Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 000-51138 |
Entity Registrant Name | GRAVITY CO., LTD. |
Entity Incorporation, State or Country Code | M5 |
Entity Address, Address Line One | 15F, 396 World Cup buk‑ro |
Entity Address, City or Town | Mapo‑gu,Seoul |
Entity Address, Postal Zip Code | 03925 |
Entity Address, Country | KR |
Entity Common Stock, Shares Outstanding (in shares) | 6,948,900 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001313310 |
Common Shares | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock, par value Won 500 per share* |
Trading Symbol | GRVY |
Security Exchange Name | NASDAQ |
American Depositary Shares | |
Entity Information [Line Items] | |
Title of 12(b) Security | American depositary shares, each representing one share of common stock |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | 15F, 396 World Cup buk‑ro |
Entity Address, City or Town | Mapo‑gu,Seoul |
Entity Address, Postal Zip Code | 03925 |
Entity Address, Country | KR |
Contact Personnel Name | Heung Gon Kim |
City Area Code | 82 |
Local Phone Number | 2‑2132‑7000 |
Contact Personnel Fax Number | 82‑2‑2132‑7070 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 1103 |
Auditor Name | Samil PricewaterhouseCoopers |
Auditor Location | Seoul, Korea |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | ₩ 184,082 | ₩ 169,877 |
Short-term financial instruments | 277,215 | 167,000 |
Accounts receivable, net | 71,213 | 77,257 |
Other receivables, net | 3,637 | 140 |
Prepaid expenses | 2,994 | 3,332 |
Other current financial assets | 4,439 | 3,370 |
Other current assets | 3,319 | 791 |
Total current assets | 546,899 | 421,767 |
Property and equipment, net | 10,151 | 8,140 |
Intangible assets, net | 6,370 | 3,869 |
Deferred tax assets | 5,952 | 5,660 |
Other non-current financial assets | 1,824 | 2,176 |
Other non-current assets | 6,985 | 2,482 |
Total non-current assets | 31,282 | 22,327 |
Total assets | 578,181 | 444,094 |
Liabilities | ||
Accounts payable | 61,778 | 73,549 |
Deferred revenue | 18,093 | 18,543 |
Withholdings | 3,072 | 3,201 |
Accrued expenses | 2,313 | 2,041 |
Income tax payable | 16,927 | 5,469 |
Other current liabilities | 4,251 | 2,907 |
Total current liabilities | 106,434 | 105,710 |
Long-term accounts payable | 677 | 374 |
Long-term deferred revenue | 1,785 | 30 |
Deferred tax liabilities | 2,382 | 2,832 |
Other non-current liabilities | 3,175 | 4,968 |
Total non-current liabilities | 8,019 | 8,204 |
Total liabilities | 114,453 | 113,914 |
Equity | ||
Share capital | 3,474 | 3,474 |
Capital surplus | 27,098 | 27,098 |
Other components of equity | 4,016 | 2,475 |
Retained earnings | 428,499 | 296,480 |
Equity attributable to owners of the Parent Company | 463,087 | 329,527 |
Non-controlling interest | 641 | 653 |
Total equity | 463,728 | 330,180 |
Total liabilities and equity | ₩ 578,181 | ₩ 444,094 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Revenues | ₩ 725,516 | ₩ 463,618 | ₩ 413,938 |
Online games | 81,017 | 89,256 | 75,370 |
Mobile games | 629,604 | 358,772 | 320,164 |
Other revenue | 14,895 | 15,590 | 18,404 |
Cost of revenues | (484,958) | (267,365) | (224,173) |
Gross profit | 240,558 | 196,253 | 189,765 |
Selling, general and administrative expenses | (66,066) | (77,614) | (75,631) |
Research and development | (13,486) | (13,797) | (16,570) |
Other income | 913 | 605 | 607 |
Other expenses | (1,552) | (739) | (1,452) |
Operating profit | 160,367 | 104,708 | 96,719 |
Finance income | 23,267 | 15,953 | 5,268 |
Finance costs | (14,935) | (10,779) | (2,686) |
Profit before income tax | 168,699 | 109,882 | 99,301 |
Income tax expenses | 36,717 | 26,824 | 33,421 |
Profit for the year | 131,982 | 83,058 | 65,880 |
Items that may be subsequently reclassified to income or loss: | |||
Foreign currency translation adjustments | 1,559 | 285 | 3,274 |
Items that will not be reclassified to income or loss: | |||
Remeasurement of defined benefit liabilities | 7 | (4) | (3) |
Total comprehensive income (loss) for the year | 133,548 | 83,339 | 69,151 |
Profit (loss) attributable to: | |||
Owners of the Parent Company | 132,019 | 83,162 | 65,947 |
Non‑controlling interest | (37) | (104) | (67) |
Total comprehensive income (loss) attributable to: | |||
Owners of the Parent Company | 133,560 | 83,457 | 69,172 |
Non-controlling interest | ₩ (12) | ₩ (118) | ₩ (21) |
Earnings per share (in Korean won) | |||
Basic earnings per share (in korean won per share) | ₩ 18,999 | ₩ 11,968 | ₩ 9,490 |
Diluted earnings per share (in korean won per share) | ₩ 18,999 | ₩ 11,968 | ₩ 9,490 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - KRW (₩) ₩ in Millions | Total | Total | Share capital | Capital surplus | Other components of equity | Retained earnings | Non- controlling interest |
Beginning balance at Dec. 31, 2020 | ₩ 177,348 | ₩ 176,910 | ₩ 3,474 | ₩ 27,110 | ₩ (1,045) | ₩ 147,371 | ₩ 438 |
Total comprehensive income (loss) for the year | |||||||
Profit (loss) for the year | 65,880 | 65,947 | 65,947 | (67) | |||
Remeasurement of defined benefit liabilities | (3) | (2) | (2) | (1) | |||
Foreign currency translation adjustments | 3,274 | 3,227 | 3,227 | 0 | 47 | ||
Total comprehensive income (loss) for the year | 69,151 | 69,172 | 3,225 | 65,947 | (21) | ||
Transaction with owners, recognized directly in equity | |||||||
Equity transaction | 342 | (12) | (12) | 354 | |||
Ending balance at Dec. 31, 2021 | 246,841 | 246,070 | 3,474 | 27,098 | 2,180 | 213,318 | 771 |
Total comprehensive income (loss) for the year | |||||||
Profit (loss) for the year | 83,058 | 83,162 | 83,162 | (104) | |||
Remeasurement of defined benefit liabilities | (4) | (3) | (3) | (1) | |||
Foreign currency translation adjustments | 285 | 298 | 298 | (13) | |||
Total comprehensive income (loss) for the year | 83,339 | 83,457 | 295 | 83,162 | (118) | ||
Ending balance at Dec. 31, 2022 | 330,180 | 329,527 | 3,474 | 27,098 | 2,475 | 296,480 | 653 |
Total comprehensive income (loss) for the year | |||||||
Profit (loss) for the year | 131,982 | 132,019 | 132,019 | (37) | |||
Remeasurement of defined benefit liabilities | 7 | 4 | 4 | 3 | |||
Foreign currency translation adjustments | 1,559 | 1,537 | 1,537 | 22 | |||
Total comprehensive income (loss) for the year | 133,548 | 133,560 | 1,541 | 132,019 | (12) | ||
Ending balance at Dec. 31, 2023 | ₩ 463,728 | ₩ 463,087 | ₩ 3,474 | ₩ 27,098 | ₩ 4,016 | ₩ 428,499 | ₩ 641 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Cash generated from operations | ₩ 150,232 | ₩ 124,674 | ₩ 103,572 |
Interest received | 10,435 | 3,033 | 995 |
Interest paid | (157) | (122) | (111) |
Income taxes paid | (28,080) | (29,307) | (30,273) |
Net cash inflow from operating activities | 132,430 | 98,278 | 74,183 |
Cash flows from investing activities | |||
Increase in short‑term financial instruments, net | (110,179) | (19,000) | (77,000) |
Increase in other non-current financial assets | (626) | (565) | (1,289) |
Decrease in other current financial assets | 3 | 5 | 0 |
Proceeds from disposal of property and equipment | 21 | 15 | 14 |
Proceeds from disposal of intangible assets | 0 | 0 | 15 |
Purchase of property and equipment | (2,461) | (739) | (1,747) |
Purchase of intangible assets | (3,337) | (2,056) | (2,464) |
Net cash outflow in investing activities | (116,579) | (22,340) | (82,471) |
Cash flows from financing activities | |||
Proceeds from capital contribution from non-controlling interests | 0 | 0 | 353 |
Repayment of lease liabilities | (4,083) | (3,918) | (3,648) |
Payment of share issuance costs | 0 | 0 | (11) |
Net cash outflow in financing activities | (4,083) | (3,918) | (3,306) |
Effect of exchange rate changes on cash and cash equivalents | 2,437 | (1,248) | 67 |
Net increase (decrease) in cash and cash equivalents | 14,205 | 70,772 | (11,527) |
Cash and cash equivalents at beginning of the year | 169,877 | 99,105 | 110,632 |
Cash and cash equivalents at end of the year | ₩ 184,082 | ₩ 169,877 | ₩ 99,105 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2023 | |
General Information [Abstract] | |
General Information | General Information The Parent Company GRAVITY CO., LTD. (“the Parent Company”) was incorporated on April 4, 2000, to engage in developing and publishing online and mobile games and other related business. The Parent Company’s headquarter is located at 15F, 396 World Cup buk-ro, Mapo-gu, Seoul, Korea. The Parent Company’s principal game product, “Ragnarok”, a massive multi-player online role-playing game, was commercially launched in August 2002, and currently operated internationally in 91 markets. Also, the Parent Company has been operating Mobile games such as Ragnarok M: Eternal Love and Ragnarok Origin in the global market. On February 8, 2005, the Parent Company listed its shares on the Nasdaq Stock Market in the United States, and issued 1,400,000 shares of common stocks in the form of American Depositary shares (“ADSs”) under the symbol “GRVY”. As of December 31, 2023, the Parent Company’s total paid-in capital amounts to Korean Won("Won") 3,474 million. The Parent Company’s major shareholders and their respective percentage of ownership as of December 31, 2023 are as follows: Number of shares Ownership (%) GungHo Online Entertainment, Inc. 4,121,737 59.31 Others 2,827,163 40.69 6,948,900 100.00 Consolidated Subsidiaries Details of the consolidated subsidiaries as of December 31, 2023 and 2022 are as follows: Percentage of Subsidiary Location 2023 2022 Fiscal year end Main business Gravity Interactive, Inc. U.S.A. 100.00 100.00 December Online and mobile game services Gravity NeoCyon, Inc. Korea 99.53 99.53 December Mobile game development and service Gravity Communications Co.,Ltd. Taiwan 100.00 100.00 December Online and mobile game services PT. Gravity Game Link Indonesia 70.00 70.00 December Online and mobile game services Gravity Game Tech Co.,Ltd. Thailand 100.00 100.00 December Online and mobile game services Gravity Game Arise Co., Ltd. Japan 100.00 100.00 December Online and mobile game services Gravity Game Hub PTE., Ltd. Singapore 100.00 100.00 December Online and mobile game services Gravity Game Vision Limited. Hong Kong 100.00 100.00 December Online and mobile game services Condensed Financial Information of Subsidiaries Details of the condensed financial information of subsidiaries as of and for the year ended December 31, 2023 and 2022 are as follows: 2023 Subsidiaries Total Total Revenue(*) Profit(loss) (In millions of Korean won) Gravity Interactive, Inc. ₩ 23,445 ₩ 13,671 ₩ 49,818 ₩ 1,113 Gravity NeoCyon, Inc. 11,747 5,784 19,408 (1,270) Gravity Communications Co., Ltd. 35,754 9,227 33,122 10,116 PT Gravity Game Link 2,461 303 2,234 (103) Gravity Game Tech Co., Ltd. 50,672 8,081 30,604 11,308 Gravity Game Arise Co., Ltd. 7,058 1,683 3,807 (5,393) Gravity Game Hub PTE., Ltd. 74,229 37,718 287,950 34,160 Gravity Game Vision Limited 51,811 10,753 145,653 23,547 (*) Amount before eliminating the intercompany transactions. 2022 Subsidiaries Total Total Revenue(*) Profit(loss) (In millions of Korean won) Gravity Interactive, Inc. ₩ 32,143 ₩ 23,617 ₩ 62,745 ₩ (2,448) Gravity NeoCyon, Inc. 15,587 8,353 24,639 1,710 Gravity Communications Co., Ltd. 39,438 11,161 50,611 14,186 PT Gravity Game Link 3,268 1,090 3,372 (374) Gravity Game Tech Co., Ltd. 40,204 9,740 34,990 9,975 Gravity Game Arise Co., Ltd. 3,067 988 3,452 (505) Gravity Game Hub PTE., Ltd. 4,846 2,726 4,352 (3,081) Gravity Game Vision Limited 63,608 46,146 116,550 17,090 (*) Amounts before eliminating the intercompany transactions. |
Basis of Accounting
Basis of Accounting | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting Basis of Preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by International Accounting Standard Board (“IASB”). These consolidated financial statements were authorized for issuance by the board of directors on April 26, 2024. Basis of Measurement The consolidated financial statements have been prepared on the historical cost basis, except for the following material item in the consolidated statement of financial position as of December 31, 2022: • Financial instruments measured at fair value through profit or loss (“FVTPL”) Use of Judgements and Estimates Use of Judgements and Estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical Accounting Estimate Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes. i) Deferred Revenue |
New Standards and Interpretatio
New Standards and Interpretations Adopted During the Year and Resulting Changes in Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of changes in accounting estimates [abstract] | |
New Standards and Interpretations Adopted During the Year and Resulting Changes in Accounting Policies | New Standards and Interpretations Adopted During the Year and Resulting Changes in Accounting Policies New and Amended Standards Adopted by the Group The Group has applied the following standards and amendments for the first time for the annual reporting period commencing January 1, 2023. Amendments to IAS 1 ‘Presentation of Financial Statement’ – Disclosure of Accounting Policies The amendments to IAS 1 define and require entities to disclose their material accounting policy information (being information that, when considered together with other information included in an entity’s financial statements, can reasonably be expected to influence decisions that the primary users of financial statements make on the basis of those financial statements). The amendments did not have a significant impact on the financial statements. Amendments to IAS 8 ‘Accounting Policies, Changes in Accounting Estimate and Errors’ – Definition of Accounting Estimates The amendments define accounting estimates and clarify how to distinguish them from changes in accounting policies. The amendment did not have a significant impact on the financial statements. Amendments to IAS 12 ‘Income Taxes’ – Deferred Tax related to Assets and liabilities arising from a Single Transaction The amendments include an additional condition to the exemption to initial recognition of an asset or liability that a transaction does not give rise to equal taxable and deductible temporary differences at the time of the transaction. The amendments did not have a significant impact on the financial statement. New standards : IFRS 17 ‘Insurance Contract’ IFRS 17 Insurance Contracts replaces IFRS 4 Insurance Contracts. This Standard estimates future cash flows of an insurance contract and measures insurance liabilities using discount rates applied with assumptions and risks at the measurement date. The entity recognizes insurance revenue on an accrual basis including services (insurance coverage) provided to the policyholder by each annual period. In addition, investment components (Refunds due to termination/maturity) repaid to a policyholder even if an insured event does not occur, are excluded from insurance revenue, and insurance financial income or expense and the investment income or expense are presented separately to enable users of the information to understand the sources of income or expenses. This standard did not have a significant impact on the financial statements. Amendments to IAS 12 ‘Income Taxes’ – International Tax Reform – Pillar Two Model Rules The amendments provide a temporary relief from the accounting for deferred taxes arising from legislation enacted to implement the Pillar Two model rules, which aim to reform international corporate taxation for multinational enterprises, and require disclosure of related current tax effects, etc. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Since the Pillar Two legislation is scheduled to be effective from January 1, 2024, the Group has no current tax expense related to Pillar Two. The expected impact of the Pillar Two income taxes is described in Note 19. |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Material Accounting Policies | Material Accounting Policies The principal accounting policies applied in the preparation of these consolidated financial statements in accordance with the IFRS are set out below. These policies have been consistently applied to all years presented, except if mentioned otherwise in Note 3. Consolidation The Group has prepared the consolidated financial statements in accordance with IFRS 10 Consolidated Financial Statements . Subsidiaries are all entities over which Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group. They are deconsolidated from the date on which control ceases. The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred is measured at the fair values of the assets transferred, and identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of consideration transferred, amount of any non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in the profit as a bargain purchase. Intercompany transactions, balances and unrealized gains on transactions between consolidated companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Segment Reporting Information of each operating segment is reported in a manner consistent with the internal business segment reporting provided to the chief operating decision-maker (Note 24). The CEO, as the chief operating decision-maker, is responsible for allocating resources and assessing performance of the operating segments. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, and other short-term investments with original maturities of three months or less that are readily convertible to known amounts of cash. Financial Assets Classification At initial recognition, the Group classifies its financial assets in the following measurement categories: • measured at fair value through profit or loss • measured at fair value through other comprehensive income ("FVOCI"), and • measured at amortized cost. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. The Group reclassifies debt investments when, and only when, its business model for managing those assets changes. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Changes in fair value of equity instruments not elected as equity investment at fair value through other comprehensive income will be recognized in profit or loss. Measurement At initial recognition, the Group measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset for financial asset not at fair value through profit or loss. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. (i) Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments into one of the following three measurement categories: • Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in ‘finance income’ using the effective interest rate method. • Fair value through other comprehensive income : Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment loss (reversal of impairment loss), interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. Interest income from these financial assets is included in ‘finance income’ using the effective interest rate method. Foreign exchange gains and losses are presented in ‘finance income or costs’ and impairment losses are presented in ‘other non-operating expenses’. • Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and presented net in the statement of profit or loss within ‘finance income or costs’ in the year in which it arises. (ii) Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments, which are held for long-term investment or strategic purpose, in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Changes in the fair value of financial assets at fair value through profit or loss are recognized in ‘other non-operating income or expenses’ in the statement of profit or loss as applicable. Impairment loss (reversal of impairment loss) on equity investments measured at fair value through other comprehensive income are not reported separately from other changes in fair value. Impairment The Group recognizes loss allowances for expected credit losses (“ECLs”) on: • financial assets measured at amortized cost; • debt investments measured at FVOCI; and • contract assets under IFRS 15. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: • debt securities that are determined to have low credit risk at the reporting date; and • other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition . Loss allowances for accounts and other receivables (including lease receivables) and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment that includes forward-looking information. The Group considers a financial asset to be in default when: • the debtor is unlikely to pay its obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or • the financial asset is more than 90 days past due. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss. Recognition and Derecognition Regular way purchases and sales of financial assets are recognized or derecognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. If a transfer does not result in derecognition because the Group has retained substantially all the risks and rewards of ownership of the transferred asset, the Group continues to recognize the transferred asset in its entirety and recognizes a financial liability for the consideration received. Offsetting of Financial Instruments Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the assets and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. Accounts receivables Accounts receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components in which case they are recognized at fair value. Account receivables are subsequently measured at amortized cost using the effective interest method, less loss allowance. Property and Equipment Property and equipment are initially measured at cost. The cost of property and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Property and equipment, subsequently, are carried at cost less accumulated depreciation and accumulated impairment losses. Subsequent costs are recognized in the carrying amount of property and equipment at cost or, if appropriate, as a separate item if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. Depreciation of all property and equipment, except for land, is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Computer and other equipment 4 years Furniture and fixtures 4 years Vehicles 4 years Leasehold improvements (*) Right-of-use assets (*) (*) The Group depreciates Right-of-use asset and the Leasehold improvements from the commencement date and the available date to the earlier date between the end of the lease term and the expiration date of Right-of-use asset’s useful life using the straight-line method. Depreciation method, residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The change is accounted for as a change in an accounting estimate. Intangible Assets Intangible assets, except for goodwill, are initially recognized at its historical cost, and carried at cost less accumulated amortization and accumulated impairment losses. The Group amortizes intangible assets with a definite useful life using the straight-line method over the following periods: Software 1 ~ 3 years Industrial property rights 10 years Other intangible assets 3 years Expenditure on research activities is recognized expenses as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditure is recognized in expenses as incurred. The Group entered into a game licensing agreement with a number of third parties to gain exclusive rights to the games developed by those companies. The license fee payments are recognized as other intangible assets and amortized over the term of the contract using the straight-line method. Impairment of Non-financial Assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than contract assets, incremental costs of obtaining a contract, costs to fulfil a contract, employee benefit related assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, irrespective of whether there is any indication of impairment, are tested for impairment annually by comparing their recoverable amounts to their carrying amounts. The recoverable amount of an asset or cash generating unit (“CGU”) is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized in profit or loss if the carrying amount of an asset or CGU exceeds its recoverable amount. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. i) As a Lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component by class of underlying asset. The Group determines the lease term as the non-cancellable period of a lease, together with both (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. When the lessee and the lessor each has the right to terminate the lease without permission from the other party, the Group should consider a termination penalty in determining the period for which the contract is enforceable. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rates. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as of the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in ‘property, plant, and equipment’ and lease liabilities in ‘other current liabilities’ and ‘other non-current liabilities’ in the statement of consolidated financial position. The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. ii) As a Lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease. If an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the consideration in the contract. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of ‘other income’. Financial Liabilities Classification and Measurement The Group’s financial liabilities at fair value through profit or loss are financial instruments held for trading. A financial liability is held for trading if it is incurred principally for the purpose of repurchasing in the near term. A derivative that is not designated as a hedging instrument and an embedded derivative that is separated are also classified as held for trading. The Group classifies non-derivative financial liabilities, except for financial liabilities at fair value through profit or loss, financial guarantee contracts and financial liabilities that arise when a transfer of financial assets does not qualify for derecognition, as financial liabilities carried at amortized cost and present as ‘account payables,’ ‘other current liabilities,’ and ‘other non-current liabilities’ in the consolidated statement of financial position. Derecognition Financial liabilities are removed from the consolidated statement of financial position when they are extinguished; for example, when the obligation specified in the contract is discharged or cancelled or expired or when the terms of an existing financial liability are substantially modified. The difference between the carrying amount of a financial liability extinguished or transferred to another party and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. Provisions and Contingencies Provisions for legal claim and service warranties are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. In addition, when there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability, a disclosure regarding the contingent liabilities is made in the notes to the financial statements. Foreign Currency Translation Functional and Presentation Currency Items included in the consolidated financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which each entity operates (the “functional currency”). The consolidated financial statements are presented in Korean won, which is the Parent Company’s functional and presentation currency. Foreign Operations If the presentation currency of the Group is different from a foreign operation’s functional currency, the financial statements of the foreign operation are translated into the presentation currency using the following methods: The assets and liabilities of foreign operations, whose functional currency is not the currency of a hyperinflationary economy, are translated to presentation currency at exchange rates at the end of reporting period. The income and expenses of foreign operations are translated to functional currency at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation is treated as assets and liabilities of the foreign operation. Thus, they are expressed in the functional currency of the foreign operation and translated at the exchange rates at the end of reporting date. When a foreign operation is disposed of, the relevant amount in the translation is transferred to profit or loss as part of the profit or loss on disposal. On the partial disposal of a subsidiary that includes a foreign operation, the relevant proportion of such cumulative amount is reattributed to non-controlling interest. In any other partial disposal of a foreign operation, the relevant proportion is reclassified to profit or loss. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rate at the reporting date are generally recognized in profit or loss. They are recognized in other comprehensive income if they relate to qualifying cash flow hedges and qualifying effective portion of net investment hedges, or are attributable to monetary part of the net investment in a foreign operation. Exchange differences arising on non-monetary financial assets and liabilities such as equity instruments at fair value through profit or loss and equity instruments at fair value through other comprehensive income are recognized in profit or loss and other comprehensive income, respectively, as part of the fair value gain or loss. Statement of Cash Flow s The Group has elected to present cash flows from operating activities using the indirect method. Cash flows denominated in a foreign currency are reported using average exchange rate. Revenue from Contracts with Customers The Group engages in game licensing, IP licensing and game publishing businesses. Revenue is measured at the fair value of the consideration received or receivable for the sale of goods or rendering of services arising from the normal course of the business. Amounts recognized as revenue are net of value added taxes, returns, rebates and discounts. Revenue from Micro-transaction The Group recognizes micro-transaction revenue of online and mobile games when the Group satisfies its performance obligations. Whether the performance obligations are satisfied depends on the natures of virtual currency and in-game virtual items. Items are categorized into consumable, periodic, and permanent in-game virtual items. Consumable in-game virtual items are items that are consumed by the specific action of a game user, and periodic in-game virtual items are items that can be used by game users repeatedly during a specified effective period. Permanent in-game virtual items are items that can be used by game users repeatedly without an effective period. The accounting policy on revenue recognition is described below in relation to micro-transaction revenue from the sales of virtual currency and items. i) Online Games At the end of the reporting period, the Group defers the total amount of remaining virtual currency. For consumable in-game virtual items, the related revenue is recognized when the in-game virtual item is consumed. The Group defers the revenue for remaining amounts of virtual items owned by active users within the estimated user life cycle at the end of the reporting period. For periodic in-game virtual items, the related revenue is recognized ratably over the effective period and the Group defers the revenue for remaining effective period. For permanent in-game virtual items, revenue is recognized ratably over the estimated user life cycle. ii) Mobile Games Mobile game users purchase virtual currency that can be used to purchase in-game items. The Group has no refund obligation after the game users purchase virtual currency. At the end of the reporting period, the Group defers the revenue for the remaining virtual currency possessed by active paying users within the estimated user life cycle. For consumable in-game virtual items, revenue is recognized when the in-game virtual item is consumed. At the end of the reporting period, the Group defers the revenue by reflecting the average unit price to the remaining amount of virtual items possessed by active users within the estimated user life cycle. For periodic in-game virtual items, revenue is recognized ratably over the effective period. The Group defers the revenue for remaining effective period. For permanent in-game virtual items, revenue is recognized ratably over the estimated user life cycle. The Group defers the revenue for remaining period of estimated user life cycle at the end of the reporting period. Online and Mobile games - Royalties and License Fees In connection with the Group’s online and mobile games, the Group enters into license agreement in connection with the right to access the intellectual property, such as game character images and stories. The Group considers that the agreement is a promise to provide a right to the customer to access the related IP because the Group undertakes activities that significantly affect the intellectual property to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of the Group’s activities, and those activities do not result in the transfer of a good or a service to the customer as those activities occur. Therefore, the Group’s performance obligations in connection with these agreements are satisfied over time. Since the nature of the license promise is to provide customers with |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents (1) Cash and cash equivalents as of December 31, 2023 and 2022 consist of the follows: December 31, December 31, (In millions of Korean won) Deposits in banks 184,082 169,877 Total ₩ 184,082 ₩ 169,877 (2) The Group does not have any restricted cash and cash equivalents as of December 31, 2023 and 2022. |
Financial Instruments by Catego
Financial Instruments by Category | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments by Category | Financial Instruments by Category (1) Carrying amounts of financial instruments by category as of December 31, 2023 and 2022 are as follows: December 31, December 31, Financial assets at amortized cost (In millions of Korean won) Cash and cash equivalents ₩ 184,082 ₩ 169,877 Short-term financial instruments 277,215 167,000 Accounts receivable, net 71,213 77,257 Other receivables, net 7 12 Other current financial assets(*1) 4,439 3,370 Other non-current financial assets(*2) 1,824 1,676 Financial assets at fair value through profit or loss Other non-current financial assets — 500 Total ₩ 538,780 ₩ 419,692 (*1) Other current financial assets consist of accrued income and deposits. (*2) Other non-current financial assets consist of deposits. December 31, December 31, Financial liabilities at amortized cost (In millions of Korean won) Accounts payable (*) ₩ 57,615 ₩ 70,170 Long-term accounts payable 677 374 Accrued expenses (*) 395 429 Other current liabilities 4,225 2,906 Other non-current liabilities 2,337 3,057 Total ₩ 65,249 ₩ 76,936 (*) Annual leave allowance, bonus accruals, etc. that should be paid to employees are excluded. (2) Net income and expenses from financial instruments for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Financial assets at amortized cost (In millions of Korean won) Interest income ₩ 11,487 ₩ 4,496 ₩ 1,355 Differences in foreign currency (1,654) 2,101 2,135 Financial assets at fair value through profit or loss Interest income 5 5 28 Financial liabilities at amortized cost Interest expense (162) (127) (115) Differences in foreign currency (1,344) (1,301) (821) (3) Fair Value Hierarchy Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: all inputs other than quoted prices included in Level 1 that are observable (either directly that is, prices, or indirectly that is, derived from prices) for the asset or liability; • Level 3: unobservable inputs for the asset or liability. The fair value of financial instruments traded in an active market is determined based on the quoted market price as of the end of the reporting period. If the quoted prices are readily and regularly available through exchanges, sellers, brokers, industry groups, rating agencies or regulators and such prices represent actual market transactions that occur regularly between independent parties, they are considered active markets. These products are included in Level 1. The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques use as much market observable information as possible and use the least amount of group-specific information. At this time, if all the significant input variables required to measure the fair value of a good are observable, the good is included in Level 2. If more than one significant input variable is not based on observable market information, the item is included in Level 3. The valuation techniques used to measure the fair value of a financial instrument include: • Market price or dealer price of a similar financial instrument • The fair value of derivative instruments is determined by discounting the amount to present value using the leading exchange rate as of the end of the reporting period |
Accounts and Other Receivables
Accounts and Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
Accounts and Other Receivables | Accounts and Other Receivables (1) Accounts and other receivables as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Accounts receivable Non-related party ₩ 69,867 ₩ 74,702 Related party 1,972 2,874 Less : Loss allowance (626) (319) Accounts receivables, net ₩ 71,213 ₩ 77,257 December 31, December 31, (In millions of Korean won) Other receivables Non-related party ₩ 3,642 ₩ 145 Related party — — Less: Loss allowance (5) (5) Other receivables, net ₩ 3,637 ₩ 140 (2) Changes in the loss allowance of accounts and other receivables during the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Accounts receivable Beginning balance ₩ 319 ₩ 689 ₩ 579 Bad debt expenses 1,402 701 933 Reversal of allowance for doubtful accounts — — (132) Write-off (1,095) (1,071) (691) Ending balance ₩ 626 ₩ 319 ₩ 689 2023 2022 2021 (In millions of Korean won) Other receivables Beginning balance ₩ 5 ₩ 5 ₩ 5 Bad debt expenses — — — Reversal of allowance for doubtful accounts — — — Write-off — — — Ending balance ₩ 5 ₩ 5 ₩ 5 (3) Expected credit losses (ECLs) and credit risk exposures for accounts and other receivables as of December 31, 2023 and 2022 are as follows: ① Accounts receivables As of December 31, 2023 Expected Carrying Loss (In millions of Korean won) Not due or overdue less than 90 days 0.6 % ₩ 71,334 ₩ 438 More than 90 days ~ Less than 180 days 3.2 % 315 10 More than 180 days ~ Less than 270 days 57.4 % 27 16 More than 270 days ~ Less than 1 year 87.3 % 5 4 More than 1 year 100.0 % 158 158 Total ₩ 71,839 ₩ 626 As of December 31, 2022 Expected Carrying Loss (In millions of Korean won) Not due or overdue less than 90 days 0.1 % ₩ 77,073 ₩ 85 More than 90 days ~ Less than 180 days 18.2 % 318 58 More than 180 days ~ Less than 270 days 46.6 % 4 2 More than 270 days ~ Less than 1 year 82.3 % 40 33 More than 1 year 100.0 % 141 141 Total ₩ 77,576 ₩ 319 ② Other receivables As of December 31, 2023 Expected Carrying Loss (In millions of Korean won) Not due or overdue less than 90 days — % ₩ 3,637 ₩ — More than 90 days ~ Less than 180 days — % — — More than 180 days ~ Less than 270 days — % — — More than 270 days ~ Less than 1 year — % — — More than 1 year 100 % 5 5 Total ₩ 3,642 ₩ 5 As of December 31, 2022 Expected Carrying Loss (In millions of Korean won) Not due or overdue less than 90 days — % ₩ 140 ₩ — More than 90 days ~ Less than 180 days — % — — More than 180 days ~ Less than 270 days — % — — More than 270 days ~ Less than 1 year — % — — More than 1 year 100 % 5 5 Total ₩ 145 ₩ 5 In assessing the recoverability of accounts receivable, the Group considers changes in the credit rating of accounts and other receivables from the commencement of the credit to the end of the reporting period. The Group applies the simplified approach for account and other receivables to measure the loss allowance at an amount equal to lifetime expected credit losses. To measure the expected credit losses, account and other receivables are grouped based on credit risk characteristics and the duration of past due balances. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls. The Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes the Group’s historical experience and informed credit assessment that includes forward-looking information. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Property and Equipment | 8. Property and Equipment (1) Details of property and equipment as of December 31, 2023 and 2022 are as follows: December 31, 2023 Acquisition Accumulated Book (In millions of Korean won) Computer and other equipment ₩ 7,186 ₩ (5,650) ₩ 1,536 Furniture and fixture 1,887 (1,620) 267 Construction In Progress 1,209 — 1,209 Vehicle 9 (8) 1 Leasehold improvements 2,172 (1,655) 517 Right-of-use assets 15,514 (8,893) 6,621 Total ₩ 27,977 ₩ (17,826) ₩ 10,151 December 31, 2022 Acquisition Accumulated Book (In millions of Korean won) Computer and other equipment ₩ 6,381 ₩ (5,268) ₩ 1,113 Furniture and fixture 1,787 (1,449) 338 Vehicle 9 (5) 4 Leasehold improvements 2,084 (1,357) 727 Right-of-use assets 16,197 (10,239) 5,958 Total ₩ 26,458 ₩ (18,318) ₩ 8,140 (2) Changes in property and equipment for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 Computer Furniture Construction Vehicle Leasehold Right-of- Total (In millions of Korean won) Beginning balance ₩ 1,113 ₩ 338 ₩ — ₩ 4 ₩ 727 ₩ 5,958 ₩ 8,140 Lease — — — — — 261 261 Acquisitions/Capital expenditure 1,065 105 1,209 — 82 4,443 6,904 Depreciation (656) (177) — (3) (300) (4,116) (5,252) Disposals/Disposition/Removals — (1) — — — — (1) Reclassification (1) 1 — — — — — Foreign exchange differences 15 1 — — 8 75 99 Ending balance ₩ 1,536 ₩ 267 ₩ 1,209 ₩ 1 ₩ 517 ₩ 6,621 ₩ 10,151 2022 Computer Furniture Construction Vehicle Leasehold Right-of- Total (In millions of Korean won) Beginning balance ₩ 1,455 ₩ 380 ₩ — ₩ 6 ₩ 757 ₩ 8,740 ₩ 11,338 Leases — — — — — (64) (64) Acquisitions/Capital expenditure 307 181 — — 252 1,209 1,949 Depreciation (657) (222) — (2) (266) (3,998) (5,145) Disposals/Disposition/Removals (1) (2) — — (10) (45) (58) Reclassification (6) 6 — — — — — Foreign exchange differences 15 (5) — — (6) 116 120 Ending balance ₩ 1,113 ₩ 338 ₩ — ₩ 4 ₩ 727 ₩ 5,958 ₩ 8,140 2021 Computer Furniture Construction Vehicle Leasehold Right-of-use Total (In millions of Korean won) Beginning balance ₩ 1,380 ₩ 310 ₩ 128 ₩ 8 ₩ 132 ₩ 5,737 ₩ 7,695 Acquisitions/Capital expenditure 712 322 — — 753 6,319 8,106 Depreciation (648) (249) — (2) (223) (3,448) (4,570) Disposals (15) (3) — — (44) (63) (125) Reclassification — — (128) — 128 — — Foreign exchange differences 26 — — — 11 195 232 Ending balance ₩ 1,455 ₩ 380 ₩ — ₩ 6 ₩ 757 ₩ 8,740 ₩ 11,338 (3) Classification of depreciation expenses in the statements of comprehensive income for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Cost of revenues ₩ 1,853 ₩ 2,028 ₩ 2,102 Selling, general and administrative expenses 3,369 2,976 2,167 Research and development 30 141 301 Total ₩ 5,252 ₩ 5,145 ₩ 4,570 (4) As of the end of the reporting period, there are no property and equipment that are pledged as collateral for the Group’s debts. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets | Intangible Assets (1) Details of intangible assets as of December 31, 2023 and 2022 are as follows: December 31, 2023 (In millions of Korean Won) Acquisition Accumulated Book Software ₩ 17,567 ₩ (14,787) ₩ 2,780 Industrial property rights 1,376 (750) 626 License fee 8,510 (5,832) 2,678 Other intangible assets 1,367 (1,081) 286 Total ₩ 28,820 ₩ (22,450) ₩ 6,370 December 31, 2022 (In millions of Korean Won) Acquisition Accumulated Book Software ₩ 16,284 ₩ (14,346) ₩ 1,938 Industrial property rights 1,215 (670) 545 License fee 5,043 (3,692) 1,351 Other intangible assets 1,117 (1,082) 35 Total ₩ 23,659 ₩ (19,790) ₩ 3,869 (*) Accumulated amortization includes the amount of accumulated impairment loss. (2) Changes in intangible assets for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 Software Industrial License fee Other Total (In millions of Korean won) Beginning balance ₩ 1,938 ₩ 545 ₩ 1,351 ₩ 35 ₩ 3,869 Acquisitions/Capital expenditure 2,136 170 3,886 263 6,455 Amortization (1,296) (83) (1,027) — (2,406) Disposals — (6) — (12) (18) Impairment(*) — — (1,531) — (1,531) Foreign exchange differences 2 — (1) — 1 Ending balance ₩ 2,780 ₩ 626 ₩ 2,678 ₩ 286 ₩ 6,370 (*) The Group recognized Korean Won 1,531 million of impairment loss as carrying amount of the other intangible assets exceeded recoverable amount as of December 31, 2023. 2022 Software Industrial License fee Other Total (In millions of Korean won) Beginning balance ₩ 1,264 ₩ 483 ₩ 1,430 ₩ 165 ₩ 3,342 Acquisitions/Capital expenditure 1,856 138 747 — 2,741 Amortization (1,184) (71) (538) (124) (1,917) Disposals — (5) — (5) (10) Impairment(*) — — (293) — (293) Foreign exchange differences 2 — 5 (1) 6 Ending balance ₩ 1,938 ₩ 545 ₩ 1,351 ₩ 35 ₩ 3,869 (*) The Group recognized Korean Won 293 million of impairment loss as carrying amount of the license exceeded recoverable amount as of December 31, 2022. 2021 Software Industrial Other Total (In millions of Korean won) Beginning balance ₩ 2,234 ₩ 332 ₩ 797 ₩ 3,363 Acquisitions/Capital expenditure 116 224 1,676 2,016 Amortization (1,088) (73) (587) (1,748) Disposals (15) — — (15) Impairment(*) — — (281) (281) Foreign exchange differences 17 — (10) 7 Ending balance ₩ 1,264 ₩ 483 ₩ 1,595 ₩ 3,342 (*) The Group recognized Korean Won 281 million of impairment loss as carrying amount of the license exceeded recoverable amount as of December 31, 2021. (3) Classification of amortization in the statements of comprehensive income for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Cost of revenues ₩ 708 ₩ 719 ₩ 737 Selling, general and administrative expenses 1,340 1,155 931 Research and development 358 43 80 Total ₩ 2,406 ₩ 1,917 ₩ 1,748 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Non-Current Assets [Abstract] | |
Other Non-Current Assets | Other Non-Current Assets December 31, 2023 December 31, 2022 (In millions of Korean won) Prepaid Expenses(*) ₩ 6,309 ₩ 2,036 Other 676 446 Total ₩ 6,985 ₩ 2,482 (*) Prepaid Expenses consist of the minimum guaranteed royalty paid to third parties. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Employee Benefits | Employee Benefits The expenses recognized in relation to defined contribution plan for the years ended December 31, 2023, 2022 and 2021 are Won 2,413 million, Won 2,181 million and Won 2,067 million, respectively. Won 47 million and Won 28 million in relation to the defined benefit plan is recognized as other non-current liabilities as of December 31, 2023 and December 31, 2022, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Commitments And Contingent Liabilities [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Group has entered into license agreements with various third-party game developers to secure exclusive right to publish the games developed by the third-party developers. Upfront license fees paid are capitalized and recognized as other intangible assets and minimum guaranteed royalties are capitalized and recognized as other non-current asset. Purchase obligations for future payment related to above agreements as of December 31, 2023 and 2022 are Won 4,942 million and Won 3,242 million, respectively. As of December 31, 2023, the Group benefited from payment guarantee of USD 658,500 from KB Kookmin Bank regarding overseas IP contracts. As of December 31, 2023, the Group has been provided with a payment guarantee amounting to Won 524 million from Seoul Guarantee Insurance Co., Ltd. |
Capital
Capital | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Capital | Capital (1) Details of common shares as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In Korean won and number of shares) Number of authorized shares 40,000,000 40,000,000 Value per share ₩ 500 ₩ 500 Number of shares issued 6,948,900 6,948,900 Common shares ₩ 3,474,450,000 ₩ 3,474,450,000 (2) Details of capital surplus as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Additional paid in capital ₩ 25,292 ₩ 25,292 Other capital surplus 1,806 1,806 Total ₩ 27,098 ₩ 27,098 (3) Details of other components of equity as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Factors for re-measurement of defined benefit liabilities ₩ — ₩ (4) Foreign currency translation adjustments 4,016 2,479 Total ₩ 4,016 ₩ 2,475 (4) Details of retained earnings as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Unappropriated retained earnings ₩ 428,499 ₩ 296,480 (5) According to the Parent company's Articles of Incorporation, the Parent company may issue 2,000,000 shares of preferred stock without voting rights, and there are no preferred shares issued as of December 31, 2023 and 2022. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers (1) Details of revenue from contracts with customers based on the service contract type and the timing of satisfaction of performance obligations are as follows: 2023 2022 2021 (In millions of Korean won) Service contract Micro-transaction revenue Online game ₩ 70,566 ₩ 80,147 ₩ 64,382 Mobile game 568,665 261,622 164,646 639,231 341,769 229,028 Royalties and license fees Online game 10,451 9,109 10,988 Mobile game 60,939 97,150 155,518 71,390 106,259 166,506 Others 14,895 15,590 18,404 725,516 463,618 413,938 Timing of satisfaction of performance obligations At a point in time 119 25 8 Over time 725,397 463,593 413,930 ₩ 725,516 ₩ 463,618 ₩ 413,938 (2) Accounts receivables, incremental costs of obtaining a contract, and contract liabilities related to contracts with customers as of December 31, 2023 and 2022 are as follows: 2023 2022 (In millions of Korean won) Accounts receivable ₩ 71,213 ₩ 77,257 Incremental costs of obtaining a contract (Prepaid expenses) 1,557 1,722 Contract liabilities (Deferred revenue) 19,875 18,574 Micro-transaction revenue 17,159 16,788 Royalties and license fees 2,426 101 Website and application development 290 1,685 (3) The amount of revenue recognized from previous period’s contract liabilities satisfied during the years ended December 31, 2023 and 2022 are Won 16,788 million and Won 12,622 million in Micro-transaction revenue; Won 71 million and Won 18 million in Royalties and license fees and Won 1,685 million and Won 840 million in Website and application development, respectively. (4) Transaction price allocated to unsatisfied performance obligations as of December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Micro-transaction revenue Online game ₩ 10,216 ₩ 9,918 ₩ 9,374 Mobile game 6,943 6,869 3,248 17,159 16,787 12,622 Royalties and license fees Online game 164 49 96 Mobile game 2,262 52 21 2,426 101 117 Website and application development 290 1,686 840 Total ₩ 19,875 ₩ 18,574 ₩ 13,579 The Group’s management expects to recognize 91.0% (Won 18,090 million) of the transaction price allocated to contracts that have not been performed as of December 31, 2023 as revenue within 12 months. The remaining 9.0% (Won 1,785 million) is expected to be recognized as revenue thereafter. The amounts disclosed above do not include variable consideration which is constrained. (5) Details of incremental costs of obtaining a contract recognized as assets as of and for the years ended December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Incremental costs of obtaining a contract ₩ 1,557 ₩ 1,722 Details of incremental costs of obtaining a contract recognized as cost of revenues as of December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Incremental costs of obtaining a contract recognized as cost of revenues ₩ 1,722 ₩ 861 ₩ 1,277 |
Classification of Expenses By N
Classification of Expenses By Nature | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by nature [abstract] | |
Classification of Expenses By Nature | Classification of Expenses by Nature Details of classification of expenses by nature for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Advertising expenses ₩ 13,661 ₩ 29,898 ₩ 35,948 Fees and commissions 472,324 259,024 215,613 Lease expenses 1,292 1,179 1,125 Outsourcing expenses 13,053 11,415 12,997 Salaries 44,339 40,315 35,532 Expenses related to defined contribution and benefit plans 2,505 2,255 2,090 Employee benefits 4,256 3,895 3,390 Depreciation 5,252 5,145 4,570 Amortization 2,406 1,917 1,748 Other expenses 5,422 3,733 3,361 Total ₩ 564,510 ₩ 358,776 ₩ 316,374 Total expenses consist of cost of sales, selling, general and administrative expenses and research and development. |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Selling, general and administrative expense [abstract] | |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Details of the selling, general and administrative expenses for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Advertising expenses ₩ 13,661 ₩ 29,898 ₩ 35,948 Fees and commissions 16,662 15,909 13,959 Lease expenses 712 646 530 Salaries 20,688 17,598 15,491 Expenses related to defined contribution and benefit plans 991 783 729 Employee benefits 2,257 1,972 1,598 Depreciation 3,369 2,976 2,166 Amortization 1,340 1,155 930 Other expenses 6,386 6,677 4,280 Total ₩ 66,066 ₩ 77,614 ₩ 75,631 |
Other Income and Expenses
Other Income and Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Other Income And Expense [Abstract] | |
Other Income and Expenses | Other Income and Expenses (1) Details of other income for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Gain on disposal of property and equipment ₩ 20 ₩ 15 ₩ 7 Miscellaneous gain 893 590 600 Total ₩ 913 ₩ 605 ₩ 607 (2) Details of other expenses for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Loss on retirement and disposal of property and equipment ₩ — ₩ — ₩ 57 Impairment loss on intangible assets 1,531 293 281 Impairment loss on other non-current assets (*) — 177 1,087 Donation — — 1 Loss on retirement and disposal of intangible assets 6 4 — Miscellaneous loss 15 265 26 Total ₩ 1,552 ₩ 739 ₩ 1,452 (*) The Group recognized an impairment loss as the recoverable amount was less than the book value of minimum guaranteed royalties for the game in service. |
Finance Income And Costs
Finance Income And Costs | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Finance Income And Costs [Abstract] | |
Finance Income and Costs | Finance Income and Costs Details of finance income and costs for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Finance income Interest income ₩ 11,492 ₩ 4,501 ₩ 1,383 Unrealized foreign currency gain 1,417 689 134 Gain on foreign currency transactions 10,358 10,763 3,751 Total ₩ 23,267 ₩ 15,953 ₩ 5,268 Finance costs Unrealized foreign currency loss ₩ 1,595 ₩ 1,311 ₩ 211 Loss on foreign currency transactions 13,178 9,341 2,360 Interest expense 162 127 115 Total ₩ 14,935 ₩ 10,779 ₩ 2,686 |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Income Tax Expense | Income Tax Expense (1) Details of income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Current tax on profit for the year Current year ₩ 37,459 ₩ 27,932 ₩ 29,903 Adjustments recognized related to prior period incomes — — 1,647 Deferred tax expense Change in net deferred tax assets (742) (1,108) 1,871 Income tax expense ₩ 36,717 ₩ 26,824 ₩ 33,421 (2) The differences between the tax expense on the Group’s profit before tax and the amount that would arise using the statutory tax rate applicable to profits of the entities for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Profit before income tax ₩ 168,699 ₩ 109,882 ₩ 99,301 Income tax using the statutory tax rate of each country 31,300 23,951 25,957 Adjustments Expenses not deductible for tax purpose 9 7 11 Non taxable income (131) — — Withholding tax 8,615 5,028 4,500 Utilization of previously unrecognized loss carried forward (714) (239) — Adjustments recognized related to prior period incomes — — 1,647 Tax credit (1,174) (2,131) (765) Corporate tax on unappropriated earnings (134) 1,085 487 Changes in deferred tax liabilities related to investment in subsidiaries (422) (1,101) 1,351 Others (632) 224 233 Total adjustments 5,417 2,873 7,464 Income tax expense ₩ 36,717 ₩ 26,824 ₩ 33,421 Effective tax rate 22 % 24 % 34 % (3) Details of the changes in deferred income tax assets (liabilities) for the years ended December 31, 2023 and 2022 are as follows: 2023 Beginning Increase Ending (In millions of Korean won) Deferred income tax on temporary differences Property and equipment ₩ 38 ₩ 13 ₩ 51 Intangible assets 442 223 665 Other non-current assets 202 (177) 25 Accounts payables 1,701 (183) 1,518 Accrued expenses 233 49 282 Deferred revenue 94 261 355 Allowance for doubtful account 299 880 1,179 Other non-current liabilities 81 1 82 Lease (30) (8) (38) Investments in subsidiaries (2,791) 423 (2,368) Others (278) 1,160 882 Sub Total (9) 2,642 2,633 Deferred tax due to carry-forward losses 759 (58) 701 Deferred tax due to tax credit carry-forward 2,078 (1,842) 236 Deferred tax assets (*) 5,660 292 5,952 Deferred tax liabilities ₩ (2,832) ₩ 450 ₩ (2,382) 2022 Beginning Increase Ending (In millions of Korean won) Deferred income tax on temporary differences Property and equipment ₩ 34 ₩ 4 ₩ 38 Intangible assets 398 44 442 Other non-current assets 530 (328) 202 Accounts payables 1,404 297 1,701 Accrued expenses 192 41 233 Deferred revenue 311 (217) 94 Allowance for doubtful account 367 (68) 299 Other non-current liabilities 75 6 81 Lease (43) 13 (30) Investments in subsidiaries (3,759) 968 (2,791) Others (2) (276) (278) Sub Total (494) 485 (9) Deferred tax due to carry-forward deficits 135 624 759 Deferred tax due to tax credit carry-forward 2,078 — 2,078 Deferred tax assets (*) 1,719 3,941 5,660 Deferred tax liabilities ₩ — ₩ (2,832) ₩ (2,832) (*) The future realizability of deferred tax assets is reassessed by taking into consideration various factors such as the each entity's performance, the overall economic environment and industry outlook, expected future earnings and deductible period of tax credits carry-forward and carry-forward deficits. As of December 31, 2023 and 2022, the Group has recognized deferred tax assets related to temporary differences, tax loss carryforward and tax credit carryforwards, which can be utilized based on the likelihood of each entity's future taxable income. This amount may change if the estimate of future taxable income changes. (4) Details of unused tax loss carryforwards and unused tax credit carryforwards that are not recognized as deferred income tax assets as of December 31, 2023 are as follows: Year of expiration Unused loss carryforwards Unused tax credit 2024 ₩ 2,585 ₩ — 2025 1,421 160 2026 2,002 175 2027 353 163 2028 2,134 520 After 2028 5,339 1,284 Total ₩ 13,834 ₩ 2,302 (5) As of December 31, 2023 and 2022, the Group did not recognize deferred income tax asset for the temporary difference of Won 23,087 million and Won 22,409 million relating to investments in subsidiaries as it is not probable such temporary differences can be utilized in the foreseeable future. (6) The gross balances of deferred tax assets and liabilities for the years ended December 31, 2023 and 2022, is as follows: December 31, December 31, (In millions of Korean won) Deferred tax assets - Deferred tax assets to be recovered after more than 12 months ₩ 1,601 ₩ 1,935 - Deferred tax assets to be recovered within 12 months 5,801 5,075 Sub-total 7,402 7,010 Deferred tax liabilities - Deferred tax liabilities to be recovered after more than 12 months (15) (3,124) - Deferred tax liabilities to be recovered within 12 months (3,817) (1,058) Sub-total (3,832) (4,182) (7) Impact of Pillar Two income taxes Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate. All entities within the Group have an effective tax rate that exceeds 15%, except for Gravity Game Vision Limited that operates in Hong Kong. For 2023, the average effective tax rate (calculated in accordance with paragraph 86 of IAS 12) of Gravity Game Vision Limited operating in Hong Kong is: Gravity Game Vision Limited (In millions of Korean won) Tax expense for year ended 31 December 2023 ₩ 3,396 Profit before income tax 26,943 Average effective tax rate 12.60 % The Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. This assessment indicates for Hong Kong that the average effective tax rate based on accounting profit is 12.6% for the annual reporting period to 31 December 2023. However, although the average effective tax rate is below 15%, the Group might not be exposed to paying Pillar Two income taxes in relation to Hong Kong. Also, even for those entities with an accounting effective tax rate above 15%, there may still be Pillar Two tax implications. The Group is in the process of evaluating the potential impact of the legislation on the taxes through a rational methodology. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is calculated by dividing the profit attributable to owners of the Parent by the weighted average number of common shares outstanding each year. (1) Basic earnings per share 2023 2022 2021 (In millions of Korean won, except per share data) Profit attributable to owners of the Parent ₩ 132,019 ₩ 83,162 ₩ 65,947 Weighted average outstanding shares of common shares 6,948,900 6,948,900 6,948,900 Basic earnings per share ₩ 18,999 ₩ 11,968 ₩ 9,490 (2) Diluted earnings per share As of and for the years ended December 31, 2023, 2022 and 2021, the Group does not have dilutive potential ordinary shares outstanding. Accordingly, the diluted earnings per share for the years ended December 31, 2023, 2022 and 2021 are the same as the basic earnings per share. |
Statements of Cash Flows
Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Cash Flow Statement [Abstract] | |
Statements of Cash Flows | Statements of Cash Flows (1) Cash generated from operations for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Profit for the year ₩ 131,982 ₩ 83,058 ₩ 65,880 Depreciation expense 5,252 5,145 4,570 Amortization expense 2,406 1,917 1,748 Bad debt expenses 1,402 701 933 Unrealized foreign currency loss 1,595 1,311 211 Interest expense 162 127 115 Loss on disposal of property and equipment — — 57 Impairment loss on intangible assets 1,531 293 281 Impairment loss on other non-current assets — 177 1,087 Post-employment benefit expense 23 66 23 Income tax expense 36,717 26,824 33,421 Unrealized foreign currency gain (1,417) (689) (134) Interest income (11,492) (4,501) (1,383) Gain on disposal of property and equipment (20) (15) (7) Reversal of allowance for doubtful accounts — — (132) Others 6 6 (214) Change in accounts receivable 2,365 (38,199) 5,530 Change in other receivables (3,770) 899 (1,082) Change in prepaid expenses 397 (104) (3,296) Change in prepayment (1) (1,641) 2,165 Change in other current assets (696) 34 243 Change in other non-current assets (3,486) 218 144 Change in accounts payable (13,837) 43,900 (8,512) Change in deferred revenue (1,292) 4,915 1,185 Change in withholdings (262) (631) 686 Change in accrued expenses 255 547 118 Change in other current liabilities 165 301 34 Change in other non-current liabilities 2,247 15 (99) Total ₩ 150,232 ₩ 124,674 ₩ 103,572 (2) Significant non-cash transactions for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Reclassification of prepayment to intangible assets ₩ 102 ₩ 64 ₩ 219 Increase of accounts payable relating to the acquisition of software 2,033 609 667 Acquisitions of right-of-use assets 4,704 1,209 6,055 Increase of accounts payable relating to the acquisition of other intangible assets 1,147 — — Reclassification of other non-current financial asset to other non- current assets 1,030 — — (3) Changes in liabilities arising from financing activities for the year ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Beginning of the year ₩ 5,963 ₩ 8,730 ₩ 5,900 Cash flows used in financing activities – Payment of lease liabilities (4,083) (3,918) (3,648) Cash flows from operating activities – Interest paid (157) (122) (111) Non-cash transactions Acquisitions – leases 4,358 1,209 6,055 Interest expense 157 122 111 Others 260 (124) — Translation difference 64 66 423 Ending of the year ₩ 6,562 ₩ 5,963 ₩ 8,730 |
Lease
Lease | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Lease | Lease The Group leases offices, vehicles and others. The leases typically run for a period of 1 ~5 years, with an option to renew or terminate the lease after that date. There are no restrictions or covenants imposed to leases, but the lease assets shall not be provided as collateral for borrowings. (1) Details of right-of-use assets and lease liabilities recognized in the consolidated statements of financial position as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Right-of-use assets(*1) Offices ₩ 4,720 ₩ 5,067 Vehicles 368 65 Others 1,533 826 Total ₩ 6,621 ₩ 5,958 Lease liabilities(*2) Current 4,225 2,906 Non-current 2,337 3,057 Total ₩ 6,562 ₩ 5,963 (*1) Right-of-use assets are included in the ‘Property and equipment’ in the consolidated statement of financial position. (*2) Lease liabilities are included in the ‘Other current liabilities’ and ‘Other non-current liabilities’ in the consolidated statement of financial position. (2) Changes in right-of-use assets for the years ended December 31, 2023 and 2022 are as follows: 2023 Offices Vehicles Others Total (In millions of Korean won) Balance as of January 1, 2023 ₩ 5,067 ₩ 65 ₩ 826 ₩ 5,958 Depreciation (2,794) (239) (1,083) (4,116) Reassessment 210 52 (1) 261 Acquisitions 2,178 490 1,775 4,443 Disposals — — — — Translation difference 59 — 16 75 Balance as of December 31, 2023 ₩ 4,720 ₩ 368 ₩ 1,533 ₩ 6,621 2022 Offices Vehicles Others Total (In millions of Korean won) Balance as of January 1, 2022 ₩ 6,698 ₩ 292 ₩ 1,750 ₩ 8,740 Depreciation (2,549) (231) (1,218) (3,998) Reassessment 1 (52) (13) (64) Acquisitions 923 55 231 1,209 Disposals (45) — — (45) Translation difference 39 1 76 116 Balance as of December 31, 2022 ₩ 5,067 ₩ 65 ₩ 826 ₩ 5,958 (3) Details of amounts recognized in the consolidated statements of profit or loss for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Interest expense relating to lease liabilities (included in finance cost) ₩ 157 ₩ 122 ₩ 111 Expense relating to short-term leases 30 45 117 Expense relating to leases of low-value assets excluding short-term leases 22 23 21 (4) Details of amounts recognized in the consolidated statements of Cash flows for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Total cash outflows of leases ₩ 4,292 ₩ 4,107 ₩ 3,897 |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Risk Management | Financial Risk Management The Group’s operating activities expose itself to a variety of financial risks: market risk, credit risk and liquidity risk from which the Group’s risk management program focuses on minimizing any adverse effects on its financial performance. The Group operates financial risk management policies and programs that closely monitor and respond to each risk factor. (1) Capital Risk Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so the Group can continue to provide returns and benefits for shareholders and to maintain an optimal capital structure to reduce the cost of capital. The Group monitors capital on the basis of the debt ratio. This ratio is calculated as total debt divided by total capital. The debt ratios as of December 31, 2023 and 2022 are as follows: 2023 2022 (In millions of Korean won) Total liabilities ₩ 114,453 ₩ 113,914 Total equity 463,728 330,180 Debt ratio 25 % 35 % (2) Market risk (a) Foreign exchange risk The Group is exposed to foreign exchange risk arising from royalty revenues and commission payment primarily with respect to the US dollar. The Group’s financial assets and liabilities are exposed to foreign currency risk as of December 31, 2023 and 2022 are as follows: December 31, 2023 Assets in foreign currency Liabilities in foreign currency Assets in Korean Won Liabilities in Korean Won (Individual amounts in each foreign currency) (In millions of Korean won) USD 86,681,440 28,203,218 ₩ 111,616 ₩ 36,344 JPY 343,984,702 160,779,008 3,139 1,467 EUR 36,780 30,472 52 43 IDR 12,955,000 3,103,944 1 — THB 28,510 7,379 1 — VND 9,270,000 3,243,600 — — HKD 144,997 — 24 — Total ₩ 114,833 ₩ 37,854 December 31, 2022 Assets in foreign currency Liabilities in foreign currency Assets in Korean Won Liabilities in Korean Won (Individual amounts in each foreign currency) (In millions of Korean won) USD 50,865,141 8,528,692 ₩ 64,351 ₩ 10,832 JPY 517,431,793 55,296,530 4,932 527 EUR 25,839 37,607 35 51 IDR 12,955,000 703,608,946 1 57 THB 28,510 7,379 1 — VND 9,270,000 3,243,600 — — Total ₩ 69,320 ₩ 11,467 The Group measures foreign exchange risk as a 10% fluctuation in the exchange rate of each foreign currency, which reflects the management's assessment of the risk of exchange rate fluctuation that can be reasonably occur. The impact of a 10% fluctuation in foreign currency exchange rates on the Group’s profit before income tax for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Increased by 10% Decreased by 10% Increased by 10% Decreased by 10% (In millions of Korean won) USD ₩ 7,527 ₩ (7,527) ₩ 5,352 ₩ (5,352) JPY 167 (167) 440 (440) Others 4 (4) (7) 7 Total ₩ 7,698 ₩ (7,698) ₩ 5,785 ₩ (5,785) The sensitivity analysis is based on monetary assets and liabilities denominated in foreign currencies other than the functional currency as of the end of the reporting period. (b) Interest rate risk There are no borrowings under variable interest rate conditions as of December 31, 2023 and 2022. (c) Price risk There are no assets and liabilities exposed to price risk as of the end of the reporting period. (3) Credit risk Credit risk arises from normal trading and investing activities and occurs when a customer or a counterparty fails to comply with the terms of the contract. In order to manage these credit risks, the Group regularly evaluates the creditworthiness of our customers based on their financial condition, past experience and other factors. The carrying amount of a financial asset represents the maximum exposure to credit risk. The maximum exposure to credit risk of the Group as of December 31, 2023 and 2022 are as follows. December 31, December 31, (In millions of Korean won) Cash and cash equivalents ₩ 184,082 ₩ 169,877 Short-term financial instruments 277,215 167,000 Accounts receivable, net 71,213 77,257 Other receivables, net 7 12 Other current financial assets 4,439 3,370 Other non-current financial assets 1,824 2,176 Total ₩ 538,780 ₩ 419,692 Cash and cash equivalents and short-term financial instruments are deposited in financial institutions with strong credit rating. Accounts receivables are mainly due from payment processing companies and platform service providers, which in the Group believes have low levels of credit risk. (4) Liquidity risk Liquidity risk management includes the maintenance of sufficient cash and marketable securities, the availability of funds from appropriately committed credit lines, and the ability to settle market positions. The following table summarizes the financial liabilities of the Group by maturity according to the remaining period from the end of the reporting period to the contractual maturity date. December 31, 2023 Carrying Less than 3 months ~ 1~2 years 2~3 years 3~5 years Total (In millions of Korean won) Accounts payable ₩ 58,292 ₩ 57,430 ₩ 185 ₩ 677 ₩ — ₩ — ₩ 58,292 Accrued expense 395 395 — — — — 395 Other liabilities (*) 6,562 1,081 3,259 1,902 476 — 6,718 Total ₩ 65,249 ₩ 58,906 ₩ 3,444 ₩ 2,579 ₩ 476 ₩ — ₩ 65,405 (*) Other liabilities as of December 31, 2023 consist of lease liabilities. December 31, 2022 Carrying Less than 3 months ~ 1~2 years 2~3 years 3~5 years Total (In millions of Korean won) Accounts payable ₩ 70,544 ₩ 69,803 ₩ 367 ₩ 374 ₩ — ₩ — ₩ 70,544 Accrued expense 429 429 — — — — 429 Other liabilities (*) 5,963 1,016 2,023 2,476 617 — 6,132 Total ₩ 76,936 ₩ 71,248 ₩ 2,390 ₩ 2,850 ₩ 617 ₩ — ₩ 77,105 (*) Other liabilities as of December 31, 2022 consist of lease liabilities. The cash flows above are not discounted and the amount of accounts payable and accrued expense due within 12 months is the same as the carrying amount since the effect of the discount is not material. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment Information | Segment Information (1) The Group’s operating segments The Group determines the operating segments by establishing strategic decisions. Chief operating decision maker (“CODM”) reviews operating profit by each segment in order to make decisions regarding the resources to be allocated to the segment and to evaluate the performance of the segment. The reportable segments of the Group are in line with the organizational structure and CEO’s review of operations, and include mobile, online and others. The accounting policies of the operating segments are the same as those described in the significant accounting policies. The Group assesses the performance of its operating segments based on its operating profit or loss, which does not differ from operating profit reported on the consolidated statement of comprehensive income except for inter-segment transactions. Total assets and liabilities for each segment are not reported to CODM. The segment information for the years ended December 31, 2023, 2022 and 2021. 2023 Online Mobile Others Total (In millions of Korean won) Segment revenue ₩ 96,487 ₩ 697,736 ₩ 21,149 ₩ 815,372 Elimination of intersegment revenue (15,470) (68,132) (6,254) (89,856) Consolidated net revenue 81,017 629,604 14,895 725,516 Depreciation/Amortization 1,436 2,158 4,064 7,658 Segment operating profit 44,107 122,107 (5,847) 160,367 2022 Online Mobile Others Total (In millions of Korean won) Segment revenue ₩ 107,326 ₩ 404,362 ₩ 21,740 ₩ 533,428 Elimination of intersegment revenue (18,069) (45,591) (6,150) (69,810) Consolidated net revenue 89,257 358,771 15,590 463,618 Depreciation/Amortization 1,349 1,873 3,840 7,062 Segment operating profit 45,832 58,357 519 104,708 2021 Online Mobile Others Total (In millions of Korean won) Segment revenue ₩ 90,123 ₩ 346,928 ₩ 23,417 ₩ 460,468 Elimination of intersegment revenue (14,753) (26,764) (5,013) (46,530) Consolidated net revenue 75,370 320,164 18,404 413,938 Depreciation/Amortization 1,975 1,875 2,468 6,318 Segment operating profit 31,271 64,837 611 96,719 Other profit or loss items that do not constitute operating profit are not separately disclosed because they are not reviewed by the chief operating decision maker by operating segment. (2) Revenue from external customers by country for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Korea ₩ 86,058 ₩ 46,719 ₩ 73,751 Taiwan 176,071 175,664 77,462 Japan 18,999 26,133 40,259 The United States of America 22,702 33,697 20,894 Thailand 136,874 75,498 94,475 The Philippines 102,595 26,003 20,173 Indonesia 58,763 5,472 10,723 Hong Kong 22,656 24,397 7,648 Malaysia 58,553 24,830 30,422 Other 42,245 25,205 38,131 Total ₩ 725,516 ₩ 463,618 ₩ 413,938 Revenue was attributed to the country based on the customer’s location and royalty revenue was attributed to the country where the end user's payment was made. Non-Current assets by geographical regions as of December 31, 2023, 2022 and 2021 are as follows: December 31, December 31, December 31, (In millions of Korean won) Korea ₩ 15,488 ₩ 9,183 ₩ 10,884 Overseas 8,018 5,309 5,769 Total ₩ 23,506 ₩ 14,492 ₩ 16,653 The amounts are exclusive of financial assets and deferred tax assets. (3) There was no customer who represented more than 10% revenue in mobile segment for the year ended December 31, 2023 and Won 76,581 million, or 16.5% of revenue, and Won 126,336 million, or 30.4% of revenue came from one major customer in the mobile segment for the year ended December 31, 2022 and December 31, 2021, respectively. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Transactions with Related Parties | Transactions with Related Parties (1) Related parties of the Group include entities and individuals capable of exercising control or significant influence over the Group. Related parties include GungHo Online Entertainment, Inc. (the controlling shareholder with 59.31% common shares), its subsidiaries, members of board of directors, executives with strategic responsibilities and their immediate families. (2) Account balances with related parties Balances of receivables and payables to related parties as of December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Related party Name of entity Receivables Payables Receivables Payables Parent company GungHo Online ₩ 1,972 ₩ 3 ₩ 2,874 ₩ 3 Other company GungHo Online Entertainment America — 1 — 30 Total ₩ 1,972 ₩ 4 ₩ 2,874 ₩ 33 (3) Transactions with related parties The details of transaction with related parties for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Related party Name of entity Revenue Purchases Revenue Purchases Revenue Purchases (In millions of Korean won) Parent company GungHo Online ₩ 18,417 ₩ 15 ₩ 25,741 ₩ 20 ₩ 36,647 ₩ 55 Other company GungHo Online Entertainment America — 55 — 42 — — Total ₩ 18,417 ₩ 70 ₩ 25,741 ₩ 62 ₩ 36,647 ₩ 55 (4) Other transactions with related parties No financing transactions were made with related parties for the years ended December 31, 2023, 2022 and 2021. (5) Key management personnel compensation The compensation for the key management personnel (registered directors), for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Salaries ₩ 1,734 ₩ 1,503 ₩ 1,472 |
Material Accounting Policies (P
Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of Preparation | Basis of Preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by International Accounting Standard Board (“IASB”). These consolidated financial statements were authorized for issuance by the board of directors on April 26, 2024. |
Basis of Measurement | Basis of Measurement The consolidated financial statements have been prepared on the historical cost basis, except for the following material item in the consolidated statement of financial position as of December 31, 2022: • Financial instruments measured at fair value through profit or loss (“FVTPL”) |
Use of Judgements and Estimates | Use of Judgements and Estimates Use of Judgements and Estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical Accounting Estimate Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes. i) Deferred Revenue |
Changes in Accounting Policies and Disclosures | New and Amended Standards Adopted by the Group The Group has applied the following standards and amendments for the first time for the annual reporting period commencing January 1, 2023. Amendments to IAS 1 ‘Presentation of Financial Statement’ – Disclosure of Accounting Policies The amendments to IAS 1 define and require entities to disclose their material accounting policy information (being information that, when considered together with other information included in an entity’s financial statements, can reasonably be expected to influence decisions that the primary users of financial statements make on the basis of those financial statements). The amendments did not have a significant impact on the financial statements. Amendments to IAS 8 ‘Accounting Policies, Changes in Accounting Estimate and Errors’ – Definition of Accounting Estimates The amendments define accounting estimates and clarify how to distinguish them from changes in accounting policies. The amendment did not have a significant impact on the financial statements. Amendments to IAS 12 ‘Income Taxes’ – Deferred Tax related to Assets and liabilities arising from a Single Transaction The amendments include an additional condition to the exemption to initial recognition of an asset or liability that a transaction does not give rise to equal taxable and deductible temporary differences at the time of the transaction. The amendments did not have a significant impact on the financial statement. New standards : IFRS 17 ‘Insurance Contract’ IFRS 17 Insurance Contracts replaces IFRS 4 Insurance Contracts. This Standard estimates future cash flows of an insurance contract and measures insurance liabilities using discount rates applied with assumptions and risks at the measurement date. The entity recognizes insurance revenue on an accrual basis including services (insurance coverage) provided to the policyholder by each annual period. In addition, investment components (Refunds due to termination/maturity) repaid to a policyholder even if an insured event does not occur, are excluded from insurance revenue, and insurance financial income or expense and the investment income or expense are presented separately to enable users of the information to understand the sources of income or expenses. This standard did not have a significant impact on the financial statements. Amendments to IAS 12 ‘Income Taxes’ – International Tax Reform – Pillar Two Model Rules The amendments provide a temporary relief from the accounting for deferred taxes arising from legislation enacted to implement the Pillar Two model rules, which aim to reform international corporate taxation for multinational enterprises, and require disclosure of related current tax effects, etc. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Since the Pillar Two legislation is scheduled to be effective from January 1, 2024, the Group has no current tax expense related to Pillar Two. The expected impact of the Pillar Two income taxes is described in Note 19. |
Consolidation | Consolidation The Group has prepared the consolidated financial statements in accordance with IFRS 10 Consolidated Financial Statements . Subsidiaries are all entities over which Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is obtained by the Group. They are deconsolidated from the date on which control ceases. The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred is measured at the fair values of the assets transferred, and identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of consideration transferred, amount of any non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in the profit as a bargain purchase. Intercompany transactions, balances and unrealized gains on transactions between consolidated companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. |
Segment Reporting | Segment Reporting Information of each operating segment is reported in a manner consistent with the internal business segment reporting provided to the chief operating decision-maker (Note 24). The CEO, as the chief operating decision-maker, is responsible for allocating resources and assessing performance of the operating segments. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, and other short-term investments with original maturities of three months or less that are readily convertible to known amounts of cash. |
Financial Assets | Financial Assets Classification At initial recognition, the Group classifies its financial assets in the following measurement categories: • measured at fair value through profit or loss • measured at fair value through other comprehensive income ("FVOCI"), and • measured at amortized cost. The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows. For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. The Group reclassifies debt investments when, and only when, its business model for managing those assets changes. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Changes in fair value of equity instruments not elected as equity investment at fair value through other comprehensive income will be recognized in profit or loss. Measurement At initial recognition, the Group measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset for financial asset not at fair value through profit or loss. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. (i) Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments into one of the following three measurement categories: • Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in ‘finance income’ using the effective interest rate method. • Fair value through other comprehensive income : Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income, except for the recognition of impairment loss (reversal of impairment loss), interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. Interest income from these financial assets is included in ‘finance income’ using the effective interest rate method. Foreign exchange gains and losses are presented in ‘finance income or costs’ and impairment losses are presented in ‘other non-operating expenses’. • Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and presented net in the statement of profit or loss within ‘finance income or costs’ in the year in which it arises. (ii) Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments, which are held for long-term investment or strategic purpose, in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Changes in the fair value of financial assets at fair value through profit or loss are recognized in ‘other non-operating income or expenses’ in the statement of profit or loss as applicable. Impairment loss (reversal of impairment loss) on equity investments measured at fair value through other comprehensive income are not reported separately from other changes in fair value. Impairment The Group recognizes loss allowances for expected credit losses (“ECLs”) on: • financial assets measured at amortized cost; • debt investments measured at FVOCI; and • contract assets under IFRS 15. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: • debt securities that are determined to have low credit risk at the reporting date; and • other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition . Loss allowances for accounts and other receivables (including lease receivables) and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment that includes forward-looking information. The Group considers a financial asset to be in default when: • the debtor is unlikely to pay its obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or • the financial asset is more than 90 days past due. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss. Recognition and Derecognition Regular way purchases and sales of financial assets are recognized or derecognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. If a transfer does not result in derecognition because the Group has retained substantially all the risks and rewards of ownership of the transferred asset, the Group continues to recognize the transferred asset in its entirety and recognizes a financial liability for the consideration received. Offsetting of Financial Instruments Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the assets and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. Accounts receivables |
Property and Equipment | Property and Equipment Property and equipment are initially measured at cost. The cost of property and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Property and equipment, subsequently, are carried at cost less accumulated depreciation and accumulated impairment losses. Subsequent costs are recognized in the carrying amount of property and equipment at cost or, if appropriate, as a separate item if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. Depreciation of all property and equipment, except for land, is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Computer and other equipment 4 years Furniture and fixtures 4 years Vehicles 4 years Leasehold improvements (*) Right-of-use assets (*) (*) The Group depreciates Right-of-use asset and the Leasehold improvements from the commencement date and the available date to the earlier date between the end of the lease term and the expiration date of Right-of-use asset’s useful life using the straight-line method. Depreciation method, residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The change is accounted for as a change in an accounting estimate. |
Intangible Assets | Intangible Assets Intangible assets, except for goodwill, are initially recognized at its historical cost, and carried at cost less accumulated amortization and accumulated impairment losses. The Group amortizes intangible assets with a definite useful life using the straight-line method over the following periods: Software 1 ~ 3 years Industrial property rights 10 years Other intangible assets 3 years Expenditure on research activities is recognized expenses as incurred. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Other development expenditure is recognized in expenses as incurred. The Group entered into a game licensing agreement with a number of third parties to gain exclusive rights to the games developed by those companies. The license fee payments are recognized as other intangible assets and amortized over the term of the contract using the straight-line method. |
Impairment of Non-financial Assets | Impairment of Non-financial Assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than contract assets, incremental costs of obtaining a contract, costs to fulfil a contract, employee benefit related assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, irrespective of whether there is any indication of impairment, are tested for impairment annually by comparing their recoverable amounts to their carrying amounts. The recoverable amount of an asset or cash generating unit (“CGU”) is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized in profit or loss if the carrying amount of an asset or CGU exceeds its recoverable amount. |
Leases | Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. i) As a Lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component by class of underlying asset. The Group determines the lease term as the non-cancellable period of a lease, together with both (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. When the lessee and the lessor each has the right to terminate the lease without permission from the other party, the Group should consider a termination penalty in determining the period for which the contract is enforceable. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rates. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as of the commencement date; • amounts expected to be payable under a residual value guarantee; and • the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property in ‘property, plant, and equipment’ and lease liabilities in ‘other current liabilities’ and ‘other non-current liabilities’ in the statement of consolidated financial position. The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. ii) As a Lessor At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease. If an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the consideration in the contract. The Group applies the derecognition and impairment requirements in IFRS 9 to the net investment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of ‘other income’. |
Financial Liabilities | Financial Liabilities Classification and Measurement The Group’s financial liabilities at fair value through profit or loss are financial instruments held for trading. A financial liability is held for trading if it is incurred principally for the purpose of repurchasing in the near term. A derivative that is not designated as a hedging instrument and an embedded derivative that is separated are also classified as held for trading. The Group classifies non-derivative financial liabilities, except for financial liabilities at fair value through profit or loss, financial guarantee contracts and financial liabilities that arise when a transfer of financial assets does not qualify for derecognition, as financial liabilities carried at amortized cost and present as ‘account payables,’ ‘other current liabilities,’ and ‘other non-current liabilities’ in the consolidated statement of financial position. Derecognition Financial liabilities are removed from the consolidated statement of financial position when they are extinguished; for example, when the obligation specified in the contract is discharged or cancelled or expired or when the terms of an existing financial liability are substantially modified. The difference between the carrying amount of a financial liability extinguished or transferred to another party and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. |
Provisions and Contingencies | Provisions and Contingencies Provisions for legal claim and service warranties are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. In addition, when there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability, a disclosure regarding the contingent liabilities is made in the notes to the financial statements. |
Foreign Currency Translation | Foreign Currency Translation Functional and Presentation Currency Items included in the consolidated financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which each entity operates (the “functional currency”). The consolidated financial statements are presented in Korean won, which is the Parent Company’s functional and presentation currency. Foreign Operations If the presentation currency of the Group is different from a foreign operation’s functional currency, the financial statements of the foreign operation are translated into the presentation currency using the following methods: The assets and liabilities of foreign operations, whose functional currency is not the currency of a hyperinflationary economy, are translated to presentation currency at exchange rates at the end of reporting period. The income and expenses of foreign operations are translated to functional currency at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation is treated as assets and liabilities of the foreign operation. Thus, they are expressed in the functional currency of the foreign operation and translated at the exchange rates at the end of reporting date. When a foreign operation is disposed of, the relevant amount in the translation is transferred to profit or loss as part of the profit or loss on disposal. On the partial disposal of a subsidiary that includes a foreign operation, the relevant proportion of such cumulative amount is reattributed to non-controlling interest. In any other partial disposal of a foreign operation, the relevant proportion is reclassified to profit or loss. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rate at the reporting date are generally recognized in profit or loss. They are recognized in other comprehensive income if they relate to qualifying cash flow hedges and qualifying effective portion of net investment hedges, or are attributable to monetary part of the net investment in a foreign operation. |
Statement of Cash Flows | Statement of Cash Flow s The Group has elected to present cash flows from operating activities using the indirect method. Cash flows denominated in a foreign currency are reported using average exchange rate. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Group engages in game licensing, IP licensing and game publishing businesses. Revenue is measured at the fair value of the consideration received or receivable for the sale of goods or rendering of services arising from the normal course of the business. Amounts recognized as revenue are net of value added taxes, returns, rebates and discounts. Revenue from Micro-transaction The Group recognizes micro-transaction revenue of online and mobile games when the Group satisfies its performance obligations. Whether the performance obligations are satisfied depends on the natures of virtual currency and in-game virtual items. Items are categorized into consumable, periodic, and permanent in-game virtual items. Consumable in-game virtual items are items that are consumed by the specific action of a game user, and periodic in-game virtual items are items that can be used by game users repeatedly during a specified effective period. Permanent in-game virtual items are items that can be used by game users repeatedly without an effective period. The accounting policy on revenue recognition is described below in relation to micro-transaction revenue from the sales of virtual currency and items. i) Online Games At the end of the reporting period, the Group defers the total amount of remaining virtual currency. For consumable in-game virtual items, the related revenue is recognized when the in-game virtual item is consumed. The Group defers the revenue for remaining amounts of virtual items owned by active users within the estimated user life cycle at the end of the reporting period. For periodic in-game virtual items, the related revenue is recognized ratably over the effective period and the Group defers the revenue for remaining effective period. For permanent in-game virtual items, revenue is recognized ratably over the estimated user life cycle. ii) Mobile Games Mobile game users purchase virtual currency that can be used to purchase in-game items. The Group has no refund obligation after the game users purchase virtual currency. At the end of the reporting period, the Group defers the revenue for the remaining virtual currency possessed by active paying users within the estimated user life cycle. For consumable in-game virtual items, revenue is recognized when the in-game virtual item is consumed. At the end of the reporting period, the Group defers the revenue by reflecting the average unit price to the remaining amount of virtual items possessed by active users within the estimated user life cycle. For periodic in-game virtual items, revenue is recognized ratably over the effective period. The Group defers the revenue for remaining effective period. For permanent in-game virtual items, revenue is recognized ratably over the estimated user life cycle. The Group defers the revenue for remaining period of estimated user life cycle at the end of the reporting period. Online and Mobile games - Royalties and License Fees In connection with the Group’s online and mobile games, the Group enters into license agreement in connection with the right to access the intellectual property, such as game character images and stories. The Group considers that the agreement is a promise to provide a right to the customer to access the related IP because the Group undertakes activities that significantly affect the intellectual property to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of the Group’s activities, and those activities do not result in the transfer of a good or a service to the customer as those activities occur. Therefore, the Group’s performance obligations in connection with these agreements are satisfied over time. Since the nature of the license promise is to provide customers with access to the intellectual property of the Group during the license period, the Group's performance obligation corresponds to the performance obligation satisfied over time, and revenue is recognized over the license period. The Group recognizes revenue for the license fee through the straight-line method during the contract period, and for the running royalty revenue, the revenue is recognized on an accrual basis at the time the revenue distribution is established in accordance with the terms of the contract. When the running royalty revenue based on the contractual royalty rate and the actual revenue of the licensee exceeds the ratably recognized minimum guarantee, the excess amount is then recognized as revenue and accounts receivable. Other Revenue |
Incremental Costs of Obtaining Contract | Incremental Costs of Obtaining Contract The Group pays platform processing fees to operate mobile games on third party platforms. These fees are charged based on the game users’ purchases in cash, and considered as incremental cost of obtaining contracts with customers and therefore capitalized. The Group presents these costs as prepaid expense and amortizes them to costs of revenue at the same time when the related revenue of the services provided to the game users are recognized. |
Earnings per Share | Earnings per Share Basic earnings per share is calculated by dividing profit attributable to owners of the Parent by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding, increased by common stock equivalents. However, for the years ended December 31, 2023, 2022 and 2021, there have been no common stock equivalents outstanding. |
Current and Deferred Tax | Current and Deferred Tax The tax expense for the period consists of current and deferred tax. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. The tax expense is measured at the amount expected to be paid to the taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation, and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax assets are recognized only if it is probable that future taxable income will be available to utilize those temporary differences and tax credit. The Group recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint arrangements, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, The Group recognizes a deferred tax asset for all deductible temporary differences arising from such investments to the extent that it is probable the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends to settle on a net basis. |
Employee Benefits | Employee Benefits Short-term Employee Benefits Short-term employee benefits are employee benefits that are due to be settled within 12 months after the end of the period in which the employees render related services. When an employee has rendered a service to the Group during an accounting period, the Group recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service. Defined Contribution Pension Plan The Group has a defined contribution pension plan with the related contribution to the pension plan recorded as severance benefit expenses for the employees with service period over a year. The Group recognizes provision for severance benefits for the employees with service period less than a year. |
Standards Issued but not yet Effective | Standards Issued but not yet Effective The following new standards are effective for annual periods beginning after January 1, 2023 and earlier application is permitted; however, the Group has not early adopted these new or amended standards in preparing these consolidated financial statements. The following new or amended standards and interpretations are not expected to have a significant impact on the Group’s consolidated financial statements. • Classification of Liabilities as Current or Non-current, Non-current Liabilities with Covenant (Amendment to IAS 1 ‘Presentation of Financial Statement’) • Supplier finance arrangement (Amendment to IAS 7 ’Statement of Cash Flows’, IFRS 7 Financial instruments: Disclosures’) • Lease Liability in a Sale and Leaseback (Amendment to IFRS 16 ‘Leases’) • Redefining financial performance reporting. (New standards : IFRS 18 'Presentation and Disclosure in Financial Statements') |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General Information [Abstract] | |
Schedule of Major Shareholders and their Respective Percentage of Ownership | The Parent Company’s major shareholders and their respective percentage of ownership as of December 31, 2023 are as follows: Number of shares Ownership (%) GungHo Online Entertainment, Inc. 4,121,737 59.31 Others 2,827,163 40.69 6,948,900 100.00 |
Schedule of Consolidated Subsidiaries | Details of the consolidated subsidiaries as of December 31, 2023 and 2022 are as follows: Percentage of Subsidiary Location 2023 2022 Fiscal year end Main business Gravity Interactive, Inc. U.S.A. 100.00 100.00 December Online and mobile game services Gravity NeoCyon, Inc. Korea 99.53 99.53 December Mobile game development and service Gravity Communications Co.,Ltd. Taiwan 100.00 100.00 December Online and mobile game services PT. Gravity Game Link Indonesia 70.00 70.00 December Online and mobile game services Gravity Game Tech Co.,Ltd. Thailand 100.00 100.00 December Online and mobile game services Gravity Game Arise Co., Ltd. Japan 100.00 100.00 December Online and mobile game services Gravity Game Hub PTE., Ltd. Singapore 100.00 100.00 December Online and mobile game services Gravity Game Vision Limited. Hong Kong 100.00 100.00 December Online and mobile game services |
Schedule of Consolidated Financial Information Subsidiaries | Details of the condensed financial information of subsidiaries as of and for the year ended December 31, 2023 and 2022 are as follows: 2023 Subsidiaries Total Total Revenue(*) Profit(loss) (In millions of Korean won) Gravity Interactive, Inc. ₩ 23,445 ₩ 13,671 ₩ 49,818 ₩ 1,113 Gravity NeoCyon, Inc. 11,747 5,784 19,408 (1,270) Gravity Communications Co., Ltd. 35,754 9,227 33,122 10,116 PT Gravity Game Link 2,461 303 2,234 (103) Gravity Game Tech Co., Ltd. 50,672 8,081 30,604 11,308 Gravity Game Arise Co., Ltd. 7,058 1,683 3,807 (5,393) Gravity Game Hub PTE., Ltd. 74,229 37,718 287,950 34,160 Gravity Game Vision Limited 51,811 10,753 145,653 23,547 (*) Amount before eliminating the intercompany transactions. 2022 Subsidiaries Total Total Revenue(*) Profit(loss) (In millions of Korean won) Gravity Interactive, Inc. ₩ 32,143 ₩ 23,617 ₩ 62,745 ₩ (2,448) Gravity NeoCyon, Inc. 15,587 8,353 24,639 1,710 Gravity Communications Co., Ltd. 39,438 11,161 50,611 14,186 PT Gravity Game Link 3,268 1,090 3,372 (374) Gravity Game Tech Co., Ltd. 40,204 9,740 34,990 9,975 Gravity Game Arise Co., Ltd. 3,067 988 3,452 (505) Gravity Game Hub PTE., Ltd. 4,846 2,726 4,352 (3,081) Gravity Game Vision Limited 63,608 46,146 116,550 17,090 (*) Amounts before eliminating the intercompany transactions. |
Material Accounting Policies (T
Material Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Property and Equipment Estimated Useful Lives | Depreciation of all property and equipment, except for land, is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Computer and other equipment 4 years Furniture and fixtures 4 years Vehicles 4 years Leasehold improvements (*) Right-of-use assets (*) |
Summary of Useful Lives of Intangible Assets | The Group amortizes intangible assets with a definite useful life using the straight-line method over the following periods: Software 1 ~ 3 years Industrial property rights 10 years Other intangible assets 3 years |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents as of December 31, 2023 and 2022 consist of the follows: December 31, December 31, (In millions of Korean won) Deposits in banks 184,082 169,877 Total ₩ 184,082 ₩ 169,877 |
Financial Instruments by Cate_2
Financial Instruments by Category (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Carrying Amounts of Financial Instruments by Category | Carrying amounts of financial instruments by category as of December 31, 2023 and 2022 are as follows: December 31, December 31, Financial assets at amortized cost (In millions of Korean won) Cash and cash equivalents ₩ 184,082 ₩ 169,877 Short-term financial instruments 277,215 167,000 Accounts receivable, net 71,213 77,257 Other receivables, net 7 12 Other current financial assets(*1) 4,439 3,370 Other non-current financial assets(*2) 1,824 1,676 Financial assets at fair value through profit or loss Other non-current financial assets — 500 Total ₩ 538,780 ₩ 419,692 (*1) Other current financial assets consist of accrued income and deposits. (*2) Other non-current financial assets consist of deposits. December 31, December 31, Financial liabilities at amortized cost (In millions of Korean won) Accounts payable (*) ₩ 57,615 ₩ 70,170 Long-term accounts payable 677 374 Accrued expenses (*) 395 429 Other current liabilities 4,225 2,906 Other non-current liabilities 2,337 3,057 Total ₩ 65,249 ₩ 76,936 (*) Annual leave allowance, bonus accruals, etc. that should be paid to employees are excluded. |
Schedule of Net Income and Expenses From Financial Instruments | Net income and expenses from financial instruments for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Financial assets at amortized cost (In millions of Korean won) Interest income ₩ 11,487 ₩ 4,496 ₩ 1,355 Differences in foreign currency (1,654) 2,101 2,135 Financial assets at fair value through profit or loss Interest income 5 5 28 Financial liabilities at amortized cost Interest expense (162) (127) (115) Differences in foreign currency (1,344) (1,301) (821) |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
Summary of Accounts and Other Receivables | Accounts and other receivables as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Accounts receivable Non-related party ₩ 69,867 ₩ 74,702 Related party 1,972 2,874 Less : Loss allowance (626) (319) Accounts receivables, net ₩ 71,213 ₩ 77,257 December 31, December 31, (In millions of Korean won) Other receivables Non-related party ₩ 3,642 ₩ 145 Related party — — Less: Loss allowance (5) (5) Other receivables, net ₩ 3,637 ₩ 140 |
Summary of Changes in Loss Allowance of Accounts and Other Receivables | Changes in the loss allowance of accounts and other receivables during the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Accounts receivable Beginning balance ₩ 319 ₩ 689 ₩ 579 Bad debt expenses 1,402 701 933 Reversal of allowance for doubtful accounts — — (132) Write-off (1,095) (1,071) (691) Ending balance ₩ 626 ₩ 319 ₩ 689 2023 2022 2021 (In millions of Korean won) Other receivables Beginning balance ₩ 5 ₩ 5 ₩ 5 Bad debt expenses — — — Reversal of allowance for doubtful accounts — — — Write-off — — — Ending balance ₩ 5 ₩ 5 ₩ 5 |
Summary of ECLs and Credit Risk Exposures for Accounts and Other Receivables | Expected credit losses (ECLs) and credit risk exposures for accounts and other receivables as of December 31, 2023 and 2022 are as follows: ① Accounts receivables As of December 31, 2023 Expected Carrying Loss (In millions of Korean won) Not due or overdue less than 90 days 0.6 % ₩ 71,334 ₩ 438 More than 90 days ~ Less than 180 days 3.2 % 315 10 More than 180 days ~ Less than 270 days 57.4 % 27 16 More than 270 days ~ Less than 1 year 87.3 % 5 4 More than 1 year 100.0 % 158 158 Total ₩ 71,839 ₩ 626 As of December 31, 2022 Expected Carrying Loss (In millions of Korean won) Not due or overdue less than 90 days 0.1 % ₩ 77,073 ₩ 85 More than 90 days ~ Less than 180 days 18.2 % 318 58 More than 180 days ~ Less than 270 days 46.6 % 4 2 More than 270 days ~ Less than 1 year 82.3 % 40 33 More than 1 year 100.0 % 141 141 Total ₩ 77,576 ₩ 319 ② Other receivables As of December 31, 2023 Expected Carrying Loss (In millions of Korean won) Not due or overdue less than 90 days — % ₩ 3,637 ₩ — More than 90 days ~ Less than 180 days — % — — More than 180 days ~ Less than 270 days — % — — More than 270 days ~ Less than 1 year — % — — More than 1 year 100 % 5 5 Total ₩ 3,642 ₩ 5 As of December 31, 2022 Expected Carrying Loss (In millions of Korean won) Not due or overdue less than 90 days — % ₩ 140 ₩ — More than 90 days ~ Less than 180 days — % — — More than 180 days ~ Less than 270 days — % — — More than 270 days ~ Less than 1 year — % — — More than 1 year 100 % 5 5 Total ₩ 145 ₩ 5 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Summary of Property Plant and Equipment | Details of property and equipment as of December 31, 2023 and 2022 are as follows: December 31, 2023 Acquisition Accumulated Book (In millions of Korean won) Computer and other equipment ₩ 7,186 ₩ (5,650) ₩ 1,536 Furniture and fixture 1,887 (1,620) 267 Construction In Progress 1,209 — 1,209 Vehicle 9 (8) 1 Leasehold improvements 2,172 (1,655) 517 Right-of-use assets 15,514 (8,893) 6,621 Total ₩ 27,977 ₩ (17,826) ₩ 10,151 December 31, 2022 Acquisition Accumulated Book (In millions of Korean won) Computer and other equipment ₩ 6,381 ₩ (5,268) ₩ 1,113 Furniture and fixture 1,787 (1,449) 338 Vehicle 9 (5) 4 Leasehold improvements 2,084 (1,357) 727 Right-of-use assets 16,197 (10,239) 5,958 Total ₩ 26,458 ₩ (18,318) ₩ 8,140 |
Summary of Changes in Property and Equipment | Changes in property and equipment for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 Computer Furniture Construction Vehicle Leasehold Right-of- Total (In millions of Korean won) Beginning balance ₩ 1,113 ₩ 338 ₩ — ₩ 4 ₩ 727 ₩ 5,958 ₩ 8,140 Lease — — — — — 261 261 Acquisitions/Capital expenditure 1,065 105 1,209 — 82 4,443 6,904 Depreciation (656) (177) — (3) (300) (4,116) (5,252) Disposals/Disposition/Removals — (1) — — — — (1) Reclassification (1) 1 — — — — — Foreign exchange differences 15 1 — — 8 75 99 Ending balance ₩ 1,536 ₩ 267 ₩ 1,209 ₩ 1 ₩ 517 ₩ 6,621 ₩ 10,151 2022 Computer Furniture Construction Vehicle Leasehold Right-of- Total (In millions of Korean won) Beginning balance ₩ 1,455 ₩ 380 ₩ — ₩ 6 ₩ 757 ₩ 8,740 ₩ 11,338 Leases — — — — — (64) (64) Acquisitions/Capital expenditure 307 181 — — 252 1,209 1,949 Depreciation (657) (222) — (2) (266) (3,998) (5,145) Disposals/Disposition/Removals (1) (2) — — (10) (45) (58) Reclassification (6) 6 — — — — — Foreign exchange differences 15 (5) — — (6) 116 120 Ending balance ₩ 1,113 ₩ 338 ₩ — ₩ 4 ₩ 727 ₩ 5,958 ₩ 8,140 2021 Computer Furniture Construction Vehicle Leasehold Right-of-use Total (In millions of Korean won) Beginning balance ₩ 1,380 ₩ 310 ₩ 128 ₩ 8 ₩ 132 ₩ 5,737 ₩ 7,695 Acquisitions/Capital expenditure 712 322 — — 753 6,319 8,106 Depreciation (648) (249) — (2) (223) (3,448) (4,570) Disposals (15) (3) — — (44) (63) (125) Reclassification — — (128) — 128 — — Foreign exchange differences 26 — — — 11 195 232 Ending balance ₩ 1,455 ₩ 380 ₩ — ₩ 6 ₩ 757 ₩ 8,740 ₩ 11,338 |
Summary of Classification Depreciation Expenses in Statements of Comprehensive Income | Classification of depreciation expenses in the statements of comprehensive income for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Cost of revenues ₩ 1,853 ₩ 2,028 ₩ 2,102 Selling, general and administrative expenses 3,369 2,976 2,167 Research and development 30 141 301 Total ₩ 5,252 ₩ 5,145 ₩ 4,570 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Intangible Assets | Details of intangible assets as of December 31, 2023 and 2022 are as follows: December 31, 2023 (In millions of Korean Won) Acquisition Accumulated Book Software ₩ 17,567 ₩ (14,787) ₩ 2,780 Industrial property rights 1,376 (750) 626 License fee 8,510 (5,832) 2,678 Other intangible assets 1,367 (1,081) 286 Total ₩ 28,820 ₩ (22,450) ₩ 6,370 December 31, 2022 (In millions of Korean Won) Acquisition Accumulated Book Software ₩ 16,284 ₩ (14,346) ₩ 1,938 Industrial property rights 1,215 (670) 545 License fee 5,043 (3,692) 1,351 Other intangible assets 1,117 (1,082) 35 Total ₩ 23,659 ₩ (19,790) ₩ 3,869 (*) Accumulated amortization includes the amount of accumulated impairment loss. |
Summary of Changes in Intangible Assets | Changes in intangible assets for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 Software Industrial License fee Other Total (In millions of Korean won) Beginning balance ₩ 1,938 ₩ 545 ₩ 1,351 ₩ 35 ₩ 3,869 Acquisitions/Capital expenditure 2,136 170 3,886 263 6,455 Amortization (1,296) (83) (1,027) — (2,406) Disposals — (6) — (12) (18) Impairment(*) — — (1,531) — (1,531) Foreign exchange differences 2 — (1) — 1 Ending balance ₩ 2,780 ₩ 626 ₩ 2,678 ₩ 286 ₩ 6,370 (*) The Group recognized Korean Won 1,531 million of impairment loss as carrying amount of the other intangible assets exceeded recoverable amount as of December 31, 2023. 2022 Software Industrial License fee Other Total (In millions of Korean won) Beginning balance ₩ 1,264 ₩ 483 ₩ 1,430 ₩ 165 ₩ 3,342 Acquisitions/Capital expenditure 1,856 138 747 — 2,741 Amortization (1,184) (71) (538) (124) (1,917) Disposals — (5) — (5) (10) Impairment(*) — — (293) — (293) Foreign exchange differences 2 — 5 (1) 6 Ending balance ₩ 1,938 ₩ 545 ₩ 1,351 ₩ 35 ₩ 3,869 (*) The Group recognized Korean Won 293 million of impairment loss as carrying amount of the license exceeded recoverable amount as of December 31, 2022. 2021 Software Industrial Other Total (In millions of Korean won) Beginning balance ₩ 2,234 ₩ 332 ₩ 797 ₩ 3,363 Acquisitions/Capital expenditure 116 224 1,676 2,016 Amortization (1,088) (73) (587) (1,748) Disposals (15) — — (15) Impairment(*) — — (281) (281) Foreign exchange differences 17 — (10) 7 Ending balance ₩ 1,264 ₩ 483 ₩ 1,595 ₩ 3,342 (*) The Group recognized Korean Won 281 million of impairment loss as carrying amount of the license exceeded recoverable amount as of December 31, 2021. |
Summary of Classification of Amortization in Statements of Comprehensive Income | Classification of amortization in the statements of comprehensive income for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Cost of revenues ₩ 708 ₩ 719 ₩ 737 Selling, general and administrative expenses 1,340 1,155 931 Research and development 358 43 80 Total ₩ 2,406 ₩ 1,917 ₩ 1,748 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Non-Current Assets [Abstract] | |
Summary of Other Non-Current Assets | December 31, 2023 December 31, 2022 (In millions of Korean won) Prepaid Expenses(*) ₩ 6,309 ₩ 2,036 Other 676 446 Total ₩ 6,985 ₩ 2,482 (*) Prepaid Expenses consist of the minimum guaranteed royalty paid to third parties. |
Capital (Tables)
Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Summary of Common Shares | Details of common shares as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In Korean won and number of shares) Number of authorized shares 40,000,000 40,000,000 Value per share ₩ 500 ₩ 500 Number of shares issued 6,948,900 6,948,900 Common shares ₩ 3,474,450,000 ₩ 3,474,450,000 |
Summary of Capital Surplus | Details of capital surplus as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Additional paid in capital ₩ 25,292 ₩ 25,292 Other capital surplus 1,806 1,806 Total ₩ 27,098 ₩ 27,098 |
Summary of Other Components of Equity | Details of other components of equity as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Factors for re-measurement of defined benefit liabilities ₩ — ₩ (4) Foreign currency translation adjustments 4,016 2,479 Total ₩ 4,016 ₩ 2,475 |
Summary of Retained Earnings | Details of retained earnings as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Unappropriated retained earnings ₩ 428,499 ₩ 296,480 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue From Contracts With Customers [Abstract] | |
Details of Revenue from Contracts with Customers Based on Service Contract and Timing of Satisfaction of Performance Obligations | Details of revenue from contracts with customers based on the service contract type and the timing of satisfaction of performance obligations are as follows: 2023 2022 2021 (In millions of Korean won) Service contract Micro-transaction revenue Online game ₩ 70,566 ₩ 80,147 ₩ 64,382 Mobile game 568,665 261,622 164,646 639,231 341,769 229,028 Royalties and license fees Online game 10,451 9,109 10,988 Mobile game 60,939 97,150 155,518 71,390 106,259 166,506 Others 14,895 15,590 18,404 725,516 463,618 413,938 Timing of satisfaction of performance obligations At a point in time 119 25 8 Over time 725,397 463,593 413,930 ₩ 725,516 ₩ 463,618 ₩ 413,938 |
Account Receivables, Incremental Costs of Obtaining a Contract, and Contract Liabilities | Accounts receivables, incremental costs of obtaining a contract, and contract liabilities related to contracts with customers as of December 31, 2023 and 2022 are as follows: 2023 2022 (In millions of Korean won) Accounts receivable ₩ 71,213 ₩ 77,257 Incremental costs of obtaining a contract (Prepaid expenses) 1,557 1,722 Contract liabilities (Deferred revenue) 19,875 18,574 Micro-transaction revenue 17,159 16,788 Royalties and license fees 2,426 101 Website and application development 290 1,685 |
Transaction Price Allocated to Unsatisfied Performance Obligation | Transaction price allocated to unsatisfied performance obligations as of December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Micro-transaction revenue Online game ₩ 10,216 ₩ 9,918 ₩ 9,374 Mobile game 6,943 6,869 3,248 17,159 16,787 12,622 Royalties and license fees Online game 164 49 96 Mobile game 2,262 52 21 2,426 101 117 Website and application development 290 1,686 840 Total ₩ 19,875 ₩ 18,574 ₩ 13,579 |
Details of Incremental Costs of Obtaining Contract Recognized as Assets | Details of incremental costs of obtaining a contract recognized as assets as of and for the years ended December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Incremental costs of obtaining a contract ₩ 1,557 ₩ 1,722 |
Details of Amortization Costs Recognized as Cost of Revenues | Details of incremental costs of obtaining a contract recognized as cost of revenues as of December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Incremental costs of obtaining a contract recognized as cost of revenues ₩ 1,722 ₩ 861 ₩ 1,277 |
Classification of Expenses By_2
Classification of Expenses By Nature (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Expenses by nature [abstract] | |
Details of Classification of Expenses By Nature | Details of classification of expenses by nature for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Advertising expenses ₩ 13,661 ₩ 29,898 ₩ 35,948 Fees and commissions 472,324 259,024 215,613 Lease expenses 1,292 1,179 1,125 Outsourcing expenses 13,053 11,415 12,997 Salaries 44,339 40,315 35,532 Expenses related to defined contribution and benefit plans 2,505 2,255 2,090 Employee benefits 4,256 3,895 3,390 Depreciation 5,252 5,145 4,570 Amortization 2,406 1,917 1,748 Other expenses 5,422 3,733 3,361 Total ₩ 564,510 ₩ 358,776 ₩ 316,374 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Selling, general and administrative expense [abstract] | |
Summary of Selling, General and Administrative Expenses | Details of the selling, general and administrative expenses for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Advertising expenses ₩ 13,661 ₩ 29,898 ₩ 35,948 Fees and commissions 16,662 15,909 13,959 Lease expenses 712 646 530 Salaries 20,688 17,598 15,491 Expenses related to defined contribution and benefit plans 991 783 729 Employee benefits 2,257 1,972 1,598 Depreciation 3,369 2,976 2,166 Amortization 1,340 1,155 930 Other expenses 6,386 6,677 4,280 Total ₩ 66,066 ₩ 77,614 ₩ 75,631 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income And Expense [Abstract] | |
Summary of Details of Other Income | Details of other income for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Gain on disposal of property and equipment ₩ 20 ₩ 15 ₩ 7 Miscellaneous gain 893 590 600 Total ₩ 913 ₩ 605 ₩ 607 |
Summary of Details of Other Expenses | Details of other expenses for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Loss on retirement and disposal of property and equipment ₩ — ₩ — ₩ 57 Impairment loss on intangible assets 1,531 293 281 Impairment loss on other non-current assets (*) — 177 1,087 Donation — — 1 Loss on retirement and disposal of intangible assets 6 4 — Miscellaneous loss 15 265 26 Total ₩ 1,552 ₩ 739 ₩ 1,452 (*) The Group recognized an impairment loss as the recoverable amount was less than the book value of minimum guaranteed royalties for the game in service. |
Finance Income And Costs (Table
Finance Income And Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Finance Income And Costs [Abstract] | |
Summary of Finance Income and Costs | Details of finance income and costs for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Finance income Interest income ₩ 11,492 ₩ 4,501 ₩ 1,383 Unrealized foreign currency gain 1,417 689 134 Gain on foreign currency transactions 10,358 10,763 3,751 Total ₩ 23,267 ₩ 15,953 ₩ 5,268 Finance costs Unrealized foreign currency loss ₩ 1,595 ₩ 1,311 ₩ 211 Loss on foreign currency transactions 13,178 9,341 2,360 Interest expense 162 127 115 Total ₩ 14,935 ₩ 10,779 ₩ 2,686 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Schedule of Income Tax Expense | Details of income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Current tax on profit for the year Current year ₩ 37,459 ₩ 27,932 ₩ 29,903 Adjustments recognized related to prior period incomes — — 1,647 Deferred tax expense Change in net deferred tax assets (742) (1,108) 1,871 Income tax expense ₩ 36,717 ₩ 26,824 ₩ 33,421 |
Summary of Differences Between Tax Expense and Amount Arise Using Statutory Tax Rate Applicable to Profits of Entities | The differences between the tax expense on the Group’s profit before tax and the amount that would arise using the statutory tax rate applicable to profits of the entities for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Profit before income tax ₩ 168,699 ₩ 109,882 ₩ 99,301 Income tax using the statutory tax rate of each country 31,300 23,951 25,957 Adjustments Expenses not deductible for tax purpose 9 7 11 Non taxable income (131) — — Withholding tax 8,615 5,028 4,500 Utilization of previously unrecognized loss carried forward (714) (239) — Adjustments recognized related to prior period incomes — — 1,647 Tax credit (1,174) (2,131) (765) Corporate tax on unappropriated earnings (134) 1,085 487 Changes in deferred tax liabilities related to investment in subsidiaries (422) (1,101) 1,351 Others (632) 224 233 Total adjustments 5,417 2,873 7,464 Income tax expense ₩ 36,717 ₩ 26,824 ₩ 33,421 Effective tax rate 22 % 24 % 34 % |
Schedule of Changes in Deferred Income Tax Assets (Liabilities) | Details of the changes in deferred income tax assets (liabilities) for the years ended December 31, 2023 and 2022 are as follows: 2023 Beginning Increase Ending (In millions of Korean won) Deferred income tax on temporary differences Property and equipment ₩ 38 ₩ 13 ₩ 51 Intangible assets 442 223 665 Other non-current assets 202 (177) 25 Accounts payables 1,701 (183) 1,518 Accrued expenses 233 49 282 Deferred revenue 94 261 355 Allowance for doubtful account 299 880 1,179 Other non-current liabilities 81 1 82 Lease (30) (8) (38) Investments in subsidiaries (2,791) 423 (2,368) Others (278) 1,160 882 Sub Total (9) 2,642 2,633 Deferred tax due to carry-forward losses 759 (58) 701 Deferred tax due to tax credit carry-forward 2,078 (1,842) 236 Deferred tax assets (*) 5,660 292 5,952 Deferred tax liabilities ₩ (2,832) ₩ 450 ₩ (2,382) 2022 Beginning Increase Ending (In millions of Korean won) Deferred income tax on temporary differences Property and equipment ₩ 34 ₩ 4 ₩ 38 Intangible assets 398 44 442 Other non-current assets 530 (328) 202 Accounts payables 1,404 297 1,701 Accrued expenses 192 41 233 Deferred revenue 311 (217) 94 Allowance for doubtful account 367 (68) 299 Other non-current liabilities 75 6 81 Lease (43) 13 (30) Investments in subsidiaries (3,759) 968 (2,791) Others (2) (276) (278) Sub Total (494) 485 (9) Deferred tax due to carry-forward deficits 135 624 759 Deferred tax due to tax credit carry-forward 2,078 — 2,078 Deferred tax assets (*) 1,719 3,941 5,660 Deferred tax liabilities ₩ — ₩ (2,832) ₩ (2,832) (*) The future realizability of deferred tax assets is reassessed by taking into consideration various factors such as the each entity's performance, the overall economic environment and industry outlook, expected future earnings and deductible period of tax credits carry-forward and carry-forward deficits. As of December 31, 2023 and 2022, the Group has recognized deferred tax assets related to temporary differences, tax loss carryforward and tax credit carryforwards, which can be utilized based on the likelihood of each entity's future taxable income. This amount may change if the estimate of future taxable income changes. |
Schedule of Unused Tax Loss Carryforwards and Unused Tax Credit Carryforwards Not Recognized as Deferred Income Tax Assets | Details of unused tax loss carryforwards and unused tax credit carryforwards that are not recognized as deferred income tax assets as of December 31, 2023 are as follows: Year of expiration Unused loss carryforwards Unused tax credit 2024 ₩ 2,585 ₩ — 2025 1,421 160 2026 2,002 175 2027 353 163 2028 2,134 520 After 2028 5,339 1,284 Total ₩ 13,834 ₩ 2,302 |
Schedule Of Gross Deferred Tax Balances | The gross balances of deferred tax assets and liabilities for the years ended December 31, 2023 and 2022, is as follows: December 31, December 31, (In millions of Korean won) Deferred tax assets - Deferred tax assets to be recovered after more than 12 months ₩ 1,601 ₩ 1,935 - Deferred tax assets to be recovered within 12 months 5,801 5,075 Sub-total 7,402 7,010 Deferred tax liabilities - Deferred tax liabilities to be recovered after more than 12 months (15) (3,124) - Deferred tax liabilities to be recovered within 12 months (3,817) (1,058) Sub-total (3,832) (4,182) |
Schedule of Average Effective Tax Rate Gravity Game Vision Ltd | For 2023, the average effective tax rate (calculated in accordance with paragraph 86 of IAS 12) of Gravity Game Vision Limited operating in Hong Kong is: Gravity Game Vision Limited (In millions of Korean won) Tax expense for year ended 31 December 2023 ₩ 3,396 Profit before income tax 26,943 Average effective tax rate 12.60 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of Components of Basic Earnings Per Share | Basic earnings per share 2023 2022 2021 (In millions of Korean won, except per share data) Profit attributable to owners of the Parent ₩ 132,019 ₩ 83,162 ₩ 65,947 Weighted average outstanding shares of common shares 6,948,900 6,948,900 6,948,900 Basic earnings per share ₩ 18,999 ₩ 11,968 ₩ 9,490 |
Statements of Cash Flows (Table
Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Cash Flow Statement [Abstract] | |
Summary of Cash Generated From Operations | Cash generated from operations for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Profit for the year ₩ 131,982 ₩ 83,058 ₩ 65,880 Depreciation expense 5,252 5,145 4,570 Amortization expense 2,406 1,917 1,748 Bad debt expenses 1,402 701 933 Unrealized foreign currency loss 1,595 1,311 211 Interest expense 162 127 115 Loss on disposal of property and equipment — — 57 Impairment loss on intangible assets 1,531 293 281 Impairment loss on other non-current assets — 177 1,087 Post-employment benefit expense 23 66 23 Income tax expense 36,717 26,824 33,421 Unrealized foreign currency gain (1,417) (689) (134) Interest income (11,492) (4,501) (1,383) Gain on disposal of property and equipment (20) (15) (7) Reversal of allowance for doubtful accounts — — (132) Others 6 6 (214) Change in accounts receivable 2,365 (38,199) 5,530 Change in other receivables (3,770) 899 (1,082) Change in prepaid expenses 397 (104) (3,296) Change in prepayment (1) (1,641) 2,165 Change in other current assets (696) 34 243 Change in other non-current assets (3,486) 218 144 Change in accounts payable (13,837) 43,900 (8,512) Change in deferred revenue (1,292) 4,915 1,185 Change in withholdings (262) (631) 686 Change in accrued expenses 255 547 118 Change in other current liabilities 165 301 34 Change in other non-current liabilities 2,247 15 (99) Total ₩ 150,232 ₩ 124,674 ₩ 103,572 |
Summary of Significant Non-cash Transactions | Significant non-cash transactions for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Reclassification of prepayment to intangible assets ₩ 102 ₩ 64 ₩ 219 Increase of accounts payable relating to the acquisition of software 2,033 609 667 Acquisitions of right-of-use assets 4,704 1,209 6,055 Increase of accounts payable relating to the acquisition of other intangible assets 1,147 — — Reclassification of other non-current financial asset to other non- current assets 1,030 — — |
Summary of Changes in Liabilities Arising From Financing Activities | Changes in liabilities arising from financing activities for the year ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Beginning of the year ₩ 5,963 ₩ 8,730 ₩ 5,900 Cash flows used in financing activities – Payment of lease liabilities (4,083) (3,918) (3,648) Cash flows from operating activities – Interest paid (157) (122) (111) Non-cash transactions Acquisitions – leases 4,358 1,209 6,055 Interest expense 157 122 111 Others 260 (124) — Translation difference 64 66 423 Ending of the year ₩ 6,562 ₩ 5,963 ₩ 8,730 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Summary of of Right-of-Use Assets and Lease Liabilities Recognized in Consolidated Statements of Financial Position | Details of right-of-use assets and lease liabilities recognized in the consolidated statements of financial position as of December 31, 2023 and 2022 are as follows: December 31, December 31, (In millions of Korean won) Right-of-use assets(*1) Offices ₩ 4,720 ₩ 5,067 Vehicles 368 65 Others 1,533 826 Total ₩ 6,621 ₩ 5,958 Lease liabilities(*2) Current 4,225 2,906 Non-current 2,337 3,057 Total ₩ 6,562 ₩ 5,963 (*1) Right-of-use assets are included in the ‘Property and equipment’ in the consolidated statement of financial position. (*2) Lease liabilities are included in the ‘Other current liabilities’ and ‘Other non-current liabilities’ in the consolidated statement of financial position. |
Summary of Changes in Right-of-Use Assets | Changes in right-of-use assets for the years ended December 31, 2023 and 2022 are as follows: 2023 Offices Vehicles Others Total (In millions of Korean won) Balance as of January 1, 2023 ₩ 5,067 ₩ 65 ₩ 826 ₩ 5,958 Depreciation (2,794) (239) (1,083) (4,116) Reassessment 210 52 (1) 261 Acquisitions 2,178 490 1,775 4,443 Disposals — — — — Translation difference 59 — 16 75 Balance as of December 31, 2023 ₩ 4,720 ₩ 368 ₩ 1,533 ₩ 6,621 2022 Offices Vehicles Others Total (In millions of Korean won) Balance as of January 1, 2022 ₩ 6,698 ₩ 292 ₩ 1,750 ₩ 8,740 Depreciation (2,549) (231) (1,218) (3,998) Reassessment 1 (52) (13) (64) Acquisitions 923 55 231 1,209 Disposals (45) — — (45) Translation difference 39 1 76 116 Balance as of December 31, 2022 ₩ 5,067 ₩ 65 ₩ 826 ₩ 5,958 |
Summary of Amounts Recognized in Consolidated Statements of Profit or Loss | Details of amounts recognized in the consolidated statements of profit or loss for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Interest expense relating to lease liabilities (included in finance cost) ₩ 157 ₩ 122 ₩ 111 Expense relating to short-term leases 30 45 117 Expense relating to leases of low-value assets excluding short-term leases 22 23 21 |
Summary of Amounts Relating to Leases in Consolidated Statements of Profit or Loss | Details of amounts recognized in the consolidated statements of Cash flows for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Total cash outflows of leases ₩ 4,292 ₩ 4,107 ₩ 3,897 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Company's Debt to Equity Ratio | The debt ratios as of December 31, 2023 and 2022 are as follows: 2023 2022 (In millions of Korean won) Total liabilities ₩ 114,453 ₩ 113,914 Total equity 463,728 330,180 Debt ratio 25 % 35 % |
Schedule of Financial Assets and Liabilities Exposed in Foreign Currency Risk | The Group’s financial assets and liabilities are exposed to foreign currency risk as of December 31, 2023 and 2022 are as follows: December 31, 2023 Assets in foreign currency Liabilities in foreign currency Assets in Korean Won Liabilities in Korean Won (Individual amounts in each foreign currency) (In millions of Korean won) USD 86,681,440 28,203,218 ₩ 111,616 ₩ 36,344 JPY 343,984,702 160,779,008 3,139 1,467 EUR 36,780 30,472 52 43 IDR 12,955,000 3,103,944 1 — THB 28,510 7,379 1 — VND 9,270,000 3,243,600 — — HKD 144,997 — 24 — Total ₩ 114,833 ₩ 37,854 December 31, 2022 Assets in foreign currency Liabilities in foreign currency Assets in Korean Won Liabilities in Korean Won (Individual amounts in each foreign currency) (In millions of Korean won) USD 50,865,141 8,528,692 ₩ 64,351 ₩ 10,832 JPY 517,431,793 55,296,530 4,932 527 EUR 25,839 37,607 35 51 IDR 12,955,000 703,608,946 1 57 THB 28,510 7,379 1 — VND 9,270,000 3,243,600 — — Total ₩ 69,320 ₩ 11,467 |
Summary of Impact of Fluctuation in Foreign Currency Exchange Rates on Group's Profit Before Income Tax | The impact of a 10% fluctuation in foreign currency exchange rates on the Group’s profit before income tax for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Increased by 10% Decreased by 10% Increased by 10% Decreased by 10% (In millions of Korean won) USD ₩ 7,527 ₩ (7,527) ₩ 5,352 ₩ (5,352) JPY 167 (167) 440 (440) Others 4 (4) (7) 7 Total ₩ 7,698 ₩ (7,698) ₩ 5,785 ₩ (5,785) |
Summary of Maximum Exposure to Credit Risk | The carrying amount of a financial asset represents the maximum exposure to credit risk. The maximum exposure to credit risk of the Group as of December 31, 2023 and 2022 are as follows. December 31, December 31, (In millions of Korean won) Cash and cash equivalents ₩ 184,082 ₩ 169,877 Short-term financial instruments 277,215 167,000 Accounts receivable, net 71,213 77,257 Other receivables, net 7 12 Other current financial assets 4,439 3,370 Other non-current financial assets 1,824 2,176 Total ₩ 538,780 ₩ 419,692 |
Summary of Financial Liabilities by Maturity | The following table summarizes the financial liabilities of the Group by maturity according to the remaining period from the end of the reporting period to the contractual maturity date. December 31, 2023 Carrying Less than 3 months ~ 1~2 years 2~3 years 3~5 years Total (In millions of Korean won) Accounts payable ₩ 58,292 ₩ 57,430 ₩ 185 ₩ 677 ₩ — ₩ — ₩ 58,292 Accrued expense 395 395 — — — — 395 Other liabilities (*) 6,562 1,081 3,259 1,902 476 — 6,718 Total ₩ 65,249 ₩ 58,906 ₩ 3,444 ₩ 2,579 ₩ 476 ₩ — ₩ 65,405 (*) Other liabilities as of December 31, 2023 consist of lease liabilities. December 31, 2022 Carrying Less than 3 months ~ 1~2 years 2~3 years 3~5 years Total (In millions of Korean won) Accounts payable ₩ 70,544 ₩ 69,803 ₩ 367 ₩ 374 ₩ — ₩ — ₩ 70,544 Accrued expense 429 429 — — — — 429 Other liabilities (*) 5,963 1,016 2,023 2,476 617 — 6,132 Total ₩ 76,936 ₩ 71,248 ₩ 2,390 ₩ 2,850 ₩ 617 ₩ — ₩ 77,105 (*) Other liabilities as of December 31, 2022 consist of lease liabilities. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of Segment Information | The segment information for the years ended December 31, 2023, 2022 and 2021. 2023 Online Mobile Others Total (In millions of Korean won) Segment revenue ₩ 96,487 ₩ 697,736 ₩ 21,149 ₩ 815,372 Elimination of intersegment revenue (15,470) (68,132) (6,254) (89,856) Consolidated net revenue 81,017 629,604 14,895 725,516 Depreciation/Amortization 1,436 2,158 4,064 7,658 Segment operating profit 44,107 122,107 (5,847) 160,367 2022 Online Mobile Others Total (In millions of Korean won) Segment revenue ₩ 107,326 ₩ 404,362 ₩ 21,740 ₩ 533,428 Elimination of intersegment revenue (18,069) (45,591) (6,150) (69,810) Consolidated net revenue 89,257 358,771 15,590 463,618 Depreciation/Amortization 1,349 1,873 3,840 7,062 Segment operating profit 45,832 58,357 519 104,708 2021 Online Mobile Others Total (In millions of Korean won) Segment revenue ₩ 90,123 ₩ 346,928 ₩ 23,417 ₩ 460,468 Elimination of intersegment revenue (14,753) (26,764) (5,013) (46,530) Consolidated net revenue 75,370 320,164 18,404 413,938 Depreciation/Amortization 1,975 1,875 2,468 6,318 Segment operating profit 31,271 64,837 611 96,719 |
Summary Revenue from External Customers by Country | Revenue from external customers by country for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Korea ₩ 86,058 ₩ 46,719 ₩ 73,751 Taiwan 176,071 175,664 77,462 Japan 18,999 26,133 40,259 The United States of America 22,702 33,697 20,894 Thailand 136,874 75,498 94,475 The Philippines 102,595 26,003 20,173 Indonesia 58,763 5,472 10,723 Hong Kong 22,656 24,397 7,648 Malaysia 58,553 24,830 30,422 Other 42,245 25,205 38,131 Total ₩ 725,516 ₩ 463,618 ₩ 413,938 |
Summary of Non-Current Assets by Geographical Regions | Non-Current assets by geographical regions as of December 31, 2023, 2022 and 2021 are as follows: December 31, December 31, December 31, (In millions of Korean won) Korea ₩ 15,488 ₩ 9,183 ₩ 10,884 Overseas 8,018 5,309 5,769 Total ₩ 23,506 ₩ 14,492 ₩ 16,653 The amounts are exclusive of financial assets and deferred tax assets. |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Account Balances with Related Parties | Balances of receivables and payables to related parties as of December 31, 2023 and 2022 are as follows: December 31, 2023 December 31, 2022 Related party Name of entity Receivables Payables Receivables Payables Parent company GungHo Online ₩ 1,972 ₩ 3 ₩ 2,874 ₩ 3 Other company GungHo Online Entertainment America — 1 — 30 Total ₩ 1,972 ₩ 4 ₩ 2,874 ₩ 33 The details of transaction with related parties for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 Related party Name of entity Revenue Purchases Revenue Purchases Revenue Purchases (In millions of Korean won) Parent company GungHo Online ₩ 18,417 ₩ 15 ₩ 25,741 ₩ 20 ₩ 36,647 ₩ 55 Other company GungHo Online Entertainment America — 55 — 42 — — Total ₩ 18,417 ₩ 70 ₩ 25,741 ₩ 62 ₩ 36,647 ₩ 55 |
Summary of Key Management Personnel Compensation | The compensation for the key management personnel (registered directors), for the years ended December 31, 2023, 2022 and 2021 are as follows: 2023 2022 2021 (In millions of Korean won) Salaries ₩ 1,734 ₩ 1,503 ₩ 1,472 |
General Information - Additiona
General Information - Additional Information (Details) ₩ in Millions | Dec. 31, 2023 KRW (₩) Market shares | Dec. 31, 2022 KRW (₩) | Feb. 08, 2005 shares |
General Information [Line Items] | |||
Number of international markets | Market | 91 | ||
Number of shares issued (in shares) | shares | 6,948,900 | ||
Share capital | ₩ | ₩ 3,474 | ₩ 3,474 | |
American Depositary Shares | |||
General Information [Line Items] | |||
Number of shares issued (in shares) | shares | 1,400,000 | ||
Share capital | ₩ | ₩ 3,474 |
General Information - Schedule
General Information - Schedule of Major Shareholders and their Respective Percentage of Ownership (Details) | Dec. 31, 2023 shares |
Disclosure of subsidiaries [line items] | |
Number of shares (in shares) | 6,948,900 |
Ownership (%) | 100% |
GungHo Online Entertainment, Inc. | |
Disclosure of subsidiaries [line items] | |
Number of shares (in shares) | 4,121,737 |
Ownership (%) | 59.31% |
Others | |
Disclosure of subsidiaries [line items] | |
Number of shares (in shares) | 2,827,163 |
Ownership (%) | 40.69% |
General Information - Schedul_2
General Information - Schedule of Consolidated Subsidiaries (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||
Remeasurement of defined benefit liabilities | ₩ 7 | ₩ (4) | ₩ (3) |
Gravity Interactive, Inc. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary | Gravity Interactive, Inc. | ||
Location | U.S.A. | ||
Percentage of ownership (%) | 100% | 100% | |
Fiscal year end | December | ||
Main business | Online and mobile game services | ||
Gravity NeoCyon, Inc. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary | Gravity NeoCyon, Inc. | ||
Location | Korea | ||
Percentage of ownership (%) | 99.53% | 99.53% | |
Fiscal year end | December | ||
Main business | Mobile game development and service | ||
Gravity Communications Co.,Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary | Gravity Communications Co.,Ltd. | ||
Location | Taiwan | ||
Percentage of ownership (%) | 100% | 100% | |
Fiscal year end | December | ||
Main business | Online and mobile game services | ||
PT. Gravity Game Link | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary | PT. Gravity Game Link | ||
Location | Indonesia | ||
Percentage of ownership (%) | 70% | 70% | |
Fiscal year end | December | ||
Main business | Online and mobile game services | ||
Gravity Game Tech Co.,Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary | Gravity Game Tech Co.,Ltd. | ||
Location | Thailand | ||
Percentage of ownership (%) | 100% | 100% | |
Fiscal year end | December | ||
Main business | Online and mobile game services | ||
Gravity Game Arise Co., Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary | Gravity Game Arise Co., Ltd. | ||
Location | Japan | ||
Percentage of ownership (%) | 100% | 100% | |
Fiscal year end | December | ||
Main business | Online and mobile game services | ||
Gravity Game Hub PTE., Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary | Gravity Game Hub PTE., Ltd. | ||
Location | Singapore | ||
Percentage of ownership (%) | 100% | 100% | |
Fiscal year end | December | ||
Main business | Online and mobile game services | ||
Gravity Game Vision Limited. | |||
Disclosure of subsidiaries [line items] | |||
Subsidiary | Gravity Game Vision Limited. | ||
Location | Hong Kong | ||
Percentage of ownership (%) | 100% | 100% | |
Fiscal year end | December | ||
Main business | Online and mobile game services |
General Information - Schedul_3
General Information - Schedule of Consolidated Financial Information Subsidiaries (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||
Total assets | ₩ 578,181 | ₩ 444,094 | |
Total liabilities | 114,453 | 113,914 | |
Revenue | 725,516 | 463,618 | ₩ 413,938 |
Profit (loss) for the year | 131,982 | 83,058 | ₩ 65,880 |
Gravity Interactive, Inc. | |||
Disclosure of subsidiaries [line items] | |||
Total assets | 23,445 | 32,143 | |
Total liabilities | 13,671 | 23,617 | |
Revenue | 49,818 | 62,745 | |
Profit (loss) for the year | 1,113 | (2,448) | |
Gravity NeoCyon, Inc. | |||
Disclosure of subsidiaries [line items] | |||
Total assets | 11,747 | 15,587 | |
Total liabilities | 5,784 | 8,353 | |
Revenue | 19,408 | 24,639 | |
Profit (loss) for the year | (1,270) | 1,710 | |
Gravity Communications Co.,Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Total assets | 35,754 | 39,438 | |
Total liabilities | 9,227 | 11,161 | |
Revenue | 33,122 | 50,611 | |
Profit (loss) for the year | 10,116 | 14,186 | |
PT. Gravity Game Link | |||
Disclosure of subsidiaries [line items] | |||
Total assets | 2,461 | 3,268 | |
Total liabilities | 303 | 1,090 | |
Revenue | 2,234 | 3,372 | |
Profit (loss) for the year | (103) | (374) | |
Gravity Game Tech Co.,Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Total assets | 50,672 | 40,204 | |
Total liabilities | 8,081 | 9,740 | |
Revenue | 30,604 | 34,990 | |
Profit (loss) for the year | 11,308 | 9,975 | |
Gravity Game Arise Co., Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Total assets | 7,058 | 3,067 | |
Total liabilities | 1,683 | 988 | |
Revenue | 3,807 | 3,452 | |
Profit (loss) for the year | (5,393) | (505) | |
Gravity Game Hub PTE., Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Total assets | 74,229 | 4,846 | |
Total liabilities | 37,718 | 2,726 | |
Revenue | 287,950 | 4,352 | |
Profit (loss) for the year | 34,160 | (3,081) | |
Gravity Game Vision Limited. | |||
Disclosure of subsidiaries [line items] | |||
Total assets | 51,811 | 63,608 | |
Total liabilities | 10,753 | 46,146 | |
Revenue | 145,653 | 116,550 | |
Profit (loss) for the year | ₩ 23,547 | ₩ 17,090 |
Material Accounting Policies -
Material Accounting Policies - Property and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Computer and other equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property and equipment, estimated useful lives | 4 years |
Furniture and fixture | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property and equipment, estimated useful lives | 4 years |
Vehicle | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property and equipment, estimated useful lives | 4 years |
Material Accounting Policies _2
Material Accounting Policies - Summary of Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Software | Bottom of Range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets, useful lives | 1 year |
Software | Top of Range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets, useful lives | 3 years |
Industrial property rights | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets, useful lives | 10 years |
Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets, useful lives | 3 years |
Material Accounting Policies _3
Material Accounting Policies - Additional Information (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Significant Accounting Policies [Abstract] | ||
Common stock equivalents outstanding (in shares) | 0 | 0 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Deposits in banks | ₩ 184,082 | ₩ 169,877 | ||
Cash and cash equivalents | ₩ 184,082 | ₩ 169,877 | ₩ 99,105 | ₩ 110,632 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents [abstract] | ||
Restricted cash and cash equivalents | ₩ 0 | ₩ 0 |
Financial Instruments by Cate_3
Financial Instruments by Category - Schedule of Carrying Amounts of Financial Instruments by Category (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets at amortized cost | ||||
Cash and cash equivalents | ₩ 184,082 | ₩ 169,877 | ₩ 99,105 | ₩ 110,632 |
Short-term financial instruments | 277,215 | 167,000 | ||
Accounts receivable, net | 71,213 | 77,257 | ||
Other current financial assets | 4,439 | 3,370 | ||
Other non-current financial assets | 1,824 | 2,176 | ||
Total | 538,780 | 419,692 | ||
Financial liabilities at amortized cost | ||||
Accounts payable | 61,778 | 73,549 | ||
Long-term accounts payable | 677 | 374 | ||
Financial liabilities at amortized cost | ||||
Financial liabilities at amortized cost | ||||
Accounts payable | 57,615 | 70,170 | ||
Long-term accounts payable | 677 | 374 | ||
Accrued expenses | 395 | 429 | ||
Other current liabilities | 4,225 | 2,906 | ||
Other non-current liabilities | 2,337 | 3,057 | ||
Total | 65,249 | 76,936 | ||
Financial assets at amortized cost | ||||
Financial assets at amortized cost | ||||
Cash and cash equivalents | 184,082 | 169,877 | ||
Short-term financial instruments | 277,215 | 167,000 | ||
Accounts receivable, net | 71,213 | 77,257 | ||
Other receivables, net | 7 | 12 | ||
Other current financial assets | 4,439 | 3,370 | ||
Other non-current financial assets | 1,824 | 1,676 | ||
Financial assets at fair value through profit or loss | ||||
Financial assets at amortized cost | ||||
Other non-current financial assets | ₩ 0 | ₩ 500 |
Financial Instruments by Cate_4
Financial Instruments by Category - Schedule of Net Income and Expenses From Financial Instruments (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial liabilities at amortized cost | Interest expense | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income and expenses on financial liabilities at amortized cost | ₩ (162) | ₩ (127) | ₩ (115) |
Financial liabilities at amortized cost | Differences in foreign currency | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income and expenses on financial liabilities at amortized cost | (1,344) | (1,301) | (821) |
Financial assets at amortized cost | Interest income | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income and expenses on financial assets at amortized cost | 11,487 | 4,496 | 1,355 |
Financial assets at amortized cost | Differences in foreign currency | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income and expenses on financial assets at amortized cost | (1,654) | 2,101 | 2,135 |
Financial assets at fair value through profit or loss | Interest income | |||
Disclosure of detailed information about financial instruments [line items] | |||
Income on financial assets at fair value through profit or loss | ₩ 5 | ₩ 5 | ₩ 28 |
Accounts and Other Receivable_2
Accounts and Other Receivables - Summary of Accounts and Other Receivables (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade And Other Receivables [Line Items] | ||||
Accounts receivable, net | ₩ 71,213 | ₩ 77,257 | ||
Other receivables, net | 3,637 | 140 | ||
Accounts receivable | ||||
Trade And Other Receivables [Line Items] | ||||
Non-related party | 69,867 | 74,702 | ||
Related party | 1,972 | 2,874 | ||
Accounts receivable | Loss allowance | ||||
Trade And Other Receivables [Line Items] | ||||
Less : Loss allowance | (626) | (319) | ₩ (689) | ₩ (579) |
Accounts receivable | Loss allowance | Lifetime expected credit losses [member] | ||||
Trade And Other Receivables [Line Items] | ||||
Less : Loss allowance | (626) | (319) | ||
Other receivables | ||||
Trade And Other Receivables [Line Items] | ||||
Non-related party | 3,642 | 145 | ||
Related party | 0 | 0 | ||
Other receivables | Loss allowance | ||||
Trade And Other Receivables [Line Items] | ||||
Less : Loss allowance | (5) | (5) | ₩ (5) | ₩ (5) |
Other receivables | Loss allowance | Lifetime expected credit losses [member] | ||||
Trade And Other Receivables [Line Items] | ||||
Less : Loss allowance | ₩ (5) | ₩ (5) |
Accounts and Other Receivable_3
Accounts and Other Receivables - Summary of Changes in Loss Allowance of Accounts and Other Receivables (Details) - Loss allowance - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts receivable | |||
Trade And Other Receivables [Line Items] | |||
Financial assets at amortised cost beginning balance | ₩ 319 | ₩ 689 | ₩ 579 |
Bad debt expenses | 1,402 | 701 | 933 |
Reversal of allowance for doubtful accounts | 0 | 0 | (132) |
Write-off | (1,095) | (1,071) | (691) |
Financial assets at amortised cost ending balance | 626 | 319 | 689 |
Other receivables | |||
Trade And Other Receivables [Line Items] | |||
Financial assets at amortised cost beginning balance | 5 | 5 | 5 |
Bad debt expenses | 0 | 0 | 0 |
Reversal of allowance for doubtful accounts | 0 | 0 | 0 |
Write-off | 0 | 0 | 0 |
Financial assets at amortised cost ending balance | ₩ 5 | ₩ 5 | ₩ 5 |
Accounts and Other Receivable_4
Accounts and Other Receivables - Summary of ECLs and Credit Risk Exposures for Accounts and Other Receivables (Details) ₩ in Millions, $ in Millions | Dec. 31, 2023 KRW (₩) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 KRW (₩) | Dec. 31, 2021 KRW (₩) | Dec. 31, 2020 KRW (₩) |
Loss allowance | Accounts receivable | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | ₩ (626) | ₩ (319) | ₩ (689) | ₩ (579) | |
Loss allowance | Accounts receivable | Not due or overdue less than 90 days | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 0.60% | 0.60% | 0.10% | ||
Financial assets at amortised cost | ₩ (438) | ₩ (85) | |||
Loss allowance | Accounts receivable | More than 90 days ~ Less than 180 days | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 3.20% | 3.20% | 18.20% | ||
Financial assets at amortised cost | ₩ (10) | ₩ (58) | |||
Loss allowance | Accounts receivable | More than 180 days ~ Less than 270 days | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 57.40% | 57.40% | 46.60% | ||
Financial assets at amortised cost | ₩ (16) | ₩ (2) | |||
Loss allowance | Accounts receivable | More than 270 days ~ Less than 1 year | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 87.30% | 87.30% | 82.30% | ||
Financial assets at amortised cost | ₩ (4) | ₩ (33) | |||
Loss allowance | Accounts receivable | More than 1 year | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 100% | 100% | 100% | ||
Financial assets at amortised cost | ₩ (158) | ₩ (141) | |||
Loss allowance | Other receivables | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | ₩ (5) | ₩ (5) | ₩ (5) | ₩ (5) | |
Loss allowance | Other receivables | Not due or overdue less than 90 days | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 0% | 0% | 0% | ||
Financial assets at amortised cost | ₩ 0 | ₩ 0 | |||
Loss allowance | Other receivables | More than 90 days ~ Less than 180 days | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 0% | 0% | 0% | ||
Financial assets at amortised cost | ₩ 0 | ₩ 0 | |||
Loss allowance | Other receivables | More than 180 days ~ Less than 270 days | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 0% | 0% | 0% | ||
Financial assets at amortised cost | ₩ 0 | ₩ 0 | |||
Loss allowance | Other receivables | More than 270 days ~ Less than 1 year | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 0% | 0% | 0% | ||
Financial assets at amortised cost | $ 0 | ₩ 0 | |||
Loss allowance | Other receivables | More than 1 year | |||||
Trade And Other Receivables [Line Items] | |||||
Expected loss rate | 100% | 100% | 100% | ||
Financial assets at amortised cost | $ (5) | ₩ (5) | |||
Acquisition price | Accounts receivable | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | ₩ 71,839 | 77,576 | |||
Acquisition price | Accounts receivable | Not due or overdue less than 90 days | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 71,334 | 77,073 | |||
Acquisition price | Accounts receivable | More than 90 days ~ Less than 180 days | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 315 | 318 | |||
Acquisition price | Accounts receivable | More than 180 days ~ Less than 270 days | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 27 | 4 | |||
Acquisition price | Accounts receivable | More than 270 days ~ Less than 1 year | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 5 | 40 | |||
Acquisition price | Accounts receivable | More than 1 year | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 158 | 141 | |||
Acquisition price | Other receivables | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 3,642 | 145 | |||
Acquisition price | Other receivables | Not due or overdue less than 90 days | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 3,637 | 140 | |||
Acquisition price | Other receivables | More than 90 days ~ Less than 180 days | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 0 | 0 | |||
Acquisition price | Other receivables | More than 180 days ~ Less than 270 days | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 0 | 0 | |||
Acquisition price | Other receivables | More than 270 days ~ Less than 1 year | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | 0 | 0 | |||
Acquisition price | Other receivables | More than 1 year | |||||
Trade And Other Receivables [Line Items] | |||||
Financial assets at amortised cost | ₩ 5 | ₩ 5 |
Property and Equipment - Summar
Property and Equipment - Summary of Property Plant and Equipment (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | ₩ 10,151 | ₩ 8,140 | ₩ 11,338 | ₩ 7,695 |
Reclassification | 0 | 0 | 0 | |
Right-of- use assets | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 6,621 | 5,958 | 8,740 | 5,737 |
Reclassification | 0 | 0 | 0 | |
Computer and other equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 1,536 | 1,113 | 1,455 | 1,380 |
Reclassification | (1) | (6) | 0 | |
Furniture and fixture | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 267 | 338 | 380 | 310 |
Reclassification | 1 | 6 | 0 | |
Construction in progress | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 1,209 | 0 | 0 | 128 |
Reclassification | 0 | 0 | (128) | |
Vehicle | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 1 | 4 | 6 | 8 |
Reclassification | 0 | 0 | 0 | |
Leasehold improvements | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 517 | 727 | 757 | ₩ 132 |
Reclassification | 0 | 0 | ₩ 128 | |
Acquisition price | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 27,977 | 26,458 | ||
Acquisition price | Right-of- use assets | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 15,514 | 16,197 | ||
Acquisition price | Computer and other equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 7,186 | 6,381 | ||
Acquisition price | Furniture and fixture | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 1,887 | 1,787 | ||
Acquisition price | Construction in progress | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 1,209 | |||
Acquisition price | Vehicle | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 9 | 9 | ||
Acquisition price | Leasehold improvements | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 2,172 | 2,084 | ||
Accumulated depreciation | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | (17,826) | (18,318) | ||
Accumulated depreciation | Right-of- use assets | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | (8,893) | (10,239) | ||
Accumulated depreciation | Computer and other equipment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | (5,650) | (5,268) | ||
Accumulated depreciation | Furniture and fixture | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | (1,620) | (1,449) | ||
Accumulated depreciation | Construction in progress | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | 0 | |||
Accumulated depreciation | Vehicle | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | (8) | (5) | ||
Accumulated depreciation | Leasehold improvements | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property and equipment, net | ₩ (1,655) | ₩ (1,357) |
Property and Equipment - Summ_2
Property and Equipment - Summary of Change in Property and Equipment (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | ₩ 8,140 | ₩ 11,338 | ₩ 7,695 |
Lease | 261 | (64) | |
Acquisitions/Capital expenditure | 6,904 | 1,949 | 8,106 |
Depreciation | (5,252) | (5,145) | (4,570) |
Disposals/Disposition/Removals | (1) | (58) | (125) |
Reclassification | 0 | 0 | 0 |
Foreign exchange differences | 99 | 120 | 232 |
Ending balance | 10,151 | 8,140 | 11,338 |
Property and equipment, net | 10,151 | 8,140 | 11,338 |
Right-of- use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 5,958 | 8,740 | 5,737 |
Lease | 261 | (64) | |
Acquisitions/Capital expenditure | 4,443 | 1,209 | 6,319 |
Depreciation | (4,116) | (3,998) | (3,448) |
Disposals/Disposition/Removals | 0 | (45) | (63) |
Reclassification | 0 | 0 | 0 |
Foreign exchange differences | 75 | 116 | 195 |
Ending balance | 6,621 | 5,958 | 8,740 |
Property and equipment, net | 6,621 | 5,958 | 8,740 |
Computer and other equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,113 | 1,455 | 1,380 |
Lease | 0 | 0 | |
Acquisitions/Capital expenditure | 1,065 | 307 | 712 |
Depreciation | (656) | (657) | (648) |
Disposals/Disposition/Removals | 0 | (1) | (15) |
Reclassification | (1) | (6) | 0 |
Foreign exchange differences | 15 | 15 | 26 |
Ending balance | 1,536 | 1,113 | 1,455 |
Property and equipment, net | 1,536 | 1,113 | 1,455 |
Furniture and fixture | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 338 | 380 | 310 |
Lease | 0 | 0 | |
Acquisitions/Capital expenditure | 105 | 181 | 322 |
Depreciation | (177) | (222) | (249) |
Disposals/Disposition/Removals | (1) | (2) | (3) |
Reclassification | 1 | 6 | 0 |
Foreign exchange differences | 1 | (5) | 0 |
Ending balance | 267 | 338 | 380 |
Property and equipment, net | 267 | 338 | 380 |
Construction in progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 0 | 0 | 128 |
Lease | 0 | 0 | |
Acquisitions/Capital expenditure | 1,209 | 0 | 0 |
Depreciation | 0 | 0 | 0 |
Disposals/Disposition/Removals | 0 | 0 | 0 |
Reclassification | 0 | 0 | (128) |
Foreign exchange differences | 0 | 0 | 0 |
Ending balance | 1,209 | 0 | 0 |
Property and equipment, net | 1,209 | 0 | 0 |
Vehicle | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4 | 6 | 8 |
Lease | 0 | 0 | |
Acquisitions/Capital expenditure | 0 | 0 | 0 |
Depreciation | (3) | (2) | (2) |
Disposals/Disposition/Removals | 0 | 0 | 0 |
Reclassification | 0 | 0 | 0 |
Foreign exchange differences | 0 | 0 | 0 |
Ending balance | 1 | 4 | 6 |
Property and equipment, net | 1 | 4 | 6 |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 727 | 757 | 132 |
Lease | 0 | 0 | |
Acquisitions/Capital expenditure | 82 | 252 | 753 |
Depreciation | (300) | (266) | (223) |
Disposals/Disposition/Removals | 0 | (10) | (44) |
Reclassification | 0 | 0 | 128 |
Foreign exchange differences | 8 | (6) | 11 |
Ending balance | 517 | 727 | 757 |
Property and equipment, net | ₩ 517 | ₩ 727 | ₩ 757 |
Property and Equipment - Summ_3
Property and Equipment - Summary of Classification of Depreciation Expenses in Statements of Comprehensive Income (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation of property,plant and equipment | ₩ 5,252 | ₩ 5,145 | ₩ 4,570 |
Cost of revenues | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation of property,plant and equipment | 1,853 | 2,028 | 2,102 |
Selling, general and administrative expenses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation of property,plant and equipment | 3,369 | 2,976 | 2,167 |
Research and development | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation of property,plant and equipment | ₩ 30 | ₩ 141 | ₩ 301 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) | Dec. 31, 2023 KRW (₩) |
Property, plant and equipment [abstract] | |
Property and equipment pledged as collaterals | ₩ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | ₩ 6,370 | ₩ 3,869 | ₩ 3,342 | ₩ 3,363 |
Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 2,780 | 1,938 | 1,264 | 2,234 |
Industrial property rights | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 626 | 545 | 483 | ₩ 332 |
License fee | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 2,678 | 1,351 | 1,430 | |
Other intangible assets | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 286 | 35 | ₩ 165 | |
Acquisition price | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 28,820 | 23,659 | ||
Acquisition price | Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 17,567 | 16,284 | ||
Acquisition price | Industrial property rights | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 1,376 | 1,215 | ||
Acquisition price | License fee | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 8,510 | 5,043 | ||
Acquisition price | Other intangible assets | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 1,367 | 1,117 | ||
Accumulated amortization | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | (22,450) | (19,790) | ||
Accumulated amortization | Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | (14,787) | (14,346) | ||
Accumulated amortization | Industrial property rights | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | (750) | (670) | ||
Accumulated amortization | License fee | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | (5,832) | (3,692) | ||
Accumulated amortization | Other intangible assets | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | ₩ (1,081) | ₩ (1,082) |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Changes in Intangible Assets (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | ₩ 3,869 | ₩ 3,342 | ₩ 3,363 |
Acquisitions/Capital expenditure | 6,455 | 2,741 | 2,016 |
Amortization | (2,406) | (1,917) | (1,748) |
Disposals | (18) | (10) | (15) |
Impairment | (1,531) | (293) | (281) |
Foreign exchange differences | 1 | 6 | 7 |
Ending balance | 6,370 | 3,869 | 3,342 |
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,938 | 1,264 | 2,234 |
Acquisitions/Capital expenditure | 2,136 | 1,856 | 116 |
Amortization | (1,296) | (1,184) | (1,088) |
Disposals | 0 | 0 | (15) |
Impairment | 0 | 0 | 0 |
Foreign exchange differences | 2 | 2 | 17 |
Ending balance | 2,780 | 1,938 | 1,264 |
Industrial property rights | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 545 | 483 | 332 |
Acquisitions/Capital expenditure | 170 | 138 | 224 |
Amortization | (83) | (71) | (73) |
Disposals | (6) | (5) | 0 |
Impairment | 0 | 0 | 0 |
Foreign exchange differences | 0 | 0 | 0 |
Ending balance | 626 | 545 | 483 |
License fee | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,351 | 1,430 | |
Acquisitions/Capital expenditure | 3,886 | 747 | |
Amortization | (1,027) | (538) | |
Disposals | 0 | 0 | |
Impairment | (1,531) | (293) | |
Foreign exchange differences | (1) | 5 | |
Ending balance | 2,678 | 1,351 | 1,430 |
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 35 | 165 | |
Acquisitions/Capital expenditure | 263 | 0 | |
Amortization | 0 | (124) | |
Disposals | (12) | (5) | |
Impairment | 0 | 0 | |
Foreign exchange differences | 0 | (1) | |
Ending balance | ₩ 286 | 35 | 165 |
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | ₩ 1,595 | 797 | |
Acquisitions/Capital expenditure | 1,676 | ||
Amortization | (587) | ||
Disposals | 0 | ||
Impairment | (281) | ||
Foreign exchange differences | (10) | ||
Ending balance | ₩ 1,595 |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Changes in Intangible Assets (Parenthetical) (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |||
Impairment loss on intangible assets | ₩ 1,531 | ₩ 293 | ₩ 281 |
Intangible Assets - Summary o_4
Intangible Assets - Summary of Classification of Amortization in Statements of Comprehensive Income (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | ₩ 2,406 | ₩ 1,917 | ₩ 1,748 |
Cost of revenues | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | 708 | 719 | 737 |
Selling, general and administrative expenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | 1,340 | 1,155 | 931 |
Research and development | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | ₩ 358 | ₩ 43 | ₩ 80 |
Other Non-Current Assets - Summ
Other Non-Current Assets - Summary of Non-Current Assets (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Non-Current Assets [Abstract] | ||
Prepaid expenses | ₩ 6,309 | ₩ 2,036 |
Other | 676 | 446 |
Other non-current assets | ₩ 6,985 | ₩ 2,482 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of defined benefit plans [abstract] | |||
Defined contribution plan expenses | ₩ 2,413 | ₩ 2,181 | ₩ 2,067 |
Non-current net defined benefit liability | ₩ 47 | ₩ 28 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) ₩ in Millions | Dec. 31, 2023 KRW (₩) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 KRW (₩) |
Disclosure of contingent liabilities [line items] | |||
Purchase obligations | ₩ 4,942 | ₩ 3,242 | |
Kookmin Bank | |||
Disclosure of contingent liabilities [line items] | |||
Amount of payment guarantee | $ | $ 658,500 | ||
Seoul Guarantee Insurance Co. Ltd. | |||
Disclosure of contingent liabilities [line items] | |||
Amount of payment guarantee | ₩ 524 |
Capital - Summary of Common Sha
Capital - Summary of Common Shares (Details) - KRW (₩) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Number of shares issued (in shares) | 6,948,900 | |
Common shares | ₩ 3,474,000,000 | ₩ 3,474,000,000 |
Common Shares | ||
Disclosure of classes of share capital [line items] | ||
Number of authorized shares (in shares) | 40,000,000 | 40,000,000 |
Value per share (in korean won per share) | ₩ 500 | ₩ 500 |
Number of shares issued (in shares) | 6,948,900 | 6,948,900 |
Common shares | ₩ 3,474,450,000 | ₩ 3,474,450,000 |
Capital - Summary of Capital Su
Capital - Summary of Capital Surplus (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [abstract] | ||
Additional paid in capital | ₩ 25,292 | ₩ 25,292 |
Other capital surplus | 1,806 | 1,806 |
Total | ₩ 27,098 | ₩ 27,098 |
Capital - Summary of Other Comp
Capital - Summary of Other Components of Equity (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Accumulated Other Comprehensive Income [Line Items] | ||
Total | ₩ 4,016 | ₩ 2,475 |
Factors for re-measurement of defined benefit liabilities | ||
Disclosure Of Accumulated Other Comprehensive Income [Line Items] | ||
Total | 0 | (4) |
Foreign currency translation adjustments | ||
Disclosure Of Accumulated Other Comprehensive Income [Line Items] | ||
Total | ₩ 4,016 | ₩ 2,479 |
Capital - Summary of Retained E
Capital - Summary of Retained Earnings (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Contract Assets And Contract Liabilities [Line Items] | ||
Unappropriated retained earnings | ₩ 428,499 | ₩ 296,480 |
Capital - Additional Informatio
Capital - Additional Information (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Number of shares issued (in shares) | 6,948,900 | |
Preference Shares | ||
Disclosure of classes of share capital [line items] | ||
Number of shares reserved for issuance (in shares) | 2,000,000 | |
Number of shares issued (in shares) | 0 | 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Details of Revenue from Contracts with Customers based on Service Contract and Timing of Satisfaction of Performance Obligations (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ₩ 725,516 | ₩ 463,618 | ₩ 413,938 |
At a point in time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 119 | 25 | 8 |
Over time | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 725,397 | 463,593 | 413,930 |
Micro-transaction revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 639,231 | 341,769 | 229,028 |
Micro-transaction revenue | Online game | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 70,566 | 80,147 | 64,382 |
Micro-transaction revenue | Mobile game | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 568,665 | 261,622 | 164,646 |
Royalties and license fees | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 71,390 | 106,259 | 166,506 |
Royalties and license fees | Online game | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 10,451 | 9,109 | 10,988 |
Royalties and license fees | Mobile game | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 60,939 | 97,150 | 155,518 |
Others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ₩ 14,895 | ₩ 15,590 | ₩ 18,404 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Account Receivables, Incremental Costs of Obtaining a Contract, and Contract Liabilities (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Accounts receivable | ₩ 71,213 | ₩ 77,257 |
Incremental costs of obtaining a contract (Prepaid expenses) | 1,557 | 1,722 |
Contract liabilities (Deferred revenue) | 19,875 | 18,574 |
Micro-transaction revenue | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Contract liabilities (Deferred revenue) | 17,159 | 16,788 |
Royalties and license fees | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Contract liabilities (Deferred revenue) | 2,426 | 101 |
Website and application development | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Contract liabilities (Deferred revenue) | ₩ 290 | ₩ 1,685 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Additional Information (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Transaction price allocated to unsatisfied performance obligations | ₩ 19,875 | ₩ 18,574 | ₩ 13,579 |
2024 | |||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Transaction price allocated to unsatisfied performance obligations, percentage | 91% | ||
Transaction price allocated to unsatisfied performance obligations | ₩ 18,090 | ||
More than one year | |||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Transaction price allocated to unsatisfied performance obligations, percentage | 9% | ||
Transaction price allocated to unsatisfied performance obligations | ₩ 1,785 | ||
Micro-transaction revenue | |||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Amount of revenue recognized from previous period's contract liabilities | 16,788 | 12,622 | |
Royalties and license fees | |||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Amount of revenue recognized from previous period's contract liabilities | 71 | 18 | |
Website and application development | |||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Amount of revenue recognized from previous period's contract liabilities | ₩ 1,685 | ₩ 840 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Transaction Price Allocated to Unsatisfied Performance Obligations (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Transaction price allocated to unsatisfied performance obligations | ₩ 19,875 | ₩ 18,574 | ₩ 13,579 |
Micro-transaction revenue | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Transaction price allocated to unsatisfied performance obligations | 17,159 | 16,787 | 12,622 |
Micro-transaction revenue | Online game | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Transaction price allocated to unsatisfied performance obligations | 10,216 | 9,918 | 9,374 |
Micro-transaction revenue | Mobile game | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Transaction price allocated to unsatisfied performance obligations | 6,943 | 6,869 | 3,248 |
Royalties and license fees | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Transaction price allocated to unsatisfied performance obligations | 2,426 | 101 | 117 |
Royalties and license fees | Online game | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Transaction price allocated to unsatisfied performance obligations | 164 | 49 | 96 |
Royalties and license fees | Mobile game | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Transaction price allocated to unsatisfied performance obligations | 2,262 | 52 | 21 |
Website and application development | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Transaction price allocated to unsatisfied performance obligations | ₩ 290 | ₩ 1,686 | ₩ 840 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Details of Incremental Costs of Obtaining Contract Recognized As Assets (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [abstract] | ||
Incremental costs of obtaining a contract | ₩ 1,557 | ₩ 1,722 |
Revenue from Contracts with C_8
Revenue from Contracts with Customers - Details of Amortization Costs Recognized as Cost of Revenues (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [abstract] | |||
Incremental costs of obtaining a contract recognized as cost of revenues | ₩ 1,722 | ₩ 861 | ₩ 1,277 |
Classification of Expenses By_3
Classification of Expenses By Nature - Details of Classification of Expenses By Nature (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses by nature [abstract] | |||
Advertising expenses | ₩ 13,661 | ₩ 29,898 | ₩ 35,948 |
Fees and commissions | 472,324 | 259,024 | 215,613 |
Lease expenses | 1,292 | 1,179 | 1,125 |
Outsourcing expenses | 13,053 | 11,415 | 12,997 |
Salaries | 44,339 | 40,315 | 35,532 |
Expenses related to defined contribution and benefit plans | 2,505 | 2,255 | 2,090 |
Employee benefits | 4,256 | 3,895 | 3,390 |
Depreciation | 5,252 | 5,145 | 4,570 |
Amortization | 2,406 | 1,917 | 1,748 |
Other expenses | 5,422 | 3,733 | 3,361 |
Total | ₩ 564,510 | ₩ 358,776 | ₩ 316,374 |
Selling, General and Administ_3
Selling, General and Administrative Expenses - Summary of Selling, General and Administrative Expenses (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Selling General And Administrative Expenses [Line Items] | |||
Advertising expenses | ₩ 13,661 | ₩ 29,898 | ₩ 35,948 |
Fees and commissions | 472,324 | 259,024 | 215,613 |
Lease expenses | 1,292 | 1,179 | 1,125 |
Salaries | 44,339 | 40,315 | 35,532 |
Expenses related to defined contribution and benefit plans | 2,505 | 2,255 | 2,090 |
Employee benefits | 4,256 | 3,895 | 3,390 |
Depreciation | 5,252 | 5,145 | 4,570 |
Amortization | 2,406 | 1,917 | 1,748 |
Other expenses | 5,422 | 3,733 | 3,361 |
Total | 66,066 | 77,614 | 75,631 |
Selling, general and administrative expenses | |||
Disclosure Of Selling General And Administrative Expenses [Line Items] | |||
Advertising expenses | 13,661 | 29,898 | 35,948 |
Fees and commissions | 16,662 | 15,909 | 13,959 |
Lease expenses | 712 | 646 | 530 |
Salaries | 20,688 | 17,598 | 15,491 |
Expenses related to defined contribution and benefit plans | 991 | 783 | 729 |
Employee benefits | 2,257 | 1,972 | 1,598 |
Depreciation | 3,369 | 2,976 | 2,166 |
Amortization | 1,340 | 1,155 | 930 |
Other expenses | 6,386 | 6,677 | 4,280 |
Total | ₩ 66,066 | ₩ 77,614 | ₩ 75,631 |
Other Income and Expenses - Sum
Other Income and Expenses - Summary of Details of Other Income (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income And Expense [Abstract] | |||
Gain on disposal of property and equipment | ₩ 20 | ₩ 15 | ₩ 7 |
Miscellaneous gain | 893 | 590 | 600 |
Total | ₩ 913 | ₩ 605 | ₩ 607 |
Other Income and Expenses - S_2
Other Income and Expenses - Summary of Details of Other Expense (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income And Expense [Abstract] | |||
Loss on retirement and disposal of property and equipment | ₩ 0 | ₩ 0 | ₩ 57 |
Impairment loss on intangible assets | 1,531 | 293 | 281 |
Impairment loss on other non-current assets | 0 | 177 | 1,087 |
Donation | 0 | 0 | 1 |
Loss on retirement and disposal of intangible assets | 6 | 4 | 0 |
Miscellaneous loss | 15 | 265 | 26 |
Total | ₩ 1,552 | ₩ 739 | ₩ 1,452 |
Finance Income And Costs - Summ
Finance Income And Costs - Summary of Finance Income And Cost (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Finance Income And Costs [Line Items] | |||
Finance income | ₩ 23,267 | ₩ 15,953 | ₩ 5,268 |
Finance costs | 14,935 | 10,779 | 2,686 |
Interest income | |||
Disclosure Of Finance Income And Costs [Line Items] | |||
Finance income | 11,492 | 4,501 | 1,383 |
Unrealized foreign currency gain | |||
Disclosure Of Finance Income And Costs [Line Items] | |||
Finance income | 1,417 | 689 | 134 |
Gain on foreign currency transactions | |||
Disclosure Of Finance Income And Costs [Line Items] | |||
Finance income | 10,358 | 10,763 | 3,751 |
Unrealized foreign currency loss | |||
Disclosure Of Finance Income And Costs [Line Items] | |||
Finance costs | 1,595 | 1,311 | 211 |
Loss on foreign currency transactions | |||
Disclosure Of Finance Income And Costs [Line Items] | |||
Finance costs | 13,178 | 9,341 | 2,360 |
Others | |||
Disclosure Of Finance Income And Costs [Line Items] | |||
Finance costs | ₩ 162 | ₩ 127 | ₩ 115 |
Income Tax Expense - Schedule o
Income Tax Expense - Schedule of Income Tax Expense (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax on profit for the year | |||
Current year | ₩ 37,459 | ₩ 27,932 | ₩ 29,903 |
Adjustments recognized related to prior period incomes | 0 | 0 | 1,647 |
Deferred tax expense | |||
Change in net deferred tax assets | (742) | (1,108) | 1,871 |
Income tax expense | ₩ 36,717 | ₩ 26,824 | ₩ 33,421 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Differences Between Tax Expense and Amount Arise Using Statutory Tax Rate Applicable to Profits of Entities (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit before income tax | ₩ 168,699 | ₩ 109,882 | ₩ 99,301 |
Income tax using the statutory tax rate of each country | 31,300 | 23,951 | 25,957 |
Adjustments | |||
Expenses not deductible for tax purpose | 9 | 7 | 11 |
Non taxable income | (131) | 0 | 0 |
Withholding tax | 8,615 | 5,028 | 4,500 |
Utilization of previously unrecognized loss carried forward | (714) | (239) | 0 |
Adjustments recognized related to prior period incomes | 0 | 0 | 1,647 |
Tax credit | (1,174) | (2,131) | (765) |
Corporate tax on unappropriated earnings | (134) | 1,085 | 487 |
Changes in deferred tax liabilities related to investment in subsidiaries | (422) | (1,101) | 1,351 |
Others | (632) | 224 | 233 |
Total adjustments | 5,417 | 2,873 | 7,464 |
Income tax expense | ₩ 36,717 | ₩ 26,824 | ₩ 33,421 |
Effective tax rate | 22% | 24% | 34% |
Income Tax Expense - Schedule_2
Income Tax Expense - Schedule of Changes in Deferred Income Tax Assets (Liabilities) (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets, start of period | ₩ 5,660 | ₩ 1,719 |
Increase (decrease) | 292 | 3,941 |
Deferred tax assets, end of period | 5,952 | 5,660 |
Deferred tax liabilities, start of period | (2,832) | 0 |
Increase (decrease) | 450 | (2,832) |
Deferred tax liabilities, end of period | (2,382) | (2,832) |
Property and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 38 | 34 |
Increase (decrease) | 13 | 4 |
Deferred tax liability (asset) end of period | 51 | 38 |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 442 | 398 |
Increase (decrease) | 223 | 44 |
Deferred tax liability (asset) end of period | 665 | 442 |
Other non-current assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 202 | 530 |
Increase (decrease) | (177) | (328) |
Deferred tax liability (asset) end of period | 25 | 202 |
Accounts payables | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 1,701 | 1,404 |
Increase (decrease) | (183) | 297 |
Deferred tax liability (asset) end of period | 1,518 | 1,701 |
Accrued expenses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 233 | 192 |
Increase (decrease) | 49 | 41 |
Deferred tax liability (asset) end of period | 282 | 233 |
Deferred revenue | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 94 | 311 |
Increase (decrease) | 261 | (217) |
Deferred tax liability (asset) end of period | 355 | 94 |
Allowance for doubtful account | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 299 | 367 |
Increase (decrease) | 880 | (68) |
Deferred tax liability (asset) end of period | 1,179 | 299 |
Other non-current liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 81 | 75 |
Increase (decrease) | 1 | 6 |
Deferred tax liability (asset) end of period | 82 | 81 |
Lease | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | (30) | (43) |
Increase (decrease) | (8) | 13 |
Deferred tax liability (asset) end of period | (38) | (30) |
Investments in subsidiaries | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | (2,791) | (3,759) |
Increase (decrease) | 423 | 968 |
Deferred tax liability (asset) end of period | (2,368) | (2,791) |
Others | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | (278) | (2) |
Increase (decrease) | 1,160 | (276) |
Deferred tax liability (asset) end of period | 882 | (278) |
Sub Total | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | (9) | (494) |
Increase (decrease) | 2,642 | 485 |
Deferred tax liability (asset) end of period | 2,633 | (9) |
Deferred tax due to carry-forward deficits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 759 | 135 |
Increase (decrease) | (58) | 624 |
Deferred tax liability (asset) end of period | 701 | 759 |
Deferred tax due to tax credit carry-forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset), start of period | 2,078 | 2,078 |
Increase (decrease) | (1,842) | 0 |
Deferred tax liability (asset) end of period | ₩ 236 | ₩ 2,078 |
Income Tax Expense - Schedule_3
Income Tax Expense - Schedule of Unused Tax Loss Carryforwards and Unused Tax Credit Carryforwards Not Recognized as Deferred Income Tax Assets (Details) ₩ in Millions | Dec. 31, 2023 KRW (₩) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused loss carryforwards | ₩ 13,834 |
Unused tax credit carryforwards | 2,302 |
2024 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused loss carryforwards | 2,585 |
Unused tax credit carryforwards | 0 |
2025 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused loss carryforwards | 1,421 |
Unused tax credit carryforwards | 160 |
2026 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused loss carryforwards | 2,002 |
Unused tax credit carryforwards | 175 |
2027 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused loss carryforwards | 353 |
Unused tax credit carryforwards | 163 |
2028 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused loss carryforwards | 2,134 |
Unused tax credit carryforwards | 520 |
After 2028 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused loss carryforwards | 5,339 |
Unused tax credit carryforwards | ₩ 1,284 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Temporary difference related to investments in subsidiaries not recognized as deferred tax assets | ₩ 23,087 | ₩ 22,409 | |
Effective tax rate | 22% | 24% | 34% |
Gravity Game Vision Limited. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Effective tax rate | 12.60% |
Income taxes - Schedule Of Gros
Income taxes - Schedule Of Gross Deferred Tax Balances (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Net deferred tax assets and liabilities [abstract] | ||
- Deferred tax assets to be recovered after more than 12 months | ₩ 1,601 | ₩ 1,935 |
- Deferred tax assets to be recovered within 12 months | 5,801 | 5,075 |
Net deferred tax assets | 7,402 | 7,010 |
- Deferred tax liabilities to be recovered after more than 12 months | (15) | (3,124) |
- Deferred tax liabilities to be recovered within 12 months | (3,817) | (1,058) |
Net deferred tax liabilities | ₩ (3,832) | ₩ (4,182) |
Income Tax Expense - Schedule_4
Income Tax Expense - Schedule of Average Effective Tax Rate Gravity Game Vision Ltd (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Income tax expenses | ₩ 36,717 | ₩ 26,824 | ₩ 33,421 |
Profit before income tax | ₩ 168,699 | ₩ 109,882 | ₩ 99,301 |
Effective tax rate | 22% | 24% | 34% |
Gravity Game Vision Limited. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Income tax expenses | ₩ 3,396 | ||
Profit before income tax | ₩ 26,943 | ||
Effective tax rate | 12.60% |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Components of Basic Earnings Per Share (Details) - KRW (₩) ₩ / shares in Units, ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share [abstract] | |||
Profit attributable to owners of the Parent | ₩ 132,019 | ₩ 83,162 | ₩ 65,947 |
Weighted average outstanding shares of common shares (in shares) | 6,948,900 | 6,948,900 | 6,948,900 |
Basic earnings per share (in korean won per share) | ₩ 18,999 | ₩ 11,968 | ₩ 9,490 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Diluted earnings per share [abstract] | |||
Weighted average dilutive potential ordinary shares outstanding (in shares) | 0 | 0 | 0 |
Statements of Cash Flows - Summ
Statements of Cash Flows - Summary of Cash Generated From Operations (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Cash Flow Statement [Abstract] | |||
Profit for the year | ₩ 131,982 | ₩ 83,058 | ₩ 65,880 |
Depreciation expense | 5,252 | 5,145 | 4,570 |
Amortization expense | 2,406 | 1,917 | 1,748 |
Bad debt expenses | 1,402 | 701 | 933 |
Unrealized foreign currency loss | 1,595 | 1,311 | 211 |
Interest expense | 162 | 127 | 115 |
Loss on disposal of property and equipment | 0 | 0 | 57 |
Impairment loss on intangible assets | 1,531 | 293 | 281 |
Impairment loss on other non-current assets | 0 | 177 | 1,087 |
Post-employment benefit expense | 23 | 66 | 23 |
Income tax expense | 36,717 | 26,824 | 33,421 |
Unrealized foreign currency gain | (1,417) | (689) | (134) |
Interest income | (11,492) | (4,501) | (1,383) |
Gain on disposal of property and equipment | (20) | (15) | (7) |
Reversal of allowance for doubtful accounts | 0 | 0 | (132) |
Others | 6 | 6 | (214) |
Change in accounts receivable | 2,365 | (38,199) | 5,530 |
Change in other receivables | (3,770) | 899 | (1,082) |
Change in prepaid expenses | 397 | (104) | (3,296) |
Change in prepayment | (1) | (1,641) | 2,165 |
Change in other current assets | (696) | 34 | 243 |
Change in other non-current assets | (3,486) | 218 | 144 |
Change in accounts payable | (13,837) | 43,900 | (8,512) |
Change in deferred revenue | (1,292) | 4,915 | 1,185 |
Change in withholdings | (262) | (631) | 686 |
Change in accrued expenses | 255 | 547 | 118 |
Change in other current liabilities | 165 | 301 | 34 |
Change in other non-current liabilities | 2,247 | 15 | (99) |
Total | ₩ 150,232 | ₩ 124,674 | ₩ 103,572 |
Statements of Cash Flows - Su_2
Statements of Cash Flows - Summary of Significant Non-cash Transactions (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Cash Flow Statement [Abstract] | |||
Reclassification of prepayment to intangible assets | ₩ 102 | ₩ 64 | ₩ 219 |
Increase of accounts payable relating to the acquisition of software | 2,033 | 609 | 667 |
Acquisitions of right-of-use assets | 4,704 | 1,209 | 6,055 |
Increase of accounts payable relating to the acquisition of other intangible assets | 1,147 | 0 | 0 |
Reclassification of other non-current financial asset to other non- current assets | ₩ 1,030 | ₩ 0 | ₩ 0 |
Statements of Cash Flows - Su_3
Statements of Cash Flows - Summary of Changes in Liabilities Arising From Financing Activities (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Cash Flow Statement [Abstract] | |||
Beginning of the year | ₩ 5,963 | ₩ 8,730 | ₩ 5,900 |
Cash flows used in financing activities – Payment of lease liabilities | (4,083) | (3,918) | (3,648) |
Cash flows from operating activities – Interest paid | (157) | (122) | (111) |
Non-cash transactions | |||
Acquisitions – leases | 4,358 | 1,209 | 6,055 |
Interest expense relating to lease liabilities (included in finance cost) | 157 | 122 | 111 |
Others | 260 | (124) | 0 |
Translation difference | 64 | 66 | 423 |
Ending of the year | ₩ 6,562 | ₩ 5,963 | ₩ 8,730 |
Lease - Additional Information
Lease - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of Range | |
Lease [Line Items] | |
Lease period | 1 year |
Top of Range | |
Lease [Line Items] | |
Lease period | 5 years |
Lease - Summary of Amounts Rela
Lease - Summary of Amounts Relating to Leases in Consolidated Statements of Financial Position (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lease [Line Items] | |||
Right-of-use assets | ₩ 6,621 | ₩ 5,958 | ₩ 8,740 |
Lease liabilities | |||
Current | 4,225 | 2,906 | |
Non-current | 2,337 | 3,057 | |
Total | 6,562 | 5,963 | |
Offices | |||
Lease [Line Items] | |||
Right-of-use assets | 4,720 | 5,067 | 6,698 |
Vehicle | |||
Lease [Line Items] | |||
Right-of-use assets | 368 | 65 | 292 |
Others | |||
Lease [Line Items] | |||
Right-of-use assets | ₩ 1,533 | ₩ 826 | ₩ 1,750 |
Lease - Summary of Changes in R
Lease - Summary of Changes in Right-of-Use Assets (Detail) - KRW (₩) ₩ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | ₩ 5,958 | ₩ 8,740 |
Depreciation | (4,116) | (3,998) |
Reassessment | 261 | (64) |
Acquisitions/Additions | 4,443 | 1,209 |
Disposals | 0 | (45) |
Translation difference | 75 | 116 |
Ending balance | 6,621 | 5,958 |
Offices | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 5,067 | 6,698 |
Depreciation | (2,794) | (2,549) |
Reassessment | 210 | 1 |
Acquisitions/Additions | 2,178 | 923 |
Disposals | 0 | (45) |
Translation difference | 59 | 39 |
Ending balance | 4,720 | 5,067 |
Vehicle | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 65 | 292 |
Depreciation | (239) | (231) |
Reassessment | 52 | (52) |
Acquisitions/Additions | 490 | 55 |
Disposals | 0 | 0 |
Translation difference | 0 | 1 |
Ending balance | 368 | 65 |
Others | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 826 | 1,750 |
Depreciation | (1,083) | (1,218) |
Reassessment | (1) | (13) |
Acquisitions/Additions | 1,775 | 231 |
Disposals | 0 | 0 |
Translation difference | 16 | 76 |
Ending balance | ₩ 1,533 | ₩ 826 |
Lease - Summary of Amounts Reco
Lease - Summary of Amounts Recognized in Consolidated Statements of Profit or Loss (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | |||
Interest expense relating to lease liabilities (included in finance cost) | ₩ 157 | ₩ 122 | ₩ 111 |
Expense relating to short-term leases | 30 | 45 | 117 |
Expense relating to leases of low-value assets excluding short-term leases | ₩ 22 | ₩ 23 | ₩ 21 |
Lease - Summary of Amounts Re_2
Lease - Summary of Amounts Relating to Leases in Consolidated Statements of Profit or Loss (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | |||
Total cash outflows of leases | ₩ 4,292 | ₩ 4,107 | ₩ 3,897 |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Company's Debt to Equity Ratio (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | ||||
Total liabilities | ₩ 114,453 | ₩ 113,914 | ||
Total equity | ₩ 463,728 | ₩ 330,180 | ₩ 246,841 | ₩ 177,348 |
Debt ratio | 25% | 35% |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Financial Assets and Liabilities Exposed in Foreign Currency Risk (Details) ₩ in Millions | Dec. 31, 2023 KRW (₩) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 IDR (Rp) | Dec. 31, 2023 THB (฿) | Dec. 31, 2023 VND (₫) | Dec. 31, 2023 HKD ($) | Dec. 31, 2022 KRW (₩) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 JPY (¥) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 IDR (Rp) | Dec. 31, 2022 THB (฿) | Dec. 31, 2022 VND (₫) |
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | ₩ 538,780 | ₩ 419,692 | |||||||||||||
Currency risk | |||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | 114,833 | 69,320 | |||||||||||||
Financial liabilities | 37,854 | 11,467 | |||||||||||||
USD | Currency risk | |||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | 111,616 | $ 86,681,440,000,000 | 64,351 | $ 50,865,141,000,000 | |||||||||||
Financial liabilities | 36,344 | $ 28,203,218,000,000 | 10,832 | $ 8,528,692,000,000 | |||||||||||
JPY | Currency risk | |||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | 3,139 | ¥ 343,984,702,000,000 | 4,932 | ¥ 517,431,793,000,000 | |||||||||||
Financial liabilities | 1,467 | ¥ 160,779,008,000,000 | 527 | ¥ 55,296,530,000,000 | |||||||||||
EUR | Currency risk | |||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | 52 | € 36,780,000,000 | 35 | € 25,839,000,000 | |||||||||||
Financial liabilities | 43 | € 30,472,000,000 | 51 | € 37,607,000,000 | |||||||||||
IDR | Currency risk | |||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | 1 | Rp 12,955,000,000,000 | 1 | Rp 12,955,000,000,000 | |||||||||||
Financial liabilities | 0 | Rp 3,103,944,000,000 | 57 | Rp 703,608,946,000,000 | |||||||||||
THB | Currency risk | |||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | 1 | ฿ 28,510,000,000 | 1 | ฿ 28,510,000,000 | |||||||||||
Financial liabilities | 0 | ฿ 7,379,000,000 | 0 | ฿ 7,379,000,000 | |||||||||||
VND | Currency risk | |||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | 0 | ₫ 9,270,000,000,000 | 0 | ₫ 9,270,000,000,000 | |||||||||||
Financial liabilities | 0 | ₫ 3,243,600,000,000 | ₩ 0 | ₫ 3,243,600,000,000 | |||||||||||
HKD | Currency risk | |||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||
Financial assets | 24 | $ 144,997 | |||||||||||||
Financial liabilities | ₩ 0 | $ 0 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Details) - KRW (₩) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | ₩ 538,780,000,000 | ₩ 419,692,000,000 |
Variable Interest Rate | ||
Disclosure of detailed information about financial instruments [line items] | ||
Borrowings | ₩ 0 | 0 |
Currency risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Foreign exchange risk movement in currency percentage | 10% | |
Financial assets | ₩ 114,833,000,000 | 69,320,000,000 |
Financial liabilities | 37,854,000,000 | ₩ 11,467,000,000 |
Price Risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 0 | |
Financial liabilities | ₩ 0 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Impact of Fluctuation in Foreign Currency Exchange Rates on Group's Profit Before Income Tax (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Increase in profit before income tax due to increase in foreign currency exchange rate | ₩ 7,698 | ₩ 5,785 |
Decrease in profit before income tax due to decrease in foreign currency exchange rate | (7,698) | (5,785) |
USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase in profit before income tax due to increase in foreign currency exchange rate | 7,527 | 5,352 |
Decrease in profit before income tax due to decrease in foreign currency exchange rate | (7,527) | (5,352) |
JPY | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase in profit before income tax due to increase in foreign currency exchange rate | 167 | 440 |
Decrease in profit before income tax due to decrease in foreign currency exchange rate | (167) | (440) |
Others | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase in profit before income tax due to increase in foreign currency exchange rate | 4 | (7) |
Decrease in profit before income tax due to decrease in foreign currency exchange rate | ₩ (4) | ₩ 7 |
Financial Risk Management - S_3
Financial Risk Management - Summary of Maximum Exposure to Credit Risk (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | ₩ 538,780 | ₩ 419,692 |
Cash and cash equivalents | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 184,082 | 169,877 |
Short-term financial instruments | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 277,215 | 167,000 |
Accounts receivable, net | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 71,213 | 77,257 |
Other receivables, net | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 7 | 12 |
Other current financial assets | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 4,439 | 3,370 |
Other non-current financial assets | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | ₩ 1,824 | ₩ 2,176 |
Financial Risk Management - S_4
Financial Risk Management - Summary of Financial Liabilities by Maturity (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | ₩ 65,405 | ₩ 77,105 |
Accounts payable | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 58,292 | 70,544 |
Accrued expense | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 395 | 429 |
Other liabilities | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 6,718 | 6,132 |
Carrying value | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 65,249 | 76,936 |
Carrying value | Accounts payable | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 58,292 | 70,544 |
Carrying value | Accrued expense | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 395 | 429 |
Carrying value | Other liabilities | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 6,562 | 5,963 |
Less than 3 months | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 58,906 | 71,248 |
Less than 3 months | Accounts payable | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 57,430 | 69,803 |
Less than 3 months | Accrued expense | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 395 | 429 |
Less than 3 months | Other liabilities | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 1,081 | 1,016 |
3 months ~ 1 year | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 3,444 | 2,390 |
3 months ~ 1 year | Accounts payable | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 185 | 367 |
3 months ~ 1 year | Accrued expense | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 0 | 0 |
3 months ~ 1 year | Other liabilities | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 3,259 | 2,023 |
1~2 years | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 2,579 | 2,850 |
1~2 years | Accounts payable | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 677 | 374 |
1~2 years | Accrued expense | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 0 | 0 |
1~2 years | Other liabilities | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 1,902 | 2,476 |
2~3 years | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 476 | 617 |
2~3 years | Accounts payable | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 0 | 0 |
2~3 years | Accrued expense | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 0 | 0 |
2~3 years | Other liabilities | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 476 | 617 |
3~5 years | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 0 | 0 |
3~5 years | Accounts payable | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 0 | 0 |
3~5 years | Accrued expense | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | 0 | 0 |
3~5 years | Other liabilities | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Other payable | ₩ 0 | ₩ 0 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Revenue | ₩ 725,516 | ₩ 463,618 | ₩ 413,938 |
Segment operating profit | 160,367 | 104,708 | 96,719 |
Operating Segments | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 815,372 | 533,428 | 460,468 |
Revenue | 725,516 | 463,618 | 413,938 |
Depreciation/Amortization | 7,658 | 7,062 | 6,318 |
Segment operating profit | 160,367 | 104,708 | 96,719 |
Operating Segments | Online | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 96,487 | 107,326 | 90,123 |
Revenue | 81,017 | 89,257 | 75,370 |
Depreciation/Amortization | 1,436 | 1,349 | 1,975 |
Segment operating profit | 44,107 | 45,832 | 31,271 |
Operating Segments | Mobile | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 697,736 | 404,362 | 346,928 |
Revenue | 629,604 | 358,771 | 320,164 |
Depreciation/Amortization | 2,158 | 1,873 | 1,875 |
Segment operating profit | 122,107 | 58,357 | 64,837 |
Operating Segments | Others | |||
Disclosure of operating segments [line items] | |||
Segment revenue | 21,149 | 21,740 | 23,417 |
Revenue | 14,895 | 15,590 | 18,404 |
Depreciation/Amortization | 4,064 | 3,840 | 2,468 |
Segment operating profit | (5,847) | 519 | 611 |
Inter- Segment Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenue | (89,856) | (69,810) | (46,530) |
Inter- Segment Eliminations | Online | |||
Disclosure of operating segments [line items] | |||
Revenue | (15,470) | (18,069) | (14,753) |
Inter- Segment Eliminations | Mobile | |||
Disclosure of operating segments [line items] | |||
Revenue | (68,132) | (45,591) | (26,764) |
Inter- Segment Eliminations | Others | |||
Disclosure of operating segments [line items] | |||
Revenue | ₩ (6,254) | ₩ (6,150) | ₩ (5,013) |
Segment Information - Summary R
Segment Information - Summary Revenue from External Customers by Country (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | |||
Revenue | ₩ 725,516 | ₩ 463,618 | ₩ 413,938 |
Korea | |||
Disclosure of geographical areas [line items] | |||
Revenue | 86,058 | 46,719 | 73,751 |
Taiwan | |||
Disclosure of geographical areas [line items] | |||
Revenue | 176,071 | 175,664 | 77,462 |
Japan | |||
Disclosure of geographical areas [line items] | |||
Revenue | 18,999 | 26,133 | 40,259 |
The United States of America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 22,702 | 33,697 | 20,894 |
Thailand | |||
Disclosure of geographical areas [line items] | |||
Revenue | 136,874 | 75,498 | 94,475 |
The Philippines | |||
Disclosure of geographical areas [line items] | |||
Revenue | 102,595 | 26,003 | 20,173 |
Indonesia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 58,763 | 5,472 | 10,723 |
Hong Kong | |||
Disclosure of geographical areas [line items] | |||
Revenue | 22,656 | 24,397 | 7,648 |
Malaysia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 58,553 | 24,830 | 30,422 |
Others | |||
Disclosure of geographical areas [line items] | |||
Revenue | ₩ 42,245 | ₩ 25,205 | ₩ 38,131 |
Segment Information - Summary_2
Segment Information - Summary of Non-Current Assets by Geographical Regions (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of geographical areas [line items] | |||
Non-current assets | ₩ 23,506 | ₩ 14,492 | ₩ 16,653 |
Korea | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 15,488 | 9,183 | 10,884 |
Overseas | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | ₩ 8,018 | ₩ 5,309 | ₩ 5,769 |
Segment Information - Additiona
Segment Information - Additional Information (Details) - Mobile ₩ in Millions | 12 Months Ended | |
Dec. 31, 2022 KRW (₩) numberOfCustomers | Dec. 31, 2021 KRW (₩) numberOfCustomers | |
Disclosure of operating segments [line items] | ||
Number of major customer | numberOfCustomers | 1 | 1 |
Revenue | ₩ | ₩ 76,581 | ₩ 126,336 |
Percentage of entity's revenue | 16.50% | 30.40% |
Transactions with Related Par_3
Transactions with Related Parties - Additional Information (Details) - transaction | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Parent entity | GungHo Online Entertainment, Inc. | ||
Number of related party transactions | 0 | 0 | 0 |
GungHo Online Entertainment, Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of ownership held by related party | 59.31% |
Transactions with Related Par_4
Transactions with Related Parties - Summary of Account Balances with Related Parties (Details) - KRW (₩) ₩ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Receivables | ₩ 1,972 | ₩ 2,874 |
Payables | 4 | 33 |
GungHo Online Entertainment, Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Receivables | 1,972 | 2,874 |
Payables | 3 | 3 |
GungHo Online Entertainment America | ||
Disclosure of transactions between related parties [line items] | ||
Receivables | 0 | 0 |
Payables | ₩ 1 | ₩ 30 |
Transactions with Related Par_5
Transactions with Related Parties - Summary of Transactions with Related Parties (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Revenue | ₩ 18,417 | ₩ 25,741 | ₩ 36,647 |
Purchases | 70 | 62 | 55 |
GungHo Online Entertainment, Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Revenue | 18,417 | 25,741 | 36,647 |
Purchases | 15 | 20 | 55 |
GungHo Online Entertainment America | |||
Disclosure of transactions between related parties [line items] | |||
Revenue | 0 | 0 | 0 |
Purchases | ₩ 55 | ₩ 42 | ₩ 0 |
Transactions with Related Par_6
Transactions with Related Parties - Summary of Key Management Personnel Compensation (Details) - KRW (₩) ₩ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related party transactions [abstract] | |||
Salaries | ₩ 1,734 | ₩ 1,503 | ₩ 1,472 |