Additional Information - Condensed Financial Statements of the Company

12 Months Ended

Dec. 31, 2016

Additional Information - Condensed Financial Statements of the Company [Abstract]

Additional Information - Condensed Financial Statements of the Company

26. Additional Information - Condensed Financial Statements of the Company

The condensed financial statements of Phoenix New Media Limited have been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04.

The Company records its investments in subsidiaries and VIEs under the equity method of accounting. Such investments are presented on the balance sheets as “Investments using equity accounting”, and the profit of subsidiaries and VIEs is presented as “Share of profit of investments using equity accounting, including impairments and disposal gain” in the statement of comprehensive income.

As of December 31, 2015 and 2016, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those, if any, which have been separately disclosed in the consolidated financial statements.

Phoenix New Media Limited

Condensed Financial Information of the Company

Balance Sheets

(Amounts in thousands, except for number of shares and per share data)

	As of December 31,
	2015	2016	2016
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	14,022	32,731	4,714
Term deposits and short term investments	83,854	—	—
Amounts due from related parties	30	50,343	7,251
Amounts due from subsidiaries and VIEs	216,451	228,050	32,846
Prepayments and other current assets	1,991	1,565	225
Convertible loans due from a related party	—	104,429	15,041
Total current assets	316,348	417,118	60,077
Non-current assets:
Investments using equity accounting	1,189,213	1,251,578	180,266
Available-for-sale investments	513,994	939,432	135,306
Total non-current assets	1,703,207	2,191,010	315,572
Total assets	2,019,555	2,608,128	375,649
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Amounts due to related parties	3,326	4,609	664
Amounts due to subsidiaries and VIEs	205,268	435,724	62,757
Accrued expenses and other current liabilities	5,326	2,027	292
Total current liabilities	213,920	442,360	63,713
Total liabilities	213,920	442,360	63,713
Shareholders’ equity:
Class A ordinary shares (US$0.01 par value, 680,000,000 shares authorized; 253,250,854 and 254,909,790 shares issued and outstanding as of December 31, 2015 and 2016, respectively)	16,733	16,843	2,426
Class B ordinary shares (US$0.01 par value, 320,000,000 shares authorized; 317,325,360 and 317,325,360 shares issued and outstanding as of December 31, 2015 and 2016, respectively)	22,053	22,053	3,176
Additional paid-in capital	1,551,104	1,555,511	224,040
Statutory reserves	70,311	77,946	11,227
Retained earnings	122,093	195,069	28,096
Accumulated other comprehensive income	23,341	298,346	42,971
Total shareholders’ equity	1,805,635	2,165,768	311,936
Total liabilities and shareholders’ equity	2,019,555	2,608,128	375,649

Phoenix New Media Limited

Condensed Financial Information of the Company

Statements of Comprehensive Income

(Amounts in thousands)

	For the Years Ended December 31,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Operating expenses:
General and administrative expenses	(9,131	)	(10,783	)	(8,649	)	(1,246	)
Total operating expenses	(9,131	)	(10,783	)	(8,649	)	(1,246	)
Loss from operations	(9,131	)	(10,783	)	(8,649	)	(1,246	)
Other income:
Interest income	19,187		4,625		10,016		1,443
Foreign currency exchange (loss)/gain	(6,792	)	(4,948	)	2,512		362
Gain on disposal of an equity investment and acquisition of available-for-sale investments	—		4,643		—		—
Others, net	1,359		6,242		2,476		356
Share of profit of investments using equity accounting, including impairments and disposal gain	258,468		73,805		74,256		10,694
Net income	263,091		73,584		80,611		11,609
Other comprehensive income	44,786		38,682		275,005		39,609
Comprehensive income	307,877		112,266		355,616		51,218

Phoenix New Media Limited

Condensed Financial Information of the Company

Statements of Cash Flows

(Amounts in thousands)

	For the Years Ended December 31,
	2014		2015		2016		2016
	RMB		RMB		RMB		US$
Cash flows from operating activities:
Net cash provided by/(used in) operating activities	27,590		(8,754	)	(2,323	)	(335	)
Cash flows from investing activities:
Placement of term deposits and short term investments	(335,493	)	(83,854	)	—		—
Maturity of term deposits and short term investments	386,427		—		83,854		12,077
Investments in available-for-sale investments	(36,810	)	(352,008	)	—		—
Issuance of convertible loans to a related party	—		—		(228,280	)	(32,879	)
Loans provided to a related party	—		—		(45,865	)	(6,606	)
Investments in investments using equity accounting	(69,365	)	(35,757	)	(3,554	)	(512	)
Net cash used in investing activities	(55,241	)	(471,619	)	(193,845	)	(27,920	)
Cash flows from financing activities:
Borrowings from subsidiaries an VIEs	13,867		212,435		212,441		30,598
Proceeds from exercise of stock options	8,756		6,944		2,436		351
Repurchase of ordinary shares	(242,500	)	(66,417	)	—		—
Net cash (used in)/provided by financing activities	(219,877	)	152,962		214,877		30,949
Net (decrease)/increase in cash and cash equivalents	(247,528	)	(327,411	)	18,709		2,694
Cash and cash equivalents at the beginning of the year	588,961		341,433		14,022		2,020
Cash and cash equivalents at the end of the year	341,433		14,022		32,731		4,714

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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