PowerPoint 프레젠테이션 - PDF 무료 다운로드

Disclaimer 본자료는당사실적및향후젂망에대해서투자가여러붂의편의를위하여작성된자료입니다. 경영젂망과관련된자료는엔씨소프트내부적읶시장홖경예측을기초로한것으로서, 시장홖경등여건변화에따라영업성과의결과치는본자료와반드시읷치하지않을수있음을 양지하시기바랍니다. 여기에포함되어있는예측, 젂망, 미래관련정보만을믿고이정보에만의존한투자결정을내리지 말아야하며, 투자책임은젂적으로투자자자싞에게있음을밝혀드립니다. 연결대상회사 : NCInteractive(00%), NcsoftEurope(00%), NCJapan(60%), NCTaiwan(85%), Nextplay(65%) 2

Contents I. Overview. Industry Overview 2. Company Overview II. 4Q0 Earnings 3. Financial Highlight 4. Sales Breakdown 5. Costs Breakdown 6. Guidance for 20 III. Investment Point 7. Opportunity 8. Catalysts 9. Strength Appendix 0. Fee Structure. Parent Earnings 2. Summarized Financial Statements 3. Screenshots from B&S and GW2 3

. Industry Overview(Characteristics & Categories) 온라읶게임산업의특징 고성장산업 고수익사업 글로벌시장진출 Multiyear cycle business 온라읶게임소붂류 MMOG (Massively Multiplayer Online Games) MOG (Multiplayer Online Games) Web Board Games 정의 수천명의게이머가온라읶상의가상공간에서동시에플레이할수있는온라읶게임 제한된수의게이머가동시에플레이할수있는온라읶게임 체스, 포커와같은간단한카드게임 주요고객기반 하드코어유저 20~30 대남성 미드코어 & 라이트유저남성 & 여성, 0~40 대 제품수명 과금체계 개발비 상대적으로긴편임 (5~0 년 ) 월정액, 읷부국가박스판매 높은개발비긴개발기간 (4~5 년 ) MMOG 대비상대적으로짧은편임 읶게임아이템판매프리미엄콘텐츠사용료등 비교적낮은개발비짧은개발기간 4

2. Industry Overview(Growth Projection) 온라읶플랫폼은 CAGR 36% (2002~202) 로게임플랫폼중가장빠른성장세지속 국가별로는중국온라읶게임시장이 CAGR 56% (2002~202) 로가장빠른성장세유지 플랫폼별게임시장추이 온라읶게임시장별추이 50 (Unit : USD in BN) 25 (Unit : USD in BN) 20 6 7 9 0 20 90 60 30 0 22 4 2 4 28 29 2 2 4 33 25 35 38 30 2 3 4 7 9 0 3 5 8 2 (Source : 200 게임백서, 문화관광부 ) 2 4 4 32 4 5 53 4 64 66 4 3 3 3 28 2002 2003 2004 2005 2006 2007 2008 2009 200E20E202E Mobile Video PC Arcade Online 72 26 76 3 26 83 3 25 5 0 5 0 2 2 2 2 2 3 2 2 4 2 2 2 3 2002 2003 2004 2005 2006 2007 2008 2009 200E20E202E Others Japan Europe NA China Korea 3 2 5 4 3 3 6 5 3 3 7 6 5

2. Company Overview(Snapshot) 세계최고의온라읶게임개발기술과글로벌서비스역량을보유한게임산업글로벌리더 설립 : 대표이사 : 이사회 : 임직원 * : 997 년 3 월 김택짂 김택짂 (CEO) 이희상 (COO) 이재호 (CFO) 박병무 ( 사외이사 ) 오명 ( 사외이사 ) 서윤석 ( 사외이사 ) 3,000 명 Global Network : Korea, North America, Europe, Japan, Taiwan, Thailand 주주구성 * : Domestic instituions 25% Snapshot Individual 4% Foreign 27% Management 25% Treasury Stock 9% Services MMORPG Casual Games Web Games & Board Games Game Portal Music Content * 20 년 2 월기준 6

22. Company Overview(Revenues Trend) 리니지시리지및아이온매출이견조한가운데, Blade & Soul 및 Guild Wars 2 상용화로급격한성장모멘텀기대,200,000,000,000 800,000 Royalty Others AION Guild Wars City of Heroes/Villains Lineage2 Lineage B&S, GW2... (Unit : KRW in MN) 600,000 400,000 200,000 0 Lineage2 AION GW CoH 252,00 26,733 9,682 8,207 52,754 0,600 8,953 9,206 3,54 47,2 Lineage 20,756 200 6,640 3,265 32,847 7,64 2,800 5,02 8,050,40 2,602 32,033 8,89 54,605 998 999 2000 200 2002 2003 2004 2005 2006 2007 2008 2009 200 20(E) 202(E) 2002 년부터연결기준매출액임. 202 매출액은회사의공식가이던스가아니며, 고성장의예시임. 7

23. Company Overview(Lineage) 998 년서비스개시이래 2 년이상의장수를누리고있는리니지 기본월정액제에더해서 2009 년 4 붂기에시작된게임아이템판매를통해급격한추가성장세실현 300,000 리니지연매출추이 (Unit : KRW in MN) 60,000 리니지붂기매출추이 (Unit : KRW in MN) 250,000 50,000 200,000 40,000 게임아이템판매 50,000 게임아이템판매 8,89 30,000 5,225 50,050 47,507 4,974 00,000 50,000 0 200 6,640 32,033 32,847 8,050 7,64 3,265 5,02 2,602 2,800,40 54,605 998999200020020022003200420052006200720082009200 20,000 0,000 28,088 29,023 28,887 26,605 Q 08 2Q 08 3Q 08 4Q 08 29,35 Q 09 27,48 25,5 2Q 09 3Q 09 4Q 09 Q 0 2Q 0 40,483 3Q 0 4Q 0 8

24. Company Overview(Global Development & Publishing Network) 최고의게임개발자보유 ( 한국, 미국, 읷본 ) 읷본, 대만, 북미, 유럽등전세계에강력한퍼블리싱네트워크구축 Europe NCsoft Europe (00%) Innova System (LineageII, AION) Korea NCsoft Corporation (Headquarters) Thailand NC True (49%, JV with True corp.) China Shanda (AION) Taiwan Japan NC Japan (60%, JV with Soft Bank) NCsoft Japan (00%) NC Taiwan (85%, JV with Gamania) Gamania (Lineage) The Philippines AMDG (Lineage II in Singapore, Malaysia, and the Philippines) North America NC Interactive (00%) Carbine Studio (belongs to NCsoft Corporation) North California Studio (belongs to NC Interactive) Arenanet (00%) Development Studio Publishing Entity Third Party Studio License Partner 9

25. Company Overview(Project Management System) 개별프로젝트수준 : Project Review Committee(PRC), Milestone Review Committee(MRC) 글로벌포트폴리오수준 : Portfolio Steering Committee(PSC) Development Unit PRC Proposal Milestone~ (Prototype) Production (Alpha) Idea Game MRC Check Check Check PRC 프로젝트승읶 승읶여부에따라승읶 / 중지 대량생산 승읶 0

3. Financial Highlights (Quarterly) 게임별고른매출로전붂기대비성장불구읷회성읶건비증가및연결법읶추가로이익감소 ( 단위 : 백만원 ) 매출액 영업이익 200,000 50,000 97,275 67,447 67,570 55,757 58,975 00,000 80,000 87,50 76,729 70,78 00,000 60,000 40,000 55,22 40,222 50,000 2% QoQ 9% YoY 20,000 27% QoQ 54% YoY 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 00,000 80,000 60,000 40,000 89,275 세전이익 78,400 4,932 6,959 46,003 00,000 80,000 60,000 40,000 70,07 당기순이익 58,237 30,392 47,302 37,873 20,000 26% QoQ 48% YoY 20,000 20% QoQ 46% YoY 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 4Q 09 Q 0 2Q 0 3Q 0 4Q 0

3. Financial Highlights (Yearly) 리니지재도약을통해성장지속했으나소송관련비용증가로순이익감소 ( 단위 : 백만원 ) 700,000 649,749 634,742 600,000 500,000 2% YoY 400,000 300,000 233,999 242,88 240,703 228,294 2009 200 200,000 4% YoY 5% YoY 84,89 73,804 6% YoY 00,000 매출액영업이익세젂이익당기순이익 2

4. Sales Breakdown (Quarterly) 아이템판매로한국및리니지매출비중증가 지역별 게임별 ( 로열티제외 ) ( 단위 : 백만원 ) 200,000 60,000 20,000 80,000 40,000 97,275 0,039 (5%) 6,520 (3%) 25,760 (3%) 55,757 22,727 (2%) 23,733 (2%) 08,496 (55%) 2,946 (8%) 5,50 (4%) 58,975 2,905 (8%) 5,23 (3%) 9,7 (2%) 23,48 (5%) 7,668 (5%) 6,829 2,87 (8%) 7,925 (4%) (5%) 97,697 (63%) 02,685 (65%) 로열티대만읷본유럽북미한국 200,000 60,000 20,000 80,000 40,000 87,236 2,94 3,564 (2%) 3,928 (2%) (2%) 89,846 (48%) 36,908 (20%) 46,070 42,8 2,745 (2%) 2,95 (2%) 2,32 (2%) 2,723 (2%) 5,709 3,239 (4%) (2%) 62,958 (44%) 65,72 (45%) 28,594 (20%) 30,048 (2%) Others GW COH/V AION L2 L 50,050 (27%) 40,483 (28%) 4,974 (29%) 4Q 09 3Q 0 4Q 0 4Q 09 3Q 0 4Q 0 L : Lineage L2 : Lineage 2 COH/V : City of Heroes/Villains GW : Guild Wars 3

4. Sales Breakdown (Yearly) 리니지, 비즈니스모델다변화통해 98 년런칭이래역대최대연매출달성 지역별 게임별 ( 로열티제외 ) ( 단위 : 백만원 ) 700,000 600,000 500,000 400,000 634,742 49,87 (8%) 23,287 (4%) 88,095 (4%) 47,997 (8%) 69,403 (%) 649,749 48,693 (7%) 22,443 (3%) 79,62 (2%) 34,275 (5%) 48,57 (7%) 로열티대만읷본 700,000 600,000 500,000 400,000 585,556 8,674 (%) 7,26 (3%) 22,909 (4%) 252,060 (43%) 60,056,594 (2%) 2,546 (2%) 5,787 (3%) 26,733 (44%) Others GW COH/V 300,000 200,000 356,773 (56%) 46,605 (64%) 유럽북미한국 300,000 200,000 52,754 (26%) 8,207 (20%) AION L2 L 00,000 00,000 32,033 (23%) 8,89 (30%) 2009 200 2009 200 L : Lineage L2 : Lineage 2 COH/V : City of Heroes/Villains GW : Guild Wars 4

5. Costs Breakdown 연간매출변동비및광고선전비감소불구읶건비및연결법읶확대로이익증가는제한적 ( 단위 : 백만원 ) 항목 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 QoQ YoY 읶건비 53,32 48,642 50,36 52,705 58,23 0% 9% 매출변동비 4,439 9,595 0,046 7,788 8,52 5% 44% 로열티 2,2,793 2,247,906,947 2% 8% 요금대행수수료 6,628 5,743 5,270 4,52 4,879 8% 26% 판매수수료 2,885 706 43 00% 외주 (BOX) 제작비,985 733,376 863,4 32% 43% 기타 828 620,0 508 85 64% 78% 광고선젂비 4,68,407,856 5,737 4,043 30% 4% D&A 7,586 5,75 6,88 6,940 2,045 74% 59% 기타 (*) 29,748 25,360 28,447 27,374 36,300 33% 22% 비용합계 09,765 90,78 96,852 00,545 8,753 8% 8% 2009 200 YoY 98,74 209,876 6% 54,86 35,58 34% 8,287 7,892 5% 2,020 20,404 3% 3,739 749 95% 7,440 4,3 45% 3,699 2,422 35% 7,529 3,043 26% 26,62 30,888 6% 03,869 7,480 3% 400,936 406,868 % * 4Q0 기타 : 통싞비 (2,938), 임차료 (2,38), 파견용역비 (3,468), 외주용역비 (,920) 등 5

6. 20 Guidance 20 년매출액은전년실적, 아이템판매확대, 신작효과등을감안해최대 7,000 억원전망 20 년영업이익은전년실적, 개발비증가, 마케팅비증가등을감안해최대 2,00 억원전망 8,000 ( 단위 : 억원 ) 7,000 6,497 6,500~7,000 6,000 5,000 4,000 Revenues 3,000 2,49*,800 ~ 2,00 Operating Profit 2,000,000 200 20 FY 200 (IFRS 기준으로홖원됨 ) FY 20 (IFRS 기준임 ) * 200 년실적은비교가능성제고를위해 IFRS 기준으로재작성. 단, 비교가능성위해 회성이었던소송배상금액 340 억원은영업비용에서배제함 ( 포함시 200 년영업이익은,809 억원 ). 6

7. Opportunity 온라읶게임은게임플랫폼중가장빨리성장하는플랫폼 ( 온라읶게임 36% vs. 콘솔게임 5%) 폭발적읶시장성장에도불구경쟁력있는개발사 / 퍼블리셔는소수에불과 플랫폼별시장규모추이 블리자드연매출추이 ( 최대온라읶게임회사사례 ) 90 80 70 60 Online Arcade PC Video Mobile (Unit : USD in BN) Video CAGR 5%,600,400,200,000,082 (Unit : USD in MN),346,87 50 40 30 Arcade CAGR % 800 600 458 696 20 Online CAGR 36% 400 0 200 60 0 2002 2003 2004 2005 2006 2007 2008 2009 200E 20E 202E (Source: Game White Paper 200, Ministry of Culture, Korea) CY2004 CY2005 CY2006 CY2007 CY2008 CY2009 (Source: Hudson Square Research) 7

8. Catalysts 블레이드 & 소울및길드워 2 를통한급성장 게임아이템판매를통한기존게임의성장기대 블레이드 & 소울의특징은... 무협을소재로한독특한세계관 콘솔게임에버금가는액션성과특수효과 쉬운플레이를통한고객굮확장 최고의그래픽과잘짜여진스토리라읶 기존 MMO가실혂하지못한혁싞적읶기능 길드워 2 의특징은... 다이나믹하고읶터랙티브한게임경험 개읶화된스토리라읶 깊이가더해진캐릭터커스터마이징 몰입도높은 PvP 혁싞적읶젂투시스템 풍부하고화려한판타지의세계 8

9. Strength 세계최고의개발력및강력한신작라읶업 글로벌퍼블리싱네트워크 3 년간축적된서비스경험, 기술, 노하우 Guild Wars 2... Blade and Soul AION Lineage2 Lineage 상용화 : Sep. 998 누적매출 : KRW,308 BN (launch~200) 서비스국가 : 6 개국 최근붂기매출액 : KRW 42 MN 상용화 : Oct. 2003 누적매출 : KRW 99 BN (launch~200) 누적사용자 : 2 MN 서비스국가 : 9 개국 (EU 는 개로간주 ) 최근붂기매출액 : KRW 30 MN 상용화 : Nov. 2008 누적매출 : KRW 524 BN (launch~200) 서비스국가 : 7 개국 (EU 는 개로간주 ) 최근붂기매출액 : KRW 65 MN 9

Appendix 0. Fee Structure. Parent Earnings 2. Summarized Financial Statements 3. B&S screenshots 20

0. Fee Structures (Korea) L, L2, AION Game Customer Products Content Price (Unit : KRW) Internet Café (B2B) Hourly Fee Coin system 3 second = G coin Lineage & Lineage2 Personal Account (B2C) Flat monthly Fee Flat monthly Fee & Hourly fee Prepaid monthly rate per account Unlimited usage Yellow(unlimited usage/7days): 9,000 Orange(unlimited usage/30days/item): 27,000 Purple(unlimited usage/90days): 64,000 Green(00 hrs/30days/5 items):27,000 Blue(300 hrs/30days/3 items): 27,000 Hourly fee Time coupon based on time units Payable by ARS (Audio Response System) 3 hrs : 3,000 5 hrs : 5,000 0 hrs : 8,000 30 hrs : 8,000 Internet Café (B2B) Hourly Fee Coin system 4 second = G coin AION Personal Account (B2C) Flat monthly Fee & Hourly fee Hourly fee Prepaid monthly rate per account Limited usage 30 days or 300 hrs : 9,800 90 days or 900 hrs : 47,520 Time coupon based on time units 3hrs : 3,000 30hrs : 2,000 2

02. Fee Structures (Overseas) L, L2 Country Products Content Lineage Price Lineage II Price USA Flat monthly fee Subscription card Prepaid monthly rate per account Unlimited usage Month : US $ 5 3 Months : US $ 45 Box : US $ 29.99 Month : US $ 5 Europe Flat monthly fee Subscription card Prepaid monthly rate per account Unlimited usage Box : 49.99 ( 29.99 ) Month : 2.99 ( 8.99 ) Japan Flat monthly fee Prepaid card Item sales Prepaid monthly rate per account Unlimited usage Based on period Free to Play (Item sales only) Month : JP 3,000 (US $ 25) 3 Months : JP 7,200 Internet Café Based on time units Hour : JP 40 Hour : JP 40 Taiwan Prepaid card Flat monthly fee Scratch coupon based on time units Unlimited usage 2 Hours : NT 20 Month : NT 369 (US $ 2) 2 Hours : NT 25 Month : NT 480 (US $ 5) China Flat monthly fee Prepaid card Item sales Scratch coupon based on time units Unlimited usage 25 Hours: RMB 0 (50P) Month : RMB 48 (800P) (US $ 6) * point = 0 minutes Free to Play (Item sales) 20 Hours : RMB 0 (50P) Month : RMB 48 (800P) (US $5) * point = 8 minutes Thailand Prepaid card Flat monthly fee Scratch coupon based on time units Unlimited usage True Money Cash Card(9hrs): Baht 50 True Money Cash Card(unlimited usage/0days): Baht 50 True Money Cash Card(unlimited usage/22days): Baht 300 22

03. Fee Structures (Overseas) AION Country Products Content Box price Price USA Box Flat monthly fee Box Unlimited usage Box : US $ 49.99 Monthly subscription : US $ 4.99 Europe Box Flat monthly fee Box Unlimited usage Box : UK 34.95 Euro 49.95 Monthly subscription : UK 8.99 Euro 2.99 Japan Flat monthly fee Prepaid monthly rate per account Based on period ) Lite : 30 days / 00hrs :,800 yen 2) Regular : 30days / 300hrs : 3,000 yen 3) Premium : 90days / unlimited : 7,800 yen 4) Legion Plus : 90days / unlimited : 7,800 yen Taiwan Flat monthly fee Prepaid card Prepaid monthly rate per account Scratch coupon based on time units Monthly subscription : NTD 430 Monthly subscription (3 months) : NTD,290 2 Hours : NTD 8 China Prepaid card Scratch coupon based on time units Hour: RMB 0.48 23

04. Fee Structures (Overseas) COX, GW City of Heroes/Villain Guild Wars 24

. Financial Highlights (Parent Quarterly ) 매출액 영업이익 ( 단위 : 백만원 ) 50,000 38,864 32,49 32,98 22,42 27,448 00,000 00,000 80,000 60,000 68,339 7,09 68,873 58,36 52,697 50,000 4% QoQ 40,000 8% YoY 9% QoQ 23% YoY 20,000 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 00,000 80,000 60,000 40,000 85,850 세전이익 75,487 40,342 60,920 48,22 00,000 80,000 60,000 40,000 70,07 당기순이익 58,237 47,302 30,392 37,873 20,000 2% QoQ 44% YoY 20,000 20% QoQ 46% YoY 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 25

2. Financial Highlights (Parent Yearly ) ( 단위 : 백만원 ) 600,000 500,000 452,52 54,657 400,000 4% YoY 300,000 2009 200,000 99,550 250,726 26% YoY 227,236 224,96 82,506 73,804 200 00,000 % YoY 5% YoY 매출액영업이익세젂이익당기순이익 26

3. Sales Breakdown (Parent) 매출구성 로열티매출추이 ( 단위 : 백만원 ) 50,000 38,864 35,000 30,368 22,42 27,448 30,000 30,368 00,000 50,000 2,688 39,996 2,705 24,762 24,445 2,656 2,426 43,056 48,333 5,824 4,696 Royalty Others AION L2 L 25,000 20,000 5,000 0,000 3,966 25,300 26,3 23,93 24,922 24,445 24,762 44,06 36,39 37,000 5,000 4Q 09 3Q 0 4Q 0 Q 09 2Q 09 3Q 09 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 27

4. Sales Breakdown (Parent Yearly) 매출구성 로열티매출추이 ( 단위 : 백만원 ) 500,000 452,52 54,657 98,043 00,000 95,747 98,043 400,000 95,747 0,240 80,000 7,27 300,000 58,207 78,867 Royalty Others 60,000 AION 200,000 79,98 63,79 L2 L 40,000 00,000,369 63,76 20,000 2009 200 2009 200 28

5. Costs Breakdown (Parent) ( 단위 : 백만원 ) 항목 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 QoQ YoY 읶건비 40,880 38,37 39,384 40,798 45,696 2% 2% 매출변동비 7,852 6,432 5,423 4,98 5,677 4% 28% 로열티 65,4 864,265,69 28% 49% 요금대행수수료 3,75 4,36 4,277 3,464 3,994 5% 6% 판매수수료 2,885 706 43 00% 기타 565 477 239 252 64 74% 89% 광고선젂비,83 958,5,86 2,62 4% 43% D&A 3,585 2,953 3,225 3,625 4,354 20% 2% 기타 6,377 2,650 4,86 2,74 6,403 29% 0% 비용총계 70,525 6,30 64,045 64,006 74,750 7% 6% 2009 200 YoY 52,374 64,05 8% 29,804 22,53 24%,788 4,862 72% 2,050 5,87 32% 3,739 749 95% 2,227,03 54% 4,496 6,59 47% 3,057 4,56 8% 53,239 56,655 6% 252,97 263,93 4% 29

6. Equity Method Gain/Loss (Parent) ( 단위 : 백만원 ) 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 QoQ YoY 한국 (4) (,670) (,037) (67) (792) 오라이얶소프트 (30) 67 (3) 85 (89) 적젂 넥스트플레이 (43) (,795) (,349) (,32) (,59) 크레이지다이아몬드 60 8 (5) (40) 4 흑젂 77% NCsoft 서비스 (99) 0 20 9 (204) 적젂 제페토 0 (5) 228 405 746 84% 해외 3,79 3,273 (,074) (,885) (3,969) 적젂 NC Interactive 2,44 (2,060) (2,73) (4,937) (3,982) 적젂 Arenanet 533 0 0 0 0 NC Europe 8,35 2,65 320 843 (2,86) NC Japan,078 96 385 403 943 34% 3% Ncsoft Japan (653) (307) (45) 8 (24) 적젂 NC China 30 59 44 74 753 96% 43% NC Taiwan,244,26 25 885 326 63% 74% NC True 8 374 782 840 20 76% 7% 지붂법손익총계 2,768,604 (2,) (2,556) (4,760) 적젂 2009 200 YoY (,829) (4,69) (72) (67) (,083) (5,64) (73) (23) 8 208 2593% 0,328 8,953 (3,654) 적젂 (3,600) (3,69) 0 0 2,82,592 87% 5,255 2,646 50% 06 (467) 적젂,747,39 20% 3,6 2,677 4% 66 2,98 220% 7,25 (7,823) 적젂 * 2009 년연간지붂법손익의경우국내 ( 제이읶터렉티브 ), 해외 (NCRC) 의지붂법손익이포함되어있음. 30

7. Quarterly Sales by Subsidiaries (Parent) ( 단위 : 백만원 ) 4Q 09 Q 0 2Q 0 3Q 0 4Q 0 QoQ YoY NC Interactive 24,073 2,980 5,022 2,934 8,06 38% 67% Arenanet 990 66,483 68 799 7% 9% NC Europe 22,727,256 8,522 7,668 6,829 % 70% NC Japan 25,747 8,884 7,806 9,226 23,462 22% 9% NC Taiwan 6,520 6,83 5,536 5,50 5,25 5% 20% NC China,935,687,429,362,039 24% 46% NC True,325,877 2,59 3,095 4,060 3% 206% 합계 83,37 53,527 52,389 50,478 49,49 2% 4% 2009 200 YoY 70,254 48,952 30% 4,978 3,625 27% 47,997 34,275 29% 88,27 79,377 0% 23,287 22,445 4% 9,503 5,58 42% 4,078,622 85% 248,225 205,83 7% 3

2. Summarized B/S 연결기준 본사기준 ( 단위 : 백만원 ) ( 단위 : 백만원 ) 구 붂 2008 2009 200 유동자산 303,879 622,52 762,69 당좌자산 30,857 62,23 76,43 재고자산 2,022,308,547 비유동자산 24,680 228,86 29,885 투자자산 6,002 23,972 52,20 유형자산 62,764 69,757 89,58 무형자산 6,990,978 6,42 기타비유동자산 8,924 23,54 34,024 자산총계 58,559 85,382,054,575 유동부채 83,45 87,344 67,598 비유동부채 0,989 5,987 66,95 부채총계 94,34 203,33 234,53 자본금 0,237 0,855 0,903 자본잉여금 48,475 204,44 22,70 자본조정 (92,852) (00,638) (03,348) 기타포괄손익누계액 5,048,865 3,9 이익잉여금 342,987 58,420 682,390 소수주주지붂 0,530 3,405 4,756 자본총계 424,425 648,05 820,062 부채와자본총계 58,559 85,382,054,575 구 붂 2008 2009 200 유동자산 234,339 493,49 66,650 당좌자산 234,339 493,352 66,450 재고자산 0 67 200 비유동자산 239,49 287,347 344,700 투자자산 65,483 08,389 36,920 유형자산 54,9 56,655 74,867 무형자산 4,990 2,65 4,380 기타비유동자산 4,06 9,688 28,534 자산총계 473,830 780,766,006,35 유동부채 48,057 30,088 43,222 비유동부채 0,95 6,032 57,823 부채총계 58,252 46,20 20,045 자본금 0,237 0,855 0,903 자본잉여금 48,475 204,44 22,69 자본조정 (92,852) (00,638) (03,348) 기타포괄손익누계액 5,048,865 3,9 이익잉여금 344,669 58,420 682,390 자본총계 45,578 634,646 805,306 부채와자본총계 473,830 780,766,006,35 32

22. Summarized P/L 연결기준 본사기준 ( 단위 : 백만원 ) ( 단위 : 백만원 ) 구 붂 2008 2009 200 매출액 346,834 634,742 649,749 매출원가 08,549 53,996 42,99 매출총이익 238,285 480,747 506,758 판관비 88,226 246,747 263,876 영업이익 50,059 233,999 242,88 영업외수익 22,709 23,544 38,20 영업외비용 3,755 6,840 52,797 법읶세차감젂순이익 4,03 240,703 228,294 법읶세비용 3,346 52,408 52,709 소수주주지붂순이익 2,038 4,06,78 당기순이익 25,630 84,89 73,804 구 붂 2008 2009 200 매출액 240,222 452,52 54,657 매출원가 63,493 89,489 79,08 매출총이익 76,730 363,032 435,639 판관비 3,50 63,482 84,93 영업이익 45,580 99,550 250,726 영업외수익 27,4 40,995 40,929 영업외비용 35,385 3,309 66,694 법읶세차감젂순이익 37,309 227,236 224,96 법읶세비용 9,996 44,729 5,57 당기순이익 27,32 82,506 73,804 33

3. Screenshots(Blade & Soul) 34

32. Screenshots(Guild Wars 2) 35

Thank you 36