2410 80,595 65,210 24% 73,675 9% 35,480 31,681 12% 34,446 3% 27,861 22,746 22% 21,807 28% 23,405 18,047 30% 18,580 26% 23,333 18,006 30% 17,867 31% 19,710 17,070 15% 19,716 2.469 1.912 29% 1.893 30% 2.440 1.888 29% 1.868 31% 2.085 1.812 15% 2.089 2.061 1.790 15% 2.062 1
227,798 171,368 33% 106,968 85,430 25% 80,360 64,578 24% 65,958 50,849 30% 64,490 50,713 27% 57,739 47,672 21% 6.832 5.391 27% 6.741 5.323 27% 6.116 5.068 21% 6.035 5.003 21% 2
1. 24% 22% 4% 30% 15% 2. MIG OMGSNG PCGCSIG AMS PCG CSIG AI (LBS) CDG AMS 3
3. QQ 802.6 843.2-4.8% 803.2-0.1% QQ 697.9 652.9 6.9% 708.6-1.5% WeChat 1,082.5 980.0 10.5% 1,057.7 2.3% QQ 531.1 551.8-3.8% 542.7-2.1% 154.1 125.3 23.0% 153.9 0.1% QQ 6.9% 6.979 21 16% QQ 70 QQ QQ 4
WeChat 10.825 10.5% 7% 11% 195 10 MT4 15 IP AppAnnie PUBG MOBILE 15% 4% 124 Invictus Gaming (IG) 5
23% 1.54 8,200 79% 10% 47% 15% 23% 8% 34% 13% 61% QQ 19% 6
69% 16% 50% 200% WeChat Pay 5,000 60 7
80,595 65,210 (45,115) (33,529) 35,480 31,681 1,082 1,017 8,762 3,918 (6,573) (4,812) (10,890) (9,058) 27,861 22,746 (1,492) (524) 264 818 26,633 23,040 (3,228) (4,993) 23,405 18,047 23,333 18,006 72 41 23,405 18,047 19,710 17,070 8
24% 805.95 44,049 55% 42,124 65% 16,247 20% 11,042 17% 20,299 25% 12,044 18% 80,595 100% 65,210 100% 5% 440.49 4% 258.13 19% 182.36 47% 162.47 61% 111.57 QQ 23% 50.90 69% 202.99 9
35% 451.15 51% 56% 19,158 43% 16,903 40% 10,279 63% 7,031 64% 15,678 77% 9,595 80% 45,115 33,529 13% 191.58 46% 102.79 63% 156.78 10
87.62 37% 65.73 7% 8% 20% 108.90 14% 185% 14.92 35% 32.28 30% 233.33 15% 197.10 11
80,595 73,675 (45,115) (39,229) 35,480 34,446 1,082 1,072 8,762 2,506 (6,573) (6,360) (10,890) (9,857) 27,861 21,807 (1,492) (1,151) 264 1,526 26,633 22,182 (3,228) (3,602) 23,405 18,580 23,333 17,867 72 713 23,405 18,580 19,710 19,716 12
9% 805.95 5% 440.49 2% 258.13 8% 182.36 15% 162.47 19% 111.57 8% 50.90 16% 202.99 15% 451.15 53% 56% 11% 191.58 16% 102.79 19% 156.78 13
3% 65.73 10% 108.90 83% 2.64 31% 233.33 197.10 EBITDA(a) 27,568 26,409 24,024 83,224 66,446 EBITDA(a) 29,577 28,139 25,632 88,572 70,734 EBITDA (b) 37% 38% 39% 39% 41% 1,298 1,188 794 3,553 2,221 (c) (29,227) (35,301) 18,862 (29,227) 18,862 (d) 5,974 7,085 3,492 19,377 8,610 (a) EBITDA EBITDA EBITDA 14
(b) EBITDA EBITDA (c) (d) EBITDA EBITDA 27,861 21,807 22,746 80,360 64,578 (1,082) (1,072) (1,017) (3,219) (2,784) (8,762) (2,506) (3,918) (18,853) (12,234) 2,321 1,918 1,263 5,903 3,504 7,230 6,262 4,950 19,033 13,382 EBITDA 27,568 26,409 24,024 83,224 66,446 2,009 1,730 1,608 5,348 4,288 EBITDA 29,577 28,139 25,632 88,572 70,734 15
(a) (b) (c) (d) 27,861 2,011 (20,949) 127 13,513 22,563 23,405 3,531 (20,840) 916 13,411 20,423 23,333 3,458 (20,819) 876 12,862 19,710 2.469 2.085 2.440 2.061 35% 28% 29% 25% 16
(a) (b) (c) (d) 21,807 1,798 (4,010) 99 2,564 22,258 18,580 2,562 (4,033) 813 2,577 20,499 17,867 2,478 (3,986) 779 2,578 19,716 1.893 2.089 1.868 2.062 30% 30% 25% 28% (a) (b) (c) (d) 22,746 1,632 (3,169) 110 295 21,614 18,047 1,851 (3,475) 395 356 17,174 18,006 1,816 (3,475) 367 356 17,070 1.912 1.812 1.888 1.790 35% 33% 28% 26% 17
(a) (b) (c) (d) 80,360 5,441 (32,747) 326 16,713 70,093 65,958 7,775 (32,638) 2,260 16,697 60,052 64,490 7,521 (32,571) 2,150 16,149 57,739 6.832 6.116 6.741 6.035 35% 31% 29% 26% (a) (b) (c) (d) 64,578 4,379 (11,535) 378 2,370 60,170 50,849 4,934 (11,883) 1,367 2,766 48,033 50,713 4,791 (11,862) 1,264 2,766 47,672 5.391 5.068 5.323 5.003 38% 35% 30% 28% (a) (b) (c) (d) 18
105,394 104,623 39,079 29,553 144,473 134,176 (108,543) (105,985) (65,157) (63,492) (29,227) (35,301) 273,104 239,690 292.27 263.54 318.19 54.65 19
44,049 42,124 132,995 114,036 16,247 11,042 41,046 28,078 20,299 12,044 53,757 29,254 80,595 65,210 227,798 171,368 4 (45,115) (33,529) (120,830) (85,938) 35,480 31,681 106,968 85,430 1,082 1,017 3,219 2,784 3 8,762 3,918 18,853 12,234 4 (6,573) (4,812) (18,503) (11,630) 4 (10,890) (9,058) (30,177) (24,240) 27,861 22,746 80,360 64,578 (1,492) (524) (3,297) (2,049) 264 818 1,471 941 26,633 23,040 78,534 63,470 5 (3,228) (4,993) (12,576) (12,621) 23,405 18,047 65,958 50,849 20
23,333 18,006 64,490 50,713 72 41 1,468 136 23,405 18,047 65,958 50,849 6 2.469 1.912 6.832 5.391 6 2.440 1.888 6.741 5.323 21
23,405 18,047 65,958 50,849 41 336 13 513 1,895 19,311 (176) (2,008) 4,462 (2,338) 4,662 (6,555) 223 270 1,416 167 (7,864) (7,329) 22 241 (91) (149) (3,116) 228 (1,329) 11,279 20,289 18,275 64,629 62,128 19,761 18,248 62,541 62,028 528 27 2,088 100 20,289 18,275 64,629 62,128 22
33,740 23,597 4,386 3,163 736 800 7,033 5,111 48,663 40,266 8 214,178 113,779 1 22,976 8,624 7,826 1,9 92,214 1,10 48,477 1 127,218 16,630 11,173 1 2,923 5,159 13,850 9,793 5,365 491,454 376,226 456 295 11 25,736 16,549 26,208 17,110 1 415 465 1,9 6,152 32,805 36,724 2,306 1,606 105,394 105,697 199,472 178,446 690,926 554,672 23
25,767 22,204 (102) (4,299) (3,970) 7,063 35,158 285,952 202,682 314,381 256,074 28,381 21,019 342,762 277,093 14 82,578 82,094 15 51,410 29,363 6,072 3,862 1,403 2,154 9,881 5,975 4,741 2,391 156,085 125,839 13 69,439 50,085 30,482 29,433 14 25,965 15,696 15 13,747 4,752 9,511 8,708 946 934 41,989 42,132 192,079 151,740 348,164 277,579 690,926 554,672 24
22,204 (3,970) 35,158 202,682 256,074 21,019 277,093 9 1 (16,210) 16,210 22,204 (3,970) 18,948 218,892 256,074 21,019 277,093 64,490 64,490 1,468 65,958 13 13 13 (7,483) (7,483) 154 (7,329) 4,196 4,196 466 4,662 1,325 1,325 1,325 (1,949) 64,490 62,541 2,088 64,629 (9,381) 9,381 1,936 1,936 1,936 25
76 76 1,434 50 1,484 44 1,528 461 461 461 3,303 333 3,636 185 3,821 (1,887) (1,887) (1,887) (1,558) 1,558 (368) (368) (368) (102) (102) (102) 153 153 153 35 (35) 7 (6,776) (6,776) (453) (7,229) 988 988 (34) (34) 291 (515) (224) (60) (284) 478 478 1,909 2,387 (2,619) (2,619) 2,619 (406) (406) (406) 3,563 (102) (329) (2,491) (6,811) (6,170) 5,274 (896) 25,767 (102) (4,299) 7,063 285,952 314,381 28,381 342,762 26
17,324 (3,136) 23,693 136,743 174,624 11,623 186,247 50,713 50,713 136 50,849 513 513 513 19,311 19,311 19,311 (2,008) (2,008) (2,008) (6,519) (6,519) (36) (6,555) 18 18 18 11,315 50,713 62,028 100 62,128 328 328 728 117 845 71 916 156 156 156 2,996 310 3,306 72 3,378 (1,886) (1,886) (1,886) (1,119) 1,119 202 202 202 3 (3) (5,052) (5,052) (940) (5,992) 576 (800) (224) (262) (486) (162) (162) (244) (244) 244 (771) (771) 771 50 50 26 76 3,337 (767) (1,133) (5,055) (3,618) 148 (3,470) 20,661 (3,903) 33,875 182,401 233,034 11,871 244,905 27
73,222 77,546 (102,224) (79,089) 26,333 19,023 (2,669) 17,480 105,697 71,902 2,366 (2,039) 105,394 87,343 38,671 35,678 66,723 51,665 105,394 87,343 28
1 34 9 9 9 9 9 29
9 9 39 127,218 22,976 5,624 155,818 (68,703) 68,703 (58,515) 58,515 (22,976) 22,976 (3,818) 3,818 9 1,806 95,497 58,515 155,818 39 31,152 202,682 (16,210) 16,210 (14,942) 14,942 (31,152) 14,942 16,210 9 14,942 218,892 30
2 44,049 16,247 20,299 80,595 24,891 5,968 4,621 35,480 521 395 1,052 1,968 3,504 3,413 56 6,973 31
42,124 11,042 12,044 65,210 25,221 4,011 2,449 31,681 453 184 394 1,031 2,196 2,570 4,766 132,995 41,046 53,757 227,798 79,364 14,573 13,031 106,968 1,412 924 2,557 4,893 8,668 9,555 129 18,352 114,036 28,078 29,254 171,368 68,915 10,251 6,264 85,430 1,466 352 937 2,755 6,039 6,728 12,767 32
3 528 1,731 2,825 7,591 (a) 20,146 29,134 275 1,438 788 3,944 (b) (13,513) (295) (16,713) (2,370) 692 1,171 2,620 2,989 299 61 618 834 (570) (550) 335 (188) 151 (204) 8,762 3,918 18,853 12,234 (a) 201.46 291.34 9 (b) 12,337 173 15,533 963 1,176 1,180 129 47 607 75 671 13,513 295 16,713 2,370 33
4 (a) 11,251 9,617 31,189 25,634 (b) 9,799 8,381 26,277 22,144 (b) 8,374 6,627 23,911 16,045 4,365 2,966 11,513 8,057 5,409 3,768 15,159 8,816 403 330 1,157 955 400 273 1,007 713 (c) 7,230 4,950 19,033 13,382 2,315 1,254 5,882 3,481 (a) 62.54 169.82 48.28 126.66 (b) (c) 5 (a) 34
(b) 16.5% (c) 25% 15% 10% 50% (d) 12.5% 35% (e) 10% 10% 5% 35
4,056 5,324 12,594 12,840 (828) (331) (18) (219) 3,228 4,993 12,576 12,621 6 (a) 23,333 18,006 64,490 50,713 9,452 9,418 9,440 9,406 2.469 1.912 6.832 5.391 (b) 36
23,333 18,006 64,490 50,713 9,452 9,418 9,440 9,406 109 121 127 122 9,561 9,539 9,567 9,528 2.440 1.888 6.741 5.323 7 0.88 0.61 67.76 50.52 37
8 128,292 60,935 85,886 52,844 214,178 113,779 2,162.25 1,569.68 113,779 70,042 (a) 38,765 11,168 1,517 3,516 1,318 895 1,936 15 513 (908) (284) (b) 68,656 612 (661) (156) (c) (13,207) (963) 2,968 (3,928) 214,178 81,415 38
(a) 74.56 48 39.98 29.85 27.57 (b) (a) 19% 102.66 4% 100.97 (c) 132.07 9.63 39
9 9,778 77,893 4,543 92,214 6,152 98,366 9 1 95,497 (a) (b) (c) (d) (e) 8(b) 50,625 (70,632) 3(a) 29,134 (f) (13,081) 6,823 98,366 (a) 35% 4.62 29.22 40
(b) 5.51 34.81 (c) 4.10 27.99 11% (d) 4 25.36 14% (e) 295.59 (f) 41
10 37,942 5,811 3,348 47,101 1,376 48,477 9 1 58,515 (a) (b) (c) (d) (e) 14,619 1,791 (7,457) (f) (21,581) 2,590 48,477 (a) 5% 42.16 (b) 3% 5.70 37.12 42
(c) 5% 3.71 29 (d) 3.95 25.08 (e) 12.83 (f) 93.81 11 0 30 5,345 4,399 31 60 7,755 6,394 61 90 5,158 2,259 90 7,478 3,497 25,736 16,549 43
90 60 30 120 12 (a) I II III IV I II III IV III IV II III IV 179.90 55,510,248 31.70 2,500,000 273.80 9,155,860 67,166,108 405.73 27,723,850 27,723,850 107.28 (3,629,242) 31.70 (2,500,000) 272.36 (341,207) (6,470,449) 131.47 (37,139) 282.21 (111,992) (149,131) 185.02 51,843,867 374.20 36,426,511 88,270,378 160.37 22,736,587 272.36 1,814,266 24,550,853 120.95 31,247,436 31.70 2,500,000 33,747,436 225.44 28,526,215 272.36 9,129,470 37,655,685 46.39 (3,926,611) (3,926,611) 151.38 (125,405) 272.36 (30,835) (156,240) 179.63 55,721,635 31.70 2,500,000 272.36 9,098,635 67,320,270 118.56 13,308,044 31.70 1,250,000 14,558,044 44
3,215,800 5,250,000 (b) 63,636,254 86,365,812 17,385,515 18,142,435 (2,144,043) (2,632,167) (26,384,636) (33,594,844) 52,493,090 68,281,236 296,324 192,542 39,500 60,000 13 0 30 53,962 38,420 31 60 4,654 3,030 61 90 2,923 2,050 90 7,900 6,585 69,439 50,085 45
14 (a) 75,472 76,326 (a) 6,229 4,459 (a) 475 (a) 877 834 82,578 82,094 (b) 16,441 1,307 (b) 3,378 14,293 (a) 5,641 66 (a) 30 30 (a) 475 25,965 15,696 108,543 97,790 (a) 117.91 116.91 67.34 49.64 10 10 LIBOR/HIBOR 0.70% 1.51% 1.875% 4.18% 4.275% LIBOR/HIBOR 0.70% 1.51% 1.875% 4.18% 4.275% (b) 23.90 2 38.50 171.33 LIBOR/HIBOR 0.50% 0.55% LIBOR/HIBOR 0.50% 0.55% 46
15 48,606 26,697 2,804 2,666 51,410 29,363 13,747 3,919 833 13,747 4,752 65,157 34,115 91 47 32 42 2.875% 4.70% LIBOR 0.605%2.30% 4.70% 50 1,000 2.985% 500 LIBOR 0.605% 2,500 3.595% 1,000 3.925% 5,000 6 10 47
5.356 1,668,500 1,668,500 333.40 306.00 535,627,842 52,612 43,472 112.51 96.17 48
A.2.1 A.4.2 49
Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone 50
AI EBITDA 51
HIBOR IP LIBOR I II III IV 52
PUBG PlayerUnknown s Battlegrounds 53