Remedy Entertainment Plc: Adoption of IFRS and unaudited IFRS comparison figures

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Remedy Entertainment Plc | Company Announcement 7.30 p.m. (EEST) 25 April 2022 

Adoption of IFRS and unaudited IFRS comparison figures

Remedy Entertainment Plc (“Remedy” or the “Company”) announced on 10 February 2022 in its company release that it aims to transfer to the Nasdaq Helsinki official list during 2022.  In connection with the list transition process, Remedy has adopted International Financial Reporting Standards (IFRS). Previously the Company has followed Finnish Accounting Standards (FAS).

Remedy will publish its first financial statements according to IFRS for the period ended 31 December 2021. The comparative information is presented from the period ended 31 December 2020 and the IFRS transition date is 1 January 2020. Previously the Company has prepared its financial statements, including business review reports and half-year reports, in accordance with the Finnish Accounting Standards (FAS).

Remedy has prepared the following unaudited IFRS financial information to provide its investors comparative information on the Company’s statement of comprehensive income, balance sheet and key figures for the year ended 31 December 2021 and 31 December 2020, as well as for the interim periods in 2021 and 2020.

The adoption of IFRS does not affect the Company’s guidance for the year 2022. Remedy expects its revenue to grow and operating profit to be on a lower level than in 2021.  

Outlined below are the accounting policies that have had the most significant effects on Remedy’s financial figures due to the adoption of IFRS (profit and loss effect on fiscal year 1 January – 31 December 2021):

  • Reclassification of refurbishment costs according to IAS 16 (no profit and loss effect)
  • Recognition of leased assets according to IFRS 16 (positive effect on profit and loss of 5 thousand euros)
  • Capitalization of development costs and amortizations from previous periods according to IAS 38 (negative effect on profit and loss 778 thousand euros)
  • Recognizing share options as expenses over the vesting period according to IFRS 2 (negative effect on profit and loss of 2 457 thousand euros)
  • Measuring financial instruments at fair value according to IFRS 9 (positive effect on profit and loss of 1 247 thousand euros)
  • Altogether, the adoption of IFRS weakens the profit of the fiscal year 2021 by 1 983 thousand euros

The most significant differences comparing to the financial figures presented in FAS are described in more detail in the notes of this company announcement. Additional information about the financial figures in FAS are available in the audited financial statements as well as in the unaudited business reviews and half year reviews at the Company’s web page.

The financial information presented in this release is unaudited except for the income statement and balance sheet prepared in accordance with FAS for the period ended 31 December 2021 and for the period ended 31 December 2020.

 

Statement of comprehensive income 1 October – 31 December 2021 and 1 January – 31 December 2021

EUR 1 000

Note

 

1 Oct - 31 Dec 2021 FAS

Total effect of IFRS transition

1 Oct - 31 Dec 2021 IFRS

 

1 Jan - 31 Dec 2021 FAS

Total effect of IFRS transition

1 Jan - 31 Dec 2021 IFRS

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

19 796

0

19 796

 

44 726

0

44 726

Other operating income

 

 

0

0

0

 

1

0

1

Materials and services

3

 

1 796

-1 796

0

 

8 489

-8 489

0

Personnel expenses

3, 5

 

 -2 870

953

 -1 917

 

 -8 505

3 137

-5 368

Depreciation, amortisation and impaiment

3, 4

 

 -5 696

-194

 -5 890

 

 -23 383

2 231

 -21 152

Other operating expenses

2, 3

 

-327

-216

-543

 

-1 206

-1 837

-3 043

Operating profit/(loss)

2, 3, 5

 

 -1 437

335

 -1 102

 

 -5 415

1 659

-3 757

Financial income

 

 

11 262

-919

10 343

 

14 708

-3 301

11 407

Financial expenses

5

 

7

143

150

 

109

143

253

Profit/(Loss) before income taxes

1, 2

 

-26

-6

-32

 

-1 338

1 020

-318

Income tax expense

 

 

11 243

-782

10 461

 

13 479

-2 137

11 342

Profit/(Loss) for the financial year

 

 

-2 254

-29

-2 283

 

-2 702

154

-2 548

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that may be subsequently reclassified to profit or loss

 

 

0

0

0

 

0

0

0

Total other comprehensive income/(expense) for the financial year

 

 

0

0

0

 

0

0

0

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(expense) for the financial year

 

 

8 989

-811

8 178

 

10 777

-1 983

8 794

 

 

 

 

 

 

 

 

 

 

Profit/(Loss) for the financial year attributable to

 

 

 

 

 

 

 

 

 

Owners of the company

 

 

8 989

-811

8 178

 

10 777

-1 983

8 794

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(expense) attributable to

 

 

 

 

 

 

 

 

 

Owners of the company

 

 

8 989

-811

8 178

 

10 777

-1 983

8 794

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

Basic earnings per share, euro

 

 

0.68

-0.06

0.61

 

0.81

-0.14

0.67

Diluted earnings per share, euro

 

 

0.63

-0.04

0.59

 

0.76

-0.11

0.65

 

 

 

 

 

 

 

 

 

 

 

Statement of comprehensive income 1 October – 31 December 2020 and 1 January – 31 December 2020

 

EUR 1 000

Note

 

1 Oct - 31 Dec 2020 FAS

Total effect of IFRS transition

1 Oct - 31 Dec 2020 IFRS

 

1 Jan - 31 Dec 2020 FAS

Total effect of IFRS transition

1 Jan - 31 Dec 2020 IFRS

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

14 201

0

14 201

 

41 086

0

41 086

Other operating income

 

 

0

0

0

 

1

0

1

Materials and services

3

 

1 777

-1 777

0

 

5 111

-5 111

0

Personnel expenses

3, 5

 

 -1 813

577

 -1 236

 

 -6 596

1 777

-4 818

Depreciation, amortisation and impaiment

3, 4

 

 -6 104

552

-5 552

 

 -20 758

1 742

-19 016

Other operating expenses

2, 3

 

-318

-874

-1 192

 

-1 068

-5 637

-6 705

Operating profit/(loss)

2, 3, 5

 

-1 103

397

-706

 

 -4 530

1 231

 -3 299

Financial income

 

 

6 640

-1 125

5 515

 

13 245

-5 997

7 248

Financial expenses

5

 

11

0

11

 

154

0

154

Profit/(Loss) before income taxes

1, 2

 

-139

-9

-148

 

-478

105

-373

Income tax expense

 

 

6 512

-1 134

5 378

 

12 921

-5 892

7 029

Profit/(Loss) for the financial year

 

 

-1 302

143

-1 159

 

-2 585

968

-1 617

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that may be subsequently reclassified to profit or loss

 

 

0

0

0

 

0

0

0

Total other comprehensive income/(expense) for the financial year

 

 

0

0

0

 

0

0

0

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(expense) for the financial year

 

 

5 210

-992

4 218

 

10 337

-4 925

5 412

 

 

 

 

 

 

 

 

 

 

Profit/(Loss) for the financial year attributable to

 

 

 

 

 

 

 

 

 

Owners of the company

 

 

5 210

-992

4 218

 

10 337

-4 925

5 412

 

 

 

 

 

 

 

 

 

 

Total comprehensive income/(expense) attributable to

 

 

 

 

 

 

 

 

 

Owners of the company

 

 

5 210

-992

4 218

 

10 337

-4 925

5 412

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

Basic earnings per share, euro

 

 

0.43

-0.09

0.34

 

0.86

-0.41

0.45

Diluted earnings per share, euro

 

 

0.40

-0.07

0.33

 

0.80

-0.37

0.43

 

 

BALANCE SHEET 31 December 2021

 

 

 

 

 

 

 

 

 

 

 

 

EUR 1 000

 

Note

31 Dec
2021 FAS

Total effect of IFRS transition

31 Dec
2021 IFRS

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

Intangible assets

 

 

 

 

 

 

Development costs

 

 

 15 110

 - 

 15 110

Other intangible assets

 

1

 599

-599

 - 

Total intangible assets

 

 

 15 709

-599

 15 110

Tangible assets

 

 

1

 599

 599

 3 178

Right-of-use assets

 

2

 - 

 1 075

 1 075

Investments

 

 

 

 -  

 - 

 3 000

Non-current receivables

 

 

 705 

 -

 705

Deferred tax assets

 

 

 - 

 6

 6

Total non-current assets

 

 

 21 992

 1 082

 23 074

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Non-current receivables

 

 

 

 

 

Stock

 

 

 

 

 17

 - 

 17

Trade and other receivables

 

 

 20 163

 - 

 20 163

Contract assets

 

 

 

 2 348

 - 

 2 348

Other current financial assets

5

 3 995

 144

 4 139

Cash and cash equivalents

 

 

 51 384

 - 

 51 384

Total current assets

 

 

 77 909

144

 78 052

 

 

 

 

 

 

 - 

 

Total assets

 

 

 

 99 901

 1 225

 101 126

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Share capital

 

 

 

 80

 - 

 80

Share premium

 

 

 

 38

 - 

 38

Invested non-restricted equity reserve

1

 56 866

-1 087

 55 779

Retained earnings

 

 

2, 3, 4, 5

 30 342

 1 180

 31 522

Total equity

 

 

 

 87 326

 93

 87 419

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Government loan

 

 

 

 1 837

 - 

 1 837

Lease liabilities

 

 

2

 - 

 218

 218

Deferred tax liabilities

 

 

 - 

 - 

 - 

Total non-current liabilities

 

 

 1 837

 218

 2 055

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Government loan

 

 

 

 919

 - 

 919

Lease liabilities

 

 

2

 - 

 884

 884

Derivative instruments

 

 

 - 

 - 

 - 

Trade and other payables

 

 

 9 820

 28

 9 848

Total current liabilities

 

 

 10 739

 912

 11 651

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 12 575

 1 131

 13 706

 

 

 

 

 

 

 

 

Total equity and liabilities

 

 

 99 901

 1 225

 101 126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET 31 December 2020

 

 

 

 

 

 

 

 

 

 

 

 

EUR 1 000

 

Note

31 Dec
2020 FAS

Total effect of IFRS transition

31 Dec
2020 IFRS

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

Intangible assets

 

 

 

 

 

 

Development costs

 

3

 6 621

 972

 7 593

Other intangible assets

 

1

 1 052

-1 052

 - 

Total intangible assets

 

 

 7 673

-80

 7 593

Tangible assets

 

 

1

 2 218

 1 052

 3 271

Right-of-use assets

 

2

 - 

 1 936

 1 936

Investments

 

 

 

 - 

 - 

 - 

Non-current receivables

 

 

 553 

 -

 553

Deferred tax assets

 

 

 - 

 18

 18

Total non-current assets

 

 

 10 444

2 926

 13 370

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Non-current receivables

 

 

 

 

 

Stock

 

 

 

 

 - 

 - 

 - 

Trade and other receivables

 

 

 5 619

 - 

 5 619

Contract assets

 

 

 

 8 602

 - 

 8 602

Other current financial assets

 

 - 

 - 

 - 

Cash and cash equivalents

 

 

 23 690

 - 

 23 690

Total current assets

 

 

 37 911

-

 37 911

 

 

 

 

 

 

 - 

 

Total assets

 

 

 

 48 355

 2 926

 51 281

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Share capital

 

 

 

 80

 - 

 80

Share premium

 

 

 

 38

 0

 38

Invested non-restricted equity reserve

 

 13 748

 - 

 13 748

Retained earnings

 

 

2, 3, 4, 5

 21 526

 706

 22 232

Total equity

 

 

 

 35 391

 707

 36 098

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Government loan

 

 

 

 2 755

 0

 2 755

Lease liabilities

 

 

2

 - 

 1 100

 1 100

Deferred tax liabilities

 

 

 - 

 194

 194

Total non-current liabilities

 

 

 2 755

 1 295

 4 050

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Government loan

 

 

 

 919

 - 

 919

Lease liabilities

 

 

2

 - 

 869

 869

Derivative instruments

 

5

 - 

 56

 56

Trade and other payables

 

 

 9 289

 - 

 9 289

Total current liabilities

 

 

 10 208

 925

 11 133

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 12 963

 2 220

 15 183

 

 

 

 

 

 

 

 

Total equity and liabilities

 

 

 48 355

 2 926

 51 281

 

 

 

 

 

 

 

 

OPENING BALANCE 1 January 2020

 

 

 

 

 

 

 

 

 

 

 

 

EUR 1 000

 

Note

1 Jan
2020 FAS

Total effect of IFRS transition

1 Jan
2020 IFRS

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

Intangible assets

 

 

 

 

 

 

Development costs

 

3

 1 510

 5 745

 7 255

Other intangible assets

 

1

 1 333

-1 333

 - 

Total intangible assets

 

 

 2 843

 4 412

 7 255

Tangible assets

 

 

1

 1 771

 1 333

 3 104

Right-of-use assets

 

2

 - 

 2 725

 2 725

Investments

 

 

 

 - 

 - 

 - 

Non-current receivables

 

 

 521 

 -

 521

Deferred tax assets

 

 

 - 

 5

 5

Total non-current assets

 

 

 5 135

 8 475

 13 610

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Non-current receivables

 

 

-

-

 - 

Stock

 

 

 

 

 - 

 - 

 - 

Trade and other receivables

 

 

 1 989

 - 

 1 989

Contract assets

 

 

 

 9 223

 - 

 9 223

Other current financial assets

 

 - 

 - 

 - 

Cash and cash equivalents

 

 

 19 550

 - 

 19 550

Total current assets

 

 

 30 762

-

 30 762

 

 

 

 

 

 

 - 

 

Total assets

 

 

 

 35 896

 8 476

 44 372

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

Share capital

 

 

 

 80

 - 

 80

Share premium

 

 

 

 38

 - 

 38

Invested non-restricted equity reserve

 

 13 748

 - 

 13 748

Retained earnings

 

 

2, 3, 4, 5

 12 517

 4 578

 17 095

Total equity

 

 

 

 26 383

 4 577

 30 960

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Government loan

 

 

 

 3 674

 - 

 3 674

Lease liabilities

 

 

2

 - 

 1 919

 1 919

Deferred tax liabilities

 

 

 - 

 1 149

 1 149

Total non-current liabilities

 

 

 3 674

 3 068

 6 742

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Government loan

 

 

 

 - 

 - 

 - 

Lease liabilities

 

 

2

 - 

 830

830

Derivative instruments

 

5

 - 

 - 

 - 

Trade and other payables

 

 

 5 840

 - 

5 840

Total current liabilities

 

 

 5 840

 830

 6 670

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 9 514

 3 898

 13 412

 

 

 

 

 

 

 

 

Total equity and liabilities

 

 

 35 896

 8 476

 44 372

 

 

IFRS NOTES

 

Outlined below are the accounting policies that due to the adoption of IFRS have had the most significant effects on the statement of comprehensive income and balance sheet of Remedy for the fiscal year 2021, for the comparison period 2020 and for the opening balance of 1 January 2020. The Company mainly recognized deferred taxes on all adjustments except share-based payments and expenses related to paid increase in share capital, using the Finnish corporate tax rate (20 %).

 

1)      Reclassification (IAS 16 Intangible assets): The refurbishment costs for the leased office space of the Company were shown under other intangible assets in the FAS financial statements. In the transition they were reclassified to tangible assets based on their nature (item Other tangible assets) and related amortization transferred under depreciation. Expenses related to paid increase in share capital were shown under other operating expenses in the FAS financial statements. In the transition they were reclassified to invested non-restricted equity reserve.
 

2)      Leased assets (IFRS 16 Leases): Remedy leases office premises and machinery and equipment. Under FAS Remedy recorded all rental expenses in the financial year to which they related. Lease obligations were presented as an off-balance sheet item under commitments. In the transition an equal IFRS 16 adjustment was recognized under the right-of-use assets and financial liabilities on 1 January 2020. Lease payments previously presented under other operating expenses are now apportioned between the reduction of the lease liability and the interest charge on the lease liability. Furthermore, depreciation of the right-of-use assets is recorded in profit or loss. Remedy applied the recognition exemptions for both short-term leases (a lease term of 12 months or less) and for leases of low-value assets. Any lease accruals presented under accrued expenses have been transferred to the lease liability. In cash flow statement leased assets are presented in cash flows from investing activities in IFRS financial statement. In FAS financial statement, leased assets are part of cash flows from operating activities.
 

3)      Development costs (IAS 38 Intangible Assets): The Company started to capitalize development costs for new projects that are based on the Company’s own game brands, effective from 1 January 2019 in its FAS financial statements. IFRS requires capitalization of development costs where the related recognition criteria are met. Therefore, in the transition the Company also capitalized development costs for a project launched prior to 1 January 2019. As a temporary difference exists between the capitalized development costs and the tax base, a deferred tax liability has been recognized. This together with the development costs capitalized in the opening IFRS balance sheet on 1 January 2020 increase the amount of amortization. The capitalized amounts are presented under Capitalization of development costs in the comprehensive income statement in FAS. In IFRS the capitalized amounts are part of materials and services, personnel expenses and other operating expenses. This together with the development costs capitalized in the opening IFRS balance sheet on 1 January 2020 increase the amount of amortization.
 

4)      Share options (IFRS 2 Share-based Payments): Remedy has four share option plans for the key personnel and the related payments are made with equity instruments. In FAS financial statements option plans are not accounted for through profit or loss. Under IFRS share options are measured at the grant-date fair value and recognized as expenses over the vesting period. A contra-entry is made to equity, so the equity balance is not affected.
 

5)      Financial instruments (IFRS 9 Financial instruments): Remedy had during financial years 2020 and 2021, but however not anymore at the end of reporting period 2021, open currency derivate agreements, which aren't measured at fair value in income statements according to FAS. In IFRS currency derivatives are measured at fair value at the closing date of the reporting period. In 2021 Remedy had also equity fund investments, which are measured at acquisition cost in FAS and only impairment is measured in financial statement. In IFRS these investments have been measured at fair value.

 

Effect of IFRS transition to shareholder’s equity and profit

 

Shareholder’s equity

 

EUR 1 000

Note

31 Dec 2021

31 Dec 2020

1 Jan 2020

Equity FAS

 

87 326

35 391

26 383

 

 

 

 

 

IFRS effects:

 

 

 

 

Leased assets

2

-22

-26

-19

Development costs

3

0

778

4596

Share options

4

0

0

0

Financial instruments

5

115

-45

0

Total effects

 

93

706

4578

 

 

 

 

 

Equity IFRS

 

87 419

36 097

30 961

 

Profit

 

 

 

 

EUR 1 000

Note

1 Oct 2021-31 Dec 2021

1 Oct 2020-31 Dec 2020

1 Jan 2021-31 Dec 2021

1 Jan 2020-31 Dec 2020

Profit FAS

 

8989

5210

10 777

10 337

 

 

 

 

 

 

IFRS effects:

 

 

 

 

 

Leased assets

2

3

4

5

-8

Development costs

3

0

-531

-778

-3819

Share options

4

-928

-419

-2457

-1054

Financial instruments

5

115

-45

1247

-45

Total effects

 

-810

-992

-1983

-4925

 

 

 

 

 

 

Profit IFRS

 

8 178

4 218

8 794

5 412

 

 

KEY FIGURES, IFRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EUR 1 000, unless otherwise indicated

1.1.-31.12.2021

1.10.-31.12.2021

1.7.-30.9.2021

1.4.-30.6.2021

1.1.-31.3.2021

1.1.-31.12.2020

Financial key figures

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

44 726

19 796

7 398

9 417

8 116

41 086

Growth in revenue, %

8,9 %

45,7 %

-29,7 %

-3,4 %

12,3 %

29,8 %

EBITDA

14 450

10 886

369

2 325

871

13 953

Operating profit (EBIT)

11 407

10 343

-212

1 477

-201

7 248

Operating profit, % of revenue

25,5 %

52,2 %

-2,9 %

15,7 %

-2,5 %

17,6 %

Result for review period

8 794

8 178

-356

1 003

-31

5 412

Result for review period, % of revenue

19,7 %

41,3 %

-4,8 %

10,6 %

-0,4 %

13,2 %

Balance sheet total

101 126

101 126

93 079

90 710

91 541

51 281

Cash flow from operations

6 052

- 2176

4 769

-755

4 215

12 586

Net cash

47 526

47 526

51 998

55 362

60 658

18 047

Cash position

51 384

51 384

56 994

60 575

66 089

23 690

Net gearing, %

-54,4 %

-54,4 %

-66,4 %

-72,3 %

-78,7 %

-50,0 %

Equity ratio, %

86,4 %

86,4 %

84,1 %

84,4 %

84,2 %

70,4 %

Capital expenditures

9 602

2 296

2 722

2 531

2 053

6 346

Average number of personnel during review period

280

282

286

280

274

265

Personnel (headcount) at the end of review period

294

294

294

293

281

275

Earnings per share, €

0,67

0,61

-0,03

0,08

0,00

0,45

Earnings per share, € (diluted)

0,65

0,61

-0,03

0,07

0,00

0,43

Number of shares at the end of period

13 298 450

13 072 150

13 072 150

13 072 150

13 072 150

12 072 150

 

 

KEY FIGURES

This announcement includes certain alternative performance measures of Remedy’s historical financial performance, financial position, and cash flows, which, in accordance with the “Alternative Performance Measures” guidance issued by the European Securities and Markets Authority (“ESMA”), are not accounting measures defined or specified in IFRS, and they must therefore be considered alternative performance measures.

Remedy presents the alternative performance measures as additional information to the financial measures presented in the income statement, balance sheet, statement of cash flows, and the notes prepared in accordance with IFRS. In Remedy’s view, alternative performance measures provide management, investors, securities market analysts, and other parties with relevant and useful additional information on Remedy’s results of operations, financial position, and cash flows.

 

The Definitions and Reasons for the Use of Key Figures

Key figure

Definition

Reason for the use

EBITDA

Operating profit (EBIT) added by depreciation and amortization

EBITDA describes the profitability of business operations without the effect of depreciation and amortization.

Operating profit (EBIT)

 

 

 

Profit (loss) before taxes and financial items.

Operating profit EBIT describes the profitability of business operations.

Operating profit, % of revenue

 

 

 

Operating profit (EBIT) divided by revenue.

Operating profit, %, describes the profitability of business operations.

Net cash

 

 

 

Cash in hand and banks subtracted by interest-bearing liabilities

Net cash describes cash position of the company taking interest-bearing liabilities into account.

Net gearing, %

 

 

 

Interest-bearing liabilities which is subtracted by cash in hand banks, and the total is divided by shareholder’s equity.

Net gearing describes the financial solidity of the company.

Equity ratio, %

 

 

 

Shareholder’s equity divided by balance sheet total, which has been subtracted by advances received.

Equity ratio describes the financial solidity of the company.

Capital expenditures

 

 

 

Change in tangible and intangible assets added by depreciation of these assets.

Capital expenditures describes the acquisition of non-current means of production.

 

 

 

MORE INFORMATION

Remedy Entertainment Plc
Terhi Kauppi, CFO
Phone: +358 40 577 5117
Email: terhi.kauppi@remedygames.com

Aktia Alexander Corporate Finance Oy, Certified Adviser
Phone: +358 50 520 4098

 

ABOUT REMEDY

Remedy Entertainment Plc is a globally successful video game company known for story-driven and visually stunning console and PC games such as Control, Alan Wake and Max Payne. Remedy also develops its own Northlight game engine and game development tools. Founded in 1995 and based in Finland, the company employs over 320 game industry professionals from 32 different countries. Remedy is listed on the Nasdaq First North Growth Market Finland marketplace. www.remedygames.com

 

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