i n v e s t o r p r e s e n tat i o n at r e m i u m ...cdn.funcom.com › investor ›...
TRANSCRIPT
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I N V E S T O R P R E S E N T A T I O N A T R E M I U M
S t o c k h o l m , 1 2 O c t o b e r 2 0 1 7
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D I S C L A I M E R – F O R W A R D L O O K I N G S T A T E M E N T S
This presentation contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking. You should not place undue reliance on these forward-looking statements for many reasons.
These forward-looking statements reflect current views with respect to future events and are by their nature subject to significant risk and uncertainties because they relate to events and depend on circumstances that will occur in future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity or performance will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Unless we are required by law to update these statements, we will not necessarily update any of these statements after the date of this presentation, either to conform them to actual results or to changes in our expectations.
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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A G E N D A
• Funcom overview
• Financials
• Secret World Legends
• Conan Exiles
• Promising road ahead
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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F U N C O M O V E R V I E W
• Founded in 1993, fully independent developer and self publisher since 1999, listed at Oslo Stock Exchange in 2005
• Major titles have been The Longest Journey, Anarchy Online, Age of Conan, The Secret World and Conan Exiles
• New management and a new strategy put in place in Summer 2015 is bearing fruits:
• 4 games launched in two years (Conan Exiles being the most important)
• Two development studios independently developing games
• Profitable projects and financial quarters in 2017
• Establishing new partnerships to ensure future growth
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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F U N C O M 2 . 0
• Funcom recently unveiled its new visual brand identity to illustrate the transition the company has and is going through
• Funcom is a very different company than before; we’re leaner, more agile, our ambitions have changed and so have we – we’re hungry and determined
• The flag stands for tradition: our identity and our history. It is set ablaze, fueled by the passion for what we do. It is also weathered and torn; the result of battles fought and survived
• The face represents who we are today: ambitious and determined, ready to fight for our creative vision, always moving forward – with fervor and a touch of battle-frenzy
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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F U N C O M L O C A T I O N S A N D P A R T N E R S
Funcom NV
Funcom locations Distribution/Local partners Development partners
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
Funcom Inc
Funcom Oslo
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P O R T F O L I O
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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P C A N D C O N S O L E A R E L A R G E M A R K E T S
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
Source:Global Games Market Report by Newzoo
• Funcom’s key competence
with core games is suited to
both PC and Console
audiences
• While mobile is the fastest
growing segment, PC and
Console combined are the
largest segment, especially
in the western world
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H I G H L I G H T S F R O M 2 Q 1 7 R E P O R T
• 1H 2017 most profitable half-year in Funcom’s history with USD 6.3m profit
• During 2Q 2017 the company’s debt was halved and equity has been increased by nearly 40%
• Secret World Legends was launched at the end of 2Q 2017 and exceeded internal expectations
• Conan Exiles was released on Xbox One Game Preview together with The Frozen North update on 16 August 2017 (after 2Q)
• A partnership with Bearded Dragons established for a new game to be released in 2018
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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F I N A N C I A L S
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1 H 1 7 - K E Y F I N A N C I A L S
N O T E S
• 1H 17 revenues up 272% vs 1H 16
• 1H 17 profit USD 6.3m , 45% profit margin
• Two consecutive profitable quarters, most profitable half-year period ever
• Strong financial position, increased cash and equity, reduced debt
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
TUSD 1H 17 1H 16 2Q 17 2Q 16
Revenue 13 992 3 766 3 072 1 718
EBITDA 7 624 -149 917 -412
EBIT 6 129 -1 049 154 -389
EAT 6 328 -1 783 199 -1 022
Cash 7 818 5 100 7 818 5 100
Equity 14 123 2 389 14 123 2 389
Debt 1 3 399 6 899 3 399 6 899
1) Face value of Interest bearing debt
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R E V E N U E A N D E B I T D A M A R G I N D E V E L O P M E N T
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
2 048 1 718 1 728 1 827
10 921
3 072
13%
-24%
6%1%
61%
30%
-25%
-15%
-5%
5%
15%
25%
35%
45%
55%
65%
75%
-4 000
-2 000
0
2 000
4 000
6 000
8 000
10 000
12 000
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
Revenue (TUSD) and EBITDA margin (%)
Revenue EBITDA margin
N O T E S
• Conan Exiles focused on investments in future launches in 2Q
• Secret World Legends launch successful, but low 2Q impact1
• The other games grew slightly during 2Q 17
• High margins in 2017 illustrate scalability and high profit potential with increasing revenue
1) Secret World Legends relaunched 26 June, with five days counting towards 2Q (Funcom channels only, Steam launch was in Q3, 31 July), lower Secret World revenue in months before launch. Conan Exiles Xbox One Game Preview launched in Q3 on 16 August
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E Q U I T Y A N D D E B T D E V E L O P M E N T
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
-9 953
2 389 3 279 3 773
10 179
14 12314 150
3 399
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17
Equity and debt (TUSD)
Equity Debt*
*) Face value of interest bearing debt
N O T E S
• Financial position significantly strengthened
• Equity increased by USD 10.4m in 1H 17, USD 24.1m over the period
• Debt halved in 2Q 17 by conversion of USD 3.5 million (plus accrued interest) of the convertible bond
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1 H 1 7 - F I N A N C I A L S U M M A R Y
• 1H 17 is the most profitable half year in Funcom’s history
• 54% EBITDA margin in 1H 17
• Equity has increased for five consecutive quarters, USD 24m in total
• Funcom debt was halved during 2Q 17
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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C URRE N T A N D F UT URE P ROJ EC TS
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S E C R E T W O R L D L E G E N D S T R A I L E R
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
• https://www.youtube.com/watch?v=DwPPExICQhg
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S E C R E T W O R L D L E G E N D S – R E L A U N C H
• The Secret World MMORPG was originally launched in 2012 as a Premium game with mandatory subscription.
• The game was always very well liked and rated by the gaming community, being consistently number 2 or 3 on MMORPG.com’s top voted games list
• Revenues were declining and the company decided to invest into changing key aspects of the game and its business model and relaunch it as a modern Free to Play game
• Leading up to the official launch on June 26th, Funcom executed a series of publicity initiativesusing videos, news announcements, pre-launchaccess and more which generated significantcoverage in the press including Kotaku, PC Gamer, MMORPG.com, Destructoid and more
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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S E C R E T W O R L D L E G E N D S R E L E A S E
• The Secret World was successfully relaunched as Secret World Legends, having exceeded internal expectations
• Initial launch through our own channels on 26 June 2017, with launch on Steam on 31 July 2017
• Good coverage from press and reception from players has helped spreading the word to new and old players alike
• Tokyo was the first of the planned updates to be released since launch, increasing the amount of content and expanding the storyline
• It was revealed that Johnny Depp's Infinitum Nihil and G4C Innovation’s Gudrun Giddings have partnered to produce a TV series based on the Secret World universe
• This activity is part of the Company's long term plan to develop and grow its IP portfolio and is not expected to contribute directly to the company's financials for the next couple of years.
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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S E C R E T W O R L D L E G E N D S – A C T I V I T Y L E V E L S
N O T E S
• Monthly revenue in June and
July is the highest since 2013
• This is expected to drop to a
new baseline level after the
initial launch.
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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C O N A N E X I L E S X B O X T R A I L E R
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
• https://www.youtube.com/watch?v=lMrsCTbG-
WA&feature=youtu.be
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C O N A N E X I L E S
F U N C O M I N V E S T O R P R E S E N T A T I O N
• Conan Exiles is a PC/Console Multiplayer Survival game using the “Conan the Barbarian” IP
• Released on Steam in Early access on 31 January 2017
• Total development and marketing cost until Early Access launch of less than 5m USD
• Became profitable after the first week of sales. Sold 480.000 units in the first month
• Very strong social media and streamer pickup
• Released on Xbox One Game Preview on 16 August 2017
• Top selling game on Xbox One for several days at launch
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A T T R A C T I V E N I C H E – A R K S O L D 9 M I L L I O N U N I T S
• “Multiplayer survival” is an attractive niche, with the
largest game having sold upwards of 9 million units across
PC, Xbox One and PlayStation 4 (Ark: Survival Evolved)
• Other smaller budget games have also done extremely
well, mainly on PC, selling a few million copies (Rust, The
Forest, H1Z1, among others)
• Conan Exiles has the potential to sell a significant number
of copies with full launch in 2018, especially on PlayStation
4 where it is not yet available
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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C O N A N E X I L E S – T H E R O A D T O F U L L L A U N C H
• Quality is the main focus for full launch in Q1 2018
• The map will be expanded further, and include the last parts
needed to complete the storyline
• Additional end-game features will be added
• Price of the game in full launch will increase from the current
Early Access / Game Preview price
• Significant marketing and PR activities will be undertaken for full
launch, both in retail and online, to maximize the revenue impact
of the release
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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C O N A N E X I L E S – K O C H M E D I A P A R T N E R S H I P
• On 21 August 2017 a co-publishing partnership with Koch Media for Conan Exiles was announced
• This partnership will encompass the publishing and distribution of the physical retail version of Conan Exiles for the game’s full launch in Q1 2018
• This will see Conan Exiles game boxes in all significant retailers of Western Europe and North America
• Other regions to be considered on a case by case basis
• Physical retail market has potential to be significant due to the strength of the IP and the broad appeal of the game
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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OT HE R I N I T I AT I V ES
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B E A R D E D D R A G O N S C O O P E R A T I O N
• Cooperation announced on 23 June 2017 regarding development
support and publishing of a new game is underway
• The game is in the “tactical turn-based strategy” genre, to be
released in 2018 for PC, with console launch to be evaluated later
• More information to be revealed when PR and Marketing
activities are initiated in late 2017
• This activity is part of Funcom's strategy of releasing multiple
game titles per year, providing significant activities more often
and building a larger portfolio of products
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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F U T U R E I N T E R N A L G A M E S
• Two new projects are in early concept stages and will enter
pre-production at the earliest during the second half of
2017:
• In Funcom Oslo:
• New game concept using the “Conan the Barbarian” IP
• Pre-production pushed to early 2018 due to focus on Conan Exiles
• In Funcom North Carolina:
• New project is in early concepting stage with full production to be
dependent on the performance of Secret World Legends and on the
recruitment of additional staff for the project
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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A P RO M I S I N G ROA D A HEA D
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B U I L D I N G O N T H E S U C C E S S O F R E C E N T S T R A T E G I C T U R N A R O U N D
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
2018-20• More titles • More partnerships• More frequent releases• Multi channel strategy• IP development
2016-17• ~1-2 yr development
time per game• 2 games in
development at a time• Online RPG• PC and Console
2005-15• ~3-7 yr development
time per game• 1 game in development
at a time• PC MMO focus
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S C A N D I N A V I A N P C / C O N S O L E G A M I N G C O ’ S I M P L Y P O T E N T I A L
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
0,6
3,3
6,6
9,5
Funcom Starbreeze THQ Nordic Paradox
Market cap, (BSEK)
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S U M M A R Y
• Conan Exiles profitable after first week. 480.000 units sold first
month
• 1H 17 profit USD 6.3m, 45% profit margin, strong financial position
• Promising launches coming soon
• Full launch of Conan Exiles in Q1 (first time on PlayStation 4)
• Partnership game with Bearded Dragons
• Next phase in strategic turnaround will bring us towards the
level of the most successful Nordic gaming companies
I N V E S T O R P R E S E N T A T I O N A T R E M I U M
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STAY IN TOUCH
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