BEIJING, May 19 /Xinhua-PRNewswire/ -- Perfect World Co., Ltd. (NASDAQ:PWRD) ("Perfect World" or the "Company"), a leading online game developer and operator in China, today announced its unaudited financial results for the first quarter ended March 31, 2008
First Quarter 2008 Highlights(1) -- Total revenues were RMB303.2 million (USD43.2 million), an increase of 17.3% from 4Q07 and 247.8% from 1Q07 -- Gross profit was RMB265.6 million (USD37.9 million), an increase of 20.9% from 4Q07 and 290.9% from 1Q07 -- Operating profit was RMB161.6 million (USD23.0 million), an increase of 17.6% from 4Q07 and 285.1% from 1Q07 -- Net income was RMB158.4 million (USD22.6 million), an increase of 8.3% from 4Q07 and 295.8% from 1Q07 -- Basic and diluted earnings per ADS were RMB2.83(USD0.40) and RMB2.67 (USD0.38), respectively, as compared to basic and diluted earnings per ADS of RMB2.62 and RMB2.48, respectively, in 4Q07, and basic and diluted earnings per ADS of RMB1.27 and RMB0.82, respectively, in 1Q07 -- Aggregate average concurrent users (ACU) for games under operation were approximately 660,000, an increase of 5.8% from 4Q07 and 177.8% from 1Q07 -- Active paying customers (APC) for games under the item-based revenue model were approximately 1,701,000, an increase of 8.7% from 4Q07 and 144.7% from 1Q07 -- Average revenue per active paying customer (ARPU) for games under the item-based revenue model was RMB151, an increase of 7.0% from 4Q07 and 58.2% from 1Q07 -- Launched "Chi Bi" on January 25, 2008. "Chi Bi" is a free-to-play 3D online MMORPG using the item-based revenue model. -- Launched the Company's first 3D online casual game, "Hot Dance Party," in March, 2008 using the item-based revenue model. Since April 2008, the Company has offered this game to users free of charge for all in-game items in order to attract more users to play the game. -- Launched expansion packs for each of the Company's MMORPGs, including "Lunar New Year Edition" for "Perfect World," "Lunar New Year Edition" for "Legend of Marital Arts," "Destiny by the Rubik's Cube" for "Perfect World II," "Fantasy Moon Palace" for "Zhu Xian," and "Zi Long's Spear" for "Chi Bi." -- Launched "Perfect Festival," a marketing campaign that included many interactive online and offline activities -- Upgraded customer service system by installing Avaya call center hardware system and Elite call center solution software to improve the Company's customer service capabilities, which were activated on January 5, 2008 -- Entered into new overseas licensing agreements with Cubinet Interactive(s) Pte Ltd. to license "Legend of Martial Arts" in Vietnam and "Zhu Xian" in Vietnam, Thailand, Malaysia and Singapore -- Launched "Perfect World II" in Thailand through Cubinet Interactive Sdn Bhd. in January 2008 -- Launched "Legend of Martial Arts" in Japan through C&C Media Co., Ltd. in February 2008 -- Launched "Legend of Martial Arts" in Malaysia and Singapore through Cubinet Interactive(s) Pte Ltd. in March 2008 -- Entered into agreements for the purchase of office premises with an area of approximately 55,000 square meters in Chaoyang District of Beijing in March 2008. The aggregate purchase consideration was approximately RMB700 million and the Company has used its existing cash to pay approximately RMB580 million as of May 19, 2008, with most of the remaining consideration expected to be paid by using the Company's existing cash in the second quarter of 2008. The newly purchased premises will be used as the Company's principal executive offices to meet the demand arising from its recent business expansion and headcount increase. The Company will acquire the premises after completing relevant real estate registration procedures. (1) The U.S. dollar (USD) amounts disclosed in this press release 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 March 31, 2008, which was RMB7.0120 to USD1.00. The percentages stated are calculated based on RMB.
"I am very pleased by our first quarter results which are mainly attributed to the effective execution of our core strategies," commented Mr. Michael Chi, Chairman and Chief Executive Officer of Perfect World. "We successfully launched open beta testing for 'Chi Bi' and 'Hot Dance Party' and continued to develop a sustainable pipeline with four new games under development, including 'Pocketpet Journey West.' I believe our ability to maintain user interest in our existing games and expand and diversify our game portfolio has become one of the key aspects of our growth. In terms of overseas development, we signed several new licensing agreements in the past quarter as a result of our continued efforts to expand internationally and further enhance product features. Furthermore, pursuing partnerships and alliances has always been one of our primary growth strategies, and we are happy to report that, in April 2008, we made a strategic investment in Chengdu Seasky Digital Entertainment Co., Ltd. ('Seasky'), which is a strong online game development company in Chengdu, China. Seasky's strong research and development capabilities and solid future potential should make it a great partner for us.
Looking forward, we will continue to execute our primary growth strategies which are based on further developing our platform, improving customer services and extending our reach and our brand globally. We are in the process of developing four new MMORPGs, including a 3D MMORPG named 'Pocketpet Journey West,' developed based on 'Journey to the West,' one of the four classical novels of Chinese literature. Additionally, we plan to integrate existing resources, including game development, sales and marketing and a diverse game portfolio to build a strong platform and expand our proprietary game development technology to overseas markets. I believe our extensive knowledge and experience in the domestic market, powerful technology capabilities and high quality service that already matches global standards will help us continue to grow and become one of the global leaders in the online game industry."
First Quarter 2008 Financial Results
Total revenues were RMB303.2 million (USD43.2 million) in 1Q08, an increase of 17.3%, or RMB44.8 million, from RMB258.4 million in 4Q07 and an increase of 247.8%, or RMB216.0 million, from RMB87.2 million in 1Q07.
Online game operation revenues were RMB264.5 million (USD37.7 million) in 1Q08, an increase of 14.9%, or RMB34.3 million, from RMB230.2 million in 4Q07 and an increase of 245.4%, or RMB187.9 million, from RMB76.6 million in 1Q07. The sequential increase in online game operation revenues primarily resulted from the successful launch of Chi Bi, expansion packs for the Company's existing MMORPGs and the successful implementation of the "Perfect Festival" marketing campaign.
The ACU was approximately 660,000 in 1Q08, an increase of 5.8%, or 36,000, from 624,000 in 4Q07 and an increase of 177.8%, or 423,000, from 237,000 in 1Q07. The ARPU for games under the item-based revenue model was RMB151 in 1Q08, an increase of 7.0%, or RMB10, from RMB141 in 4Q07 and an increase of 58.2%, or RMB56, from RMB95 in 1Q07. The APC for games under the item-based revenue model was approximately 1,701,000 in 1Q08, an increase of 8.7%, or 136,000, from 1,565,000 in 4Q07 and an increase of 144.7%, or 1,006,000, from 695,000 in 1Q07.
Overseas licensing revenues were RMB38.7 million (USD5.5 million) in 1Q08, an increase of 37.2%, or RMB10.5 million, from RMB28.2 million in 4Q07 and an increase of 265.6%, or RMB28.1 million, from RMB10.6 million in 1Q07. The sequential increase in overseas licensing revenues was mainly due to the recognition of one-time initial license fees in relation to licensing agreements with C&C Media Co., Ltd. in Japan and Cubinet Interactive(s) Pte Ltd. in Malaysia and Singapore for "Legend of Marital Arts" and an increase in usage-based royalty fees from the Taiwan and Japan markets.
Cost of Revenues
The cost of revenues was RMB37.5 million (USD5.4 million) in 1Q08, a decrease of 2.8%, or RMB1.1 million, from RMB38.6 million in 4Q07 and an increase of 95.6%, or RMB18.3 million, from RMB19.2 million in 1Q07. The decrease from 4Q07 was mainly due to a reduction in Internet Data Center, or IDC, costs, and was partially offset by an increase in staff costs, server depreciation expenses and VAT and other related taxes.
Gross Profit and Gross Margin
Gross profit was RMB265.6 million (USD37.9 million) in 1Q08, an increase of 20.9%, or RMB45.8 million, from RMB219.8 million in 4Q07, and an increase of 290.9%, or RMB197.6 million, from RMB68.0 million in 1Q07. Gross margin was 87.6% in 1Q08, which increased from 85.1% in 4Q07 and 78.0% in 1Q07. The sequential improvement in gross margin was mainly due to a higher level of economies of scale generated from rapid revenue growth, a reduction in IDC costs and an increase in overseas licensing revenues, which have a higher gross margin.
Operating expenses were RMB104.0 million (USD14.8 million) in 1Q08, an increase of 26.3%, or RMB21.6 million, from RMB82.4 million in 4Q07, and an increase of 300.2%, or RMB78.0 million, from RMB26.0 million in 1Q07. The sequential increase in operating expenses was mainly attributed to higher R&D expenses, sales and marketing expenses and general and administrative expenses.
R&D expenses increased by 3.0%, or RMB0.7 million, from RMB22.7 million in 4Q07 to RMB23.4 million (USD3.3 million) in 1Q08. This was primarily due to an increase in share-based compensation expenses, and was partially offset by a decrease in staff costs because a special year-end bonus was accrued in R&D expenses in 4Q07.
Sales and marketing expenses increased by 36.5%, or RMB16.3 million, from RMB44.4 million in 4Q07 to RMB60.7 million (USD8.7 million) in 1Q08. This was largely due to an increase in advertising and promotional expenses associated with the launch of "Chi Bi" and "Hot Dance Party."
General and administrative expenses increased by 31.1%, or RMB4.7 million, from RMB15.2 million in 4Q07 to RMB19.9 million (USD2.8 million) in 1Q08. This was primarily due to an increase in professional fees, share-based compensation expenses and website domain name acquisition expenses, and was partially offset by a decrease in staff costs because a special year-end bonus was accrued in general and administrative expenses in 4Q07.
Operating profit was RMB161.6 million (USD23.0 million) in 1Q08, an increase of 17.6%, or RMB24.2 million, from RMB137.4 million in 4Q07, and an increase of 285.1%, or RMB119.6 million, from RMB42.0 million in 1Q07.
Total Other Income
Total other income was RMB2.4 million (USD0.3 million) in 1Q08, a decrease of 81.6%, or RMB10.7 million, from RMB13.1 million in 4Q07, and a substantial increase of RMB2.3 million, from RMB0.1 million in 1Q07. The decrease from 4Q07 was primarily due to an increase in realized foreign exchange loss of approximately RMB4.5 million, and a decrease in government grant subsidy income of approximately RMB4.5 million, and a decrease in interest income of approximately RMB2.5 million.
Income Tax Expense
Income tax expense was RMB5.6 million (USD0.8 million) in 1Q08, an increase of 32.4%, or RMB1.3 million, from RMB4.3 million in 4Q07 and an increase of 175.6%, or RMB3.6 million, from RMB2.0 million in 1Q07. Income tax expense represents withholding income tax for overseas licensing revenues. The sequential increase was mainly due to the increase in overseas licensing revenues in 1Q08.
Net income was RMB158.4 million (USD22.6 million) in 1Q08, an increase of 8.3%, or RMB12.2 million, from RMB146.2 million in 4Q07, and an increase of 295.8%, or RMB118.4 million, from RMB40.0 million in 1Q07. Basic and diluted earnings per ADS were RMB2.83 (USD0.40) and RMB2.67 (USD0.38), respectively, in 1Q08, as compared to basic and diluted earnings per ADS of RMB2.62 and RMB2.48, respectively, in 4Q07, and basic and diluted earnings per ADS of RMB1.27 and RMB0.82, respectively, in 1Q07.
Cash and Cash Equivalents
As of March 31, 2008, the Company had RMB1.6 billion (USD226.5 million) of cash and cash equivalents, an increase of 6.2%, or RMB 92.0 million, from RMB1.5 billion as of December 31, 2007. The sequential increase was mainly due to net cash inflow generated from the Company's online game operations and overseas licensing, partially offset by the payments of consideration for the acquisition of the new office premises.
Launched Official Website for "Pocketpet Journey West"
The Company unveiled the official website of "Pocketpet Journey West," the Company's newest 3D MMORPG based on "Journey to the West," one of the four great classic novels of Chinese literature, in April 2008.
Entered into New Overseas Licensing Agreements with Soft-World International Corp. for Zhu Xian
On April 5, 2008, the Company announced that it had entered into new overseas licensing agreements with Soft-World International Corp. to license the Company's "Zhu Xian" in Taiwan.
Entered into New Overseas Licensing Agreements with C&C Media Co., Ltd. for Zhu Xian
On April 5, 2008, the Company announced that it had entered into new overseas licensing agreements with C&C Media Co., Ltd. to license the Company's "Zhu Xian" in Japan.
Established U.S. Subsidiary
In April, 2008, the Company established Perfect World Entertainment Inc, or PW USA, a Delaware corporation and its wholly owned subsidiary, to capture potential business opportunities in North America. PW USA is expected to primarily focus on solidifying the Company's international expansion strategy.
Made a Strategic Investment in Chengdu Seasky Digital Entertainment Co., Ltd.
In April 2008, the Company entered into a capital increase and share transfer agreement with Chengdu Seasky Digital Entertainment Co., Ltd., or Chengdu Seasky, and its equity holders, to acquire a 20% equity interest in Chengdu Seasky for consideration of US$3.0 million in cash. Chengdu Seasky is principally engaged in the design and development of online games in China. The investment will be accounted for under the equity method.
Appointed Mr. Robert Xiao as the Company's Vice President of Human Resources
Mr. Robert Xiao joined Perfect World as Vice President of Human Resources on May 1, 2008. Mr. Xiao will be responsible for setting the Company's overall human resources strategy, and overseeing human resources processes and tools, recruiting and training, leadership and talent development, performance management, and overall branding in the employment market. Prior to joining Perfect World, Mr. Xiao was the director of talent management at Dell Greater China. Prior to Dell, he also worked in human resources at Philips, Cisco and Motorola. Mr. Xiao received a Bachelor's degree in physics from Tsinghua University in Beijing, China. He received both a Master's and a Ph.D. degree in engineering from the University of Southern California in the U.S.
Mr. Xiao will lead initiatives to further strengthen the Company's human resources management system, functions and capacity.
The Company has suspended its game services since May 19, and will resume on May 22, in response to the announcement made by the State Council of the People's Republic of China on May 18, for the three-day national mourning for earthquake victims.
Based on the Company's current operations, total revenues for the second quarter of 2008 are expected to be between RMB303 million and RMB318 million. This represents an increase of 0% - 5% on a sequential basis and reflects the impact of suspending game services in response to the three-day national mourning for earthquake victims and the earthquake's impact on the Company's operation in Sichuan. In addition, the Company has incurred and expects to continue to incur additional operating expenses in the second quarter of 2008, including increase in R&D expenses in connection with Beijing and Shanghai operations and other operating expenses in connection with the new U.S. Subsidiary, which will reduce operating margin and net margin for the second quarter.
Perfect World will host a conference call and live webcast at 8:00 a.m. Eastern Daylight Time (EDT) (8:00 p.m., Beijing time) on Monday, May 19, 2008.
The dial-in details for the live conference call are as follows: -- U.S. toll free number: +1-866-713-8563 -- International dial-in number: +1-617-597-5311 -- China toll free number: 10-800-130-0399 Passcode: 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 after the conclusion of the conference call through 10:00 a.m. Eastern Daylight Time, May 27, 2008.
The dial-in details for the replay are as follows: -- U.S. toll free number: +1-888-286-8010 -- International dial-in number: +1-617-801-6888 Passcode: 66682483
About Perfect World Co., Ltd. ( http://www.pwrd.com )
Perfect World Co., Ltd. (NASDAQ:PWRD) is a leading online game developer and operator in China. Perfect World primarily develops three-dimensional ("3D") online games based on the proprietary Angelica 3D game engine and game development platform. The Company's strong technology and creative game design capabilities, combined with extensive local knowledge and experience, enable it to frequently and rapidly introduce popular games that are designed to cater to changing customer preferences and market trends in China. The Company's current portfolio of self-developed online games includes 3D massively multiplayer online role playing games ("MMORPGs"): "Perfect World," "Legend of Martial Arts," "Perfect World II," "Zhu Xian," and "Chi Bi;" and a 3D online casual game: "Hot Dance Party." While most revenues are generated in China, the Company's games have been licensed to leading game operators in more than ten countries and regions. The Company plans to continue to explore new and innovative business models and remains deeply committed to maximizing shareholder value over time.
Safe Harbor Statements
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, our limited operating history, our ability to develop and operate new games that are commercially successful, the growth of the online game market and the continuing market acceptance of our games and in- game items in China and elsewhere, our ability to protect our intellectual property rights, our ability to respond to competitive pressure, our ability to maintain an effective system of internal control over financial reporting, and changes of the regulatory environment in China. 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 May 19, 2008, 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 Investor Relations Officer Tel: +86-10-5885-1813 Fax: +86-10-5885-6899 Email: email@example.com Web: http://www.pwrd.com Christensen Investor Relations Peter Homstad Tel: +1-480-614-3026 Fax: +1-480-614-3033 Email: firstname.lastname@example.org Jung Chang Tel: +852-2117-0861 Fax: +852-2117-0869 Email: email@example.com Perfect World Co., Ltd. Consolidated Balance Sheets Audited Unaudited Unaudited December 31, March 31, March 31, 2007 2008 2008 RMB RMB USD Assets Current assets Cash and cash equivalents 1,496,032,993 1,588,055,501 226,476,826 Accounts receivable 16,796,527 17,426,843 2,485,289 Prepayments and other assets 22,112,949 24,144,632 3,443,330 Deferred tax assets 731,142 648,684 92,511 Total current assets 1,535,673,611 1,630,275,660 232,497,956 Non current assets Property, equipment, and software, net 107,331,206 145,046,059 20,685,405 Intangible assets, net 1,723,048 1,468,769 209,465 Prepayments and other assets 20,283,302 138,134,419 19,699,717 Deferred tax assets 730,180 772,628 110,187 Total assets 1,665,741,347 1,915,697,535 273,202,730 Liabilities and Shareholders' Equity Current liabilities Accounts payable 23,464,378 28,649,042 4,085,716 Advances from customers 49,672,384 115,900,295 16,528,850 Salary and welfare payable 30,901,115 16,908,651 2,411,390 Taxes payable 13,374,892 16,108,381 2,297,259 Accrued expenses and other liabilities 14,175,638 20,118,469 2,869,148 Deferred revenues 123,310,935 166,127,927 23,691,946 Deferred government grants 1,100,000 1,100,000 156,874 Total current liabilities 255,999,342 364,912,765 52,041,183 Deferred revenues 19,365,787 20,975,955 2,991,437 Total liabilities 275,365,129 385,888,720 55,032,620 Commitments Shareholders' Equity Ordinary shares (US$0.0001 par value, 10,000,000,000 shares authorized, 91,309,730 Class A ordinary shares and 187,975,990 Class B ordinary shares issued and outstanding as of December 31, 2007; 81,235,480 Class A ordinary shares and 202,753,790 Class B ordinary shares issued and outstanding as of March 31, 2008) 221,081 222,024 31,663 Additional paid-in capital 1,124,169,036 1,133,025,144 161,583,734 Statutory reserves 29,919,175 29,919,175 4,266,853 Accumulated other comprehensive loss (31,771,062) (59,549,104) (8,492,456) Retained earnings 267,837,988 426,191,576 60,780,316 Total Shareholders' Equity 1,390,376,218 1,529,808,815 218,170,110 Total Liabilities and Shareholders' Equity 1,665,741,347 1,915,697,535 273,202,730 Perfect World Co., Ltd. Unaudited Consolidated Statements of Operations Three months ended March 31, December 31, March 31, March 31, 2007 2007 2008 2008 RMB RMB RMB USD Revenues Online game operation revenues 76,574,669 230,194,222 264,480,379 37,718,251 Overseas licensing revenues 10,579,243 28,200,883 38,680,078 5,516,269 Total Revenues 87,153,912 258,395,105 303,160,457 43,234,520 Cost of revenues (19,195,954) (38,618,961) (37,541,866) (5,353,946) Gross profit 67,957,958 219,776,144 265,618,591 37,880,574 Operating expenses Research and development expenses (6,951,062) (22,725,718) (23,418,800) (3,339,817) Sales and marketing expenses (15,308,116) (44,438,673) (60,666,589) (8,651,824) General and administrative expenses (3,736,933) (15,215,509) (19,943,688) (2,844,222) Total operating expenses (25,996,111) (82,379,900) (104,029,077) (14,835,863) Operating profit 41,961,847 137,396,244 161,589,514 23,044,711 Other income/(expenses) Interest income 453,357 14,156,626 11,647,866 1,661,133 Others, net (354,726) (1,053,932) (9,236,970) (1,317,309) Total other income 98,631 13,102,694 2,410,896 343,824 Profit before tax 42,060,478 150,498,938 164,000,410 23,388,535 Income tax expense (2,048,626) (4,265,466) (5,646,822) (805,308) Net Profit 40,011,852 146,233,472 158,353,588 22,583,227 Cumulative unearned dividends of Series A Preferred Share (766,499) -- -- -- Net profit attributable to ordinary shareholders 39,245,353 146,233,472 158,353,588 22,583,227 Net earnings per share, basic 0.25 0.52 0.57 0.08 Net earnings per share, diluted 0.16 0.50 0.53 0.08 Net earnings per ADS, basic 1.27 2.62 2.83 0.40 Net earnings per ADS, diluted 0.82 2.48 2.67 0.38 Shares used in calculating basic net earnings per share 154,285,720 279,285,720 279,610,748 279,610,748 Shares used in calculating diluted net earnings per share 242,951,028 294,945,237 296,103,511 296,103,511 Total share-based compensation cost included in: Cost of revenues (26,949) (38,209) (388,707) (55,435) Research and development expenses (278,151) (679,745) (2,840,305) (405,063) Sales and marketing expenses (35,759) (324,124) (729,651) (104,057) General and administrative expenses (158,170) (2,995,652) (3,956,386) (564,231) Perfect World Co., Ltd. Unaudited Consolidated Statements of Cash Flows Three months ended March 31, December 31, March 31, March 31, 2007 2007 2008 2008 RMB RMB RMB USD Cash flows from operating activities: Net profit 40,011,852 146,233,472 158,353,588 22,583,227 Adjustments for: Share-based compensation cost 499,029 4,037,730 7,915,049 1,128,786 Depreciation and amortization expense 1,006,078 2,875,270 4,304,116 613,821 Exchange loss 347,322 5,812,374 10,345,689 1,475,426 Changes in assets and liabilities: Accounts receivable (831,744) 2,036,676 (1,268,558) (180,912) Current prepayments and other assets 285,853 (2,592,287) (2,070,147) (295,229) Deferred tax assets (753,572) (11,235) (26,987) (3,849) Due to related parties (126,900) -- -- -- Non-current prepayments and other assets (28,126) 11,439 (1,589,347) (226,661) Accounts payable (2,387,548) 3,936,603 13,281,828 1,894,157 Advances from customers 5,470,766 (10,869,452) 66,227,911 9,444,939 Salary and welfare payable (4,410,214) 15,480,337 (13,992,464) (1,995,503) Taxes payable (613,175) (688,092) 2,733,489 389,830 Accrued expenses and other liabilities (3,256,539) 4,231,479 6,410,124 914,165 Deferred revenues 27,563,222 34,112,590 45,138,179 6,437,276 Deferred government grants -- (1,400,000) -- -- Net cash provided by operating activities 62,776,304 203,206,904 295,762,470 42,179,473 Cash flows from investing activities: Purchase of property, equipment and software (4,649,663) (83,979,972) (166,168,554) (23,697,740) Net cash used in investing activities (4,649,663) (83,979,972) (166,168,554) (23,697,740) Cash flows from financing activities: Payments made by shareholders for Shareholders' receivables 126,808 -- -- -- Proceeds from IPO, net of issuance costs -- (8,105,195) -- -- Exercise of share options -- -- 790,616 112,752 Net cash provided by / (used in) financing activities 126,808 (8,105,195) 790,616 112,752 Effect of exchange rate changes on cash and cash equivalents (347,322) (28,657,671) (38,362,024) (5,470,910) Net increase in cash 57,906,127 82,464,066 92,022,508 13,123,575 Cash and cash equivalents, beginning of the period 101,356,892 1,413,568,927 1,496,032,993 213,353,251 Cash and cash equivalents, end of the period 159,263,019 1,496,032,993 1,588,055,501 226,476,826 Supplemental disclosures of cash flow information: Cash paid during the period for income taxes (1,412,029) (4,290,112) (5,508,722) (785,614)
Source: Perfect World Co., Ltd.
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