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Financial Statements Summary 1 Investor Relations 2018 Samsung Securities Asia NDR, November 2018 Disclaimer This financial information in this document are consolidated earnings results based on K-IFRS. This document is provided for the convenience of investors only, before the external audit on our 3Q 2018 financial results is completed. The audit outcomes may cause some parts of this document to change. In addition, this document contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, “forward-looking statements” often address our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks” or “will”. Our actual results to be materially different from those expressed in this document due to uncertainties. Investor Relations 2018 TABLE OF CONTENTS I Studio Dragon at a Glance II 3Q 2018 Earnings Release III Growth Strategy Appendix I Studio Dragon at a Glance 1. Highlights 2. Comprehensive Studio 3. Studio Dragon at a Glance 4. Studio Centered Industry Change 5. No.1 Studio in Korea We Create New Culture I.1 Highlights Guardian: <Stranger> <Mr. Sunshine> <Misaeng: Incomplete Life> <Signal> <The Legend of the Blue Sea> < The Lonely and Great God > < > Revenue Operating Profit Net Profit W286.8bn W33bn W23.8bn (CAGR(1) +40.7%) (CAGR +99.2%) (CAGR +160.8%) Note (1) Compound annual growth rate from 2014 to 2017 5 | Investor Relations 2018 – I. Studio Dragon at a Glance We Create New Culture I.2 Comprehensive Studio 6 | Investor Relations 2018 – I. Studio Dragon at a Glance We Create New Culture I.3 Studio Dragon at a Glance 400.2 101.5 38.0 48.1 2 4 Studio Dragon Note (1) Each companies’ audit report (consolidated basis) 7 | Investor Relations 2018 – I. Studio Dragon at a Glance We Create New Culture I.4 Studio Centered Industry Change 8 | Investor Relations 2018 – I. Studio Dragon at a Glance We Create New Culture I.5 No. 1 Studio in Korea ① Production Capability (1) 9 | Investor Relations 2018 – I. Studio Dragon at a Glance We Create New Culture I.5 No. 1 Studio in Korea ① Production Capability (2) 10 | Investor Relations 2018 – I. Studio Dragon at a Glance We Create New Culture I.5 No. 1 Studio in Korea ② Business Capability 11 | Investor Relations 2018 – I. Studio Dragon at a Glance We Create New Culture II.5 No. 1 Studio in Korea ③ Stable Profit Structure Annual Production Trend Production Cost to Revenue Revenue to Cost of Sales Unit: titles Unit: Wbn Note Companies’ homepage and other sources 12 | Investor Relations 2018 – I. Studio Dragon at a Glance II 3Q 2018 Earnings Release 1. Operating Performance 2. Programing 3. Distribution 4. Cost We Create New Culture II.1 3Q 2018 Operating Performance Summary 3Q18 Expanded market presence driven by new titles incl. <Mr. Sunshine> accelerated domestic and overseas distribution revenue, quarterly performance hit a record high 4Q18 Aim to reinforce competitive advantage, penetrate into new markets through diversifying genres and leading TV series trend Revenue Operating Profit Net Profit Unit: Wbn Unit: Wbn Unit: Wbn 123.7 11.4 17.4% 14.0% 13.3% 12.0% 9.8% 8.6% 9.9% 7.3% 77.5 79.9 74.3 63.4 4.8% 2.8% 72.0 7.1 12.4 7.2 11.4 23.3 32.1 25.8 28.8 21.5 17.3 41.8 48.9 8.9 39.0 40.7 34.1 10.7 7.9 6.7 7.3 5.7 3.5 2.0 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Programing Distribution Others Operating Income OPM Net Income NP Margin 14 | Investor Relations 2018 – II. 3Q 2018 Earnings Release We Create New Culture II.2 3Q 2018 Operating Performance Programming 3Q18 Revenue continuously posted solid growth of 17.1% YoY, mainly attributable to extensive anchor titles 4Q18 Increase number of big-budget titles (<Encounter>, <Memories of the Alhambra>) and TV series genre in order to diversify target audience Programming Revenue Production Trend Note (1) Unit: Wbn Unit: Titles 100.0% 100.0% 48.9 87.5% 0.2 77.8% 41.8 40.7 71.4% 39.0 6.5 7.7 34.1 10.8 1.0 48.7 9 35.3 33.0 33.1 8 8 28.2 7 7 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Captive Non-captive 진행중인 작품 % of Captive Titles Note (1) Each quarter includes all titles in progress 15 | Investor Relations 2018 – II. 3Q 2018 Earnings Release We Create New Culture II.3 3Q 2018 Operating Performance Distribution 3Q18 Revenue grew 172.0% YoY, hit a record high at W63.4bn, driven by strong growth in domestic and overseas content sales of high-quality TV series 4Q18 Expand partnerships with major players including Chinese OTTs, diversify distribution regions Distribution Revenue No. of Library Sales Unit: Wbn Unit: Titles ※ Note (1) 0.24bn 0.24bn 0.31bn 0.29bn 0.61bn 106 102 101 104 63.4 97 7 25 12 17 16 46.2 32.1 28.8 25.8 95 89 23.3 81 81 87 22.7 16.5 13.1 15.4 17.2 10.2 10.4 9.4 12.3 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Domestic Overseas Old Titles New Titles Note (1) Average distribution revenue per title 16 | Investor Relations 2018 – II. 3Q 2018 Earnings Release We Create New Culture II.4 3Q 2018 Operating Performance Cost 3Q18 OPEX W102.2bn (+44.3% YoY): COGS Ratio 79.9% (-6.2%p YoY), SG&A Ratio 2.7% (-2.6%p YoY) 4Q18 Focus on implementing balanced budget for TV series and rationalizing cost COGS and SG&A Ratio OPEX Unit: % Unit: Wbn 89.6 86.1 85.7 3Q17 4Q17 1Q18 2Q18 3Q18 82.9 79.9 COGS 66.8 64.4 66.2 63.7 98.9 Labor Costs 2.0 2.4 1.5 1.6 1.8 Dep. & Amort. 0.1 0.1 0.1 0.1 0.1 Commissions 0.4 0.4 0.5 0.5 0.5 5.3 5.5 4.4 3.7 Marketing 0.5 0.5 0.2 0.2 0.1 2.7 Others 1.0 0.7 0.7 0.8 0.8 3Q17 4Q17 1Q18 2Q18 3Q18 OPEX 70.8 68.4 69.2 67.0 102.2 COGS Ratio SG&A Ratio 17 | Investor Relations 2018 – II. 3Q 2018 Earnings Release III Growth Strategies 1. Growth Strategies 2. Growth Strategies - Domestic/Overseas We Create New Culture II.1 Growth Strategies Materialize co-production & partnerships with global players Build business model in new markets including China (Unit: Wbn) 7.3% “ ” 4.0% 3.9% 4.2% 63.4 3.2% 3.6% 2.7% 36.5 32.1 28.8 26.3 25.8 23.3 <Memories of the Alhambra> 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 <Guardian> <Stranger> <Live Up to <Because This <Live> <What’s Wrong <Mr. Sunshine> Your Name> is My First Life> with Secretary Kim> 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Distribution (domestic+overseas) Sales Avg. Viewer Rating 19 | Investor Relations 2018 – III. Growth Strategies We Create New Culture II.2 Growth Strategies – Domestic Domestic Produce more TV series, enhance quality & hit ratio Establish dominant market influence Expand No. of titles + Platforms Enhance Sales 1st. Window 2nd. Window 27+α +11.7% 2+α TV Series Market(1) 22 3 25 19 +26.3% OTT Market(2) 20172017년 20182018년 Captive Non-Captive Note (1) Studio Dragon estimates Note (2) KCC and Studio Dragon estimates (W616.7bn in 2017 W778.7bn in 2018) 20 | Investor Relations 2018 – III. Growth Strategies We Create New Culture II.2 Growth Strategies – Overseas Overseas Overseas business in Step 2 phase. Maximize distribution while focusing on build up of global competitiveness Distribution Overseas Domestic Overseas Domestic Domestic Overseas 21 | Investor Relations 2018 – III. Growth Strategies Investor Relations 2018 APPENDIX 1 Corporate Overview 2 Vision 1. [Domestic] Industry & Mid-to-Long Term Growth Strategy 2. [Overseas] Industry & Mid-to-Long Term Growth Strategy 3 Business Model Canvas 4 Financial Statements Summary 1. Financial Position 2. Income Statement 5 4Q 2018 Lineup We Create New Culture I.1 Corporate Overview Group Structure Shareholder Structure * Listed companies As of end-2017 * CJ Corp. Foreign Investors ESOP 0.43% 0.88% 39.36% Institutional Investors * CJ E&M Retail Investors 11.35% 11.68% 71.33% * Related Parties 4.32% 100% 100% 100% CJ E&M 71.33% Share Price Trend Nov. 24, 2017=100 11.17 12.17 1.18 2.18 3.18 4.18 5.18 6.18 7.18 8.18 9.18 10.18 Studio Dragon KOSPI KOSDAQ 23 | Investor Relations 2018 – Appendix We Create New Culture I.2 Vision 24 | Investor Relations 2018 – Appendix We Create New Culture I.2 [Domestic] Industry 25 | Investor Relations 2018 – Appendix I.2 [Domestic] Mid-to-Long Term Growth Strategy Secure Creators Hwa and Culture Dam KPJ Depot Pictures 26 | Investor Relations 2018 – Appendix We Create New Culture I.2 [Overseas] Industry Source Press reports Source KCC (Korea Communication Commissions) 27 | Investor Relations 2018 – Appendix I.2 [Overseas] Mid-to-Long Term Growth Strategy Increase co-production Derive synergies Pursue M&A and JV 28 | Investor Relations 2018 – Appendix We Create New Culture I.3 Business Model Canvas 29 | Investor Relations 2018 – Appendix 4 Financial Statements – Financial Position (Unit: Wbn) 3Q17 2Q18 3Q18 % QoQ % YoY Total Assets 270.1 476.0 491.2 3.2 81.9 Current Assets 97.4 289.1 256.9 (11.2) 163.8 Cash and Cash Equivalents 21.3 185.2 162.8 (12.1) 664.6 Others 76.1 103.9 94.0 (9.5) 23.6 Non-Current Assets 172.7 186.9 234.3 25.4 35.6 Tangible Assets 1.0 1.1 1.1 0.4 3.2 Intangible Assets 128.5 138.4 171.9 24.2 33.8 Others 43.2 47.4 61.3 29.3 41.8 Total Liabilities 111.6 90.5 91.0 0.5 (18.5) Current Liabilities 110.8 89.7 84.7 (5.6) (23.5) Non-Current Liabilities 0.8 0.8 6.3 724.7 650.6 Shareholders’ Equity 158.5 385.5 400.2 3.8 152.5 Equity Capital 125.7 333.6 333.6 0.0 165.3 Retained Earnings 30.2 48.8 66.1 35.6 119.0 Other Components of Equity 2.6 3.1 0.5 (84.8) (81.5) Key Financial Ratios Current Ratio (%) 87.9 322.2 303.3 (18.9)%p 215.4%p Net Debt (Net Cash) to Equity (%) 9.5 (48.1) (40.7) 7.4%p (50.2)%p Cash Ratio (%) 19.2 206.4 192.3 (14.1)%p 173.1%p Note (1) K-IFRS consolidated basis (2) Current Ratio = Current Assets / Current
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