Translate this page

Some beautiful music to read the blog with

CCP Financials (as published)

CCP Financials from 2008 to 2015.

Below are the CCP primary primary financials statements as they appear in their published Report & Accounts - I have added my take on what their net cash is (I.e. cash less all borrowings, negative number is net cash).  Items in yellow are where I have made some additions to the statements or some assumptions.  I also added the percentages in for further analysis.

Updated on 10 April 2016 for the 2015 Financial Statements.

Numbers are in USD millions.



PROFIT AND LOSS ACCOUNT
2008 2009 2010 2011 2012 2013 2014 2015
Subscription Sales - Eve Online 41.7 51.8 57.4 63.2 64.1 71.7 63.7 53.3
Subscription Sales - Eve Online: China 0.0 0.0 0.0 0.0 0.0 1.9 3.5 4.9
Subscription Sales - Dust 0.0 0.0 0.0
Subscription Sales - Other games 0.0 0.0 0.0 0.2 0.3 0.6 0.0 0.4
Other revenue 4.8 3.5 1.8 1.9 0.9 2.5 1.4 7.1
Total Revenue 46.5 55.3 59.2 65.3 65.3 76.7 68.6 65.7
change 18.9% 7.1% 10.2% 0.0% 17.5% -10.6% -4.2%
Cost of sales -8.4 -7.8 -6.1 -5.6 -4.8 -6.9 -6.5 -4.3
Gross Profits 38.1 47.5 53.1 59.7 60.5 69.8 62.0 61.4
Gross Profit Margin 81.9% 86.0% 89.7% 91.4% 92.6% 91.0% 90.5% 93.5%
R&D -7.9 -9.3 -11.1 -13.0 -16.5 -35.1 -56.9 -16.9
% of sales 16.9% 16.9% 18.8% 19.9% 25.3% 45.7% 83.0% 25.7%
Publishing -7.2 -7.2 -8.8 -11.3 -9.6 -9.1 -7.4 -5.2
% of sales 15.4% 13.0% 14.9% 17.3% 14.7% 11.8% 10.7% 8.0%
Marketing -8.5 -9.4 -9.8 -9.9 -12.6 -14.9 -11.8 -7.6
% of sales 18.3% 17.0% 16.5% 15.2% 19.2% 19.4% 17.1% 11.5%
G&A -11.0 -13.7 -16.9 -17.6 -19.0 -18.8 -19.8 -16.3
% of sales 23.7% 24.7% 28.6% 27.0% 29.1% 24.5% 28.8% 24.9%
change 24.0% 23.8% 4.2% 7.6% -1.0% 5.2% -17.3%
Total operating expenses -34.6 -39.6 -46.6 -51.8 -57.7 -77.8 -95.8 -46.0
Operating Profits 3.5 7.9 6.5 7.8 2.8 -8.0 -33.8 15.4
Operating profit margin 7.5% 14.3% 11.0% 12.0% 4.3% -10.4% -49.2% 23.4%
Items written off -21.5 -29.4
Profit on sale of business 5.2
Financial Income 1.0 0.1 0.1 0.0 0.4 1.2 2.3 0.1
Financial Cost -1.9 -1.4 -1.3 -1.3 -1.9 -2.9 -5.6 -1.5
FX difference 2.7 0.0 -1.5 -0.1 2.6 0.7 -0.9 -0.2
Profit Before Tax 5.2 6.5 3.8 6.5 3.9 -30.4 -67.4 18.9
Income Tax -0.2 -0.3 1.7 2.2 0.8 9.1 1.6 1.8
Profit After Tax 5.1 6.2 5.4 8.7 4.7 -21.3 -65.7 20.7
FX 0.5 -0.2 0.1 0.1 -0.1 0.0 0.1 -0.1
Profit After Tax and FX 5.5 6.0 5.5 8.8 4.6 -21.3 -65.6 20.7
EBTIDA 8.9 14.2 15.0 18.2 16.4 19.8 8.3 25.8
margin 19.1% 25.7% 25.3% 27.9% 25.2% 25.8% 12.1% 39.3%
change 60.1% 5.5% 21.5% -9.6% 20.5% -58.2% 211.8%
R&D 2012 2013 2014 2015
Salaries 24.3 30.5 24.9 16.1
less Capitalised -18.6 -20.1 -7.8 -7.3
Others -2.8
Add amortised 11.2 25.4 39.9 9.3
FX -0.4 -0.7 1.6
R&D in P&L 16.5 35.1 56.9 16.9
Add R&D written-off 21.5 29.4
Total R&D charge stated 16.5 56.6 86.3 16.9



BALANCE SHEET
2008 2009 2010 2011 2012 2013 2014 2015
ASSETS
Non Current Assets
Property, plant & equipment 3.5 4.4 5.4 5.6 4.3 1.4 0.9
Goodwill 4.3 4.3 4.3 4.3 4.3 0.0 0.0
Development cost 37.6 54.6 74.8 88.0 67.3 13.6 14.6
Other intangible assets 0.5 0.5 0.5 0.7 0.7 0.7 0.0
Deferred tax assets 0.3 0.0 0.4 0.1 0.6 0.0 2.2
Other financial assets 0.1 0.1 0.1 0.1 0.8 0.0 0.1
46.2 63.9 85.5 98.8 78.0 15.8 17.7
Current Assets
Inventories 1.3 0.5 0.2 0.0 0.6 0.0 0.0
Trade receivables 2.9 2.1 2.1 3.6 4.5 3.4 2.7
Other receivables 20.3 5.8 6.1 5.5 6.3 3.2 3.3
Cash and cash equivalents 3.8 11.2 3.7 20.4 14.9 10.9 56.2
28.2 19.6 12.1 29.5 26.3 17.5 62.2
Total Assets 74.4 83.5 97.6 128.3 104.3 33.3 79.9
EQUITY AND LIABILITIES
Equity
Share capital 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Share premium 20.0 20.2 20.3 22.8 23.4 24.1 54.0
Foreign currency translation reserves 0.5 0.5 0.7 0.6 0.6 0.7 0.6
Equity settled employee benefits reserves 3.5 3.7 4.4 4.5 6.9 8.2 0.6
Retained earnings 19.9 25.3 34.0 38.7 17.3 -48.4 -19.9
43.9 49.8 59.5 66.6 48.3 -15.3 35.5
Non-current liabilities
Borrowings 11.1 0.4 11.5 25.8 23.3 22.8 19.8
Deferred Tax liabilities 6.7 7.8 9.8 11.7 5.5 0.0 0.0
Derivative financial instruments 0.0 0.0 0.0 3.3 2.2 0.0 0.0
Other long term liabilities 0.2 0.1 0.7 1.1 1.5 1.4 1.2
17.9 8.4 22.0 41.8 32.5 24.3 21.0
Current liabilities
Trade payables 3.3 3.3 4.6 4.7 4.5 2.1 2.0
Borrowings 0.3 12.1 1.1 3.1 4.1 4.1 2.6
Current portion of other long-term liabilities 0.4 0.0 0.1 0.0 0.0 0.1 0.1
Deferred income 3.4 3.6 4.2 5.2 6.6 7.2 10.2
Other current liabilities 5.1 6.4 6.1 6.8 8.3 10.9 8.4
12.5 25.3 16.1 19.8 23.5 24.3 23.4
Total liabilities 30.4 33.7 38.1 61.7 56.0 48.6 44.4
Total equity and liabilities 74.4 83.5 97.6 128.3 104.3 33.3 79.9
Net cash
Long term Loans -11.1 -0.4 -11.5 -9.7 -6.6 -2.8 -19.8
Short term loans -0.3 -12.1 -1.1 -3.1 -4.1 -4.1 -2.6
Convertible Bond 0.0 0.0 0.0 -20.0 -20.0 -20.0 0.0
Cash 3.8 11.2 3.7 20.4 14.9 10.9 56.2
Net Cash (net debt) -7.6 -1.3 -8.9 -12.4 -15.9 -16.0 33.8
EBITDA 14.2 15.0 18.2 16.4 19.8 8.3 31.0
x1.5 21.3 22.4 27.3 24.7 29.7 12.4 46.5
Net Debt to EBITDA 0.5 0.1 0.5 0.8 0.8 1.9 -1.1



CASH FLOW STATEMENT
2008 2009 2010 2011 2012 2013 2014 2015
Profit for the Period 5.1 6.2 5.4 8.7 4.7 -21.3 -65.7 20.7
Operating Items not affecting cashflows
Net Financial Cost (-income) -1.7 1.4 2.8 1.3 -1.1 1.0 4.2 1.7
Income Tax expense 0.2 0.3 -1.7 -2.2 -0.8 -9.1 -1.6 -1.8
Depreciation and amortisation 5.4 6.3 8.4 10.4 13.6 49.2 71.4 10.4
Impairment loss on capitalised development 0.0 0.6 0.0 0.0 0.0 0.0 0.0 0.0
Equity settled employee stock options -0.3 2.5 0.2 0.8 2.0 2.8 1.6 0.3
Gain on disposal of assets 0.0 0.1 0.0 0.0 -5.2
Other items 0.2 -0.1 -0.2 0.6 1.3 -0.2 0.0 -0.4
3.7 11.1 9.6 10.9 15.2 43.8 75.6 4.9
Change in operating assets and liabilities
Change in Inventories 0.1 0.5 0.8 0.2 0.2 -0.6 0.6 0.0
Change in operating assets 0.8 0.2 0.0 -0.1 -1.9 -1.6 2.9 0.4
Change in operating liabilities 0.2 2.9 1.4 1.7 1.7 1.4 -1.3 1.5
1.0 3.7 2.2 1.7 0.0 -0.9 2.2 1.9
Financial Income Reveived 3.7 0.1 0.1 0.1 2.8 0.1 0.1 0.2
% of opening cash 21.0% 2.2% 2.7% 1.1% 28.6% 0.3% 0.9% 2.2%
Financial Cost Paid -1.8 -2.0 -1.9 -1.8 -0.8 -0.7 -3.5 -2.3
Tax Credit received 0.0 1.1 2.0 3.3 3.1 2.8 2.4 0.2
Tax Paid 0.0 0.0 0.0 0.0 -0.2 -0.6 -0.6 -0.4
1.9 -0.8 0.2 1.6 4.9 1.6 -1.5 -2.2
Operating Cash Flows 11.6 20.1 17.4 22.9 24.8 23.1 10.6 25.3
Cash flows from investing activities
Purchase of property, plant and equipment -1.6 -1.4 -2.4 -2.5 -1.3 -0.4 -0.3 -0.3
Purchase of other intangible assets 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0
Proceeds from sale of intangible assets 5.7
Development cost -15.5 -17.0 -23.5 -27.8 -24.7 -26.2 -10.1 -10.1
Change in other financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-17.1 -18.4 -25.9 -30.3 -26.2 -26.6 -10.4 -4.7
Free Cash Flows -5.4 1.7 -8.5 -7.3 -1.4 -3.5 0.2 20.6
Cash flows from financing activities
Repayments of borrowings -1.6 -2.4 -0.3 -6.2 -8.0 -3.0 -4.1 -28.4
New loans raised 0.3 10.8 0.0 12.0 19.0 0.0 0.0 23.6
Short term borrowings -7.8 -9.2 -0.3 0.0 0.0 0.1 0.0 0.0
Net increase in share capital 0.1 0.1 16.6 0.2 0.5 0.4 0.4 29.9
-9.1 -0.6 16.0 5.9 11.5 -2.6 -3.7 25.1
Net change in cash -14.5 1.1 7.4 -1.4 10.1 -6.1 -3.5 45.6
Cash at beginning of year 17.4 2.7 3.8 11.2 9.9 20.4 14.9 10.9
FX -0.2 0.1 0.0 0.0 0.4 0.5 -0.4 -0.3
Cash at end of year 2.7 3.8 11.2 9.9 20.4 14.9 10.9 56.2
Movement in net cash
Net cash at start of year -7.6 -1.3 -8.9 -12.4 -15.9 -16.0
Free Cash Flows -8.5 -7.3 -1.4 -3.5 0.2 20.6
Net increase in share capital 16.6 0.2 0.5 0.4 0.4 29.9
Cost of issuing Convertible loan -1.0
Movement in Finance leases -0.1 -0.6 -0.5 0.1 0.9 0.3
Others -1.6 0.1 -1.5 -0.9 -1.2 -0.6
Change due to FX on cash balances 0.0 0.0 0.4 0.5 -0.4 -0.3
Net cash (net debt) at end of year -1.3 -8.9 -12.4 -15.9 -16.0 33.8




No comments:

Post a Comment