51job, Inc. Reports Second Quarter 2016 Financial Results

SHANGHAI, Aug. 4, 2016 /PRNewswire/ -- 51job, Inc. (Nasdaq: JOBS) ("51job" or the "Company"), a leading provider of integrated human resource services in China, announced today its unaudited financial results for the second quarter of 2016 ended June 30, 2016.

Second Quarter 2016 Highlights:

  • Total revenues increased 10.2% over Q2 2015 to RMB559.8 million (US$84.2 million), within the Company's guidance range
  • Online recruitment services revenues increased 11.2% over Q2 2015 to RMB373.1 million (US$56.1 million)
  • Other human resource related revenues increased 9.1% over Q2 2015 to RMB186.6 million (US$28.1 million), which reflected the impact of a value-added tax ("VAT") policy change effective May 1, 2016
  • Gross margin of 71.8% compared with 72.8% in Q2 2015
  • Income from operations increased 4.7% over Q2 2015 to RMB128.2 million (US$19.3 million)
  • Fully diluted earnings per share were RMB2.90 (US$0.44)
  • Excluding share-based compensation expense, loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, non-GAAP adjusted fully diluted earnings per share were RMB3.19 (US$0.48), exceeding the Company's guidance range

Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, said, "With the white-collar recruitment market exhibiting relatively stable, modest growth in this time of economic transition in China, our strategic focus remains on increasing online customer spend and improving cross-selling of our other value-added HR services. Our sales efforts to deepen customer engagement are bearing fruit as average revenue per unique online employer has increased on a year-over-year basis for five consecutive quarters. We will continue to execute our initiatives in a disciplined manner. We are making important investments to strengthen our sales and customer service infrastructure, expand our new targeted job seeker platforms and capture additional HR-related opportunities, all while maintaining a track record of sustained profitability."

Second Quarter 2016 Unaudited Financial Results

Total revenues for the second quarter ended June 30, 2016 were RMB559.8 million (US$84.2 million), an increase of 10.2% from RMB508.0 million for the same quarter in 2015.

Online recruitment services revenues for the second quarter of 2016 were RMB373.1 million (US$56.1 million), representing an 11.2% increase from RMB335.7 million for the same quarter of the prior year. The growth was driven by an increase in the number of unique employers utilizing the Company's online services as well as the realization of higher revenue per unique employer. The number of unique employers increased 7.2% to 322,236 in the second quarter of 2016 compared with 300,681 in the same quarter of the prior year due to new customer additions. Although the pricing of like-for-like services was generally unchanged over the past year, average revenue per unique employer increased 3.7% in the second quarter of 2016 as compared with the same quarter in 2015 primarily due to improved up-selling efforts that resulted in the purchase of multiple and/or higher value online services by customers.

Print advertising revenues for the second quarter of 2016 was nil. As of December 31, 2015, the Company had ceased all print advertising services.

Other human resource related revenues for the second quarter of 2016 increased 9.1% to RMB186.6 million (US$28.1 million) from RMB171.1 million in the same quarter of 2015. The increase was primarily due to greater usage of business process outsourcing services. However, this growth was partially offset by the impact from the implementation of a VAT policy change effective May 1, 2016 that changed the definition of total revenues and resulted in a reduction in the amount of revenues recorded.

Gross profit for the second quarter of 2016 increased 9.1% to RMB395.0 million (US$59.4 million) from RMB362.2 million for the same quarter of the prior year. Gross margin, which is gross profit as a percentage of net revenues, was 71.8% in the second quarter of 2016 compared with 72.8% in the same quarter in 2015.

Operating expenses for the second quarter of 2016 increased 11.3% to RMB266.8 million (US$40.2 million) from RMB239.7 million for the same quarter of 2015. Sales and marketing expenses for the second quarter of 2016 increased 13.8% to RMB198.0 million (US$29.8 million) from RMB173.9 million for the same quarter of the prior year primarily due to higher employee compensation expenses and headcount additions. General and administrative expenses for the second quarter of 2016 increased 4.7% to RMB68.9 million (US$10.4 million) from RMB65.8 million for the same quarter of the prior year primarily due to higher employee compensation and office expenses.

Income from operations for the second quarter of 2016 increased 4.7% to RMB128.2 million (US$19.3 million) from RMB122.4 million for the second quarter of 2015. Operating margin, which is income from operations as a percentage of net revenues, was 23.3% in the second quarter of 2016 compared with 24.6% in the same quarter of 2015. Excluding share-based compensation expense, operating margin was 27.5% in the second quarter of 2016 compared with 29.3% in the same quarter of 2015.

The Company recognized a loss from foreign currency translation of RMB6.6 million (US$1.0 million) in the second quarter of 2016 compared with a gain of RMB3.9 million in the second quarter of 2015 primarily due to the impact of the change in exchange rate between the Renminbi and the US dollar on the US$172.5 million convertible senior notes issued and sold by the Company in April 2014.

In the second quarter of 2016, the Company recognized a mark-to-market, non-cash gain of RMB8.6 million (US$1.3 million) associated with a change in the fair value of convertible senior notes compared with a loss of RMB25.9 million in the second quarter of 2015.

Other income in the second quarter of 2016 included local government financial subsidies of RMB64.2 million (US$9.7 million) compared with RMB45.4 million in the second quarter of 2015.

Net income attributable to 51job for the second quarter of 2016 was RMB168.7 million (US$25.4 million) compared with RMB137.0 million for the same quarter in 2015. Fully diluted earnings per share for the second quarter of 2016 were RMB2.90 (US$0.44) compared with RMB2.33 for the same quarter in 2015.

In the second quarter of 2016, total share-based compensation expense was RMB23.1 million (US$3.5 million) compared with RMB23.2 million in the second quarter of 2015.

Excluding share-based compensation expense, gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job for the second quarter of 2016 was RMB189.8 million (US$28.6 million) compared with RMB182.2 million for the second quarter of 2015. Non-GAAP adjusted fully diluted earnings per share were RMB3.19 (US$0.48) in the second quarter of 2016 compared with RMB3.04 in the second quarter of 2015.

Six Months 2016 Unaudited Financial Results

Total revenues for the six months ended June 30, 2016 were RMB1,083.5 million (US$163.0 million), an increase of 12.2% from RMB966.1 million for the same period in 2015. Income from operations for the six months ended June 30, 2016 increased 3.8% to RMB255.3 million (US$38.4 million) from RMB245.9 million for the same period in 2015.

Net income attributable to 51job for the six months ended June 30, 2016 was RMB254.5 million (US$38.3 million) compared with RMB310.3 million for the same period in 2015. Fully diluted earnings per share for the six months ended June 30, 2016 was RMB4.37 (US$0.66) compared with RMB4.71 for the same period in 2015.

Excluding share-based compensation expense, gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job for the six months ended June 30, 2016 was RMB331.4 million (US$49.9 million) compared with RMB324.0 million for the six months ended June 30, 2015. Non-GAAP adjusted fully diluted earnings per share were RMB5.62 (US$0.85) for the six months ended June 30, 2016 compared with RMB5.43 in the same period in 2015.

As of June 30, 2016, cash and short-term investments totaled RMB5,342.6 million (US$803.9 million) compared with RMB4,950.9 million as of December 31, 2015. 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 the VAT policy change which took effect on May 1, 2016, the Company's total revenues target for the third quarter of 2016 is in the estimated range of RMB575 million to RMB595 million (US$86.5 million to US$89.5 million). Excluding share-based compensation expense, any gain or loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, the Company's non-GAAP fully diluted earnings target for the third quarter of 2016 is in the estimated range of RMB2.45 to RMB2.65 (US$0.37 to US$0.40) per share. The Company expects total share-based compensation expense in the third quarter of 2016 to be in the estimated range of RMB23 million to RMB24 million (US$3.5 million to US$3.6 million).

Other Company News

Effective May 1, 2016, in accordance with recently announced regulations by the PRC Ministry of Finance and State Administration of Taxation, VAT replaced business tax in all industries in China.  Because the business tax-to-VAT transition for the Company's online recruitment services revenues was completed in 2015, the recently announced regulations primarily affected the Company's other human resource related revenues. The Company ceased paying business tax on total revenues and instead started paying VAT on May 1, 2016.  The Company expects its other human resource related revenues will be negatively affected due to this policy change, which will impact the direct comparability between future and previously reported total revenue and net revenue figures.

Recent Business Developments

The Company has been actively pursuing several investment opportunities. The Company currently expects it will enter into agreements with a number of target companies in the second half of 2016.  The Company expects to fund these investments with its existing cash resources and expects to make total cash payments of up to RMB450 million (US$67.7 million), subject to transaction conditions and closing adjustments, if any. The Company aims to complete these investments before the end of 2016.

Currency Convenience Translation

For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollars at the rate of RMB6.6459 to US$1.00, the noon buying rate on June 30, 2016 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 9:00 p.m. Eastern Time on August 4, 2016 (9:00 a.m. Beijing / Hong Kong time zone on August 5, 2016) to discuss its second quarter 2016 financial results, operating performance and business outlook. To dial in to the call, please use conference ID 9906001 and the following telephone numbers:

US:

+1-866-839-8029

Hong Kong:

+852-2598-7556

International:

+1-914-449-1588

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

About 51job

Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company's main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, and http://www.51jingying.com), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide sales office network spanning 25 cities across China.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "targets, "confident" and similar statements. Among other things, statements that are not historical facts, including statements about 51job's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as 51job's strategic and operational plans, are or contain forward-looking statements.  51job may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.  All forward-looking statements are based upon management's expectations at the time of the statements and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: execution of 51job's strategies and business plans; behavioral and operational changes of enterprises in meeting their human resource needs as they respond to evolving social, political, regulatory and financial conditions in China; introduction by competitors of new or enhanced products or services; price competition in the market for the various human resource services that 51job provides in China; acceptance of new products and services developed or introduced by 51job outside of the human resources industry; risks related to acquisitions or investments 51job has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; and fluctuations in general economic and business conditions in China.  Further information regarding these and other risks are included in 51job's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release and based on assumptions that 51job believes to be reasonable as of this date, and 51job undertakes no obligation to update any forward-looking statement, except as required under applicable law.

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 financial measures of income before income tax expense, income tax expense, adjusted net income, adjusted net income attributable to 51job and adjusted earnings per share, which are adjusted from results based on GAAP to exclude share-based compensation expense, gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items.  The Company believes excluding share-based compensation expense and its related tax effect 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 gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect, from its non-GAAP financial measures is useful for its management and investors as such translation or mark-to-market gain/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.  51job also believes these non-GAAP financial measures excluding share-based compensation expense, gain/loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, 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.

Contact:

Linda Chien
Investor Relations
51job, Inc.
+86-21-6879-6250
ir@51job.com

 

 

51job, Inc.

Consolidated Statements of Operations and Comprehensive Income



For the Three Months Ended


June 30, 2015


June 30, 2016


June 30, 2016

(In thousands, except share and per share data)

(unaudited)


(unaudited)


(unaudited)


RMB


RMB


US$ (Note 1)







Revenues:






   Online recruitment services

335,683


373,146


56,147

   Print advertising

1,239


-


-

   Other human resource related revenues

171,078


186,608


28,079







Total revenues

508,000


559,754


84,226

Less: Business and related taxes

(10,586)


(9,235)


(1,390)







Net revenues

497,414


550,519


82,836

Cost of services (Note 2)

(135,238)


(155,480)


(23,395)







Gross profit

362,176


395,039


59,441







Operating expenses:






   Sales and marketing (Note 3)

(173,945)


(197,979)


(29,790)

   General and administrative (Note 4)

(65,789)


(68,869)


(10,363)







Total operating expenses

(239,734)


(266,848)


(40,153)







Income from operations

122,442


128,191


19,288







Gain (loss) from foreign currency translation

3,906


(6,577)


(990)

Interest and investment income, net

23,801


13,900


2,092

Change in fair value of convertible senior notes

(25,878)


8,596


1,293

Other income, net

45,342


64,421


9,693







Income before income tax expense

169,613


208,531


31,376

Income tax expense

(32,660)


(40,332)


(6,069)







Net income

136,953


168,199


25,307

Net loss attributable to non-controlling interests

-


490


74







Net income attributable to 51job, Inc.

136,953


168,689


25,381







Net income

136,953


168,199


25,307

Other comprehensive income:






   Foreign currency translation adjustments

(64)


371


56







Comprehensive income

136,889


168,570


25,363







Earnings per share:






   Basic

2.36


2.91


0.44

   Diluted (Note 5)

2.33


2.90


0.44







Weighted average number of common shares outstanding:






   Basic

57,936,743


58,065,551


58,065,551

   Diluted

58,767,817


58,257,432


58,257,432













Notes:






(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.6459

to US$1.00 on June 30, 2016 in New York for cable transfers of Renminbi as set forth in the H.10 weekly

statistical release of the Federal Reserve Board.

(2) Includes share-based compensation expense of RMB3,723 and RMB3,701 (US$557) for the three months ended 

June 30, 2015 and 2016, respectively.

(3) Includes share-based compensation expense of RMB3,201 and RMB3,183 (US$479) for the three months ended

June 30, 2015 and 2016, respectively.

(4) Includes share-based compensation expense of RMB16,316 and RMB16,219 (US$2,440) for the three months ended

June 30, 2015 and 2016, respectively.

(5) Diluted earnings per share is calculated in accordance with the "if converted" method. The potential conversion

of the convertible senior notes was excluded in the computation of diluted earnings per share for the three months

ended June 30, 2015 and 2016 because the effect would be anti-dilutive.

 

 

51job, Inc.

Consolidated Statements of Operations and Comprehensive Income



For the Six Months Ended


June 30, 2015


June 30, 2016


June 30, 2016

(In thousands, except share and per share data)

(unaudited)


(unaudited)


(unaudited)


RMB


RMB


US$ (Note 1)







Revenues:






   Online recruitment services

645,855


724,908


109,076

   Print advertising

3,611


-


-

   Other human resource related revenues

316,627


358,602


53,958







Total revenues

966,093


1,083,510


163,034

Less: Business and related taxes

(22,319)


(21,461)


(3,229)







Net revenues

943,774


1,062,049


159,805

Cost of services (Note 2)

(252,335)


(294,727)


(44,347)







Gross profit

691,439


767,322


115,458







Operating expenses:






   Sales and marketing (Note 3)

(317,252)


(375,712)


(56,533)

   General and administrative (Note 4)

(128,318)


(136,328)


(20,513)







Total operating expenses

(445,570)


(512,040)


(77,046)







Income from operations

245,869


255,282


38,412







Gain (loss) from foreign currency translation

416


(1,308)


(197)

Interest and investment income, net

46,295


32,559


4,899

Change in fair value of convertible senior notes

30,860


(31,012)


(4,666)

Other income, net

45,255


64,376


9,687







Income before income tax expense

368,695


319,897


48,135

Income tax expense

(58,415)


(65,889)


(9,914)







Net income

310,280


254,008


38,221

Net loss attributable to non-controlling interests

-


538


81







Net income attributable to 51job, Inc.

310,280


254,546


38,302







Net income

310,280


254,008


38,221

Other comprehensive income:






   Foreign currency translation adjustments

(5)


293


44







Comprehensive income

310,275


254,301


38,265







Earnings per share:






   Basic

5.37


4.40


0.66

   Diluted (Note 5)

4.71


4.37


0.66







Weighted average number of common shares outstanding:






   Basic

57,795,130


57,847,308


57,847,308

   Diluted

62,826,630


58,188,986


58,188,986













Notes:






(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.6459

to US$1.00 on June 30, 2016 in New York for cable transfers of Renminbi as set forth in the H.10 weekly

statistical release of the Federal Reserve Board.

(2) Includes share-based compensation expense of RMB7,203 and RMB7,138 (US$1,074) for the six months ended

June 30, 2015 and 2016, respectively.

(3) Includes share-based compensation expense of RMB6,193 and RMB6,137 (US$923) for the six months ended

June 30, 2015 and 2016, respectively.

(4) Includes share-based compensation expense of RMB31,565 and RMB31,280 (US$4,707) for the six months ended

June 30, 2015 and 2016, respectively.

(5) Diluted earnings per share is calculated in accordance with the "if converted" method. This includes the add-back

of interest expense of RMB17,180, the add-back of change in fair value of convertible senior notes of RMB30,860 and

the subtraction of foreign currency translation gain of RMB725 related to the convertible senior notes to the numerator

of net income attributable to 51job and the addition of the maximum number of 4,035,672 potentially converted

shares related to the convertible senior notes to the denominator of diluted common shares for the six months ended

June 30, 2015. The potential conversion of the convertible senior notes was excluded in the computation of diluted

earnings per share for the six months ended June 30, 2016 because the effect would be anti-dilutive.

 

 

51job, Inc.

Reconciliation of GAAP and Non-GAAP Results



For the Three Months Ended


June 30, 2015


June 30, 2016


June 30, 2016

(In thousands, except share and per share data)

(unaudited)


(unaudited)


(unaudited)


RMB


RMB


US$ (Note 1)







GAAP income before income tax expense

169,613


208,531


31,376

Add back: Share-based compensation

23,240


23,103


3,476

Add back: (Gain) Loss from foreign currency translation

(3,906)


6,577


990

Add back: Change in fair value of convertible senior notes

25,878


(8,596)


(1,293)

Non-GAAP income before income tax expense

214,825


229,615


34,549







GAAP income tax expense

(32,660)


(40,332)


(6,069)

Tax effect of non-GAAP line items

(0)


22


3

Non-GAAP income tax expense

(32,660)


(40,310)


(6,066)







Non-GAAP adjusted net income

182,165


189,305


28,483







Non-GAAP adjusted net income attributable to 51job, Inc.

182,165


189,795


28,557







Non-GAAP adjusted earnings per share:






   Basic

3.14


3.27


0.49

   Diluted (Note 2)

3.04


3.19


0.48







Weighted average number of common shares outstanding:






   Basic

57,936,743


58,065,551


58,065,551

   Diluted

62,803,489


62,293,104


62,293,104








For the Six Months Ended


June 30, 2015


June 30, 2016


June 30, 2016

(In thousands, except share and per share data)

(unaudited)


(unaudited)


(unaudited)


RMB


RMB


US$ (Note 1)







GAAP income before income tax expense

368,695


319,897


48,135

Add back: Share-based compensation

44,961


44,555


6,704

Add back: (Gain) Loss from foreign currency translation

(416)


1,308


197

Add back: Change in fair value of convertible senior notes

(30,860)


31,012


4,666

Non-GAAP income before income tax expense

382,380


396,772


59,702







GAAP income tax expense

(58,415)


(65,889)


(9,914)

Tax effect of non-GAAP line items

(0)


11


2

Non-GAAP income tax expense

(58,415)


(65,878)


(9,912)







Non-GAAP adjusted net income

323,965


330,894


49,790







Non-GAAP adjusted net income attributable to 51job, Inc.

323,965


331,432


49,871







Non-GAAP adjusted earnings per share:






   Basic

5.61


5.73


0.86

   Diluted (Note 3)

5.43


5.62


0.85







Weighted average number of common shares outstanding:






   Basic

57,795,130


57,847,308


57,847,308

   Diluted

62,826,630


62,224,658


62,224,658



















Notes:






(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.6459

to US$1.00 on June 30, 2016 in New York for cable transfers of Renminbi as set forth in the H.10 weekly

statistical release of the Federal Reserve Board.

(2) Diluted earnings per share is calculated in accordance with the "if converted" method. This includes the add-back

of interest expense of RMB8,571 and RMB9,189 (US$1,383) related to the convertible senior notes to the numerator

of non-GAAP adjusted net income attributable to 51job for the three months ended June 30, 2015 and 2016,

respectively. The maximum number of 4,035,672 potentially converted shares related to the convertible senior notes

was added to the denominator of diluted common shares for the three months ended June 30, 2015 and 2016.

(3) Diluted earnings per share is calculated in accordance with the "if converted" method. This includes the add-back

of interest expense of RMB17,180 and RMB18,326 (US$2,757) related to the convertible senior notes to the numerator

of non-GAAP adjusted net income attributable to 51job for the six months ended June 30, 2015 and 2016,

respectively. The maximum number of 4,035,672 potentially converted shares related to the convertible senior notes

was added to the denominator of diluted common shares for the six months ended June 30, 2015 and 2016.

 

 

51job, Inc.

Consolidated Balance Sheets





As of



December 31,
2015


June 30,
2016


June 30,
2016

(In thousands, except share and per share data)

(unaudited)


(unaudited)


(unaudited)



RMB


RMB


US$ (Note 1)








ASSETS













Current assets:







Cash

1,125,352


1,083,583


163,045


Restricted cash

13,059


232


35


Short-term investments

3,825,547


4,258,975


640,842


Accounts receivable (net of allowance of RMB3,290







  and RMB3,259 as of December 31, 2015 and







  June 30, 2016, respectively)

97,880


72,969


10,980


Prepayments and other current assets

496,715


622,599


93,682


Deferred tax assets, current

1,745


1,462


220








Total current assets

5,560,298


6,039,820


908,804








Non-current assets:







Long-term investments

22,800


23,500


3,536


Property and equipment, net

559,404


541,435


81,469


Goodwill

217,394


217,394


32,711


Intangible assets, net

56,105


77,123


11,605


Other long-term assets

5,578


9,562


1,439


Deferred tax assets, non-current

683


772


116








Total non-current assets

861,964


869,786


130,876








Total assets

6,422,262


6,909,606


1,039,680








LIABILITIES AND EQUITY













Current liabilities:







Accounts payable

24,096


35,662


5,366


Salary and employee related accrual

84,185


66,158


9,955


Taxes payable

114,162


94,731


14,254


Advance from customers

563,621


661,743


99,572


Convertible senior notes, current

-


1,163,969


175,141


Other payables and accruals

349,974


351,940


52,955








Total current liabilities

1,136,038


2,374,203


357,243








Non-current liabilities:







Deferred tax liabilities, non-current

34,785


50,451


7,591


Convertible senior notes, non-current

1,108,877


-


-


Other long-term payables

8,450


-


-








Total non-current liabilities

1,152,112


50,451


7,591








Total liabilities

2,288,150


2,424,654


364,834








Shareholders' equity:







Common shares (US$0.0001 par value: 500,000,000







  shares authorized, 58,944,631 and 59,484,700







  shares issued and oustanding as of December 31,







  2015 and June 30, 2016, respectively)

48


49


7


Additional paid-in capital

1,052,788


1,149,326


172,938


Statutory reserves

13,232


13,232


1,991


Accumulated other comprehensive income

2,422


2,715


409


Retained earnings

3,056,552


3,311,098


498,217








Total 51job, Inc. shareholders' equity

4,125,042


4,476,420


673,562








Non-controlling interests

9,070


8,532


1,284








Total equity

4,134,112


4,484,952


674,846








Total liabilities and equity

6,422,262


6,909,606


1,039,680















Note (1):  The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of

RMB6.6459 to US$1.00 on June 30, 2016 in New York for cable transfers of Renminbi as set forth in the H.10

weekly statistical release of the Federal Reserve Board.

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/51job-inc-reports-second-quarter-2016-financial-results-300309079.html

SOURCE 51job, Inc.

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