Game Publishing
Documents
Annual Report 2010: 11 bit studios
I. PISMO ZARZĄDU ............................................................................................................. 3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ................ 4 III. SPRAWOZDANIE FINANSOWE ZA ROK 2010 11 BIT STUDIOS S.A. ........................................ 5 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2010....................................
- 11 bit studios S.A. reported a net loss of 231,199.53 PLN for the financial year ending December 31, 2010. This was attributed to lower than projected game production costs for "Anomaly Warzone Earth" and a delay in a planned distribution agreement from Q4 2010 to Q1 2011.
- The company's share capital on December 31, 2010, was 187,076.10 PLN, with a share capital increase from 100,000.00 PLN at the beginning of the period. Total equity stood at 1,268,200.59 PLN.
- 11 bit studios S.A. was founded on December 7, 2009, and its shares (Series A, B, and C) were first listed on the New Connect alternative trading system on January 12, 2011.
- The company signed publishing agreements for "Anomaly Warzone Earth" in early 2011: with Just a Game GmbH for PC and Mac boxed versions worldwide (excluding Poland), and with Licomp Empik Multimedia Sp. z o.o. for PC boxed distribution in Poland.
- "Anomaly Warzone Earth" was released in Poland on May 9, 2011, and in German-speaking countries on May 31, 2011.
Raport Roczny 2011: 11 bit studios
I.! PISMO ZARZĄDU ........................................................................................................... 3! II.! WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI ............... 4! III.! SPRAWOZDANIE FINANSOWE ZA ROK 201111 BIT STUDIOS S.A. .......................................
- 11 bit studios S.A. experienced significant financial growth in 2011, achieving a net profit of 1,292,777.32 PLN, a substantial improvement from a net loss of 231,199.53 PLN in 2010.
- The company's revenue from sales increased dramatically by 544.4% from 474,038.19 PLN in 2010 to 3,054,721.58 PLN in 2011.
- Total operating costs increased by 110.4% from 757,807.86 PLN in 2010 to 1,594,533.17 PLN in 2011.
- Share capital was increased on November 10, 2011, through the issuance of up to 500,000 Series D ordinary bearer shares, each with a nominal value of 0.10 PLN, raising the capital from 187,076.10 PLN to a maximum of 237,076.10 PLN.
- 11 bit studios S.A. continued work on versions of the game "Anomaly Warzone Earth" for additional hardware platforms in 2011, with plans to complete and launch sales in 2012, alongside building new game development teams.
Consolidated Annual Report 2016: 11 bit studios
Kapitat PISMO ZARZĄDU z nadwyzki rezerwowy Przypadajace Przypadajace Kapitat wartosci Kapitat z tytutu z przeliczenia Zyski akcjonariuszom dziatom podstawowy emisyjnej jednostek Warszawa, 30 marca 2017 roku ponad wartosc zapasowy ptatnosci w zagranicznych i zatrzymane dominujacej kontro nominal...
- 11 bit studios S.A. achieved its best financial year ever in 2016, with revenues reaching PLN 27 million, a 16.6% increase from 2015, and net profit growing by 11.8% to PLN 12.9 million, despite a one-time non-cash write-off of PLN 0.64 million from the Games Republic platform.
- The company's operational profit increased by nearly 3% to PLN 14.1 million in 2016, and it held PLN 29.11 million in cash by the end of December 2016, indicating strong financial health.
- The game "This War of Mine" (TWoM), released in autumn 2014, has generated over PLN 60 million in cumulative revenue, establishing 11 bit studios' brand recognition and financial stability.
- 11 bit studios S.A. is focusing on developing PC games using its proprietary engine, with "Frostpunk" being the main project, scheduled for release in the second half of 2017, with a significantly larger production and marketing budget than TWoM.
- The company's primary activities are the production and sale of multi-platform video games and global digital distribution of video games, with its shares publicly traded since its founding in 2009.
Annual Report 2014: 11 bit studios S.A.
I. PISMO ZARZĄDU ........................................................................................................3 II. WYBRANE JEDNOSTKOWE DANE FINANSOWE ZAWIERAJĄCE PODSTAWOWE POZYCJE ROCZNEGO SPRAWOZDANIA FINANSOWEGO WRAZ Z DANYMI PORÓWNYWALNYMI...........4 III. SPRAWOZDANIE FINANSOWE 11 BIT STUDIOS S.A. ZA ROK 2014 ...................................5 IV. SPRAWOZDANIE ZARZĄDU Z DZIAŁALNOŚCI SPÓŁKI W ROKU 2014. ............................. 40 V.
- 11 bit studios S.A. released "This War of Mine" in 2014, a milestone game developed in-house, and also launched "Spacecom" through its 11 bit launchpad publishing division.
- The company's total assets significantly increased from 589,514.42 PLN in 2013 to 1,745,563.16 PLN in 2014, driven by growth in intangible assets (from 466,671.58 PLN to 1,444,226.03 PLN) and tangible assets (from 63,180.84 PLN to 103,579.73 PLN).
- Net profit for 2014 was 890,745.75 PLN, a substantial increase from the previous year, with operating profit at 1,248,589.34 PLN.
- 11 bit studios S.A. generates most of its revenue in foreign currencies (primarily USD), meaning a weaker Polish Zloty positively impacts its income.
- The company faces risks including strong competition from other publishers, increasing competition in the game market, the risk of ideas being copied, and the challenge of keeping up with dynamic market trends like Virtual Reality (VR).
Annual Report 2017: 11 bit studios
2.2. SPRAWOZDANIE Z SYTUACJI FINANSOWEJ (PLN) AKTYWA PISMO ZARZĄDU Nota Stan na Stan na 31.12.2017 31.12.2016 Aktywa trwate Warszawa, 26 marca 2018 roku Rzeczowe aktywa trwate 3.11. 814 332 779 540 Szanowni Akcjonariusze i Inwestorzy 3.12.
- 11 bit studios S.A. focused heavily on "Frostpunk" in 2017, anticipating it will drive financial results for years, with its release scheduled for April 24, 2018.
- The company continued developing "This War of Mine" in 2017, releasing the "Fathers Promise" DLC on November 14, with two more "TWoM: Stories" DLCs planned for 2018. They also began work on a new game, "Projekt 8," involving a 20-person team, to be released after "Frostpunk."
- 11 bit publishing released two external games in 2017: "Beat Cop" (March 30) and "Tower 57" (November 16), with external game sales contributing over 10% to total revenue and recouping investment within months.
- Operating profit for 2017 was 7,619,936 PLN, a 50.69% decrease from 15,454,560 PLN in 2016, despite a 5.64% increase in operating costs to 11,845,351 PLN (from 11,212,540 PLN in 2016) and increased promotional spending.
- 11 bit studios S.A. sold its 100% stake in subsidiary Games Republic Limited to Lousva Trading Limited on April 11, 2017, dissolving the 11 bit studios S.A. Capital Group.
Raport Roczny 2021: 11 bit studios S.A.
RAPORT ROCZNY 11 BIT STUDIOS S.A. ZA 2021ROK Szanowni Akcjonariusze i Inwestorzy Serdecznie zapraszamy Was do lektury Raportu rocznego 11 bit studios S.A. za 2021 rok. Wyniki finansowe wypracowane w tym okresie, z których jesteśmy bardzo zadowoleni dowodzą, że Spółka bez perturbacji przeszła przez ten trudny od strony operacyjnej, z uwagi na COVID-owe ograniczenia i obostrzenia rok. W 2021 roku 11 bit studios S.A miało 70,12 mln PLN przychodów ze sprzedaży. Wynik EBITDA sięgnął 38,95 mln PLN.
- 11 bit studios S.A.'s revenue decreased by 19.49% in 2021, falling to 70,122,691 PLN from 87,101,774 PLN in 2020.
- The primary source of revenue for 11 bit studios S.A. in 2021 was the sale of its own games and games published for external developers, with Valve Corporation (Steam) being the main recipient, generating over 10% of total revenue.
- The USA was the dominant geographic market for 11 bit studios S.A. in 2021, accounting for 75.95% of external customer revenue, followed by Japan at 13.75%.
- Investment in unfinished development work significantly increased in 2021, rising to 52,926,024 PLN from 25,545,704 PLN in 2020.
- 11 bit studios S.A. does not currently hold its own shares and has incentive programs for key employees and management that could alter shareholder proportions in the future.
Annual Report of 11 bit studios S.A.: 2023
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.
- 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.
- 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.
- 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.
- 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).
- 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.
Annual Report: 11 Bit Studios S.A. 2024
ANNUAL REPORT OF 11 BIT STUDIOS S.A. FOR 2024 (all amounts in PLN unless stated otherwise) DEAR SHAREHOLDERS AND INVESTORS, It is with great pleasure that we present to you our Annual Report for 2024. During this period, 11 bit studios S.A. generated revenue of PLN 140.54 million, marking a 168.9% increase year on year and representing an all-time record for the Company.
- 11 Bit Studios S.A. is a computer game developer and publisher, with Frostpunk 2 (PC version) being a major recent success, selling 350,000 copies within three days of its September 20, 2024 launch and reaching 592,000 total unit sales by the end of 2024.
- The company's equity has grown significantly, from PLN 42.13 million in 2017 to PLN 229.92 million in 2024, reflecting a higher net profit in 2024 compared to 2023.
- Cash resources increased by 29.56% to PLN 70,463,596 at the end of 2024, up from PLN 54,386,466 in 2023, and total financial assets reached PLN 91,543,938.
- Total liabilities increased by 3.59% to PLN 32,384,084 in 2024, with current liabilities rising 12.66% to PLN 27,830,893, including PLN 11,002,109 in contract liabilities for future game sales and DLCs.
- The company has a multi-purpose credit facility of PLN 20,000,000 with PKO BP S.A. until June 25, 2025, which had no drawdowns as of the reporting date, and an investment credit facility with PKO BP S.A. of PLN 5,040,000 outstanding as of December 31, 2024.
Quarterly Report of 11 Bit Studios S.A.: Q1 2019
portfolio of proprietary games) is expected to help stabilise the Company's financial results, which in the video games industry are typically highly volatile. The Company's revenue sources should also be considerably impacted by further development of its publishing division (11 bit publishing), which in 2018, driven primarily by the very successful release of Moonlighter, contributed 18% of the LETTER FROM THE MANAGEMENT BOARD ...
- 11 bit studios S.A. experienced a significant revenue increase of nearly 632% in Q1 2019 compared to Q1 2018, reaching PLN 14,183,796, primarily driven by strong sales of Frostpunk and This War of Mine.
- Operating expenses rose by 267.5% to PLN 8,524,924 in Q1 2019 (from PLN 3,186,555 in Q1 2018), with major items being salaries and wages (PLN 3,306,961), services (PLN 3,367,572, including Moonlighter royalties), and a non-cash provision for the Incentive Scheme (over PLN 2.05m).
- The company's publishing division, 11 bit publishing, contributed 18% of total revenue in 2018, largely due to the successful release of Moonlighter, and is expected to considerably impact future revenue.
- The porting of Beat Cop to PS4, Xbox One, Nintendo Switch, iOS, and Android, released in Q1 2019, proved profitable and supported the company's financial performance.
- 11 bit studios S.A. aims to stabilize its typically volatile financial results through its portfolio of proprietary games and plans to launch third-party games every quarter through its publishing arm.
Semi-Annual Report of 11 bit studios S.A. for H1 2018
LETTER FROM THE MANAGEMENT BOARD LETTER FROM THE MANAGEMENT BOARD Dear Shareholders and Investors Dear Shareholders and Investors It is our great pleasure to present to you the half-year report of 11 bit studios S.A. for the first half of 2018. It was a Property, plant and equipment 3.9 715,168 814,332 very important period for our Company.
- 11 bit studios S.A. released Frostpunk in H1 2018, its largest and most expensive game to date, selling 250,000 copies in 66 hours and covering development costs. The company expects Frostpunk to be a significant revenue source for multiple quarters.
- The company's revenue increased by 427.4% in H1 2018 compared to H1 2017, driven by the successful launches of Frostpunk (April 24, 2018) and the published title Moonlighter (May 29, 2018).
- Moonlighter, a game published by 11 bit studios S.A., became a bestseller on Steam, demonstrating the company's strong publishing capabilities for independent developers. A Nintendo Switch version of Moonlighter is planned for later in 2018.
- 11 bit studios S.A. plans to continue supporting This War of Mine with two more add-ons and a Nintendo Switch release by the end of 2018, and Beat Cop will also launch on PS4 and Nintendo Switch by year-end.
- The company is developing a new game, 'Project 8,' which is in an advanced prototype stage, aiming for a team size and budget comparable to Frostpunk. In the medium term, 11 bit studios S.A. plans to have at least three comparable development teams to increase release frequency and stabilize financial results.
Half-Year Report of 11 bit studios S.A.: First Six Months of 2023
HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE SIX MONTHS ENDED JUNE 30TH DEAR SHAREHOLDERS AND INVESTORS, We are pleased to share with you our half-year Gamescom, the largest European trade fair held in report for the first six months of 2023. We invite you Cologne, Germany, where they are garnering highly to read it, and we believe it will provide you with a favourable feedback. wealth of compelling and valuable insights .
- 11 bit studios S.A.'s net profit for the first half of 2023 was PLN 4,013,206, a significant 73.39% decrease from PLN 15,083,777 in the same period of 2022, with the net profit margin falling to 16.20% from 32.96%.
- Total revenue for the first six months of 2023 was PLN 24,775,454, down 45.87% from PLN 45,769,806 in the corresponding period of the previous year, primarily due to the natural aging of proprietary and publishing portfolios and a high comparative base from H1 2022.
- The US market was the largest revenue contributor in H1 2023, generating PLN 18,144,825, though this was a decrease from PLN 35,936,180 in H1 2022.
- Cash and cash equivalents increased to PLN 38,951,881 as of June 30th, 2023, up from PLN 30,585,991 at the end of 2022, with 66.47% deposited with Powszechna Kasa Oszczędności Bank Polski S.A.
- The company's publishing division is actively developing five titles, including 'The Thaumaturge' and 'The Invincible,' with a total investment budget of approximately PLN 50 million, and is also working on a mobile, free-to-play version of 'Frostpunk'.
Games from 11 bit studios’ Publishing Portfolio Approaching Release: Q1 2023
11 bit studios’ first‑quarter 2023 financials show a revenue of PLN 14.8 million, EBITDA of PLN 3.0 million and net profit exceeding PLN 2.46 million, slightly below the same period in 2022 but still above internal forecasts. The decline is partly attributed to a high‑base effect from the previous year’s exceptional sales of This War of Mine during February–March 2022, when the company donated weekly proceeds to the Ukrainian Red Cross. The current quarter’s profit was also influenced by revenue from the board‑game version of Frostpunk and a revaluation gain on an equity stake in Starward Industries, which owns The Invincible.
Investment in development rose 28.2 % year‑on‑year to PLN 12.14 million, reflecting a strategy of increasing spend on both proprietary and third‑party titles as release dates approach. The publishing pipeline for 2023 includes The Invincible and The Thaumaturge, developed by Fool’s Theory, with promotional campaigns boosting their Steam wishlist rankings. The company anticipates that these releases will significantly lift 2023 financial results, supported by ongoing monetisation of established titles such as Frostpunk and This War of Mine.
Long‑term growth is expected to hinge on upcoming proprietary projects—Frostpunk 2, The Alters, and an unnamed “Project 8”—all slated for launch by the end of 2025. The company’s cash cushion and solid Q1 performance underpin its focus on expanding both its own development slate and publishing portfolio across the global video‑game market.
- 11 bit studios reported Q1 2023 revenue of PLN 14.8 million, EBITDA of PLN 3.0 million, and a net profit exceeding PLN 2.46 million, figures that outperformed internal forecasts despite a year-over-year decline.
- Development expenditure increased by 28.2% year-on-year to PLN 12.14 million as the company scales investment in both proprietary and third-party titles ahead of upcoming releases.
- The 2023 publishing pipeline features The Invincible (Starward Industries) and The Thaumaturge (Fool’s Theory), with both titles seeing increased Steam wishlist traction ahead of their scheduled launches.
- The company plans to launch three major proprietary titles—Frostpunk 2, The Alters, and 'Project 8'—by the end of 2025 to drive long-term growth.
- The Q1 2023 profit was bolstered by revenue from the Frostpunk board game and a revaluation gain on the company's equity stake in Starward Industries.