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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
NEXON Co., Ltd. (“Nexon”) (3659.TO), a worldwide leader in free-to-play
online games, today announced financial results for its fourth quarter
and fiscal year ended December 31, 2012. Fourth quarter revenues grew by
39% and operating income increased 5% year-over-year, both exceeding the
Company’s outlook. Full year revenues grew 24% year-over-year, and full
year operating income grew 25%.
“2012 was a pivotal year of transformation for Nexon, during which we
completed several transactions that have reshaped our business model as
our dynamic industry continues to evolve. We invested for growth in our
PC business and in the important – and rapidly growing – mobile arena,
while maintaining our strategic and operational focus and delivering
another year of solid growth,” said Seungwoo Choi, President and Chief
Executive Officer of Nexon. “We enhanced our mobile business through the
successful acquisitions of inBlue and gloops, positioning Nexon as the
leading third-party mobile game developer globally. Since acquiring
these companies, both have outperformed our expectations and each is set
to deliver a strong 2013 lineup for the domestic and international
markets. Importantly, through our recent alliance, DeNA is running
strong marketing promotions for our games on the Mobage platform. We
expect continued strength in our PC business over 2013 as we begin to
realize the returns from the large publishing deals we signed in 2012.”
“Longer term, we expect to see continued convergence between the PC and
mobile devices. As a content creator, this trend presents significant
opportunities for Nexon and increases the number of ways consumers can
enjoy our games,” continued Mr. Choi. “These industry trends, coupled
with the groundwork we have laid, position Nexon well to deliver growth
and value to our shareholders.”
Fourth Quarter Fiscal 2012 Financial Highlights
Total consolidated revenues were ¥30,937 million, an increase of 39%
over the fourth quarter of 2011 (or 30% on a constant currency basis).
Operating income was ¥9,778 million, a 5% increase from the fourth
quarter of 2011. Operating income margin was 31.6%, as a result of the
addition of significant new mobile revenues at lower margins,
increased marketing expenses, amortization expenses from our gloops
acquisition and changes in the geographic mix shift as the increase in
Japan mobile revenues caused our higher-margin China business to
decrease as a percentage of total revenue.
Net loss for the quarter was ¥94 million, below the Company’s outlook,
due to a write-down related to Nexon’s investment in JC Entertainment.
Additionally, tax expenses were higher than expected due to a new
interpretation of Korean tax regulation. Write-downs were also taken
on smaller impairments of IP and goodwill of minority investment
Adjusted net income 1 for the quarter was ¥1,033 million.
Basic earnings per share were a loss of ¥0.22. Adjusted earnings per
share were ¥2.38.
Adjusted net income is a non-GAAP measure that excludes the non-cash
amortization of goodwill related to our acquisitions (and negative
goodwill in the case of acquisitions occurring before April 1,
2010), which is required under Japanese GAAP. We provide this
information to investors for the purpose of comparing our net income
with that of companies that do not amortize goodwill or negative
goodwill associated with acquisitions in their financial results,
including those reporting in accordance with U.S. GAAP.
Revenue by Region1,4
(Millions of yen)
YoY % Change
Europe and Others2
The above table presents a breakdown of our revenue based on the
region in which revenues originate. It is not a presentation of our
revenues according to Nexon entities.
Others consists of United Kingdom, other Asian countries, and South
Constant currency percent change is the growth rate had the currency
rate not changed from Q4 2011.
Revenues are Nexon Group’s consolidated revenues, which include
Constant currency is calculated differently under Japanese GAAP
compared to U.S. GAAP. Instead of fixing the exchange rate at the
end of each quarter, we apply one of the approved methods under
Japanese GAAP and take the cumulative average from the beginning of
the year. For example, the Q2 rate is the average from the beginning
of year through Q2. Also, when converting currency for China
revenue, Tencent pays Nexon Korea in USD, which is converted to KRW
in Nexon Korea’s books and then converted to JPY for reporting
Fourth Quarter Actual Results versus Outlook
The following table shows Nexon’s results relative to the Company’s
outlook. In future disclosures, Nexon intends to present its revenues in
two categories: mobile revenues and PC revenues.
Q4 2012 Actual Results versus Outlook
(Millions of yen, except per share data)
Net income (loss)
Adjusted net income
Basic EPS (LPS)
Fiscal Year 2012 Financial Highlights
Total consolidated revenues were ¥108,448 million, an increase of 24%
over the prior fiscal year.
Operating income was ¥47,874 million, an increase of 25% over the
prior fiscal year. Operating income margin was 44.1%, slightly higher
than the 43.7% in 2011.
Net income for the year declined 1% over the prior fiscal year to
Adjusted net income for the year was ¥27,711 million, up 2% over the
prior fiscal year.
Basic earnings per share were ¥58.71. Adjusted earnings per share were
First Quarter 2013 Business Outlook
In an effort to provide shareholders with more precise information,
Nexon plans to provide a quarterly outlook rather than a full year
outlook beginning in the first quarter of 2013. The Company will
continue to provide additional detail and commentary regarding
longer-term trends in its quarterly shareholder letter and other
Nexon expects Q1 2013 revenue in the range of \28.5 billion to \30.3
billion for PC and \7.4 billion to \8.1 billion for mobile. Management
expects the PC business will benefit from Nexon’s content update
schedule, which will be more evenly weighted between Q1 and Q3 than it
was in 2012. Nexon’s mobile business, which consists of gloops, inBlue
and other studios, will benefit from a solid lineup of marketing
initiatives, particularly on the Mobage platform through our recently
announced alliance with DeNA. Further detail regarding Nexon’s Q1 2013
outlook is provided in management’s letter to shareholders, which is
available on the Company’s investor relations website.
(Millions of yen, except per share data)
Adjusted net income
Earnings per share2:
FX Rate Assumptions3
Adjusted to reflect the 1:100 stock splits that occurred on July 21,
Based on the assumptions above, every one Japanese yen move against
the U.S. dollar would have an impact of 0.32 billion yen on revenue
and 0.15 billion yen on operating income for the three months ending
March 31, 2013.
Conference Call and Webcast
Nexon management will host a conference call in English on February 13,
2013 at 10:30 p.m. Japan Standard Time (JST) / 8:30 a.m. Eastern
Standard Time (EST) for analysts and investors to discuss Nexon’s
financial results and outlook. The call can be accessed via live audio
webcast on Nexon’s Investor Relations website at http://ir.nexon.co.jp/en/.
A transcript of the conference call will also be available on Nexon’s
Investor Relations website a few days after the live webcast.
Shareholder Letter and Financial Statements
Please visit the Investor Relations section of Nexon’s website at http://ir.nexon.co.jp/en/
to view management’s fourth quarter letter to shareholders and financial
NEXON Co., Ltd. (“Nexon”) (3659.TO) is a worldwide leader in
free-to-play online games. Founded in Korea in 1994, Nexon developed one
of the world's first graphics-based massively multiplayer online games.
Nexon also pioneered the concept of microtransactions and the
free-to-play business model, setting a new standard in which play is
free, and users have the option to purchase in-game items to enhance
their experience. Nexon currently services more than 60 online games in
more than 100 countries and since its founding, Nexon has generated more
than 1.3 billion player registrations. The Company is headquartered in
Tokyo, Japan and its shares are listed on the Tokyo Stock Exchange.
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