THQ Nordic AB (publ) publishes interim report for January – September 2016

Successful launches generate profitable growth

THQ Nordic continued its growth in the third quarter. The primary growth drivers were successful new launches of the games “Titan Quest Anniversary Edition” and “MX vs. ATV Supercross Encore” on Xbox One. This corroborates our asset care strategy, of managing and enhancing popular games and brands. Publishing titles such as Fatshark’s “Warhammer: End Times – Vermintide”, Microsoft’s “Quantum Break” and “State of Decay”, as well as Weappy Studios’ “This is the Police”, also contributed to growth. We changed corporate name to THQ Nordic at Gamescom in August, a move well received by gamers and the gaming industry. We plan to float the THQ Nordic share on Nasdaq First North before year-end, which will take the Company into a new developmental phase.

–Lars Wingefors, Founder & CEO

Third quarter 2016

  • Net sales increased by 95% to SEK 77.9 m (40.0).
  • Owned titles represented SEK 43.6 m (25.0), or 56%, of net sales in the quarter.
  • EBITDA was SEK 25.4 m (16.1), corresponding to an EBITDA margin of 32.5%.
  • Cash flow from operating activities amounted to SEK 20.5 m (8.4).
  • Earnings per share (diluted) amounted to SEK25.34 (14.33).
  • SEK 50 m loan facility signed with Lars Wingefors AB.
  • Two owned titles and four publishing titles launched in the period.

Interim period January – September 2016

  • Net sales increased by 52% to SEK 173.7 m (114.5).
  • Owned titles represented SEK 119.5 m (79.5), or 69%, of net sales in the period.
  • EBITDA was SEK 71.6 m (52.8), corresponding to an EBITDA margin of 41.2%.
  • Cash flow from operating activities amounted to SEK 47.9 m (46.6).
  • Earnings per share (diluted) amounted to SEK 67.92 (47.27).
  • As of 30 September 2016, cash and cash equivalents were SEK 12.2 m (4.1)

Throughout the Report, all comparatives within parentheses refer to the corresponding period of the previous year, unless otherwise stated.

 

KEY PERFORMANCE INDICATORS, SEK m GROUPMSEK  Jul-Sep 2016  Jul-Sep 2015  Jan-Sep 2016  Jan-Sep 2015  Full year 2015
Net sales 77.9  40.0  173.7  114.5  212.9 
EBITDA  25.4  16.1  71.6  52.8  105.1 
Under lying EBIT  19.3  12.7  54.4  40.5  78.9 
Profit after tax  12.7  7.2  34.0  23.6  51.2 
Earnings per share, SEK  25.34  14.33  67.92  47.27  102.48 
Cashflow from operating activities  20.5  8.4  47.9  46.6  109.9 
Sales growth,  %  95  9  52  5  20 
EBITDA margin, %  33  40  41  46  49 
Underlying EBIT margin, %  25  32  31  35  37 
Net sales split:           
– Owned titles, %  56  63  69  69  76 
– Publishing titles, %  44  36  31  29  22 

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