Seoul, South Korea – February 16, 2021– GRAVITY Co., Ltd.
(NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and
publisher of online and mobile games based in South Korea, today
announced its selected preliminary unaudited financial result for
the fourth quarter ended December 31, 2020 and business updates.
PRELIMINARY UNAUDITED FOURTH QUARTER
2020 FINANICIAL RESULT
Revenue and operating profit
Tentative consolidated revenue for the fourth
quarter of 2020 is KRW 112 billion and operating profit is KRW 27
billion. The preliminary fourth quarter result is mainly attributed
by decreased revenues from Ragnarok Origin in Korea, Ragnarok
Online in Thailand and Ragnarok M: Eternal Love representing a
14.7% decrease QoQ. This decrease is partially offset by increased
revenues from Ragnarok X: Next Generation launched in Taiwan, Hong
Kong and Macau on October 15, 2020.
Unaudited preliminary consolidated revenue for
2020 is KRW 406 billion and operating profit is KRW 88 billion.
The preliminary 2020 figures are unaudited and
subject to revision. Final result for the fourth quarter and year
ended December 31, 2020, will be provided by our annual report for
the fiscal year ended December 31, 2020 on Form 20-F.
Liquidity
The balance of cash and cash equivalents and
short-term financial instruments was KRW 182 billion as of December
31, 2020.
GRAVITY BUSINESS UPDATE
Ragnarok Online IP-based
Games
- Ragnarok Origin, a MMORPG mobile game
Ragnarok Origin is being prepared for launch in
Japan in 1st half of 2021.
- Ragnarok X: Next Generation, a MMORPG mobile game
Ragnarok X: Next Generation is being prepared
for launch in Southeast Asia in 1st half of 2021.
- The Labyrinth of Ragnarok, a Time Effective MMO mobile
game
The Labyrinth of Ragnarok was launched in
Thailand and Indonesia on December 1, 2020 and is expected to be
launched in global including Korea (except Taiwan, Hong Kong,
Macau, China and Japan) on March 23, 2021.
- Other Ragnarok Online IP-based games
The Lost Memories: a Song of Valkyrie, a Story
RPG mobile game, is expected to be launched in Thailand in 2nd half
of 2021. The game was developed by Gravity NeoCyon, Inc., our
subsidiary in Korea.
Battle Academy, a Battle Royal RPG mobile game,
is being prepared to be launched in Thailand in the 1st half of
2021.
Other IP games
Tera Classic, a MMORPG mobile game, was launched
in Japan on January 29, 2021. The game is published by Gravity Game
Arise Co., Ltd (“Gravity Game Arise”), a subsidiary in Japan.
The Lord, a SRPG mobile game, will be launched
in Southeast Asia (except Indonesia and Vietnam) on February 23,
2021, and is expected to be launched in Indonesia and Vietnam in
1st half of 2021.
CPBL Pro-baseball 2021 (Tentative title), a
Sports mobile game, is expected to be launched in Taiwan, Hong Kong
and Macau in 1st half of 2021.
NBA Project
Gravity has completed the Product License
Agreement with the National Basketball Association (NBA) and
National Basketball Players Association (NBPA) to develop a NBA
licensed mobile game. The game will be published by Gravity Game
Arise in Japan, and Gravity will expand its service to other
markets in the contract regions in order. Both mobile platforms,
iOS and Android, will be available for the game.
Our New Subsidiary
Gravity established Gravity Game Hub PTE., Ltd
(“Gravity Game Hub”), a subsidiary in Singapore, on January 4,
2021. Gravity will expand various game services including Ragnarok
Online IP based games throughout Gravity Game Hub in Singapore,
Philippines and Malaysia.
Investor Presentation
Gravity issued an investor presentation. The
presentation contains the Company’s recent business updates,
preliminary results of the fourth quarter in 2020 and Gravity’s
business plan. The presentation can be found on the Company’s
website under the IR Archives section at
http://www.gravity.co.kr/en/ir/pds/list.asp. Korean and Japanese
versions of the presentation are also provided on the website.
About GRAVITY Co., Ltd.
---------------------------------------------------
Gravity is a developer and publisher of online
and mobile games. Gravity's principal product, Ragnarok Online, is
a popular online game in many markets, including Japan and Taiwan,
and is currently commercially offered in 93 markets and countries.
For more information about Gravity, please visit
http://www.gravity.co.kr.
Forward-Looking Statements:
Certain statements in this press release may
include, in addition to historical information, “forward-looking
statements” within the meaning of the “safe-harbor” provisions of
the U.S. Private Securities Litigation Reform Act 1995.
Forward-looking statements can generally be identified by the use
of forward-looking terminology, such as “may,” “will,” “expect,”
“intend,” “estimate,” “anticipate,” “believe”, “project,” or
“continue” or the negative thereof or other similar words, although
not all forward-looking statements contain these words. Investors
should consider the information contained in our submissions and
filings with the United States Securities and Exchange Commission
(the “SEC”), including our annual report for the fiscal year ended
December 31, 2020 on Form 20-F, together with such other documents
that we may submit to or file with the SEC from time to time, on
Form 6-K. The forward-looking statements speak only as of this
press release and we assume no duty to update them to reflect new,
changing or unanticipated events or circumstances.
Contact:
Mr. Heung Gon Kim Chief Financial Officer
Gravity Co., Ltd. Email: kheung@gravity.co.kr
Ms. Jin LeeMs. Hye Ji An IR Unit Gravity
Co., Ltd. Email: ir@gravity.co.kr Telephone: +82-2-2132-7800
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