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THQ Nordic AB (Publ) Acquires Coffee Stain

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THQ Nordic AB (publ) acquires Coffee Stain Investor Presentation November 14, 2018 Highlights Business Deal Future Leading Nordic game Upfront consideration of Strong pipeline of new game releases will developer and publisher SEK 392m payable at closing generate profitable growth - equivalent to SEK 3171m on a cash and debt free basis 9 owned or published IPs including Goat Simulator, Satisfactory, Deep Rock Galactic and Sanctum Potential earn outs in newly emitted SEK 500m+ shares, conditional on pre-agreed: Satisfactory Deep Rock Galactic Aggregate Net sales since inception in 2010 Three more unannounced projects 16+ million in pipeline sold game units during lifetime Operational goals • Earn-out capped at SEK 405m • no later than FY21 Profitable business Growth fuelled by hands-on every year since foundation Financial goals publishing concept • Accum. EBT goals of SEK 520m including minority investments in game Goat Simulator • Earn-out capped at SEK 130m developers SEK 400m+ in Net sales • no later than 31 Dec 2023 Passionate and competent team Potential synergies making great games with particular strengths in within distribution, marketing, know-how and IP digital, retention, cross platform and multiplayer development Adding a creative complementary pillar to THQ Nordic Net sales Adj. EBT2 Net sales EBT SEK 86m SEK 53m SEK 200-250m SEK 100-150m Pro forma financials during Jan-Sep 2018 Target financials FY319 1) Estimated net cash as of 13 November 2018 2) Coffee Stain unaudited management accounts adjusted to THQ Nordic GAAP 2 3) THQ Nordic financial year 1 April 2019 - 31 March 2020 Coffee Stain Group A successful Nordic game Developer & Publisher Management Quick facts Anton Westbergh Tim Badylak 2010 45 CEO CEO Founded Employees Coffee Stain Group, Coffee Stain Publishing Co-founder Co-founder 9 11 Johannes Aspeby Sebastian Erikson # of IPs Games released CEO CEO in portfolio Coffee Stain Studios, Coffee Stain North Co-founder Co-founder Total # of Aggregate 16m+ downloads 500m+ Net sales Magnus Alm SEK, since 2010 CEO Lavapotion, Net sales EBT1 % Co-founder SEK, Jan-Sep 86m 62% Jan-Sep 2018 2018 A Creative Machine Global Hit New IP New IP Publishing Portfolio Goat Simulator Pioneering First Person Intergalactic Space Mining with great reviews Factory Building 1) Coffee Stain unaudited management accounts adjusted to THQ Nordic GAAP 3 Coffee Stain Group A strong record of developing and publishing games Super A Story About The Westport Deep Rock I<3 Strawberries Sanctum Sanctum 2 Goat Simulator Puppet Fever Sanctum TD My Uncle Independent Galactic 2010 2011 2012 2013 2014 2015 2016 2017 2018 Sales Coffee Stain Acquires Coffee Stain surpasses Publishing majority share in Minority Majority founded in Skövde SEK 100m founded Lavapotion investments investments Invests in Battlerite Acquires minority – developed by share in Ghost Stunlock Studios Ship Games Game release Game release Released on Steam CS DEVELOPER CS PUBLISHER Early Access 4 Coffee Stain Studios Where it all started Key People Quick facts . Founded in 2010 by 9 friends at University of Skövde Johannes Aspeby CEO/Studio Manager . Currently 24 employees Co-founder . Increased development capabilities through acquisitions of Gone North Games (Coffee Stain North) and Lavapotion . Five released games based on owned IP including global mega-hit Goat Simulator Founders . Group revenues 2018 mainly driven by publishing of Deep . Founded in 2010 by Anton Westbergh, Johannes Rock Galactic and strong portfolio of released IPs. No major Aspeby, Mikael Mård, Oscar Jilsén, Gustaf Tivander, game release based on owned IP during 2018 Daniel Lundwall, Markus Rännare, Joakim Sjöö and Stefan Hanna. Profitable development studio since inception without external financing Games portfolio I<3 Strawberries Sanctum Sanctum 2 Super Sanctum TD Goat Simulator Satisfactory Launch date: Dec 2010 Launch date: Apr 2011 Launch date: May 2013 Launch date: May 2013 Launch date: Apr 2014 Launch date: 2019 First game launched # of sold games: 0.8m # of sold games: 1.2m # of sold games: 0.1m # of sold games: 14m 5 Sanctum A Successful Franchise Built on Owned IP Developer: Coffee Stain Studios Publisher: Coffee Stain Publishing Positive Genre: Tower Defense FPS 90% reviews Modes: Single Player / Co-op (4 player) SANCTUM Platforms: Windows, Mac, Linux, PS3, Xbox 360 Positive 93% reviews SANCTUM 2 2.1m 50m 90% Total # of SEK, total Net sales Average review downloads since first release score on Steam (all versions) Positive 87% reviews SUPER SANCTUM TD 6 Goat Simulator A Global Hit Developer: Coffee Stain Studios Publisher: Coffee Stain Publishing Positive Genre: High-Tech Goat Simulation reviews 87% Modes: Single Player / Co-op (4 Player) Platforms: Windows, Mac, Linux, iOS, Android, Xbox, Playstation 400m SEK Total Net Sales Release date Release date Release date Release date Nov 2014 May 2015 Jan 2016 May 2016 3-5m 2014 2015 2016 2017 2018 SEK, monthly Net sales Jan-Sep 2018 14m Release date Release date Release date Release date Expected release Apr 2014 Sep 2014 Jun 2015 Sep 2015 Q1 2019 Total # of sold games across all platforms 7 Satisfactory New IP – Scheduled for Early Access in 2019 Developer: Coffee Stain Studios Publisher: Coffee Stain Publishing Genre: First Person Factory Builder Modes: Single Player & Online Co-op Technology: Unreal Engine 4 Development Initiated: 2016 Revealed: E3 Summer 2018 Early Access Scheduled: 2019 . Most wish listed reveal ever from CSS 25,000+ . Strong active community already . Built to be expanded over years to come Users on Discord Channel “I’m particularly excited about the first gameplay footage we’ll be showing for Satisfactory, a new game for Coffee Stain Studios” PC Gamer June 6th ,2018 8 Additional Development Studios Complementing the Group Coffee Stain North Lavapotion Coffee Stain holds: 60% Coffee Stain holds: 60% Sebastian Erikson Carl Toftfelt Niklas Borglund Patrik Liljecrantz Magnus Alm CEO Co-founder Co-founder Co-founder Co-founder & CEO Quick facts Quick facts . Founded in 2013, today with 15 employees, based in . Founded in 2017, today with 5 employees, based in Stockholm Gothenburg . Acquired 60% in February 2018 – rebranded to . Coffee Stain acquired 60% of Lavapotion in April Coffee Stain North 2017 . Brings IP “A Story About My Uncle” . Working on a, to be announced, turn based strategy game . Made GoatZ and Waste of Space for Goat Simulator . Working on confidential project based on well-known IP estimated 2019/2020 9 Coffee Stain Publishing Accelerating The Group Team Publishing rights Tim Badylak Anton Westbergh CEO Biz Dev & Producer Previous experience: Ubisoft, Sony I<3 Sanctum Sanctum 2 Super Strawberries Sanctum TD Daniel Kaplan Albert Säfström Biz Dev & Producer PR & Marketing Previous experience: Previous experience: Production Director at Promo Specialist at King Mojang A Story Goat The Westport Puppet Fever About My Uncle Simulator Independent Sebastian Badylak Biz Dev & Scout Previous experience: Senior Producer at The Game Incubator Deep Rock Galactic Satisfactory Huntdown Quick facts . Project tailored publishing with hands-on operative involvement Signed Signed from experienced team TBA TBA . Equity ownership creates joint incentives and opportunities to publish more external IPs Upcoming Launch 10 Ghost Ship Games A Strategic Investment Ghost Ship Games Coffee Stain holds: 35% Henrik Jonas Mikkel Philip Robert Friis SÖREN Edwards Möller Martin Mygind Founder Lundgaard Founder Founder Pedersen Founder CEO/Founder Founder Quick facts Deep Rock Galactic . Founded in 2016, today with 20 employees based in Copenhagen Developer: Ghost Ship Games (DK) . Coffee Stain acquired 35% in 2017 Publisher: Coffee Stain Publishing . Brings IP “Deep Rock Galactic” . 400,000+ sold copies on Genre: Sci-Fi, Co-op, horde shooter Early Access Modes: Single Player / Co-op (4 Player) Platforms: Steam & Xbox One “Deep Rock Galactic is the best new co-op shooter on Steam and Xbox One” Release date early access: 28 Feb 2018 “Polygon” “The team at Ghost Ship already put together an amazing and satisfying Release date full version: 2019 experience that stands shoulder to shoulder with the best co-op titles out there” “GameWatcher” 11 Coffee Stain has a strong development and publishing pipeline TBA 2019 2019 2019 2019 Unannounced project based on existing IP Huntdown Deep Rock Galactic Goat Simulator Satisfactory (Full Release) HOYPE Unannounced Unannounced project project New IP Game release Game release CS DEVELOPER CS PUBLISHER 12 Coffee Stain’s role in THQ Nordic - post deal Business and . Focus on executing business plan, i.e. Group HQ strategy focus current business and new games pipeline Karlstad, Sweden CEO Lars Wingefors . Adding selected key recruits within both 5 games development and publishing . Strengthening publisher position in the THQ Nordic Koch Media Coffee Stain Nordic market with A/AA developers Vienna, Austria Munich, Germany Skövde, Sweden Klemens Kreuzer Klemens Kundratitz Anton Westbergh . Revenue synergy implementation, e.g. Operational CEO Operational CEO Operational CEO 1,897 45 distribution, marketing, know how and use of owned IP . Continue to evaluate minority investments Studios Studios Studios in conjunction with publishing opportunities 8 Internal 3 Internal 3 Internal 18 External 8 External 2 External . No cost saving program planned 1 Publishing 11 Publishing 1 Publishing Corporate and . Coffee Stain Holding AB to operate as an independent unit under the Coffee Stain Number of IPs Number of IPs Number of IPs organizational 95 17 9 brand . CEO Anton Westbergh to report to group CEO Lars Wingefors Dev. projects Dev. projects 55 Under development . First consolidated financial reporting on 4 Announced 20 Announced th 3 Unannounced February 13 . 35 Unannounced . Revenue recognition from closing (prel. Nov 14th 2018) 13 Appendix 14 Coffee Stain financials Income statement (adjusted) Balance sheet (reported) Coffee Stain Coffee Stain (as adjusted) (as reported) SEKm Jan-Sep 2018 SEKm 30 Sep 2018 Net Sales 86 Intangible assets 24 Other operating income 38 Property, plant and equipment 1 Total operating income 124 Shares held in associate companies 15 Other operating expenses, excl.
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