Updated Guidance 2021 and 2022 for Trophy Games Development A/S
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Company Announcement No. 12-2021
Copenhagen, December 22, 2021
*Contains Inside Information*
Revenue
• 2021: Full year revenue growth 2021 vs 2020 for game portfolio expected to be between 33-36%, corresponding to DKK 41.0-42.0m compared to latest guidance of DKK 44.7m.
• 2022: Full year revenue 2022 vs 2021 expected to be between DKK 70.0–80.0m compared to DKK 77.9m from the company description.
EBITDA
• 2021: Full year EBITDA of DKK 1.7-2.3m, compared to latest guidance of DKK 6.2m.
• 2022: Full year EBITDA of DKK 4.0-8.0m, compared to DKK 12.3m from the company description.
Cash at hand
Trophy Games expects to leave 2021 with DKK 42.0m cash at hand after the Tiny Titan Studios acquisition. This gives the company plenty of gunpowder for pursuing the growth strategy via acquisitions announced in the company description as well as room for an aggressive marketing approach.
2021: Guidance Update Considerations
Warhammer AoS: Soul Arena release is now expected to be released in late January 2022 (originally expected to be released in 2021), and has subsequently pushed the revenue stream from Q4 2021 to 2022. Our expectations for the game are unchanged.
Pro 11 had some mid-year technical issues concerning in-app sales campaigns which caused a drop in performance. We believe we have now solved these issues.
Based on Airline Manager 4’s performance we have invested heavily in further growth at the end of the year in our transport series and expect to continue to do so in 2022 as we are aiming at building a market leading transport manager series.
2022: Big Year Ahead
We expect a strong year ahead for Trophy Games. We have taken a conservative approach towards Warhammer AoS: Soul Arena for the ramp-up year in 2022, expecting approximately DKK 10m in yearly revenue.
Growth in 2022 will also come from the fast growing transport-series, as well as further acquisitions.
Besides Warhammer AoS: Soul Arena Trophy Games will in 2022 release Shipping Manager, taking our total live title portfolio to 11 games, compared to the 5 live titles we had in April 2021 before the IPO. We expect to be able to add even further titles through acquisitions in 2022.
Contact Information
TROPHY GAMES Development A/S
Søren Gleie, CEO
Office (+45) 7172 7573
Email: [email protected]
Mikkel Bryggers Gade 4, 2. sal, 1460 Copenhagen K, Denmark
Certified Adviser
Grant Thornton
Jesper Skaarup Vestergaard
Mobile (+45) 3179 9000
Stockholmsgade 45, 2100 Copenhagen Ø, Denmark
About Trophy Games
Trophy Games is an innovative, Denmark-based game studio who develops and publishes mobile and PC games. The Company develops and publishes games with strategy and management challenges and predominantly focuses on football themed games. Recently, the Company has ventured into additional game genres and the suite of games to be released in 2021 include an esports manager title and an auto battler title.
Since its official inception in 2006, the Company has developed and released six different games: (i) Trophy Manager (released 2006), (ii) Football Management Ultra (released 2013), (iii) Pro 11 – Football Manager Game (released 2017), (iv) Women’s Soccer Manager (WSM) – Football Management (released 2017), (v) Futuball – Future Football Manager Game (released 2019) and (vi) Five - esports manager game (released 2021). Furthermore, the Company has announced its release of a seventh (Warhammer AoS: Soul Arena) game in January 2022. All games are released in +20 different languages to ensure broad global user accessibility.
Trophy Games acquired 100% of Xombat ApS in April 2021, who’s major title Airline Manager 4 is live. Trophy Games has announced that a new title called Shipping Manager will be released in 2022.
Trophy Games announced in December 2021 they have also acquired 100% ownership of Tiny Titan Studios, who has made the arcade game title Tiny Rails.
With the vision of becoming the world’s leading strategy game studio, the Company has throughout the years strived to provide endless entertainment and challenging gameplay for all users, following its mission; “we create games, we want to play ourselves”.
Since its inception, the Company has developed exponentially and has grown significantly in both staffing, game portfolio and number of users, and naturally revenue.
Trophy Games is currently a team of 40 FTEs of which 33 FTEs is our great team of game developers.
Important Information
This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by TROPHY GAMES Development A/S in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions, including but not limited to, the United States, Australia, Canada or Japan.
This announcement does not constitute an offering circular, prospectus or other offer document and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in TROPHY GAMES Development A/S except on the basis of information in the company description published by the Company in connection with the offering and admission of such securities to trading on Nasdaq First North Growth Market Denmark ("First North"), which is available on the Company's website.
Neither the existing shares of TROPHY GAMES Development A/S nor the Offer Shares have been, or will be, registered under the United States Securities Act of 1933, as amended (“Securities Act”). Neither the existing shares nor the Offer Shares may be offered or sold, directly or indirectly, in or into the United States or to persons residing there. Moreover, the Offering is not made to persons resident in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, or Singapore or to persons whose participation would require the publication up of a prospectus, registration or other measures. Any application to subscribe for the Offer Shares in violation of these restrictions may be void. Persons who receive copies of this announcement are required to inform themselves about, and comply with, such restrictions. Any failure to comply with the restrictions described may result in a violation of securities regulations.
Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company's anticipated or planned financial and operational performance. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. The Company has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance, which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as at the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not and may not rely on these forward-looking statements.
