Cbi: Preliminary Results of the First Half of 2021-2022 as at
September 30, 2021
Preliminary
Results of the First Half of
2021-2022 as
at September 30,
2021
(all
numbers in thousands)
- Net
income profitable for the 6-month period ended September 30,
2021
-
Significant growth acceleration, with sales to
date of NFTs
(Non-Fungible
Token)
and tokens in the metaverse
in excess of
2.5
million
US$
since
November
2021
The first half of
FY 2021-2022 ended September 30,
2021 and the unaudited results
were reviewed by the Board of Directors on
December 14, 2021. The audit
review of the statutory accounts and of the proforma consolidated
financial statements is being finalized. The Auditors’ report will
be issued after verification of the notes to the financial
statements and the information presented
in the half-year
financial report.
HIGHLIGHTS OF THE FIRST HALF OF
2021-2022:
- Completion of the contribution in kind of assets to the
Company
- Preparation of the first sales of NFTs, delivered in November
2021
- Execution of third-party licenses for use in the metaverse,
such as the Atari license
- Creation of 600 million units and first sales of Crystal
(CRYS), the Binance Smart Chain crypto-currency that will be used
in Alphaverse, the metaverse under development
- Preparation of the direct listing of the Company shares on
Euronext Growth, completed in October
OBJECTIVES FOR THE FULL YEAR
IN
2021-2022: The objective for FY
2021-2022 is to establish AlphaVerse as one of the key upcoming
metaverse projects, by developing more games, diversifying with new
third-party licenses and creating the foundations for Crystal to
become a leading crypto-currency.
Operations
- Sales of NFTs and tokens since November 2021 exceed 2.8 million
US$ on a financial year-to-date basis
- Acquisition of 2% of Xave, a blockchain-based music game, in
exchange for CBI’s consulting services
- Successful sale of NFTs in excess of $250,000 for United at
Home, the charity program co-founded and supported by David
Guetta
- Revenue sharing agreements with games such as Xave
- Acquisition of a controlling position in OP Productions and
Free Reign East (from 50% to 78%)
- Solid development roadmap for AlphaVerse through to Summer 2022
and beyond
Corporate / Stock Exchange
- Listing of the Company’s shares on Euronext Growth on October
26, 2021
- Project to split the share nominal value by 10, with each
shareholder holding 1 share before the split ending up with 10
shares post-split – the split is expected to be effective in
January 2022
|
Crypto Blockchain
Industries
Strategy
and Outlook for
FY
2021-2022
Overview
CRYPTO BLOCKCHAIN INDUSTRIES (“CBI”) is a French
company that aims to develop and unlock value from a portfolio of
blockchain activities across multiple industries (video games,
interactive entertainment, finance, logistics, etc.) with a view to
capitalizing on this technology, either directly or through
partnerships.
CBI develops, operates and invests in video
games, business applications and selected projects relating to the
blockchain, non-fungible tokens (“NFTs”) and cryptocurrencies.
To start its operations, CBI benefited in
September 2021 from a contribution in kind of businesses, cash,
tokens and Atari listed shares by Ker Ventures, EURL, a company
owned by Frédéric Chesnais, CBI’s founder, CEO and main
shareholder.
AlphaVerse, a metaverse to open
in Summer 2022
CBI is currently developing AlphaVerse, a
blockchain technology-based virtual world or metaverse that will be
opening in Summer 2022. AlphaVerse develops different universes,
including some using third-party brands such as Atari.
The notion of “metaverse” has gained awareness
recently. These digital worlds, developed in the blockchain, enable
players to create content inside the game and unlock value in the
form of NFTs and crypto-currencies. While traditional videogames
enable trading only inside the original game, players in the
metaverse can trade their NFTs and cryptocurrencies not only inside
the metaverse but also outside, thereby reaching a much larger
audience and unlocking greater value.
The goal of AlphaVerse is to create a central
hub on the blockchain, connecting as many metaverses as possible,
created either by CBI or by third parties in exchange for a revenue
share.
Objectives for March
31,
2022
and the first half of FY
2022/2023
The objective for FY 2022 is to establish
AlphaVerse as one of the key upcoming metaverse projects, by
developing more games, diversifying with more third-party licenses
and creating the foundations for Crystal to become a leading
crypto-currency.
The key driver for metaverse’s growth is the
sale of NFTs and Crystal tokens. Such sales, which started in
November 2021, already exceed 2.5 million US$ to date. The
breakdown between current year revenue and deferred income has yet
to be determined based on the actual state of development of the
metaverse as of March 31, 2022.
Proforma
Consolidated Accounts / Results of the first half
of
2021-2022
The proforma consolidated accounts at September
30, 2021 are prepared under IFRS GAAP.
These proforma financial statements aim to
illustrate the impact that the following transactions would have
had on the Company’s balance sheet and income statement at
September 30, 2021 and September 30, 2020 if they had been
implemented during each of the relevant periods:
- These proforma financial statements
do reflect the activities of the operating companies OP
Productions, LLC and Free Reign East, LLC from April 1, 2020 to
September 30, 2021;
- The contribution in kind of cash,
Atari shares and Atari tokens and the investment in National
Carrier Exchange, LLC as at September 30, 2021; all the new shares
were issued on September 24, 2021.
These proforma financial statements are
presented without any accrual for income taxes.
Analysis of the proforma
consolidated income statement as
at September
30,
2021
(€’000) |
September 30, 2021 |
September 30, 2020 |
Change |
Revenue |
446.8 |
100.0% |
293.0 |
100,0% |
153.8 |
52.5% |
Cost of goods sold |
0.8 |
0.2% |
- |
0,0% |
0.8 |
0.0% |
GROSS MARGIN |
447.7 |
100.2% |
293.0 |
100,0% |
154.7 |
52.8% |
Research and development expenses |
(164.3) |
-36.8% |
(48.0) |
-16,4% |
(116.3) |
242.4% |
Marketing and
selling expenses |
- |
0.0% |
(89.5) |
-30,5% |
89.5 |
-100.0% |
General and
administrative expenses |
(148.4) |
-33.2% |
(1.6) |
-0,5% |
(146.8) |
9,177.1% |
Other operating income (expenses) |
- |
0.0% |
- |
0,0% |
- |
0.0% |
CURRENT OPERATING INCOME (LOSS) |
134.9 |
30.2% |
153.9 |
52,5% |
(19.0) |
-12.4% |
Other income (expense) |
- |
0.0% |
- |
0,0% |
- |
0.0% |
OPERATING INCOME (LOSS) |
134.9 |
30.2% |
153.9 |
52,5% |
(19.0) |
-12.4% |
(€’000) |
September 30, 2021 |
September 30, 2020 |
Change |
CURRENT OPERATING INCOME (LOSS) |
134.9 |
30.2% |
153.9 |
52.5% |
(19.0) |
-12.4% |
Other income (expense) |
- |
0.0% |
- |
0.0% |
- |
0.0% |
OPERATING INCOME (LOSS) |
134.9 |
30.2% |
153.9 |
52.5% |
(19.0) |
-12.4% |
Cost of debt |
- |
0.0% |
- |
0.0% |
- |
0.0% |
Other financial
income (expense) |
- |
0.0% |
- |
0.0% |
- |
0.0% |
Income tax |
- |
0.0% |
- |
0.0% |
- |
0.0% |
NET INCOME (LOSS) |
134.9 |
30.2% |
153.9 |
52.5% |
(19.0) |
-12.4% |
Minority interests |
(38.6) |
-8.6% |
(76.3) |
-26.0% |
37.7 |
0.0% |
NET INCOME GROUP SHARE |
96.3 |
21.6% |
77.6 |
26.5% |
18.7 |
24.1% |
The metaverse had very limited activity in the
first half of FY 2021-2022, as the NFT sales activity really
started up in November 2021.
Proforma
Revenue
At September 30, 2021, CBI is reporting proforma
consolidated revenue of €446.8K, compared with €293.0K the previous
year, up by €153.8K. CBI FY2021 proforma revenue is derived from
sales of licenses, NFTs, tokens and online games managed through
the OP Productions and Free Reign East subsidiaries, as NCX is not
consolidated.
Proforma Operating
expenses & Proforma Current Operating
Income
The proforma gross margin reached 100% of
revenue for the period.
Proforma Research and development expenses
comprise investment in video game development. Their fluctuation
depends on the level of new features being developed. They were
still low, due to the optimized structure of the organization of
CBI, which prioritizes partnerships with external studios over the
recruitment of internal teams. The traditional games are fully
amortized, and there is no additional depreciation. Regarding the
metaverse, the value of the intellectual property rights is
recorded as a balance sheet asset and is not amortized yet as at
September 30, 2021.
Proforma Marketing and selling expenses comprise
advertising for games through the launch of online campaigns. There
were no expenses incurred during the period. The prior period
expenses are linked to the relaunch of the zombie game, with
additional features, leading to additional marketing expenses with
a goal of acquiring more players. The marketing actions primarily
included traffic acquisition, the launch of online banners and some
inserts in online magazines. This level of activity was
non-recurring.
Proforma General and Administrative expenses for
the period increased to 30% of the revenue. This is attributable to
the growth of CBI’s growth during the period in order to support an
expanding portfolio of activities.
For the period, Proforma Current Operating
Income reached €134.9K, compared with €153.9K for the corresponding
prior period.
Proforma Consolidated
Net Income (Group Share)
Proforma minority interests represent the amount
attributable to the owners of 50% of OP Productions, LLC and of
Free Reign East, LLC and represent €38.6K for period, compared with
€76.3K for the same period last year.
Proforma Consolidated net income (Group share)
for the period came to €96.3K, compared with €77.6K for the same
period last year.
Analysis of the
proforma
consolidated balance sheet as
at September 30
2021
ASSETS
(€’000) |
September 30, 2021 |
September 30, 2020 |
Intangible
assets |
14,689.5 |
939.5 |
Financial assets |
14,124.6 |
- |
NON-CURRENT ASSETS |
28,814.1 |
939.5 |
Accounts receivable |
358.2 |
- |
Deferred
expenses |
- |
- |
Cash and cash equivalents |
601.4 |
0.5 |
CURRENT ASSETS |
959.6 |
0.5 |
TOTAL ASSETS |
29,773.7 |
940.0 |
EQUITY &
LIABILITIES (€’000) |
September 30, 2021 |
September 30, 2020 |
Capital stock and
Premium |
23,037.0 |
0.9 |
Retained
Earnings |
355.8 |
280,7 |
Net income (loss) Group share |
96.3 |
77.6 |
SHAREHOLDERS' EQUITY |
23,489.1 |
359.2 |
Minority interests |
291.2 |
277.7 |
TOTAL EQUITY |
23,780.3 |
636.9 |
Shareholders' Loan |
4,542.0 |
- |
Non-current financial liabilities |
- |
212.3 |
NON-CURRENT LIABILITIES |
4,542.0 |
303.1 |
Deferred Revenue |
- |
- |
Accounts payable |
1,451.4 |
90.8 |
CURRENT LIABILITIES |
1,451.4 |
- |
TOTAL EQUITY AND LIABILITIES |
29,773.7 |
940.0 |
Intangible assets
The portfolio of tokens is recorded at cost,
based on the acquisition price. The portfolio is evaluated on an
aggregate basis, each crypto-currency being assessed on the basis
of different volume-weighted average prices in order to reflect the
value of each crypto-currency and of the overall portfolio. As the
crypto-currencies are part of the same eco-system, unrealized
losses and gains are aggregated. If the aggregate value of the
portfolio exceeds its aggregate cost value, no unearned income is
recognized. If the aggregate value of the portfolio is lower than
its aggregate cost value, a depreciation is recognized in profit
and loss. There was no depreciation recorded as at September 30,
2021.
Financial assets
When listed, the portfolio of shares and
financial instruments is evaluated using a volume weighted average
price calculated over six-months (V-WAP). This methodology was also
used for the contribution in kind made in September 2021 and as at
September 30, 2021. Atari shares have been valued using this
methodology, and no accrual was recorded as the six-month V-WAP as
of that date was higher than the net book value recognized through
the contribution in kind.
Proforma Shareholders’
Equity
Proforma consolidated shareholders’ equity,
Group share, totaled €23,489.1K as at September 30 2021, with this
increase due to additional contributions by Ker Ventures, EURL
during the period.
Proforma Net Cash /
Financial Liabilities
At September 30, 2021, the Group had €601.4K of
proforma cash available. IFRS 16 (restatement of leases) has no
impact.
Proforma non-current financial liabilities
represent a shareholders’ loan. Ker Ventures contributed assets to
the Company, in exchange for new shares being issued as well as a
deferred payment recorded as a shareholders’ loan for €4,450.2K.
This loan does not bear interest. The total shareholders’ loan
represents €4,542.0K.
Preliminary
Statutory Accounts / Results
for the first
half of
2021-2022
The summarized preliminary financial information
presented below comes from the statutory financial statements for
the period ending September 30, 2021. The preliminary consolidated
accounts as at September 30, 2021 are prepared under French GAAP.
The Company’s financial year from April 1 to March 31.
The first half of FY 2022 refers to the
six-month period from April 1, 2021 to September 30, 2021. FY 2022
refers to the 12-month period from April 1, 2021 to March 31, 2022.
These preliminary financial statements are presented for the first
half of FY 2022.
As the company was created in January 2021,
there are no statutory financial statements available for
comparison for the period ended September 30, 2020.
Analysis of the
preliminary statutory income statement as
at September 30, 2021
(€’000) |
September 30, 2021 |
September 30, 2020 |
Revenue |
83,9 |
n/a |
Other
Income |
251,7 |
|
Cost of goods sold |
- |
n/a |
GROSS MARGIN |
335.6 |
|
Research and development expenses |
(133.6) |
n/a |
Marketing and
selling expenses |
- |
n/a |
General and
administrative expenses |
(147.6) |
n/a |
Other operating income (expense) |
- |
n/a |
CURRENT OPERATING INCOME (LOSS) |
54.5 |
|
Restructuring costs |
- |
n/a |
Other income (expense) |
- |
n/a |
OPERATING INCOME (LOSS) |
54.5 |
|
Cost of debt |
- |
n/a |
Other financial
income (expense) |
- |
n/a |
Income tax |
(14.4) |
n/a |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS |
40.0 |
n/a |
Net income (loss) from discontinued operations |
- |
n/a |
NET INCOME (LOSS) FOR THE YEAR |
40.0 |
n/a |
|
|
|
Basic earnings per share (in euros) |
0.00 |
n/a |
Diluted earnings per share (in euros) |
0.00 |
n/a |
The metaverse had very limited activity in the
first half of FY 2021-2022, as the NFT sales activity really
started up in November 2021.
Preliminary
Revenue
At September 30, 2021, CBI is reporting
preliminary revenue of €335.6K, of which €83.9K of license revenue
and €251.7K of sale of Crystal tokens recognized as Other Income.
CBI’s preliminary revenue is derived from online games. CBI Games
is continuing to grow its business line, with a very good
performance by the games catalogue and licensing business, which
strongly contributed to the company’s revenue. CBI has also
continued to develop its other business lines.
Preliminary
Operating Expenses & Current operating
income
The preliminary gross margin reached 100% of
revenue for the period.
Preliminary Research and development expenses
comprise investment in video game development. Their fluctuation
depends on the level of new features being developed. CBI works to
optimize the structure of the organization, which prioritizes
partnerships with external studios over the recruitment of internal
teams.
Preliminary Marketing and selling expenses for
the period were nil.
Preliminary General and Administrative expenses
represent 30% of revenue for the period. As CBI grows, the level of
General and Administrative expenses as a percentage of revenue is
expected to normalize in order to support an expanding
portfolio.
Preliminary Current Operating Income reached
€54.5K, for the period.
Preliminary Net
income
The subsidiaries are Limited Liability Companies
(“LLCs”) that are tax transparent. Profits are taxed in the hands
of the shareholders. CBI may therefore pay income taxes at
applicable corporate rates in the future.
Preliminary Net income (Group share) for the
period came to €40,0K.
Analysis of the
preliminary
statutory balance
sheet as at September
30,
2021
ASSETS
(€’000) |
September 30, 2021 |
September 30, 2020 |
Intangible
Assets |
1,100.0 |
n/a |
Financial
Assets |
17,562.6 |
n/a |
LT Receivables / Goodwill |
- |
n/a |
NON-CURRENT ASSETS |
18,662.6 |
- |
Deferred Expenses |
- |
n/a |
Accounts
Receivable |
348.3 |
n/a |
Cash
Investments and Crypto-Currencies |
9,338.6 |
n/a |
Cash and cash equivalents |
586.1 |
n/a |
CURRENT ASSETS |
10,273.0 |
- |
TOTAL ASSETS |
28,935.5 |
- |
EQUITY &
LIABILITIES (€’000) |
September 30, 2021 |
September 30, 2020 |
Capital
stock |
18,037.0 |
n/a |
Retained
Earnings |
4,945.3 |
n/a |
Net income (loss) Group share |
40.0 |
n/a |
SHAREHOLDERS' EQUITY |
23,022.3 |
- |
Minority interests |
- |
n/a |
TOTAL EQUITY |
23,022.3 |
- |
Shareholders' Loan |
4,450.2 |
n/a |
Non-current financial liabilities |
- |
n/a |
NON-CURRENT LIABILITIES |
4,450.2 |
- |
Deferred Revenue |
- |
n/a |
Accounts
Payable |
1,463.0 |
n/a |
Distribution Fees |
- |
n/a |
CURRENT LIABILITIES |
1,463.0 |
- |
TOTAL EQUITY AND LIABILITIES |
28,935.5 |
- |
Preliminary Financial
assets
When listed, the portfolio of shares and
financial instruments is evaluated using a volume weighted average
price calculated over six-months (V-WAP). This methodology was also
used for the contribution in kind made in September 2021 and as at
September 30, 2021. Atari shares have been valued using this
methodology, and no accrual was recorded as the siw-month V-WAP as
of that date was higher than the net book value recognized through
the contribution in kind.
Preliminary Cash Investments and
Crypto-Currencies
Under French accounting principles,
crypto-currencies and tokens are recorded as Current Assets. The
portfolio of tokens is recorded at cost, based on the acquisition
price. The portfolio is evaluated on an aggregate basis, with each
crypto-currency being assessed on the basis of different
volume-weighted average prices in order to reflect the value of
each crypto-currency and the overall portfolio. As the
crypto-currencies are part of the same eco-system, unrealized
losses and gains are aggregated. If the aggregate value of the
portfolio exceeds its aggregate cost value, no unearned income is
recognized. If the aggregate value of the portfolio is lower than
its aggregate cost value, a depreciation is recognized in profit
and loss. There was no depreciation recorded as at September 30,
2021.
Preliminary
Shareholders’ Equity
Preliminary Consolidated shareholders’ equity,
Group share, totaled €23 022,3K as at September 30, 2021.
The table below shows the change in Preliminary
shareholders’ equity during the financial year (in thousands of
euros):
Equity as at
March 31, 2021 (€’000) |
32.0 |
Net income,
Group Share |
40.0 |
Capital
increase |
22,950.3 |
Distribution
of dividends |
- |
Financial
assets valued at fair value through other comprehensive income |
- |
Currency
fluctuations |
- |
Other
variations |
- |
Equity as at
September 30, 2021 (€’000) |
23,022.3 |
Preliminary Net Cash
At September 30, 2021, the Group had €586.1K of
preliminary cash available. IFRS 16 (restatement of leases) has no
impact.
(000's of
euros) |
September 30, 2021 |
September 30, 2020 |
Cash (Cash on
hand and demand deposits) |
586.1 |
- |
Cash equivalents (Highly liquid, short-term investments) |
- |
- |
CASH AND CASH EQUIVALENTS |
586.1 |
- |
Preliminary Non-current
Financial Assets
As at September 30, 2021, preliminary
non-current financial assets represent shares held in Atari, NCX
and consolidated entities OP Productions and Free Reign East.
Disclaimer:
The realization of the plans, and their
operational budget and financing plan remain inherently uncertain,
and the non-realization of these assumptions may impact their
value.
Financial
diary:
• General meeting: December 29, 2021 from 9am
CET (see BALO publication)
About CRYPTO BLOCKCHAIN
INDUSTRIES
CRYPTO BLOCKCHAIN INDUSTRIES (“CBI”) is a French
company that develops, operates and invests in video games,
business applications and selected projects relating to the
blockchain, non-fungible tokens (“NFTs”) and cryptocurrencies.
Founded by Frédéric Chesnais, a renowned gaming industry
entrepreneur and blockchain pioneer, CBI aims to develop and unlock
value from a portfolio of blockchain activities across multiple
industries (video games, finance, logistics, etc.) with a view to
capitalizing on this technology, either directly or through
partnerships. CBI has already made several investments and is
currently developing AlphaVerse, a blockchain technology-based
virtual world or metaverse that will be opening in summer 2022. CBI
has been admitted to trading on the EI compartment (qualified
investors) of the Euronext Growth Paris market since October 26,
2021. Learn more at www.cbicorp.io.
Contacts
CBIFrédéric ChesnaisChairman and
CEOfredchesnais@cbicorp.iowww.cbicorp.iowww.news@cbicorp.io |
Listing SponsorAtout
CapitalRodolphe
Ossolarodolphe.ossola@atoutcapital.com |
Financial
CommunicationsCalyptusGregory Bosson+33
(0)1 53 65 68 68cbi@calyptus.net |
- CP_20211215_CBI_Semi-Annual_Financial_Statements_EN
Crypto Blockchain Indust... (EU:ALCBI)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Crypto Blockchain Indust... (EU:ALCBI)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024