700 2410 67,686 45,828 48% 39,045 27,872 40% 27,727 19,408 43% 20,148 14,326 41% 19,920 14,197 40% 21,351 15,177 41% 2.128 1.528 39% 2.102 1.512 39% 2.280 1.634 40% 2.253 1.616 39% 1
35,691 23,429 52% 31,995 12% 20,456 14,438 42% 18,589 10% 14,329 10,036 43% 13,398 7% 10,880 7,396 47% 9,268 17% 10,737 7,314 47% 9,183 17% 11,319 7,975 42% 10,032 13% 1.146 0.787 46% 0.981 17% 1.133 0.778 46% 0.970 17% 1.208 0.858 41% 1.072 13% 1.194 0.849 41% 1.059 13% 2
QQ CMC CMC Supercell Supercell QQ 3
QQ 899.0 843.4 6.6% 877.1 2.5% QQ 666.5 627.0 6.3% 658.0 1.3% QQ 246.9 233.0 6.0% 259.5-4.9% WeChat 805.7 600.0 34.3% 762.4 5.7% QQ 651.5 659.2-1.2% 647.9 0.6% QQ 595.8 573.5 3.9% 587.8 1.4% 105.1 84.3 24.7% 108.4-3.0% QQ 6% 6.67 QQ QQ NOW QQ QQ 4% 5.96 WeChat 8.06 34% 2 4
96 1 114% 80% NBA NBA QQ 1 5
35,691 23,429 (15,235) (8,991) 20,456 14,438 626 598 911 612 (2,365) (1,601) (5,299) (4,011) 14,329 10,036 (377) (341) (292) (452) 13,660 9,243 (2,780) (1,847) 10,880 7,396 10,737 7,314 143 82 10,880 7,396 11,319 7,975 6
52% 356.91 25,680 72% 18,428 79% 6,532 18% 4,073 17% 3,479 10% 928 4% 35,691 100% 23,429 100% 39% 256.80 32% 171.24 57% 85.56 60% 65.32 80% 36.97 41% 28.35 275% 34.79 7
69% 152.35 38% 43% 8,550 33% 6,221 34% 3,575 55% 1,961 48% 3,110 89% 809 87% 15,235 8,991 37% 85.50 82% 35.75 284% 31.10 8
9.11 48% 23.65 7% 32% 52.99 17% 15% 11% 3.77 51% 27.80 47% 107.37 42% 113.19 9
35,691 31,995 (15,235) (13,406) 20,456 18,589 626 703 911 506 (2,365) (2,032) (5,299) (4,368) 14,329 13,398 (377) (491) (292) (1,089) 13,660 11,818 (2,780) (2,550) 10,880 9,268 10,737 9,183 143 85 10,880 9,268 11,319 10,032 10
12% 356.91 3% 256.80 171.24 9% 85.56 39% 65.32 46% 36.97 31% 28.35 14% 152.35 42% 43% 85.50 35% 35.75 16% 23.65 11
21% 52.99 17% 107.37 13% 113.19 EBITDA (a) 29,910 20,203 15,581 14,329 10,258 EBITDA (a) 31,405 21,405 16,401 15,004 10,899 EBITDA (b) 46% 47% 46% 47% 47% 971 728 494 477 399 (c) 24,037 21,663 24,037 27,429 21,663 (d) 5,610 4,173 1,505 4,105 2,841 (a) EBITDA EBITDA EBITDA (b) EBITDA EBITDA (c) (d) 12
EBITDA EBITDA 27,727 19,408 14,329 13,398 10,036 (1,329) (1,119) (626) (703) (598) (1,417) (1,023) (911) (506) (612) 1,776 1,552 907 869 770 3,153 1,385 1,882 1,271 662 EBITDA 29,910 20,203 15,581 14,329 10,258 1,495 1,202 820 675 641 EBITDA 31,405 21,405 16,401 15,004 10,899 13
(a) (b) (c) (d) 27,727 1,495 74 (3,718) 96 2,497 28,171 20,148 1,880 74 (4,037) 684 2,881 21,630 19,920 1,852 74 (4,033) 665 2,873 21,351 2.128 2.280 2.102 2.253 41% 42% 30% 32% 14
(a) (b) (c) (d) 19,408 1,202 50 (2,326) 106 1,275 19,715 14,326 1,364 50 (2,238) 598 1,285 15,385 14,197 1,323 48 (2,238) 578 1,269 15,177 1.528 1.634 1.512 1.616 42% 43% 31% 34% (a) (b) (c) (d) 14,329 820 42 (2,990) 49 2,437 14,687 10,880 1,014 42 (3,251) 328 2,483 11,496 10,737 995 42 (3,247) 317 2,475 11,319 1.146 1.208 1.133 1.194 40% 41% 30% 32% 15
(a) (b) (c) (d) 13,398 675 32 (728) 47 60 13,484 9,268 866 32 (786) 356 398 10,134 9,183 857 32 (786) 348 398 10,032 0.981 1.072 0.970 1.059 42% 42% 29% 32% (a) (b) (c) (d) 10,036 641 18 (1,487) 56 1,052 10,316 7,396 720 18 (1,399) 300 1,057 8,092 7,314 699 17 (1,399) 287 1,057 7,975 0.787 0.858 0.778 0.849 43% 44% 32% 35% (a) 16
(b) (c) (d) 64,206 56,607 44,808 42,752 109,014 99,359 (43,110) (31,175) (41,867) (40,755) 24,037 27,429 240.37 800 423.49 97.48 119.33 21.85 17
25,680 18,428 50,644 37,054 6,532 4,073 11,233 6,797 3,479 928 5,809 1,977 35,691 23,429 67,686 45,828 4 (15,235) (8,991) (28,641) (17,956) 20,456 14,438 39,045 27,872 626 598 1,329 1,119 3 911 612 1,417 1,023 4 (2,365) (1,601) (4,397) (2,927) 4 (5,299) (4,011) (9,667) (7,679) 14,329 10,036 27,727 19,408 (377) (341) (868) (774) (292) (452) (1,381) (762) 13,660 9,243 25,478 17,872 5 (2,780) (1,847) (5,330) (3,546) 10,880 7,396 20,148 14,326 18
10,737 7,314 19,920 14,197 143 82 228 129 10,880 7,396 20,148 14,326 6 1.146 0.787 2.128 1.528 6 1.133 0.778 2.102 1.512 19
10,880 7,396 20,148 14,326 277 (168) 285 (98) 4,979 4,805 3,326 6,569 79 (10) 79 (10) 1,308 (367) 1,094 (180) (182) (321) (66) (328) 6,395 4,260 4,135 6,281 17,275 11,656 24,283 20,607 17,116 11,594 24,036 20,492 159 62 247 115 17,275 11,656 24,283 20,607 20
11,469 9,973 4,066 4,248 710 292 4,066 2,293 14,190 13,439 8(a) 64,092 60,171 8(b) 8,203 6,230 573 544 9 54,827 44,339 7,049 5,480 4,739 757 9,034 3,674 183,018 151,440 216 222 10 8,810 7,061 11,908 11,397 1,537 1,198 35,774 37,331 125,490 54,731 64,206 43,438 247,941 155,378 430,959 306,818 21
14,619 12,167 (2,425) (1,817) 12,884 9,673 116,192 100,012 141,270 120,035 2,851 2,065 144,121 122,100 13 33,030 12,922 14 34,585 37,092 3,936 3,626 3,920 3,668 2,365 3,004 77,836 60,312 12 21,168 15,700 138,759 70,199 13 10,080 11,429 14 7,282 3,886 3,555 1,608 384 462 27,774 21,122 209,002 124,406 286,838 184,718 430,959 306,818 22
12,167 (1,817) 9,673 100,012 120,035 2,065 122,100 19,920 19,920 228 20,148 285 285 285 3,326 3,326 3,326 79 79 79 1,075 1,075 19 1,094 (649) (649) (649) 4,116 19,920 24,036 247 24,283 233 233 126 126 126 120 120 120 1,163 181 1,344 27 1,371 (792) (792) (792) (184) 184 730 730 730 24 (24) 7 (3,716) (3,716) (523) (4,239) 1,227 (1,448) (221) 178 (43) (2) (2) 109 109 125 234 (501) (501) 501 2,452 (608) (905) (3,740) (2,801) 539 (2,262) 14,619 (2,425) 12,884 116,192 141,270 2,851 144,121 23
5,131 (1,309) 2,129 74,062 80,013 2,111 82,124 14,197 14,197 129 14,326 (98) (98) (98) 6,569 6,569 6,569 (10) (10) (10) (166) (166) (14) (180) 6,295 14,197 20,492 115 20,607 54 54 96 81 177 12 189 88 88 88 856 128 984 29 1,013 (112) (112) (112) (16) 16 5 (5) (2,640) (2,640) (151) (2,791) 247 247 26 26 (52) (26) 26 26 (231) (231) 231 (1,195) (1,195) (1,195) 1,024 (96) (1,186) (2,645) (2,903) 396 (2,507) 6,155 (1,405) 7,238 85,614 97,602 2,622 100,224 24
28,849 17,295 (21,692) (21,020) 12,704 9,399 19,861 5,674 43,438 42,713 907 (116) 64,206 48,271 38,640 15,448 25,566 32,823 64,206 48,271 25
1 34 26
2 25,680 6,532 3,479 35,691 17,130 2,957 369 20,456 450 49 121 620 387 1,384 1,771 (39) (18) (235) (292) 18,428 4,073 928 23,429 12,207 2,112 119 14,438 491 42 9 542 116 446 562 (60) 27 (419) (452) 27
50,644 11,233 5,809 67,686 33,504 5,009 532 39,045 897 96 229 1,222 876 2,056 2,932 (335) (4) (1,042) (1,381) 37,054 6,797 1,977 45,828 24,379 3,174 319 27,872 990 85 19 1,094 215 965 1,180 (128) 19 (653) (762) 28
3 (2,437) (1,052) (2,497) (1,275) 2,327 1,487 3,060 2,326 663 658 154 56 286 65 33 173 51 214 (350) (250) 171 (52) 209 (57) 911 612 1,417 1,023 29
4 (a) 5,426 4,544 10,205 8,602 4,945 3,582 10,220 7,255 1,869 1,333 3,572 2,509 1,961 955 3,548 1,944 1,701 1,080 3,117 1,944 (b) 1,882 662 3,153 1,385 (a) 903 769 1,771 1,549 275 223 518 436 176 131 341 270 (a) 2,116 1,643 3,976 3,288 209 175 405 346 421 254 698 465 2,746 2,072 5,079 4,099 (b) 30
5 (a) (b) 16.5% (c) 25% 15% 50% (d) 12.5% 36% 31
(e) 10% 10% 5% 2,902 1,885 5,262 3,670 (122) (38) 68 (124) 2,780 1,847 5,330 3,546 6 (a) 10,737 7,314 19,920 14,197 9,369 9,292 9,363 9,289 1.146 0.787 2.128 1.528 32
(b) 10,737 7,314 19,920 14,197 9,369 9,292 9,363 9,289 111 103 112 102 9,480 9,395 9,475 9,391 1.133 0.778 2.102 1.512 33
7 0.47 0.36 37.16 26.40 8 (a) 35,926 36,040 28,166 24,131 64,092 60,171 (b) 8,203 6,230 72,295 66,401 (a) 60,171 51,131 (i) 3,971 6,185 1,926 1,278 (1,385) (767) 285 (102) (87) (55) (211) (3,560) (ii) (1,678) (606) 1,100 (58) 64,092 53,446 34
(i) 39.71 (ii) 16.78 6.06 (b) 19.70 1.23 9 18,057 9,435 36,601 34,879 169 25 54,827 44,339 35
44,339 13,277 (a) (b) 7,212 6,846 (c) 3,063 6,796 (d) (690) (521) 903 (28) 54,827 26,370 (a) 3.30 21.55 (b) 50.57 (c) 30.63 67.96 (d) 6.90 5.21 36
10 0 30 4,066 3,616 31 60 2,557 2,209 61 90 1,215 798 90 972 438 8,810 7,061 90 30 120 60 11 (a) I II III I II III 37
II III 80.59 25,697,305 31.70 5,000,000 30,697,305 158.10 10,425,000 10,425,000 26.62 (2,406,012) 31.70 (2,500,000) (4,906,012) 26.08 (48,800) (48,800) 108.53 33,667,493 31.70 2,500,000 36,167,493 75.13 10,620,554 10,620,554 57.36 36,432,000 31.70 5,000,000 41,432,000 149.80 525,000 525,000 16.48 (6,773,550) (6,773,550) 25.14 (212,500) (212,500) 68.45 29,970,950 31.70 5,000,000 34,970,950 48.82 8,998,615 31.70 1,250,000 10,248,615 3,750,000 (b) 38
91,786,907 25,984,856 (1,773,912) (24,714,206) 91,283,645 82,035,522 10,088,130 (2,289,714) (4,556,637) 85,277,301 50,000 75,000 12 0 30 12,480 10,019 31 60 1,604 1,774 61 90 2,009 1,518 90 5,075 2,389 21,168 15,700 39
13 (a) 33,030 12,922 (b) 9,947 10,715 (a) 133 714 10,080 11,429 43,110 24,351 (a) 50.01 21 LIBOR 0.91% 1.51% LIBOR 1.02% 1.52% (b) 15 16.50 LIBOR 0.70% 0.80% LIBOR 0.75% 0.85% 1.125% 40
14 31,010 33,583 3,575 3,509 34,585 37,092 7,282 3,886 41,867 40,978 58 58 42 42 2.00% 4.70% 2.00% 4.70% 15 Supercell Supercell 84.3% 78 50% 40 41
16 CMC CMC CMC CMC CMC CMC 61.6% 42
31,557 28,072 102.05 86.02 A.2.1 A.4.2 43
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 44
45 CMC China Music Corporation EBITDA LIBOR
NBA I II III Supercell Supercell Oy 46