Gameloft: Results for the First Half of 2009
PARIS, --
- Revenues up by 20%
- Current Operating Income of EUR4.5M, up 65%
- Net Cash of EUR16.9M, up 57%
2009 Half-Year Results
Gameloft's financial statements for the first half-year ending June 30,
2009 break down as follows:
In EUR millions H1 2009 H1 2008
Sales 60.1 50.3
Other income 0.1 0.2
Cost of goods sold -7.7 -4.1
R&D -29.2 -26.6
Sales & Marketing -13.8 -13.8
Administration -4.3 -4.5
Other income and expenses -0.6 1.3
Current operating income* 4.5 2.8
Stock-based compensation -1.3 -1.3
Other operational revenues and expenses 0.0 -0.1
Operating income 3.2 1.4
Financial result 0.3 -1.3
Tax expense -1.2 -0.9
Group Share of Net Income 2.2 -0.8
*Before stock-based compensationGameloft achieved consolidated sales of EUR60.1 million for the first half of 2009, up by 20% from the first half of the previous year. Mobile games activity accounts for 95% of the company's half-year sales. The remaining 5% are related to console games.
The solid growth in sales and the stabilization of the company's headcount resulted in a significant increase in operating income and net income. Current operating income for the first six months of 2009 stands at EUR4.5M, up 65% compared to the first half of 2008. The operating margin stands at 7.6%, compared to 5.5% in the first half of 2008.
Stock-based compensation reached EUR1.3M. This expense does not have any negative impact on the company's equity and cash level. Interest income amounted to EUR0.3M and is comprised of exchange gains and interest on the company's cash.
The net half-year profit therefore stands at EUR2.2M, a clear improvement over the first half of 2008.
Healthy Financial Position
Gameloft's financial position remains very strong as of June 30, 2009. The company's equity stands at EUR52.1M, net cash was EUR16.9M and financial indebtedness remained at zero. Cash generation was particularly healthy with over EUR6M in additional cash generated over the first six months of the year. Gameloft therefore has the financial resources necessary to continue its fast growth and take market shares around the world.
Outlook for 2009
Gameloft continues to reap the fruit of its investments in its development and distribution abilities. These investments that enabled Gameloft to grow quickly and to position itself as one of the industry leaders in the past few years are now also resulting in increased profitability for the company.
- Gameloft is probably the player that benefits most from the innovations
introduced by the traditional telephone manufacturers such as Nokia and
Samsung and from the arrival of new dynamic players in the market such
as Apple and RIM. As such, Gameloft has become one of the top game
publishers on Apple's AppStore with 35 games released so far, of which
18 are or were ranked in the Top 10 Best-Selling Games.
- Gameloft continues to win over substantial market shares in Smartphones
and traditional Java and Brew phones.
- Gameloft is one of the very rare players in the market that has the
resources and know-how that allows it to be present with downloadable
content for the launch of all the new consoles (PlayStation Network,
Nintendo DSiWare, Nintendo WiiWare, etc.).
Gameloft is therefore renewing its growth target for sales as well as for profitability over the full year of 2009.
Sales for the third quarter of 2009 will be published on October 28, 2009.
About Gameloft
Gameloft develops and publishes video games for mobile telephones and consoles worldwide. Gameloft was founded in 1999 and is now positioned as one of the most innovating companies in its field. Gameloft designs games for telephones incorporating the Java, Brew and Symbian technologies, for which the number of units should exceed four billion in 2012. Gameloft games are also available on WiiWare, DS, Microsoft Xbox LIVE Arcade, iPod and PCs.
Partnership agreements with major rights holders such as Ubisoft Entertainment, Universal Pictures, ABC, Touchtone Television, Dreamworks Animations SKG, Endemol, 20th Century Fox, Viacom, Sony Pictures, Warner Bros., FIFPro, Ferrari, Roland-Garros, Gus Hansen, Kobe Bryant, Derek Jeter, Robinho, Reggie Bush, Chuck Norris, Patrick Vieira, Christophe Dominici and Jonny Wilkinson allow Gameloft to associate its games with very strong international brands. In addition to these brands, Gameloft has its own brands, such as Block Breaker Deluxe, Asphalt: Urban GT and New York Nights.
Thanks to agreements with all of the main telecom operators, telephone manufacturers and specialized distributors, as well as its http://www.gameloft.com boutique, Gameloft's games are distributed in 80 countries.
Gameloft has locations in New York, San Francisco, Seattle, Montreal, Mexico, Buenos Aires, Paris, London, Koln, Copenhagen, Milan, Madrid, Lisbon, Vienna, Warsaw, Helsinki, Bucharest, New Delhi, Kuala Lumpur, Peking, Tokyo, Hong Kong, Seoul, Singapore and Sydney. Gameloft is listed in Compartment B of the Paris Stock Exchange (ISIN: FR0000079600, Bloomberg: GFT FP, Reuters: GLFT.PA).
P&L (in thousands of euros) H1 2009 H1 2008
Sales 60,102 50,288
Other revenue from the activity 137 180
Cost of sales -7,720 -4,054
R&D -29,234 -26,630
Sales and Marketing -13,847 -13,843
Administration -4,310 -4,521
Other income and operating expenses -587 1,334
Current operating income 4,541 2,754
Stock-based compensation -1,261 -1,262
Other operating revenue and expenses -44 -69
Operating income 3,237 1,423
Cost of net financial indebtedness 58 108
Interest income 1,965 1,693
Interest expense -1,739 -3,103
Financial result 284 -1,301
Employee profit-sharing -78 0
Tax expense -1,248 -888
Net income 2,194 -766
. Group's share 2,198 -766
. minority interests -3 0
BALANCE SHEET (in thousands of euros) 30/06/2009 31/12/2008
ASSETS
Net intangible fixed assets 12,598 11,228
Net tangible fixed assets 4,574 5,083
Non-current financial assets 2,254 2,674
Assets from deferred assets 1,713 1,950
Total non-current assets 21,139 20,935
Inventory 810 2,428
Client receivables 28,503 35,143
Investment securities 6,017 2,507
Liquid assets 10,935 8,967
Other current assets 5,858 7,001
Total current assets 52,123 56,046
TOTAL 73,263 76,981
LIABILITIES
Capital 3,682 3,680
Issue premium 63,881 63,790
Reserves -17,699 -16,225
Result 2,194 -1,809
Shareholders' equity 52,058 49,436
Non-current liabilities 1,100 1,298
Current liabilities 20,105 26,247
TOTAL 73,263 76,981
Cash flow statement (in thousands of H1 2009 H1 2008
euros)
Operating transactions
Net income 2,194 -766
Depreciation of tangible and intangible
fixed assets 5,492 4,579
Result from stocks options and assimilated 1,261 1,262
Taxes paid -190 176
Sales of assets 79 270
Capitalized R&D expense -1,784 -3,082
License acquisition -3,144 -1,881
Other -12 -73
Self-financing capacity 3,897 484
Change in inventories 1,619 39
Change in operating receivables 7,086 781
Change in operating debts -5,154 -1,024
Change in the working capital requirement 3,551 -204
Operating cash flow 7,447 280
Transactions linked to investments
Acquisitions of intangible fixed assets -300 -213
Acquisitions of tangible fixed assets -960 -1,324
Acquisition of other fixed financial
assets -63 -155
Acquisition of controlling interests 35 -6
Repayment of loans and other capital
assets 123 346
Change in scope 45 85
Other transactions 2 57
Total transactions linked to investments -1,119 -1,210
Total flows from financing transactions 52 133
Change in cash flow 6,380 -797
Net cash flow at the beginning of the year 10,748 13,938
Impact of conversion differentials -227 -491
Net cash flow at the end of the year 16,900 12,649
- Revenues up by 20%
- Current Operating Income of EUR4.5M, up 65%
- Net Cash of EUR16.9M, up 57%
2009 Half-Year Results
Gameloft's financial statements for the first half-year ending June 30,
2009 break down as follows:
In EUR millions H1 2009 H1 2008
Sales 60.1 50.3
Other income 0.1 0.2
Cost of goods sold -7.7 -4.1
R&D -29.2 -26.6
Sales & Marketing -13.8 -13.8
Administration -4.3 -4.5
Other income and expenses -0.6 1.3
Current operating income* 4.5 2.8
Stock-based compensation -1.3 -1.3
Other operational revenues and expenses 0.0 -0.1
Operating income 3.2 1.4
Financial result 0.3 -1.3
Tax expense -1.2 -0.9
Group Share of Net Income 2.2 -0.8
*Before stock-based compensationGameloft achieved consolidated sales of EUR60.1 million for the first half of 2009, up by 20% from the first half of the previous year. Mobile games activity accounts for 95% of the company's half-year sales. The remaining 5% are related to console games.
The solid growth in sales and the stabilization of the company's headcount resulted in a significant increase in operating income and net income. Current operating income for the first six months of 2009 stands at EUR4.5M, up 65% compared to the first half of 2008. The operating margin stands at 7.6%, compared to 5.5% in the first half of 2008.
Stock-based compensation reached EUR1.3M. This expense does not have any negative impact on the company's equity and cash level. Interest income amounted to EUR0.3M and is comprised of exchange gains and interest on the company's cash.
The net half-year profit therefore stands at EUR2.2M, a clear improvement over the first half of 2008.
Healthy Financial Position
Gameloft's financial position remains very strong as of June 30, 2009. The company's equity stands at EUR52.1M, net cash was EUR16.9M and financial indebtedness remained at zero. Cash generation was particularly healthy with over EUR6M in additional cash generated over the first six months of the year. Gameloft therefore has the financial resources necessary to continue its fast growth and take market shares around the world.
Outlook for 2009
Gameloft continues to reap the fruit of its investments in its development and distribution abilities. These investments that enabled Gameloft to grow quickly and to position itself as one of the industry leaders in the past few years are now also resulting in increased profitability for the company.
- Gameloft is probably the player that benefits most from the innovations
introduced by the traditional telephone manufacturers such as Nokia and
Samsung and from the arrival of new dynamic players in the market such
as Apple and RIM. As such, Gameloft has become one of the top game
publishers on Apple's AppStore with 35 games released so far, of which
18 are or were ranked in the Top 10 Best-Selling Games.
- Gameloft continues to win over substantial market shares in Smartphones
and traditional Java and Brew phones.
- Gameloft is one of the very rare players in the market that has the
resources and know-how that allows it to be present with downloadable
content for the launch of all the new consoles (PlayStation Network,
Nintendo DSiWare, Nintendo WiiWare, etc.).
Gameloft is therefore renewing its growth target for sales as well as for profitability over the full year of 2009.
Sales for the third quarter of 2009 will be published on October 28, 2009.
About Gameloft
Gameloft develops and publishes video games for mobile telephones and consoles worldwide. Gameloft was founded in 1999 and is now positioned as one of the most innovating companies in its field. Gameloft designs games for telephones incorporating the Java, Brew and Symbian technologies, for which the number of units should exceed four billion in 2012. Gameloft games are also available on WiiWare, DS, Microsoft Xbox LIVE Arcade, iPod and PCs.
Partnership agreements with major rights holders such as Ubisoft Entertainment, Universal Pictures, ABC, Touchtone Television, Dreamworks Animations SKG, Endemol, 20th Century Fox, Viacom, Sony Pictures, Warner Bros., FIFPro, Ferrari, Roland-Garros, Gus Hansen, Kobe Bryant, Derek Jeter, Robinho, Reggie Bush, Chuck Norris, Patrick Vieira, Christophe Dominici and Jonny Wilkinson allow Gameloft to associate its games with very strong international brands. In addition to these brands, Gameloft has its own brands, such as Block Breaker Deluxe, Asphalt: Urban GT and New York Nights.
Thanks to agreements with all of the main telecom operators, telephone manufacturers and specialized distributors, as well as its http://www.gameloft.com boutique, Gameloft's games are distributed in 80 countries.
Gameloft has locations in New York, San Francisco, Seattle, Montreal, Mexico, Buenos Aires, Paris, London, Koln, Copenhagen, Milan, Madrid, Lisbon, Vienna, Warsaw, Helsinki, Bucharest, New Delhi, Kuala Lumpur, Peking, Tokyo, Hong Kong, Seoul, Singapore and Sydney. Gameloft is listed in Compartment B of the Paris Stock Exchange (ISIN: FR0000079600, Bloomberg: GFT FP, Reuters: GLFT.PA).
P&L (in thousands of euros) H1 2009 H1 2008
Sales 60,102 50,288
Other revenue from the activity 137 180
Cost of sales -7,720 -4,054
R&D -29,234 -26,630
Sales and Marketing -13,847 -13,843
Administration -4,310 -4,521
Other income and operating expenses -587 1,334
Current operating income 4,541 2,754
Stock-based compensation -1,261 -1,262
Other operating revenue and expenses -44 -69
Operating income 3,237 1,423
Cost of net financial indebtedness 58 108
Interest income 1,965 1,693
Interest expense -1,739 -3,103
Financial result 284 -1,301
Employee profit-sharing -78 0
Tax expense -1,248 -888
Net income 2,194 -766
. Group's share 2,198 -766
. minority interests -3 0
BALANCE SHEET (in thousands of euros) 30/06/2009 31/12/2008
ASSETS
Net intangible fixed assets 12,598 11,228
Net tangible fixed assets 4,574 5,083
Non-current financial assets 2,254 2,674
Assets from deferred assets 1,713 1,950
Total non-current assets 21,139 20,935
Inventory 810 2,428
Client receivables 28,503 35,143
Investment securities 6,017 2,507
Liquid assets 10,935 8,967
Other current assets 5,858 7,001
Total current assets 52,123 56,046
TOTAL 73,263 76,981
LIABILITIES
Capital 3,682 3,680
Issue premium 63,881 63,790
Reserves -17,699 -16,225
Result 2,194 -1,809
Shareholders' equity 52,058 49,436
Non-current liabilities 1,100 1,298
Current liabilities 20,105 26,247
TOTAL 73,263 76,981
Cash flow statement (in thousands of H1 2009 H1 2008
euros)
Operating transactions
Net income 2,194 -766
Depreciation of tangible and intangible
fixed assets 5,492 4,579
Result from stocks options and assimilated 1,261 1,262
Taxes paid -190 176
Sales of assets 79 270
Capitalized R&D expense -1,784 -3,082
License acquisition -3,144 -1,881
Other -12 -73
Self-financing capacity 3,897 484
Change in inventories 1,619 39
Change in operating receivables 7,086 781
Change in operating debts -5,154 -1,024
Change in the working capital requirement 3,551 -204
Operating cash flow 7,447 280
Transactions linked to investments
Acquisitions of intangible fixed assets -300 -213
Acquisitions of tangible fixed assets -960 -1,324
Acquisition of other fixed financial
assets -63 -155
Acquisition of controlling interests 35 -6
Repayment of loans and other capital
assets 123 346
Change in scope 45 85
Other transactions 2 57
Total transactions linked to investments -1,119 -1,210
Total flows from financing transactions 52 133
Change in cash flow 6,380 -797
Net cash flow at the beginning of the year 10,748 13,938
Impact of conversion differentials -227 -491
Net cash flow at the end of the year 16,900 12,649
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