Analysing the Connection Between the Strength of Emotional Reaction Invoked Within a Video Game Player and the Presence of Virtual Reality Technology
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Redeye-Gaming-Guide-2020.Pdf
REDEYE GAMING GUIDE 2020 GAMING GUIDE 2020 Senior REDEYE Redeye is the next generation equity research and investment banking company, specialized in life science and technology. We are the leading providers of corporate broking and corporate finance in these sectors. Our clients are innovative growth companies in the nordics and we use a unique rating model built on a value based investment philosophy. Redeye was founded 1999 in Stockholm and is regulated by the swedish financial authority (finansinspektionen). THE GAMING TEAM Johan Ekström Tomas Otterbeck Kristoffer Lindström Jonas Amnesten Head of Digital Senior Analyst Senior Analyst Analyst Entertainment Johan has a MSc in finance Tomas Otterbeck gained a Kristoffer Lindström has both Jonas Amnesten is an equity from Stockholm School of Master’s degree in Business a BSc and an MSc in Finance. analyst within Redeye’s tech- Economic and has studied and Economics at Stockholm He has previously worked as a nology team, with focus on e-commerce and marketing University. He also studied financial advisor, stockbroker the online gambling industry. at MBA Haas School of Busi- Computing and Systems and equity analyst at Swed- He holds a Master’s degree ness, University of California, Science at the KTH Royal bank. Kristoffer started to in Finance from Stockholm Berkeley. Johan has worked Institute of Technology. work for Redeye in early 2014, University, School of Business. as analyst and portfolio Tomas was previously respon- and today works as an equity He has more than 6 years’ manager at Swedbank Robur, sible for Redeye’s website for analyst covering companies experience from the online equity PM at Alfa Bank and six years, during which time in the tech sector with a focus gambling industry, working Gazprombank in Moscow he developed its blog and on the Gaming and Gambling in both Sweden and Malta as and as hedge fund PM at community and was editor industry. -
Embracer Group
Update Equity Research 2 December 2019 Embracer Group Sector: Gaming Unmotivated share price drop FAIR VALUE RANGE BEAR BASE BULL Beating estimates, again 60.0 100.0 125.0 Embracer crushed our estimates during FY’Q2, the top-line came in 25% above forecast, and Operational EBIT showed a 53% beat. As expected, there was a significant decline in volumes within Partner Publishing, so on an annual basis, the net sales were down 1%. EMBRAC.ST VERSUS OMXS30 However, the Gross profit grew by almost 66%, thanks to the uptake in Games revenue. The OMXS 30 Operational EBIT margin came in at 19% compared to our estimate of 16%. On a trailing- Embracer Group 10.0 twelve -month basis, Embracer has produced almost SEK 2bn in cash flow from operations and continues to show a high cash conversion ratio. 8.0 6.0 Investing for the future 4.0 Embracer continues to invest in its pipeline, and the game investments amounted to SEK 2.0 343m during the quarter. The company now has 86 projects in development, where we 0.0 know that at least two are AAA projects that are expected to be released during the next 03-dec 03-mar 01-jun 30-aug 28-nov financial year. The ratio between released games and ongoing development projects on the balance sheet now amounts to 4x; in other words, continued growth is to be expected. REDEYE RATING Shenmue III was released on the 19th of November. The early user reviews indicate strong receptions from fans but mixed from critics. -
THQ Nordic Fast Comment
Equity Research - 14 August 2019 07:09 CET THQ Nordic Fast comment Shows strength despite limited new releases Company-sponsored research: Not rated Sales of SEK 1,142m, +12.0% vs. ABGSCe… Share price (SEK) 13/08/2019 222.4 …Operational EBIT of SEK 206m, +17.1% vs. ABGSCe Technology Hardware & Equipment, Sweden Two new acquisitions strengthen games segment THQNb.ST/THQNb.ST Estimate beat driven by back catalog and digital sales MCap (SEKm) 20,906 THQ reported its Q1’19/20 figures today, which beat our estimates for MCap (EURm) 1,955.3 what was set up to become a somewhat weak quarter. Sales came in at Net debt (EURm) -212 SEK 1,142m, which was 12.0% above our estimate of SEK 1,020m. driven by strong back catalog sales (82%), where Metro Exodus No. of shares (m) 94.0 continued to perform well as Deep Silver saw sales of SEK 373m, Free float (%) 48.2 +24.3% vs ABGSCe. Coffee Stain Studios also showed another strong Av. daily volume (k) 493.6 quarter with sales of SEK 83m, as was mainly expected, with sales being driven by the promotion of Satisfactory by Epic Games Store. THQ also offered an earnings beat, where higher than usual digital sales contributed (71% of total net sales). EBITDA came in at SEK 389m, beating our estimate of SEK 299m by 30.3%. Operational EBIT, was SEK 206m, beating our estimate of SEK 176m by 17.1%. All in all the estimate beats show that THQ can rely on its back catalog to transition strongly through quarters with no new major releases. -
19/20 Interim Report 2 Reg No
JULY – SEPTEMBER 2019 EMBRACER GROUP AB (PUBL) 19/20 INTERIM REPORT 2 REG NO. 556582-6558 OPERATIONAL EBIT INCREASED 133% TO SEK 241 MILLION SECOND QUARTER, JULY–SEPTEMBER 2019 (COMPARED TO JULY–SEPTEMBER 2018) > Net sales were SEK 1,259.7 million (1,272.7). Net sales of the Games business area increased 117% to SEK 816.0 million (376.0), whereas the Partner Publishing/Film business area decreased 51% to SEK 443.6 million (896.6) due to the absence of larger releases to match those in the same period last year. Last year’s Partner Publishing revenues included two titles that account for more than the difference to this year’s revenue. > EBITDA increased 95% to SEK 418.1 million (214.8), corresponding to an EBITDA margin of 33%. > Operational EBIT rose 133% to SEK 240.7 million (103.4) corresponding to an Operational EBIT margin of 19%. > The increase in EBITDA and Operational EBIT is mainly attributed to the sales growth in the Games business area. > Cash flow from operating activities amounted to SEK 284.8 million (–740.1). > Earnings per share was SEK 0.21 (0.25). > Adjusted earnings per share was SEK 0.65 (0.28). Key performance indicators, Jul–Sep Jul–Sep Apr–Sep Apr–Sep Jan 2018– Group 2019 2018 2019 2018 Mar 2019 Net sales, SEK m 1,259.7 1,272.7 2,401.8 2,110.1 5,754.1 EBITDA, SEK m 418.1 214.8 807.6 421.7 1,592.6 Operational EBIT, SEK m 240.7 103.4 444.8 173.1 897.1 EBIT, SEK m 76.4 90.8 157.7 143.3 574.6 Profit after tax, SEK m 64.6 65.0 117.4 98.5 396.8 Cash flow from operating activities, SEK m 284.8 –740.1 723.1 –575.6 1,356.4 Sales growth, % –1 1,403 14 2,281 1,034 EBITDA margin, % 33 17 34 20 28 Operational EBIT margin, % 19 8 19 8 16 In this report, all figures in brackets refer to the corresponding period of the previous year, unless otherwise stated. -
Embracer Group Årsredovisning 2019/2020
EMBRACER GROUP ÅRSREDOVISNING 2019/2020 EMBRACER GROUP AB (PUBL) | ÅRSREDOVISNING 2019 / 2020 A INNEHÅLL 2 Årets höjdpunkter 4 Bolagets grundare och VD har ordet 6 Mål och tillväxtstrategi 8 Marknadsöversikt 11 Spelportfölj & Affärsområden 31 Hållbarhetsredovisning 46 Aktien & Bolagsstyrning 59 Årsredovisning & Koncernredovisning 95 Revisionsberättelse 98 Aktieägarinformation FINANSIELL KALENDER Årsstämma 2020 16 september 2020 Delårsrapport, april-september 18 november 2020 Delårsrapport, april-december 18 februari 2021 Bokslutskommuniké 2020/2021 20 maj 2021 Alla uppgifter i denna årsredovisning avser förhållandet vid verksamhetsårets slut, 31 mars 2020 såvida inte annan tid anges. Uppgifterna på sidan 1 avser förhållandet vid tidpunkten för årsredovisningens publicering. B ÅRSREDOVISNING 2019 / 2020 | EMBRACER GROUP AB (PUBL) EMBRACER GROUP I KORTHET USA AUSTRALIEN JAPAN KANADA SYD- KOREA POLEN RYSSLAND SVERIGE FINLAND NORGE BELARUS TYSKLAND NEDERLÄNDERNA FRANKRIKE STORBRITANNIEN SPANIEN PORTUGAL UKRAINA SCHWEIZ BULGARIEN ITALIEN SLOVAKIEN TJECKIEN ÖSTERRIKE MALTA Embracer Group är moderbolag till företag som utvecklar och förlägger PC, konsol- och mobilspel för den globala spelmarknaden. Bolaget har en bred spelportfölj med över 190 ägda varumärken, som till exempel Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdom Come: Deliverance, TimeSplitters, Satisfactory, Wreckfest, Insurgency, Destroy All Humans!, World War Z, SnowRunner och många fler. Koncernen har huvudkontor i Karlstad och global närvaro genom de sex operativa koncernerna: THQ Nordic, Koch Media/Deep Silver, Coffee Stain, Amplifier Game Invest, Saber Interactive och DECA Games. Koncernen har 43 interna studios och fler än 4 000 anställda och kontrakterade medarbetare i fler än 40 länder. Embracer Groups aktier är noterade på Nasdaq First North Stockholm under kortnamnet EMBRAC B. Bolagets Certified Adviser är FNCA Sweden AB. -
20/21 Bokslutskommuniké Org Nr
APRIL 2020 – MARS 2021 EMBRACER GROUP AB (PUBL) 20/21 BOKSLUTSKOMMUNIKÉ ORG NR. 556582-6558 OPERATIVT EBIT ÖKADE MED 216% TILL 903 MSEK FJÄRDE KVARTALET, JANUARI–MARS 2021 (JÄMFÖRT MED OKTOBER–DECEMBER 2020) > Nettoomsättningen ökade med 80% till 2 404,2 MSEK (1 339,1). > Nettoomsättningen för affärsområdet Games ökade med 119% till 1 975,2 MSEK (903,5). THQ Nordic 354,6 MSEK (306,7), Deep Silver 464,9 MSEK (514,7), Coffee Stain 780,9 MSEK (82,1), Saber Interactive 270,7 MSEK (-) och DECA Games 104,2 MSEK (-). > Nettoomsättningen för affärsområdet Partner Publishing/Film uppgick till 429,0 MSEK (435,6). > EBITDA ökade med 137% till 1 172,5 MSEK (495,2), vilket motsvarar en EBITDA-marginal på 49% (37%). > Operativt EBIT ökade med 216% till 903,2 MSEK (286,0) motsvarande en operativ EBIT-marginal på 38% (21%). > Kassaflödet från den löpande verksamheten uppgick till 1 521,8 MSEK (765,7). Investeringar i immateriella tillgångar uppgick till 598,9 MSEK (464,4). Fritt kassaflöde uppgick till 860,5 MSEK (275,7). > Justerat resultat per aktie uppgick till 2,07 SEK (0,97). > Organisk tillväxt i konstant valuta för affärsområdet Games uppgick till 85% under kvartalet. > Totalt antal pågående spelutvecklingsprojekt ökade 55% till 160 (103). Totalt antal sysselsatta ökade 103% till 6 325 (3 109) och antalet spelutvecklare ökade 116% till 5 115 (2 365). HELÅRET, APRIL 2020–MARS 2021 (JÄMFÖRT MED APRIL 2019–MARS 2020) > Nettoomsättningen ökade med 72% till 9 024,2 MSEK (5 249,4). > Nettoomsättningen för affärsområdet Games ökade med 102% till 6 448,3 MSEK (3 196,5). -
THQ Nordic Acquires Gunfire Games – the Studio Behind the Darksiders Series
Karlstad (Sweden), August 14 2019, 06:45 CET THQ Nordic acquires Gunfire Games – the studio behind the Darksiders series THQ Nordic AB's ("THQ Nordic") wholly owned subsidiary THQ Nordic GmbH has entered into an agreement to acquire Gunfire Games, LLC (“Gunfire”) in Austin, Texas. Gunfire is the developer behind the critically acclaimed game series Darksiders®, Chronos® and From Other Suns® and is a long-term developing partner of THQ Nordic. Through the acquisition THQ Nordic adds a strong team of RPG experts and award-winning VR developers with an existing intellectual property (IP) portfolio and an exciting new game pipeline. The acquisition includes the development studio that includes a team of 63 creative and technical game developers and all IP rights. The purchase price will not be disclosed. THQ Nordic expects to recoup its investment over the course of 3-4 years as current development projects are released. “With the acquisition of Gunfire Games we are strengthening THQ Nordic’s footprint in the US and are adding an experienced and talented development team that we know very well from having collaBorated on Darksiders. Gunfire will contriBute with premier development expertise to the group with realizaBle synergies from day one. It is with great anticipation of future projects we now welcome the team to the THQ Nordic family”, says Lars Wingefors, Group CEO THQ Nordic AB. Gunfire, which was founded in 2014 by alumni developers of Vigil Games, is best known for its successful development of action role-playing PC/Console game series Darksiders for THQ Nordic along with Chronos that was awarded Game Informer’s VR Game of The Year. -
THQ Nordic Förvärvar Gunfire Games – Studion Bakom Darksiders- Serien
Karlstad, 14 augusti 2019, 06:45 CET THQ Nordic förvärvar Gunfire Games – studion bakom Darksiders- serien THQ Nordic ABs ("THQ Nordic") helägda dotterbolag THQ Nordic GmbH har ingått avtal om att förvärva Gunfire Games, LLC ("Gunfire") baserat i Austin, Texas. Gunfire är utvecklaren bakom de kritikerrosade spelserierna Darksiders®, Chronos® och From Other Suns® och är en långsiktig utvecklingspartner till THQ Nordic. Genom förvärvet adderar THQ Nordic ett starkt team av RPG-experter och prisbelönta VR-utvecklare med en befintlig portfölj av IP-rättigheter och en spännande pipeline av nya spel. Förvärvet inkluderar utvecklingsstudion med ett team om 63 kreativa och tekniska spelutvecklare och samtliga IP-rättigheter. Köpeskillingen kommer inte att offentliggöras. THQ Nordic förväntas återfå investeringen inom loppet av 3-4 år i samband med lansering av befintliga spelutvecklingsprojekt. "Förvärvet av Gunfire Games stärker THQ Nordics närvaro i USA och adderar ett erfaret och talangfullt team som vi känner väldigt väl genom samarbetet med Darksiders. Gunfire kommer att bidra med högkvalitativ utvecklingskompetens till koncernen med realiserbara synergier från dag ett. Det är med stor förväntan kring framtida projekt som vi välkomnar teamet till THQ Nordic-familjen", säger Lars Wingefors, koncern-VD THQ Nordic AB. Gunfire, som bildades 2014 av utvecklare från Vigil Games, är mest känt för dess framgångsrika utveckling av action-rollspelserien Darksiders på PC/konsol för THQ Nordic tillsammans med Chronos som belönades med Game Informers VR Game of The Year. Huvuddelen av teamet, som är baserade i Austin, TeXas (USA) har arbetat tillsammans i över ett decennium med att skapa framgångsrika spel och består nu av 70 stycken heltidsanställda. -
Embracer Group Annual Report 2019/2020
EMBRACER GROUP ANNUAL REPORT 2019/2020 EMBRACER GROUP AB (PUBL) | ANNUAL REPORT 2019 / 2020 A CONTENTS 2 Highlights of the year 4 Comments by the Founder and CEO 6 Goals and growth strategy 8 Gaming market overview 11 Games Portfolio & Business Areas 31 Sustainability Report 46 The Share & Corporate governance 59 Annual Report & Financial statements 95 Auditor’s Report 98 Shareholder information FINANCIAL CALENDAR Annual General Meeting 2020 16 Sep. 2020 Interim Report, April-September 18 Nov. 2020 Interim Report, April-December 18 Feb. 2021 Full Year Report 2020/2021 20 May 2021 All figures in this report are as per year-end 2019-2020 unless otherwise stated. The information on page 1 refers to the situation at the time of publication of the annual report. B ANNUAL REPORT 2019 / 2020 | EMBRACER GROUP AB (PUBL) EMBRACER GROUP IN BRIEF USA AUSTRALIA JAPAN CANADA SOUTH KOREA POLAND RUSSIA SWEDEN FINLAND NORWAY BELARUS GERMANY NETHERLANDS FRANCE UK SPAIN PORTUGAL UKRAINE SWITZERLAND BULGARIA ITALY SLOVAKIA CZECH REPUBLIC AUSTRIA MALTA Embracer Group is the parent company of businesses developing and publishing PC, console and mobile games for the global games market. The Group has an extensive catalogue of over 190 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdom Come: Deliverance, TimeSplitters, Satisfactory, Wreckfest, Insurgency, Destroy All Humans!, World War Z and SnowRunner, amongst many others. With its head office based in Karlstad, Sweden, Embracer Group has a global presence Annual General Meeting 2020 16 Sep. 2020 through its six operative groups: THQ Nordic, Koch Media/Deep Silver, Coffee Interim Report, April-September 18 Nov. -
Game Developer Index 2020
Game Developer Index 2020 Second edition December 2020 Published by the Swedish Games Industry Research: Nayomi Arvell, Alexander Milton, Christian Kähkönen Layout: Kim Persson Illustration, cover: Louise Meijer Text & analys: Kajsa Grafström The Swedish Games Industry is a collaboration between trade organizations ANGI and Spelplan-ASGD. ANGI represents publishers and distributors and Spelplan- ASGD represents developers and producers. Dataspelsbranschen | Swedish Games Industry Magnus Ladulåsgatan 3, SE-116 35 Stockholm www.dataspelsbranschen.se Contact: [email protected] Key figures Key Figures 2019 2018 2017 2016 2015 2014 Number of companies 435 (13%) 382 (+11%) 343 (+22%) 282 (+19%) 236 (+11%) 213 (+25%) Revenue MEUR 2 318 (+24%) 1 872 (+33%) 1 403 (+6%) 1 325 (+6%) 1 248 (+21%) 1 028 (+36%) Income in addition to net 1 592 - - - - - revenue MEUR Revenue per employee 261 (+10%) 236 (-10%) 263 (-15%) 309 (-8%) 337 (+8%) 312 (+4%) Result, MEUR 493 (+47%) 335 (-25%) 446 (-49%) 872 (+65%) 527 (+43%) 369 (+29%) Result including income in 2 149 - - - - - addition to net revenue MEUR Number of employees 9178 ( +16%) 7921 (+48%) 5338 (+24%) 4291 (+16%) 3709 (+19%) 3117 (+23%) Number of employees 5925 ( +11%) 5317 (+14%) 4670 (+25%) 3750 - - (Sweden) Men 7099 (77%) 6221 (79%) 4297 (80%) 3491 (81%) 3060 (82%) 2601 (83%) Women 2079 (23%) 1699 (21%) 1041 (20%) 800 (19%) 651 (18%) 516 (17%) Index Preface Can games save the Earth? 1 Preface Game Development Index 2020 presents new record numbers, with revenue increasing for the eleventh 3 Summary consecutive year. Back in 2009, the sum total of 5 Revenues company revenue was 91 million EUR. -
20/21 Interim Report 2 Reg No
JULY–SEPTEMBER 2020 EMBRACER GROUP AB (PUBL) 20/21 INTERIM REPORT 2 REG NO. 556582-6558 OPERATIONAL EBIT INCREASED 171% TO SEK 653 MILLION SECOND QUARTER, JULY–SEPTEMBER 2020 (COMPARED TO JULY–SEPTEMBER 2019) > Net sales increased by 89% to SEK 2,383.2 million (1,259.7). Net sales of the Games busi- ness area increased by 83% to SEK 1,495.4 million (816.1). THQ Nordic SEK 566.9 million (329.6), Deep Silver SEK 506.8 million (441.7), Coffee Stain SEK 129.9 million (44.7), Saber Interactive SEK 259.1 million (-) and DECA Games SEK 32.7 million (-). > Net sales of Partner Publishing/Film business area increased by 100% to SEK 887.8 million (443.6). > EBITDA increased by 132% to SEK 969.0 million (418.1), corresponding to an EBITDA margin of 41%. > Operational EBIT increased by 171% to SEK 652.5 million (240.7) corresponding to an Operational EBIT margin of 27% (19%). > Cash flow from operating activities amounted to SEK 804.7 million (284.8). Investments in intangible assets amounted to SEK 484.1 million (391.9). Free Cash Flow amounted to SEK 311.5 million (–115.8). > Adjusted earnings per share was SEK 1.80 (0.65). > Organic growth in constant currency for the Games Business Area amounted to 61% in the quarter. > Total game development projects increased 57% to 135 (86). Total headcount increased 49% to 4,445 (2,981) where total game developers increased 58% to 3,593 (2,272). Jul–Sep Jul–Sep Apr–Sep Apr–Sep Apr 2019– Key performance indicators, Group 2020 2019 2020 2019 Mar 2020 Net sales, SEK m 2,383.2 1,259.7 4,451.9 2,401.8 5,249.4 -
20/21 Delårsrapport 3 Org Nr
OKTOBER–DECEMBER 2020 EMBRACER GROUP AB (PUBL) 20/21 DELÅRSRAPPORT 3 ORG NR. 556582-6558 OPERATIVT EBIT ÖKADE MED 100% TILL 603 MSEK TREDJE KVARTALET, OKTOBER–DECEMBER 2020 (JÄMFÖRT MED OKTOBER–DECEMBER 2019) > Nettoomsättningen ökade med 44% till 2 168,1 MSEK (1 508,5). Nettoomsättningen för affärs- området Games ökade med 62% till 1 355,6 MSEK (835,7). THQ Nordic 379,8 MSEK (333,0), Deep Silver 496,9 MSEK (466,6), Coffee Stain 99,2 MSEK (36,1), Saber Interactive 307,0 MSEK (-) och DECA Games 72,7 MSEK (-). > Nettoomsättningen för affärsområdet Partner Publishing/Film ökade med 21% till 812,5 MSEK (672,9). > EBITDA ökade med 70% till 878,7 MSEK (518,4), vilket motsvarar en EBITDA-marginal på 41%. > Operativt EBIT ökade med 100% till 603,1 MSEK (302,1) motsvarande en operativ EBIT- marginal på 28% (20%). > Kassaflödet från den löpande verksamheten uppgick till 840,4 MSEK (239,5). Investeringar i immateriella tillgångar uppgick till –557,7 MSEK (–419,0). Fritt kassaflöde uppgick till 309,1 MSEK (–207,3). > Justerat resultat per aktie uppgick till 1,06 SEK (0,68). > Organisk tillväxt i konstant valuta för affärsområdet Games uppgick till 21% under kvartalet. > Totalt antal pågående spelutvecklingsprojekt ökade 56% till 150 (96). Totalt antal sysselsatta ökade 93% till 5 730 (2 970) och antalet spelutvecklare ökade 92% till 4 325 (2 258). Okt–dec Okt–dec Apr–dec Apr–dec Apr 2019– Nyckeltal koncernen 2020 2019 2020 2019 mar 2020 Nettoomsättning, MSEK 2 168,1 1 508,5 6 620,0 3 910,3 5 249,4 EBITDA, MSEK 878,7 518,4 2 812,9 1 326,1 1 821,3