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Growth Strategy Investor Relations 2019 Daiwa Investment Conference Hong Kong, November 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 3Q 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 3Q 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% 185People +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 3Q 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 4,306 22 18 16 1,167 325 464 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 3Q 2019 Earnings Release 1. Operating Performance 2. Programing 3. Distribution 4. Cost We Create New Culture 1 1 3Q 2019 Operating Performance <Arthdal Chronicles> <Hotel Del Luna> <Miss Lee> <Watcher> <Mr. Temporary> <The Running Mates> <Love Alarm> (1) Programming Distribution Production Revenue Revenue Revenue Trend W131.2bn w60.8bn w60.0bn 13titles (YoY +6.0%) (YoY +24.4%) (YoY -5.4%) (YoY +5 titles) Note (1) Each quarter includes all titles in progress 14 | Investor Relations 2019 – lI. 3Q 2019 Earnings Release We Create New Culture 1 1 3Q 2019 Operating Performance Summary 3Q19 Revenue (+6.0% YoY) – Hit a record high, driven by diversified business, premium IP, and expanded lineups OP (-49.2% YoY) – Maintained stable fundamentals amid last year’s high-base <Mr. Sunshine> and BEP of <Arthdal Chronices> 4Q19 Aim to reinforce influence via titles incl. <Catch the Ghost>, <Crash Landing on You>, secure a foothold for global businesses Revenue Operating Profit Net Profit Unit: Wbn Unit: Wbn Unit: Wbn 17.4% 14.0% 128.2 131.2 123.7 9.8 10.4 9.9% 8.2% 8.8% 11.4 111.8 8.4% 8.3% 101.7 5.7% 11.5 9.5 60.3 60.0 63.4 37.8 56.2 1.7% 0.4% 21.5 17.3 11.5 54.4 58.1 60.8 11.0 10.8 10.9 9.2 48.9 44.1 7.3 0.4 1.7 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 Programing Distribution Others Operating Income OP Margin Net Income NP Margin 15 | Investor Relations 2019 – lI. 3Q 2019 Earnings Release We Create New Culture 2 3Q 2019 Operating Performance Programming 3Q19 Hit a record high (+24.4% YoY) for two consecutive quarters, due to diversified platforms incl. <Spring Night>, <Dr. John> and expanded lineups 4Q19 Focus on enhancing audience concentration via a tentpole and diversified genres, despite temporary decrease in number of lineups under OCN’s channel strategy Programming Revenue Production Trend Note (1) Unit: Wbn Unit: Titles 100.0% 100.0% 100.0% 60.8 58.1 90.9% 54.4 3.7 10.4 76.9% 48.9 0.6 0.2 44.1 0.2 53.8 54.4 48.7 50.4 43.9 13 11 12 11 8 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 Captive Non-captive Current Titles % of Captive Titles Note (1) Each quarter includes all titles in progress 16 | Investor Relations 2019 – lI. 3Q 2019 Earnings Release We Create New Culture 3 3Q 2019 Operating Performance Distribution 3Q19 Posted solid revenue, driven by continued market influence through large-scaled IPs incl. <Arthdal Chronicles>, <Hotel Del Luna> and the first Netflix original drama <Love Alarm> 4Q19 Enlarge competitive edge via diversified regional sales and enhanced sales efficiency based on strong brand recognition Distribution Revenue No. of Library Sales Unit: Wbn Unit: Titles ※ Note(1) 0.61bn 0.35bn 0.45bn 0.44bn 0.41bn 148 136 22 63.4 126 60.3 60.0 14 56.2 5 108 104 37.8 17 25 46.2 42.2 43.9 42.6 121 122 126 24.8 87 83 18.1 17.2 13.0 13.6 16.1 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 Domestic International Old Titles New Titles Note (1) Average distribution revenue per title (distribution revenue / number of library sales) 17 | Investor Relations 2019 – lI. 3Q 2019 Earnings Release We Create New Culture 4 3Q 2019 Operating Performance Cost 3Q19 OPEX W120.3bn (+17.6% YoY) : COGS Ratio 88.3% (+8.4%p YoY), SG&A Ratio 3.3% (+0.6%p YoY) 4Q19 Continue pre-emptive investment to strengthen drama quality, aim to stabilize cost efficiency COGS and SG&A Ratio OPEX Unit : % Unit: Wbn 93.6 3Q18 4Q18 1Q19 2Q19 3Q19 88.0 88.3 86.6 COGS 98.9 95.2 96.8 112.8 115.9 79.9 Labor Costs 1.8 2.8 1.9 2.4 2.3 Dep. & Amort. 0.1 0.1 0.3 0.3 0.4 5.9 Commissions 0.5 0.7 0.9 0.8 0.8 3.6 3.6 3.3 Marketing 0.1 0.0 0.0 0.2 0.0 2.7 Others 0.8 2.5 0.9 0.9 0.8 3Q18 4Q18 1Q19 2Q19 3Q19 OPEX 102.2 101.3 100.8 117.4 120.3 COGS Ratio SG&A Ratio 18 | Investor Relations 2019 – lI. 3Q 2019 Earnings Release III Growth Strategy 1. Media Industry 2. Production & Business Capability 3. Global 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 - ① Production Capability 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 - ② Business Capability Movie Game Performance OIMU Bad Guys: <Arthdal Chronicles> < > <The Guest> <Another Miss Oh> <Movie Rock> (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 - G.L.O.B.A.L Growth drivers – “G.L.O.B.A.L”, Sizable top-line and profit expansion G L O B A L Growth Localization Original Build Accelerate Long-tail overseas U.S./Asia original core OTT competition revenue co-planning Dragon U.S. drama capabilities digital expansion proportion co-production 50% + new + 2020 Memories of <Live> < > new the Alhambra 23 | Investor Relations 2019 – lII. Growth Strategy We Create New Culture II.3 Growth Strategy - Global Roadmap Distribution Overseas Domestic Overseas Domestic Domestic Overseas 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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