Europe Reports: Curated Collection | Game Industry Library

Cover of Annual Financial Report and CSR Report: 2021/2022

Pullup Entertainment

Annual Financial Report and CSR Report: 2021/2022

Focus Entertainment’s 2021/2022 fiscal report details a transformative period characterized by a strategic pivot from a traditional publisher-distributor model toward an integrated developer-publisher structure. This transition was supported by the acquisition of five studios—Streum On Studio, Dotemu, Douze Dixièmes, Leikir Studio, and Deck13 Interactive—and a robust pipeline of 31 upcoming titles. To facilitate this expansion, the company successfully raised €70.4 million in capital and secured a €140 million syndicated loan, while simultaneously rebranding from Focus Home Interactive to Focus Entertainment to reflect its evolving market identity. Financially, the company faced significant headwinds, reporting a 17% decline in revenue to €142.6 million and a substantial decrease in net income compared to the previous year. These results were influenced by increased development costs, financial expenses related to acquisitions, and a cooling of the industry-wide surge experienced during the pandemic. Despite these pressures, the company maintained a stable financial position with a net cash balance of €62.6 million and remained in compliance with all bank leverage covenants. Auditors provided an unqualified opinion on the consolidated statements, noting that the group’s financial health remains resilient despite exposure to currency fluctuations and geopolitical instability. Governance and corporate social responsibility (CSR) were central to the year’s developments. Effective April 1, 2022, the company transitioned to a Board of Directors structure, aligning with industry standards for independence and gender diversity. Concurrently, the firm formalized a comprehensive CSR strategy overseen by a new board committee. This strategy prioritizes environmental sustainability, including a transition to renewable energy and reduced carbon footprints, alongside social commitments such as talent retention, gender parity, and enhanced data privacy. By integrating these non-financial KPIs into its operational framework, the company aims to balance aggressive growth with long-term ethical and environmental accountability.