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11 Bit Studios – Quaterly Report for Q1-Q3 2018

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11 Bit Studios – Quaterly Report for Q1-Q3 2018 2 LETTER FROM THE MANAGEMENT BOARD ........................................................................................ 3 1. SELECTED FINANCIAL DATA ................................................................................................ 4 1.1. Statement of financial position .............................................................................................. 4 1.2. Statement of profit or loss ................................................................................................... 4 1.3. Statement of cash flows ...................................................................................................... 4 2. OVERVIEW ..................................................................................................................... 5 2.1. Company overview ............................................................................................................ 5 2.2. Covered periods ................................................................................................................ 5 2.3. Governing bodies as at September 30th 2018 ............................................................................. 5 2.4. Large holdings of Company shares as at the issue date of the report .................................................. 6 2.5. Holdings of Company shares by members of the management and supervisory staff as at September 30th 2018 ................................................................................................................................... 7 2.6. Headcount ...................................................................................................................... 7 2.7. Functional and presentation currency ...................................................................................... 7 3. INTERIM CONDENSED FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. ........................................... 8 3.1. Interim condensed statement of profit or loss and other comprehensive income (PLN) ............................ 8 3.2. Interim condensed statement of financial position (PLN) ................................................................ 9 3.3. Interim condensed statement of changes in equity (PLN) ............................................................. 10 3.4. Interim condensed statement of cash flows (PLN) ...................................................................... 12 4. NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. ... 13 4.1. International Financial Reporting Standards applied by the Company ............................................... 13 4.2. Material achievements or failures of the Company in the reporting period ......................................... 14 4.3. Revenue (PLN)................................................................................................................ 16 4.4. Finance income (PLN) ....................................................................................................... 17 4.5. Finance costs (PLN) .......................................................................................................... 17 4.6. Other income and expenses (PLN) ......................................................................................... 18 4.7. Income tax on continuing operations (PLN) .............................................................................. 18 4.8. Property, plant and equipment (PLN) .................................................................................... 19 4.9. Intangible assets (PLN) ...................................................................................................... 19 4.10. Trade and other receivables (PLN) ........................................................................................ 20 4.11. Non-current financial assets (PLN) ........................................................................................ 21 4.12. Short-term financial assets (PLN) ......................................................................................... 21 4.13. Other current assets (PLN) ................................................................................................. 22 4.14. Other assets (PLN) ........................................................................................................... 22 4.15. Cash and cash equivalents (PLN) .......................................................................................... 22 4.16. Share capital (PLN) .......................................................................................................... 22 4.17. Trade and other payables (PLN) ........................................................................................... 23 4.18. Accrued employee bonuses and other accruals and deferred income (PLN) ........................................ 23 4.19. Financial instruments (PLN) ................................................................................................ 23 4.20. Deferred income (PLN) ...................................................................................................... 24 4.21. Related-party transactions ................................................................................................. 25 4.22. Information on dividend paid or declared ................................................................................ 26 4.23. Capital commitments ....................................................................................................... 26 4.24. Contingent assets and liabilities ........................................................................................... 26 4.25. Seasonal and cyclical changes in the Company’s business during the reporting period ........................... 26 4.26. Factors and events, especially of a non-recurring nature, with a bearing on the financial results .............. 26 4.27. Events subsequent to the reporting date ................................................................................. 26 4.28. Factors with a bearing on the Company’s future results ............................................................... 26 4.29. Proceedings pending before a court, arbitration body or public administration authority ........................ 27 4.30. Management Board’s statement ........................................................................................... 27 4.31. Authorisation of financial statements .................................................................................... 28 2 LETTER FROM THE MANAGEMENT BOARD Warsaw, November 14th 2018 Dear Shareholders and Investors! It is our pleasure to present to you the financial report of 11 bit studios S.A. for the quarter of 2018. We are satisfied with the Company’s business achievements during this period and the financial results achieved. The spring premiere of "Frostpunk”, our largest and most expensive production to date, confirmed that we have the highest competence in creating computer games. The excellent sales of “Frostpunk” in the months after the release confirmed our high skills in long-term monetisation of games. We are convinced that with further initiatives – including the released extensions or porting to other hardware platforms - “Frostpunk” will maitain its status of a product strategic for the Company’s financial results for a number of quarters to come. Similarly, we are very satisfied with the development of our publishing division, which has successfully released of“Moonlighter”. The commercial success of this title, developed by the Spanish Digital Sun studio, in addition to its measurable contribution to the results of 11 bit studios S.A. for the nine months ended Septeber 30th 2018, has considerably strengthened our position as a competent publisher in the gaming industry. This gives our publishing division space for much more dynamic growth, and allows us to seek projects with even higher commercial potential. We are already holding a number of promising discussions. With excellent sales of “Frostpunk”, “Moonlighter” and “This War of Mine” (despite the fact that four years have passed since the TWoM release), our Company’s revenue in the nine months to September 30th 2018 was PLN 59.62m, i.e. over five times more than a year before. EBITDA came in at almost PLN 38.13m (compared with PLN 3.69m in the corresponding period of 2017). Operating profit was PLN 35.22m (PLN 2.35m), and net profit came in at PLN 28.52m, compared with a PLN -0.56m loss a year ago. Needless to say, the results generated in the nine mnths to tne end of September 2018 were record-high in the history of 11 bit studios S.A. Our cash reserves were also record high. At the end of September 2018, 11 bit studios S.A. held over PLN 61.67m in bank accounts, bank deposits, bonds and units of a conservative investment fund. This amount did not include trade receivables of PLN 4.54m, which are converted into cash on an ongoing basis. In other words, our cash resources doubled compared with the beginning of 2018. It is worth noting that this year’s results take into account, among other things, high royalties paid to the producer of “Moonlighter” following the game’s strong sales performance. The royalties, which so far have reached almost PLN 7m, were behind the large year-on-year increase in cost of services. The reported increase in salaries and wages was attributable to non-cash provisions recognised in connection with the Company’s 2017–2019 Incentive Scheme. In the nine months to September 30th 2018, the provisions
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