Strong increase in fiscal year 2020/21 Annual
Bigben press release
Lesquin, May 31, 2021 at 6:00 p.m.
Strong increase in EF 2020/21 Annual Reresults
- Sales: 292.8 € m (+11.1%)
- Courtrent Operating income: 36.2 € m (+52.9%), that is to say 12.4% Sales
Proposalsal for a € 0.30 dividend
Targets for EF 2021/2022:
- Sales Between 300 and 320 M €
- Current Ooperate Margin (1) of 13%
To the top revision some exercice 2022/ 23 targets:
- Sales Between 360 and 390 M €
- Current Operating Margin (1) > 14%
BIGBEN INTERACTIVE (ISIN FR0000074072) today publishes its audited consolidated results for fiscal year 2020/21 (from April 1, 2020 to March 31, 2021) as approved by its Board of Directors on May 31, 2021.
|Consolidated in € m – IFRS||2020/21||2019/20||Switch|
|Gross margin (2)
In% of sales
Current surgeryng income
In% of sales
Including foreign exchange gain (loss)
Profit before tax
|Net income for the period
In% of sales
|of which minority interests||4.2||0.1|
(1) COM = current operating margin = ROC rate = Current Operating Result as a percentage of sales
(2) Gross margin = Sales – Cost of goods sold; other operating income is recognized between Gross Margin and EBITDA
(3) EBITDA = Current operating income before depreciation of tangible and intangible assets
52.9% increase in current operating profitability
BIGBEN achieved an 11.1% increase in sales to € 292.8m in fiscal year 2020/21, exceeding the upper limit of € 290m of the target sales range. This growth was driven by the performance of Nacon Gaming, while Bigben Audio / Telco has demonstrated its resilience by limiting its decline in activity and optimizing its margins.
The gross margin rate increased to 41.6%, thanks to the achievements of Nacon and an Audio / Telco product mix more favorable to premium brands.
The Current Operating Profit jumped 52.9% to € 36.2 million, ie an operating profit of 12.4% of turnover.
After taking into account non-recurring charges of € 6.4 million related to free share plans, a net financial charge of € 2.7 million and € 8.2 million in income tax, the result net for the period was up 16.4% to € 18.9 million, or € 0.95 per share (compared to € 0.82 at March 31, 2020) (4).
(4) Based on number of shares at March 31, 2021 and March 31, 2020
Analyzeis of achievements by business units
|NACON GAME||BIGBEN AUDIO / TELCO|
|Consolidated in € m – IFRS||2020/ 21||2019/ 20 (5)||Switch||2020/ 21||2019/ 20||Switch.|
|Gross Margin (2)||93.5||79.1||+ 18.3%||28.3||29.9||-5.1%|
|EBITDA (3)||60.3||48.4||+ 24.7%||7.3||4.1||+ 76.4%|
|Current Operating Returned||32.5||22.6||+ 43.8%||3.7||1.1||+ 245.2%|
|Inot% of Sales||18.3%||17.5%||3.2%||0.8%|
(5) Nacon was created in July 2019 and started its activity in October 2019 following the partial contribution of assets from the Gaming activity to Nacon by Bigben Interactive. The assets and liabilities contributed were recorded at their book value. Nacon’s consolidated financial statements as at March 31, 2020 consisted of six months of “combined accounts” of the Gaming activity established from the accounting records of Bigben Interactive and its Gaming subsidiaries covering the period from April 2019 to September 2019, to which were added the flows and elements of the new entity covering the period from October 2019 to March 2020
During the 2020/21 financial year, Nacon Games posts a turnover of 177.8 M €, an increase of 37.4% driven by the tripling of back catalog sales (31.0 M €), the success of premium accessories and the success of the establishment in the USA of PLATFORM® helmets.
The confinement sequences had a strong impact on the distribution networks of Bigben Audio / Telecom which has demonstrated its resistance by limiting the fall in turnover to € 115.0 million, i.e. -14.2% and by resuming growth (+ 5.2% of turnover) in the 4th quarter of the fiscal year 2020/21. An Audio / Telco product mix geared towards premium brands improved the gross margin to 24.6% of sales (compared to 22.3% at March 31, 2020). Thanks to an 18.2% reduction in external costs, EBITDA rose 76.4% to € 7.3 million, tripling current operating income to € 3.7 million.
Robust balance sheet structure with 177.8 M € available cash
As of March 31, 2021, BIGBEN has a solid balance sheet structure with equity capital increasing to € 302.0 million.
Available cash increased from € 59.7 million to € 177.8 million thanks in particular to the € 87.3 million in funds raised during the issue in February 2021 of Bigben bonds exchangeable for Nacon shares.
On the other hand, debts which include the entire bond loan amount to € 145.6 million, generating positive net cash of € 32.2 million.
2021/22 outlook driven by growth Nacon
The positive trend in Gaming activity has led Nacon to advance its objectives from FY 2022/23 to FY 2021/22 (6). This favorable development allows BIGBEN to announce a turnover target of between 300 and 320 M € for the current 2021/22 fiscal year, with a Current Operating Margin. (1) by 13%.
To achieve its goals, Nacon Games will rely on
- ongoing digital sales of the back catalog;
- the launch of new video games;
- the sales momentum for accessories, which will benefit in particular from the release of the Revolution X Pro Controller for Xbox®.
In addition, the BIGBEN Group intends to confirm the return to growth of Bigben Audio / Telecom thanks to:
- a market drawn to the high end with the gradual deployment of the 5G network,
- the conquest of new sales channels for mobiles,
- enlargement of the Just Green® and Force® ranges of mobile accessories as well as the launch of new Audio products.
Upward revision of the 2022/23 annual objectives
Thanks to the perspectives of Nacon Games who raised his FY 2022/23 (6) objectives, the BIGBEN Group is raising the objectives of its “BIGBEN 2023” plan, with, for the 2022/23 financial year:
- turnover between 360 and 390 M € (against an initial forecast of 350 M €),
- a current operating margin (1) more than 14% (compared to 13% previously).
In view of the quality of the financial results for fiscal year 2020/21 and the confidence in the outlook, the Board of Directors of Bigben Interactive, meeting on May 31, 2021, decided to submit to the vote of the General Meeting to be held July 30, 2021.
The company intends to continue repurchasing its shares during the 2021/22 financial year.
(6) Nacon May 31 press release 2021
Events to come:
Annual General Meeting: Friday 30 July 2021
Q1 2021/22 sales: Monday July 26, 2021, Press release after the close of Euronext Paris stock exchange
ABOUT BIGBEN INTERACTIVE
Bigben Interactive is a European player in the development and publishing of video games, the design and distribution of accessories for smartphones and games as well as audio products. The Group, recognized for its capacities in terms of innovation and creativity, intends to become one of the European leaders in each of its markets.
Company listed on Euronext Paris, compartment B – Index: CAC Mid & Small – Eligible SRD long
CapValue – Gilles Broquelet [email protected] – +33 1 80 81 50 01