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6-K 1 a6-k20250331resultoftheagm.htm 6-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2025
Commission File Number 000-51138

GRAVITY CO., LTD.
———————————————————————————————————————
(Translation of registrant’s name into English)

15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea
———————————————————————————————————————
(Address of principal executive office)



Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]







RESULTS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS OF GRAVITY CO., LTD.

Gravity Co., Ltd. (the “Company”) held its Annual General Meeting of Shareholders (the “AGM”) at the Conference Room #2 located at 3F, Business Tower, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795 Korea at 10:00 a.m. on March 31, 2025.

The AGM was held with a quorum present and the agenda items were resolved by the shareholders in accordance with the Korean Commercial Code and the Company’s Articles of Incorporation as follows:

•Agendum 1: the shareholders approved the Company’s consolidated and separate financial statements as of and for the years ended December 31, 2024 and 2023 prepared in accordance with International Financial Reporting Standards as adopted by the Republic of Korea, or Korean IFRS, and audited in accordance with Korean Standards on Auditing.

•Agendum 2: the shareholders approved the reappointment of eleven directors, Messrs. Hyun Chul Park, Yoshinori Kitamura, Kazuki Morishita, Kazuya Sakai, Koji Yoshida, Heung Gon Kim (who are inside directors), Jung Yoo, Yong Seon Kwon, Kee Woong Park, Ms. Hyo Eun Lim and Ms. Geum Ok Sim (who are independent directors)
•Agendum 3: the shareholders approved the amount of KRW 4,000,000,000 as the maximum amount of compensation payable to directors as a group for fiscal year 2025.

Furthermore, the Company’s 2024 Annual Business Report was presented to the shareholders at the AGM.

The Company’s Board of Directors, consisting of the eleven reelected directors, held a meeting immediately following the AGM (the “Board Meeting”). At the Board Meeting, Mr. Hyun Chul Park was reappointed as Chief Executive Officer and Mr. Yoshinori Kitamura was reappointed as Chairman of the Board of Directors.

Messrs. Jung Yoo, Yong Seon Kwon, and Kee Woong Park were reappointed as Audit Committee members at the Board Meeting.

The Company expects to file the Company’s consolidated and separate financial statements, including the notes thereto, which are prepared in the Korean language prepared in accordance with Korean IFRS and audited in accordance with Korean Standards on Auditing as of and for the years ended December 31, 2024 and December 31, 2023 (“2024/2023 Korean IFRS consolidated and separate financial statements”) with the Financial Supervisory Service of Korea no later than April 14, 2025. The condensed English translation version of the 2024/2023 Korean IFRS consolidated and separate financial statements is expected to be submitted to the United States Securities and Exchange Commission on Form 6-K at the same time.


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
GRAVITY CO., LTD.
By: /s/ Heung Gon Kim
Name: Heung Gon Kim
Title: Chief Financial Officer
Date: March 31, 2025




Exhibit Index
EX-99.1 2 exhibit991_2025.htm EX-99.1 Document

Exhibit 99.1
GRAVITY REPORTS CONSOLIDATED FINANCIAL RESULTS FOR 2024
Seoul, South Korea, March 31, 2025 - GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or the “Company”), an online and mobile game developer and publisher based in South Korea, announces its consolidated financial results for the fiscal year ended December 31, 2024, prepared in accordance with International Financial Reporting Standards as adopted by the Republic of Korea. Financial statements are available on Edgar at http://www.sec.gov.

REVIEW OF FINANCIAL RESULTS

Revenues and Cost of Revenues
Revenues for 2024 were KRW 500,845 million (US$ 338,899 thousand), representing a 31.0% decrease from KRW 725,516 million for 2023.
Online game revenue decreased by 5.0% to KRW 76,989 million (US$ 52,095 thousand) in 2024 from KRW 81,017 million in 2023. The decrease in online game revenue was mostly decreased revenues from Ragnarok Online in Thailand and Taiwan.
Mobile game revenue for 2024 was KRW 405,676 million (US$ 274,502 thousand), representing a 35.6% decrease from KRW 629,604 million for 2023. This decrease was mainly due to decreased revenues from Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau, Ragnarok X: Next Generation and Ragnarok M: Eternal Love. Such decrease was partially offset by initial revenues occurred from Ragnarok Origin which was launched in North, Central and South America on February 28, 2024, THE RAGNAROK launched in Taiwan, Hong Kong and Macau on June 6, 2024, in Korea on September 9, 2024 and in Southeast Asia on October 31, 2024.

Other revenue was KRW 18,180 million (US$ 12,302 thousand) in 2024, representing a 22.1% increase from KRW 14,895 million in 2023.

Cost of revenues was KRW 306,903 million (US$ 207,667 thousand) in 2024, representing a 36.7% decrease from KRW 484,958 million in 2023. The decrease in cost of revenues was mainly due to decreased commission paid related to game services for Ragnarok Origin in Southeast Asia and Taiwan, Hong Kong and Macau.

As a result of the foregoing factors, gross profit for 2024 was KRW 193,942 million (US$ 131,232 thousand), representing a 19.4% decrease from KRW 240,558 million for 2023.

Selling, General & Administrative Expenses (“SG&A”)
The Company’s total SG&A increased 35.4% to KRW 107,753 million (US$ 72,912 thousand) in 2024 compared with KRW 79,552 million in 2023. This increase in SG&A was mostly attributable to increased advertising expenses.
Based on the foregoing factors, the Company recorded an operating income of KRW 86,189 million (US$ 58,320 thousand) in 2024, compared to an operating income of KRW 161,006 million in 2023.
Non-operating Income and Non-operating Expenses
Non-operating income for 2024 was KRW 20,158 million (US$ 13,640 thousand) compared with non-operating income KRW 7,693 million in 2023. This increase in non-operating income was primarily due to increased interest income and decreased loss on foreign currency transaction.
Profit before income tax for 2024 was KRW 106,347 million (US$ 71,960 thousand), compared with profit before income tax of KRW 168,699 million in 2023.


Gravity recorded a net profit of KRW 84,902 million (US$ 57,449 thousand) in 2024 compared with a net profit of KRW 131,982 million in 2023.
The balance of cash and cash equivalents and short-term financial instruments was KRW 553,202 million (US$ 374,326 thousand) as of December 31, 2024.
Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the rate of KRW 1,477.86 to US$1.00, the noon buying rate in effect on December 31, 2024 as quoted by the Federal Reserve Bank of New York.


EX-99.2 3 exhibit992_2025.htm EX-99.2 Document

Exhibit 99.2
GRAVITY REPORTS SEPARATE FINANCIAL RESULTS FOR 2024
Seoul, South Korea, March 31, 2025 - GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or the “Company”), an online and mobile game developer and publisher based in South Korea, announces its separate financial results for the fiscal year ended December 31, 2024, prepared in accordance with International Financial Reporting Standards as adopted by the Republic of Korea. Financial statements are available on Edgar at http://www.sec.gov.

REVIEW OF FINANCIAL RESULTS

Revenues and Cost of Revenues
Revenues for 2024 were KRW 179,303 million (US$ 121,326 thousand), representing a 26.1% decrease from KRW 242,775 million for 2023.
Online game revenue increased by 11.3% to KRW 36,478 million (US$ 24,683 thousand) in 2024 from KRW 32,778 million in 2023. The increase resulted largely from the increase in revenues from Ragnarok Landverse which was launched in Thailand on July 12, 2024 and Ragnarok Online in China which was launched in June 28, 2024.
Mobile game revenue for 2024 was KRW 142,122 million (US$ 96,167 thousand), representing a 32.1% decrease from KRW 209,450 million for 2023. This decrease was mainly due to decreased revenues from Ragnarok X: Next Generation in Korea and Southeast Asia and Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau. Such decrease was partially offset by increased revenues from THE RAGNAROK which was launched in Korea on September 9, 2024 and Ragnarok Origin which was launched in China on March 26, 2024 and North, Central and South America on February 28, 2024.

Other revenue was KRW 703 million (US$ 476 thousand) in 2024, representing a 28.5% increase from KRW 547 million in 2023.

Cost of revenues was KRW 79,521 million (US$ 53,808 thousand) in 2024, representing a 34.6% decrease from KRW 121,572 million in 2023. The decrease in cost of revenues was mainly due to decreased commission paid related to game services for Ragnarok X: Next Generation in Korea and Southeast Asia.

As a result of the foregoing factors, gross profit for 2024 was KRW 99,782 million (US$ 67,518 thousand), representing a 17.7% decrease from KRW 121,203 million for 2023.

Selling, General & Administrative Expenses (“SG&A”)
The Company’s total SG&A increased 10.2% to KRW 55,592 million (US$ 37,617 thousand) in 2024 compared with KRW 50,448 million in 2023. This increase in SG&A was mostly attributable to increased advertising expenses and R&D expenses.
Based on the foregoing factors, the Company recorded an operating income of KRW 44,190 million (US$ 29,901 thousand) in 2024, compared to an operating income of KRW 70,755 million in 2023.
Non-operating Income and Non-operating Expenses
Non-operating income for 2024 was KRW 58,155 million (US$ 39,351 thousand) compared with non-operating income KRW 21,308 million in 2023. The increase in non-operating income was primarily due to increased dividend income.
Profit before income tax for 2024 was KRW 102,345 million (US$ 69,252 thousand), compared with profit before income tax of KRW 92,063 million in 2023.


Gravity recorded a net income of KRW 87,892 million (US$ 59,472 thousand) in 2024 compared with a net income of KRW 70,170 million in 2023.
The balance of cash and cash equivalents and short-term financial instruments was KRW 342,263 million (US$ 231,594 thousand) as of December 31, 2024.
Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the rate of KRW 1,477.86 to US$1.00, the noon buying rate in effect on December 31, 2024 as quoted by the Federal Reserve Bank of New York.


EX-99.3 4 exhibit993_2025.htm EX-99.3 Document

Exhibit 99.3

2024 Annual Business Report


Table of Contents

1.Business Overview
(1)Business Results and Financial Statements for the Past Three Fiscal Years (2022 – 2024)

2.Company Overview
(1)Registered Purpose of the Company
(2)Description of Primary Business
(3)Problems Confronting the Company
(4)Business Offices and Game Development Facilities
(5)Stock
(6)Debenture
(7)Major Shareholders
(8)Investment in Other Companies
(9)Directors Holding Concurrent Positions
(10)Material Transactions with Related Parties
(11)Significant Creditors
(12)Employees
(13)Directors and Auditors
(14)Material Events after the End of Fiscal Year 2024

3. Consolidated Financial Statements as of and for the fiscal years ended December 31, 2024 and 2023
(1)Consolidated Financial Positions
(2)Consolidated Comprehensive Income
(3)Consolidated Statements of Changes in Equity
(4)Consolidated Statements of Cash Flows

4. Separate Financial Statements as of and for the fiscal years ended December 31, 2024 and 2023
(1)Financial Positions
(2)Comprehensive Income
(3)Statements of Appropriation of Retained earnings
(4)Statements of Changes in Equity
(5)Statements of Cash Flows






1. Business Overview
(1)Business Results and Financial Statements for the Past Three Fiscal Years (2022 – 2024)

(In thousands of Korean Won)
Category 2024 2023 2022
Current assets 388,828,361 320,313,123 250,876,266
• Quick assets 388,828,361 320,313,123 250,876,266
Non-current assets 73,268,527 56,133,360 41,433,074
• Investment asset 49,376,747 35,451,234 26,732,334
• Property and Equipment, net 5,344,496 4,179,602 3,520,385
• Intangible asset 6,765,893 5,989,596 3,867,939
• Other non-current asset 6,277,319 5,279,592 1,574,623
Total assets 462,096,888 376,446,483 292,309,340
Current liabilities 36,037,103 41,707,393 28,335,116
Non-current liabilities 7,406,050 3,977,710 3,382,407
Total liabilities 43,443,153 45,685,103 31,717,523
Share capital 3,474,450 3,474,450 3,474,450
Capital surplus 27,482,683 27,482,683 27,482,683
Other components of equity - - -
Retained earnings 387,696,602 299,804,247 229,634,684
Total equity 418,653,735 330,761,380 260,591,817
Revenues 179,302,825 242,775,498 232,717,405
Operating income 44,190,431 70,755,035 62,144,800
Net income before income tax 102,345,511 92,062,740 75,203,609
Net income 87,892,355 70,169,563 54,914,724

2. Company Overview
(1)Registered Purpose of the Company
1)Software consulting, development and supply
2)Development and sales of software and CD
3)Information-technology-related software development
4)Production, development, distribution, sales, and consulting of software, including game software, as well as corresponding licensing
5)Online network game services
6)Applied package-related software development
7)Production and sales of computer programs
8)Import and export of software
9)E-commerce
10) Character development business
11) Animation business
12) Real estate leasing
13) Service-area restaurant business
14) Media-related business
15) Printing and publication
16) Record & video production and distribution
17) Production, development, distribution, sales, and consulting of digital content, including digital content based on the technology of NFT and blockchain as well as corresponding licensing
18)Sports facility business including golf practice facilities and screen golf courses
19)Any other businesses incidental to the above businesses

(2)Description of Primary Business
Gravity Co., Ltd. (the “Company”) is the developer of Ragnarok Online, an MMORPG, which was launched in August 2002 and is commercially offered in 91 markets worldwide, including Korea, Japan, Taiwan, Thailand, Southeast Asia, the United States, Europe and Middle East as of December 31, 2024.


Having strong global network and success from Ragnarok Online, the Company is expanding its business areas from online game development and publishing to cultural contents business based on various platforms, such as development of games for smartphones, console and IPTV, and animation and game character merchandising.
In addition, the Company has 9 subsidiaries, such as Gravity NeoCyon, Inc. in Korea, Gravity Interactive, Inc. in the United States, Gravity Communications Co., Ltd in Taiwan. Gravity Game Tech Co., Ltd. in Bangkok, Thailand, PT Gravity Game Link in Jakarta, Indonesia, Gravity Game Arise Co., Ltd. in Tokyo, Japan, Gravity Game Hub PTE., Ltd in Singapore, Gravity Game Vision., Ltd in Hong Kong and Gravity Game Unite Sdn. Bhd. in Malaysia.

(3)Problems Confronting the Company
Since the Company operates in a highly competitive industry, the Company is making every effort to enhance its development capacity and to maintain and increase its market share in overseas markets to preserve its competitive advantage.
The Company is in need of diversified revenue structure, continuous global market expansion and new business initiatives for sustainable revenue growth. The Company is doing its best diversely to expand new markets, to publish mobile games, to develop mobile games and to do IP licensing business.

(4)Business Offices and Game Development Facilities
Classification Location
Head Office (Nuritkum Square R&D Tower) 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea
Game Development Facilities
 (Nuritkum Square R&D Tower) 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea

(5)Stock

1) Total number of shares
(As of December 31, 2024)
Total number of shares authorized Total number of shares issued Total number of shares unissued
40,000,000 shares 6,948,900 shares 33,051,100 shares

2) Type of Stock issued (Par value per share: KRW 500)
(As of December 31, 2024)
Type Number of shares Total par value %
Registered common stock 6,948,900 shares KRW 3,474,450,000 100 %

(6)Debenture: None.

(7)Major Shareholders
(As of December 31, 2024)
Shareholder Shares Owned % Transaction with the Company
GungHo Online Entertainment, Inc. 4,121,737 59.31
-
Others 2,827,163 40.69 -
Total 6,948,900 100.00 -



(8)Investment in Other Companies

(As of December 31, 2024)
Companies Relationship with the Company
Name Location Common Stock Main business Shares owned % Relationship
Gravity Interactive, Inc. California, USA USD 10,540,000 Online and Mobile Game Service 290,000 100.00% Subsidiary
Gravity NeoCyon, Inc. Seoul, Korea KRW 6,990,985,000
 Mobile game development 1,398,197 100.00% Subsidiary
Gravity Communications Co., Ltd Taipei, Taiwan NTD 155,100,000 Online and Mobile Game Service 15,510,000 100.00% Subsidiary
PT Gravity Game Link
Jakarta, Indonesia
 IDR 43,221,000,000 Online and Mobile Game Service 3,025,470 70.00% Subsidiary
Gravity Game Tech Co., Ltd. Bangkok, Thailand THB 188,049,960 Online and Mobile Game Service 18,804,994 100.00% Subsidiary
Gravity Game Arise Co., Ltd. Tokyo, Japan JPY 100,000,000 Online and Mobile Game Service 200,000 100.00% Subsidiary
Gravity Game Hub PTE., Ltd. Singapore SGD 6,819,991 Online and Mobile Game Service 691,500 100.00% Subsidiary
Gravity Game Vision., Ltd. Hong Kong HKD 3,900,001 Online and Mobile Game Service 39,001 100.00% Subsidiary



























(9)Directors Holding Concurrent Positions
Name Company
Name Position Responsibility
Hyun Chul Park Gravity Co., Ltd. CEO Overall management
Gravity NeoCyon, Inc. Executive Director Chief Operating Officer
Gravity Interactive, Inc. President -
Yoshinori Kitamura Gravity Co., Ltd. Executive Director Chief Operating Officer
Chief Compliance Officer
Gravity Interactive, Inc. CEO Overall management
Gravity NeoCyon, Inc. CEO Overall management
Gravity Communications Co., Ltd. CEO Overall management
PT Gravity Game Link CEO Overall management
Gravity Game Tech Co., Ltd. CEO Overall management
Gravity Game Arise Co., Ltd. CEO Overall management
Gravity Game Hub PTE., Ltd. CEO Overall management
Gravity Game Vision., Ltd. CEO Overall management
Gravity Game Unite Sdn. Bhd. CEO Overall management
Heung Gon Kim Gravity Co., Ltd. Executive Director Chief Financial Officer
Gravity NeoCyon, Inc. Executive Director Chief Financial Officer
Gravity Interactive, Inc. Vice President -
Gravity Communications Co., Ltd. Executive Director Chief Financial Officer
PT Gravity Game Link Executive Director -
Gravity Game Tech Co., Ltd. Executive Director -
Gravity Game Arise Co., Ltd. Executive Director -
Gravity Game Hub PTE., Ltd. Executive Director Chief Financial Officer
Gravity Game Vision., Ltd. Executive Director Chief Financial Officer
Gravity Game Unite Sdn. Bhd. Executive Director -



(10)Material Transactions with Related Parties
① Sales and purchases
(In thousands of Korean Won)
Nature Related Companies 2024 2023
Sales Purchases Sales Purchase
Parent company GungHo Online Entertainment, Inc. 16,550,535 15,946 17,681,836 15,379
Related company GungHo Online Entertainment America 559 184,657 - 54,884
Subsidiaries Gravity Interactive, Inc. 8,492,456 793,643 10,194,989 1,604,089
Gravity NeoCyon, Inc. 373,127 8,299,769 353,437 5,895,579
Gravity Communications Co., Ltd.(*1) 15,425,660 3,311,719 19,240,621 4,584,439
PT Gravity Game Link 136,995 81,750 126,912 151,217
Gravity Game Tech Co., Ltd. (*1) 18,717,621 - 7,510,241 60,685
Gravity Game Arise Co., Ltd. 751,800 3,520,167 10,032 3,191,285
Gravity Game Hub PTE., Ltd. 9,830,668 - 32,108,671 -
Gravity Game Vision Limited (*1) 41,073,877 - 15,286,908 -
Total 111,353,298 16,207,651 102,513,647 15,557,557
(*1) In 2024 sales, the dividend received KRW 43,120,174 thousand is included, and in 2023 sales, the dividend received KRW 12,072,740 thousand is included.

② Receivables and Payables
(In thousands of Korean Won)
Nature Related Companies 2024 2023
Receivables Payables Receivables Payables
Parent company GungHo Online Entertainment, Inc. 3,240,472 2,755 1,839,847 2,685
Related company GungHo Online Entertainment America 573 97,210 - 1,380
Subsidiaries Gravity Interactive, Inc. 2,210,555 154,346 3,079,218 559,178
Gravity NeoCyon, Inc. 245,600 1,617,933 364,676 1,020,207
Gravity Communications Co., Ltd. 684,193 889,384 1,214,755 1,217,102
PT Gravity Game Link 65,658 19,385 26,426 47,333
Gravity Game Tech Co., Ltd. 3,764,723 194,022 1,818,381 266,354
Gravity Game Arise Co., Ltd. 104,986 490,422 31,145 360,322
Gravity Game Hub PTE., Ltd. 1,377,730 4,213 6,804,745 4,213
Gravity Game Vision Limited 5,711,693 921 1,322,583 921
Total 17,406,183 3,470,591 16,501,776 3,479,695

(11)Significant Creditors: The Company had no significant creditors As of December 31, 2024.

(12)Employees
(As of December 31, 2024)
Category Directors & Officers Developers Marketing/Operating Finance/Administration Total
Employees 18 238 120 38 414
















(13)Directors and Auditors
(As of December 31, 2024)
Name Position Main work Transaction with the Company
Hyun Chul Park CEO Chief Executive Officer -
Yoshinori Kitamura Executive Director
Chief Operating Officer
Chief Compliance Officer
 -
Heung Gon Kim Executive Director Chief Financial Officer -
Kazuki Morishita Executive Director - -
Kazuya Sakai Executive Director - -
Koji Yoshida Executive Director - -
Jung Yoo Independent Director Member of audit committee -
Yong Seon Kwon Independent Director Member of audit committee -
Kee Woong Park Independent Director Member of audit committee -
Hyo Eun Lim Independent Director - -
Geum Ok Sim Independent Director - -

(14)Material Events after the end of fiscal year 2024: Gravity Game Unite Sdn. Bhd., a 100% subsidiary in Malaysia, was established on March 12, 2025.


3. Consolidated Financial Statements as of and for the fiscal year ended December 31, 2024 and December 31, 2023
(1)Consolidated Statements of Financial Position
GRAVITY CO., LTD. (In thousands of Korean Won)
December 31, 2024 December 31, 2023
Assets
Current assets
 653,609,789 546,899,006
Cash and cash equivalents
 228,898,026 184,081,815
Short-term financial instruments
 324,304,040 277,215,000
Accounts receivable, net
 81,152,458 71,212,897
Other receivable, net
 1,572,182 3,637,586
Prepaid expenses
 8,115,292 2,993,884
Other current financial assets
 6,601,519 4,438,717
Other current assets
 2,966,272 3,319,107
Non-current assets
 32,849,153 31,281,715
Property and equipment, net
 9,957,086 10,150,750
Intangible assets, net
 7,056,548 6,369,958
Other non-current financial assets
 1,766,588 1,824,076
Other non-current assets
 8,451,443 6,984,797
Deferred tax assets
 5,617,488 5,952,134
Total assets 686,458,942 578,180,721
Liabilities
Current liabilities
 108,648,807 106,433,493
Account payables
 67,929,911 61,777,889
Deferred revenue
 26,760,732 18,092,463
Withholdings
 1,587,759 3,072,036
Accrued expenses
2,651,426 2,313,022
Income tax payable
 6,507,227 16,927,054
Other current liabilities
 3,211,752 4,251,029
Non-current liabilities
 9,446,676 8,019,266
Long-term account payables
 220,108 677,520
Long-term deferred revenue
 2,571,862 1,784,849
Other non-current liabilities
 5,361,025 3,174,635
Deferred tax liabilities
 1,293,681 2,382,262
Total liabilities 118,095,483 114,452,759
Equity attributable to owners of the parent company 567,672,221 463,087,831
Share capital
 3,474,450 3,474,450
Common shares
 3,474,450 3,474,450
Capital surplus
 26,979,361 27,098,264
Other components of equity
 23,800,551 4,016,535
Retained earnings
 513,417,859 428,498,582
Non-controlling interest 691,238 640,131
Total equity 568,363,459 463,727,962
Total liabilities and equity 686,458,942 578,180,721


(2)Consolidated Statements of Comprehensive Income
GRAVITY CO., LTD. (In thousands of Korean Won)
2024 2023
Revenues 500,845,120 725,515,935
Online games
 76,989,131 81,017,362
Mobile games
405,675,976 629,604,084
Other revenue
 18,180,013 14,894,489
Cost of revenues 306,903,066 484,958,333
Gross profit 193,942,054 240,557,602
Selling, general and administrative expenses
 107,753,364 79,552,396
Operating Profit 86,188,690 161,005,206
Non-operating income and expenses 20,158,344 7,693,403
Financial income
30,888,989 23,266,528
Financial costs
 (9,925,670) (14,934,727)
Other non-operating income
 788,898 913,359
Other non-operating expenses
 (1,593,873) (1,551,757)
Profit before income tax expense 106,347,034 168,698,609
Income tax expense 21,444,826 36,716,548
Profit for the year 84,902,208 131,982,061
Owners of the parent company
 84,919,277 132,019,054
Non-controlling interests
 (17,069) (36,993)
Other comprehensive income 19,849,638 1,566,080
Items that may be subsequently reclassified to profit or loss
 19,825,684 1,558,944
Foreign currency translation adjustments
 19,768,017 1,536,445
Non-controlling interest of foreign currency translation adjustments 57,667 22,499
Items that will never be reclassified to profit or loss
 23,954 7,136
Remeasurement of defined benefit liabilities
 15,999 4,415
Non-controlling interest of remeasurement of defined benefit liabilities
 7,955 2,721
Total comprehensive income for the year 104,751,846 133,548,141
Owners of the parent company
 104,703,293 133,559,914
Non-controlling interests
 48,553 (11,773)
Earnings per share attributable to the equity holders of the parent company
Basic earnings per share
 12,221 18,999
Diluted earnings per share
 12,221 18,999



(3)Consolidated Statements of Changes in Equity
GRAVITY CO., LTD. (In thousands of Korean Won)



 Share capital
Capital surplus
 Other components of equity Retained Earnings Total
Non-controlling
interest
Total
Equity
Balance at January 1, 2023 3,474,450 27,098,264 2,475,675 296,479,528 329,527,917 651,904 330,179,821
Profit for the year
 - - - 132,019,054 132,019,054 (36,993) 131,982,061
Defined benefit obligation adjustments
 - - 4,415 - 4,415 2,721 7,136
Gain on overseas operations translation
 - - 1,536,445 - 1,536,445 22,499 1,558,944
Balance at December 31, 2023 3,474,450 27,098,264 4,016,535 428,498,582 463,087,831 640,131 463,727,962
Balance at January 1, 2024 3,474,450 27,098,264 4,016,535 428,498,582 463,087,831 640,131 463,727,962
Total comprehensive income for the year
Profit for the year
 - - - 84,919,277 84,919,277 (17,069) 84,902,208
Defined benefit obligation adjustments
 - - 15,999 - 15,999 7,955 23,954
Gain on overseas operations translation
 - - 19,768,017 - 19,768,017 57,667 19,825,684
Transaction with owners
Subsidiaries paid-in capital increase - (13,001) - - (13,001) (3,008) (16,009)
Non-controlling interest exchange - (105,902) - - (105,902) 5,562 (100,340)
Balance at December 31, 2024 3,474,450 26,979,361 23,800,551 513,417,859 567,672,221 691,238 568,363,459



(4) Consolidated Statements of Cash Flows
GRAVITY CO., LTD. (In thousands of Korean Won)
2024 2023
Cash flows from operating activities 78,555,174 132,429,737
Cash flows generated from operating activities 95,574,035 150,231,732
Profit for the year
 84,902,208 131,982,061
Adjustments
 14,492,995 36,164,732
Changes in operating assets and liabilities
 (3,821,168) (17,915,061)
Interest received
 15,053,915 10,434,574
Interest paid
 (130,027) (156,631)
Income tax paid
 (31,942,749) (28,079,938)
Cash flows from investing activities
 　 (47,034,392) (116,579,700)
Cash inflow from investment activities 21,836 　 24,103
Proceeds from disposal of property and equipment
 6,673 21,024
Decrease in other current financial assets
 6,667 3,079
Decrease in other non-current financial assets 8,496 -
Cash outflow from investment activities (47,056,228) (116,603,803)
Increase in short-term financial instruments
 (42,264,550) (110,179,175)
Purchase of property and equipment
 (613,947) (2,461,226)
Purchase of intangible assets
 (4,147,357) (3,337,218)
Increase in other non-current financial assets
 (30,374) (626,184)
Cash flows from financing activities 　 (4,641,636) (4,083,272)
Cash inflow from financing activities - -
Cash outflow from financing activities (4,641,636) 　 (4,083,272)
Repayment of lease liabilities (4,525,288) 　 (4,083,272)
Expense on subsidiaries share issuance (16,009) -
Acquisition of non-controlling interest (100,339) -
Effects of exchange rate changes on cash and cash equivalents 17,937,065 2,437,709
Net increase (decrease) in cash and cash equivalents 44,816,211 14,204,474
Cash and cash equivalents at beginning of the year 184,081,815 169,877,341
Cash and cash equivalents at end of the year 228,898,026 184,081,815


4. Separate Financial Statements as of and for the fiscal year ended December 31, 2024 and December 31, 2023.

(1)Statements of Financial Position
GRAVITY CO., LTD. (In thousands of Korean Won)
December 31, 2024 December 31, 2023
Assets
Current assets 388,828,361 320,313,123
Cash and cash equivalents
 64,263,198 32,157,091
Short-term financial instruments
 278,000,000 249,000,000
Accounts receivable, net
 35,651,270 31,529,998
Other receivable, net
 3,409,219 1,760,646
Prepaid expenses
 1,226,672 1,148,345
Other current financial assets
 5,897,585 4,476,977
Other current assets
 380,417 240,066
Non-current assets 73,268,527 56,133,360
Investments in subsidiaries
 49,376,747 35,451,234
Property and equipment, net
 5,344,496 4,179,602
Intangible assets, net
 6,765,893 5,989,596
Other non-current financial assets
 1,999,836 1,164,926
Other non-current assets
 6,277,319 5,279,592
Deferred tax assets
 3,504,236 4,068,410
Total assets 462,096,888 376,446,483
Liabilities
Current liabilities
 36,037,103 41,707,393
Accounts payables
 22,597,276 24,162,504
Deferred income
6,027,907 4,627,119
Withholdings
 829,430 1,230,318
Accrued expenses
1,277,685 1,101,738
Income tax payable
 3,435,351 8,270,305
Other current liabilities
 1,869,454 2,315,409
Non-current liabilities
 7,406,050 3,977,710
Long-term account payables
 220,108 677,520
Long-term deferred revenue
 2,571,862 1,790,097
Other non-current liabilities
 4,614,080 1,510,093
Total liabilities 43,443,153 45,685,103
Equity
Share capital 3,474,450 3,474,450
Common shares
 3,474,450 3,474,450
Capital surplus 27,482,683 27,482,683
Retained earnings 387,696,602 299,804,247
Total equity 418,653,735 330,761,380
Total liabilities and equity 462,096,888 376,446,483



(2)Statements of Comprehensive Income
GRAVITY CO., LTD. (In thousands of Korean Won)
2024 2023
Revenues 179,302,825 242,775,498
Online games
 36,477,961 32,778,385
Mobile games
 142,121,659 209,449,600
Other revenue
 703,205 547,513
Cost of revenues 79,520,828 121,571,928
Gross profit 99,781,997 121,203,570
Selling, general and administrative expenses
 55,591,566 50,448,535
Operating Profit 44,190,431 70,755,035
Non-operating income and expenses 58,155,080 21,307,705
Financial income
20,047,120 16,603,926
Financial costs
 (5,048,084) (7,260,236)
Other non-operating income
 44,145,625 13,476,681
Other non-operating expenses
 (989,581) (1,512,666)
Profit before income tax
 102,345,511 92,062,740
Income tax expense 14,453,156 21,893,177
Profit for the year 87,892,355 70,169,563
Other comprehensive income - -
Total comprehensive income for the year 87,892,355 70,169,563


(3)Statements of Appropriation of Retained earnings
GRAVITY CO., LTD. (In thousands of Korean Won)
2024 2023
Confirmed disposition date:
March 31, 2025
Confirmed disposition date:
March 29, 2024
Retained earnings before appropriation
 387,696,602 299,804,247
Unappropriated retained earnings carried over from prior year
 299,804,247 　 229,634,684
Profit for the year
 87,892,355 　 70,169,563
Appropriation of retained earnings - -
Unappropriated retained earnings to be carried forward
 　 387,696,602 299,804,247


(4) Statements of Changes in Equity
GRAVITY CO., LTD. (In thousands of Korean Won)



 Share capital Capital Surplus Other components of equity Retained Earnings Total
Balance at January 1, 2023 3,474,450 27,482,683 - 229,634,684 260,591,817
Profit for the year
 - - - 70,169,563 70,169,563
Balance at December 31, 2023 3,474,450 27,482,683 - 299,804,247 330,761,380
Balance at January 1, 2024 3,474,450 27,482,683  - 299,804,247 330,761,380
Profit for the year
 - - - 87,892,355 87,892,355
Balance at December 31, 2024 3,474,450 27,482,683 - 387,696,602 418,653,735


(5)Statements of Cash Flows
GRAVITY CO., LTD. (In thousands of Korean Won)
2024 2023
Cash flows from operating activities 　 80,267,527 85,687,105
Cash flows generated from operating activities 45,606,597 　 82,075,516
Profit for the year 87,892,355 　 70,169,563
Adjustments
(35,637,197) 　 5,891,373
Changes in operating assets and liabilities
 (6,648,561) 　 6,014,580
Interest received
 10,086,534 　 8,427,882
Dividend received
 43,120,174 12,072,740
Interest paid
 (77,204) 　 (91,294)
Income tax paid
 (18,468,574) 　 (16,797,739)
Cash flows from investing activities 　 (46,474,806) (94,593,238)
Cash inflow from investment activities 7,469 　 20,295
Decrease in other current financial assets
 6,667 　 -
Disposal of property and equipment
 802 　 20,295
Cash outflow from investment activities (46,482,275) 　 (94,613,533)
Acquisition of subsidiaries shares
 (13,925,514) 　 (8,718,900)
Increase in short-term financial instruments
 (29,000,000) 　 (81,999,800)
Increase in other non-current financial assets
 - (545,000)
Purchase of property and equipment
 (207,306) (704,398)
Purchase of intangible assets
 (3,349,455) (2,645,435)
Cash flows from financing activities 　 (2,069,495) (2,060,721)
Cash inflow from financing activities - -
Cash outflow from financing activities (2,069,495) (2,060,721)
Repayment of lease liabilities (2,069,495) (2,060,721)
Effects of exchange rate changes on cash and cash equivalents 382,881 138,320
Net increase (decrease) in cash and cash equivalents 32,106,107 (10,828,534)
Cash and cash equivalents at the beginning of the year 32,157,091 42,985,625
Cash and cash equivalents at the end of the year 64,263,198 32,157,091