ChinaSoft International Announces 2011 Annual Results
BEIJING, HONG KONG and NEW YORK, March 26, 2012 /PRNewswire via COMTEX/ --
ChinaSoft International Limited (345. HK) (ChinaSoft International or Company) today released its 2011 Annual Results for the year ended December 31, 2011. According to its annual results announcement, the Company has achieved good performance in its overall operation, with multiple key performance indicators meeting or exceeding previous expectations of the Company. The enhancement in both its scale and efficiency further consolidates the leading position of ChinaSoft International as an end-to-end IT services provider. The summary of 2011 financial report is as follows:
(RMB'000) 2011 2010 Growth%
Revenue 2,243,754 1,601,211 40.10%
Service Revenue 1,959,885 1,374,424 42.60%
Gross Profit 729,491 513,204 42.10%
Segment Results 218,589 166,539 31.30%
EBITDA 293,184 200,836 46.00%
Non-GAAP Operating Profit* 323,380 233,687 38.40%
Non-GAAP Net Profit** 155,732 115,461 34.90%
Non-GAAP EPS **: RMB 0.1076
* Non-GAAP Operating Profit represents EBITDA excluding share option expenses, net foreign exchange loss (gain) and allowance for doubtful debts.
** Excluding P shares valuation, Impairment loss on goodwill, Gain arising from FV changes of contingent consideration payable on acquisition of business, and Loss on deemed disposal of associates.
As a large comprehensive software and information services provider, ChinaSoft International has been providing end-to-end services ranging from consulting, solution, and outsourcing to talent training. It serves many clients in various verticals including government, large enterprises, manufacturing and logistics, transportation, finance, banking, insurance, securities industries, telecommunication, high-tech as well as public services.
According to its annual results announcement, ChinaSoft International recorded 2011 service revenue of RMB1.96 billion, an increase of 42.6% comparing to year 2010. Gross profit was RMB729 million, up 42.1% YoY. The segment results reached RMB219 million with the 31.3% YoY increase. And the EBITDA increased 46.0% to RMB293 million in 2011. Since its listing in the Hong Kong GEM board, the Company has recorded 38% compound annual rate growth in its revenue and 55% compound increase in services revenue. As of December 31, 2011, the Company had 14,496 employees.
Thanks to the continuous organic growth of its existing businesses and the expansion of new businesses, ChinaSoft International recorded strong performance and rapid growth in all its major businesses in 2011. Service revenue from government and manufacturing business line increased to RMB580 million, representing an increase of 59.0% compared to year 2010; service revenue from BFSI increased by 28.9% YoY to RMB352 million; service revenue from IT outsourcing was RMB959 million, up 40.5% YoY; service revenue from training business increased by 27.4% to RMB69 million.
In 2011, on its third "Strategic Day", ChinaSoft International determined its strategic deployment to adjust organization structure, integrate business resources, establish excellence operation system and prepare and build three main business groups, i.e., Professional Service Group, Outsourcing Service Group and Emerging Service Group. The goal of setting up delivery centers in third-tier cities as stated in its "Three-Year Strategic Development Plan (2010-2012)" achieved breakthrough progress, and the ten-thousand people R&D and delivery base of ChinaSoft International will soon be established in the new software park of the Hi-tech Development Area in Xi'an.
For ChinaSoft International, 2011 was not only a year of building its strategic system; it was also a flourishing year of strategic cooperation. Its collaboration with Microsoft was deepened when Microsoft converted all the preferred shares to common shares, which demonstrated Microsoft's confidence in its further cooperation with ChinaSoft International. Besides, ChinaSoft International introduced Hony Capital (a PE fund sponsored by Legend Holdings Limited) as its strategic investors and formed strategic cooperation partnership. Leveraging Hony Capital's brand name, industry recognition and capital market resources, Chinasoft International will act as the platform to consolidate information services industry. Dr. Chen Yuhong, Chairman of the Board of ChinaSoft International said, "The introduction of Hony Capital as our largest substantial shareholder would be the Company's 'magic cudgel', which will support the management to run and focus on the business, support the Company to engage in acquisition and merger at home and abroad, and become a powerful backing to fuel the market deployment of the Company. Meanwhile, enterprises associated with Legend and Hony Capital are themselves word-class companies, which in return are the best targets for the Company in exploring its cornerstone customers."
Looking ahead in 2012, ChinaSoft International will embrace a new historical opportunity: signing a joint venture agreement with Huawei for building a flagship software outsourcing company. ChinaSoft International will start from being Huawei's eminent supplier to build an excellent operation system featuring strategic planning, quality management, project management, customer satisfaction etc., such that our organization and flow, quality system and human resources system are aligned strictly with those of Huawei, in order to become its most reliable strategic cooperation partner in respect of the outsourcing services.
Along with the acceleration of industrial transformation and services upgrades in Mainland China, ChinaSoft International will further consolidate its industrial leadership by enhancing its capabilities in consulting driven enterprise-level application services, information integration based on self-owned Intellectual Property middleware, software outsourcing based on cloud computing, database center operation and extension services among others.
For more information related to annual result, please click:http://www.hkexnews.hk/listedco/listconews/advancedsearch/search_active_main.asp
Or visit the official website of ChinaSoft International:http://www.chinasofti.com/cms/cms/website/csienglish/csi/notice.jsp?channelId=270&siteId=2
About ChinaSoft International Limited, "CSI" (354.HK)
Founded in 2000, ChinaSoft International Limited is a listed company in Hong Kong Exchange with its code of 354.HK. It is a large Chinese comprehensive software and information services provider, ranging from end to end services of consulting, solution, outsourcing and talent training. It serves clients including government, manufacturing, finance, telecommunication, high-tech, transportation as well as energy. It provides global services to over 100 multinational companies with 15,000 employees located worldwide based in 25 cities including mainland China, Hong Kong, Princeton, Seattle, London, Tokyo and etc. For more information, please visit www.chinasofti.com.
SOURCE ChinaSoft International Ltd.
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