BEIJING, Nov. 19, 2012 /PRNewswire/ -- Perfect World Co.,
Ltd. (NASDAQ: PWRD) ("Perfect World" or the "Company"), a leading
online game developer and operator based in China, today announced its unaudited financial
results for the third quarter ended September 30, 2012.
(Logo: http://photos.prnewswire.com/prnh/20090416/CNTH023LOGO
)
Third Quarter 2012 Highlights[1]
- Total revenues were RMB695.8
million (USD110.7 million), as
compared to RMB676.4 million in 2Q12
and RMB708.9 million in 3Q11.
- Gross profit was RMB566.9 million
(USD90.2 million), as compared to
RMB549.8 million in 2Q12 and
RMB587.7 million in 3Q11.
- Operating profit was RMB109.4
million (USD17.4 million), as
compared to RMB155.2 million in 2Q12
and RMB193.9 million in 3Q11.
Non-GAAP operating profit[2] was RMB127.5
million (USD20.3 million), as
compared to RMB172.5 million in 2Q12
and RMB221.3 million in 3Q11.
- Net income attributable to the Company's shareholders was
RMB86.2 million (USD13.7 million), as compared to RMB158.2 million in 2Q12 and RMB143.6 million in 3Q11. Non-GAAP net
income attributable to the Company's shareholders[2] was
RMB104.3 million (USD16.6 million), as compared to RMB175.5 million in 2Q12 and RMB171.1 million in 3Q11.
- Basic and diluted earnings per American Depositary Share
("ADS") [3] were RMB1.78 (USD0.28) and RMB1.77 (USD0.28),
respectively, as compared to RMB3.28
and RMB3.25, respectively, in 2Q12,
and RMB2.96 and RMB2.83, respectively, in 3Q11. Non-GAAP
basic and diluted earnings per ADS[2] were RMB2.16 (USD0.34)
and RMB2.14 (USD0.34), respectively, as compared to
RMB3.64 and RMB3.60, respectively, in 2Q12, and RMB3.53 and RMB3.37, respectively, in 3Q11.
- Launched open beta testing for "Return of the Condor Heroes" in
September 2012 in China.
- Released English version of "Torchlight 2" in September 2012.
[1] The U.S. dollar
(USD) amounts disclosed in this press release, except for those
transaction amounts that were actually settled in U.S. dollars, are
presented solely for the convenience of the reader. The
conversion of Renminbi (RMB) into USD in this release is based on
the noon buying rate in The City of New York for cable transfers in
RMB per USD as certified for customs purposes by the Federal
Reserve Bank of New York as of September 28, 2012, which was
RMB6.2848 to USD1.00. The percentages stated in this press
release are calculated based on the RMB amounts.
|
[2] As used in this
press release, non-GAAP operating profit, non-GAAP net income
attributable to the Company's shareholders and non-GAAP earnings
per ADS are defined to exclude share-based compensation charge from
operating profit, net income attributable to the Company's
shareholders and earnings per ADS, respectively. See
"Non-GAAP Financial Measures" and "Reconciliation of GAAP and
Non-GAAP Results" at the end of this press release.
|
[3] Each ADS represents
five ordinary shares.
|
Mr. Michael Chi, Chairman and
Co-Chief Executive Officer of Perfect World commented, "We are
pleased to announce our third quarter results. During the
third quarter, we primarily focused on content development of our
portfolio and decelerated in-game promotional activities. As
such, the overall performance of our existing games came in
slightly softer than the previous quarter as we expected.
However, our total revenues were 2.9% higher on a sequential
basis, which was ahead of the high end of our expectations and
primarily a result of solid revenue contribution from our new
game. During the third quarter, we released the English
version of 'Torchlight 2,' a pay-per-install game. This game
was developed by our majority-owned subsidiary, Runic Games, Inc.
("Runic Games"), a top-tier game development studio based in the
U.S. Toward the end of the third quarter, we also launched an
exciting turn-based martial arts MMORPG, 'Return of the Condor
Heroes' in China. This new
title adapted from Louis Cha's
literary classic of the same name is expected to gradually ramp up
revenue contribution for us during the fourth quarter."
"In addition to bringing new games to our players, we also
remain dedicated to maintaining a healthy life cycle for our
existing games. We continued to provide exciting new game
content to players of our existing games through regular releases
of expansion packs and content updates. For example, we
released expansion packs for our flagship titles, 'Zhu Xian' and
'Perfect World II,' toward the end of the third quarter."
"As we continue to enhance content for our existing games, we
are also further expanding on our deep and diverse pipeline, which
has always been one of our key competitive advantages. A
number of attractive titles across a variety of genres are now in
development. Among them are our highly-anticipated MMORPGs,
'Swordsman Online,' 'Saint Seiya Online' and 'Legend of the Condor
Heroes,' as well as a number of web games. We look forward to
introducing these titles to game players in the coming year and
beyond and believe that they will become new growth drivers for our
business."
Mr. Robert Hong Xiao, Co-CEO of
Perfect World continued, "In addition to the great titles our
Chinese studios are developing, we also have a number of global
titles in our pipeline. Our Cryptic Studios in the U.S. is
working on 'Neverwinter,' another highly-anticipated MMORPG that we
plan to initially launch in North America. Cryptic Studios,
as well as our other specialized R&D studios across the world,
not only bring more world-class entertainment to our pipeline, but
also play an important role in our globalization strategy in terms
of further strengthening our well-established R&D capabilities
worldwide."
"Another world-class title that we are very excited about is
'Dota 2,' a world-famous title with a unique mix of action, RTS and
RPG gameplay. We recently obtained exclusive rights to
operate this game in mainland China. We look forward to leveraging our
vast operational experience in China to bring more world-class entertainment
to our players."
"Our strong operational capabilities are an important component
of our globalization strategy. In addition to China, we also have an extensive operational
network overseas and we continued to make progress in our overseas
operations and licensing activities. Recently, we
successfully launched licensed games, 'Dark Blood' and 'RaiderZ,'
through our overseas subsidiaries in Japan and the U.S., respectively. During
the quarter, we also signed several new agreements to license more
of our games to overseas operators."
"As we look forward, we will continue to capitalize on our
diverse portfolio and pipeline, strong global R&D capabilities,
and extensive global operating network to deliver more exciting and
innovative titles to gamers all over the world."
Third Quarter 2012 Financial Results
Total Revenues
Total revenues were RMB695.8
million (USD110.7 million) in
3Q12, as compared to RMB676.4 million
in 2Q12 and RMB708.9 million in
3Q11.
Online game operation revenues, which include both domestic and
overseas online game operations, were RMB608.2 million (USD96.8
million) in 3Q12, as compared to RMB626.4 million in 2Q12 and RMB643.2 million in 3Q11. In the third
quarter, the Company decelerated in-game promotional activities and
continued to focus on content enhancements in order to maintain a
healthy life cycle for its existing games.
The aggregate average concurrent users (ACU) for games under
operation in mainland China was
approximately 601,000 in 3Q12, as compared to 739,000 in 2Q12 and
828,000 in 3Q11. During late second quarter and throughout
the third quarter, the Company stepped up its anti-cheating efforts
for certain games in order to maintain a healthy and fun gaming
environment for players. The decrease from 2Q12 was mainly
due to such stringent anti-cheating efforts, as well as adverse
seasonality factors affecting user traffic during the third
quarter. In addition, expansion packs for certain games were
released near or after the end of the third quarter. As such,
user traffic remained at a lower level prior to releases of the new
content.
Licensing revenues were RMB39.0
million (USD6.2 million) in
3Q12, as compared to RMB46.9 million
in 2Q12 and RMB55.8 million in
3Q11. The decrease from 2Q12 was mainly due to lower initial
license fees as the Company did not launch any new games through
its partners in overseas markets in 3Q12.
Other revenues were RMB48.6
million (USD7.7 million) in
3Q12, as compared to RMB3.0 million
in 2Q12 and RMB9.9 million in
3Q11. The increase from 2Q12 was primarily due to the
contribution from English version of "Torchlight 2" released in
3Q12. "Torchlight 2" is a popular pay-per-install game
developed by Runic Games, the Company's majority-owned subsidiary
based in the U.S.
Cost of Revenues
The cost of revenues was RMB128.9
million (USD20.5 million) in
3Q12, as compared to RMB126.6 million
in 2Q12 and RMB121.2 million in 3Q11.
Gross Profit and Gross Margin
Gross profit was RMB566.9 million
(USD90.2 million) in 3Q12, as
compared to RMB549.8 million in 2Q12
and RMB587.7 million in 3Q11.
Gross margin was 81.5% in 3Q12, as compared to 81.3% in 2Q12 and
82.9% in 3Q11.
Operating Expenses
Operating expenses were RMB457.5
million (USD72.8 million) in
3Q12, as compared to RMB394.6 million
in 2Q12 and RMB393.9 million in 3Q11.
The increase in operating expenses from 2Q12 was mainly due
to increases in sales and marketing expenses, and R&D expenses
in 3Q12.
R&D expenses were RMB197.1
million (USD31.4 million) in
3Q12, as compared to RMB189.7 million
in 2Q12 and RMB170.6 million in 3Q11.
The increase from 2Q12 was primarily due to an increase in
staff cost.
Sales and marketing expenses were RMB177.1 million (USD28.2
million) in 3Q12, as compared to RMB121.8 million in 2Q12 and RMB146.7 million in 3Q11. The increase from
2Q12 was largely due to an increase in advertising and promotional
expenses associated with the launch of the Company's new game,
"Return of the Condor Heroes," and releases of several expansion
packs for its existing games, including the flagship titles "Zhu
Xian" and "Perfect World II."
General and administrative ("G&A") expenses were
RMB83.3 million (USD13.2 million) in 3Q12, as compared to
RMB83.1 million in 2Q12 and
RMB76.5 million in 3Q11.
Operating Profit
Operating profit was RMB109.4
million (USD17.4 million) in
3Q12, as compared to RMB155.2 million
in 2Q12 and RMB193.9 million in
3Q11. Non-GAAP operating profit was RMB127.5 million (USD20.3
million) in 3Q12, as compared to RMB172.5 million in 2Q12 and RMB221.3 million in 3Q11.
Total Other Income
Total other income was RMB16.1
million (USD2.6 million) in
3Q12, as compared to RMB38.9 million
in 2Q12 and RMB28.5 million in
3Q11. Due to the fluctuation of the euro against the U.S.
dollar, a foreign exchange loss was realized in 3Q12 while a
foreign exchange gain was realized in 2Q12.
Income Tax Expense
Income tax expense was RMB29.1
million (USD4.6 million) in
3Q12, as compared to RMB38.1 million
in 2Q12 and RMB78.8 million in 3Q11.
The decrease from 2Q12 was primarily a result of the change
in the operating profit in 3Q12.
Net Income Attributable to the Company's
Shareholders
Net income attributable to the Company's shareholders was
RMB86.2 million (USD13.7 million) in 3Q12, as compared to
RMB158.2 million in 2Q12 and
RMB143.6 million in 3Q11.
Non-GAAP net income attributable to the Company's shareholders was
RMB104.3 million (USD16.6 million) in 3Q12, as compared to
RMB175.5 million in 2Q12 and
RMB171.1 million in 3Q11.
Basic and diluted earnings per ADS were RMB1.78 (USD0.28)
and RMB1.77 (USD0.28), respectively, in 3Q12, as compared to
RMB3.28 and RMB3.25, respectively, in 2Q12, and RMB2.96 and RMB2.83, respectively, in 3Q11. Non-GAAP
basic and diluted earnings per ADS were RMB2.16 (USD0.34)
and RMB2.14 (USD0.34), respectively, in 3Q12, as compared to
RMB3.64 and RMB3.60, respectively, in 2Q12, and RMB3.53 and RMB3.37, respectively, in 3Q11.
Cash and Cash Equivalents
As of September 30, 2012, the
Company had RMB745.8 million
(USD118.7 million) of cash and cash
equivalents, as compared to RMB964.1
million as of June 30, 2012.
The decrease was mainly due to the Company's short-term
investments in certain structured deposits, and was partially
offset by the net cash inflow generated from the Company's online
game operations.
Recent Developments
Obtained Exclusive
Rights to Operate "Dota
2" in Mainland China
In October 2012, the Company
obtained exclusive rights to operate "Dota 2," a popular online
game with the unique mix of action, RTS and RPG gameplay, in
mainland China.
Promoted Mr. Alex Yiran Xu
to Senior Vice President
In November 2012, the Company
promoted Mr. Alex Yiran Xu, the
Company's Vice President of Strategy, to the Company's Senior Vice
President of Business Development.
Business Outlook
Based on the Company's current operations, total revenues for
the fourth quarter of 2012 are expected to be between RMB661 million and RMB696 million, representing a
flat to slight decline from the third quarter of 2012. The
Company successfully released English version of "Torchlight 2," a
popular pay-per-install game, which contributed to revenues in the
third quarter. The Company does not expect the revenue
contribution from this game to be as significant in the fourth
quarter. On the other hand, the Company's new game, "Return
of the Condor Heroes," is expected to contribute additional
revenues for the fourth quarter, but it will take time to ramp up
gradually.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with
generally accepted accounting principals in the United States, or GAAP, this press release
presents non-GAAP operating profit, non-GAAP net income
attributable to the Company's shareholders and non-GAAP earnings
per ADS by excluding share-based compensation charge from operating
profit, net income attributable to the Company's shareholders and
earnings per ADS, respectively. The Company believes these
non-GAAP financial measures are important to help investors
understand the Company's operating and financial performance,
compare business trends among different reporting periods on a
consistent basis and assess the Company's core operating results,
as they exclude certain expenses that are not expected to result in
cash payments. The use of the above non-GAAP financial
measures has certain limitations. Share-based compensation
charge has been and will continue to be incurred and is not
reflected in the presentation of the non-GAAP financial measures.
It should be considered in the overall evaluation of our
results. None of the non-GAAP measures is a measure of net
income attributable to the Company's shareholders, operating
profit, operating performance or liquidity presented in accordance
with GAAP. We compensate for these limitations by providing
the relevant disclosure of our share-based compensation charge in
our reconciliations to the most directly comparable GAAP financial
measures, which should be considered when evaluating our
performance. These non-GAAP financial measures should be
considered in addition to financial measures prepared in accordance
with GAAP, but should not be considered a substitute for, or
superior to, financial measures prepared in accordance with GAAP.
Reconciliation of each of these non-GAAP financial measures
to the most directly comparable GAAP financial measure are set
forth at the end of this release.
Conference Call
Perfect World will host a conference call and live webcast at
8:00pm Eastern Standard Time on
Monday, November 19, 2012
(9:00am Beijing time on Tuesday, November 20, 2012).
Dial-in numbers for the live conference call are as follows:
- U.S. Toll Free
Number
|
1-866-519-4004
|
- International Dial-in
Number
|
+65-6723-9381
|
- Mainland China Toll
Free Number
|
800-819-0121
|
- Hong Kong Toll Free
Number
|
80-093-0346
|
- U.K. Toll Free
Number
|
080-8234-6646
|
Conference
ID:
|
PWRD
|
A live and archived webcast of the conference call will be
available on the Investor Relations section of Perfect World's
website at http://www.pwrd.com.
A telephone replay of the call will be available beginning two
hours after the conclusion of the conference call through
11:59pm Eastern Time, November 27, 2012.
Dial-in numbers for the replay are as follows:
- U.S. Toll Free
Number
|
1-855-452-5696
|
- International Dial-in
Number
|
+61-2-8199-0299
|
Conference
ID:
|
65232118
|
About Perfect World Co., Ltd.
(http://www.pwrd.com)
Perfect World Co., Ltd. (NASDAQ: PWRD) is a leading online game
developer and operator based in China. Perfect World
primarily develops online games based on proprietary game engines
and game development platforms. Perfect World's strong
technology and creative game design capabilities, combined with
extensive knowledge and experiences in the online game market,
enable it to frequently and promptly introduce popular games
designed to cater changing customer preferences and market
trends. Perfect World's current portfolio of self-developed
online games includes massively multiplayer online role playing
games ("MMORPGs"): "Perfect World," "Legend of Martial Arts," "Perfect World II," "Zhu Xian,"
"Chi Bi," "Pocketpet Journey West,"
"Battle of the Immortals," "Fantasy Zhu Xian," "Forsaken World,"
"Dragon Excalibur," "Empire of the Immortals" and "Return of the
Condor Heroes;" an online casual game: "Hot Dance Party;" and a
number of web games and social networking games. While a
substantial portion of the revenues are generated in China, Perfect World operates its games in
North America, Europe and Japan through its own subsidiaries.
Perfect World's games have also been licensed to leading game
operators in a number of countries and regions in Asia, Latin
America, Australia,
New Zealand, and the Russian Federation and other Russian speaking
territories. Perfect World intends to continue to explore new
and innovative business models and is committed to maximizing
shareholder value over time.
SafeHarborStatements
This press release contains forward-looking statements.
These statements constitute forward-looking statements under the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other
things, the management's quotations and "Business Outlook" contain
forward-looking statements. Such statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements.
Potential risks and uncertainties include, but are not limited to,
Perfect World's limited operating history, its ability to develop
and operate new games that are commercially successful, the growth
of the online game market and the continuing market acceptance of
its games and in-game items in China and elsewhere, its ability to protect
intellectual property rights, its ability to respond to competitive
pressure, its ability to maintain an effective system of internal
control over financial reporting, changes of the regulatory
environment in China, and economic
slowdown in China and/or
elsewhere. Further information regarding these and other
risks is included in Perfect World's filings with the U.S.
Securities and Exchange Commission, including its annual report on
Form 20-F. All information provided in this press release and
in the attachments is as of November 19,
2012, and Perfect World does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
For further information, please contact
Perfect World Co., Ltd.
Vivien Wang - Vice President,
Investor Relations & Corporate Communications
Joanne Deng - Investor Relations
Manager
Tel: +86-10-5780-5700
Fax: +86-10-5780-5713
Email: ir@pwrd.com
http://www.pwrd.com
Christensen Investor Relations
Patty Bruner
Tel: +1-480-614-3036
Fax: +1-480-614-3033
Email: pbruner@christensenir.com
Victor Kuo
Tel: +86-10-5826-4939
Fax: +86-10-5826-4838
Email: vkuo@christensenir.com
Perfect World Co.,
Ltd.
|
Unaudited
Consolidated Balance Sheets
|
|
December
31,
|
|
September 30,
|
|
September
30,
|
|
2011
|
|
2012
|
|
2012
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash
and cash equivalents
|
2,150,213,495
|
|
745,781,152
|
|
118,664,262
|
Restricted cash
|
535,500,431
|
|
836,404,466
|
|
133,083,704
|
Short-term investments
|
139,517,875
|
|
1,425,249,386
|
|
226,777,206
|
Accounts receivable, net
|
142,543,972
|
|
144,704,183
|
|
23,024,469
|
Due
from related parties
|
40,000
|
|
-
|
|
-
|
Prepayment and other assets
|
94,628,466
|
|
146,152,866
|
|
23,254,975
|
Deferred tax assets
|
27,130,068
|
|
28,384,360
|
|
4,516,351
|
Total current
assets
|
3,089,574,307
|
|
3,326,676,413
|
|
529,320,967
|
Non current
assets
|
|
|
|
|
|
Equity investments
|
33,384,729
|
|
221,887,923
|
|
35,305,487
|
Time
deposits
|
293,892,575
|
|
50,840,345
|
|
8,089,413
|
Restricted time deposits
|
125,717,425
|
|
7,875,551
|
|
1,253,111
|
Property, equipment, and software, net
|
1,259,850,498
|
|
1,223,150,089
|
|
194,620,368
|
Construction in progress
|
4,793,214
|
|
11,820,316
|
|
1,880,778
|
Intangible assets, net
|
273,193,489
|
|
244,126,194
|
|
38,843,908
|
Goodwill
|
466,328,513
|
|
462,973,188
|
|
73,665,540
|
Due
from related parties
|
7,561,080
|
|
7,609,200
|
|
1,210,731
|
Prepayments and other assets
|
62,457,484
|
|
55,744,033
|
|
8,869,659
|
Deferred tax assets
|
35,235,313
|
|
37,331,298
|
|
5,939,934
|
Total
assets
|
5,651,988,627
|
|
5,650,034,550
|
|
898,999,896
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts payable
|
89,123,596
|
|
107,742,439
|
|
17,143,336
|
Short-term bank loans
|
560,780,100
|
|
754,579,000
|
|
120,064,123
|
Advances from customers
|
95,921,079
|
|
96,487,174
|
|
15,352,465
|
Salary and welfare payable
|
204,976,567
|
|
159,630,280
|
|
25,399,421
|
Taxes payable
|
43,236,335
|
|
33,705,412
|
|
5,363,005
|
Accrued expenses and other liabilities
|
68,663,124
|
|
61,482,708
|
|
9,782,763
|
Due
to related parties
|
155,000
|
|
365,000
|
|
58,077
|
Deferred revenues
|
461,921,174
|
|
415,823,362
|
|
66,163,340
|
Deferred tax liabilities
|
106,933,061
|
|
64,347,489
|
|
10,238,590
|
Deferred government grants
|
579,526
|
|
530,448
|
|
84,402
|
Total current
liabilities
|
1,632,289,562
|
|
1,694,693,312
|
|
269,649,522
|
Deferred
revenues
|
17,481,338
|
|
10,301,260
|
|
1,639,075
|
Deferred
tax liabilities
|
8,005,954
|
|
7,524,786
|
|
1,197,299
|
Other
long-term liabilities
|
8,803,103
|
|
-
|
|
-
|
Total
liabilities
|
1,666,579,957
|
|
1,712,519,358
|
|
272,485,896
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
Ordinary shares
(US$0.0001 par value, 10,000,000,000 shares
|
|
|
|
|
|
authorized, 29,671,195 Class A ordinary shares issued
and
|
|
|
|
outstanding, 201,238,020 Class B ordinary shares issued
|
|
|
|
and outstanding as of December 31, 2011; 10,000,000,000
|
|
|
|
shares authorized, 29,671,195 Class A ordinary shares
issued
|
|
|
|
and outstanding, 212,028,805 Class B ordinary shares
issued
|
|
|
|
and outstanding as of September 30, 2012)
|
186,948
|
193,741
|
30,827
|
Additional
paid-in capital
|
212,421,037
|
|
313,123,262
|
|
49,822,311
|
Statutory
reserves
|
268,014,793
|
|
270,581,391
|
|
43,053,302
|
Accumulated other
comprehensive loss
|
(60,430,695)
|
|
(56,713,482)
|
|
(9,023,912)
|
Retained
earnings
|
3,538,087,071
|
|
3,382,100,087
|
|
538,139,652
|
Total Perfect World
Shareholders' Equity
|
3,958,279,154
|
|
3,909,284,999
|
|
622,022,180
|
Non-controlling
interests
|
27,129,516
|
|
28,230,193
|
|
4,491,820
|
Total Shareholders'
Equity
|
3,985,408,670
|
|
3,937,515,192
|
|
626,514,000
|
Total Liabilities and
Shareholders' Equity
|
5,651,988,627
|
|
5,650,034,550
|
|
898,999,896
|
Perfect World Co.,
Ltd.
|
Unaudited
Consolidated Statements of Operations
|
|
|
Three months
ended
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
2011
|
|
2012
|
|
2012
|
|
2012
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues
|
|
|
|
|
|
|
|
Online game operation revenues
|
643,240,306
|
|
626,444,057
|
|
608,210,956
|
|
96,774,910
|
Licensing revenues
|
55,801,551
|
|
46,923,638
|
|
38,967,837
|
|
6,200,330
|
Other revenues
|
9,901,854
|
|
3,042,555
|
|
48,630,435
|
|
7,737,786
|
Total
Revenues
|
708,943,711
|
|
676,410,250
|
|
695,809,228
|
|
110,713,026
|
Cost of
revenues
|
(121,227,110)
|
|
(126,649,248)
|
|
(128,875,426)
|
|
(20,505,891)
|
Gross
profit
|
587,716,601
|
|
549,761,002
|
|
566,933,802
|
|
90,207,135
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and development expenses
|
(170,640,162)
|
|
(189,673,612)
|
|
(197,110,698)
|
|
(31,363,082)
|
Sales and marketing expenses
|
(146,746,286)
|
|
(121,773,658)
|
|
(177,135,483)
|
|
(28,184,745)
|
General and administrative expenses
|
(76,475,913)
|
|
(83,138,145)
|
|
(83,270,255)
|
|
(13,249,468)
|
Total operating
expenses
|
(393,862,361)
|
|
(394,585,415)
|
|
(457,516,436)
|
|
(72,797,295)
|
Operating
profit
|
193,854,240
|
|
155,175,587
|
|
109,417,366
|
|
17,409,840
|
Other income /
(expenses)
|
|
|
|
|
|
|
|
Share of loss from equity investments
|
(485,958)
|
|
(2,425,763)
|
|
(4,430,549)
|
|
(704,963)
|
Interest income
|
21,618,355
|
|
27,861,314
|
|
19,169,167
|
|
3,050,084
|
Interest expense
|
(2,277,145)
|
|
(7,847,932)
|
|
(5,345,876)
|
|
(850,604)
|
Others, net
|
9,624,146
|
|
21,309,632
|
|
6,695,488
|
|
1,065,346
|
Total other
income
|
28,479,398
|
|
38,897,251
|
|
16,088,230
|
|
2,559,863
|
Profit before
tax
|
222,333,638
|
|
194,072,838
|
|
125,505,596
|
|
19,969,703
|
Income tax expense
|
(78,769,353)
|
|
(38,113,968)
|
|
(29,077,514)
|
|
(4,626,641)
|
Income from
continuing operations, net of tax
|
143,564,285
|
|
155,958,870
|
|
96,428,082
|
|
15,343,062
|
Loss from discontinued
operations, net of tax
|
(1,400,275)
|
|
-
|
|
-
|
|
-
|
Net
Income
|
142,164,010
|
|
155,958,870
|
|
96,428,082
|
|
15,343,062
|
Net loss / (income)
attributable to the non-controlling interests
|
1,453,584
|
|
2,248,890
|
|
(10,269,331)
|
|
(1,633,995)
|
Net income
attributable to the Company's shareholders
|
143,617,594
|
|
158,207,760
|
|
86,158,751
|
|
13,709,067
|
|
|
|
|
|
|
|
|
Net earnings per share,
basic
|
|
|
|
|
|
|
|
Continuing operations
|
0.60
|
|
0.66
|
|
0.36
|
|
0.06
|
Discontinued operations
|
(0.01)
|
|
0.00
|
|
0.00
|
|
0.00
|
Total earnings per
share, basic
|
0.59
|
|
0.66
|
|
0.36
|
|
0.06
|
|
|
|
|
|
|
|
|
Net earnings per share,
diluted
|
|
|
|
|
|
|
|
Continuing operations
|
0.58
|
|
0.65
|
|
0.35
|
|
0.06
|
Discontinued operations
|
(0.01)
|
|
0.00
|
|
0.00
|
|
0.00
|
Total earnings per
share, diluted
|
0.57
|
|
0.65
|
|
0.35
|
|
0.06
|
|
|
|
|
|
|
|
|
Net earnings per ADS,
basic
|
|
|
|
|
|
|
|
Continuing operations
|
2.99
|
|
3.28
|
|
1.78
|
|
0.28
|
Discontinued operations
|
(0.03)
|
|
0.00
|
|
0.00
|
|
0.00
|
Total earnings per ADS,
basic
|
2.96
|
|
3.28
|
|
1.78
|
|
0.28
|
|
|
|
|
|
|
|
|
Net earnings per ADS,
diluted
|
|
|
|
|
|
|
|
Continuing operations
|
2.86
|
|
3.25
|
|
1.77
|
|
0.28
|
Discontinued operations
|
(0.03)
|
|
0.00
|
|
0.00
|
|
0.00
|
Total earnings per ADS,
diluted
|
2.83
|
|
3.25
|
|
1.77
|
|
0.28
|
|
|
|
|
|
|
|
|
Shares used in
calculating basic net earnings per share
|
242,659,663
|
|
241,209,046
|
|
241,622,487
|
|
241,622,487
|
Shares used in
calculating diluted net earnings per share
|
253,972,573
|
|
243,529,117
|
|
243,269,476
|
|
243,269,476
|
|
|
|
|
|
|
|
|
Amount attributable to
the Company's shareholders:
|
|
|
|
|
|
|
|
Income from continuing
operations, net of tax
|
144,967,632
|
|
158,207,760
|
|
86,158,751
|
|
13,709,067
|
Loss from discontinued
operations, net of tax
|
(1,350,038)
|
|
-
|
|
-
|
|
-
|
Net income
|
143,617,594
|
|
158,207,760
|
|
86,158,751
|
|
13,709,067
|
|
|
|
|
|
|
|
|
Total share-based
compensation cost included in:
|
|
|
|
|
|
|
|
Cost
of revenues
|
(1,646,149)
|
|
(1,089,992)
|
|
(1,130,569)
|
|
(179,889)
|
Research and development expenses
|
(12,576,220)
|
|
(8,345,586)
|
|
(8,598,468)
|
|
(1,368,137)
|
Sales and marketing expenses
|
(3,935,862)
|
|
(2,654,574)
|
|
(2,730,279)
|
|
(434,426)
|
General and administrative expenses
|
(9,306,125)
|
|
(5,216,569)
|
|
(5,652,702)
|
|
(899,424)
|
Perfect World Co.,
Ltd.
|
Reconciliation of
GAAP and Non-GAAP Results
|
|
|
Three months
ended
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
September 30,
|
|
2011
|
|
2012
|
|
2012
|
|
2012
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
GAAP operating
profit
|
193,854,240
|
|
155,175,587
|
|
109,417,366
|
|
17,409,840
|
Share based compensation
charge
|
27,464,356
|
|
17,306,721
|
|
18,112,018
|
|
2,881,876
|
Non-GAAP operating
profit
|
221,318,596
|
|
172,482,308
|
|
127,529,384
|
|
20,291,716
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to the Company's shareholders
|
143,617,594
|
|
158,207,760
|
|
86,158,751
|
|
13,709,067
|
Share based compensation
charge
|
27,464,356
|
|
17,306,721
|
|
18,112,018
|
|
2,881,876
|
Non-GAAP net income
attributable to the Company's
shareholders
|
171,081,950
|
|
175,514,481
|
|
104,270,769
|
|
16,590,943
|
|
|
|
|
|
|
|
|
GAAP net earnings per
ADS
|
|
|
|
|
|
|
|
-
Basic
|
2.96
|
|
3.28
|
|
1.78
|
|
0.28
|
-
Diluted
|
2.83
|
|
3.25
|
|
1.77
|
|
0.28
|
|
|
|
|
|
|
|
|
Non-GAAP net earnings
per ADS
|
|
|
|
|
|
|
|
-
Basic
|
3.53
|
|
3.64
|
|
2.16
|
|
0.34
|
-
Diluted
|
3.37
|
|
3.60
|
|
2.14
|
|
0.34
|
|
|
|
|
|
|
|
|
ADSs used in
calculating net earnings per ADS
|
|
|
|
|
|
|
|
-
Basic
|
48,531,933
|
|
48,241,809
|
|
48,324,497
|
|
48,324,497
|
-
Diluted
|
50,794,515
|
|
48,705,823
|
|
48,653,895
|
|
48,653,895
|
SOURCE Perfect World Co., Ltd.