GlobeNewswire by notified

PRESS RELEASE: NACON: Strong increase in FY 2020/21 Annual Results

Share

Nacon                                                    Press release

Lesquin, 31 May 2021, 18:00 hrs

Strong increase in FY 2020/21Annual Results

  • Sales: 177.8 M€ (+ 37.4%)
  • Current Operating Income: 32.5 M€ (+43.8%), i.e. 18.3% of sales

FY 2021/22Targets

  • 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€ - IFRS2020/212019/20(3)        Change
Sales177.8129.4+37.4%
Gross margin (1)
In % of Sales



EBITDA(2)
In % of Sales


93.5
52.6%



60.3
33.9%


79.1
61.1%



48.4
37.4%
+18.3%





+24.7%
Current operating income
EBITA
In % of Sales



Non recurrent items
(including Bonus Shares)
32.5
18.3%



(5.1)
22.6
17.5%



(2.0)


+43.8%





Operating result
In % of Sales
27.5
15.4%
20.6
15.9%
+33.5%
Financial result
Including currency gain (loss)
(1.5)

(0.6)



Earnings before tax
In % of Sales

26.0
14.6%
20.0
15.4%
+30.1%
Tax(7.7)(4.7)
Net result for the period
In % of Sales
18.2
10.3%
15.3
11.8%
+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 SALES
177.8 M€





HEADCOUNT
Over 600 employees





INTERNATIONAL
18 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 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 CONTACT
Cap Value – Gilles Broquelet gbroquelet@capvalue.fr - +33 1 80 81 50 01

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release

Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a

DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release

Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68

Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release

Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.

Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release

AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us

Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release

VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin

HiddenA line styled icon from Orion Icon Library.Eye