FY 2021/2022 Annual Results and Lineup Overview
Paris, June 16th, 2022
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FY 2021/2022
AUDITED ANNUAL RESULTS
Audit reports not yet issued
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FY 2021/22 - P&L and EBITDA
(in millions of euros) | FY 2021 2022 | FY 2020 2021 | Variation | ||
31/03/2022 | 31/03/2021 | % | |||
Revenue | 142,6 | 100% | 171,0 | 100% | -17% |
Gross margin | 42,2 | 30% | 51,1 | 30% | -17% |
Production costs | (7,7) | -5% | (7,4) | -4% | 3% |
Sales and marketing expenses | (13,1) | -9% | (10,3) | -6% | 27% |
General and administration expenses | (8,4) | -6% | (8,6) | -5% | -3% |
Other operating income (expenses) | 0,1 | 0% | 0,1 | 0% | |
EBITA1 | 13,2 | 9% | 24,8 | 15% | -47% |
Amortization of goodwill | (4,0) | ||||
EBIT | 9,1 | 6% | 24,8 | 15% | -63% |
Financial income (expenses) | (1,7) | (1,7) | |||
Exceptional income (expenses) | (1,3) | (3,0) | |||
Income tax | (3,0) | (6,8) | |||
Consolidated net income | 3,1 | 2% | 13,3 | 8% | -77% |
Minority interests | (0,1) | - | |||
Group net income | 3,0 | 2% | 13,3 | 8% | -78% |
EBIT | 9,1 | 24,8 | -63% | ||
D&A and provisions | (33,0) | (25,7) | 30% | ||
EBITDA | 42,1 | 30% | 50,5 | 30% | -16% |
KEY TAKEAWAYS
Revenue at €142,6m, including a €5,6m contribution from Dotemu*
- Very high comparable basis with the worldwide lockdown in 2020/21 that drove the back catalogue sales up (+60% YoY)
- Contrasted successes of games launched during the year
- Evil West and Hardspace Ship Breaker release delayed to 2022/23
Gross margin rate resilience at 30% : the overall product mix improvement offsets the accelerated amortization on 2 games
Production costs show a limited increase thanks to higher capitalization of our development teams costs which partially offset the higher costs generated by more launches this year
Marketing costs increase reflects a more games launched this year
Financial result is related to the debt financing plan secured in July 2021; FX impact is unsignificant in 2021/22
EBITDA margin is maintained 30% of revenue
1 EBITA: Adjusted EBIT, ie. EBIT before amortization and depreciation of goodwill * DOTEMU is consolidated since September 30th,2021
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FY 2021/22 - Balance Sheet
(in millions of euros) | 31/03/2022 | 31/03/2021 |
ASSETS | ||
Intangible assets | 81.1 | 67.7 |
Goodwill | 68.7 | 6.2 |
Property, plant & equipment | 0.8 | 0.7 |
Financial assets | 1.2 | 1.4 |
Total Non-Current Assets | 151.9 | 76.0 |
Inventory and works in progress | 0.9 | 1.5 |
Trade receivables | 13.4 | 15.4 |
Other receivables, accruals and deferrals | 22.4 | 6.7 |
Investment securities | 0.6 | - |
Cash and cash equivalents | 62.0 | 19.5 |
Total Current Assets | 99.2 | 43.1 |
Total Assets | 251.0 | 119.2 |
EQUITY & LIABILITIES | ||
Capital | 7.8 | 6.4 |
Share premium | 90.2 | 22.4 |
Reserves | 32.7 | 26.5 |
Profit(loss) for the year | 3.0 | 13.3 |
Total Equity (attributable to the group) | 133.7 | 68.5 |
Minority Equity | 1.6 | - |
Provisions | 0.9 | 1.7 |
Borrowings and financial debt | 66.1 | 12.5 |
Trade payables | 19.0 | 23.4 |
Other payables, accruals and deferrals | 29.7 | 13.0 |
Total Liabilities | 251.0 | 119.2 |
KEY TAKEAWAYS
Intangible Assets related to Games represent €79.4m compared
to €67,3m a year before, +18% YoY
The group acquired 4 studios in 2021/22 representing a €66.5m
Goodwill
that is amortized over 10y.
- Streum On Studio 60% acquired in April 2021
- Dotemu 77,5% acquired in Sept 21
- Douze Dixièmes 50,01% acquired in Oct 21
- Leikir Studio 60% acquired in Feb 22
Total Equity more than doubled at 133,7m€ following the May 2021 capital increase
The financial debt is at €66,1m following the financing plan secured in July 2021
Net Treasury stands at €(14m), including a payable related to earn outs), versus €7m as of March 31,2021
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Focus Home Interactive SA published this content on 16 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2022 16:22:03 UTC.