XOAS:5PG ESEF Annual Report
5TH PLANET GAMES (XOAS:5PG)
ESEF Annual Report
2023-05-31
For: 2023-03-31
View Original
Added on
September 23, 2026
5th Planet Games A/S - Interim report, Q1 2023 Page 1
Copenhagen, 22nd May 2023
INTERIM REPORT 1
st
Quarter 2023
Three months ended 31 March 2023
CEO-letter: Q1 2023
As with the 2022 Annual Report published a few weeks ago, I take great pleasure in writing this letter to
accompany the 2023 Q1 results. The single most important consideration in the results is that we are once
again able to report on a profitable quarter with a positive EBITDA for the period of DKK 8k; when I dig a
little deeper into the results, I observe that;
Our back catalogue continues to outperform budget.
The cost of maintaining our back catalogue is under budget.
The titles co-published with Skybound make a significant contribution to revenue.
Our total OPEX is under budget with historically low operating costs.
Operating and maintaining a profitable business continues to be my number one priority and objective and
that will not change as we progress through this year, or indeed, through the years to come.
In reflecting on the first 3 months of the year, and part from the positive financial results, there have been
several other highlights, these have included;
5th Planet Games building on its relationship with Skybound and investing in the Regulation A Tier 2
offering of Skybound Holdings LLC
The BAFTA award winning game Before Your Eyes being selected as a launch title for the Sony PlayStation
VR2 on March 10th.
The new game from Toylogic and Skybound Glitchbusters: Stuck on You confirmed for a launch date of May
23.
We have lots more to look forward to in 2023, but I am really delighted to have started the year with such a
solid financial statement for Q1; we now have considerable momentum behind us and so many exciting
new opportunities ahead of us.
Thank you for your interest and support,
Yours sincerely,
Mark Stanger, CEO, 5th Planet Games A/S
5th Planet Games A/S - Interim report, Q1 2023 Page 2
OUTLOOK for 2023
Based on the result in Q1 2023, the financial guidance for 2023 remain the same as announced in the
annual report for 2023, a revenue at a level of DKK 15-25m and EBITDA at a level of DKK 7-9m.
Key figures and financial performance
Q1
Q1
FY
DKK ´000
2023
2022
2022
Revenue
2.474
2.914
11.300
Gross profit
2.416
2.859
11.143
Loss before special items (EBITDA) 8
-462
1.677
Operating profit/loss (EBIT)
-791
-727
-736
Net Financials exclusive change in derivative
instruments -681
211
-179
Change in derivative financials instruments, fair value -1.806
-25.630
-32.793
Loss from discontinued operations 0
0
0
Net loss for the year
-3.278
-26.146
-33.708
Total assets
55.875
21.169
58.845
Investments other equipment
0
0
0
Capitalized and expenses costs development 84
571
17.442
Equity 25.946
-2.011
28.886
Revenue for Q1 2023 amounted to DKK 2.5m.
Gross profit for Q1 2023 amounted to DKK 2.4m.
Costs for Q1 2023 decreased by DKK 0.9m.
Development expenses in Q1 2023 amounted to DKK 0.1m a decrease from DKK 0.6m in Q1 2022.
Other expenses were in Q1 2023 DKK 2.4m, a decrease of DKK 0.4m compared to Q1 2022.
EBITDA before special items was a gain DKK 8k in Q1 2023 against a loss of DKK 0.5m in Q1 2022. The
increase in EBITDA is mainly driven by cost control and a solid revenue.
Financial income was an income of DKK 1k, covering financial income from cash accounts in bank.
Financial expenses were a cost of DKK 2.5m covering a calculated change in loss from derivative financials
instruments of DKK 1.8m and exchange rate adjustments.
The amount DKK 26.871m is the fair calculated value change of Tranche 4 from the investment agreement
with Skybound Games Studios. For further explanation please see note 4.
5th Planet Games A/S - Interim report, Q1 2023 Page 3
Loss before tax amounted to DKK 3.3m in Q1 2023 an increase from DKK 22.9m in Q1 2022.
Cash flows from operating activities.
Cash flows from operating activities was positive with DKK 2.5m in Q1 2023 against a positive flow of DKK
1.7m in Q1 2022.
Cash position as of 31 December 2022 amounted to DKK 36.3m against DKK 15.3m as of 31 March 2022.
The Group’s equity as of 31 March 2023 amounted DKK 25.9m.
5th Planet Games A/S - Interim report, Q1 2023 Page 4
5th Planet Games at a glance
5th Planet Games A/S, Gothersgade 11, 1123 Copenhagen K, Denmark, CVR no.: 3359 7142 .
CEO Mark Stanger, E-mail: mstanger@5thplanetgam es.com ,
An international, publicly traded games financing and publishing company founded in 2011.
A company that finances and publishes games on a global basis.
A small, lean publishing company able to react quickly to new opportunities within the global video
games market.
Strong portfolio of titles available across all platforms and all from outstanding development
partners
Truly passionate about games and committed to making and publishing titles that will engage and
bring genuine joy to people for years.
Enters into strategic partnerships with global IP holders for increased visibility, awareness and
games performance.
Focused on games of the highest quality and a publishing function managed by an experienced
executive team from Europe and the USA
5th Planet Games A/S - Interim report, Q1 2023 Page 5
Statement by the Board of Directors and the Executive Board
The Board of Directors and the Executive Board have discussed and approved the interim report for the
period 1 January - 31 March 2023 of 5th Planet Games Group.
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by
the EU, and additional Danish interim reporting requirements for listed companies. The interim report has
been subject to review.
In our opinion, the interim report gives a true and fair view of the 5th Planet Games Groups’ assets,
liabilities and financial position on 31 March 2023, and of the results of the 5th Planet Games Group’s
operations and cash flows for the period 1 January - 31 March 2023.
We also find that the management’s review provides a fair statement of developments in the activities and
financial situation of the Group, financial results for the period and the financial position of the Group, and
describes the significant risks and uncertainties pertaining to the Group.
Executive Board
Board of Directors
5th Planet Games A/S - Interim report, Q1 2023 Page 6
Independent Auditors’ review report
5th Planet Games A/S - Interim report, Q1 2023 Page 7
MNE-nr 23451 MNE-nr. 47837
5th Planet Games A/S - Interim report, Q1 2023 Page 8
Consolidated statement of comprehensive income
DKK´000 Note Q1 2023 Q1 2022
FY 2022
Revenue 2
Costs of sales
Gross Profit
Research and development costs
Marketing expenses
Other expenses
Loss before special items, depreciation and amortization (EBITDA)
Special items
Depreciation and amortization
Operating loss (EBIT)
Financial income
Financial expenses
Loss before tax
Tax on loss for the year
Loss for the year
Other comprehensive income
Comprehensive income
Distribution of comprehensive income:
Parent company´s shareholders
Non-controlling interests
Total
Basic earnings per share:
From operations (DKK)
3
Total DKK)
Diluted earnings per share:
From operations (DKK)
3
Total DKK)
-462
-791
-727
-736
-3.278 -26.146
-33.708
-3.278 -26.146 -33.708
-3.278 -26.146
-33.708
-3.278 -26.146 -33.708
-3.278 -26.146 -33.708
-0,016 -0,204 -0,201
-0,016 -0,204 -0,201
-0,016 -0,204 -0,201
-0,016 -0,204 -0,201
5th Planet Games A/S - Interim report, Q1 2023 Page 9
Consolidated balance sheet
DKK´000 Note
31.03.2023
31.03.2022
31.12.2022
Non
-
current assets
Acquired rights
Completed development projects
Development in progress
Total non-current assets 15.880
Current Assets:
Prepayment
Trade receivables
Income tax receivable
Other receivables
Accrual expenses
Cash
Total current assets 39.995
Total assets
EQUITY AND LIABILITIES
DKK´000 Note
31.03.2023
31.03.2022
31.12.2022
Equity:
Share capital
Retained earnings
-
Total Equity 25.946
-2.011
Non-current liabilities
Other payables
Total non-current liabilities 372
Current liabilities
Received prepayments
Accrual income
Derivative financials instruments 4
Trade payables
Other payables
Total current liabilities
Total Liabilities 29.929
Total equity and liabilities 55.875
5th Planet Games A/S - Interim report, Q1 2023 Page 10
Consolidated statement of changes in equity
Reserves
Share
capital
Share
premium
Retained
earnings
Total equity
Other
DKK´000 reserves
Equity as at 01.01.2023 10.398
Net Loss 0
-3.278
-3.278
Other comprehensive income 0
Comprehensive income 0
-3.278
-3.278
Share
-
based payments
Transfer of reserves 0
Transactions with owners 0
Equity as at 31.03.2023 10.398
Equity as at 01.01.2022
Net Loss 0
-26.146
-26.146
Other comprehensive income 0
Comprehensive income 0
-26.146
-26.146
Share-based payment 0
Transfer of reserves 0
Transactions with owners 0
Equity as at 31.03.2022 6.400
-8.411
-2.011
5th Planet Games A/S - Interim report, Q1 2023 Page 11
Consolidated cash flow statement
DKK´000 Note
31.03.2023
31.03.2022
FY 2022
Loss before tax
-3.278
-26.146
-33.708
Depreciation, amortization and impairment losses 799
Share-based payments
Financial income, reversed
-1
-238
-286
Financial expenses, reversed
Change in working capital
-552
Operating cash flow 2.529
Financial income, received
Financial expenses, paid
-24
-54
Cash flow generated from operations 2.530
Investment in shares
-1.505
Purchase of IP rights
-17.278
Cash flow from investing activities -1.505
-17.278
Proceeds from cash capital increase
Repayment convertible loan
-558
Cash flow from financing activities 0
Total cash flow for the period
Cash, beginning of period
Net foreign exchange difference
-683
Cash, end of period
5th Planet Games A/S - Interim report, Q1 2023 Page 12
1. Basis of preparation
The interim report has been prepared in accordance with IAS 34 Interim financial reporting, as adopted by
the EU, and additional Danish interim reporting requirements for listed companies.
The interim report does not include all the information and disclosures required in the annual consolidated
financial statements and should be read in conjunction with the Group’s annual consolidated financial
statements as of 31 December 2022.
The accounting policies adopted in the preparation of the interim report are consistent with those followed
in the preparation of the Group’s annual consolidated financial statements for the year ended 31
December 2022.
Significant accounting estimates and judgments
The most significant accounting estimates and judgments in the interim consolidated financial statements
remain unchanged compared to those used in Annual Report 2022. The principles and key assumptions are
described in the Annual Report 2022 in note 2.
2. Revenue
DKK´000
Q1 2023 Q1 2022
FY 2022
Sales of games and advertising for mobile devices
336 427
1.448
License income
2.123 2.487
9.692
Other revenue
15
0
160
Total 2.474
2.914
11.300
3. Earnings per share
DKK´000 Q1 2023
Q1 2022
FY 2022
Net loss for the period -3.278
-26.146
-33.708
Average number of shares (in thousands) 207.959
127.996
167.315
Average number of treasury shares 0
0
0
Average number of shares in circulation
207.959
127.996
167.315
Diluted average number of shares in circulation 207.959
127.996
167.315
Earnings per share of DKK 0,05 each (in DKK) -0,016
-0,204
-0,201
Diluted earnings per share of DKK 0,05 each (in DKK) -0,016
-0,204
-0,201
5th Planet Games A/S - Interim report, Q1 2023 Page 13
4. Derivative financial instruments
On 7 September 2021, the parent company of the group entered into an investment agreement with Sky-
bound Games Studios (the investor). The investor receives right to subscribe mandatorily and investment
shares and warrants (collectively “rights”) which can be exercised on different dates depending on the
tranches. Each right can be exercised for one share (i.e., 1:1 conversion ratio) and the number of shares
that will be issued are fixed for all these tranches. Upon settlement, the fixed exercise amount in
Norwegian kroner (NOK) is settled by the investor by paying its US dollar (USD) equivalent. The functional
and presentation currency of the parent company and the Group is Danish kroner (DKK). Hence, although
the exercise amount is fixed in NOK, the equivalent amount in DKK is variable depending on the prevailing
exchange rate between DKK and USD at settlement date. This variable amount does not qualify the
definition of equity instrument and therefore, these rights are classified as derivative financial assets /
liabilities.
The liability amount DKK 26.9m per 31 March 2023 is variable with the development in exchange rate in
NOK/DKK and the company’s share price. The amount is the calculated fair value that the company would
have received less if the company’s share price and exchange rate NOK/DKK as per 31 March 2023 had
been used in the agreement for the investment Tranche 4.
Per 31 December 2022 the amount was a liability of DKK 25.1m. The costs incurred in Q1 2023 therefore is
an expenses or DKK 1.8m.
Contingent liabilities
Based on management’s assessment the group is not involved in any lawsuits, arbitration cases or other
matters which could have a material impact on the group’s financial position or results of operations.
Acquired IP rights / co-productions rights.
As part of the investment agreement, 5th Planet Games has provided certain representations and
warranties to Skybound Games. Should Skybound Games suffer a loss due to certain specific warranties not
being true, accurate and not misleading, Skybound Games will, at its own discretion, have the option of
being indemnified from its loss by exercising up to 2,200,000 warrants (depending on the loss), each
warrant entitling Skybound Games to subscribe for 1 share of nominal DKK 0.05 at par value (the
“Indemnification Warrants”). The potential loss from this warranty is estimated to be unsignificant.