Business Context and Reporting Period
This Form 6-K filing by GRAVITY Co., Ltd. reports on the results of the Annual General Meeting of Shareholders (AGM) and the subsequent Board Meeting held on March 27, 2015. The filing covers corporate governance actions and the approval of financial statements for the fiscal years ended December 31, 2014, and December 31, 2013.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It confirms that shareholders approved the non-consolidated and consolidated financial statements for 2014 and 2013, which were prepared in accordance with Accounting Standards for Non-Public Entities in Korea (KAS-NPE) and audited under Korean Generally Accepted Auditing Standards (K-GAAS). The specific financial data is contained in the attached exhibits (Exhibits 99.1 and 99.2) rather than the body of this report.
Material Changes and Corporate Actions
- Financial Statement Approval: Shareholders approved the 2014 and 2013 financial statements.
- Director Reappointment: Seven directors were reappointed: Hyun Chul Park, Yoshinori Kitamura, Kazuki Morishita, and Kazuya Sakai (inside directors); and Jong Gyu Hwang, Doo Hyun Ryu, and Jung Yoo (independent directors).
- Executive Appointments: Hyun Chul Park was reappointed as Chief Executive Officer, and Yoshinori Kitamura was reappointed as Chairman of the Board.
- Audit Committee: Jong Gyu Hwang, Doo Hyun Ryu, and Jung Yoo were reappointed as Audit Committee members.
- Director Compensation: The maximum compensation payable to directors as a group for fiscal year 2015 was set at KRW 1,400,000,000.
Outlook, Risks, and Filing Schedule
The Company expects to file the full 2014/2013 KAS-NPE non-consolidated and consolidated financial statements with the Financial Supervisory Service of Korea on April 2, 2015. A condensed English translation of these statements is expected to be submitted to the SEC on Form 6-K simultaneously. The filing does not contain specific management commentary on future guidance, risks, or contingencies beyond the standard approval of past financial results.
Investor Verification Checklist
- Review Exhibits 99.1 and 99.2 for the actual 2014 financial performance figures (revenue, net income, cash flow).
- Verify the upcoming April 2, 2015, filing of the full English-translated financial statements with the SEC.
- Confirm the composition of the new Board of Directors and Audit Committee as approved on March 27, 2015.
- Check the approved director compensation cap of KRW 1.4 billion for fiscal year 2015.