PRESS RELEASE: NACON: 2022-23 HALF-YEAR RESULTS
November 28 2022 - 12:01PM
PRESS RELEASE: NACON: 2022-23 HALF-YEAR RESULTS
Press
release
Lesquin, 28 November 2022, 18:00hrs
2022-23 HALF-YEAR RESULTS UP
- 77.5 M€ SALES (+6.2%)
- 11.1 M€ CURRENT OPERATING PROFIT
(+31.4%)
- 8.4 M€ NET RESULT (+123.5%)
2022-23 YEAR-END RESULTS
EXPECTED TO GROW
- THRIVING PUBLISHING ACTIVITY IN HY2
2022-23
NACON (ISIN FR0013482791) today releases its
audited consolidated results for 1st Half Year 2022-23 (from April
1, 2022 to September 30, 2022) as approved by its Board of
directors on 28 November 2022.
Consolidated in M€ - IFRS |
09/2022 |
09/2021 |
Change |
Sales |
77.5 |
73.0 |
+6.2% |
Gross margin (1)In % of
SalesEBITDA
(2)In % of Sales |
47.661.4%25.633.1% |
38.052.1%21.429.3% |
+25.1%+19.8% |
Current operating
incomeEBITAIn % of
SalesNon recurrent items |
11.114.,3%(1.3) |
8.411.6%(4.0) |
+31.4% |
Operating incomeIn % of
Sales |
9.812.7% |
4.56.1% |
+119.2% |
Financial result |
1.3 |
0.0 |
|
Earnings before tax In % of
Sales |
11.114.3% |
4.56.2% |
+145.2% |
Tax |
(2.6) |
(0.7) |
|
Net result for the periodIn % of
Sales |
8.410.9% |
3.85.2% |
+123.5% |
Business and earnings growth driven by
the Games business
In the first half of 2022-23, Nacon posted
revenues of 77.5 M€, up 6.2%, reflecting the growth of its games
business. Over the period, this business generated revenues of 47.0
M€ (+72.3%). With the launch in HY1 of several iconic games such as
Vampire: The Masquerade®- Swansong, SteelrisingTM and Session Skate
SimTM, current catalogue sales more than doubled to 25.4 M€. Back
catalogue sales (games released in previous years) also increased
by 33.3% to 21.6 M€.
Over the first half of the year, Accessories
sales amounted to 28.5 M€, down 34.7%. This activity remains marked
by a very high base effect, particularly in the USA, and by a sharp
decline in the global market for headsets.
Gross margin was 47.6 M€, or 61.4% of sales
(52.1% in previous year). The product mix, with a lower relative
weighting of Accessories (37% of total sales versus 60% in previous
year) explains this increase in the gross margin rate.
Current operating income for the first half of
the year rose by 31.4% to 11.1 M€, or 14.3% of sales. Net income
amounted to 8.4 M€ (10.9% of sales in HY1 2022-23), more than
double the net income generated last year (3.8 M€ in HY1
2021-22).
Strong financial
structure and continued investment for growth
As of September 30, 2022, shareholders' equity
amounted to 241.5 M€, up 13.1 M€ compared to the end of March 2022.
Cash and cash equivalents amounted to 38.1 M€ compared to 82.1 M€
at the end of March 2022, in line with the Group's determination to
reinvest its cash flows in the development of its activities.
To date, 50 games are under development,
representing CAPEX of more than 30 M€ over the first half of
2022-23. In addition, investments related to external growth
transactions (acquisition of Daedalic in April 2022) amount to 34.1
M€ over the same period.
Cash-flow for the first half of the year
amounted to 27.5 M€, up 31% compared with the first half of
2021-22.
With the acquisition of Daedalic and the
increase in inventories due to the electronical components crisis,
net debt stood at 63.6 M€ at September 30, 2022, compared to 10.4
M€ at March 31,2022.
Confidence reaffirmed in medium-term
prospects
Sustained publishing activity in the
second half of 2022-23
Released on November 3, WRC Generations recorded
a slight increase in sales over the first three weeks compared with
WRC10, which was released in the previous fiscal year.
Many games in the catalogue, some of which were
initially scheduled for release in the third quarter, will finally
be released in the fourth quarter:
- Blood Bowl®3, a
game similar to American soccer, set in a fantasy world, a new
installment in the successful Blood Bowl franchise.
- Chef Life, in
partnership with the Michelin Guide.
- Clash, in the
very dynamic fighting game segment.
- Transport Fever
2 Console Edition, on PlayStation®4, PlayStation®5, Xbox®One and
Xbox®Series.
NACON now anticipates sales and current
operating income for 2022-23 to be slightly up on the previous
fiscal year with the delayed release of several major games, a
decline in the Accessories business and tensions in the supply of
new consoles.
Strong growth expected in 2023-24,
driven by current investments
In FY 2023-24, NACON will continue to pursue a
sustained and varied publishing activity. The 2022-23 releases will
feed the 2023-24 back catalogue and will mechanically accelerate
growth.
The highly anticipated release of The Lord of
the Rings GollumTM, an emblematic character from the world of
J.R.R. Tolkien from the novel The Lord of the Rings, is now
scheduled for HY1 2023-24.
Next event:
Q2 2022-2023 sales, 23 January 2023,
Press release after close of the Euronext Paris
stock exchange
2021-22
ANNUAL SALES 155.9 M€ HEADCOUNT
Over 900 employees INTERNATIONAL 23 subsidiaries
and a distribution network across 100 countries
https://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 16
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 CONTACT Cap Value – Gilles Broquelet
gbroquelet@capvalue.fr - +33 1 80 81 50 01 |
LEXICON BACK CATALOGUE: games
released in previous yearsGROSS MARGIN: Sales - Cost of goods sold;
other operating revenues posted between Gross Margin and EBITDA
EBITDA: Current operating income before depreciation and
amortization of tangible and intangible assetsCOI RATE: Operating
income before non-recurring items as a percentage of salesCAPEX:
Intangible assets excluding rights of use / rental rights
capitalized in accordance with IFRS 16
- CP_Nacon_RS 2022_23 Diffusion ENG
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