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Kakao Reports 1Q 2017 Results First quarter revenue of KRW 443.8 billion and KRW 38.3 billion in profit[Seoul, South Korea – May 11, 2017] Kakao Corp. (KOSDAQ 035720, CEO Ji-Hoon Rim) today reported first quarter 2017 financial results under Korean-IFRS. Kakao’s consolidated revenue for the quarter was KRW 443.8 billion with an operating income of KRW 38.3 billion.The revenue figure represents a YoY growth of 83% and a QoQ decrease of 2%.Kakao’s revenue from content businesses remained steady QoQ at KRW 221.8 billion but the figure represented a 142% increase YoY. Kakao’s music content business continues to be bolstered by the addition of Loen Entertainment and showed drastic YoY revenue growth at KRW 110.3 billion. Absence of new game titles, mainly due to intense competition in the market, is reflected in the 14% QoQ decline in game revenue. However, the game division’s quarterly revenue of KRW 80.3 billion still represents a 14% increase YoY, resulting from fresh revenue sources courtesy of self-published games and substantial earnings via PC games. Kakao Page and Kakao Talk Emoticons’ continued strong performance is reflected in the remaining content revenue, which grew 46% QoQ and 74% YoY to KRW 31.2 billion.Revenue from advertising decreased 6% QoQ but increased 3% YoY to KRW 133.3 billion. Mobile ad revenue made up approximately 53% of the total figure.KRW 88.7 billion was generated in the Others category. Although overall revenue dropped 2% QoQ due to seasonal issues, the figure represents a YoY increase of 312%, assisted by Kakao Talk Gift Store and Kakao Friends Flagship Stores’ growing sales.First quarter’s total operating cost of KRW 405.5 billion resulted from marketing expenses aimed at strengthening key content businesses such as Kakao Page and Kakao Game, as well as costs related to the addition of Loen Entertainment.In total, operating income for the quarter increased 82% YoY to KRW 38.3 billion with an operating profit margin of 8.6%. Net income grew KRW 26.8 billion QoQ and KRW 43.5 billion YoY to KRW 54.5 billion. Going forward, Kakao plans to focus on the continued evolution of Kakao Talk and establishing a firm foundation based on artificial intelligence (AI) technology.Kakao Talk Order allows for easy delivery from major franchises while Kakao Talk Mart offers fast and easy shopping, and both services have been well received since their recent launches. Users will enjoy even greater convenience once Kakao Talk Plus Friend begins offering direct reservations and purchases.Kakao is also making great strides in the AI field. Since launching last February, Kakao Brain is busy at work establishing a true AI ecosystem for Korea, and a dedicated group within Kakao is in the process of developing a distinct AI platform that integrates seamlessly with various Kakao services, as well as practical smart devices.The company’s key platforms also have major growth engines in place. On the advertising side, a more sophisticated platform that offers precision targeting is expected to launch in the 3rd quarter. Kakao Game will publish Onmyoji, a global blockbuster with more than 200 million downloads in China, Hong Kong and Taiwan, through its Kakaogame S brand in the second half of 2017. Multiple games featuring the ever-popular Kakao Friends IP will also launch. Kakao Page, which generated more than KRW 30.5 billion GMV in the first quarter, is expected to increase profitability through Cash Friends, a reward-based ad model, and by offering high quality video content. (End)[Appendix 1] Kakao Consolidated Earnings for 1Q 2017 (Unit: in million KRW, %) 1Q17 4Q16 QoQ 1Q16 YoY Total Revenue 443,787 453,839 -2% 242,483 83% Advertising 133,302 141,482 -6% 129,385 3% Content * 221,816 221,521 - 91,588 142% Others 88,668 90,836 -2% 21,509 312% Operating Expense 405,453 415,668 -2% 221,394 83% Operating Income 38,333 38,171 - 21,090 82% Operating Margin 8.6% 8.4% 0.2%p 8.7% -0.1%p EBITDA 69,922 69,856 - 42,582 64% Financial Income 4,737 9,187 -48% 3,756 26% Financial Expenses 9,895 4,246 133% 3,276 202% Other, Net -14,931 -1,701 778% -4,914 204% Income before Tax 18,244 41,412 -56% 16,656 10% Income Tax -36,241 13,771 n/a 5,707 n/a Net Income 54,486 27,641 97% 10,950 398% * Loen Entertainment's acquisition of 76.4% stake on March 16, 2016 applied to consolidated results from 2Q 2016 2017.05.11
Kakao and Ant Financial to enter strategic partnership through Kakao Pay SEOUL and HANGZHOU – February 21, 2017 – Kakao Corp. (“Kakao”) (KOSDAQ:035720), South Korea’s leading mobile platform company best known for its messaging platform Kakao Talk, today announced that Ant Financial Services Group (“Ant Financial”), one of the world’s leading digital financial services providers and parent company of Alipay, a global mobile payment platform, will invest $200 million in Kakao Pay Corp. (“Kakao Pay”), Kakao’s soon-to-launch mobile finance subsidiary. The investment is part of a larger strategic partnership agreement, as Ant Financial currently boasts over 450 million users worldwide, and will bring new digital financial innovations to South Korea through Kakao Pay, which serves as the country’s premier mobile finance platform. Kakao’s board decided in January to form a separate entity for its Kakao Pay financial service brand, tentatively named Kakao Pay Corp. Young-Joon Ryu, who currently leads Kakao’s fintech division, will head the new company. Under Ryu’s leadership, the Kakao Pay platform has accumulated more than 14 million members, and the platform evolved from payment transactions to offer innovative and convenient mobile financial services including bill payment, remittance and membership management. Ant Financial will offer its wide range of digital financial services through Kakao Pay in South Korea. The new company will increase the number of online and offline merchants by merging Alipay’s 34,000 merchants into Kakao Pay’s system providing merchants a much larger customer base. Kakao Pay plans to expand its online and offline payment coverage for South Korean users, and in the future, users can enjoy seamless and secured payment experience on e-commerce marketplaces powered by Alibaba Group. Chinese visitors and tourists will continue to enjoy a broader payment experience in South Korea with Alipay, and Kakao Pay users will enjoy more digital financial services provided by the growing global footprint of Ant Financial. Ant Financial provides a wide range of digital financial services to over 450 million users in China and beyond. Through Alipay, users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. The strategic partnership between Kakao Pay and Ant Financial aims to bring comprehensive digital financial services to Kakao’s 48 million plus users, leveraging the strength of Ant Financial in mobile payment, risk control, cloud computing and innovative financial services. “South Korea is an important market for Ant Financial in its global expansion, and we see many opportunities in the market for innovative services and growth in mobile payments. Given Kakao’s leading mobile platform offering and vast customer base, we believe we can bring Ant Financial’s broad experience in digital payments and technology-driven financial services to offer exciting and innovative products to South Korean customers,” said Douglas Feagin, President of Ant Financial International. “The combination of Ant Financial’s global payment platform Alipay and numerous financial and commerce service networks and Kakao’s platform capabilities will result in more effective and convenient financial solutions for both businesses and consumers,” added Young-Joon Ryu, Kakao Pay’s CEO-elect. 2017.02.21

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