Noah Holdings Limited Announces Unaudited Preliminary Financial Results for the Fourth Quarter And Full Year 2018
FOURTH QUARTER 2018 FINANCIAL HIGHLIGHTS
- Net revenues for the fourth quarter of 2018 were
RMB822.1 million (US$119.6 million ), a 13.8% increase from the corresponding period in 2017.
(RMB millions, except percentages) |
Q4 2017 |
Q4 2018 |
YoY Change |
||||
Wealth management |
524.8 |
578.5 |
10.2% |
||||
Asset management |
166.8 |
160.2 |
(3.9%) |
||||
Other financial services |
30.5 |
83.4 |
173.1% |
||||
Total net revenues |
722.1 |
822.1 |
13.8% |
- Income from operations for the fourth quarter of 2018 was
RMB159.7 million (US$23.2 million ), a 17.8% increase from the corresponding period in 2017.
(RMB millions, except percentages) |
Q4 2017 |
Q4 2018 |
YoY Change |
||||
Wealth management |
79.7 |
118.4 |
48.6% |
||||
Asset management |
76.9 |
41.3 |
(46.3%) |
||||
Other financial services |
(20.9) |
0.0 |
N.A. |
||||
Total income from operations |
135.7 |
159.7 |
17.8% |
- Net income attributable to Noah shareholders for the fourth quarter of 2018 was
RMB155.6 million (US$22.6 million ), a 1.7% increase from the corresponding period in 2017. - Non-GAAP[2]net income attributable to Noah shareholders for the fourth quarter of 2018 was
RMB223.2 million (US$32.5 million ), a 29.2% increase from the corresponding period in 2017.
[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 2018 financial results in this press release, we will include any such fair value adjustments in the audited consolidated financial statements in our 2018 Form 20-F and will make a subsequent announcement when our review concludes, as appropriate. |
[2] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and fair value changes of equity securities (unrealized) and adjusting for sale of equity securities, net of relevant tax impact. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release. |
FULL YEAR 2018 FINANCIAL HIGHLIGHTS
- Net revenues in the full year 2018 were
RMB3,289.6 million (US$478.5 million ), a 16.4% increase from the full year 2017.
(RMB millions, except percentages) |
FY 2017 |
FY 2018 |
YoY Change |
||||
Wealth management |
2,126.3 |
2,306.0 |
8.5% |
||||
Asset management |
588.0 |
748.5 |
27.3% |
||||
Other financial services |
112.6 |
235.1 |
108.8% |
||||
Total net revenues |
2,826.9 |
3,289.6 |
16.4% |
- Income from operations in the full year 2018 was
RMB926.5 million (US$134.8 million ), a 19.2% increase from the full year 2017.
(RMB millions, except percentages) |
FY 2017 |
FY 2018 |
YoY Change |
||||
Wealth management |
580.9 |
607.2 |
4.5% |
||||
Asset management |
302.9 |
353.2 |
16.6% |
||||
Other financial services |
(106.8) |
(33.9) |
68.3% |
||||
Total income from operations |
777.0 |
926.5 |
19.2% |
- Net income attributable to Noah shareholders in the full year 2018 was
RMB811.3 million (US$118.0 million ), a 6.3% increase from the full year 2017. - Non-GAAP net income attributable to Noah shareholders in the full year 2018 was
RMB1,010.8 million (US$147.0 million ), a 20.7% increase from the full year 2017.
FOURTH QUARTER AND FULL YEAR 2018 OPERATIONAL UPDATES
Wealth Management Business
The Company's wealth management business offers financial products and provides comprehensive financial services to high net worth clients. Noah primarily distributes onshore and offshore fixed income, private equity, secondary market equity and insurance products.
- Total number of registered clients as of
December 31, 2018 was 260,285, a 39.3% increase fromDecember 31, 2017 . - Total number of active clients[3]during the fourth quarter of 2018 was 4,717, a 24.8% decrease from the fourth quarter of 2017, due to lower transaction value, especially that of secondary market equity products. Total number of active clients during the full year 2018 was 13,628, a 7.1% increase from the full year 2017.
- Aggregate value of financial products distributed during the fourth quarter of 2018 was
RMB25.2 billion (US$3.7 billion ), a 10.7% decrease from the fourth quarter of 2017.
[3] "Active clients" for our wealth management business refers to registered clients who purchased financial products provided or distributed by Noah during a given period. |
Product type |
Three months ended December 31, |
|||
2017 |
2018 |
|||
(RMB in billions, except percentages) |
||||
Fixed income |
15.3 |
54.5% |
20.2 |
80.3% |
Private equity |
7.4 |
26.1% |
3.0 |
11.9% |
Secondary market equity |
5.4 |
19.2% |
1.5 |
5.7% |
Other products |
0.1 |
0.2% |
0.5 |
2.1% |
All products |
28.2 |
100.0% |
25.2 |
100.0% |
- Aggregate value of financial products distributed during the full year 2018 was
RMB110.0 billion (US$16.0 billion ), a 6.3% decrease from the full year 2017.
Product type |
Twelve months ended December 31, |
|||
2017 |
2018 |
|||
(RMB in billions, except percentages) |
||||
Fixed income |
71.7 |
61.1% |
75.5 |
68.6% |
Private equity |
34.3 |
29.2% |
18.9 |
17.1% |
Secondary market equity |
10.8 |
9.2% |
13.6 |
12.4% |
Other products |
0.6 |
0.5% |
2.0 |
1.9% |
All products |
117.4 |
100.0% |
110.0 |
100.0% |
- Average transaction value per active client[4] for the fourth quarter of 2018 was
RMB5.3 million (US$0.8 million ), an 18.8% increase from the corresponding period in 2017. Average transaction value per active client for the full year 2018 wasRMB8.1 million (US$1.2 million ), a 12.5% decrease from the full year 2017. - Coverage network included 313 service centers covering 83 cities as of
December 31, 2018 , up from 287 service centers covering 83 cities as ofSeptember 30, 2018 , and 237 service centers covering 79 cities as ofDecember 31, 2017 . - Number of relationship managers was 1,583 as of
December 31, 2018 , a 1.5% increase fromSeptember 30, 2018 and an 18.6% increase fromDecember 31, 2017 .
Asset Management Business
The Company's asset management business,
- Total assets under management as of
December 31, 2018 wereRMB169.2 billion (US$24.6 billion ), a 3.1% increase fromSeptember 30, 2018 and a 14.1% increase fromDecember 31, 2017 .
[4] "Average transaction value per active client" refers to the average value of financial products that were purchased by active clients during the period specified. |
Investment type |
As of September |
Asset |
Asset |
As of December |
|||
(RMB billions, except percentages) |
|||||||
Private equity |
96.9 |
59.0% |
3.4 |
0.1 |
100.2 |
59.2% |
|
Credit |
40.3 |
24.6% |
4.5 |
5.4 |
39.4 |
23.3% |
|
Real estate |
16.6 |
10.1% |
0.5 |
0.4 |
16.7 |
9.9% |
|
Secondary market equity[5] |
4.9 |
3.0% |
1.4 |
0.1 |
6.2 |
3.6% |
|
Other investments |
5.4 |
3.3% |
1.3 |
- |
6.7 |
4.0% |
|
All Investments |
164.1 |
100.0% |
11.1 |
6.0 |
169.2 |
100.0% |
|
Investment type |
As of December |
Asset |
Asset |
As of December |
|||
(RMB billions, except percentages) |
|||||||
Private equity |
86.9 |
58.6% |
15.7 |
2.4 |
100.2 |
59.2% |
|
Credit |
40.0 |
27.0% |
27.4 |
28.0 |
39.4 |
23.3% |
|
Real estate |
11.6 |
7.8% |
11.8 |
6.7 |
16.7 |
9.9% |
|
Secondary market equity |
6.2 |
4.2% |
3.7 |
3.7 |
6.2 |
3.6% |
|
Other investments |
3.6 |
2.5% |
3.2 |
0.1 |
6.7 |
4.0% |
|
All Investments |
148.3 |
100.0% |
61.8 |
40.9 |
169.2 |
100.0% |
|
[5] The asset expiration/redemption of secondary market equity investments also includes market appreciation or depreciation. |
Other Financial Services Business
The Company's other financial services business includes its lending services, online wealth management and payment technology services.
Ms.
FOURTH QUARTER 2018 FINANCIAL RESULTS
Net Revenues
Net revenues for the fourth quarter of 2018 were
- Wealth Management Business
- Net revenues from one-time commissions for the fourth quarter of 2018 were
- Net revenues from recurring service fees for the fourth quarter of 2018 were
- Net revenues from performance-based income for the fourth quarter of 2018 were
- Net revenues from other service fees for the fourth quarter of 2018 were
- Asset Management Business
- Net revenues from recurring service fees for the fourth quarter of 2018 were
- Net revenues from performance-based income for the fourth quarter of 2018 were
- Other Financial Service Business
- Net revenues for the fourth quarter of 2018 were
Operating costs and expenses
Operating costs and expenses for the fourth quarter of 2018 were
- Operating costs and expensesfor the wealth management business for the fourth quarter of 2018 were
RMB460.1 million (US$66.9 million ), a 3.4% increase from the corresponding period in 2017, primarily due to an increase in compensation and benefits and partially offset by a decrease in selling expense. - Operating costs and expensesfor the asset management business for the fourth quarter of 2018 were
RMB118.9 million (US$17.3 million ), a 32.2% increase from the corresponding period in 2017, primarily due to an increase in compensation and benefits as well as selling expenses for this business. - Operating costs and expensesfor the other financial services business for the fourth quarter of 2018 were
RMB83.4 million (US$12.1 million ), a 62.2% increase from the corresponding period in 2017 due to the expansion of the Company's lending business.
Operating Margin
Operating margin for the fourth quarter of 2018 was 19.4%, an increase from 18.8% for the corresponding period in 2017. The increase was mainly due to improved cost control.
- Operating margin for the wealth management business for the fourth quarter of 2018 was 20.5%, compared with 15.2% for the corresponding period in 2017.
- Operating marginfor the asset management business for the fourth quarter of 2018 was 25.8%, compared with 46.1% for the corresponding period in 2017.
- Income from operationsfor the other financial services business for the fourth quarter of 2018 was break-even, improving from a loss of
RMB20.9 million for the corresponding period in 2017.
Investment Income
Investment income for the fourth quarter of 2018 was
Income Tax Expenses
Income tax expenses for the fourth quarter of 2018 were
Income from Equity in Affiliates
Income from equity in affiliates for the fourth quarter of 2018 was
Net Income
- Net Income
- Net income for the fourth quarter of 2018 was
- Net margin for the fourth quarter of 2018 was 18.4%, down from 21.7% for the corresponding period in 2017.
- Net income attributable to Noah shareholders for the fourth quarter of 2018 was
- Net margin attributable to Noah shareholders for the fourth quarter of 2018 was 18.9%, down from 21.2% for the corresponding period in 2017.
- Net income attributable to Noah shareholders per basic and diluted ADS for the fourth quarter of 2018 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2018 was
- Non-GAAP net marginattributable to Noah shareholders for the fourth quarter of 2018 was 27.1%, up from 23.9% for the corresponding period in 2017.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the fourth quarter of 2018 was
FULL YEAR 2018 FINANCIAL RESULTS
Net Revenues
Net revenues for the full year 2018 were
- Wealth Management Business
- Net revenues from one-time commissions for 2018 were
- Net revenues from recurring service fees for 2018 were
- Net revenues from performance-based income for 2018 were
- Net revenues from other service fees for 2018 were
- Asset Management Business
- Net revenues from recurring service fees for 2018 were
- Net revenues from performance-based income for 2018 were
- Other Financial Services Business
- Net revenues for the full year 2018 were
Operating costs and expenses
Operating costs and expenses for the full year 2018 were
- Operating costs and expensesfor the wealth management business for 2018 were
RMB1,698.8 million (US$247.1 million ), a 9.9% increase from 2017, primarily due to an increase in compensation and benefits as well as selling expenses. - Operating costs and expensesfor the asset management business for 2018 were
RMB395.3 million (US$57.5 million ), a 38.6% increase from 2017, primarily due to an increase in compensation and benefits and a decrease in government subsidies. - Operating costs and expensesfor the other financial services business for 2018 were
RMB268.9 million (US$39.1 million ), a 22.6% increase from 2017 due to the expansion of the Company's lending business.
Operating Margin
Operating margin for the full year 2018 was 28.2%, compared to 27.5% for the full year 2017, mainly due to increased operating efficiency and reduced losses for the other financial services business.
- Operating margin for the wealth management business for 2018 was 26.3%, compared to 27.3% for 2017.
- Operating margin for the asset management business for 2018 was 47.2%, compared to 51.5% for 2017.
- Operating loss for other financial services business for 2018 was
RMB33.9 million (US$4.9 million ), compared to a loss ofRMB106.8 million for 2017.
Investment Income
Investment income for the full year 2018 was
Income Tax Expenses
Income tax expenses for the full year 2018 were
Net Income
- Net Income
- Net income for the full year 2018 was
- Net margin for the full year 2018 was 24.4%, compared to 27.0% for the full year 2017.
- Net income attributable to Noah shareholders for the full year 2018 was
- Net margin attributable to Noah shareholders for the full year 2018 was 24.7%, down from 27.0% for the corresponding period in 2017.
- Net income attributable to Noah shareholders per basic and diluted ADS for the full year 2018 was
- Non-GAAP Net Income Attributable to Noah Shareholders
- Non-GAAP net income attributable to Noah shareholders for the full year 2018 was
- Non-GAAP net marginattributable to Noah shareholders for the full year 2018 was 30.7%, compared to 29.6% for the full year 2017.
- Non-GAAP net income attributable to Noah shareholders per diluted ADS for the full year 2018 was
Balance Sheet and Cash Flow
As of
Net cash inflow from the Company's operating activities during the fourth quarter of 2018 was
Net cash outflow from the Company's investing activities during the fourth quarter of 2018 was
Net cash inflow from the Company's financing activities was
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 2018 financial results in this press release, we will include any such fair value adjustments in the audited consolidated financial statements in our 2018 Form 20-F and will make a subsequent announcement when our review conclude, as appropriate.
OTHER COMPANY DEVELOPMENTS
The Company also announced today that Mr.
Mr. Zhao has more than twenty years of experience in the financial industry. He has been leading Noah's wealth management business since 2013 and implemented a serious of core strategies, which led to robust growth in both transaction value and profitability for the segment. During his tenure as the head of our wealth management segment, he enhanced the management of our sales network and created an elite relationship managers program. Prior to joining Noah, Mr. Zhao worked for several insurance companies, including
Ms.
2019 FORECAST
The Company estimates that non-GAAP net income attributable to Noah shareholders for the full year 2019 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 2018 unaudited financial results and recent business activities.
The conference call may be accessed with the following details:
Conference call details |
|
Date/Time:
|
Tuesday, March 12, 2019 at 8:00 p.m., U.S. Eastern Time Wednesday, March 13, 2019 at 8:00 a.m., Hong Kong Time |
Dial in details: |
|
- United States Toll Free |
+1-888-317-6003 |
- Mainland China Toll Free |
4001-206-115 |
- Hong Kong Toll Free |
800-963-976 |
- International |
+1-412-317-6061 |
Conference Title: |
Noah Holdings Fourth Quarter and Full Year 2018 Earnings Call |
Participant Entry No.: |
1611659 |
Participants will need to dial in 10-15 minutes early and use this Entry Number in order to join the conference.
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.noahgroup.com.
DISCUSSION OF RECENTLY ADOPTED ACCOUNTING STANDARD AND NON-GAAP MEASURES
On
The accounting standard also includes a transition requirement on presentation that requires the amounts reported in accumulated other comprehensive income for equity securities that exist as of the date of adoption previously classified as available-for-sale to be reclassified to retained earnings.
As a result, upon adoption of this new standard, Noah recorded a cumulative effect adjustment from other comprehensive income to retained earnings of
The future impact to Noah's consolidated income statement from period to period will vary depending upon the level of volatility in the performance of the securities held in Noah's equity portfolio and the overall market. ASU 2016-01 does not affect the treatment of equity investments accounted for under the equity method or those that result in consolidation of the investee.
In addition to disclosing financial results prepared in accordance with U.S. GAAP, the Company's earnings release contains non-GAAP financial measures excluding the effects of all forms of share-based compensation and fair value changes of equity investments (unrealized) and adjusting for sale of equity securities, after including any current and deferred income tax expense impact of those adjustments. See "Reconciliation of GAAP to Non-GAAP Results" at the end of this press release.
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 measures 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 the foregoing non-GAAP net income attributable to Noah shareholders and per diluted ADS and non-GAAP net margin attributable to Noah shareholders to supplement U.S. GAAP financial data. As such, the Company's management believes that the presentation of the non-GAAP financial measures provides important supplemental information to investors regarding financial and business trends relating to its results of operations in a manner consistent with that used by management.
ABOUT
Noah's wealth management business primarily distributes onshore and offshore fixed income, private equity, secondary market equity and insurance products. Noah delivers customized financial solutions to clients through a network of 1,583 relationship managers across 313 service centers in 83 cities in mainland
For more information, please visit Noah at ir.noahgroup.com.
FOREIGN CURRENCY TRANSLATION
In this announcement, the unaudited financial results for the fourth quarter of 2018 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 2019 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
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Noah Holdings Limited |
|||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets |
|||||||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||||||
As of |
|||||||||||||||||||||||||||||||||
September 30, 2018 |
December 31, 2018 |
December 31, 2018 |
|||||||||||||||||||||||||||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||||||||||||||||||||||||||
Assets |
|||||||||||||||||||||||||||||||||
Current assets: |
|||||||||||||||||||||||||||||||||
Cash and cash equivalents |
2,360,111 |
2,704,091 |
393,294 |
||||||||||||||||||||||||||||||
Restricted cash |
- |
2,500 |
364 |
||||||||||||||||||||||||||||||
Short-term investments (including short-term |
213,153 |
450,477 |
65,519 |
||||||||||||||||||||||||||||||
Accounts receivable and contract assets, net of |
255,051 |
282,431 |
41,078 |
||||||||||||||||||||||||||||||
Loans receivable, net |
688,890 |
620,219 |
90,207 |
||||||||||||||||||||||||||||||
Amounts due from related parties |
625,948 |
572,201 |
83,223 |
||||||||||||||||||||||||||||||
Loans receivable from factoring business |
23,943 |
18,893 |
2,748 |
||||||||||||||||||||||||||||||
Other current assets |
455,958 |
453,269 |
65,925 |
||||||||||||||||||||||||||||||
Total current assets |
4,623,054 |
5,104,081 |
742,358 |
||||||||||||||||||||||||||||||
Long-term investments (including long-term |
895,328 |
1,025,065 |
149,090 |
||||||||||||||||||||||||||||||
Investment in affiliates |
1,314,862 |
1,375,110 |
200,001 |
||||||||||||||||||||||||||||||
Property and equipment, net |
295,785 |
346,653 |
50,419 |
||||||||||||||||||||||||||||||
Non-current deferred tax assets |
97,205 |
113,384 |
16,491 |
||||||||||||||||||||||||||||||
Other non-current assets |
23,093 |
49,971 |
7,266 |
||||||||||||||||||||||||||||||
Total Assets |
7,249,327 |
8,014,264 |
1,165,625 |
||||||||||||||||||||||||||||||
Liabilities and Equity |
|||||||||||||||||||||||||||||||||
Current liabilities: |
|||||||||||||||||||||||||||||||||
Accrued payroll and welfare expenses |
565,346 |
671,200 |
97,622 |
||||||||||||||||||||||||||||||
Income tax payable |
67,170 |
54,296 |
7,897 |
||||||||||||||||||||||||||||||
Amounts due to related parties |
1,691 |
- |
- |
||||||||||||||||||||||||||||||
Deferred revenues |
172,171 |
142,925 |
20,788 |
||||||||||||||||||||||||||||||
Other current liabilities |
420,508 |
722,652 |
105,105 |
||||||||||||||||||||||||||||||
Total current liabilities |
1,226,886 |
1,591,073 |
231,412 |
||||||||||||||||||||||||||||||
Non-current deferred tax liabilities |
51,256 |
67,092 |
9,758 |
||||||||||||||||||||||||||||||
Convertible notes |
228,121 |
145,004 |
21,090 |
||||||||||||||||||||||||||||||
Other non-current liabilities |
75,824 |
35,718 |
5,195 |
||||||||||||||||||||||||||||||
Total Liabilities |
1,582,087 |
1,838,887 |
267,455 |
||||||||||||||||||||||||||||||
Equity |
5,667,240 |
6,175,377 |
898,170 |
||||||||||||||||||||||||||||||
Total Liabilities and Equity |
7,249,327 |
8,014,264 |
1,165,625 |
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 |
|||||||||||||||||||||||||||||||||
2017 |
2018 |
2018 |
||||||||||||||||||||||||||||||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
|||||||||||||||||||||||||||||||||
Revenues from others[1]: |
||||||||||||||||||||||||||||||||||||
One-time commissions |
130,462 |
173,814 |
25,280 |
33.2% |
||||||||||||||||||||||||||||||||
Recurring service fees |
170,738 |
142,435 |
20,716 |
(16.6%) |
||||||||||||||||||||||||||||||||
Performance-based income |
9,006 |
147 |
21 |
(98.4%) |
||||||||||||||||||||||||||||||||
Other service fees |
57,023 |
126,212 |
18,357 |
121.3% |
||||||||||||||||||||||||||||||||
Total revenues from others |
367,229 |
442,608 |
64,374 |
20.5% |
||||||||||||||||||||||||||||||||
Revenues from funds Gopher manages[1]: |
||||||||||||||||||||||||||||||||||||
One-time commissions |
113,572 |
69,098 |
10,050 |
(39.2%) |
||||||||||||||||||||||||||||||||
Recurring service fees |
225,674 |
305,937 |
44,497 |
35.6% |
||||||||||||||||||||||||||||||||
Performance-based income |
20,833 |
10,861 |
1,580 |
(47.9%) |
||||||||||||||||||||||||||||||||
Total revenues from funds Gopher manages |
360,079 |
385,896 |
56,127 |
7.2% |
||||||||||||||||||||||||||||||||
Total revenues |
727,308 |
828,504 |
120,501 |
13.9% |
||||||||||||||||||||||||||||||||
Less: business taxes and related surcharges |
(5,194) |
(6,401) |
(931) |
23.2% |
||||||||||||||||||||||||||||||||
Net revenues |
722,114 |
822,103 |
119,570 |
13.8% |
||||||||||||||||||||||||||||||||
Operating costs and expenses: |
||||||||||||||||||||||||||||||||||||
Compensation and benefits |
||||||||||||||||||||||||||||||||||||
Relationship manager compensation |
(167,363) |
(162,638) |
(23,655) |
(2.8%) |
||||||||||||||||||||||||||||||||
Performance fee compensation |
(11,291) |
(3,800) |
(553) |
(66.3%) |
||||||||||||||||||||||||||||||||
Other compensations |
(200,982) |
(261,677) |
(38,059) |
30.2% |
||||||||||||||||||||||||||||||||
Total compensation and benefits |
(379,636) |
(428,115) |
(62,267) |
12.8% |
||||||||||||||||||||||||||||||||
Selling expenses |
(111,516) |
(104,765) |
(15,237) |
(6.1%) |
||||||||||||||||||||||||||||||||
General and administrative expenses |
(79,271) |
(94,938) |
(13,808) |
19.8% |
||||||||||||||||||||||||||||||||
Other operating expenses |
(41,274) |
(51,710) |
(7,521) |
25.3% |
||||||||||||||||||||||||||||||||
Government subsidies |
25,199 |
17,145 |
2,494 |
(32.0%) |
||||||||||||||||||||||||||||||||
Total operating costs and expenses |
(586,498) |
(662,383) |
(96,339) |
12.9% |
||||||||||||||||||||||||||||||||
Income from operations |
135,616 |
159,720 |
23,231 |
17.8% |
||||||||||||||||||||||||||||||||
Other income: |
||||||||||||||||||||||||||||||||||||
Interest income |
12,910 |
14,104 |
2,051 |
9.2% |
||||||||||||||||||||||||||||||||
Interest expense |
(9,593) |
(1,002) |
(146) |
(89.6%) |
||||||||||||||||||||||||||||||||
Investment income (loss), net |
34,983 |
6,547 |
952 |
(81.3%) |
||||||||||||||||||||||||||||||||
Other income (expense) |
640 |
(1,326) |
(193) |
(307.2%) |
||||||||||||||||||||||||||||||||
Total other income |
38,940 |
18,323 |
2,664 |
(52.9%) |
||||||||||||||||||||||||||||||||
Income before taxes and income from |
174,556 |
178,043 |
25,895 |
2.0% |
||||||||||||||||||||||||||||||||
Income tax expense |
(35,081) |
(29,203) |
(4,247) |
(16.8%) |
||||||||||||||||||||||||||||||||
Income from equity in affiliates |
17,390 |
2,526 |
367 |
(85.5%) |
||||||||||||||||||||||||||||||||
Net income |
156,865 |
151,366 |
22,015 |
(3.5%) |
||||||||||||||||||||||||||||||||
Less: net loss attributable to non- |
(2,339) |
(4,273) |
(621) |
82.7% |
||||||||||||||||||||||||||||||||
Less: effect on retained earnings caused |
6,201 |
- |
- |
N.A |
||||||||||||||||||||||||||||||||
Net income attributable to Noah |
153,003 |
155,639 |
22,636 |
1.7% |
||||||||||||||||||||||||||||||||
Income per ADS, basic |
2.69 |
2.61 |
0.38 |
(3.0%) |
||||||||||||||||||||||||||||||||
Income per ADS, diluted |
2.60 |
2.54 |
0.37 |
(2.3%) |
||||||||||||||||||||||||||||||||
Margin analysis: |
||||||||||||||||||||||||||||||||||||
Operating margin |
18.8% |
19.4% |
19.4% |
|||||||||||||||||||||||||||||||||
Net margin |
21.7% |
18.4% |
18.4% |
|||||||||||||||||||||||||||||||||
Weighted average ADS equivalent[2]: |
||||||||||||||||||||||||||||||||||||
Basic |
56,782,875 |
59,676,698 |
59,676,698 |
|||||||||||||||||||||||||||||||||
Diluted |
61,147,734 |
61,590,911 |
61,590,911 |
|||||||||||||||||||||||||||||||||
ADS equivalent outstanding at end of |
56,902,300 |
60,129,547 |
60,129,547 |
|||||||||||||||||||||||||||||||||
[1] Starting from the first quarter of 2018, we report revenue streams in two categories—revenues from funds Gopher manages
[2] 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 |
||||||||||
2017 |
2018 |
2018 |
|||||||||||
Revenues: |
RMB'000 |
RMB'000 |
USD'000 |
||||||||||
Revenues from others[1]: |
|||||||||||||
One-time commissions |
541,025 |
733,009 |
106,612 |
35.5% |
|||||||||
Recurring service fees |
605,092 |
593,856 |
86,373 |
(1.9%) |
|||||||||
Performance-based income |
86,494 |
43,101 |
6,269 |
(50.2%) |
|||||||||
Other service fees |
195,073 |
361,886 |
52,634 |
85.5% |
|||||||||
Total revenues from others |
1,427,684 |
1,731,852 |
251,888 |
21.3% |
|||||||||
Revenues from funds Gopher manages[1]: |
|||||||||||||
One-time commissions |
561,059 |
294,984 |
42,904 |
(47.4%) |
|||||||||
Recurring service fees |
802,761 |
1,182,693 |
172,016 |
47.3% |
|||||||||
Performance-based income |
54,502 |
100,533 |
14,622 |
84.5% |
|||||||||
Total revenues from funds Gopher manages |
1,418,322 |
1,578,210 |
229,542 |
11.3% |
|||||||||
Total revenues |
2,846,006 |
3,310,062 |
481,430 |
16.3% |
|||||||||
Less: business taxes and related surcharges |
(19,098) |
(20,454) |
(2,975) |
7.1% |
|||||||||
Net revenues |
2,826,908 |
3,289,608 |
478,455 |
16.4% |
|||||||||
Operating costs and expenses: |
|||||||||||||
Compensation and benefits |
|||||||||||||
Relationship manager compensation |
(616,064) |
(633,599) |
(92,153) |
2.8% |
|||||||||
Performance fee compensation |
(11,291) |
(21,175) |
(3,080) |
87.5% |
|||||||||
Other compensations |
(780,017) |
(909,418) |
(132,269) |
16.6% |
|||||||||
Total compensation and benefits |
(1,407,372) |
(1,564,192) |
(227,502) |
11.1% |
|||||||||
Selling expenses |
(320,462) |
(412,720) |
(60,028) |
28.8% |
|||||||||
General and administrative expenses |
(248,878) |
(279,387) |
(40,635) |
12.3% |
|||||||||
Other operating expenses |
(147,318) |
(169,368) |
(24,634) |
15.0% |
|||||||||
Government subsidies |
74,156 |
62,583 |
9,102 |
(15.6%) |
|||||||||
Total operating costs and expenses |
(2,049,874) |
(2,363,084) |
(343,697) |
15.3% |
|||||||||
Income from operations |
777,034 |
926,524 |
134,758 |
19.2% |
|||||||||
Other income: |
|||||||||||||
Interest income |
45,020 |
69,841 |
10,158 |
55.1% |
|||||||||
Interest expense |
(24,128) |
(10,028) |
(1,459) |
(58.4%) |
|||||||||
Investment income (loss), net |
67,343 |
48,616 |
7,070 |
(27.8%) |
|||||||||
Other income (expense) |
3,542 |
(23,356) |
(3,397) |
(759.4%) |
|||||||||
Total other income |
91,777 |
85,073 |
12,372 |
(7.3%) |
|||||||||
Income before taxes and income from |
868,811 |
1,011,597 |
147,130 |
16.4% |
|||||||||
Income tax expense |
(199,085) |
(222,320) |
(32,335) |
11.7% |
|||||||||
Income from equity in affiliates |
92,136 |
14,469 |
2,104 |
(84.3%) |
|||||||||
Net income |
761,862 |
803,746 |
116,899 |
5.5% |
|||||||||
Less: net loss attributable to non- Less: income attributable to redeemable |
(13,745)
6,483 |
(7,551)
- |
(1,098)
- |
(45.1%)
N.A |
|||||||||
Less: effect on retained earnings caused |
6,201 |
- |
- |
N.A |
|||||||||
Net income attributable to Noah |
762,923 |
811,297 |
117,997 |
6.3% |
|||||||||
Income per ADS, basic |
13.49 |
13.85 |
2.01 |
2.7% |
|||||||||
Income per ADS, diluted |
12.95 |
13.33 |
1.94 |
2.9% |
|||||||||
Margin analysis: |
|||||||||||||
Operating margin |
27.5% |
28.2% |
28.2% |
||||||||||
Net margin |
27.0% |
24.4% |
24.4% |
||||||||||
Weighted average ADS equivalent[2]: |
|||||||||||||
Basic |
56,551,274 |
58,576,802 |
58,576,802 |
||||||||||
Diluted |
60,467,645 |
61,421,080 |
61,421,080 |
||||||||||
ADS equivalent outstanding at end of |
56,902,300 |
60,129,547 |
60,129,547 |
||||||||||
[1] Starting from the first quarter of 2018, we report revenue streams in two categories—revenues from funds Gopher manages
[2] 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 |
||||||||
2017 |
2018 |
2018 |
|||||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||||
Net income |
156,865 |
151,366 |
22,015 |
(3.5%) |
|||||||
Other comprehensive income, net of tax: |
|||||||||||
Change in foreign currency translation |
(13,047) |
7,357 |
1,070 |
(156.4%) |
|||||||
Fair value fluctuation of available-for-s |
243,655 |
(47) |
(7) |
(100.0%) |
|||||||
Comprehensive income |
387,473 |
158,676 |
23,078 |
(59.0%) |
|||||||
Less: Comprehensive loss attributable to |
(2,342) |
(4,260) |
(620) |
81.9% |
|||||||
Less: effect on retained earnings caused |
6,201 |
- |
- |
N.A |
|||||||
Comprehensive income attributable to |
383,614 |
162,936 |
23,698 |
(57.5%) |
Noah Holdings Limited |
|||||||||||
Condensed Comprehensive Income Statements |
|||||||||||
(unaudited) |
|||||||||||
Twelve months ended |
|||||||||||
December 31, |
December 31, |
December 31, |
Change |
||||||||
2017 |
2018 |
2018 |
|||||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||||
Net income |
761,862 |
803,746 |
116,899 |
5.5% |
|||||||
Other comprehensive income, net of tax: |
|||||||||||
Change in foreign currency translation |
(33,876) |
75,752 |
11,018 |
(323.6%) |
|||||||
Fair value fluctuation of available-for- |
252,706 |
(1,429) |
(208) |
(100.6%) |
|||||||
Comprehensive income |
980,692 |
878,069 |
127,709 |
(10.5%) |
|||||||
Less: Comprehensive loss attributable to |
(13,776) |
(7,638) |
(1,111) |
(44.6%) |
|||||||
Less: Loss attributable to redeemable non- |
6,483 |
- |
- |
N.A |
|||||||
Less: effect on retained earnings caused |
6,201 |
- |
- |
N.A |
|||||||
Comprehensive income attributable to |
981,784 |
885,707 |
128,820 |
(9.8%) |
Noah Holdings Limited |
|||||
Supplemental Information |
|||||
(unaudited) |
|||||
As of |
Change |
||||
December 31, |
December 31, |
||||
Number of registered clients |
186,918 |
260,285 |
39.3% |
||
Number of relationship managers |
1,335 |
1,583 |
18.6% |
||
Number of cities under coverage |
79 |
83 |
5.1% |
||
Three months ended |
Change |
||||
December 31, |
December 31, |
||||
(in millions of RMB, except number of active clients and |
|||||
Number of active clients |
6,276 |
4,717 |
(24.8%) |
||
Transaction value: |
|||||
Fixed income products |
15,367 |
20,224 |
31.6% |
||
Private equity products |
7,360 |
2,999 |
(59.3%) |
||
Secondary market equity products |
5,412 |
1,426 |
(73.6%) |
||
Other products |
48 |
521 |
981.4% |
||
Total transaction value |
28,188 |
25,170 |
(10.7%) |
||
Average transaction value per client |
4.49 |
5.34 |
18.8% |
Twelve months ended |
Change |
|||||
December 31, |
December 31, |
|||||
(in millions of RMB, except number of active clients and |
||||||
Number of active clients |
12,720 |
13,628 |
7.1% |
|||
Transaction value: |
||||||
Fixed income products |
71,759 |
75,498 |
5.2% |
|||
Private equity products |
34,261 |
18,864 |
(44.9%) |
|||
Secondary market equity products |
10,754 |
13,605 |
26.5% |
|||
Other products |
598 |
2,062 |
245.0% |
|||
Total transaction value |
117,371 |
110,030 |
(6.3%) |
|||
Average transaction value per client |
9.23 |
8.07 |
(12.5%) |
Noah Holdings Limited |
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Three months ended December 31, 2018 |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others: |
|||||||
One-time commissions |
173,415 |
399 |
- |
173,814 |
|||
Recurring service fees |
139,996 |
2,439 |
- |
142,435 |
|||
Performance-based income |
147 |
- |
- |
147 |
|||
Other service fees |
39,831 |
1,028 |
85,353 |
126,212 |
|||
Total revenues from others |
353,389 |
3,866 |
85,353 |
442,608 |
|||
Revenues from funds Gopher |
|||||||
One-time commissions |
69,018 |
80 |
- |
69,098 |
|||
Recurring service fees |
159,812 |
146,125 |
- |
305,937 |
|||
Performance-based income |
- |
10,861 |
- |
10,861 |
|||
Total revenues from funds Gopher |
228,830 |
157,066 |
- |
385,896 |
|||
Total revenues |
582,219 |
160,932 |
85,353 |
828,504 |
|||
Less: business taxes and related |
(3,751) |
(730) |
(1,920) |
(6,401) |
|||
Net revenues |
578,468 |
160,202 |
83,433 |
822,103 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship manager |
(162,215) |
- |
(423) |
(162,638) |
|||
Performance fee compensation |
- |
(3,800) |
- |
(3,800) |
|||
Other compensation |
(152,045) |
(80,332) |
(29,300) |
(261,677) |
|||
Total compensation and benefits |
(314,260) |
(84,132) |
(29,723) |
(428,115) |
|||
Selling expenses |
(91,429) |
(7,278) |
(6,058) |
(104,765) |
|||
General and administrative expenses |
(52,444) |
(27,838) |
(14,656) |
(94,938) |
|||
Other operating expenses |
(15,241) |
(1,722) |
(34,747) |
(51,710) |
|||
Government subsidies |
13,300 |
2,090 |
1,755 |
17,145 |
|||
Total operating costs and expenses |
(460,074) |
(118,880) |
(83,429) |
(662,383) |
|||
Income from operations |
118,394 |
41,322 |
4 |
159,720 |
Noah Holdings Limited |
|||||||||||||
Segment Condensed Income Statements |
|||||||||||||
(unaudited) |
|||||||||||||
Three months ended December 31, 2017 |
|||||||||||||
Wealth Business |
Asset Business |
Other |
Total |
||||||||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||||||||
Revenues: |
|||||||||||||
Revenues from others: |
|||||||||||||
One-time commissions |
130,190 |
272 |
- |
130,462 |
|||||||||
Recurring service fees |
165,156 |
5,582 |
- |
170,738 |
|||||||||
Performance-based income |
8,854 |
152 |
- |
9,006 |
|||||||||
Other service fees |
20,397 |
5,643 |
30,983 |
57,023 |
|||||||||
Total revenues from others |
324,597 |
11,649 |
30,983 |
367,229 |
|||||||||
Revenues from funds Gopher |
|||||||||||||
One-time commissions |
112,656 |
916 |
- |
113,572 |
|||||||||
Recurring service fees |
89,647 |
136,027 |
- |
225,674 |
|||||||||
Performance-based income |
1,826 |
19,007 |
- |
20,833 |
|||||||||
Total revenues from funds Gopher |
204,129 |
155,950 |
- |
360,079 |
|||||||||
Total revenues |
528,726 |
167,599 |
30,983 |
727,308 |
|||||||||
Less: business taxes and related |
(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 |
(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) |
|||||||
Twelve months ended December 31, 2018 |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others: |
|||||||
One-time commissions |
731,424 |
1,585 |
- |
733,009 |
|||
Recurring service fees |
571,782 |
22,074 |
- |
593,856 |
|||
Performance-based income |
42,570 |
531 |
- |
43,101 |
|||
Other service fees |
113,570 |
8,225 |
240,091 |
361,886 |
|||
Total revenues from others |
1,459,346 |
32,415 |
240,091 |
1,731,852 |
|||
Revenues from funds Gopher |
|||||||
One-time commissions |
292,899 |
2,085 |
- |
294,984 |
|||
Recurring service fees |
564,228 |
618,465 |
- |
1,182,693 |
|||
Performance-based income |
1,739 |
98,794 |
- |
100,533 |
|||
Total revenues from funds Gopher |
858,866 |
719,344 |
- |
1,578,210 |
|||
Total revenues |
2,318,212 |
751,759 |
240,091 |
3,310,062 |
|||
Less: business taxes and related |
(12,206) |
(3,228) |
(5,020) |
(20,454) |
|||
Net revenues |
2,306,006 |
748,531 |
235,071 |
3,289,608 |
|||
Operating costs and expenses: |
|||||||
Compensation and benefits |
|||||||
Relationship manager |
(631,234) |
- |
(2,365) |
(633,599) |
|||
Performance Fee Compensation |
- |
(21,175) |
- |
(21,175) |
|||
Other compensation |
(534,516) |
(251,923) |
(122,979) |
(909,418) |
|||
Total compensation and benefits |
(1,165,750) |
(273,098) |
(125,344) |
(1,564,192) |
|||
Selling expenses |
(367,589) |
(22,200) |
(22,931) |
(412,720) |
|||
General and administrative expenses |
(164,802) |
(80,873) |
(33,712) |
(279,387) |
|||
Other operating expenses |
(54,291) |
(25,310) |
(89,767) |
(169,368) |
|||
Government subsidies |
53,620 |
6,148 |
2,815 |
62,583 |
|||
Total operating costs and expenses |
(1,698,812) |
(395,333) |
(268,939) |
(2,363,084) |
|||
Income (loss) from operations |
607,194 |
353,198 |
(33,868) |
926,524 |
Noah Holdings Limited |
|||||||
Segment Condensed Income Statements |
|||||||
(unaudited) |
|||||||
Twelve months ended December 31, 2017 |
|||||||
Wealth Business |
Asset Business |
Other |
Total |
||||
RMB'000 |
RMB'000 |
RMB'000 |
RMB'000 |
||||
Revenues: |
|||||||
Revenues from others: |
|||||||
One-time commissions |
539,938 |
1,087 |
- |
541,025 |
|||
Recurring service fees |
577,544 |
27,548 |
- |
605,092 |
|||
Performance-based income |
84,105 |
2,389 |
- |
86,494 |
|||
Other service fees |
70,390 |
10,712 |
113,971 |
195,073 |
|||
Total revenues from others |
1,271,977 |
41,736 |
113,971 |
1,427,684 |
|||
Revenues from funds Gopher |
|||||||
One-time commissions |
560,047 |
1,012 |
- |
561,059 |
|||
Recurring service fees |
300,352 |
502,409 |
- |
802,761 |
|||
Performance-based income |
9,019 |
45,483 |
- |
54,502 |
|||
Total revenues from funds Gopher |
869,418 |
548,904 |
- |
1,418,322 |
|||
Total revenues |
2,141,395 |
590,640 |
113,971 |
2,846,006 |
|||
Less: business taxes and related |
(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 |
(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 |
||||||
Reconciliation of GAAP to Non-GAAP Results |
||||||
(In RMB, except for per ADS data and percentages) |
||||||
(unaudited) [6] |
||||||
Three months ended |
||||||
December 31, |
December 31, |
Change
|
||||
2017 |
2018 |
|||||
RMB'000 |
RMB'000 |
|||||
Net income attributable to Noah |
153,003 |
155,639 |
1.7% |
|||
Adjustment for share-based |
||||||
Share options |
10,796 |
12,862 |
19.1% |
|||
Restricted shares |
13,625 |
21,312 |
56.4% |
|||
Less: loss from fair value |
- |
(4,596) |
N.A |
|||
Add: Gains from sales of equity |
- |
12,011 |
N.A |
|||
Less: Tax effect of adjustments[7] |
4,739 |
(16,730) |
N.A |
|||
Non-GAAP net income |
172,685 |
223,150 |
29.2% |
|||
Net margin attributable to Noah |
21.2% |
18.9% |
||||
Non-GAAP net margin |
23.9% |
27.1% |
||||
Net income attributable to Noah |
2.60 |
2.54 |
(2.3%) |
|||
Non-GAAP net income |
2.92 |
3.64 |
24.7% |
|||
[6] Noah's Non-GAAP financial measures are its corresponding GAAP financial measures excluding the effects of all forms of share-based compensation and fair value changes of equity securities (unrealized) and adjusting for sale of equity securities, after including any income tax effect |
[7] Starting from the fourth quarter of 2018, we include current and deferred income tax expense impact of all non-GAAP adjustments to arrive at a non-GAAP measure. We also revised the comparative period presentation to conform to current period measurement. |
Noah Holdings Limited |
||||||
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
|
||||
2017 |
2018 |
|||||
RMB'000 |
RMB'000 |
|||||
Net income attributable to |
762,923 |
811,297 |
6.3% |
|||
Adjustment for share-based |
||||||
Share options |
51,054 |
45,973 |
(10.0%) |
|||
Restricted shares |
42,581 |
66,790 |
56.9% |
|||
Less: loss from fair value |
- |
(39,557) |
N.A |
|||
Add: Gains from sales |
- |
45,240 |
N.A |
|||
Less: Tax effect of a |
19,185 |
1,966 |
(110.2%) |
|||
Non-GAAP net income |
837,373 |
1,010,823 |
20.7% |
|||
Net margin attributable to |
27.0% |
24.7% |
||||
Non-GAAP net margin a |
29.6% |
30.7% |
||||
Net income attributable to |
12.95 |
13.33 |
2.9% |
|||
Non-GAAP net income |
14.18 |
16.58 |
16.9% |
|||
View original content:http://www.prnewswire.com/news-releases/noah-holdings-limited-announces-unaudited-preliminary-financial-results-for-the-fourth-quarter-and-full-year-2018-300810977.html
SOURCE
Noah Holdings Limited, Eva Ma, Tel: +86-21-8035-9221, Email: ir@noahgroup.com