Key East Annual Report

Glad to know that despite the economic turmoil KeyEast is doing well. I've been reading that some entertainment company in Korea are really having a hard time and some are almost in the red line.

The company where I'm working also experienced a decline in sales. But our company posted the least negative loss compared to other companies in the same industry. With this, we remain to be the number one. ^^

Anyway, really happy with KE report. I think if yong joon did more projects last year KE financial report will look very different. from Yong Joon's end, he only did the Osaka Event as his major project and the rest were cf, bof goodies. amongst KE/BOF major artists [So Ji Sub, Lee Na Young, Choi Kang Hee, Park Ye Jin and Lee Ji Ah] did well in cfs, movies and dramas. I think that even their 2nd line of artists were sort of busy last year.

I hoope that KE will continue to do good [if not great] in the coming years. i'm glad thatt hey mentioned in their report 'Drops of God'. Dream high is another anticipated project. Can't wait!

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Annual business results of Keyeast improve
2009.3.12

source : KeyEast

Sales rise by 11.4%, 84.9% net loss decrease.

- Due to rationalization of management and Winter Sonata animation revenues.

- Equity method of accounting with respect to the subsidiaries BOF and BOFi, decrease of net loss.

- Creation of domestic and foreign business opportunities despite the slump in the entertainment industry.

The Asian cultural content company Keyeast Co., Ltd. (www.keyeast.co.kr) passed a resolution today at its regular meeting of the board of directors with respect to its 2008 financial statements and approval of the general meeting of shareholders. The company also publicly disclosed the related matters today.

Compared to last year’s results, Keyeast’s sales increased by 11.4% (2007: 8,694,420,223 Won > 2008: 9,683,592,043 Won), operating loss decreased by 28.4% (2007: -3,247,773,065 Won > 2008: -2,326,266,391 Won), and net loss decreased by 84.9% (2007: -34,016,969,572 > -5,138,567,232 Won).

The increase in sales and decrease of losses can be attributed to our rationalization of management, which includes policies for reducing costs, and the planning of our content projects, such as the Winter Sonata animation production, for which a 560,000,000 Won production contract was signed with the Winter Sonata Animation Production Committee, and the commemorative photo book containing photos of Bae Yong Joon’s 2008 visit to Japan.

In addition, Keyeast’s net loss, which was calculated according to the equity method of accounting, decreased in part due to the busy schedules of the talents of the subsidiary BOF Co., Ltd., including Bae Yong Joon, So Ji Sub, Lee Na Young, Choi Gang Hee, and Park Ye Jin, and the business results of the Japanese subsidiary BOF International Inc., which was able to record a profit only 6 months after entering the Japanese market.

A spokesperson for Keyeast stated that “despite the global economic slump, our financial figures have improved due to the active execution of the 2008 business plans by Keyeast and its subsidiaries and also due to the rationalization of management.”

The spokesperson then said that “in 2009 we will proceed with high value-added entertainment projects, including “Dream High,” “Drops of God,” the “Beauty of Korea Travel Book,” and the merger of our Japanese subsidiary, and the results for next year are expected to be even better as approximately 80% of the revenues of the Winter Sonata animation contract will be allocated to 2009 revenues.”

Keyeast is currently preparing to become a company which not only plans and produces entertainment products based on celebrities, such as the “Dream High” co-production, the “Beauty of Korea Travel Book”, the Winter Sonata animation, and “Drops of God", but which also engages in other diverse business models as part of its cultural content production activities.

[KEYEAST]