FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For the
month of January 2010
Commission
File Number: 000-50476
Webzen
Inc.
(Translation
of registrant’s name into English)
14
th
Floor,
Daerung Post Tower 2nd
182-13
Guro-Dong Goru-Gu
Seoul,
Korea 152-790
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
Indicate
by check mark whether by furnishing the information contained in this Form, the
Registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
N/A
Webzen
Inc.
|
|
|
|
1.
|
Webzen
Inc. 2010 Q1 Earning Results
|
|
|
|
|
|
|
|
|
|
|
|
|
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
|
|
|
Webzen
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
May
11, 2010
|
|
By:
|
/s/
Chang Keun Kim
|
|
|
|
|
|
|
Name:
|
CHANG
KEUN KIM
|
|
|
|
|
|
|
Title:
|
Chief
Executive Officer
|
|
Item 1
Webzen
Inc. 2010 Q1 Earning Results
2010
Q1 Results Summary
|
(Unit : KRW
Mln)
|
|
|
|
|
|
2010-1Q
|
|
|
|
2009-4Q
|
|
|
QoQ
|
|
|
|
2009-1Q
|
|
|
YoY
|
|
|
Revenue
|
|
|
7,886
|
|
|
|
7,493
|
|
|
|
5.3
|
%
|
|
|
7,422
|
|
|
|
6.3
|
%
|
|
Operating
Expenses
|
|
|
6,586
|
|
|
|
11,434
|
|
|
|
-42.4
|
%
|
|
|
5,517
|
|
|
|
19.4
|
%
|
|
Operating
Profit
|
|
|
1,301
|
|
|
|
-3,942
|
|
|
Turn
over
|
|
|
|
1,905
|
|
|
|
-31.7
|
%
|
|
Ordinary
Profit(Loss) before tax
|
|
|
2,012
|
|
|
|
-3,593
|
|
|
Turn
over
|
|
|
|
4,672
|
|
|
|
-56.9
|
%
|
|
Net
Income
|
|
|
1,721
|
|
|
|
-3,862
|
|
|
Turn
over
|
|
|
|
4,356
|
|
|
|
-60.5
|
%
|
Revenue
Breakdown
|
(Unit : KRW
Mln)
|
|
|
|
|
|
2010-1Q
|
|
|
|
2009-4Q
|
|
|
QoQ
|
|
|
|
2009-1Q
|
|
|
YoY
|
|
|
Revenue
|
|
|
7,886
|
|
|
|
7,493
|
|
|
|
5.3
|
%
|
|
|
7,422
|
|
|
|
6.3
|
%
|
|
Domestic
|
|
|
5,540
|
|
|
|
4,606
|
|
|
|
20.3
|
%
|
|
|
3,567
|
|
|
|
55.3
|
%
|
|
Overseas
|
|
|
2,043
|
|
|
|
2,562
|
|
|
|
-20.3
|
%
|
|
|
3,855
|
|
|
|
-47.0
|
%
|
|
Other
|
|
|
304
|
|
|
|
325
|
|
|
|
-6.5
|
%
|
|
|
-
|
|
|
|
N/A
|
|
(*
Other : IDC Service revenue that using the company’s idle facilities and Service
revenue from NHN Games co., Ltd.)
Total
cost before Operating Income
|
(Unit : KRW
Mln)
|
|
|
|
|
|
2010-1Q
|
|
|
|
2009-4Q
|
|
|
QoQ
|
|
|
|
2009-1Q
|
|
|
YoY
|
|
|
Labor
cost
|
|
|
2,943
|
|
|
|
3,603
|
|
|
|
-18.3
|
%
|
|
|
2,769
|
|
|
|
6.3
|
%
|
|
Depreciation
& Amortization expenses and Bad debt expenses
|
|
|
411
|
|
|
|
4,037
|
|
|
|
-89.8
|
%
|
|
|
693
|
|
|
|
-40.7
|
%
|
|
Commission
paid
|
|
|
1,680
|
|
|
|
1,809
|
|
|
|
-7.1
|
%
|
|
|
851
|
|
|
|
97.5
|
%
|
|
Marketing
expenses
|
|
|
217
|
|
|
|
357
|
|
|
|
-39.3
|
%
|
|
|
95
|
|
|
|
127.9
|
%
|
|
Other
business expenses
|
|
|
1,334
|
|
|
|
1,628
|
|
|
|
-18.1
|
%
|
|
|
1,109
|
|
|
|
20.4
|
%
|
(*
In 2009-4Q, for doubtful account receivable abroad to set up the increased
costs.)
WEBZEN
INC. FIRST QUARTER FY 2010 FINANCIAL INFORMATION
Webzen
Inc.
Non-Consolidated
Balance Sheet
(*The
FY 2010 Q1 financial information has been prepared on an unaudited basis, and
may be subject to change during the independent auditing process.)
(*The
FY 2010 Q1 financial information included herein is prepared on a
non-consolidated basis, and has been prepared under the Korean General Accepted
Accounting Principles.)
(unit :
KRW)
|
|
As
of
|
|
2010-03-31
|
2009-12-31
|
2009-03-31
|
|
Assets
|
|
|
|
|
I.
Current Assets
|
89,121,162,303
|
88,921,184,111
|
79,276,883,733
|
|
(1)
Quick Assets
|
89,121,162,303
|
88,921,184,111
|
79,276,883,733
|
|
1. Cash and
cash equivalents
|
74,145,996,991
|
64,271,760,794
|
49,377,800,886
|
|
2. Short-term
financial instruments
|
244,126,997
|
244,126,997
|
11,274,372,747
|
|
3.
Available-for-sale securities
|
8,792,115,655
|
7,312,332,756
|
7,117,492,604
|
|
4. Accounts
receivables, net of allowance
|
4,156,042,961
|
4,980,606,456
|
8,743,730,698
|
|
5. Short term
loans, net of allowance
|
150,714,100
|
168,930,900
|
372,369,600
|
|
6. Prepaid
expenses
|
359,683,165
|
364,581,353
|
524,075,023
|
|
7. Accrued
income
|
340,856,398
|
397,129,780
|
1,001,630,982
|
|
8. Other
account receivables
|
768,399,289
|
11,018,961,723
|
522,042,328
|
|
9. Advanced
payments
|
50,000
|
8,398,000
|
-
|
|
10. Prepaid
income taxes
|
-
|
-
|
136,369,640
|
|
11.
Derivatives assets
|
163,176,747
|
154,355,352
|
206,999,225
|
|
II.
Non-Current Assets
|
43,591,258,683
|
43,327,295,346
|
55,173,772,151
|
|
(1)
Investments
|
258,206,905
|
458,671,101
|
1,978,683,240
|
|
1. Long-term
available-for-sale securities
|
108,102,129
|
184,002,129
|
1,305,860,000
|
|
2.
Investments securities in equity method
|
24,048,226
|
98,513,822
|
111,445,160
|
|
3. Long-term
loans, net of allowance
|
126,056,550
|
176,155,150
|
561,378,080
|
|
(2)
Property, Plant and Equipment
|
3,779,513,431
|
3,879,309,824
|
5,267,403,236
|
|
1.
Land
|
1,097,171,250
|
1,097,171,250
|
1,514,373,250
|
|
2. Buildings
and auxilary facilities, net
|
1,838,031,302
|
1,851,991,034
|
2,884,774,570
|
|
3. Computers
and equipment, net
|
690,275,049
|
747,126,929
|
574,853,111
|
|
4.
Facilities, net
|
154,035,830
|
183,020,611
|
293,402,305
|
|
(3)
Intangible Assets
|
5,463,865,080
|
5,343,785,398
|
5,351,857,032
|
|
1.
Capitalized R&D costs
|
4,223,226,479
|
3,935,819,698
|
3,416,973,327
|
|
2. Computer
software
|
1,240,638,601
|
1,407,965,700
|
1,934,883,705
|
|
(4)
Other non-current Assets
|
34,089,673,267
|
33,645,529,023
|
42,575,828,643
|
|
1. Long-term
prepaid expenses
|
31,350,211,117
|
30,906,066,873
|
30,896,781,893
|
|
2. Guarantee
deposits
|
2,739,462,150
|
2,739,462,150
|
11,679,046,750
|
|
Total
Assets
|
132,712,420,986
|
132,248,479,457
|
134,450,655,884
|
|
Liabilities
|
|
|
|
|
I.
Current Liabilities
|
6,095,692,672
|
7,159,263,854
|
6,084,774,294
|
|
1. Other
accounts payables
|
2,197,124,167
|
2,320,295,414
|
1,218,804,797
|
|
2. Accrued
expenses
|
406,393,515
|
1,161,509,864
|
271,058,359
|
|
3. Income
taxes payable
|
-
|
-
|
-
|
|
4. Deferred
income
|
2,044,958,058
|
2,258,192,106
|
3,770,531,402
|
|
5.
Withholdings
|
170,248,254
|
109,488,041
|
97,753,171
|
|
6. Value
added taxes payable
|
262,582,706
|
249,688,662
|
163,772,235
|
|
7. Advanced
received
|
872,310,499
|
965,246,583
|
109,443,027
|
|
8. Provision
for other estimated liabilities
|
88,699,980
|
67,480,000
|
67,404,300
|
|
9.
Derivatives liabilities
|
53,375,493
|
27,363,184
|
386,007,003
|
|
II.
Non-Current Liabilities
|
4,937,671,541
|
4,852,255,657
|
5,347,743,192
|
|
1. Long-term
deferred income
|
1,881,200,001
|
1,881,200,001
|
2,534,727,659
|
|
2. Accrued
severance benefits
|
3,056,471,540
|
2,971,055,656
|
2,813,015,533
|
|
3. Long-term
other account payable
|
-
|
-
|
-
|
|
Total
Liabilities
|
11,033,364,213
|
12,011,519,511
|
11,432,517,486
|
|
Shareholders'
Equity
|
|
|
|
|
I.
Capital Stock
|
6,487,000,000
|
6,487,000,000
|
6,487,000,000
|
|
1. Common
stock
|
6,487,000,000
|
6,487,000,000
|
6,487,000,000
|
|
II.
Capital Surplus
|
136,191,689,194
|
135,892,426,686
|
135,773,206,813
|
|
1. Additional
paid-in capital
|
135,527,919,976
|
135,527,919,976
|
135,527,919,976
|
|
2. Other
capital surplus
|
663,769,218
|
364,506,710
|
245,286,837
|
|
III.
Capital Adjustment
|
-18,909,367,696
|
-18,717,073,611
|
-19,276,137,251
|
|
1. Losses on
disposition of treasury stock
|
-6,145,039,469
|
-6,145,039,469
|
-6,145,039,469
|
|
2. Stock
option
|
1,305,007,717
|
1,497,301,802
|
938,238,162
|
|
3. Treasury
stock
|
-14,069,335,944
|
-14,069,335,944
|
-14,069,335,944
|
|
IV.
Accumulated Other Comprehensive Income/Loss
|
-1,827,787,792
|
-1,442,217,160
|
-2,020,334,065
|
|
1. Loss on
valuation of securities for using the equity method
|
-1,868,969,338
|
-1,986,159,518
|
-2,824,619,582
|
|
2. Unrealized
gains on investment securities
|
117,081,546
|
543,942,358
|
1,136,205,914
|
|
3. Unrealized
losses on investment securities
|
-75,900,000
|
-
|
-331,920,397
|
|
V.
Retained Earnings
|
-262,476,933
|
-1,983,175,969
|
2,054,402,901
|
|
1.
Appropriated retained earnings for business stabilization
|
117,904,363
|
117,904,363
|
117,904,363
|
|
2.
Appropriated retained earnings for future investments
|
442,699,142
|
442,699,142
|
442,699,142
|
|
3. Legal
appropriated retained earnings
|
322,500,000
|
322,500,000
|
322,500,000
|
|
4.
Unappropriated retained earnings(loss)
|
-1,145,580,438
|
-2,866,279,474
|
1,171,299,396
|
|
Total
Shareholders' Equity
|
121,679,056,773
|
120,236,959,946
|
123,018,138,398
|
|
Total
Liabilities and Total Shareholders' Equity
|
132,712,420,986
|
132,248,479,457
|
134,450,655,884
|
Webzen
Inc.
Non-Consolidated
Income Statement
(
* The FY 2010 Q1 financial information has been prepared on an unaudited basis,
and may be subject to change during the independent auditing
process.)
(
* The FY 2010 Q1 financial information included herein is prepared on a
non-consolidated basis, and has been prepared under the Korean General Accepted
Accounting Principles.)
(unit :
KRW)
|
|
Three Month
ended
|
Year
Ended
|
|
2009-12-31
|
2009-12-31
|
2009-03-31
|
2009-12-31
|
2008-12-31
|
|
|
|
|
|
|
|
|
I.
Revenue
|
7,886,267,561
|
7,492,550,708
|
7,421,752,484
|
27,802,307,596
|
28,481,064,580
|
|
1. Online
game subscriptions
|
5,539,739,138
|
4,605,542,475
|
3,566,810,450
|
15,141,519,123
|
17,083,148,535
|
|
2. Royalties
and license fees
|
2,042,720,683
|
2,562,026,161
|
3,854,942,034
|
11,943,672,075
|
11,397,916,045
|
|
3. Service
fees
|
303,807,740
|
324,982,072
|
-
|
717,116,398
|
-
|
|
II.
Cost of Revenue
|
2,938,431,569
|
3,594,808,752
|
2,876,181,275
|
12,401,467,584
|
11,754,336,018
|
|
1. Online
game subscriptions
|
2,646,724,867
|
3,316,511,771
|
2,876,181,275
|
11,812,374,550
|
11,754,336,018
|
|
2. Service
fees
|
291,706,702
|
278,296,981
|
-
|
589,093,034
|
-
|
|
III.
Gross Profit
|
4,947,835,992
|
3,897,741,956
|
4,545,571,209
|
15,400,840,012
|
16,726,728,562
|
|
IV.
Operating Expenses
|
3,647,155,298
|
7,839,409,779
|
2,640,532,765
|
16,947,071,120
|
23,772,992,372
|
|
1.
Salaries
|
987,497,925
|
1,248,226,982
|
1,115,015,157
|
4,495,225,748
|
6,755,267,704
|
|
2. Severance
benefits
|
104,060,055
|
97,493,484
|
74,500,421
|
469,402,531
|
487,360,357
|
|
3. Employee
benefits
|
139,931,370
|
161,292,900
|
91,967,130
|
530,734,438
|
747,238,170
|
|
4. Travel
expenses
|
29,485,984
|
18,400,370
|
27,247,845
|
95,590,511
|
167,050,529
|
|
5.
Entertainment expenses
|
42,305,907
|
34,142,049
|
38,618,003
|
137,700,555
|
254,427,154
|
|
6.
Communication expenses
|
16,876,633
|
10,539,731
|
12,279,267
|
45,394,539
|
82,290,052
|
|
7. Utility
expenses
|
14,844,500
|
6,467,943
|
10,252,133
|
38,640,463
|
59,992,555
|
|
8. Taxes and
dues
|
44,561,974
|
40,975,410
|
43,672,700
|
175,636,923
|
385,665,057
|
|
9.
Depreciation expenses
|
28,999,889
|
34,601,502
|
35,190,302
|
146,478,724
|
300,824,087
|
|
10. Rental
expenses
|
89,119,733
|
95,935,332
|
120,879,174
|
449,306,468
|
570,176,198
|
|
11. Repairs
expenses
|
-
|
20,000
|
-
|
20,000
|
279,910
|
|
12. Insurance
premium
|
28,216,705
|
36,832,024
|
38,756,175
|
151,061,582
|
169,436,976
|
|
13. Vehicles
maintenance expenses
|
8,545,118
|
7,072,709
|
10,564,983
|
35,788,538
|
50,884,254
|
|
14.
Development expenses
|
779,349,273
|
780,221,806
|
130,092,068
|
2,253,618,278
|
4,043,242,651
|
|
15. Freight
expenses
|
985,999
|
1,686,951
|
908,847
|
4,115,815
|
11,632,605
|
|
16. Training
expenses
|
12,655,043
|
12,094,525
|
6,151,460
|
40,175,419
|
35,074,539
|
|
17.
Publication expenses
|
3,068,190
|
2,475,700
|
1,926,600
|
8,046,579
|
22,582,370
|
|
18. Office
supplies
|
415,015
|
1,197,237
|
1,012,299
|
3,588,864
|
4,635,220
|
|
19. Supplies
expenses
|
4,791,250
|
5,922,674
|
4,074,729
|
16,443,687
|
30,645,821
|
|
20.
Commission service charges
|
787,602,486
|
909,413,165
|
597,136,353
|
2,611,101,471
|
5,392,581,181
|
|
21.
Advertising expenses
|
216,822,885
|
357,234,286
|
95,139,581
|
654,639,256
|
3,387,287,608
|
|
22. Sales
commissions
|
124,153,100
|
113,447,446
|
52,257,800
|
290,126,446
|
336,923,900
|
|
23.
Amortization expenses on intangible assets
|
87,429,468
|
26,546,719
|
52,343,719
|
134,853,149
|
192,562,292
|
|
24.
Compensation expenses associated with stock option
|
95,436,796
|
282,353,828
|
80,546,019
|
671,347,378
|
284,931,182
|
|
25. Bad Debt
expenses
|
-
|
3,554,815,006
|
-
|
3,488,033,758
|
-
|
|
V.
Operating Income
|
1,300,680,694
|
-3,941,667,823
|
1,905,038,444
|
-1,546,231,108
|
-7,046,263,810
|
|
VI.
Other Income
|
1,305,259,803
|
2,145,831,458
|
3,324,358,789
|
6,418,455,270
|
9,378,395,755
|
|
1. Interest
income
|
469,565,830
|
417,333,504
|
673,183,325
|
2,213,589,665
|
3,496,837,014
|
|
2. Gains on
foreign currency transaction
|
61,800,551
|
9,367,602
|
1,280,918,859
|
1,346,524,962
|
1,276,938,521
|
|
3. Commission
received
|
12,000,000
|
12,000,000
|
12,000,000
|
48,000,000
|
71,466,663
|
|
4. Gains on
foreign currency translation
|
5,507,249
|
-4,653,188
|
922,482,976
|
1,972,379
|
4,073,709,321
|
|
5. Gain on
disposition of available-for-sale securities
|
618,355,619
|
153,735,434
|
27,200,427
|
180,935,861
|
34,670,065
|
|
6. Gains on
disposal of property, plant, and equipment
|
3,853,656
|
1,415,736,181
|
411,739
|
1,416,426,873
|
19,603,308
|
|
7. Gain on
valuation of equity-method investments
|
43,533,774
|
41,183,420
|
-
|
53,114,766
|
-
|
|
8. Reversal
of allowance for doubtful accounts
|
24,356,448
|
14,003,797
|
15,422,112
|
-
|
175,964,021
|
|
9. Dividend
income
|
20,623,651
|
-
|
28,167,400
|
28,167,400
|
9,770,300
|
|
10. Gain on
valuation of derivative instruments
|
30,930,846
|
39,627,733
|
347,471,215
|
1,013,747,192
|
145,000,000
|
|
11. Gain on
transaction of Derivative instruments
|
-
|
-
|
-
|
42,867,735
|
16,300,000
|
|
12.
Miscellaneous income
|
14,732,179
|
47,496,975
|
17,100,736
|
73,108,437
|
58,136,542
|
|
VII.
Other Expenses
|
593,666,650
|
1,796,901,587
|
557,771,203
|
3,499,201,377
|
15,796,409,241
|
|
1. Interest
Expense
|
127,298
|
572,615
|
1,260,187
|
3,646,990
|
22,545,441
|
|
2. Losses on
foreign currency transaction
|
78,921,228
|
68,739,041
|
44,536,926
|
749,474,499
|
236,164,166
|
|
3. Losses on
foreign currency translation
|
355,755,807
|
156,902,110
|
155,365,216
|
756,817,314
|
176,013,005
|
|
4. Losses on
disposal of property, plant, and equipment
|
7,259,261
|
418,250,924
|
-
|
418,251,956
|
125,178,439
|
|
5. Impairment
losses on intangible assets
|
-
|
-
|
-
|
-
|
8,164,032,392
|
|
6. Losses on
valuation of equity-method investments
|
73,827,345
|
549,029,804
|
341,745,730
|
871,249,472
|
2,472,801,829
|
|
7. Losses on
disposition of available-for-sale securities
|
7,546,677
|
1,398,041
|
7,641,156
|
12,030,221
|
519,758
|
|
8. Impairment
losses on investments securities
|
-
|
483,000,000
|
-
|
483,000,000
|
3,883,116,136
|
|
9.
Donations
|
160,000
|
-
|
-
|
-
|
3,450,000
|
|
10. Losses on
valuation of derivative instruments
|
48,121,760
|
72,549,226
|
-
|
133,399,184
|
687,778,993
|
|
11. Bad debt
expenses on etc
|
20,413,383
|
43,989,129
|
-
|
43,989,129
|
-
|
|
12.
Miscellaneous losses
|
1,533,891
|
2,470,697
|
7,221,988
|
27,342,612
|
24,809,082
|
|
VIII.
Income before ITE
|
2,012,273,847
|
-3,592,737,952
|
4,671,626,030
|
1,373,022,785
|
-13,464,277,296
|
|
IX.
Income Tax Expenses
|
291,574,811
|
269,643,801
|
315,817,622
|
1,054,793,247
|
801,347,350
|
|
1. Withhold
taxes
|
155,294,711
|
198,589,913
|
297,905,234
|
880,836,567
|
726,340,457
|
|
2. Corporate
income tax
|
136,280,100
|
71,053,888
|
17,912,388
|
173,956,680
|
75,006,893
|
|
X.
Net Income
|
1,720,699,036
|
-3,862,381,753
|
4,355,808,408
|
318,229,538
|
-14,265,624,646
|