SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF FEBRUARY 2005
SHANDA INTERACTIVE ENTERTAINMENT LIMITED
NO. 1 OFFICE BUILDING, NO. 690 BIBO ROAD
PUDONG NEW AREA, SHANGHAI, CHINA 201203
(Address of principal executive offices)
------------------------
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F [ x ] Form 40-F [ ]
(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.)
Yes [ ] No [ x ]
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):82- ___ .)
1
SHANDA INTERACTIVE ENTERTAINMENT LIMITED
Form 6-K
Table of Content
PAGE
-----------
Signature Page 3
Press release regarding the following:
Shanda shares distributed by SB Asia Infrastructure Fund L.P., Page 4
dated January 19, 2005.
Two of Shanda's games awarded by CPPA as the most popular Page 5
game and best domestic game titles in China in 2004, dated
January 20, 2005.
Shanda reports fourth quarter and full-year 2004 financial results, Page 6
dated February 3, 2005.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SHANDA INTERACTIVE ENTERTAINMENT LIMITED
By: /s/ Jun Tang
----------------------------
Name: Jun Tang
Title: President
Date: February 4, 2005
3
SHANDA SHARES DISTRIBUTED BY SB ASIA INFRASTRUCTURE FUND L.P.
SHANGHAI, CHINA - JANUARY 19, 2005 - On January 12, 2005, SB Asia
Infrastructure Fund L.P. made a distribution of 20,600,000 ordinary shares of
Shanda Interactive Entertainment Limited (Nasdaq: SNDA), which is equivalent to
10,300,000 American depositary shares, to its direct and indirect partners,
Cisco Systems, Inc., SB Asia Pacific Investments Limited, an indirect subsidiary
of Softbank Corporation, and SAIF Partners LP.
Prior to the distributions, SB Asia Infrastructure Fund L.P. held Shanda
ordinary shares in an amount equal to 10,628,749 ADSs, which was equivalent to
approximately 15.2% of Shanda's issued and outstanding ordinary shares. On the
date of the distribution, the lock up agreement entered into by SB Asia
Infrastructure Fund L.P. in connection with Shanda's issuance of $275 million
zero coupon senior convertible notes due 2014 and Shanda's repurchase of shares
from SB Asia Infrastructure Fund L.P., expired.
Following such distribution, SAIF Partners LP filed a Form 144 with the
U.S. Securities and Exchange Commission announcing its intention to sell all of
the ordinary shares, equivalent to 1,110,630 ADSs or 1.6% of Shanda's issued and
outstanding ordinary shares, that it received in such distribution. We are not
aware of any other sale of Shanda ordinary shares by our principal shareholders,
directors or executive officers since the date of the lock up expiration.
Shanda's principal shareholder, Skyline Media Limited, which is 100% owned by
Shanda's founders, holds approximately 60.4% of Shanda's issued and outstanding
shares.
ABOUT SHANDA INTERACTIVE ENTERTAINMENT LIMITED
Shanda Interactive Entertainment Limited (Nasdaq: SNDA) is the largest operator
of online games in China. Shanda offers a portfolio of massively multi-player
and casual online games that users play over the Internet, including several of
the most popular online games in China. Shanda's game platform attracts a large
and loyal user base, each member of which can interact with thousands of others,
which creates a strong community among users. For more information about Shanda,
please visit http://www.snda.com.
CONTACT:
Donglei Zhou
Director of Investor Relations
Shanda Interactive Entertainment Limited
Phone: 8621-50504740
E-mail: IR@shanda.com.cn
Todd St.Onge
Brainerd Communicators, Inc.
212-986-6667
E-mail: stonge@braincomm.com
4
TWO OF SHANDA'S GAMES AWARDED BY CPPA AS THE MOST POPULAR
GAME AND BEST DOMESTIC GAME TITLES IN CHINA IN 2004
- Chinese Government Recognizes Shanda's Online Game Industry
Leadership With Support For Game Development
Shanghai, China - January 20, 2005 - Shanda Interactive Entertainment
Limited (Nasdaq: SNDA), the largest operator of online games in China, announced
today that Shanda's leading online games, The Legend of Mir II and World of
Legend, were respectively recognized as the most popular online game and the
best domestic game in China in the 2004 Chinese Game Annual Forums sponsored by
China Press and Publication Administration (or CPPA). These honors further
demonstrate Shanda's leadership in the growing online games industry.
Meanwhile, Shanda's leadership position in online game industry has also
been further recognized by Chinese government - the Ministry of Information
Industry (or MII) and the CPPA with support for game development.
The MII sets aside a total of RMB500 million (approximately US $60 million)
each year to support the development of the country's IT industries. Recently
the MII announced the list of enterprises that won government funding this year
and Shanda became the key enterprise to be given special support for online game
software development.
The CPPA also launched the National Online Game Publication Project to
boost development of domestic online games in 2004. Recently the CPPA announced
that three internally developed online games of Shanda, including The Age and
two other new titles, Three Kingdom and Magical Land, along with 18 other
domestic titles, have been selected for the project.
Tianqiao Chen, CEO of Shanda expressed: "After receiving the excellent
model enterprises of China's Cultural Industry from the Ministry of Culture in
2004, the additional support towards Shanda demonstrated by both the MII and the
CPPA illustrate that China has been aggressively promoting the development of a
home grown online game industry. Shanda's prominent recognition in these forums
also reconfirms our leading position in this rapidly growing category."
ABOUT SHANDA
Shanda Interactive Entertainment Limited (Nasdaq: SNDA) is the largest
operator of online games in China. Shanda offers a portfolio of massively
multi-player and casual online games that users play over the Internet,
including several of the most popular online games in China. Shanda's game
platform attracts a large and loyal user base, each member of which can interact
with thousands of others, which creates a strong community among users. For more
information about Shanda, please visit http://www.snda.com.
CONTACT:
Donglei Zhou
Director of Investor Relations
Shanda Interactive Entertainment Limited
Phone: 8621-50504740
E-mail: IR@shanda.com.cn
Todd St.Onge (investors): stonge@braincomm.com
Michael DiPaolo (media):dipaolo@braincomm.com
Brainerd Communicators, Inc.
212-986-6667
5
SHANDA REPORTS FOURTH QUARTER AND FULL-YEAR 2004 FINANCIAL RESULTS
- COMPANY REPORTS RECORD Q4 NET REVENUES OF US$52.1 MILLION, UP 22.0%
QUARTER-OVER-QUARTER -
- GROSS PROFIT MARGINS FOR Q4 INCREASE TO 67.1%, WHILE OPERATING MARGINS
REACHES 43.5% -
- FULL-YEAR 2004 REVENUE AND NET INCOME BOTH UP 100+% OVER
FULL-YEAR 2003 -
(Shanghai, China, February 3, 2005) Shanda Interactive Entertainment
Limited (Nasdaq: SNDA), or Shanda, the largest operator of online games in
China, today announced its unaudited financial results for the fourth quarter
and for the full year ended December 31, 2004.
SUMMARY OF THE FOURTH QUARTER 2004:
o Revenues for the fourth quarter of 2004 increased 133.3% year-over-year,
and 21.9% quarter-over-quarter to RMB453.1 million (US$54.7 million), and
net revenues increased 134.2% year-over-year and 22.0% quarter-over-quarter
to RMB430.9 million (US$52.1 million);
o Online games revenues for the fourth quarter of 2004 increased 118.6%
year-over-year and 20.7% quarter-over-quarter to RMB411.8 million
(US$49.8 million), accounting for 90.9% of total revenues; fourth quarter
MMORPG revenues grew 11.7% quarter-over-quarter to RMB 316.9 million
(US$38.3 million) and casual game revenues grew 64.9% quarter-over-quarter
to RMB 94.9 million (US$11.5 million);
o Other revenues for the fourth quarter, which primarily include revenues
from online advertising, and other value-added services and products,
increased 35.5% quarter-over-quarter to RMB41.3 million (US$5.0 million),
accounting for 9.1% of total revenues;
o Gross profit margin increased to 67.1% in the fourth quarter compared to
62.7% in the third quarter of 2004, while operating margin increased to
43.5% in the fourth quarter compared to 40.2% in the third quarter of 2004;
o Net income for the fourth quarter of 2004 was RMB231.4 million (US$28.0
million), and diluted earnings per ADS were RMB3.12 (US$0.38)
SUMMARY OF FISCAL 2004:
o Total revenues for the full year 2004 were RMB1,367.2 million (US$165.2
million), a 115.8% increase from RMB633.4 million (US$76.5 million)
reported in the full year 2003.
o Revenue diversification for the full year 2004 included revenues from
MMORPGs, casual games and others each contributing 76.8%, 16.6% and 6.6%
respectively of total revenues, compared with 96.7%, 1.4% and 1.9%
respectively in 2003.
o Net income for the full year was RMB609.5 million (US$73.6 million), a
123.4% increase from the full year 2003, and diluted earnings per ADS for
the full year 2004 were RMB8.10 (US$0.98), compared to RMB4.14 (US$0.50)
for the full year 2003.
"2004 was a defining year for Shanda, capped by an outstanding fourth
quarter as we continued to expand both the revenue and profitability of our
business," said Tianqiao Chen, Chairman and CEO of Shanda. "As we look ahead,
our business is showing excellent momentum as we continue to expand our content
offerings and strengthen our operating
6
platform, in order to diversify our revenue streams and broaden our user
demographics to capture the growing entertainment spending by millions of
consumers in China."
FINANCIAL RESULTS (PRELIMINARY UNAUDITED(POUND)
Revenues. In the fourth quarter of 2004, Shanda reported record revenues of
RMB453.1 million (US$54.7 million), and net revenues after business tax and
related surcharges of RMB 430.9 million (US$52.1 million), representing a 134.2%
increase year-over-year and a 22.0% increase quarter-over-quarter.
For the full year 2004, revenues were RMB1,367.2 million (US$165.2
million), and net revenues were RMB1,298.7 million (US$156.9 million), a 116.5%
increase from the full year 2003.
Online game revenues increased 20.7% to RMB411.8 million (US$49.8 million)
in the fourth quarter of 2004 from RMB341.2 million (US$41.2 million) in the
third quarter of 2004. Total peak concurrent users for all Shanda games in
commercial service in the fourth quarter of 2004 increased to 2.0 million from
1.7 million in the third quarter of 2004. For the full year 2004, online game
revenues increased 105.4% to RMB1,276.2 million (US$154.2 million), from
RMB621.2 million for the full year 2003.
Revenues from MMORPGs in the fourth quarter of 2004 increased 11.7%
quarter-over-quarter to RMB316.9 million (US$38.3 million), and accounted for
69.9% of total revenues. For the full year 2004, MMORPG revenues were RMB1,049.8
million (US$126.8 million), a 71.4% increase from the full year 2003.
Revenues from casual games in the fourth quarter increased 64.9%
quarter-over-quarter to RMB 94.9 million (US$11.5 million), and accounted for
21.0% of total revenues. For the full year 2004, casual games revenues were
RMB226.4 million (US$27.4 million), compared to RMB8.8 million (US$1.1 million)
for the full year 2003. Casual games revenues accounted for 16.6% of the total
revenues in 2004, compared to 1.4% in 2003. The increase in casual games
revenues for the quarter and for the year was primarily driven by the
introduction and the growing acceptance of premium feature item sales within the
casual games.
Shanda's other revenues increased 35.5% to RMB41.3 million (US$5.0 million)
in the fourth quarter of 2004 from RMB30.5 million (US$3.7 million) in the third
quarter of 2004. The increase in Shanda's other revenues was primarily due to
the increase of online advertising revenues, and the increase of revenue from
other value-added services and products.
For the full year 2004, other revenues were RMB91.0 million (US$11.0
million), compared to RMB12.2 million (US$1.5 million) for the full year 2003.
Gross Profit. Gross margin, which is equal to gross profits divided by net
revenues, was a record high of 67.1% for the fourth quarter of 2004, up from
61.6% in the fourth quarter of 2003 and 62.7% reported in the third quarter of
2004. For the full year 2004, the gross margin was 63.7%, up from 61.0% for the
full year 2003. The increase in gross margin for the quarter and for the year
was primarily due to the expansion into higher margin revenue lines such as
internally developed games and online advertisement.
Income from Operations. Operating income for the fourth quarter of 2004 was
RMB187.2 million (US$22.6 million), representing a 303.6% increase compared to
RMB46.4 million in the fourth quarter of 2003 and a 31.8% increase compared to
RMB142.0 million in the third quarter of 2004. Operating margin, which is equal
to income from operations divided
7
by net revenues, increased to 43.5% in the fourth quarter of 2004 from 40.2% in
the third quarter of 2004.
For the full year 2004, operating income was RMB511.0 million (US$61.7
million), up 139.7% from RMB213.2 million (US$25.8 million) in the full year
2003. Operating income margin for the full year 2004 was 39.3%, compared to
operating income margin of 35.5% for the full year 2003.
Net Income. In the fourth quarter of 2004, Shanda had net income of
RMB231.4 million (US$28.0 million), representing a 238.9% increase compared to
net income of RMB68.3 million (US$8.3 million) in the fourth quarter of 2003 and
a 40.1% increase compared to net income of RMB165.1 million in the third quarter
of 2004. The quarter-over-quarter increase in Shanda's net income was primarily
due to the increase in Shanda's income from operations, interest and investment
income, partially offset by a decrease in government financial incentives Shanda
received in the fourth quarter compared with the third quarter. Diluted earnings
per ADS were RMB3.12 (US$0.38) for the quarter, representing a 194.3% increase
compared to diluted earnings per ADS of RMB1.06 in the same period of 2003 and a
41.8% increase compared to diluted earnings per ADS of RMB2.20 in the third
quarter of 2004.
For the full year 2004, Shanda's net income was RMB609.5 million (US$73.6
million), representing a 123.4% increase compared to net income of RMB272.9
(US$33.0 million) for the full year 2003. Diluted earnings per ADS were RMB8.10
(US$0.98) for the full year 2004, representing an increase of 95.7% compared to
diluted earnings per ADS of RMB4.14 (US$0.50) for the full year 2003.
The conversion of Renminbi (RMB) into U.S. dollars in this release is based
on the noon buying rate in The City of New York for cable transfers in Renminbi
per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of
New York as of December 31, 2004, which was RMB8.2765 to US$1.00. The
percentages stated in this press release are calculated based on RMB.
RECENT BUSINESS HIGHLIGHTS
On February 2, 2005, Shanda completed the acquisition of an approximately
29% controlling stake of Actoz Soft Co., Ltd., a Korean developer, operator and
publisher of online games, from certain shareholders of Actoz for approximately
US$91.7 million, in an all cash transaction. In addition, in December 2004,
Shanda purchased an additional amount of Actoz's shares on the KOSDAQ market
equal to approximately 9% of Actoz's issued and outstanding shares at an
aggregate cost of approximately US$14.4 million. In total, Shanda currently owns
approximately 38% of Actoz and will be accounted for under equity method in
2005. Through this acquisition, Shanda solidified an important alliance with the
supplier of one of its leading games, The Legend of Mir II. According to the
user survey conducted by International Data Center, or IDC, in late 2004, Mir II
is the most popular online game in China.
In the fourth quarter of 2004, Shanda continued to expand its user base not
only through organic growth, but also through successful integration of
businesses it acquired or invested in. Bianfeng, a developer and operator of
chess and board online games which Shanda acquired in August 2004, had peak
concurrent users (or PCU) of 200,000 at the time of the acquisition. Bianfeng's
PCU number had since increased to 277,000 in the fourth quarter. Haofang, an
operator of a network PC game platform, saw its PCU increase to 425,000 in the
fourth quarter from 320,000 in July 2004 when Shanda agreed to make a minority
investment, which would lead to acquisition of majority stake in 2006.
8
OTHER COMPANY NEWS
On January 28, 2005, Andrew Yan resigned as a member of the board of
directors of the Company. The board of the Company has accepted Mr. Yan's
resignation with effect from Feb 1, 2005.
CONFERENCE CALL
Shanda's management team will host a conference call on February 3, 2005 at
8:00 p.m. Eastern Standard Time, corresponding with February 4, 2005 at 9:00
a.m. Beijing/Hong Kong time, to present an overview of Shanda's financial
performance and business operations. To participate in the live call, U.S.
callers should dial 800-900-0012 and international callers should dial
973-935-2056. A live webcast of the presentation can also be accessed through
Shanda's website at http://www.snda.com.
A replay of the conference call will be available through February 10, 2005
at midnight Eastern Standard Time. The dial-in number is 877-519-4471 within the
U.S, and 973-341-3080 internationally. The pass code for the replay is 5634829.
ABOUT SHANDA
Shanda Interactive Entertainment Limited (Nasdaq: SNDA) is the largest
operator of online games in China. Shanda offers a portfolio of massively
multi-player and casual online games that users play over the Internet,
including several of the most popular online games in China. Shanda's game
platform attracts a large and loyal user base, each member of which can interact
with thousands of others, which creates a strong community among users. For more
information about Shanda, please visit http://www.snda.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements that are based on
Shanda's current expectations, assumptions, estimates and projections about the
company and the industry. All statements other than statements of historical
fact in this announcement are forward-looking statements, including but not
limited to statements regarding content expansion, revenue diversification and
user demographics broadening. These forward-looking statements involve various
risks and uncertainties. Although Shanda believes that its expectations
expressed in these forward-looking statements are reasonable, it cannot assure
you that its expectations will turn out to be correct. Shanda's actual results
could be materially different from and worse than its expectations. Important
risks and uncertainties could cause Shanda's actual results to be materially
different from Shanda's expectations include but not limited to risks set forth
in Shanda's filings with the U.S. Securities and Exchanges Commission, including
Shanda's registration statement on Form F-1.
CONTACT:
Donglei Zhou
Director of Investor Relations
Shanda Interactive Entertainment Limited
Phone: 8621-50504740
E-mail: IR@shanda.com.cn
Todd St.Onge (investors): stonge@braincomm.com
Michael DiPaolo (media):dipaolo@braincomm.com
Brainerd Communicators, Inc.
212-986-6667
9
SHANDA INTERACTIVE ENTERTAINMENT LIMITED
CONSOLIDATED BALANCE SHEET
(IN THOUSANDS)
AS OF DECEMBER 31, AS OF DECEMBER 31,
2003 2004
-------------------- --------------------------------
RMB RMB US$
(audited) (unaudited) (unaudited)
ASSETS
Current assets:
Cash and cash equivalents 598,922 3,123,971 377,451
Marketable securities 10,126 532,089 64,289
Accounts receivable 6,200 39,308 4,749
Loan and interest receivable 57,622 - -
Due from related parties 2,865 1,515 183
Deferred licensing fees and related
costs 53,142 48,716 5,886
Inventories - 6,039 730
Prepayments and other current assets 12,141 27,621 3,337
Deferred tax assets 22,088 29,632 3,580
-------------------- -------------- --------------
Total current assets 763,106 3,808,891 460,205
-------------------- -------------- --------------
Investments in equity securities 3,455 40,497 4,893
Property, equipment and software 106,872 159,170 19,232
Intangible assets 40,720 89,934 10,866
Goodwill 12,476 133,959 16,185
Long-term deposits 2,349 2,363 286
Other long-term assets - 47,221 5,705
-------------------- -------------- --------------
Total assets 928,978 4,282,035 517,372
==================== ============== ==============
LIABILITIES
Current liabilities:
Accounts payable 20,934 47,342 5,720
Licensing fees payable 47,051 70,365 8,502
Taxes payable 12,637 40,197 4,857
Deferred revenue 197,480 247,282 29,877
Due to related parties - 1,758 212
Other payables and accruals 25,559 91,268 11,027
-------------------- -------------- --------------
Total current liabilities 303,661 498,212 60,195
-------------------- -------------- --------------
Long-term liabilities (Convertible bonds) - 2,276,175 275,017
-------------------- -------------- --------------
Total liabilities 303,661 2,774,387 335,212
==================== ============== ==============
Minority interests 2,716 6,879 831
Commitments and contingencies - - -
SHAREHOLDERS' EQUITY
Ordinary shares 7,427 11,585 1,400
Convertible preferred shares 2,488 - -
Additional paid-in capital 425,561 1,300,454 157,126
Statutory reserves 27,313 40,025 4,836
Deferred share-based compensation (51,572) (20,623) (2,492)
Accumulated other comprehensive gain 116 124,686 15,065
Retained earnings 211,268 44,642 5,394
-------------------- -------------- --------------
Total shareholders' equity 622,601 1,500,769 181,329
-------------------- -------------- --------------
Total liabilities and shareholders' equity 928,978 4,282,035 517,372
==================== ============== ==============
10
SHANDA INTERACTIVE ENTERTAINMENT LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
FOR THE THREE MONTHS PERIOD ENDED, FOR THE YEAR ENDED ,
----------------------------------------------------- --------------------------------------
DECEMBER 31, SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2004 2004 2003 2004
---------- ---------- ------------------------- --------- -------------------------
RMB RMB RMB US$ RMB RMB US$
(unaudited) (unaudited) (unaudited) (unaudited) (audited) (unaudited) (unaudited)
Revenues
Online game revenues 188,335 341,182 411,794 49,755 621,243 1,276,211 154,197
Others 5,867 30,470 41,280 4,988 12,167 90,978 10,992
---------- ---------- ----------- ---------- --------- ----------- ----------
Total revenues 194,202 371,652 453,074 54,743 633,410 1,367,189 165,189
---------- ---------- ----------- ---------- --------- ----------- ----------
Less: Business tax and
related surcharges (10,195) (18,400) (22,210) (2,684) (33,430) (68,464) (8,272)
---------- ---------- ----------- ---------- --------- ----------- ----------
Net revenues 184,007 353,252 430,864 52,059 599,980 1,298,725 156,917
---------- ---------- ----------- ---------- --------- ----------- ----------
Cost of services
Ongoing licensing fees
for online games (29,439) (69,654) (76,144) (9,200) (134,515) (249,289) (30,120)
Amortization of
upfront licensing
fees (5,772) (7,680) (7,403) (894) (11,672) (27,241) (3,291)
Server leasing and
maintenance fees (12,786) (21,391) (21,427) (2,589) (39,683) (79,918) (9,656)
Salary and benefits (5,337) (6,512) (7,601) (919) (13,705) (23,802) (2,876)
Depreciation of
property, equipment
and software (7,368) (7,505) (7,794) (942) (14,062) (28,403) (3,432)
Others (10,016) (19,048) (21,468) (2,593) (20,064) (62,531) (7,555)
---------- ---------- ----------- ---------- --------- ----------- ----------
Total cost of services (70,718) (131,790) (141,837) (17,137) (233,701) (471,184) (56,930)
---------- ---------- ----------- ---------- -- --------- ----------- ----------
Gross profit 113,289 221,462 289,027 34,922 366,279 827,541 99,987
Operating expenses ()
Product development (17,731) (19,324) (22,548) (2,724) (28,751) (70,829) (8,558)
Sales and marketing (16,074) (21,273) (34,631) (4,184) (43,750) (91,083) (11,005)
General and
administrative (18,040) (35,351) (41,119) (4,968) (65,548) (130,655) (15,786)
Share-based
compensation (15,056) (3,516) (3,516) (425) (15,056) (24,012) (2,901)
---------- ---------- ----------- ---------- --------- ----------- ----------
Total operating expenses (66,901) (79,464) (101,814) (12,301) (153,105) (316,579) (38,250)
---------- ---------- ----------- ---------- --------- ----------- ----------
Income from operations 46,388 141,998 187,213 22,621 213,174 510,962 61,737
Interest income 3,000 3,708 11,389 1,376 6,980 19,677 2,377
Interest expense (3,524) (426) (3,524) (426)
Investment income 3,717 1,126 41,418 5,004 6,551 43,494 5,255
Other income (expenses),
net 17,673 28,457 21,302 2,574 61,152 83,656 10,108
---------- ---------- ----------- ---------- --------- ----------- ----------
Income before income tax 70,778 175,289 257,798 31,149 287,857 654,265 79,051
expenses and minority
interests
Income tax expenses (4,404) (9,918) (19,925) (2,407) (18,647) (38,941) (4,705)
Equity in earnings of
affiliates (4,180) (505) (4,180) (505)
Minority interests 1,918 (227) (2,252) (272) 3,641 (1,661) (201)
---------- ---------- ----------- ---------- --------- ----------- ----------
Net income 68,292 165,144 231,441 27,965 272,851 609,483 73,640
========== ========== =========== ========== ========= =========== ==========
Accretion for preferred
shares (4,370) - - - (24,963) - -
Income attributable to
Series A and A-1
preferred shareholders (13,964) - - - (48,358) (82,479) (9,965)
---------- ---------- ----------- ---------- --------- ----------- ----------
Net income attributable
to ordinary
shareholders 49,958 165,144 231,441 27,965 199,530 527,004 63,675
========== ========== =========== ========== ========= =========== ==========
Earnings per share:
Basic 0.56 1.16 1.66 0.20 2.14 4.32 0.52
Diluted 0.53 1.10 1.56 0.19 2.07 4.05 0.49
Earnings per ADS:
Basic 1.12 2.32 3.32 0.40 4.28 8.64 1.04
Diluted 1.06 2.20 3.12 0.38 4.14 8.10 0.98
Weighted average ordinary
shares outstanding:
Basic 89,728,818 141,818,280 139,343,240 139,343,240 93,246,726 122,136,580 122,136,580
Diluted 95,001,888 150,275,053 148,513,111 148,513,111 96,325,957 130,167,656 130,167,656
Weighted average ADS
outstanding:
Basic 44,864,409 70,909,140 69,671,620 69,671,620 46,623,363 61,068,290 61,068,290
Diluted 47,500,944 75,137,527 74,256,556 74,256,556 48,162,979 65,083,828 65,083,828
11