FINANCIALS
Outlook
Outlook for 2023 (specified)
We expect our comparable revenue to be lower than last year and adjusted operating profit to be at last
year’s level.
Additional information on user acquisition investments in Q4 2023
User acquisition investments in Q4 2023 are expected to be 25–30% of games’ revenues.
2023 outlook (previous)
We expect our comparable revenue and adjusted operating profit to be at last year’s level.
Quarterly Figures
Q1 2017 - Q3 2023
ROVIO GROUP
| EUR million | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 | Q4'20 | Q3'20 | Q2'20 | Q1'20 | Q4'19 | Q3'19 | Q2'19 | Q1'19 | Q4'18 | Q3'18 | Q2'18 | Q1'18 | Q4'17 | Q3'17 | Q2'17 | Q1'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 73.9 | 72.6 | 76.0 | 76.9 | 77.4 | 78.4 | 85.0 | 78.9 | 71.4 | 68.8 | 67.1 | 68.5 | 67.9 | 69.2 | 66.6 | 71.6 | 74.8 | 71.8 | 70.9 | 72.7 | 71.0 | 71.8 | 65.7 | 73.9 | 70.7 | 86.2 | 66.3 |
| User Acquisition | 21.1 | 21.4 | 23.9 | 23.3 | 21.3 | 20.9 | 31.1 | 20.6 | 18.1 | 21.3 | 17.3 | 16.0 | 15.3 | 14.0 | 13.5 | 27.5 | 27.1 | 21.3 | 23.7 | 23.3 | 17.8 | 22.9 | 14.6 | 15.9 | 22.2 | 15.1 | 16.4 |
| EBITDA | 10.0 | 9.9 | 12.1 | 5.7 | 12.2 | 14.3 | 11.1 | 13.4 | 16.9 | 8.7 | 11.8 | 12.2 | 15.9 | 16.1 | 15.9 | 2.6 | 9.6 | 9.6 | 10.5 | 9.3 | 15.0 | 9.3 | 14.3 | 14.0 | 6.1 | 29.7 | 10.2 |
| Depreciation & Amortization | 3.3 | 3.0 | 3.3 | 3.7 | 3.6 | 3.8 | 3.6 | 5.3 | 2.9 | 2.6 | 2.2 | 9.3 | 3.1 | 2.0 | 3.1 | 2.7 | 4.2 | 4.3 | 3.0 | 3.4 | 4.6 | 3.3 | 5.1 | 3.6 | 4.5 | 15.6 | 4.9 |
| Operating profit (EBIT) | 6.7 | 6.9 | 8.8 | 2.0 | 8.6 | 10.5 | 7.5 | 8.1 | 14.0 | 6.2 | 9.5 | 2.9 | 12.8 | 14.1 | 12.7 | 0.1 | 5.4 | 5.3 | 7.5 | 5.9 | 10.4 | 6.0 | 9.2 | 10.4 | 1.6 | 14.1 | 5.3 |
| Adjusted EBITDA | 15.8 | 10.7 | 12.1 | 9.6 | 15.7 | 15.0 | 13.6 | 16.5 | 17.2 | 8.7 | 12.3 | 12.2 | 15.9 | 15.9 | 16.2 | 2.9 | 9.6 | 9.6 | 10.5 | 8.6 | 15.0 | 9.3 | 14.6 | 14.1 | 8.6 | 31.6 | 10.2 |
| Adjustments to EBITDA | 5.8 | 0.9 | - | 3.9 | 3.5 | 0.7 | 2.5 | 3.1 | 0.3 | - | 0.5 | - | - | 0.2 | 0.3 | 0.3 | - | - | - | -0.7 | - | - | 0.3 | 0.1 | 2.5 | 2.0 | - |
| Adjusted EBIT | 12.5 | 7.8 | 8.8 | 5.9 | 12.1 | 11.3 | 10.0 | 13.1 | 14.3 | 6.2 | 10.1 | 7.5 | 12.8 | 13.8 | 13.0 | 0.2 | 5.4 | 5.3 | 7.5 | 5.3 | 10.4 | 6.0 | 9.6 | 10.5 | 4.0 | 16.1 | 5.3 |
| Adjustments to EBIT | 5.8 | 0.9 | - | 3.9 | 3.5 | 0.8 | 2.5 | 5.1 | 0.3 | - | 0.6 | 4.6 | - | 0.3 | 0.3 | 0.3 | - | - | - | -0.7 | - | - | 0.3 | 0.1 | 2.5 | 2.0 | - |
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REVENUE PER BUSINESS AREA
| EUR million | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 | Q4'20 | Q3'20 | Q2'20 | Q1'20 | Q4'19 | Q3'19 | Q2'19 | Q1'19 | Q4'18 | Q3'18 | Q2'18 | Q1'18 | Q4'17 | Q3'17 | Q2'17 | Q1'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | 73.1 | 72.6 | 76.0 | 76.9 | 77.4 | 78.4 | 85.0 | 78.9 | 71.4 | 68.8 | 67.1 | 68.5 | 67.9 | 69.2 | 66.6 | 71.6 | 74.8 | 71.8 | 70.9 | 72.7 | 71.0 | 71.8 | 65.7 | 73.9 | 70.7 | 86.2 | 66.3 |
| Games | 71.2 | 70.7 | 73.9 | 74.4 | 74.2 | 75.9 | 82.3 | 76.5 | 68.6 | 66.4 | 64.9 | 64.4 | 64.2 | 66.9 | 62.7 | 66.7 | 66.4 | 65.4 | 66.3 | 65.2 | 63.1 | 65.3 | 56.8 | 66.1 | 63.9 | 61.3 | 56.6 |
| Brand Licensing | 1.9 | 1.9 | 2.2 | 2.6 | 3.2 | 2.6 | 2.7 | 2.4 | 2.8 | 2.4 | 2.2 | 4.1 | 3.7 | 2.3 | 3.9 | 4.9 | 8.4 | 6.4 | 4.6 | 7.5 | 7.9 | 6.5 | 8.9 | 7.8 | 6.7 | 24.9 | 9.7 |
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Yearly figures
| 1.1.–31.12. | ||||||||
|---|---|---|---|---|---|---|---|---|
| Key financial metrics | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
| (IFRS) | (IFRS) | (IFRS) | (IFRS) | (IFRS) | (IFRS) | (IFRS) | (IFRS) | |
| MEUR (unless otherwse stated) | ||||||||
| Revenue | 317.7 | 286.2 | 272.3 | 289.1 | 281.2 | 297.2 | 191.7 | 142.1 |
| Games | 276.4 | 258.2 | 264.8 | 250.4 | 248.0 | 159.0 | 113.5 | |
| Brand Licensing | 9.8 | 14.0 | 24.3 | 30.8 | 49.2 | 32.7 | 28.6 | |
| EBITDA[1] | 43.3 | 50.8 | 60.0 | 32.3 | 47.8 | 60.0 | 35.4 | -6.5 |
| Games | 56.3 | 65.8 | 35.6 | 40.5 | 43.2 | 39.8 | 11.1 | |
| Brand Licensing | 5.8 | 8.8 | 13.8 | 20.8 | 30.1 | 5.8 | -5.9 | |
| Other | -11.3 | -14.5 | -17.0 | -13.4 | -13.2 | -10.2 | -11.7 | |
| EBITDA margin. % | 13.6% | 17.7% | 22.0% | 11.2% | 17.0% | 20.2% | 18.5% | -4.5% |
| Adjusted EBITDA[2] | 53.9 | 54.8 | 60.1 | 32.6 | 47.5 | 64.5 | 35.4 | -3.2 |
| Games | 59.1 | 65.8 | 35.6 | 40.8 | 43.2 | 39.8 | 12.8 | |
| Brand Licensing | 6.0 | 8.9 | 14.0 | 20.8 | 31.9 | 5.8 | -4.7 | |
| Other | -10.4 | -14.6 | -17.0 | -14.1 | -10.7 | -10.2 | -11.3 | |
| Adjusted EBITDA margin.% | 17% | 19.1% | 22.1% | 11.3% | 16.9 | 21.7% | 18.5% | -2.3% |
| Operating profit[3] | 28.6 | 37.7 | 42.5 | 18.1 | 31.5 | 31.4 | 16.9 | -21.6 |
| Games | 50.3 | 57.1 | 31.3 | 38.3 | 38.4 | 28.9 | 3.6 | |
| Brand Licensing | 1.1 | 0.7 | 4.3 | 7.0 | 6.4 | -1.7 | -13.6 | |
| Other | -13.7 | -15.3 | -17.6 | -13.8 | -13.5 | -10.3 | -11.6 | |
| Operating profit margin. % | 9.0% | 13.2% | 15.6% | 6.3% | 11.2 | 10.6% | 8.8% | -15.2% |
| Adjusted operating profit[4] | 39.2 | 43.7 | 47.2 | 18.3 | 31.2 | 35.9 | 16.9 | -18.3 |
| Games | 53.2 | 61.7 | 31.3 | 38.6 | 38.5 | 28.9 | 5.3 | |
| Brand Licensing | 1.4 | 0.9 | 4.6 | 7.0 | 8.3 | -1.7 | -12.3 | |
| Other | -10.9 | -15.3 | -17.6 | -14.5 | -11.0 | -10.3 | -11.2 | |
| Adjusted operating profit margin. % | 12.3% | 15.3% | 17.3% | 6.3% | 11.1% | 12.1% | 8.8% | -12.9% |
| Profit (loss) for the period | 30.1 | 32.1 | 13.2 | 24.6 | 20.6 | 10.6 | -18.1 | |
| Earnings per share. EUR | 0.4 | 0.43 | 0.2 | 0.31 | 0.27 | 0.14 | -0.24 | |
| Equity ratio. %[5] | 0.7 | 82.3% | 80.5% | 83.7% | 77.9% | 64.1% | 59.1% | |
| Capital expenditure[6] | 4.0 | 3.9 | 3.1 | 1.3 | 8.5 | 23.3 | 43.9 | |
[1] EBITDA (earnings before interest, taxes, depreciation and amortization) is defined as operating profit before depreciations and amortizations.
[2] Adjusted EBITDA is defined as EBITDA excluding items affecting comparability. Items affecting comparability are defined as material items outside ordinary course of business such as material net gains and losses from business disposals, direct transaction costs related to business acquisitions, restructuring costs for business operations, and costs relating to enlargement of the ownership base of the company.
[3] Operating profit is defined as profit (loss) for the period before income taxes, share of profit of associates, and finance income and expenses.
[4] Adjusted operating profit is defined as operating profit excluding items affecting comparability.
[5] Equity ratio is calculated by dividing shareholder’s equity by balance sheet total less advance payments received.
[6] Capital expenditure, which is net cash flow from investments in Property, plant and equipment and Intangible assets.
Historical segment figures
Games (historical segment figures)
| EUR million | Q4'21 | Q3'21 | Q2'21 | Q1'21 | Q4'20 | Q3'20 | Q2'20 | Q1'20 | Q4'19 | Q3'19 | Q2'19 | Q1'19 | Q4'18 | Q3'18 | Q2'18 | Q1'18 | Q4'17 | Q3'17 | Q2'17 | Q1'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 76.5 | 68.6 | 66.4 | 64.9 | 64.4 | 64.2 | 66.9 | 62.7 | 66.7 | 66.4 | 65.4 | 66.3 | 65.2 | 63.1 | 65.3 | 56.8 | 66.1 | 63.9 | 61.3 | 56.6 |
| User Acquisition | 20.6 | 18.1 | 21.3 | 17.3 | 16.0 | 15.3 | 14.0 | 13.5 | 27.5 | 27.1 | 21.3 | 23.7 | 23.3 | 17.8 | 22.9 | 14.6 | 15.9 | 22.2 | 15.1 | 16.4 |
| EBITDA | 15.3 | 17.5 | 9.6 | 13.8 | 13.7 | 16.2 | 18.1 | 17.8 | 5.7 | 8.3 | 10.5 | 11.2 | 8.3 | 12.7 | 9.2 | 10.3 | 14.0 | 6.7 | 13.4 | 9.0 |
| Depreciation & Amortization | 2.2 | 1.3 | 1.4 | 1.0 | 5.5 | 0.9 | 1.1 | 1.2 | 1.1 | 1.1 | 1.1 | 1.0 | 0.6 | 0.5 | 0.5 | 0.6 | 0.9 | 0.9 | 2.5 | 0.4 |
| Operating profit (EBIT) | 13.1 | 16.2 | 8.2 | 12.8 | 8.1 | 15.4 | 17.0 | 16.6 | 4.5 | 7.2 | 9.5 | 10.1 | 7.8 | 12.1 | 8.7 | 9.8 | 13.1 | 5.8 | 10.9 | 8.6 |
| Adjusted EBITDA | 18.2 | 17.5 | 9.6 | 13.8 | 13.7 | 16.2 | 18.1 | 17.8 | 5.7 | 8.3 | 10.5 | 11.2 | 8.3 | 12.7 | 9.2 | 10.6 | 14.0 | 6.7 | 13.5 | 9.0 |
| Adjustments to EBITDA | 2.9 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.3 | - | - | 0.1 | - |
| Adjusted EBIT | 15.9 | 16.2 | 8.2 | 12.8 | 12.7 | 15.4 | 17.0 | 16.6 | 4.5 | 7.2 | 9.5 | 10.1 | 7.8 | 12.1 | 8.7 | 10.1 | 13.1 | 5.8 | 11.5 | 8.6 |
| Adjustments to EBIT | 2.9 | - | - | - | 4.6 | - | - | - | - | - | - | - | - | - | - | 0.3 | - | - | 0.1 | - |
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Brand Licensing (historical segment figures)
| EUR million | Q4'21 | Q3'21 | Q2'21 | Q1'21 | Q4'20 | Q3'20 | Q2'20 | Q1'20 | Q4'19 | Q3'19 | Q2'19 | Q1'19 | Q4'18 | Q3'18 | Q2'18 | Q1'18 | Q4'17 | Q3'17 | Q2'17 | Q1'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 | 2.8 | 2.4 | 2.2 | 4.1 | 3.7 | 2.3 | 3.9 | 4.9 | 8.4 | 6.4 | 4.6 | 7.5 | 7.9 | 6.5 | 8.9 | 7.8 | 6.7 | 24.9 | 9.7 |
| Consumer product | 0.8 | 0.7 | 1.0 | 0.6 | 1.1 | 0.8 | 1.6 | 1.4 | 2.8 | 2.8 | 1.1 | 1.4 | 2.8 | 1.5 | 2.4 | 1.7 | 4.0 | 1.9 | 2.5 | 2.8 |
| Content licensing | 1.7 | 2.1 | 1.4 | 1.6 | 3.0 | 2.9 | 0.7 | 2.4 | 2.1 | 5.6 | 5.2 | 3.2 | 4.6 | 6.4 | 4.0 | 7.1 | 3.8 | 4.8 | 22.4 | 6.9 |
| EBITDA | 1.2 | 1.9 | 1.4 | 1.2 | 2.9 | 2.5 | 1.0 | 2.4 | 1.5 | 6.0 | 3.7 | 2.5 | 5.0 | 5.6 | 3.6 | 6.6 | 3.7 | 4.0 | 18.8 | 3.6 |
| Depreciation & Amortization | 1.2 | 1.5 | 1.0 | 1.0 | 3.6 | 2.0 | 0.7 | 1.7 | 1.5 | 3.0 | 3.1 | 1.9 | 2.7 | 4.0 | 2.6 | 4.4 | 2.6 | 3.6 | 13.0 | 4.5 |
| Operating profit (EBIT) | 0.1 | 0.5 | 0.4 | 0.2 | -0.7 | 0.5 | 0.2 | 0.7 | 0.0 | 3.0 | 0.6 | 0.6 | 2.3 | 1.6 | 1.0 | 2.2 | 1.1 | 0.4 | 5.8 | -0.9 |
| Adjusted EBITDA | 1.4 | 1.9 | 1.4 | 1.2 | 2.9 | 2.5 | 1.0 | 2.6 | 1.8 | 6.0 | 3.7 | 2.5 | 5.0 | 5.6 | 3.6 | 6.6 | 3.7 | 4.0 | 20.7 | 3.6 |
| Adjustments to EBITDA | 0.2 | - | - | - | - | - | - | - | 0.3 | - | - | - | - | - | - | - | - | - | 1.9 | - |
| Adjusted EBIT | 0.3 | 0.5 | 0.4 | 0.2 | -0.7 | 0.5 | 0.2 | 0.8 | 0.3 | 3.0 | 0.6 | 0.6 | 2.3 | 1.6 | 1.0 | 2.2 | 1.1 | 0.4 | 7.7 | -0.9 |
| Adjustments to EBIT | 0.3 | - | - | - | - | - | - | 0.2 | 0.3 | - | - | - | - | - | - | - | - | - | 1.9 | - |
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Other (historical segment figures)
| EUR million | Q4'21 | Q3'21 | Q2'21 | Q1'21 | Q4'20 | Q3'20 | Q2'20 | Q1'20 | Q4'19 | Q3'19 | Q2'19 | Q1'19 | Q4'18 | Q3'18 | Q2'18 | Q1'18 | Q4'17 | Q3'17 | Q2'17 | Q1'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.1 | -2.6 | -2.3 | -3.3 | -4.4 | -2.9 | -3.0 | -4.3 | -4.6 | -4.7 | -4.6 | -3.2 | -4.0 | -3.2 | -3.6 | -2.6 | -3.7 | -4.6 | -2.6 | -2.3 |
| Depreciation & Amortization | 1.9 | 0.1 | 0.1 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | - | 0.1 |
| Operating profit (EBIT) | -5.1 | -2.7 | -2.5 | -3.5 | -4.6 | -3.0 | -3.2 | -4.5 | -4.7 | -4.8 | -4.7 | -3.3 | -4.1 | -3.4 | -3.7 | -2.7 | -3.8 | -4.7 | -2.6 | -2.4 |
| Adjusted EBITDA | -3.0 | -2.3 | -2.3 | -2.8 | -4.4 | -2.9 | -3.2 | -4.2 | -4.6 | -4.7 | -4.6 | -3.2 | -4.7 | -3.2 | -3.6 | -2.6 | -3.7 | -2.1 | -2.6 | -2.3 |
| Adjustments to EBITDA | 0.1 | 0,3 | - | 0.5 | - | - | -0.2 | 0.2 | - | - | - | - | -0.7 | - | - | - | 0.1 | 2.5 | - | - |
| Adjusted EBIT | -3.1 | -3.0 | -2.5 | -2.9 | -4.6 | -3.0 | -3.4 | -4.4 | -4.7 | -4.8 | -4.7 | -3.3 | -4.8 | -3.4 | -3.7 | -2.7 | -3.8 | -2.2 | -2.6 | -2.4 |
| Adjustments to EBIT | 1.9 | 0,3 | - | 0.6 | - | - | -0.2 | 0.2 | - | - | - | - | -0.7 | - | - | - | 0.1 | 2.5 | - | - |
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