2014

NetEase Reports Second Quarter 2012 Unaudited Financial Results

BEIJING, Aug. 15, 2012 /PRNewswire-Asia/ -- NetEase, Inc. (NASDAQ: NTES), one of China's leading Internet and online game services providers, today announced its unaudited financial results for the second quarter ended June 30, 2012.

William Ding, Chief Executive Officer and Director of NetEase, stated, "We place great emphasis on setting standards of excellence for China's Internet audience. The merits of this strategy can be found in our continued growth and loyalty in our user base. For the second quarter of 2012, our total revenues increased 12.7% year-over-year, with online games growing by 10.8% and advertising services increasing by 20.4%."

"In the second quarter, we continued to advance our self-developed games with certain standout performances. Ghost achieved record revenue in May, gaining traction from its open beta testing launch in April. Fantasy Westward Journey demonstrated a stable increase in revenue driven by positive user response to new content for this game.  During the second quarter, we also launched open beta testing for Tianxia III, as well as released new expansion packs for Warsong of Westward Journey in April, Heroes of Tang Dynasty in May and Westward Journey Online II at the end of June. We expect the effect from the new launches for our self-developed games to be reflected in upcoming periods."

"Although playing time for Blizzard Entertainment's World of Warcraft® declined during the second quarter, leading to a quarter-over-quarter decrease of online game revenues, World of Warcraft continues to have a very enthusiastic community of players in China. We look forward to releasing Blizzard's Mists of Pandaria, the fourth expansion pack for World of Warcraft, as soon as possible to build on the game's large and passionate player base in China."

"In the second half of the year, we will focus on launching several new games and introducing expansion packs to existing games such as Fantasy Westward Journey, Tianxia III, Ghost and Westward Journey Online III. Our newest games under development are progressing well. In response to growing market demand for action games, we launched initial closed beta testing for two such games in July: Kung Fu Master, formerly called Wu Hun, as well as Soul of the Fighter, formerly called Soul of Warrior. Early feedback for both games has been encouraging, and we are preparing for their commercial launch in the second half of the year. In addition, our next generation 3D MMORPG Dragon Sword and 3D action real-time strategy game Heroes of Three Kingdoms are being developed to the highest standards of quality, and we will be performing technical tests this year to obtain user feedback on those games."

"Content innovation, new product development as well as service integration among mobile platforms continues to attract new advertising customers. Revenues from advertising services grew 42.3% quarter-over-quarter, led by the automobile, fast moving consumer goods and financial services sectors. Our recent focus has been on high profile sporting events, such as Euro Cup 2012 and the London Olympics. In the second quarter, we were pleased to secure a strategic partnership with China Network Television to broadcast the London Olympic Games as well as the opening and closing ceremonies on our portal and our top-ranking mobile news application."

"Mobile access and the introduction of new attractive content are contributing to continued user growth in our portal and e-mail business. In the second quarter, the registered number of users for our micro-blogging service increased by 48.8% sequentially to 180 million.  Mailbox services also increased to 495 million registered users as of June 30, 2012. We continue to advance both services by introducing new content and enhancing the user experience to broaden our existing community."

"Our robust games portfolio, industry leading portal and growing search business are built on the success of providing a highly differentiated platform that caters to quality and optimizing user experience. We continue to build our products and services to meet customers' demands for new content with a robust pipeline of games and activities planned for the second half of the year," Mr. Ding concluded.

Second Quarter 2012 Financial Results

Revenues

Total revenues for the second quarter of 2012 were RMB2.0 billion (US$315.5 million), compared to RMB2.0 billion and RMB1.8 billion for the preceding quarter and the second quarter of 2011, respectively.

Revenues from online games were RMB1.7 billion (US$275.3 million) for the second quarter of 2012, compared to RMB1.8 billion and RMB1.6 billion for the preceding quarter and the second quarter of 2011, respectively.

Revenues from advertising services were RMB204.2 million (US$32.1 million) for the second quarter of 2012, compared to RMB143.5 million and RMB169.6 million for the preceding quarter and the second quarter of 2011, respectively.

Revenues from e-mail, wireless value-added services and others ("E-mail, WVAS and others") were RMB51.4 million (US$8.1 million) for the second quarter of 2012, compared to RMB39.6 million and RMB30.7 million for the preceding quarter and the second quarter of 2011, respectively.

Gross Profit

Gross profit for the second quarter of 2012 was RMB1.3 billion (US$208.0 million), compared to RMB1.3 billion and RMB1.2 billion for the preceding quarter and the second quarter of 2011, respectively.

The year-over-year increase in gross profit was primarily attributable to increased revenues from NetEase's online game business. The year-over-year increase in online game revenues was primarily driven by increased revenues from the Company's self-developed games, Ghost, Fantasy Westward Journey and Tianxia III, which was partially offset by a decline in revenue from Blizzard Entertainment's World of Warcraft.

Gross Profit (Loss) Margin

Gross profit margin for the online game business for the second quarter of 2012 was 73.3%, compared to 73.0% and 70.2% for the preceding quarter and the second quarter of 2011, respectively.

Gross profit margin for the advertising business for the second quarter of 2012 was 33.0%, compared to 19.8% and 43.9% for the preceding quarter and the second quarter of 2011, respectively. The quarter-over-quarter increase in gross profit margin was primarily due to an increase in advertising revenues. The year-over-year decrease in gross profit margin was primarily due to increased headcount-related costs and video content costs incurred in the second quarter of 2012.

Gross loss margin for the E-mail, WVAS and others business for the second quarter of 2012 was 11.6%, compared to 18.0% and 7.8% for the preceding quarter and the second quarter of 2011, respectively. The quarter-over-quarter change was mainly due to improved performance from NetEase's e-commerce business in the second quarter of 2012.

Operating Expenses

Total operating expenses for the second quarter of 2012 were RMB437.7 million (US$68.9 million), compared to RMB355.7 million and RMB365.8 million for the preceding quarter and the second quarter of 2011, respectively. The quarter-over-quarter increase in operating expenses was mainly due to increased selling and marketing promotional activities related to open beta testing launched in the second quarter of 2012 for Ghost and Tianxia III, and increased research and development expenses related to product development. The year-over-year increase in operating expenses was primarily due to increased headcount-related costs included in general and administrative expenses and research and development expenses. 

Net Profit

Net profit for the second quarter of 2012 totaled RMB875.3 million (US$137.8 million), compared to RMB941.7 million and RMB772.5 million for the preceding quarter and the second quarter of 2011, respectively.

During the second quarter of 2012, the Company reported a net foreign exchange loss of RMB36.0 million (US$5.7 million), compared to a net foreign exchange gain of RMB17.6 million and a net foreign exchange loss of RMB3.0 million for the preceding quarter and the second quarter of 2011, respectively. The quarter-over-quarter and year-over-year changes in foreign exchange gains and losses were mainly due to the translation gains and losses arising from the Company's Euro-denominated bank deposit balances as of June 30, 2012 as the exchange rate of the Euro against the RMB fluctuated over the periods.

NetEase reported basic and diluted earnings per ADS of US$1.05 each for the second quarter of 2012. The Company reported basic and diluted earnings per ADS of US$1.13 each for the preceding quarter, and reported basic and diluted earnings per ADS of US$0.93 each for the second quarter of 2011.

Income Taxes

The Company recorded a net income tax charge of RMB149.5 million (US$23.5 million) for the second quarter of 2012, compared to RMB163.1 million and RMB92.4 million for the preceding quarter and the second quarter of 2011, respectively. The effective tax rate for the second quarter of 2012 was 14.8%, compared to 14.9% and 10.9% for the preceding quarter and the second quarter of 2011, respectively.

The Company's various principal subsidiaries renewed their qualifications as High and New Technology Enterprises in 2011, and enjoy the preferential enterprise income tax rate of 15% from 2011 to 2013, subject to annual review by the relevant tax authorities in China.

The year-over-year increase in effective tax rate was primarily due to the expiration of the enterprise income tax exemption period for certain subsidiaries that were qualified as Software Enterprises, which resulted in an increase in their applicable tax rate from 0% to 12.5%.

Other Information

As of June 30, 2012, the Company's total cash and time deposits balance was RMB13.8 billion (US$2.2 billion), compared to RMB11.9 billion as of December 31, 2011. Cash flow generated from operating activities was RMB880.9 million (US$138.7 million) for the second quarter of 2012, compared to RMB1.3 billion and RMB995.0 million for the preceding quarter and the second quarter of 2011, respectively.  

** The United States dollar (US$) amounts disclosed in this press release are presented solely for the convenience of the reader.  Translations of amounts from RMB into US$ were calculated at the noon buying rate of US$1.00 = RMB6.3530 on the last trading day of June 2012 (June 29, 2012) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.  No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on June 29, 2012, or at any other certain date. The percentages stated are calculated based on RMB.

Conference Call

NetEase's management team will host a conference call at 9:00 p.m. Eastern Time on Wednesday, August 15, 2012 (Beijing/Hong Kong Time: 9:00 a.m., Thursday, August 16, 2012). NetEase's management will be on the call to discuss the quarterly results and answer questions.

Interested parties may participate in the conference call by dialing 1-877-941-2068 (international: 1-480-629-9712), 10-15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-800-406-7325 (international: 1-303-590-3030), and entering passcode 4556534#. The replay will be available through August 29, 2012.

This call is being webcast live and the replay will be available for 12 months. Both will be available on NetEase's Investor Relations website at http://ir.netease.com.

About NetEase, Inc.

NetEase, Inc. is a leading China-based Internet technology company that pioneered the development of applications, services and other technologies for the Internet in China. NetEase's online communities and personalized premium services have established a large and stable user base for the NetEase websites, which are operated by its affiliates.  In particular, NetEase provides online game services to Internet users through the in-house development or licensing of massively multi-player online role-playing games, including Fantasy Westward Journey, Westward Journey Online II, Westward Journey Online III, Tianxia III, Heroes of Tang Dynasty, Datang and Ghost, as well as the licensed games, World of Warcraft® and StarCraft® II from Blizzard Entertainment.

NetEase also offers online advertising on its websites, which enables advertisers to reach its substantial user base. In addition, NetEase has paid listings on its search engine and web directory and classified advertising services, as well as an online mall, which provides opportunities for e-commerce and traditional businesses to establish their own storefront on the Internet. NetEase also offers wireless value-added services such as news and information content, matchmaking services, music and photos from the web that are sent over SMS, MMS, WAP, IVR and Color Ring-back Tone technologies.

Other community services that the NetEase websites offer include instant messaging, online personal advertisements, matchmaking, alumni clubs and community forums. The Company believes that it is also the largest provider of free e-mail services in China. Furthermore, the NetEase websites as well as its micro-blogging services provide various channels of content. NetEase aggregates news content on world events, sports, science and technology, and financial markets, as well as entertainment content such as cartoons, games, astrology and jokes, from over one hundred international and domestic content providers. 

Forward Looking Statements

This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online game market will not continue to grow or that NetEase will not be able to maintain its leading position in that market, which could occur if, for example, its new online games such as Ghost, Tianxia III, Kung Fu Master and Soul of the Fighter or expansion packs and other improvements to its existing games, including its current and planned expansion packs for Heroes of Tang Dynasty, Warsong of Westward Journey, Westward Journey Online II and other games, do not become as popular as management anticipates; the ability of NetEase to effectively market its games and other services and achieve a positive return on its marketing expenditures; the risk that Shanghai EaseNet will not be able to continue operating World of Warcraft, StarCraft II or other games licensed by it for a period of time or permanently due to possible governmental actions or the risk that such games will not be popular with game players in China; the risk that changes in Chinese government regulation of the online game market may limit future growth of NetEase's revenue or cause revenue to decline; competition in the online advertising business and the risk that investments by NetEase in its content and services may not increase the appeal of the NetEase websites among Internet users or result in increased advertising revenue; the risk that NetEase may not be able to continuously develop new and creative online services, including its ability to maintain and enhance the popularity of its micro-blogging services; the risk that NetEase will not be able to control its expenses in future periods; competition in NetEase's existing and potential markets; governmental uncertainties (including possible changes in the effective tax rates applicable to NetEase and its subsidiaries and affiliates and the ability of NetEase to receive and maintain approvals of the preferential tax treatments and general competition and price pressures in the marketplace); the risk that fluctuations in the value of the Renminbi with respect to other currencies could adversely affect NetEase's business and financial results; and other risks out lined in NetEase's filings with the Securities and Exchange Commission. NetEase does not undertake any obligation to update this forward-looking information, except as required under the applicable law.

Contact for Media and Investors:

Brandi Piacente
Investor Relations
brandi@corp.netease.com
Tel: (+1) 212-481-2050

Cassia Curran
NetEase, Inc.
cassia@corp.netease.com
Tel: (+86) 571-8985-2076

 

NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(RMB and USD in thousands)



 December 31,


 June 30,


 June 30,



2011


2012


2012



 RMB 


 RMB 


 USD (Note 1)

Assets














Current assets:







   Cash and cash equivalents


2,214,618


1,075,734


169,327

   Time deposits


9,704,777


12,227,426


1,924,670

   Restricted cash


318,684


521,083


82,022

   Accounts receivable, net


230,047


274,174


43,156

   Prepayments and other current assets


900,464


856,354


134,795

   Short-term investments


993,606


1,049,456


165,191

   Deferred tax assets


111,990


144,793


22,791

Total current assets


14,474,186


16,149,020


2,541,952








Non-current assets:







   Property, equipment and software, net


848,469


791,541


124,593

   Land use right, net


11,788


11,658


1,835

   License right, net


48,962


14,950


2,353

   Deferred tax assets


2,586


2,576


405

   Time deposits


-


478,000


75,240

   Other long-term assets


58,940


71,982


11,330

Total non-current assets


970,745


1,370,707


215,756

Total assets


15,444,931


17,519,727


2,757,708








Liabilities and Shareholders' Equity














Current liabilities:







   Accounts payable


134,217


104,062


16,380

   Salary and welfare payables


244,398


207,961


32,734

   Taxes payable


391,769


367,774


57,890

   Deferred revenue


1,014,073


1,139,312


179,334

   Accrued liabilities and other payables


498,120


614,363


96,704

Total current liabilities


2,282,577


2,433,472


383,042








Long-term payable:







   Other long-term payable


63,890


74,511


11,728

Total liabilities


2,346,467


2,507,983


394,770








Total NetEase, Inc.'s equity


13,126,701


15,066,675


2,371,584

Noncontrolling interests


(28,237)


(54,931)


(8,646)

Total shareholders' equity


13,098,464


15,011,744


2,362,938








Total liabilities and shareholders' equity


15,444,931


17,519,727


2,757,708








The accompanying notes are an integral part of this press release.





NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(RMB and USD in thousands, except per share data)



 Quarter Ended



 June 30, 


 March 31, 


 June 30, 


 June 30, 


2011

2012

2012

2012



 RMB


 RMB


 RMB


 USD (Note 1)

Revenues:









Online game services


1,577,810


1,821,029


1,748,695


275,255

Advertising services


169,644


143,451


204,179


32,139

E-mail, WVAS and others


30,669


39,630


51,396


8,090










Total revenues


1,778,123


2,004,110


2,004,270


315,484

Business taxes


(44,507)


(38,481)


(41,781)


(6,577)










Total net revenues


1,733,616


1,965,629


1,962,489


308,907










Total cost of revenues


(580,756)


(634,407)


(641,011)


(100,899)










Gross profit


1,152,860


1,331,222


1,321,478


208,008










Operating expenses:









Selling and marketing expenses


(212,898)


(130,497)


(194,679)


(30,644)

General and administrative expenses


(49,845)


(70,284)


(70,636)


(11,118)

Research and development expenses


(103,008)


(154,961)


(172,348)


(27,129)

Total operating expenses


(365,751)


(355,742)


(437,663)


(68,891)










Operating profit


787,109


975,480


883,815


139,117

Other income:









Investment income


399


13,926


12,968


2,041

Interest income


59,419


86,490


106,155


16,710

Exchange (losses) gains


(2,961)


17,597


(36,028)


(5,671)

Other, net


6,381


1,298


41,194


6,484










Net income before tax


850,347


1,094,791


1,008,104


158,681

Income tax


(92,428)


(163,063)


(149,544)


(23,539)










Net income after tax


757,919


931,728


858,560


135,142

Net loss attributable to noncontrolling interests


14,577


9,952


16,742


2,635

Net income attributable to the Company's shareholders

772,496


941,680


875,302


137,777










Comprehensive income


757,919


931,728


858,560


135,142

Comprehensive loss attributable to noncontrolling interests

14,577


9,952


16,742


2,635

Comprehensive income attributable to the
     Company's shareholders


772,496


941,680


875,302


137,777










Earnings per share, basic


0.24


0.29


0.27


0.04

Earnings per ADS, basic


5.92


7.18


6.66


1.05

Earnings per share, diluted


0.24


0.29


0.27


0.04

Earnings per ADS, diluted


5.90


7.17


6.65


1.05










Weighted average number of ordinary shares outstanding, basic


3,264,927


3,278,157


3,286,239


3,286,239

Weighted average number of ADS outstanding, basic


130,597


131,126


131,450


131,450

Weighted average number of ordinary shares outstanding, diluted


3,275,651


3,284,428


3,292,518


3,292,518

Weighted average number of ADS outstanding, diluted


131,026


131,377


131,701


131,701










The accompanying notes are an integral part of this press release.





NETEASE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(RMB and USD in thousands)



Quarter Ended



 June 30,


March 31,


 June 30,


 June 30,



2011


2012


2012


2012



 RMB 


 RMB 


 RMB 


 USD (Note 1)

Cash flows from operating activities:









Net income


757,919


931,728


858,560


135,142

Adjustments to reconcile net profit to net cash
    provided by operating activities:









Depreciation and amortization


75,895


71,677


71,875


11,314

Share-based compensation cost


15,710


68,273


57,907


9,115

Allowance for provision for doubtful debts


1,788


921


3,823


602

(Gain) loss on disposal of property, equipment and software


(49)


(122)


1


-

Unrealized exchange (gains) losses


(1,238)


(18,719)


35,893


5,650

Deferred income taxes


(33,430)


(16,170)


(16,624)


(2,617)

Net equity share of (gain) loss from associated companies


(778)


256


(622)


(98)

Others


162


2,894


5,532


871

Changes in operating assets and liabilities:









   Accounts receivable


(20,211)


20,720


(79,010)


(12,437)

   Prepayments and other current assets


125,434


180,825


(8,557)


(1,347)

   Accounts payable


(2,429)


14,857


(40,641)


(6,397)

   Salary and welfare payables


40,634


(64,930)


28,478


4,483

   Taxes payable


4,201


(19,620)


(49,830)


(7,844)

   Deferred revenue


59,969


71,378


53,862


8,478

   Accrued liabilities and other payables


(28,574)


92,897


(39,741)


(6,255)

            Net cash provided by operating activities


995,003


1,336,865


880,906


138,660










Cash flows from investing activities:









      Purchase of property, equipment and software


(36,130)


(23,280)


(48,915)


(7,700)

      Proceeds from sale of property, equipment and software

49


182


6


1

      Net change in short-term investments with terms 









           of three months or less


(170,000)


(500,000)


(200,000)


(31,481)

      Purchase of short-term investments


-


(154,277)


-


-

      Proceeds from maturities of short-term investments


-


430,000


360,000


56,666

      Purchase of license right


(39,300)


-


-


-

      Transfer (to) from restricted cash


(35,000)


79,346


(281,745)


(44,348)

      Net change in time deposits with terms 









           of three months


12,928


117,997


(86,538)


(13,622)

      Placement/rollover of matured time deposits


(1,551,500)


(4,429,917)


(2,989,388)


(470,547)

      Proceeds from maturities of time deposits


1,002,444


2,933,775


1,437,523


226,275

      Net change in other assets


(14,115)


(14,158)


(5,565)


(876)

            Net cash used in investing activities


(830,624)


(1,560,332)


(1,814,622)


(285,632)










Cash flows from financing activities:









   Capital contribution from noncontrolling interests


226


-


-


-

   Proceeds from employees exercising stock options


10,728


21,033


3,679


579

            Net cash  provided by financing activities


10,954


21,033


3,679


579










   Effect of exchange rate changes on cash held in









     foreign currencies


(438)


265


(6,678)


(1,051)

            Net increase (decrease) in cash and cash equivalents


174,895


(202,169)


(936,715)


(147,444)

Cash and cash equivalents, beginning of the period


1,669,597


2,214,618


2,012,449


316,771

Cash and cash equivalents, end of the period


1,844,492


2,012,449


1,075,734


169,327










Supplemental disclosures of cash flow information:









         Cash paid for income tax, net of tax refund


78,818


145,625


194,080


30,549

Supplemental schedule of non-cash investing and









    financing activities:









        Fixed asset purchases financed by accounts payable
           and accrued liabilities


91,811


35,393


17,920


2,821










The accompanying notes are an integral part of this press release.







NETEASE, INC.

UNAUDITED SEGMENT INFORMATION

(RMB and USD in thousands, except percentages)



Quarter Ended



 June 30,


 March 31,


 June 30,


 June 30,



2011


2012


2012


2012



 RMB


 RMB


 RMB


 USD (Note 1)

Revenues:









Online game services


1,577,810


1,821,029


1,748,695


275,255

Advertising services


169,644


143,451


204,179


32,139

E-mail, WVAS and others


30,669


39,630


51,396


8,090

Total revenues


1,778,123


2,004,110


2,004,270


315,484










Business taxes: 









Online game services


(27,567)


(23,566)


(20,689)


(3,257)

Advertising services


(16,261)


(14,009)


(19,869)


(3,127)

E-mail, WVAS and others


(679)


(906)


(1,223)


(193)

Total business taxes


(44,507)


(38,481)


(41,781)


(6,577)










Net revenues:









Online game services


1,550,243


1,797,463


1,728,006


271,998

Advertising services


153,383


129,442


184,310


29,012

E-mail, WVAS and others


29,990


38,724


50,173


7,897

Total net revenues


1,733,616


1,965,629


1,962,489


308,907










Cost of revenues:









Online game services


(462,444)


(484,894)


(461,538)


(72,649)

Advertising services


(85,978)


(103,827)


(123,487)


(19,438)

E-mail, WVAS and others


(32,334)


(45,686)


(55,986)


(8,812)

Total cost of revenues


(580,756)


(634,407)


(641,011)


(100,899)










Gross profit (loss):









Online game services


1,087,799


1,312,569


1,266,468


199,349

Advertising services


67,405


25,615


60,823


9,574

E-mail, WVAS and others


(2,344)


(6,962)


(5,813)


(915)

Total gross profit


1,152,860


1,331,222


1,321,478


208,008










Gross profit (loss) margin:









Online game services


70.2%


73.0%


73.3%


73.3%

Advertising services


43.9%


19.8%


33.0%


33.0%

E-mail, WVAS and others


(7.8%)


(18.0%)


(11.6%)


(11.6%)



















The accompanying notes are an integral part of this press release.







NETEASE, INC.
NOTES TO UNAUDITED FINANCIAL INFORMATION 

Note 1:

The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00 = RMB6.3530 on the last trading day of June 2012 (June 29, 2012)as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

Note 2: 

 Share-based compensation cost reported in the Company's unaudited condensed consolidated statements of comprehensive income is set out as follows in RMB and USD (in thousands):

 



 Quarter Ended



 June 30,


 March 31,


 June 30,


 June 30,



2011


2012


2012


2012



 RMB


 RMB


 RMB


 USD (Note 1)

Share-based compensation cost included in:









Cost of revenue


11,565


33,215


29,305


4,613

Operating expenses









- Selling and marketing expenses


2,217


4,680


3,356


528

- General and administrative expenses


(4,517)


11,926


9,359


1,473

- Research and development expenses


6,445


18,452


15,887


2,501

 

SOURCE NetEase.com, Inc.



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