Annual Report of 11 bit studios S.A.: 2023

Key insights

7 takeaways · ~3 min read

01
11 bit studios S.A. generated PLN 21,147,406 in cash flows from operating activities in 2023, a 37.97% decrease from 2022, despite no new game releases significantly contributing to financial performance. This was driven by strong sales of older titles like Frostpunk, Moonlighter, Children of Morta, This War of Mine, and The Invincible.See it on page 82
02
The company significantly increased capital expenditure in 2023, spending PLN 58,813,599 on property, plant, and equipment and intangible assets (up from PLN 45,679,530 in 2022), primarily for new proprietary games (Frostpunk 2, The Alters, Project 8) and publishing division games.See it on page 32
03
Contract liabilities surged to PLN 13,355,194 as of December 31, 2023, from PLN 1,128,700 in 2022, representing advance payments from trading partners, including Microsoft Corporation, for future game sales, payable within 24 months.See it on page 52
04
The global gaming industry is projected to return to growth, with Newzoo forecasting spending of USD 205.4 billion by 2026 (11.6% more than 2023) and the number of gamers reaching 3.675 billion by 2026 (a CAGR of 3.7% from 2021-2026).See it on page 72
05
11 bit studios S.A. aims to fund its development and publishing activities internally for at least the next few quarters, reducing reliance on external funding or funds from trading partners.See it on page 70
06
The company's Supervisory Board compensation totaled PLN 332,691 in 2023, a slight decrease from PLN 338,732 in 2022.See it on page 63
07
The company rebuilt its internal intranet, 'the Hub,' in 2023, enhancing design and functionality to include organizational structure, an expanded knowledge base, user profiles, and a company events calendar.See it on page 114

Summary

ANNUAL REPORT OF 11 BIT STUDIOS S.A. FOR 2023 (all amounts in PLN unless stated otherwise) DEAR SHAREHOLDERS AND INVESTORS, Please be invited to read 11 bit studios S.A.’s 2023 This past year has brought significant achievements in both sales and game production. We launched a number of major titles that had been in development for some time.