AirMedia Granted Wi-Fi Concession Right on Ordinary Trains Operated by Shanghai Railway Bureau

BEIJING, April 9, 2015 /PRNewswire/ — AirMedia Group Inc. (“AirMedia” or the “Company”) (Nasdaq: AMCN), a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers, today announced that Guangzhou Meizheng Advertising Co., Ltd. (“Meizheng”), one of its consolidated entities in which AirMedia has 63.2% of the equity interest, has recently won a bidding and has entered into a concession agreement (the “Concession Agreement”) with Shanghai Railway Culture and Advertising Development Co., Ltd., pursuant to which Meizheng has been granted the exclusive right to install and operate Wi-Fi systems on ordinary trains operated by Shanghai Railway Bureau. As of the time of execution of the Concession Agreement, Shanghai Railway Bureau had 147 groups of ordinary trains.

Shanghai Railway Bureau had 275 million passengers on its high-speed trains and 175 million passengers on its ordinary trains in 2014.

Before obtaining the aforementioned concession right, AirMedia was granted concession rights to install and operate Wi-Fi systems on the high-speed trains operated by Beijing Railway Bureau, Shanghai Railway Bureau and Guangzhou Railway (Group) Corporation, with which AirMedia established a leading position in Wi-Fi services on high-speed trains in China, in terms of the number of high-speed trains on which it has concession rights to operate on-train Wi-Fi systems. In addition, AirMedia also holds the concession rights to install and operate Wi-Fi systems on ordinary trains operated by Xinjiang Railway Bureau.

“In addition to the developments we have made on high-speed trains, we also intend to obtain a leading position in Wi-Fi services on ordinary trains in China. We believe there will be tremendous business opportunities when hundreds of millions of passengers use our Wi-Fi services when they travel. We have been doing technical test of Wi-Fi services on ordinary trains operated by Xinjiang Railway Bureau since late January 2015. With the test results and experience, we expect to install and operate Wi-Fi services on more ordinary trains and high-speed trains in 2015, as well as to start monetizing this unique Wi-Fi gateway and platform,” commented Mr. Herman Guo, chairman and chief executive officer of AirMedia.

About AirMedia Group Inc.

AirMedia Group Inc. (Nasdaq: AMCN) is a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers. AirMedia operates the largest digital media network in China dedicated to air travel advertising. AirMedia operates digital frames in most of the 30 largest airports in China. In addition, AirMedia sells advertisements on the routes operated by seven airlines, including the four largest airlines in China. In selected major airports, AirMedia also operates traditional media platforms, such as billboards and light boxes, and other digital media, such as mega-size LED screens.

In addition, AirMedia has obtained exclusive contractual concession rights until the end of 2020 to develop and operate outdoor advertising platforms at Sinopec’s service stations located throughout China.

For more information about AirMedia, please visit http://www.airmedia.net.cn.

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,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “confident” and similar statements. Among other things, the Business Outlook section and the quotations from management in this announcement, as well as AirMedia Group Inc.’s strategic and operational plans, contain forward-looking statements. AirMedia may also make written or oral forward-looking statements in its 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. Statements that are not historical facts, including statements about AirMedia’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to: if advertisers or the viewing public do not accept, or lose interest in, AirMedia’s air travel advertising network, AirMedia may be unable to generate sufficient cash flow from its operating activities and its prospects and results of operations could be negatively affected; AirMedia derives most of its revenues from the provision of air travel advertising services, and any slowdown in the air travel advertising industry in China may materially and adversely affect its revenues and results of operations; AirMedia’s strategy of expanding its advertising network by building new air travel media platforms and expanding into traditional media in airports may not succeed, and its failure to do so could materially reduce the attractiveness of its network and harm its business, reputation and results of operations; if AirMedia does not succeed in its expansion into gas station, in-flight internet services and in-air multimedia platform or other outdoors media advertising, its future results of operations and growth prospects may be materially and adversely affected; if AirMedia’s customers reduce their advertising spending or are unable to pay AirMedia in full, in part or at all for a period of time due to an economic downturn in China and/or elsewhere or for any other reason, AirMedia’s revenues and results of operations may be materially and adversely affected; AirMedia faces risks related to health epidemics, which could materially and adversely affect air travel and result in reduced demand for its advertising services or disrupt its operations; if AirMedia is unable to retain existing concession rights contracts or obtain new concession rights contracts on commercially advantageous terms that allow it to operate its advertising platforms, AirMedia may be unable to maintain or expand its network coverage and its business and prospects may be harmed; a significant portion of AirMedia’s revenues has been derived from the six largest airports and four largest airlines in China, and if any of these airports or airlines experiences a material business disruption, AirMedia’s ability to generate revenues and its results of operations would be materially and adversely affected; AirMedia’s limited operating history makes it difficult to evaluate its future prospects and results of operations; and other risks outlined in AirMedia’s filings with the U.S. Securities and Exchange Commission. AirMedia does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Contact:
Raymond Huang
Senior Director of Investor Relations
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@airmedia.net.cn

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/airmedia-granted-wi-fi-concession-right-on-ordinary-trains-operated-by-shanghai-railway-bureau-300063480.html

eHi Car Services Announces Fourth Quarter and Full Year 2014 Results

SHANGHAI, April 1, 2015 /PRNewswire/ — eHi Car Services Limited (“eHi” or the “Company”) (NYSE: EHIC), a leading car rentals and car services provider in China, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2014. In November 2014, eHi completed its initial public offering of 10,000,000 American depositary shares (“ADSs”), each representing two Class A common shares of the Company, on the New York Stock Exchange along with private placements concurrent with the offering.

Fourth Quarter 2014 Highlights

  • Net revenues increased 56.6% year over year, from RMB157.4 million for the fourth quarter of 2013 to RMB246.5 million (US$39.7 million[1]) for the fourth quarter of 2014

Three months ended December 31,

Year-Over-Year

(RMB ‘000)

2013

2014

Comparison

Car rentals

103,418

175,728

70.0%

Car services

53,980

70,784

31.1%

Total Net Revenues

157,398

246,512

56.6%

  • Non-GAAP adjusted EBITDA[2] was up 95.4% year over year, from RMB36.9 million for the fourth quarter of 2013 to RMB72.0 million (US$11.6 million) for the fourth quarter of 2014
  • Non-GAAP adjusted EBITDA margin increased from 23.4% for the fourth quarter of 2013 to 29.2% for the fourth quarter of 2014
  • Net loss increased from RMB28.5 million for the fourth quarter of 2013 to RMB45.5 million (US$7.3 million) for the fourth quarter of 2014
  • Total period-end fleet size[3] increased by 70.4% year over year, from 11,586 vehicles as of December 31, 2013 to 19,746 vehicles as of December 31, 2014
  • Average available fleet size[4] increased by 70.1% year over year, from 10,875 vehicles for the fourth quarter of 2013 to 18,499 vehicles for the fourth quarter of 2014
  • Total fleet RevPAC[5] increased from RMB157 for the fourth quarter of 2013 to RMB164 for the fourth quarter of 2014
  • Fleet utilization rate[6] for car rentals maintained at 73.1% for the fourth quarter of 2013 and 2014

[1]

The Company’s business is conducted in China and substantially all of its revenues are denominated in Renminbi (RMB). However, this earnings announcement contains translations of RMB amounts into U.S. dollars (US$) at a rate of US$1.00 equal to RMB6.2046 solely for the convenience of the reader.

[2]

Non-GAAP adjusted EBITDA is defined as net income or loss before depreciation and amortization, share-based compensation, interest expenses, interest income and provision for income taxes. For more information, refer to “About Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

[3]

“Period-end fleet size” refers to the aggregate number of vehicles in the Company’s car rentals and car services fleets as of the last day of a given period to which the Company holds legal title, including vehicles that the Company has written off in accordance with its accounting policy and vehicles that are currently missing but have not been written off.

[4]

“Average available fleet size” is calculated by dividing the aggregate number of days in which the Company’s fleet was in operation during a given period by the total number of days during the same period. In determining the size of the Company’s fleet in operation, eHi includes all vehicles in its car rentals and car services fleets except for vehicles that have been written off in accordance with its accounting policy and vehicles that have not been consistently made available for rent and that which it may consider to dispose when appropriate opportunities arise.

[5]

“RevPAC” refers to average daily net revenue per available car, which is calculated by dividing the net revenues during a given period by the aggregate number of days in which the Company’s fleet was in operation during the same period.

[6]

“Fleet utilization rate” refers to the aggregate transaction days for the Company’s car rental fleet during a given period divided by the aggregate days the car rental fleet was in operation during the same period.

Full Year 2014 Highlights

  • Net revenues increased 50.3% year over year, from RMB566.4 million for the full year of 2013 to RMB851.2 million (US$137.2 million) for the full year of 2014

Year ended December 31,

Year-Over-Year

(RMB ‘000)

2013

2014

Comparison

Car rentals

377,013

598,792

58.8%

Car services

189,381

252,373

33.3%

Total Net Revenues

566,394

851,165

50.3%

  • Non-GAAP adjusted EBITDA was up 175.7% year over year, from RMB102.1 million for the full year of 2013 to RMB281.4 million (US$45.4 million) for the full year of 2014
  • Non-GAAP adjusted EBITDA margin increased from 18.0% for the full year of 2013 to 33.1% for the full year of 2014
  • Net loss decreased from RMB152.2 million for the full year of 2013 to RMB93.1 million (US$15.0 million) for the full year of 2014
  • Average available fleet size increased by 57.8% year over year, from 9,937 vehicles for the full year of 2013 to 15,681 vehicles for the full year of 2014
  • Total fleet RevPAC increased from RMB156 for the full year of 2013 to RMB165 for the full year of 2014
  • Fleet utilization rate for car rentals improved from 70.5% for the full year of 2013 to 71.8% for the full year of 2014

Mr. Ray Zhang, eHi’s Chairman and Chief Executive Officer, said, “Our fourth quarter and full year 2014 results reflect the continued and rapid overall expansion of our business, including our total fleet size increase and geographic expansion, while at the same time we maintained an industry leadership position in operating efficiency and fleet utilization. Our listing on the New York Stock Exchange in November 2014 served as an important milestone in our aggressive growth strategy and we continued to work closely with Enterprise, Ctrip and other strategic and business partners. We believe our complementary business model, proprietary technology platform and mobile and internet infrastructure provide us the operational flexibility to capture exciting opportunities and to remain at the forefront of this dynamic industry.”

Mr. Colin Sung, eHi’s Chief Financial Officer, said, “We exceeded our net revenue guidance for 2014 and made continued progress in increasing our operating leverage and improving our margins. Our efforts allowed us to continue to narrow our net loss on a year-over-year basis as we captured greater economies of scale from our business platform and growing car rentals and car services fleets.”

Fourth Quarter 2014 Financial Results

Net revenues for the fourth quarter of 2014 were RMB246.5 million (US$39.7 million), up 56.6% year over year, which was attributable to increases in net revenues from both car rentals and car services.

Revenues from car rentals for the fourth quarter of 2014 were RMB175.7 million (US$28.3 million), up 70.0% year over year, primarily driven by increases in the Company’s average available fleet size and average daily rental rate.

Revenues from car services for the fourth quarter of 2014 were RMB70.8 million (US$11.4 million), up 31.1% year over year, primarily driven by increased demand from the Company’s new and existing corporate customers.

Vehicle operating expenses for the fourth quarter of 2014 were RMB219.7 million (US$35.4 million), up 49.1% year over year, primarily due to increases in depreciation, insurance and store expenses.

Selling, general and administrative expenses for the fourth quarter of 2014 were RMB53.1 million (US$8.6 million), up 41.6% year over year, primarily due to employee related costs such as salaries, welfare expenses and share-based compensation.

Loss from operations for the fourth quarter of 2014 was RMB22.0 million (US$3.6 million), compared to loss from operations of RMB16.9 million for the fourth quarter of 2013.

Net loss for the fourth quarter of 2014 was RMB45.5 million (US$7.3 million), compared to net loss of RMB28.5 million for the fourth quarter of 2013.

Non-GAAP adjusted EBITDA for the fourth quarter of 2014 was RMB72.0 million (US$11.6 million), up 95.4% year over year, mainly due to the continuously increasing average available fleet size and slightly increased RevPAC. Non-GAAP adjusted EBITDA margin for the fourth quarter of 2014 was 29.2%, compared to 23.4% for the fourth quarter of 2013.

Full Year 2014 Financial Results

Net revenues for the full year of 2014 were RMB851.2 million (US$137.2 million), up 50.3% compared to the full year of 2013, primarily due to the Company’s increased fleet size, geographic expansion and increased demand from new and existing corporate customers.

Revenues from car rentals for the full year of 2014 were RMB598.8 million (US$96.5 million), up 58.8% compared to the full year of 2013, driven by increases in the Company’s average available fleet size and average daily rental rate.

Revenues from car services for the full year of 2014 were RMB252.4 million (US$40.7 million), up 33.3% compared to the full year of 2013, driven by increased demand from new and existing corporate customers.

Vehicle operating expenses for the full year of 2014 were RMB718.7 million (US$115.8 million), up 36.5% compared to the full year of 2013, primarily due to depreciation, labor, store and insurance expenses.

The Company disposed of 2,369 used vehicles during 2014 through various sales channels and recorded a loss of RMB0.5 million (US$0.1 million). The loss was recognized as an adjustment to the vehicle related depreciation expense as part of the Company’s vehicle operating expenses.

Selling, general and administrative expenses for the full year of 2014 were RMB167.4 million (US$27.0 million), up 9.5% compared to the full year of 2013, primarily due to employee related costs such as share-based compensation.

Loss from operations for the full year of 2014 was RMB17.9 million (US$2.9 million), compared to loss from operations of RMB99.4 million for the full year of 2013.

Net loss for the full year of 2014 was RMB93.1 million (US$15.0 million), compared to net loss of RMB152.2 million for the full year of 2013.

Non-GAAP adjusted EBITDA for the full year of 2014 was RMB281.4 million (US$45.4 million), up 175.7% compared to the full year of 2013. Non-GAAP adjusted EBITDA margin for the full year of 2014 was 33.1%, compared to 18.0% for the full year of 2013.

As of December 31, 2014, the Company’s cash and cash equivalents balance was RMB926.2 million (US$149.3 million).

Outlook

The Company estimates that its fiscal year 2015 net revenues will be in the range of RMB1.4 billion to RMB1.5 billion, which would represent an increase of approximately 64% to 76% from RMB851.2 million in 2014. The Company estimates that its total period-end fleet size as of December 31, 2015 will be in the range of 35,000 to 40,000 vehicles, which would represent an increase of approximately 77% to 103% from 19,746 vehicles as of December 31, 2014. This forecast reflects the Company’s current and preliminary view, which is subject to change.

Conference Call Information

The Company’s management will host an earnings conference call at 8:00 PM U.S. Eastern Time on April 1, 2015 (8:00 AM Beijing/Hong Kong time on April 2, 2015).

Dial-in details for the earnings conference call are as follows:

United States (toll free): 1-888-346-8982
International: 1-412-902-4272
Hong Kong: 852-3018-4992
Mainland China: 86-10-5357-3132

Participants should call in at least 5 minutes before the scheduled start time and ask to be connected to the “eHi Car Services call”.

Additionally, a live and archived webcast of the conference call will be available on the investor relations section of eHi’s website at http://ir.ehi.com.cn.

A replay of the conference call will be accessible by phone at the following numbers until April 12, 2015:

United States (toll free): 1-877-344-7529
International: 1-412-317-0088
Replay Access Code: 10062875

About eHi Car Services Limited

eHi Car Services Limited (NYSE: EHIC) is China’s No. 1 car services provider and No. 2 car rentals provider in terms of market share by revenues in 2013, according to Frost & Sullivan. The Company’s mission is to provide comprehensive mobility solutions as an alternative to car ownership by best utilizing existing resources and sharing economy to create optimal value. eHi distinguishes itself in China’s fast-growing car rental and car services market through its complementary business model, customer-centric corporate culture, broad geographic coverage, efficient fleet management, leading brand name, and commitment to technological innovation. eHi is the exclusive strategic partner in China of Enterprise, the largest car rental company in the world, and is the designated and preferred business partner of Ctrip, a leader in the online travel agency industry in China. For more information regarding eHi, please visit http://en.1hai.cn.

About Non-GAAP Financial Measures

To supplement its unaudited condensed consolidated financial statements which are presented in accordance with U.S. GAAP, the Company uses adjusted EBITDA as a non-GAAP financial measure. Adjusted EBITDA represents net income or loss before depreciation and amortization, share-based compensation, interest expenses, interest income and provision for income taxes. The Company’s management believes that adjusted EBITDA facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods. For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using adjusted EBITDA is that adjusted EBITDA excludes depreciation and amortization, share-based compensation, interest expenses, interest income and provision for income taxes that have been and will continue to be significant recurring portions of the Company’s business for the foreseeable future.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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,” “confident” and similar statements. eHi may also make written or oral forward-looking statements in its reports filed with or furnished to the SEC, 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. Any statements that are not historical facts, including statements about eHi’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: eHi’s goals and strategies; its future business development, financial condition and results of operations; its ability to achieve and sustain profitability; its heavy reliance on its proprietary technology platform; its ability to compete successfully against current and future competitors; its ability to sustain its growth rates and manage its expansion plan; its ability to dispose used vehicles at desirable prices or timing or through appropriate channels; its ability to raise sufficient capital to fund and expand its operations at a reasonable cost; various government policies on automobile control and purchase restrictions in certain Chinese cities; its ability to enhance its brand recognition and maintain a high level of customer satisfaction; its ability to control the losses resulting from customer violation of traffic rules; and its ability to obtain all of the requisite permits, licenses or making all of the requisite filings or registrations or meeting other regulatory requirements for operating car rentals and car services business in China. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is current as of the date of the press release, and eHi does not undertake any obligation to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

eHi Car Services Limited
Tel: +86 (21) 6468-7000 ext. 8742
E-Mail: ir@ehic.com.cn

Mr. Derek Mitchell
Ogilvy Financial
In the U.S.: +1 (646) 867-1888
In China: +86 (10) 8520-6139
E-mail: ehic@ogilvy.com

eHi Car Services Limited

Unaudited Condensed Consolidated Balance Sheets

December 31, 2013

December 31, 2014

December 31, 2014

RMB

RMB

USD

Unaudited

Unaudited

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

630,733,451

926,207,744

149,277,591

Restricted cash

30,247,232

192,758,072

31,066,962

Accounts receivable, net

63,907,848

111,885,971

18,032,745

Prepayments and other current assets

78,853,099

195,605,733

31,525,922

Total current assets

803,741,630

1,426,457,520

229,903,220

Cost method investment

152,975,000

24,655,095

Property and equipment, net

1,062,331,035

1,940,047,599

312,678,915

Intangible assets

29,977,317

38,246,326

6,164,189

Vehicle purchase deposits

119,172,859

174,184,628

28,073,466

Other non-current assets

11,199,026

23,728,439

3,824,330

Total assets

2,026,421,867

3,755,639,512

605,299,215

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY/(DEFICIT)

Current liabilities:

Accounts payable

6,554,239

5,487,316

884,395

Accrued expenses and other current liabilities

105,142,801

127,913,033

20,615,838

Income tax payable

2,137,874

2,095,273

337,697

Short-term borrowings

219,640,421

540,519,348

87,115,906

Total current liabilities

333,475,335

676,014,970

108,953,836

Long-term borrowings

375,726,271

713,232,869

114,952,272

Other non-current liabilities

350,000

Total liabilities

709,551,606

1,389,247,839

223,906,108

Mezzanine equity

Class A convertible redeemable preferred shares

295,199,496

Series A convertible redeemable preferred shares

68,146,852

Series B convertible redeemable preferred shares

327,058,282

Series C convertible redeemable preferred shares

575,422,644

Series D convertible redeemable preferred shares

377,488,481

Series E convertible redeemable preferred shares

630,205,581

Total mezzanine equity

2,273,521,336

Shareholders’ equity/(deficit)

Common shares

40,281

725,744

116,969

Additional paid-in capital

3,621,647,806

583,703,672

Accumulated other comprehensive income

6,582,044

1,144,629

184,481

Accumulated deficits

(963,273,400)

(1,257,126,506)

(202,612,015)

Total shareholders’ equity/(deficit)

(956,651,075)

2,366,391,673

381,393,107

Total liabilities, mezzanine equity and shareholders’ equity/(deficit)

2,026,421,867

3,755,639,512

605,299,215

eHi Car Services Limited

Unaudited Condensed Consolidated Statements of Comprehensive Loss

Three Months Ended December 31,

Year Ended December 31,

2013

2014

2014

2013

2014

2014

RMB

RMB

USD

RMB

RMB

USD

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Net revenues:

Car Rentals

103,418,500

175,728,385

28,322,275

377,013,398

598,792,396

96,507,816

Car Services

53,979,828

70,783,600

11,408,246

189,380,989

252,372,790

40,675,110

Total net revenues

157,398,328

246,511,985

39,730,521

566,394,387

851,165,186

137,182,926

Vehicle operating expenses

(147,363,877)

(219,695,738)

(35,408,526)

(526,446,044)

(718,699,414)

(115,833,319)

Selling and marketing expenses

(9,652,164)

(11,184,322)

(1,802,586)

(40,439,439)

(35,315,980)

(5,691,903)

General and administrative expenses

(27,845,926)

(41,924,320)

(6,756,974)

(112,416,394)

(132,125,421)

(21,294,752)

Other operating income

10,517,156

4,247,356

684,550

13,549,728

17,122,772

2,759,690

Total operating expenses

(174,344,811)

(268,557,024)

(43,283,536)

(665,752,149)

(869,018,043)

(140,060,284)

Loss from operations

(16,946,483)

(22,045,039)

(3,553,015)

(99,357,762)

(17,852,857)

(2,877,358)

Interest income

136,197

1,364,220

219,872

360,323

4,397,029

708,672

Interest expense

(11,078,230)

(24,559,008)

(3,958,194)

(50,880,171)

(76,937,649)

(12,400,098)

Other income (expense), net

(393,271)

(297,832)

(48,002)

(1,108,275)

(840,303)

(135,432)

Loss before income taxes

(28,281,787)

(45,537,659)

(7,339,339)

(150,985,885)

(91,233,780)

(14,704,216)

(Provision for)/Benefit from income taxes

(230,049)

17,712

2,855

(1,228,145)

(1,911,657)

(308,103)

Net Loss

(28,511,836)

(45,519,947)

(7,336,484)

(152,214,030)

(93,145,437)

(15,012,319)

Accretion on Series A convertible redeemable preferred
shares to redemption value

(40,952)

(10,510)

(1,694)

(4,008,032)

(69,598)

(11,217)

Accretion on Series B convertible redeemable preferred
shares to redemption value

(2,019,894)

(523,584)

(84,386)

(35,069,326)

(3,451,997)

(556,361)

Accretion on Series C convertible redeemable preferred
shares to redemption value

(19,880,154)

(12,006,629)

(1,935,117)

(74,328,662)

(75,476,317)

(12,164,574)

Accretion on Series D convertible redeemable preferred
shares to redemption value

(14,033,750)

(8,204,575)

(1,322,337)

(65,070,473)

(51,479,102)

(8,296,925)

Accretion on Series E convertible redeemable preferred
shares to redemption value

(7,094,798)

(16,639,646)

(2,681,824)

(7,094,798)

(97,696,064)

(15,745,747)

Accretion on Class A convertible redeemable preferred
share to redemption value

(5,563,627)

(3,520,886)

(567,464)

(5,563,627)

(22,601,694)

(3,642,732)

Deemed contribution from preferred shareholders at
extinguishment of convertible bonds

16,750,848

16,750,848

Deemed dividends to preferred shareholders at
extinguishment of convertible bonds and promissory notes

(44,163,640)

(44,163,640)

Modification of warrants

(1,021,523)

(1,021,523)

Net loss attributable to common shareholders

(105,579,326)

(86,425,777)

(13,929,306)

(371,783,263)

(343,920,209)

(55,429,875)

Net Loss

(28,511,836)

(45,519,947)

(7,336,484)

(152,214,030)

(93,145,437)

(15,012,319)

Changes in cumulative foreign currency translation adjustment, net of tax of nil

(1,379,395)

(5,577,863)

(898,988)

4,391,112

(5,437,415)

(876,352)

Comprehensive loss

(29,891,231)

(51,097,810)

(8,235,472)

(147,822,918)

(98,582,852)

(15,888,671)

Weighted average number of common shares used in computing net loss per share

Basic

6,096,842

58,074,838

58,074,838

6,096,842

19,198,145

19,198,145

Diluted

6,096,842

58,074,838

58,074,838

6,096,842

19,198,145

19,198,145

Net loss per share attributable to common shareholders

Basic

(17.32)

(1.49)

(0.24)

(60.98)

(17.91)

(2.89)

Diluted

(17.32)

(1.49)

(0.24)

(60.98)

(17.91)

(2.89)

eHi Car Services Limited

Reconciliation of GAAP and Non-GAAP Results

Three Months Ended December 31,

Year Ended December 31,

2013

2014

2014

2013

2014

2014

RMB

RMB

USD

RMB

RMB

USD

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Net Loss

(28,511,836)

(45,519,947)

(7,336,484)

(152,214,030)

(93,145,437)

(15,012,319)

Add/(Subtract)

Depreciation and amortization

52,902,477

90,827,154

14,638,680

196,321,328

287,443,066

46,327,413

Share-based compensation

1,291,236

3,519,868

567,300

6,206,213

12,681,141

2,043,829

Interest income

(136,197)

(1,364,220)

(219,872)

(360,323)

(4,397,029)

(708,672)

Interest expense

11,078,230

24,559,008

3,958,194

50,880,171

76,937,649

12,400,098

Provision for/(Benefit from) income taxes

230,049

(17,712)

(2,855)

1,228,145

1,911,657

308,103

Adjusted EBITDA

36,853,959

72,004,151

11,604,963

102,061,504

281,431,047

45,358,452

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ehi-car-services-announces-fourth-quarter-and-full-year-2014-results-300059520.html

Enterprise Acquires City Car Club

LONDON, April 1, 2015 /PRNewswire/ —

Reinforces position as leading UK mobility provider

Enterprise Rent-A-Car, the world’s largest vehicle rental business, today announced the acquisition of City Car Club, Britain’s biggest independent car sharing company. The purchase reinforces Enterprise’s capabilities as one of the UK’s leading providers of mobility solutions to individuals and businesses that require a vehicle for an hour, a day or for longer periods.

(Logo: http://photos.prnewswire.com/prnh/20141217/721266)

Already one of the UK’s largest ‘car sharing’ providers to the public sector under the Enterprise CarShare brand, the acquisition, for an undisclosed sum, strengthens Enterprise’s position as a leading player in the UK’s sharing economy.

Enterprise CarShare is currently operational across public sector organisations throughout the UK. With City Car Club being aimed at private and corporate renters, Enterprise will utilise the acquisition to support fast-growing demand for car sharing and mobility services amongst businesses as well as for leisure motoring.

The agreement covers all of City Car Club’s assets, including its 800+ vehicles, 45 employees and 30,000 members. Its vehicles are available to members 24 hours a day, seven days a week in 17 cities around the UK.

In the immediate short-term, the Enterprise CarShare and City Car Club businesses will continue to operate as two separate brands, with a view to creating a combined entity in the future.

Enterprise vice-president, Brian Swallow, said: “This is an exciting time for mobility businesses such as Enterprise. We see the acquisition of City Car Club as a way of extending our service to business and private motorists looking for flexible travel options.

“As a privately owned business City Car Club already shares many of our values – in particular, our enthusiasm for innovation that genuinely drives customer service and delivers against customer needs. City Car Club even uses the same type of in-car technology as Enterprise CarShare.

“Beyond the government’s stated aim to enhance the sharing economy, people and businesses are turning to rental as a simple and environmentally-responsible way of making journeys. Enterprise aims to provide all varieties of mobility and car sharing is an increasingly important part of the mix, particularly in cities.

“Currently the Enterprise CarShare service is targeted at business users and our data shows that this is as important a market for car sharing in the UK as demand from city dwellers. However, the acquisition of City Car Club allows us to offer that same level of service, flexibility and convenience to private renters as well.”

Enterprise brings extensive experience of private user car sharing from the US, where its membership-based Enterprise CarShare programme currently operates in universities, businesses and for individuals in cities across the country.

About Enterprise Rent-A-Car 

In the UK, Enterprise Rent-A-Car is a specialist in providing replacement vehicles and courtesy cars, which are relied upon in the event of an accident. Enterprise, with more than 7,000 offices in the UK, Germany, Ireland, France, Spain, the United States and Canada, also offers daily and weekend rental for private or business use.

St. Louis-based Enterprise Holdings, the largest car rental service provider in the world, operates the Enterprise Rent-A-Car brand through its regional subsidiaries. Enterprise started in the UK in 1994 and has rapidly expanded. Currently operating more than 370 locations across the UK, with over 4,000 employees, three quarters of the UK population are within five miles of an Enterprise location. 

For more information about Enterprise, visit http://www.enterprise.co.uk. For more information about Enterprise’s environmental stewardship and long-term commitment to the sustainability of its business, visit http://www.drivingfutures.co.uk.

Lara van den Bogaard
T: +44(0)20-3697-4368
E: lara.vandenbogaard@eraccomms.eu

Anil Haji
T: +44(0)7714-719-416
E: anil.haji@eraccomms.eu

Singapore To Host More Than 14,000 People From Over 60 Countries At Sea Asia 2015

SINGAPORE, April 1, 2015 /PRNewswire/ — Singapore is gearing up to host more than 14,000 participants from over 60 countries this month at Sea Asia 2015 — one of the region’s largest maritime conferences and leading forum for analysis and debate on the challenges and opportunities facing the sector.

Singapore Maritime Foundation (SMF) Chairman Mr. Michael Chia said this year’s Sea Asia is also an opportunity to recognise Singapore’s position as an international maritime centre and highlight the role the industry has played in the country’s growth.

“2015 is a big year with Singapore celebrating its 50th anniversary — a key milestone and opportunity to reflect on the sectors which have helped Singapore become what it is today.

“The maritime industry — which employs some 170,000 people in Singapore and contributes around 7 per cent of Singapore’s GDP — has played a key role in driving Singapore’s development and this trend is set to continue,” he said.

Estimates show that Singapore’s container throughput for 2014 achieved another record high – 33.9 million twenty-foot equivalent units (TEUs) — growing by 4 per cent from 2013. Vessel arrival tonnage also rose by 1.9 per cent last year to 2.37 billion gross tonnage (GT) and Singapore continues to be the world’s top bunkering port with 42.4 million tonnes sold in 2014.[i]

Singapore continues to cement its position as an international maritime centre and the increasing prominence of Sea Asia in the global maritime calendar demonstrates the country’s importance in addressing the sector’s challenges and opportunities,” he said. 

Seatrade Chairman Chris Hayman said the new realities facing the industry such as falling oil prices, an unstable Eurozone and the emergence of new cargo generators such as Africa will be discussed in depth at Sea Asia 2015.

“These developments provide opportunities and challenges for the sector. Falling oil prices, for example, provide real opportunities for the shipping industry to reduce operating costs while creating challenges for the oil and gas industry.”

“Sea Asia 2015 is a critical opportunity for the global maritime and offshore communities to congregate in Singapore and share insightful perspectives on these issues affecting the various industry segments,” said Mr. Hayman.

The Sea Asia 2015 conference and exhibition will be graced by Singapore’s Minister for Transport, Mr. Lui Tuck Yew.

Mr. Chia said: “Mr. Lui’s presence at Sea Asia 2015 is testament to the Government’s recognition of the significant role the maritime industry plays in Singapore’s continuing growth and development.

“It also shows the Government’s commitment and support to sustain our position as one of the world’s leading International Maritime Centres.”    

One of the key highlights of this year’s Sea Asia event is the Sea Asia Global Forum which will see Christian Clausen, President and Group Chief Executive Officer, Nordea Bank; Khalid Hashim, Managing Director, Precious Shipping Ltd; Tom Boardley, Marine Director, Lloyd’s Register and Vice President, UK Chamber of Shipping; Andreas Sohmen-Pao, Chairman, BW Group; and S.S. Teo, Managing Director, Pacific International Lines Pte Ltd discuss trends and issues impacting the maritime industry.  

Topics that will be debated include sustainability, shipping finance, demand for ships entering ports to be built locally and the re-alignment of trade in a post-recession world. The impact of oil prices on the industry will also be a key topic on the forum’s agenda.

Sea Asia 2015 will also feature the Offshore Marine Forum which brings industry experts together to debate the challenges and opportunities facing the region’s offshore marine sector against a backdrop of record revenues, orders and complex operating environments.

Among the topics that will be discussed at the Offshore Marine Forum include the manpower challenge facing the offshore marine sector, the need for more technically sophisticated vessels and the changing geography of exploration and production.

Mr. Hayman said: “We look forward to welcoming maritime leaders from around the globe to discuss pertinent maritime issues, growth opportunities in Asia and share thoughts on how to work with the different industry sectors to navigate the challenges we are all facing.”  

This year marks the fifth edition of Sea Asia which is co-organised by Seatrade and SMF. It will be held at the Marina Bay Sands Expo and Convention Centre from 21 — 23 April as part of Singapore Maritime Week.

For more information, please contact:

Sharon Chan
Email:   sharon.chan@bbspr.com.sg 
Mobile: +65 9759 9528
DID:     +65 6239 4107

About Sea Asia

Sea Asia, an international conference and exhibition for the maritime and offshore industries, is returning for the 5th edition from 21 to 23 April 2015 at the Marina Bay Sands®, Singapore. Sea Asia serves as a focal point for both the global and local maritime communities to network, explore new businesses, and showcase the latest maritime innovations, equipment and services. Co-organised by Seatrade and the Singapore Maritime Foundation, Sea Asia is an anchor event held in conjunction with the Singapore Maritime Week and is well-attended by the most influential and respected leaders in the industry. The 3-day Sea Asia conference will bring forth the latest discussion and debates on key trends, opportunities and challenges facing the maritime industry.

Sea Asia is supported by principal sponsors Anglo-Eastern Ship Management Ltd, DP World UAE Region, Executive Ship Management,  Lloyd’s Register, Neptune Orient Lines (NOL), Sohar Port & Freezone, as well as sponsors ABS, Admiralty, AXSMARINE, ClassNK, DNVGL, G Travel, Hempel, JTJB LLP, Keppel Offshore & Marine, LUKOIL Marine Lubricants,  M3 Marine Group Pte Ltd,  Mobil Industrial Lubricants, Pacific International Lines (Pte) Ltd, PANAMA MARITIME AUTHORITY, WORLDWIDE LEADER FLAG STATE, PSA Corporation Limited, QBE INSURANCE (INTERNATIONAL) LIMITED, Singtel, The Standard Club Asia Ltd, Veritas Petroleum Services, and Zamil Offshore.

For more information, please visit www.sea-asia.com.

About Seatrade

Seatrade provides a range of global events, websites and publications that covers every aspect of the cruise and maritime industries, bringing together key people to encourage innovation and to produce powerful learning, networking and promotional platforms.  Founded in 1970, Seatrade was acquired recently in 2014 by UBM, the world’s second largest media and event organiser.  Seatrade sits with the UBM EMEA, which connects people and creates opportunities for companies to develop new business, meet customers, launch new products, promote brands and expand markets. Operating in over 23 countries, UBM EMEA organizes many of the world’s largest, most important exhibitions, conferences, awards, directories, websites and publications in a wide variety of industries.

For full details about this event, visit www.sea-asia.com. Find out more about Seatrade and UBM, visit http://www.seatrade-global.com/seatrade-global-information/about-seatrade.html and http://ubmemea.com.

About the Singapore Maritime Foundation

Established in 2004, the Singapore Maritime Foundation (SMF) is a private sector-led organisation that seeks to develop and promote Singapore as an International Maritime Centre (IMC). As the representative voice for the commercial players of the maritime industry, SMF seeks to forge strong partnerships with the public and private sectors of the maritime industry. SMF spearheads initiatives to promote the diverse clusters of the maritime industry in Singapore and at international frontiers, and to attract young talents to join the sector. SMF is directed by its Board of Directors which comprises prominent leaders in the Singapore maritime community. For details, visit www.smf.com.sg.

Autohome Inc. Files Its 2014 Annual Report on Form 20-F

BEIJING, March 30, 2015 /PRNewswire/ — Autohome Inc. (NYSE: ATHM) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced it filed its annual report on Form 20-F for the fiscal year ended December 31, 2014 with the Securities and Exchange Commission (the “SEC”) on March 27, 2015. The annual report on Form 20-F, which contains the Company’s audited consolidated financial statements, can be accessed on the SEC’s website at http://www.sec.gov as well as through the Company’s investor relations website at http://ir.autohome.com.cn.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations Department, Autohome Inc., 10th Floor Tower B, CEC Plaza, 3 Dan Ling Street, Haidian District, Beijing, People’s Republic of China.

About Autohome Inc.

Autohome Inc. (NYSE: ATHM) is the leading online destination for automobile consumers in China. Through its two websites, autohome.com.cn and che168.com, the Company provides comprehensive, independent and interactive content to automobile buyers and owners. Autohome.com.cn ranked first among China’s automotive websites and automotive channels of internet portals in terms of average daily unique visitors, average daily time spent per user and average daily page views in 2014, according to iResearch, a third-party research firm. The Company’s ability to reach a large and engaged user base of automobile consumers has made Autohome the preferred platform for automakers and dealers to conduct their advertising campaigns. Automakers typically utilize its online advertising services for brand promotion, new model releases and sales promotions. Its dealer subscription services allow dealers to market their inventory and services through Autohome’s websites, extending the reach of their physical showrooms to potentially millions of internet users in China. For further information, please visit www.autohome.com.cn.

For investor and media inquiries, please contact:

Edith Kwan
Investor Relations
Autohome Inc.
Tel: +86-10-5987-1535
Email: ir@autohome.com.cn

Cara O’Brien
FTI Consulting, Inc.
Tel: +852-3768-4537
Email: cara.obrien@fticonsulting.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/autohome-inc-files-its-2014-annual-report-on-form-20-f-300057458.html

eHi Car Services to Report Fourth Quarter and Full Year 2014 Results after U.S. Markets Close on April 1, 2015

SHANGHAI, March 25, 2015 /PRNewswire/ — eHi Car Services Limited (“eHi” or the “Company”) (NYSE: EHIC), a leading car rentals and car services provider in China, today announced that it will report its unaudited financial results for the fourth quarter and the full year ended December 31, 2014 after U.S. markets close on April 1, 2015.

The Company’s management will host an earnings conference call at 8:00 PM U.S. Eastern Time on April 1, 2015 (8:00 AM Beijing/Hong Kong time on April 2, 2015).

Dial-in details for the earnings conference call are as follows:

United States (toll free): 1-888-346-8982
International: 1-412-902-4272
Hong Kong: 852-3018-4992
China: 86-10-5357-3132

Participants should call in at least 5 minutes before the scheduled start and ask to be connected to the “eHi Car Services call.”

Additionally, a live and archived webcast of the conference call will be available on the investor relations section of eHi’s website at http://ir.ehi.com.cn.

A replay of the conference call will be accessible by phone at the following numbers until April 12, 2015:

United States (toll free): 1-877-344-7529
International: 1-412-317-0088
Replay Access Code: 10062875

About eHi Car Services Limited

eHi Car Services Limited (NYSE: EHIC) is China’s No. 1 car services provider and No. 2 car rentals provider in terms of market share by revenues in 2013, according to Frost & Sullivan. The Company’s mission is to provide comprehensive mobility solutions as an alternative to car ownership by best utilizing existing resources and sharing economy to create optimal value. eHi distinguishes itself in China’s fast-growing car rental and car services market through its complementary business model, customer-centric corporate culture, broad geographic coverage, efficient fleet management, leading brand name, and commitment to technological innovation. eHi is the exclusive strategic partner in China of Enterprise, the largest car rental company in the world, and is the designated and preferred business partner of Ctrip, a leader in the online travel agency industry in China. For more information regarding eHi, please visit http://en.1hai.cn.

For investor and media inquiries, please contact:

eHi Car Services Limited
Tel: +86 (21) 6468-7000 ext. 8742
E-Mail: ir@ehic.com.cn

Mr. Derek Mitchell
Ogilvy Financial
In the U.S.: +1 (646) 867-1888
In China: +86 (10) 8520-6139
E-mail: ehic@ogilvy.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ehi-car-services-to-report-fourth-quarter-and-full-year-2014-results-after-us-markets-close-on-april-1-2015-300055214.html

Enterprise Holdings and Redspot Join Forces in Australia & New Zealand

ST. LOUIS, March 24, 2015 /PRNewswire/ — Enterprise Holdings – the largest car rental company in the world – has appointed Redspot, Australia’s largest family-owned car rental company, as its franchise partner in Australia and New Zealand.

“We see tremendous opportunity in Australia, where the addition of a new player that’s truly focused on customer service will create healthy competition for customer loyalty,” said Peter A. Smith, Vice President of Global Franchising for Enterprise Holdings, which owns and operates the National Car Rental, Alamo Rent A Car and Enterprise Rent-A-Car brands.

Enterprise Holdings, through its regional subsidiaries, operates the largest fleet of vehicles in the world – approximately 1.5 million – and a global network of more than 8,600 neighborhood and airport locations in more than 70 countries. Its Enterprise, National and Alamo brands will become operational later this year through the Redspot network at all major Australian airports, including the international gateways of Sydney, Melbourne, Brisbane and Perth, as well as in key city centers. New Zealand operations will come online in 2016.

Enterprise Holdings and Redspot will launch an aggressive development plan for both markets in order to meet the total transportation needs of domestic and international renters.

“This expansion is the latest milestone in our Asia-Pacific growth strategy,” Smith noted.  “We’re careful to choose franchise partners like Redspot who not only have a history of success, but also share our values and commitment to customer service.”

Founded in 1989, Redspot is a leader and innovator in Australia’s car rental industry. “This partnership is a natural fit for us,” said Dan Mekler, Managing Director and founder of Redspot. “Both Enterprise Holdings and Redspot started from a single location, fueled by an entrepreneurial spirit and an unwavering focus on meeting customer needs. Together, we’ll continue to put travelers first, no matter what their destination is.”

This relationship marks Enterprise Holdings’ entry into the Australian and New Zealand markets. Enterprise Holdings ranks near the top of the travel industry, ahead of many airlines and most cruise lines, hotels, tour operators and online travel agencies. The company’s long-term expansion strategy is focused on building a global network that delivers value, choice and outstanding customer service to business and leisure travelers.

For more information on Enterprise Holdings, visit www.enterpriseholdings.com.

About Enterprise Holdings
Enterprise Holdings – the largest car rental company in the world as measured by revenue, fleet and employees – operates a global network of more than 8,600 neighborhood and airport locations under the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands. In addition, Enterprise Holdings and its affiliate Enterprise Fleet Management together offer a total transportation solution, including extensive car rental and car-sharing services, commercial truck rental, corporate fleet management and retail car sales. Combined, these businesses accounted for $17.8 billion in revenue, employed 83,000 and operated 1.5 million vehicles throughout the world in fiscal year 2014

Enterprise Holdings currently is ranked as one of America’s Largest Private Companies. Furthermore, if it were publicly traded, Enterprise Holdings would rank on Fortune‘s list of the 500 largest American public companies. Enterprise Holdings, through its regional subsidiaries, operates more than 6,000 fully staffed offices in the U.S. – almost 70 percent more than its nearest competitor – and all located within 15 miles of 90 percent of the U.S. population. In addition, Enterprise Holdings not only accounts for the largest airport market share in the U.S., but its domestic rental fleet also is one of the newest in the industry. The company’s affiliate, Enterprise Fleet Management, provides full-service fleet management to companies and organizations with medium-sized fleets. Other transportation services marketed under the Enterprise brand name include Enterprise CarShare, Enterprise Rideshare, Enterprise Car Sales, Enterprise Truck Rental and Zimride by Enterprise. For more information about Enterprise Holdings, visit www.enterpriseholdings.com.

About Redspot
Redspot is a wholly Australian, privately owned and managed car rental company, which operates a network of on-airport and downtown locations across Australia. Redspot is known for its Top Dog all-inclusive car rental rate, friendly efficient service and quality fleet. For more information about Redspot, visit www.redspot.com.au

This press release and car rental industry news are available in the Enterprise Holdings Press Room.

Logo – http://photos.prnewswire.com/prnh/20130730/MM55552LOGO-a