CCP Half Year Financials (as published)

Below is the half year financials as published by CCP on their website.  We only have data going back to the first half of 2012.  However, the progression of how CCP does in each 6 month view is interesting - i don't believe there should be much seasonal factors in Eve Online (in other words, there should not be much reason why we can not compare the second half of 2012 with the first half of 2012, or indeed the first half of 2013 with the second half of 2012).  Items in yellow have been added by me as an assumption (i.e. not published by CCP).

Profit & Loss Account
	2012 H1	2012 H2	2013 H1	2013 H2	2014 H1
Subscription Sales - Eve Online	31,524,860	32,612,136	34,813,337	36,919,350	33,760,927
Subscription Sales - Eve Online: China	0	0	925,833	925,833	1,750,671
Subscription Sales - Dust
Subscription Sales - Other games	150,000	150,000	300,000	300,000	0
Other revenue	513,918	345,610	611,060	1,926,551	940,824
Total Revenue	32,188,778	33,107,746	36,650,230	40,071,734	36,452,422
change			13.9%	21.0%	-0.5%
Cost of sales	-2,447,828	-2,376,935	-2,753,300	-4,122,579	-3,155,196
Gross Profits	29,740,950	30,730,811	33,896,930	35,949,155	33,297,226
Gross Profit Margin	92.4%	92.8%	92.5%	89.7%	91.3%
R&D	-8,460,390	-8,053,276	-12,824,520	-22,270,073	-17,122,901
% of sales	26.3%	24.3%	35.0%	55.6%	47.0%
Publishing	-4,626,496	-4,977,876	-4,473,844	-4,579,020	-4,522,946
% of sales	14.4%	15.0%	12.2%	11.4%	12.4%
Marketing	-5,769,394	-6,797,908	-7,614,800	-7,264,552	-6,850,366
% of sales	17.9%	20.5%	20.8%	18.1%	18.8%
G&A	-7,892,197	-11,076,631	-9,490,426	-9,281,767	-9,013,638
% of sales	24.5%	33.5%	25.9%	23.2%	24.7%
change			20.3%	-16.2%	-5.0%
Total operating expenses	-26,748,477	-30,905,691	-34,403,590	-43,395,412	-37,509,851
Operating Profits	2,992,473	-174,880	-506,660	-7,446,257	-4,212,625
Operating profit margin	9.3%	-0.5%	-1.4%	-18.6%	-11.6%
Items written off				-21,483,296	-23,975,347
Financial Income	979	411,704	511,328	729,403	472,558
Financial Cost	-516,042	-1,351,590	-1,463,903	-1,436,000	-1,460,585
FX difference	2,519,688	34,552	251,036	428,617	337,677
PBT	4,997,098	-1,080,214	-1,208,199	-29,207,533	-28,838,322
Income Tax	913,554	-117,312	1,526,709	7,540,973	6,085,752
PAT	5,910,652	-1,197,526	318,510	-21,666,560	-22,752,570
FX	-29,550	-86,021	180,508	-179,935	-80,757
	5,881,102	-1,283,547	499,018	-21,846,495	-22,833,327
EBTIDA	9,844,049	6,595,633	8,283,543	11,521,202	4,507,812
margin	30.6%	19.9%	22.6%	28.8%	12.4%
change	-45.9%	-33.0%	-49.6%	39.1%	-77.2%

Balance Sheet
	2012 H1	2012 H2	2013 H1	2013 H2	2014 H1
ASSETS
Non Current Assets
Property, plant & equipment		5,572,787	4,814,447	4,286,338	3,619,458
Goodwill		4,252,956	4,252,956	4,252,956	4,252,956
Development cost		88,011,617	93,224,871	67,339,811	43,161,555
Other intangible assets		738,678	738,678	738,678	738,678
Deferred tax assets		93,849	175,615	553,961	1,502,641
Other financial assets		97,831	79,831	815,259	395,044
		98,767,718	103,286,398	77,987,003	53,670,332
Current Assets
Inventories		10,034	3,829	631,659	543,889
Trade receivables		3,641,856	3,897,557	4,544,300	3,024,319
Other receivables		5,528,195	5,535,116	6,305,642	3,729,307
Cash and cash equivalents		20,368,641	18,224,223	14,853,701	11,382,296
		29,548,726	27,660,725	26,335,302	18,679,811
Total Assets		128,316,444	130,947,123	104,322,305	72,350,143
EQUITY AND LIABILITIES
Equity
Share capital		124,551	124,665	124,920	125,179
Share premium		22,768,634	23,168,668	23,445,563	23,925,188
Foreign currency translation reserves		553,227	733,735	553,800	473,043
Equity settled employee benefits reserves		4,529,796	5,480,630	6,869,481	7,567,737
Retained earnings		38,665,476	38,983,987	17,317,426	-5,435,145
		66,641,684	68,491,685	48,311,190	26,656,002
Non-current liabilities
Borrowings		25,761,221	24,548,588	23,312,742	21,718,892
Deferred Tax liabilities		11,713,020	11,590,533	5,507,733	0
Derivative financial instruments		3,274,666	2,910,884	2,223,734	1,752,488
Other long term liabilities		1,099,542	1,242,523	1,500,060	1,604,749
		41,848,449	40,292,528	32,544,269	25,076,129
Current liabilities
Trade payables		4,705,554	3,672,053	4,485,714	2,632,408
Borrowings		3,051,291	3,533,891	4,112,278	4,189,333
Current portion of other long-term liabilities		0	11,459	0	23,326
Deferred income		5,230,702	6,918,588	6,605,772	6,652,167
Other current liabilities		6,838,764	8,026,919	8,263,082	7,120,778
		19,826,311	22,162,910	23,466,846	20,618,012
Total liabilities		61,674,760	62,455,438	56,011,115	45,694,141
Total equity and liabilities		128,316,444	130,947,123	104,322,305	72,350,143
Net cash
Long term Loans		-9,735,199	-8,522,566	-7,286,720	-5,692,870
Short term loans		-3,051,291	-3,533,891	-4,112,278	-4,189,333
Convertible Bond		-20,000,000	-20,000,000	-20,000,000	-20,000,000
Cash		20,368,641	18,224,223	14,853,701	11,382,296
Net Cash		-12,417,849	-13,832,234	-16,545,297	-18,499,907
EBITDA		18,179,868	14,879,176	16,439,682	16,029,014
x1.5		27,269,802	22,318,764	24,659,523	24,043,521
Net Debt to EBITDA		0.7	0.9	1.0	1.2

Cash Flow Statement
	2012 H1	2012 H2	2013 H1	2013 H2	2014 H1
Profit for the Period	5,910,652	-1,197,525	318,511	-21,666,561	-22,752,571
Operating Items not affecting cashflows
Net Financial Cost (-income)	-2,004,625	905,334	701,539	277,980	650,350
Income Tax expense	-913,554	117,312	-1,526,709	-7,540,973	-6,085,752
Depreciation and amortisation	6,851,576	6,770,513	8,790,203	40,450,755	32,695,784
Impairment loss on capitalised development	0	0	0	0	0
Equity settled employee stock options	-112,888	2,161,313	1,214,735	1,557,950	884,213
Loss on disposal of assets	0	147,163	0	6,763	-5,020
Other items	270,855	1,050,943	-421,535	257,501	-12,090
	4,091,364	11,152,578	8,758,233	35,009,976	28,127,485
Change in operating assets and liabilities
Change in Inventories	116,107	35,015	6,205	-627,830	87,770
Change in operating assets	380,630	-2,311,052	-362,241	-1,277,424	2,385,472
Change in operating liabilities	-112,204	1,849,059	1,258,770	100,182	-1,361,871
	384,533	-426,978	902,734	-1,805,072	1,111,371
Financial Income Reveived	2,807,393	8,607	192,029	-134,748	1,274
% of opening cash	28.5%	0.1%	0.9%	-0.7%	0.0%
Financial Cost Paid	-458,631	-328,836	-402,472	-311,694	-2,443,142
Tax Credit received	3,071,220	0	2,248,947	560,164	2,194,601
Tax Paid	-108,654	-136,276	-242,508	-318,516	-262,667
	5,311,328	-456,505	1,795,996	-204,794	-509,934
Operating Cash Flows	15,697,877	9,071,570	11,775,474	11,333,549	5,976,351
Cash flows from investing activities
Purchase of property, plant and equipment	-879,865	-439,884	-270,358	-129,765	-200,217
Purchase of other intangible assets	0	-195,020	0	0	0
Development cost	-11,676,728	-12,991,821	-12,792,780	-13,411,544	-7,504,702
Change in other financial assets	0	0			0
	-12,556,593	-13,626,725	-13,063,138	-13,541,309	-7,704,919
Free Cash Flows	3,141,284	-4,555,155	-1,287,664	-2,207,760	-1,728,568
Cash flows from financing activities
Repayments of borrowings	-6,765,692	-1,279,879	-1,285,634	-1,686,368	-2,076,119
New loans raised	0	19,049,039	0	0	0
Short term borrowings	0	0	0	63,000	0
Net increase in share capital	339,927	144,146	136,245	214,830	303,843
	-6,425,765	17,913,306	-1,149,389	-1,408,538	-1,772,276
Net change in cash	-3,284,481	13,358,151	-2,437,053	-3,616,298	-3,500,844
Cash at beginning of year	9,856,793	6,576,090	20,368,639	18,224,220	14,853,700
FX	3,778	434,398	292,634	245,778	29,436
Cash at end of year	6,576,090	20,368,639	18,224,220	14,853,700	11,382,292
Movement in net cash
Net cash at start of year			-12,417,849	-13,832,234	-16,545,297
Free Cash Flows			-1,287,664	-2,207,760	-1,728,568
Net increase in share capital			136,245	214,830	303,843
Cost of issuing Convertible loan			0	0
Convertible interest timing difference				-1,400,000
Increase in Finance Leases			0	0
Others			29,668	925,645	-500,449
Change due to FX			-292,634	-245,778	-29,436
Net cash at end of year			-13,832,234	-16,545,297	-18,499,907