Xinhua Holdings Limited reported consolidated and unconsolidated earnings results for the year ended December 31, 2011. For the period, the company reported turnover of JPY 1,520 million against JPY 1,323 million for the same period in the last year. Higher net sales in 2011 are primarily attributable to higher sales from a subsidiary providing financial media services, full-year impact of education subsidiary acquired in late 2010, and impact of education subsidiary acquired in beginning of the year. Operating loss was JPY 1,049 million against JPY 1,208 million for the same period in the last year. The lower operating loss in 2011 is primarily due to higher gross profit and lower selling, general and administrative expenses. Ordinary loss was JPY 590 million against ordinary loss of JPY 341 million for the same period in the last year. The higher ordinary loss in 2011 is primarily due to lower foreign exchange gain and lower share of profits of affiliates due to disposal of shares of FTSE/Xinhua Index Limited in 2010. Net loss was JPY 539 million against JPY 2,401 million for the same period in the last year. The change from net income in the last fiscal year to net loss in this fiscal year is primarily due to the inclusion of gain on disposal of FTSE/Xinhua Index Limited of USD 35,615,000 (JPY 2,769 million) in the last fiscal year. Basic loss per share was JPY 355.68 against basic earnings per share of JPY 1,584.62 for the same period in the last year. Under IFRS, EBITDA was JPY 439 million against JPY 2,198 million for the same period in the last year. Cash flow used in operating activities was JPY 821 million against JPY 1,112 million for the same period in the last year. The net cash used in operating activities in 2011 was mainly due to operating loss of USD 13,492,000 (JPY 1,049 million). On unconsolidated basis, the company reported turnover of JPY 60 million, operating loss of JPY 386 million, ordinary loss of JPY 39 million, net loss of JPY 101 million or JPY 66.91 per share against turnover of JPY 56 million, operating loss of JPY 496 million, ordinary loss of JPY 91 million, net loss of JPY 51 million or JPY 33.62 per share a year ago. For the first half of fiscal 2012, the consolidated company expects turnover of JPY 659 million, operating loss of JPY 233 million, ordinary loss of JPY 231 million, net loss of JPY 228 million, basic loss per share of JPY 150.47 and Under IFRS, EBITDA of JPY 189 million and net loss of JPY 222 million. Operating loss for the year ended December 31, 2012 is expected to be JPY 399 million compared to JPY 1,049 million for the year ended December 31, 2011. Lower forecasted operating loss is the result of higher expected gross profit and lower corporate cost from cost savings efforts. Ordinary loss was JPY 397 million compared to JPY 590 million for the year ended December 31, 2011. Lower forecasted ordinary loss for 2012 is due to higher expected gross profit and lower corporate cost from cost savings efforts. Net loss was JPY 398 million compared to net loss of JPY 539 million for the year ended December 31, 2011. The lower forecasted net loss for 2012 is primarily due to higher expected gross profit, lower expected corporate costs and interest expenses. Basic loss per share of JPY 262.46 and Under IFRS, EBITDA of JPY 314 million and net loss of JPY 386 million.