |
December 31, |
|||||||
2017 |
2017 |
2017 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Assets |
|||||||||
Current assets: |
|||||||||
Cash and cash equivalents |
1,987,798 |
1,906,753 |
293,063 |
||||||
Short-term investments (including short-term investments measured at fair value of RMB363,692 thousands and RMB95,345 thousands, as of September 30, 2017 and December 31, 2017, respectively) |
424,692 |
160,345 |
24,645 |
||||||
Accounts receivable, net of allowance for doubtful accounts of nil as of September 30, 2017 and December 31, 2017 |
144,724 |
175,518 |
|||||||
26,977 |
|||||||||
Loans receivable |
401,229 |
765,398 |
117,640 |
||||||
Amounts due from related parties |
701,756 |
515,454 |
79,224 |
||||||
Loans receivable from factoring business |
440,794 |
256,944 |
39,492 |
||||||
Other current assets |
238,830 |
255,680 |
39,297 |
||||||
Total current assets |
4,339,823 |
4,036,092 |
620,338 |
||||||
Long-term investments (including long-term investments measured at fair value of RMB116,975 thousands and RMB482,006 thousands, as of September 30, 2017 and December 31, 2017, respectively) |
690,747 |
988,266 |
151,894 |
||||||
Investment in affiliates |
640,820 |
969,670 |
149,036 |
||||||
Property and equipment, net |
248,090 |
303,349 |
46,624 |
||||||
Non-current deferred tax assets |
52,083 |
72,654 |
11,167 |
||||||
Other non-current assets |
104,438 |
125,871 |
19,349 |
||||||
Total Assets |
6,076,001 |
6,495,902 |
998,408 |
||||||
Liabilities and Equity |
|||||||||
Current liabilities: |
|||||||||
Accrued payroll and welfare expenses |
491,929 |
622,494 |
95,676 |
||||||
Income tax payable |
70,051 |
18,360 |
2,822 |
||||||
Amounts due to related parties |
273 |
276 |
42 |
||||||
Deferred revenues |
211,861 |
201,254 |
30,932 |
||||||
Loans payable from factoring business |
303,866 |
- |
- |
||||||
Other current liabilities |
366,450 |
492,970 |
75,769 |
||||||
Convertible notes |
498,998 |
487,973 |
75,000 |
||||||
Total current liabilities |
1,943,428 |
1,823,327 |
280,241 |
||||||
Non-current Deferred tax liabilities |
4,424 |
50,121 |
7,703 |
||||||
Other non-current liabilities |
71,807 |
113,660 |
17,469 |
||||||
Total Liabilities |
2,019,659 |
1,987,108 |
305,413 |
||||||
Equity |
4,056,342 |
4,508,794 |
692,995 |
||||||
Total Liabilities and Equity |
6,076,001 |
6,495,902 |
998,408 |
||||||
Noah Holdings Limited |
|||||||||
Condensed Consolidated Income Statements |
|||||||||
(In RMB'000, except for USD data, per ADS data and percentages) |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||
2016 |
2017 |
2017 |
|||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
||||||
Revenues from third party |
|||||||||
One-time commissions |
164,146 |
130,462 |
20,052 |
(20.5%) |
|||||
Recurring service fees |
126,923 |
154,949 |
23,815 |
22.1% |
|||||
Performance-based income |
6,013 |
9,006 |
1,384 |
49.8% |
|||||
Other service fees |
37,178 |
52,482 |
8,066 |
41.2% |
|||||
Total third party revenues |
334,260 |
346,899 |
53,317 |
3.8% |
|||||
Revenues from related party |
|||||||||
One-time commissions |
98,616 |
113,572 |
17,456 |
15.2% |
|||||
Recurring service fees |
209,605 |
241,463 |
37,112 |
15.2% |
|||||
Performance-based income |
7,719 |
20,833 |
3,202 |
169.9% |
|||||
Other service fees |
392 |
4,541 |
698 |
1058.4% |
|||||
Total related party revenues |
316,332 |
380,409 |
58,468 |
20.3% |
|||||
Total revenues |
650,592 |
727,308 |
111,785 |
11.8% |
|||||
Less: business taxes and related surcharges |
(4,362) |
(5,194) |
(798) |
||||||
19.1% |
|||||||||
Net revenues |
646,230 |
722,114 |
110,987 |
11.7% |
|||||
Operating costs and expenses: |
|||||||||
Compensation and benefits |
|||||||||
Relationship manager compensation |
(150,033) |
(167,363) |
(25,723) |
11.6% |
|||||
Performance Fee Compensation |
- |
(11,291) |
(1,735) |
0.0% |
|||||
Other Compensations |
(190,475) |
(200,982) |
(30,890) |
5.5% |
|||||
Total compensation and benefits |
(340,508) |
(379,636) |
(58,348) |
11.5% |
|||||
Selling expenses |
(98,672) |
(111,516) |
(17,140) |
13.0% |
|||||
General and administrative expenses |
(71,144) |
(79,271) |
(12,184) |
11.4% |
|||||
Other operating expenses |
(66,592) |
(41,274) |
(6,344) |
(38.0%) |
|||||
Government subsidies |
14,068 |
25,199 |
3,873 |
79.1% |
|||||
Total operating costs and expenses |
(562,848) |
(586,498) |
(90,143) |
4.2% |
|||||
Income from operations |
83,382 |
135,616 |
20,844 |
62.6% |
|||||
Other income: |
|||||||||
Interest income |
7,931 |
12,910 |
1,984 |
62.8% |
|||||
Interest expenses |
(4,871) |
(9,593) |
(1,474) |
96.9% |
|||||
Investment income |
18,893 |
34,983 |
5,377 |
85.2% |
|||||
Other (expense) income |
(3,606) |
640 |
98 |
(117.7%) |
|||||
Total other income |
18,347 |
38,940 |
5,985 |
112.2% |
|||||
Income before taxes and income from equity in affiliates |
101,729 |
174,556 |
26,829 |
71.6% |
|||||
Income tax expense |
(22,157) |
(35,081) |
(5,392) |
58.3% |
|||||
Income from equity in affiliates |
2,145 |
18,438 |
2,834 |
759.6% |
|||||
Net income |
81,717 |
157,913 |
24,271 |
93.2% |
|||||
Less: net loss attributable to non-controlling Interests |
(20,312) |
(2,339) |
(359) |
(88.5%) |
|||||
Less: Loss attributable to redeemable non-controlling interest of Subsidiary |
(5,336) |
- |
- |
(100.0%) |
|||||
Net income attributable to Noah Shareholders |
107,365 |
160,252 |
24,630 |
49.3% |
|||||
Income per ADS, basic |
1.90 |
2.82 |
0.43 |
48.4% |
|||||
Income per ADS, diluted |
1.86 |
2.72 |
0.42 |
46.2% |
|||||
Margin analysis: |
|||||||||
Operating margin |
12.9% |
18.8% |
18.8% |
||||||
Net margin |
12.6% |
21.9% |
21.9% |
||||||
Weighted average ADS equivalent: [1] |
|||||||||
Basic |
56,482,118 |
56,782,875 |
56,782,875 |
||||||
Diluted |
60,329,884 |
61,147,734 |
61,147,734 |
||||||
ADS equivalent outstanding at end of period |
56,462,655 |
56,902,300 |
56,902,300 |
||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. |
|||||||||
Noah Holdings Limited |
|||||||||
Condensed Consolidated Income Statements |
|||||||||
(In RMB'000, except for USD data, per ADS data and percentages) |
|||||||||
(unaudited) |
|||||||||
Twelve months ended |
|||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||
2016 |
2017 |
2017 |
|||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
||||||
Revenues from third party |
|||||||||
One-time commissions |
810,645 |
541,024 |
83,154 |
(33.3%) |
|||||
Recurring service fees |
475,000 |
547,123 |
84,091 |
15.2% |
|||||
Performance-based income |
19,740 |
86,494 |
13,294 |
338.2% |
|||||
Other service fees |
117,794 |
171,759 |
26,399 |
45.8% |
|||||
Total third party revenues |
1,423,179 |
1,346,400 |
206,938 |
(5.4%) |
|||||
Revenues from related party |
|||||||||
One-time commissions |
321,442 |
561,060 |
86,233 |
74.5% |
|||||
Recurring service fees |
775,726 |
860,730 |
132,292 |
11.0% |
|||||
Performance-based income |
39,501 |
54,502 |
8,377 |
38.0% |
|||||
Other service fees |
1,788 |
23,314 |
3,583 |
1203.9% |
|||||
Total related party revenues |
1,138,457 |
1,499,606 |
230,485 |
31.7% |
|||||
Total revenues |
2,561,636 |
2,846,006 |
437,423 |
11.1% |
|||||
Less: business taxes and related surcharges |
(48,064) |
(19,098) |
(2,935) |
(60.3%) |
|||||
Net revenues |
2,513,572 |
2,826,908 |
434,488 |
12.5% |
|||||
Operating costs and expenses: |
|||||||||
Compensation and benefits |
|||||||||
Relationship manager compensation |
(563,620) |
(616,064) |
(94,687) |
9.3% |
|||||
Performance Fee Compensation |
(8,146) |
(11,291) |
(1,735) |
38.6% |
|||||
Other Compensations |
(728,639) |
(780,017) |
(119,886) |
7.1% |
|||||
Total compensation and benefits |
(1,300,405) |
(1,407,372) |
(216,308) |
8.2% |
|||||
Selling expenses |
(322,667) |
(320,462) |
(49,254) |
(0.7%) |
|||||
General and administrative expenses |
(234,488) |
(248,878) |
(38,252) |
6.1% |
|||||
Other operating expenses |
(151,088) |
(147,318) |
(22,642) |
(2.5%) |
|||||
Government subsidies |
162,365 |
74,156 |
11,398 |
(54.3%) |
|||||
Total operating costs and expenses |
(1,846,283) |
(2,049,874) |
(315,058) |
11.0% |
|||||
Income from operations |
667,289 |
777,034 |
119,430 |
16.4% |
|||||
Other income: |
|||||||||
Interest income |
39,539 |
45,020 |
6,919 |
13.9% |
|||||
Interest expenses |
(19,289) |
(24,128) |
(3,708) |
25.1% |
|||||
Investment income |
48,537 |
67,343 |
10,350 |
38.7% |
|||||
Other (expense) income |
(2,531) |
3,542 |
544 |
(239.9%) |
|||||
Total other income |
66,256 |
91,777 |
14,105 |
38.5% |
|||||
Income before taxes and income from equity in affiliates |
733,545 |
868,811 |
133,535 |
18.4% |
|||||
Income tax expense |
(157,997) |
(199,085) |
(30,599) |
26.0% |
|||||
Income from equity in affiliates |
22,343 |
93,184 |
14,322 |
317.1% |
|||||
Net income |
597,891 |
762,910 |
117,258 |
27.6% |
|||||
Less: net loss attributable to non-controlling Interests |
(40,602) |
(13,745) |
(2,113) |
(66.1%) |
|||||
Less: income(loss) attributable to redeemable non-controlling interest of Subsidiary |
(5,336) |
6,483 |
996 |
(221.5%) |
|||||
Net income attributable to Noah Shareholders |
643,829 |
770,172 |
118,375 |
19.6% |
|||||
Income per ADS, basic |
11.44 |
13.62 |
2.09 |
19.1% |
|||||
Income per ADS, diluted |
11.04 |
13.07 |
2.01 |
18.4% |
|||||
Margin analysis: |
|||||||||
Operating margin |
26.5% |
27.5% |
27.5% |
||||||
Net margin |
23.8% |
27.0% |
27.0% |
||||||
Weighted average ADS equivalent: [1] |
|||||||||
Basic |
56,300,278 |
56,551,274 |
56,551,274 |
||||||
Diluted |
60,073,525 |
60,467,645 |
60,467,645 |
||||||
ADS equivalent outstanding at end of period |
|||||||||
56,462,655 |
56,902,300 |
56,902,300 |
|||||||
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ordinary share represents two ADSs. |
|||||||||
Noah Holdings Limited |
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended |
|||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||
2016 |
2017 |
2017 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
81,717 |
157,913 |
24,271 |
93.2% |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
14,342 |
(13,047) |
(2,005) |
N.A. |
|||||
Fair value fluctuation of available for sale Investment (after tax) |
(12,479) |
243,655 |
37,449 |
N.A. |
|||||
Comprehensive income |
83,580 |
388,521 |
59,715 |
364.8% |
|||||
Less: Comprehensive loss attributable to non-controlling interests |
(20,326) |
(2,342) |
(360) |
(88.5%) |
|||||
Loss attributable to redeemable non-controlling interest of Subsidiary |
(5,336) |
- |
- |
(100.0%) |
|||||
Comprehensive income attributable to Noah Shareholders |
109,242 |
390,863 |
60,075 |
257.8% |
|||||
Noah Holdings Limited |
|||||||||
Condensed Comprehensive Income Statements |
|||||||||
(unaudited) |
|||||||||
Twelve months ended |
|||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||
2016 |
2017 |
2017 |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Net income |
597,891 |
762,910 |
117,257 |
27.6% |
|||||
Other comprehensive income, net of tax: |
|||||||||
Foreign currency translation adjustments |
19,241 |
(33,876) |
(5,207) |
N.A. |
|||||
Fair value fluctuation of available for sale Investment (after tax) |
(3,001) |
252,706 |
38,840 |
N.A. |
|||||
Comprehensive income |
614,131 |
981,740 |
150,891 |
59.9% |
|||||
Less: Comprehensive loss attributable to non-controlling interests |
(40,697) |
(13,776) |
(2,117) |
(66.1%) |
|||||
Loss attributable to redeemable non-controlling interest of Subsidiary |
(5,336) |
6,483 |
996 |
(221.5%) |
|||||
Comprehensive income attributable to Noah Shareholders |
660,164 |
989,033 |
152,012 |
49.8% |
Noah Holdings Limited |
|||||||||
Supplemental Information |
|||||||||
(unaudited) |
|||||||||
As of |
|||||||||
December 31, |
December 31, |
Change |
|||||||
Number of registered clients |
135,396 |
186,918 |
38.1% |
||||||
Number of relationship managers |
1,169 |
1,335 |
14.2% |
||||||
Number of cities under coverage |
71 |
79 |
11.3% |
||||||
Three months ended |
|||||||||
December 31, |
December 31, |
Change |
|||||||
(in millions of RMB, except number of active clients and percentages) |
|||||||||
Number of active clients |
4,532 |
6,276 |
38.5% |
||||||
Transaction value: |
|||||||||
Fixed income products |
14,337 |
15,367 |
7.2% |
||||||
Private equity products |
8,519 |
7,360 |
(13.6%) |
||||||
Secondary market equity products |
1,700 |
5,412 |
218.3% |
||||||
Other products |
364 |
48 |
(86.8%) |
||||||
Total transaction value |
24,920 |
28,188 |
13.1% |
||||||
Average transaction value per client |
5.50 |
4.49 |
(18.3%) |
||||||
Twelve months ended |
|||||||||
December 31, |
December 31, |
Change |
|||||||
(in millions of RMB, except number of active clients and percentages) |
|||||||||
Number of active clients |
12,027 |
12,720 |
5.8% |
||||||
Transaction value: |
|||||||||
Fixed income products |
64,494 |
71,759 |
11.3% |
||||||
Private equity products |
27,545 |
34,261 |
24.4% |
||||||
Secondary market equity products |
7,846 |
10,754 |
37.1% |
||||||
Other products |
1,499 |
598 |
(60.1%) |
||||||
Total transaction value |
101,385 |
117,371 |
15.8% |
||||||
Average transaction value per client |
8.43 |
9.23 |
9.5% |
Noah Holdings Limited |
|||||||||
Segment Condensed Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended December 31, 2017 |
|||||||||
Wealth |
Asset |
Internet |
Total |
||||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||||
Revenues: |
|||||||||
Revenues from third party |
|||||||||
One-time commissions |
130,190 |
272 |
- |
130,462 |
|||||
Recurring service fees |
149,367 |
5,582 |
- |
154,949 |
|||||
Performance-based income |
8,854 |
152 |
- |
9,006 |
|||||
Other service fees |
20,397 |
5,643 |
26,442 |
52,482 |
|||||
Total third party revenues |
308,808 |
11,649 |
26,442 |
346,899 |
|||||
Revenues from related party |
|||||||||
One-time commissions |
112,656 |
916 |
- |
113,572 |
|||||
Recurring service fees |
105,436 |
136,027 |
- |
241,463 |
|||||
Performance-based income |
1,826 |
19,007 |
- |
20,833 |
|||||
Other service fees |
- |
- |
4,541 |
4,541 |
|||||
Total related party revenues |
219,918 |
155,950 |
4,541 |
380,409 |
|||||
Total revenues |
528,726 |
167,599 |
30,983 |
727,308 |
|||||
Less: business taxes and related surcharges |
(3,911) |
(840) |
(443) |
(5,194) |
|||||
Net revenues |
524,815 |
166,759 |
30,540 |
722,114 |
|||||
Operating costs and expenses: |
|||||||||
Compensation and benefits |
|||||||||
Relationship manager compensation |
(166,699) |
- |
(664) |
(167,363) |
|||||
Performance Fee Compensation |
- |
(11,291) |
- |
(11,291) |
|||||
Other compensation |
(117,186) |
(53,406) |
(30,390) |
(200,982) |
|||||
Total compensation and benefits |
(283,885) |
(64,697) |
(31,054) |
(379,636) |
|||||
Selling expenses |
(104,538) |
(1,965) |
(5,013) |
(111,516) |
|||||
General and administrative expenses |
(54,695) |
(22,379) |
(2,197) |
(79,271) |
|||||
Other operating expenses |
(22,800) |
(3,992) |
(14,482) |
(41,274) |
|||||
Government subsidies |
20,768 |
3,131 |
1,300 |
25,199 |
|||||
Total operating costs and expenses |
(445,150) |
(89,902) |
(51,446) |
(586,498) |
|||||
Income (loss) from operations |
79,665 |
76,857 |
(20,906) |
135,616 |
|||||
Noah Holdings Limited |
|||||||||
Segment Condensed Income Statements |
|||||||||
(unaudited) |
|||||||||
Three months ended December 31, 2016 |
|||||||||
Wealth |
Asset |
Internet |
Total |
||||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||||
Revenues: |
|||||||||
Revenues from third party |
|||||||||
One-time commissions |
163,809 |
337 |
- |
164,146 |
|||||
Recurring service fees |
109,458 |
17,465 |
- |
126,923 |
|||||
Performance-based income |
2,771 |
3,242 |
- |
6,013 |
|||||
Other service fees |
15,774 |
- |
21,404 |
37,178 |
|||||
Third party revenues |
291,812 |
21,044 |
21,404 |
334,260 |
|||||
Revenues from related party |
|||||||||
One-time commissions |
98,592 |
24 |
- |
98,616 |
|||||
Recurring service fees |
100,948 |
108,657 |
- |
209,605 |
|||||
Performance-based income |
650 |
7,069 |
- |
7,719 |
|||||
Other service fees |
- |
- |
392 |
392 |
|||||
Related party revenues |
200,190 |
115,750 |
392 |
316,332 |
|||||
Total revenues |
492,002 |
136,794 |
21,796 |
650,592 |
|||||
Less: business taxes and related surcharges |
(3,767) |
(421) |
(174) |
(4,362) |
|||||
Net revenues |
488,235 |
136,373 |
21,622 |
646,230 |
|||||
Operating costs and expenses: |
|||||||||
Compensation and benefits |
|||||||||
Relationship manager compensation |
(147,169) |
(325) |
(2,539) |
(150,033) |
|||||
Other compensation |
(120,756) |
(38,873) |
(30,846) |
(190,475) |
|||||
Total compensation and benefits |
(267,925) |
(39,198) |
(33,385) |
(340,508) |
|||||
Selling expenses |
(84,740) |
(6,012) |
(7,920) |
(98,672) |
|||||
General and administrative expenses |
(37,492) |
(25,297) |
(8,355) |
(71,144) |
|||||
Other operating expenses |
(24,918) |
(27,244) |
(14,430) |
(66,592) |
|||||
Government subsidies |
9,222 |
4,846 |
- |
14,068 |
|||||
Total operating costs and expenses |
(405,853) |
(92,905) |
(64,090) |
(562,848) |
|||||
Income (loss) from operations |
82,382 |
43,468 |
(42,468) |
83,382 |
|||||
Noah Holdings Limited |
|||||||||
Segment Condensed Income Statements |
|||||||||
(unaudited) |
|||||||||
Twelve months ended December 31, 2017 |
|||||||||
Wealth |
Asset |
Internet |
Total |
||||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||||
Revenues: |
|||||||||
Revenues from third party |
|||||||||
One-time commissions |
539,936 |
1,088 |
- |
541,024 |
|||||
Recurring service fees |
519,575 |
27,548 |
- |
547,123 |
|||||
Performance-based income |
84,105 |
2,389 |
- |
86,494 |
|||||
Other service fees |
70,390 |
10,712 |
90,657 |
171,759 |
|||||
Total third party revenues |
1,214,006 |
41,737 |
90,657 |
1,346,400 |
|||||
Revenues from related party |
|||||||||
One-time commissions |
560,048 |
1,012 |
- |
561,060 |
|||||
Recurring service fees |
358,321 |
502,409 |
- |
860,730 |
|||||
Performance-based income |
9,020 |
45,482 |
- |
54,502 |
|||||
Other service fees |
- |
- |
23,314 |
23,314 |
|||||
Total related party revenues |
927,389 |
548,903 |
23,314 |
1,499,606 |
|||||
Total revenues |
2,141,395 |
590,640 |
113,971 |
2,846,006 |
|||||
Less: business taxes and related surcharges |
(15,128) |
(2,599) |
(1,371) |
(19,098) |
|||||
Net revenues |
2,126,267 |
588,041 |
112,600 |
2,826,908 |
|||||
Operating costs and expenses: |
|||||||||
Compensation and benefits |
|||||||||
Relationship manager compensation |
(611,550) |
(4) |
(4,510) |
(616,064) |
|||||
Performance Fee Compensation |
- |
(11,291) |
- |
(11,291) |
|||||
Other compensation |
(463,370) |
(190,032) |
(126,615) |
(780,017) |
|||||
Total compensation and benefits |
(1,074,920) |
(201,327) |
(131,125) |
(1,407,372) |
|||||
Selling expenses |
(295,798) |
(9,271) |
(15,393) |
(320,462) |
|||||
General and administrative expenses |
(146,122) |
(70,618) |
(32,138) |
(248,878) |
|||||
Other operating expenses |
(77,490) |
(27,773) |
(42,055) |
(147,318) |
|||||
Government subsidies |
49,008 |
23,848 |
1,300 |
74,156 |
|||||
Total operating costs and expenses |
(1,545,322) |
(285,141) |
(219,411) |
(2,049,874) |
|||||
Income (loss) from operations |
580,945 |
302,900 |
(106,811) |
777,034 |
|||||
Noah Holdings Limited |
|||||||||
Segment Condensed Income Statements |
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(unaudited) |
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Twelve months ended December 31, 2016 |
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Wealth |
Asset |
Internet |
Total |
||||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||||
Revenues: |
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Revenues from third party |
|||||||||
One-time commissions |
809,460 |
1,185 |
- |
810,645 |
|||||
Recurring service fees |
413,085 |
61,915 |
- |
475,000 |
|||||
Performance-based income |
11,143 |
8,597 |
- |
19,740 |
|||||
Other service fees |
67,437 |
- |
50,357 |
117,794 |
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Third party revenues |
1,301,125 |
71,697 |
50,357 |
1,423,179 |
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Revenues from related party |
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One-time commissions |
318,555 |
2,887 |
- |
321,442 |
|||||
Recurring service fees |
347,819 |
427,907 |
- |
775,726 |
|||||
Performance-based income |
707 |
38,794 |
- |
39,501 |
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Other service fees |
722 |
- |
1,066 |
1,788 |
|||||
Related party revenues |
667,803 |
469,588 |
1,066 |
1,138,457 |
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Total revenues |
1,968,928 |
541,285 |
51,423 |
2,561,636 |
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Less: business taxes and related surcharges |
(37,274) |
(9,475) |
(1,315) |
(48,064) |
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Net revenues |
1,931,654 |
531,810 |
50,108 |
2,513,572 |
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Operating costs and expenses: |
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Compensation and benefits |
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Relationship manager compensation |
(556,554) |
(1,452) |
(5,614) |
(563,620) |
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Performance Fee Compensation |
- |
(8,146) |
- |
(8,146) |
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Other compensation |
(443,705) |
(155,567) |
(129,367) |
(728,639) |
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Total compensation and benefits |
(1,000,259) |
(165,165) |
(134,981) |
(1,300,405) |
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Selling expenses |
(280,993) |
(16,172) |
(25,502) |
(322,667) |
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General and administrative expenses |
(120,764) |
(77,201) |
(36,523) |
(234,488) |
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Other operating expenses |
(82,059) |
(35,923) |
(33,106) |
(151,088) |
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Government subsidies |
78,445 |
83,920 |
- |
162,365 |
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Total operating costs and expenses |
(1,405,630) |
(210,541) |
(230,112) |
(1,846,283) |
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Income (loss) from operations |
526,024 |
321,269 |
(180,004) |
667,289 |
Noah Holdings Limited |
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Reconciliation of GAAP to Non-GAAP Results |
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(In RMB, except for per ADS data and percentages) |
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(unaudited) |
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Three months ended |
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December 31, |
December 31, |
Change |
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2016 |
2017 |
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RMB'000 |
RMB'000 |
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Net income attributable to Noah Shareholders |
107,365 |
160,252 |
49.3% |
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Adjustment for share-based compensation related to: |
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Share options |
11,854 |
10,796 |
(8.9%) |
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Restricted shares |
12,178 |
13,625 |
11.9% |
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Adjusted net income attributable to Noah Shareholders (non-GAAP)* |
131,397 |
184,673 |
40.5% |
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Net margin |
12.6% |
21.9% |
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Adjusted net margin (non-GAAP)* |
16.4% |
25.3% |
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Net income attributable to Noah Shareholders per ADS, diluted |
1.86 |
2.72 |
46.2% |
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Adjusted net income attributable to Noah Shareholders per ADS, diluted (non-GAAP)* |
2.26 |
3.12 |
38.1% |
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*The non-GAAP adjustments do not take into consideration the impact of taxes on such adjustments. |
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Noah Holdings Limited |
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Reconciliation of GAAP to Non-GAAP Results |
|||||||||
(In RMB, except for per ADS data and percentages) |
|||||||||
(unaudited) |
|||||||||
Twelve months ended |
|||||||||
December 31, |
December 31, |
Change |
|||||||
2016 |
2017 |
||||||||
RMB'000 |
RMB'000 |
||||||||
Net income attributable to Noah Shareholders |
643,829 |
770,172 |
19.6% |
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Adjustment for share-based compensation related to: |
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Share options |
39,008 |
51,054 |
30.9% |
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Restricted shares |
40,163 |
42,581 |
6.0% |
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Adjusted net income attributable to Noah Shareholders (non-GAAP)* |
723,000 |
863,807 |
19.5% |
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Net margin |
23.8% |
27.0% |
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Adjusted net margin (non-GAAP)* |
26.9% |
30.3% |
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Net income attributable to Noah Shareholders per ADS, diluted |
11.04 |
13.07 |
18.4% |
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Adjusted net income attributable to Noah Shareholders per ADS, diluted (non-GAAP)* |
12.36 |
14.62 |
18.3% |
SOURCE