PowerPoint 프레젠테이션 - NHN Entertainment

Transcription

PowerPoint 프레젠테이션 - NHN Entertainment
Investor Relations
February 2016
Table of Contents
4Q15 Earnings Summary
Business Strategy
- Mobile Game
- Web-board Game
- Easy Payment: PAYCO
- Mobile Webtoon: COMICO
Appendix
2
4Q15 Earnings Summary
(KRW m)
Sales
4Q14
3Q15
148,727 163,050
4Q15
Y/Y
Q/Q
2015
Y/Y
217,799
46.4%
33.6%
644,603
15.8%
PC
66,693
49,033
47,950 -28.1%
-2.2%
201,605
-34.2%
Mobile
47,470
52,439
68,694
44.7%
31.0%
214,554
15.8%
Others
34,565
61,578
101,155 192.7%
64.3%
228,444
249.4%
56.2%
22.5%
698,945
28.2%
104,015 111.7%
51.8%
262,517
28.3%
Operating Expenses 145,664 185,662
227,499
Commission
49,125
68,515
Labor
52,406
54,913
60,362
15.2%
9.9%
222,848
13.3%
Marketing
15,611
32,410
28,785
84.4%
-11.2%
94,517
70.9%
Depreciation
8,662
9,921
10,537
21.7%
6.2%
38,203
35.2%
Communications
6,702
6,497
6,668
-0.5%
2.6%
26,067
76.5%
13,158
13,407
17,133
30.2%
27.8%
54,793
20.6%
Operating Income
3,063 (22,612)
(9,700)
Turned
to Loss
Loss
Reduced
(54,342)
Turned
to Loss
OPM
2.1%
-4.5% -6.5%p
+9.4%p
Others
-13.9%
-8.4% -10.6%p
Non-op Income
45,762 249,191
54,999
20.2%
-77.9%
339,949
210.0%
Non-op Expense
18,175
17,914
-1.4%
-2.8%
56,571
15.6%
Pre-tax Income
30,650 208,157
27,385 -10.7%
-86.8%
229,036
215.6%
5,284 -42.9%
-90.7%
63,865
187.1%
3.3%
-85.4%
165,171
228.1%
Income Tax
9,246
18,422
56,950
Net Income
21,405 151,207
22,101
NPM
14.4%
10.1% -4.2%p -82.6%p
92.7%
25.6% +16.6%p
[Sales] Increased 33.6% to KRW 217.8b
[Mobile] Up 31.0% Q/Q to KRW 68.7b thanks to record high
sales of “LINE Disney Tsum Tsum”, and full-quarter
contribution of “Friends Pop for Kakao”, and other
newly launched games
[Others] Increased 64.3% Q/Q to KRW 101.2b due to
consolidation of newly acquired subsidiaries,
including Accommate Co., Ltd.
[Operating Expense] Increased 22.5% Q/Q to KRW 227.5b
[Commission] Up 51.8% Q/Q to KRW 104.0b due to
increased mobile revenue and consolidation of
newly acquired companies
[Labor] Increased 9.9% Q/Q to KRW 60.4b due to
consolidation of newly acquired companies
[Marketing] Down 11.2% Q/Q to KRW 28.8b due to cost
effective marketing activities for PAYCO and games
[Depreciation] Increased 6.2% Q/Q to KRW 10.5b due to
addition of tangible assets
[Others] Increased 27.8% Q/Q to KRW 17.1b due to
consolidation of newly acquired companies
[Operating Income] Operating loss reduced to KRW 9.7b on
increased sales and effectively-managed
marketing expenses
[Net Income] Recorded KRW 22.1b or 10.1% margin due to
reflection of gain on disposition of
available-for-sale financial assets
3
4Q15 Earnings Summary
Changes in 4Q15
Expected Changes in 2016
4
Business Strategy
5
Business Strategy
/ Mobile Game
(Source: Korea Creative Content Agency)
(Source: NewZoo, Enterbrain, PWC)
6
Business Strategy
/ Mobile Game
7
Business Strategy
/ Mobile Game
8
Business Strategy
/ Mobile Game
Global One-build
9
Business Strategy
/ Mobile Game
10
Business Strategy
/ Web-board
11
Business Strategy
/ Easy Payment: PAYCO
(Source: Gartner)
(Source: Korea Statistics)
12
Business Strategy
/ Easy Payment: PAYCO
13
Business Strategy
/ Easy Payment: PAYCO
14
Business Strategy
/ Easy Payment: PAYCO
15
Business Strategy
/ Easy Payment: PAYCO
16
Business Strategy
/ Easy Payment: PAYCO
A
B
C
(Source: eMarketer)
(Source: Bloomberg)
17
Business Strategy
/ Easy Payment: PAYCO
18
Business Strategy
/ Mobile Webtoon: COMICO
COMICO Plus
Released in Dec 2015
Pay-per-view contents
1.0m downloads in 1st week of launching
19
Appendix
/ Company Info
Holding Structure
Description

Listed Market
KOSPI
Stock Code 181710 KS
Joon-Ho Lee,
31.3%
Retail, 44.5%

19,565,025 shrs (Treasury 356,210 shrs)

Executives,
0.5%
Domestic
Institution,
13.9%
Treasury,
1.8%
Overseas
Institution,
8.0%
Listed Shares
Employees (As of end-2015)
3,453 (Consolidated)
617 (NHN Entertainment)

Headquarters
Play Museum, Seong-nam City, Gyeong-gi, Korea
As of Dec 31, 2015
Ownership of domestic institutions and others internally estimated
20
Appendix
/ Major Affilliates
NHN PlayArt (100%)
NHN Godosoft (100%)
NHN COMICO (100%)
Accommate Holdings (59%)
NHN Hangame (100%)
Bee3Stars (58%)
NHN Entertainment USA (100%)
1300K (100%)
NHN PIXELCUBE (100%)
Fashion POP (63%)
NHN STUDIO629 (100%)
NHN BLACKPICK (100%)
NHN STARFISH (100%)
BUGS (41%) – 104200 KS
NHN Investment (100%)
NHN Techorus (100%)
PNP Secure (100%)
PIOLINK (29%) – 170790 KS
Korea Cyber Payment (30%) – 060250 KS
UBIVELOX (9%) – 089850 KS
NHN TICKETLINK (100%)
Webzen (19%) – 069080 KS
TMONET (24%)
Devsisters (17%) – 194480 KS
NHN Entertainment AD (100%)
Amazingsoft (100%)
Mocoplex (10%)
21
Appendix
/ Revenue Breakdown
Revenue by Business
(KRW m)
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
166,062
158,388
153,405
163,827
152,128
119,798
136,210
148,727
138,128
125,625
163,050
217,799
Game
161,928
154,947
146,191
156,779
147,061
112,076
118,184
114,162
107,588
90,454
101,472
116,644
PC
135,183
120,853
114,315
119,461
102,802
67,451
69,232
66,693
57,683
46,938
49,033
47,950
26,745
34,094
31,877
37,319
44,259
44,625
48,952
47,470
49,905
43,516
52,439
68,694
4,135
3,441
7,214
7,048
5,067
7,722
18,026
34,565
30,540
35,171
61,578
101,155
Sales
Mobile
Others
Game Revenue by Region
(KRW m)
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
Domestic
110,049
107,674
101,865
112,053
98,481
63,359
67,460
66,419
65,650
51,276
58,884
69,360
Overseas
51,878
47,273
44,326
44,726
48,580
48,717
50,724
47,743
41,938
39,178
42,588
47,284
22
Appendix
Income Statement
(KRW m)
Sales
Game
Others
Operating Expenses
Commission
Labor
Marketing
Depreciation
Others
Operating Income
4Q14
56,404
53,010
3,394
54,439
27,857
16,508
3,493
3,405
3,175
1,965
/ Parent Financials
1Q15
2Q15
3Q15
4Q15
56,752 41,683 45,306 43,774
53,386 38,319 41,292 38,111
3,366
3,365
4,014
5,663
63,441 53,241 68,072 64,962
28,549 21,858 23,635 24,737
18,056 16,828 14,983 14,172
10,294
8,487 22,965 20,033
3,305
2,765
2,990
3,234
3,237
3,304
3,499
2,786
(6,689) (11,558) (22,765) (21,187)
Operating Margin
3.5%
-11.8%
-27.7%
-50.2%
Financial Income
Other Income
Financial Expense
Other Expense
Pre-tax Income
Income Tax
Net Income
7,863
755
7,369
1,106
2,108
(960)
3,068
2,330
868
348
2,085
(5,924)
(756)
(5,168)
32,799
920
5,066
1,380
15,714
(1,151)
16,865
95,561
2,914
1,544
761
2,664 18,015
6,122
454
65,554 (35,981)
12,286 (5,863)
53,269 (30,118)
Net Income Margin
5.4%
-9.1%
40.5% 117.6%
-48.4%
-68.8%
Balance Sheet
(KRW m)
Current Assets
Cash and Cash Equivalent
Accounts Receivables
Others
Non-current Assets
Tangible Assets
Intangible Assets
Investment Assets
Others
Total Assets
Current Liabilities
Accounts Payables
Short-term Borrowings
Accrued Income Taxes
Others
Non-current Liabilities
Long-term Accounts Payables
Allowance for Severance Pay
Total Liabilities
Shareholders’ Equity
Paid-in Capital
Capital Surplus
Capital Adjustment
Other Comprehensive Income
Retained Earnings
Total Equity
4Q14
181,331
76,289
83,213
21,828
991,194
27,638
18,931
862,226
82,399
1,172,525
39,800
23,236
6,227
1,717
8,620
35,385
7,407
27,977
75,185
1,097,340
7,583
1,004,559
(25,244)
56,776
53,666
1,097,340
1Q15
416,613
323,584
71,368
21,661
1,033,732
31,845
16,040
892,136
93,712
1,450,346
63,213
27,012
26,756
1,227
8,218
33,713
8,174
25,538
96,926
1,353,420
9,783
1,273,687
(24,978)
46,431
48,497
1,353,420
2Q15
323,708
233,844
68,969
20,895
1,194,542
36,140
15,999
1,046,221
96,183
1,518,251
127,592
23,277
95,985
0
8,330
35,496
8,351
27,145
163,088
1,355,162
9,783
1,273,667
(24,763)
31,113
65,362
1,355,162
3Q15
324,563
210,610
88,400
25,553
1,407,146
50,021
14,673
1,247,314
95,139
1,731,709
100,464
39,566
35,874
15,325
9,698
78,562
8,835
69,727
179,026
1,552,683
9,783
1,273,667
(24,069)
174,672
118,631
1,552,683
4Q15
244,788
126,927
100,268
17,593
1,393,754
50,006
13,895
1,235,968
93,885
1,638,541
93,025
29,248
35,777
17,491
10,508
58,106
8,791
49,315
151,130
1,487,411
9,783
1,273,667
(23,813)
129,926
97,849
1,487,411
23
Appendix
/ Consolidated Financials
Income Statement
(KRW m)
4Q14
1Q15
2Q15
3Q15
Sales
148,727 138,128 125,625 163,050
Game
114,162 107,588 90,454 101,472
Others
34,565 30,540 35,171 61,578
Operating Expenses 145,664 151,938 133,845 185,662
Commission
49,125 47,768 42,220 68,515
Labor
52,406 55,306 52,267 54,913
Marketing
15,611 20,496 12,827 32,410
Depreciation
8,662
9,404
8,341
9,921
Communications
6,702
6,405
6,497
6,497
Others
13,158 12,560 11,693 13,407
Operating Income
3,063 (13,810) (8,220) (22,612)
Operating Margin
2.1%
-10.0%
Financial Income
Equity Method
Income
Other Income
Financial Expense
Equity Method Loss
Other Expense
Pre-tax Income
Income Tax
Net Income
44,644
8,603
(394)
3,178
Net Income Margin
-6.5%
4Q15
217,799
116,644
101,155
227,499
104,015
60,362
28,785
10,537
6,668
17,133
(9,700)
-13.9%
-4.5%
15,479 243,122
48,663
4,283
1,036
1,511
978
3,328
1,158
2,473
4,318
12,373
4,719
30,650 (11,247)
9,246
(745)
21,405 (10,501)
467
1,786
3,492
4,773
3,904
4,765
2,644
8,884
4,741 208,157
2,377 56,950
2,364 151,207
5,301
6,814
3,402
7,698
27,385
5,284
22,101
14.4%
1.9%
10.1%
-7.6%
7,055
92.7%
Balance Sheet
(KRW m)
4Q14
1Q15
2Q15
3Q15
467,006
682,666
678,597
683,341
Current Assets
286,759
517,611
501,290
466,805
Cash and Cash Equivalent
144,793
128,954
140,659
155,200
Accounts Receivables
35,454
36,101
36,648
61,336
Others
805,852
849,258
956,925 1,159,128
Non-current Assets
63,151
67,009
74,020
92,772
Tangible Assets
160,958
159,374
252,870
258,053
Intangible Assets
457,106
489,176
492,116
666,383
Investment Assets
104,065
112,251
114,163
117,192
Accounts Receivable
20,571
21,449
23,756
24,728
Others
1,272,858 1,531,924 1,635,523 1,842,469
Total Assets
152,020
167,850
226,029
210,622
Current Liabilities
89,043
69,902
75,103
103,487
Accounts Payables
30,651
57,664
110,143
46,786
Short-term Borrowings
5,653
4,084
3,762
22,345
Accrued Income Taxes
26,674
36,200
37,022
38,005
Others
77,972
66,803
78,266
122,112
Non-current Liabilities
5,655
4,699
15,397
16,968
Long-term Accounts Payables
25,903
19,217
19,163
17,848
Long-term Borrowings
28,596
30,175
31,930
32,854
Allowance for Severance Pay
12,103
7,363
4,521
46,732
Deferred Income Tax Credits
5,715
5,349
7,255
7,710
Others
229,992
234,653
304,295
332,735
Total Liabilities
1,027,022 1,276,207 1,259,927 1,436,541
Shareholders’ Equity
7,583
9,783
9,783
9,783
Paid-in Capital
968,531 1,237,659 1,237,639 1,237,639
Capital Surplus
(25,958)
(28,557)
(39,036)
(38,476)
Capital Adjustment
944
(8,487)
(16,545)
8,230
Other Comprehensive Income
75,922
65,810
68,085
219,365
Retained Earnings
15,844
21,064
71,301
73,194
Non-controlling Interests
1,042,866 1,297,271 1,331,227 1,509,734
Total Equity
4Q15
682,730
443,500
180,758
58,472
1,150,343
105,571
307,563
600,258
115,126
21,826
1,833,073
232,901
113,836
45,101
29,101
44,862
97,918
17,308
17,416
18,920
36,097
8,178
330,819
1,426,223
9,783
1,237,639
(38,327)
(33,775)
250,904
76,031
1,502,254
24

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