Naver : 4Q 2015 NAVER Earnings Release

슬라이드 1 Fourth Quarter and FY2015 Earnings Results

January 28, 2016

ⓒ NAVER Corp.

Disclaimer

All financial information contained in this document is based on K-IFRS.

This document contains information and financial data that have not been audited by an independent auditor. The reason for our earnings release announcement prior to an independent auditor's audit is to communicate our financial results to the market and investors in a timely manner.

Therefore, the information and financial data contained in this document are subject to change upon

an independent auditor's audit.

The company does not make any representation or warranty, as to the accuracy or completeness

of the information contained in this material. And we are not responsible for the update on content that described current facts.

1. Earnings Summary (Consolidated)

   
   

   
   

   (bn KRW)	4Q14	3Q15	4Q15	Growth		2015	Growth
   				Y/Y	Q/Q		Y/Y
   Operating revenue	746.8	839.7	890.0	19.2%	6.0%	3,251.2	17.9%
   Ads	540.2	587.0	646.9	19.7%	10.2%	2,322.4	15.0%
   Contents	192.3	235.1	217.3	13.0%	-7.6%	851.3	25.8%
   Other	14.3	17.6	25.9	80.4%	46.8%	77.4	23.4%
   Operating expenses	553.0	640.2	686.5	24.1%	7.2%	2,489.0	24.4%
   Operating income	193.9	199.5	203.6	5.0%	2.0%	762.2	0.5%
   Margin(%)	26.0%	23.8%	22.9%	-3.1%p	-0.9%p	23.4%	-4.0%p
   Pre-tax income	198.1	189.5	134.2	-32.3%	-29.2%	708.3	7.5%
   Tax	67.7	72.7	-7.3	n/a	n/a	191.3	-19.3%
   Net income from continuing operations	130.4	116.8	141.5	8.5%	21.1%	517.0	22.6%
   Discontinued operations income	-0.7	-	-	n/a	n/a	-	n/a
   Net income	129.7	116.8	141.5	9.1%	21.1%	517.0	14.4%

   * To reflect the nature of the sales, LINE character goods revenue was reclassified as other revenue from contents revenue

   • Stock-based compensation(SBC) in 4Q15 was 27.5 bn KRW, and ex-SBC operating income was 231.0 bn KRW with the margin of 26.0%

   • Accumulated deferred revenue of LINE in 4Q15 was 88.6bn KRW, resulting from such permanent items as sticker, free coin, theme, play, game, etc.

2. / Fourth Quarter and FY2015 Earnings Results

   
   

3. Revenue Proportion (Consolidated)







PC vs. Mobile Domestic vs. Overseas




(bn KRW)

(bn KRW)







746.8 740.6




780.8




839.7

890.0




746.8




740.6




780.8




31%




839.7




35%

890.0




33%




48% 49%51%

56%

56%

32% 33%







52% 51% 49% 44% 44%

68% 67% 69% 65%

67%




4Q14	1Q15	2Q15	3Q15	4Q15	4Q14	1Q15	2Q15	3Q15	4Q15
PC	Mobile	Domestic	Overseas




1. / Fourth Quarter and FY2015 Earnings Results