DGAP-News: gamigo AG; shows strong revenue growth of 30% in 2019 while operating cash flow increases by 56% to EUR 16 million

2020. február 28., péntek, 08:30

DGAP-News: gamigo AG

/ Key word(s): Annual Results/Preliminary Results

gamigo AG; shows strong revenue growth of 30% in 2019 while operating cash flow increases by 56% to EUR 16 million

28.02.2020 / 08:30

The issuer is solely responsible for the content of this announcement.

gamigo AG shows strong revenue growth of 30% in 2019 while operating cash flow increases by 56% to EUR 16 million

Hamburg, 28 February 2020 - gamigo AG ("gamigo", Anleihe ISIN: SE0011614445), one of the leading publishers of online games in North America and Europe, has published its preliminary unaudited consolidated financial statements and has continued to grow profitably in the 2019 financial year.

In the 2019 financial year, gamigo AG further improved all key business figures:


  • Revenues of EUR 59 million; an increase of 30% (2018: EUR 45 million)
    • This increase is due to organic growth through the launch of new games such as ArcheAge Unchained, which already generated 10% of the group"s gaming revenues in 2019, and M&A growth through the successful integration of Trion Worlds and WildTangent.

  • EBITDA of EUR 16 million; an increase of 48% (2018: EUR 11 million)
    • The EBITDA margin increased from 24% to 28% due to higher revenues combined with further efficiency improvements through synergy effects. gamigo has increased its investments in the further development of its own IPs in 2019 and thus in future organic growth.

  • EBIT of EUR 6.3 million; an increase of 142% (2018: EUR 2.6 million)
    • The EBIT margin almost doubled from 6% to 11%.

  • Net income of EUR 2.0 million; an increase of 22% (2018: EUR 1.6 million)


Overall, the 2019 financial year went very well for gamigo AG. By focusing more strongly on its own games portfolio and launching new games, the share of organic revenue growth within total revenue growth of 30% was increased from 5% in 2018 to 10% in 2019. Gamigo had on average more than 600,000 daily active users and 5 million monthly active users in its gaming portfolio in the 2019 financial year.


2019 was also a good year for gamigo in terms of financing. In the first half of 2019, further tranches of the senior secured corporate bond in the amount of EUR 18 million were placed at a price above par. Following the bond issues, the outstanding volume amounts to EUR 50 million, thus exhausting the entire framework of the bond. By placing further bonds, gamigo has raised additional capital from international investors. In contrast to bank loans, this gives gamigo greater flexibility with regard to M&A, which often requires quick decisions. This flexibility gives us an advantage over our competitors in the M&A processes. The price of the bond on the Frankfurt Stock Exchange is currently 103.88% and reflects the Group"s high credit rating.


The outlook of gamigo AG for 2020 sees further growth:

The outlook for further expansion remains positive. gamigo expects the average revenue growth (CAGR) of approx. 30% since 2014 to continue in the coming years as well as a further increase in EBITDA.


Remco Westerman, CEO: "2019 was another outstanding year for gamigo. We continued our profitable growth in gaming through a combination of M&A and organic growth. With the acquisition of WildTangent in 2019, we were able to build on our track record of over 25 acquisitions over the last 6 years. And by continuing to focus on our games portfolio and launching new games, we have been able to increase the share of organic growth from 5% in 2018 to 10% in 2019."


Results and operational highlights of gamigo AG in Q4 2019:

  • Revenues amounted to EUR 16.0 million (Q4 2018: EUR 13.5 million), which is an increase of 19%.

  • EBITDA amounted to EUR 4.0 million (Q4 2018: EUR 3.5 million), which is an increase of 15%.

  • EBIT amounted to EUR 1.6 million (Q4 2018: EUR 1.0 million), which is an increase of 55%.

  • Net profit for the period was EUR 1.0 million (Q4 2018: EUR 0.7 million), which is an increase of 37%.


Selected key performance indicators, gamigo group:

In EUR million 2019 Oct-Dec 2018 Oct-Dec 2019 Jan-Dec 2018 Jan-Dec
Net Revenues 16.0 13.5 58.9 45.3
YoY Growth in revenues 19% 26% 30% 8%
EBITDA 4.0 3.5 16.3 11.1
EBITDA margins 25% 26% 28% 24%
Adj. EBITDA 5.0 4.8 18.2 13.4
Adj. EBITDA margins 31% 36% 31% 30%
EBIT 1.6 1.0 6.3 2.6
EBIT margins 10% 8% 11% 6%
Net Result 1.0 0.7 2,0 1.6


The Interim Report Q4 2019 has been prepared in accordance with IAS 34, Interim Financial Reporting. These condensed consolidated interim financial statements have been prepared in accordance with IFRS such as adopted by the EU and the relevant references to the German Com-mercial Code and the German Corporation Act. The consolidated financial statements are for gamigo are preliminary and unaudited. Audited financial statements are expected for 30.04.2020.


This information is information that Gamigo AG is obliged to make public pursuant to the Securities Markets Act (2007:528). The information was submitted for publication at 08:30 CET on 28.02.2020.


About the gamigo group:

Since its founding in 2000, gamigo has developed into one of the leading publishers of free-to-play online and mobile games in Europe and North America. The gamigo group has over 350 employees at its headquarters in Hamburg, Germany, with offices in Berlin, Münster, Darmstadt, Cologne (Germany), Warsaw (Poland), Istanbul (Turkey), Chicago, Redwood City, Austin, Bellevue (USA), Toronto (Canada) and Seoul (Korea). The company"s core portfolio includes successful games titles such as ArchAge, Aura Kingdom, Defiance, Fiesta Online, Rift and Trove. gamigo is growing organically and through acquisitions and has made over 25 acquisitions since 2013, including games, media and technology companies as well as selected game assets.



This press release contains possible forward-looking statements that are based on the current assumptions and forecasts of the company management of gamigo AG or companies associated with it. Various known and unknown risks and uncertainties, as well as other factors, could mean that the actual results, financial circumstances, the development or performance of gamigo AG and the companies associated with it may deviate significantly from the estimations presented here. Neither gamigo AG nor the companies associated with it are obligated to update this sort of forward-looking statement or adjust them to future results or developments.


Press contact:

edicto GmbH

Axel Mühlhaus / Dr. Sönke Knop

Phone: +49 69 9055 05 51

E-Mail: gamigo@edicto.de

Company contact:

gamigo AG

Sören Barz, Investor Relations



gamigo AG

Behringstraße 16 B

22765 Hamburg


E-Mail: info@gamigo.com

Web-Page: www.gamigo.ag

28.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: gamigo AG

Behringstr. 16b

22765 Hamburg

Phone: +49 (0)40-411 885-0
Fax: +49 (0)40-411 885-255
E-mail: ir@gamigo.com
Internet: www.gamigo.ag
ISIN: SE0011614445
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Stuttgart, Tradegate Exchange; Stockholm
EQS News ID: 985871

End of News DGAP News Service

985871  28.02.2020 

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