Next Games Releases Preliminary Information about Q4 2018 as the Company Transitions to IFRS Reporting
Next Games Corporation Company Release January 10, 2019 at 09:30 a.m. (EET)Next Games publishes preliminary information concerning its financial performance for fourth quarter 2018. The company will transition from Finnish Accounting Standard (FAS) to International Financial Reporting Standards (IFRS) reporting, and will publish its full year 2018 financial statements according to the IFRS accounting standards. Thus the company releases unaudited preliminary information prepared in accordance with the FAS standard with respect to certain key figures for the fourth quarter of 2018.Teemu Huuhtanen, CEO, Next Games: “After a challenging third quarter, we took immediate corrective measures stabilizing our cash position from 8.8 million euros at the end of Q3 to 7.3 million euros at the end of Q4. We have successfully implemented changes as demonstrated in our ability to exhibit sales of 11.4 million euros while significantly improving our EBITDA during Q4 2018. We will further continue to streamline our operations and costs towards future profitability.”Next Games publishes its full-year financial statement on February 15, 2019. The figures in this release are preliminary and unaudited.October - December 2018 key figures:
- Gross Bookings was 11.4 million euros (6.5 million euros)
- Revenue was 11.3 million euros (6.7 million euros), an increase of 70% on the comparison period
- Gross margin was 37% (41%) of revenue
- EBITDA was -1.3 million euros (-3.5 million euros)
- At the end of the review period December 31, 2018, the company’s cash balance was 7.3 million euros (26.3 million euros). In addition, the company has an unused credit limit of 5 million euros.