Interim Financial Report: First Half 2021/22

Key insights

7 takeaways · ~3 min read

01
NACON's revenue for the first half of 2021/22 decreased by 15.7% to €73.0 million, down from €86.6 million in the same period last year, primarily due to a decline in accessories sales and fewer new video game releases.See it on page 4
02
Net income for the first half of 2021/22 significantly dropped by 60.4% to €3.8 million, compared to €9.6 million in the prior year, while recurring operating income fell by 46.3% to €8.4 million.See it on page 4
03
The company acquired two development studios in the first half of 2021/22: Big Ant Holding Pty Ltd (known for sports franchises) in May 2021 for €18 million plus potential earn-outs, and Crea-ture Studios Inc (skateboarding games) in July 2021.See it on page 6
04
NACON has adjusted its 2021/22 guidance, reducing expected revenue to €150-180 million and recurring operating income to around €20 million, citing delayed game releases.See it on page 7
05
Conversely, guidance for 2022/23 has been increased, with expected revenue of €250-300 million and a recurring operating margin of over 20%.See it on page 7
06
Accessories revenue declined by 15.1% to €43.7 million due to a high base for comparison and logistical issues affecting US deliveries, while video game revenue decreased by 16.9% to €27.3 million due to fewer new releases.See it on page 4
07
NACON's financial liabilities totaled €50.16 million at September 30, 2021, with €21.79 million due within one year.See it on page 20

Summary

INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2020 – NACON SIX MONTHS ENDED 30 SEPTEMBER 2021 SIX MONTHS ENDED 30 SEPTEMBER 2021 TABLE OF CONTENTS 2 1> STATEMENT BY THE PERSON RESPONSIBLE .3 2> BUSINESS REPORT 4 2.1 Key events in the first half of 2021/22 ...