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NetDragon Websoft Inc. Announces 2012 Third Quarter Results
3Q Total Revenues Recorded New High

HONG KONG, Nov. 23, 2012 /PRNewswire/ -- NetDragon Websoft Inc. ("NetDragon"; Stock Code: 777), a leading developer and operator of online games and mobile internet platforms in China, today announced its unaudited financial results for the third quarter ended September 30, 2012. A conference call and webcast is scheduled for November 23, 2012 at 7:00 pm Hong Kong time (6:00 am ET, November 23) to review the company's financial results and recent business developments.

Third Quarter 2012 Financial and Operational Highlights

  • Total Revenues* were RMB290.1 million, an increase of 11.7% over the second quarter of 2012 ("QoQ") and an increase of 43.8% over the third quarter of 2011 ("YoY");
  • Revenue from Online Games was RMB204.0 million, an increase of 1.5% QoQ and an increase of 11.2% YoY;
  • Revenue from Mobile Internet* was RMB86.1 million, an increase of 46.2% QoQ and an increase of 370.9% YoY;
  • Gross profit was RMB252.8 million, an increase of 8.2% QoQ and an increase of 36.9% YoY;
  • Operating profit was RMB127.0 million, an increase of 43.8% QoQ and an increase of 114.9% YoY;
  • Profit attributable to Owners of the Company was RMB95.4 million, an increase of 111.8% QoQ and an increase of 91.7% YoY;
  • Pro Forma Net Profit was RMB117.6 million, an increase of 71.2% QoQ and an increase of 133.4% YoY;
  • Basic earnings per share ("EPS") were RMB18.95 cents, while diluted earnings per share were RMB18.87 cents;
  • Peak concurrent users ("PCU") for online games were 525,000, a decrease of 9.8% QoQ and a decrease of 7.7% YoY;
  • Average concurrent users ("ACU") for online games were 281,000, a decrease of 8.5% QoQ and a decrease of 6.3% YoY;
  • Total users of 91 Assistant were 127 million, an increase of 27.2% QoQ and an increase of 253.4% YoY;
  • Total users of HiMarket exceeded 48 million, an increase of 57.5% QoQ and an increase of 599.7% YoY.

* The company has revisited the accounting policies of its mobile Internet business, and determined to present 91 mobile platform revenues derived from third party apps and content with cooperation partners on a net basis instead of gross basis. Management believes this will result in more relevant information about the core financial and operational performance of the mobile internet segment. Restated revenue figures net of cooperation fee for prior reporting periods are provided below

Mr. Liu Dejian, Chairman and Executive Director of NetDragon, commented "In the third quarter of 2012, NetDragon maintained stability in online games and robust growth in mobile internet business. Total revenues hit a new high, growing 11.7% quarter-over-quarter to RMB290.1 million; net profit grew 111.8% quarter-over-quarter.

"Our revenue from online games increased approximately 1.5% quarter-over-quarter,aided by release of an expansion pack for Eudemons Online in September. As the traditional online games market matures, we will continue to support our flagship titles but shift our emphasis towards mobile and web games production. We believe that the increasingly enriched product portfolio will help our company maintain solid growth in online games going forward.

"Our mobile internet business maintained its industry-leading position, increasing its revenue by 46.2% quarter-over-quarter. After focusing primarily on user acquisition since our mobile platform's inception in 2008, we now see our business entering a period of fast-growing monetization. Moreover, we are excited about our leadership role in the mobile internet world, and wholeheartedly accept the challenges and opportunities that lie ahead in fashioning a healthy and dynamic win-win mobile internet ecosystem in China and beyond."

Third Quarter 2012 Business Highlights

Mobile Internet

  • "91 Assistant", NetDragon's applications distribution platform for all mainstream operating systems, reached 127 million total users. Total users for "HiMarket", NetDragon's Android applications distribution platform, exceeded 48 million.
  • Total apps and content exceeded 700,000 and aggregate downloads surpassed 9.5 billion, which ranks NetDragon as China's largest mobile applications distribution platform.
  • 91 Open Mobile Platform launched more than 300 mobile games, with total registered users exceeding 9 million.
  • 91 DeNA, the joint venture between 91 Mobile and Japan's largest mobile social gaming platform operator DeNA Co., Ltd., launched its first self-developed game "Legend of Cavalry" and localized titles including "Fantasica", "Emblem of the Gods" and "Rites of Delta".

Online Games

  • Eudemons Online's new Chinese EP was officially launched.
  • Disney Fantasy Online's new EPs were launched in August and September 2012, respectively.
  • The Arabic version of "DDTank" for which NetDragon serves as an agent, officially launched its open beta testing on September 20.

Recent Developments and Business Outlook

Mobile Internet

  • 91 Limited and China's leading TMT social media DoNews jointly held "Symposium on Trend of Mobile applications on Android Platform & 2012 First China Android Business Summit", aiming to build an Android ecosystem in China.
  • NetDragon launched its quarterly report titled "Trend of Mobile Applications on 91 Mobile Internet" in a move to provide macro data that assists mobile developers and advertisers.

Online Games

  • New expansion packs for "Heroes of Might and Magic Online" and "Tou Ming Zhuang Online" are scheduled for the fourth quarter of 2012.
  • NetDragon's 2.5D MMORPG "Crazy Tribes" set in an ancient era underwent its closed beta testing in September 2012 and is scheduled for its first open beta testing in November 2012.

Others

  • As of September 30, 2012, "91 Application Center for Children" exceeded 35 million totaled aggregate downloads, on which over 4000 applications are available for kids created by developers both in and outside of China. Android version of the Center will be introduced this year.

Financial Highlights:

RMB('000)

3Q 2012

2Q 2012

3Q 2011

QoQ(%)

YoY(%)

Revenue (Restated)

290,144

259,849

201,812

11.7%

43.8%

-Online Games

204,067

200,992

183,533

1.5%

11.2%

-Mobile Internet (Restated)

86,077

58,857

18,279

46.2%

370.9%

Gross Profit

252,786

233,675

184,696

8.2%

36.9%

GPM

87.1%

89.9%

91.5%

-2.8%

-4.4%

Operating Profit

126,958

88,289

59,077

43.8%

114.9%

Net Profit

95,285

44,986

49,854

111.8%

91.1%

Pro Forma Net Profit

117,580

68,683

50,380

71.2%

133.4%

NPM

32.8%

17.3%

24.7%

15.5%

8.1%

EPS-Basic (RMB cents)

18.95

8.75

9.48

116.6%

99.9%

EPS-Diluted (RMB cents)

18.87

8.73

9.48

116.2%

99.1%

* Restated Revenue Figures

RMB ('000)

2Q 2012

1Q 2012

4Q 2011

3Q 2011

2Q 2011

1Q 2011

Total Revenues (Unrestated)

276,133

236,975

217,176

202,739

184,304

156,755

Total Revenues (Restated)

259,849

227,310

212,171

201,812

184,642

156,904

Mobile Internet Revenue (Unrestated)

75,141

45,394

24,663

19,206

9,441

6,099

Mobile Internet Revenue (Restated)

58,857

35,729

19,658

18,279

9,779

6,248

Metrics

Online Games


3Q 2012

2Q 2012

1Q 2012

4Q 2011

3Q 2011

2Q 2011

PCU

525,000

582,000

600,000

612,000

569,000

643,000

ACU

281,000

307,000

297,000

310,000

300,000

311,000

Pro Forma Financial Measures

To supplement the consolidated results prepared in accordance with Hong Kong Financial Reporting Standards, certain pro forma financial measures, namely Pro Forma Net Profit, have been presented in this press release. These unaudited pro forma financial measures should be considered in addition to, not as a substitute for, measures of the Group's financial performance prepared in accordance with HKFRS. In addition, these pro forma financial measures may be defined differently from similar terms used by other companies.

Management believes that the pro forma financial measures provide investors with useful supplementary information to assess the performance of the Group's core operations by excluding certain non-cash items, namely valuation loss on derivative financial instruments and finance costs, on a non-tax adjusted basis, both items associated with convertible preferred shares and promissory notes issued by a subsidiary.

Management Conference Call

NetDragon will host a management conference call and webcast to review its financial results for the third quarter ended September 30, 2012 on Friday, November 23, 2012 Hong Kong time.

Details of the live conference call are as follows:

Time: 7:00 PM Beijing / Hong Kong Time / 6:00 AM Eastern Standard Time, November 23, 2012

International Toll 

65-6723-9381

US Toll Free

1-866-519-4004

Hong Kong Toll Free

800-930-346

China Toll Free (for fixed line users)

800-8190-121

China Toll Free (for mobile users)

400-6208-038

Passcode

NetDragon

Replay service is available from 10:00 PM November 23 to 08:59 PM December 1, 2012 HKT. Below are the replay numbers for different regions. International Toll: 61-2-8199-0299; US Toll Free: 1-855-4525-696; Replay passcode: 68454378. A live and archived webcast of the conference call will be available on the Investor Relations section of NetDragon's website at http://ir.netdragon.com/investor/ir_events.shtml. Participants in the live webcast should visit the aforementioned website 10 minutes prior to the call, then click on the icon for "3Q 2012 Results Conference Call" and follow the registration instructions.

About NetDragon

NetDragon Websoft Inc. (HKSE: 0777) is a leading innovator and creative force in China's online gaming and mobile internet industries. Established in 1999, we are a vertically integrated developer & operator of MMORPGs and a cutting-edge R&D powerhouse. We launched our first self-made online game Monster & Me in 2002, followed by multiple titles including Eudemons Online, Conquer Online and Heroes of Might & Magic Online. We are also China's pioneer in overseas expansion, directly operating titles in overseas markets since 2003 in English, Spanish, Arabic and other languages. In the mobile Internet industry, we provide China's leading marketplace for smartphone users, offering applications and content for the most popular mobile operating systems. NetDragon offers many well-known mobile Internet products and services, including sj.91.com, www.hiapk.com, 91 Assistant, HiMarket, 91 Panda Reader and 91 Panda Home.

For investor inquiries, please contact:

NetDragon Websoft Inc.

Ms. Maggie Zhou
Investor Relations Director
Tel.:| +86 591 8754 3120
+86 591 8390 2825
Email:| ndir@nd.com.cn
Website:| www.nd.com.cn/ir

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2012



Three Months Ended


30/9/2012

30/6/2012


30/9/2011

(Unaudited)

(Unaudited

(Unaudited


/Restated)

/Unrestated)

RMB '000

RMB '000

RMB '000

Revenue

290,144


259,849


202,739

Cost of revenue

(37,358)


(26,174)


(18,043)







Gross profit

252,786


233,675


184,696

Other income and gains

17,322


11,397


5,303

Selling and marketing expenses

(37,388)


(37,078)


(34,310)

Administrative expenses

(51,564)


(54,270)


(56,373)

Development costs

(46,231)


(50,164)


(36,280)

Other expenses

(7,604)


(14,986)


(3,894)

Share of losses of associates

(363)


(285)


(65)

 

Operating Profit

 

126,958


 

88,289


 

59,077

Interest income on pledged bank deposit

2,600


-


-

Exchange gain (loss) on pledged bank deposit, secured bank loan and redeemable convertible preference shares

6,234


(1,642)


427

Net loss on derivative financial instruments

(15,474)


(19,378)


(210)

Finance costs

(6,821)


(4,319)


(316)







Profit before taxation

113,497


62,950


58,978

Taxation

(18,212)


(17,964)


(9,124)







Profit for the period

95,285


44,986


49,854

Other comprehensive income (expense):






Exchange differences arising on
translation of foreign operations

 

59


 

89


 

(734)







Total comprehensive income for the period

95,344


45,075


49,120







Profit for the period attributable to:






-Owners of the Company

95,399


45,032


49,771

-Non-controlling interests

(114)


(46)


83


95,285


44,986


49,854

Total comprehensive income attributable to:






- Owners of the Company

95,458


45,121


49,037

- Non-controlling interests

(114)


(46)


83


95,344


45,075


49,120


 RMB cents


RMB cents


RMB cents

Earnings per share






- Basic

18.95


8.75


9.48

- Diluted

18.87


8.73


9.48

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(AS AT 30 SEPTEMBER 2012)



30 September 2012


31 December 2011


(Unaudited)


(Audited)


RMB '000


RMB '000

Non-current assets




Property, plant and equipment

261,116


192,119

Prepaid lease payments

140,042


86,298

Investment property  

16,111


15,809

Deposit paid for acquisition of property, plant and equipment

-


19,050

Intangible assets

4,000


4,520

Interests in associates

12,148


12,669

Long-term deposit

3,600


-

Available-for-sale investments

5,000


4,000

Loan receivables

8,893


6,314

Deferred tax assets

54


54


450,964


340,833





Current assets




Prepaid lease payments

2,902


1,784

Loan receivables

3,894


1,091

Trade receivables

81,469


41,555

Other receivables, prepayments and deposits

46,484


41,429

Held for trading investment

5,000


-

Amount due from related companies

2,499


1,200

Pledged bank deposit

191,387


-

Bank deposits

173,358


40,000

Bank balances and cash

1,271,289


1,428,928


1,778,282


1,555,987





Current liabilities




Trade payables

31,154


5,001

Other payables and accruals           

108,955


121,353

Deferred income

32,881


25,528

Amount due to a related company

-


965

Secured bank loan

185,174


-

Other financial liability

6,183


-

Promissory notes

-


30,623

Income tax payable

42,724


42,849


407,071


226,319

Net current assets

1,371,211


1,329,668

Total assets less current liabilities

1,822,175


1,670,501





Non-current liabilities




Redeemable convertible preferred shares

174,979


131,675

Conversion option derivative liability

75,135


39,932


250,114


171,607

Net assets

1,572,061


1,498,894





Capital and reserves




Share capital

37,511


38,226

Share premium and reserves

1,508,763


1,461,126

Equity attributable to owners of the Company

1,546,274


1,499,352

Non-controlling interests

25,787


(458)


1,572,061


1,498,894

SOURCE NetDragon Websoft Inc.

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