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PARIS, December 15, 2022–(BUSINESS WIRE)–Regulatory News:
FOCUS ENTERTAINMENT (FR0012419307 – ALFOC) introduced its outcomes for the primary semester of 2022/23, for the interval ended September 30, 2022, according to the Group’s expectations.
Key details:
-
Strong enhance in gross margin1 to 25.1 million euros, or 38% of revenues
-
EBITA2 at 10.9 million euros or 17% of revenues
-
EBITDA at 18.9 million euros
-
Successful launches of A Plague Tale: Requiem (October 18) and Evil West (November 22)
Results as of September 30,2022
|
(in hundreds of thousands of euros) |
H1 2022 2023 |
H1 2021 2022 |
||
|
Revenue |
65.5 |
100% |
85.1 |
100% |
|
Gross margin |
25.1 |
38% |
21.9 |
26% |
|
Production prices |
(5.3) |
(2.8) |
||
|
Sales and advertising prices |
(4.9) |
(7.9) |
||
|
General and administration bills |
(4.4) |
(4.1) |
||
|
Other working earnings (bills) |
0.5 |
0.2 |
||
|
EBITA |
10.9 |
17% |
7.3 |
9% |
|
Amortization of goodwill and amortization of intangible property |
(5.0) |
– |
||
|
EBIT |
6.0 |
9% |
7.3 |
9% |
|
Financial earnings (bills) |
(0.6) |
(0.3) |
||
|
Exceptional earnings (bills) |
(0.1) |
(0.1) |
||
|
Income tax |
(2.2) |
(1.4) |
||
|
Consolidated internet earnings |
3.1 |
5% |
5.5 |
6% |
|
Minority pursuits |
(1.7) |
(0.1) |
||
|
Group internet earnings |
1.4 |
2% |
5.5 |
6% |
|
EBITA |
10.9 |
17% |
7.3 |
9% |
|
D&A and provisions |
(8.0) |
(23.4) |
||
|
EBITDA |
18.9 |
29% |
30.7 |
36% |
Limited evaluate procedures have been carried out on the interim monetary statements for the six months ended September 30, 2022. 3
Revenues for the primary semester of 2022/23 reached 65.5 million euros, primarily supported by the very profitable launch of Teenage Mutant Ninja Turtles: Shredder’s Revenge, which was nominated twice on the Game Awards, and to a lesser extent by the complete launch of Hardspace: Shipbreaker on PC, then on Console. The again catalog held up nicely. First half yr revenues additionally embody the contribution of BlackMill Games for the primary time, with the launch of Isonzo, the third chapter of the WW1 sequence, on September 13th.
Operating profitability enchancment
The Group’s gross margin reached 25.1 million euros within the first semester of 2022/23, at 38% of revenues, a major enhance in comparison with the primary semester of 2021/22. This semester benefited absolutely from the success of Teenage Mutant Ninja Turtles: Shredder’s Revenge, the exploitation of the again catalog, in addition to a positive foundation for comparability with final yr when sure video games had skilled contrasting outcomes.
Below the gross margin, working bills have been steady in comparison with the identical interval final yr, though advertising and manufacturing bills instantly associated to launches have been down yr over yr, because the variety of launches in the course of the interval was decrease than within the first semester of 2021/22. This lower is offset by the strengthening of manufacturing, advertising and knowledge groups to assist the Group’s ambitions and by the combination of the studios acquired since September 30, 2021.
EBITA amounted to 10.9 million euros within the first semester of 2022/23, in contrast with 7.3 million euros within the first half of the earlier yr.
Amortization of goodwill and amortization of intangible property recognized in reference to enterprise mixtures amounted to five million euros within the first semester of the yr.
EBIT for the primary semester of 2022/23 amounted to six million euros.
EBITDA reached 18,9 million d’euros, i.e., a 29% EBITDA margin.
Heavy investments within the first semester
The stage of funding in video games within the first semester of 2022/23 reached 37.5 million euros, in contrast with 36.4 million euros for the complete yr of 2021/22. As anticipated, the extent of investments is accelerating, with a catch-up of the delays of the earlier yr but additionally, above all, a rise in investments associated to the formidable line-up to be delivered within the coming years. The Group has additionally continued to speculate with the acquisition of the BlackMill Games studio in September 2022, producing a money outflow of 4.1 million euros.
In addition, the favorable change in working capital over the interval coupled with the drawn of 20 million euros on the credit score settlement, permits the group to keep up a money place barely greater than March 2022’s, at 65.7 million euros in comparison with 62.6 million euros.
The group nonetheless has 60.5 million euros of undrawn confirmed credit score strains as of September 30th, 2022.
Net debt, together with money, monetary debt and extremely possible earnouts, quantities to 30.7 million euros.
Outlook
Last October 18th, 2022, Focus Entertainment launched on PC, PS5, Xbox Series, A Plague Tale: Requiem, successor opus to A Plague Tale: Innocence launched in 2019, each developed by Asobo.
On November 22nd Evil West, a brand new franchise co-owned by Focus and Flying Wild Hog, was unveiled on PC and Consoles.
The Group is thrilled by the reception from professionals and the general public on each titles (respectively 92% and 77% of constructive opinions from Steams customers, and 84% and 74% on Opencritic, A Plague Tale: Requiem was additionally nominated 5 instances on the Games Awards) confirming Focus’ positioning and legitimacy for formidable, high-quality video games.
Thus, in a really intense aggressive setting over the previous few months, the standard of those video games has enabled the group to realize the goals it had set itself on the finish of November. The Christmas interval after which the launch of Atomic Heart in February 2023 would be the closing steps to finish the execution of the 2022/23 roadmap.
The 2023/2024 monetary yr might be marked by formidable launches, notably with the discharge of Atlas Fallen, a brand new franchise developed by Deck13, a accomplice studio, member of the Group, Aliens: Dark Descent developed by Tindalos, or Banishers: Ghost of New Eden, a brand new franchise co-owned with Don’t Nod or Warhammer 40,000: Space Marine 2 and a brand new co-production ensuing from the collaboration with Saber that might be unveiled at E3 subsequent yr.
The half-yearly monetary report 2022/23 is offered on https://investor.focus-entmt.com/fr/results
Financial Calendar
Upcoming publications are as follows:
|
Publication |
Date |
|
2022/23 – Q3 Sales 2022/23 – This autumn Sales and FY Sales |
Thursday January 19, 2023 Thursday April 20, 2023 |
About Focus Entertainment
FOCUS ENTERTAINMENT is one among Europe’s main online game publishers and builders. Its vocation is to assist main French and worldwide studios within the improvement, manufacturing monitoring, advertising, gross sales and financing of their initiatives. As a writer of robust manufacturers comparable to The Surge, Vampyr, Evil West and A Plague Tale, the Group generated revenues of €142.6 million in 2021/22. FOCUS ENTERTAINMENT generates 95% of its gross sales internationally. For further data, go to www.focusent.com
For extra data observe us on:
Twitter – LinkedIn – Instagram – YouTube – Facebook
APPENDICES
INCOME STATEMENT
|
(in hundreds of thousands of euros) |
H1 2022 2023 |
H1 2021 2022 |
||
|
Revenue |
65.5 |
100% |
85.1 |
100% |
|
Gross margin |
25.1 |
38% |
21.9 |
26% |
|
Production prices |
(5.3) |
(2.8) |
||
|
Sales and advertising prices |
(4.9) |
(7.9) |
||
|
General and administration bills |
(4.4) |
(4.1) |
||
|
Other working earnings (bills) |
0.5 |
0.2 |
||
|
EBITA |
10.9 |
17% |
7.3 |
9% |
|
Amortization of goodwill and amortization of intangible |
(5.0) |
– |
||
|
EBIT |
6.0 |
9% |
7.3 |
9% |
|
Financial earnings (bills) |
(0.6) |
(0.3) |
||
|
Exceptional earnings (bills) |
(0.1) |
(0.1) |
||
|
Income tax |
(2.2) |
(1.4) |
||
|
Consolidated internet earnings |
3.1 |
5% |
5.5 |
6% |
|
Minority pursuits |
(1.7) |
(0.1) |
||
|
Group internet earnings |
1.4 |
2% |
5.5 |
6% |
|
EBITA |
10.9 |
17% |
7.3 |
9% |
|
D&A and provisions |
(8.0) |
(23.4) |
||
|
EBITDA |
18.9 |
29% |
30.7 |
36% |
BALANCE SHEET
|
(in hundreds of thousands of euros) |
30/09/2022 |
31/03/2022 |
|
ASSETS |
||
|
Intangible property |
111.1 |
81.1 |
|
Goodwill |
69.9 |
68.7 |
|
Property, plant & tools |
0.8 |
0.8 |
|
Financial property |
1.3 |
1.2 |
|
Total Non-Current Assets |
183.0 |
151.9 |
|
Inventory and works in progress |
1.5 |
0.9 |
|
Trade receivables |
13.9 |
13.4 |
|
Other receivables, accruals and deferrals |
19.9 |
22.4 |
|
Cash and money equivalents |
65.7 |
62.6 |
|
Total Current Assets |
100.9 |
99.2 |
|
Total Assets |
284.0 |
251.0 |
|
(in hundreds of thousands of euros) |
30/09/2022 |
31/03/2022 |
|
EQUITY & LIABILITIES |
||
|
Capital |
7.8 |
7.8 |
|
Share premium |
90.2 |
90.2 |
|
Reserves |
35.0 |
32.7 |
|
Profit(loss) |
1.4 |
3.0 |
|
Total Equity (attributable to the group) |
134.5 |
133.6 |
|
Minority Equity |
3.6 |
1.6 |
|
Provisions |
1.1 |
0.9 |
|
Borrowings and monetary debt |
84.6 |
66.1 |
|
Trade payables |
32.6 |
19.0 |
|
Other payables, accruals and deferrals |
27.6 |
29.7 |
|
Total Liabilities |
284.0 |
251.0 |
CASH FLOWS
|
CASH FLOWS |
30.09.2022 |
31.03.2022 |
|
(in hundreds of thousands of euros) |
H1 2022/23 |
FY 2021/22 |
|
Net earnings of consolidated corporations |
3.1 |
3.1 |
|
Net change in D&A and provisions |
13.0 |
33.1 |
|
Gains (losses) from disposals |
– |
0.0 |
|
Financial costs |
1.0 |
0.6 |
|
Intangible property acquisition |
(37.5) |
(36.4) |
|
Change in deferred taxes |
(0.1) |
0.3 |
|
Change in working capital |
11.2 |
(9.3) |
|
Net money offered by (utilized in) working actions |
(9.4) |
(8.6) |
|
Purchases of property, plant, tools and monetary property |
(0.1) |
(0.4) |
|
Other purchases internet of disposed monetary property |
(0.1) |
0.3 |
|
Net money ensuing from change in perimeter |
(4.1) |
(59.1) |
|
Investing money move |
(4.3) |
(59.2) |
|
Capital enhance |
– |
68.8 |
|
Debt enhance/(lower) |
17.5 |
50.0 |
|
Other adjustments in shareholders’ fairness |
(0.8) |
(7.9) |
|
Financing money move |
16.7 |
110.9 |
|
Effect of change price adjustments |
0.0 |
0.0 |
|
Net Increase (lower) in money and money equivalents |
3.1 |
43.1 |
|
Cash and money equivalents at starting of interval |
62.6 |
19.5 |
|
Cash and money equivalents at finish of interval |
65.7 |
62.6 |
1 The Group defines its gross margin because the distinction between revenues, value of gross sales and recreation improvement prices. The amortization expense of intangible property recognized in reference to enterprise mixture shouldn’t be included in gross revenue.
2 The Group defines adjusted EBIT, EBITA, because the earnings from operations of consolidated corporations earlier than amortization of goodwill and earlier than amortization of intangible property recognized in reference to enterprise mixtures.
3 The Group defines EBIT because the earnings from operations of consolidated corporations.
View supply model on businesswire.com: https://www.businesswire.com/news/home/20221215005835/en/
Contacts
Relations Investisseurs
Laure d’Hauteville
Tél : + 33 (0) 1 55 26 85 00
E-mail : IR@focusent.com
Relations Presse
Clémence Bigeon
Tél : + 33 (0) 1 55 26 85 00
Mail : Clemence.BIGEON@focusent.com
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