Embracer Group FY2023 Q4 Earnings Release
Download PDFMay, 2024 APRIL 2023 –MARCH 2024
Q4
FY 2023/24
EMBRACER GROUP
FULL YEAR REPORT
Disclaimer
Q4 & FULL YEAR REPORT FY 2023/24
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2
Q4 & Full Year report FY 2023/24
HIGHLIGHTS FROM Q4 & FULL YEAR REPORT
3 Source: as of March 31, 2024
Net Sales Group
SEK
8,875m
Adjusted EBIT SEK
1,426m –
5
%
YOY GROWTH
+56 %
YOY GROWTH
Announced intention to transform into
three publicly listed entities
Restructuring program successfully
finalized –notable deleveraging expected
Solid growth in earnings and
cash flow in Q4
Highlights Q4 FY 2023/24
Full Year FY 2023/24
Net Sales Group
SEK
42,206m 1
2 %
YOY GROWTH
Adjusted EBIT
SEK
7,063m 1
1 %
YOY GROWTH
Free cash flow
SEK
488m
YOY GROWTH
SEK +520m
KINGDOM COME: DELIVERANCE II
Operating segments
1.
1,476
1,693 1,648
0
500
1,000 1,500
2,000 2,500
Q4Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
26%
10%
16%
0% 5% 10%
15% 20%
25%
3 0%
35% 4 0% 45% 50% 0
1,000
2,000 3,000
4,000
5,000
Q4Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Back Catalogue Sales New Releases Sales
Other Adjusted EBIT Margin, %
PC/Console Games
5 Source: as of March 31, 2024
NOTABLE NEW RELEASES
BACK CATALOG SALES | SEKm NET SALES REVENUE SPLIT SEKm & ADJUSTED EBIT MARGIN
3,126
TOP 10 BACK CATALOG
ORGANIC GROWTH
PRO FORMA GROWTH
– 13 %
3 %
514
Operative Groups: 6 | Internal Headcount: 6,404 | Internal Studios: 73
Adjusted EBIT FY 21/22
FY 21/22
02 4
6 8
10 12 14
16 18
20
0 510 1520 25
Project ROI (Contibution / Investment)
Quarter since Release
PC/Console Games
6 Source: as of March 31, 2024
•Based on reported numbers until
March 31, 2024
• Sample includes projects with sales
above 40 SEKmor investment above
40 SEKm (98 projects)
• ROI = Contribution / Investment
• Contribution = Gross Profit less
marketing expenses from release to
March 31, 2024
• Investment = Capitalized Development
Expenses including follow -on
investment
• Projects from divested assets are
included in the data
PROJECT ROI (CONTRIBUTION/INVESTMENT) DETAILS
SEK 26.2 bn
in net Sales
SEK 18.7 bn
in Contribution
Average title project data:
Sales 268 SEKm, Contribution 191 SEKm and
Investment 82 SEKm.
SEK 8.6 bn
in Total Investments
2.2x in average
1.0x in break even
> 50
PC/Console Games
7 Source: as of March 31, 2024 | *Gross investments in PC/Console game development
INVESTMENTS AND COMPLETED GAME DEVELOPMENT* | SEKm
Investments and completed game development
262
545
1,671
531 501
803
1,120
780
718
950
1,114
1,405
1,693
1,633 1,672 1,690
1,492
1,382
3.6x
2.0x
0.8x
3.2x 3.3x
2.1x
1.5x
1.9x 1.9x
0
200 400
600 800
1,000 1,200 1,400
1,600 1,800
Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Value of Completed Game Development Investment in Game Devlopment Investment in Game Development as X times Completed Games
FY 21/22
PC/Console Games
8 Source: as of March 31, 2024 | Release slates can be subject to change, and will in this case be communicated through their respective publisher
Solid pipeline of new games for FY 2024/25
898
555 478 51% 42% 35%
– 10 % 10%
3 0% 50% 70% 90%
110% 1 30 % 150% 0
250
500 750
1,000
Q4Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
UAC, SEK m UAC, % of Net Sales
FY 21/22
307 316
229
37 34 29
0 5 10 15
20 25 30 35 40 45 50 55
60 65 70 75 80 85 90 95
100 0
50
100 150
200 250300 350
Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
MAU DAU
1,759
1,317 1,366 28% 25%
38%
0% 5%
10%
15% 20% 25%
3 0% 35% 4 0% 45%
50% 0
500
1,000 1,500
2,000
Q4Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Net Sales Adjusted EBIT Margin, %
Mobile Games
9 Source: as of March 31, 2024
DAILY ACTIVE USERS & MONTHLY ACTIVE USERS NET SALES DRIVERS
Sudoku.com
Nonogram.com
Number Match Blockudoku
Art Puzzle
Jigsaw Puzzle
USER ACQUISITION COST | SEKm
NET SALES SEKm & ADJUSTED EBIT MARGIN
Pixel Art
million
Alien Invasion
ORGANIC GROWTH
PRO FORMA GROWTH
– 9 %
– 5 %
514
Operative Groups: 2 | Internal Headcount: 1,081 | Internal Studios: 11
Adjusted EBIT
FY 21/22
FY 21/22 Solitaire
Another strong
quarter, with over
50% Adjusted EBIT growth YoY
3,074 3,117
8%
12%
0% 5%
10% 15% 20%
25% 3 0%
35% 4 0% 0
500
1,000 1,500
2,000 2,5003,000 3,500
4,000 4,500
5,000
Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Net Sales Adjusted EBIT Margin, %
Tabletop Games
Source: as of March 31, 2024
NET SALES SEKm & ADJUSTED EBIT MARGIN
NEW RELEASES
STRONG PIPELINE
DOBBLE CONNECT –ZYGOMATIC
Success of
Star Wars : Unlimited
which performed
above management expectations
380
ORGANIC GROWTH
PRO FORMA GROWTH
– 3 %
– 3 %
Operative Groups: 1 | Internal Headcount: 2,377 | Internal Studios: 23
Adjusted EBIT RELEASED AFTER THE QUARTER
10
STAR WARS : UNLIMITED – SPARK OF REBELLION
811
1,487
1,265
4% 4% 4% 0% 10%
20% 3 0% 4 0% 50%
60%
70%
80%
90% 100% 0
500
1,000 1,500
2,000 2,5003,000
Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Net Sales Adjusted EBIT Margin, %
11 Source: as of March 31, 2024 | *Announced after the quarter
Entertainment & Services
NET SALES SEKm & ADJUSTED EBIT MARGIN
Warner Bros. Pictures and New Line
Cinema, alongside Peter Jackson,
Fran Walsh and Philippa Boyensare
reuniting to produce two new films
from Tolkien’s Middle- earth*, based on
Middle -earth Enterprises’ owned IP,
The Lord of the Rings
48
Adjusted EBIT
FY 21/22 © 2024 Middle Earth Enterprises, LLC. All rights reserved. The Lord of the Rings, the Hobbit and numerous places, events, items, creatures,
and characters contained therein are trademarks or registered trademarks of Middle Earth Enterprises, LLC. The copyrights to TheLord of
the Rings and Hobbit films are owned by New Line Cinema & Warner Brothers.
– 18 %
– 18 %
ORGANIC GROWTH
PRO FORMA GROWTH
Operative Groups: 3 | Internal Headcount: 771 | Internal Studios: 2
144179
193
183184188 199
207
2019
2020 20212022 202320242025 2026
Market update
OPERATING SEGMENTS
12 Source: as of March 31, 2024 | 1Newzoo| 2NPD and Asmodee
The games market in calendar year
2023 is estimated to have generated USD 184 billion and grown by 0.5% YoY
1, despite a challenging macro
environment for consumers and businesses alike.
PC 1
expected to grow by
+4 %
in 2024
Mobile 1
expected to grow by
+3 %
in 2024
Console 1
expected to decline by
-1 %
in 2024
USD b illion Forecast
2019-2026 CAGR 5% Source: Newzoo
Tabletop 2
grew by
+0.4 %
in 2023
GLOBAL VIDEO GAMES MARKET REVENUE FORECAST GLOBAL MARKET
COVID PEAK
3%
Financial performance
2.
1,067 915
1,426
20%
10% 16%
0
500
1,000 1,500
2,000
Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Adjusted EBIT Adjusted EBIT %
1,288
2,669
2,365
25% 29% 27%
0% 10%
20%
3 0% 4 0% 50% 60%
70% 80% 90% 100% 0
500
1,000 1,500
2,000 2,5003,000
Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Operating Expenses, net Operating Expenses, net, as % of sales
144340
153
898
555
478
20%
10% 7%
0% 5%
10% 15% 20% 25%
3 0% 35% 4 0% 0
200 400
600 800
1,000 1,200 1,400
Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Marketing, Non UAC, Net of Income Marketing, UAC – Mobile Marketing as % of Net Sales
5,238
9,356 8,875 73%
58% 62%
0% 10% 20%
3 0%
4 0% 50%
60%
70% 80% 90% 100% 0
2,000 4,000
6,000 8,000
10,000 12,000
Q4Q1Q2 Q3Q4 Q1Q2 Q3Q4
FY 22/23 FY 23/24
Net Sales Gross Margin
Financial development
FINANCIAL PERFORMANCE | Q4
Source: as of March 31, 2024
GROSS MARGIN DEVELOPMENT | SEKm DEVELOPMENT OF MARKETING EXPENSES | SEKm
DEVELOPMENT OF OPERATING EXPENSES, NET | SEKm ADJUSTED EBIT | SEKm
FY 21/22 FY 21/22
FY 21/22
FY 21/22
14
SEK, millionIFRS expense
reported Items not
affecting Cash Flow Items affecting
Cash Flow
Specification of items affecting comparability Divestment of Saber Interactive 7,0747,0740
Divestment of Gearbox Entertainment 1,5251,5130
Restructuring program 1,248983265
Annual impairment test 10,44510,4450
Items affecting comparability 20,27920,014265
Specification specific items related to historical acquisitions Personnel costs related to acquisitions 80077822
Amortization of surplus values of acquired intangible assets 7227220
Other items 220
Specific items related to historical acquisitions 1,5251,50322
Acquisition related expenses for expensed earnouts and planned amortizations of acquisition related surplus values.
In -line with expectations except for accelerations in conjunction with the divestments of Saber and Gearbox.
Non -cash expense related to previously announced
divestment of certain assets within Saber Interactive
Adjusted EBIT Bridge
FINANCIAL PERFORMANCE | Q4
15 Source: as of March 31, 2024
Reconciliation of adjusted EBIT Q4 2023/24 SEK, million
EBIT -20,378
Specific items related to historical
acquisitions 1,525
Items affecting comparability 20,279
Adjusted EBIT 1,426
3
1
Non-cash expense related to the previously announced
divestment of Gearbox Entertainment 2
Expenses related to the restructuring program 3
1
2
4
Non -cash impairment according to Annual impairment
process mainly related to the CGUs of Asmodee (6.7 bn),
Saber (2.9 bn) and Dark Horse (0.7 bn)
4
Cash flow and net debt
FINANCIAL PERFORMANCE | Q4
Source: as of March 31, 2024
SEKmFY23/24
Q4 FY22/23
Q4 FY 23/24
TTM FY 22/23
TTM
Adjusted EBITDA 2,4881,93811,377 9,867
Cash Tax -239 -158 -977 -902
Other items –
386 -251 -1,364 -288
Operating Cash flow 1,8631,529
9,036 8,677
Net investment in intangible assets -1,516 -1,807 -7,007 -5,996
Net investment in tangible assets -56 -178 -312 -497
Net investment in financial assets -28 62-374 -61
Net Investment -1,600 -1,923 -7,693 -6,554
Free Cash Flow before WC 263-395
1,343 2,123
Change in working capital 225
363 113-2,162
Free Cash Flow after WC 488-32 1,456 -39
Cash Flow from financing activities -377 -877 8328,501
Net investment in acquired companies -165 -652 -2,851 -10,067
Cash effect IAC costs -265 –672 –
Cash Flow for the period -319 -1,561 -1,234 –
1,605 SEKm March 31,
2024 March 31,
2023
Cash 3,5074,662
Current investments 018
Current liabilities to credit institutions –
8,994 -683
Current account credit facilities -35 –
17
Non -current liabilities to credit institutions
-10,885 -19,560
Net Debt ( -) / Net Cash (+)
-16,407
-15,581
• Free cash flow in the quarter affected by negative
EBITDAC contribution of SEK 0.5 billion from the
divested assets
• In April 2024 Embracer Group secured financing
agreement at Asmodeelevel amounted to EUR 900
million
• Net debt not considering short term interest-bearing
receivable amounting to SEK 2.1 billion related to
divestment of assets in Saber Interactive
16
Pro forma financials
FINANCIAL PERFORMANCE | Q4
17 1includes corporate (headquarters) pro forma financials | 2EBITDAC = Adjusted EBITDA less Gross investment in intangible and tangible assets
Asmodee“Coffee Stain & Friends” “Middle-earth Enterprises &
Friends” Embracer Group 1
SEK, billion Apr
-Mar
22/23 Apr
-Mar
23/24 Apr
-Mar
22/23 Apr
-Mar
23/24 Apr
-Mar
22/23 Apr
-Mar
23/24 Apr
-Mar
22/23 Apr
-Mar
23/24
Net sales 13.414.810.5 10.712.3 14.236.2 39.7
Adjusted EBITDA 2.32.43.84.53.24.69.211.3
Adjusted EBIT 2.02.12.6 3.11.62.4 6.0 7.3
Capex -0.3-0.3-2.2-2.0 -3.3-2.7-5.8 -4.9
EBITDAC
2 2.0 2.2 1.62.5 -0.1 1.93.3 6.3
Pro forma net debt and earnouts
FINANCIAL PERFORMANCE | Q4
18 Source: as of March 31, 2024
SEK, billion
“Coffee Stain & Friends” 1.1
“Middle -earth Enterprises & Friends” 1.8
Asmodee Group 1.2
Cash obligations 4.1
Earnoutobligations (cash )
Net debt bridge SEK, billion
Net debt 31 March, 2024 16.4
Estimated cash inflow from Divestments (5.7) –(5.2)
Pro forma Net debt
1 10.7 –11.2
Net debt bridge
No. of shares Expected
No. of outstanding shares 1,339 million
Earnout shares to be issued expected 26 million
No. of shares –after dilution 1,365 million
Earnoutobligations (shares)
1Whereof approx. SEK 9.1 bn relates to the ringfenced Asmodee
structure
Restructuring program summary
3.
Today’s speaker
RESTRUCTURING PROGRAM SUMMARYDEPUTY GROUP CFO
MÜGE BOUILLON
Restructuring program successfully finalized
RESTRUCTRING PROGRAM SUMMARY
1Compared to Q4 FY 22/23 run-rate
Capex
SEK 2.9bn+ annual
savings1
in FY24/25
Opex
SEK 0.8bn+ annual
savings* in FY24/25
Net debt
Below
SEK 8.0bn
by
March 31, 2024
Improve efficiency and cash generation, transforming Embracer into a leaner, stronger, more focused and cash self-sufficient company
Objective Targets
Now focus shifts to continuous improvements
Divestments contributed to targets,
andlower business risk
while operations in Russia are
ceased
Headcount reduction
1% reduction in Q4 before divestments
27% of employees left in
FY 2023/24, including divestment of
certain assets of Saber Interactive Updated capital allocation process
and improved standards for new
and continued investment will raise quality and ROI
Annualized pro forma capex run -rate in
Q4 2024 of SEK 4.3 billion
SEK –3.6 billion ( –45%) vs. Q4 FY 23/24 The 10% overhead cost savings
objective was achieved
Pro forma net debt of ~SEK 11 billion as
of Q4 vs. SEK 8 billion net debt target
Of which SEK 9 billion ringfenced at Asmodeelevel
Capex Opex Net debt
Preparations for the new chapter
4.
Illustrative timeline for planned spinoffs
UPDATE ON EMBRACER’S INTENTION TO TRANSFORM INTO THREE PUBLICLY LISTED ENTITIES
1working name TBD
EMBRACER GROUP ”MIDDLE-EARTH ENTERPRISES & FRIENDS 1”
ASMODEE (PLANNED FOR FY 2024/25)
”COFFEE STAIN & FRIENDS 1” (PLANNED FOR CY 2025)
FIRST SPINOFF
SECOND SPINOFF IPO READY
Rationale
•Unlocking value in the high -quality assets of Embracer
Group following the successful completion of the
restructuring program
• Offer more differentiated and distinct equity stories
for existing and new shareholders
• Enabling each entity to better focus on their core
strategies
• Expected to drive long -term value creation Key Milestones
•
Proforma preparations for prospectus
• Legal and tax DD
• Stock exchange audit
• Documentation and monitoring of control activities
(incl IT)
• Prospectus
• Steering documents, policies, instructions, guidelines
• Board and Executive Management composition
Illustrative timeline, not to scale
Until ~10:00 CEST
Q&A
Appendix
5.
AsmodeeGroup
PRO FORMA FINANCIALS | FY 2023/24
1EBITDAC = Adjusted EBITDA less Gross investment in intangible and tangible assets
Asmodee Group
FY 2023/24 (April 2023 – March 2024)
SEK, billion Q1 Q2 Q3Q4 FY
Net sales 3.24.14.4 3.114.8
Adjusted EBITDA 0.3 0.8 0.90.52.4
Adjusted EBIT 0.2 0.70.8 0.4 2.1
Capex -0.1 -0.1 -0.1 -0.1 -0.3
EBITDAC 1 0.2 0.70.8 0.42.2
“Coffee Stain & Friends”
PRO FORMA FINANCIALS | FY 2023/24
1EBITDAC = Adjusted EBITDA less Gross investment in intangible and tangible assets
“Coffee Stain & Friends”
FY 2023/24 (April 2023 –March 2024)
SEK, billion Q1 Q2 Q3Q4 FY
Net sales 2.43.0 2.82.510.7
Adjusted EBITDA 0.9 1.31.2 1.14.5
Adjusted EBIT 0.6 0.9 0.9 0.7 3.1
Capex -0.6 -0.5 -0.4 -0.4 -2 .0
EBITDAC 1 0.3 0.8 0.8 0.72.5
“Middle-earth & Friends”
PRO FORMA FINANCIALS | FY 2023/24
1EBITDAC = Adjusted EBITDA less Gross investment in intangible and tangible assets
“Middle- earth Enterprises & Friends”
FY 2023/24 (April 2023 – March 2024)
SEK, billion Q1 Q2 Q3Q4 FY
Net sales 4.23.14.2 2.714.2
Adjusted EBITDA 1.6 0.9 1.20.9 4.6
Adjusted EBIT 1.0 0.4 0.70.42.4
Capex -0.8 -0.7 -0.6 -0.6 -2.7
EBITDAC 1 0.8 0.2 0.6 0.3 1.9
Embracer Group 1
PRO FORMA FINANCIALS | FY 2023/24
1includes corporate (headquarters) pro forma financials | 2EBITDAC = Adjusted EBITDA less Gross investment in intangible and tangible assets
Embracer Group 1
FY 2023/24 (April 2023 –March 2024)
SEK, billion Q1 Q2 Q3Q4 FY
Net sales 9.810.2 11.48.339.7
Adjusted EBITDA 2.7 2.9 3.32.511.3
Adjusted EBIT 1.7 1.92.3 1.57.3
Capex -1.4 -1.3 -1.1 -1.1 -4.9
EBITDAC 2 1.2 1.62.2 1.46.3