11 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.
02
The 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).
03
Operating 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.
04
The company's headcount as of the report's issue date was 148 employees, working under employment contracts or civil law contracts.
05
The 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.
06
Key management and supervisory staff hold significant shares in the company; for example, President Grzegorz Miechowski held 177,413 shares as of June 30, 2020.
07
11 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.
Insights
01
11 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.
02
The 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).
03
Operating 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.
04
The company's headcount as of the report's issue date was 148 employees, working under employment contracts or civil law contracts.
05
The 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.
06
Key management and supervisory staff hold significant shares in the company; for example, President Grzegorz Miechowski held 177,413 shares as of June 30, 2020.
07
11 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.