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Youku.com Announces Fourth Quarter and Fiscal Year 2010 Unaudited Financial Results

BEIJING Feb. 28, 2011 China December 31, 2010

Fourth Quarter Highlights(1)

  • RMB152.5 million US$23.1 million
  • RMB50.4 million US$7.6 million RMB5.2 million $0.8 million
  • RMB37.7 million US$5.7 million
  • RMB6.4 million US$1.0 million RMB31.6 million US$4.8 million

Fiscal Year 20 10 Highlights

  • RMB387.1 million US$58.7 million
  • RMB36.3 million US$5.5 million RMB63.1 million $9.6 million
  • RMB204.7 million US$31.0 million
  • RMB99.5 million US$15.1 million RMB134.5 million US$20.4 million

China Victor Koo

China China

"More and more domestic and international companies appreciate the strength of our video platform as an advertising opportunity, and we believe that the outlook for 2011 is promising," Mr. Koo added.  

Dele Liu, Youku’s Senior Vice President and Chief Financial Officer, commented, "Riding on the shifting of video advertising dollars online, we have achieved strong revenue growth momentum and significant margin improvement. These results have further added to our optimism and confidence that the right company strategy is to invest aggressively in future growth through investment in content, technology, product innovation and brand."

F ourth Quarter 20 10 Results

N et revenues RMB152.5 million US$23.1 million RMB139.4 million US$21.1 million

Bandwidth costs RMB51.7 million US$7

Content costs RMB26.2 million US$4

G ross profit RMB50.4 million US$7.6 million RMB5.2 million US$0.8 million

O perating expenses RMB59.0 million US$8.9 million RMB37.6 million

Operating loss RMB8.6 million US$1.3 million

Net loss RMB37.7 million US$5.7 million Basic and diluted loss per ADS (3) RMB0.89 (US$0.13) RMB0.89 (US$0.13)

Adjusted net loss RMB6.4 million US$1.0 million

Adjusted EBITDA RMB6.4 million US$1.0 million RMB31.6 million US$4.8 million

Full-Year 2010 Resul t s

N et revenues RMB387.1 million US$58.7 million RMB356.9 million US$54.1 million

Bandwidth costs RMB191 US$29

Content costs RMB82 US$12

G ross profit RMB36.3 million US$5.5 million RMB63.1 million US$9.6 million

Operating expenses RMB190.6 million US$28.9 million RMB112.2 million US$17.0 million

Operating loss RMB154.3 million US$23.4 million

Net loss RMB204.7 million US$31.0 million

Basic and diluted loss per ADS RMB7.90 (US$1.2) RMB7.90 (US$1.2)

Adjusted net loss RMB148.4 million US$22.5 million

Adjusted EBITDA loss RMB99.5 million US$15.1 million

Business Outlook

For the first quarter of 2011, the Company expects the year-on-year net revenues growth at a rate of 105% to 115%. This forecast reflects Youku’s current and preliminary view, which is subject to change.

Conference Call Information

8:00 p.m. February 28, 2011 9:00 a.m. Beijing March 1, 2011

Interested parties may participate in the conference call by dialing one of the following numbers below and entering passcode Youku#, 10-15 minutes before the call starts.

US Toll Free Dial In: 1 866 700 6293

US Toll / International Dial In: 1 617 213 8835

China Toll: 86-4008811629/30

China (Telecom) Toll Free: 108001300399

Hong Kong Toll / International Dial In:  852 3002 1672

Participant Passcode : Youku#

March 15, 2011

http://ir.youku.com

About Youku

China

Safe Harbor Statement

China China

About Non-GAAP Financial Measures

To supplement Youku’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Youku uses the following measures defined as non-GAAP financial measures by the SEC in evaluating its business: adjusted net loss and adjusted EBITDA.  We define adjusted net loss as net loss excluding share-based compensation expenses and change in fair value of derivative financial liabilities and warrant liability. We define adjusted EBITDA as net income or loss before income taxes, interest expenses, interest income, depreciation and amortization (excluding amortization of purchased contents), further adjusted for change in fair value of derivative financial liabilities and warrant liability, share-based compensation expenses and other non-operating items. We present non-GAAP financial measures because they are used by our management to evaluate our operating performance. We also believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as our management and in comparing financial results across accounting periods and to those of our peer companies.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP financial measures" at the end of this release.

( 1) The reporting currency of the Company is Renminbi ("RMB"), but for the convenience of the reader, the amounts presented throughout the release are in US dollars ("US$"). Unless otherwise noted, all transactions from RMB to US$ are made at a rate of RMB6.60 00 to US$1.00, the effective noon buying rate as of December 31, 2010 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

( 2) The Company s net revenues are presented net of commissions earned by third-party advertising agencies, which amounted to RMB86.6 million (US$13.1 million) in 2010 and RMB37.9 million in 2009.

(3) Each ADS represents eighteen (18) Class A ordinary shares.

Investor Relations:

Ryan Cheung

Corporate Finance Director

Youku.com Inc.

Tel: (+8610) 5885-1881 x6090

Email: [email protected]

Caroline Straathof

IR Inside

Tel: (+31) 6-54624301

Email: [email protected]

Media Relations :

Jean Shao

Director, International Public Relations

Youku.com Inc.

Tel: (+8610) 5885-1881 x7128

Email: [email protected]

YOUKU.COM INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$"), except for  number of shares, ADS, per share and per ADS information)

 

December  31,
2009

 

December  31,
2010

 

December  31,
2010

 

 

 

RMB

 

RMB

 

US$

 

 

(Audited)

 

(Unaudited)

 

(Unaudited)

ASSETS

Current assets:

 

Cash and cash equivalents

 

301,608

 

1,811,423

 

274,458

 

Restricted cash

 

 

 

 

Short-term investment

 

 

 

 

Accounts receivable, net

 

74,960

 

216,245

 

32,764

 

Intangible assets

 

5,036

 

10,230

 

1,550

 

Prepayments and other assets

 

2,718

 

10,006

 

1,517

Total current assets

 

384,322

 

2,047,904

 

310,289

Non-current assets:

 

Property and equipment, net

 

54,651

 

64,177

 

9,724

 

Intangible assets

 

1,460

 

57,550

 

8,720

 

Capitalized content production costs

 

 

 

 

 

Prepayments and other assets

 

1,308

 

5,356

 

812

Total non-current assets

 

57,419

 

127,083

 

19,256

TOTAL ASSETS

 

441,741

 

2,174,987

 

329,545

LIABIILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

 

Current portion of long-term debt

 

24,031

 

22,180

 

3,361

 

Accounts payable

 

6,309

 

35,641

 

5,400

 

Advances from customers

 

3,210

 

1,304

 

198

 

Accrued expenses and other liabilities

 

91,573

 

201,100

 

30,471

 

Warrant liability

 

7,356

 

 

Total current liabilities

 

132,479

 

260,225

 

39,430

Non-current liabilities

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