Key insights
7 takeaways · ~3 min read- 0111 bit studios S.A. experienced a significant 72.7% increase in salaries, wages, and employee benefits in Q1 2021, reaching PLN 2,490,307, 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.See it on page 13
- 02The company's game development spending increased to PLN 7,928,100 in Q1 2021, driven by an intensive recruitment campaign to expand its three internal development teams (currently 45, 20, and over 50 people) to 60-70 individuals each within a few quarters.See it on page 22
- 0311 bit studios' publishing portfolio includes four games: "Vitriol" (Fool’s Theory), "Foxhole" and "Botin" (Digital Sun Games), and "Ava" (Chibig), with active acquisition efforts expected to result in new contracts by year-end.See it on page 51
- 04The cost of services decreased year-on-year in Q1 2021 to PLN 5,450,345 from PLN 6,990,292, mainly due to a decline in revenue from third-party games like Moonlighter and Children of Morta, leading to lower royalty payments (PLN 3,281,790 in Q1 2021 vs. PLN 5,213,801 in Q1 2020).See it on page 26
- 05Ongoing development work, an intangible asset, significantly increased its carrying amount to PLN 32,275,827 as of March 31, 2021, up from PLN 25,545,704 at the end of 2020, with no risk of impairment identified.See it on page 33
- 06The company wrote off PLN 323,799 in expenditure on discontinued work in Q1 2021, a decrease from PLN 997,116 written off in 2020.See it on page 34
- 07As of the reporting date, 11 bit studios employed 178 people under employment contracts or civil law agreements.See it on page 22
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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