gamigo AG; publishes its unaudited Half Year Report Q2 2020 and reports 38% revenue and 40% EBITDA growth largely based on new players and increased spending of existing customer base
Hamburg, 31 August 2020 - Today gamigo AG ("gamigo Bond" WKN: A2NBH2 / ISIN: SE0011614445) publishes its unaudited consolidated financial statements for the Half Year Q2 2020. The Half Year Report is available from today on gamigo AG's website in the Investors' section https://corporate.gamigo.com/en/investors/.
- Net revenues amounted to 20.7 mEUR (Q2 2019: 15.0 mEUR), which is an increase of 38% compared to the second quarter 2019. The revenue growth is largely based on organic growth. The number of new players as well as the number of active players increased significantly in Q2, which in turn led to a strong increase in revenues. In addition to the Corona related stay-at-home policy, this is largely based on numerous events and updates within our portfolio as well as two major expansions in our Triple A games ArcheAge and Trove.
- EBITDA amounted to 6.0 mEUR (Q2 2019: 4.3 mEUR), which is an increase of 40%, following the strong organic growth in the second quarter. EBITDA margins remains strong with 29% in Q2 2020 (Q2 2019: 29%), despite increased marketing budgets to leverage organic growth.
- Adjusted EBITDA amounted to 6.2 mEUR (Q2 2019: 4.5 mEUR), which is an increase of 38% (Adjusted EBITDA excludes one-time, M&A and financing costs).
- EBIT also developed accordingly and increased to 3.1 mEUR (Q2 2019: 1.7 mEUR), which is an increase of 80%. EBIT margins increased to 15% (Q2 2019: 11%).
- The net result increased to 1.4 mEUR in Q2 2020 (Q2 2019: 0.3 mEUR) due to a stable financial result while the overall profitability increased.
- The net leverage ratio decreased to 2.3 as of June 30, 2020, compared to 2.6 as of March 31, 2020. Net leverage based on June-LTM 2020 adjusted EBITDA was 2.1 compared to 2.3 for the reported EBITDA figure.
- The interest coverage ratio increased to 4.6 as of June 30, 2020 compared to 3.4 as of June 30, 2019 as a result of an increased EBITDA.
- Operating Cashflow amounted to 5.0 mEUR (Q2 2019: 4.2 mEUR), which is an increase of 19% and reflects the strong cash generation of the Group.
- As of June 30, 2020, cash and cash equivalents amounted to 9.6 mEUR which is an increase of 19% compared to March, 31 2020 at 8.1 mEUR and increased based on the strong cash generation during Q2 2020.
- Following two major expansions (Trove "Delves" and ArcheAge "Garden of the Gods") as well as many smaller updates and events in the game portfolio and increased marketing activities during the lock-down the number of new players increased in April by up to 75% while player activity grow with up to 31% compared to the average of January and February 2020.
Key financial figures:
| In mEUR |
Q2 2020 |
Q2 2019 |
H1 2020 |
H1 2019 |
FY 2019 |
| Net Revenues |
20.7 |
15.0 |
37.6 |
28.4 |
58.9 |
| YoY Growth in revenues |
38% |
- |
32% |
- |
30% |
| EBITDA |
6.0 |
4.3 |
10.8 |
8.3 |
16.3 |
| EBITDA margins |
29% |
29% |
29% |
29% |
28% |
| Adj. EBITDA |
6.2 |
4.5 |
11.5 |
9.1 |
18.2 |
| Adj. EBITDA margins |
30% |
30% |
31% |
32% |
31% |
| EBIT |
3.1 |
1.7 |
5.0 |
3.2 |
6.3 |
| EBIT margins |
15% |
11% |
13% |
11% |
11% |
| Net Result |
1.4 |
0.3 |
1.5 |
0.8 |
2.0 |
"We are continuing our profitable growth path, generating 20.7 mEUR revenues and 6.0 mEUR EBITDA in the second quarter of 2020 and grew in comparison to the previous year with 38% in terms of revenue. The number of new players, the number of active players and finally also the revenue could be increased significantly. In addition to the stay-at-home policy based on Corona, numerous updates and events in the games have also led to organic growth. In summary, we have come through the crisis caused by Corona very well and were even able to increase our organic growth." says Remco Westermann, CEO of the gamigo Group.
About the gamigo group:
Since its founding in 2000, gamigo has developed into one of the leading publishers of free-to-play online and mobile games in Europe and North America. The gamigo group has over 350 employees at its headquarters in Hamburg, Germany, with offices in Berlin, Münster, Darmstadt, Cologne (Germany), Warsaw (Poland), Istanbul (Turkey), Chicago, Redwood City, Austin, Bellevue (USA), Toronto (Canada) and Seoul (Korea). The company's core portfolio includes successful games titles such as ArcheAge, Aura Kingdom, Defiance, Fiesta Online, Rift and Trove. gamigo is growing organically and through acquisitions and has made over 25 acquisitions since 2013, including games, media and technology companies as well as selected game assets.
Disclaimer:
This press release contains possible forward-looking statements that are based on the current assumptions and forecasts of the company management of gamigo AG or companies associated with it. Various known and unknown risks and uncertainties, as well as other factors, could mean that the actual results, financial circumstances, the development or performance of gamigo AG and the companies associated with it may deviate significantly from the estimations presented here. Neither gamigo AG nor the companies associated with it are obligated to update this sort of forward-looking statement or adjust them to future results or developments.
Press contact:
edicto GmbH
Axel Mühlhaus / Dr. Sönke Knop
Phone: +49 69 9055 05 51
E-Mail: gamigo@edicto.de
Company contact:
gamigo AG
Sören Barz, Investor Relations
ir@gamigo.com
Emitter:
gamigo AG
Behringstraße 16 B
22765 Hamburg, Germany
E-Mail: info@gamigo.com
Web-Page: www.gamigo.ag
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