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51job, Inc. Reports Fourth Quarter and Fiscal Year 2011 Financial Results
Feb 23, 2012 (03:02 PM EST)


SHANGHAI, Feb. 23, 2012 /PRNewswire-Asia-FirstCall/ -- 51job, Inc. (Nasdaq: JOBS), a leading provider of integrated human resource services in China, announced today unaudited financial results for the fourth quarter of 2011 and for the fiscal year ended December 31, 2011.

Fourth Quarter 2011 Financial Highlights:

  • Total revenues increased 22.6% over Q4 2010 to RMB369.8 million (US$58.8 million), within the Company's guidance range of RMB360 million to RMB370 million
  • Online recruitment services revenues increased 39.1% over Q4 2010 to RMB216.9 million (US$34.5 million)
  • Gross margin expanded to 71.2% compared with 65.4% in Q4 2010
  • Income from operations increased 44.2% over Q4 2010 to RMB112.1 million (US$17.8 million)
  • Fully diluted earnings per common share were RMB1.93 (US$0.61 per ADS)
  • Excluding share-based compensation expense and loss from foreign currency translation as well as their related tax impact, non-GAAP adjusted fully diluted earnings per common share were RMB2.14 (US$0.68 per ADS), exceeding the Company's guidance range of RMB1.85 to RMB1.95

Fiscal Year 2011 Financial Highlights:

  • Total revenues increased 25.7% from 2010 to RMB1,370.1 million (US$217.7 million)
  • Gross margin increased to 71.5% compared with 66.5% in 2010
  • Operating income increased 62.1% over 2010 to RMB441.2 million (US$70.1 million)
  • Fully diluted earnings per common share were RMB6.54 (US$2.08 per ADS)
  • Excluding share-based compensation expense, loss from foreign currency translation and loss from impairment of long-term investments as well as their related tax impact, non-GAAP adjusted fully diluted earnings per common share were RMB7.60 (US$2.41 per ADS)
  • Cash and short-term investments increased to RMB2,054.0 million (US$326.4 million) as of December 31, 2011 compared with RMB1,599.8 million as of December 31, 2010

Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, Inc., said, "Driven by continued strength in our online business and increasing contribution from our other HR services, we ended the year on a high note with record revenues and net income in the fourth quarter. In 2012, we are moving ahead confidently in executing our growth plan and key initiatives focused on product innovation, new customer acquisition and geographic expansion. Guided by our constant goal to deliver the most effective, best-in-class set of HR solutions to employers in China, we believe that we are very well positioned to capture new revenue opportunities, extend our market leadership position and create greater value for our shareholders."

Fourth Quarter 2011 Unaudited Financial Results

Total revenues for the fourth quarter ended December 31, 2011 were RMB369.8 million (US$58.8 million), an increase of 22.6% from RMB301.7 million for the same quarter in 2010.

Online recruitment services revenues for the fourth quarter of 2011 were RMB216.9 million (US$34.5 million), representing a 39.1% increase from RMB156.0 million for the same quarter of the prior year. The increase was primarily due to higher average revenue per unique employer as well as a greater number of unique employers using the Company's online recruitment services. Average revenue per unique employer increased 25.1% in the fourth quarter of 2011 as compared to the same quarter in 2010 due to growing demand for online recruitment services and the impact of price increases implemented in April 2011. Unique employers increased 11.2% to 155,050 in the fourth quarter of 2011 compared with 139,487 in the same quarter of the prior year driven by new customer acquisition and greater usage of online services by employers.

Print advertising revenues for the fourth quarter of 2011 decreased 47.1% to RMB27.3 million (US$4.3 million) compared with RMB51.5 million for the same quarter in 2010. The decline was primarily due to a reduction in the number of cities where 51job Weekly is published and a 49.8% decrease in the estimated number of print advertising pages generated in the fourth quarter of 2011 to 850 from 1,694 pages in the same quarter in 2010. This decline was partially offset by higher average revenue per page. Average revenue per page increased 5.5% in the fourth quarter of 2011 as compared to the same quarter in 2010 primarily as a result of greater page volume contribution from higher priced cities.

Other human resource related revenues for the fourth quarter of 2011 increased 33.3% to RMB125.6 million (US$20.0 million) from RMB94.2 million in the same quarter of 2010 primarily due to greater market demand for our business process outsourcing, campus recruitment and training services.

Gross profit for the fourth quarter of 2011 increased 34.3% to RMB250.8 million (US$39.8 million) from RMB186.7 million for the same quarter of the prior year. Gross margin, which is gross profit as a percentage of net revenues, expanded to 71.2% in the fourth quarter of 2011 compared with 65.4% in the same quarter in 2010 primarily due to greater economies of scale and a decrease in printing related expenses.

Operating expenses for the fourth quarter of 2011 increased 27.3% to RMB138.7 million (US$22.0 million) from RMB108.9 million for the same quarter of 2010. Operating expenses as a percentage of net revenues was 39.4% for the fourth quarter of 2011 compared with 38.1% for the fourth quarter of 2010.  Sales and marketing expenses for the fourth quarter of 2011 increased 16.0% to RMB97.9 million (US$15.6 million) from RMB84.4 million for the same quarter of the prior year primarily due to higher employee compensation expenses as well as headcount increases and greater advertising expenditures. General and administrative expenses for the fourth quarter of 2011 increased 66.1% to RMB40.8 million (US$6.5 million) from RMB24.6 million in the fourth quarter of 2010 primarily due to higher employee compensation, rental and office expenses.

Income from operations for the fourth quarter of 2011 increased 44.2% to RMB112.1 million (US$17.8 million) from RMB77.7 million for the same quarter of the prior year. Operating margin, which is income from operations as a percentage of net revenues, increased to 31.8% in the fourth quarter of 2011 compared with 27.2% in the same quarter of 2010.

Other income for the fourth quarter included a financial subsidy of RMB5.5 million (US$0.9 million). The effective tax rate in the fourth quarter decreased to 11.3% as a result of adjustments to income tax expense for the full year 2011 to reflect actual income tax due.

Net income for the fourth quarter of 2011 increased 70.2% to RMB113.9 million (US$18.1 million) from RMB66.9 million for the same quarter in 2010.  Fully diluted earnings per common share for the fourth quarter of 2011 were RMB1.93 (US$0.31) compared with RMB1.14 for the same quarter in 2010. Fully diluted earnings per ADS for the fourth quarter of 2011 were RMB3.87 (US$0.61) compared with RMB2.28 in the fourth quarter of 2010.

In the fourth quarter of 2011, the Company recognized total share-based compensation expense of RMB11.0 million (US$1.7 million) compared with RMB4.7 million in the fourth quarter of 2010. The Company also recognized loss from foreign currency translation of RMB0.9 million (US$0.1 million) in the fourth quarter of 2011 compared with RMB3.0 million in the fourth quarter of 2010 due to an appreciation of the Renminbi against the U.S. dollar.

Excluding share-based compensation expense and loss from foreign currency translation as well as their related tax impact, non-GAAP adjusted income for the fourth quarter of 2011 increased 68.5% to RMB125.8 million (US$20.0 million) compared with RMB74.7 million for the fourth quarter of 2010. Non-GAAP adjusted fully diluted earnings per common share were RMB2.14 (US$0.34) in the fourth quarter of 2011 compared with RMB1.27 in the fourth quarter of 2010. Non-GAAP adjusted fully diluted earnings per ADS in the fourth quarter of 2011 were RMB4.27 (US$0.68) compared with RMB2.54 in the fourth quarter of 2010.

Fiscal Year 2011 Unaudited Financial Results

Total revenues for 2011 were RMB1,370.1 million (US$217.7 million), an increase of 25.7% from RMB1,090.0 million in 2010.

Unique employers using the Company's online recruitment services grew 14.1% to 244,243 in 2011 from 214,057 in 2010. Employers who purchase online services multiple times or in multiple quarters throughout the fiscal year are counted as one unique employer for the annual total. The estimated number of print advertising pages generated in 2011 decreased 37.3% to 5,980 compared with 9,544 estimated pages in 2010.

Income from operations for 2011 increased 62.1% to RMB441.2 million (US$70.1 million) from RMB272.2 million in 2010. Net income for 2011 increased 64.7% to RMB386.5 million (US$61.4 million) from RMB234.7 million in 2010. Fully diluted earnings per common share for 2011 increased to RMB6.54 (US$1.04) from RMB4.13 in 2010.  Fully diluted earnings per ADS for 2011 were RMB13.09 (US$2.08) compared with RMB8.26 in 2010.

Excluding share-based compensation expense, loss from foreign currency translation and loss from impairment of long-term investments as well as their related tax impact, non-GAAP adjusted net income for 2011 increased 69.1% to RMB448.9 million (US$71.3 million) from RMB265.4 million in 2010. Non-GAAP adjusted fully diluted earnings per common share were RMB7.60 (US$1.21) in 2011 compared with RMB4.67 in 2010. Non-GAAP adjusted fully diluted earnings per ADS in 2011 were RMB15.20 (US$2.41) compared with RMB9.34 in 2010.

As of December 31, 2011, the Company had cash and short-term investments totaling RMB2,054.0 million (US$326.4 million) compared with RMB1,599.8 million as of December 31, 2010. Short-term investments consist of certificates of deposit with original maturities from three months to one year.

Business Outlook

Based on current market conditions and factoring in a significant year-over-year decline in print revenues, the Company's revenue target for the first quarter of 2012 is in the estimated range of RMB375 million to RMB390 million (US$59.6 million to US$62.0 million). Excluding share-based compensation expense and any loss or gain from foreign currency translation as well as their related tax impact, the Company's non-GAAP fully diluted earnings target for the first quarter of 2012 is in the estimated range of RMB2.05 to RMB2.20 per common share (US$0.65 to US$0.70 per ADS). The Company expects aggregate share-based compensation expense in the first quarter of 2012 to be approximately RMB12 million (US$1.9 million).

Currency Convenience Translation

For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollars at the rate of RMB6.2939 to US$1.00, the noon buying rate on December 30, 2011 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

Conference Call Information

Management will hold a conference call at 8:00 p.m. Eastern Time on February 23, 2012 (9:00 a.m. Shanghai / Hong Kong time zone on February 24, 2012) to discuss its fourth quarter and fiscal year 2011 results, operating performance and business outlook.

To dial in to the call, please use conference ID 4513121 and the following telephone numbers:

US:

+1-877-941-1465

Hong Kong:

+852-3009-5027

International:

+1-480-629-9867

The call will also be available live and on replay through 51job's investor relations website, ir.51job.com.  Please go to the website at least fifteen minutes early to register or install any necessary audio software.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (GAAP), 51job uses non-GAAP measures of income before income tax expense, income tax expense, adjusted net income, adjusted earnings per share and adjusted earnings per ADS, which are adjusted from results based on GAAP to exclude share-based compensation expense, loss from foreign currency translation and loss from impairment of long-term investments as well as their related tax impact.  The Company believes excluding share-based compensation expense and its related tax impact from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such expense is not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company believes excluding loss from foreign currency translation and its related tax impact from its non-GAAP financial measures is useful for its management and investors as such translation loss is not indicative of the Company's core business operations and will not result in cash settlement nor impact the Company's cash earnings. The Company believes excluding the loss from impairment of long-term investments and its related tax impact from its non-GAAP financial measures is useful for its management and investors as such loss is unrelated to the Company's core business operations. 51job also believes these non-GAAP measures excluding share-based compensation expense, loss from foreign currency translation and loss from impairment of long-term investments, as well as their related tax impact, are important in helping investors to understand the Company's current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.

About 51job

51job, Inc. (Nasdaq: JOBS) is a leading provider of integrated human resource services in China with a strong focus on recruitment related services. Through online recruitment services at www.51job.comandprint advertisements in 51job Weekly, 51job enables enterprises to attract, identify and recruit employees and connects millions of job seekers with employment opportunities. 51job also provides a number of other value-added human resource services, including business process outsourcing, training, executive search and compensation and benefits analysis. 51job has a call center in Wuhan and a nationwide sales office network spanning 25 cities across China.

Safe Harbor Statement

Statements in this release regarding targets for the first quarter of 2012, future business and operating results constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations, and actual results could differ materially. Among the factors that could cause actual results to differ are the number of recruitment advertisements placed, sales orders received and customer contracts executed during the remaining weeks of the first quarter of 2012; any accounting adjustments that may occur during the quarterly close; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; behavioral and operational changes of customers in meeting their human resource needs as they respond to evolving social, economic and political changes in China as well as stock market volatilities; introduction by its competitors of new or enhanced products or services; price competition in the market for the various human resource services that the Company provides in China; acceptance of new products and services developed or introduced by the Company outside of the human resources industry and fluctuations in general economic conditions. For additional information on these and other factors that may affect the Company's financial results, please refer to the Company's filings with the Securities and Exchange Commission. 51job undertakes no obligation to update these targets prior to announcing final results for the first quarter of 2012 or as a result of new information, future events or otherwise.

Contact:

Rebecca Liu
Investor Relations
51job, Inc.
+(86-21) 6879-6250
ir@51job.com

 

51job, Inc.

Consolidated Statements of Operations

(In thousands, except share, per share and per ADS data)

 

 

 

For the Three Months Ended

 

December 31, 2010

(unaudited)

December 31, 2011

(unaudited)

December 31, 2011

(unaudited)

 

RMB

RMB

USD (Note 1)

 

 

 

 

Revenues:

 

 

 

      Online recruitment services

155,970

216,937

34,468

      Print advertising

51,519

27,275

4,334

      Other human resource related revenues

94,214

125,621

19,959

Total revenues

301,703

369,833

58,761

 

 

 

 

Less: Business and related tax

(16,092)

(17,422)

(2,768)

Net revenues

285,611

352,411

55,993

 

 

 

 

Cost of services (Note 2)

(98,941)

(101,644)

(16,150)

 

 

 

 

Gross profit

186,670

250,767

39,843

 

 

 

 

Operating expenses:

 

 

 

      Sales and marketing (Note 3)

(84,384)

(97,925)

(15,559)

      General and administrative (Note 4)

(24,559)

(40,781)

(6,479)

Total operating expenses

(108,943)

(138,706)

(22,038)

 

 

 

 

Income from operations

77,727

112,061

17,805

Loss from foreign currency translation

(3,012)

(921)

(146)

Interest and investment income

5,038

11,911

1,893

Other income

1,076

5,367

852

 

 

 

 

Income before income tax expense

80,829

128,418

20,404

Income tax expense

(13,882)

(14,488)

(2,302)

 

 

 

 

Net income

66,947

113,930

18,102

 

 

 

 

Earnings per share:

 

 

 

      Basic

1.19

2.00

0.32

      Diluted

1.14

1.93

0.31

 

 

 

 

Earnings per ADS (Note 5):

 

 

 

      Basic

2.38

4.00

0.64

      Diluted

2.28

3.87

0.61

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

      Basic

56,226,351

56,942,481

56,942,481

      Diluted

58,753,947

58,902,070

58,902,070

 

 

 

 

Notes:

  1. The conversion of RMB amounts into USD amounts is based on the noon buying rate of USD1.00=RM6.2939 on December 30, 2011 in New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
  2. Includes share-based compensation expense of RMB1,000 and RMB1,754 (US$279) for the three months ended December 31, 2010 and 2011, respectively.
  3. Includes share-based compensation expense of RMB859 and RMB1,508 (US$240) for the three months ended December 31, 2010 and 2011, respectively.
  4. Includes share-based compensation expense of RMB2,863 and RMB7,689 (US$1,222) for the three months ended December 31, 2010 and 2011, respectively.
  5. Each ADS represents two common shares.

51job, Inc.

Consolidated Statements of Operations

(In thousands, except share, per share and per ADS data)

 

 

 

For the Year Ended

 

December 31,

2010

(unaudited)

December 31,

2011

(unaudited)

December 31,

2011

(unaudited)

 

RMB

RMB

USD (Note 1)

 

 

 

 

Revenues:

 

 

 

      Online recruitment services

543,045

803,004

127,585

      Print advertising

277,645

208,365

33,106

      Other human resource related revenues

269,305

358,730

56,996

Total revenues

1,089,995

1,370,099

217,687

 

 

 

 

Less: Business and related tax

(57,776)

(70,421)

(11,189)

Net revenues

1,032,219

1,299,678

206,498

 

 

 

 

Cost of services (Note 2)

(345,865)

(370,661)

(58,892)

 

 

 

 

Gross profit

686,354

929,017

147,606

 

 

 

 

Operating expenses:

 

 

 

      Sales and marketing (Note 3)

(277,543)

(329,466)

(52,347)

      General and administrative (Note 4)

(136,647)

(158,355)

(25,160)

Total operating expenses

(414,190)

(487,821)

(77,507)

 

 

 

 

Income from operations

272,164

441,196

70,099

Loss from foreign currency translation

(6,848)

(9,363)

(1,488)

Loss from impairment of long-term investments

(15,081)

(2,396)

Interest and investment income

18,713

42,033

6,678

Other income

7,713

8,779

1,395

 

 

 

 

Income before provision for income tax

291,742

467,564

74,288

Income tax expense

(57,081)

(81,057)

(12,878)

 

 

 

 

Net income

234,661

386,507

61,410

 

 

 

 

Earnings per share:

 

 

 

      Basic

4.23

6.81

1.08

      Diluted

4.13

6.54

1.04

 

 

 

 

Earnings per ADS (Note 5):

 

 

 

      Basic

8.46

13.62

2.16

      Diluted

8.26

13.09

2.08

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

      Basic

55,485,256

56,754,240

56,754,240

      Diluted

56,814,503

59,067,424

59,067,424

 

 

 

 

Notes:

  1. The conversion of RMB amounts into USD amounts is based on the noon buying rate of USD1.00=RMB6.2939 on December 30, 2011 in New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
  2. Includes share-based compensation expense of RMB4,082 and RMB6,084 (US$967) for 2010 and 2011, respectively.
  3. Includes share-based compensation expense of RMB3,509 and RMB5,230 (US$831) for 2010 and 2011, respectively.
  4. Includes share-based compensation expense of RMB16,371 and RMB26,660 (US$4,236) for 2010 and 2011, respectively.
  5. Each ADS represents two common shares.

 

51job, Inc.

Reconciliation of GAAP and Non-GAAP Results

(In thousands, except share, per share and per ADS data)

 

 

 

For the Three Months Ended

 

December 31, 2010
(unaudited)

December 31, 2011
(unaudited)

December 31, 2011
(unaudited)

 

RMB

RMB

USD (Note 1)

 

 

 

 

GAAP income before income tax expense

80,829

128,418

20,404

Add back: Share-based compensation expense

4,722

10,951

1,741

Add back: Loss from foreign currency translation

3,012

921

146

Non-GAAP income before income tax expense

88,563

140,290

22,291

 

 

 

 

GAAP income tax expense

(13,882)

(14,488)

(2,302)

Tax impact of share-based compensation expense and loss

      from foreign currency translation

 

(21)

 

(3)

 

(0)

Non-GAAP income tax expense

(13,903)

(14,491)

(2,302)

 

 

 

 

Non-GAAP adjusted net income

74,660

125,799

19,989

 

 

 

 

Non-GAAP adjusted earnings per share:

 

 

 

      Basic

1.33

2.21

0.35

      Diluted

1.27

2.14

0.34

 

 

 

 

Non-GAAP adjusted earnings per ADS (Note 2):

 

 

 

      Basic

2.66

4.42

0.70

      Diluted

2.54

4.27

0.68

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

      Basic

56,226,351

56,942,481

56,942,481

      Diluted

58,753,947

58,902,070

58,902,070

 

 

For the Year Ended

 

December 31, 2010
(unaudited)

December 31, 2011
(unaudited)

December 31, 2011
(unaudited)

 

RMB

RMB

USD (Note 1)

 

 

 

 

GAAP income before income tax expense

291,742

467,564

74,288

Add back: Share-based compensation expense

23,962

37,974

6,034

Add back: Loss from foreign currency translation

6,848

9,363

1,488

Add back: Loss from impairment of long-term investments

15,081

2,396

Non-GAAP income before income tax expense

322,552

529,982

84,206

 

 

 

 

GAAP income tax expense

(57,081)

(81,056)

(12,878)

Tax impact of share-based compensation expense, loss from

      foreign currency translation and loss from impairment of

      long-term investments

 

 

(28)

 

 

(51)

 

 

(8)

Non-GAAP income tax expense

(57,109)

(81,107)

(12,886)

 

 

 

 

Non-GAAP adjusted net income

265,443

448,875

71,320

 

 

 

 

Non-GAAP adjusted earnings per share:

 

 

 

      Basic

4.78

7.91

1.26

      Diluted

4.67

7.60

1.21

 

 

 

 

Non-GAAP adjusted earnings per ADS (Note 2):

 

 

 

      Basic

9.57

15.82

2.51

      Diluted

9.34

15.20

2.41

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

      Basic

55,485,256

56,754,240

56,754,240

      Diluted

56,814,503

59,067,424

59,067,424

 

 

 

 

Notes:

  1. The conversion of RMB amounts into USD amounts is based on the noon buying rate of USD1.00=RMB6.2939 on December 30, 2011 in New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
  2. Each ADS represents two common shares.

 

51job, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

 

 

As of

 

December 31,

2010

(unaudited)

December 31,

2011

(unaudited)

December 31,

2011

(unaudited)

 

RMB

RMB

USD (Note 1)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

      Cash

1,192,888

783,699

124,517

      Restricted cash

44,888

4,263

677

      Short-term investments

406,943

1,270,343

201,837

      Accounts receivable (net of allowance of RMB1,965 and RMB2,022 as of December 31, 2010 and 2011, respectively)

 

 

33,386

 

 

43,708

 

 

6,945

      Prepayments and other current assets

75,256

199,836

31,751

      Deferred tax assets, current

6,749

11,042

1,754

 

 

 

 

Total current assets

1,760,110

2,312,891

367,481

 

 

 

 

Long-term investments, net

15,433

Property and equipment, net

202,699

192,120

30,525

Intangible assets, net

4,805

4,290

682

Other long-term assets

4,853

48,649

7,729

Deferred tax assets, non-current

110

86

14

 

 

 

 

Total non-current assets

227,900

245,145

38,950

 

 

 

 

Total assets

1,988,010

2,558,036

406,431

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities:

 

 

 

      Accounts payable

15,551

20,326

3,229

      Salary and employee related accrual

39,543

44,287

7,037

      Taxes payable

39,795

54,623

8,679

      Advance from customers

186,191

290,460

46,149

      Other payables and accruals

50,491

40,793

6,482

 

 

 

 

Total current liabilities

331,571

450,489

71,576

 

 

 

 

Deferred tax liabilities, non-current

1,583

1,972

313

 

 

 

 

Total liabilities

333,154

452,461

71,889

 

 

 

 

Shareholders' equity:

 

 

 

      Common shares (US$0.0001 par value; 500,000,000 shares authorized, 56,473,949 and 56,981,341 shares issued and outstanding as of December 31, 2010 and 2011, respectively)

 

 

 

47

 

 

 

47

 

 

 

7

      Additional paid-in capital

997,933

1,061,819

168,706

      Statutory reserves

6,811

7,332

1,165

      Accumulated other comprehensive income

1,313

1,638

260

      Retained earnings

648,752

1,034,739

164,404

 

 

 

 

Total shareholders' equity

1,654,856

2,105,575

334,542

 

 

 

 

Total liabilities and shareholders' equity

1,988,010

2,558,036

406,431

 

 

 

 

 

Note 1: The conversion of RMB amounts into USD amounts is based on the noon buying rate of USD1.00=RMB6.2939 on December 30, 2011 in New York for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board.

SOURCE 51job, Inc.