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Catalis SE
Entry and General Standard Conference
2 May, 2011
This document is confidential and it does not constitute or form any part of any invitation or inducement to engage in any investment activity, nor may it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract. This document is being supplied to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. Strictly Private and Confidential‐Contains market sensitive Data
Agenda
1.
2.
3.
4.
5.
6.
Overview Testronic Total Worldwide Games Market
Kuju
DDP
Conclusions
Catalis SE  Geldropseweg 26‐28  NL‐5611 SJ Eindhoven  www.catalisgroup.com
2
1. Overview ‐ Key Figures
Share Price (29.4.2011):
€ 0.25
Shares:
37,878,999
Ø Daily Trading Volume:
33,448 shares (1year)
Stock Exchanges:
XETRA, Frankfurt, Stuttgart, Munich,
Düsseldorf and Berlin Listing Segment:
Regulated Market
Shareholders:
Institutional Investors: 25.4 % Free Float: 74.6 % Designated Sponsor:
M.M. Warburg & Co.
Founding Year:
2000
Board:
Jeremy Lewis (Executive Officer)
Stock Chart since 27.04.2010
Source: Finanztreff
Dr. Jens Bodenkamp (Non‐Executive Chairman)
Dr. Michael Hasenstab (Non‐Executive Director)
Robert Käß (Non‐Executive Director)
Dominic Wheatley (Non‐Executive Director)
Employees:
357 permanent Catalis SE  Geldropseweg 26‐28  NL‐5611 SJ Eindhoven  www.catalisgroup.com
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1. Overview ‐ Catalis SE
4
1. Overview ‐ Financial €m
Guidance 2011
Unaudited 2010
TESTRONIC
Revenues
Operating EBIT
Operating EBIT Margin %
15.8
13.4
1.7
1.1
10.8%
8.4%
Operating EBIT
13.4
12.4
1.2
-0.5
9.0%
-4.0%
 Actual Group EBIT in Q3 highest for seven quarters  Group EBIT of €0.7m in H2
 2011 Q1 profitable at €0.2m
 Guidance for 2011 increased to revenues of €30‐32m and DDP
Revenues
1.8
0.0
Operating EBIT
0.1
-0.4
5.6%
n.a.
31.0
25.8
3.0
0.2
9.7%
1.0%
Holding costs
1.0
1.1
Group Operating EBIT
2.0
-0.9
-
0.8
Group EBIT
2.0
-1.7
Group EBITDA
3.3
-0.3
from July 2011  Q4 profit at divisional and Group level
KUJU
Revenues
 Turn‐around complete, divisions/Group again profitable EBIT €1.7‐2.0m
DIVISION
Revenues
Operating EBIT
Non-recurring costs
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1. Overview – Quarterly Trends Catalis SE  Geldropseweg 26‐28  NL‐5611 SJ Eindhoven  www.catalisgroup.com
6
2. Testronic ‐ Introduction
Testronic Labs is a leading provider of QA services world‐wide
Testing Any Content
On Any Medium
To Any End Device
Films, Games, Websites, Software, Hardware, Certification
207 Employees in US, UK, Poland and Belgium
7
2. Testronic ‐ USPs
Testronic Labs is one of the only QA houses in the world that is active right across the digital media value chain
 10+ years experience of the QA markets
Experience
 Strong customer relationships with major media houses
 No. 1 in DVD/Blu‐ray testing, no. 3 in games testing
 Covers functionality through integration to security to user acceptance
 Highly trained staff and consultants
Expertise
 Cutting edge technology for debug, process control
 Leading localisation capabilities
 Focus on fast growing digital media sector in Europe and US
Strategy & Potential
 Investment in highly secure and client approved test facilities
 Combination of high skills sets and low cost plants such as Poland
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2. Testronic ‐ Customers
Film & Entertainment
Games Testing
Digital TV/ Interactive
Software & Hardware Testing / Certification
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2. Testronic ‐ Operating Performance
Highlights for Testronic  Continued growth in hardware and consultancy work with Dutch and German cable operators and various Digital TV customers
 Increasing work load in the area of digital distribution for major Hollywood studios
 Good growth in games testing
 New customers include digital agencies, cable operators and video‐streaming service providers  Acceptance by influential trade bodies such as WiMedia Alliance, Digital Entertainment Group and Entertainment Supply Chain Academy
 Tested new motion controller for major games platform customer
 Launched 3D testing facilities in US and UK for both 3D Blu‐ray and 3D games  The Blu‐ray segment continued its strong growth while the installed base of Blu‐ray players is increasing as prices fall Catalis SE  Geldropseweg 26‐28  NL‐5611 SJ Eindhoven  www.catalisgroup.com
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3. Total Worldwide Games Market SECTOR 1. MULTIPLAYER / ONLINE
2. RETAIL BOXED PRODUCT 3. DIGITAL SELF PUBLISHED
4. SOCIAL / BROWSER / MOBILE GAME DESCRIPTION AND EXAMPLES
•Persistent Virtual Worlds •Mainly PC based
•Wide variety of games including action, music, sport,driving, •Mainly console (PS3, XBOX 360 and Wii) based
•Wide variety as for Retail Boxed but smaller games
•Games all sold as downloads only •Based on PSN, XBLA and PC Steam
•Small cheap games, usually 2D
•Often free, mainly PC (or handset) based
•Numerous simple titles
•Call of Duty: Black Ops •Guitar Hero •Gran Turismo •Lara Croft: Guardian of Light
•Joe Danger
•Limbo
•Farmville (Facebook)
•Club Penguine (Browser) •World of Warcraft •Eve Online
•Lineage COMPANIES ACTIVE IN SECTOR
•Activision
•CCP
•Microsoft •NC Soft •Activision, Electronic Arts, Ubisoft
•Warner Bros, Disney
•Sony, Microsoft, Nintendo
• Konami , Capcom, SquareEnix
•Developers of various sizes publishing their own work •Browser companies are Big Point, Game Forge, Frogster, BoB Mobile
•Facebook companies are Zynga, Playdom, Play Fish
COST / TIME TO DEVELOP
•Development Cost > $50m
•Time 3 Years
•Maintenance > $10m pa
•Development Cost $1‐25m
•Time 1 – 2 years
•No maintenance •Development Cost $0.5‐2m
•Time 9 – 16 months
•No maintenance
•High long tail DLC potential •Development Cost > $0.5m
•Time 1 – 4 months
•Maintenance must keep refreshing catalogue and support persistence
CHARGEABLE MODEL •Sold in store $50
•Subscription $7‐15 pcm •In‐game virtual goods sale $1‐2 per item
•Sold in store $50
•Sold as downloads from PSN / XBLA/ Steam for $10‐15
•Some additional levels as downloads $2‐5
•Often free with a charge to move to next level > $1
•In‐game virtual goods $1‐2 per item
EST. ANNUAL SOFTWARE MARKET SIZE 2011
$8 billion $25 billion $1 billion $5 billion KUJU ACTIVE
DDP ACTIVE 11
4. Kuju ‐ USPs
Kuju is a leading independent work‐for‐hire game developer producing retail boxed product  20 years of experience, delivered 50 titles with retail sales of $550m
Experience
Comprehensive
Service Portfolio  Safe pair of hands: on time and on budget
 Multi studio concept to maintain „games culture”
 Platforms covered: Wii, PS2/3, XBOX 360, PC, PSP, DSi/3DS and downloadable
 Diverse genres include casual, children's games, action, tactical, music/party
 Large publishers to mitigate credit risk
Strategy & Potential
 Upside royalty income possible but not assumed
 Diverse client, base includes most major world publishers
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4. Kuju ‐ Studios
Zoë Mode Headstrong
Award winning world ‐leading independent developer of music, party and social games Character and license action titles on PS3, Wii™ and DSi/3DS
All gaming platforms
Wealth of experience gained by working on Nintendo titles
Brighton, UK, 59 employees
London, UK, 53 employees
Vatra
1st and 3rd person action games For Xbox 360, PS3 and PC Brno, Czech Republic, 48 employees Catalis SE  Geldropseweg 26‐28  NL‐5611 SJ Eindhoven  www.catalisgroup.com
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4. Kuju ‐ Customers
Some top titles:
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4. Kuju ‐ Operating Performance
Highlights for Kuju
 Completed four games all based on the well‐known movies being Grease, Sorcerer’s Apprentice, Top Gun and Aragorn’s Quest (Lord of the Rings)
 Completed Geometry Wars, one of the first titles for the iPad
 Major critical and commercial success with the release of Art Academy for Nintendo DS/Dsi , 1.8m units
 Kuju Entertainment was recently granted 3DS Developer status
 Games in production include those using the new Move motion controller from Sony
 Vatra named by the Japanese publisher Konami of Silent Hill:Downpour
 Noticeably improving market environment for work‐for‐hire developers in 2011 , Kuju signed total of $19.2m* of new business in last 2 months alone and expects another large contract this month  Increasing interest in new hardware such as Kinect, Move and 3DS, Headstrong moving into PS3
 Positive GDC meetings in March in San Francisco, market sentiment from publishers and developers good
 Kuju is the second largest independent developer in the world, with 1% world market share there is excellent growth potential
* Full contract value, current phase only committed at this time
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5. DDP ‐ The Opportunity
 Games market has reached an inflection point
 Combination of high availability, high bandwidth internet access together with games platforms with network access, has created new growth opportunities for digitally distributed and online games
Platform Market Share
Market Share ($Bn)
60
50
40
30
Network
Retail
20
10
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Year
 Retail sales of games (boxed product) have peaked and will show little growth year on year
 Market for online and digitally distributed content will grow strongly from 2010 forwards driven by a fundamental shift to a much shorter value chain in new digital markets
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5. DDP ‐ Supply Chain Changes
• Game publishers have been the undisputed masters of the following value chain for two decades • Their dominance is declining due to second‐hand sales market and competition from online gaming companies • Traditional model is still relevant for big gaming franchises such as Call of Duty, Gran Turismo and FIFA • A fundamental shift to a much shorter value chain in progress. Multiple business model alternatives and distribution channels for game developers now exist through the online medium
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5. DDP ‐ The Platforms
Primary Platforms •
•
•
•
Established markets Proven business models Est. 2002
Repeatable sales
Hardware Xbox 360
Users
30 million
High barriers to entry
Est. 2006
Hardware PS3
Users
60 million
Est. 2002
Hardware PC
Users
30 million
Secondary Platforms
iPhone/iPad
Nintendo Dsi/3DS PSP Go Nintendo Wii
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5. DDP ‐ Burn Zombie Burn
•
Development and marketing costs: €550,000 •
Revenues to date: €950,000 •
ROI to date: 73%
•
Predicted lifetime ROI:
100%
•
Time to build: 10 months, maximum of 9 staff
•
Launch Platform/Date/Sales:
‐PSN / March 2009/185,000 units
‐PC Steam/Sept 2010/43,000 units
Burn Zombie Burn Sales PSN/Steam
250000
Units
200000
150000
100000
50000
Jan 11
Nov 10
Sep 10
Jul 10
Mai 10
Mrz 10
Jan 10
Nov 09
Sep 09
Jul 09
Mai 09
Mrz 09
0
Current/future exploitation:
•
Sony Home and virtual goods sales
•
Expansion packs
•
Apple Mac version
•
iPhone/iPad/mobile versions
•
PSP Go version
•
Sony Move version
•
Toy licensing
•
PS3 Boxed version
•
Sequels and spin offs
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5. DDP ‐ Business Case Overview

DDP is focused on new IP franchises exploited across multiple platforms

It is also creating a brand targeting communities of music fans through creative collaborations with pop and rock stars

Building on success of BZB, 3 more titles are already in production (boot‐strapped/co‐
financed) for release late 2011

Ambition to produce/publish ~10 games pa from late 2012 onwards

Forecast is for each game to reach at least 250,000 units across all three main platforms being PSN, XBLA and Steam (BZB has already reached 230,000 units on PSN and Steam alone)

At 250,000 units each game contributes an EBIT of €685k to DDP , this equates to €6.8m pa for all 10 games
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5. DDP ‐ Project Pipeline •PSN/XBLA/PC Steam /
iPhone/Facebook
•Classic quiz plus packs
including Batman, Southpark, Star Trek •PSN/XBLA/PC Steam
•Futuristic spacecraft
flight combat game •PSN/XBLA/PC Steam
•Action adventure RPG
•Release dates commence Summer 2011
•Co‐funded with German
publisher
•Co‐funded with French investor
•Release date Q1 2012
•Co‐funded with UK Retailer •Release date Summer 2011
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6. Conclusions










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Catalis is a leading, international digital media service group
New Catalis CEO took over July 2009, new divisional CEO joined July 2010
Return to profitability in July 2010 now confirmed by last 3 quarters positive results
It addresses the $100+bn and growing home entertainment market
It has 357+ skilled staff in 10 locations in 6 countries world‐wide
Catalis is the world market leader in several key market segments
It serves the world’s largest entertainment and media companies
Key growth drivers are:
• Increasing digitisation of all media content
• Rapid expansion in number of delivery platforms
• Increasing complexity of underlying technology
Catalis focussed on new revenue generation and continued cost control
Business model is volume driven and costs were lowered further in 2010 Group well positioned for recovery in the general economic environment
New DDP division capable of annual EBIT of €3+m pa from 2013 onwards
2011 estimated revs €30‐32m and EBIT €1.7‐2.0m, EBIT €7+m by 2013 Catalis SE  Geldropseweg 26‐28  NL‐5611 SJ Eindhoven  www.catalisgroup.com
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Contact
Catalis SE
Headquarter:
Geldropseweg 26‐28
5611 SJ Eindhoven
The Netherlands
T: +31 40 2135930
F: +31 40 2135604
E‐Mail: [email protected]
Internet: www.catalisgroup.com
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Disclaimer
Catalis SE is a company listed on the Frankfurt Stock Exchange on the General Standard segment of the regulated market. This presentation contains certain statements, including any discussion of management expectations for future periods, that constitute "forward‐looking statements“.
Such forward‐looking statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward‐looking statements due to changes in global economic and business conditions as well as conditions specific to Catalis SE’s business, and regulatory factors. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate.
We do not assume any obligation to update the forward‐looking statements contained in this presentation, which speaks only as of the date on which it is made.
May, 2011
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