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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GameSquare Holdings Inc | NASDAQ:GAME | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -4.38% | 1.31 | 1.32 | 4.50 | 1.40 | 1.28 | 1.37 | 224,462 | 05:00:03 |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
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Form 20-F x Form 40-F ¨
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
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Yes ¨ No x
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If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-____________
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Shanda Games Limited
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|||
Date: September 26, 2014
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By:
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/s/ Xiangdong Zhang
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Name: Xiangdong Zhang
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|||
Title: Chief Executive Officer
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Exhibit No.
|
Description
|
|
Exhibit 99.1
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Press Release
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Hong Kong, China—September 26, 2014—Shanda Games Limited (“Shanda Games,” or the “Company”) (NASDAQ: GAME), a leading online game developer, operator and publisher in China, today announced its unaudited consolidated financial results for the second quarter 2014 ended June 30, 2014.
|
Ÿ
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Net revenues were RMB964.4 million (US$156.7 million), down 2.8% QoQ and 11.8% YoY.
|
Ÿ
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Gross profit was RMB745.8 million (US$121.2 million), down 4.6% QoQ and 10.0% YoY. Gross margin was 77.3%, compared with 78.8% in Q1 2014 and 75.8% in Q2 2013.
|
Ÿ
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Operating income was RMB366.0 million (US$59.5 million), down 9.0% QoQ and 21.5% YoY. Operating margin was 38.0%, compared with 40.5% in Q1 2014 and 42.6% in Q2 2013.
|
Ÿ
|
Net income attributable to the Company’s shareholders was RMB325.8 million (US$53.0 million), down 2.5% QoQ and 36.4% YoY. Net margin was 33.8%, compared with 33.7% in Q1 2014 and 46.9% in Q2 2013.
|
Ÿ
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Earnings per diluted ADS were RMB1.20 (US$0.20), compared with RMB1.24 in Q1 2014 and RMB1.92 in Q2 2013.
|
Ÿ
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Net revenues were RMB964.4 million (US$156.7 million), down 2.8% QoQ and 11.8% YoY.
|
—
|
Massively multi-player online (MMO) game revenues were RMB868.7 million (US$141.2 million), down 5.2% QoQ and 11.0% YoY.
|
—
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Mobile game revenues were RMB85.8 million (US$13.9 million), up 30.8% QoQ and down 15.7% YoY.
|
—
|
Other revenues were RMB9.9 million (US$1.6 million), down 5.7% QoQ and 32.7% YoY.
|
Ÿ
|
Gross profit was RMB728.8 million (US$118.5 million), down 4.7% QoQ and 10.4% YoY. Gross margin was 75.6%, compared with 77.1% in Q1 2014 and 74.4% in Q2 2013.
|
Ÿ
|
Operating income was RMB333.0 million (US$54.1 million), down 9.1% QoQ and 22.9% YoY. Operating margin was 34.5%, compared with 36.9% in Q1 2014 and 39.5% in Q2 2013.
|
Ÿ
|
Net income attributable to the Company’s shareholders was RMB300.0 million (US$48.8 million), down 1.9% QoQ and 38.3% YoY. Net margin was 31.1%, compared with 30.8% in Q1 2014 and 44.5% in Q2 2013.
|
Ÿ
|
Earnings per diluted ADS were RMB1.10 (US$0.18), compared with RMB1.12 in Q1 2014 and RMB1.82 in Q2 2013.
|
Ÿ
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MMO games operated in China and overseas:
|
—
|
Average Monthly Active Users (average MAU) decreased 1.0% QoQ from 17.7 million to 17.5 million.
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—
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Average Monthly Paying Users (average MPU) decreased 1.9% QoQ from 3.0 million to 3.0 million.
|
—
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Monthly Average Revenue per Paying User (ARPU) decreased 3.3% QoQ from RMB101.0 to RMB97.7.
|
Ÿ
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Mobile games operated in China and overseas:
|
—
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Average Daily Active Users (average DAU) increased 5.6% QoQ from 462,700 to 488,600.
|
—
|
Average Revenue per Daily Active User (ARDAU) increased 22.5% QoQ from RMB1.6 to RMB1.9.
|
(1)
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Notes:
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1.
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Acquisition of Shengzhan and Shengjing.
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2.
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MAU refers to the number of users who play the Company’s MMO games during a calendar month. Average MAU is the average of the MAU for each calendar month during a given period.
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3.
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MPU refers to the number of paying users for the Company’s MMO games during a calendar month. Average MPU is the average of the MPU for each calendar month during a given period.
|
4.
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ARPU refers to (i) the total MMO game revenues for a given period, divided by (ii) the number of months in that period, further divided by (iii) the average MPU during the period.
|
5.
|
DAU refers to the number of users who play the Company’s mobile games during a day. Average DAU is the average of the DAU for each day during a given period.
|
6.
|
ARDAU refers to (i) the total mobile game revenues for a given period, divided by (ii) the number of days in that period, further divided by (iii) the average DAU during the period. ARDAU reflects overall monetization for mobile game users. DAU and ARDAU are metrics the Company uses most frequently to monitor its mobile game’s performance.
|
7.
|
The calculation of MAU, MPU and DAU for the Company’s games in China and overseas does not include user data for games that were licensed to third-party game operators.
|
Q2 2013
|
Q3 2013
|
Q4 2013
|
Q1 2014
|
Q2 2014
|
|
MMO Games
|
|||||
Average MAU (in millions)
|
18.9
|
18.4
|
17.7
|
17.7
|
17.5
|
Average MPU (in millions)
|
3.2
|
2.9
|
2.9
|
3.0
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3.0
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ARPU (RMB)
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102.0
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108.7
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101.7
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101.0
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97.7
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Mobile Games
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|||||
Average DAU (in thousands)
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367.2
|
574.9
|
558.9
|
462.7
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488.6
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ARDAU (RMB)
|
3.0
|
2.9
|
2.4
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1.6
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1.9
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Gross Profit. Gross profit for the second quarter of 2014 was RMB728.8 million (US$118.5 million), representing decreases of 4.7% from RMB764.8 million in the first quarter of 2014 and 10.4% from RMB813.2 million in the second quarter of 2013. Gross margin was 75.6% in the second quarter of 2014, compared with 77.1% in the first quarter of 2014 and 74.4% in the second quarter of 2013.
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Operating Expenses. Total operating expenses for the second quarter of 2014 were RMB395.8 million (US$64.4 million), representing a decrease of 0.7% from RMB398.6 million in the first quarter of 2014 and an increase of 3.7% from RMB381.5 million in the second quarter of 2013. Operating expenses represented 41.0% of net revenues, an increase from 40.2% in the first quarter of 2014 and 34.9% in the second quarter of 2013.
|
Ÿ
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Orient Finance Holdings (Hong Kong) Limited, a company limited by shares incorporated and existing under the laws of Hong Kong and an affiliate of Orient Securities Company Limited (“Orient Finance”), Shanghai Buyout Fund L.P., a limited partnership formed under the laws of the People’s Republic of China and an affiliate of Haitong Securities Co., Ltd. (“Haitong”), and Ningxia Zhongyincashmere International Group Co., Ltd. (“Ningxia”), a company formed under the laws of the People’s Republic of China each joined the Consortium as new members through adherence agreements to become parties to the Consortium Agreement.
|
Ÿ
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Orient Finance entered into a share purchase agreement to purchase 123,552,669 class A ordinary shares of the Company, representing approximately 23% of the total ordinary shares (including class A ordinary shares and class B ordinary shares) of the Company outstanding as of August 31, 2014. Haitong entered into share purchase agreements to purchase an aggregate of 107,438,129 class A ordinary shares of the Company, representing approximately 20% of the total ordinary shares (including class A ordinary shares and class B ordinary shares) of the Company outstanding as of August 31, 2014. Ningxia entered into a share purchase agreement to purchase 80,577,828 class A ordinary shares of the Company, representing approximately 15% of the total ordinary shares (including class A ordinary shares and class B ordinary shares) of the Company outstanding as of August 31, 2014. The transactions contemplated by the various share purchase agreements closed on September 23 and September 24, 2014.
|
Ÿ
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Primavera, Perfect World, FV Investment Holdings, and CAP IV Engagement Limited have withdrawn from the Consortium.
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SHANDA GAMES LIMITED
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||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
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||||||||||||||||
(in millions, except for share and per share data)
|
||||||||||||||||
December 31
|
March 31
|
June 30
|
||||||||||||||
2013
|
2014
|
2014
|
||||||||||||||
RMB
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RMB
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RMB
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US$
|
|||||||||||||
ASSETS
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
877.6 | 1,060.4 | 654.7 | 106.4 | ||||||||||||
Restricted cash
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4.5 | - | - | - | ||||||||||||
Short-term investments
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1,525.6 | 1,512.3 | 804.0 | 130.7 | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts
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193.3 | 229.8 | 311.6 | 50.6 | ||||||||||||
Accounts receivable due from related parties
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38.1 | 44.2 | 9.2 | 1.5 | ||||||||||||
Deferred licensing fees and related costs
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11.1 | 8.1 | 5.0 | 0.8 | ||||||||||||
Prepayments and other current assets
|
237.9 | 269.6 | 313.9 | 51.0 | ||||||||||||
Other receivables due from related parties
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71.2 | 59.9 | 50.3 | 8.2 | ||||||||||||
Deferred tax assets
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100.1 | 103.6 | 81.7 | 13.3 | ||||||||||||
Total current assets
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3,059.4 | 3,287.9 | 2,230.4 | 362.5 | ||||||||||||
Time deposits with maturity over one year
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723.0 | 723.0 | 644.4 | 104.7 | ||||||||||||
Investments in affiliated companies
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201.7 | 216.3 | 222.6 | 36.2 | ||||||||||||
Property and equipment
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191.0 | 171.1 | 155.4 | 25.3 | ||||||||||||
Intangible assets
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428.9 | 396.0 | 415.9 | 67.6 | ||||||||||||
Goodwill
|
299.7 | 299.7 | 299.7 | 48.7 | ||||||||||||
Long-term deposits
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31.5 | 17.3 | 15.6 | 2.5 | ||||||||||||
Other long term assets
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160.8 | 185.5 | 180.3 | 29.3 | ||||||||||||
Non-current deferred tax assets
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31.4 | 28.1 | 25.1 | 4.1 | ||||||||||||
Total assets
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5,127.4 | 5,324.9 | 4,189.4 | 680.9 | ||||||||||||
LIABILITIES
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Short-term borrowings
|
1,567.9 | 1,203.2 | 523.8 | 85.1 | ||||||||||||
Accounts payable
|
85.2 | 93.0 | 85.0 | 13.8 | ||||||||||||
Accounts payable due to related parties
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20.7 | 22.5 | 21.2 | 3.4 | ||||||||||||
Licensing fees payable
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175.1 | 164.6 | 208.4 | 33.9 | ||||||||||||
Taxes payable
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138.3 | 135.4 | 94.8 | 15.4 | ||||||||||||
Deferred revenue
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365.4 | 258.4 | 237.6 | 38.6 | ||||||||||||
Other payables and accruals
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444.1 | 439.6 | 340.7 | 55.5 | ||||||||||||
Other payables due to related parties
|
2.8 | 3.0 | 5.8 | 0.9 | ||||||||||||
Deferred acquisition consideration payable to Shanda Interactive
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867.5 | 875.3 | 327.8 | 53.3 | ||||||||||||
Dividend payable
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4.7 | 4.0 | 3.2 | 0.5 | ||||||||||||
Deferred tax liabilities
|
61.7 | 78.0 | 100.7 | 16.4 | ||||||||||||
Total current liabilities
|
3,733.4 | 3,277.0 | 1,949.0 | 316.8 |
Long-term borrowings
|
335.3 | 719.8 | 596.8 | 97.0 | ||||||||||||
Long-term liabilities
|
33.0 | 31.5 | 34.2 | 5.6 | ||||||||||||
Non-current deferred tax liabilities
|
76.9 | 71.5 | 66.0 | 10.6 | ||||||||||||
Non-current deferred revenue
|
29.5 | 21.7 | 19.4 | 3.2 | ||||||||||||
Total liabilities
|
4,208.1 | 4,121.5 | 2,665.4 | 433.2 | ||||||||||||
Redeemable non-controlling interests
|
14.0 | 14.0 | 14.0 | 2.3 | ||||||||||||
SHAREHOLDERS’ EQUITY
|
||||||||||||||||
Ordinary shares (US$0.01 par value)
|
39.4 | 39.4 | 39.5 | 6.4 | ||||||||||||
Additional paid-in capital
|
9.5 | 18.3 | 23.9 | 3.9 | ||||||||||||
Statutory reserves
|
168.2 | 171.5 | 172.9 | 28.1 | ||||||||||||
Accumulated other comprehensive loss
|
(24.3 | ) | (47.8 | ) | (22.6 | ) | (3.7 | ) | ||||||||
Retained earnings
|
402.2 | 702.7 | 1,000.3 | 162.6 | ||||||||||||
Total Shanda Games Limited shareholders’ equity
|
595.0 | 884.1 | 1,214.0 | 197.3 | ||||||||||||
Non-controlling interests
|
310.3 | 305.3 | 296.0 | 48.1 | ||||||||||||
Total shareholders’ equity
|
905.3 | 1,189.4 | 1,510.0 | 245.4 | ||||||||||||
Total liabilities and shareholders’ equity
|
5,127.4 | 5,324.9 | 4,189.4 | 680.9 | ||||||||||||
Ordinary shares outstanding
|
536,608,446 | 536,876,392 | 537,185,520 | 537,185,520 | ||||||||||||
ADS equivalents outstanding
|
268,304,223 | 268,438,196 | 268,592,760 | 268,592,760 |
SHANDA GAMES LIMITED
|
||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(in millions, except for share and per share data)
|
||||||||||||||||
Three months ended
|
||||||||||||||||
June 30
2013(1)
|
March 31
2014
|
June 30
2014
|
||||||||||||||
RMB
|
RMB
|
RMB
|
US$
|
|||||||||||||
Net revenues:
|
||||||||||||||||
MMO game revenues
|
976.6 | 916.0 | 868.7 | 141.2 | ||||||||||||
Mobile game revenues
|
101.8 | 65.6 | 85.8 | 13.9 | ||||||||||||
Other revenues
|
14.7 | 10.5 | 9.9 | 1.6 | ||||||||||||
Total net revenues
|
1,093.1 | 992.1 | 964.4 | 156.7 | ||||||||||||
Cost of revenues
|
(279.9 | ) | (227.3 | ) | (235.6 | ) | (38.2 | ) | ||||||||
Gross profit
|
813.2 | 764.8 | 728.8 | 118.5 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Product development
|
(179.1 | ) | (162.3 | ) | (159.7 | ) | (26.0 | ) | ||||||||
Sales and marketing
|
(111.4 | ) | (151.1 | ) | (148.4 | ) | (24.1 | ) | ||||||||
General and administrative
|
(91.0 | ) | (85.2 | ) | (87.7 | ) | (14.3 | ) | ||||||||
Total operating expenses
|
(381.5 | ) | (398.6 | ) | (395.8 | ) | (64.4 | ) | ||||||||
Income from operations
|
431.7 | 366.2 | 333.0 | 54.1 | ||||||||||||
Interest income (expense), net
|
24.1 | (2.1 | ) | 3.0 | 0.5 | |||||||||||
Government financial incentives
|
43.5 | 23.9 | 20.4 | 3.3 | ||||||||||||
Other (expense), net
|
(4.0 | ) | (4.9 | ) | (43.3 | ) | (7.0 | ) | ||||||||
Income before income tax expense and equity in profits (losses) of affiliated companies
|
495.3 | 383.1 | 313.1 | 50.9 | ||||||||||||
Income tax expense
|
(3.6 | ) | (91.5 | ) | (27.6 | ) | (4.5 | ) | ||||||||
Equity in profits (losses) of affiliated companies
|
(2.1 | ) | 1.6 | (7.2 | ) | (1.2 | ) | |||||||||
Net income
|
489.6 | 293.2 | 278.3 | 45.2 | ||||||||||||
Net (income) / loss attributable to non-controlling interests
|
(3.5 | ) | 12.5 | 21.7 | 3.6 | |||||||||||
Net income attributable to the Company’s shareholders
|
486.1 | 305.7 | 300.0 | 48.8 | ||||||||||||
Earnings per ordinary share
|
||||||||||||||||
Basic
|
0.91 | 0.57 | 0.56 | 0.09 | ||||||||||||
Diluted
|
0.91 | 0.56 | 0.55 | 0.09 |
Earnings per ADS
|
||||||||||||||||
Basic
|
1.82 | 1.14 | 1.12 | 0.18 | ||||||||||||
Diluted
|
1.82 | 1.12 | 1.10 | 0.18 | ||||||||||||
Weighted average ordinary shares outstanding
|
||||||||||||||||
Basic
|
535,519,805 | 536,678,069 | 537,063,311 | 537,063,311 | ||||||||||||
Diluted
|
535,524,325 | 541,917,816 | 544,064,521 | 544,064,521 | ||||||||||||
Weighted average ADS outstanding
|
||||||||||||||||
Basic
|
267,759,902 | 268,339,034 | 268,531,656 | 268,531,656 | ||||||||||||
Diluted
|
267,762,163 | 270,958,908 | 272,032,260 | 272,032,260 | ||||||||||||
Reconciliation from non-GAAP measures to GAAP measures
|
||||||||||||||||
Non-GAAP gross profit
|
828.9 | 782.0 | 745.8 | 121.2 | ||||||||||||
Intangible asset amortization arising from acquisitions
|
(15.8 | ) | (16.8 | ) | (16.8 | ) | (2.7 | ) | ||||||||
Share-based compensation cost
|
0.1 | (0.4 | ) | (0.2 | ) | (0.0 | ) | |||||||||
GAAP gross profit
|
813.2 | 764.8 | 728.8 | 118.5 | ||||||||||||
Non-GAAP operating income
|
466.2 | 402.0 | 366.0 | 59.5 | ||||||||||||
Intangible asset amortization arising from acquisitions
|
(27.5 | ) | (25.8 | ) | (25.8 | ) | (4.2 | ) | ||||||||
Share-based compensation cost
|
(7.0 | ) | (10.0 | ) | (7.2 | ) | (1.2 | ) | ||||||||
GAAP operating income
|
431.7 | 366.2 | 333.0 | 54.1 | ||||||||||||
Non-GAAP net income attributable to the Company’s shareholders
|
512.2 | 334.3 | 325.8 | 53.0 | ||||||||||||
Intangible asset amortization arising from acquisitions
|
(27.5 | ) | (25.8 | ) | (25.8 | ) | (4.2 | ) | ||||||||
Share-based compensation cost
|
(7.0 | ) | (10.0 | ) | (7.2 | ) | (1.2 | ) | ||||||||
Income tax effect
|
5.8 | 5.4 | 5.4 | 0.9 | ||||||||||||
Intangible asset amortization arising from acquisitions attributable to non-controlling interests
|
2.6 | 1.8 | 1.8 | 0.3 | ||||||||||||
GAAP net income attributable to the Company’s shareholders
|
486.1 | 305.7 | 300.0 | 48.8 | ||||||||||||
Non-GAAP diluted earnings per share
|
0.96 | 0.62 | 0.60 | 0.10 | ||||||||||||
Non-GAAP expense per share
|
(0.05 | ) | (0.06 | ) | (0.05 | ) | (0.01 | ) | ||||||||
GAAP diluted earnings per share
|
0.91 | 0.56 | 0.55 | 0.09 | ||||||||||||
Non-GAAP diluted earnings per ADS
|
1.92 | 1.24 | 1.20 | 0.20 | ||||||||||||
Non-GAAP expense per ADS
|
(0.10 | ) | (0.12 | ) | (0.10 | ) | (0.02 | ) | ||||||||
GAAP diluted earnings per ADS
|
1.82 | 1.12 | 1.10 | 0.18 |
Cost of revenues
|
(15.8 | ) | (16.8 | ) | (16.8 | ) | (2.7 | ) | ||||||||
Product development
|
(7.9 | ) | (6.9 | ) | (6.9 | ) | (1.2 | ) | ||||||||
Sales and marketing
|
(1.4 | ) | (1.2 | ) | (1.2 | ) | (0.2 | ) | ||||||||
General and administrative
|
(2.4 | ) | (0.9 | ) | (0.9 | ) | (0.1 | ) | ||||||||
Total
|
(27.5 | ) | (25.8 | ) | (25.8 | ) | (4.2 | ) |
Cost of revenues
|
0.1 | (0.4 | ) | (0.2 | ) | (0.0 | ) | |||||||||
Product development
|
(4.2 | ) | (2.6 | ) | (3.1 | ) | (0.5 | ) | ||||||||
Sales and marketing
|
0.1 | (0.1 | ) | - | - | |||||||||||
General and administrative
|
(3.0 | ) | (6.9 | ) | (3.9 | ) | (0.7 | ) | ||||||||
Total
|
(7.0 | ) | (10.0 | ) | (7.2 | ) | (1.2 | ) |
(1)
|
Amounts presented revised for all historical periods prior to August 2013 to reflect the acquisition of certain commonly controlled businesses from the Company’s parent as if the acquisition had happened as of the beginning of the earliest period presented. Please refer to the “Note to the Financial Information” section in this press release for further information.
|
SHANDA GAMES LIMITED
|
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||
(in millions, except for share and per share data)
|
||||||||||||
Six months ended
|
||||||||||||
June 30
2013 (1)
|
June 30
2014
|
|||||||||||
RMB
|
RMB
|
US$
|
||||||||||
Net revenues:
|
||||||||||||
MMO game revenues
|
1,948.0 | 1,784.7 | 290.1 | |||||||||
Mobile game revenues
|
208.3 | 151.4 | 24.6 | |||||||||
Other revenues
|
34.4 | 20.4 | 3.3 | |||||||||
Total net revenues
|
2,190.7 | 1,956.5 | 318.0 | |||||||||
Cost of revenues
|
(557.2 | ) | (462.9 | ) | (75.2 | ) | ||||||
Gross profit
|
1,633.5 | 1,493.6 | 242.8 | |||||||||
Operating expenses:
|
||||||||||||
Product development
|
(348.9 | ) | (322.0 | ) | (52.3 | ) | ||||||
Sales and marketing
|
(221.4 | ) | (299.5 | ) | (48.7 | ) | ||||||
General and administrative
|
(178.6 | ) | (172.9 | ) | (28.2 | ) | ||||||
Total operating expenses
|
(748.9 | ) | (794.4 | ) | (129.2 | ) | ||||||
Income from operations
|
884.6 | 699.2 | 113.6 | |||||||||
Interest income, net
|
53.5 | 0.9 | 0.1 | |||||||||
Government financial incentives
|
61.6 | 44.3 | 7.2 | |||||||||
Other (expense), net
|
(11.6 | ) | (48.2 | ) | (7.7 | ) | ||||||
Income before income tax expense and equity in loss of affiliated companies
|
988.1 | 696.2 | 113.2 | |||||||||
Income tax expense
|
(113.2 | ) | (119.1 | ) | (19.4 | ) | ||||||
Equity in loss of affiliated companies
|
(5.4 | ) | (5.6 | ) | (0.9 | ) | ||||||
Net income
|
869.5 | 571.5 | 92.9 | |||||||||
Net (income) / loss attributable to non-controlling interests
|
(15.8 | ) | 34.2 | 5.5 | ||||||||
Net income attributable to the Company’s shareholders
|
853.7 | 605.7 | 98.4 | |||||||||
Earnings per ordinary share
|
||||||||||||
Basic
|
1.59 | 1.13 | 0.18 | |||||||||
Diluted
|
1.59 | 1.12 | 0.18 | |||||||||
Earnings per ADS
|
||||||||||||
Basic
|
3.18 | 2.26 | 0.36 | |||||||||
Diluted
|
3.18 | 2.24 | 0.36 |
Weighted average ordinary shares outstanding
|
||||||||||||
Basic
|
537,839,924 | 536,873,171 | 536,873,171 | |||||||||
Diluted
|
537,846,469 | 542,993,650 | 542,993,650 | |||||||||
Weighted average ADS outstanding
|
||||||||||||
Basic
|
268,919,962 | 268,436,585 | 268,436,585 | |||||||||
Diluted
|
268,923,234 | 271,496,825 | 271,496,825 | |||||||||
Reconciliation from non-GAAP measures to GAAP measures
|
||||||||||||
Non-GAAP gross profit
|
1,665.1 | 1,527.8 | 248.3 | |||||||||
Intangible asset amortization arising from acquisitions
|
(31.6 | ) | (33.6 | ) | (5.5 | ) | ||||||
Share-based compensation cost
|
- | (0.6 | ) | (0.1 | ) | |||||||
GAAP gross profit
|
1,633.5 | 1,493.6 | 242.7 | |||||||||
Non-GAAP operating income
|
957.8 | 768.0 | 124.8 | |||||||||
Intangible asset amortization arising from acquisitions
|
(55.0 | ) | (51.6 | ) | (8.4 | ) | ||||||
Share-based compensation cost
|
(18.2 | ) | (17.2 | ) | (2.8 | ) | ||||||
GAAP operating income
|
884.6 | 699.2 | 113.6 | |||||||||
Non-GAAP net income attributable to the Company’s shareholders
|
910.1 | 660.1 | 107.3 | |||||||||
Intangible asset amortization arising from acquisitions
|
(55.0 | ) | (51.6 | ) | (8.4 | ) | ||||||
Share-based compensation cost
|
(18.2 | ) | (17.2 | ) | (2.8 | ) | ||||||
Income tax effect
|
11.6 | 10.8 | 1.8 | |||||||||
Intangible asset amortization arising from acquisitions attributable to non-controlling interests
|
5.2 | 3.6 | 0.6 | |||||||||
GAAP net income attributable to the Company’s shareholders
|
853.7 | 605.7 | 98.5 | |||||||||
Non-GAAP diluted earnings per share
|
1.69 | 1.22 | 0.20 | |||||||||
Non-GAAP expense per share
|
(0.10 | ) | (0.10 | ) | (0.02 | ) | ||||||
GAAP diluted earnings per share
|
1.59 | 1.12 | 0.18 | |||||||||
Non-GAAP diluted earnings per ADS
|
3.38 | 2.44 | 0.40 | |||||||||
Non-GAAP expense per ADS
|
(0.20 | ) | (0.20 | ) | (0.04 | ) | ||||||
GAAP diluted earnings per ADS
|
3.18 | 2.24 | 0.36 |
Cost of revenues
|
(31.6 | ) | (33.6 | ) | (5.5 | ) | ||||||
Product development
|
(15.8 | ) | (13.8 | ) | (2.2 | ) | ||||||
Sales and marketing
|
(2.8 | ) | (2.4 | ) | (0.4 | ) | ||||||
General and administrative
|
(4.8 | ) | (1.8 | ) | (0.3 | ) | ||||||
Total
|
(55.0 | ) | (51.6 | ) | (8.4 | ) |
Cost of revenues
|
- | (0.6 | ) | (0.1 | ) | |||||||
Product development
|
(7.8 | ) | (5.7 | ) | (0.9 | ) | ||||||
Sales and marketing
|
- | (0.1 | ) | (0.0 | ) | |||||||
General and administrative
|
(10.4 | ) | (10.8 | ) | (1.8 | ) | ||||||
Total
|
(18.2 | ) | (17.2 | ) | (2.8 | ) |
(1)
|
Amounts presented revised for all historical periods prior to August 2013 to reflect the acquisition of certain commonly controlled businesses from the Company’s parent as if the acquisition had happened as of the beginning of the earliest period presented. Please refer to the “Note to the Financial Information” section in this press release for further information.
|
SHANDA GAMES LIMITED
|
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||||||
(in millions, except for share and per share data)
|
||||||||||||
Six months ended
|
||||||||||||
June 30
2013(1)
|
June 30
2014
|
|||||||||||
RMB
|
RMB
|
US$
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
869.5 | 571.5 | 92.9 | |||||||||
Adjustments for:
|
||||||||||||
Share-based compensation expenses
|
18.2 | 17.2 | 2.8 | |||||||||
Depreciation and amortization
|
143.5 | 122.9 | 20.0 | |||||||||
Other
|
(17.7 | ) | 88.1 | 14.3 | ||||||||
Changes in operating assets and liabilities, net of effect of acquisitions:
|
||||||||||||
Prepayments and licensing fees and royalties
|
(7.0 | ) | (57.9 | ) | (9.4 | ) | ||||||
Others
|
(243.8 | ) | (380.0 | ) | (61.8 | ) | ||||||
Net cash provided by operating activities
|
762.7 | 361.8 | 58.8 | |||||||||
Cash flows from investing activities:
|
||||||||||||
Purchase of property, equipment and intangible assets
|
(32.1 | ) | (23.0 | ) | (3.7 | ) | ||||||
Acquisitions (net of cash acquired) and purchase of equity investments
|
(13.0 | ) | (24.2 | ) | (3.9 | ) | ||||||
Decrease in short-term investments
|
302.5 | 820.1 | 133.3 | |||||||||
Decrease in loan receivable and other receivables due from related parties
|
270.3 | - | - | |||||||||
Others
|
(10.9 | ) | (5.5 | ) | (1.0 | ) | ||||||
Net cash provided by investing activities
|
516.8 | 767.4 | 124.7 | |||||||||
Cash flows from financing activities:
|
||||||||||||
Payment for seller financing from Shanda Interactive on Shengzhan and Shengjing transactions
|
- | (547.5 | ) | (89.0 | ) | |||||||
Proceeds from loan borrowings and other payables due to related parties
|
88.4 | 719.8 | 117.0 | |||||||||
Repayment of loan borrowings and other payables due to related parties
|
(1,482.8 | ) | (1,534.7 | ) | (249.4 | ) | ||||||
Dividends paid
|
(2.1 | ) | (0.7 | ) | (0.1 | ) | ||||||
Net distribution to Shanda Interactive arising from platform service and prepaid card business
|
(238.5 | ) | - | - | ||||||||
Others
|
131.9 | 1.8 | 0.3 | |||||||||
Net cash used in financing activities
|
(1,503.1 | ) | (1,361.3 | ) | (221.2 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents
|
(4.8 | ) | 9.3 | 1.5 | ||||||||
Net decrease in cash and cash equivalents
|
(228.4 | ) | (222.8 | ) | (36.2 | ) | ||||||
Cash and cash equivalents, beginning of period
|
2,132.4 | 877.5 | 142.6 | |||||||||
Cash and cash equivalents, end of period
|
1,904.0 | 654.7 | 106.4 |
(1)
|
Amounts presented revised for all historical periods prior to August 2013 to reflect the acquisition of certain commonly controlled businesses from the Company’s parent as if the acquisition had happened as of the beginning of the earliest period presented. Please refer to the “Note to the Financial Information” section in this press release for further information.
|
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