Report11 bit studios
Half-Year Report of 11 Bit Studios S.A.: First Half of 2020
85 pages~165 min full read
Key insights
7 takeaways · ~3 min read- 0111 Bit Studios S.A. achieved significant financial growth in H1 2020, with revenue increasing by 63.2%, operating profit by 172.25% to PLN 26,376,046, and net profit by 241.31% to PLN 25,330,511, marking its second-highest half-year net profit in company history.See it on page 26
- 02The strong financial performance was driven by excellent sales of games released in previous periods, including Frostpunk and Moonlighter (Q2 2018), Children of Morta (Autumn 2019), and continued strong sales of This War of Mine (November 2014).See it on page 61
- 03Operating expenses increased at a slower rate (12.92%) than revenue, partly due to a change in accounting for the 2017–2019 Incentive Scheme costs, which were fully recognized by the end of 2019 instead of Q2 2020.See it on page 69
- 04The company's headcount as of the report's issue date was 148 employees, working under employment contracts or civil law contracts.See it on page 14
- 05The COVID-19 pandemic had no adverse effect on the company's revenue from game sales and is not expected to threaten liquidity in the next 12 months, with the company successfully transitioning to remote work and offering a safe return-to-office option.See it on page 54
- 06Key management and supervisory staff hold significant shares in the company; for example, President Grzegorz Miechowski held 177,413 shares as of June 30, 2020.See it on page 14
- 0711 Bit Studios S.A. has an investment loan of PLN 12,600,000 from Powszechna Kasa Oszczędności Bank Polski S.A. for property purchase, with the long-term portion at PLN 10,249,710 and current portion at PLN 1,366,628 as of June 30, 2020.See it on page 85
Summary
HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST HALF OF 2020 Dear Shareholders and Investors, Please be invited to read 11 bit studios S.A.’s report for the first half of 2020. We, as the Management Board, are extremely satisfied with the Company’s financial performance in the In the first six months of 2020, 11 bit studios S.A. reported revenue of nearly PLN 50.2m, up 63.2% year on year, and delivered a net profit of more than PLN 25.0m, up 237%.
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