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康宝莱季度报告 凸显中国市场地位

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康宝莱季度报告 凸显中国市场地位（中英对照）

Herbalife Ltd. Announces Record First-Quarter Net Sales; Company Raises Full Year Earnings Per Share Guidance
康宝莱：宣称第一季度净营业额创新纪录；公司提升全年每股盈余

LOS ANGELES--(BUSINESS WIRE)--May 3, 2006--Herbalife Ltd. (NYSE:HLF) today reported record first-quarter net sales of $455.8 million, an increase of 22.5 percent compared to the same period of 2005. The company's regions, the Americas and Asia Pacific, achieved net sales growth of 59.4 percent and 13.3 percent, respectively, versus the first quarter of 2005 and were partially offset by net sales declines in Europe and Japan, which decreased 2.2 percent and 17.3 percent, respectively. The company's chief executive officer, Michael O. Johnson, said, "We carried strong sales momentum into the first quarter of 2006 reflecting the successful promotions in 2005 and the enthusiasm and unity we see within our distributor organization."
洛杉矶--（商业连线）--2006年5月3日—康宝莱（纽约证交所代码：HLF）今天公布第一季度净营业额达到创纪录的4.558亿美元，与2005年同期相比增加22.5%。在美洲和亚太地区，公司净营业额相对2005年第一季度分别上升了59.4%和13.3%，并且部分程度上抵消了欧洲和日本分别为-2.2%和-17.3%的营业额的下降。公司CEO Michael O. Johnson说：“我们公司在2006年第一季度营业额上升的强劲动力，反映了2005年促销政策的成功实施和我们的直销商队伍的热情和团结。”

During the first quarter of 2006, new distributor supervisors increased 34.1 percent versus the first quarter of 2005. The company's high-level Presidents Team increased 13.1 percent to 879 members during the quarter, compared to 2005. Additionally, in the first quarter, one distributor attained the prestigious level of Chairman's Club, bringing the total of this exclusive group to 28.
在2006年第一季度，新直销商业务总监比2005年同期增加了34.1%，高级业务总裁团队比2005年同期增加了879个，增幅达到13.1%。此外，在第一季度，有一名高级直销商进入了享有崇高荣誉的主席俱乐部，使这个荣耀的集体的人数上升到了28名。

Financial Performance
金融市场表现

For the quarter ended March 31, 2006, the company reported record net income of $38.7 million, or $0.53 per diluted share, compared to $13.3 million, or $0.19 per diluted share in 2005. Higher than expected revenue growth partially offset by an increase in expenses associated with the execution of the company's strategic initiatives, contributed to a 32 basis point improvement in operating income as a percentage of net sales during the first quarter. Excluding the impact of a $3.7 million tax benefit resulting from an international income tax audit settlement in the first quarter of 2006, and $14.2 million of recapitalization expenses incurred in the first quarter of 2005 associated with the $110.0 million claw-back of the company's 9 1/2 percent notes, first quarter 2006 net income increased 27.3 percent to $35.0 million, or $0.48 per diluted share compared to $0.38 in 2005.
2006年3月31日，公司公告其第一季度净收入创纪录地达到3870万美元，摊薄每股盈余上升0.53美元，相对2005年第一季度而言，分别上升了1330万美元和0.19美元/股。公司收入尽管由于公司战略调整执行等经营因素的原因受到上升减缓，但是仍然高于预期，其贡献度占第一季度净营业额所创利润的32%。除去由于2006年第一季度国际范围所得税审计带来的370万美元税务收入的作用，和2005年第一季度资本金调整收入1420万美元的影响，再考虑到11000万美元弥补性收入中已实现的9.5%，2006年第一季度净收入相比去年同期共计上升了27.3%达到3500万美元，摊薄每股盈余上升了0.48%。

During the three months ended March 31, 2006, the company invested $12.2 million in capital expenditures, primarily related to the global rollout of Oracle, the development of the company's direct-to-consumer platform, and additional infrastructure investments in China. Additionally, the company repaid $10.0 million of its bank term loan during the quarter.
在2006年3月31日之前的三个月里，公司投资1220万美元资本性支出，在其全球范围内装备了Oracle公司的系统，以建设以消费者为导向的的公司平台，并增加了对中国区域基础环境的投入。此外，公司第一季度在银行的贷款增加了1000万美元。

First Quarter 2006 Highlights
2006年一季度重要事件

As of March 31, 2006, total supervisors increased 21.2 percent versus 2005. Additionally, supervisor retention improved to 41.5 percent from 39.7 percent in 2005, based on the company's February 2006 re-qualification statistics. "Our distributor leadership and country managers have done a tremendous job in executing our key recruiting and retention initiatives," said Johnson.
2006年3月31日，业务总监数量相比2005年总共增长了21.2%。此外，根据2006年2月公司业务总监资格重新调整后的统计数据显示，业务总监持续业绩增长由2005年的39.7%上升到41.5%。“我们的直销商领导和各国管理精英们在执行至关重要的增员和保持活跃政策方面做得非常成功”Johnson表示。

During the first quarter, the company hosted a variety of distributor events. In Chile, the Extravaganza Latina attracted over 8,000 distributors from various South American countries. More than 14,000 distributors attended a series of events throughout Europe, including the 10th Anniversary celebrations in Finland and Norway, a mini-Extravaganza in Turkey and a President's Team Masters event in Paris. In Asia Pacific, almost 10,000 distributors attended regional events in Singapore, Taiwan, Philippines, Australia, Indonesia, Hong Kong and Korea. Furthermore, over 1,200 of the company's leading distributors were in attendance at the annual Honors Awards ceremony held in Boca Raton, Florida. "During the first quarter, we hosted over 45,000 of our distributors and spectators interested in learning about our products, our unique business opportunity and our passion for changing people's lives," said Johnson.
一季度里，公司举行了各种各样的直销商庆功会。在智利，“疯狂拉丁”庆功会吸引了来自南美洲各国的8000名成功直销商。超过14000名成功直销商参加了贯穿欧洲一系列的庆功会，包括在芬兰和挪威举行的第10届庆功年会、土耳其的小型“疯狂”庆功会、巴黎的高级业务总裁团队领袖庆功会。在亚太地区，接近10000名成功直销商参加了在新加坡、台湾、菲律宾、澳大利亚、印度尼西亚、香港、韩国等各地举行的庆功会。更重要的是，超过1200名公司的领袖级直销商参加了在佛罗里达州的Boca Raton举行的年度荣誉表彰大会。“在第一季度，我们招待了超过45000直销商和对我们的产品、我们独一无二的业务机会和我们改变人们生活热情感兴趣的观众。”Johnson表示。

Global expansion of the company's popular Nutrition Club party-planning concept continued in the first quarter, opening in five new markets, including Japan, Italy and Germany. The company also increased penetration of the Clubs in its top markets, and conducted training sessions during the quarter for more than 16,000 distributors worldwide. Greg Probert, the company's president and chief operating officer said, "The success of our Nutrition Clubs continues to be a key catalyst of growth in Mexico, our largest market, and we are encouraged that distributor acceptance of this unique method of operation is expanding into new markets worldwide."
公司最受欢迎的营养俱乐部成员计划概念于第一季度在全球扩张，新增了五个新的市场，包括日本、意大利和德国。同时，公司也加大了俱乐部对主要市场的渗透作用，并对世界范围内超过16000名直销商进行了强化训练课程。公司总裁和COO，Greg Probert说：“营养俱乐部的成功是我们最大的市场——墨西哥市场增长的重要催化剂，我们正在鼓励我们的直销商可以把这个行之有效的方法在世界范围其它新的市场进行推广。”

The company continued the global roll-out of its core products during the first quarter. The NouriFusion(TM) skincare line expanded into 11 new markets. Additionally, the company introduced its Shapeworks(TM) weight management program to Australia, New Zealand and the Philippines.
公司在第一季度继续推出最新的核心产品。NouriFusion品牌护肤系列在11个新的市场首演。同时，公司在澳大利亚、新西兰、菲律宾等国家首推Shapeworks品牌体重管理产品。

The company strengthened its global branding efforts, through the sponsorship of the Toray Pan Pacific Open Tennis Tournament in Japan, the Amgen Tour of California and the Trofeu Brasil Triathlon, in addition to maintaining its relationships with various professional organizations such as the Association of Volleyball Professionals (AVP) and Anschutz Entertainment Group (AEG). Furthermore, the company remains committed to social responsibility, initiating three new Casa Herbalife programs through the Herbalife Family Foundation. Casa Herbalife works with charitable organizations to help provide nutrition to children in need.
公司强化了全球品牌战略，通过赞助在日本举行的Toray Pan太平洋网球公开锦标赛、加里福利亚举行的Amgen Tour和在巴西举行的三项全能比赛，并能过保持与各种职业组织像排球职业联盟、AEG娱乐组织等举办的各种联系。此外，公司保持履行其社会职责，并与康宝莱家庭基金会举办了三项新Casa Herbalife项目。Casa Herbalife项目是和慈善组织共同为需要帮助的孩子们提供帮助。

The company also increased its geographic diversification, opening Malaysia and Costa Rica, its 61st and 62nd markets, respectively. Additionally, consistent with the current direct selling regulations, the company continued its expansion in China, opening five new stores. As of March 31, 2006, the company operated 19 stores in 9 provinces throughout China.
公司也增加了地域细分，增加了马来西亚和哥斯达黎加两个市场，为别为其第61和第62个市场。此外，为了符合当地直销管理政策，公司在中国新开了五个新店铺，以继续在中国的扩张。截止2006年3月31日，公司在中国的9个省建立了19个店

Regional Performance
各地业绩

The Americas, which comprised 49.2 percent of worldwide sales, reported net sales of $224.1 million in the first quarter, up 59.4 percent versus the same period of 2005. Excluding currency fluctuations, net sales increased 51.6 percent. This performance was driven by continued strong sales growth in Mexico, the company's largest market, up 123.2 percent, Brazil, up 51.8 percent, and the U.S., up 21.5 percent, in each case versus the first quarter of 2005. Total supervisors in the region, as of March 31, 2006, increased 41.3 percent versus 2005.

美洲，占据其世界销量的49.2%，一季度净营业额达到2.241亿美元，相对2005年同期上升了59.4%，除去汇率变动，净营业额增加了51.6%。相对于2005年，这些强劲的市场表现来源于公司最大市场墨西哥，上升123.2%；巴西，上升51.8%；美国，上升21.5%。截止2006年3月31日，这些地区的业务总监比2005年上升了41.3%。
Europe, which comprised 31.0 percent of worldwide sales, reported net sales of $141.5 million in the first quarter, down 2.2 percent versus the same period of 2005. Excluding currency fluctuations, net sales increased 5.5 percent. Net sales in two of the region's key markets, Germany and the Netherlands, which were down 20.8 percent and 23.8 percent, respectively, were partially offset by growth in other top markets such as France, up 29.6 percent, Portugal, up 25.9, South Africa, up 18.6 percent, Spain, up 10.8 percent and Italy, up 8.0 percent, in each case compared to the first quarter of 2005. Total supervisors in the region, as of March 31, 2006, increased 1.1 percent versus 2005.

欧洲，占据其世界销量的31.0%，一季度净营业额达到1.415亿美元，相对2005年同期下降了2.2%，除去汇率变动，净营业额增加了5.5%。在德国和荷兰这两个最重要的市场，净营业额分别下降了20.8 %和10.8%。这些影响为其它主要市场所弥补，相对于2005年同期，法国上升29.6%，葡萄牙上升25.9%，南非上升18.6%，西班牙上升10.8%，意大利上升8.0%。截止2006年3月31日，这些地区的业务总监比2005年上升了1.1%。

Asia Pacific, which comprised 14.9 percent of worldwide sales, reported net sales of $68.0 million in the first quarter, up 13.3 percent versus the same period of 2005. Excluding currency fluctuations, net sales increased 13.6 percent. The increase was primarily attributable to incremental sales from Malaysia and China, and growth in other existing markets such as Korea, up 35.4 percent, and Thailand, up 26.6 percent. These increases were partially offset by a 14.7 percent decline in Taiwan. Total supervisors in the region, as of March 31, 2006, increased 14.4 percent versus 2005.
亚太地区，占据其世界销量的14.9%，一季度净营业额达到6800万美元，相对2005年同期上升了13.3%，除去汇率变动，净营业额增加了13.6%。业绩新增主要来自于马来西亚和中国，其它主要增量市场如韩国上升了35.4%，泰国上升了26.6%，这些增幅主要被台湾业绩下降了14.7%所抵减。截止2006年3月31日，这些地区的业务总监比2005年上升了14.4%。

Japan, which comprised 4.9 percent of worldwide sales, reported net sales of $22.2 million in the first quarter, down 17.3 percent versus the same period of 2005. Excluding currency fluctuations, net sales decreased 7.4 percent. Total supervisors in the region, as of March 31, 2006, declined 0.8 percent versus 2005.
日本，占据其世界销量的4.9%，一季度净营业额达到2220万美元，相对2005年同期下降了17.3%，除去汇率变动，净营业额下降了7.4%。截止2006年3月31日，这些地区的业务总监比2005年下降了0.8%。

2006 Key Initiatives
2006年关键

"I am pleased with the progress we have made in our five strategic areas: our distributors, our consumers, our products, our expansion in China, and our infrastructure. We will continue identifying distributor best practices and develop initiatives geared towards executing the 3R's: recruiting, retailing and retention. Furthermore, we will remain committed to our core mission, vision and values and make prudent investments in our distributors, our people, and our community to drive sales growth, strengthen our brand, and improve operating leverage through the execution of our strategic initiatives, " said Johnson.
“我对五个战略领域里我们取得的成绩感到非常开心：我们的直销商，我们的消费者，我们的产品，我们在中国的扩张，我们的基础设施。我们将继续识别直销商最好的表现，并促进他们执行3R策略：增员（recruiting），零售（retailing）和保持（retention）。同时，我们将要保持履行我们的核心使命、视角和价值，并对我们的直销商、我们的人员、我们的群体进行谨慎投资，通过我们的战略执行，保证销售上升、强化品牌、提升经营水平”。Johnson表示。

The company expects to continue the globalization of successful distributor recruiting and retention practices, such as Nutrition Clubs, to key markets throughout 2006. The company also plans to maintain its investments in strengthening the ability of its distributors to retail its products. In order to maximize the effectiveness of its direct-to-consumer initiative, the company anticipates expanding its e-commerce capabilities throughout 2006.
公司预计将在2006年通过如推广营养俱乐部等成功方式来进行直销高增员、维持业绩，以进行对重要市场的扩张，并继续全球化步伐。公司同时也计划保持现在对直销商进行产品零售能力的强化培训方面的投资。为了最大限度地提升其直面消费者的竞争能力，公司期望在2006年扩大其电子商务方面的能力。

The company expects to introduce Liftoff(TM), its effervescent energy drink, to 18 European markets and Japan beginning in the second quarter. The company also plans to launch a water soluble version of its #1 selling Formula One weight management product at the U.S. Extravaganza in the third quarter of 2006, along with a reformulated version of its Garden 7 phytonutrient product.
公司希望在第二季度把最新的能量饮料品牌Liftoff在18个欧洲市场和日本进行有效推广。公司同时计划在2006年美国庆功会期间将其第一代可溶性“第一方案”品牌体重管理产品推出，同时推出的还有重新配制的新款“花园7号”营养产品。

The company has applied for its direct selling license in China, and anticipates that it will open approximately 30 stores and expand its presence into 20 provinces by the end of 2006.
公司已经在中国申请了直销牌照，并且期待在2006年之前，把中国市场覆盖到20个省，建立大约30个店铺。

Diluted Earnings Per Share Guidance
摊薄每股盈余指引

Second quarter 2006 diluted earnings per share are expected to be in the range of $0.44 to $0.48, reflecting the company's strong financial performance in the first quarter. Based upon management's outlook for full year sales growth in the company's key geographic markets, the company is raising its full year 2006 diluted earnings per share to be in the range of $1.88 to $1.93.
根据公司在第一季度强劲的财务表现，2006年第二季度摊薄每股盈余预期可以在0.44美元至0.48美元范围之间。基于管理层对公司主要区域市场全年销售量的发展预期，公司将2006年全年摊薄每股盈余上调到1.88美元至1.93美元。

First Quarter 2006 Earnings Conference Call
2006年第一季度盈利电话会议

Herbalife's first quarter 2006 earnings conference call will be conducted on May 4, 2006 at 8 a.m. P.T. (11 a.m. E.T.). The conference call numbers are (866) 238-0638 for domestic calls and (703) 639-1157 for calls made from outside the United States. Additionally, the conference call will be webcast. The link to the webcast can be obtained from the Investor Relations section of the company's Web site at www.herbalife.com. An audio replay will be available following the completion of the conference call in MP3 format or by dialing (866) 837-8032 (domestic callers) and (703) 925-2474 (international callers) and entering access code 885939. The webcast of the teleconference will be archived and available on Herbalife's Web site.
康宝莱2006年第一季度盈利电话会议将于2006年5月4日于太平洋时间上午8点（东部时间上午11点）召开。会议电话号码为：国内电话：(866) 238-0638，国外电话：(703) 639-1157。与此同时，电话会议将会在网上直播。网上直播地址可以从公司网站www.herbalife.com上的投资者关系部门部分获取。语音重播可以在会议结束后以MP3格式制作好，或虽通过拨打电话，国内电话：(866) 837-8032，国际电话：(703) 925-2474，并输入验证码885939即可收听。电话会议的网络直播将会作为档案保存在康宝莱网站上。

About Herbalife Ltd.
关于康宝莱
Herbalife is a global network marketing company that sells weight-management, nutritional supplements and personal care products intended to support a healthy lifestyle. Herbalife products are sold in 62 countries through a network of more than one million independent distributors. The company supports the Herbalife Family Foundation and its Casa Herbalife program to bring good nutrition to children. Herbalife Investor Relations http://ir.herbalife.com/
康宝莱是一个全球性的直销公司，主要产品范围包括体重管理产品、营养补充产品、个人护理产品，以帮助建立健康的生活方式。康宝莱通过超过100万独立经销商所建立的庞大销售网络在62个国家畅销不衰。公司致力于在全球建立康宝莱家庭基金会和Casa Herbalife项目以带给孩子们健康。康宝莱的投资都关系部门网址是http://ir.herbalife.com/

Disclosure Regarding Forward-Looking Statements
发展展望情况公布

Except for historical information contained herein, the matters set forth in this press release are "forward-looking statements." All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words, "may," "will," "estimate," "intend," "continue," "believe," "expect," or "anticipate" and any other similar words.
除了提到过的历史数据，所有相关的资料数字都被称为“发展展望情况”。根据联邦和国家证券法的制定目的，除了历史事实情况外的所有情况都被称为“发展展望情况”，涵养所有涉及盈利、收入和其它财务条款，所有计划、战略和未来经营管理目标的情况、所有关于未来新的服务和发展的情况、所有涉及到未来经济条件和状况的情况、所有信任情况、所有前面情况的潜在假设情况。“发展展望情况”可能会包括一些词语：“可能”、“将要”、“估计”、“打算”、“继续”、“相信”、“期望” 或是“预期”和其它相似的词语。

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed in this press release. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in forward-looking statements include, among others, the following:
尽管我们相信预期反映了所有“发展展望情况”都是合理的，实际情况可能与“发展展望情况”的假设和预期会有完全的不同。如这篇报道所说，我们未来的财务状况和经营成果可能受固有风险和不确定性的影响。在预计和实施过程中可能导致我们的实际结果、表现或是行业成果包含在“发展展望情况”或在其中或如下述：

-- our relationships with, and our ability to influence the actions of, our distributors;
-- 我们能够影响直销商表现能力的关系
-- adverse publicity associated with our products or network marketing organization;
-- 对我们的产品和网络组织不利的政策
-- uncertainties relating to interpretation and enforcement of recently enacted legislation in China governing direct selling;
-- 中国政府最近颁布的直销法规的解释和执行的不确定性
-- adverse changes in the Chinese economy, Chinese legal system or Chinese governmental policies;
-- 中国经济、中国法律体系或中国政府政策的不利变化
-- risk of improper action by Chinese employees or international distributors in violation of Chinese law;
-- 中国雇员或国际直销商在中国的违法行为导致的不当行为风险
-- changing consumer preferences and demands;
-- 消费都偏好和需求的变化
-- the competitive nature of our business;
-- 商业竞争环境
-- regulatory matters governing our products, including potential governmental or regulatory actions concerning the safety or efficacy of our products, and network marketing program;
-- 相关我们产品的政策调整，包括针对我们产品的安全和效率，以及网络营销相关的潜在政府管制规定
-- risks associated with operating internationally, including foreign exchange risks;
-- 国际操作风险包括外汇风险
-- our dependence on increased penetration of existing markets;
-- 对现有市场的进行渗透形成业绩增长的依赖
-- contractual limitations on our ability to expand our business;
-- 条款限制对我们业务扩张的影响
-- our reliance on our information technology infrastructure and outside manufacturers;
-- 我们对自已的信息技术建设和外部制造商的信任
-- the sufficiency of trademarks and other intellectual property rights;
-- 充足的品牌和其它技术产权
-- product concentration;
-- 产品浓度
-- our reliance on our management team;
-- 对我们管理团队的信任
-- product liability claims;
-- 产品责任声明
-- uncertainties relating to the application of transfer pricing and similar tax regulations;
-- 价格转换和相似和税收管制的不确定性
-- taxation relating to our distributors; and
-- 对直销商的征部和
-- product liability claims.
-- 产品责任声明

Herbalife Ltd
康宝莱
Consolidated Statements of Operations (Unaudited)
调整后的经营报表（未审计）
(In thousands, except per share data)
（单位：千，除了每股数据）

---------------------
Quarter Ended
季度结束
---------------------
3/31/2005 3/31/2006

---------- ----------

The Americas $140,564 $224,080
美洲
Europe 144,599 141,466
欧洲
Asia/Pacific Rim 59,984 67,981
环亚太
Japan 26,913 22,261
日本
---------- ----------
Worldwide net sales 372,060 455,788
全球净营业额
Cost of sales 75,737 91,366
营业成本
---------- ----------
Gross profit 296,323 364,422
毛利润
Royalty overrides 135,168 165,298
特许权利佣金
SGA 110,029 135,044
---------- ----------
Operating income 51,126 64,080
营业收入
Interest expense, net 22,202 6,015
利费净支出
---------- ----------
Income before income taxes 28,924 58,065
税前收入
Income taxes 15,648 19,369
收入税
---------- ----------
Net income 13,276 38,696
净收入
========== ==========

Basic shares 68,643 69,947
基础股票
Diluted shares 71,714 73,451
摊薄股票

Basic EPS $0.19 $0.55
基础每股盈余
========== ==========
Diluted EPS $0.19 $0.53
摊薄每股盈余
========== ==========

Herbalife Ltd.
康宝莱
Consolidated Balance Sheets
调整后的资产负责表
(In thousands)
（单位：千）

December March 31,
31, 2005 2006
20051231 20060331
--------- -----------
ASSETS (unaudited)
资产（未审计）
Current assets:
当前资产
Cash & cash equivalents $88,248 $109,221
现金和现金等价物
Inventories 109,785 106,042
存货
Other current assets 101,518 116,399
其它资产
--------- -----------
Total current assets 299,551 331,662
当前总资产
Property and equipment, net 64,946 70,853
财产和设备净值
Other assets 24,190 29,090
其它资产
Goodwill 134,206 132,428
补偿
Intangible assets, net 314,908 314,133
净无形资产

--------- -----------
Total assets $837,801 $878,166
总资产
========= ===========

LIABILITIES AND SHAREHOLDERS' EQUITY
负债和股东资产净值
Current liabilities:
当前债务
Accounts payable 39,156 32,509
应付账务
Royalty overrides 87,401 90,495
特许权利佣金
Accrued expenses 126,167 130,831
自然费用
Current portion of long term debt 9,816 8,512
当前长期贷款
Other current liabilities 22,917 29,093
其它当前负债
--------- -----------
Total current liabilities 285,457 291,440
当前总负债

Long-term debt, net of current portion 253,276 242,531
长期负债
Other long-term liabilities 130,180 131,917
其它长期负债
--------- -----------
Total liabilities 668,913 665,888
总负债

Shareholders' equity:
股东资产净值
Common shares 140 140
普通
Paid-in-capital in excess of par value 89,524 94,255
票面溢价
Accumulated other comprehensive income 605 569
其它收入总计
Retained earnings 78,829 117,524
收入留存
Treasury shares, at cost (210) (210)
国家股，成本价
--------- -----------
Total shareholders' equity 168,888 212,278
总股东资产净值

--------- -----------
Total liabilities and shareholders' equity $837,801 $878,166
总负债和股东资产净值
========= ===========

Herbalife Ltd.
康宝莱
Total Supervisors by Region
区域业务总监总计
(Unaudited)
（未审计）

Region 3/31/05 3/31/06 % Chg
区域
------ ------- ------- ------

The Americas 94,270 133,192 41%
美洲
Europe 68,810 69,537 1%
欧洲
Asia/Pacific Rim 40,588 46,427 14%
环亚太
Japan 10,165 10,080 -1%
日本
---------------------------
Worldwide 213,833 259,236 21%
世界范围
===========================

Herbalife Ltd.
康宝莱
Volume Points by Region (Unaudited)
区域量点？（未审计）
(in millions)
（单位：百万）

---------------------------
Quarter Ended
季度结束
---------------------------
Region 3/31/05 3/31/06 % Chg
区域
------ --------- ------- ------

The Americas 224.5 337.0 50%
美洲
Europe 144.9 148.9 3%
欧洲
Asia/Pacific Rim 72.4 77.1 6%
环亚太
Japan 18.8 17.0 -10%
日本
---------------------------
Worldwide 460.6 580.0 26%
世界范围
===========================

The following is a reconciliation of net income, presented and
reported in accordance with U.S. generally accepted accounting
principles, to net income adjusted for certain one-time items:
下面的资料是根据美国普遍承认的审计原则，以及一致性原则，对净收入的调整。

--------------------
Quarter Ended
季度结束
--------------------
3/31/05 3/31/06
--------- ---------

Net income, as reported $13,276 $38,696
净收入，报道显示
Tax benefit resulting from an international
income tax audit settlement - (3,693)
国际所得税审计调整收益
Recapitalization expenses associated with the
clawback of 9 1/2% notes 14,229 -
资本调整？？？
--------------------
Net income, as adjusted $27,505 $35,003
净收入，经过调整
====================

The following is a reconciliation of diluted earnings per share,
presented and reported in accordance with U.S. generally accepted
accounting principles, to diluted earnings per share adjusted for
certain one-time items:
下面资料是根据美国普遍承认的审计原则，以及一致性原则，是对摊薄每股盈余的调整。

--------------------
Quarter Ended
季度结束
--------------------
3/31/05 3/31/06
--------- --------

Diluted earnings per share, as reported $0.19 $0.53
摊薄每股盈余，报道显示
Tax benefit resulting from an international
income tax audit settlement - (0.05)
国际所得税审计调整后的收益
Recapitalization expenses associated with
the clawback of 9 1/2% notes 0.19 -
资本调整？？？
--------------------
Diluted earnings per share, as adjusted $0.38 $0.48
摊薄每股盈余，报道显示
====================

Herbalife Ltd.
康宝莱
2006 Guidance
2006年指引
For The Quarter Ended June 30, 2006
截止2006年6月30日

Low High
低 高
------- --------

Net Sales Growth vs. 2005 17.0% 20.0%
相比2005年净营业额增长
Gross Profit as % Net Sales 79.5% 80.5%
毛利润
Royalty Overrides as % Net Sales 35.5% 36.5%
特许权利佣金
SGA as % Net Sales 29.5% 31.0%

Operating Income as % Net Sales 13.5% 14.0%
营业性收入
Interest Expense, net ($ mm's) $5.0 $6.0
净利息费用
Effective Tax Rate (1) 39.5% 40.5%
有效税率
EPS $0.44 $0.48
每股盈余
Capex ($ mm's) $15.0 $20.0
资本支出

(1) Excludes the impact a $3.7 million benefit resulting from an
international audit settlement in Q1 2006.
除去2006年1季度因国际审计调整产生的370万美元收益的影响

Herbalife Ltd.
康宝莱
2006 Guidance
2006年指引
For The Year Ended December 31, 2006
截止2006年12月31日
Low High
低 高
------- --------

Net Sales Growth vs. 2005 17.0% 19.0%
净收入
Gross Profit as % Net Sales 79.5% 80.5%
毛利润
Royalty Overrides as % Net Sales 35.5% 36.5%
特许权利佣金
SGA as % Net Sales 29.5% 31.0%

Operating Income as % Net Sales 13.0% 14.0%
营业性收入
Interest Expense, net ($ mm's) $20.0 $24.0
利息费用
Effective Tax Rate (1) 39.5% 40.5%
有效税率
EPS $1.88 $1.93
每股盈余
Capex ($ mm's) $35.0 $45.0
资本支出

(1) Excludes the impact of a $3.7 million benefit resulting from an
international audit settlement in Q1 2006.
除去2006年1季度因国际审计调整产生的370万美元收益影响
(HLFE)

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