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SEC Filings

20-F
IKANG HEALTHCARE GROUP, INC. filed this Form 20-F on 08/10/2018
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We continually review our investments in equity investees to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors that we consider in our determination are the length of time that the fair value of the investment is below our carrying value; the financial condition, operating performance and the prospects of the equity investee; and other specific information such as recent financing rounds. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity investee is written down to fair value. We estimate the fair value of these investee companies based on discounted cash flow approach which requires significant judgments, including the estimation of future cash flows, which is dependent on internal forecasts, the estimation of long-term growth rate of a company’s business, the estimation of the useful life over which cash flows will occur, and the determination of the weighted average cost of capital.

 

Available-for-sale Investments

 

Investments in investees’ equity interests that are determined to be available-for-sale investments are carried at their fair values and the unrealized gains or losses from the changes in fair values are included in accumulated other comprehensive income.

 

Results of Operations

 

The following table sets forth a summary of our consolidated results of operations, both in absolute amounts and as a percentage of our net revenues for the periods indicated. This information should be read together with our consolidated financial statements and related notes included elsewhere in this annual report. Our limited operating history makes it difficult to predict our future operating results. We believe that the period-to-period comparison of operating results should not be relied upon as being indicative of our future performance.

 

 

 

For the years ended March 31,

 

 

 

2016

 

2017

 

2018

 

 

 

Amount

 

% of net
revenues

 

Amount

 

% of net
revenues

 

Amount

 

% of net
revenues

 

 

 

(U.S. dollars in thousands, except percentages)

 

Net revenues

 

370,812

 

100.0

 

435,713

 

100.0

 

563,932

 

100.0

 

Cost of revenues

 

210,909

 

56.9

 

262,134

 

60.2

 

325,656

 

57.7

 

Gross profit

 

159,903

 

43.1

 

173,579

 

39.8

 

238,276

 

42.3

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

64,763

 

17.5

 

74,304

 

17.1

 

96,594

 

17.1

 

General and administrative expenses

 

65,422

 

17.6

 

82,783

 

19.0

 

126,255

 

22.4

 

Research and development expenses

 

3,716

 

1.0

 

3,194

 

0.7

 

3,055

 

0.5

 

Income from operations

 

26,002

 

7.0

 

13,298

 

3.1

 

12,372

 

2.2

 

Loss from forward contracts

 

 

 

 

 

 

 

Interest expense

 

(4,603

)

1.2

 

(13,880

)

3.2

 

(20,191

)

3.6

 

Interest income

 

785

 

0.2

 

939

 

0.2

 

382

 

0.1

 

Other income

 

1,874

 

0.5

 

 

 

 

 

Income/(loss) before provision for income taxes and gain/(loss) from equity method investments

 

24,058

 

6.5

 

357

 

0.1

 

(7,437

)

1.3

 

Income tax expenses

 

5,838

 

1.6

 

3,354

 

0.8

 

6,791

 

1.2

 

Income/(loss) before gain/(loss) from equity method investments

 

18,220

 

4.9

 

(2,997

)

0.7

 

(14,228

)

2.5

 

Gain/(loss) from equity method investments

 

(1,732

)

0.5

 

(9,547

)

2.2

 

(2,448

)

0.4

 

Net income/(loss)

 

16,488

 

4.4

 

(12,544

)

2.9

 

(16,676

)

3.0

 

Less: Net income/(loss) attributable to non-controlling interest

 

(1,837

)

0.5

 

(1,293

)

0.3

 

633

 

0.1

 

Net income/(loss) attributable to iKang Healthcare Group, Inc.

 

18,325

 

4.9

 

(11,251

)

2.6

 

(17,309

)

3.1

 

 

78



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