Investor Relations
Pearl Abyss Corp. Nov 2019 Disclaimer
This presentation contains forward-looking statements that relate to our future operations, prospects, developments, strategies, business growth, and financial outlook. Forward-looking statements are identified by words such as 'believes', 'estimates', 'expects', 'intends', 'may', 'projects', 'could', 'should', 'will', 'continue' and other similar expressions.
All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, do not guarantee future performanceandaresubjectto certainrisks,uncertainties,andotherfactorsbeyondourcontrolanddifficultto predict.
Also, Forward-looking statements are identified based on the current market situation and company's strategies, therefore, can be altered without notifications due to changesin marketor thecompany’sstrategies.
2 Contents
1. Company Overview 2. Business Overview 3. New Projects 4. Financial Summary
[ Appendix ]
3 Company Overview 1-1. Company Overview : Snapshot
◆ Company Overview Company Name Pearl Abyss Corp. Establishment Date 2010.09.10 Dae-il Kim Founder (Chairman) CEO Robin Jung (Largest shareholder, 36.2%)
Number of Employees 1,151 Settlement of Account December (as of Sep. ‘19)
No. of Issued Shares 13,023,000 Market Capitalization KRW 2.7 trillions (as of Sep. ‘19) (as of Nov. ‘19)
Stock Code KOSDAQ (263750) Listed date 2017.09.14
Address 24, Simin-daero 327 beon-gil, Dongan-gu, Anyang-si, Gyeonggi-do, 14055, Rep. of KOREA
◆ Subsidiary ◆ Shareholder Structure (as of Sep.‘19) Company Shares(%) Country Business CCP ehf. 100 Iceland Game Development and Publishing
PearlAbyss Taiwan Corp. 100 Taiwan Game publishing Treasury PearlAbyss H.K. Limited 100 Hong Kong Game publishing shares Others 7% Pearl Abyss JP Co., Ltd. 100 Japan Game publishing 43% PEARL ABYSS AMERICA, INC. 100 USA Game publishing
PearlAbyss EU B.V. 100 Netherlands Server and network services PearlAbyss SEA Pte. Ltd. 100 Singapore Server and network services Manage ments Pearl Abyss Capital, Inc. 100 Korea Investment and management consulting 50% Nettention 100 Korea Development and sales of server and N/W engines
Pearl Abyss Iceland ehf. 100 Iceland Investment and management consulting
5 1-2. Company Overview : Revenue Trend
◆ Global/Platform expansion with world-class game developing tech.
Project Release Date Status ▪ Black Desert Dec.‘14 (Korea) Over 150 countries with 12 languages ▪ Black Desert Mobile Feb.‘18 (Korea) TW(Aug.‘18), JP(Feb.‘19), global service(11 Dec. ‘19) ▪ Black Desert Console Mar.‘19 (Xbox) PlayStation release (23 Aug. ‘19) ▪ EVE Online Oct.‘18 (Secured EVE IP) Korean localization (14 Nov. ‘19)
CAGR(‘15~’18) +165% BDCXbox BDCPS BDMJP
BDM TW
BDMKor. BD Steam BD NA/EU BD Taiwan BD JP BD Turkey BD Kor. BD Russia
Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19
Region Expansion Platform Expansion Self-publishing New IPs
6 1-3. Company Overview : Q3‘19 Overview
◆ Solidified IP Value from Multi-platforms
▪ BD : Simultaneous global updates / Secret quests 152 134 133 100 ▪ BDM : Collaborations / Bespoken updates for all service regions 113 117 76 ▪ BDC : Massive updates for Xbox / PS4 release (23 Aug.)
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 ✓ Improvement in User Communication Channels
▪ Official Youtube Creator : Real-time communication with BDM users
PC Console Mobile ▪ Events : Annul ‘Fanfest event’ in Berlin
55% 62% 66% 62% 57% 73% 77% ✓ Diverse Challenges for Future Growth 12% 3% 11% ▪ Cloud Game : Provided ‘Black Desert’ for ‘Xcloud’ platform’s demonstration service 45% 38% 27% 23% 31% 27% 31% ▪ Cross-platform technology : Secured a new technology supporting cross-platform Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19
7 Business Overview 2-1. Business Overview : Black Desert IP
Available in 150 countries Available in KR, TW, JP Xbox-one / PS4
Black Desert is available on all major game platforms
9 2-2. Business Overview : Black Desert (Online)
Performance Russia Europe (Oct. ‘15) ▪ 150 Countries with 12 languages (Mar.‘16) NorthAmerica ▪ +10 millions of accumulated users Japan (Mar.‘16) Korea (May.‘15) ▪ +500 billions of cumulative sales (KRW) Turkey (Dec.‘14) (Dec.‘17) Taiwan ▪ Self-publishing from 2017 Southeast Asia South America (Jan.‘18) (Jan‘17) → Self-publishing region : TW, MENA, SEA (Jul.‘17) → Direct-publishing in Russia from Q4‘18 → Direct publishing in Korea from Jun.‘19 (New users :+10 folds, DAU : +2 folds)
Region Expansion Awards
NAEU : 2016 Best New MMORPG (mmorpg.com) 2014 2015 2015 2016 2017 2018 2018 China Korea : 2015.1Q Best Game (KOICCA) Korea Japan Russia NA/EU TW MENA SEA Japan : 2016 Best Games (Web Money) Russia : 2015 Best MMORPG (Goharu awards) Taiwan : 2017 Best Popular Game (gamer.com.tw)
10 2-3. Business Overview : Black Desert (Mobile)
Performance
Europe ▪ KR : Maintaining Top 10 game (Top-paid) (Dec.‘19) North America ▪ TW : Pre-registration at 2.79 mil.(record-high) Korea (Dec.‘19) Japan Took #1 place in the first day of launch (Feb.‘18) (Feb.‘19) ▪ JP : Top downloaded game for 15 days Southeast Asia Taiwan Ranked in 2nd place (Top-paid game) (Dec.‘19) (Aug.‘18) ▪ Global : Pre-registration at 3 mil. (for 50 days)
▪ +10 millions of download (as of Sep.‘19)
▪ 801 billions of accumulated revenue (as of Q3‘19) Region Expansion Awards
KR : 2018 Best game in 6 areas
Feb.‘18 Aug.‘18 Feb. ’19 11 Dec.‘19 Mar. ‘19 TW : 2018 Best game (Google play) Korea Taiwan Japan Global Publishing deal Top-10 popular mobile game (TW gameshow)
11 2-4. Business Overview : Black Desert (Console)
Performance ▪ Xbox
Korea NorthAmerica (Mar., Aug,‘19) (Aug.‘19) Europe (Mar., Aug.‘19) Japan (Aug.‘19) Asia → Doubled the server in 11 days of launch (Aug.‘19) (Operating 22 servers) → Ranked in one of Top paid games Australia (Aug.‘19) → Package sales : 240 thousands (in first month) ▪ PS4
Region Expansion
→ Doubled the server in 2nd day of release XBOX PlayStation (Operating21 servers) Mar. ‘19 Aug. ‘19 → Ranked in #1 Top-paid game in JP (as of Aug.) NA, EU, KR, JP, AU, NZ NA/EU → Package Sales : 317 thousands (in first month)
12 2-5. Business Overview : EVE Online
Sci-fi MMO 15 Years 40 Million 1 World-renowned IP of Service Cumulative Players Universal Server
13 2-6. Business Overview : EVE Echoes (Mobile)
Developed jointly by HARDCORE SANDBOX CCP & NetEase SCI-FI MMO
14 2-7. Business Overview : Q4 Highlights
◆ IP Life Cycle Management + Service Expansion
✓ IP Reinforcement ✓ Service Expansion
▪ Prolong PLC with upgraded live operations ▪ Region Expansion - Massive-scale updates - Black Desert Mobile for global (11 Dec. ‘19) : BD (The great expedition, succession) - EVE Online in Kor. (14 Nov. ‘19) BDM (The great desert) BDC (New classes, new languages in PS)
- User care events in KR, JP and TK ▪ Platform Expansion - Events (Halloween, Black Friday Sale) - EVE Echoes (OBT : Dec. ‘19)
▪ Improve user connectivity in G-star - Arena of ARSHA (Black Desert) / 2:2 Tournament (EVE Online) - Demonstration & firsthand experience of ‘Shadow Arena’, ‘Black Desert’, and ‘EVE Online’ ▪ Spin-off - Shadow Arena (CBT: 21 Nov. ‘19)
15 New Projects 3-1. New Projects : Shadow Arena
Title - Shadow Arena
Genre - Action Battle Royale RPG
Platform - PC (and Console, Mobile later on)
- CBT : 21~24 Nov. 2019 Schedule - Launch date : 1H 2020
- Last one survives from a 50 people battle Introduction - 6 Characters with different skill sets (+more heroes)
- A sophisticated combat with action-packed gameplay Feature - Play mode (1 : 1 or Team : Team)
17 3-2. New Projects : PLAN 8
Title - PLAN 8
- Exosuit MMO Shooter Genre (Exosuit : wearable gears or robots)
Platform - Console and PC (and Mobile later on)
Schedule - TBD
- A unique shooter game with different types of exosuits to have cool new abilities Introduction - A profound worldview with a story about fights between human vs. robots (and human vs. human)
- Realistic in-game graphics, Action-packed gameplay Feature - A vast open world MMO with combat driven features
18 3-3. New Projects : DokeV
Title - DokeV
Genre - Collectible MMORPG (for all ages)
Platform - Console and PC (and Mobile later on)
Schedule - 2020 Beta Test
- A MMO game with countless creatures, traversing through a vast world filled with in-game adventures and events Introduction - Adventures finding and collecting DokeV whom you could be by changing your character
- Open world with exceptional and unique graphics Feature - A family-oriented game for all demography and ages
19 3-4. New Projects : Crimson Desert
- Crimson Desert Title (Subtitle: A saga Written in Blood)
Genre - Epic-fantasy MMORPG
Platform - Console and PC (and Mobile later on)
Schedule - 2020 Beta Test
- A mercenary story of growth and overcoming desperation Introduction - An immersive single-player mode with engaging quests and MMORPG format with the band of mercenaries
- Realistic characters and cut-scenes Feature - Open world MMORPG with a vast amount of content
20 Financial Summary 4-1. Financial Summary : Operating Performance
◆ Operating Revenue : 134.4bil., Operating Profit : 39.5bil., Net Profit : 43.8bil. (in KRW)
Operating Revenue Operating Profit Net Profit
(Unit: KRW in billions, %)
44% 152.3 52% 132.6 134.4 37% 34% 33% 29% 117.0 19% 14% 99.6 15% 11% 60.3 56.9
51.7 51.6 39.5 43.8
19.4 18.2 14.7 14.1
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19
YoY +14.9 % YoY -34.5 % YoY -15.3 % QoQ -11.8 % QoQ -30.6 % QoQ -15.1 %
22 4-2. Financial Summary : Revenue Breakdown
◆ Portfolio Diversification with Multi-platforms
8% 24% 24% 28% 29% 22%
152.3 31% 42% 45% 43% 14.9 132.6 134.4 70% 45% 14.5 14.6 34% 27% 28%
99.6 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Korea Asia NAEU 12.8
137.4 117.0 118.1 119.8 62% 66% 62% 57% 77% 86.8
12% 3% 11%
38% 31% 23% 31% 27%
Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Black Desert EVE PC Console Mobile
23 4-3. Financial Summary : Operating Expenses
◆ Operating Expenses : KRW 94.9bil. (QoQ -0.5%)
- Labor costs ticked up 4.8% QoQ with a 7.2% increase in employees - Commissions decreased 6.5% QoQ in line with revenue decline - Advertising costs inched up 2.6% QoQ with PS4 launch
(Unit : KRW in millions, %)
Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 QoQ YoY Ratio % of Rev.
Operating Expenses 56,676 80,185 114,472 95,352 94,853 -0.5% 67.4% 100.0% 70.6% Labor 11,879 21,249 33,987 25,461 26,688 4.8% 124.7% 28.1% 19.9% Commissions 31,461 41,238 41,148 43,818 40,971 -6.5% 30.2% 43.2% 30.5% Advertising 9,959 10,029 30,251 15,434 15,835 2.6% 59.0% 16.7% 11.8% D&A 873 2,585 3,687 4,088 4,618 13.0% 429.0% 4.9% 3.4% etc. 2,504 5,084 5,399 6,551 6,741 2.9% 169.2% 7.1% 5.0%
※ Number of employee trends (Unit: # of employee, %)
Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Ratio QoQ YoY
Employees 570 959 1,005 1,074 1,151 100.0% 7.2% 101.9%
Development 347 595 620 635 709 61.6% 11.7% 104.3%
Business / Staff 223 364 385 439 442 38.4% 0.7% 98.2%
24 Appendix
▶ Consolidated Financial Statements
25 A1. Consolidated Financial Statements
Statement of Financial Position (Unit : million KRW) 2018.12.31 2019.09.30 2018.12.31 2019.09.30 Assets Liabilities Ⅰ. Current Liabilities 115,077 165,879 Ⅰ. Current Assets 354,489 500,934 Other liabilities 25,933 40,552 Cash and Cash Equivalents 228,971 185,083 Short-term borrowings 20,000 20,000 Income taxes payable 23,503 7,937 ST Financial Instruments 53,092 215,984 Current portion of long-term debt 20,000 20,000 Financial assets measured at fair value 0 4,551 Lease liabilities 0 3,789 AFS financial assets 3,958 6,056 Other current liabilities 25,628 44,238 Finance lease obligations 13 0 Account receivables 50,015 77,497 Non-current financial liabilities at fair value 0 29,363 Other Current Assets 18,452 11,763 Ⅱ. Non-Current Liabilities 189,428 188,484 Other liabilities 1,740 2,335 Ⅱ. Non-Current Assets 358,041 398,400 Long-term debt 115,905 120,065 Account receivables 16,550 16,845 Provision 385 571 Other non-current liabilities 0 12,717 LT Financial Instruments 128 135 Deferred tax liabilities 23,691 24,415 Lease liabilities 0 28,381 Financial assets measured at fair value 6,407 5,422 Non-current financial liabilities at fair value 27,330 0 AFS financial assets 0 203 Finance lease obligations 20,377 0 Total Liabilities 304,504 354,363 Tangible Assets 35,646 55,421 Capital Intangible Assets 287,723 303,035 Ⅰ. Capital stock 6,472 6,512 Ⅱ. Capital Surplus 192,111 200,034 Investment in affiliated companies 736 842 Ⅲ. Retained Earnings 231,580 341,135 Deferred tax asset 9,711 15,465 Ⅳ. Capital Adjustments (18,972) (14,926) Ⅴ. Accumulated other comprehensive Income (3,165) 12,217 Other non-current assets 1,140 1,032 Ⅵ. Non-controlling interests 0 0 Total Assets 712,530 899,334 Total Capital 408,026 544,971 ※ This financial statement may change as a result of final settlements.
26 A2. Consolidated Financial Statements
Comprehensive Income Statement (Unit : million KRW)
Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 2019Y YTD
Revenue 116,986 99,578 132,630 152,273 134,402 419,305
Operating Expenses 56,675 80,185 114,472 95,352 94,853 304,677
Operating Profit 60,311 19,393 18,158 56,921 39,549 114,628
Financial Income (1,774) 2,447 1,682 2,263 5,461 9,406
Non-Operating Income 151 (390) 252 (47) 685 891
Income from Equity Method (6) (63) (3) 62 13 72
Income before Income Tax 58,682 21,387 20,089 59,199 45,708 124,997
Income Tax Expenses 6,971 6,645 5,942 7,627 1,873 15,442
Net Profit 51,711 14,742 14,147 51,572 43,835 109,555
※ This financial statement may change as a result of final settlements.
27
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