NCSOFT PRESENTATION 014 년 10 월 NCSOFT Corporation 1 Daewangpangyo-ro 644beon-gil, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea Tel: +8--186-3300 Fax : +8--601-7787 Copyright c NCSOFT Corporation. All Rights Reserved WWW.NCSOFT.COM
Disclaimer 본자료는당사실적및향후전망에대해서투자가여러분의편의를위하여작성된자료입니다. 경영전망과관련된자료는엔씨소프트내부적인시장환경예측을기초로한것으로서, 시장환경등여건변화에따라영업성과의결과치는본자료와반드시일치하지않을수있음을양지하시기바랍니다. 여기에포함되어있는예측, 전망, 미래관련정보만을믿고이정보에만의존한투자결정을내리지 말아야하며, 투자책임은전적으로투자자자신에게있음을밝혀드립니다. K-IFRS 기준연결회사 ( 총 10 개사 ) : NC West Holdings(100%, US), NC Europe(100%, UK), NC Japan(60%, JP), NC Taiwan(85%, TW), NCSOFT Corporation(HQ, KR), NCSOFT Service(100%, KR), NC Dinos Baseball Club(100%, KR), Hotdog Studio(58%, KR), Oraion Soft(100%, KR), Ntreev Soft(76%, KR)
Contents I. Overview 1. Industry Overview. Company Overview II. Q 014 Earnings 3. Financial Highlights 4. Sales Breakdown 5. Costs Breakdown III. Investment Points 6. Opportunities 7. Catalysts 8. Strengths Appendix 9. Summarized Financial Statements 10. Screenshots 3
1-1. Industry Overview(Characteristics & Categories) 온라인게임산업의특징 고성장산업 고수익사업 글로벌시장진출 Multi-year cycle business 온라인게임소분류 MMOG (Massively Multiplayer Online Games) MOG (Multiplayer Online Games) Web Board Games 정의 수천명의게이머가온라인상의가상공간에서동시에플레이할수있는온라인게임 제한된수의게이머가동시에플레이할수있는온라인게임 체스, 포커와같은간단한카드게임 주요고객기반 하드코어유저 0~30 대남성 미드코어 & 라이트유저 10~40 대남성 & 여성 제품수명 과금체계 개발비 상대적으로긴편임 (5~10 년 ) 월정액, 일부국가박스판매 높은개발비긴개발기간 (4~5 년 ) MMOG 대비상대적으로짧은편임 인게임아이템판매프리미엄콘텐츠사용료등 비교적낮은개발비짧은개발기간 4
1-. Industry Overview(Global Market at a Glance) 온라인플랫폼은 CAGR 17% (010~015) 로게임플랫폼중가장빠른성장세지속국가별로는중국온라인게임시장이 CAGR % (010~015) 로가장빠른성장세유지 Growth Projection by Platforms (Unit : USD BN) Breakdown of Online by Regions (Unit : USD BN) 10 100 80 60 40 0 10 115 11 11 7 7 6 8 5 5 44 49 48 14 11 8 1 130 7 3 4 49 46 43 0 19 17 14 18 1 4 7 31 7 35 30 5 0 15 10 5 14 1 1 5 5 18 1 7 7 1 1 7 9 4 1 8 11 7 8 13 31 3 3 9 15 010 011 01 013E 014E 015E Online Mobile Console Arcade PC Package 010 011 01E 013E 014E 015E China Korea Europe N. America Others (Source: DFC 013, iresearch 013, PWC 013, Jamma 007~013, informa 005~008, Enterbrain 013, Playmeter 013, JOGA 013) 5
1-3. Industry Overview(Global Market, Online platform) 온라인게임은게임플랫폼중가장빨리성장하는플랫폼온라인게임의가장큰성장동력은중국시장과 MMORPG 장르임 Growth Projection Market Share Trend 35 (Unit : USD BN) 6% 6% 6% 6% 6% 6% 30 5 Online CAGR 17% (010~015) 4 7 31 5% 5% 3% 1% 19% 17% 0 15 10 5 14 8 18 11 1 14 19 17 Mobile CAGR 19% (010~015) 0 38% 37% 37% 40% 44% 47% 1% 9% 8% 15% 15% 16% 14% 16% 19% 1% % 4% 010 011 01 013E 014E 015E 010 011 01E 013E 014E 015E Online Mobile PC Package Arcade Console Mobile Online (Source: DFC 013, iresearch 013, PWC 013, Jamma 007~013, informa 005~008, Enterbrain 013, Playmeter 013, JOGA 013) 6
1-4. Industry Overview(China Market) 중국에서온라인플랫폼은게임플랫폼중독보적인성장세예상온라인게임중 MMORPG 의시장비중은약 50~60% 로전망 18 Growth Projection by Platforms (Unit : USD BN) 16 Breakdown of Online by Genre (Unit : USD BN) 15 16 14 1 10 8 6 4 0.3-7 - 0.4 9-0.7 11-0.8 13-1.0 15 14 1 10 8 6 4 7 1 4 9 5 13 11 4 3 6 6 3 5 7-011 01 013E 014E 015E - 011 01 013E 014E 015E Online Mobile Others MMORPG Casual Games Web-based Games (Source : Game White Paper 013, Ministry of Culture, Korea) (Source : GPC and IDC 013) 7
1-5. Industry Overview(Korea Market) 한국과중국에서는온라인이게임플랫폼중가장지배적일것으로예상국내게임시장에서온라인게임은 015 년까지 83% 를차지할것으로전망 1 Growth Projection by Platforms (Unit : USD BN) 100% Market Share Trend 10 8 6 0.4 0.8 1.3 1.4 1.5 90% 80% 70% 60% 50% 6% 6% 11% 15% 15% 15% 4 0.3 5 6 7 7 8 8 40% 30% 0% 86% 88% 86% 83% 83% 83% 10% - 010 011 01 013E 014E 015E 0% 010 011 01 013E 014E 015E Online Mobile Others Online Mobile Others (Source : Game White Paper 013, Ministry of Culture, Korea) 8
1-6. Industry Overview(Growth stages of Korea market) 1. 리니지 (MMORPG) : 국내온라인게임시장개척. 한게임및피망 ( 웹보드게임 ) : 온라인게임의다양화 3. 서든어택및피파온라인 ( 캐쥬얼게임 ) : FP 비즈니스모델의시초 4. 크로스파이어및던전앤파이터 : 국산게임의해외진출 5. 카카오톡게임센터 ( 모바일게임 ) : 모바일게임및플랫폼출현 Market size of online and mobile game in Korea 1 ( 단위 : 백만원 ) Stage5 : 카카오톡... 10 8 Stage4 : 크로스파이어... 1.3 1.4 1.5 6 Stage3 : 서든어택... 0.4 0.8 4 0 Stage : 한게임... 0.3 8.4 7.9 0. 7.3 6.8 6. Stage1 : 리니지... 4.8 3.4 0.1 0.1 0. 0.3 0.4 0.7 1.0 1.4 1.7..3 1998 1999 000 001 00 003 004 005 006 007 008 009 010 011 01 013E 014E 015E 9
1-7. Industry Overview(US & EU Market) 콘솔 (Console) 플랫폼은감소추세이며, 온라인및모바일은지속성장가능할것으로전망 Growth Projection by Platforms Market Share Trend in EU 70 (Unit : USD BN) 100% 60 50 3 14 3 15 3 14 3 13 3 13 3 1 90% 80% 70% 50 49 44 43 41 40 60% 50% 30 0 38 38 34 3 34 35 40% 30% 0% 50 51 56 57 59 10 0 4 4 4 5 5 6 3 3 4 4 5 6 010 011 01 013E 014E 015E 10% 0% 007 008 009 010 011 Online Mobile Console Arcade PC Package (Source :DFC 013, PWC 013, IDC 013, Informa 009, Screendigest 013) MMORPG Casual 10
-1. Company Overview(NCSOFT at a Glance) 세계최고의온라인게임개발기술과글로벌서비스역량을보유한게임산업글로벌리더 Snapshot Services 설립 : 대표이사 : 이사회 : 임직원 * : 1997 년 3 월 김택진 김택진 (CEO) 이희상 (CCO) 배재현 (CPO) 정진수 (COO) 박병무 ( 기타비상무이사 ) 오명 ( 사외이사 ) 서윤석 ( 사외이사 ) 3,100 명 Global network : Korea, North America, Europe, Japan, Taiwan 주주구성 * : Individual 4.3% Management 10% Treasury Stock 9% MMORPG Casual Games Mobile Games National Pension Service 9.6% Domestic Institution 8.6% Foreign Institution 3.7% Nexon 15% Game Portal * 014 년 8 월기준 Game Portal 11
-. Company Overview(Annual Revenues Trend) 리니지매출은견조한가운데, B&S, GW 중국상용화 ( 14) 로인한성장모멘텀기대 ( 단위 : 백만원 ) 1,000 900 800 700 600 500 400 300 00 100 0 Others Royalty Casual & Mobile Games Guild Wars Blade & Soul AION Guild Wars City of Heroes/Villains B&S 및 GW 중국 ( 14~) GW( 1) B&S( 1) 64 66 48 49 57 165 13 Lineage Lineage 아이온 ( 08) 5 6 69 6 3 96 141 9 15 10 0 57 리니지( 03) 35 13 101 65 153 111 119 119 131 147 8 88 1 리니지 ( 98) 9 183 196 05 1 113 133 118 113 115 118 111 113 13 55 7 1998 1999 000 001 00 003 004 005 006 007 008 009 010 011 01 013 014(E) 1
1998 1999 000 001 00 003 004 004 005 006 007 008 009 010 011 01 013-3. Company Overview(Hybrid Biz Model) Global Online Game Publisher NCsoft 1998 년서비스개시이래 16 년이상의장수를누리고있는리니지기본월정액제에더해서 009 년 4 분기에시작된게임아이템판매를통해급격한추가성장세실현 300,000 Lineage 연매출추이 ( 단위 : 백만원 ) 90,000 Lineage 분기매출추이 ( 단위 : 백만원 ) 84,791 50,000 00,000 인게임아이템매출 80,000 70,000 60,000 66,87 74,746 66,038 64,861 6,313 58,449 56,885 150,000 100,000 50,000 0 6,640 00 195,70 05,61 18,947 13,847 115,01 11,60 117,641 111,401 113,65 11,800 11,800 118,050 54,605 87,887 50,000 40,000 30,000 0,000 10,000-50,050 9,351 9,03 8,887 7,481 8,088 5,151 6,605 1Q 08 3Q 08 1Q 09 3Q 09 51,618 4,459 47,955 40,915 38,51 1Q 10 3Q 10 1Q 11 50,951 43,646 39,95 38,306 3Q 11 1Q 1 3Q 1 1Q 13 3Q 13 41,019 1Q 14 13
-4. Company Overview(Development & Publishing Network) 최고의게임개발자보유 ( 한국, 미국 ) 일본, 대만, 북미, 유럽등전세계에강력한퍼블리싱네트워크구축 Global Online Game Publisher NCsoft Europe NCSOFT Europe (100%) Innova System (LineageII) Gameforge (AION) Korea NCsoft Corporation (Headquarters) China Shanda (AION) Tencent (B&S, Lineage, LineageII, Punch Monster ) KongZhong (Guild Wars ) Japan NC Japan (60%, JV with Soft Bank) North America NC Interactive (100%) Carbine Studio (100%) Arenanet (100%) Taiwan NC Taiwan (85%, JV with Gamania) Gamania (Lineage) Development Studio Publishing Entity First Party Studio License Partner 14
-5. Company Overview(Never-Ending Innovation) To be launched In service Wildstar Lineage Eternal... Guild Wars Lineage Lineage AION 비행기능도입 Blade and Soul 차별화된액션성 Seamless 인스턴트던전능동형 UI 자체보유그래픽엔진도입개인화된스토리라인다이나믹퀘스트시스템 SNG 기능이도입된 MMO 차별화된모헙 초대규모전투구현 Drag skill ( 마우스를활용한 skill 사용 ) Smart view ( 상황에따른최적화된시점제공 ) Interactive object ( 주변사물을전투에활용 ) MXM 한국최초의 3D MMO 광범위한캐릭터커스터마이제이션도입 Seamless world 엔드컨텐츠로서의 UCC 도입 대규모전투인공성전도입 Shoot & Bomb 개마스터교환 play 화려한액션과컨트롤 15
3. Financial Highlights 와일드스타북미 / 유럽과길드워 중국출시효과로매출액및이익증가 매출액 영업이익 300,000 10,000 ( 단위 : 백만원 ) 50,000 00,000 150,000 100,000 50,000 19,014 169,740 10,06 178,147 13,811 0% QoQ 11% YoY 100,000 80,000 60,000 40,000 0,000 6,48 30,730 56,746 44,50 64,948 46% QoQ 4% YoY - Q 13 3Q 13 4Q 13 1Q 14 Q 14 0 Q 13 3Q 13 4Q 13 1Q 14 Q 14 70,000 60,000 50,000 40,000 30,000 0,000 10,000 58,677 31,06 세전이익 61,48 44,436 64,353 45% QoQ 10% YoY 10,000 100,000 80,000 60,000 40,000 0,000 34,18 6,97 당기순이익 45,850 36,539 5,938 45% QoQ 55% YoY 0 Q 13 3Q 13 4Q 13 1Q 14 Q 14 0 Q 13 3Q 13 4Q 13 1Q 14 Q 14 16
4. Sales Breakdown 지역별 : 글로벌출시효과로해외매출비중증가게임별 : L1 매출증가, WS 신규출시효과발생 지역별게임별 ( 로열티제외 ) ( 단위 : 백만원 ) 00,000 19,014 178,147 13,811 180,000 160,000 140,000 10,000 100,000 80,000 60,000 178,987 13,591 8,899 14,15 3,57 14,98 133,58 14,369 5,14 19,34,5 176,44 18,044 8,048,14 19,13 18,347 13,573 Others WS GW B&S AION 40,000 84,791 11,593 L 0,000 41,019 56,885 L1 - Q 13 1Q 14 Q 14 L1 : Lineage 1 B&S : Blade and Soul GW : Guild Wars WS : Wildstar 17
5. Costs Breakdown 인건비 : 인원증감에큰변화없이전분기수준기록매출변동비 : 와일드스타등의매출증가를반영하며증가마케팅비 : 글로벌출시영향으로전분기대비크게증가 D&A 및기타비용 : 특이사항없이전분기수준기록 ( 단위 : 백만원 ) * Q14 기타 : 통신비 (5,030), 임차료 (,046), 파견용역비 (4,68), 외주용역비 (3,04) 등 18
6. Opportunity 온라인게임은게임플랫폼중가장빨리성장하는플랫폼 (CAGR 17%) Game Markets by Platform Annual Revenue Trend of Blizzard 60 (Unit : USD in BN) 1,800 1,600 (Unit : USD in MN) 1,646 50 40 48 49 44 CAGR 0% 43 46 49 1,400 1,00 1,08 1,346 1,196 1,43 1,40 30 0 10 CAGR 17% 8 CAGR -% 7 5 5 4 3 1 0 18 19 17 CAGR 19% 14 14 11 8 6 7 7 7 7 7 31 1,000 800 600 400 00 160 458 696 010 011 01 013E 014E 015E Online Mobile Console Arcade PC Package - CY004 CY005 CY006 CY007 CY008 CY009 CY010 CY011 CY01 (Source: Hudson Square Research) (Source: Game White Paper 013, Ministry of Culture, Korea) 19
7-1. Catalysts (China) MMO 장르는중국온라인게임시장에서가장큰비중을차지하고있으며, 중국에서성공한 MMO 게임은연간 4,000~5,000 억원수준의매출을기록. B&S 및 GW 는 014 년상반기중국출시예상 16 Breakdown of Online by Genre (Unit : USD BN) 15 Annual revenues(fy11) of leading MMOs in China 600 (Unit : USD MN) 14 13 3 500 1 10 9 11 5 400 8 6 4 7 1 4 5 4 3 6 6 7 300 00 100-011 01 013E 014E 015E MMORPG Casual Games Web-based Games (Source : GPC and IDC 013) 0 FWJ Mir TLBB WoW Zhuxian Netease Shanda Changyou Netease Perfect World (Source : duowan.com, companies) 0
7-. Catalysts (Platform expansion) 향후기존게임및신작타이틀은다양한플랫폼으로확대될예정임본사는완성도가높은 mid to hard core 모바일게임을개발할계획이며, 자회사 * 에서는상대적으로 light 하고 trendy 한모바일게임개발에포커스를맞추고있음.......... * 핫독스튜디오 (58%), 엔트리브소프트 (76%) 1
8. Strengths 세계최고의개발력및강력한신작라인업글로벌퍼블리싱네트워크 16 년간축적된서비스경험, 기술, 노하우 In service Wildstar To be launched Lineage Eternal... Guild Wars AION Blade and Soul Hands-on demo at PAX and GamesCom in 013 Internal tests expected in 014 Launched in US and EU on June 3 014 Lineage Launched in US/EU on August 8 01 Launched in China via KongZhong on May 15 014 Lineage Launch: Sep. 1998 Accumulated Sales: KRW.3 TN (launch~013) Service Country: 6 countries Latest Quarterly Sales: KRW 57 BN Launch: Oct. 003 Accumulated Sales: KRW 1.6 TN (launch~013) Service Country: 9 countries (EU counted as one) Latest Quarterly Sales: KRW 14 BN Launch : Nov. 008 Launched in China via Tencent Aug 8 014 Accumulated Sales: KRW 1..1 TN (launch~013) Service Country: 7 countries (EU counted as one) Latest Quarterly Sales: KRW 18 BN Launched in Korea on June 30 01 PCU in Korea : 30K (PCU: Peak Concurrent Users) MXM 1 ST CBT in H 014
Appendix 9. Summarized Financial Statements 10. Screenshots 3
9-1. Summarized B/S Global Online Game Publisher NCsoft 연결기준 ( 단위 : 백만원 ) 013 1H 014 Current Assets 785,505 861,988 Cash & cash equivalents 13,331 137,635 Short-term financial instruments 378,576 401,387 Account receivables 81,390 88,94 Others 0,07 34,673 Non-current Assets 694,017 687,55 Investment assets 9,078 88,577 Tangible assets 48,310 47,331 Intangible assets 11,105 109,63 Others 41,54 41,74 Total Assets 1,479,5 1,549,43 Current Liabilities 51,845 35,135 Borrowings 3,430 - Payables,559 5,58 Current tax liabilities 40,04 10,44 Other provisions 6 38 Others 185,808 199,397 Non-current Liabilities 68,913 78,541 Defined benefit obligations 45,945 48,176 Long-term employee benefits 4,873 4,319 Others 18,096 6,045 Total Liabilities 30,759 313,676 Capital Stock 10,957 10,965 Other Paid-up Capital 119,618 10,916 Other Components of Equity (6,1) (8,143) Retained Earnings 1,016,785 1,096,07 Non-Controlling Interests 17,54 15,758 Total Stockholders Equity 1,158,763 1,35,567 Total Liabilities and Stockholders Equity 1,479,5 1,549,43 본사기준 ( 단위 : 백만원 ) 013 1H 014 Current Assets 650,03 703,161 Cash & cash equivalents 3,984 18,330 Short-term financial instruments 36,000 384,179 Account receivables 58,938 69,10 Others 05,80 31,549 Non-current Assets 739,985 730,11 Investment assets 463,146 457,637 Tangible assets 30,439 6,18 Intangible assets 6,564 5,770 Others 19,836 0,497 Total Assets 1,390,188 1,433,8 Current Liabilities 165,476 135,09 Payables 7,740 8,896 Current tax liabilities 35,061 10,05 Others 1,675 116,109 Other Provisions - - Non-current Liabilities 55,386 6,908 Defined benefit obligations 39,945 4,957 Long-term employee benefits 4,650 4,104 Derivatives Liabilities 115 115 Other Account Payble 10,676 15,73 Total Liabilities 0,86 198,117 Capital Stock 10,957 10,965 Other Paid-up Capital 19,955 131,53 Other Components of Equity 1,144 545 Retained Earnings 1,07,69 1,09,403 Total Stockholders Equity 1,169,36 1,35,165 Total Liabilities and Stockholders Equity 1,390,188 1,433,8 4
9-. Summarized P/L Global Online Game Publisher NCsoft 연결기준 본사기준 ( 단위 : 백만원 ) 013 1H 014 Sales 756,656 391,958 Cost of Sales 0,45 117,790 Gross Profit 536,04 74,168 Selling & Administrative Expense 330,969 164,699 Operating Income 05,35 109,469 Other Income 41,417 13,49 Other Expense 30,430 14,17 Income before Income Tax Expense 16, 108,789 Income Tax Expenses 57,57 19,31 Net income 158,696 89,477 Non-Controlling Interests (60) (1,599) Equity Attributable to the owners of the Parent Company 158,756 91,076 ( 단위 : 백만원 ) 013 1H 014 Sales 530,440 70,130 Cost of Sales 108,916 46,703 Gross Profit 41,53 3,46 Selling & Administrative Expense 37,43 18,161 Operating Income 184,091 95,66 Other Income 3,370 11,969 Other Expense 6,983 1,84 Income before Income Tax Expense 189,478 94,951 Income Tax Expenses 46,909 17,798 Net Income 14,569 77,153 5
10-1. Screenshot(Blade & Soul) Global Online Game Publisher NCsoft 6
10-. Screenshot(Guild Wars ) Global Online Game Publisher NCsoft 7
10-3. Screenshot(Wildstar) Global Online Game Publisher NCsoft 8
10-4. Screenshot(Lineage Eternal) Global Online Game Publisher NCsoft 9
Thank you invest@ncsoft.com 30