Report

Quarterly Report of 11 bit studios S.A.: Q1 2022

Summary

BIT STUDIOS S.A.<sub>FOR</sub> QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2022 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 2022. During the first three months of the year, 11 bit studios S.A. generated more than PLN 17.75m in revenue. Our EBITDA came in at PLN 5.32m, operating profit was PLN 3.75m, and net profit exceeded PLN 3.77m.

From the report

WARSAW, May 25th 2022 tr QUARTERLY REPORT OF 11 BIT STUDIOS S.A.<sub>FOR</sub> THE THREE MONTHS ENDED THE MARCH 31ST 2022 MARCH 31ST 2022 1 make QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2022

LETTER FROM THE MANAGEMENT BOARD Warsaw, May 25th 2022 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 2022. During the first three months of the year, 11 bit studios S.A. generated more than PLN 17.75m in revenue. Our EBITDA came in at PLN 5.32m, operating profit was PLN 3.75m, and net profit exceeded PLN 3.77m. It should be noted that the net profit figure would have been higher but for the non-cash provision of PLN 0.83m recognised in connection with the 2021−2025 Incentive Scheme and the donation of PLN 3.68m to the Ukrainian Red Cross. As in previous periods, the solid figures for the first quarter of 2022, better than assumed in the budget, were due to excellent monetisation of the Company’s entire portfolio of proprietary games. Worthy of a particular mention are strong sales of This War of Mine in late February and early March when, in response to Russia’s invasion of Ukraine, the Management Board of 11 bit studios S.A. decided to donate all revenue from sales of this iconic, anti-war game during that period to the Ukrainian Red Cross. Our initiative was very well received by the gaming community and the media, not only the gaming industry ones, all over the world. Games from the publishing portfolio, led by Moonlighter and Children of Morta, had a positive impact on revenue earned by the Company in the first quarter of 2022 as well. Sales of the latter were markedly supported by the addition of an online co-op mode, which took place on February 14th 2022.

d. Games from the publishing portfolio, led by Moonlighter and Children of Morta, had a positive impact on revenue earned by the Company in the first quarter of 2022 as well. Sales of the latter were markedly supported by the addition of an online co-op mode, which took place on February 14th 2022. Revenue from sale of third-party games in the three months ended March 31st 2022 accounted for 24% of the Company’s total revenue. The Company’s financial condition measured by the size of cash resources improved for yet another successive quarter despite growing expenditure on new games, pay rise pressures, and higher costs of day-to-day operations, which was clearly attributable to rising inflation. As at March 31st 2022, the total value of 11 bit studios S.A.’s financial assets (cash in bank accounts and secure financial instruments) exceeded PLN 107.8m and was higher than at the end of 2021. We consistently deliver on our plans. On the last day of February we announced the acquisition of a 40% stake in Fool’s Theory Sp. z o.o, the producer of Vitriol (working title), one of the games from our publishing portfolio. In April, we announced the execution of an agreement for the release of South of the Circle, a game produced by the UK studio State of Play. We strongly believe that we will soon be able to publish more information on similar projects. Thank you once again for the trust you place in us. We invite you to read our Report.

the execution of an agreement for the release of South of the Circle, a game produced by the UK studio State of Play. We strongly believe that we will soon be able to publish more information on similar projects. Thank you once again for the trust you place in us. We invite you to read our Report. QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2022 2

We also want to invite all interested parties to our annual Investor Conference, currently planned to be held on Tuesday, June 14th. More details of the event will be announced in due course. fido Nobdi Przemystaw Marszat Grzegorz Miechow Michat Drozdowski Przemysław Marszał Grzegorz Miechowski Michał Drozdowski President of the Member of the Member of the Management Board Management Board Management Board 3 QUARTERLY REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST QUARTER OF 2022

TABLE OF CONTENTS LETTER FROM THE MANAGEMENT BOARD 2 TABLE OF CONTENTS 4 FINANCIAL HIGHLIGHTS 6 Statement of financial position 6 Statement of profit or loss 6 Statement of cash flows 7 FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. FOR THE THREE MONTHS ENDED MARCH 31ST 2022 8 1. OVERVIEW 9 1.1. Company overview 9 1.2. Covered periods .9 1.3. Composition of the Company’s governing bodies as at March 31st 2021 .9 1.4. Auditor 10 1.5. Shareholding structure as at the issue date of this quarterly report 10 1.6. Company shares held by members of its management and supervisory staff 12 1.7. Headcount 12 1.8. Functional and presentation currency 12 2. FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. 13 2.1. Statement of profit or loss and other comprehensive income (PLN) 13 2.2. Statement of financial position (PLN) 14 2.3. Statement of changes in equity (PLN) 16 2.4. Statement of cash flows (PLN) 18 3. NOTES TO THE FINANCIAL STATEMENTS 19 3.1. Application of IFRSs 19 3.2. Material achievements or failures of the Company in the reporting period 22 3.3. Revenue (PLN) ..25 3.4. Other income and expenses (PLN) 25 3.5. Depreciation and amortisation (PLN) 26 3.6. Services (PLN) 26 3.7. Salaries, wages and employee benefits (PLN) 27 3.8. Finance income (PLN) 27 3.9. Finance costs (PLN) 28 3.10. Income tax on continuing operations (PLN) 28 3.11. Earnings per share (PLN) 31 3.12. Property, plant and equipment (PLN) 32 3.13. Intangible assets (PLN) 33

Pages: 54
Words: 19,314
Format: PDF
Type: Report

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