Key insights
8 slides
Profitability
Net profit reached almost PLN 3.56m in Q1 2021.
Operating profit was PLN 3.44m and EBITDA was PLN 6.38m.
Rising labor costs
Salaries and employee benefits increased 72.7% in Q1 2021.
Salaries, wages, and employee benefits reached PLN 2,490,307. This was primarily due to a PLN 1,039,104 non-cash provision for the 2021–2025 Incentive Scheme, alongside steady headcount growth and rising pay levels.
Development spending
Game development spending increased to PLN 7,928,100 in Q1 2021.
The increase was driven by an intensive recruitment campaign to expand its three internal development teams. The teams currently have 45, 20, and over 50 people, with a target of 60-70 individuals each within a few quarters.
Page 22 of the reportPLN 7,928,100
Q1 2021 game development spending
- Total employees
- 178
- Team sizes
- 45, 20, >50
Service costs
Cost of services decreased year-on-year to PLN 5,450,345.
The decrease from PLN 6,990,292 in Q1 2020 was mainly due to a decline in revenue from third-party games like Moonlighter and Children of Morta.
Page 26 of the reportPLN 5,450,345
Q1 2021 cost of services
- Q1 2020 cost of services
- PLN 6,990,292
- Q1 2021 royalty payments
- PLN 3,281,790
Intangible assets
Ongoing development work carrying amount increased to PLN 32,275,827.
The intangible asset increased from PLN 25,545,704 at the end of 2020 to PLN 32,275,827 as of March 31, 2021. No risk of impairment was identified.
Page 33 of the report| Category | Buildings and premises | Land | Property, plant and equipment under construction | Plant and equipment | Vehicles | Other property, plant and equipment | Total |
|---|---|---|---|---|---|---|---|
| As at Jan 1 2021 | 24200705 | 4012000 | 102242 | 1953626 | 372854 | 3492462 | 34133888 |
| Increase | 0 | 424910 | 118561 | 152905 | 0 | 0 | 696376 |
| Decrease | -1340 | 0 | 0 | 0 | 0 | 0 | -1340 |
| Reclassification | 33360 | 0 | -175262 | 141902 | 0 | 0 | 0 |
| As at Mar 31 2021 | 24232725 | 4436910 | 45541 | 2248433 | 372854 | 3492462 | 34828924 |
Publishing portfolio
Publishing portfolio includes four games with active acquisition efforts.
The portfolio includes "Vitriol" (Fool’s Theory), "Foxhole" and "Botin" (Digital Sun Games), and "Ava" (Chibig). Active acquisition efforts are expected to result in new contracts by year-end.
Headcount
The company employed 178 people as of the reporting date.
These employees were under employment contracts or civil law agreements.
Page 22 of the report178
Employees as of the reporting date
- Current team sizes
- 45, 20, >50
- Target team sizes
- 60-70
Discontinued work
The company wrote off PLN 323,799 in expenditure on discontinued work.
This was a decrease from PLN 997,116 written off in 2020.
Write-off. The company wrote off PLN 323,799 in expenditure on discontinued work in Q1 2021.
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Summary
11 BIT STUDIOS S.A.<sub>FOR</sub> QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2021 Dear Shareholders and Investors, It is our pleasure to present to you this report of 11 bit studios S.A. for the first quarter of 2021. During the first three months of the year, 11 bit studios S.A. generated more than PLN 14.84m in revenue. Our EBITDA came in at PLN 6.38m, operating profit was PLN 3.44 m, and net profit reached almost PLN 3.56m.
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