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Key Note Ltd. 2011All rights reserved No part of this publication may be reproduced, copied, stored in an electronic retrieval system or transmitted save with written permission or in accordance with the provisions of the Copyright and Patents Act 1988. Published by Key Note Ltd. 5th Floor Harlequin House 7 High Street Teddington Richmond Upon Thames TW11 8EE t: O845 504 0452 f: O845 504 0453 e-mail: reports@keynote.co.uk Stringent efforts have been made by Key Note Ltd. to ensure accuracy. However, due principally to the fact that data cannot always be verified, it is possible that some errors or omissions may occur; Key Note Ltd. cannot accept responsibility for such errors or omissions. Details supplied by Key Note Ltd. should only be used as an aid, to assist the making of business decisions, not as the sole basis for taking such decisions. Corporate Telephone Preference Service (CTPS) Under the new Privacy and Electronic Communications Regulations 2004 it is unlawful for a business to make an unsolicited sales & marketing call to a corporate subscriber if they are either registered with CTPS or have requested NOT to receive such calls. Key Note holds and regularly updates (at least every 28 days) their data in accordance with the regulation and ensures their data is compliant, as of the date created. However it is the responsibility of the caller to ensure this data is up to date and as such Key Note do not hold themselves liable for any subsequent legality. If you have any queries regarding the CTPS legislation you may find the following website useful www.informationcommissioner.gov.uk Or our website www.keynote.co.uk

computer and video games industryedition 8, 2011 issn 1740-6579

Contents 1 Company Selection1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Industry Definition Company Selection Changes of Name New Additions to the Report Treatment of Holding Companies & Subsidiaries Diversity of Business Interests Large Changes in Accounts Exports Exceptionally Large Companies Efficiency Asset Utilisation 4-20 ................................................................. Sales / Fixed Assets 4-22 ................................................................. Stocks / Sales 4-24 ................................................................. Debtor Days Outstanding 4-26 ................................................................. Liquidity Current Ratio ................................................................. 4-28 Quick Ratio (Acid Test) 4-30 ................................................................. Gearing Total Debt / Net Worth ................................................................. 4-32 Equity Gearing 4-34 ................................................................. Income Gearing (Interest Cover) 4-36 ................................................................. Employee Performance Pay per Employee ................................................................. 4-38 Sales per Employee 4-40 ................................................................. Capital Employed per Employee 4-42 ................................................................. Pay / Sales 4-44 ................................................................. Other Exports / Sales ................................................................. 4-46 Growth Sales Growth ................................................................. 4-48 Pre-tax Profit Growth 4-50 ................................................................. Total Assets Growth 4-52 ................................................................. Number of Employees Growth 4-54 ................................................................. Exports Growth 4-56 .................................................................

2 Industry OverviewAn expert review of the conclusions that can be drawn from the report, putting developments into the context of recent industry developments and focusing on the performance of the industry as a whole and the leading players in it.

3 Company ProfilesCompany data is presented alphabetically, with each company having a detailed profile over two pages showing address, activities, directors, subsidiaries and other company details plus Profit and Loss, Balance Sheet, Key Note Ratio Analysis and comparative performance.

4 Performance League TablesThese list companies in order of their performance compared to each other on key performance factors: Size Sales 4-2 ................................................................. Pre-tax Profit 4-4 ................................................................. Total Assets 4-6 ................................................................. Number of Employees 4-8 ................................................................. Profitability Return on Capital ................................................................. 4-10 Return on Total Assets 4-12 ................................................................. Pre-tax Profit Margin 4-14 ................................................................. Return on Investment 4-16 ................................................................. Profit per of Pay 4-18 .................................................................

5 Industry ProfileThis provides a Balance Sheet and a quick Profit and Loss account for the industry as a whole. Where the industry has been subdivided into subsectors, a profile for each of these is given, as well as a profile for the industry as a whole.

6 Analysis Notes 7 Definitions 8 Further Key Note Sources 9 Company Index

Key Note Ltd

Contents

This section explains which companies have been selected for inclusion in the Report, and explains why, if applicable, certain companies have been excluded. It also explains any important relationships between companies and how these have been dealt with to ensure that no double-counting of accounts has occurred.

1. Company Selection1.1 Industry DefinitionThis Report covers companies active in the computer and video games industry. The Report analyses th accounts filed in the three years up to 7 June 2010. Accounts with year ends falling in the 12 months th up to 7 June 2010 are assigned to the third analysis period, with earlier accounts assigned to previous periods. The companies included in the Report are: GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS505 Games Ltd Activision Blizzard UK Ltd Blast Entertainment Ltd Blitz Games Studios Ltd Centresoft Ltd Codemasters Sftwre Co. Ltd (The) The Creative Assembly International Ltd Datel Holdings Ltd Electronic Arts Ltd Eutechnyx Ltd Evolution Studios Ltd Feral Interactive Ltd Gamecock Media Europe Ltd Games-Masters.Com Ltd Ghostlight Ltd Hyperion Capital Partners Ltd Ignition Entertainment Ltd Inspired Gaming Group Ltd I.T. World Services Ltd Jagex Ltd Kuju Entertainment Ltd Mad Catz Europe Ltd Majesty House Ltd Media Molecule Ltd Microsoft Ltd Midas Interactive Entrtnmnt Ltd Namco Bandai Partners UK Ltd P.D.Q. Distribution Ltd Radica UK Ltd Rare Ltd Rebellion Developments Ltd Relentless Software Ltd Rising Star Games Ltd Rockstar London Ltd Sega Europe Ltd Sony Computer Entrtnmnt UK Ltd Sports Interactive Ltd Square Enix Ltd Sumo Digital Ltd Take-Two GB Ltd THQ Digital Studios UK Ltd THQ (UK) Ltd Tradewest Games Ltd Ubisoft Ltd Zenimax Europe Ltd Zoe Mode Entertainment Ltd

GAMES RETAILERSAccessories 4 Technology Ltd Barkman Computers Ltd Choices UK Group Ltd Connect Entertainment Ltd Gadgets & Games Ltd The Game Group PLC Games Station Ltd Gemini Technology Ltd HMV Group PLC HMV Music Ltd Jaredmedia Ltd

1.2 Company SelectionOur team of in-house analysts research the company sample thoroughly to ensure that the Report covers the top companies in the industry. A company will be included on the following grounds: i ii It is a major company within the industry with over 50 percent of its turnover coming from activities relevant to the subject of the Report. It is a company where less than 50 percent of its turnover is generated from activities relevant to the industry, however it is, by virtue of its size, significant within the industry.

To ensure that the industry results are not distorted by figures relating to activities falling outside the scope of the title, the second group of companies is excluded from the Report totals and averages (see section 1.6). Companies may have been removed from the Report for the following reasons: i The company files modified accounts (as defined by the Companies Act), which makes it difficult to determine its importance in the sector, and means that it is unsuitable for ratio calculation. Or its turnover falls below 0.5 million, which has been used to identify major companies in this Report.

The following companies have been removed on these grounds: Eidos Ltd and Gaming Technology Solutions Ltd.

Company Selection

Key Note Ltd 2011

1. Company Selectionii The latest analysed accounts available on the company are too old to be meaningful to the analysis. Empire Interactive PLC has been removed on these grounds. iii The company is not a live trading company, i.e. it is dormant, in liquidation or receivership, or has transferred its trade to another company.

The following companies have been removed on these grounds: Budget Gamer Ltd, Gusto Games Ltd, Lionhead Ltd, Saitek Ltd, Skream Ltd, IGT-UK Group Ltd, Swordfish Studios Ltd and System 3 Software Ltd. iv v The companys first accounts are not yet available from Companies House at the time of publication. The company is no longer relevant to the Report.

Travellers Tales (UK) Ltd has been removed on these grounds. vi The company is represented in the Report by its subsidiaries, holding company or ultimate holding company.

1.3 Changes of NameThe following compan