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Revenue Operating Profit Net Profit Investor Relations 2019 Shinhan Investment US NDR, August 2019 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 2Q 2019 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 2019 TABLE OF CONTENTS I Studio Dragon at a Glance II 2Q 2019 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 1 Highlights (1) (1) (1) (2) DOMESTIC M/S REVENUE GROWTH INTL. REVENUE CREATORS 27% 32% 29% 183People +4Titles +64.1% +16.0% +11.9% +1.6%p 110.2 26 51.8 40.1 5.0 35.9 44.7 22 67.2 3.4 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 Production Trend International Revenue Domestic VOD Payment to Creators Viewer Rating (3) (Titles) (Wbn) (Wbn) (Wbn) (%) Note (1) As of 2018, (2) As of 2Q 2019, (3) Refers to household average viewer ratings; Excludes Olive’s series <Dear My Room> 5 | Investor Relations 2019 – I. Studio Dragon at a Glance We Create New Culture I.2 Comprehensive Studio 6 | Investor Relations 2019 – I. Studio Dragon at a Glance We Create New Culture I.3 Studio Dragon at a Glance 26 4,178 22 18 16 995 343 464 Studio Dragon 2015 2016 2017 2018 Note (1) Each companies’ audit report (consolidated basis) 7 | Investor Relations 2019 – I. Studio Dragon at a Glance We Create New Culture I.4 Studio Centered Industry Change 8 | Investor Relations 2019 – I. Studio Dragon at a Glance We Create New Culture I.5 No. 1 Studio in Korea ① Production Capability (1) 9 | Investor Relations 2019 – I. Studio Dragon at a Glance We Create New Culture I.5 No. 1 Studio in Korea ① Production Capability (2) 10 | Investor Relations 2019 – I. Studio Dragon at a Glance We Create New Culture I.5 No. 1 Studio in Korea ② Business Capability 11 | Investor Relations 2019 – 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 26 379.6 22 286.8 18 16 195.5 97.4 86.1% 93.5% 83.6% 85.4% 2015 2016 2017 2018 2015 2016 2017 2018 Note Companies’ homepage and other sources 12 | Investor Relations 2019 – I. Studio Dragon at a Glance II 2Q 2019 Earnings Release 1. Operating Performance 2. Programing 3. Distribution 4. Cost We Create New Culture 1 1 2Q 2019 Operating Performance <Her Private Life> <Abyss> <Search: WWW> <Arthdal Chronicles> <Spring Night> <Save Me 2> <Voice 3> International Domestic (1) Production Distribution Distribution Revenue Trend Revenue Revenue W128.2bn w42.2bn w18.1bn 11titles (YoY +72.6%) (YoY +156.3%) (YoY +46.5%) (YoY +3 titles) Note (1) Each quarter includes all titles in progress 14 | Investor Relations 2019 – lI. 2Q 2019 Earnings Release We Create New Culture 1 2Q 2019 Operating Performance Summary 2Q19 Strengthened overall production excelled programming and distribution revenue amid BEP of <Arthdal Chronicles> Strong top-line and profit growth 2H19 Expand influence via launching a big-budget title <Crash Landing of Love>, <Melting me Softly>, etc. and diversifying platforms (<Dr. John> - SBS, <Love Alarm> - Netflix original, etc.) Revenue Operating Profit Net Profit Unit: Wbn Unit: Wbn Unit: Wbn 17.4% 14.0% 128.2 12.0% 123.7 9.9% 9.9% 9.8 8.4% 8.2% 11.4 111.8 101.7 5.7% 11.5 9.5 60.3 74.3 63.4 11.4 37.8 56.2 0.4% 1.7% 21.5 17.3 28.8 54.4 58.1 11.0 10.8 8.9 9.2 48.9 44.1 7.3 34.1 7.3 0.4 1.7 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Programing Distribution Others Operating Income OP Margin Net Income NP Margin 15 | Investor Relations 2019 – lI. 2Q 2019 Earnings Release We Create New Culture 2 2Q 2019 Operating Performance Programming 2Q19 Programming revenue hit a record high, up by 70.5% YoY, driven by expanded OCN lineups and MBC <Spring Night> 2H19 Diversify story items and enhance audience concentration through lineups including <Hotel Del Luna>, <Watcher>, <Crash Landing of Love>, etc. Programming Revenue Production Trend Note (1) Unit: Wbn Unit: Titles 100.0% 100.0% 100.0% 100.0% 58.1 90.9% 54.4 3.7 48.9 0.6 0.2 44.1 0.2 34.1 1.0 53.8 54.4 12 48.7 11 11 43.9 33.1 8 8 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Captive Non-captive Current Titles % of Captive Titles Note (1) Each quarter includes all titles in progress 16 | Investor Relations 2019 – lI. 2Q 2019 Earnings Release We Create New Culture 3 2Q 2019 Operating Performance Distribution 2Q19 Distribution revenue grew 109.2% YoY, attributable to expanded global OTT sales of titles including <Arthdal Chronicles>, <Abyss>, <Spring Night>, etc. and domestic VOD sales 2H19 Increase bargaining power through diversifying sales regions and supplying new original contents, based on content differentiation and brand recognition Distribution Revenue No. of Library Sales Unit: Wbn Unit: Titles ※ Note(1) 0.29bn 0.61bn 0.35bn 0.45bn 0.44bn 136 63.4 126 60.3 14 56.2 5 108 101 104 37.8 46.2 42.2 12 17 25 28.8 42.6 121 122 24.8 16.5 89 87 83 17.2 18.1 12.3 13.0 13.6 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Domestic International Old Titles New Titles Note (1) Average distribution revenue per title (distribution revenue / number of library sales) 17 | Investor Relations 2019 – lI. 2Q 2019 Earnings Release We Create New Culture 4 2Q 2019 Operating Performance Cost 2Q19 OPEX W117.4bn (+75.4% YoY) : COGS Ratio 88.0% (+2.3%p YoY), SG&A Ratio 3.6% (-0.8%p YoY), managing cost efficiency 2H19 Aim to reinforce and manage drama production process in order to stabilize COGS ratio COGS and SG&A Ratio OPEX Unit : % Unit: Wbn 2Q18 3Q18 4Q18 1Q19 2Q19 93.6 88.0 85.7 86.6 COGS 63.7 98.9 95.2 96.8 112.8 79.9 Labor Costs 1.6 1.8 2.8 1.9 2.4 Dep. & Amort. 0.1 0.1 0.1 0.3 0.3 Commissions 0.5 0.5 0.7 0.9 0.8 5.9 4.4 Marketing 0.2 0.1 0.0 0.0 0.2 3.6 3.6 2.7 Others 0.9 0.8 2.5 0.9 0.9 2Q18 3Q18 4Q18 1Q19 2Q19 OPEX 67.0 102.2 101.3 100.8 117.4 COGS Ratio SG&A Ratio 18 | Investor Relations 2019 – lI. 2Q 2019 Earnings Release III Growth Strategy 1. Media Industry 2. Studio Dragon 2.0 3. Global Roadmap 4. Outlook We Create New Culture II.1 Growth Strategy - Media Industry Global OTT BIGBANG Maintain competitiveness Expand Presence 20 | Investor Relations 2019 – lII. Growth Strategy We Create New Culture 2 Growth Strategy - Studio Dragon 2.0 ① Production Capability 2.0 Discover new writers Promote Producer·Director ↑ <The Crowned Clown> <Love Alarm> <Search: WWW> <Navillera> <Mr. Temporary> <Black Dog (WT)> Shin Ha-Eun Lee Ah-Yeon Kwon Do-Eun Lee Eun-Mi Sung Yong-Il Hwang Jun-Hyuk Writer Writer Writer Writer Director Director Create ↑ Hit Ratio Internalize Profits Virtuous Cycle 21 | Investor Relations 2019 – lII. Growth Strategy We Create New Culture 2 Growth Strategy - Studio Dragon 2.0 ② Business Capability Movie Game Performance OIMU Bad Guys: <Arthdal Chronicles> < > <The Guest> <Another Miss Oh> (One IP Multi Use) Vile City Remake MD Asia Memories of What’s Wrong with VR < > < > <Arthdal Chronicles> <Hotel Del Luna> <Voice> <Signal> Secretary Kim the Alhambra Memories of Emergency < > < > <Black> <MOLESKINE> <Design Goods> <Fountain Pen> the Alhambra Couple <Arthdal Chronicles> <Nine> 22 | Investor Relations 2019 – lII. Growth Strategy We Create New Culture II.3 Growth Strategy - Global Roadmap Distribution Overseas Domestic Overseas Domestic Domestic Overseas 23 | Investor Relations 2019 – lII. Growth Strategy We Create New Culture 3 Growth Strategy - Global Roadmap (Cont’d) Step 1 Step 2 Step 3 (~2018) (~2021) (2021~) “International revenue “International revenue proportion 30%” proportion 70%” Step 2 International Revenue Trend Increase in Expanded Enhanced (Unit: Wbn) selling price countries localization 35.3 29.0 22.6 23.4 110.2 84.8 67.2 44.2 1H19 48.2%↑ 1H19 100 countries↑ 1H19 6 countries↑ 2016 2017 2018 1H19 (YoY, Avg. selling price) (Excludes sales overlaps (Co-production, excludes and OTTs) OTT originals) International Revenue International Revenue to Total Revenue 24 | Investor Relations 2019 – lII. Growth Strategy We Create New Culture II.4 2019 Outlook PRODUCTION INTL. PRODUCTION INTL. GROWTH RATE 31Titles 5 Titles 30%↑ In-house Producers Production Subsidiaries 6 26 110.2 25 2018 2019E 2018 2019E Captive Non-Captive Production Trend International Revenue (Titles) (Wbn) 25 | Investor Relations 2019 – lII.
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