Zhaopin Ltd

CIK:0001378564|SEC Filings

Consolidated Statements of Comprehensive Income
¥ in Thousands, $ in Thousands

12 Months Ended

Jun. 30, 2016

USD ($)

$ / shares

Jun. 30, 2016

CNY (¥)

¥ / shares

Jun. 30, 2015

CNY (¥)

¥ / shares

Jun. 30, 2014

CNY (¥)

¥ / shares

Revenues:

Online recruitment services

$ 196,760

¥ 1,307,646

¥ 1,069,351

¥ 882,474

Other services revenues

35,398

235,250

220,573

197,282

Total revenues

232,158

1,542,896

1,289,924

1,079,756

Less: Business tax and surcharges

(3,041)

(20,207)

(18,649)

(22,023)

Net revenues

229,117

1,522,689

1,271,275

1,057,733

Cost of services

^[1]

(20,618)

(137,023)

(115,918)

(95,353)

Gross profit

208,499

1,385,666

1,155,357

962,380

Operating expenses:

Sales and marketing expenses

^[1]

(117,032)

(777,783)

(615,225)

(506,224)

General and administrative expenses

^[1]

(45,223)

(300,546)

(254,011)

(229,230)

Total operating expenses

(162,255)

(1,078,329)

(869,236)

(735,454)

Income from operations

46,244

307,337

286,121

226,926

Other income/(expenses):

Foreign currency exchange gain

1,107

618

Investment and interest income, net

4,357

28,959

20,091

7,328

Other income/(expenses), net

889

5,908

(888)

1,709

Income before income tax expenses

51,502

342,284

306,431

236,581

Income tax expenses

(8,757)

(58,196)

(53,809)

(49,928)

Net income

42,745

284,088

252,622

186,653

Net income attributable to non-controlling interest shareholders

(40)

(266)

(1,404)

(763)

Net Income attributable to Zhaopin Limited's shareholders

42,705

283,822

251,218

185,890

Less: Income allocated to participating preferred shareholders

(708)

Net income attributable to ordinary shareholders

$ 42,705

¥ 283,822

¥ 251,218

¥ 185,182

Weighted average number of shares used in computing net income per share:

Basic

109,481,823

103,940,977

83,891,097

Diluted

114,266,812

112,486,432

94,425,823

Comprehensive income:

Net income

$ 42,745

¥ 284,088

¥ 252,622

¥ 186,653

Foreign currency translation adjustment, net of tax

2,970

19,736

(1,487)

992

Total comprehensive income

45,715

303,824

251,135

187,645

Comprehensive income attributable to the non-controlling interest shareholders

(40)

(266)

(1,404)

(763)

Comprehensive income attributable to Zhaopin Limited's shareholders

$ 45,675

¥ 303,558

¥ 249,731

¥ 186,882

Ordinary Shares [Member]

Net income per share:

Basic | (per share)

$ 0.39

¥ 2.59

¥ 2.42

¥ 2.21

Diluted | (per share)

0.37

2.48

2.23

1.97

ADS [Member]

Net income per share:

Basic | (per share)

^[2]

0.78

5.18

4.84

4.42

Diluted | (per share)

^[2]

$ 0.74

¥ 4.96

¥ 4.46

¥ 3.94

[1]	Share-based compensation expenses were allocated to cost of services and operating expenses as follows: Cost of services 102 35 2 - Sales and marketing expenses 678 235 11 2 General and administrative expenses 29,463 23,177 4,152 625
[2]	Each American depositary shares ("ADSs") represents two ordinary shares

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CNY (¥)	Jun. 30, 2015 CNY (¥)	Jun. 30, 2014 CNY (¥)
Cash flows from operating activities:
Net income	$ 42,745	¥ 284,088	¥ 252,622	¥ 186,653
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expenses	627	4,165	23,447	30,243
Amortization of loan facility transaction costs	366	2,430	3,676	6,587
Provision for allowance for doubtful accounts	122	810	371	974
Depreciation expenses	3,775	25,087	23,371	18,364
Amortization expenses	392	2,604	3,198	3,450
Other income from change in fair value of derivative instruments	0	0	(923)	0
Loss on disposal of property and equipment	18	117	372	104
(Gain)/loss from foreign currency exchange	115	767	(1,337)	(618)
Deferred tax expenses/(benefits)	(124)	(823)	(7,091)	1,220
Changes in operating assets and liabilities:
Accounts receivable	(220)	(1,459)	(6,071)	(3,822)
Amounts due from related parties	63	421	1,520	0
Prepayments and other current assets	2,885	19,172	(63,198)	(9,773)
Other non-current assets	1	9	(30)	(4,106)
Amounts due to related parties	0	0	(990)	0
Accounts payable	215	1,426	3,333	923
Salaries and welfare payable	2,036	13,533	22,156	10,447
Taxes payable	(2,753)	(18,298)	33,077	5,387
Deferred tax liabilities	0	0	0	(22,410)
Deferred revenues	16,469	109,459	114,524	98,008
Accrued expenses and other current liabilities	(2,297)	(15,270)	49,133	1,828
Net cash provided by operating activities	64,435	428,238	451,160	323,459
Cash flows from investing activities:
Cash paid for the acquisition of CJOL	0	0	0	(96,804)
Cash paid for the acquisition of Shanghai Ruipin	(275)	(1,825)	0	0
Cash obtained from the acquisition of Shanghai Ruipin	8	51	0	0
Payment of share transfer consideration due to a related party	0	0	0	(6,000)
Placement of time deposits and restricted time deposits	(61,904)	(411,408)	(179,000)	(493,265)
Maturity of time deposits and restricted time deposits	58,371	387,929	140,000	519,450
Release of restricted cash	661	4,394	0	14,872
Cash allocated to restricted cash	0	0	0	(8,024)
Proceeds from disposal of property and equipment	36	239	183	60
Purchase of property and equipment	(3,727)	(24,772)	(31,761)	(25,725)
Purchase of intangible assets	(265)	(1,761)	(570)	(3,088)
Net cash used in investing activities	(7,095)	(47,153)	(71,148)	(98,524)
Cash flows from financing activities:
Proceeds from IPO and CPP, net of expenses	0	0	0	515,301
Payment of accrued IPO and CPP expenses	0	0	(25,162)	0
Proceeds from exercise of over-allotment options, net of expenses	0	0	62,054	0
Proceeds from exercise of options	10,302	68,465	58,389	40,182
Dividends distributed to non-controlling interest shareholder of CJOL	0	0	0	(6,227)
Dividends distributed to Zhaopin Limited's shareholders	0	0	0	(147,650)
Proceeds of bank loans	0	0	73,364	423,185
Repayment of bank loans	(19,697)	(130,904)	(214,459)	(415,925)
Payment of bank loan facility transaction costs	(175)	(1,160)	(1,310)	(4,247)
Settlement of derivative instruments	0	0	890	(5,121)
Net cash provided by/(used in) financing activities	(9,570)	(63,599)	(46,234)	399,498
Effect of exchange rate changes on cash and cash equivalents	5,875	39,035	(260)	448
Net increase in cash and cash equivalents	53,645	356,521	333,518	624,881
Cash and cash equivalents, beginning of the year	205,983	1,368,943	1,035,425	410,544
Cash and cash equivalents, end of the year	259,628	1,725,464	1,368,943	1,035,425
Supplemental disclosure of cash flow information:
Cash paid for income taxes	10,237	68,032	56,133	86,932
Cash paid for interest expense	629	4,090	8,216	7,281
Supplemental disclosure of non-cash financing and investing activities:
Accrual related to purchases of property and equipment	308	2,001	(4,401)	3,730
Accrual related to IPO-related service fees	0	0	(25,162)	25,162
Conversion of preferred shares into ordinary shares	$ 0	¥ 0	¥ 0	¥ 1,389

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CNY (¥)	Jun. 30, 2015 CNY (¥)
Current assets:
Cash and cash equivalents	$ 259,628	¥ 1,725,464	¥ 1,368,943
Restricted cash	0	0	6,103
Time deposits and restricted time deposits	84,825	563,741	324,553
Accounts receivable, net	3,303	21,949	21,300
Amounts due from a related party	66	437	858
Prepayments and other current assets	17,660	117,369	157,291
Deferred tax assets	4,071	27,055	20,188
Total current assets	369,553	2,456,015	1,899,236
Non-current assets:
Restricted time deposits	0	0	210,471
Property and equipment, net	7,650	50,839	49,706
Intangible assets, net	2,989	19,865	19,457
Goodwill	9,754	64,827	62,548
Other non-current assets	622	4,127	4,136
Deferred tax assets	439	2,917	2,491
Total non-current assets	21,454	142,575	348,809
Total assets	391,007	2,598,590	2,248,045
Current liabilities:
Current portion of long-term bank loans	25,942	172,411	121,584
Accounts payable(including accounts payable of the consolidated variable interest entities without recourse to the Company of nil and RMB17(US$3) as of June 30, 2015 and 2016, respectively)	1,273	8,460	7,034
Salaries and welfare payable (including salaries and welfare payable of the consolidated variable interest entities without recourse to the Company of RMB7,737 and RMB8,367(US$1,259) as of June 30, 2015 and 2016, respectively)	18,663	124,031	110,194
Taxes payable (including taxes payable of the consolidated variable interest entities without recourse to the Company of RMB2,191 and RMB1,551(US$233) as of June 30, 2015 and 2016, respectively)	10,618	70,563	88,857
Deferred revenues (including deferred revenues of the consolidated variable interest entities without recourse to the Company of RMB24,359 and RMB21,968 (US$3,305) as of June 30, 2015 and 2016, respectively)	106,586	708,359	598,251
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated variable interest entities without recourse to the Company of RMB707 and RMB1,733(US$261) as of June 30, 2015 and 2016, respectively)	15,063	100,110	114,577
Total current liabilities	178,145	1,183,934	1,040,497
Non-current liabilities:
Deferred revenues (including deferred revenues of the consolidated variable interest entities without recourse to the Company of RMB3 and RMB746(US$112) as of June 30, 2015 and 2016, respectively)	646	4,293	4,942
Long-term bank loans	0	0	158,755
Deferred tax liabilities	2,936	19,511	13,067
Total non-current liabilities	3,582	23,804	176,764
Total liabilities	181,727	1,207,738	1,217,261
Commitments and contingencies
Shareholders' equity
Ordinary shares (US$0.01 par value; 2,000,000,000 shares authorized as of June 30, 2015 and 2016, 124,882,170 (including 39,955,627 Class A and 84,926,543 Class B) shares issued and outstanding as of June 30, 2015 and 2016, respectively)	1,126	7,485	7,296
Additional paid-in capital	232,750	1,546,833	1,491,387
Statutory reserves	1,620	10,769	10,769
Accumulated other comprehensive (loss)/income	2,493	16,565	(3,171)
Accumulated deficit	(30,503)	(202,718)	(486,540)
Non-controlling interest	1,794	11,918	11,043
Total shareholders' equity	209,280	1,390,852	1,030,784
Total liabilities and shareholders' equity	$ 391,007	¥ 2,598,590	¥ 2,248,045