Gravity Co., Ltd
(NASDAQ:GRVY)

Gravity Co., Ltd. develops, publishes, and distributes online games in South Korea, Japan, the United States, Canada, Taiwan, the Philippines, Thailand, Indonesia, Hong Kong, and internationally. It offers a massively multiplayer online role-playing game, including Ragnarok Online, Requiem, Dragonic...

Website: http://www.gravity.co.kr

Founded: 2000

Sector: Communication Services

Industry: Electronic Gaming & Multimedia

Entertainment Games

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At a glance:

Bull Thesis:

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Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-04-11	2025-03-31	2024-12-31	2024-04-12	2024-03-29	2023-12-31	2023-04-13	2022-12-31	2022-04-13	2021-12-31	2021-04-13	2020-12-31	2020-04-10	2019-12-31	2019-04-12	2018-12-31	2018-04-05	2017-12-31	2016-12-31	2015-12-31	2015-04-30	2015-03-31	2014-04-30	2014-03-31	2013-04-04	2013-03-27	2012-12-31	2012-04-27	2012-03-27	2011-12-31	2011-04-01	2011-03-01	2010-12-31	2010-04-01	2010-03-01	2009-12-31	2009-04-01	2008-12-31	2008-07-01	2008-04-01	2007-12-31	2007-04-03	2007-03-26	2006-12-31	2006-04-18	2005-12-31	2005-08-22	2005-05-12	2005-04-18	2005-03-29	2004-12-31

revenues		500,845,120,000			725,515,935,000																	17,339,523,031		26,257,395,408		40,104,850,485						38,979,077,887			43,945,590,171					33,685,656,151			34,687,370,367						58,223,490,000	58,223,490,000
online games	76,989,131,000	76,989,131,000		81,017,362,000	81,017,362,000		89,256,406,000		75,370,395,000		89,545,060,000
mobile games	405,675,976,000	405,675,976,000		629,604,084,000	629,604,084,000		358,771,544,000		320,163,555,000		298,323,908,000				239,488,896,000		82,624,332,000					704,961,958		544,160,209		1,511,693,503						1,604,976,232			1,665,848,278					880,535,004			545,935,048
other revenue	18,180,013,000	18,180,013,000		14,894,489,000	14,894,489,000		15,589,922,000		18,404,024,000		18,084,053,000				7,827,918,000		6,326,370,000
cost of revenues	306,903,066,000	306,903,066,000		484,958,333,000	484,958,333,000		267,365,143,000		224,172,902,000		239,044,923,000				210,043,556,000		94,234,263,000				15,385,861,000	15,385,860,543	30,924,396,000	20,046,866,670	20,303,476,000	20,303,476,269						12,127,470,519			13,775,721,404					13,745,645,176			11,977,826,826				3,688,000	3,519,000
gross profit	193,942,054,000	193,942,054,000		240,557,602,000	240,557,602,000		196,252,729,000		189,765,072,000		166,908,098,000				76,726,869,000		47,389,218,000				1,953,662,000	1,953,662,488	11,513,559,000	6,210,528,738	19,801,374,000	19,801,374,216		31,083,576,000			30,869,739,000	26,851,607,368		30,169,869,000	30,169,868,767		26,039,168,000			19,940,010,975		22,709,544,000	22,709,543,541		35,062,582,000		9,769,000	12,286,000	49,560,720,000	49,560,720,000
yoy	-19.38%				26.77%		17.58%				117.54%						2325.66%				-90.13%	-90.13%		-80.02%				15.76%			2.32%												232365.39%		-29.25%
qoq	0.00%			0.00%																	-0.00%	-83.03%	85.39%	-68.64%	-0.00%						14.96%			0.00%								0.00%					-20.49%	-99.98%	0.00%
selling, general and administrative expenses	107,753,364,000	107,753,364,000		79,552,396,000	79,552,396,000		91,410,933,000		92,201,177,000		77,433,905,000				42,837,372,000		33,250,837,000
operating profit	86,188,690,000	86,188,690,000		161,005,206,000	161,005,206,000		104,841,796,000		97,563,895,000		89,474,193,000				33,889,497,000		14,138,381,000
yoy	-46.47%				65.03%		17.18%				164.02%
qoq	0.00%			0.00%
non-operating income and expenses		20,158,344,000			7,693,403,000
finance income	30,888,989,000			23,266,528,000			15,953,466,000		5,268,535,000		1,265,740,000				825,982,000		594,574,000
finance costs	-9,925,670,000			-14,934,727,000			-10,779,361,000		-2,686,170,000		-637,083,000				-92,202,000		-209,969,000
other non-operating income	788,898,000	788,898,000		913,359,000	913,359,000		605,316,000		606,731,000		2,867,922,000				1,369,819,000		1,444,954,000
other non-operating expenses	-1,593,873,000	-1,593,873,000		-1,551,757,000	-1,551,757,000		-739,440,000		-1,452,459,000		-4,959,662,000				-1,553,598,000		-1,509,826,000
profit before income tax expense	106,347,034,000	106,347,034,000		168,698,609,000	168,698,609,000		109,881,777,000		99,300,532,000		88,011,110,000				34,439,498,000		14,458,114,000
income tax expense	21,444,826,000	21,444,826,000		36,716,548,000	36,716,548,000		26,824,189,000		33,420,741,000		25,455,435,000				3,053,167,000		1,144,177,000					7,457,526,176		5,779,204,666	3,821,375,000	3,821,374,801		-6,654,347,000	-6,784,248,240			3,643,606,019			3,987,122,451					2,855,225,720		11,189,503,000	11,189,502,676		-641,576,000				3,328,303,000	3,328,303,000
profit for the year	84,902,208,000	84,902,208,000		131,982,061,000	131,982,061,000		83,057,588,000		65,879,791,000		62,555,675,000
profit attributable to:
owners of the parent company	84,919,277,000	84,919,277,000		132,019,054,000	132,019,054,000		83,161,723,000		65,946,650,000		62,703,088,000				31,442,803,000		13,319,047,000
non-controlling interests	-17,069,000	-17,069,000		-36,993,000	-36,993,000		-104,135,000		-66,859,000		-147,413,000				-56,472,000		-5,110,000
other comprehensive income		19,849,638,000			1,566,080,000
items that are or may be reclassified subsequently to profit or loss	19,825,684,000
foreign currency translation adjustments	19,768,017,000	19,768,017,000		1,558,944,000	1,536,445,000		285,034,000		3,273,897,000		-1,319,071,000				178,112,000		37,087,000
non-controlling interest in foreign currency translation adjustment	57,667,000
items that will not be reclassified to profit or loss	23,954,000
remeasurement of defined benefit liabilities	15,999,000	15,999,000		7,136,000	4,415,000		-3,659,000		-2,761,000
non-controlling interest in remeasurement of defined benefit liabilities	7,955,000
total comprehensive income for the year	104,751,846,000	104,751,846,000		133,548,141,000	133,548,141,000		83,338,963,000		69,150,927,000		61,236,604,000
total comprehensive income attributable to:
earnings per share attributable to the equity holders of the parent company
basic earnings per share	12,221	12,221		18,999	18,999		11,968		9,490		9,023				4,525		1,917
diluted earnings per share	12,221	12,221		18,999	18,999		11,968		9,490		9,023				4,525		1,917
financial income		30,888,989,000			23,266,528,000
financial costs		-9,925,670,000			-14,934,727,000
items that may be subsequently reclassified to profit or loss		19,825,684,000			1,558,944,000
non-controlling interest of foreign currency translation adjustments		57,667,000			22,499,000
items that will never be reclassified to profit or loss		23,954,000			7,136,000
non-controlling interest of remeasurement of defined benefit liabilities		7,955,000			2,721,000
online games – subscription revenue
online games – royalties and license fees															13,555,827,000		16,244,377,000
items that may be subsequently reclassified to income or loss
selling and administrative expenses																					10,953,787,000	10,953,786,670	20,241,905,000	14,163,089,167	19,601,087,000	19,601,087,280		21,643,123,000			22,757,622,000	20,413,673,595		18,399,549,000	18,399,548,729		18,647,985,000					32,622,630,000			36,944,086,000				15,996,807,000	15,996,807,000
operating income																						9,000,124,182		-7,952,560,429	200,287,000	200,286,936		9,440,453,000	8,462,252,055		8,112,117,000	6,437,933,773		11,770,320,000	11,770,320,038		7,391,183,000			-10,020,381,637		9,913,087,000	-9,913,086,777		-1,881,504,000		3,135,000	7,919,000	33,563,913,000	33,563,913,000
non-operating income																						1,894,337,555		2,243,247,967		4,493,589,205			5,309,227,888			5,271,354,957			5,927,326,029					5,829,785,205			10,869,118,699
interest income																					1,077,732,000	1,077,731,762	1,526,498,000	1,380,337,408	1,570,695,000	1,570,694,695		1,882,262,000	1,647,257,622		1,835,557,000	1,827,577,650		2,272,866,000	2,272,865,689		2,641,999,000			3,150,414,100		3,131,453,000	3,131,453,251		2,886,500,000		786,000	450,000	502,813,000	502,813,000
gain on foreign currency translation																					78,584,000	78,583,779	22,694,000	19,784,229	31,569,000	31,568,664			91,506,040			72,583,082			82,328,259								56,019,645
gain on foreign currency transactions																					237,037,000		509,829,000		406,127,000
gain on valuation of equity-method investments																					4,317,000	4,316,588			1,709,804,000	1,709,803,616			1,868,880,955			1,447,646,144			1,635,795,318					2,074,015,672
gain on disposal of equity-method investments																					122,705,000							311,085,000
gain on disposal of property and equipment																					4,875,000	4,874,645	1,483,000	1,482,680	7,188,000	7,188,410		1,559,000			3,518,000
other income																					369,088,000	369,087,858	230,647,000	376,404,091	768,206,000	768,207,050		219,589,000	326,992,326		528,394,000	520,021,326		150,200,000	83,662,368		169,422,000					757,198,000
non-operating expenses																						5,466,520,116		6,466,176,203		15,170,902,774			5,784,155,742			3,930,525,247			10,628,026,861					20,513,150,733			8,144,673,589
other bad debt expenses																							2,087,153,000		2,067,280,000			1,841,810,000												185,000,000			1,138,428,710
loss on foreign currency translation																					260,698,000	260,698,377	207,760,000	205,682,412	395,764,000	395,764,469			59,690,130			374,878,274			660,693,918					13,672,542			576,735,629
loss on foreign currency transactions																					193,904,000		741,851,000		764,070,000
loss on valuation of equity-method investments																					5,004,999,000	5,004,999,290	1,369,896,000	2,102,172,982	4,180,479,000	4,180,478,516			2,006,445,548			1,933,240,210			1,978,966,085					3,081,867,856
loss on impairment of equity-method investments																							70,793,000		6,732,617,000
loss on disposal of long-term available-for-sale securities																							67,835,000	67,834,609
loss on disposal of property and equipment																					21,000							1,276,000			24,153,000			6,724,000	5,363,445		55,852,000			51,787,451		29,341,000			277,486,000
loss on impairment of intangible assets																							1,741,855,000	1,344,119,878	291,094,000	291,094,431		798,958,000	798,957,970		475,425,000	475,425,016		39,013,000	39,013,338		1,807,484,000					1,487,985,000
other losses																					6,898,000	6,897,243	21,646,000	10,774,628		1,311		8,527,000	7,513,817		1,256,000	236,892		26,934,000	26,932,799		3,880,000					181,520,000
income before income taxes																												8,080,516,000			8,892,146,000			7,069,619,000			4,394,260,000												33,317,403,000	33,317,403,000
net income																						20,029,832,919		-17,954,693,331		-14,298,401,434			14,771,572,441			4,135,157,464			3,082,496,755					-27,558,972,885			-18,378,144,343				1,942,000	6,487,000	29,989,100,000	29,989,100,000
yoy																						-240.08%																					-946451.41%
qoq																																															-70.06%	-99.98%	0.00%
loss per share
basic loss per share
online games-subscription revenue																						3,319,956,905		2,446,493,355		5,437,988,285						3,932,515,964			4,774,859,839					6,393,088,491			5,642,837,873
online games-royalties and license fees																						13,095,522,110		22,060,067,331		30,485,995,147						32,780,080,049			35,878,263,413					25,152,804,069			26,481,630,832
character merchandising, animation and other revenue																						219,082,058		1,206,674,513		2,669,173,550						661,505,642			1,626,618,641					1,259,228,587			2,016,966,614
cost of revenues-games																						15,385,860,543		20,046,866,670		20,303,476,269						12,127,470,519			13,628,960,604					13,720,824,301			11,923,063,281
salaries																						3,500,423,472		4,906,162,523		5,778,272,364						6,677,513,840			6,165,967,337					6,088,721,313			6,948,970,450
severance benefits																						374,430,415		382,561,480		409,454,270						439,958,710			408,170,090					565,812,980			586,102,898
employee benefits																						654,394,148		821,735,973		977,961,165						1,088,989,424			1,155,476,756					1,326,852,481			1,155,933,296
transportation																						136,341,995		174,133,984		337,661,961						603,959,335			588,052,694					522,199,100
entertainment																						24,158,510		37,689,239		57,963,948						84,509,603			64,179,570					184,371,486
communication																						78,013,415		87,572,827		82,971,839						77,052,847			69,423,714					106,498,760
taxes and dues																						186,401,020		263,962,950		289,822,610						290,223,183			299,444,860					445,017,240			960,268,450
depreciation																						124,160,648		140,906,865		161,664,102						404,612,306			732,966,378					1,045,752,752			829,694,178
rent																						530,588,891		743,624,537		929,417,181						1,057,166,187			1,007,730,710					2,239,652,665			2,157,061,175
insurance premium																						111,967,002		141,256,213		156,260,760						184,850,922			223,839,119					274,412,427			275,389,022
vehicles maintenance																						3,806,000		4,399,000		3,207,100						7,238,000			7,362,250					28,957,900
freight expenses																						2,358,063		1,767,053		3,297,250			7,474,203			6,297,000			5,492,632					9,344,763			11,650,256
repairs expenses																						4,803,273		4,818,000		3,807,600			1,299,100			2,978,683			6,449,210					7,436,982			6,630,999
training expenses																						920,000		1,920,000		11,380,001			19,008,828			16,624,360			5,033,246					25,939,849			34,777,762
books & subscription																						4,018,160		7,325,563		17,334,461			22,851,612			25,485,557			41,487,297					78,177,155
office supplies																						23,062,935		29,446,553		36,121,300			66,783,838			39,401,408			68,763,624					106,953,475			201,208,787
commission paid																						2,547,340,990		2,784,967,695		3,298,959,172			4,007,934,541			2,320,110,532			3,749,041,358					4,029,912,578			4,985,288,245
advertising																						172,393,007		526,740,024		4,124,411,894			2,793,249,998			1,560,434,876			1,022,867,621					6,123,787,462
research and development																						2,137,844,423		2,798,864,229		2,692,107,705			1,738,494,088			4,623,793,266			1,781,797,670					6,095,858,117							2,638,000	946,000
bad debt																						248,472,921		87,960,093		5,901,168			81,274,844			444,469,729			359,149,891					35,927,140
amortization on intangible assets																						87,887,382		215,274,366		223,109,429			323,848,187			458,003,827			621,967,986					534,677,182			553,538,969
gain on foreign exchange transactions																						237,037,481		465,239,559		406,126,770		1,141,868,000	999,554,915		1,116,929,000	1,065,168,878		1,786,137,000	1,786,136,646		3,929,581,000			374,325,059		160,480,000	160,480,199		464,723,000				324,389,000	324,389,000
gain on disposal of securities under equity method																						122,705,442
other bad debt																								2,087,151,736		2,067,279,776			1,841,809,822
loss on foreign exchange transactions																						193,904,370		577,647,108		764,069,778		894,783,000	823,549,189		638,044,000	595,005,002		1,455,376,000	1,455,376,096		417,354,000			141,004,511		465,824,000	465,823,823		1,044,836,000				896,805,000	896,805,000
loss on impairment of securities under equity method																								70,792,850		6,732,616,544			235,827,637
loss on disposal of tangible assets																						20,836
loss before income tax																						12,572,306,743		-12,175,488,665																		7,188,642,000	-7,188,641,667
loss per share*
basic and diluted																						2,882		-2,584
non-operating income - sum																							2,291,151,000
loss on disposal of equity-method investments																									333,389,000			235,828,000
loss on impairment of long-term available-for-sale securities																										399,404,898						451,739,853			4,784,890,314
loss on disposal of intangible assets																									924,000	923,838
non-operating expenses - sum																							6,308,789,000
income tax expenses																							5,238,348,000								3,857,700,000			3,987,122,000			3,473,320,000										822,000	793,000
net loss attributable to owners of the parent
per share data for parent interest
number of shares																							6,948,900					6,948,900
loss on disposal of securities under equity method																										333,389,213
loss on disposal of other non-current assets																									5,880,000	5,880,000
loss on impairment of long-term abailable-for-sale securities																									399,405,000
loss on disposal of short-term available-for-sale securities																												125,000	124,629
donation																												10,237,000			100,000,000
profit before income taxes																									-10,477,026,000
gain on disposal of other non-current assets
donations																													10,237,000			100,000,000											5,890,000						3,000,000	3,000,000
income before income tax																										-10,477,026,633			7,987,324,201			7,778,763,483			7,069,619,206					-24,703,747,165					-4,092,701,000
earnings per share*
basic and diluted																										-2,058			2,126			595			444												70
cost of sales																												16,542,642,000			14,439,345,000			13,775,721,000			15,943,744,000					11,977,827,000			14,196,825,000				8,662,770,000	8,662,770,000
gain on foreign exchange translation																												100,966,000			74,524,000			82,328,000			453,241,000					56,020,000			62,544,000				2,690,000	2,690,000
gain on valuation of equity method investments																												891,628,000			1,447,646,000			1,635,795,000			1,168,261,000					569,600,000
gain on disposal of available-for-sale securities																															334,715,000
gain on valuation of available-for-sale securities																															125,000
interest expenses																															74,380,000
loss on foreign exchange translation																												110,904,000			375,230,000			660,694,000			473,369,000					576,736,000			84,490,000				143,702,000	143,702,000
loss on valuation of equity method investments																												2,006,446,000			1,541,549,000			1,978,966,000			7,944,124,000					3,570,539,000
loss on impairment of available-for-sale securities																															451,740,000			4,784,890,000			657,364,000
loss on early repayment of debt																															770,000,000
settlement loss on contractual relationship																															109,602,000
current year’s net income of the acquired business prior to the acquisition																															946,406,000
parent interest																												14,697,498,000			4,189,232,000
minority interest																												37,365,000			-101,192,000
short-term realized gain on sale of available-for-sale securities
short-term unrealized gain on available-for-sale securities
gain on disposition of property and equipment																													1,559,092			3,518,248			3,662,749					2,451,596
gain on disposition of securities under equity method																													311,084,673
gain on disposition of other non-current assets																													62,392,265
items
cost of revenues-other																																			146,760,800					24,820,875			54,763,545
compensation expenses associated with stock option																																								84,128,805
realized gain on sale of available-for-sale securities																																334,715,000
unrealized gain on available-for-sale securities																																124,629
reversal of allowance for doubtful accounts																																			62,875,000					17,774,357
unrealized loss on available-for-sale securities																																			26,815,000
loss on retirement of property and equipment																																			1,360,666					6,450,339					76,327,000
litigation charges																																			1,648,615,200					4,619,000,000
loss on valuation of available-for-sale securities																																		26,815,000
settlement cost of litigation																																		1,648,615,000
compensation expenses associated
with stock option																																			14,884,716
reversal of stock based compensation expense
interest expense																																								72,765,193		14,350,000	14,350,846		77,356,000		-651,000	-881,000	1,213,000	1,213,000
other bad debts expense
loss on disposal of equity method investments
settlement cost of class action litigation
selling, general & administrative expenses																																								29,960,392,612			32,622,630,318
utilities																																											15,193,584
gain on foreign currency translations																																								56,867,661
gain on disposition of other investments																																								26,000,000
gain on disposal of investment in properties
[unit: krw]
gain on foreign currency forward contract transactions																																										156,250,000	156,250,000		1,032,700,000
proceeds from the former chairman due to fraud																																											4,947,492,054
miscellaneous income																																								127,936,760			757,197,718		16,911,000
loss on disposition of equity method investments																																								2,264,419,181
impairment loss on available-for-sale securities																																								10,075,687,499
impairment losses on property and equipment
impairment losses on intangible assets																																											1,487,985,221
loss on foreign currency forward contract transactions																																										4,950,000	4,950,000		1,885,402,000
additional payment of income taxes																																											99,656,449
miscellaneous losses																																								1,496,161			75,973,946		19,215,000				6,676,000	6,676,000
earnings per share																																								-3,966									5,405	5,405
gain on disposal of property and investment in real property																																										1,090,626,000
receipts from former chairman																																										4,947,492,000
other bad debt expense																																										1,138,429,000
loss on impairment of property and equipment																																										675,000,000
loss from breach of contract																																													227,348,000
per share data
ordinary loss per share
transportation expenses																																											637,958,559
entertainment expenses																																											235,077,250
communication expenses																																											104,674,066
vehicles maintenance expenses																																											18,918,187
books & subscription expenses																																											48,786,507
advertising expenses																																											3,372,592,739				608,000	560,000
research and development expenses																																											9,228,756,234
bad debt expenses																																											122,409,815
stock option plan compensation costs																																											131,748,890
gain on disposition of property, plant and equipment																																											9,280,109
gain on disposal of asset held for sale																																											1,081,346,160
earnings from equity method investments																																											569,599,563		206,432,000
loss on equity method investments																																											3,570,538,346
loss on disposal of property, plant and equipment																																											29,340,619
loss on retirement of property, plant and equipment
impairment losses on property, plant and equipment																																											675,000,000
loss on disposition of intangible assets
ordinary loss																																											-7,188,641,667
extra ordinary gain
extraordinary losses
ordinary income per share:
fy 2006: krw
fy 2005: krw
earnings per share :
fy2006: krw
loss from equity method investments																																													3,188,547,000
ordinary income per share																																																	5,405	5,405
total net revenues																																															13,457,000	15,805,000
subscription revenues																																															2,691,000
royalties & license fees																																															9,602,000
mobile revenues																																															343,000
other revenues																																															821,000
operating expenses :																																															6,634,000
general and administrative																																															3,388,000	2,861,000
other income(expenses) :																																															-254,000
gain on foreign currency transaction																																															732,000	77,000
loss on foreign currency transaction																																															-1,121,000	-322,000
income before income tax expenses																																															2,881,000	7,243,000
income before minority interest & losses from equity method investee																																															2,059,000	6,450,000
equity in loss of related joint venture																																															-117,000	37,000
earnings per share																																								-3,966									5,405	5,405
basic and diluted																										-2,058			2,126			595			444												70
shares used in computation
basic and diluted																																																25,244,488
gain on disposal of property, plant and equipment																																																	37,000	37,000
gain on disposal of intangible assets																																																	9,030,000
gain on available-for-sale securities
gain from disposal of business unit
miscellaneous gains																																																	66,041,000	66,041,000
loss on disposal of available-for-sale securities																																																	1,331,000
losses from equity method investments																																																	98,783,000	98,783,000
loss on impairment of investments
gain on disposition of intangible assets																																																		9,030,000
gain on available-for-sales securities
loss on disposal of available-for-sales securities																																																		1,331,000
loss on impairment of available-for-sales securities

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-04-11	2024-12-31	2024-04-12	2024-03-29	2023-12-31	2023-04-13	2022-12-31	2021-04-13	2019-04-12	2018-12-31	2018-04-05	2018-03-30	2017-12-31	2016-12-31	2015-12-31	2015-04-30	2015-03-31	2014-04-30	2014-03-31	2013-04-04	2012-12-31	2012-04-27	2012-04-06	2012-03-27	2012-03-05	2011-12-31	2011-04-01	2011-03-01	2010-12-31	2010-04-01	2010-03-01	2009-12-31	2009-04-01	2008-12-31	2008-04-01	2007-12-31	2007-04-03	2007-04-01	2007-03-26	2006-12-31	2006-04-18	2006-04-03	2005-12-31	2005-08-22	2005-06-30	2005-05-12	2005-04-18	2005-03-29	2004-12-31	2004-04-18

assets
current assets				320,313,123,000								101,697,494,000					43,125,471,781		47,505,633,406					61,944,250,781							74,522,234,178				61,201,545,490				83,876,073,744
cash and cash equivalents	228,898,026,000		184,081,815,000			169,877,341,000		110,632,482,000											23,402,391,895																									11,812,000	11,812,000	11,791,000	15,821,935,000	15,821,935,000		15,821,935,000
short-term financial instruments	324,304,040,000	324,304,000,000	277,215,000,000		277,215,000,000	167,000,000,000	167,000,000,000	71,000,000,000	9,500,000,000	9,500,000,000	22,500,000,000		22,500,000,000	22,000,000,000	11,500,000,000	14,500,000,000		18,000,000,000	18,000,000,000	17,500,000,000	17,500,000,000	15,000,000,000	15,000,000,000			15,000,000,000	12,000,000,000		12,500,000,000	11,500,000,000		16,000,000,000	4,000,000,000	7,278,000,000		8,715,000,000	45,700,000,000	6,539,121,000		45,835,000,000	59,810,519,000	45,700,000,000	59,900,000,000	90,816,000	90,816,000	90,653,000	8,900,000,000	8,900,000,000	8,900,000,000	8,900,000,000
accounts receivable	81,152,458,000	81,152,000,000	71,212,897,000		71,213,000,000	77,256,816,000	77,257,000,000	59,761,256,000						11,819,000,000	5,289,000,000				3,777,634,986		7,116,000,000					6,436,000,000			8,242,000,000			5,907,000,000		6,540,000,000		4,820,000,000				2,163,000,000			4,784,000,000	9,000,000	9,000,000	8,984,000	5,899,888,000	5,899,888,000	7,321,000,000	5,899,888,000
other receivables	1,572,182,000	1,572,000,000	3,637,586,000		3,637,000,000	139,785,000	140,000,000	8,333,000	469,710,000	255,000,000	704,664,000		698,000,000			489,811,000
prepaid expenses	8,115,292,000	8,115,000,000	2,993,884,000		2,994,000,000	3,332,317,000	3,332,000,000	2,237,708,000	618,219,000	2,516,000,000	2,753,700,000		3,027,000,000	1,011,000,000	982,000,000				304,317,584																												16,408,000	16,408,000		16,408,000
other current financial assets	6,601,519,000	6,602,000,000	4,438,717,000		4,439,000,000	3,370,146,000	3,370,000,000	817,825,000
other current assets	2,966,272,000	2,967,000,000	3,319,107,000		3,319,000,000	790,833,000	791,000,000	2,128,113,000	1,539,476,000	1,182,000,000	1,858,280,000		1,383,000,000	1,841,000,000	996,000,000	818,048,000		706,713,000		1,008,885,000	4,097,000,000	1,414,809,000	1,113,963,000			4,905,000,000	949,418,000		5,622,000,000	1,629,563,000		4,311,000,000	1,082,156,000	5,564,000,000		5,544,000,000	1,384,301,000	1,190,728,000		4,891,000,000	1,050,541,000	1,384,301,000	10,770,000,000	5,299,000	5,299,000	5,289,000			2,258,000,000
non-current assets				56,133,360,000								9,720,122,000					16,984,379,227		35,940,889,480					56,759,120,403							26,444,523,461
property and equipment	9,957,086,000	9,957,000,000	10,150,750,000		10,151,000,000	8,140,129,000	8,140,000,000	7,695,046,000	882,089,000	1,498,000,000	476,027,000		946,000,000	593,000,000	882,000,000	474,923,000		651,535,000		1,007,536,000	3,524,000,000	1,510,385,000	1,261,672,000			2,731,000,000	1,163,382,000		2,672,000,000	1,453,968,000		2,837,000,000	2,778,127,000	5,226,000,000		7,195,000,000	5,219,076,000	4,246,307,000		8,472,000,000	7,856,327,000	5,219,076,000	11,863,000,000	15,669,000	15,669,000	15,641,000			14,951,000,000
intangible assets	7,056,548,000	7,057,000,000	6,369,958,000		6,370,000,000	3,869,478,000	3,869,000,000	3,362,879,000	1,572,714,000	1,163,000,000	988,855,000		1,036,000,000			8,906,510,000		13,573,211,000	13,573,210,684	19,286,514,000		20,151,434,000	19,905,124,000				38,475,045,000			11,831,295,000		12,455,000,000	12,510,310,000	11,154,000,000		11,686,000,000	7,866,352,000	12,310,768,000		10,393,000,000	9,345,386,000	7,866,352,000	12,750,000,000				4,545,209,000	4,545,209,000		4,545,209,000
other non-current financial assets	1,766,588,000	1,767,000,000	1,824,076,000		1,824,000,000	2,175,769,000	2,176,000,000	1,323,865,000	1,405,988,000	1,494,000,000	1,357,272,000		1,394,000,000
other non-current assets	8,451,443,000	8,451,000,000	6,984,797,000		6,985,000,000	2,481,845,000	2,482,000,000	2,814,792,000	1,880,367,000	1,438,000,000	2,078,575,000		600,000,000	153,000,000	85,000,000	229,827,000		4,346,711,000	11,324,877,611	4,234,710,000	87,000,000	4,626,697,000	4,396,183,000			475,000,000	949,339,000		1,597,000,000	1,026,706,000		1,651,000,000	1,004,714,000	1,613,000,000		1,496,000,000	1,495,733,000	967,406,000		1,547,000,000	1,476,104,000	1,495,733,000	5,963,000,000	2,948,000	2,948,000	2,943,000			2,893,000,000
deferred tax assets	5,617,488,000	5,617,000,000	5,952,134,000		5,952,000,000	5,659,521,000	5,660,000,000	3,590,069,000	7,413,106,000	7,413,000,000	3,036,165,000		3,036,000,000					5,728,000,000		8,905,000,000			8,747,000,000
total assets	686,458,942,000		578,180,721,000	376,446,483,000		444,093,980,000		265,372,368,000				111,417,616,000					60,109,851,008		83,446,522,886					118,703,371,184	118,703,000,000			105,853,000,000			100,966,757,639				95,348,692,155				121,083,388,955							142,959,000	58,048,385,000	58,048,385,000		58,048,385,000
notes
liabilities
current liabilities				41,707,393,000								59,753,549,000					5,835,639,084		7,914,388,543					9,847,425,028							8,337,706,064				8,083,683,838				10,997,883,653
accounts payable	67,929,911,000					73,549,144,000												2,747,370,000	2,747,370,416	4,094,503,000																								2,732,000	2,732,000	2,727,000	2,055,189,000	2,055,189,000		2,055,189,000
deferred revenue	26,760,732,000	26,761,000,000	18,092,463,000		18,093,000,000	18,543,037,000	18,543,000,000	13,692,283,000	6,751,978,000	16,476,000,000	14,141,070,000		16,100,000,000	9,689,000,000	4,997,000,000						3,006,000,000					4,663,000,000			5,611,000,000			3,750,000,000
withholdings	1,587,759,000	1,588,000,000	3,072,036,000		3,072,000,000	3,201,011,000	3,201,000,000	2,851,636,000	1,240,957,000	2,019,000,000	1,348,968,000		1,439,000,000			109,907,000		131,308,000	131,308,618	148,737,000		253,788,000	210,685,000				214,928,000			153,308,000			146,756,000				164,444,000	221,075,000			1,166,721,000	164,444,000					28,070,000	28,070,000		28,070,000
accrued expenses	2,651,426,000	2,651,000,000	2,313,022,000		2,313,000,000	2,040,357,000	2,041,000,000	1,364,753,000	564,621,000	1,031,000,000	343,690,000
income tax payable	6,507,227,000	6,507,000,000	16,927,054,000		16,927,000,000	5,469,061,000	5,469,000,000	9,469,833,000	1,390,798,000	1,944,000,000	1,628,368,000		1,628,000,000			112,742,000		146,384,000	146,383,737	244,685,000		312,102,000	312,103,000				373,181,000			288,651,000			362,989,000	815,000,000			162,483,000	233,389,000			693,946,000	162,483,000	552,000,000
other current liabilities	3,211,752,000	3,212,000,000	4,251,029,000		4,251,000,000	2,907,298,000	2,907,000,000	2,654,101,000	159,151,000	123,000,000	140,470,000		130,000,000	409,000,000	325,000,000						1,335,000,000					1,847,000,000			1,813,000,000			1,293,000,000		638,000,000		1,317,000,000				772,000,000			1,186,000,000	918,000	918,000	916,000			1,073,000,000
non-current liabilities				3,977,710,000								6,630,636,000					5,535,434,654		6,725,211,896					7,531,044,348							9,842,151,958				10,471,639,071				6,235,588,685
long-term accounts payable	220,108,000	220,000,000			677,000,000	373,989,000	374,000,000																																				135,000,000
long-term deferred revenue	2,571,862,000	2,572,000,000	1,784,849,000		1,785,000,000	30,239,000	30,000,000	101,015,000	3,362,537,000	3,598,000,000	6,335,827,000		6,581,000,000	4,096,000,000	6,600,000,000						9,172,000,000					7,457,000,000			8,993,000,000
other non-current liabilities	5,361,025,000	5,361,000,000	3,174,635,000		3,175,000,000	4,968,325,000	4,968,000,000	3,800,649,000	305,853,000	503,000,000	294,809,000		560,000,000	210,000,000	210,000,000						247,000,000					267,000,000			389,000,000			172,000,000		165,000,000		262,000,000				638,000,000			908,000,000	2,009,000	2,009,000	2,006,000			7,000,000
deferred tax liabilities	1,293,681,000	1,294,000,000	2,382,262,000		2,382,000,000	2,831,698,000	2,832,000,000
total liabilities	118,095,483,000	118,096,000,000	114,452,759,000	45,685,103,000	114,453,000,000	113,914,159,000	113,914,000,000	88,024,352,000		97,622,000,000		66,384,185,000	71,885,000,000	25,096,000,000	15,737,000,000	11,371,074,000	11,371,073,738		14,639,600,439		20,477,000,000			17,378,469,376	17,378,000,000	22,219,000,000	25,184,912,000	18,857,000,000	27,078,000,000	18,179,858,000	18,179,858,022	18,828,000,000	16,416,775,000	19,327,000,000	18,555,322,909	21,383,000,000	17,233,473,000	18,555,323,000	17,233,472,338	24,419,000,000	21,611,544,000	17,233,473,000		17,359,000	17,359,000	17,328,000	10,752,194,000	10,752,194,000		10,752,194,000
equity
equity attributable to owners of the parent company		567,672,000,000			463,087,000,000		329,527,000,000			76,158,000,000			44,560,000,000
share capital	3,474,450,000	3,474,000,000	3,474,450,000	3,474,450,000	3,474,000,000	3,474,450,000	3,474,000,000			3,474,000,000		3,474,450,000	3,474,000,000
capital surplus	26,979,361,000	26,979,000,000	27,098,264,000	27,482,683,000	27,098,000,000	27,098,264,000	27,098,000,000		27,482,683,000	27,141,000,000	27,482,683,000	27,482,683,000	27,164,000,000						75,380,209,013
other components of equity	23,800,551,000	23,801,000,000	4,016,535,000		4,016,000,000	2,475,675,000	2,475,000,000		-270,936,000	138,000,000	-348,479,000	-348,479,000	-40,000,000
retained earnings	513,417,859,000	513,418,000,000	428,498,582,000	299,804,247,000	428,499,000,000	296,479,528,000	296,480,000,000		47,101,922,000	45,405,000,000	14,424,777,000	14,424,777,000	13,962,000,000						-11,419,602,518		7,699,000,000			20,833,492,247		19,923,000,000			4,995,000,000		1,926,762,342	1,265,000,000			-2,076,674,908	-2,879,000,000	25,482,297,000		25,482,297,977	20,322,000,000	43,860,442,000	25,482,297,000	42,587,000,000				42,512,806,000	42,512,806,000	42,117,000,000	42,512,806,000
non-controlling interest	691,238,000	691,000,000	640,131,000		641,000,000	651,904,000	653,000,000			-606,000,000			-562,000,000	-562,000,000	-491,000,000						509,000,000					8,825,000,000			10,996,000,000			214,000,000
total equity	568,363,459,000	568,363,000,000	463,727,962,000	330,761,380,000	463,728,000,000	330,179,821,000	330,180,000,000		77,788,119,000	75,552,000,000	45,033,431,000	45,033,431,000	43,998,000,000	30,094,000,000	29,992,000,000	48,738,777,000	48,738,777,270	68,806,923,000	68,806,922,447		90,078,000,000					110,659,000,000			98,412,000,000			83,610,000,000
total liabilities and equity	686,458,942,000		578,180,721,000			444,093,980,000													83,446,522,886
total current assets		653,610,000,000			546,899,000,000		421,767,000,000			160,168,000,000			108,871,000,000	53,391,000,000	43,676,000,000	43,125,471,000		47,505,633,000		55,717,624,000	67,929,000,000	70,648,460,000	61,944,250,000			71,833,000,000	67,214,313,000		76,343,000,000	74,522,234,000		82,899,000,000	62,479,847,000	72,550,000,000		72,667,000,000	83,876,074,000	61,201,545,000		88,203,000,000	99,200,415,000	83,876,074,000		119,370,000	119,370,000	120,137,000	32,731,880,000	32,731,880,000		32,731,880,000
total non-current assets		32,849,000,000			31,282,000,000		22,327,000,000			13,006,000,000			7,012,000,000			16,984,380,000
total current liabilities		108,649,000,000			106,434,000,000		105,710,000,000			93,521,000,000			64,744,000,000	20,686,000,000	8,804,000,000	5,835,639,000		7,914,388,000		8,611,856,000	10,375,000,000	11,091,264,000	9,847,425,000			12,062,000,000	12,943,711,000		14,065,000,000	8,337,706,000		8,248,000,000	6,366,735,000	8,397,000,000		10,112,000,000	10,997,884,000	8,083,684,000		16,192,000,000	18,265,145,000	10,997,884,000		10,572,000	10,572,000	10,553,000	8,041,062,000	8,041,062,000		8,041,062,000
total non-current liabilities		9,447,000,000			8,019,000,000		8,204,000,000			4,101,000,000			7,141,000,000			5,535,435,000
account payables			61,777,889,000					52,687,616,000
long-term account payables			677,520,000					1,402,466,000
• quick assets				320,313,123,000								101,697,494,000												61,944,250,781							74,480,138,801				61,156,844,543				83,858,591,722
• investment asset				35,451,234,000								1,783,228,000												21,072,545,640							10,948,571,804				14,444,810,113				24,121,887,716
• property and equipment				4,179,602,000
• intangible asset				5,989,596,000								988,855,000												19,905,123,988							11,831,295,901				12,310,767,578				7,866,351,440
• other non-current asset				5,279,592,000								6,472,012,000												14,519,778,706							2,210,688,019
revenues				242,775,498,000								119,422,554,000					17,339,523,031							40,224,258,623	40,224,000,000						43,945,590,171				33,685,656,151				34,687,370,367
operating income				70,755,035,000																				8,462,252,055	8,462,000,000						11,770,320,038				-10,020,381,637				-9,913,086,777
net income before income tax				92,062,740,000
net income				70,169,563,000																				14,771,572,441	14,772,000,000						3,082,496,755				-27,558,972,885				-18,378,144,343
share premium
accounts receivables									24,659,595,000	60,664,000,000	38,890,644,000		42,168,000,000
investments in subsidiaries									9,464,638,000		1,783,228,000
non-current assets - sum									22,618,902,000
non-current liabilities - sum									3,668,390,000
common shares
accounts payables
• tangible asset												476,027,000												1,261,672,069							1,453,967,737				4,246,307,112				5,219,076,055
operating profit												13,675,573,000
profit before income tax												13,922,239,000
net profit												12,982,487,000
accrued expense													1,037,000,000	555,000,000	511,000,000						919,000,000													547,000,000
current assets:
leasehold and other deposits														962,000,000	954,000,000						5,767,000,000					5,924,000,000			1,711,000,000			1,496,000,000		1,501,000,000		2,412,000,000				2,719,000,000			3,402,000,000	4,246,000	4,246,000	4,238,000			4,192,000,000
other intangible assets														91,000,000	132,000,000				166,359,439		3,020,000,000					15,750,000,000			20,140,000,000
liabilities and equity
current liabilities:
accrued severance benefits														104,000,000	123,000,000						683,000,000					916,000,000	459,514,000		1,031,000,000			478,000,000		926,000,000		715,000,000	124,169,000	224,774,000		649,000,000		124,169,000	588,000,000	1,022,000	1,022,000	1,020,000	817,038,000	817,038,000	960,000,000	817,038,000
commitments and contingencies
parent company shareholders’ equity:
preferred shares, w500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2015 and 2016
common shares, w500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding at december 31, 2015 and 2016														3,474,000,000
additional paid-in capital														75,076,000,000	75,076,000,000		63,960,606,495		73,255,072,627		75,395,000,000			75,380,209,013		75,395,000,000			75,395,000,000		74,935,002,691	75,395,000,000		75,247,000,000	73,851,580,153	75,126,000,000			73,255,072,627	74,694,000,000			74,902,000,000						2,180,000,000
accumulated deficit														-48,511,000,000	-48,761,000,000																			-5,652,000,000
accumulated other comprehensive income														617,000,000	694,000,000						3,001,000,000					3,042,000,000			3,552,000,000			3,262,000,000		3,402,000,000									-201,000,000						-141,000,000
total parent company shareholders’ equity														30,656,000,000	30,483,000,000						89,569,000,000					101,834,000,000			87,416,000,000			83,396,000,000
capitalized software development cost																					17,387,000,000					18,936,000,000			13,700,000,000
goodwill																					3,863,000,000					7,477,000,000			7,991,000,000					1,451,000,000		1,451,000,000				1,451,000,000			1,451,000,000
preferred shares, w500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2014 and 2015
common shares, w500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding at december 31, 2014 and 2015															3,474,000,000
trade receivables																2,621,893,000
short-term loans receivable																6,667,000		32,778,000		55,000,000		926,233,000	926,233,000				1,972,473,000
advanced payments																17,756,000							2,823,335,000
current portion of deferred tax assets																		366,000,000					1,239,000,000
prepaid income taxes																576,092,000		694,559,000	694,558,607	963,145,000		897,447,000	897,447,000				1,014,031,000			1,227,228,000			1,296,107,000				1,215,753,000	1,330,561,000			1,140,848,000	1,215,753,000					479,292,000	479,292,000		479,292,000
non-current assets:
equity-method investments																6,463,350,000		10,377,516,000		11,811,903,000			19,996,357,000
long-term loans receivable																2,222,000		13,750,000		1,199,278,000		29,722,000	29,722,000				53,333,000			20,555,000			988,001,000				906,926,000	1,240,598,000			198,429,000	906,926,000
leasehold deposits paid																907,548,000		1,250,167,000		1,374,232,000
liabilities and shareholders’ equity
advance receipts																1,550,367,000
deferred income																2,380,805,000			2,968,959,784	2,203,565,000		3,329,629,000	3,134,985,000				1,859,668,000			3,037,021,000			2,724,061,000	3,286,000,000		3,639,000,000	5,753,474,000	3,134,229,000		6,046,000,000	4,859,340,000	5,753,474,000	5,233,000,000	5,370,000	5,370,000	5,360,000	3,887,694,000	3,887,694,000	4,392,000,000	3,887,694,000
non-current liabilities:
long-term deferred income																5,207,345,000		6,475,232,000	6,475,232,037	8,495,438,000		7,350,855,000	7,287,820,000				8,890,095,000			9,679,062,000		9,658,000,000	9,900,522,000	9,839,000,000		10,245,000,000	6,111,420,000	10,147,865,000		5,863,000,000	3,211,656,000	6,111,420,000	2,994,000,000				1,894,094,000	1,894,094,000	1,918,000,000	1,894,094,000
asset retirement obligations																210,290,000							99,000,000
leasehold deposits received																117,800,000		150,980,000		154,488,000			144,224,000
shareholders’ equity:
capital stock																									3,474,000,000			3,474,000,000
common stock																3,474,450,000	3,474,450,000		3,474,450,000					3,474,450,000							3,474,450,000				3,474,450,000		3,474,450,000		3,474,450,000		3,474,450,000	3,474,450,000					2,774,450,000	2,774,450,000		2,774,450,000
paid in capital in excess of par value																61,835,470,000		73,255,073,000		73,255,073,000																	73,255,073,000				73,255,073,000	73,255,073,000					2,117,831,000	2,117,831,000		2,117,831,000
other capital surplus																2,125,136,000		2,125,136,000	2,125,136,386	2,125,136,000
accumulated other comprehensive income and expenses
accumulated other comprehensive income of equity method investment																1,528,484,000
accumulated other comprehensive expense of equity method investment
undisposed accumulated deficit
total liabilities and shareholders’ equity																																															58,048,385,000	58,048,385,000		58,048,385,000
· quick assets																	43,125,471,781
· investment asset																	6,465,572,045
· tangible asset																	474,922,737
· intangible asset																	8,906,509,785
· other non-current asset																	1,137,374,660
accumulated other comprehensive income and loss																	1,333,553,694		1,371,865,952
income before income tax																								7,987,324,201	7,988,000,000						7,069,619,206				-24,703,747,165				-7,188,641,667
trade accounts receivable																		3,759,344,000		4,636,583,000		8,125,213,000	7,512,653,000				8,489,500,000			6,327,483,000			6,148,368,000				1,560,559,000	3,938,788,000			4,284,507,000	1,560,559,000
other accounts receivable																		230,569,000	565,553,353	250,811,000		698,195,000	691,055,000				294,254,000			162,358,000			487,294,000				1,249,675,000	343,715,000			4,847,293,000	1,249,675,000					155,525,000	155,525,000		155,525,000
advance payments																		313,278,000	1,813,278,112	1,591,969,000																	893,309,000	2,066,907,000			1,436,450,000	893,309,000					713,177,000	713,177,000		713,177,000
long-term available-for-sale securities																				647,061,000		1,046,466,000	1,046,466,000				1,066,787,000
advanced receipt																		1,920,366,000		1,920,366,000
short-term deferred income																		2,968,960,000
asset retirement obligatoins																		99,000,000		99,000,000
accumulated comprehensive income of equity method investees																		1,532,202,000		1,484,906,000
accumulated comprehensive loss of equity method investees																				-51,580,000
unappropriated retained earnings																			-11,419,602,518	6,535,091,000
quick assets																			47,505,633,406
allowance for doubtful accounts																			-18,290,031
short-term loans																			893,273,661																													121,599,000
accrued income																			359,668,942																												70,341,000	70,341,000		70,341,000
current deferred tax assets																			366,000,000	633,000,000		1,411,334,000					746,425,000
refund of income taxes receivable																			157,878,054
investment assets																			10,391,266,236
equity method investments																			10,377,516,269		647,000,000	11,761,213,000				1,444,000,000	9,573,646,000		1,336,000,000	9,409,490,000		1,100,000,000	9,454,346,000				8,326,501,000	12,526,527,000			8,704,825,000	8,326,501,000					1,670,672,000	1,670,672,000		1,670,672,000
long-term loans																			3,931,904,135																													45,666,000
tangible assets																			651,534,949
computer and equipment																			6,454,419,316
accumulated depreciation																			-5,819,516,561
vehicles																			28,110,738
furniture and fixtures																			843,767,187
leasehold improvements																			745,967,319
capitalized r&d cost																			12,542,369,221
software																			864,482,024
leasehold deposits																			1,250,166,550
long-term prepaid expenses																			48,666,664
non-current deferred tax assets																			5,728,000,000			9,125,990,000
advances received																			1,920,365,988			1,920,366,000					5,055,896,000			1,885,837,000			68,747,000				48,379,000	31,172,000				48,379,000
asset retirement obligation																			99,000,000			99,000,000					99,000,000			99,000,000			99,000,000					99,000,000
leasehold deposit received																			150,979,859			97,629,000					67,935,000			64,090,000			50,518,000				65,000,000	40,920,000			65,000,000	65,000,000					2,000,000,000	2,000,000,000	2,000,000,000	2,000,000,000
net accumulated comprehensive income of equity method investees																			1,532,202,141
net accumulated comprehensive loss of equity method investees																			-160,336,189
shareholders’ equity
total shareholders’ equity																				86,823,076,000				101,324,901,808	101,325,000,000			86,996,000,000			82,786,899,617			76,471,000,000	76,793,369,246	75,476,000,000	103,849,916,000		103,849,916,617	98,113,000,000	121,971,119,000	103,849,916,000		124,874,000	124,874,000	125,631,000	47,296,191,000	47,296,191,000		47,296,191,000
current portion of deferred income tax assets																					2,761,000,000					3,062,000,000			857,000,000			375,000,000
deferred income tax assets																					8,331,000,000					8,308,000,000																					2,964,271,000	2,964,271,000		2,964,271,000
deferred income tax liabilities																										1,517,000,000			2,600,000,000			272,000,000				49,000,000				1,077,000,000
preferred shares, ￦500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2011 and 2012
common shares, ￦500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding at december 31, 2011 and 2012																					3,474,000,000
short-term available-for-sale securities																											5,000,125,000			4,973,185,000
advances payments																						2,876,946,000					1,718,935,000			1,034,496,000			1,587,956,000
long-term financial instruments																											5,000,000
guarantee deposits																						1,376,596,000	1,376,596,000				1,358,720,000			1,183,983,000			1,176,550,000				2,639,355,000	2,177,855,000			2,701,608,000	2,639,355,000					3,915,510,000	3,915,510,000		3,915,510,000
non-current deferred tax liabilities																											2,724,657,000
advance received																							1,920,366,000																		344,200,000						70,109,000	70,109,000		70,109,000
• inventories																															42,095,377				44,700,947				17,482,022
capital adjustment																															445,206,322				1,597,604,250				1,638,096,013
accumulated other comprehensive income and expense																								1,636,750,548							2,005,478,262
short-term available-for-sale investments																													5,000,000,000			4,973,000,000
preferred shares, (won)500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2010 and 2011
common shares, (won)500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding at december 31, 2010 and 2011																										3,474,000,000
preferred shares, w500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2009 and 2010
common shares, w500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding at december 31, 2009 and 2010																													3,474,000,000
available-for-sale securities																														1,518,526,000			6,074,336,000				10,753,372,000	677,685,000				10,753,372,000
deferred revenue tax assets
current portion of deferred income tax liabilities
preferred shares, w500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2008 and 2009
common shares, w500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding at december 31, 2008 and 2009																																3,474,000,000
investments																																		2,440,000,000		20,000,000				9,776,000,000
current deferred income tax liabilities																																		18,000,000		583,000,000
minority interest																																		137,000,000		68,000,000				29,000,000			22,000,000
preferred shares, w500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2007 and 2008, respectively
common shares, w500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding as of december 31, 2007 and 2008, respectively																																		3,474,000,000
fixed assets																																			34,147,146,665				37,207,315,211
accrued litigation liabilities
preferred shares, w500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2006 and 2007, respectively
common shares, w500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding as of december 31, 2006 and 2007, respectively																																				3,474,000,000
accumulated other comprehensive loss																																				-245,000,000				-377,000,000
current deferred income tax assets																																									1,831,495,000			2,443,000	2,443,000	3,420,000
non-current deferred income tax assets																																									6,000,432,000
investments in real properties																																									8,099,137,000
other long-term accounts payable																																									134,743,000
capital adjustments																																					1,638,096,000				1,381,154,000	1,638,096,000
assets held for sale																																											8,099,000,000
accrued litigation																																								4,648,000,000
tax withholdings																																								174,000,000			1,198,000,000
preferred shares, w500 par value, 2,000,000 shares authorized, and no shares issued and outstanding at december 31, 2005 and 2006, respectively
common shares, w500 par value, 38,000,000 shares authorized, and 6,948,900 shares issued and outstanding as of december 31, 2005 and 2006, respectively																																								3,474,000,000
due from former chairman
deferred expenses																																											1,000,000
misappropriated funds receivable
current portion of long-term debt																																												803,000	803,000	802,000			1,278,000,000
current assets :
totalassets																																												142,233,000	142,233,000
liabilities&shareholders’ equity
accrued interest																																												263,000	263,000	263,000
income taxes payable																																												486,000	486,000
long term deferred income																																												3,756,000	3,756,000	3,749,000
total liabilities&shareholders’ equity																																												142,233,000	142,233,000
liabilities & shareholders’ equity
current liabilities :
income taxes payble																																														485,000
total liabilities & shareholders’ equity																																														142,959,000
available for-sale securities																																															496,313,000			496,313,000
short-term receivable																																															121,599,000			121,599,000
inventories																																															57,402,000	57,402,000		57,402,000
long-term receivable																																															45,666,000			45,666,000
other investments																																															926,033,000	926,033,000		926,033,000
property, plant and equipment																																															11,249,144,000	11,249,144,000		11,249,144,000
capital lease liabilities
losses on valuation of available-for-sale securities																																															-3,687,000			-3,687,000
gains on valuation of equity method investments
losses on valuation of equity method investments																																															-114,309,000	-114,309,000		-114,309,000
stock options																																															9,100,000	9,100,000		9,100,000
marketable securities																																																496,313,000
losses on valuation of available-for-sales securities																																																-3,687,000
deferred expense																																																	2,530,000,000
current deferred income tax asset																																																	2,684,000,000
long-term debt

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-04-11	2025-03-31	2024-04-12	2024-03-29	2023-04-13	2021-04-13	2019-04-12	2018-04-05	2018-03-30	2015-04-30	2015-03-31	2014-04-30	2014-03-31	2013-04-04	2013-03-27	2012-04-27	2012-04-06	2011-04-01	2010-04-01	2009-04-01	2008-04-01	2007-04-03	2006-04-18	2005-04-18

cash flows from operating activities		78,555,174,000		132,429,737,000							-2,834,681,650		-2,169,269,828		5,575,999,596
profit for the year	84,902,208,000	84,902,208,000	131,982,061,000	131,982,061,000	83,057,588,000	62,555,675,000			13,313,937,000
adjustments	14,492,995,000	14,492,995,000	36,164,732,000	36,164,732,000	31,362,848,000	32,132,238,000	6,558,769,000	2,392,360,000	1,997,679,000
changes in operating assets and liabilities	-3,821,168,000	-3,821,168,000	-17,915,061,000	-17,915,061,000	10,254,125,000	-12,952,425,000	-19,018,839,000	11,274,302,000	12,877,744,000
interest received	15,053,915,000	15,053,915,000	10,434,574,000	10,434,574,000	3,032,676,000	1,122,471,000	1,161,390,000	539,635,000	554,362,000
interest paid	-130,027,000	-130,027,000	-156,631,000	-156,631,000	-121,724,000	-185,742,000
income taxes paid	-31,942,749,000		-28,079,938,000		-29,306,861,000	-12,815,314,000
net cash from operating activities	78,555,174,000		132,429,737,000		98,278,652,000	69,856,903,000												6,831,718,000	15,965,002,000	11,369,538,000	-10,553,698,000	1,740,375,000	13,354,565,000	31,015,268,000
capital expenditures	-613,947,000		-2,461,226,000		-739,413,000	-1,071,379,000												-515,930,000	-233,317,000	-907,527,000	-1,841,870,000	-1,559,281,000	-6,915,082,000	0
free cash flows	77,941,227,000		129,968,511,000		97,539,239,000	68,785,524,000												6,315,788,000	15,731,685,000	10,462,011,000	-12,395,568,000	181,094,000	6,439,483,000	31,015,268,000
cash flows from investing activities		-47,034,392,000		-116,579,700,000							3,527,493,774		-3,506,569,386		-8,238,332,931
decrease in other current financial asset	6,667,000		3,079,000		5,099,000
proceeds from disposal of property and equipment	6,673,000	6,673,000	21,024,000	21,024,000	14,609,000	3,039,000						2,772,000		7,201,000		1,859,000	17,694,000	25,640,000	21,241,000	65,485,000	109,216,000
decrease in other non-current financial assets	8,496,000	8,496,000				22,479,000	3,772,670,000	7,014,000	7,014,000
increase in short-term financial instruments	-42,264,550,000	-42,264,550,000	-110,179,175,000	-110,179,175,000	-19,000,000,000	-31,500,000,000		-1,000,000,000	-500,000,000		41,500,000,000		40,000,000,000	-32,500,000,000	32,500,000,000		-25,000,000,000	-500,000,000	-7,500,000,000
purchase of property and equipment	-613,947,000	-613,947,000	-2,461,226,000	-2,461,226,000	-739,413,000	-1,071,379,000
purchase of intangible assets	-4,147,357,000	-4,147,357,000	-3,337,218,000	-3,337,218,000	-2,055,632,000	-2,624,540,000
increase in other non-current financial assets	-30,374,000	-30,374,000	-626,184,000	-626,184,000	-564,908,000	-879,063,000		-660,667,000	-430,117,000
net cash from investing activities	-47,034,392,000		-116,579,700,000		-22,340,445,000	-36,049,464,000				3,527,493,000				-8,238,333,000		-3,147,966,000	-3,081,605,000	-19,881,451,000	-16,175,047,000	-9,283,297,000	24,432,026,000	5,333,340,000	-76,214,980,000	-20,153,038,000
cash flows from financing activities		-4,641,636,000		-4,083,272,000
repayment of lease liabilities	-4,525,288,000	-4,525,288,000	-4,083,272,000	-4,083,272,000	-3,917,977,000	-2,892,567,000
cost of issuing shares of subsidiaries	-16,009,000
acquisition of non-controlling interests	-100,339,000
net cash from financing activities	-4,641,636,000		-4,083,272,000		-3,917,977,000	-2,547,245,000																	71,837,242,000	-103,694,000
effects of exchange rate changes on cash and cash equivalents	17,937,065,000	17,937,065,000	2,437,709,000	2,437,709,000	-1,247,832,000	-55,691,000	27,459,000	-596,309,000	-778,698,000
net increase in cash and cash equivalents	44,816,211,000	44,816,211,000	14,204,474,000	14,204,474,000	70,772,398,000	31,204,503,000	11,608,668,000	20,994,941,000	22,375,544,000	692,812,000						4,269,131,000		-12,638,769,000	-210,045,000	2,086,241,000	13,919,248,000	7,073,715,000	8,976,827,000	10,758,536,000
cash and cash equivalents at beginning of the year	184,081,815,000	184,081,815,000	169,877,341,000	169,877,341,000	99,104,943,000	79,427,979,000	34,990,206,000	13,995,265,000	16,719,672,000
cash and cash equivalents at end of the year	228,898,026,000	228,898,026,000	184,081,815,000	184,081,815,000	169,877,341,000	110,632,482,000
cash flows generated from operating activities		95,574,035,000		150,231,732,000
income tax paid		-31,942,749,000		-28,079,938,000			-7,133,795,000	-2,437,390,000	-2,607,286,000
cash inflow from investment activities		21,836,000		24,103,000
decrease in other current financial assets		6,667,000		3,079,000
cash outflow from investment activities		-47,056,228,000		-116,603,803,000
cash inflow from financing activities
cash outflow from financing activities		-4,641,636,000		-4,083,272,000
expense on subsidiaries share issuance		-16,009,000
acquisition of non-controlling interest		-100,339,000
cash generated from operations
net cash inflow from operating activities							14,244,670,000	24,751,394,000	26,136,436,000
increase in short‑term financial instruments
net cash outflow in investing activities
net cash outflow in financing activities
effect of exchange rate changes on cash and cash equivalents
increase in other current financial assets					-200,000
increase in other current assets
proceeds from disposal of intangible assets																	5,856,000							110,280,000
proceeds from capital contribution from non-controlling interests						361,976,000
payment of share issuance costs
increase in net short‑term financial instruments
proceeds from disposal of other intangible assets
payment of share issuance						-16,654,000
decrease(increase) in short‑term financial instruments
decrease(increase) in other non-current financial assets
decrease(increase) in other current assets
net cash inflow(outflow) in investing activities
payment of share issuance cost
proceeds from lease deposits
payment of lease deposits
purchase of other intangible assets
decrease in short term financial instruments							13,000,000,000
decrease in other current assets							3,333,000	3,333,000	3,333,000	38,055,000								63,671,000	-143,085,000	7,710,000
disposal of property and equipment							68,285,000	1,656,000	1,656,000	10,805,000
disposal of intangible assets							2,434,000	13,063,000
acquisition of subsidiaries							-18,261,560,000
acquisition of property and equipment							-797,791,000	-383,267,000	-899,011,000					-259,351,000		-1,212,340,000	-976,542,000	-515,930,000	-233,317,000	-907,527,000	-1,841,870,000	-1,559,281,000	-6,915,082,000
acquisition of intangible assets							-450,832,000	-1,141,276,000	-1,165,069,000					-3,617,255,000		-4,955,003,000	-4,747,761,000	-5,853,518,000	-2,880,130,000	-5,301,109,000	-6,352,678,000	-2,186,949,000	-7,434,265,000	-3,406,134,000
net cash outflows from investing activities							-2,663,461,000	-3,160,144,000	-2,982,194,000
net cash inflow from financing activities
decrease in short‑term financial instruments
net cash from from investing activities
net increase(decrease) in cash and cash equivalents
proceeds from short-term loans
net cash inflow (outflow) from financing activities
cash and cash equivalents at end of the year in the statements of financial position									39,095,216,000
net cash inflow (outflow) in financing activities
net income															-14,298,401,434									29,989,100,000
adjustments to reconcile net income to net cash from operating activities
depreciation and amortization
allowance for accounts receivable and other receivables
impairment loss on intangible assets and goodwill
impairment loss on property plant & equipment
provision (reversal) for accrued severance benefits
gain on foreign currency transactions
gain on disposition of property and equipment
others																					76,000,000	-9,281,000	-2,448,000
changes in operating assets and liabilities:
accounts receivable
other assets
accounts payable																					-199,867,000	-6,391,250,000	8,369,892,000
accrued expenses
deferred revenue																					-3,769,608,000
income tax payable
deferred income taxes
payment of severance benefits																							-2,207,787,000	-125,624,000
other liabilities
decrease in short-term financial instruments																						14,110,519,000
decrease in short-term loans receivables
decrease (increase) in leasehold deposits
repayment of borrowings
net decrease in cash and cash equivalents														-2,662,333,000			-2,539,645,000
cash and cash equivalents
beginning of the year										23,402,392,000		29,078,231,000		31,740,564,000		35,029,152,000	34,280,209,000	47,667,921,000	47,877,966,000	45,791,725,000
end of the year
impairment losses on property plant & equipment
equity loss on investments
gain on disposition of intangible assets
proceeds from disposal of equity method investments																					68,421,000
increase in capitalized software development costs
disposal of other non-current assets
depreciation										411,252,000	411,252,533	478,006,000	478,006,082		490,034,669	762,102,000	654,397,000	767,104,000	1,533,173,000	2,267,624,000	2,748,637,000	3,093,007,000	3,309,422,000	1,855,692,000
amortization of intangible assets										4,743,950,000		5,988,101,000		5,179,798,000		603,173,000	736,987,000	2,706,109,000	3,606,575,000	3,761,907,000	2,294,798,000	2,269,521,000	2,522,463,000	857,015,000
bad debt expenses										248,473,000		87,960,000		5,901,000			81,275,000
other bad debt expenses												2,087,152,000		2,067,280,000			1,841,810,000
loss on foreign currency translation										16,688,000	16,688,140	87,022,000	87,021,872		152,637,758
loss on valuation of equity-method investments										5,004,999,000	5,004,999,290	2,102,173,000	2,102,172,982	4,180,479,000	4,180,478,516	2,006,446,000	2,006,446,000
loss on impairment of equity-method investments												70,793,000		6,732,617,000		235,828,000	235,828,000
loss on disposal of long-term available-for-sale securities												67,835,000	67,834,609
loss on disposal of property and equipment										21,000						1,276,000			6,724,000	55,852,000	58,238,000
loss on impairment of intangible assets													1,344,119,878		291,094,431	798,958,000	798,958,000	475,425,000	39,013,000	1,807,484,000		1,487,985,000
gain on foreign currency translation											78,583,779		19,784,229		31,568,664
gain on valuation of equity-method investments											4,316,588			-1,709,804,000	1,709,803,616	-891,628,000	-1,868,881,000
gain on disposal of property and equipment											4,874,645		1,482,680	-7,188,000	7,188,410	-1,559,000	-1,559,000	-3,518,000	-3,663,000	-13,252,000	-2,452,000
gain on disposal of equity-method investments																-311,085,000	-311,085,000
decrease in trade receivables										147,395,000
increase in other receivables
decrease (increase) in accrued income										72,208,000
decrease in advanced payments										264,761,000
decrease (increase) in prepaid expenses
decrease in current portion of deferred tax assets										366,000,000	366,000,000	267,000,000	267,000,000	606,000,000	606,000,000
decrease in prepaid income taxes										118,467,000	118,466,804	268,586,000	268,586,688	-65,699,000	-65,698,687	114,158,000	114,158,000		-106,367,000	34,454,000				140,086,000
increase in long-term prepaid expenses											-181,770,000					-230,243,000	-204,781,000	-240,252,000	-157,730,000	-82,335,000
decrease in deferred tax assets										5,796,000,000		3,177,000,000
decrease (increase) in other non-current assets										4,269,654,000
decrease in accounts payable											-1,063,079,211		-383,466,305	-1,044,783,000	-1,044,782,763				-710,911,000	-1,604,645,000
decrease in withholdings											-21,401,359		-17,428,481					-90,081,000
decrease in deferred income											-1,388,119,127		-215,300,056	-1,638,873,000	-1,638,872,574
decrease in income tax payable											-33,642,231		-98,301,551		-67,417,206
decrease in long-term deferred income											-467,922,353
decrease in leasehold deposits received											-33,180,370
decrease in advanced receipts
decrease in asset retirement obligation
cash flows from investing activities:
collection of short-term loans receivable										36,250,000	36,250,032	870,694,000	870,694,331	176,250,000	176,249,892		319,750,000
disposal of equity-method investments										1,000
disposal of long-term available-for-sale securities
collection of long-term loans receivable										1,389,000	1,388,908	23,056,000	23,055,558	12,778,000	12,777,772		15,278,000			1,459,522,000
decrease in leasehold deposits										342,619,000	342,618,550	124,065,000	124,065,260	2,634,000	2,634,000	8,274,000
increase in short-term loans receivable											216,490,000		800,000,000				-125,514,000	-1,534,544,000
acquisition of equity-method investments																	-374,015,000
increase in long-term loans receivable													858,000,000	-2,965,600,000	2,965,600,000		-70,000,000	-120,000,000	-40,000,000	-345,001,000
cash flows from financing activities:
net loss											-20,029,832,919		-17,954,693,331
addition of expenses not involving cash outflows											10,425,383,477		12,313,160,868		19,839,438,456
amortization on intangible assets											4,743,949,757		5,988,100,766		5,179,797,645
bad debt											248,472,921		87,960,093		5,901,168
other bad debt													2,087,151,736		2,067,279,776
loss on impairment of securities under equity method													70,792,850		6,732,616,544
loss on disposal of tangible assets											20,836											29,341,000	277,486,000
deduction of revenues not involving cash inflows											-210,480,454		-21,266,909		-1,748,560,690
gain on disposal of securities under equity method											122,705,442
changes in assets and liabilities arising from operating activities											6,980,248,246		3,493,529,544		1,783,523,264
decrease in trade accounts receivable											147,395,030	780,689,000	780,689,775	2,314,423,000	2,314,422,600	390,143,000	501,240,000
increase in other accounts receivable											-311,870,940						-391,181,000							-37,587,000
decrease in accrued income											72,208,065					-174,433,000	-182,136,000
decrease in advance payments											264,761,424	740,900,000	740,900,327						467,018,000
decrease in prepaid expenses											-192,598,292	164,685,000	164,685,108	137,536,000	137,535,960		120,868,000
decrease in refund of income taxes receivable											38,054,947		58,474,024		-28,163,007
decrease in non-current deferred tax assets											5,796,000,000		3,177,000,000			-9,169,928,000
decrease in other non-current assets											4,269,654,397			28,000,000	28,000,000		954,545,000
decrease in advances received											-369,998,538
decrease in other non-current liabilities											-28,710,000
cash inflows from investing activities											45,391,064,153		41,099,813,399		31,132,142,574
proceeds from disposal of short-term financial instruments											45,000,000,000		39,500,000,000		30,000,000,000					2,539,121,000	39,160,879,000
proceeds from disposal of securities under equity method											1,356
proceeds from disposal of long-term available-for-sale securities												579,227,000	579,226,726	-21,440,000		21,440,000	21,440,000
proceeds from disposal of computer and equipment											7,166,307		1,313,487		4,194,510
proceeds from disposal of furniture and fixtures											3,639,000		1,458,037		3,006,400
cash outflows from investing activities											-41,863,570,379		-44,606,382,785		-39,370,475,505
acquisition of securities under equity method													800,040,000
acquisition of computer and equipment											11,548,181		118,453,272		252,664,561
acquisition of furniture and fixtures											11,313,638		3,277,808		6,686,000
increase in development costs													464,919,300		2,080,916,374
acquisition of software											46,488,560		1,195,901,970		890,657,570
acquisition of other intangible assets													365,790,435		645,681,000
acquisition of leasehold improvement											77,730,000
cash inflows from financing activities
cash outflows from financing activities
increase in cash											692,812,124
cash at beginning of year											23,402,391,895		29,078,231,109		31,740,564,444
cash at end of year											24,095,204,019		23,402,391,895		29,078,231,109
adjustments to reconcile net loss to net cash provided by used in operating activities
loss on disposal of equity-method investments														333,389,000
loss on impairment of long-term available-for-sale securities														399,405,000	399,404,898			451,740,000
loss on disposal of intangible assets														924,000	923,838
loss on impairement of intangible assets												1,344,120,000		291,094,000
loss on disposal of other non-current assets														5,880,000	5,880,000
decrease in other accounts receivable														188,142,000		-409,845,000		462,628,000	338,537,000	260,271,000
increase in accrued income													-16,805,017	-6,294,000	-6,293,686									-35,885,000
decrease in tax refund receivable												58,474,000		-28,163,000		-80,887,000	66,916,000	32,854,000	71,338,000	85,246,000
decrease in long-term prepaid expenses													-1,333,340	42,460,000	42,460,171
increase in other non-current assets													-130,000,000	-28,000,000		-102,130,000				-90,000
decrease in income tax payables														-67,417,000
proceeds from disposal of short-term available-for-sale securities														905,280,000	905,280,000	5,000,000,000	5,000,000,000	5,307,900,000
increase in leasehold deposits														-270,000	270,000	-130,110,000
loss on disposal of securities under equity method															333,389,213
decrease in accounts receivable													-58,152,223		188,141,724
increase in long-term deferred income													-1,039,511,252	2,085,298,000	2,085,297,672									-439,239,000
increase in leasehold deposits received													-3,508,153	10,264,000	10,263,730	73,651,000	76,289,000	3,845,000	13,572,000	9,598,000
proceeds from disposal of other non-current assets																954,545,000
acquisition of other non-current assets															28,000,000
decrease in cash													-5,675,839,214		-2,662,333,335
adjustments to reconcile net income to net cash from operating activities depreciation														490,035,000
loss on foreign exchange translation														152,637,000		49,478,000	33,610,000	356,527,000	231,174,000	309,129,000	13,214,000	117,357,000	64,715,000	143,702,000
loss on disposal of short-term available-for-sale securities																125,000	125,000
gain on foreign exchange translation														-31,569,000		-171,702,000	-165,914,000	-74,524,000	-82,328,000	-395,601,000	-29,062,000	-51,346,000	-62,169,000	-2,232,000
gain on disposal of of other non-current assets
increase in advance payments														-580,423,000	-580,422,612	-2,394,110,000	-2,515,004,000	-796,869,000		-607,014,000				-706,697,000
decrease in merchandise																42,095,000	42,095,000
increase in other deposits																-4,139,454,000	-4,139,454,000	-500,000
increase in deferred tax assets														-107,000,000			-8,866,000,000
increase in advance receipt
increase in withholdings														-61,948,000	-61,948,058	80,981,000	61,806,000		6,552,000	-74,320,000				-21,758,000
gain on disposal of other non-current assets																-62,392,000	-62,392,000
increase in non-current deferred tax assets															-107,000,000
increase in advances received
proceeds from disposal of software
impairment loss on intangible assets
provision for accrued severance benefits
gain on disposition of available-for-sale investments
loss on foreign currency transactions
loss on disposition of property and equipment
gain on loss of control in subsidiaries
gain on disposal of equity method investment
purchase of available-for-sale investments
proceeds from disposal of available-for-sale investments
purchase of equity method investments
cash paid for acquisition, net of cash acquired
reduction in cash balances upon deconsolidation of subsidiaries
proceeds from borrowings
bad debts expense																81,275,000		444,470,000	359,150,000	110,305,000
other bad debts expense																1,841,810,000
severance benefits																91,086,000		67,099,000
settlement loss on contractual relationship																		109,602,000
gain on disposal of short-term available-for-sale securities																		-334,715,000
gain on valuation of short-term available-for-sale securities																		-125,000
decrease in short-term prepaid expenses																6,200,000		10,245,000	206,791,000	77,676,000
decrease in current deferred tax assets																-1,259,624,000
increase in accounts payable																-861,645,000	-848,521,000	845,920,000						826,381,000
increase in advance received																60,722,000	60,698,000		1,817,090,000	37,575,000				22,678,000
decrease in deferred revenue																-1,803,988,000	-1,820,576,000	-1,806,449,000	-1,248,687,000	-1,980,364,000
increase in income tax payables																-230,361,000	-61,078,000	84,529,000	-74,338,000	129,600,000
decrease in current deferred tax liabilities
increase in long-term deferred revenue																974,872,000	1,014,444,000	1,463,149,000	2,427,047,000	1,322,854,000
decrease in vat withoding taxes
decrease in non-current deferred tax liabilities
payments of severance benefits																-496,326,000		-31,470,000		-350,499,000
collection of short-term loans receivables																319,750,000		71,059,000	54,530,000	63,333,000
collection of long-term loans receivables																15,278,000
acquisition of short-term financial instruments																-25,000,000,000							-50,969,495,000	-7,300,000,000
acquisition of short-term available-for-sale securities																		-5,000,000,000	-5,000,000,000
increase in short-term loans receivables																-125,514,000
acquisition of equity-method investment																-374,015,000
increase in long-term loans receivables																-70,000,000
acquisition of shares of the subsidiary
change in consolidated subsidiaries																7,157,065,000		410,964,000
increase in current portion of deferred tax assets																	-1,239,000,000
decrease in guarantee deposits																	7,774,000		2,672,000	1,766,315,000	461,500,000	62,253,000	3,802,425,000
increase in guarantee deposits																	-130,110,000	-73,577,000					-2,588,523,000	-34,055,000
stock compensation expense
gain on loss of control in a subsidiary
reduction in cash balances upon deconsolidation of a subsidiary
payment of leasehold deposits
proceeds from leasehold deposits
loss on valuation of equity method investments																		1,541,549,000	1,978,966,000	7,944,124,000	3,081,868,000	3,570,539,000
gain on valuation of equity method investments																		-1,447,646,000	-1,635,795,000	-1,168,261,000	-2,074,016,000	-569,600,000
increase in trade accounts receivable																		-2,146,982,000	-839,651,000	-2,177,124,000
increase in prepaid income taxes																		-11,359,000
decrease in advance received																		-26,169,000
increase in deferred tax assets and liabilities																		-132,129,000
acquisition of shares of subsidiary																		-11,688,481,000
adjustments to reconcile net income to net cash provided by operating activities
loss on impairment of property and equipment																						675,000,000
provision for severance benefits																				125,725,000	100,605,000	99,712,000	1,168,166,000	807,136,000
loss on valuation of short-term available-for-sale securities																			26,815,000
loss on impairment of available-for-sale securities																			4,784,890,000	657,364,000	10,075,688,000
stock-based compensation expense																			33,510,000		177,930,000
reversal of allowance for doubtful accounts																			-62,875,000		-17,774,000
reversal of stock-based compensation expense																				-102,485,000
payment for short-term loans receivable																			-360,857,000		-71,111,000	-89,667,000
acquisition of equity method investments																				-1,981,017,000	-7,037,781,000	-2,214,059,000	-9,342,500,000	-1,763,995,000
acquisition of available-for-sale securities																			-229,081,000	-6,054,016,000		-9,885,492,000	-2,999,999,000
payment for guarantee deposits																			-10,105,000	-588,313,000
adjustments to reconcile net income to net cash provided by (used in) operating activities
allowance for other receivables
loss on impairment of investment
equity loss of joint venture and partnership
accrued litigation liabilities
decrease of available-for-sale and other investments
purchase of equity investments
loss on disposal of equity method investments																					2,264,419,000
gain on disposal of other investment asset																					-26,000,000
proceeds from sale of other non-current assets
adjustments to reconcile net loss to net cash from (used in) operating activities
gain on disposal of assets held for sale
cumulative effect of accounting change
equity loss of related joint venture
provision for litigation
loss on disposition of pp&e
minority interest
dividends
deferred income																						894,134,000	38,145,000
adjustments to reconcile net loss to net cash from operating activities
bad debt expense																					220,927,000	1,260,839,000
gain on disposal of investment in real property																						-1,081,346,000
changes in
trade accounts receivable																					-2,393,795,000	2,611,471,000	1,632,721,000
other accounts receivable																					826,234,000	3,583,993,000	-4,539,146,000
advances payments																					-1,560,134,000	-418,459,000
prepaid income taxes																					-114,809,000	-382,052,000	-640,692,000
tax refund receivable																					-5,345,000	-132,051,000
current deferred income tax assets																						1,831,495,000	-1,831,495,000
long-term prepaid expenses																					-46,108,000		-41,066,000
non-current deferred income tax assets																						5,982,079,000	-3,910,876,000
advance received																					-17,206,000	-295,822,000	274,091,000
withholdings																					56,631,000	-1,002,277,000	1,138,651,000
income tax payables																					70,906,000	-531,463,000
long-term deferred revenue																					5,186,809,000
other current assets																					84,547,000	193,565,000	-755,435,000
redemption of short-term loans receivables																					62,500,000	51,611,000	167,265,000
redemption of long-term loans receivable																					21,389,000
proceeds from disposal of investment in real properties
decrease in other noncurrent assets																					519,700,000
payment for long-term loans receivable																					-744,139,000	-2,474,843,000	-1,050,000,000
increase in leasehold deposit received																					40,920,000		65,000,000	2,000,000,000
beginning of year																					31,872,477,000	24,798,762,000	15,821,935,000	5,063,399,000
end of year																								15,821,935,000
deferred expenses
misappropriated funds receivable
accrued interest
long-term accounts payable																							-927,800,000
other current liabilities
cash paid for acquisition of subsidiaries, net of cash acquired
issuance of common stock
repayment of long-term debt
loss on retirement of property and equipment																							76,327,000
compensation expenses associated with stock options																						383,665,000	1,623,417,000
due from former chairman																							7,482,139,000
long-term deferred income																						2,899,764,000	1,265,543,000
retirement insurance deposits																							222,583,000
disposal of available-for-sale securities																								98,669,000
decrease in leasehold deposit received																							-2,000,000,000
disposal of investment in real properties																						9,180,483,000
proceeds from offering shares																							71,837,242,000
adjustments to reconcile net income (loss) to net cash from operating activities
loss in impairment of intangible asset
other
deferred expense
purchase of intangible asset
repayment of capital lease liabilities																								-103,694,000
losses from equity method investments																							3,188,547,000	296,183,000
earnings from equity method investments																							-206,432,000
advance payments																							-723,272,000
redemption of long-term loans receivables
benefit from severance benefits
loss from impairment on investment
loss on impairment of intangible asset
equity in loss of related joint venture
proceeds from joint venture
adjustments to reconcile net income to net cash used
in operating activities
loss on disposal of available-for-sale securities																								1,331,000
loss on impairment of investments
compensation expenses associated with stock option																								9,100,000
gain on disposal of available-for-sale securities
gain on disposal of property, plant and equipment																								-37,000
gains on disposition of intangible assets																								-9,030,000
increase in accounts receivable																								-2,004,369,000
increase in prepaid expenses																								-14,096,000
increase in inventories																								-54,156,000
increase in deferred income																								2,526,583,000
increase in retirement insurance deposits																								-151,216,000
increase in deferred income tax assets																								-2,857,793,000
proceeds from disposal of other investments																								24,200,000
proceeds from disposal of property, plant and equipment																								2,382,000
redemption of long-term loans																								182,964,000
payment for short-term loans																								-85,599,000
payment for long-term loans
acquisition of other investments
acquisition of property, plant and equipment																								-9,981,750,000
proceeds from short-term borrowings
proceeds from capital lease liabilities
repayment of short-term borrowings
payment of stock issuance
accounts payable and accrued expenses
development cost
increase of long-term debt
proceeds from increase in borrowings

Gravity Co., Ltd(NASDAQ:GRVY)

Gravity Co., Ltd
(NASDAQ:GRVY)