AutoNavi Holdings Limited Reports Fourth Quarter and Fiscal Year 2012 Results
AutoNavi Holdings Limited Reports Fourth Quarter and Fiscal Year 2012 Results
BEIJING, Feb. 27, 2013 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited
("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map
content and navigation and location-based solutions in China, today announced
its unaudited financial results for the fourth quarter and the fiscal year
ended December 31, 2012.
Fiscal Year 2012 Operational Highlights
* As of the end of fiscal year 2012, AutoNavi's free mobile map application
had a total of 98 million users and more than 49 million monthly active
users. This compares to a total of 40 million users and over 20 million
monthly active users at the end of fiscal year 2011, and a total of 85
million users and more than 45 million monthly active users at the end of
the third quarter of 2012.
Fourth Quarter 2012 Financial Highlights
* Net revenues in the fourth quarter of 2012 were $43.6 million, an increase
of 25.7% year-over-year.
* Gross profit in the fourth quarter of 2012 was $30.8 million, an increase
of 22.0% year-over-year.
* Operating income in the fourth quarter of 2012 was $8.8 million, an
increase of 12.5% year-over-year. Non-GAAP operating income in the fourth
quarter of 2012 was $11.1 million, an increase of 5.5 % year-over-year.
* Net income attributable to AutoNavi shareholders was $8.7 million in the
fourth quarter of 2012, an increase of 22.8% year-over-year. Non-GAAP net
income attributable to AutoNavi shareholders was $11.0 million in the
fourth quarter of 2012, an increase of 12.5% year-over-year.
Fiscal Year 2012 Financial Highlights
* Net revenues in fiscal year 2012 were $159.7 million, an increase of 25.8%
year-over-year.
* Gross profit in fiscal year 2012 was $116.7 million, an increase of 26.9%
year-over-year.
* Operating income in fiscal year 2012 was $38.9 million, an increase of
5.7% year-over-year. Non-GAAP operating income in fiscal year 2012 was
$51.5 million, an increase of 21.9% year-over-year.
* Net income attributable to AutoNavi shareholders was $36.5 million in
fiscal year 2012, flat year-over-year. Non-GAAP net income attributable to
AutoNavi shareholders was $49.0 million in fiscal year of 2012, an
increase of 19.9% year-over-year.
"2012 was an encouraging year for AutoNavi," said Mr. Congwu Cheng, the
Company's chief executive officer. "Our mobile map and mobile navigation
applications both achieved the leading market positions in their respective
categories in what continues to be a competitive LBS market. We also made
exciting progress with our strategic partners, which include Internet
companies, mobile device makers, telecom operators, and vertical content
service providers. These partners have helped raise our company profile while
introducing our products to millions of additional users."
Mr. Cheng continued, "As the market potential and excitement of the LBS market
grow, mobile map is emerging as a key delivery platform for engaging consumers
and advertisers. In 2013, we will continue to execute on our mobile strategy
with further investment to expand the reach of our mobile offerings and deepen
user engagement. We are confident that our strategic planning capabilities,
early-mover advantage and well-recognized brand will continue to help us
evolve ahead of the market, leading to increased market share and the
realization of our long-term growth objectives."
Fourth Quarter 2012 Results
Revenues
Total net revenues in the fourth quarter of 2012 were $43.6 million, an
increase of 25.7% year-over-year from $34.7 million in the fourth quarter of
2011, and an increase of 8.4% from $40.2 million in the third quarter of 2012.
Automotive Navigation
Net revenues from the automotive navigation market in the fourth quarter of
2012 were $21.6 million, a decrease of 1.9% year-over-year and 9.8% from the
previous quarter. The sequential decrease was largely attributable to a
decrease in the number of copies of digital map data licensed for use with
in-dash navigation systems, which is directly linked to the number of vehicles
sold in China that are equipped with these systems.
Mobile and Internet Location-based Solutions
The mobile and Internet location-based solutions business in the fourth
quarter of 2012 achieved $15.5 million in net revenues, representing an
increase of 63.4% year-over-year and 39.2% over the previous quarter. The
increases were primarily due to the growth in revenues derived from the
pre-installation of the Company's navigation solutions on mobile phones and
Internet-based map API solutions.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications market in the
fourth quarter of 2012 were $5.8 million, an increase of 110.1% year-over-year
and 32.6% from the previous quarter. The year-over-year increase was largely
attributable to certain new aerial photogrammetry, 3-D modeling application
and map data licensing contracts entered this year. The sequential increase
was mainly due to the better progress of 3-D modeling applications contracts
in the fourth quarter.
Cost of Revenues
Cost of revenues in the fourth quarter of 2012 was $12.8 million, representing
an increase of 35.5% year-over-year and 12.0% sequentially. The year-over-year
increase was mainly due to outsourced data production and software development
costs, aerial photogrammetry-related costs in connection with the new aerial
photogrammetry contracts entered this year, and a general annual increase in
salary and welfare benefits for employees directly involved in data collection
and processing. The sequential increase was largely attributable to a rise in
outsourced data production and software development costs.
Operating Expenses
Total operating expenses in the fourth quarter of 2012 were $22.6 million, an
increase of 28.7% year-over-year and 13.1% from the previous quarter. Non-GAAP
operating expenses, which exclude share-based compensation expenses, were
$20.5 million, an increase of 36.8% year-over-year and 18.5% sequentially.
Research and development ("R&D") expenses increased 34.7% year-over-year and
8.9% sequentially to $10.1 million. The increases were primarily due to higher
salary and benefit expenses resulting from an increase in the number of R&D
staff. Non-GAAP R&D expenses, which exclude share-based compensation expenses,
increased 52.3% year-over-year and 15.6% sequentially to $9.4 million.
Selling and marketing expenses increased 20.2% year-over-year and 20.1%
sequentially to $7.1 million. The year-over-year increase was primarily due to
higher salary and benefit expenses resulting from increased sales headcount,
increased office rental expenses and travel expenses, and higher promotion and
marketing expenses for brand awareness and product promotion activities. The
sequential increase was mainly attributable to higher promotion and marketing
expenses and to travel expenses. Non-GAAP selling and marketing expenses,
which exclude share-based compensation expenses, increased 27.0%
year-over-year and 24.6% sequentially to $6.3 million.
General and administrative expenses increased 30.5% year-over-year and 12.5%
sequentially to $5.4 million. The year-over-year increase was primarily due to
a general annual increase in salary and welfare benefits, higher share-based
compensation expenses and allowance for doubtful accounts provided in the
fourth quarter of 2012. The sequential increase was mainly due to allowance
for doubtful accounts provided in the fourth quarter. Non-GAAP general and
administrative expenses, which exclude share-based compensation expenses,
increased 24.4% year-over-year and 16.8% sequentially to $4.7 million.
Net Income Attributable to AutoNavi Shareholders
Net income attributable to AutoNavi shareholders increased 22.8%
year-over-year and a decrease of 13.8% sequentially to $8.7 million in the
fourth quarter of 2012. Diluted net income per American depositary share
("ADS") attributable to AutoNavi shareholders for the fourth quarter of 2012
was $0.18, as compared to $0.14 from a year ago. One ADS represents four
ordinary shares.
Non-GAAP net income attributable to AutoNavi shareholders, which excludes
share-based compensation expenses, was $11.0 million in the fourth quarter of
2012, an increase of 12.5% year-over-year and a decrease of 13.8%
sequentially. Diluted non-GAAP net income per ADS attributable to AutoNavi
shareholders for the fourth quarter of 2012 was $0.22, as compared to $0.19
from a year ago.
Fiscal Year 2012 Results
Revenues
Total net revenues in fiscal year 2012 were $159.7 million, an increase of
25.8% from $127.0 million in fiscal year 2011.
Automotive Navigation
Net revenues from the automotive navigation market in fiscal year 2012 were
$92.1 million, an increase of 7.3% from fiscal year 2011. The increase was
primarily due to an increase in the number of copies of digital map data
licensed for use with in-dash navigation systems, which is directly linked to
the number of vehicles sold in China that are equipped with these systems.
Mobile and Internet Location-based Solutions
The mobile and Internet location-based solutions business in fiscal year 2012
achieved $47.6 million in net revenues, representing an increase of 73.5% from
fiscal year 2011. The increase was primarily due to the growth in revenues
derived from the pre-installation of the Company's navigation solutions on
mobile phones and Internet-based map API solutions.
Public Sector and Enterprise Applications
Net revenues from the public sector and enterprise applications market in
fiscal year 2012 were $17.7 million, an increase of 44.1% from fiscal year
2011. The increase was largely attributable to an increased number of new
aerial photogrammetry, 3-D modeling application and map data licensing
contracts entered in 2012.
Cost of Revenues
Cost of revenues in fiscal year 2012 was $43.0 million, representing an
increase of 22.8% from fiscal year 2011. The increase was mainly due to aerial
photogrammetry-related costs in connection with the new large aerial
photogrammetry contracts entered this year, outsourced data production and
software development costs, and a general annual increase in salary and
welfare for employees directly involved in data collection and processing.
Operating Expenses
Total operating expenses in fiscal year 2012 were $80.9 million, an increase
of 46.3% from fiscal year 2011. Non-GAAP operating expenses, which exclude
share-based compensation expenses, were $68.5 million, an increase of 36.7%
from fiscal year 2011.
Research and development ("R&D") expenses increased 50.0% from fiscal year
2011 to $35.6 million. The increase was primarily due to higher salary and
benefit expenses, a result of an increase in the number of R&D staff, higher
share-based compensation expenses and outsourced development costs. Non-GAAP
R&D expenses, which exclude share-based compensation expenses, increased 49.6%
from fiscal year 2011 to $31.8 million.
Selling and marketing expenses increased 51.9% from fiscal year 2011 to $25.0
million. The increase was primarily due to higher salary and benefit expenses
resulting from increased sales headcount, higher share-based compensation
expenses, the increase of promotion and marketing expenses, office facility
rental expenses and travel expenses. Non-GAAP selling and marketing expenses,
which exclude share-based compensation expenses, increased 37.9% from fiscal
year 2011 to $20.3 million.
General and administrative expenses increased 34.5% from fiscal year 2011 to
$20.3 million. The increase was primarily due to a general annual increase in
salary and welfare, higher share-based compensation expenses and allowance for
doubtful accounts provided in fiscal year 2012. Non-GAAP general and
administrative expenses, which exclude share-based compensation expenses,
increased 16.2% from fiscal year 2011 to $16.4 million.
Net Income Attributable to AutoNavi Shareholders
Net income attributable to AutoNavi shareholders was $36.5 million in fiscal
year 2012, flat from fiscal year 2011. Diluted net income per American
depositary share ("ADS") attributable to AutoNavi shareholders for the fiscal
year 2012 was $0.73, flat with $0.73 from a year ago. One ADS represents four
ordinary shares.
Non-GAAP net income attributable to AutoNavi shareholders, which excludes
share-based compensation expenses, was $49.0 million in fiscal year 2012, an
increase of 19.9% from fiscal year 2011. Diluted non-GAAP net income per ADS
attributable to AutoNavi shareholders for the fiscal year 2012 was $0.98, as
compared to $0.81 from a year ago.
Cash and Term Deposits Balance
As of December 31, 2012, the Company had $216.2 million in cash and cash
equivalents and term deposits.
Business Outlook
The Company estimates its full year 2013 net revenues will be in the range of
$168 million to $176 million, representing an increase of approximately 5% to
10% over fiscal year 2012.
Share Repurchase Program Update
AutoNavi announced a share repurchase plan on February 28, 2012, pursuant to
which the Company is authorized by its board of directors but not obligated to
repurchase up to $50 million worth of its ADSs until February 26, 2013. As of
February 26, 2013, the Company has repurchased a total of 2,536,647 ADSs,
representing 10,146,588 ordinary shares, with a total consideration of
approximately $29.2 million at a price range of $10.03 to $12.57 per ADS,
including brokerage commissions.
Conference Call Information
AutoNavi's management will hold an earnings conference call at 8:00 a.m.
Eastern Time on February 27, 2013 (9:00 p.m. Beijing/Hong Kong time on
February 27, 2013).
The dial-in numbers and passcode for the conference call are as follows:
U.S. Toll Free: +1-866-519-4004
International: +65-6723-9381
Hong Kong: +852-2475-0994
United Kingdom: +44-203-059-8139
Passcode: AutoNavi
A replay of the conference call may be accessed by phone at the following
number until March 7, 2013:
U.S. Toll Free: +1-855-452-5696
International: +61-2-8199-0299
Passcode: 96078460
Additionally, an archived web-cast of this call will be available on the
Investor Relations section of AutoNavi's website at http://ir.autonavi.com.
About AutoNavi Holdings Limited
AutoNavi Holdings Limited (Nasdaq:AMAP) is a leading provider of digital map
content and navigation and location-based solutions in China. At the core of
its business is a comprehensive nationwide digital map database that covers
approximately 3.6 million kilometers of roadway and over 20 million points of
interest across China. Through its digital map database and proprietary
technology platform, AutoNavi provides comprehensive, integrated navigation
and location-based solutions optimized for the Chinese market and users,
including automotive navigation solutions, mobile location-based solutions and
Internet location-based solutions, and public sector and enterprise
applications. For more information on AutoNavi, please visit
http://www.autonavi.com.
The AutoNavi Holdings Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=16204
Forward Looking Statements
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. These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among other
things, the Business Outlook section and the quotations from management in
this press release, as well as AutoNavi's strategic and operational plans,
contain forward-looking statements. AutoNavi may also make written or oral
forward-looking statements in its reports filed with or furnished 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 AutoNavi's beliefs and
expectations, are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following:
AutoNavi's ability to adequately maintain and update its digital map database
and minimize errors in its solutions; its current reliance on the automotive
navigation market and a small number of customers for a substantial portion of
its revenues; the project-based nature of its public sector and enterprise
applications business; its limited operating history in the mobile/Internet
location-based solutions markets; compliance with a complex set of laws, rules
and regulations governing its surveying and mapping and other businesses in
China; competition in the navigation and location-based solutions businesses
in China; and its ability to manage its growth effectively and efficiently.
Further information regarding these and other risks is included in AutoNavi's
annual report on Form 20-F as well as in its other filings with the Securities
and Exchange Commission. All information provided in this press release is
current as of the date of the press release, and AutoNavi undertakes no duty
to update such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement AutoNavi's consolidated financial results presented in
accordance with United States Generally Accepted Accounting Principles
("GAAP"), AutoNavi uses in this press release the following non-GAAP financial
measures: (1) non-GAAP operating expenses, (2) non-GAAP R&D expenses, (3)
non-GAAP selling and marketing expenses, (4) non-GAAP general and
administrative expenses, (5) non-GAAP operating income, (6) non-GAAP net
income attributable to AutoNavi shareholders, and (7) non-GAAP diluted net
income per ADS attributable to AutoNavi shareholders, which are adjusted from
results based on GAAP to exclude the impact of certain items, particularly
share-based compensation expenses. 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.
AutoNavi believes that these non-GAAP financial measures facilitate investors'
and management's comparisons to AutoNavi's historical performance and assist
management's financial and operational decision making. A limitation of using
these non-GAAP financial measures is that share-based compensation expenses
are recurring expenses that will continue to exist in AutoNavi's business for
the foreseeable future. Management compensates for these limitations by
providing specific information regarding the GAAP amounts excluded from each
non-GAAP measure. The accompanying table has more details on the
reconciliation between non-GAAP financial measures and their most directly
comparable GAAP financial measures to provide investors with context as to how
the adjustments impact the GAAP amounts.
AUTONAVI HOLDINGS LIMITED
Consolidated Balance Sheet (unaudited)
(In thousands of U.S. dollars)
December 31, December 31,
2012 2011
Assets
Current assets
Cash and cash equivalents 151,543 199,696
Restricted cash 835 --
Term deposits 64,686 --
Accounts receivable, net of allowance for doubtful
accounts of $1,859 and $823 as of December 31, 2012 45,985 36,273
and December 31, 2011, respectively
Due from related parties, trading 4,749 1,056
Due from related parties, non-trading 3 221
Prepaid expense and other current assets 7,840 5,725
Deferred tax assets-current 1,838 1,355
Total current assets 277,479 244,326
Properties and equipment, net 47,120 49,245
Equity method investments 4,164 4,442
Prepaid consideration in connection with equity -- 183
investment
Acquired intangible assets, net 5,004 6,855
Goodwill 8,837 8,747
Deferred tax assets-non-current 150 224
Other long term assets 373 445
Prepayment for acquisition of property 8,677 --
TOTAL ASSETS 351,804 314,467
Liabilities
Current liabilities
Accounts payable (including accounts payable of the
consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $2,124 and 2,124 2,364
$2,358 as of December 31, 2012 and December 31,
2011, respectively)
Deferred revenue (including deferred revenue of the
consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $13,907 and 14,630 7,328
$5,567 as of December 31, 2012 and December 31,
2011, respectively)
Accrued expenses and other current liabilities
(including accrued expenses and other current
liabilities of the consolidated variable interest 29,613 26,071
entities without recourse to AutoNavi Holdings
Limited $26,230 and $23,944 as of December 31, 2012
and December 31, 2011, respectively)
Income tax payable (including income tax payable of
the consolidated variable interest entities without
recourse to AutoNavi Holdings Limited $10,082 and 10,417 7,481
$7,394 as of December 31, 2012 and December 31,
2011, respectively)
Total current liabilities 56,784 43,244
Non-current liabilities
Deferred tax liability-non-current (including
deferred tax liability of the consolidated variable
interest entities without recourse to AutoNavi 966 1,345
Holdings Limited $862 and $1,191 as of December 31,
2012 and December 31, 2011, respectively)
Total liabilities 57,750 44,589
Equity
Ordinary shares 19 19
Additional paid-in capital 189,373 175,726
Treasury stock (29,164) --
Statutory reserve 11,668 9,363
Retained earnings 95,715 61,517
Accumulated other comprehensive income 20,546 18,262
Total AutoNavi Holdings Limited shareholders' 288,157 264,887
equity
Noncontrolling interest 5,897 4,991
Total equity 294,054 269,878
TOTAL LIABILITIES AND EQUITY 351,804 314,467
AUTONAVI HOLDINGS LIMITED
Consolidated Statements of Comprehensive Income (unaudited)
(In thousands of U.S. dollars, except share and per share data)
For the three months ended For the year ended
December 31, December 31, September December December
2012 2011 30, 31, 31,
2012 2012 2011
Revenue 44,527 35,547 40,903 163,241 129,749
Business tax (919) (851) (683) (3,548) (2,789)
Net revenues 43,608 34,696 40,220 159,693 126,960
Cost of revenues (12,771) (9,422) (11,406) (43,019) (35,021)
Gross profit 30,837 25,274 28,814 116,674 91,939
Operating
expenses:
Research and (10,077) (7,481) (9,251) (35,581) (23,720)
development
Selling and (7,112) (5,919) (5,920) (24,958) (16,428)
marketing
General and (5,448) (4,175) (4,842) (20,322) (15,114)
administrative
Impairment of
intangible -- (19) -- -- (19)
assets
Total operating (22,637) (17,594) (20,013) (80,861) (55,281)
expenses
Government 597 141 1,742 3,111 163
subsidies
Operating income 8,797 7,821 10,543 38,924 36,821
Gain on
re-measurement
of fair value of -- -- -- -- 995
the equity
method
investment
Interest income 1,707 1,383 1,570 6,456 5,226
Change in fair
value of forward -- -- -- -- 2,465
contract
Foreign exchange 377 500 545 454 (1,579)
gains/(loss)
Other Income 201 47 47 342 188
Income before
income taxes and
share of net 11,082 9,751 12,705 46,176 44,116
loss of equity
method
investments
Income tax (1,792) (1,382) (2,133) (7,214) (5,086)
expense
Share of net
loss of equity (248) (718) (29) (778) (653)
method
investments
Net income 9,042 7,651 10,543 38,184 38,377
Less: Net income
attributable to 352 575 463 1,676 1,842
noncontrolling
interest
Net income
attributable to
AutoNavi 8,690 7,076 10,080 36,508 36,535
Holdings Limited
shareholders
Net income per
ordinary share
attributable to
AutoNavi
Holdings Limited
shareholders
Basic 0.05 0.04 0.05 0.19 0.19
Diluted 0.04 0.04 0.05 0.18 0.18
Weighted average
number of shares
used in
calculating net
income per
ordinary share
Basic 188,136,499 191,236,355 191,292,003 190,853,540 190,132,407
Diluted 198,054,969 200,900,042 201,738,628 201,168,386 201,230,735
Other
comprehensive
income, net of
tax
Foreign currency
translation 1,867 2,216 2,286 2,338 7,013
adjustment
Comprehensive 10,909 9,867 12,829 40,522 45,390
income
Less:
comprehensive
income 402 640 522 1,730 2,042
attributable to
noncontrolling
interest
Comprehensive
income
attributable to 10,507 9,227 12,307 38,792 43,348
AutoNavi
Holdings Limited
shareholders
AUTONAVI HOLDINGS LIMITED
Reconciliation of non-GAAP measures to most directly comparable GAAP measures
(unaudited)
(In thousands of U.S. dollars, except per ADS data)
For the three months ended For the year ended
December December September December December
31, 31, 30, 31, 31,
2012 2011 2012 2012 2011
Total
operating 22,637 17,594 20,013 80,861 55,281
expenses
Share-based (2,180) (2,620) (2,750) (12,315) (5,130)
compensation
Impairment of
intangible -- (19) -- -- (19)
assets
Non-GAAP total
operating 20,457 14,955 17,263 68,546 50,132
expenses
R&D expenses 10,077 7,481 9,251 35,581 23,720
Share-based (644) (1,286) (1,088) (3,785) (2,464)
compensation
Non-GAAP R&D 9,433 6,195 8,163 31,796 21,256
expenses
Selling and
marketing 7,112 5,919 5,920 24,958 16,428
expenses
Share-based (828) (970) (877) (4,651) (1,705)
compensation
Non-GAAP
selling and 6,284 4,949 5,043 20,307 14,723
marketing
expenses
General and
administrative 5,448 4,175 4,842 20,322 15,114
expenses
Share-based (708) (364) (785) (3,879) (961)
compensation
Non-GAAP
general and 4,740 3,811 4,057 16,443 14,153
administrative
expenses
Operating 8,797 7,821 10,543 38,924 36,821
income
Share-based 2,316 2,691 2,684 12,536 5,362
compensation
Impairment of
intangible -- 19 -- -- 19
assets
Non-GAAP
operating 11,113 10,531 13,227 51,460 42,202
income
Net income
attributable
to AutoNavi 8,690 7,076 10,080 36,508 36,535
Holdings
Limited
shareholders
Share-based 2,316 2,691 2,684 12,536 5,362
compensation
Impairment of
intangible -- 19 -- -- 19
assets
Gain on
re-measurement
of fair value -- -- -- -- (995)
of the equity
method
investment
Non-GAAP net
income
attributable
to AutoNavi 11,006 9,786 12,764 49,044 40,921
Holdings
Limited
shareholders
For the three months ended For the year ended December 31,
December 31, 2012 2012
GAAP Adjustments Non-GAAP^(a) GAAP Adjustments Non-GAAP^(a)
Diluted net
income per ADS
attributable
to AutoNavi 0.18 0.04 0.22 0.73 0.25 0.98
Holdings
Limited
shareholders
(a) Non-GAAP diluted net income per ADS attributable to AutoNavi Holdings Limited
shareholders is computed by dividing non-GAAP net income attributable to AutoNavi
Holdings Limited shareholders by the weighted average number of diluted ordinary
shares outstanding used in computing the GAAP diluted net income per ordinary
share attributable to AutoNavi Holdings Limited shareholders (after adjusting for
the ADS to ordinary share ratio).
CONTACT: For investor and media inquiries please contact:
In China:
Serena Shi
AutoNavi Holdings Limited
Tel: +86-10-8410-7883
E-mail: serena.shi@autonavi.com
Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86-10-8520-3073
E-mail: amap@ogilvy.com
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
E-mail: amap@ogilvy.com
AutoNavi Holdings Limited logo
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