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Keywords Studios Plc W Keywords Studios Plc O R D K e y Keywords Studios plc w Keywords Studios plc o r d s Annual Report and Accounts S t u d i o s Keywords International Ltd. p l c Whelan House A n South County Business Park n u a l Dublin 18 R e p o Ireland r t a n T: +353 190 22 730 d A c F: +353 190 22 774 c o u n t s 2 0 1 3 www. keywordsintl.com 2013 Contacts Dublin Tokyo Rome Keywords International Ltd. Keywords International Co., Ltd. Keywords Italia Srl “We are well placed to Whelan House 2F Toshin Building Via Tiberio Imperatore 15 South County Business Park 4-33-10 Yoyogi, Shibuya- ku, 00145 Rome Dublin 18 Tokyo 151-0053 Italia take advantage of the Ireland T: +353 190 22 730 T: +81 3 4588 6760 T: +39 06 44 20 25 21 industry’s expected F: +353 190 22 774 F: +81 3 3375 1518 F: +39 06 44 11 92 17 Seattle Montreal Singapore growth and structural Keywords International Inc. Keywords International Corporation Inc. Keywords International Plaza Center 410 St-Nicolas, Suite 600 1557 Keppel Road #03-28 10900 NE 8th Street, Suite 1000 Montréal, QC Singapore 089066 change in 2 014 & 2 015” Bellevue, Seattle, WA 98004 H2Y 2P5 Canada Andrew Day Chief Executive T: +1 425 633 3226 T: +1 514 789 04 04 F: +1 425 633 3228 F: +1 514 843 43 52 Contents Keywords at a glance 2 Directors’ remuneration Company statement policy report 24 of financial position 32 Chairman’s statement 4 Independent Auditor’s report 26 Company statement of Strategic report 6 changes in equity 33 Consolidated statement The market 8 of comprehensive income 28 Company statement of cash flows 34 Case study: Game localisation 8 Consolidated statement Notes forming part of the Chief Executive’s review 12 of financial position 29 Consolidated financial statements 35 Financial and operating review 16 Consolidated statement Company information 55 of changes in equity 30 Board of Directors 18 Contacts 56 Consolidated statement Directors’ report 19 of cash flows 31 Directors’ remuneration report 22 Designed and produced by fourth qua rter Introduction O V E Keywords is an international technical R V I E services provider to the global games W industry. Established in 1998, and now with operations in Dublin, Tokyo, Rome, Montreal, Seattle, London, New Delhi and Singapore. It provides integrated localisation, testing S t r a t e and audio services across 40 languages G i C r e and 12 games platforms to a blue chip P o r client base in more than 15 countries. t Its customers comprise many well-known blue chip multinational games publishers and developers including 15 out of the G o 25 most prominent games companies v e r n a listed by Gartner. n C e F i n Visit the website for further information a n C i a l S t www. keywordsintl.com a t e m e n t S Keywords Studios plc – Annual Report 2014 1 At a glance Keywords is an international technical services provider to the global video games industry, with facilities in Dublin, Tokyo, Rome, Montreal, Seattle, London, Singapore and New Delhi. It has built a strong reputation across its service offerings, which include: •Localisation •Localisation Testing •Audio •Functional Testing translation and cultural testing that the translated original voice recording, testing for defects and adaption including age and adapted content fits voice over recordings, pre compliance with console rating support across the games context and post production as specifications different platforms well as actor selection and management DUBlin lonDon Seattle montreal rome toKYo neW DelHi SinGaPore Montreal Dublin (HQ) Rome Singapore • Localisation QA, • Established in 1998 • Amalgamated 20 11 • Started April 2014 Functional QA, • Localisation, Localisation • Localisation & Audio • Localisation, Audio, Localisation QA, Audio Mgmt in Testing • Audio 30+ languages • Established in 2010 and expanded in 2014 through Babel acquisition Seattle London (Liquid Violet) New Delhi (Babel Media) Tokyo • Established 2012 • Acquired in Jan 2014 • Acquired Feb 2014 • Established in 2010 • Serviced offices for 8, • Audio • Functional QA • Localisation QA, scope to expand to 100 Localisation & Audio • Onsite Localisation QA Localisation 2 Keywords Studios plc – Annual Report 2014 O V E R V I E W 40Providing integrated 12games platforms to a blue 15clients serviced of the 25 9studios providing technical localisation, testing and audio chip client base in over most prominent games services to the global games services across 40 languages 15 countries companies community The Group provides integrated localisation, testing and audio services across 40 languages and 12 games platforms to a blue chip client base in over 15 countries from its 9 studios on 3 continents. S t r a t e G i C r e P As Keywords provides services to the global video games market, o r across all platforms without the risks of game creation, the Company t is ideally placed to take advantage of the key growth drivers for the industry: •Geographic expansion – •Growth in social media – •Dynamic content trend – •Increased outsourcing – an expansion of in both digital and boxed the trend towards richer the move, by major geographic markets and, games across social and more dynamic publishers, to outsource therefore, the languages media, smartphone content and high quality their technical services that games content is platforms such as iOS as the complexity and G standards which require o localised for and and Android, and the cost of undertaking v high calibre localisation e r translated into; traditional console and and testing; and these in-house becomes n a handheld platforms of prohibitive. n C PlayStation 4, Xbox One, e PlayStation Vita and 3DS, generating more localisation and testing across multiple platforms; Divisional revenue Keywords clients F i n split 2013 a n C i a l S t a t e m e n t S Localisation Testing 58% Localisation 32% Audio 8% Functional Testing 2% Keywords Studios plc – Annual Report 2014 3 Chairman’s statement In this, my first, statement as Chairman in the Company’s maiden full year results as a public company following its admission to AIM in July 2013, I would like to set the scene for investors’ own review of the Strategic Report and the other components of these Accounts by outlining my initial view of the Company. overview which was characterised by an Keywords has a highly motivated and unexpected scaling back in the number skilled team of executives delivering a of next generation launch territories and high calibre service to its international delays to some earlier generation games client base within a fragmented service releases due to the industry’s focus on provider market that is ripe for two major console releases at the very consolidation. The trend for games end of the year. producer s/developers to outsource localisation activities (translation, Following the year end, Keywords localisation testing and functional acquired in January 2014 Liquid Violet testing) and related functions (such as Ltd, a London-based video games voice audio services) continues to gather pace, production services company and in offering good opportunities for organic February Babel Media Ltd, a leading growth. We, therefore, believe that our provider of outsourced video games strategy of harnessing this organic services with operations in Canada growth opportunity, complemented by and India. In March 2014 we started acquisitions to extend the Group’s client operations in Singapore underpinned base, geographical presence and service by demand from Electronic Arts as they lines, will underpin the Group’s chose to outsource translation, audio significant growth in the medium to and testing services for South East Asian long term at stable margins. languages to Keywords and we continue to review a number of acquisition We have made considerable progress in opportunities. Adding these businesses line with that strategy, both organically to the Group substantially extends its and through acquisition. In the year capabilities, customer relationships and ended 31 December 2013, we grew geographic reach and we look forward revenue by 14.3% to €16.4m despite a to taking advantage of the synergies transitional period in the games industry that they bring to Keywords. Keywords timeline 19 98 2004 2005 2009 2010 Keywords founded: Localisation Testing: Video game focus: Key appointment : Office expansion: by Teresa Luppino Company develops Keywords adopts Andrew Day Moved to new, (ex Italian language localisation testing strategy of focusing appointed CEO expanded premises specialist working at process for video on video game market, New business wins: in Dublin Microsoft) and Giorgio games with a key earning a reputation Gained new strategic Guastalla client, covering for delivering a quality, customers International openings: both functional and tailored service Keywords Montreal linguistic aspects is opened to service simultaneously North America Tokyo facility opened 4 Keywords Studios plc – Annual Report 2014 O V E R V I E W People and culture Shareholders and dividend looking ahead Keywords has a distinct and strong I would also like to thank shareholders 2014 is expected to be a year of culture which engenders a ‘can do’ for their continued support as we significant activity for the games attitude and is founded on the value pursue a strategy which we believe will industry driven by games launches to placed on our people; we trust them and continue to enhance shareholder value support both the fast growing new work hard to empower them to perform and we look forward to sharing an open generation consoles and the existing S t the best service for each project and and prosperous partnership with our 250m previous generation console r a each client; we have an inclusive style new investors following our IPO.
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