SHANGHAI,
Nov. 15, 2012
/PRNewswire/ -- E-House (China)
Holdings Limited ("E-House" or the "Company") (NYSE: EJ), a leading
real estate services company in China, today announced its unaudited financial
results for the fiscal quarter and nine months ended September 30, 2012.
Third Quarter 2012 Financial and Operating
Highlights
- Total gross floor area ("GFA") of new properties sold
increased by 35% year-on-year to 4.8 million square meters. Total
value of new properties sold increased by 37% year-on-year to
RMB40.7 billion ($6.4
billion)[1].
- Total revenues increased by 25% year-on-year to
$136.6 million.
- Non-GAAP[2] income from operations increased by 79%
year-on-year to $20.6
million.
- Non-GAAP net loss attributable to E-House shareholders
was $7.8 million or $0.07 loss per diluted American depositary share
("ADS").
First Nine Months of 2012 Financial and Operating
Highlights
- Total GFA of new properties sold was 10.6 million square
meters for the first nine months of 2012, an increase of 15% from
the same period of 2011. Total value of new properties sold was
RMB87.3 billion ($13.8 billion) for the first nine months of 2012,
an increase of 7% from the same period of 2011.
- Total revenues were $309.9
million for the first nine months of 2012, an increase of 9%
from the same period of 2011.
- Non-GAAP loss from operations was $22.0 million for the first nine months of
2012.
- Non-GAAP net loss attributable to E-House shareholders
was $17.8 million, or $0.17 loss per diluted ADS, for the first nine
months of 2012.
[1] This press release
contains translations of certain RMB amounts into U.S. dollar
amounts solely for the convenience of the reader. The RMB amounts
were translated into U.S. dollar amounts at a rate of RMB 6.3357 to
US$1.00, which is the average central parity rate announced by the
People's Bank of China for the third quarter of 2012.
|
[2] E-House uses in this
press release the following non-GAAP financial measures: (1) income
(loss) from operations, (2) net income (loss), (3) net income
(loss) attributable to E-House shareholders, (4) net income (loss)
attributable to E-House shareholders per basic ADS, and (5)
net income (loss) attributable to E-House shareholders per diluted
ADS, each of which excludes share-based compensation expense,
amortization of intangible assets resulting from business
acquisitions, goodwill impairment charge and gain/(loss) from the
disposal of subsidiaries. See "About Non-GAAP Financial Measures"
and "Unaudited Reconciliation of GAAP and Non-GAAP Results" below
for more information about the non-GAAP financial measures included
in this press release.
|
Xin Zhou, E-House's
co-chairman and CEO, commented: "The third quarter was relatively
quiet on the real estate policy front. Our primary agency business
benefited from year-on-year transaction volume growth and started
its turn-around in operating profitability. Our online e-commerce
business, which was used by more than 11,000 home buyers during the
quarter, also showed continued growth momentum. Although growth in
our consulting business was lackluster during the third quarter due
to continued softness in land transaction consulting and project
delays, we made progress in developing new information database
products that we believe will contribute to our growth next
year."
Bin Laurence, E-House's CFO, added: "We achieved healthy
operating income this quarter, driven by improved profitability
from our primary agency business. Although we continue to operate
within a relatively slow real estate industry environment, we are
glad to see that the Company is on its path to improved
profitability."
Financial Results for the Third Quarter and First Nine
Months of 2012
Revenues
Third quarter total revenues were $136.6 million, an increase of 25% from
$109.3 million for the same quarter
of 2011. For the first nine months of 2012, total
revenues were $309.9 million, an
increase of 9% from $284.2 million
for the same period of 2011.
Real Estate Brokerage Services
Real estate brokerage services include primary real estate
agency services and secondary real estate brokerage services. Third
quarter revenues from real estate brokerage services were
$60.2 million, an increase of 35%
from $44.6 million for the same
quarter of 2011. For the first nine months of
2012, revenues from real estate brokerage services were
$133.4 million, an increase of 5%
from $127.6 million for the same
period of 2011.
Third quarter revenues from primary real estate agency
services were $56.0 million, an
increase of 39% from $40.2 million
for the same quarter of 2011. This increase was mainly due to a 35%
increase in total GFA of new properties sold and a 37% increase in
total transaction value of new properties sold. (See "Selected
Operating Data" below for more details on total GFA and transaction
value of new properties sold.)
For the first nine months of 2012, revenues from primary
real estate agency services were $122.3
million, an increase of 8% from $112.8 million for the same period of 2011.
This increase was mainly due to a 15% increase in total GFA
of new properties sold and a 7% increase in total transaction value
of new properties sold. (See "Selected Operating Data" below for
more details on total GFA and transaction value of new properties
sold.)
Third quarter revenues from secondary real estate
brokerage services were $4.2 million,
a decrease of 3% from $4.4 million
for the same quarter of 2011. As of September 30, 2012, E-House had a total of 68
secondary real estate brokerage stores in four cities in
China, compared to 107 stores as
of September 30, 2011 and 69 stores
as of June 30, 2012.
For the first nine months of 2012, revenues from secondary
real estate brokerage services were $11.1
million, a decrease of 25% from $14.8
million for the same period of 2011. This decrease was
mainly due to the combined effect of lower rental transaction
volume and a decrease of total transaction value of secondary real
estate sold, which was in turn caused by the Company's closing of a
number of stores from 2011 in order to reduce costs and optimize
the Company's store network.
Real Estate Online Services
Third quarter revenues from real estate online services
were $52.6 million, an increase of
34% from $39.3 million for the same
quarter of 2011. This increase was mainly due to revenue growth in
existing and new cities that the Company entered since 2010, as
well as growth in e-commerce revenues.
For the first nine months of 2012,
revenues from real estate online services were $113.8 million, an increase of 25% from
$90.7 million for the same period of
2011. This increase was mainly due to revenue growth in existing
and new cities that the Company entered since 2010, as well as
growth in e-commerce revenues.
Real Estate Information and Consulting
Services
Third quarter revenues from real estate information and
consulting services were $16.5
million, a decrease of 9% compared to $18.2 million for the same quarter of 2011. The
decrease was mainly due to a decline in consulting services
revenue, partially offset by an increase in revenues from
information services.
For the first nine months of 2012,
revenues from real estate information and consulting services were
$41.1 million, a decrease of 12% from
$46.6 million for the same period of
2011. The year-on-year decrease was primarily due to a reduction in
land transaction-related consulting fees, as well as a reduction in
other consulting revenues from property developments due to the
weak real estate market, partially offset by an increase in
revenues from information services.
Other Services
Other services include offline real estate advertising
services, promotional events services and real estate fund
management services. Third quarter revenues from other services
were $7.3 million, compared to
$7.2 million for the same quarter of
2011.
For the first nine months of 2012,
revenues from other services were $21.6
million, an increase of 11% from $19.3 million for the same period of 2011. The
increase was mainly due to the expansion of promotional event
services in the first nine months of
2012.
Cost of Revenues
Third quarter cost of revenues was $55.3 million, an increase of 19% from
$46.5 million for the same quarter of
2011, primarily due to higher commission expense for sales staff in
the primary real estate agency services, higher editorial cost
related to the expanded coverage of the Company's websites, and
amortization of the exclusive right to sell Baidu's real estate
Brand Link products to real estate
developers in China starting in
August 2011.
For the first nine months of 2012, cost of revenues was
$142.8 million, an increase of 32%
from $108.6 million for the same
period of 2011, primarily due to higher salary and commission
expenses for the sales staff in the primary real estate agency
services, higher editorial cost related to the expanded coverage of
the Company's websites, additional amortization of the exclusive
right to sell Baidu's real estate Brand
Link products to real estate developers in China starting in August 2011, and higher cost of promotion event
services in line with the increase of revenues.
Selling, General and Administrative ("SG&A")
Expenses
Third quarter SG&A expenses were $77.7 million, an increase of 12% from
$69.4 million for the same quarter of
2011, primarily due to increased staff and marketing expenses for
the Company's real estate online services segment.
For the first nine months of 2012, SG&A expenses were
$241.6 million, an increase of 27%
from $190.7 million for the same
period of 2011. This increase was primarily due to increased
staff-related expenses, higher rental and online
marketing expenses, as well as higher bad debt provision
compared to the same period last year.
Income (Loss) from Operations
Third quarter income from operations was $5.9 million, compared to loss from operations of
$420.1 million for the same quarter
of 2011. For the third quarter of 2011, the Company recorded a
$417.8 million goodwill impairment
charge of the Company's online segment. Third quarter non-GAAP
income from operations was $20.6
million, an increase of 79% from $11.5 million for the same quarter of
2011.
For the first nine months of 2012, loss from operations
was $68.5 million, compared to loss
from operations of $427.3 million for
the same period of 2011. For the first nine months of 2012,
non-GAAP loss from operations was $22.0
million, compared to non-GAAP income from operations of
$30.4 million in the same period of
2011.
Net Income (Loss)
Third quarter net loss was $20.1
million, compared to net loss of
$425.6 million for the same quarter of 2011. Third
quarter non-GAAP net loss was $6.1
million, compared to non-GAAP net income of $5.3 million for the same quarter of
2011.
For the first nine months of 2012, net loss was
$65.6 million, compared
to net loss of $433.1 million
for the same period of 2011. Non-GAAP net loss for the first nine
months of 2012 was $21.5 million,
compared to non-GAAP net income of $23.6
million in the same period of 2011.
Net Income (Loss) Attributable to E-House
Shareholders
Third quarter net loss attributable to E-House
shareholders was $21.6 million, or
$0.18 loss per diluted ADS, compared
to net loss attributable to E-House shareholders of $235.3 million, or $2.97 loss per diluted ADS, for the same quarter
of 2011. Third quarter non-GAAP net loss attributable to E-House
shareholders was $7.8 million, or
$0.07 loss per diluted ADS, compared
to non-GAAP net loss attributable to E-House shareholders of
$0.5 million, or $0.01 loss per diluted ADS, for the same quarter
of 2011.
For the first nine months of 2012, net loss attributable
to E-House shareholders was $55.3
million, or $0.54 loss per
diluted ADS, compared to net loss attributable to E-House
shareholders of $242.5 million, or
$3.02 loss per diluted ADS, for the
same period of 2011. Non-GAAP net loss attributable to E-House
shareholders for the first nine months of 2012 was $17.8 million, or $0.17 loss per diluted ADS, compared to non-GAAP
net income attributable to E-House shareholders of $9.2 million, or $0.11 per diluted ADS, for the same period of
2011.
Cash Flow
As of September 30, 2012,
the Company had a cash balance of $167.4
million.
Third quarter 2012 net cash used in operating activities
was $8.4 million. This amount was
mainly attributable to non-GAAP net loss of $6.1 million, and an increase in accounts
receivable of $38.4 million, offset
by an increase in income and other tax payable of $27.9 million, non-cash depreciation and
amortization (other than business acquisitions related) of
$6.0 million and bad debt provision
of $3.2 million.
Third quarter 2012 net cash used in investing
activities was $13.4 million. This
amount was mainly attributable to an $11.1
million payment to Baidu for the exclusive rights to sell
its real estate Brand Link products
in China and $2.8 million for purchase of property and
equipment.
Third quarter 2012 net cash proceeds from financing
activities was $0.2
million.
Business Outlook
The Company currently estimates that its revenues for the
fiscal year ending December 31, 2012
will be in the range of $440 million to $460
million, an increase of 10% to 15% from $401.6 million in 2011. This updated annual
revenue guidance reflects the Company's expectation that growth in
online advertising will be softer than expected in the fourth
quarter amid challenging overall macroeconomic
environment.
Conference Call Information
E-House's management will host an earnings conference call
on November 15, 2012 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
+1-718-354-1231
Hong
Kong:
+852-2475-0994
Mainland China:
800-819-0121
Please dial in 10 minutes before the call is scheduled to
begin and provide the passcode to join the call. The passcode is
"E-House earnings call."
A replay of the conference call may be accessed by phone
at the following number until November 22,
2012:
International:
+1-646-254-3697
Passcode: 64358887
Additionally, a live and archived webcast will be
available at http://ir.ehousechina.com.
About E-House
E-House (China) Holdings
Limited ("E-House") (NYSE: EJ) is
China's leading real estate
services company with a nationwide network covering more than 230
cities. E-House offers a wide range of services to the real estate
industry, including online advertising, primary sales agency,
secondary brokerage, information and consulting, offline
advertising and promotion and real estate investment management
services. E-House has received numerous awards for its innovative
and high-quality services, including "China's Best Company" from the
National Association of Real Estate Brokerage and Appraisal
Companies and "China Enterprises with the Best
Potential" from Forbes. For more information about
E-House, please visit
http://www.ehousechina.com.
Safe Harbor: Forward-Looking Statements
This announcement contains forward-looking statements.
These statements are made under the "safe harbor" provisions of
Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates," "may," "intend," "confident," "is
currently reviewing," "it is possible," "subject to" and similar
statements. Among other things, the Business Outlook section and
quotations from management in this press release, as well as
E-House's strategic and operational plans, contain forward-looking
statements. E-House may also make written or oral forward-looking
statements in its reports filed or furnished with the U.S.
Securities and Exchange Commission, including Forms 20-F and 6-K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about E-House's beliefs and
expectations, are forward-looking statements and are subject to
change. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained, either expressly
or impliedly, in any of the forward-looking statements in this
press release. Potential risks and uncertainties include, but are
not limited to, a severe or prolonged downturn in the global
economy, E-House's susceptibility to fluctuations in the real
estate market of China, government
measures aimed at China's real
estate industry, failure of the real estate services industry in
China to develop or mature as
quickly as expected, diminution of the value of E-House's brand or
image, E-House's inability to successfully execute its strategy of
expanding into new geographical markets in China, E-House's failure to manage its growth
effectively and efficiently, E-House's failure to successfully
execute the business plans for its strategic alliances and other
new business initiatives, E-House's loss of its competitive
advantage if it fails to maintain and improve its proprietary CRIC
system or to prevent disruptions or failure in the system's
performance, E-House's failure to compete successfully,
fluctuations in E-House's results of operations and cash flows,
E-House's reliance on a concentrated number of real estate
developers, natural disasters or outbreaks of health
epidemics and other risks outlined in E-House's filings with the
U.S. Securities and Exchange Commission. All information provided
in this press release is current as of the date of this press
release, and E-House does not undertake any obligation to update
any such information, except as required under applicable
law.
About Non-GAAP Financial Measure
To supplement E-House's consolidated financial results
presented in accordance with United States Generally Accepted
Accounting Principles ("GAAP"), E-House uses in this press release
the following non-GAAP financial measures: (1) income (loss) from
operations, (2) net income (loss), (3) net income (loss)
attributable to E-House shareholders, (4) net income (loss)
attributable to E-House shareholders per basic ADS, and (5) net
income (loss) attributable to E-House shareholders per diluted ADS,
each of which excludes share-based compensation expense,
amortization of intangible assets resulting from business
acquisitions, goodwill impairment charge and gain/(loss) from the
disposal of subsidiaries. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with GAAP. For more information on these
non-GAAP financial measures, please see the table captioned
"Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth
at the end of this press release.
E-House believes that these non-GAAP financial measures
provide meaningful supplemental information to investors regarding
its operating performance by excluding share-based compensation
expense, amortization of intangible assets resulting from business
acquisitions, goodwill impairment charge and gain/(loss) from the
disposal of subsidiaries, which may not be indicative of E-House's
operating performance. These non-GAAP financial measures also
facilitate management's internal comparisons to E-House's
historical performance and assist its financial and operational
decision making. A limitation of using these non-GAAP financial
measures is that share-based compensation expense, amortization of
intangible assets resulting from business acquisitions, goodwill
impairment charge and gain/(loss) from the disposal of subsidiaries
are recurring expenses that may continue to exist in E-House's
business for the foreseeable future. Management compensates for
these limitations by providing specific information regarding the
GAAP amounts excluded from each non-GAAP measure. The accompanying
tables have more details on the reconciliation between non-GAAP
financial measures and their most comparable GAAP financial
measures.
For investor and media inquiries please
contact:
In China
Michelle
Yuan
Director of Investor
Relations
E-House (China) Holdings Limited
Phone:
+86 (21) 6133-0754
E-mail:
michelleyuan@ehousechina.com
Derek
Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10)
8520-3073
E-mail: ej@ogilvy.com
In the U.S.
Jessica Barist
Cohen
Ogilvy Financial, New York
Phone: +1 (646)
460-9989
E-mail: ej@ogilvy.com
E-HOUSE (CHINA) HOLDINGS
LIMITED
|
UNAUDITED CONSOLIDATED BALANCE
SHEET
|
(In thousands of U.S. dollars)
|
|
|
|
December 31,
|
|
September 30,
|
|
|
|
2011
|
|
2012
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
|
392,005
|
|
|
|
167,370
|
|
Restricted cash
|
|
|
|
2,582
|
|
|
|
2,066
|
|
Marketable securities
|
|
|
|
7,982
|
|
|
|
6,696
|
|
Customer deposits
|
|
|
|
56,168
|
|
|
|
82,353
|
|
Accounts receivable, net
|
|
|
|
244,081
|
|
|
|
281,866
|
|
Properties held for sale
|
|
|
|
1,287
|
|
|
|
1,279
|
|
Deferred tax assets
|
|
|
|
22,078
|
|
|
|
22,032
|
|
Prepaid expenses and other current assets
|
|
|
|
21,818
|
|
|
|
20,729
|
|
Amounts due from related parties
|
|
|
|
1,501
|
|
|
|
355
|
|
Total current assets
|
|
|
|
749,502
|
|
|
|
584,746
|
|
Property and equipment, net
|
|
|
|
27,976
|
|
|
|
40,571
|
|
Intangible assets, net
|
|
|
|
213,263
|
|
|
|
184,133
|
|
Investment in affiliates
|
|
|
|
32,484
|
|
|
|
31,829
|
|
Goodwill
|
|
|
|
49,328
|
|
|
|
49,259
|
|
Customer deposits, non-current
|
|
|
|
26,586
|
|
|
|
26,819
|
|
Other non-current assets
|
|
|
|
44,559
|
|
|
|
41,400
|
|
Total assets
|
|
|
|
1,143,698
|
|
|
|
958,757
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
5,686
|
|
|
|
3,039
|
|
Accrued payroll and welfare
expenses
|
|
|
|
50,581
|
|
|
|
49,636
|
|
Income tax payable
|
|
|
|
45,762
|
|
|
|
35,884
|
|
Other tax payable
|
|
|
|
19,252
|
|
|
|
21,779
|
|
Amounts due to related parties
|
|
|
|
1,775
|
|
|
|
5,392
|
|
Advance from property buyers
|
|
|
|
2,194
|
|
|
|
2,026
|
|
Deferred revenue
|
|
|
|
11,499
|
|
|
|
13,015
|
|
Liability for exclusive rights,
current
|
|
|
|
13,831
|
|
|
|
16,554
|
|
Other current liabilities
|
|
|
|
25,517
|
|
|
|
22,778
|
|
Total current liabilities
|
|
|
|
176,097
|
|
|
|
170,103
|
|
Deferred tax liabilities
|
|
|
|
40,109
|
|
|
|
40,102
|
|
Liability for exclusive rights,
non-current
|
|
|
|
21,408
|
|
|
|
5,773
|
|
Other non-current liabilities
|
|
|
|
1,716
|
|
|
|
1,339
|
|
Total liabilities
|
|
|
|
239,330
|
|
|
|
217,317
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Ordinary shares ($0.001 par value): 1,000,000,000 and
1,000,000,000 shares authorized, 79,065,624 and
118,034,273 shares issued
and outstanding, as of December 31, 2011 and September 30, 2012
respectively
|
|
|
|
79
|
|
|
|
118
|
|
Additional paid-in capital
|
|
|
|
688,094
|
|
|
|
848,504
|
|
Subscription receivables
|
|
|
|
-
|
|
|
|
(85)
|
|
Accumulated deficit
|
|
|
|
(101,064)
|
|
|
|
(168,021)
|
|
Accumulated other comprehensive
income
|
|
|
|
46,253
|
|
|
|
50,694
|
|
Total E-House equity
|
|
|
|
633,362
|
|
|
|
731,210
|
|
Non-controlling interests
|
|
|
|
271,006
|
|
|
|
10,230
|
|
Total equity
|
|
|
|
904,368
|
|
|
|
741,440
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
1,143,698
|
|
|
|
958,757
|
|
E-HOUSE (CHINA) HOLDINGS
LIMITED
|
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(In thousands of U.S. dollars, except share data and
per share data)
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
September
30,
|
|
September 30,
|
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
Revenues
|
|
|
109,301
|
|
|
|
136,586
|
|
|
|
284,226
|
|
|
|
309,858
|
|
Cost of revenues
|
|
|
(46,462)
|
|
|
|
(55,334)
|
|
|
|
(108,603)
|
|
|
|
(142,840)
|
|
Selling, general and administrative
expenses
|
|
|
(69,434)
|
|
|
|
(77,734)
|
|
|
|
(190,716)
|
|
|
|
(241,551)
|
|
Goodwill impairment charge
|
|
|
(417,822)
|
|
|
|
-
|
|
|
|
(417,822)
|
|
|
|
-
|
|
Other operating income
|
|
|
4,299
|
|
|
|
2,376
|
|
|
|
5,635
|
|
|
|
6,032
|
|
Income (Loss) from operations
|
|
|
(420,118)
|
|
|
|
5,894
|
|
|
|
(427,280)
|
|
|
|
(68,501)
|
|
Interest income
|
|
|
636
|
|
|
|
264
|
|
|
|
1,948
|
|
|
|
1,385
|
|
Other loss, net
|
|
|
(8,522)
|
|
|
|
(2,243)
|
|
|
|
(12,358)
|
|
|
|
(2,764)
|
|
Income (Loss) before taxes, and equity in
affiliates
|
|
|
(428,004)
|
|
|
|
3,915
|
|
|
|
(437,690)
|
|
|
|
(69,880)
|
|
Income tax benefit (expense)
|
|
|
2,460
|
|
|
|
(24,137)
|
|
|
|
5,120
|
|
|
|
4,157
|
|
Loss before equity in
affiliates
|
|
|
(425,544)
|
|
|
|
(20,222)
|
|
|
|
(432,570)
|
|
|
|
(65,723)
|
|
Income (Loss) from equity in
affiliates
|
|
|
(26)
|
|
|
|
159
|
|
|
|
(496)
|
|
|
|
109
|
|
Net loss
|
|
|
(425,570)
|
|
|
|
(20,063)
|
|
|
|
(433,066)
|
|
|
|
(65,614)
|
|
Less: net income (loss) attributable to
non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(190,288)
|
|
|
|
1,521
|
|
|
|
(190,574)
|
|
|
|
(10,324)
|
|
Net loss attributable to E-House
shareholders
|
|
|
(235,282)
|
|
|
|
(21,584)
|
|
|
|
(242,492)
|
|
|
|
(55,290)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(2.97)
|
|
|
|
(0.18)
|
|
|
|
(3.02)
|
|
|
|
(0.54)
|
|
Diluted
|
|
|
(2.97)
|
|
|
|
(0.18)
|
|
|
|
(3.02)
|
|
|
|
(0.54)
|
|
Shares used in computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
79,087,425
|
|
|
|
117,977,005
|
|
|
|
80,210,915
|
|
|
|
102,145,265
|
|
Diluted
|
|
|
79,087,425
|
|
|
|
117,977,005
|
|
|
|
80,210,915
|
|
|
|
102,145,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1
|
The conversion of
Renminbi ("RMB") amounts into USD amounts is based on the
rate of USD1 = RMB6.3410 on September 30, 2012 and USD1 =
RMB6.3357 for the three months ended September 30, 2012.
|
E-HOUSE (CHINA) HOLDINGS
LIMITED
|
|
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
(In thousands of U.S.
dollars)
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(425,570)
|
|
(20,063)
|
|
(433,066)
|
|
(65,614)
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of
tax:
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment
|
|
8,869
|
|
(893)
|
|
19,667
|
|
(2,745)
|
|
Comprehensive loss
|
|
(416,701)
|
|
(20,956)
|
|
(413,399)
|
|
(68,359)
|
|
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive income (loss) attributable to
non-controlling interests
|
|
(188,182)
|
|
1,423
|
|
(186,202)
|
|
(10,520)
|
|
Comprehensive loss attributable to E-House
shareholders
|
|
(228,519)
|
|
(22,379)
|
|
(227,197)
|
|
(57,839)
|
|
|
|
|
|
|
|
|
|
|
|
E-HOUSE (CHINA) HOLDINGS
LIMITED
|
Unaudited Reconciliation of GAAP and Non-GAAP
Results
|
(In thousands of U.S. dollars, except share data and
per ADS data)
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
2012
|
GAAP income (loss) from
operations
|
|
|
(420,118)
|
|
|
5,894
|
|
|
(427,280)
|
|
(68,501)
|
Share-based compensation expense
|
|
|
8,155
|
|
|
9,006
|
|
|
23,690
|
|
29,311
|
Amortization of intangible assets resulting
from business
acquisitions
|
|
|
5,645
|
|
5,737
|
|
|
16,215
|
|
17,212
|
Goodwill impairment charge
|
|
|
417,822
|
|
|
-
|
|
|
417,822
|
|
-
|
Non-GAAP income (loss) from
operations
|
|
|
11,504
|
|
|
20,637
|
|
|
30,447
|
|
(21,978)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
(425,570)
|
|
|
(20,063)
|
|
|
(433,066)
|
|
(65,614)
|
Share-based compensation expense (net of
tax)
|
|
|
8,155
|
|
|
9,006
|
|
|
23,690
|
|
29,311
|
Amortization of intangible assets resulting
from business acquisitions (net of tax)
|
|
|
4,853
|
|
|
4,934
|
|
|
14,074
|
|
14,801
|
Loss from the disposal of subsidiaries (net of tax)
|
|
|
-
|
|
|
-
|
|
|
1,054
|
|
-
|
Goodwill impairment charge
|
|
|
417,822
|
|
|
-
|
|
|
417,822
|
|
-
|
Non-GAAP net income (loss)
|
|
|
5,260
|
|
|
(6,123)
|
|
|
23,574
|
|
(21,502)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to E-House
Shareholder
|
|
|
(235,282)
|
|
|
(21,584)
|
|
|
(242,492)
|
|
(55,290)
|
Share-based compensation expense
(net
of tax and non-controlling interests)
|
|
|
5,995
|
|
|
9,006
|
|
|
17,516
|
|
25,904
|
Amortization of intangible assets resulting from
business acquisitions (net of tax and non-controlling
interests)
|
|
|
2,593
|
|
|
4,776
|
|
|
7,463
|
|
11,558
|
Loss from disposal of subsidiaries (net of tax and
non-controlling interests)
|
|
|
-
|
|
|
-
|
|
|
565
|
|
-
|
Goodwill impairment charge (net of non-controlling
interests)
|
|
|
226,183
|
|
|
-
|
|
|
226,183
|
|
-
|
Non-GAAP net income (loss) attributable to
E-House shareholders
|
|
|
(511)
|
|
|
(7,802)
|
|
|
9,235
|
|
(17,828)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per ADS -- basic
|
|
|
(2.97)
|
|
|
(0.18)
|
|
|
(3.02)
|
|
(0.54)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per ADS --
diluted
|
|
|
(2.97)
|
|
|
(0.18)
|
|
|
(3.02)
|
|
(0.54)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per ADS --
basic
|
|
|
(0.01)
|
|
|
(0.07)
|
|
|
0.12
|
|
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per ADS --
diluted
|
|
|
(0.01)
|
|
|
(0.07)
|
|
|
0.11
|
|
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating basic GAAP / non-GAAP net
income (loss) attributable to shareholders per
ADS
|
|
|
79,087,425
|
|
|
117,977,005
|
|
|
80,210,915
|
|
102,145,265
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating diluted GAAP net loss
attributable to shareholders per ADS
|
|
|
79,087,425
|
|
|
117,977,005
|
|
|
80,210,915
|
|
102,145,265
|
Shares used in calculating diluted non-GAAP net
income (loss) attributable to shareholders per
ADS
|
|
|
79,087,425
|
|
|
117,977,005
|
|
|
80,688,211
|
|
102,145,265
|
E-HOUSE (CHINA) HOLDINGS
LIMITED
|
SELECTED OPERATING
DATA
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
Primary real estate agency
service
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Floor Area ("GFA") of new properties
sold (thousands of square meters)
|
|
|
3,576
|
|
|
|
4,825
|
|
|
9,216
|
|
10,569
|
Total value of new properties sold (millions of
RMB)
|
|
|
29,622
|
|
|
|
40,698
|
|
|
81,725
|
|
87,303
|
Total value of new properties sold (millions of
$)
|
|
|
4,641
|
|
|
|
6,429
|
|
|
12,600
|
|
13,812
|
SOURCE E-House (China) Holdings
Limited