PRESS RELEASE: BIGBEN: RESULTS IN LINE WITH EXPECTATIONS
Bigben
Press release
Lesquin, 30 May 2022 18:00hrs
RESULTS IN LINE WITH
EXPECTATIONS:
- SALES : 275.7 M€
- CURRENT OPERATING INCOME : 21.0
M€
AMBITIOUS TARGETS FOR
2022-23 DRIVEN BY THE
GAMING MOMENTUM
- SALES OF 400 M€
- CURRENT OPERATING INCOME EXCEEDING 55
M€
BIGBEN INTERACTIVE (ISIN FR0000074072) today
releases its audited consolidated results for FY 2021/22 (from
April 1, 2021 to March 31, 2022) as approved by its Board of
directors on 30 May 2022.
Consolidated in M€ IFRS |
2021-22 |
2020-21 |
Change |
Sales |
275.7 |
292.8 |
-5.8% |
Gross Margin
In % of salesEBITDA In %
of sales |
109.239.6%50.318.2% |
121.841.6%67.623.1% |
-10.3%-25.6% |
Current Operating Income courant
In % of salesNon recurrent items |
21.07.6%(7.6) |
36.212.4%(6.4) |
-42.0% |
Operating IncomeIn
% of sales |
13.3
4.8% |
29.810.2% |
-55.3% |
Financial result |
2.1 |
(2.7) |
|
Earnings before tax In % of
sales |
15.4
5.6% |
27.19.3% |
-43.1% |
Income tax |
(5.1) |
(8.2) |
|
Net result for the
periodIn % of sales |
10.33.7% |
18.96.5% |
-45.6% |
Results in line with announced
targets
The Bigben Group posted 275.7 M€ sales for FY
2021-22 down 5.8% on the previous year. This change is mainly due
to 3 factors:
- A 2020-21 financial year which had
benefited from an exceptional level of activity by Nacon Gaming in
connection with the first lockdowns.
- A less sustained publishing
activity, Nacon Gaming having decided to postpone several game
releases to FY 2022-23, in particular the highly anticipated
Vampire: The Masquerade® - Swansong title.
- Worldwide tensions on supply of
consoles and smartphones.
Gross Margin reached 109.2 M€ i.e. 39.6% of
sales, thanks to a tight management of shipping and raw material
increases.
Current Operating Profit was 21.0 M€, at the top
end of the 19-21M€ target range.
Net Profit for the period was 10.3 M€, or € 0.53
per share (1), demonstrating the Group's resilience in an
unfavourable environment.
Analysis of
achievements by business
units
|
NACON-GAMING |
BIGBEN - AUDIOVIDEO/TELCO |
Consolidated in M€ IFRS |
2021-22 |
2020-21 |
Change |
2021-22 |
2020-21 |
Change |
Sales |
155.9 |
177.8 |
-12.3% |
119.8 |
115.0 |
+4.2% |
|
|
|
|
|
|
|
Gross
Margin |
77.8 |
93.5 |
-16.7% |
31.4 |
28.3 |
+10.8% |
In % of
sales |
49.9% |
52.6% |
|
26.2% |
24.6% |
|
|
|
|
|
|
|
|
EBITDA |
44.6 |
60.3 |
-26.0% |
5.7 |
7.3 |
-22.2% |
In % of sales |
28.6% |
33.9% |
|
4.7% |
6.3% |
|
Current Operating Income |
19.0 |
32.5 |
-41.6% |
2.0 |
3.7 |
-46.1% |
In % of sales |
12.2% |
18.3% |
|
1.7% |
3.2% |
|
Nacon Gaming recorded sales of
155.9 M€ for the full year. The Games business, due to the decision
to postpone the release of several games to FY 2022-23, came in at
54.4 M€ (-21.1%). The Accessories business held up well against a
backdrop of console shortages, ending the year at 96.6 M€
(-6.3%).
Gross margin was 77.8 M€ or 49.9% of sales
(52.6% in N-1). This change is due to a different product mix to
previous year, with a higher proportion of Accessories (62% of
total sales versus 58% in previous year). The increase in selling
prices made it possible to offset the rise in shipping and raw
material costs and thus to maintain the margin rate of the
accessories activity.
Thanks to stable overheads, current operating
income for the year reached 19.0 M€, representing 12.2% of
sales.
Bigben - AudioVideo/Telco
posted sales of 119.8 M€, up 4.2%. Annual sales benefited from the
absence of original equipment chargers and pedestrian kits (2) from
most new smartphone deliveries.
A product mix geared towards premium brands
helped improve the gross margin to 26.2% of sales (vs. 24.6% in FY
2020/21).
Current Operating Profit for the year was 2.0
M€. The inclusion of Metronic in the Group's scope of consolidation
temporarily weighed on the Group's results, with future synergies
expected in FY 2022-23.
A robust financial structure including
major investments in the Gaming business
As of March 31, 2022, Bigben had a solid balance
sheet structure with 299.7M€ shareholders' equity and 126.4 M€
cash. Net debt thus stood at 53.7M€ at the end of the year i.e. a
18% gearing (3).
The increase in anticipation stocks had an
adverse impact on working capital requirements, which increased by
12.1 M€. Operating cash flow for the period was positive at 35.6
M€. Cash flow from investment activities (mainly studio
acquisitions and game development costs) reached 94.3 M€.
(1) Based on the number of
shares at 31 March 2022
(2) Pedestrian kits refer to
wired headphones for smartphones (3) excluding
IFRS 16 rental debt and debt from earn-outs on acquisitions
Ambitious 2022-23 targets driven by a
strong growth expected in the
Gaming business
Nacon Gaming
After a year of transition marked by an
unprecedented global economic context, Nacon will benefit in FY
2022-23 from the significant investments made in recent years: over
the last two years, Nacon has invested more than 100 M€ in game
developments and acquired nine studios. To date, 46 games are in
development, compared to 33 on 31 March 2021. The first returns on
investment are expected in the current financial year with the
release of many games.
Due to the strong editorial activity expected
throughout the year (Vampire: The Masquerade® - Swansong, The Lord
of the Rings Gollum, Steelrising, Session Skate Sim, etc.), sales
will be growing sharply with a first quarter that is clearly up.
Nacon has decided to postpone Test Drive Unlimited Solar Crown
to the next fiscal year in order to perfect the quality while
aiming for a release only in PC, PlayStation®5 and Xbox® Series X|S
formats. This postponement does not challenge the annual targets
and should ensure continued growth in FY 2023-24 financial
year.
The Accessories business is still penalized by
the worldwide shortage of components but will see the release of
several new products in Q3 2022-23.
Bigben AudioVideo/Telco
Bigben AudioVideo/Telco's business in 2022-23
will be hallmarked by:
- a sales growth in the energy range and in
headphones, linked to the launch by manufacturers of new ranges of
smartphones without chargers and pedestrian kits (2).- an
acceleration of the deployment of the 5G network accompanied by a
renewal of the mobile phone fleet, which will benefit "accessory"
sales - the integration of Metronic over a full year and the
positive impact of the synergies that are gradually being put in
place.
In this context, the Bigben Group now aims to
achieve 400 M€ sales in FY 2022-23 with a current operating income
exceeding 55 M€.
Dividends
In view of the trends expected in the coming
months, Bigben Interactive's Board of Directors decided at its
meeting on May 30, 2022, to submit to the vote of the Annual
General Meeting to be held on July 22, 2022:
- The payment of a cash dividend in
the amount of € 0.30 per share for the 2021-22 financial year;
- A distribution
in kind in the form of Nacon shares in the amount of one (1) Nacon
share for every four (4) Bigben Interactive shares held,
representing approximately 5.4% of Nacon's share capital to
date.
Subject to the approval of the Annual General
Meeting on the above, the ex-date and payment dates for both the
cash dividend and the distribution in kind of Nacon shares are
expected to occur within two weeks of the date of the Annual
General Meeting.
Bigben Interactive will issue a detailed press
release at the time of the Annual General Meeting convening
specifying the technical details of the distribution in kind of
Nacon shares.
GlossaryGross margin = Sales –
Cost of goods soldEBITDA = Current operating income before
depreciation and amortisation of tangible and intangible assetsCOI
rate = Current Operating Income as a percentage of sales = COM
(Current Operating Margin)
Upcoming
events:
Annual General
Meeting: Friday
22 July 2022
Q1 2022-23
sales:
Monday 25 July
2022,
Press release after close of the Euronext Paris stock exchange
SALES
2021-22 275.7 M€
HEADCOUNT Over 1200 employees
INTERNATIONAL 31 subsidiaries and a distribution
network in more than 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 audiovideo 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 long ISIN : FR0000074072 ; Reuters : BIGPA ;
Bloomberg : BIGFP PRESS CONTACTS CapValue – Gilles
Broquelet gbroquelet@capvalue.fr - +33 1 80 81 50 01 |
- CP_BBI_RA_2021_22_Diffusion_ENG
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