Exceed Company Ltd. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
Revenue was RMB 1,629.6 million (USD 269.2 million), representing a 31.6% year-over-year decrease. Operating profit was RMB 94.5 million (USD 15.6 million), representing a 59.2% year-over-year decrease. Net profit was RMB 65.5 million (USD 10.8 million), representing a 67.1% year-over-year decrease. Profit before tax for 2013 was RMB 93.3 million (USD 15.4 million), representing a decrease of 59.6% from RMB 231.2 million for 2012. Profit for 2013 was RMB 65.5 million (USD 10.8 million), representing a decrease of 67.1% from RMB 198.9 million for 2012. For 2013, net cash inflow from operating activities was RMB 56.6 million (USD 9.4 million), which was primarily attributable to profit before tax of RMB 93.3 million (USD 15.4 million), an increase in trade payables of RMB 50.3 million (USD 8.3 million) and non-cash expenses in the amount of RMB 20.2 million (USD 3.3 million), including depreciation of property, plant and equipment, amortization of intangible assets and expense recognized in respect of equity-settled share-based payments, which was partially offset by an increase in trade receivables of RMB 59.3 million (USD 9.8 million) and PRC tax payment of RMB 20.5 million (USD 3.4 million). Profit before tax was RMB 93.343 million against RMB 231.155 million a year ago.