6-K 1 v315356_6k.htm FORM 6-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

 

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 2012

 

Commission File Number: 001-34541

 

CHINA CORD BLOOD CORPORATION
(Translation of registrant’s name into English)

 

48th Floor, Bank of China Tower
1 Garden Road
Central

  Hong Kong S.A.R.  
  (Address of Principal Executive Offices)  

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x                Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes ¨                        No x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.

 

 
 

 

EXPLANATORY NOTE

 

This Report of Foreign Private Issuer on Form 6-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or China Cord Blood Corporation’s (the “Company”) future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates”, “believes”, “expects”, “can”, “continue”, “could”, “estimates”, “intends”, “may”, “plans”, “potential”, “predict”, “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this Report on Form 6-K is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company’s expectations are as of the date this Report on Form 6-K is filed, and the Company does not intend to update any of the forward-looking statements after the date this Report on Form 6-K is filed to confirm these statements to actual results, unless required by law.

 

The forward-looking statements included in this Report on Form 6-K are subject to risks, uncertainties and assumptions about the Company’s businesses and business environments. These statements reflect the Company’s current views with respect to future events and are not a guarantee of future performance. Actual results of the Company’s operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which include, among other things: continued compliance with government regulations regarding cord blood banking in the People’s Republic of China, or PRC; changing legislation or regulatory environments in the PRC; the acceptance by subscribers of the Company’s different pricing and payment options and reaction to the introduction of the Company’s premium-quality pricing strategy; demographic trends in the regions of the PRC in which the Company is the exclusive licensed cord blood banking operator; labor and personnel relations; credit risks affecting the Company's revenue and profitability; changes in the healthcare industry, including those which may result in the use of stem cell therapies becoming redundant or obsolete; the Company’s ability to effectively manage its growth, including implementing effective controls and procedures and attracting and retaining key management and personnel; changing interpretations of generally accepted accounting principles; the availability of capital resources, including in the form of capital markets financing opportunities, in light of industry developments affecting issuers that have pursued a “reverse merger” with an operating company based in the PRC, as well as general economic conditions; and other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission.

 

 
 

 

Results of Operations and Financial Condition

 

Following this cover page are the preliminary unaudited consolidated financial results for the three months and year ended March 31, 2012 of the Company.

 

 
 

 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2011 and 2012

 

   March 31,   March 31, 
   2011   2012 
   RMB   RMB   US$ 
   (in thousands except share data) 
             
ASSETS               
Current assets               
Cash and cash equivalents   611,387    794,311    126,131 
Accounts receivable, less allowance for doubtful accounts               
(March 31, 2011: RMB11,850; March 31, 2012: RMB13,916)   77,402    79,012    12,546 
Inventories   6,729    6,666    1,059 
Prepaid expenses and other receivables   9,982    11,561    1,836 
Trading securities   -    354    56 
Deferred tax assets   5,373    5,268    837 
Total current assets   710,873    897,172    142,465 
Property, plant and equipment, net   250,348    267,862    42,535 
Non-current prepayments   5,752    2,863    455 
Non-current accounts receivable, less allowance for doubtful accounts               
(March 31, 2011: RMB28,106; March 31, 2012: RMB38,628)   240,952    254,236    40,371 
Inventories   31,600    34,651    5,502 
Intangible assets, net   134,412    129,791    20,610 
Available-for-sale equity securities   52,733    98,199    15,593 
Other investments   134,363    134,363    21,336 
Deferred tax assets   2,565    5,013    796 
Total assets   1,563,598    1,824,150    289,663 
                
LIABILITIES               
Current liabilities               
Bank loan   45,000    45,000    7,146 
Accounts payable   5,046    6,343    1,007 
Accrued expenses and other payables   106,731    33,351    5,296 
Deferred revenue   82,319    106,110    16,850 
Amounts due to related party   360    360    57 
Income tax payable   11,156    5,943    944 
Total current liabilities   250,612    197,107    31,300 
Deferred revenue   162,668    306,534    48,676 
Other non-current liabilities   30,036    60,420    9,594 
Deferred tax liabilities   26,890    24,462    3,884 
Total liabilities   470,206    588,523    93,454 

             
EQUITY               
Shareholders’ equity               
Ordinary shares
- US$0.0001 par value, 250,000,000 shares authorized, 75,406,875 shares and 73,140,147 shares issued and outstanding as of March 31, 2011, and 2012, respectively
   52    50    8 
Additional paid-in capital   910,316    865,654    137,460 
Accumulated other comprehensive (loss)/ income   (18,580)   26,057    4,138 
Retained earnings   178,993    310,973    49,380 
Total shareholders’ equity   1,070,781    1,202,734    190,986 
Non-controlling interests   22,611    32,893    5,223 
Total equity   1,093,392    1,235,627    196,209 
Total liabilities and equity   1,563,598    1,824,150    289,663 

 

 
 

 

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months and Year ended March 31, 2011 and 2012

 

   Three months ended March 31,   Year ended March 31, 
   2011   2012   2011   2012 
   RMB   RMB   US$   RMB   RMB   US$ 
   (in thousands except per share) 
Revenues   94,671    99,778    15,844    339,532    380,490    60,419 
Direct costs   (20,001)   (23,330)   (3,705)   (77,376)   (86,658)   (13,761)
Gross profit   74,670    76,448    12,139    262,156    293,832    46,658 
Operating expenses                              
Research and development   (1,717)   (1,953)   (310)   (6,960)   (7,615)   (1,209)
Sales and marketing   (13,273)   (16,567)   (2,631)   (47,583)   (61,678)   (9,794)
General and administrative   (23,251)   (23,086)   (3,666)   (83,794)   (89,696)   (14,243)
Total operating expenses   (38,241)   (41,606)   (6,607)   (138,337)   (158,989)   (25,246)
Operating income   36,429    34,842    5,532    123,819    134,843    21,412 
Other income, net                              
Interest income   2,694    3,411    542    9,065    13,432    2,133 
Interest expense   (657)   (896)   (142)   (2,606)   (3,287)   (522)
Exchange (loss)/ gain   (61)   33    5    486    (1,343)   (213)
Dividend income   -    -    -    -    7,217    1,146 
Others   269    823    131    1,378    737    117 
Total other income, net   2,245    3,371    536    8,323    16,756    2,661 
Income before income tax   38,674    38,213    6,068    132,142    151,599    24,073 
Income tax expense   (10,867)   (6,597)   (1,048)   (33,929)   (9,634)   (1,530)
Net income   27,807    31,616    5,020    98,213    141,965    22,543 
Income attributable to non-controlling interests   (1,548)   (2,377)   (377)   (6,510)   (9,985)   (1,586)
Net income attributable to shareholders   26,259    29,239    4,643    91,703    131,980    20,957 
                               
Net income per share:                              
Attributable to ordinary shares                              
-Basic   0.35    0.40    0.06    1.31    1.79    0.28 
-Diluted   0.35    0.40    0.06    1.31    1.79    0.28 

 

 
 

 

Other Events

 

On June 11, 2012, the Company issued a press release announcing preliminary unaudited consolidated financial results for the three months and year ended March 31, 2012. A copy of the press release is attached as Exhibit 99.1.

 

Exhibits

 

Exhibit No.   Description
     
99.1   Press Release, dated June 11, 2012
     
101   The following financial statements as of and for the three months period and year ended March 31, 2012, from China Cord Blood Corporation’s Report of Foreign Private Issuer on Form 6-K for the month of June 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) the unaudited condensed consolidated balance sheets; and (ii) the unaudited condensed consolidated statements of operations.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  CHINA CORD BLOOD CORPORATION
     
  By: /s/ Albert Chen
  Name: Albert Chen
  Title: Chief Financial Officer

 

Dated: June 11, 2012