PRESS RELEASE: NACON: Strong increase in FY 2020/21 Annual Results
May 31 2021 - 11:50AM
PRESS RELEASE: NACON: Strong increase in FY 2020/21 Annual Results
Nacon
Press release
Lesquin, 31 May 2021, 18:00 hrs
Strong increase in FY
2020/21 Annual
Results
- Sales: 177.8 M€ (+ 37.4%)
- Current Operating Income: 32.5 M€
(+43.8%), i.e. 18.3% of sales
FY 2021/22
Targets
- Sales between 180 and 200 M€
- Current Operating Margin* of
20%
FY 2022/23
Targets :
- Sales revised upwards to a 230-260 M€ range (vs.180-200
M€)
- Confirmation of a Current Operating Margin* > 20%
*COM = Current Operating Margin = Current
Operating Income Rate
NACON (ISIN FR0013482791) today releases its
audited consolidated results for FY 2020-21 (from April 1, 2020 to
March 31, 2021) as approved by its Board of directors on 31 May
2021.
Consolidated in M€ - IFRS |
2020/21 |
2019/20(3) |
Change |
Sales |
177.8 |
129.4 |
+37.4% |
Gross margin (1)In % of
SalesEBITDA
(2)In % of Sales |
93.552.6%60.333.9% |
79.161.1%48.437.4% |
+18.3%+24.7% |
Current operating
incomeEBITAIn % of
SalesNon recurrent items (including Bonus Shares) |
32.518.3%(5.1) |
22.617.5%(2.0) |
+43.8% |
Operating resultIn % of
Sales |
27.515.4% |
20.615.9% |
+33.5% |
Financial resultIncluding currency gain (loss) |
(1.5) |
(0.6) |
|
Earnings before tax In % of
Sales |
26.014.6% |
20.015.4% |
+30.1% |
Tax |
(7.7) |
(4.7) |
|
Net result for the periodIn % of
Sales |
18.210.3% |
15.311.8% |
+19.6% |
(1) Gross Margin = Sales - Cost
of goods sold;
(2) EBITDA = Current Operating
Income before depreciation and amortization of tangible and
intangible assets
(3) Nacon was created in July
2019 and started its activity in October 2019 following the partial
contribution of assets of the Gaming business to Nacon by Bigben
Interactive. The contributed assets and liabilities were recognised
at their book value. Nacon's consolidated financial statements as
at March 31, 2020 were made up of six months of "combined financial
statements" for the Gaming business prepared from the accounting
records of Bigben Interactive and its Gaming subsidiaries covering
the period from April 2019 to September 2019, to which were added
the flows and items of the new entity covering the period from
October 2019 to March 2020
Targets
exceeded
In FY 2020/21, NACON posted 177.8 M€ sales, a
37.4 % increase driven by the success of premium accessories, the
successful implantation in the USA, and a tripling of back
catalogue sales.
Current Operating Income jumped by 43.8% to 32.5
M€ i.e. 18.3% of sales.
After deducting 5.1 M€ expenses related to bonus
share plans, a 1.5 M€ net financial charge and 7.7 M€ income tax,
Net Profit for the period amounted to 18.2 M€ up by 19.6%.
Operating cashflow of
55.7M€
Operating cashflow rose by 146 % to 55.7 M€ in
FY 2020/21, covering almost all CAPEX (56.4 M€) which increased by
13.6 M€. After taking into account these investments and bank loan
repayments for 12.9 M€, cash and cash equivalents amounted to 96.7
M€ (110.9 M€ at end March 2020). Cash and cash equivalents net of
financial debt remained at a high level at 41.9 M€ compared to 42.8
M€ at the end of March 2020.
Outlook for FY
2021/22: Targets
revised upwards
In a market driven by new consoles, NACON
anticipates a year of growth in business and profitability, which
should be based on:
- the ongoing digital
sales of the back catalogue;
- the launch of new
video games, including the highly anticipated RIMS Racing,
Roguebook, Vampire:The Masquerade®-Swansong , Blood Bowl 3® and
WRC®10 titles;
- the commercial
momentum of accessories (premium headsets, PlayStation®4 and Pro
Compact controllers for Xbox®), which will benefit from the release
of the Revolution X Pro controller for Xbox®.
This good business trend has led NACON to bring
forward its 2022/23 targets to FY 2021/22, with sales now between
€180 M€ and 200 M€ and a Current Operating Income rate of 20%.
Annual targets for
FY 2022/23
The funds raised during the IPO enabled the
acquisition of studios and the development of major games
(including Test Drive Unlimited Solar Crown, Steelrising, The Lord
of the RingsTM, Gollum TM etc.), which will be released in 2022/23.
Banking on its advance on its development plan, NACON has
significantly raised its 2022/23 sales target to between €230 and
€260 million (compared with €180 and €200 million initially), while
confirming a Current Operating Margin * in excess of 20%.
Annual dividend
Further to the commitment made to reinvest its
cash flows in the development of its activities, the Board of
Directors meeting on 31 May 2021, decided not to propose a dividend
distribution for FY 2020/2021 at the next Annual General
Meeting.
*COM = Current Operating Margin = COI rate =
Current Operating Income as a percentage of sales
Upcoming events:
Annual General Meeting: Friday
30 July
2021
Q1
2021/22
sales: Monday 26 July 2021, Press release after
close of the Euronext Paris stock exchange
ABOUT
NACON |
2020-21
ANNUAL SALES177.8
M€ HEADCOUNTOver 600
employees INTERNATIONAL18 subsidiaries
and a distribution network across 100
countrieshttps://corporate.nacongaming.com/ |
NACON is a company of the BIGBEN Group founded in 2019 to
optimize its know-how through strong synergies in the video game
market. By bringing together its 11 development studios, the
publishing of AA video games, the design and distribution of
premium gaming devices, NACON focuses 30 years of expertise at the
service of players. This new unified business unit strengthens
NACON's position in the market, enables it to innovate by creating
new unique competitive advantages. Company
listed on Euronext Paris, compartment B ISIN :
FR0013482791 ; Reuters : NACON.PA ; Bloomberg :
NACON:FP PRESS CONTACTCap Value – Gilles
Broquelet gbroquelet@capvalue.fr - +33 1 80 81 50 01 |
- PR_Nacon_Annual Result_ 2020-2021_Diffusion
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