ReportPullup Entertainment
Annual Financial Report and CSR Report: 2023-2024
106 pages~320 min full read
Key insights
7 slides
Key number
Consolidated net loss reached €19,244K for the year ended March 31, 2024.
The company reported a consolidated net loss of €19,244K, a significant decrease from the €10,261K net profit in the previous year. This represents a 288% decline.
What changed
Revenue decreased by 3% while game development costs increased by 99%.
Revenue decreased by 3% to €187,334K as of March 31, 2024, from €194,104K in the prior year. Game development costs nearly doubled, increasing by 99% to €64,726K from €32,509K.
Page 44 of the reportManufacturing and ancillary costs10,258
Studio royalties69,581
Development costs for games and audiovisual projects64,726
Strategic move
The company acquired UK studio Dovetail Games, consolidated from April 20, 2023.
PULLUP Entertainment acquired UK studio Dovetail Games, known for simulation franchises like Train Simulator Classic and Train Sim World. The acquisition is expected to have a slightly accretive impact on profit margin.
Debt increase
Net debt increased from €27,260K to €132,646K as of March 31, 2024.
The company's net debt increased significantly from €27,260K to €132,646K as of March 31, 2024. This was primarily due to new bank loans totaling €70,500K.
Credit line
The company drew an additional €20M on its credit line for the acquisition.
PULLUP Entertainment drew an additional €20M on its credit line for the Dovetail Games acquisition. It pledged 50.1% of Dotemu shares and 98% of Dovetail Games Holding shares to creditors.
Leadership change
Fabrice Larue became the sole Chairman and CEO on January 31, 2024.
Fabrice Larue assumed the role of Chairman and Chief Executive Officer on May 16, 2023, following the resignation of Sean Brennan. He became the sole Chairman and CEO after Christophe Nobileau resigned as Deputy CEO on January 31, 2024.
Buyback program
A share buyback program with a maximum allocation of €32,475,000 was implemented.
PULLUP Entertainment implemented a share buyback program with a maximum allocation of €32,475,000 and a maximum purchase price of €99 per share. It was authorized by the Mixed General Meeting on September 12, 2023.
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Summary
ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2024 1. INTRODUCTION pages 3 to 6 2. DECLARATION BY THE CHIEF EXECUTIVE OFFICER page 7 3. MANAGEMENT REPORT pages 8 to 26 4. REPORT ON CORPORATE GOVERNANCE pages 27 to 38 ON THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2024 pages 39 to 40 6.
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