Gameloft: Current Operating Income of EUR3.3M, up 15% and in Line With Expectations

Gameloft achieved consolidated revenues of EUR110.3 million for 2008, up by 15% from the previous year. Mobile games accounted for 93% of the company’s annual sales, while the console game business covered the remaining 7%. The current operating income for 2008 reached EUR3.3 million, up 15% with 2007. The current operation margin stands at 3.0% and is in line with expectations.

The annual impact from expensing stock options is EUR2.7 million. This charge has no impact on the company’s equity and cash level.

Interest income amounted to EUR(1.2) million and is mainly comprised of exchange rate losses, due to the high volatility of the American dollar and the Pound Sterling in 2008. Annual net income stands at EUR(1.8) million.

Healthy financial position
Gameloft’s financial position is very solid at 31 December 2008. The company’s equity stood at EUR49.4 million and net cash was EUR10.7M. Self-financing capacity is largely positive and reached EUR2.4 million over the full year. Gameloft therefore has the financial resources necessary for its international growth strategy.

Main events of 2008

-  For the 4th year in a row, Gameloft has reached top rating for the best mobile game publishers.

-  Gameloft now has a catalogue of 27 games for Apple iPhone and iPod touch. Of these 27 games, 16 are or have made it to the top 10 paid games, and some games are still in these lists 6 months after their release.

-  Gameloft has sold over two million games on the App Store in just eight months.

-  Gameloft has launched 14 games for Google’s Android

-  Gameloft’s games are the best referenced and the most widely sold on the Smartphones (the next generation Internet phones) released in 2008

-  Gameloft has had a stable staff base since 2007, with 4,000 employees at the end of 2008, including 3,300 creators.

-  New licenses have been added successfully to Gameloft’s catalogue, such as Spiderman, Terminator Salvation, Ferrari, NBA, The Oregon Trail.

-  The brands created by Gameloft generated 61% of the company’s downloads in 2008

-  Gameloft further consolidated its distribution network in 2008, and now has over 180 operators and over 150 affiliates distribute our games in more than 80 countries throughout the world.

Outlook for 2009
With activity up by 15% in 2008 and especially by 31% in the last quarter, Gameloft seems to be weathering the worldwide economic slowdown quite well:

-  Gameloft is probably the player that has benefitted most from the innovations introduced by historical phone manufacturers such as Nokia and Samsung and from the arrival of new dynamic players in the market such as Apple and Google

-  Gameloft continues to win over substantial market shares in Smartphones along with traditional Java and Brew phones

-  Gameloft is one of the very rare players in the market that has the resources and know-how allowing it to be present systematically at the launch of all the new consoles with downloading platforms (PlayStation Network, PSP Store, Nintendo WiiWare, etc).

Gameloft is expecting growth in 2009 in terms of sales as well as in terms of profitability. Sales for the first quarter of 2009 will be published on April 28, 2009 after the close.

 [March 23, 2009]

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