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Koch Media Drives Sales in Q1, Ebit Increased 236% to Sek 107 Million

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Koch Media Drives Sales in Q1, Ebit Increased 236% to Sek 107 Million THQ NORDIC AB (PUBL) REG NO.: 556582-6558 INTERIM REPORT • 1 JANUARY – 31 MARCH 2018 KOCH MEDIA DRIVES SALES IN Q1, EBIT INCREASED 236% TO SEK 107 MILLION Our business continues to grow; net sales increased by 673% to SEK 633 million in the quarter, mainly thanks to Koch Media, which was acquired and consolidated on February 14. Excluding Koch Media, net sales were up 64% to SEK 135 million. EBITDA was up 439% to SEK 226 million and EBIT increased by 236% to SEK 107 million compared to the same period last year. Excluding Koch Media, EBIT was up 54% to SEK 49 million. Koch Media is by far our largest acquisition to date and confirms our focus on creating value for our share- holders. With this transaction, we took a great step forward to further build a diversified, substantial and relevant player within the growing games industry. We got off to a great start together with the Deep Sil- ver release of Kingdom Come Deliverance. I’m also happy to inform that Deep Silver will be publishing the upcoming RPG’s Wasteland 3 and Bards Tale IV. Both games are developed by InXile, a California-based studio founded by the industry legend Brian Fargo. Along with them, we are all looking forward to Deep Silver’s next key release, Metro Exodus, now expected in Q1 2019. The THQ Nordic GmbH operations also had a good quarter with five new releases including MX vs ATV: All Out, our in-house developed sequel, released at the end of the quarter. Revenues for the THQ Nordic GmbH operations were 135 million, an increase by 68% compared to the same quarter last year. Their next key releases, Biomutant and Darksiders 3, are still under evaluation for setting a release date. I expect the future of our well invested pipeline of products – currently at a record 54 ongoing projects – to generate growing revenues and improved profitability. In order to make the best possible return on our invest- ments and to continue building IP value I would like to restate the importance that we are patient to deliver the expected customer experience along with finding the right release window for up-coming releases. Meanwhile, we continue to evaluate further investments into game development projects for key IPs along with further potential acquisitions or strategic partnerships that could add considerable value for the group and its shareholders. Stay tuned. – LARS WINGEFORS, FOUNDER & CEO FIRST QUARTER 2018 > Earnings per share (diluted) were SEK 1.02 (0.33). > Net sales increased by 673% to SEK 632.9 m > As of 31 March 2018, cash and cash equivalents (81.9). were SEK 98.7 m. Available liquidity including > EBITDA increased by 439% SEK 225.9 m (41.9), credit facility was SEK 1,117 m. corresponding to an EBITDA margin of 35,9%. > Acquisition of Koch Media was completed > Cash flow from operating activities amounted to during the first quarter and is consolidated from SEK 699.8 m (29.7). 14 February 2018. KEY PERFORMANCE INDICATORS, GROUP SEK million Jan-Mar 2018 Jan-Mar 2017 Full year 2017 Net sales 632.9 81.9 507.5 EBITDA 225.9 41.9 272.6 EBIT 107.3 31.9 188.2 Profit after tax 81.1 23.5 139.2 Earnings per share, SEK 1.02 0.33 1.88 Cash flow from operating activities 699.8 29.7 179.1 Sales growth, % 673 90 68 EBITDA margin, % 36 51 54 EBIT margin, % 17 39 37 Net sales split, business area games: – Owned titles, % 34 67 77 – Publishing titles, % 66 33 23 Biomutant In this Report, all figures in brackets are for the corresponding period of the previous year, unless otherwise stated. THQ NORDIC AB (PUBL) 1 JANUARY–MARCH 2018 FINANCIAL PERFORMANCE, FIRST QUARTER 2018 CONSOLIDATED NET SALES Consolidated net sales for the first quarter were up by 673% to SEK 632.9 m (81.9). The increase is primarily sourced from the acquisition of Koch Media that was consolidated from 14 February 2018. Excluding Koch Media, THQ Nordic net sales amounted to SEK 134.5 m during the quarter (SEK 81.9 m), corresponding to an organic growth of 64%. The Koch Media contribution to consolidated net sales was SEK 498.4 m in the period. For the full quarter pro forma, Koch Media had net sales of SEK 805 m, split between Business Area Games Deep Silver SEK 342 m and Business Area Partner Publishing/ Film SEK 463 m. CONSOLIDATED EXPENSES Expenses were SEK 617.3 m (63.8) in the first quarter. Cost of goods sold was SEK 319.9 m (24.5). Other external expenses amounted to SEK 74.5 m (10.7). Personnel expenses were SEK 104.3 m (18.0). The increase of all cost items is to some extent sourced from organic growth but is primarily a consequence of the acquisition of Koch Media, which has had a substantial impact on the cost structure. Depreciation and amortization was SEK 118.7 m (10.1). Other expenses were SEK – m (0.5). CONSOLIDATED EARNINGS The group’s EBITDA for the first quarter 2018 increased by 439% to SEK 225.9 m (41.9) following in- creased sales and favorable scalability as well as the acquisition of Koch Media. EBIT in the quarter was SEK 107.3 m (31.9). Excluding Koch Media, EBIT was up 54% to SEK 49.2 million. Profit after financial items were SEK 98.0 m (31.5) for the first quarter. Profit after tax was SEK 81.1 m (23.5). CASH FLOW AND FINANCIAL POSITION Cash flow from operating activities for the quarter was SEK 699.8 m (29.7). The difference is due to improved operating profit, higher depreciations and a reduction of working capital in Koch Media through forfaiting of about SEK 450 m in the period. Cash flow from investing activities was SEK –549.5 m (–68.1), of which SEK –362,6 m is relating to the acquisition of Koch Media and the rest is mainly investments in game development projects. Cash flow from financing activities amounted to SEK –681.4 m (1.9), of which SEK –781.3 m was amortization of debt by Koch Media during March. Cash and cash equivalents at the end of the period were SEK 98.7 m (626.5 as of 31 December 2017). The Company also had unutilized credit facilities, mainly within Koch Media, of SEK 1,018.3 m (69.3). The group’s total available cash and unutilized credit facilities were SEK 1 117.0 m (766.8 as of 31 December 2017). The company had intangible assets of SEK 1,899.2 m (286.1) at the end of the period, distributed as follows: • Finished, completed games SEK 200 m • Ongoing game development projects SEK 1,131 m • Films and royalty advances SEK 148 m • IP:s, surplus values and goodwill SEK 420 m. CAPITAL EXPENDITURE, DEPRECIATION AND AMORTIZATION In the first quarter, the group’s investments in intangible assets amounted to SEK 184.5 m (67.2), mainly related to capitalized expenditure for ongoing game development. Investments in property, plant and equipment amounted to SEK 2.5 m (0.9). Amortization of intangible assets in the first quarter was SEK 115.9 m (9.8). Depreciation of property, plant and equipment amounted to SEK 2.8 m (0.3). Red Faction Guerrilla THQ NORDIC AB (PUBL) 2 JANUARY–MARCH 2018 ABOUT THQ NORDIC AB THQ Nordic acquires, develops and publishes PC and console games for the global games market. The company is a major player within game and partner publishing with an extensive catalogue of over 100 owned franchises, such as Saints Row, Dead Island, Homefront, Darksiders, Metro (exclusive license), Titan Quest, MX vs ATV, Red Faction, Delta Force, Destroy All Humans, ELEX, Biomutant, Jagged Alliance, SpellForce, The Guild amongst others. THQ Nordic has a global publishing reach within marketing, sales and distribution, both online and offline. The company has a global presence, with its group head office located in Karlstad, Sweden and with operational offices in Vienna, Austria and Munich, Germany. The group has ten internal game development studios based in Germany, UK, USA and Sweden and contracts with 26 external game studios in a number of different countries. THQ Nordic engages more than 1,700 people. ACQUISITION OF KOCH MEDIA At February 14 THQ Nordic AB (publ) acquired 100 percent of the share capital of Koch Media GmbH, including, inter alia, the games developer and publisher Deep Silver with AAA-intellectual property rights such as Saints Row, Dead Island and exclusive licence for Metro. The total consideration for 100% of the shares in Koch Media GmbH was EUR 91.5 million. Koch Media is a leading, independent producer and marketer of digital entertainment products in Europe and North America with studios in Germany, the UK, and the US and 11 regional offices across Europe. Koch Media will continue to operate as a separate entity within the THQ Nordic group under the leader- ship of Co-Founder and CEO, Dr. Klemens Kundratitz, and CFO, Reinhard Gratl. THQ Nordic sees potential for revenue synergies and margin improvements, e.g. from partnerships from both groups’ IPs, assets, and development capacity. By having a larger development capacity and pipeline, more IPs, a larger pub- lishing capacity through THQ Nordic and Deep Silver, the combined group has a greater capacity, thus creating a more stable operation and a more flexible organisation. OPERATIONS NEW RELEASES IN THE FIRST QUARTER Business area Games – THQ Nordic THQ Nordic released the following new products in the first quarter: • The new owned IP Rad Rogers for Playstation 4, Xbox One and PC.
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