Shanghai Pharmaceuticals Achieves Double-Digit Growth of Revenue and Profit for 1H2014

HONG KONG, Aug. 30, 2014 /PRNewswire/ — Shanghai Pharmaceuticals Holding Co., Ltd. (“Shanghai Pharmaceuticals” or the “Company” and, together with its subsidiaries, the “Group; stock code: 601607.SH; 2607.HK), the integrated pharmaceutical company in the PRC that has leading positions in both pharmaceutical product and distribution markets, today announced its interim results for the first half of 2014. During the Reporting Period, the Company’s operating revenue was RMB44.013 billion, up by 13.68% as compared with the corresponding period of last year. Net profit attributable to the equity holders of the listed Company was RMB1.318 billion, representing an increase of 10.79% as compared with the corresponding period of last year. The operating profit margin after deducting sales and administration expenses was 4.11%, up by 0.08 percentage point from the corresponding period of last year. Basic earnings per share amounted to RMB0.4902, which laid solid foundation to ensure that the objectives for operating budget are achieved throughout the year.

In the first half of 2014, based on the overall arrangements for the new round of the three year development plan for 2013-2015 and the budgetary arrangements made at the beginning of 2014, and guided by the core values which were “innovation, integrity, cooperation, inclusiveness and responsibility”, the Company proactively built a V-shaped collaborative team, started to optimize the marketing and research and development (“R&D”) systems, continued to carry out Lean Six Sigma management projects, comprehensively optimized the organizational structure, deepened the integration of internal resources and proactively promote the external merge and acquisition to effectively control operational risks.

Optimize the R&D system, and enhance the innovation capability

In the first half of 2014, the Company established the science and technology innovation council of the Group to participate in the material decision making process in respect of the R&D, and formulated a program for controlling and assessing the Group’ R&D system with Central Research Institute as the core. In addition to the six branches, the Company set up the No.1 Biochemical Branch under the Central Research Institute, which built a solid foundation for the efficient R&D system. During the Reporting Period, the Company’s R&D expenses amounted to a total of RMB208.9 million , accounting for 3.67% of the Company’s manufacturing sales revenue.

In the first half of 2014, sales revenue from the Company’s new products launched in recent years through R&D amounted to RMB556 million, representing 9.78% of the Company’s manufacturing sales revenue. The proportion of new products has been further increased.

In respect of the R&D of the antibody drugs, the application for pharmaceutical clinical trial on “Recombinant humanized anti-CD20 monoclonal antibody injection” has been accepted by China Food and Drug Administration on May 2014, and passed the registration test and quality standards review by the National Institutes for Food and Drug Control of China. “Recombinant fusion protein of human tumor necrosis factor receptor mutant and Fc fragment injection”, a medicine co-developed with Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd., has been granted a pharmaceutical clinical approval on May 2014, to enter the clinical trial stage. In addition, the Company launched the plan for the construction of the Group’s antibody industrialisation base.

In respect of the R&D of Chinese medicine, since its establishment, the Chinese Medicine Research Institute under the Shanghai Pharmaceuticals Central Research Institute has launched the two projects of secondary development for Chinese medicine products, i.e. Babaodan and Wanbi Tablets. The company also cooperated with the Eastern Hepatobiliary Surgery Hospital subordinated to The People’s Liberation Army Second Military Medical University of China (“Second Military Medical University”) and Shanghai Institutes for Biological Sciences under Chinese Academy of Sciences (“CAS”).

In respect of the R&D of bio-chemical drugs, on April 2014, the approvals were granted to the LLTD-8, a new drug under class 1.1, for the extended clinical trial of phase I, and it was permitted to enter into the extended clinical research of phase I. The Company also developed the plan for the construction of the Group’s industrialization base for chemical active pharmaceutical ingredients (API).

Besides, the Company confirmed 13 innovation co-operation projects under the cooperation of “Translational Medicine Alliance” with the Second Military Medical University.

Main business improved steadily

In the first half of 2014, the Company’s sales revenue from the pharmaceutical business was RMB5.687 billion, representing a growth of 3.27% as compared with the corresponding period of last year; its gross profit margin was 47.79%, increased by 0.63 percentage point as compared with the corresponding period of last year. The Company realized sales revenue of RMB3.347 billion from its 64 key products, an increase of 3.92% as compared to the corresponding period of last year and accounting for 58.85% of the revenue from manufacturing sales with an average gross profit margin of 62.82%, and the average growth rate of the top five products with the highest growth rate amounted to 68.08%. In the first half of 2014, 22 products achieved sales revenue of more than RMB50 million, and the sales revenue of these products amounted to RMB2,565 million, accounting for 45.10% of the manufacturing sales.

Shanghai Pharmaceuticals’ marketing centres have set up a work operating mechanism and defined the principle of dividing various marketing departments by products and devised basic workflows since establishment. In the future, marketing centres will continue to increase its capability in making academic promotion by hospital distribution points, conducting depth distribution, and engaging in investment promotion and agency for products, will focus on 64 key products, and to formulate and define marketing target and strategy of key products and to track its implementation, in order to meet progress target.

Recently, 300 products of the Company were listed on List of Low-price Drugs Among the Pricing Range Set by the National Development and Reform Commission. 10 exclusive products or exclusive dosage forms of the Company, including Weifuchun tablets were on the list, which is expected to have positive impact on the operation results of the Company.

In the pharmaceutical distribution business, Shanghai Pharmaceutical achieved sales revenue of RMB38.51 billion in the first half of this year, an increase of 15.17% year on year; gross profit margin 6.02%, dropped 0.09 percentage points compared with the same period last year. In response to the pressure on gross margin of distribution industry, the Company continued to optimize its product structure to maintain a reasonable proportion of direct sales and promote Lean Six Sigma projects to strengthen cost control. After deducting the SG&A expenses, operating margin rose 0.25 percentage points over the same period last year to 2.78 %, operational efficiency has gradually been improved by expanding the distribution scale.

Through mergers and acquisitions, the Company has begun a nationwide distribution network, focusing on covering the east, north and south of the three key regions with strong competitiveness. The sales in East China regional accounted for 66.81%, North China regional sales accounted for 24.32%, South China regional sales accounted for 6.11%. Meanwhile, Shanghai Pharmaceutical’s active and innovative business models committed to providing customers with quality terminal network and value-added services. The Company service of innovative supply chain and high-end direct-to-patients (DTP) was currently used by a total number of 60 hospital pharmacies. Besides, it continued to maintain rapid growth in vaccines and other high-value consumables business and thus achieved sales of RMB2.77 billion in the first half of year, an increase of 41.46%.

Deepened internal integration, promoted external acquisitions

In the first half of this year, Shanghai Pharmaceutical continued to strengthen internal integration and sharing of resources, improve capital efficiency and reduce financial costs, promote internal manufacturing and distribution synergies, establish market access platform, unify and coordinate throughout tendering and resource allocation. In addition, the Company continued to promote centralized procurement of bulk herbs, packing materials and stationary, and develop Lean Six Sigma management actively so that cost efficiency and profitability are improved.

To further expand the pharmaceutical distribution network, the Company acquired 50% equity interest in Beijing Xin Hai Feng Yuan Biopharma Technology Development Co., Ltd., 85% equity interest in Shaanxi Huaxin Pharmaceutical Co., Ltd. and a 100% equity interest in Ordos Yili Pharmaceutical Co., Ltd. To further expand the pharmaceutical distribution network in Shandong, it acquired 75% equity interest in Shandong SPH Pharmaceutical Co., Ltd., and increased its holding in Shandong SPH Shanglian Pharmaceutical Co., Ltd. to 35% equity interest. To strengthen international cooperation in research and development of innovative drugs, enhance the quality of pharmacodynamics studies on new drugs, the Company made an equity investment by establishing Sichuan Green Tech Biotechnology Co., Ltd. In order to focus on its principle business, Shanghai Medical Devices Co., Ltd. under the Company transferred its 75% stake of Shanghai Shengli Medical Instruments Co., Ltd.

Subsequent progress of Babaodan

During the Reporting Period, Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. (hereinafter referred as “Pientzehuang”) filed to the Intermediate People’s Court of Zhangzhou City a lawsuit (hereinafter referred as the “lawsuit”), in relation to an unfair competition dispute, against Xiamen Traditional Chinese Medicine Co., Ltd. (hereinafter referred as “Xiamen Traditional Chinese Medicine”), Xiamen Evening News Media Development Co., Ltd. and Xiamen Daily Press. On 13 March 2014, Xiamen Traditional Chinese Medicine submitted its objection to the jurisdiction to the Intermediate People’s Court of Zhangzhou City. On 18 June, Xiamen Traditional Chinese Medicine Co., Ltd. submitted its objection to the Trademark Office of The State Administration For Industry & Commerce of the People’s Republic of China (hereinafter referred as “Trademark Office of The State Administration For Industry & Commerce”) with respect to the trademarks of “Babaodan Pien Tze Huang” (application number: 11683990) and “Pien Tze Huang Babaodan” (application number: 11683929), registered by Zhangzhou Pientzehuang

Pharmaceutical Co., Ltd on 1 Nov 2012 under the Class 5 of “Chinese Medicine”, requiring the Trademark Office of The State Administration For Industry & Commerce to revoke the registration of the two aforesaid trademarks. Until now, the case is still under investigation procedure. On 23 June 2014, Xiamen Traditional Chinese Medicine received the civil judgment ((2014) Min Min Zhong Zi No. 660), and the Higher People’s Court of Fujian Province finally judged that the lawsuit shall be transferred to the jurisdiction of Xiamen Intermediate People’s Court. On 18 August 2014, the Xiamen Traditional Chinese Medicine received the Notice (2014) Xia Min Zi Di No. 937 issued by the Intermediate Court of Xiamen City, Fujian Province, pursuant to which the case in question was designated by the Higher People’s Court of Fujian Province to be in the jurisdiction of the Intermediate Court of Fuzhou City.

About Shanghai Pharmaceuticals Holding Co., Ltd.

Shanghai Pharmaceuticals is the only integrated pharmaceutical company in the PRC that has leading positions in both pharmaceutical product and distribution markets with top-three scale in China, providing solutions in pharmaceutical manufacturing, distribution, logistics storage and retail. The Group currently offers more than 800 pharmaceutical products to more than 11,000 hospitals and medical institutions in China. The Group also operates approximately more than 1,700 self-operated and franchise stores nationwide.

For further information, please contact:

Porda Havas International Finance Communications Group

Kelly Fung          

+852 3150 6763

kelly.fung@pordahavas.com

Angie An             

+852 3150 6736

angie.an@pordahavas.com

Kit Ng                 

+852 3150 6705

kit.ng@pordahavas.com

Victoria Huang

+852 3150 6731

victoria.huang@pordahavas.com

Fax: +852 3150 6728

 

 

 

SMI Announces 2014 Interim Results

Benefited From The Flourishing Chinese Film Industry

All Business Segment Record Rapid Growth

HONG KONG, Aug. 29, 2014 /PRNewswire/ —

Financial Highlight

6 months ended 30 June

HK$’000

2014

2013

Change

Turnover

874,641

649,097

+34.7%

Revenue

874,641

632,671

+38.2%

Gross Profit

564,349

343,289

+64.4%

Gross Profit Margin

64.5%

54.3%

+10.2p.p.

Profit for the period attributable to owner of the Company

101,004

69,961

+44.4%

Earnings per share (basic)(HK cents)

1.13

0.86

31.4%

SMI Corporate Limited (HKSE stock code: 198, the “Company” or “SMI”) and its subsidiaries (collectively the “Group”) announced its results and financial position for the 6 months ended 30 June 2014. During the reporting period, the turnover of the Group increased 34.7% to approximatedly HK$874.6 million (6 months ended 30 June 2013: HK$649.1 million). Profit for the period attributable to owner of the Company increased 44.4% to approximately HK$101.0 million (6 months ended 30 June 2013: HK$70.0 million).

The Board does not recommend interim dividend for the 6 months ended 30 June 2014.  

During the reporting period, the Group’s operating revenue increased 38% to approximately HK875 million (6 months ended 30 Jun 2013: HK$633 million). The revenue contributed from Xingmeihui surged by 4.4 times to approximately HK$114. Gross profit margin significantly increased 10.2 percentage point to 64.5% as compared with the corresponding period in 2013.

Business Review

Movie Theater Business

Benefited from the flourishing Chinese film industry, the movie theater business of SMI developed healthily. For the first half of 2014, the movie theater business has generated revenue of approximately HK$761 million, representing an increase of 46% as compared to the corresponding period of last year, while the profit increased by 217% to approximately HK$168 million (6 months ended 30 June 2013: HK$53 million).

During the reporting period, the Group has a total of 83 movie theaters with 582 screens in major cities in China, representing an increase of 22% and 19% respectively. (6 months ended 30 June 2013: 68 movie theaters; 490 screens) While securing its leading position in first tier cities, SMI expanded its movie theatres footprints to second and third tier cities and has opend 15 new movie theaters in the first half of 2014 in Xi’an, Wuxi and other cities. The Group expects to have 100 SMI movie theaters nationwide by the end of 2014.

Advertising and Promotion Business

During the reporting period, the Group achieved a great leap forward in its advertising and promotion business, and recorded a revenue of approximately HK$188 million, representing an increase of 141% compared to the corresponding period of last year. With the objective to satisfy the different advertising needs of customers, the Group has rationalized the arrangement of the idle time and space of movie theaters, screening halls and projection screens, and utilizing advanced facilities like LED panels to develop its advertising and promotion business on an on-going basis.

New Membership Intergrated Marketing Scheme (“New Membership Scheme”)

The New Membership Scheme has helped SMI to get a systematic understanding of customers’ needs, secure existing customers and develop new customers, as well as build up a complete customer database. During the Reporting Period, the Group continued to push the New Membership Scheme forward and bring it into full play, and has further expanded the Group’s membership database and secured the future development of the Group’s core business and complementary business.

Movie and TV series production Business

As a strategic move, the Group has gradually transferring its movie and TV series production business to SMI Culture Group Holdings Limited (stock code: 2366), another listing vehicle of the Group, since the beginning of 2014. In the future, SMI Culture will focus on developing contents production business. At present, the Company held 29.97% of the issued share capital of SMI Culture.

New Complementary Businesses — Xingmeihui

SMI established Xingmeihui in 2012, which is the first-ever movie theater O2O eShop in China. After two years of planning and development, Xingmeihui has experienced a super-strong growth during the Reporting Period. The segment achieved a revenue of approximately HK$114 million, increased significantly by 443% as compared with the corresponding period in 2013, and recorded a profit of approximately HK$10 million, representing a huge increase by 1,100% as compared with the corresponding period in 2013.

Xingmeihui has grown strong to become the new engine for the Group’s development, and is expected to bring stable and strong contribution to us in the future. As at 30 June 2014, the Group has a total of 83 Xingmeihui in-theater counters, and will set relevant stores beyond the Group’s movie theaters, which will mostly be located at large social community and crowded shopping malls.

Prospects

The Group will continue expanding its cinema terminal as planned, with an aim to capture the opportunities in area with lower penetration by following our strategy to shift our development focus from first tier cities to second and third tier cities. SMI expects to have 100 movie theaters by the end of 2014, and further increase to 200 theaters in three years’ time.

SMI will increase investment in setting up Xingmeihui’s channels, and plans to have a total of 200 Xingmeihui stores in 2014, and further increase to 1,000 stores in three years’ time. The Group will also cooperate with famous brand on an on-going basis and remain innovative.

Mr. Cheng Chi Chung, Chief Executive Officer of SMI, said: “The film industry in China has entered into a golden period of growth. In the future, the Group will keep on consolidating its existing businesses and business model innovation, so as to face the opportunities and challenges in the industry. Looking forward, the Group will continue to lead the Chinese culture industry, and to ensure the sustained growth of performance by taking advantage of its powerful platform nationwide, so as to create greater value for shareholders.”

To see the full version of this release, click here: http://photos.prnasia.com/prnk/20140829/8521404896-a

About SMI Corporation Limited (00198.HK)

SMI Corporation Limited (00198.HK) is a listed company on the main board of The Stock Exchange of Hong Kong Limited (“HKSE”). Cinema operator, film investment and new complementary businesses (Xingmeihui and Advertising and Promotion business) are the principal businesses of the Company. Under the strong management team and powerful business network, the number of SMI cinemas has increased drastically from 3 cinemas in 2009 to 68 cinemas by the end of December of 2013. Mr. Cheng Chi Chung is the Chief Executive Officer of the Company, who oversees the general direction of the Company and actively involves in cinema and Xingmeihui business. Mr. Cheng is being supported by a competent management team of 8-10 senior executives, who have well experience in relevant fields.

Nature Home Achieves Turnaround in 1H2014

Revenue and Gross Profit Up by 37% and 50% to Approximately RMB776 Million and RMB253 Million Respectively

Further strengthened the integrated household product strategy by introducing an O2O platform to seize online and offline shopping opportunities

HONG KONG, Aug. 29, 2014 /PRNewswire/ —

Financial Highlights:

Unaudited results for the 6 months ended 30 June

2014

RMB’000

2013

RMB’000

Change

%

Revenue

776,398

566,977

+36.9

Gross Profit

252,658

168,888

+49.6

Profit Before Tax

26,679

(47,370)

N/A

Profit Attributable to Equity Shareholders

19,715

(55,248)

N/A

Profit Attributable to Equity Shareholders (excluding the net change in fair value of biological assets)

25,694

18,111

+41.9

Basic Earnings per Share (RMB)

0.013

(0.037)

N/A

Nature Home Holding Company Limited (“Nature Home” or the “Company“, together with its subsidiaries, the “Group“; HKEx Stock Code: 2083), announced today its interim results for the six months ended 30 June 2014 (the “Period“).

During the Period, the Group achieved encouraging financial results with revenue increased by 36.9% to approximately RMB776 million. Gross profit surged 49.6% to approximately RMB252 million. Profit attributable to equity shareholders reached approximately RMB20 million, representing a turnaround in the Period as compared to the loss attributable to equity shareholders recorded in the corresponding period of 2013. The turnaround is mainly attributable to the reduction of the negative net change in fair value of the Group’s biological assets, as well as the increase in the Group’s revenue and gross profit. During the Period, approximately 10.09 million square meters of flooring products were sold (1H2013: approximately 8.45 million square meters), representing an increase of 19.4% year-on-year.

Mr. Se Hok Pan, Chairman and Executive Director of Nature Home stated, “In the first six months of 2014, we continued to strengthen our efforts on brand building and sales, to further broaden the coverage in international markets under the intensified industry competition, this is reflected in the significant increase in the trading revenue of timber and wood products. The turnaround recorded during the Period reflected the success of our business development strategies, brand building and sales efforts. With the change of our Company name to Nature Home Holding Company Limited, we aim at achieving our goal in offering integrated household products with our Nature brand, representing an image of high quality, safe and environmentally-friendly household brand.”

Manufacturing and Sale of Wood Products

During the Period, turnover of the Group’s manufacturing and sale of wooden products has increased 39.2% to approximately RMB527 million, mainly attributable to the continued recovery of the Group’s flooring business in the PRC and the overall increased sales in flooring products.

The Group has successfully developed a solid and extensive sales network in the PRC. It has 1,856 “Nature” stores, 1,121 “Nature No.1 My Space” stores, 152 “Nature Aesthetics” stores, 99 foreign imported brand stores and 116 other brand stores as at 30 June 2014, amounting to 3,344 stores in total.

Nature Home will continue to focus on the development in the business of wooden doors, wardrobes and cabinets with the “Nature” brand, striving to improve such business in the future with the completion and operation of the new product line in the newly opened Taizhou Production Plant in Jiangsu Province, the PRC and the planned trial production of the Zhongshan Wardrobes and Cabinets Plant in the second half of 2014.

Trading of Timber and Wood Products

For the overseas market, the recovery of the global economy, especially the economy of the U.S., has created a favorable environment for the development of the Group’s business and brought to the group significant growth in the trading business revenue of timber and wood products. The Group’s subsidiaries located in the U.S. have further boosted the Group’s business development by establishing additional sales channels, which resulted in a sustained growth in the Group’s sales for the trading of wood flooring products in the U.S. During the Period, the Group’s trading business of timber and wood products contributed a revenue of approximately RMB165 million, representing a significant increase of 61.8% as compared to approximately RMB102 million in the corresponding period of 2013.

Chairman Se concluded, “Looking forward, the Group is still facing various challenges. However, the Group has captured the opportunities from the trend of online and offline shopping. We plan to establish an online housing O2O platform for the household industry to provide our customers with a one-stop solution with household products, logistics and decoration as well as installation service. The Group also plans to open ‘O2O Household Package Experience Stores’, which will display different packages of household products, offering customers an open experience for household products. We will also continue to implement our strategy of integrated household products and enhancing our household brand with a combination of online and offline platforms, in order to maximize the effectiveness in sales of the household brand. We will also strive for better performance in the future for the relevant business, especially with the new production line of wooden doors in the Taizhou Plant and a new production line of wardrobes and cabinets in the Zhongshan Plant. As one of the largest wood flooring brands in China, we have full confidence in our business and we will continue to reinforce our leading position in the industry to maximize returns to our shareholders.”

About Nature Home Holding Company Limited

Nature Home is the largest wood flooring brand in China in terms of market share by retail sales value of branded wood flooring products. According to an industry report of China’s flooring market conducted by an independent global market research and consulting company (the “Industry Report”), the Group’s “Nature” branded products accounted for 7.0% market share in terms of China’s total retail sales value of branded wood flooring products in 2011. The Group’s branded products are manufactured through a combination of its own manufacturing facilities and exclusive authorized manufacturers.

According to Industry Report, in 2011, the Group’s branded products ranked second in laminated flooring, first in multi-layered engineered flooring and first in solid wood flooring, each in terms of both the market share of retail sales volume and retail sales value in China. The Group is the only company to achieve a top two market share position across the three primary wood flooring product categories in China in 2011. Leveraging its strong brand, extensive distribution network, comprehensive product portfolio and flexible manufacturing model, the Group grew rapidly and gained market share in China from 2008 to 2011.

To see the full version of this release, including financial tables, click here: http://photos.prnasia.com/prnk/20140829/8521404880-a

China Cord Blood Corporation Reports First Quarter Fiscal 2015 Financial Results

1Q15 Added 15,548 New Subscribers

1Q15 Revenue Up 19.1% YOY to RMB153.3 Million ($24.7 Million)

1Q15 Operating Income Up 31.1%YOY to RMB60.2 Million ($9.7 Million)

Conference Call to be Held August 29, 2014 at 8:00 a.m. ET

HONG KONG, Aug. 29, 2014 /PRNewswire/ — China Cord Blood Corporation (NYSE: CO) (“CCBC” or the “Company”), China’s leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, today announced its preliminary unaudited financial results for the first quarter of fiscal year 2015 ended June 30, 2014.

First Quarter of Fiscal 2015 Highlights

  • Revenues for the first quarter of fiscal 2015 increased to RMB153.3 million ($24.7 million) from RMB128.7 million in the prior year period.
  • 15,548 new subscribers were added, resulting in an accumulated subscriber base of 392,171.
  • Gross profit increased to RMB123.6 million ($19.9 million) from RMB104.2 million in the prior year period.
  • Gross margin was 80.6%, compared to 81.0% in the prior year period.
  • Operating income increased to RMB60.2 million ($9.7 million), from RMB45.9 million in the prior year period, despite an RMB2.8 million increase in depreciation expense.
  • Interest expense increased to RMB24.9 million ($4.0 million), compared to RMB14.8 million in the prior year period, due to less interest expense capitalization.
  • Net income attributable to the Company’s shareholders was RMB29.7 million ($4.8 million), compared to RMB32.9 million in the prior year period.
  • Operating cash flow for the quarter was RMB124.6 million ($20.1 million).

“We began fiscal 2015 with another solid quarter, adding 15,548 new subscribers which represented a modest year-over-year increase,” stated Ms. Ting Zheng, Chief Executive Officer of CCBC. “Through the implementation of sound marketing strategies that focus on service quality and premium branding, we continued to seize opportunities in the high-end segment of the market. As the majority of our new subscribers selected the one-time upfront payment option, our cash-flow generation remained robust and consistent.”

Ms. Zheng further commented, “With our new facilities in Guangdong and Zhejiang largely completed, we are working through the final stages of their development to ensure they are fully operational as soon as possible. The new processing and storage capacity will effectively resolve our processing bottleneck in Zhejiang and allow us to gradually scale up our operations in this under-penetrated region. The additional capacity will also allow us to further develop and penetrate the Guangdong market, the area in which the majority of our new subscribers in the first quarter are located.”

Summary – First Quarter Ended June 30, 2013 and 2014

Three Months Ended
June 30,

2013

2014

(in thousands)

RMB

RMB

US$

Revenues

128,721

153,331

24,716

Gross Profit

104,229

123,555

19,916

Operating Income

45,880

60,167

9,698

Net Income Attributable to the Company’s Shareholders

32,906

29,736

4,793

 

Earnings per Ordinary Shares

– Basic[1] and Diluted (RMB/US$)

0.40

0.37

0.06

Revenue Breakdown (%)

Processing Fees

69.5%

69.2%

Storage Fees

30.5%

30.8%

New Subscribers (persons)

15,260

15,548

Total Accumulated Subscribers (persons)

327,242

392,171

[1] The terms of the convertible notes issued to KKR China Healthcare Investment Limited (“KKR”) and Golden Meditech Holdings Limited (“Golden Meditech”) provide each party with the ability to participate in any excess cash dividend. Therefore, the calculation of basic EPS has taken into consideration the effect of such participating rights of RMB0.04 ($0.01) for the three months ended June 30, 2014.

Summary – Selected Cash Flow Statement Items

Three Months Ended

June 30, 2014

(in thousands)

RMB

US$

Net cash provided by operating activities

124,643

20,091

Net cash used in investing activities

(18,397)

(2,965)

Net cash used in financing activities

First Quarter of Fiscal 2015 Financial Results

REVENUES. Revenues increased by 19.1% to RMB153.3 million ($24.7 million) in the first quarter of fiscal 2015 from RMB128.7 million in the prior year period. The increase in revenues resulted from solid growth in both processing and storage revenue.

Revenues generated from storage fees increased by 20.1% to RMB47.2 million ($7.6 million), from RMB39.3 million in the prior year period. The increase was mainly due to the steady growth of the Company’s accumulated subscriber base, which has expanded to 392,171 as of the end of June 2014. Revenues generated from storage fees as a percentage of total revenues edged up to approximately 30.8%, from 30.5% in the prior year period.

The difference in processing fees between the first quarter of fiscal 2015 and 2014, combined with the year-over-year growth in subscriber number, contributed to the increase in revenues generated from processing fees to RMB106.1 million ($17.1 million) from RMB89.4 million in the prior year period. As a percentage of total revenues, revenues from processing fees accounted for 69.2%, compared to 69.5% in the prior year period.

GROSS PROFIT. Gross profit for the first quarter of fiscal 2015 increased by 18.5% to RMB123.6 million ($19.9 million). Gross margin decreased slightly to 80.6% from 81.0% in the prior year period primarily due to increased material costs.

OPERATING INCOME. Operating income for the first quarter of fiscal 2015 increased to RMB60.2 million ($9.7 million), resulting in an operating margin of 39.2%, which is a 3.6% improvement from 35.6% in the prior year period. Depreciation and amortization expenses for the first quarter were RMB11.4 million ($1.8 million), compared to RMB8.6 million in the prior year period.

Research and Development Expenses. Research and development expenses remained stable at RMB2.5 million ($0.4 million).

Sales and Marketing Expenses. During the quarter, the Company’s sales and marketing expenses increased to RMB31.7 million ($5.1 million) from RMB28.4 million in the prior year period. However, as a percentage of revenues, sales and marketing expenses decreased to 20.7% from 22.1%. The improvement is a result of the Company’s focus on resource allocation and sales efficiency while further penetrating markets across the Company’s operating regions. While the new facilities in Zhejiang are expected to be operational in the near future, management continues to carefully plan and execute its marketing strategy and ensure that expenses are kept in check in that region.

General and Administrative Expenses. General and administrative expenses increased to RMB29.1 million ($4.7 million) from RMB27.4 million in the prior year period. This increase was primarily due to increased depreciation expenses and administrative overhead stemming from preparation for the full commercial launch of the Company’s new facilities. However as a percentage of revenues, G&A expenses decreased to 19.0% from 21.3%, as the overall increase in revenues exceeded the rise in depreciation and administrative expenses.

OTHER INCOME AND EXPENSES

Interest Expense. Interest expense incurred in the three months ended June 30, 2014 amounted to RMB24.9 million ($4.0 million), which primarily relates to the Company’s outstanding convertible notes. For the prior year period, interest expense was RMB14.8 million due to the RMB8.5 million capitalization of interest expense for the construction of the Company’s new facilities in Zhejiang and Guangdong.

Other. For the first quarter of fiscal 2015, the Company recorded dividend income of RMB1.2 million ($0.2 million), which was derived from the Company’s equity investment in Cordlife Group Limited (“Cordlife”). During the first quarter of fiscal 2014, the Company received dividend income of RMB8.7 million from its equity investments in both the Shandong Cord Blood Bank and Cordlife.  

NET INCOME ATTRIBUTABLE TO THE COMPANY’S SHAREHOLDERS. Profit before tax for the first quarter of fiscal 2015 decreased by 6.5% to RMB41.5 million ($6.7 million). The Company’s improved operating income was offset by the increase in interest expense and decrease in dividend income. As a result, net income attributable to the Company’s shareholders for the first quarter of fiscal 2015 decreased by 9.6% to RMB29.7 million ($4.8 million).

EARNINGS PER SHARE. The terms of the convertible notes issued to KKR and Golden Meditech provide each party with the ability to participate in any Excess Cash Dividend[2]. Therefore, the calculation of basic and diluted EPS has taken into consideration the effect of such participating rights of RMB0.04 ($0.01) for the first quarter of fiscal 2015. Basic and diluted earnings per ordinary share for the first quarter of fiscal 2015 were RMB0.37 ($0.06).

[2] “Excess Cash Dividend” means any cash dividend to holders of shares that, together with all other cash dividends previously paid to holders of shares in the same financial year, exceeds, on a per share basis, an amount equal to the interest that has accrued and shall accrue at 7% in such financial year divided by the number of shares into which the note is convertible at the conversion price then in effect on the relevant record date.

LIQUIDITY. As of June 30, 2014, the Company had cash and cash equivalents of RMB1,989.5 million ($320.7 million) compared to RMB1,882.9 million as of March 31, 2014. The Company had total debt of RMB848.0 million ($136.7 million) as of June 30, 2014. Operating cash inflow for the first quarter of fiscal 2015 amounted to RMB124.6 million ($20.1 million).

Conference Call

The Company will host a conference call at 8:00 a.m. ET on Friday, August 29, 2014 to discuss its financial performance and give a brief overview of recent developments, followed by a question and answer session. Interested parties may access the audio webcast through the Company’s IR website at http://ir.chinacordbloodcorp.com. A replay of the webcast will be accessible two hours after the presentation and available for three weeks at the same URL link above. Listeners may also access the call by dialing 1-631-514-2526 or 1-855-298-3404 for US callers or +852-5808-3202 for Hong Kong callers, access code: 1856118.

About China Cord Blood Corporation

China Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Under current PRC government regulations, only one licensed cord blood banking operator is permitted to operate in each licensed region and only seven licenses have been authorized as of today. China Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services. For more information, please visit our website at http://www.chinacordbloodcorp.com.

Safe Harbor Statement

This press release 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 the Company’s 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 press release 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 expectations are as of the date this press release is issued, and the Company does not intend to update any of the forward-looking statements after the date this press release is issued to conform these statements to actual results, unless required by law.

The forward-looking statements included in this press release 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 and any other jurisdiction in which the Company conducts its operations; changing legislation or regulatory environments (including revisions to China’s One Child Policy) in the PRC and any other jurisdiction in which the Company conducts its operations; 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; the existence of a significant shareholder able to influence and direct the corporate policies of the Company; 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 China, as well as general economic conditions; compliance with restrictive debt covenants under our senior convertible notes; and other relevant risks detailed in the Company’s filings with the Securities and Exchange Commission in the United States.

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars as of and for the periods ending June 30, 2014 were made at the noon buying rate of RMB6.2036 to $1.00 on June 30, 2014 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. China Cord Blood Corporation makes no representation that the Renminbi or U.S. dollar amounts referred to in this press release could have been or could be converted into U.S. dollars or Renminbi, at any particular rate or at all.

For more information, please contact:

China Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@chinacordbloodcorp.com

ICR, Inc.
Mr. William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.Zima@icrinc.com

EXHIBIT 1

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31 and June 30, 2014

March 31,

June 30,

2014

2014

RMB

    RMB

  US$

(in thousands except share data)

ASSETS

Current assets

Cash and cash equivalents

1,882,901

1,989,506

320,702

Accounts receivable, less allowance for doubtful accounts

(March 31, 2014: RMB20,322; June 30, 2014: RMB22,145)

95,273

101,900

16,426

Inventories

31,583

29,008

4,677

Prepaid expenses and other receivables

37,010

27,339

4,407

Debt issuance costs

3,616

3,615

583

Deferred tax assets

7,664

7,948

1,281

Total current assets

2,058,047

2,159,316

348,076

Property, plant and equipment, net

626,632

618,553

99,709

Non-current prepayments

208,894

214,825

34,629

Non-current accounts receivable, less allowance for doubtful
accounts (March 31, 2014: RMB42,703; June 30, 2014:
RMB43,722)

225,496

220,924

35,612

Inventories

48,385

51,256

8,262

Intangible assets, net

120,549

119,394

19,246

Available-for-sale equity securities

144,247

148,711

23,972

Other investment

189,129

189,129

30,487

Debt issuance costs

7,854

6,951

1,120

Deferred tax assets

1,789

1,893

305

Total assets

3,631,022

3,730,952

601,418

LIABILITIES

Current liabilities

Bank loan

60,000

60,000

9,672

Accounts payable

10,422

14,957

2,411

Accrued expenses and other payables

102,559

68,567

11,053

Deferred revenue

196,432

198,717

32,033

Amounts due to related parties

21,453

16,820

2,711

Income tax payable

2,571

1,525

246

Deferred tax liabilities

3,900

5,200

838

Total current liabilities

397,337

365,786

58,964

Convertible notes

777,753

787,988

127,021

Non-current deferred revenue

823,921

897,363

144,652

Other non-current liabilities

164,077

177,551

28,621

Deferred tax liabilities

27,938

27,639

4,455

Total liabilities

2,191,026

2,256,327

363,713

EQUITY

Shareholders’ equity of China Cord Blood Corporation

Ordinary shares

– US$0.0001 par value, 250,000,000 shares authorized, 73,140,147
shares issued and 73,003,248 shares outstanding as of March 31 and
June 30, 2014, respectively

50

50

8

Additional paid-in capital

798,221

798,221

128,671

Treasury stock, at cost (March 31 and June 30, 2014: 136,899 shares,
respectively)

 

(2,815)

 

(2,815)

 

(454)

Accumulated other comprehensive income

84,263

89,298

14,395

Retained earnings

555,323

585,059

94,309

Total equity attributable to China Cord Blood Corporation

1,435,042

1,469,813

236,929

Noncontrolling interests

4,954

4,812

776

Total equity

1,439,996

1,474,625

237,705

Total liabilities and equity

3,631,022

3,730,952

601,418

EXHIBIT 2

CHINA CORD BLOOD CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months ended June 30, 2013 and 2014

Three months ended June 30,

2013

2014

RMB

RMB

US$

(in thousands except share data)

Revenues

128,721

153,331

24,716

Direct costs

(24,492)

(29,776)

(4,800)

Gross profit

104,229

123,555

19,916

Operating expenses

Research and development

(2,523)

(2,499)

(403)

Sales and marketing

(28,424)

(31,743)

(5,117)

General and administrative

(27,402)

(29,146)

(4,698)

Total operating expenses

(58,349)

(63,388)

(10,218)

Operating income

45,880

60,167

9,698

Other expense, net

Interest income

4,182

4,266

688

Interest expense

(14,758)

(24,895)

(4,013)

Exchange (loss)/gain

(124)

180

29

Dividend income

8,722

1,196

193

Others

530

617

99

Total other expense, net

(1,448)

(18,636)

(3,004)

Income before income tax

44,432

41,531

6,694

Income tax expense

(11,373)

(11,937)

(1,924)

Net income

33,059

29,594

4,770

Net income attributable to non-controlling interests

(153)

142

23

Net income attributable to China Cord Blood
  
Corporation’s shareholders

32,906

29,736

4,793

Net income per share:

Attributable to ordinary shares

– Basic

0.40

0.37

0.06

– Diluted

0.40

0.37

0.06

Other comprehensive income

– Net effect of foreign currency translation, net of nil tax

6,805

529

85

– Net unrealized gain in available-for-sale equity
securities, net of nil tax

24,338

4,506

726

Comprehensive income

64,202

34,629

5,581

Comprehensive income attributable to non-controlling
interests

(153)

142

23

Comprehensive income attributable to China Cord
Blood Corporation’s shareholders

64,049

34,771

5,604

SMIC Announces Unaudited 2014 Interim Results

SHANGHAI, Aug. 28, 2014 /PRNewswire/ — Semiconductor Manufacturing International Corporation (“SMIC”; NYSE: SMI; SEHK: 981) one of the leading semiconductor foundries in the world, announces the unaudited interim results of operations of the Company and its subsidiaries for the six months ended June 30, 2014.

FINANCIAL HIGHLIGHTS

  • Sales was US$962.4 million for the six months ended June 30, 2014, compared to US$1,042.9 million for the six months ended June 30, 2013. The decrease was primarily because there had been no wafer shipments from Wuhan Xinxin Semiconductor Manufacturing Corporation (“Wuhan Xinxin”) since the first quarter of 2014.
  • Gross profit was a record high of US$239.2 million for the six months ended June 30, 2014 representing an increase of 2.4% compared to US$233.5 million for the six months ended June 30, 2013.
  • Gross margin improved to 24.9% for the six months ended June 30, 2014 from 22.4% for the six months ended June 30, 2013.
  • Profit from operations was US$87.8 million for the six months ended June 30, 2014 (of which US$7.6 million came from the gain on disposal of property, plant and equipment and assets classified as held-for-sale), compared to US$130.5 million for the six months ended June 30, 2013 (of which US$53.3 million came from the gain on disposal of property, plant and equipment and assets classified as held-for-sale and gain on disposal of subsidiaries).

For the full announcement of SMIC’s unaudited 2014 financial results, please see: http://photos.prnasia.com/prnk/20140828/0861406193

Contact:

Investor Relations
+86-21-3861-0000 ext. 12804
ir@smics.com 

Steady Development with Solid Performance in 1H 2014

HONG KONG, Aug. 28, 2014 /PRNewswire/ — CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its interim results for the six months ended June 30, 2014.

For the first half of the year, the Company’s total net oil and gas production reached 211.6 million barrels of oil equivalent (BOE), up 6.8% year-on-year (yoy), with 36.3 million BOE contributed by Nexen.

The Company’s average realized oil price was US$106.30 per barrel in the first half of 2014, representing an increase of 2.0% yoy, while average realized gas price rose 13.5% yoy to US$6.44 per thousand cubic feet.

Benefited from the growth of net oil and gas production and increase in realized oil and gas prices, the Company recorded RMB117.1 billion in oil and gas sales revenue, a yoy increase of 5.7%; meanwhile, net profit fell 2.3% yoy to RMB33.59 billion.

In the first half of 2014, the Company’s all-in cost was US$43.20 per BOE, up slightly by 2.0 % yoy, while operating cost was US$11.78 per BOE, up 7.0 % yoy, mainly attributable to the consolidation of two more months of Nexen’s performance.

In the area of exploration, the Company made 9 new discoveries and 23 successful appraisal wells. Among them, Lingshui 17-2, discovered by “Haiyangshiyou 981”, was successfully tested and is expected to become the first large-sized deepwater gas field made by our independent exploration activities. While Luda 16-3 South structure is expected to become a mid-sized discovery after appraisal, Kenli 16-1 structure uncovers the good exploration potential of southern slope of Laizhou Bay Sag in Bohai. Kenli 3-2 oilfields, Panyu10-2/5/8 project and Wenchang 13-6 oilfield have commenced production within the year as scheduled while other projects are progressing accordingly.

During the period, the Company continued to advance the integration of Nexen, especially in the areas of management, resources development and corporate culture. Nexen’s safety and environmental protection achieved best performance in its history in the first half of 2014. Production efficiency of Buzzard oilfield in the UK North Sea was further enhanced, while production and operation of Long Lake oil sands project achieved significant improvement. The progress of integration reached the Company’s expectation.

Mr. Wang Yilin, Chairman of the Company, said, “In the first half of 2014, the Company has executed its ‘New Leap Forward’ strategy in a solid way and achieved satisfactory results. We will endeavor to strengthen our management, enhance the growth quality and efficiency of the Company to create greater value for our shareholders.”

Mr. Li Fanrong, CEO of the Company commented, “During the first half of 2014, we have actively pushed ahead different areas of our business. Good progress was made in the production and operation and a healthy financial position was maintained. In the second half of the year, we will continue to work diligently to ensure that we meet our annual production and business targets.”

In the first half of the year, the Company’s basic earnings per share reached RMB0.75. The Board has declared an interim dividend of HK$0.25 per share (tax inclusive).

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to its terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People’s Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the 2013 Annual Report on Form 20-F filed on 17 April 2014.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

For further enquiries, please contact:

Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn

Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6211
Fax: +852-2576-1990
E-mail: cathy.zhang@hkstrategies.com

Logo – http://www.prnasia.com/sa/200701301659.jpg

The Lombard Odier Group Reports Results for the First Half of 2014

GENEVA, Aug. 28, 2014 /PRNewswire/ —

  • Total client assets on 30 June 2014 amounted to CHF 211 billion of which assets under management were CHF 156 billion 
  • Consolidated net profit was CHF 62.5 million for the Group 
  • Fully-loaded Basel III CET1 ratio stood at 23.8%  

Assets under management and strategic diversification across three business lines 

Several years ago, Lombard Odier decided to accelerate the expansion of its private client business in Europe, Asia and Switzerland, to sharpen the scope of its asset management business and to turn its technology platform into a profit centre. This long-term strategic evolution is showing steady progress and positions the firm for the future.

As a result, today the Group is organised around three business lines with total client assets at the end of June 2014 of CHF 211.0 billion. Total client assets in the private clients business amounted to CHF 114.7 billion. Asset management clients invested CHF 47.8 billion. Technology and banking services clients entrusted an additional CHF 48.5 billion of assets to Lombard Odier.

Solid earnings 

The Group’s consolidated income in the first six months was CHF 527.1 million and the operational cost base was CHF 429.7 million. Operating cost-income ratio for the Group stood at 80%, reflecting long-term investments in three strategic areas: the private client businesses in Europe, Asia and Switzerland; asset management expertise for institutional clients; and further developments into the technology platform that Lombard Odier provides to third parties.

“These results are in line with our expectations and reflect both the investments we make towards our strategic objectives as well as the conservative use of our balance sheet,” said Patrick Odier, Senior Managing Partner. “Our Group is increasingly diversified, more international and more balanced between private and asset management clients and we are expanding our partnerships with financial services providers. Our solid net profit allows us to continue investing in all three businesses.”  

Strong and liquid balance sheet 

The consolidated balance sheet totals CHF 17.1 billion and is conservatively invested. The Group has no external debt and is well capitalised with a fully-loaded Basel III CET1 ratio of 23.8%, which is well above the FINMA’s 12% target. The Liquidity Coverage Ratio was 653%.

One of the Group’s objectives is to remain one of the best capitalised banks in the world. Lombard Odier’s strong capitalisation is a foundation of its clients’ trust in the firm.

About Lombard Odier 

Lombard Odier provides its private clients with a full range of bespoke services such as succession planning, discretionary and advisory portfolio management, tax reporting and custody services. With a view to remaining close to its clients’ needs, the Group is able to harness expertise and technology to provide wealth management solutions across the globe. Lombard Odier has developed significant private banking operations in Europe, Asia and Switzerland.

Lombard Odier Investment Managers (LOIM), the Group’s asset management unit, seeks to deliver performance by identifying sources of both risk and return through absolute return, smart beta and high conviction strategies. LOIM offers its clients a range of innovative solutions including risk-based asset allocation, thematic equity investments, convertible bonds and absolute return as well as alternative strategies.  

Lombard Odier provides its technology and banking clients with its own IT and operational infrastructure as well as global custody and reporting services.

The Lombard Odier Group has a presence in the world’s main financial centres and offers its clients a global perspective through its network of offices in 19 jurisdictions. The Group employs about 2,000 people.

The Group has a AA- Fitch rating with a “stable” outlook.

Lombard Odier is headed by eight Managing Partners, who represent up to the seventh generation of bankers running the Firm. They are both owners and managers and are involved with leading the firm’s strategy and management as well as serving clients. Since its founding in 1796, the Firm has stayed true to its primary vocation of preserving and nurturing the assets entrusted to it and helping to hand them to future generations.

For more information: http://www.lombardodier.com

Bank Lombard Odier & Co Ltd
Rue de la Corraterie 11
1204 Geneva
http://www.lombardodier.com

Warren Giles
Media Relations (English)
Tel: +41(22)709-31-57
w.giles@lombardodier.com

Christoph G. Meier
Head of Communications
Tel: +41(0)22-709-17-46
c.meier@lombardodier.com

Marionna Wegenstein
Pressverantwortliche (Deutsch)
Tel: +41(44)214-14-10
m.wegenstein@lombardodier.com

Media Relations
Tel: +41(22)709-21-21

Francois Mutter
Relations Medias (Francais)
Tel: +41(22)709-93-64
f.mutter@lombardodier.com