NCSOFT PRESENTATION 2012 년 2 월 NCSOFT Corporation 15737 Samsungdong, Kangnamgu, Seoul 135090, KOREA Tel: +82221863300 Fax : +82221863550 Copyright c NCSOFT Corporation. All Rights Reserved WWW.NCSOFT.COM
Disclaimer 본자료는당사실적및향후전망에대해서투자가여러분의편의를위하여작성된자료입니다. 경영전망과관련된자료는엔씨소프트내부적인시장환경예측을기초로한것으로서, 시장환경등여건변화에따라영업성과의결과치는본자료와반드시일치하지않을수있음을 양지하시기바랍니다. 여기에포함되어있는예측, 전망, 미래관련정보만을믿고이정보에만의존한투자결정을내리지 말아야하며, 투자책임은전적으로투자자자신에게있음을밝혀드립니다. KIFRS 기준연결회사 ( 총 12 개사 ) : NC Interactive(100%, US), Arenanet(100%, US), NC Europe(100%, UK), NC Japan(60%, JP), NCsoft Japan(100%, JP), NC Taiwan(85%, TW), NCsoft Corporation( 본사, KR), Next Play(53%, KR), NCsoft Service(100%, KR), NC Dinos Baseball Club(100%, KR), Hotdog Studio(58%, KR), Oraion Soft(100%, KR) 2
Contents I. Overview 1. Industry Overview 2. Company Overview II. 3Q 2011 Earnings 3. Financial Highlight 4. Sales Breakdown 5. Costs Breakdown III. Investment Point 6. Opportunity 7. Catalysts 8. Strength Appendix 9. Fee Structure 10. Parent Earnings 11. Summarized Financial Statements 12. Screenshots 3
11. Industry Overview(Characteristics & Categories) 온라인게임산업의특징 고성장산업 고수익사업 글로벌시장진출 Multiyear cycle business 온라인게임소분류 MMOG (Massively Multiplayer Online Games) MOG (Multiplayer Online Games) Web Board Games 정의 수천명의게이머가온라인상의가상공간에서동시에플레이할수있는온라인게임 제한된수의게이머가동시에플레이할수있는온라인게임 체스, 포커와같은간단한카드게임 주요고객기반 하드코어유저 20~30 대남성 미드코어 & 라이트유저남성 & 여성, 10~40 대 제품수명 과금체계 개발비 상대적으로긴편임 (5~10 년 ) 월정액, 일부국가박스판매 높은개발비긴개발기간 (4~5 년 ) MMOG 대비상대적으로짧은편임 인게임아이템판매프리미엄콘텐츠사용료등 비교적낮은개발비짧은개발기간 4
12. Industry Overview(Growth Projection) 온라인플랫폼은 CAGR 19% (2009~2013) 로게임플랫폼중가장빠른성장세지속 국가별로는중국온라인게임시장이 CAGR 20% (2009~2013) 로가장빠른성장세유지 플랫폼별게임시장추이 온라인게임시장별추이 (Unit : USD in BN) (Unit : USD in BN) 100 90 80 70 60 50 40 30 20 10 0 6 7 9 10 12 13 35 34 34 34 34 33 4 3 3 3 3 3 16 32 28 24 21 18 10 13 16 19 22 24 2008 2009 2010 2011E 2012E 2013E 25 20 15 10 5 0 2 2 1 1 4 1 1 3 1 4 1 3 3 1 3 1 3 1 2 2 1 6 6 2 2 6 2 5 4 3 7 6 2 3 4 5 2008 2009 2010 2011E 2012E 2013E Online Arcade PC Console Mobile Korea China NA Europe Japan Others (Source : 2011 게임백서, 문화관광부 ) 5
21. Company Overview(NCsoft At A Glance) 세계최고의온라인게임개발기술과글로벌서비스역량을보유한게임산업글로벌리더 설립 : 대표이사 : 이사회 : 임직원 * : 1997 년 3 월 김택진 김택진 (CEO) 이희상 (COO) 이재호 (CFO) 박병무 ( 사외이사 ) 오명 ( 사외이사 ) 서윤석 ( 사외이사 ) 3,300 명 Global Network : Korea, North America, Europe, Japan, Taiwan, Thailand 주주구성 * : Snapshot Services MMORPG Casual Games Web Games & Board Games Individual Domestic 7% Institution 30% Foreign 29% Management 25% Tresury Stock 9% Game Portal Music Content * 2012 년 2 월기준 6
22. Company Overview(Annual Revenue Trend) 리니지시리지및아이온매출이견조한가운데, Blade & Soul, Guild Wars 2, Wildstar, Lineage Eternal 상용화로급격한성장모멘텀기대 1,200,000 1,000,000 800,000 600,000 Royalty Others AION Guild Wars City of Heroes/Villains Lineage2 Lineage (Unit : KRW in MN) B&S, GW2 400,000 200,000 0 Lineage2 Lineage AION GW CoH 9,682 152,754 110,600 118,953 119,206 131,154 131,154 147,211 20,756 113,265 132,847 117,641 112,800 115,012 118,050 111,401 111,401 112,602 132,033 200 6,640 54,605 252,060 262,137 223,248 122,937 100,574 182,947 195,702 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2007 2008 2009 2010 2011 2012(E) 7
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2007 2008 2008 2009 2010 2011 23. Company Overview(Lineage) 1998 년서비스개시이래 14 년이상의장수를누리고있는리니지 기본월정액제에더해서 2009 년 4 분기에시작된게임아이템판매를통해급격한추가성장세실현 Lineage 연매출추이 Lineage 분기매출추이 300,000 (Unit : KRW in MN) 70,000 (Unit : KRW in MN) 250,000 60,000 66,287 200,000 50,000 51,618 50,951 150,000 Ingame item sales 40,000 30,000 Ingame item sales 50,050 47,955 42,459 40,915 38,512 39,952 100,000 50,000 0 195,702 182,947 132,847 118,050 112,602 117,641 113,265 115,012 111,401 132,033 112,800 111,401 54,605 6,640 200 20,000 10,000 29,023 1Q 08 28,088 2Q 08 29,351 28,887 27,481 26,605 3Q 08 4Q 08 1Q 09 2Q 09 25,151 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 8
24. Company Overview(Development & Publishing Network) 최고의게임개발자보유 ( 한국, 미국, 일본 ) 일본, 대만, 북미, 유럽등전세계에강력한퍼블리싱네트워크구축 Europe NCsoft Europe (100%) Innova System (LineageII, AION) Gameforge (AION) Korea NCsoft Corporation (Headquarters) Thailand NC True (49%, JV with True corp.) China Shanda (AION) Tencent (B&S, Lineage, LineageII, Punch Monster ) Taiwan Japan NC Japan (60%, JV with Soft Bank) NCsoft Japan (100%) NC Taiwan (85%, JV with Gamania) Gamania (Lineage) North America NC Interactive (100%) Carbine Studio (belongs to NCsoft Corporation) North California Studio (belongs to NC Interactive) Arenanet (100%) Development Studio Publishing Entity Third Party Studio License Partner 9
25. Company Overview(Relentless Innovation) To be launched Wildstar Lineage Eternal... In service Guild Wars 2 Lineage2 AION Blade and Soul 자체보유그래픽엔진도입개인화된스토리라인 SNG 기능이도입된 MMO 차별화된모헙 초대규모전투구현 Drag skill ( 마우스를활용한 skill 사용 ) Smart view ( 상황에따른최적화된시점제공 ) Interactive object ( 주변사물을전투에활용 ) Lineage 차별화된액션성 Seamless 인스턴트던전 다이나믹퀘스트시스템 비행기능도입 능동형 UI 한국최초의 3D MMO 광범위한캐릭터커스터마이제이션도입 Seamless world 엔드컨텐츠로서의 UCC 도입 대규모전투인공성전도입 10
26. Company Overview(Quality Assurance System) 개별프로젝트수준 : Project Review Committee(PRC), Milestone Review Committee(MRC) 글로벌포트폴리오수준 : Portfolio Steering Committee(PSC) Development Unit PRC Proposal Milestone1~ (Prototype) Production (Alpha) Idea Game MRC Check Check Check PRC 프로젝트승인 승인여부에따라승인 / 중지 대량생산 승인 11
31. Financial Highlights (Quarterly) 2011 년 4 분기리니지아이템판매감소로매출액및이익감소 ( 단위 : 백만원 ) 매출액 영업이익 200,000 100,000 150,000 160,415 155,492 166,815 147,603 138,995 80,000 100,000 50,000 6% QoQ 13% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 60,000 40,000 20,000 27,713 40,716 43,497 33,793 16,677 51% QoQ 40% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 세전이익 당기순이익 100,000 100,000 80,000 80,000 60,000 40,000 20,000 33,553 46,721 49,423 38,840 21,853 44% QoQ 35% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 60,000 40,000 20,000 27,393 34,457 41,359 27,875 16,125 42% QoQ 41% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 12
32. Financial Highlights (Yearly) 사용자감소등에따라전년대비매출감소매출감소및 R&D 투자확대로전년대비이익감소. ( 단위 : 백만원 ) 700,000 600,000 655,904 608,904 500,000 7% YoY 400,000 300,000 2010 2011 200,000 176,772 134,683 198,128 156,838 146,785 119,815 100,000 24% YoY 21% YoY 18% YoY 매출액영업이익세전이익당기순이익 13
41. Sales Breakdown (Quarterly) 지역별 : 한국은리니지아이템매출축소로매출감소했으나, 일본은연말프모로션호조로매출증가. 게임별 : 리니지는아이템매출축소로감소했으나, 리니지 2 는일본연말프로모션호조로매출증가. 지역별 게임별 ( 로열티제외 ) ( 단위 : 백만원 ) 180,000 180,000 150,000 120,000 90,000 60,000 160,415 (8%) 13,513 147,603 1,714 (1%) 5,155 (3%) 11,868 (8%) 4,126 (3%) 23,321 (15%) 18,279 (12%) 6,829 (4%) 4,521 (3%) 7,925 (5%) 6,532 (4%) 101,957 (64%) 102,276 (69%) 138,995 14,337 (10%) 2,724 (2%) 로열티 29,446 (21%) 기타 2,893 (2%) 6,824 대만 (5%) 일본 유럽 북미 82,771 (60%) 한국 150,000 120,000 90,000 60,000 146,902 2,219 (2%) 2,723 (2%) 3,239 (2%) 65,124 (44%) 31,140 (21%) 135,735 3,088 (2%) 1,872 (1%) 2,812 (2%) 55,834 (41%) 21,176 (16%) 124,658 3,336 1,474 (3%) (1%) 3,435 (3%) 51,729 (41%) 24,731 (20%) Others GW COH/V AION L2 L1 30,000 30,000 42,459 (29%) 50,951 (38%) 39,952 (32%) 4Q 10 3Q 11 4Q 11 4Q 10 3Q 11 4Q 11 L1 : Lineage 1 L2 : Lineage 2 COH/V : City of Heroes/Villains GW : Guild Wars 14
42. Sales Breakdown (Yearly) 지역별 : 한국은견조한고객기반하에전년수준유지했으나, 미국 / 유럽은 AION 유저감소로매출감소게임별 : 리니지는 1998 년출시이래최대연매출을기록했으나, 리니지 2 는사용자감소등으로매출감소 지역별 게임별 ( 로열티제외 ) ( 단위 : 백만원 ) 700,000 655,904 700,000 600,000 500,000 400,000 48,033 6,193 23,484 78,952 34,275 48,571 (7%) (1%) (4%) (12%) (5%) (7%) 608,904 56,573 17,856 85,020 17,928 27,383 (9%) (3%) (14%) (3%) (4%) 로열티기타 600,000 500,000 400,000 607,872 11,519 12,545 15,787 262,137 (2%) (2%) (3%) (43%) 552,331 (2%) 12,816 12,086 7,905 (1%) (2%) 223,248 (40%) Others GW 대만 COH/V 300,000 일본 300,000 AION 200,000 (63%) 416,397 404,144 (66%) 유럽북미한국 200,000 122,937 (20%) 100,574 (18%) L2 L1 100,000 100,000 182,947 (30%) 195,702 (35%) 2010 2011 2010 2011 L1 : Lineage 1 L2 : Lineage 2 COH/V : City of Heroes/Villains GW : Guild Wars 15
5. Costs Breakdown 인건비 : 중장기성장동력확보를위한인재충원이지속되면서전년대비 9% 증가매출변동비 : 매출감소에도불구하고외부게임개발호조에따른로열티비용등의증가로전년대비 7% 증가마케팅비 : 북미, 유럽, 한국에서의게임쇼참가와기업홍보활동증가로전년대비 25% 증가 ( 단위 : 백만원 ) 항 목 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 QoQ YoY 인건비 68,442 69,317 68,634 65,355 66,062 1% 3% 매출변동비 9,261 8,884 9,838 9,402 10,885 16% 18% 결제수수료 6,433 6,006 6,352 6,168 7,247 17% 13% 로열티 1,539 1,678 1,366 1,538 1,880 22% 22% BOX 제작비 1,069 228 1,121 974 1,257 29% 18% 기타 219 972 999 722 501 31% 129% 마케팅비 4,771 3,136 3,968 5,328 6,315 19% 32% D&A 6,432 7,081 6,658 7,002 7,885 13% 23% 기타 (*) 31,660 26,554 28,014 30,020 32,758 9% 3% 소계 120,567 114,972 117,112 117,107 123,906 6% 3% 기타차익 4,034 2,989 4,478 4,527 4,173 8% 3% 기타차손 16,169 2,793 10,684 1,230 2,584 110% 84% 비용총계 132,702 114,776 123,318 113,810 122,317 7% 8% * 4Q11 기타 : 통신비 (4,618), 임차료 (3,660), 파견용역비 (2,912), 외주용역비 (2,894) 등 2010 2011 YoY 246,995 269,368 9% 36,581 39,009 7% 24,612 25,773 5% 4,896 6,461 32% 3,761 3,580 5% 3,312 3,195 4% 14,959 18,747 25% 22,620 28,626 27% 111,532 117,346 5% 432,686 473,097 9% 13,922 16,166 16% 60,369 17,290 71% 479,133 474,222 1% 16
6. Opportunity 온라인게임은게임플랫폼중가장빨리성장하는플랫폼 ( 온라인게임 19% vs. 콘솔게임 1%) 폭발적인시장성장에도불구경쟁력있는개발사 / 퍼블리셔는소수에불과 40 35 30 25 20 15 10 5 (Unit : USD in BN) 플랫폼별시장규모추이 CAGR 1% 35 34 34 34 32 28 Online CAGR 13% Arcade 24 PC 21 Console 19 Mobile 16 13 10 10 9 7 6 34 CAGR 19% 22 18 CAGR 17% 12 33 24 16 13 1,800 1,600 1,400 1,200 1,000 800 600 400 200 (Unit : USD in MN) 696 458 160 블리자드연매출추이 ( 최대온라인게임회사사례 ) 1,082 1,346 1,196 1,646 1,243 1,420 0 2008 2009 2010 2011E 2012E 2013E (Source: Game White Paper 2011, Ministry of Culture, Korea) CY2004 CY2005 CY2006 CY2007 CY2008 CY2009 CY2010 CY2011 CY2012 (Source: Hudson Square Research) 17
71. Catalysts Blade & Soul, Guild Wars2, Wildstar, Lineage Eternal 등을통한지속적성장시스템구축 게임아이템판매를통한기존게임의매출성장기대 Blade & Soul 의특징은... 무협을소재로한독특한세계관 콘솔게임에버금가는액션성과특수효과 쉬운플레이를통한고객군확장 최고의그래픽과잘짜여진스토리라인 기존 MMO가실현하지못한혁신적인기능 Guild Wars2 의특징은... 다이나믹하고인터랙티브한게임경험 개인화된스토리라인 깊이가더해진캐릭터커스터마이징 몰입도높은 PvP 혁신적인전투시스템 풍부하고화려한판타지의세계 18
72. Catalysts Blade & Soul 의 2012 년상반기한국출시 Guild Wars2 의 2012 년미국 / 유럽출시 AION s milestone 1 st CBT in Korea 2 nd CBT in Korea 3 rd CBT in Korea OBT & Launch in Korea Launch in China Launch in Japan/Taiwan Launch in EU/US Oct. 2007 4,000 testers April 2008 4,000 testers July 2008 24,000 testers OBT : Nov. 11 2008 Launch : Nov. 25 2008 April 2009 July 2009 Sep. 2009 Blade & Soul s milestone 1 st CBT in Korea 2 st CBT in Korea 3 rd CBT & OBT in Korea Global launches expected to follow in major markets in 2013 April 2011 August 2011 1H 2012 19
8. Strength 세계최고의개발력및강력한신작라인업 글로벌퍼블리싱네트워크 14 년간축적된서비스경험, 기술, 노하우 To be launched Wildstar Lineage Eternal... In service Guild Wars 2 Blade and Soul Internal tests expected in 2012 AION Handson demo at PAX and GamesCom in 2011 Lineage Launch: Sep. 1998 Accumulated Sales: KRW 1.8 TN (launch~2011) Service Country: 6 countries Latest Quarterly Sales: KRW 40 BN Lineage2 Launch: Oct. 2003 Accumulated Sales: KRW 1.3 TN (launch~2011) Service Country: 9 countries (EU counted as one) Latest Quarterly Sales: KRW 25 BN Launch : Nov. 2008 Accumulated Sales: KRW 0.8 TN (launch~2011) Service Country: 7 countries (EU counted as one) Latest Quarterly Sales: KRW 52 BN 1 st CBT in April 2011 2 nd CBT in August 2011 To be launched in 1H 2012 Handson demo at PAX and GamesCom in 2010 Handson demo at PAX and GamesCom in 2011 To be launched in 2012 20
Appendix 9. Fee Structure 10. Parent Earnings 11. Summarized Financial Statements 12. B&S screenshots 21
91. Fee Structures (Korea) L1, L2, AION Game Customer Products Content Price (Unit : KRW) Internet Café (B2B) Hourly Fee Coin system 13 second = 1G coin Lineage1 & 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/1item): 27,000 Purple(unlimited usage/90days): 64,000 Green(100 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 10 hrs : 8,000 30 hrs : 18,000 Internet Café (B2B) Hourly Fee Coin system 14 second = 1G coin AION Personal Account (B2C) Flat monthly Fee & Hourly fee Hourly fee Prepaid monthly rate per account Limited usage 30 days or 300 hrs : 19,800 90 days or 900 hrs : 47,520 Time coupon based on time units 3hrs : 3,000 30hrs : 12,000 22
92. Fee Structures (Overseas) L1, L2 Country Products Content Lineage Price Lineage II Price USA Flat monthly fee Subscription card Prepaid monthly rate per account Unlimited usage 1 Month : US $ 15 3 Months : US $ 45 Box : US $ 29.99 1 Month : US $ 15 Europe Flat monthly fee Subscription card Prepaid monthly rate per account Unlimited usage Box : 49.99 ( 29.99 ) 1 Month : 12.99 ( 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) 1 Month : JP 3,000 (US $ 25) 3 Months : JP 7,200 Internet Café Based on time units 1 Hour : JP 40 1 Hour : JP 40 Taiwan Prepaid card Flat monthly fee Scratch coupon based on time units Unlimited usage 12 Hours : NT 20 1 Month : NT 369 (US $ 12) 12 Hours : NT 25 1 Month : NT 480 (US $ 15) China Flat monthly fee Prepaid card Item sales Scratch coupon based on time units Unlimited usage 25 Hours: RMB 10 (150P) 1 Month : RMB 48 (800P) (US $ 6) *1 point = 10 minutes Free to Play (Item sales) 20 Hours : RMB 10 (150P) 1 Month : RMB 48 (800P) (US $5) *1 point = 8 minutes Thailand Prepaid card Flat monthly fee Scratch coupon based on time units Unlimited usage True Money Cash Card(9hrs): Baht 150 True Money Cash Card(unlimited usage/10days): Baht 150 True Money Cash Card(unlimited usage/22days): Baht 300 23
93. 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 $ 14.99 Europe Box Flat monthly fee Box Unlimited usage Box : UK 34.95 Euro 49.95 Monthly subscription : UK 8.99 Euro 12.99 Japan Flat monthly fee Prepaid monthly rate per account Based on period 1) Lite : 30 days / 100hrs : 1,800 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 1,290 2 Hours : NTD 18 China Prepaid card Scratch coupon based on time units 1 Hour: RMB 0.48 24
94. Fee Structures (Overseas) COX, GW City of Heroes/Villain Guild Wars 25
101. Financial Highlights (Parent) 매출액영업이익 ( 단위 : 백만원 ) 150,000 100,000 50,000 127,448 126,931 140,148 124,094 109,005 12% QoQ 14% YoY 100,000 80,000 60,000 40,000 41,850 52,602 63,852 52,193 28,231 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 20,000 46% QoQ 33% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 세전이익 당기순이익 100,000 100,000 80,000 60,000 40,000 47,810 58,864 69,920 57,468 33,650 80,000 60,000 40,000 40,004 47,470 56,656 45,620 27,179 20,000 41% QoQ 30% YoY 20,000 40% QoQ 32% YoY 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 26
102. Sales Breakdown (Parent) 매출구성 로열티매출추이 ( 단위 : 백만원 ) 150,000 30,000 127,448 124,094 25,000 26,180 24,762 21,815 100,000 50,000 2,656 2,307 42,618 48,333 10,218 14,696 26,180 3,151 36,630 8,612 109,005 23,913 24,922 24,445 24,762 25,620 22,492 21,815 Royalty Others AION L2 L1 20,000 15,000 10,000 37,000 47,135 34,433 5,000 4Q 10 3Q 11 4Q 11 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 27
103. Costs Breakdown (Parent) ( 단위 : 백만원 ) 항 목 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 QoQ YoY 인건비 47,416 48,649 49,304 45,846 42,200 8% 11% 매출변동비 5,656 6,118 6,074 6,143 6,337 3% 12% 결제수수료 3,972 4,389 4,664 4,448 4,430 0% 12% 로열티 1,619 1,704 1,379 1,551 1,888 22% 17% 기타 65 24 32 144 19 87% 71% 마케팅비 2,729 1,703 3,285 1,715 10,059 487% 269% D&A 2,694 2,911 3,138 3,298 3,424 4% 27% 기타 16,160 13,995 15,557 17,535 17,902 2% 11% 소계 74,655 73,375 77,359 74,536 79,921 7% 7% 기타차익 618 1,552 3,276 2,988 1,589 47% 157% 기타차손 11,561 2,506 2,213 351 2,442 595% 79% 비용총계 85,598 74,329 76,296 71,900 80,774 12% 6% 2010 2011 YoY 167,353 185,998 11% 22,446 24,672 10% 15,829 17,931 13% 4,862 6,522 34% 1,755 219 88% 6,946 16,762 141% 9,109 12,770 40% 56,846 64,990 14% 262,701 305,192 16% 7,146 9,405 32% 52,160 7,512 86% 307,714 303,299 1% 28
104. Equity Method Gain/Loss (Parent) ( 단위 : 백만원 ) 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 QoQ YoY 한국 (792) 642 568 471 993 111% 오라이언소프트 (189) 140 (259) 446 (133) 넥스트플레이 (1,159) 0 0 0 0 크레이지다이아몬드 14 73 18 (23) 22 56% NCsoft 서비스 (204) 155 (18) 158 168 6% 제페토 746 274 308 762 963 26% 29% 엔씨야구단 0 0 519 (731) 164 핫독스튜디오 0 0 0 (141) (191) 해외 (3,969) (6,756) (8,770) (10,117) (3,393) NC Interactive (3,982) (5,874) (5,235) (7,844) (5,821) NC Europe (2,186) (2,410) (2,437) (3,484) 793 NC Japan 943 646 (3,067) (206) 1,286 36% Ncsoft Japan (24) 0 (17) 93 235 152% NC Taiwan 326 (76) 1,138 424 (690) NC True 201 959 848 898 804 10% 300% 지분법손익총계 (4,760) (6,114) (8,203) (9,646) (2,400) 2010 2011 YoY (4,169) 2,674 (67) 193 (5,614) 0 (23) 90 208 463 122% 1,328 2,308 74% 0 (48) 0 (332) (3,654) (29,036) (13,691) (24,774) 1,592 (7,538) 2,646 (1,342) (467) 312 2,677 796 70% 2,198 3,510 60% (7,823) (26,363) 29
105. Quarterly Sales by Subsidiaries (Parent) ( 단위 : 백만원 ) 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 QoQ YoY NC Interactive 8,016 7,214 6,972 6,606 6,681 1% 17% Arenanet 799 675 672 598 381 36% 52% NC Europe 6,829 5,499 5,014 4,521 2,893 36% 58% NC Japan 23,462 20,056 17,267 18,229 29,895 64% 27% NC Taiwan 5,215 5,298 5,718 4,127 2,724 34% 48% NCsoft Japan 2,202 1,407 1,364 482 73 85% 97% NC True 4,060 4,629 4,292 4,532 4,601 2% 13% 합계 50,582 44,779 41,298 39,093 47,248 21% 7% 2010 2011 YoY 48,952 27,472 44% 3,625 2,327 36% 34,275 17,928 48% 79,377 85,446 8% 27,872 17,867 36% 6,984 3,326 52% 11,622 18,054 55% 212,706 172,419 19% 30
111. Summarized Statement of Financial Position 연결기준 본사기준 ( 단위 : 백만원 ) ( 단위 : 백만원 ) 구 분 2010 2011 유동자산 729,025 650,829 현금및현금성자산 65,030 60,813 단기금융상품 531,338 421,993 매출채권 67,147 71,939 기타 65,510 96,084 비유동자산 305,149 470,183 투자자산 49,546 32,116 유형자산 198,376 366,608 무형자산 29,949 31,550 기타비유동자산 27,278 39,909 자산총계 1,034,174 1,121,012 유동부채 189,666 188,761 차입금 2,019 지급채무 16,189 16,342 당기법인세부채 29,035 3,794 기타유동부채 142,423 168,624 비유동부채 75,387 65,795 확정급여채무 23,961 34,115 장기종업원급여채무 8,541 5,391 기타충당부채 42,885 26,288 부채총계 265,053 254,556 자본금 10,903 11,425 기타불입자본 108,821 112,114 기타자본구성요소 3,804 (4,614) 이익잉여금 632,453 734,432 외부주주지분 13,139 13,100 자본총계 769,121 866,457 구 분 2010 2011 유동자산 651,133 599,839 현금및현금성자산 9,794 21,497 단기금융상품 530,000 416,000 매출채권 58,546 59,674 기타 52,793 102,668 비유동자산 361,570 544,719 투자자산 138,153 162,613 유형자산 179,639 341,851 무형자산 24,313 23,790 기타비유동자산 19,465 16,465 자산총계 1,012,703 1,144,558 유동부채 143,222 139,899 지급채무 9,567 19,160 당기법인세부채 30,186 6,856 기타유동부채 103,469 113,883 비유동부채 65,408 40,593 확정급여채무 22,425 32,928 장기종업원급여채무 8,541 5,265 기타충당부채 34,442 기타비유동부채 2,400 부채총계 208,630 180,492 자본금 10,903 10,925 기타불입자본 108,821 112,114 기타자본구성요소 3,804 (4,580) 이익잉여금 680,544 845,608 자본총계 804,073 964,066 부채와자본총계 1,012,703 1,144,558 부채와자본총계 1,034,174 1,121,012 31
112. Summarized Income Statement 연결기준 본사기준 ( 단위 : 백만원 ) ( 단위 : 백만원 ) 구 분 2010 2011 매출액 655,904 608,904 매출원가 144,809 139,100 매출총이익 511,096 469,805 판매비와관리비 287,877 333,998 기타차익 13,922 16,166 기타차손 60,369 17,290 영업이익 176,772 134,683 금융수익 21,979 23,617 금융비용 623 1,462 법인세차감전순이익 198,128 156,838 법인세비용 50,795 39,538 외부주주지분순이익 548 (2,515) 당기순이익 146,785 119,815 구 분 2010 2011 매출액 514,657 500,177 매출원가 78,991 94,932 매출총이익 435,666 405,245 판매비와관리비 183,710 210,260 기타차익 7,146 9,405 기타차손 52,160 7,512 영업이익 206,942 196,878 금융수익 21,582 23,524 금융비용 500 법인세차감전순이익 228,524 219,902 법인세비용 48,698 42,978 당기순이익 179,826 176,925 32
121. Concept art(blade & Soul) 33
122. Concept art(guild Wars 2) 34
123. Concept art(wildstar) 35
124. Concept art(lineage Eternal) 36
Thank you 37