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2019

Announcement from THQ Nordic’s annual general meeting

The annual general meeting 2019 (“AGM”) of THQ Nordic AB (“THQ Nordic” or the “Company”) was held today on 17 September 2019 in Karlstad and the following resolutions were passed by the meeting.

2019

THQ Nordic publishes Annual Report 2018/19

THQ Nordic AB (publ) today publishes its Annual Report for the extended financial year 2018/19. The Annual Report is enclosed this press release and is also available for downloading on: www.thqnordic-investors.com/en/financial-reports

2019

THQ Nordic completes the acquisition of Milestone

THQ Nordic AB's indirectly wholly owned subsidiary Koch Media GmbH has today entered into an agreement to acquire Milestone s.r.l., which was announced earlier today through a press release, for a upfront purchase price equivalent to 44.9 MEUR on a cash and debt free basis. All conditions for the transaction have now been fulfilled and the transaction is thereby completed.

2019

Notice of annual general meeting in THQ Nordic AB

The shareholders of THQ Nordic AB, reg. no. 556582-6558, (the "Company") are hereby invited to the annual general meeting on Tuesday 17 September 2019 at 15.00 CET at Elite Stadshotellet, Kungsgatan 22 in Karlstad. The doors to the meeting will open at 14.30 CET.

2019

THQ Nordic acquires Milestone s.r.l.

THQ Nordic AB's indirectly wholly owned subsidiary Koch Media GmbH has today entered into an agreement to acquire Milan-based Milestone s.r.l., a leading racing games developer and publisher behind successful game series such as MotoGP, MXGP, RIDE and Monster Energy Supercross. The upfront purchase price is equivalent to 44.9 MEUR on a cash and debt free basis, plus additional earn-out considerations subject to fulfilment of agreed future profitability target. THQ Nordic estimates Milestone to have net revenues in the range of 27.5-32.25 MEUR, EBITDA of 15.5-18.0 MEUR and Operating EBIT of 10.75-12.5 MEUR in its next financial year ending June 2020.

2019

THQ Nordic AB (publ) publishes Interim Report Q1, April-June 2019: OPERATIONAL EBIT INCREASED 193% to SEK 204 MILLION

FIRST QUARTER, APRIL–JUNE 2019
(Compared to April–June 2018)

> Net sales increased 36% to SEK 1,142.0 million (837.4).

> EBITDA improved 88% to SEK 389.5 million (206.9), corresponding to an EBITDA margin of 34%.

> Operational EBIT rose 193% to SEK 204.0 million (69.7) corresponding to an Operational EBIT margin of 18%.

> Cash flow from operating activities amounted to SEK 441.3 million (164.5).

> Earnings per share was SEK 0.52 (0.42).

> Adjusted earnings per share was SEK 1.53 (0.58).

CEO COMMENTS: OPERATIONAL EBIT INCREASED 193% TO SEK 204 MILLION

We started our financial year 2019-2020 with another stable growth quarter. Net sales increased 36% to SEK 1,142 million, driven by strong back catalog sales. Operational EBIT grew 193% to SEK 204 million, raising the Operational EBIT margin to 18% from 8%. The improved margin was driven by digital sales – which collectively rose to an average TTM of 58% across our three Games business areas. We generated SEK 441 million in cash flow from operations during the quarter and had close to SEK 3.2 billion in cash and cash equivalents at the end of the quarter.

2019

THQ Nordic publishes Extended Financial Year Report 2018-2019 and Q5: Operational EBIT increased 217% to SEK 396 million in the quarter

JANUARY–MARCH 2019

(Compared to January–March 2018)

  • Net sales increased 158% to SEK 1,630.5 m (632.9).
  • EBITDA increased 174% to SEK 618.6 m (225.9), corresponding to an EBITDA margin of 38%.
  • Operational EBIT increased 217% to SEK 395.9 m (124.9) corresponding to an Operational EBIT margin of 24%.
  • Cash flow from operating activities amounted to SEK 777.2 m (699.8).
  • Earnings per share was SEK 1.10 (1.02).

JANUARY 2018–MARCH 2019, 15 MONTHS

(Compared to full year 2017)

  • Net sales increased to SEK 5,754.1 m (507.5).
  • EBITDA increased to SEK 1,592.6 m (272.6), corresponding to an EBITDA margin of 28%.
  • Operational EBIT increased to SEK 897.1 m (202.3) corresponding to an Operational EBIT margin of 16%.
  • Cash flow from operating activities amounted to SEK 1,356.4 m (179.1).
  • Earnings per share was SEK 4.68 (1.88).
  • As of 31 March 2019, cash and cash equivalents were SEK 2,929.1 m. Available cash including credit facilities was SEK 4,521.1 m.
2019

Announcement from THQ Nordic’s extra general meeting

The extra general meeting of THQ Nordic AB (“THQ Nordic” or the “Company”) was held today on 8 March 2019 in Stockholm and the following resolutions were passed by the meeting.

2019

NOTICE OF EXTRA GENERAL MEETING IN THQ NORDIC AB

The shareholders of THQ Nordic AB, reg. no. 556582-6558, (the "Company") are hereby invited to the extra general meeting on Friday 8 March 2019 at 13.00 pm CET at Baker & McKenzie's premises at Vasagatan 7 in Stockholm. The doors to the meeting will open at 12.45 pm CET.

2019

THQ Nordic completes issuance of new share in the amount of 11 million Class B shares, raising proceeds of approximately SEK 2,090 million

The Board of Directors of THQ Nordic AB (“THQ Nordic” or the “Company”) has, as communicated in the Company’s press release earlier today, resolved to issue maximum of 11,000,000 Class B shares, where a maximum of 4,732,662 shares are issued based on the authorization granted by THQ Nordic's annual general meeting on 16 May 2018 and a maximum of 6,267,338  shares are issued subject to the subsequent approval of the extraordinary general meeting (the “Directed new share issue”). The subscription price in the Directed new share issue is SEK 190 per share. Through the Directed new share issue THQ Nordic will receive proceeds amounting to approximately SEK 2,090 million before transaction costs. The subscription price in the Directed new share issue has been determined through a so-called “accelerated book-building” procedure led by Carnegie Investment Bank AB (publ) and Nordea Bank Abp, filial i Sverige. The Directed new share issue was substantially oversubscribed. Subscribers in the Directed new share issue are a wide range of Swedish and international institutional investors including reputable new investors such as First National AP Fund, Second National AP Fund and Odin Fonder as well as current shareholders Swedbank Robur Fonder AB, TIN Fonder with the fund Core Ny Teknik and Olsson Family and Foundation.

2019

THQ Nordic announces intention of directed share issue of B shares

THQ Nordic AB (“THQ Nordic” or the “Company”) hereby announces its intention of a placement of Class B shares corresponding to approximately 10 percent of the capital in the Company (the “New shares”) through issuance of new shares directed to Swedish and international institutional investors, which is intended to be carried out based on the authorization granted by the annual general meeting 2018 and subject to the approval of an extra general meeting (the “Directed new share issue”). THQ Nordic has engaged Carnegie Investment Bank AB (publ) and Nordea Bank Abp, filial i Sverige, to investigate the conditions for a placement of new Class B shares through a so-called “accelerated bookbuilding” procedure.

2019

THQ Nordic completes the acquisition Warhorse Studios

THQ Nordic AB's indirectly wholly owned subsidiary Koch Media GmbH has today entered into an agreement to acquire Warhorse Studios s.r.o., which was announced earlier today through a press release, for a purchase price amounting to MEUR 33.2 on a cash and debt free basis. All conditions for the transaction have now been fulfilled and the transaction is thereby completed.

2019

THQ Nordic acquires award-winning Warhorse Studios, the studio behind Kingdom Come: Deliverance

THQ Nordic AB's indirectly wholly owned subsidiary Koch Media GmbH has today entered into an agreement to acquire Prague based Warhorse Studios s.r.o., a leading game developer behind the successful award-winning title Kingdom Come: Deliverance. The purchase price amounts to 33.2MEUR on a cash and debt free basis. Warhorse’s Net Revenues in 2018 amounted to approximately 42 MEUR1, with an adjusted EBIT of approximately 28 MEUR[1]

2019

THQ Nordic publishes interim report, Q4 2018: OPERATIONAL EBIT INCREASED 84% to SEK 194 MILLION

The Group had a stable quarter with continued growth. Net sales increased 441% to SEK 1,380 million in the quarter. EBITDA increased 109% to SEK 326 million. Operational EBIT grew 84% to SEK 194 million and EBIT increased 49% to SEK 152 million. Cash flow from operating activities were SEK 455 million in the quarter. THQ Nordic, Koch Media and Coffee Stain all contributed to the Group’s operational EBIT during the quarter.

We have decided to disclose operational EBIT from this quarter onwards, in order to provide a fair picture of the underlying operational performance. This alternative key performance metric excludes amortization of acquisition-related goodwill, surplus values of specific business areas and IP values. These are amortized equally over five years according to local Swedish GAAP (K3). The disclosure of operational EBIT will also simplify comparison with the performance of industry peers using other accounting standards and amortization principles.

Net sales in our Vienna based business area THQ Nordic increased 38% to SEK 352 million, largely driven by the release of Darksiders 3. The game has performed within management’s range of expectations and has recouped all investments made in development and marketing during the quarter. In 2019, we will release several DLC’s that will give the game a further boost. Darksiders remains one of the Group’s key IP’s.

Net sales of Munich based business area Deep Silver were SEK 187 million. There were no significant releases in the quarter, however the team has worked intensively on preparing for the Metro Exodus launch, which will be the Group’s biggest release so far. Net sales in the Partner Publishing business were SEK 828 million, driven by several notable releases from our partners. There will be a similar number of releases in the current, fifth, quarter of the extended fiscal year.

In November of last year we welcomed both Coffee Stain and Bugbear to our family. We are increasingly excited about both companies. They bring high ambitions in all aspects and I am confident that they will both positively contribute to the Group.

The highly anticipated Metro Exodus will be released on Friday the 15th this week on Microsoft Xbox One, PlayStation 4 and PC. The digitally distributed PC version of Metro Exodus will be solely available via the Epic Game Store.

I see the gaming market as more vibrant than ever before. There is an ongoing shift in distribution platforms and technologies, involving both established companies and large new entrants. I am in general embracing new opportunities and technology advancements that will enable us to distribute our content more efficiently and to a broader base of fans and gamers. This will challenge established business models, make room for new business partnerships and present a wide array of new opportunities.

We are looking forward to our most exciting year ever. By the end of the quarter, we had a record 77 games under development. 48 of these are still in the pipeline waiting to be announced including a few that are scheduled for release in 2019.

We continue to patiently execute on our M&A strategy, with the ambition of welcoming more companies to the Group. Our strategy to let local management teams independently develop their own businesses, is a winning formula that is attracting more companies to join our family. We do share a lot of knowledge and experience between our operating entities. However ultimately, I am a firm believer in empowering great people to make their own decisions.

– LARS WINGEFORS, FOUNDER & CEO

2018

THQ Nordic acquires Coffee Stain

THQ Nordic AB today has entered into agreement to acquire Coffee Stain Holding AB including 100 percent of its subsidiary Coffee Stain Publishing AB. Coffee Stain is a leading game developer and publisher with a growing footprint in the Nordics. The acquisition includes Intellectual property rights to Satisfactory, Goat Simulator, Sanctum and publishing rights to Deep Rock Galactic. The initial cash consideration is equivalent to SEK 317 million on a cash and debt free basis, plus additional earn-out considerations subject to fulfilment of agreed milestones. THQ Nordic estimates Coffee Stain will have net sales in the range of SEK 200-250 million and EBT in the range of SEK 100-150 million in the next financial year.

"We are creating a complementary digital native pillar to THQ Nordic. Coffee Stain is a passionate and highly competent team creating and publishing great games. After some years without major releases the pipeline of new game releases such as Satisfactory and Deep Rock Galactic look strong. I look forward to work together with Anton Westbergh and his team in the future" says Lars Wingefors, CEO THQ Nordic.

2018

THQ Nordic publishes Q3 2018: EBIT INCREASED 278% TO SEK 90.8 MILLION

We had another stable quarter with continued momentum. The strategy of diversification is paying off. Net sales increased by 1,403% to a record SEK 1,272.7 million in the quarter. EBITDA increased by 521% to SEK 214.8 million and EBIT increased by 278% to SEK 90.8 million compared to the same period last year. The gross margin percentage decreased due to a large share of net sales with lower margin within Partner Publishing. Cash flow from operating activities in the quarter was SEK –740.1 million, mainly due to the decision to replace forfaiting of receivables with bank debt within Koch Media. Both THQ Nordic and Koch Media contributed to the group’s EBIT during the quarter.

    Net sales in the THQ Nordic business area were up 47% to SEK 124.2 million. This was driven by the release of Titan Quest, Red Faction Guerilla Re-Mars-tered and This is the Police 2, in addition to continued performance of Wreckfest. Net sales of Deep Silver were SEK 251.8 million, driven by the release of Dakar 18 and a good performance of Pathfinder Kingmaker at the end of the quarter. The digital net sales of the back-catalogue in both business areas continued to have solid performances.

    Our Partner Publishing business area had a strong quarter driven by significant releases from our business partners Codemasters, SquareEnix and Sega. 

    During the quarter, we acquired several strong IPs such as Alone in the Dark, Kingdoms of Amalur and Timesplitters. Additionally, we were happy to welcome our new family member, HandyGames, into the group.

    Our PR, marketing and sales teams across the globe did an extensive work supporting and building the demand for our pipeline of upcoming releases. Looking towards the upcoming two quarters, we are all excited about our key releases of Darksiders 3 and Metro Exodus. By the end of the quarter, we had 55 games under development, of which 35 are still in the pipeline waiting to be announced.

    We are patiently working on adding more great companies into the group, both developers and publishers. This is a daily proactive activity within the parent company, as well as within both operating groups. We are engaging with a large number of companies across the globe with respect to joining the group. I am confident about our strategy and capability to benefit from the ongoing shift in platforms and technologies.

– LARS WINGEFORS, FOUNDER & CEO

2018

THQ Nordic AB (publ) publishes Q2 2018: EBIT INCREASED 73% TO SEK 52.5 MILLION

Our business continues to grow; net sales increased by 878% to SEK 837 m in the quarter. EBITDA was up 421% to SEK 206.9 m and EBIT increased by 73% to SEK 52.5 m compared to the same period last year. Both THQ Nordic and Koch Media contributed to the group’s EBIT in the quarter.

All in all, we had a stable quarter despite no major releases in any business area. We continue to work on both hard and soft synergies between our companies. The majority of our physical distribution of THQ Nordic in Europe has now moved to Koch Media. Digital back-catalogue sales continued to perform well. New digital revenue channels, such as subscription-based business models, made a notable gross margin contribution to the group.

There is an increasing excitement about our major upcoming releases, such as Darksiders 3, Metro Exodus and Biomutant. After the end of the quarter we announced the release date and pre-order offering for Darksiders 3. I expect our well invested pipeline of future products, of all sizes, to generate increased revenues and improved profitability over the coming years. We are now working hard to prepare all activities for the biggest event of the year, Gamescom, which opens next week in Cologne, Germany.

In order to fuel for further business growth and future acquisitions we completed a directed new share issue, raising proceeds of approximately SEK 1,448 m in June. I was pleased with the strong interest from investors and especially happy to see our long-term investors contributing again in the raising of capital, along with a handful of new, highly regarded institutional investors.

We continue to evaluate interesting investment opportunities in game development projects, potential acquisitions and strategic partnerships that could add considerable long-term value for the group and its shareholders. I have seen an increased interest to become part of our growing independent group of companies, especially after our recently completed transactions. Stay tuned!

– LARS WINGEFORS, FOUNDER & CEO

2018

THQ Nordic completes a directed new share issue of 7.7 million Class B shares, raising proceeds of approximately SEK 1,448 million

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES.

The board of directors of THQ Nordic AB (“THQ Nordic” or the “Company”) has, based on the authorization given by THQ Nordic’s Annual General Meeting on May 16, 2018, and as communicated in the Company’s press release earlier today, resolved to carry out a directed new share issue of 7,700,000 Class B shares at a subscription price of SEK 188 per share (the “Directed new share issue”). Through the Directed new share issue, THQ Nordic will receive proceeds amounting to approximately SEK 1,448 million before transaction costs. The subscription price in the Directed new share issue has been determined through a so-called “accelerated book-building” procedure led by Carnegie Investment Bank. Subscribers in the Directed new share issue are a wide range of Swedish and international institutional investors.

2018

THQ Nordic announces intention of a directed share issue of B shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES.

THQ Nordic AB (“THQ Nordic” or the “Company”) hereby announces its intention of a placement of new Class B shares corresponding to approximately 10 per cent of the total number of shares in the Company (the “New shares”) through a directed new share issue to Swedish and international institutional investors (the “Directed new share issue”).  THQ Nordic has, based on the authorization given by THQ Nordic’s Annual General Meeting on May 16, 2018, engaged Carnegie Investment Bank to investigate the conditions for a placement of new Class B shares through a so-called “accelerated book-building” procedure.


2018

Announcement from THQ Nordic’s annual general meeting

The annual general meeting (“AGM”) of THQ Nordic AB (“THQ” or the “Company”) was held today on 16 May 2018 in Stockholm and the following resolutions were passed by the meeting.

Embracer Group is the parent company of businesses developing and publishing PC and console games for the global games market. The group has an extensive catalogue of over 130 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdoms of Amalur, TimeSplitters, Satisfactory and Wreckfest amongst many others.

With its head office based in Karlstad, Sweden, Embracer Group has a global presence through its three operative groups: Koch Media GmbH, THQ Nordic GmbH, and Coffee Stain AB. The group has eighteen internal game development studios engaging more than 2800 employees and contracted employers in more than 40 countries.