PRESS RELEASE: BIGBEN: 2021/22 HALF-YEAR RESULTS
Bigben
Press release
Lesquin, 29
November 2021 18:00 hrs
Unfavourable
comparison basis for HY1
2021/22 :
- Sales: 124,2 M€ (-8,5%)
- Current Operating Income: 9,9 M€
(-41,6%) i.e. 8,0% of sales
- Net profit : 6,9 M€ (-28,6%)
Adjustment of
2021/22
targets:
- Sales between 270 and 300 M€
- Current Operating Income around 24
M€
Upgraded 2022/23
targets:
- Sales between 400 and 450 M€ with a
Current Operating Margin (1) >14%
BIGBEN INTERACTIVE (ISIN FR0000074072) today
releases its consolidated results for 1st Half Year 2021-22 (from
April 1, 2021 to September 30, 2021) as approved by its Board of
directors on 29 November 2021.
Consolidated in M€ - IFRS |
09/2021 |
09/2020 |
Change |
Sales |
124,2 |
135,8 |
-8,5% |
Gross margin (1)In % of
SalesEBITDA
(2)In % of Sales |
51,441,4%24,619,8% |
57,342,2%33,424,6% |
-10,3%-26,4% |
Current operating
incomeEBITAIn % of
SalesNon recurrent items |
9,98,0%(5,8) |
16,912,5%(2,3) |
-41,6% |
Operating incomeIn % of
Sales |
4,1
3,3% |
14,710,8% |
-71,8% |
Financial resultincl. Currency gain /(loss)incl. Gain/(loss) on
Bond isssue |
4,80,15,8 |
(1,2)(0,7)- |
|
Earnings before tax In % of
Sales |
9,0
7,2% |
13,59,9% |
-33,3% |
Tax |
(2,0) |
(3,7) |
|
Net result for the periodIn % of
Sales |
6,95,6% |
9,77,2% |
-28,6% |
of which minority interests |
0,9 |
2,2 |
|
(1) COI rate = Current
Operating Income as a percentage of sales = Current Operating
Margin
(2) Gross Margin = Sales - Cost
of goods sold; other operating revenues posted between Gross Margin
and EBITDA
(3) EBITDA = Current Operating
Income before depreciation and amortization of tangible and
intangible assets
Performance
dampened by a high H1 2020/21 comparison
basis
Bigben posted sales of 124.2 M€ in H1 2020/22,
down 8.5% on the same period last year. Business in H1 2020/21 had
benefited from the exceptional momentum of Nacon Gaming during the
first lockdowns and from a denser publishing content.
Gross Margin for H1 2021/22 was 51.4 M€ i.e.
41.4% of sales. The margin rate was only slightly lower than that
of H1 2020/21, reflecting a good control of the transport and raw
material crisis.
Current Operating Income fell by 41.6% to 9.9M€
resulting in a 8.0% margin. This change was essentially linked to
the drop in activity of Nacon Gaming.
After taking into account in particular non
recurrent expenses related to bonus share plans, a positive
financial result due to the half-yearly revaluation of the IFRS
entries for the bond loan, the Net Profit for the period reached
6.9 M€ i.e. 5.6% of sales.
Analysis of
achievements
by business unit
|
NACON-GAMING |
BIGBEN - AUDIOVIDEO/TELCO |
Consolidated in M€ - IFRS |
09/2021 |
09/2020 |
Change |
09/2021 |
09/2020 |
Change |
Sales |
73,0 |
86,6 |
-15,7% |
51,2 |
49,1 |
+4,1% |
|
|
|
|
|
|
|
Gross Margin (2) |
38,0 |
45,3 |
-16,0% |
13,4 |
12,0 |
+11,4% |
In % of Sales |
52,1% |
52,3% |
|
26,1% |
24,4% |
|
|
|
|
|
|
|
|
EBITDA (3) |
21,4 |
30,4 |
-29,7% |
3,2 |
2,9 |
+7,1% |
In % of Sales |
29,3% |
35,1% |
|
6,2% |
6,0% |
|
Current Operating
Income |
8,4 |
15,7 |
-46,3% |
1,4 |
1,2 |
+20,4% |
In % of Sales |
11,6% |
18,2% |
|
2,8% |
2,4% |
|
Nacon - Gaming
reported for HY1 2021-22 73.0 M€ sales down 15.7% when compared to
the same period of previous financial year. Sales of Games were
27.3 M€ down 16.9% due to a weaker editorial activity. Back
catalogue showed its resilience with 16.2 M€ sales. Sales of
Accessories were 43.7 M€, down 15.1% due to a high comparison basis
and logistics difficulties in North America.
Margin for HY1 2021-22 reached 38.0 M€ i.e.
52.1% of sales. Despite the strong rise in transportation and raw
material costs, the margin rate remains virtually unchanged from
HY1 2020/21. The weakness of editorial activity for Games and
plummeting Accessory sales posted in this first half resulted in a
drop of Current Operating Income to 8.4 M€ i.e. 11.6 % of
sales.
Bigben -
AudioVideo/Telco reported growth
in business driven in particular by the sales of the Force, Just
Green® and Bigben Party® ranges. In line with the improvement of
the product mix, the gross margin rate improved by 1.7 points
compared with HY1 2020/21. The AudioVideo/Telco division notably
accelerated the development of short "Made in France and Europe"
channels from industrial sites in the Hauts-de-France region and
Romania, which allow shorter supply times. After taking in account
operating expenses coming to a more “normative” level after the
lockdown period, Current Operating Income reached 1.4 M€ i.e 2.8%
of sales.
Continued strong
balance sheet with particularly low level
of debt
At 30 September 2021, Bigben's balance sheet
structure remained solid with shareholders' funds amounting to
303.6 M€. Net debt, taking into account 135.5 M€ gross
debt (4) and 132 M€ cash, amounts to 3.4 M€ (1.1% gearing).
Anticipated orders in order to secure end of the
year sales generated a rise in inventories with an unfavourable
impact on changes in Working Capital Needs (4.2M€). Operating
cash-flow amounted to 20.2 M€. Cash-flow from investments (mainly
acquisition of development studios and cost of games developments)
amounted to 46.0 M€.
(4) excluding IFRS 16 rental liabilities and
including the February 2021 bond issue
Outlook
NACON GAMING
In order to optimize future revenue, Nacon has
decided to postpone the release of the games Vampire : The
Masquerade®– Swansong, Blood Bowl 3®, Train Life and Hotel Life to
fiscal year 2022/23. This additional development time will help
improving their quality and thus their commercial performance.
Nacon therefore no longer anticipates the expected improvement in
its business in the second half of FY 2021-22 (5).
The second half will benefit of the releases of
Cricket 2022 (1.5 billion followers worldwide) and Roguebook games’
versions for consoles (PlayStation™ et Xbox®). In addition, it will
see the launch of the Revolution X Pro controller for Xbox®.
BIGBEN AUDIOVIDEO/TELCO
Business will be boosted by :
- additional sales from Metronic, a
recently acquired subsidiary,
- growth
opportunities arising from the accelerated deployment of 5G
smartphones and the rapid penetration of new USB-C and Power
Delivery charging technologies.
However, given the implications of the
above-mentioned postponement of 4 games which has prompted Nacon to
revise its targets (5), Bigben is adjusting its FY 2021/22 targets,
with sales now in a 270 M€ to 300 M€ range and a Current Operating
Income around 24 M€.
On the other hand, the Group expects a stronger
rebound in its performance for the next financial year 2022/23 due
to a very sustained editorial activity by Nacon Gaming (releases of
more than 15 games during the financial year) (5). The "Bigben
AudioVideo / Telco" division will also benefit from the good trend
in the 5G smartphone market and the expected full-year synergies
from the Metronic acquisition. As a result, Bigben is revising its
2022/23 financial targets upwards, with sales now between 400 and
450 M€ and a Current Operating Income ratio (1) of over 14%.
FY 2023/24 will also benefit from the momentum
triggered by the release of Nacon Gaming games with again more than
15 games expected, as well as from a strong growth in its back
catalogue.
(5) Nacon press release dated 29 November
2021
Proposed exceptional distribution in
kind in the form of Nacon
shares
Bigben Interactive's Board of Directors is
reviewing the project of an exceptional distribution in kind in the
form of Nacon shares which could take place during the first
quarter of 2022. A general meeting of shareholders will be convened
in the coming weeks to approve, among other things, this
exceptional distribution in kind of one (1) Nacon share for every
five (5) Bigben Interactive shares held by shareholders. 4.54% of
Nacon's share capital could thus be distributed to Bigben
Interactive shareholders.
Bigben Interactive will issue a press release
specifying the final terms of this exceptional distribution in kind
when the general meeting of shareholders is convened to approve
this transaction.
Next
publication:
Q3
2021/22
Sales : 24
January
2022,Press
release after close of the Paris Stock Exchange
ABOUT BIGBEN
INTERACTIVE |
SALES 2020-21292.8
M€ HEADCOUNTOver. 1060
employees INTERNATIONAL28 subsidiaries and a
distribution network in 100
countries www.bigben-group.com |
Bigben Interactive is a European player in video game
development and publishing, in design and distribution of
smartphone and gaming accessories as well as in audio products. The
Group, which is recognized for its capacities in terms of
innovation and creativity, intends to become one of Europe’s
leaders in each of its markets Company listed on Euronext
Paris, compartment B – Index : CAC Mid & Small – Eligible
SRD longISN : FR0000074072 ; Reuters : BIGPA ;
Bloomberg : BIGFP PRESS CONTACTSCapValue
– Gilles Broquelet gbroquelet@capvalue.fr - +33 1 80 81 50
01 |
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