Resultados preliminares no auditados hasta el cierre del 31 de diciembre de 2023
23 Abril 2024
tinyBuild, Inc.
("tinyBuild" o la "Compañía")
Resultados preliminares no auditados del ejercicio finalizado el 31 de diciembre de 2023
tinyBuild (AIM:TBLD), a premium video games publisher and developer with global operations, announces de la empresa unaudited results for the twelve months ended 31 December 2023.
Resumen financiero (no auditado):
(12 meses terminados en diciembre, $'000) | 2023 | 2022 | el cambio |
Ingresos | 44,663 | 63,295 | - 29% |
Ganancia / (pérdida) operativa | (63,757) | 15,923 | nmf |
Beneficio / (pérdida) antes de impuestos | (64,494) | 15,930 | nmf |
Basic earnings/ (loss) per share ($ cent) | (30.7) | 5.7 | nmf |
Flujo de caja operativo | 10,879 | 19,268 | - 44% |
Efectivo neto, a 31 de diciembre | 2,500 | 26,496 | - 91% |
adj. EBITDA1 | (7,113) | 24,355 | nmf |
Adj. Margen EBITDA | nmf | 38.5% |
1 Excludes share-based compensation expenses and exceptional items (e.g. impairment); includes amortisation of Development costs
Aspectos financieros más destacados:
· | Revenue declined 29% to $44.7m (2022: $63.3m), reflecting the expected drop in large contracts (e.g. subscription programs, development partnerships and exclusivity agreements. Notably, Versus Evil saw over 60% revenue decline in the period as a result of game delays. |
· | Adj. EBITDA decreased to negative $7.1m (2022: positive $24.4m), primarily due to lower revenues from large contracts, higher amortisation of development costs and inflationary pressures. |
· | Operating loss was $63.8m (2022: $15.9m profit), as a result of $48.1m impairment charges ($36.2m on development advances and $11.9m on intangibles assets), a $3.5m one-off legal settlement alongside lower revenues and higher costs. Excluding one-off charges, the operating loss is $12.2m. |
· | Loss before tax was $64.5m (2022: $15.9m profit) and basic EPS was -30.7c (2022: 5.7c). Adjusted EPS, excluding one-off charges, was -5.4c (2022: 11.21c). |
· | Operating cash flow decreased to $10.9m (2022: $19.3m), as a result of revenue decline and unfavourable revenue mix (higher share of third-party titles). |
· | The cost action plan was implemented swiftly at the end of 2023, Resultando en casi $ 10 millones annualised savings in 2024. |
· | A global settlement was achieved with Stephen Escalante including a $1.5m cash payment in December 2023, plus a $2m cash payment in February 2024. |
· | As expected, net cash at 31 December 2023 was $2.5m compared to $26.5m at 31 December 2022, reflecting lower revenues, higher costs and $31.9m investment in development costs (2022: $35.8m). |
Aspectos operativos destacados:
· | Strong back catalogue sales representing 92% of total revenue (2022: 80%), including Hello Neighbor 2 and Potion Craft 1.0 which launched at the end of 2022. |
· | Contribution to revenues from own-IP titles decreased to 68% of Gaming revenues (2022: 77%), as a result of fluctuations in the portfolio mix with third party titles performing strongly in 2023. |
· | en 2023, tinyBuild released a number of new titles, including Punch Club 2, I am Future (Early Access), Rhythm Sprouts, Farworld Pioneer and Slime 3K, plus DLCs for Spiderheck, Graveyard Keeper, Asterigos and Not For Broadcast, and a number of platform launches. |
Fideicomiso de beneficios para empleados:
· | Since the Company's previous update on 21 December 2023, the Employee Benefit Trust has purchased an additional 1,015,058 ordinary shares on the market and now holds a total of 3,916,587 ordinary shares. The EBT was set up in 2022 for the benefit of current and future employees and will continue to act independently of the Company to satisfy future share awards and option exercises of vested options granted. |
Aspectos destacados posteriores al final del período:
· | In January 2024, tinyBuild raised $12.3m ($11.4m net proceeds) from existing and new shareholders in a placing, subscription and open offer. |
· | As at 31 March 2024, post the January fundraise, the Company had cash levels in the high single-digit millions. This is anticipated to reduce towards the half year as the Company invests in upcoming game releases scheduled for the second half of this year. The announcement trailer of Kingmakers collected tens of millions views across all social networks in the first few weeks, making it one of the most successful announcements in the Company's history. The Company also announced new titles Duckside and RBO. |
· | Among other titles already announced, Streets of Rogue 2, Level Zero, VOIN, Ferocious, SAND and Rawmen continue to track in line with expectations. |
· | In February 2024, tinyBuild sold Servicio de entrega totalmente confiable to Atari for an undisclosed sum. There has been two studio closures post year end; Moon Moose LLC was closed in February 2024 and Demagic LLC was closed in March 2024. |
· | In March 2024, Michael Schauble, Chief Commercial Officer, resigned from tinyBuild to focus on sufamily. Michael's role and responsibilities have been successfully taken over by the existing business development and leadership team. |
Outlook
· | The pipeline for 2024 and beyond is strong and includes a number of larger-budget (above $1m), high-potential games alongside continuous investment in the catalogue including updates, DLCs and platform launches. |
· | The implication of the conflict in Ukraine and the evolving macroeconomic situation impose caution and vigilance in the medium and long term. In particular, tinyBuild continues to carefully assess the position of its staff, its exposure in terms of revenues and any other factor that may have an impact on the business. |
· | All considered, the Board remains confident the Company is on track to deliver results in line with expectations. |
Alex Nichiporchik, director ejecutivo de tinyBuild, comentó:
"2023 was a tough year for the whole video games industry and demonstrated once again the importance of strong diversified back-catalogue and investing in long-term, sustainable franchises. We see early signs of success in our shift towards the 1,000 hour game and we will continue to experiment with the aim to add additional revenue streams to our core business."
"On a personal note, I want to thank our Chairman, Henrique Olifiers, the Board of Directors and all staff for their unwavering support and incredible dedication navigating through these tumultuous times."
Consultas:
tinyBuild, Inc. Alex Nichiporchik - Director ejecutivo y cofundador Giasone (Jaz) Salati - Director financiero
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Berenberg (Asesor designado y Broker) Mark WhitmoreCiaran WalshMilo Bonser
| 44 0 20 3207 7800
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SEC Newgate (relaciones públicas financieras) Robin Tozer, Harry Handyside, Molly Gretton
| 44 0 7540 |
Acerca de tinyBuild:
Fundada en 2013, tinyBuild (AIM: TBLD) es un editor y desarrollador de videojuegos global, con un catálogo de más de 70 títulos premium en diferentes géneros. La estrategia de tinyBuild es centrarse en su propia propiedad intelectual (PI) para crear franquicias multimedia y de juegos múltiples, en asociación con los desarrolladores.
tinyBuild tiene su sede en los EE. UU. y sus operaciones se extienden por América y Europa. La amplia presencia geográfica del Grupo permite a la Compañía obtener IP de alto potencial, acceder a recursos de desarrollo rentables y construir una base de clientes leales a través de su innovador marketing de base.
tinyBuild fue admitido en AIM, un mercado de la Bolsa de Valores de Londres, en marzo de 2021.
Para más información, visite: www.tinybuildinvestors.com.
Declaración del presidente
Reiniciando el juego
It's an understatement to proclaim it has been a challenging financial year for the tinyBuild. From key changes to its executive team to the closure of studios; from delayed titles to an equity fundraise underwritten by its CEO and founder, tinyBuild has worked with and around a great deal of issues, and the management continues to work hard to address the challenges of a fast-changing industry.
While it's true the industry as a whole faced headwinds in the past twelve months, the travails of the Group should not be solely ascribed to these variables. Our merger & acquisitions (M&A) growth strategy delivered underwhelming results, prompting a refocus towards internal production which, although slower, in turn allows for more control and predictability, likely improving outcomes in the form of more games that perform in line with forecasts.
Given our stated ambition of transitioning a significant portion of our portfolio from premium games to games as a service, this realignment towards production and publishing is key and features higher odds of delivering the expected results. Greenshoots of this work can already be seen in the form of the successful announcements of Kingmakers, Level Zero: Extraction and DUCKSIDE, and how these titles' premises resonated with players to a higher degree compared to the titles the group announced or launched last year.
Overall, the fundamentals of the games industry remain solid and promising, full of opportunities, not least the opening gap in release windows that is being created by the recent series of titles cancellations and teams' closures industry-wide: in the next 12 to 36 months, there should be fewer competing titles launched than otherwise across all platforms, creating more space for our games to be seen and experienced. This puts renewed demand over the tinyBuild teams, in particular its executive group, to go back to the basics that formed its earlier success stories: its ability to produce and find high-quality IP rather than offloading this mandate to companies brought into tinyBuild through M&A.
The executive team's conviction in its ability to deliver against the stated objectives is exemplified by the CEO's actions when reinvesting into the business at a critical juncture. This belief is shared throughout the Group, and bolstered by the recent titles announcements' reception, pointing towards the potential of our upcoming games and their alignment with the group's long term strategy.
What remains now is to execute on the new strategy, and live up to the expectation of these games both on production and publishing fronts - something tinyBuild has the capability to deliver over the coming years.
Olificadores Henrique
Presidente no ejecutivo
Revisión del director ejecutivo
2023 has been the reset year of the games industry, which is bleeding into 2024. We've seen development budgets in AAA skyrocket, which led to, despite record-setting sales, also record-setting layoffs, and a complete reshuffle of allocation of capital. Many studios have realized the hardships of building efficient teams remotely. Most studios are readjusting to listening to gamers first and foremost, and using real data to make decisions. All while megahits such as Palworld and Helldivers 2 are reaffirming our strategy of investing into deeply replayable, emergent gameplay products.
In 2023 we have refocused on products that connect with audiences, using hard data to back it up, evidenced by early 2024 traction and announcements. We are also leaner and more efficient, with a lower and more flexible cost base.
We're all gamers at tinyBuild. It's all about the games. My full attention has been on nuestros juegos product since post the fundraise at the start of the year.
Tectonic shifts in the industry
Over the course of 2023 funding for video games dried up completely. All of the sudden, capital was not cheap anymore, if it was accessible at all. At the same time, the wave of labour cost inflation caused by the invasion of Ukraine aggravated pressure on development budgets, which were already particularly high, so funding even the most promising game became incredibly hard in the context of the funding environment before 2023.
As the development of a game was becoming more difficult to finance, a huge number of games developed in previous years were being released, without sufficient market demand to support all of them. A good and fun game that would have performed really well only a few years back may just drown in the sea of new launches and even struggle to cover its costs.
For a game to get noticed now, you need to have a brand new idea, cool-looking graphics, top-notch technology, constant two-way communication with your audience and impeccable marketing strategy. The relationship between developer and publisher is even more important and is the only way to achieve a successful launch.
Adapting our strategy
Over the past few years, we have continued to adapt our strategy to the changing environment, shifting gradually to the 1,000-hour game. When players are so completely fascinated by the experience that nothing else matters. They spend over a year playing it, for several hours every day. Every single day. We all have these memories from our youth. Mortal Kombat, Tekken, GTA SAMP (which morphed into GTA Online), Counter-Strike, Team Fortress 2, World of Warcraft, entre los muchos ejemplos.
The easiest way to create a game like these is to get thousands of developers churning out enormous amounts of content in a mega franchise. It's absolutely fine to do so. If I think of it though, the amount of money poured into some of my favourite games is really scary. So we took a different tack, we look for emergent gameplay based on the interaction systems instead of content. Games where the players may decide their own definition of win. Games like Minecraft or DayZ, H1Z1, Rust, ARK, The Culling even. If you grew up playing Minecraft, your game experience is not about a game saying you did great. It's about knowing you did great. It's about the emotional satisfaction of your own set goal and achieving that goal.
Let's first talk about multiplayer since this is the obvious focus for us. Secret Neighbor, SpeedRunners, Pandemic Express, Deadside, the upcoming SAND, Rawmen, Kingmakers, Level Zero - all of these are multiplayer games. Here's what we learned from these games and playing other titles:
● You release a game that blows up.
● Tens of thousands of users play the game.
● Two weeks later the buzz starts to drop off.
● Development teams need to rapidly scale up and produce more content so that veteran players come back.
We were stuck in exactly this grind loop with Secret Neighbor, working overtime to get content updates out the door. Even then, new players can't really appreciate the later-stage level content as they're still enjoying the vanilla game. Instead now we focus on adding more systems to the game so that all players can experience from the outset and interact with each other on an equal level. Social interaction in multiplayer games is another gameplay mechanic which is not fully understood and should be used in single player experiences. The addition of crafting, looting, farming and similar mechanics also allows users to create their own progression and their own personal space in the game.
So here we have a formula to create worlds where players can spend 1,000 hours, without committing a AAA budget.
KINGMAKERS - the potential to be the next big thing?
Kingmakers is a shooter/real time strategy hybrid where you fight off thousands of enemies in a medieval battle - using modern weapons. The game is developed by the extremely talented team behind Road Redemption, and the tech behind it has been in the works for over four years.
The announcement of this title is a testament to our approach to production and marketing of new IP. The announcement trailer received tens of millions of views across social media, propelling the game to top 50 wishlisted on Steam within weeks. We are working hard to meet player expectations when the game launches.
Level Zero: Extraction - re-announcement
If something isn't working, you need to adapt and overcome. Level Zero was announced two years ago as an asymmetric multiplayer title, and while it got initial traction, we were concerned about the longevity of the concept. A year ago we came together with the design team and looked at the market landscape, agreeing we had an opportunity to pivot into an exciting direction. Typically re-announcing a game gets little to no traction.
Our production and marketing teams came up with a brilliant plan. Let's re-announce the game in its new form - as an Extraction-style horror title - focusing on the unique aspects of several human teams fighting each other, and an overarching threat, a team of monsters that hunts everyone. We did an amazing trailer, and actually gave the game to targeted influencers to play it. The shortest way to describe it is "Alien Isolation meets Escape from Tarkov", and it hit the target audience exactly how we forecasted. A new, fresh take with live gameplay sessions recorded for influencers. This rejuvenated interest in the title, and set us up for a public playtest with close to 100,000 players opting in.
We have proven that we don't need a AAA budget to reach large audiences. We have plenty of exciting projects in the pipeline for 2024 and beyond. This pipeline combined with the recent fundraise, leaves tinyBuild well positioned. I am as confident in the opportunity ahead and we all remain 100% committed to ensuring we capitalise on it.
2024 and beyond is the time to shine.
Alex Nichiporchik
CEO
Revisión del director financiero
2023 was a testing year. Testing for our staff and testing for the whole Company. Game delays at Versus Evil and inflationary cost pressures added to a sharp decline in revenues from large deals into the end of the year. We regrouped once more and together we made some difficult decisions. We took action on costs to re-align expected revenues with planned growth investments and we raised net proceeds of over $11m in new capital, welcoming Atari as a new core investor in tinyBuild.
The full impact of the internal reorganisation will become visible only in 2024 which started with cautious investments in high-potential games that have already received validation from their respective audiences.
Ingresos
Revenue generated from games sold to consumers were resilient at $34.2m (-1% y-o-y), but the sharp drop in revenues from large contract (e.g. subscription programs, development partnerships and exclusivity agreements) caused Company revenues to decline by 29% (2022: +21%) from $63.3m to $44.7m. Events revenues increased over 100% in 2023 with launches in new locations across Western and Central Europe.
Revenue generated from own-IP (1st and 2nd party games) declined to 65% of gaming revenues (2022: 77%), as a result of changes in portfolio mix. Revenues from back-catalogue increased to 92% of total (2022: 80%), with successful new releases including I am Future (Early Access) and Punch Club 2. The top 5 games generated 46.8% of total revenues (2022: 44.8%), and the top 10 games 65.4% (2022: 66.3%), demonstrating broad diversification across audiences, genres and technologies.
Operating Profit and Adjusted EBITDA
Operating loss was $63.7m (2022: $15.9m operating profit), impacted by the $18.6m decline in revenues, the $36.2m impairment of software development costs and $11.9m impairment of other intangible assets. Exceptional charges for 2023 relate to a $3.5m legal settlement. Included within the operating loss is a further $0.6m of charges in relation to the conflict in Ukraine, where the situation remains uncertain and management cannot exclude further charges in the future.
Adjusted EBITDA is presented net of amortisation of development costs, excluding share-based compensation expenses, amortisation of purchased IP and other intangible assets and one-off costs. Adj. EBITDA loss was $7.1m (2022: $24.4m profit), largely driven by the decline in revenues, aggravated by inflationary pressure on costs resulting from the geopolitical and macroeconomic situation. The full impact of cost action carried out before the end of 2023 will be visible in 2024.
Ingresos por intereses e impuestos
Interest income was $0.4m (2022: $0.1m) and tax provision $1.4m (2022: $0.5m).
Situación financiera
In 2023, the net cash position decreased to $2.5m from $26.5m, as investments in new games including a number of larger-budget titles more than offset cash generated by the operations. In December tinyBuild also paid the $1.5m as part of the legal settlement, with a further $2m paid in February 2024. Capitalised software development costs decreased from $35.8m to $31.9m in 2023 as a result of more selective investments in the upcoming pipeline releases. As at 31 March 2024, post the January fundraise, the Company had cash levels in the high single-digit millions. This is anticipated to reduce towards the half year as the Company invests in upcoming game releases scheduled for the second half of this year.
Goodwill decreased from $3.7m to zero, following the impairment of Versus Evil and Red Cerberus. IP decreased to $16.1m (2022: $23.1m) and Software Development to $34.0m (2022: $49.0m) as the impairment carried out in 2023 more than offset additions.
Flujo de fondos
Cash flows from operating activities decreased from $19.3m to $10.9m primarily due to lower revenues and game delays at Versus Evil, more than offsetting the decrease in investments. Timing issues (e.g. December sales) also impacted net working capital. It is important to note that timing issues can fluctuate year over year and variability here is to be expected especially during the Holiday season and partners' payment terms.
Employee incentive plan and EBT update
Since the Company's previous update on 21 December 2023, the Employee Benefit Trust has purchased an additional 1,015,058 ordinary shares on the market and now holds a total of 3,916,587 ordinary shares. The EBT was setup in 2022 for the benefit of current and future employees and will continue to act independently of the Company to satisfy potential future option exercises of vested options granted.
As previously announced, the Remuneration Committee of tinyBuild intends to utilise share awards to incentivise and retain key employees and executive directors. The share awards not only encourage share ownership and stakeholder alignment in the business but also serves to preserve cash resources that would otherwise be used by the Company to satisfy bonus awards. A further announcement will be made in due course in connection with these awards, which includes a multiyear vesting share award to Giasone Salati, CFO of the Company. Where possible, the Company has the option to issue shares from the employee benefit trust to satisfy such awards.
Adquisiciones y enajenaciones
In December 2023 tinyBuild sold Not Games studio, while retaining Not For Broadcast, a critically acclaimed full motion propaganda simulator. tinyBuild had acquired the studio in March 2023, ahead of the game's launch on consoles.
Giasone (Jaz) Salati
Director Financiero
TINYBUILD INC.
CONSOLIDATED UNAUDITED INCOME STATEMENT
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
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Note | 2023 Sin auditar $ '000 | 2022
$ '000 |
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Ingresos | 4 | 44,663 | 63,295 |
El costo de ventas | (30,980) | (20,592) | |
Deterioro de los costes de desarrollo de software | (36,206) | (95) | |
(Pérdida) bruta / beneficio | (22,523) | 42,608 | |
Gastos administrativos generales | (26,090) | (23,328) | |
Deterioro de activos intangibles | (11,849) | (11,075) | |
Gastos de pago basados en acciones | (414) | (1,726) | |
Costos no recurrentes | (3,500) | (1,678) | |
Otros ingresos | 619 | 11,122 | |
(Pérdida) / beneficio operativo | (63,757) | 15,923 | |
Costos financieros | (128) | (73) | |
Ingresos financieros | 391 | 80 | |
(Pérdida) / beneficio antes de impuestos | (63,494) | 15,930 | |
Impuesto sobre la renta | 649 | (4,417) | |
(Pérdida) / beneficio del año | (62,845) | 11,513 | |
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(Loss)/profit for the year is attributable to: | |||
Propietarios de la empresa matriz | (62,537) | 11,545 | |
Participaciones no controladoras | (308) | (32) | |
(62,845) | 11,513 | ||
Ganancias básicas por acción ($) | 5 | (0.307) | 0.057 |
Ganancias diluidas por acción ($) | 5 | (0.307) | 0.056 |
EBITDA ajustado * | 6 | (7,113) | 24,355 |
*Adjusted EBITDA is a non-IFRS measure and is defined as earnings after capitalised software development costs, but before interest, tax, depreciation, amortisation, share-based payments expenses, impairment and other significant one-off other income or expense items.
TINYBUILD INC.
ESTADO DE RESULTADOS INTEGRAL CONSOLIDADO NO AUDITADO
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
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| 2023 Sin auditar $ '000 | 2022
$ '000 |
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(Pérdida) / beneficio del año | (62,845) | 11,513 | |
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Otro resultado integral neto de impuestos | |||
Diferencias de cambio en la conversión de operaciones en el extranjero - pueden reclasificarse a resultados |
(24) |
7 | |
Resultado integral total del año | (62,869) | 11,520 | |
El resultado integral total del año es atribuible a: |
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Propietarios de la empresa matriz |
| (62,561) | 11,552 |
TINYBUILD INC.
ESTADO DE SITUACIÓN FINANCIERA CONSOLIDADO NO AUDITADO
AL 31 DE DICIEMBRE DE 2023
| 2023 | 2022 |
BIENES | Sin auditar $ '000 |
$ '000 |
Activos no corrientes | ||
Goodwill | - | 3,746 |
Otros activos intangibles | 51,512 | 76,638 |
Propiedad, planta y equipo: | ||
- activos propios | 661 | 794 |
- activos por derecho de uso | 374 | 342 |
Activos por impuestos diferidos | - | - |
Otros ingresos | 385 | 406 |
Total del activo no corriente | 52,932 | 81,926 |
Activos circulantes | ||
Cuentas comerciales y otras cuentas por cobrar | 13,666 | 25,382 |
Efectivo y equivalentes de efectivo | 2,500 | 26,496 |
Total de activos corrientes | 16,166 | 51,878 |
LOS ACTIVOS TOTALES | 69,098 | 133,804 |
PATRIMONIO Y PASIVO Equidad | ||
Capital social | 204 | 204 |
Compartir premium | 65,593 | 65,593 |
Acciones propias | (1,031) | - |
Reserva de autorización | 1,920 | 1,920 |
Reserva de traducción | (17) | 7 |
Ganancias retenidas | (18,213) | 43,910 |
Patrimonio atribuible a los propietarios de la matriz | 48,456 | 111,634 |
Interes no controlado | (351) | (43) |
Equidad total | 48,105 | 111,591 |
PASIVO | ||
Pasivos no corrientes | ||
Pasivos por arrendamiento | 146 | 97 |
Pasivos por impuestos diferidos | 388 | 1,800 |
Total pasivo no corriente | 534 | 1,897 |
Pasivo circulante | ||
Comerciales y otras cuentas a pagar | 20,227 | 20,046 |
Pasivos por arrendamiento | 232 | 270 |
Total pasivo corriente | 20,459 | 20,316 |
Pasivos totales | 20,993 | 22,213 |
PATRIMONIO TOTAL Y PASIVO | 69,098 | 133,804 |
TINYBUILD INC.
ESTADO DE CAMBIOS EN EL PATRIMONIO CONSOLIDADO NO AUDITADO
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
| Compartir | Compartir premium | Acciones propias | Reserva de autorización | Reserva de traducción | retenido ganancias | Patrimonio total atribuible a los propietarios de la empresa matriz | Interes no controlado | Equidad total |
| $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 |
Saldo en 1 de enero de 2023 | 204 | 65,593 | - | 1,920 | 7 | 43,910 | 111,634 | (43) | 111,591 |
Pérdida del año | - | - | - | - | - | (62,537) | (62,537) | (308) | (62,845) |
Otro resultado integral: | |||||||||
Foreign exchange differences on the translation of foreign operations | - | - | - | - | (24) | - | (24) | - | (24) |
Resultado integral total del año |
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Transacciones con propietarios en su calidad de propietarios: | |||||||||
Cargo por pago basado en acciones | - | - | - | - | 414 | 414 | - | 414 | |
Acciones propias adquiridas | - | - | (1,031) | - | - | - | (1,031) | - | (1,031) |
Total de transacciones con propietarios | - | - | (1,031) | - | - | 414 | (617) | - | (617) |
Saldo al 31 de diciembre de 2023 | 204 | 65,593 | (1,031) | 1,920 | (17) | (18,213) | 48,456 | (351) | 48,105 |
TINYBUILD INC.
ESTADO DE CAMBIOS EN EL PATRIMONIO CONSOLIDADO NO AUDITADO
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
| Capital social | Compartir premium | Reserva de autorización | Reserva de traducción | retenido ganancias | Patrimonio total atribuible a los propietarios de la empresa matriz | Interes no controlado | Equidad total |
| $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 | $ '000 |
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Saldo al 1 de enero de 2022 | 203 | 63,546 | 1,920 | - | 30,639 | 96,308 | 137 | 96,445 |
Beneficio / (pérdida) del año | - | - | - | - | 11,545 | 11,545 | (32) | 11,513 |
Otro resultado integral: | ||||||||
Foreign exchange differences on the translation of foreign operations | - | - | - | 7 | - | 7 | - | 7 |
Resultado integral total del año | - | - | - | 7 | 11,545 | 11,552 | (32) | 11,520 |
Transacciones con propietarios en su calidad de propietarios: | ||||||||
Dividendos pagados a participaciones no controladoras | - | - | - | - | - | - | (148) | (148) |
Emisión de acciones en ejercicio de opciones | - | 28 | - | - | - | 28 | - | 28 |
Emisión de acciones, neto de costos de transacción | 1 | 2,019 | - | - | - | 2,020 | - | 2,020 |
Cargo por pago basado en acciones | - | - | - | - | 1,726 | 1,726 | - | 1,726 |
Total de transacciones con propietarios | 1 | 2,047 | - | - | 1,726 | 3,774 | (148) | 3,626 |
Saldo al 31 de diciembre de 2022 | 204 | 65,593 | 1,920 | 7 | 43,910 | 111,634 | (43) | 111,591 |
TINYBUILD INC.
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO NO AUDITADO
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
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| 2023 | 2022 |
|
| Sin auditar $ '000 |
$ '000 |
flujos de efectivo por actividades operacionales | |||
Efectivo generado por operaciones | 10,617 | 19,188 | |
Intereses netos recibidos | 262 | 80 | |
Efectivo neto generado por actividades operativas |
| 10,879 | 19,268 |
| |||
Flujos de efectivo de actividades de inversión | |||
Adquisición de subsidiarias, neto de efectivo adquirido | (1,234) | - | |
Costos de desarrollo de software | (31,899) | (35,789) | |
Compra de propiedad intelectual | - | (4,150) | |
Compra de propiedad, planta y equipo | (180) | (1,180) | |
Efectivo neto utilizado en actividades de inversión |
| (33,313) | (41,119) |
| |||
Flujos de efectivo de actividades de financiación | |||
Adquisición de acciones propias | (1,031) | - | |
Producto del ejercicio de opciones sobre acciones | - | 28 | |
Pago de la parte principal de los pasivos por arrendamiento | (531) | (365) | |
Dividendos pagados a participaciones no controladoras | - | (148) | |
Efectivo neto utilizado en actividades de financiación. |
| (1,562) | (485) |
|
| ||
Efectivo y equivalentes de efectivo | |||
Disminución neta en el año |
| (23,996) | (22,336) |
Al 1 de enero | 26,496 | 48,832 | |
Al 31 de diciembre |
| 2,500 | 26,496 |
TINYBUILD INC.
NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
1 GENERAL INFORMATION
tinyBuild Inc. ("the Company") is a public company limited by shares, and is registered, domiciled and incorporated in Delaware, USA. tinyBuild has been listed on the London Stock Exchange (AIM:TBLD) since March 2021. The address of the registered office is 1239 120th Ave NE, Suite A, Bellevue, WA 98005, United States of America.
El Grupo ("el Grupo") está formado por tinyBuild Inc. y todas sus subsidiarias. La actividad principal del Grupo es la de editor y desarrollador de videojuegos independiente.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Base de preparación
Los resultados preliminares del ejercicio finalizado el 31 de diciembre de 2023 no están auditados. La información financiera contenida en este anuncio no constituye los estados financieros del Grupo para el año finalizado el 31 de diciembre de 2023.
This financial information should be read in conjunction with the financial statements of the Group for the year ended 31 December 2022 (the "prior year financial statements"), which are available from the Registrar of Companies.
Políticas de contabilidad
The Group's principal accounting policies used in preparing this information are as stated on pages 46 to 53 of the prior year financial statements. There has been no significant change to any accounting policy from the date of the prior year financial statements.
3 INFORMACIÓN SEGMENTAL
IFRS 8 Operating Segments requires that operating segments be identified on the basis of internal reporting and decision-making. The Group identifies operating segments based on internal management reporting that is regularly reported to and reviewed by the Board of Directors, which is identified as the chief operating decision maker. Management information is reported as one operating segment, being revenue from self-published franchises and other revenue streams such as royalties, licensing, development and events.
Si bien el máximo responsable de la toma de decisiones operativas considera que solo hay un segmento, la cartera de juegos de la empresa se divide entre los que se basan en la propiedad intelectual del Grupo y la propiedad intelectual de un tercero y, por lo tanto, para ayudar a los lectores a comprender nuestros resultados, la división de los ingresos de estas dos categorías se muestran a continuación.
Regalías de juegos y mercancías | Año terminado el 31 de diciembre de 2023 | Año terminado31 de diciembre 2022 |
$ '000 | $ '000 | |
IP de propiedad | 23,765 | 26,915 |
IP de terceros | 12,816 | 13,105 |
36,581 | 40,020 | |
Three customers were responsible for approximately 60% of the Group's revenues (2022: three - 67%).
The Group has nine (2022: seven) right-of-use assets located overseas with a carrying value of $374,000 (2022: $342,000). The Group also has tangible assets located overseas with a carrying value of $540,757 (2022: $623,000). All other non-current assets are located in the US.
4 REVENUE
Año terminado31 de diciembre 2023 | Año terminado31 de diciembre 2022 | |
Un análisis de los ingresos del Grupo es el siguiente: | Sin auditar$ '000 | $ '000 |
Ingresos analizados por clase de negocio | ||
Regalías de juegos y mercancías | 36,581 | 40,020 |
Servicios de desarrollo | 6,919 | 22,744 |
Eventos | 1,163 | 531 |
44,663 | 63,295 | |
Revenue analysed by timing of revenue | ||
Transferido en un momento dado | 37,744 | 40,551 |
Transferido en el tiempo | 6,919 | 22,744 |
44,663 | 63,295 |
For royalties receivable, the Group recognises royalty income in the period in which it is earned.
5 GANANCIAS POR ACCIÓN
El Grupo informa ganancias básicas y diluidas por acción ordinaria. La utilidad básica por acción se calcula dividiendo la utilidad atribuible a los accionistas comunes de la Compañía por el número promedio ponderado de acciones comunes en circulación durante el período.
Diluted earnings per share is determined by adjusting the profit attributable to common shareholders by the weighted average number of common shares outstanding, taking into account the effects of all potential dilutive common shares, including options and warrants to the extent that they are deemed to be issued for no consideration in accordance with IAS 33.
Año terminado31 de diciembre 2023 | Año terminado31 de diciembre 2022 | ||||
$ '000 | $ '000 | ||||
(Loss)/profit attributable to the owners of the company | (62,537) | 11,545 | |||
Número medio ponderado de acciones | 203,877,356 | 203,421,359 | |||
Ganancias básicas por acción ($) | (0.307) | 0.057 | |||
(Loss)/profit attributable to the owners of the company | (62,537) | 11,545 | |||
Número medio ponderado de acciones | 203,877,356 | 203,421,359 | |||
Efecto diluyente de las opciones sobre acciones | - | 1,481,621 | |||
Efecto diluyente de las garantías | - | - | |||
Efecto dilutivo de las adjudicaciones de acciones restringidas | - | 954,654 | |||
Número medio ponderado de acciones diluidas | 203,877,356 | 205,857,634 | |||
Ganancias diluidas por acción ($) | (0.307) | 0.056 | |||
6 ADJUSTED EBITDA
The Directors of the Group have presented the performance measure adjusted EBITDA as they monitor this performance measure at a consolidated level and they believe this measure is relevant to an understanding of the Group's financial performance. Adjusted EBITDA is calculated by adjusting profit from continuing operations to exclude the impact of taxation, net finance costs, share-based payment expenses, depreciation, amortisation of purchased intellectual property, acquisitions costs, and other significant non-recurring expenses. Adjusted EBITDA is not a defined performance measure in IFRS. The Group's definition of adjusted EBITDA may not be comparable with similarly titled performance measures and disclosures by other entities.
Año terminado31 de diciembre 2023 | Año terminado31 de diciembre 2022 | |
$ '000 | $ '000 | |
(Pérdida) / beneficio del año | (62,845) | 11,513 |
Impuesto sobre la renta | (649) | 4,417 |
Costos financieros | 128 | 73 |
Ingresos financieros | (391) | (80) |
Gastos de pago basados en acciones | 414 | 1,726 |
Amortisation of purchased intellectual property, brands and customer relationships (note 7) | 4,482 | 3,999 |
Depreciación de propiedades, planta y equipo | 785 | 747 |
Deterioro de valor de activos intangibles (nota 7) | 48,055 | 11,075 |
Liquidación legal | 3,500 | - |
Ukraine-related costs | - | 1,678 |
Costo de adquisición | 27 | 329 |
Otros ingresos | (619) | (11,122) |
EBITDA ajustado | (7,113) | 24,355 |
7 INTANGIBLE ASSETS
Goodwill |
Marca. $ '000 |
Relaciones del cliente $ '000 | Purchased Intellectual Property $ '000 | Costos de desarrollo de software $ '000 |
Total | |
Costo: |
|
|
|
|
|
|
Al 1 de enero de 2022 | 13,202 | 1,815 | 4,261 | 21,320 | 30,160 | 70,758 |
Adiciones: generadas internamente | - | - | - | - | 35,788 | 35,788 |
Adiciones: adquiridas por separado | - | - | - | 8,395 | - | 8,395 |
Mudanzas | - | - | - | 251 | (251) | - |
Al 31 de diciembre de 2022 | 13,202 | 1,815 | 4,261 | 29,966 | 65,697 | 114,941 |
Adiciones: generadas internamente | - | - | - | - | 31,899 | 31,899 |
Adiciones: adquiridas por separado | 2,418 | - | - | - | - | 2,418 |
Disposiciones | (2,418) | - | - | - | (413) | (2,831) |
Al 31 de diciembre de 2023 | 13,202 | 1,815 | 4,261 | 29,966 | 97,183 | 146,427 |
Amortización y deterioro: |
|
|
|
|
|
|
Al 1 de enero de 2022 | - | 10 | 51 | 2,687 | 10,853 | 13,601 |
Cargo de amortización del año | - | 121 | 609 | 3,269 | 5,787 | 9,786 |
Cargo por deterioro | 9,456 | 675 | - | 944 | 95 | 11,170 |
Al 31 de diciembre de 2022 | 9,456 | 806 | 660 | 6,900 | 16,735 | 34,557 |
Cargo de amortización del año | - | 73 | 353 | 4,056 | 10,652 | 15,134 |
Cargo por deterioro del año | 6,164 | - | 2,773 | 2,912 | 36,206 | 48,055 |
Eliminado al desechar | (2,418) | - | - | - | (413) | (2,831) |
Al 31 de diciembre de 2023 | 13,202 | 879 | 3,786 | 13,868 | 63,180 | 94,915 |
Importe en libros: | ||||||
Al 31 de diciembre de 2023 | - | 936 | 475 | 16,098 | 34,003 | 51,512 |
Al 31 de diciembre de 2022 | 3,746 | 1,009 | 3,601 | 23,066 | 48,962 | 80,384 |
8 RELATED PARTY TRANSACTIONS
An analysis of key management personnel remuneration is included in the Remuneration Committee Report on an individual basis, and is summarised below:
Retribución del personal clave de la dirección |
|
| Año terminado 31 de diciembre de 2023 Sin auditar | Año terminado 31 de diciembre 2022 |
|
| $ '000 | $ '000 | |
|
| |||
Emolumentos agregados | 2,511 | 2,217 | ||
Pagos basados en acciones liquidados mediante acciones | 46 | 88 | ||
| 2,557 | 2,305 | ||
Transacciones con otras partes relacionadas
The wife of the Company's CEO is the founder and CEO of DevGAMM LLC. During the period, DevGAMM LLC paid dividends totalling $nil (2022: $148,000) to this related party, in lieu of salary which included compensation for the previous two years.
During 2022, the Company also acquired Bossa's IP Catalogue for consideration of $3 million. Henrique Olifiers, Non-executive Chairman of the Company, is the Founder and CEO of Bossa. As a result of this relationship, the IP Catalogue acquisition represents a related party transaction in accordance with the AIM Rules for Companies. The Directors of tinyBuild, excluding Henrique Olifiers, consider, having consulted with Berenberg, tinyBuild's nominated adviser, that the terms of the transaction are fair and reasonable in so far as shareholders of tinyBuild are concerned.
On 4 December 2023, tinyBuild agreed to a binding summary of terms relating to a global settlement agreement to be entered into with Steve Escalante, Lance James and Stall Proof, LLC relating to a claim which had been made against tinyBuild following its acquisition of Versus Evil LLC ("Versus Evil") and Red Cerberus LLC ("Red Cerberus") in November 2021. tinyBuild has agreed to pay to the Claimants $3.5 million in cash (in addition to legal costs). The first payment was paid within 2023 of $1.5 million. The second payment of $2 million was paid subsequent to year end on 9 February 2024. The $2 million balance is accrued for as at 31 December 2023.
There were no other related party transactions during the period which require disclosure.
9 ULTIMATE CONTROLLING PARTY
The Company's ultimate controlling party is Alex Nichiporchik who owned 37.8% of outstanding shares on a fully diluted basis as of 31 December 2023. Subsequent to the year end, the Alex's ownership interest increased to 57.9% (see note 10).
10 POST REPORTING DATE EVENTS
In January 2024, a fundraise was approved in a special meeting on 26 January 2024. As part of this fundraise, 193,341,081 Ordinary shares of $0.001 each were issued at 5 pence per share raising gross proceeds of approximately $12.3 million in aggregate. Net proceeds are approximately $11.4 million.
As a result of the fundraise, Alex Nichiporchik's ownership increased to 57.9% of outstanding shares on a fully diluted basis. This has no impact on the ultimate controlling party as Alex remains the ultimate controlling party.
In February 2024, tinyBuild sold Servicio de entrega totalmente confiable to Atari for an undisclosed sum. There has been two studio closures post year end; Moon Moose LLC was closed in February 2024 and Demagic LLC was closed in March 2024.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.