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Project postponements carry significant impactWe reduce sales estimates by 11-12% for ‘22e-‘23eA reset is coming through restructuring and rights issuesQ3 in briefDue to postponements across GBK’s project portfolio, Q3 net sales came in 41% below our
Since I became CEO at the end of September, we have intensified initiatives to address the group’s challenges with weak profitability, too high costs, weak financial structure and negative cash flows. In addition to a continued focus on sales growth in the Studio business and its strategic shift towards larger projects, we are taking actions in order to reduce our operative costs. We are also planning to strengthen our balance sheet through a combined preferential rights issue and directed issue by way of offset of debt.
The Board of Goodbye Kansas Group AB (publ) (”Goodbye Kansas Group” or ”Company”) intends to resolve on a preferential rights issue of approximately SEK 66.5 million before deduction of transaction costs (”Preferential Rights Issue”), a directed issue by way of setoff of debt of approximately SEK 50.2 million (”Setoff Issue”) and an additional setoff issue of approximately SEK 4.7 million to the sellers of minority shares in two of the Company’s wholly owned subsidiaries (combined “Rights Issues”).
The Board of Goodbye Kansas Group AB (publ) (“Goodbye Kansas Group” or “Company”) has decided on a number of structural measures in the business in order to create prerequisites for a sustainable and value creating development for the company.
Goodbye Kansas Studios has received an order to produce content for a computer game. The order comes from a recurring customers and the value of the order amounts to 12 MSEK. Production commenced in Q3 2022 and will be completed in Q3 2023.
In order to increase the pace of transition and drive the company’s continued strategic development, the Board of Goodbye Kansas Group AB (publ) has appointed the company’s current CFO Stefan Danieli as new CEO. Markus Manninen who is Managing Director of Goodbye Kansas Studios is appointed Deputy CEO of the group. The changes become effective as of today
Goodbye Kansas Studios has produced a trailer for Funcom’s game Dune Awakening. The game is inspired by the Legendary Pictures’ movie adaptation of Frank Herbert’s classical sci-fi books. The game trailer has been directed by the visionary artist and author Simon Stålenhag and he has thereby directed his first game trailer.
Goodbye Kansas has made a name as a creative studio with unique expertise about performance capture, full CG productions (computer-generated), digital humans and virtual productions. Now the Group’s subsidiaries Infinite Entertainment and Goodbye Kansas Studios have ventured into a collaboration with actor Bill Skarsgård’s company Longships Entertainment, to develop not only a brand new IP but also a whole new way of producing high-end, full CG entertainment content. Bill will both star and co-produce the project.
Growth despite postponed projectsWe reduce sales estimates by 9% for FY’22eThe share trades at EV/Sales 0.7x-0.6x for ’22e-‘23eQ2 sales grew 8% y-o-y, -10% below our expectationsOn balance, the first half of 2022 was characterised by significant grow
Goodbye Kansas Studios has received an order for production of a cinematic game trailer from a new international customer. The order value amounts to 20 MSEK and production will commence in Q3 2022 and be completed in Q4 2022.