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Page 1: Computer and Video Games Industry 2011

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Business Ratio 2011_Business Ratio 11/01/2011 10:00 Page 1

Page 2: Computer and Video Games Industry 2011

©Key Note Ltd. 2011

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Business Ratio 2011_Business Ratio 11/01/2011 10:00 Page 2

Page 3: Computer and Video Games Industry 2011

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

Page 4: Computer and Video Games Industry 2011

1 Company Selection1.1 Industry Definition1.2 Company Selection1.3 Changes of Name1.4 New Additions to the Report1.5 Treatment of Holding Companies &

Subsidiaries1.6 Diversity of Business Interests1.7 Large Changes in Accounts1.8 Exports1.9 Exceptionally Large Companies

2 Industry OverviewAn expert review of the conclusions that canbe drawn from the report, puttingdevelopments into the context of recentindustry developments and focusing on theperformance of the industry as a whole andthe leading players in it.

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

4 Performance League TablesThese list companies in order of theirperformance compared to each other on keyperformance 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

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

5 Industry ProfileThis provides a Balance Sheet and a quickProfit and Loss account for the industry as awhole. Where the industry has beensubdivided into ’subsectors’, a profile foreach of these is given, as well as a profile forthe industry as a whole.

6 Analysis Notes

7 Definitions

8 Further Key Note Sources

9 Company Index

Contents

ContentsKey Note Ltd

Page 5: Computer and Video Games Industry 2011

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.

Page 6: Computer and Video Games Industry 2011

1. Company Selection

Company Selection © Key Note Ltd 2011

1.1 Industry Definition This Report covers companies active in the computer and video games industry. The Report analyses accounts filed in the three years up to 7th June 2010. Accounts with year ends falling in the 12 months up to 7th 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 DISTRIBUTORS 505 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 RETAILERS Accessories 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 Selection Our 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 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.

ii 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.

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1. Company Selection

© Key Note Ltd 2011 Company Selection

ii 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 The company’s first accounts are not yet available from Companies House at the time of publication.

v 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 Name The following companies have changed their names since the publication of the previous edition: Inspired Gaming Group is now called Inspired Gaming Group Ltd. Juice Games Ltd is now called THQ Digital Studios UK Ltd.

1.4 New Additions to the Report The following companies have been added to the current edition: Codemasters Software Co Ltd (The), Gamecock Media Europe Ltd, Games-Masters.Com Ltd, Media Molecule Ltd, P.D.Q Distribution Ltd, Sumo Digital Ltd, Accessories 4 Technology Ltd, Connect Entertainment Ltd, Gadgets & Games Ltd, Gemini Technology Ltd and Jaredmedia Ltd.

1.5 Treatment of Holding Companies and Subsidiaries Where one company accounts for the majority of a group’s turnover, the analyst will decide which company is most relevant to the Report.

In some cases, both a holding company and its subsidiary may be included where both are considered to be of significant importance within the sector. Where this could lead to double counting in the totals and averages, one of the companies will be excluded from the calculations. The names of all companies which have been excluded from the Report totals and averages will be preceded by an asterisk in the Performance League Tables.

The following companies have been excluded from the totals and averages on the above grounds: Games Station Ltd and Majesty House Ltd.

1.6 Diversity of Business Interests Some companies declare a varied range of business interests in their registered trading activity and SIC Codes, not all of which are relevant to the subject of the Report. These companies will be excluded from the Report totals and averages to prevent distortion.

Page 8: Computer and Video Games Industry 2011

1. Company Selection

Company Selection © Key Note Ltd 2011

The following companies have been excluded on these grounds:

Choices Group UK Ltd, Gadgets and Games Ltd, HMV Group PLC, HMV Music Ltd, Microsoft Ltd and Rebellion Developments Ltd.

1.7 Large Changes in Accounts Some companies report very large variances in their figures from one year to the next, due to acquisitions, large exceptional items, etc. These companies will be excluded from the Report totals and averages.

The following companies have been excluded on these grounds: Centresoft Ltd, Codemasters Software Co. Ltd, Electronic Arts Ltd, Gamecock Media Europe Ltd, Hyperion Capital Partners Ltd, Inspired Gaming Group Ltd, Square Enix Ltd and Tradewest Games Ltd.

1.8 Exports Some companies derive a proportion of their revenue from exported goods or services. Companies that derive 90 percent or more of their turnover through these means will be excluded from the totals and averages of the Report.

The following companies have been excluded on these grounds:

Ignition Entertainment Ltd, Kuju Entertainment Ltd, Rare Ltd and THQ Digital Studios UK Ltd.

1.9 Exceptionally Large Companies Occasionally an industry can be dominated by one or several exceptionally large companies. This may also distort the totals and averages for the sector, and therefore these companies may also be excluded from the calculations.

Page 9: Computer and Video Games Industry 2011

This section provides an at-a-glance overview of industry performance, profiling the performance of the industry and leading companies within the Report.

Page 10: Computer and Video Games Industry 2011

2. Industry Overview

Introduction This Business Ratio Rvideo games industry. accounts in the 2009/1the cut-off date, and ththe Performance Leagthe analysis.

The Report is divideinterests. The breakdo

The Report analyseJune 2010. During thisturnover, with annual sConversely pre-tax proreduction of 9.9 percenthe average company

During the three yeof its profitability and gimprovement, whilst m

ew

Report focuses on the leading 57 companies active in. At the time of publication, there was one company w/10 period. A further seven companies have filed acco

these are presented in the 2010/11 Recently Filed Acague Tables and relevant Company Profiles, but are no

ided into two subsectors, each profiling companies witdown of subsectors is displayed in Figure 2.1, below.

ses company and industry performance over the threehis period, the average Report company experienced al sales rising from £120.7 million in 2007/08 to £141.2 rofits declined from £6.5 million in 2007/08 to £5.9 milent overall. The relationship between the sales and thy is illustrated in Figure 2.2, on the following page.

year review period the Report company has recorded growth. In contrast the indicators for gearing and liqui

more mixed results emerged within efficiency ratios an

Games Developers, Publi

shers and Distributers

81%

Games Retailers19%

Figure 2.1: Subsector Breakdown

in the computer and y which had not filed counts subsequent to ccounts column of

not used in any of

with different key

ree years up to 7th d a 17.0% increase in .2 million in 2009/10. million in 2009/10, a the pre-tax profits of

d deterioration in all quidity showed and employee ratios.

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2. Industry Overview

© Key Note Ltd 2011 Industry Overview

Industry Performance PROFITABILITY

All four profitability ratios recorded some degree of decline during the analysis period, the results of which are represented by Figure 2.3, below. Return on capital reduced from 29.6 percent in 2007/08 to 19.7 percent in 2009/10, while return on total assets fell from 12.7 percent to 9.5 percent in the same period. The Report average pre-tax profit margin reported in 2007/08 a yearly deterioration, starting the review period at 5.4 percent before falling to 5.2 percent in 2008/09 and finishing at 4.1 percent in 2009/10. Return on investment fell from 25.2 percent in 2007/08 to 16.1 percent in 2009/10.

EFFICIENCY

0

20

40

60

80

100

120

140

160

180

07/08 08/09 09/10

£ (millions)

Year

Figure 2.2: Sales and Pre-Tax Profits of the Average Company

Sales

Pre-Tax Profits

0

5

10

15

20

25

30

35

07/08 08/09 09/10

%

Year

Figure 2.3: Profitability

Pre-tax Profit Margin

Return on Total Assets

Return on Capital

Return on Investment

Page 12: Computer and Video Games Industry 2011

2. Industry Overview

Industry Overview © Key Note Ltd 2011

Asset utilisation (which measures the volume of a company’s sales against the value of its total assets) stood at 2.35 percent in the review period despite a fall to 2.27 percent in the middle review year. These results reveal that in all three years, the average Report company’s sales exceeded the value of the total assets it held, with sales of £2.35 being generated for every £1.00 of assets held during 2009/10.

Sales to fixed assets remained at 17.6 over the three year period despite a dip to 19.2 percent in the intervening year. The stock to sales ratio increased from 7.6 percent in 2007/08 to 7.8 percent in 2009/10. The average amount of time taken to claim trade debts stood at 19 days in 2009/10, after reducing from 27 days in 2007/08.

LIQUIDITY

The current ratio (which measures a company’s ability to fulfil its short-term financial obligations through its assets) experienced a reduction from 1.22 to 1.20 over the first two years before increasing to 1.34 in 2009/10. Despite the dip in the intervening year, the Report company’s current assets could sufficiently cover its current liabilities in all three analysis years, leaving it suitably financed to repay its short- term loans.

The quick ratio (which measures liquidity less the value of stocks held) improved rising from 0.91 in 2007/08 to 0.93 in the middle review before finally peaking at 0.98 in the third year. This means that the average Report company would not have been required to liquidate its stocks in order to fulfil its short-term financial obligations in all three years of analysis.

GEARING

Total debt to net worth (a company’s total long-term borrowings calculated as a percentage of its net worth) increased from 98.7 percent in 2007/08 to 128.9 percent in the middle analysis year before falling to 64.1 percent in 2009/10. This indicates that the average Report company’s level of debt did not exceed the value of its own net worth in the concluding year of analysis. Figure 2.4, on the following page, displays the results of the gearing ratios during the period analysed.

Equity gearing increased from 52.5 percent in the first year of review to 76.9 percent in the third year. Income gearing (the percentage of pre-interest profits required to finance the costs of external loans) completed this positive trend by decreasing from 7.6 percent to 6.0 percent during the three year period.

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There were 575 emploaverage employee witnemployee ratio increasemployee decreased frdecline of 9.6 percent oyear period are represe

2. Industry O

EMPLOYEE PERFORMANCE

loyees working at the Report company during the 200itnessed a 0.4 percent increase in their annual salaryasing from £16,890 in 2007/08 to £16,954 in 2009/10.from £272,000 in the first year of review to £246,000

nt overall. The results of the employee performance ratesented by Figure 2.5, below.

y Overview

009/10 period. The ry, with pay per 0. Sales per

00 in the third year, a ratios during the three

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2. Industry Overview

Industry Overview © Key Note Ltd 2011

As sales per employee decreased whilst pay per employee increased, the pay to sales ratio recorded a negative result, rising from 6.1 percent in 2007/08 to 6.8 percent in 2009/10. Capital employed per employee (the amount of funding available to assist each individual in their job role) marginally improved rising from £51,000 in the first year of analysis to £52,000 in the third year.

GROWTH

Sales growth decreased from 34 percent between 2007/08 and 2008/09 to a contraction of 13 percent between 2008/09 to 2009/10, resulting in a compound growth of 8 percent. Growth in pre-tax profits suffered a reduction from 29 percent in the first half of the analysis period to a contraction of 32 percent in the second half. A compound contraction of 6 percent was generated. Figure 2.6, below, charts the changes in growth rates during the three year analysis period.

Total assets generated a compound growth rate of 9 percent for the period as a whole, after growth fell from 39 percent between 2007/08 and 2008/09 to a contraction of 15 percent between 2008/09 and 2009/10. Growth in employee numbers declined from 28 percent in the first half of the review period to 2 percent between 2008/09 and 2009/10, with a compound growth rate of 14 percent realised overall.

Company Performance Matrix l illustrates the top ten Report companies by turnover during 2009/10. Leading the table with a revenue of £1.8 billion is The Game Group PLC, followed by Activision Blizzard UK with £455.5 million. The matrix l entry-level company is THQ (UK) registering sales of £64.8 million in the same year. Games Station has been removed from Matrix l due to the presence of its holding company The Game Group PLC. HMV Group PLC, HMV Music and Microsoft have all been excluded due to the diversity of their business interests.

Three companies exceeded the Report average pre-tax profit margin of 4.1 percent, with Centresoft attaining the highest ratio of 6.6 percent.

8%

-6%

9%

14%

-13%

-32%

-15%

2%

34%

29%

39%

28%

-40% -30% -20% -10% 0% 10% 20% 30% 40% 50%

Sales Growth

Pre-tax Profits Growth

Total Assets Growth

Number of Employees Growth

Figure 2.6: Growth

07/08-08/09

08/09-09/10

Compound

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2. Industry Overview

© Key Note Ltd 2011 Industry Overview

Of the eight companies to generate sales above the value of their total assets in 2009/10, four companies also surpassed the Report average asset utilisation ratio of 2.35. After recording sales of £3.11 for every £1.00 of assets held in 2009/10, Centresoft achieved the highest ratio in the table. Sony Computer Entertainment, Sega Europe and Inspired Gaming Group were all able to increase their asset utilisation ratios year on year during the Report period.

MATRIX I: TOP TEN COMPANIES BY TURNOVER 2009/10

Five out of the eight companies with calculable gearing figures recorded a total debt to net ratio which fell below the Report average of 64.1 percent. Centresoft and The Game Group PLC were the only Matrix l firms to experience a yearly reduction in its total debt to net worth ratio during the analysis period.

Five companies exceeded the sales growth rate figure of 8 percent, with Activision Blizzard UK attaining the highest growth of 24 percent. Four companies suffered a contraction in their sales growth during the 2009/10 period.

MATRIX II: TOP TEN COMPANIES BY PRE-TAX PROFIT MARGIN 2009/10

Matrix ll represents the top ten Report companies by pre-tax profit margin during 2009/10. The table is led by Media Molecule with a pre-tax margin of 47.7 percent, followed by Jagex

Company Name and

Profit Margin (%)

Asset Utilisation Total Debt/Net Worth (%)

Sales Growth

Third Year Sales £ million 09/10 08/09 07/08 09/10 08/09 07/08 09/10 08/09 07/08 %

Report Averages 4.1 5.2 5.4 2.35 2.27 2.35 64.1 128.9 98.7 8

The Game Group. PLC 1772.4 4.8 6.0 4.6 2.70 2.70 2.33 27.3 55.9 308.7 9

Activision Blizzard UK 455.5 4.9 4.3 7.2 1.99 1.71 4.54 133.1 543.9 34.1 24

Sony Computer Ent. UK 333.5 1.6 0.7 4.7 2.70 2.62 2.58 8.9 0.0 4.7 -4

Centresoft 278.7 6.6 1.5 2.8 3.11 2.72 4.20 3.1 7.9 13.1 19

Electronic Arts 266.1 -0.8 -4.6 -8.0 1.44 2.79 2.64 21.1 196.8 150.0 2

Sega Europe 192.7 1.4 6.5 10.6 1.58 1.44 1.34 91.1 72.0 88.4 13

Ubisoft 108.6 0.7 2.5 2.5 2.50 3.43 2.60 264.2 191.8 219.0 -2

Square Enix 94.8 -40.5 -36.5 -157.8 0.52 0.69 0.59 ^ ^ ^ 14

Inspired Gaming Group 87.3 -7.8 -26.4 11.2 0.42 0.41 0.32 ^ ^ 305.4 -4

THQ (UK) 64.8 2.9 4.2 2.7 1.95 1.54 2.55 18.7 77.5 6.5 -16

Company Name and

Profit Margin (%)

Asset Utilisation Total Debt/Net Worth (%)

Sales Growth

Third Year Sales £ million 09/10 08/09 07/08 09/10 08/09 07/08 09/10 08/09 07/08 %

Report Averages 4.1 5.2 5.4 2.35 2.27 2.35 64.1 128.9 98.7 8

Media Molecule 8.5 47.7 - - 1.02 - - 0.0 - - -

Jagex 44.5 42.4 47.6 45.8 3.24 1.79 2.31 8.8 1.4 3.4 17

Sports Interactive 7.8 26.1 3.0 -19.2 1.10 0.56 0.64 66.0 301.7 167.8 53

Rare 14.9 16.9 29.0 43.9 0.70 0.58 0.93 0.0 0.0 0.0 -20

Relentless Software 5.8 12.8 4.0 8.1 2.37 2.58 2.29 0.0 0.0 11.1 18

Connect Entertainment 4.1 8.9 4.6 1.0 6.44 6.55 6.97 65.8 37.3 108.3 12

Zoe Mode Entertainment 8.8 8.5 34.7 - 3.14 2.76 - 0.0 0.8 - -

Games Station 30.9 8.3 8.4 3.7 3.83 3.39 3.89 0.0 0.0 0.0 -3

Gadgets & Games 1.1 7.9 - - 4.26 - - 1242.9 - - -

THQ Digital Studios UK 3.8 7.3 1.5 8.0 0.65 1.23 2.61 444.4 342.3 61.3 -23

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2. Industry Overview

Industry Overview © Key Note Ltd 2011

with a profit margin of 42.4 percent. The entry-level company is THQ Digital Studios registering a pre tax profit margin of 7.3 percent. Microsoft has been removed from the matrix due to diversity of its business interests, whilst Tradewest Games has been taken out due to an exceptional profit item in its 2009/10 accounts.

Six companies bettered the Report average asset utilisation ratio of 2.35 in 2009/10. With a ratio of 6.44, Connect Entertainment gained the highest return on its total assets, producing sales of £6.44 for every £1.00 of assets held by 2009/10.

Four companies exceeded the Report average total debt to net worth ratio of 64.1 percent with Gadgets & Games having the highest gearing ratio of 1242.9 percent.

Out of the seven companies with available sales growth rates, four companies surpassed the Report average figure of 8 percent. Sports Interactive attained the highest ratio in the table with a growth rate of 53 percent, whilst three companies suffered a contraction in their sales growth during the same year.

PUBLISHED APRIL 2011

Page 17: Computer and Video Games Industry 2011

Com

pany Profiles

This section provides a detailed profile of eachcompany in the report, in alphabetical order,covering:

● Corporate and Directory Information● Profit & Loss● Balance Sheet● Performance Analysis● League Table Positions

Page 18: Computer and Video Games Industry 2011

505 Games Ltd

Address5 Fleet PlaceLondonEC4M 7RD

Trading ActivityThe publication of computer and video games.

Main SIC Codes51477

Directors (as at May 2011)Ian HoweAbramo GalanteRaffaele Galante

Company SecretaryPreiskel & Co Llp

AuditorsHawsons Chartered Accountants

BankersBarclays Bank Plc

Date Incorporated22/12/2005

Registered Number05660941

Previous Name(s) with date(s) of changeCallcourt Ltd, 19/06/2006

Holding Company505 Games Srl

Ultimate Holding CompanyDigital Bros Spa

Profit & Loss* year analysed in League Tables

Date of Accounts 30/06/2010 30/06/2009 30/06/2008 30/06/2007£000s £000s £000s £000s

Sales 10,943 11,979 18,173 5,760Pre-tax Profit -755 -1,088 -45 23

Exports 2,877 1,729 2,386 1,716Non-Trading Income 0 0 11 3Depreciation 43 47 25 4Interest Paid 0 0 0 0

Auditors Fees 10 9 9 3

Directors Emoluments 140 126 132 115Employee Pay 1,385 1,252 730 313

Number of Employees 26 24 15 5

Balance Sheet

Date of Accounts 30/06/2010 30/06/2009 30/06/2008 30/06/2007£000s £000s £000s £000s

Tangible Fixed Assets 48 88 98 21Intangible Assets 0 0 0 0Intermediate Assets 492 316 0 0

Total Fixed Assets 540 404 98 21

Stocks 1,899 3,517 3,362 1,186Trade Debtors 2,652 1,734 2,343 3,613Other Current Assets 487 632 507 593

Total Current Assets 5,038 5,883 6,212 5,392

Total Assets 5,578 6,287 6,310 5,413

Trade Creditors 272 383 323 173Short-Term Loans 5,384 5,821 5,148 4,151Other Current Liabilities 1,205 787 771 978

Total Current Liabilities 6,861 6,991 6,242 5,302

T/Assets - C/Liabilities -1,283 -704 68 111

Long-Term Loans 0 0 0 0Other L/Term Liabilities 0 0 0 0Total Capital & Reserves -1,283 -704 68 111

Capital Employed -1,283 -704 68 111

Type of Accounts Unconsolidated Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52 52

* The Company’s accounts for 30/06/2009 are those used in the analysis.These are shown in bold text and are used to calculate the performancerankings in the League Tables. The later accounts fall outside the analysisperiod but have been presented for further information.

Company Profiles

3-2 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 19: Computer and Video Games Industry 2011

505 Games Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) -13.5 -17.3 -0.7 0.4Return on Capital (%) ^ ^ -66.2 20.7Pre-tax Profit Margin (%) -6.9 -9.1 -0.2 0.4Return on Investment (%) -18.4 -21.3 -0.9 0.5Rtn. on Total Capital & Reserves (%) ^ ^ -66.2 20.7

Liquidity Ratios Quick Ratio (Acid Test) 0.46 0.34 0.46 0.79Current Ratio 0.73 0.84 1.00 1.02

Gearing Ratios Total Debt / Net Worth (%) ^ ^ 7,570.6 3,739.6Equity Gearing (%) -18.7 -10.1 1.1 2.1Income Gearing (Interest Cover) (%) ^ ^ ^ 0.0

Efficiency Ratios Debtor Days Outstanding 88 53 47 229Working Capital / Sales (%) -16.7 -9.2 -0.2 1.6Stocks / Sales (%) 17.4 29.4 18.5 20.6Sales / Capital Employed ^ ^ 267.3 51.9Sales / Fixed Assets 228.0 136.1 185.4 274.3Creditor Days 9 12 6 11Asset Utilisation 1.96 1.91 2.88 1.06

Employee Performance Pay per Employee (£) 53,269 52,167 48,667 62,600Profit per £ of Pay (£) -0.55 -0.87 -0.06 0.07Profit per Employee (£) -29,038 -45,333 -3,000 4,600Sales per Employee (£) 420,885 499,125 1,211,533 1,152,000Capital Employed per Employee (£) -49,346 -29,333 4,533 22,200Fixed Assets per Employee (£) 1,846 3,667 6,533 4,200Pay / Sales (%) 12.7 10.5 4.0 5.4

Other Ratios Exports / Sales (%) 26.3 14.4 13.1 29.8

League Table Positions

Position in subsectorProfitability Return on Total Assets 34Return on Capital -Pre-tax Profit Margin 32Return on Investment 36

Position in subsectorLiquidity Quick Ratio (Acid Test) 41Current Ratio 37

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 34Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 35Stocks / Sales 44Sales / Fixed Assets 17Asset Utilisation 23

Position in subsectorEmployee Performance Pay per Employee 12Profit per £ of Pay 31Sales per Employee 13Capital Employed per Employee 33Pay / Sales 26

Position in subsectorGrowth Sales Growth 3Pre-tax Profit Growth -Total Assets Growth 24Number of Employees Growth 1Exports Growth 11

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-3Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 20: Computer and Video Games Industry 2011

Accessories 4 Technology Ltd

Address1 Merchants Place River StreetBoltonLancashireBL2 1BX

Trading ActivityA group engaged in the sale of video games,MP3 and iPod accessory products to retailersand other international distributors.

Main SIC Codes5248552450

Directors (as at May 2011)Alison ScottAndrew ShephardWilliam W. StirlingWilliam Lui

Company SecretaryAndrew Shephard

AuditorsTfd Dunhams

BankersNat West Bank Plc

Date Incorporated12/03/2005

Registered Number05390739

Profit & Loss

Date of Accounts 31/08/2009 31/08/2008 31/08/2007£000s £000s £000s

Sales 10,556 11,385Pre-tax Profit 399 1,294 400

ExportsNon-Trading Income 4 9 0Depreciation 40 43 23Interest Paid 94 200 196

Auditors Fees 12 9 5

Directors Emoluments 492 1,196 339Employee Pay 871 1,131 577

Number of Employees 16 13 11

Balance Sheet

Date of Accounts 31/08/2009 31/08/2008 31/08/2007£000s £000s £000s

Tangible Fixed Assets 44 62 33Intangible Assets 48 61 80Intermediate Assets 0 0 0

Total Fixed Assets 92 123 113

Stocks 1,953 2,206 684Trade Debtors 1,274 1,569 1,000Other Current Assets 342 542 99

Total Current Assets 3,569 4,317 1,783

Total Assets 3,661 4,440 1,896

Trade Creditors 872 237 532Short-Term Loans 175 878 664Other Current Liabilities 1,193 2,166 458

Total Current Liabilities 2,240 3,281 1,654

T/Assets - C/Liabilities 1,421 1,159 242

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 1,421 1,159 242

Capital Employed 1,421 1,159 242

Type of Accounts Consolidated Consolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-4 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 21: Computer and Video Games Industry 2011

Accessories 4 Technology Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 10.9 29.1 21.1Return on Capital (%) - 28.1 111.6 165.3Pre-tax Profit Margin (%) - 3.8 11.4 -Return on Investment (%) - 30.9 73.3 65.8Rtn. on Total Capital & Reserves (%) - 28.1 111.6 165.3

Liquidity Ratios Quick Ratio (Acid Test) - 0.72 0.64 0.66Current Ratio - 1.59 1.32 1.08

Gearing Ratios Total Debt / Net Worth (%) - 12.7 80.0 409.9Equity Gearing (%) - 63.4 35.3 14.6Income Gearing (Interest Cover) (%) - 19.1 13.4 32.9

Efficiency Ratios Debtor Days Outstanding - 44 50 -Working Capital / Sales (%) - 12.6 9.1 -Stocks / Sales (%) - 18.5 19.4 -Sales / Capital Employed - 7.4 9.8 -Sales / Fixed Assets - 239.9 183.6 -Creditor Days - 30 8 -Asset Utilisation - 2.88 2.56 -

Employee Performance Pay per Employee (£) - 54,438 87,000 52,455Profit per £ of Pay (£) - 0.46 1.14 0.69Profit per Employee (£) - 24,938 99,538 36,364Sales per Employee (£) - 659,750 875,769 -Capital Employed per Employee (£) - 88,813 89,154 22,000Fixed Assets per Employee (£) - 2,750 4,769 3,000Pay / Sales (%) - 8.3 9.9 -

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 7Return on Capital 8Pre-tax Profit Margin 6Return on Investment 5

Position in subsectorLiquidity Quick Ratio (Acid Test) 5Current Ratio 4

Position in subsectorGearing Total Debt / Net Worth 2Equity Gearing 4Income Gearing (Interest Cover) 8

Position in subsectorEfficiency Debtor Days Outstanding 10Stocks / Sales 9Sales / Fixed Assets 3Asset Utilisation 5

Position in subsectorEmployee Performance Pay per Employee 1Profit per £ of Pay 4Sales per Employee 1Capital Employed per Employee 1Pay / Sales 4

Position in subsectorGrowth Sales Growth -Pre-tax Profit Growth 5Total Assets Growth 1Number of Employees Growth 2Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-5Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 22: Computer and Video Games Industry 2011

Activision Blizzard UK Ltd

AddressParliment HsSt Laurence WaySloughBerkshireSL1 2BW

Telephone 01753756100

Fax 01753756109

Trading ActivityThe publication and sale of computersoftware and games.

Main SIC Codes72200

Directors (as at May 2011)Michael GriffithIan D. MattinglyChristopher B. WaltherMichael H. Benedikt

Company SecretaryOvalsec Limited

AuditorsPricewaterhousecoopers Llp

Date Incorporated25/03/1983

Registered Number01709830

Previous Name(s) with date(s) of changeActivision U.K. Ltd., 01/04/2009Activision Software Ltd, 23/04/1985Legibus 322 Ltd, 01/09/1983

Holding CompanyActivision Europe, Ltd

Ultimate Holding CompanyVivendi Sa

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/03/2008£000s £000s £000s

Sales 455,452 471,969 294,295Pre-tax Profit 22,302 20,415 21,045

Exports 206,247 342,190 195,390Non-Trading Income 7,081 585 815Depreciation 857 804 560Interest Paid 1,190 973 33

Auditors Fees 125 122 115

Directors Emoluments 294 77 202Employee Pay 11,786 6,861 7,084

Number of Employees 118 99 69

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/03/2008£000s £000s £000s

Tangible Fixed Assets 1,332 2,008 2,063Intangible Assets 0 0 0Intermediate Assets 631 523 119

Total Fixed Assets 1,963 2,531 2,182

Stocks 33,137 37,801 11,703Trade Debtors 51,900 82,432 12,879Other Current Assets 141,313 245,188 38,054

Total Current Assets 226,350 365,421 62,636

Total Assets 228,313 367,952 64,818

Trade Creditors 35,407 29,603 6,605Short-Term Loans 75,039 219,943 8,625Other Current Liabilities 61,305 77,853 24,234

Total Current Liabilities 171,751 327,399 39,464

T/Assets - C/Liabilities 56,562 40,553 25,354

Long-Term Loans 0 0 0Other L/Term Liabilities 203 116 46Total Capital & Reserves 56,359 40,437 25,308

Capital Employed 56,562 40,553 25,354

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 39 52

Company Profiles

3-6 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 23: Computer and Video Games Industry 2011

Activision Blizzard UK Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 9.8 7.4 32.5Return on Capital (%) - 39.4 67.1 83.0Pre-tax Profit Margin (%) - 4.9 4.3 7.2Return on Investment (%) - 17.9 10.9 62.0Rtn. on Total Capital & Reserves (%) - 39.6 67.3 83.2

Liquidity Ratios Quick Ratio (Acid Test) - 1.12 1.00 1.29Current Ratio - 1.32 1.12 1.59

Gearing Ratios Total Debt / Net Worth (%) - 133.1 543.9 34.1Equity Gearing (%) - 32.8 12.3 64.1Income Gearing (Interest Cover) (%) - 5.1 4.5 0.2

Efficiency Ratios Debtor Days Outstanding - 42 48 16Working Capital / Sales (%) - 12.0 6.0 7.9Stocks / Sales (%) - 7.3 6.0 4.0Sales / Capital Employed - 8.1 15.5 11.6Sales / Fixed Assets - 341.9 313.4 142.7Creditor Days - 28 17 8Asset Utilisation - 1.99 1.71 4.54

Employee Performance Pay per Employee (£) - 99,881 92,404 102,667Profit per £ of Pay (£) - 1.89 2.98 2.97Profit per Employee (£) - 189,000 274,949 305,000Sales per Employee (£) - 3,859,763 6,356,485 4,265,145Capital Employed per Employee (£) - 479,339 409,626 367,449Fixed Assets per Employee (£) - 11,288 20,283 29,899Pay / Sales (%) - 2.6 1.5 2.4

Other Ratios Exports / Sales (%) - 45.3 72.5 66.4

League Table Positions

Position in subsectorProfitability Return on Total Assets 11Return on Capital 9Pre-tax Profit Margin 11Return on Investment 12

Position in subsectorLiquidity Quick Ratio (Acid Test) 29Current Ratio 28

Position in subsectorGearing Total Debt / Net Worth 28Equity Gearing 24Income Gearing (Interest Cover) 19

Position in subsectorEfficiency Debtor Days Outstanding 31Stocks / Sales 39Sales / Fixed Assets 10Asset Utilisation 20

Position in subsectorEmployee Performance Pay per Employee 1Profit per £ of Pay 5Sales per Employee 2Capital Employed per Employee 4Pay / Sales 35

Position in subsectorGrowth Sales Growth 10Pre-tax Profit Growth 9Total Assets Growth 3Number of Employees Growth 5Exports Growth 9

Special Notes Symbols

2009 PBT includes exceptional income of 6.7m. ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-7Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 24: Computer and Video Games Industry 2011

Barkman Computers Ltd

Address30 High StreetKingston Upon ThamesKT1 1HL

Telephone 020 85465941

Trading ActivityThe retail of computer hardware, software,games and other applications.

Main SIC Codes52482

Directors (as at May 2011)Christopher J. ElliottNicholas J. Elliott

Company SecretaryChristopher J. Elliott

Auditors<Missing>

BankersBarclays Bank Plc

Date Incorporated22/08/1984

Registered Number01842883

Previous Name(s) with date(s) of changeBestovent Ltd, 23/04/1992Veteb Ltd, 04/03/1985

Profit & Loss

Date of Accounts 31/10/2009 31/10/2008 31/10/2007£000s £000s £000s

Sales 1,071 622 633Pre-tax Profit 39 23 -17

ExportsNon-Trading Income 0 0 1Depreciation 0 0 0Interest Paid 1 2 2

Auditors Fees 0 0 0

Directors Emoluments 13 30 30Employee Pay

Number of Employees

Balance Sheet

Date of Accounts 31/10/2009 31/10/2008 31/10/2007£000s £000s £000s

Tangible Fixed Assets 0 0 0Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 0 0 0

Stocks 168 164 158Trade Debtors 0 10 9Other Current Assets 44 1 2

Total Current Assets 212 175 169

Total Assets 212 175 169

Trade Creditors 39 61 63Short-Term Loans 25 30 31Other Current Liabilities 13 21 3

Total Current Liabilities 77 112 97

T/Assets - C/Liabilities 135 63 72

Long-Term Loans 140 140 141Other L/Term Liabilities 0 0 0Total Capital & Reserves -5 -77 -69

Capital Employed 135 63 72

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-8 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 25: Computer and Video Games Industry 2011

Barkman Computers Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 18.4 13.1 -10.1Return on Capital (%) - 28.9 36.5 -23.6Pre-tax Profit Margin (%) - 3.6 3.7 -2.7Return on Investment (%) - 25.0 26.9 -14.6Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.57 0.10 0.11Current Ratio - 2.75 1.56 1.74

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -2.3 -30.6 -29.0Income Gearing (Interest Cover) (%) - 2.5 8.0 ^

Efficiency Ratios Debtor Days Outstanding - 0 6 5Working Capital / Sales (%) - 12.6 10.1 11.4Stocks / Sales (%) - 15.7 26.4 25.0Sales / Capital Employed - 7.9 9.9 8.8Sales / Fixed Assets - ^ ^ ^Creditor Days - 13 36 36Asset Utilisation - 5.05 3.55 3.75

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - - -Profit per Employee (£) - - - -Sales per Employee (£) - - - -Capital Employed per Employee (£) - - - -Fixed Assets per Employee (£) - - - -Pay / Sales (%) - - - -

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 4Return on Capital 7Pre-tax Profit Margin 7Return on Investment 7

Position in subsectorLiquidity Quick Ratio (Acid Test) 6Current Ratio 2

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 9Income Gearing (Interest Cover) 5

Position in subsectorEfficiency Debtor Days Outstanding 2Stocks / Sales 8Sales / Fixed Assets -Asset Utilisation 2

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth 1Pre-tax Profit Growth -Total Assets Growth 4Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-9Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 26: Computer and Video Games Industry 2011

Blast Entertainment Ltd

Address2 StonehillStukeley MeadowsHuntingdonCambridgeshirePE29 6ED

Trading ActivityThe publishing of interactive console andcomputer games.

Main SIC Codes22150

Directors (as at May 2011)Garry P. WilliamsAndrew G. PayneNicolaas J. Bakker

AuditorsPeters Elworthy & Moore

BankersRoyal Bank Of Scot

Date Incorporated03/10/2005

Registered Number05581143

Previous Name(s) with date(s) of changeHi-Score Entertainment Ltd, 21/03/2006Peacefield Ltd, 14/12/2005

Holding CompanyMastertronic Gp. Ltd

Ultimate Holding CompanyHermans Holding Bv

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/12/2007£000s £000s £000s

Sales 1,471 4,994 5,174Pre-tax Profit -461 -280 -5

ExportsNon-Trading Income 0 3 9Depreciation 3 5 2Interest Paid 10 27 45

Auditors Fees 5 6 9

Directors Emoluments 0 0 0Employee Pay 178 184

Number of Employees 5 5 6

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/12/2007£000s £000s £000s

Tangible Fixed Assets 1 4 6Intangible Assets 37 334 907Intermediate Assets 0 0 0

Total Fixed Assets 38 338 913

Stocks 0 53 0Trade Debtors 66 90 383Other Current Assets 1,696 2,148 2,284

Total Current Assets 1,762 2,291 2,667

Total Assets 1,800 2,629 3,580

Trade Creditors 517 312 567Short-Term Loans 42 346 1,256Other Current Liabilities 23 292 659

Total Current Liabilities 582 950 2,482

T/Assets - C/Liabilities 1,218 1,679 1,098

Long-Term Loans 2,063 2,062 1,200Other L/Term Liabilities 0 0 0Total Capital & Reserves -845 -383 -102

Capital Employed 1,218 1,679 1,098

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 65 52

Company Profiles

3-10 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 27: Computer and Video Games Industry 2011

Blast Entertainment Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -25.6 -8.5 -0.1Return on Capital (%) - -37.8 -13.3 -0.5Pre-tax Profit Margin (%) - -31.3 -5.6 -0.1Return on Investment (%) - -35.8 -10.0 1.7Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 3.03 2.36 1.07Current Ratio - 3.03 2.41 1.07

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -31.9 -12.7 -2.8Income Gearing (Interest Cover) (%) - ^ ^ 112.5

Efficiency Ratios Debtor Days Outstanding - 16 8 27Working Capital / Sales (%) - 80.2 33.6 3.6Stocks / Sales (%) - 0.0 1.3 0.0Sales / Capital Employed - 1.2 2.4 4.7Sales / Fixed Assets - 1,471.0 998.8 862.3Creditor Days - 128 29 40Asset Utilisation - 0.82 1.52 1.45

Employee Performance Pay per Employee (£) - - 28,480 30,667Profit per £ of Pay (£) - - -1.57 -0.03Profit per Employee (£) - -92,200 -44,800 -833Sales per Employee (£) - 294,200 799,040 862,333Capital Employed per Employee (£) - 243,600 335,800 183,000Fixed Assets per Employee (£) - 200 800 1,000Pay / Sales (%) - - 3.6 3.6

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 39Return on Capital 34Pre-tax Profit Margin 40Return on Investment 40

Position in subsectorLiquidity Quick Ratio (Acid Test) 9Current Ratio 12

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 38Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 16Stocks / Sales 18Sales / Fixed Assets 2Asset Utilisation 35

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee 18Capital Employed per Employee 7Pay / Sales -

Position in subsectorGrowth Sales Growth 40Pre-tax Profit Growth -Total Assets Growth 41Number of Employees Growth 25Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-11Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 28: Computer and Video Games Industry 2011

Blitz Games Studios Ltd

Address9 Windsor Drive,Trowbridge,Wilts.BA14 0JZ

Trading ActivityThe design and development of video games.

Main SIC Codes7220092720

Directors (as at May 2011)Philip E. OliverAndrew N. Oliver

Company SecretaryPhilip E. Oliver

AuditorsDavid Owen & Co

BankersRoyal Bank Of Scot

Date Incorporated19/03/1990

Registered Number02482913

Previous Name(s) with date(s) of changeBlitz Games Ltd, 28/03/2008Interactive Studios Ltd, 29/06/2000Dizzy Enterprises Ltd, 11/01/1994Viewrapid Ltd, 31/05/1990

Profit & Loss* year analysed in League Tables

Date of Accounts 31/07/2010 31/07/2009 31/07/2008 31/07/2007£000s £000s £000s £000s

Sales 10,349 8,022 10,988 6,678Pre-tax Profit 597 -1,403 1,156 -989

Exports 9,831 0 0 0Non-Trading Income 0 24 13 22Depreciation 144 246 305 235Interest Paid 15 7 0 0

Auditors Fees 7 8 8 8

Directors Emoluments 285 286 271 261Employee Pay 6,953 6,959 6,748 5,270

Number of Employees 218 221 224 180

Balance Sheet

Date of Accounts 31/07/2010 31/07/2009 31/07/2008 31/07/2007£000s £000s £000s £000s

Tangible Fixed Assets 183 168 316 365Intangible Assets 0 0 0 0Intermediate Assets 0 0 0 0

Total Fixed Assets 183 168 316 365

Stocks 31 447 168 209Trade Debtors 1,112 572 1,771 898Other Current Assets 1,324 1,220 575 303

Total Current Assets 2,467 2,239 2,514 1,410

Total Assets 2,650 2,407 2,830 1,775

Trade Creditors 70 106 120 169Short-Term Loans 121 83 0 0Other Current Liabilities 316 585 422 471

Total Current Liabilities 507 774 542 640

T/Assets - C/Liabilities 2,143 1,633 2,288 1,135

Long-Term Loans 90 178 0 0Other L/Term Liabilities 0 0 0 0Total Capital & Reserves 2,053 1,455 2,288 1,135

Capital Employed 2,143 1,633 2,288 1,135

Type of Accounts Unconsolidated Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52 52

* The Company’s accounts for 31/07/2009 are those used in the analysis.These are shown in bold text and are used to calculate the performancerankings in the League Tables. The later accounts fall outside the analysisperiod but have been presented for further information.

Company Profiles

3-12 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 29: Computer and Video Games Industry 2011

Blitz Games Studios Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) 22.5 -58.3 40.8 -55.7Return on Capital (%) 27.9 -85.9 50.5 -87.1Pre-tax Profit Margin (%) 5.8 -17.5 10.5 -14.8Return on Investment (%) 27.0 -81.4 50.5 -87.1Rtn. on Total Capital & Reserves (%) 29.1 -96.4 50.5 -87.1

Liquidity Ratios Quick Ratio (Acid Test) 4.80 2.32 4.33 1.88Current Ratio 4.87 2.89 4.64 2.20

Gearing Ratios Total Debt / Net Worth (%) 10.3 17.9 0.0 0.0Equity Gearing (%) 343.9 152.8 422.1 177.3Income Gearing (Interest Cover) (%) 2.5 ^ 0.0 ^

Efficiency Ratios Debtor Days Outstanding 39 26 59 49Working Capital / Sales (%) 18.9 18.3 17.9 11.5Stocks / Sales (%) 0.3 5.6 1.5 3.1Sales / Capital Employed 4.8 4.9 4.8 5.9Sales / Fixed Assets 56.6 47.8 34.8 18.3Creditor Days 2 5 4 9Asset Utilisation 3.91 3.33 3.88 3.76

Employee Performance Pay per Employee (£) 31,894 31,489 30,125 29,278Profit per £ of Pay (£) 0.09 -0.20 0.17 -0.19Profit per Employee (£) 2,739 -6,348 5,161 -5,494Sales per Employee (£) 47,472 36,299 49,054 37,100Capital Employed per Employee (£) 9,830 7,389 10,214 6,306Fixed Assets per Employee (£) 839 760 1,411 2,028Pay / Sales (%) 67.2 86.7 61.4 78.9

Other Ratios Exports / Sales (%) 95.0 0.0 0.0 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 42Return on Capital 36Pre-tax Profit Margin 37Return on Investment 42

Position in subsectorLiquidity Quick Ratio (Acid Test) 14Current Ratio 14

Position in subsectorGearing Total Debt / Net Worth 18Equity Gearing 10Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 18Stocks / Sales 37Sales / Fixed Assets 24Asset Utilisation 7

Position in subsectorEmployee Performance Pay per Employee 27Profit per £ of Pay 27Sales per Employee 39Capital Employed per Employee 30Pay / Sales 1

Position in subsectorGrowth Sales Growth 20Pre-tax Profit Growth -Total Assets Growth 20Number of Employees Growth 17Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-13Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 30: Computer and Video Games Industry 2011

Centresoft Ltd

Address6 Pavilion DriveHolfordBirminghamW MidlandsB6 7BB

Telephone 01216253388

Fax 01216253236

Trading ActivityThe distribution of entertainment software,games consoles, low-cost business softwareand peripherals and the provision ofdistribution services to publishers ofcomputer games.

Main SIC Codes516405147774849

Directors (as at May 2011)Steven G. VarnishDavid NealBrian KellyRobert KotickIan D. MattinglyChristopher B. WaltherMargaret Pearson

Company SecretarySteven G. Varnish

AuditorsPricewaterhousecoopers Llp

Date Incorporated26/10/1982

Registered Number01673860

Previous Name(s) with date(s) of changeBamville Ltd, 28/04/1983

Holding CompanyCombined Distrbtn. (Hldgs.) Ltd

Ultimate Holding CompanyVivendi Sa

Main UK Subsidiaries with Turnover (£’000)P.D.Q. Distrbtn. Ltd 7

Profit & Loss* year analysed in League Tables

Date of Accounts 31/12/2010 31/12/2009 31/12/2008 31/03/2008£000s £000s £000s £000s

Sales 254,303 278,747 197,736 197,322Pre-tax Profit 9,284 18,452 2,943 5,442

Exports 0Non-Trading Income 1,664 10,048 866 2,711Depreciation 438 387 307 591Interest Paid 167 188 212 134

Auditors Fees 53 55 40 55

Directors Emoluments 603 539 388 605Employee Pay 4,428 3,498 2,867 3,957

Number of Employees 129 125 131 144

Balance Sheet

Date of Accounts 31/12/2010 31/12/2009 31/12/2008 31/03/2008£000s £000s £000s £000s

Tangible Fixed Assets 987 808 788 736Intangible Assets 0 0 0 0Intermediate Assets 0 0 6 6

Total Fixed Assets 987 808 794 742

Stocks 12,809 9,829 8,402 9,307Trade Debtors 22,078 27,840 50,826 15,871Other Current Assets 57,439 51,059 36,978 21,057

Total Current Assets 92,326 88,728 96,206 46,235

Total Assets 93,313 89,536 97,000 46,977

Trade Creditors 54,312 56,457 73,136 26,506Short-Term Loans 4,129 778 1,416 2,111Other Current Liabilities 7,330 7,506 4,445 2,221

Total Current Liabilities 65,771 64,741 78,997 30,838

T/Assets - C/Liabilities 27,542 24,795 18,003 16,139

Long-Term Loans 0 0 0 0Other L/Term Liabilities 0 0 0 0Total Capital & Reserves 27,542 24,795 18,003 16,139

Capital Employed 27,542 24,795 18,003 16,139

Type of Accounts Unconsolidated Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 39 52

* The Company’s accounts for 31/12/2009 are those used in the analysis.These are shown in bold text and are used to calculate the performancerankings in the League Tables. The later accounts fall outside the analysisperiod but have been presented for further information.

Company Profiles

3-14 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 31: Computer and Video Games Industry 2011

Centresoft Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) 9.9 20.6 4.0 11.6Return on Capital (%) 33.7 74.4 21.8 33.7Pre-tax Profit Margin (%) 3.7 6.6 1.5 2.8Return on Investment (%) 29.8 72.9 21.7 30.6Rtn. on Total Capital & Reserves (%) 33.7 74.4 21.8 33.7

Liquidity Ratios Quick Ratio (Acid Test) 1.21 1.22 1.11 1.20Current Ratio 1.40 1.37 1.22 1.50

Gearing Ratios Total Debt / Net Worth (%) 15.0 3.1 7.9 13.1Equity Gearing (%) 41.9 38.3 22.8 52.3Income Gearing (Interest Cover) (%) 1.8 1.0 6.7 2.4

Efficiency Ratios Debtor Days Outstanding 32 36 70 29Working Capital / Sales (%) 10.4 8.6 6.5 7.8Stocks / Sales (%) 5.0 3.5 3.2 4.7Sales / Capital Employed 9.2 11.2 14.6 12.2Sales / Fixed Assets 257.7 345.0 334.6 268.1Creditor Days 78 74 101 49Asset Utilisation 2.73 3.11 2.72 4.20

Employee Performance Pay per Employee (£) 34,326 27,984 29,181 27,479Profit per £ of Pay (£) 2.10 5.28 1.03 1.38Profit per Employee (£) 71,969 147,616 29,954 37,792Sales per Employee (£) 1,971,341 2,229,976 2,012,580 1,370,292Capital Employed per Employee (£) 213,504 198,360 137,427 112,076Fixed Assets per Employee (£) 7,651 6,464 6,015 5,111Pay / Sales (%) 1.7 1.3 1.4 2.0

Other Ratios Exports / Sales (%) - - - 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 8Return on Capital 3Pre-tax Profit Margin 10Return on Investment 3

Position in subsectorLiquidity Quick Ratio (Acid Test) 26Current Ratio 27

Position in subsectorGearing Total Debt / Net Worth 12Equity Gearing 23Income Gearing (Interest Cover) 15

Position in subsectorEfficiency Debtor Days Outstanding 26Stocks / Sales 31Sales / Fixed Assets 9Asset Utilisation 10

Position in subsectorEmployee Performance Pay per Employee 31Profit per £ of Pay 1Sales per Employee 3Capital Employed per Employee 8Pay / Sales 37

Position in subsectorGrowth Sales Growth 12Pre-tax Profit Growth 2Total Assets Growth 10Number of Employees Growth 24Exports Growth -

Special Notes Symbols

2009 PBT includes 9.8m profit on sale of investment. ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-15Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 32: Computer and Video Games Industry 2011

Choices UK Group Ltd

AddressQueen StreetBurton On TrentDE14 3LP

Trading ActivityThe distribution and rental of computergames consoles and related software, DVDsales and rental, and the sales of otherdigital media.

Main SIC Codes51180

Directors (as at May 2011)David RobinsonJoseph McNicholas

Company SecretaryChristopher Stafford

AuditorsDeloitte Llp

Date Incorporated20/06/2007

Registered Number06286783

Previous Name(s) with date(s) of changeHamsard 3076 Ltd, 07/09/2007

Holding CompanyWebb Gp. Ltd

Ultimate Holding CompanyFindel P.L.C.

Profit & Loss

Date of Accounts 02/04/2010 31/12/2008 31/03/2008£000s £000s £000s

Sales 55,993 55,034 45,740Pre-tax Profit -8,482 2,715 -8,117

Exports 0 0 0Non-Trading Income -108 0 0Depreciation 0 36 13Interest Paid 767 1,236 1,579

Auditors Fees 119 26 26

Directors Emoluments 214 0 0Employee Pay 6,810 5,386 3,662

Number of Employees 233 268 262

Balance Sheet

Date of Accounts 02/04/2010 31/12/2008 31/03/2008£000s £000s £000s

Tangible Fixed Assets 2,090 749 137Intangible Assets 2,896 3,104 3,225Intermediate Assets 0 0 0

Total Fixed Assets 4,986 3,853 3,362

Stocks 3,735 6,195 4,005Trade Debtors 1,717 27,994 11,153Other Current Assets 10,673 5,069 4,169

Total Current Assets 16,125 39,258 19,327

Total Assets 21,111 43,111 22,689

Trade Creditors 120 8,258 3,221Short-Term Loans 34,377 36,076 20,525Other Current Liabilities 498 4,178 7,060

Total Current Liabilities 34,995 48,512 30,806

T/Assets - C/Liabilities -13,884 -5,401 -8,117

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves -13,884 -5,401 -8,117

Capital Employed -13,884 -5,401 -8,117

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 65 39 41

Company Profiles

3-16 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 33: Computer and Video Games Industry 2011

Choices UK Group Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -32.1 8.4 -45.4Return on Capital (%) - ^ ^ ^Pre-tax Profit Margin (%) - -15.1 4.9 -17.7Return on Investment (%) - -30.1 17.2 -66.8Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.35 0.68 0.50Current Ratio - 0.46 0.81 0.63

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -39.7 -11.1 -26.3Income Gearing (Interest Cover) (%) - ^ 31.3 ^

Efficiency Ratios Debtor Days Outstanding - 14 139 70Working Capital / Sales (%) - -42.1 -12.6 -19.8Stocks / Sales (%) - 8.3 8.4 6.9Sales / Capital Employed - ^ ^ ^Sales / Fixed Assets - 21.4 98.0 423.4Creditor Days - 1 41 20Asset Utilisation - 2.12 1.70 2.56

Employee Performance Pay per Employee (£) - 23,382 26,796 17,727Profit per £ of Pay (£) - -1.25 0.50 -2.22Profit per Employee (£) - -29,123 13,507 -39,293Sales per Employee (£) - 192,251 273,801 221,419Capital Employed per Employee (£) - -59,588 -20,153 -30,981Fixed Assets per Employee (£) - 8,970 2,795 523Pay / Sales (%) - 12.2 9.8 8.0

Other Ratios Exports / Sales (%) - 0.0 0.0 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 10Return on Capital -Pre-tax Profit Margin 10Return on Investment 10

Position in subsectorLiquidity Quick Ratio (Acid Test) 8Current Ratio 10

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 10Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 7Stocks / Sales 4Sales / Fixed Assets 5Asset Utilisation 9

Position in subsectorEmployee Performance Pay per Employee 2Profit per £ of Pay 6Sales per Employee 2Capital Employed per Employee 6Pay / Sales 1

Position in subsectorGrowth Sales Growth 7Pre-tax Profit Growth -Total Assets Growth 8Number of Employees Growth 6Exports Growth -

Special Notes Symbols

2010 PBT includes exceptional charges of 3.2m. ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-17Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 34: Computer and Video Games Industry 2011

Codemasters Software Co. Ltd (The)

AddressStoneythorpeSouthamWarwickshireCV47 2DL

Telephone 01926814132

Trading ActivityThe development and publishing ofentertainment software.

Main SIC Codes72200

Directors (as at May 2011)Rodney P. Cousens

Company SecretaryPaul S. Martin

AuditorsPricewaterhousecoopers Llp

Date Incorporated06/08/1986

Registered Number02044132

Previous Name(s) with date(s) of changeElectric Games Co. Ltd, 18/09/1986

Holding CompanyDigital Computers Ltd

Ultimate Holding CompanyCodemasters Gp. Hldgs. Ltd

Profit & Loss

Date of Accounts 30/06/2009 30/06/2008 30/06/2007£000s £000s £000s

Sales 64,572 85,459 56,388Pre-tax Profit -89,652 -1,895 734

Exports 38,365 68,992 39,779Non-Trading Income 785 1,099 166Depreciation 4,019 2,220 1,376Interest Paid 11,608 8,346 2,393

Auditors Fees 70 83 37

Directors Emoluments 641 650 1,096Employee Pay 22,675 16,736 15,069

Number of Employees 648 479 422

Balance Sheet

Date of Accounts 30/06/2009 30/06/2008 30/06/2007£000s £000s £000s

Tangible Fixed Assets 12,271 13,060 10,340Intangible Assets 37,382 50,626 29,388Intermediate Assets 50 7,679 5,652

Total Fixed Assets 49,703 71,365 45,380

Stocks 1,715 1,327 274Trade Debtors 13,937 8,185 11,631Other Current Assets 35,169 42,859 30,177

Total Current Assets 50,821 52,371 42,082

Total Assets 100,524 123,736 87,462

Trade Creditors 25,473 15,893 11,340Short-Term Loans 128,333 17,218 16,190Other Current Liabilities 19,176 11,697 9,687

Total Current Liabilities 172,982 44,808 37,217

T/Assets - C/Liabilities -72,458 78,928 50,245

Long-Term Loans 9,147 67,240 38,208Other L/Term Liabilities 3,017 1,455 2,080Total Capital & Reserves -84,622 10,233 9,957

Capital Employed -72,458 78,928 50,245

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-18 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 35: Computer and Video Games Industry 2011

Codemasters Software Co. Ltd (The)

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -89.2 -1.5 0.8Return on Capital (%) - ^ -2.4 1.5Pre-tax Profit Margin (%) - -138.8 -2.2 1.3Return on Investment (%) - -139.7 6.7 4.7Rtn. on Total Capital & Reserves (%) - ^ -18.5 7.4

Liquidity Ratios Quick Ratio (Acid Test) - 0.28 1.14 1.12Current Ratio - 0.29 1.17 1.13

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -45.7 9.0 12.8Income Gearing (Interest Cover) (%) - ^ 129.4 76.5

Efficiency Ratios Debtor Days Outstanding - 79 35 75Working Capital / Sales (%) - -189.2 8.8 8.6Stocks / Sales (%) - 2.7 1.6 0.5Sales / Capital Employed - ^ 1.1 1.1Sales / Fixed Assets - 5.3 6.5 5.5Creditor Days - 144 68 73Asset Utilisation - 0.64 0.69 0.64

Employee Performance Pay per Employee (£) - 34,992 34,939 35,709Profit per £ of Pay (£) - -3.95 -0.11 0.05Profit per Employee (£) - -138,352 -3,956 1,739Sales per Employee (£) - 99,648 178,411 133,621Capital Employed per Employee (£) - -111,818 164,777 119,064Fixed Assets per Employee (£) - 18,937 27,265 24,502Pay / Sales (%) - 35.1 19.6 26.7

Other Ratios Exports / Sales (%) - 59.4 80.7 70.5

League Table Positions

Position in subsectorProfitability Return on Total Assets 45Return on Capital -Pre-tax Profit Margin 45Return on Investment 45

Position in subsectorLiquidity Quick Ratio (Acid Test) 42Current Ratio 42

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 43Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 39Stocks / Sales 27Sales / Fixed Assets 37Asset Utilisation 40

Position in subsectorEmployee Performance Pay per Employee 23Profit per £ of Pay 36Sales per Employee 26Capital Employed per Employee 35Pay / Sales 14

Position in subsectorGrowth Sales Growth 21Pre-tax Profit Growth -Total Assets Growth 26Number of Employees Growth 7Exports Growth 12

Special Notes Symbols

2009 PBT includes 80.7m research expenses and amortisation ^ represents a figure that cannot be calculated.of development costs (2008 = 28.0m). - indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-19Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 36: Computer and Video Games Industry 2011

Connect Entertainment Ltd

AddressUnit 1 Canons RoadOld WolvertonMilton KeynesBuckinghamshireMK12 5TL

Trading ActivityThe wholesaling of electronic games.

Main SIC Codes51700

Directors (as at May 2011)Spencer H. Guinchard

Company SecretaryDenise I. Middleton

AuditorsMacintyre Hudson Llp

Date Incorporated27/05/2002

Registered Number04447936

Previous Name(s) with date(s) of changeS Guinchard Consultants Ltd, 11/08/2003

Profit & Loss

Date of Accounts 30/04/2010 30/04/2009 30/04/2008£000s £000s £000s

Sales 4,112 3,788 3,261Pre-tax Profit 364 173 31

Exports 2,034Non-Trading Income 0 0 0Depreciation 2 3 5Interest Paid 0 0 0

Auditors Fees 0 0 0

Directors Emoluments 7 7 5Employee Pay

Number of Employees

Balance Sheet

Date of Accounts 30/04/2010 30/04/2009 30/04/2008£000s £000s £000s

Tangible Fixed Assets 12 12 12Intangible Assets 0 0 0Intermediate Assets 35 35 0

Total Fixed Assets 47 47 12

Stocks 18 18 28Trade Debtors 279 300 368Other Current Assets 295 213 60

Total Current Assets 592 531 456

Total Assets 639 578 468

Trade Creditors 20 99 197Short-Term Loans 196 66 131Other Current Liabilities 124 236 19

Total Current Liabilities 340 401 347

T/Assets - C/Liabilities 299 177 121

Long-Term Loans 0 0 0Other L/Term Liabilities 1 0 0Total Capital & Reserves 298 177 121

Capital Employed 299 177 121

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-20 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 37: Computer and Video Games Industry 2011

Connect Entertainment Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 57.0 29.9 6.6Return on Capital (%) - 121.7 97.7 25.6Pre-tax Profit Margin (%) - 8.9 4.6 1.0Return on Investment (%) - 73.5 71.2 12.3Rtn. on Total Capital & Reserves (%) - 122.1 97.7 25.6

Liquidity Ratios Quick Ratio (Acid Test) - 1.69 1.28 1.23Current Ratio - 1.74 1.32 1.31

Gearing Ratios Total Debt / Net Worth (%) - 65.8 37.3 108.3Equity Gearing (%) - 87.4 44.1 34.9Income Gearing (Interest Cover) (%) - 0.0 0.0 0.0

Efficiency Ratios Debtor Days Outstanding - 25 29 41Working Capital / Sales (%) - 6.1 3.4 3.3Stocks / Sales (%) - 0.4 0.5 0.9Sales / Capital Employed - 13.8 21.4 27.0Sales / Fixed Assets - 342.7 315.7 271.8Creditor Days - 2 10 22Asset Utilisation - 6.44 6.55 6.97

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - - -Profit per Employee (£) - - - -Sales per Employee (£) - - - -Capital Employed per Employee (£) - - - -Fixed Assets per Employee (£) - - - -Pay / Sales (%) - - - -

Other Ratios Exports / Sales (%) - 49.5 - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 1Return on Capital 1Pre-tax Profit Margin 1Return on Investment 1

Position in subsectorLiquidity Quick Ratio (Acid Test) 2Current Ratio 3

Position in subsectorGearing Total Debt / Net Worth 5Equity Gearing 3Income Gearing (Interest Cover) 1

Position in subsectorEfficiency Debtor Days Outstanding 8Stocks / Sales 2Sales / Fixed Assets 1Asset Utilisation 1

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth 2Pre-tax Profit Growth 1Total Assets Growth 2Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-21Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 38: Computer and Video Games Industry 2011

The Creative Assembly International Ltd

Address27 Great West RoadBrentfordMiddlesexTW8 9BW

Trading ActivityGames software consultants.

Main SIC Codes7220074849

Directors (as at May 2011)Michael HayesNaoya Tsurumi

Company SecretaryNicola Ormrod

AuditorsKpmg Llp

Date Incorporated04/03/2002

Registered Number04386395

Holding CompanyThe Creative Assembly Ltd

Ultimate Holding CompanySega Sammy Hldgs. Inc.

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 4,317 4,372 2,924Pre-tax Profit 59 530 281

ExportsNon-Trading Income 1 5 1Depreciation 227 226 125Interest Paid 0 0 0

Auditors Fees 10 10 10

Directors Emoluments 0 0 0Employee Pay 2,349 1,766 1,723

Number of Employees 58 62 46

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 407 353 400Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 407 353 400

Stocks 0 0 0Trade Debtors 0 0 0Other Current Assets 1,598 974 757

Total Current Assets 1,598 974 757

Total Assets 2,005 1,327 1,157

Trade Creditors 1 0 0Short-Term Loans 182 36 31Other Current Liabilities 311 162 439

Total Current Liabilities 494 198 470

T/Assets - C/Liabilities 1,511 1,129 687

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 1,511 1,129 687

Capital Employed 1,511 1,129 687

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-22 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 39: Computer and Video Games Industry 2011

The Creative Assembly International Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 2.9 39.9 24.3Return on Capital (%) - 3.9 46.9 40.9Pre-tax Profit Margin (%) - 1.4 12.1 9.6Return on Investment (%) - 3.5 45.5 39.1Rtn. on Total Capital & Reserves (%) - 3.9 46.9 40.9

Liquidity Ratios Quick Ratio (Acid Test) - 3.23 4.92 1.61Current Ratio - 3.23 4.92 1.61

Gearing Ratios Total Debt / Net Worth (%) - 12.0 3.2 4.5Equity Gearing (%) - 305.9 570.2 146.2Income Gearing (Interest Cover) (%) - 0.0 0.0 0.0

Efficiency Ratios Debtor Days Outstanding - 0 0 0Working Capital / Sales (%) - 25.6 17.7 9.8Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 2.9 3.9 4.3Sales / Fixed Assets - 10.6 12.4 7.3Creditor Days - 0 0 0Asset Utilisation - 2.15 3.29 2.53

Employee Performance Pay per Employee (£) - 40,500 28,484 37,457Profit per £ of Pay (£) - 0.03 0.30 0.16Profit per Employee (£) - 1,017 8,548 6,109Sales per Employee (£) - 74,431 70,516 63,565Capital Employed per Employee (£) - 26,052 18,210 14,935Fixed Assets per Employee (£) - 7,017 5,694 8,696Pay / Sales (%) - 54.4 40.4 58.9

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 21Return on Capital 22Pre-tax Profit Margin 21Return on Investment 22

Position in subsectorLiquidity Quick Ratio (Acid Test) 8Current Ratio 9

Position in subsectorGearing Total Debt / Net Worth 16Equity Gearing 5Income Gearing (Interest Cover) 2

Position in subsectorEfficiency Debtor Days Outstanding 4Stocks / Sales 14Sales / Fixed Assets 34Asset Utilisation 18

Position in subsectorEmployee Performance Pay per Employee 20Profit per £ of Pay 20Sales per Employee 30Capital Employed per Employee 26Pay / Sales 9

Position in subsectorGrowth Sales Growth 11Pre-tax Profit Growth 16Total Assets Growth 12Number of Employees Growth 12Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-23Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 40: Computer and Video Games Industry 2011

Datel Holdings Ltd

AddressStafford RoadStoneStaffordshireST15 0DG

Trading ActivityA group engaged in the design, manufactureand distribution of computer games andmulti-media products and services.

Main SIC Codes7220022330

Directors (as at May 2011)Michael J. ConnorsMichelle P. Bartlett

Company SecretaryMichelle P. Bartlett

AuditorsGrant Thornton Uk Llp

BankersHsbc Bank Plc

Date Incorporated27/04/1994

Registered Number02923344

Previous Name(s) with date(s) of changeMerchantpress Ltd, 21/07/1994

Main UK Subsidiaries with Turnover (£’000)Datel Direct Ltd 17Datel Electronics Ltd 15Datel Design & Development Ltd 1

Profit & Loss

Date of Accounts 31/05/2010 31/05/2009 31/05/2008£000s £000s £000s

Sales 22,301 24,816 25,810Pre-tax Profit -1,069 -1,780 -1,243

Exports 16,261 18,031 19,440Non-Trading Income 1 0 1Depreciation 1,771 1,962 2,089Interest Paid 297 748 656

Auditors Fees 43 43 42

Directors Emoluments 458 1,145 1,365Employee Pay 4,251 5,177 4,118

Number of Employees 156 206 223

Balance Sheet

Date of Accounts 31/05/2010 31/05/2009 31/05/2008£000s £000s £000s

Tangible Fixed Assets 9,562 10,970 12,572Intangible Assets 0 0 0Intermediate Assets 7,619 578 613

Total Fixed Assets 17,181 11,548 13,185

Stocks 6,810 7,249 5,464Trade Debtors 1,889 1,394 7,831Other Current Assets 4,708 10,296 2,198

Total Current Assets 13,407 18,939 15,493

Total Assets 30,588 30,487 28,678

Trade Creditors 4,567 3,324 2,784Short-Term Loans 2,316 1,960 1,228Other Current Liabilities 1,542 1,619 1,520

Total Current Liabilities 8,425 6,903 5,532

T/Assets - C/Liabilities 22,163 23,584 23,146

Long-Term Loans 10,215 10,156 8,219Other L/Term Liabilities 326 155 102Total Capital & Reserves 11,622 13,273 14,825

Capital Employed 22,163 23,584 23,146

Type of Accounts Consolidated Consolidated Consolidated

Number of weeks 52 52 52

Company Profiles

3-24 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 41: Computer and Video Games Industry 2011

Datel Holdings Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -3.5 -5.8 -4.3Return on Capital (%) - -4.8 -7.5 -5.4Pre-tax Profit Margin (%) - -4.8 -7.2 -4.8Return on Investment (%) - -3.2 -4.0 -2.4Rtn. on Total Capital & Reserves (%) - -9.2 -13.4 -8.4

Liquidity Ratios Quick Ratio (Acid Test) - 0.78 1.69 1.81Current Ratio - 1.59 2.74 2.80

Gearing Ratios Total Debt / Net Worth (%) - 107.8 91.3 63.7Equity Gearing (%) - 61.3 77.1 107.0Income Gearing (Interest Cover) (%) - ^ ^ ^

Efficiency Ratios Debtor Days Outstanding - 31 21 111Working Capital / Sales (%) - 22.3 48.5 38.6Stocks / Sales (%) - 30.5 29.2 21.2Sales / Capital Employed - 1.0 1.1 1.1Sales / Fixed Assets - 2.3 2.3 2.1Creditor Days - 75 49 39Asset Utilisation - 0.73 0.81 0.90

Employee Performance Pay per Employee (£) - 27,250 25,131 18,466Profit per £ of Pay (£) - -0.25 -0.34 -0.30Profit per Employee (£) - -6,853 -8,641 -5,574Sales per Employee (£) - 142,955 120,466 115,740Capital Employed per Employee (£) - 142,071 114,485 103,794Fixed Assets per Employee (£) - 61,295 53,252 56,377Pay / Sales (%) - 19.1 20.9 16.0

Other Ratios Exports / Sales (%) - 72.9 72.7 75.3

League Table Positions

Position in subsectorProfitability Return on Total Assets 27Return on Capital 26Pre-tax Profit Margin 27Return on Investment 27

Position in subsectorLiquidity Quick Ratio (Acid Test) 36Current Ratio 25

Position in subsectorGearing Total Debt / Net Worth 27Equity Gearing 21Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 22Stocks / Sales 45Sales / Fixed Assets 40Asset Utilisation 37

Position in subsectorEmployee Performance Pay per Employee 32Profit per £ of Pay 29Sales per Employee 22Capital Employed per Employee 13Pay / Sales 23

Position in subsectorGrowth Sales Growth 29Pre-tax Profit Growth -Total Assets Growth 29Number of Employees Growth 31Exports Growth 13

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-25Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 42: Computer and Video Games Industry 2011

Electronic Arts Ltd

Address90 Heron DriveSloughBerkshireSL3 8XP

Telephone 01753549442

Fax 01753595841

Trading ActivityThe publication and distribution of computergames.

Main SIC Codes72200

Directors (as at May 2011)Keith RamsdaleMatthew WisbeyEric F. BrownKristian SegerstraleKeith A. KallweitKeith A. Kallweit

Company SecretaryMarie B. Westerlund

AuditorsKpmg Llp

Date Incorporated23/09/1986

Registered Number02057591

Previous Name(s) with date(s) of changeEoa Ltd, 03/08/1987Hazlist Ltd, 15/01/1987

Holding CompanyElectronic Arts Nederland Bv

Ultimate Holding CompanyElectronic Arts Inc.

Profit & Loss

Date of Accounts 03/04/2010 28/03/2009 29/03/2008£000s £000s £000s

Sales 271,234 249,603 255,072Pre-tax Profit -2,226 -11,464 -20,521

ExportsNon-Trading Income -77 544 537Depreciation 3,448 4,295 30,384Interest Paid 791 1,872 1,790

Auditors Fees 149 157 247

Directors Emoluments 768 1,796 716Employee Pay 29,893 32,675 33,802

Number of Employees 546 639 732

Balance Sheet

Date of Accounts 03/04/2010 28/03/2009 29/03/2008£000s £000s £000s

Tangible Fixed Assets 9,959 12,670 15,830Intangible Assets 10,804 3,024 4,536Intermediate Assets 28,048 11,000 0

Total Fixed Assets 48,811 26,694 20,366

Stocks 0 0 0Trade Debtors 19,872 15,996 12,697Other Current Assets 116,238 46,785 63,616

Total Current Assets 136,110 62,781 76,313

Total Assets 184,921 89,475 96,679

Trade Creditors 6,682 5,298 3,091Short-Term Loans 1,452 12,851 12,790Other Current Liabilities 21,321 17,976 20,606

Total Current Liabilities 29,455 36,125 36,487

T/Assets - C/Liabilities 155,466 53,350 60,192

Long-Term Loans 22,550 22,550 22,550Other L/Term Liabilities 8,250 9,792 9,546Total Capital & Reserves 124,666 21,008 28,096

Capital Employed 155,466 53,350 60,192

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 53 52 52

Company Profiles

3-26 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 43: Computer and Video Games Industry 2011

Electronic Arts Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -1.2 -12.8 -21.2Return on Capital (%) - -1.4 -21.5 -34.1Pre-tax Profit Margin (%) - -0.8 -4.6 -8.0Return on Investment (%) - -0.9 -14.5 -25.7Rtn. on Total Capital & Reserves (%) - -1.8 -54.6 -73.0

Liquidity Ratios Quick Ratio (Acid Test) - 4.62 1.74 2.09Current Ratio - 4.62 1.74 2.09

Gearing Ratios Total Debt / Net Worth (%) - 21.1 196.8 150.0Equity Gearing (%) - 206.9 30.7 41.0Income Gearing (Interest Cover) (%) - ^ ^ ^

Efficiency Ratios Debtor Days Outstanding - 27 23 18Working Capital / Sales (%) - 40.1 10.7 15.6Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 1.7 4.7 4.2Sales / Fixed Assets - 26.7 19.7 16.1Creditor Days - 9 8 4Asset Utilisation - 1.44 2.79 2.64

Employee Performance Pay per Employee (£) - 53,716 51,135 46,178Profit per £ of Pay (£) - -0.07 -0.35 -0.61Profit per Employee (£) - -4,000 -17,941 -28,034Sales per Employee (£) - 487,393 390,615 348,459Capital Employed per Employee (£) - 284,736 83,490 82,230Fixed Assets per Employee (£) - 18,240 19,828 21,626Pay / Sales (%) - 11.0 13.1 13.3

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 24Return on Capital 24Pre-tax Profit Margin 24Return on Investment 26

Position in subsectorLiquidity Quick Ratio (Acid Test) 5Current Ratio 5

Position in subsectorGearing Total Debt / Net Worth 20Equity Gearing 7Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 19Stocks / Sales 1Sales / Fixed Assets 27Asset Utilisation 27

Position in subsectorEmployee Performance Pay per Employee 10Profit per £ of Pay 22Sales per Employee 15Capital Employed per Employee 6Pay / Sales 24

Position in subsectorGrowth Sales Growth 23Pre-tax Profit Growth -Total Assets Growth 9Number of Employees Growth 29Exports Growth -

Special Notes Symbols

2009 PBT includes 13.6m charge regarding impairment of ^ represents a figure that cannot be calculated.investment properties (2008 PBT = 24.5m.) - indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-27Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 44: Computer and Video Games Industry 2011

Eutechnyx Ltd

AddressMetrocentre East Business ParkWaterside DriveGatesheadTyne And WearNE11 9HU

Telephone 01914606060

Trading ActivityThe operation of a leisure softwaredevelopment facility in the north east ofengland.

Main SIC Codes72200

Directors (as at May 2011)Brian H. JoblingDarren Jobling

Company SecretaryBrian H. Jobling

AuditorsPricewaterhousecoopers Llp

Date Incorporated30/09/1987

Registered Number02172322

Previous Name(s) with date(s) of changeMerit Studios (Europe) Ltd, 12/03/1997Zeppelin Games Ltd, 12/07/1994

Holding CompanyEutechnyx Hldgs. Ltd

Ultimate Holding CompanyEutechnyx Hldgs. Ltd

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 3,764 5,407 4,416Pre-tax Profit -235 69 859

Exports 0 0 0Non-Trading Income 0 0 0Depreciation 146 182 150Interest Paid 91 49 78

Auditors Fees 11 10 10

Directors Emoluments 136 223 311Employee Pay 1,887 2,411 1,975

Number of Employees 78 90 71

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 194 321 313Intangible Assets 0 0 0Intermediate Assets 114 114 36

Total Fixed Assets 308 435 349

Stocks 1,063 743 0Trade Debtors 1,091 1,065 869Other Current Assets 1,971 183 282

Total Current Assets 4,125 1,991 1,151

Total Assets 4,433 2,426 1,500

Trade Creditors 268 153 121Short-Term Loans 499 520 453Other Current Liabilities 541 700 426

Total Current Liabilities 1,308 1,373 1,000

T/Assets - C/Liabilities 3,125 1,053 500

Long-Term Loans 2,630 587 219Other L/Term Liabilities 12 8 27Total Capital & Reserves 483 458 254

Capital Employed 3,125 1,053 500

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-28 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 45: Computer and Video Games Industry 2011

Eutechnyx Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -5.3 2.8 57.3Return on Capital (%) - -7.5 6.6 171.8Pre-tax Profit Margin (%) - -6.2 1.3 19.5Return on Investment (%) - -4.0 7.5 98.3Rtn. on Total Capital & Reserves (%) - -48.7 15.1 338.2

Liquidity Ratios Quick Ratio (Acid Test) - 2.34 0.91 1.15Current Ratio - 3.15 1.45 1.15

Gearing Ratios Total Debt / Net Worth (%) - 647.8 241.7 264.6Equity Gearing (%) - 12.2 23.3 20.4Income Gearing (Interest Cover) (%) - ^ 41.5 8.3

Efficiency Ratios Debtor Days Outstanding - 106 72 72Working Capital / Sales (%) - 74.8 11.4 3.4Stocks / Sales (%) - 28.2 13.7 0.0Sales / Capital Employed - 1.2 5.1 8.8Sales / Fixed Assets - 19.4 16.8 14.1Creditor Days - 26 10 10Asset Utilisation - 0.85 2.23 2.94

Employee Performance Pay per Employee (£) - 24,192 26,789 27,817Profit per £ of Pay (£) - -0.12 0.03 0.43Profit per Employee (£) - -3,013 767 12,099Sales per Employee (£) - 48,256 60,078 62,197Capital Employed per Employee (£) - 40,064 11,700 7,042Fixed Assets per Employee (£) - 2,487 3,567 4,408Pay / Sales (%) - 50.1 44.6 44.7

Other Ratios Exports / Sales (%) - 0.0 0.0 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 29Return on Capital 29Pre-tax Profit Margin 29Return on Investment 29

Position in subsectorLiquidity Quick Ratio (Acid Test) 13Current Ratio 10

Position in subsectorGearing Total Debt / Net Worth 32Equity Gearing 30Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 42Stocks / Sales 43Sales / Fixed Assets 29Asset Utilisation 34

Position in subsectorEmployee Performance Pay per Employee 34Profit per £ of Pay 24Sales per Employee 38Capital Employed per Employee 22Pay / Sales 11

Position in subsectorGrowth Sales Growth 30Pre-tax Profit Growth -Total Assets Growth 4Number of Employees Growth 19Exports Growth -

Special Notes Symbols

2009 PBT includes exceptional charges of 1.3m. ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-29Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 46: Computer and Video Games Industry 2011

Evolution Studios Ltd

Address10 Great Marlborough StreetLondonW1f 7lp

Trading ActivityThe development of computer software for thegames industry.

Main SIC Codes722007240072600

Directors (as at May 2011)James G. RyanMichael S. DennyAndrew J. House

Company SecretaryMarian Toole

AuditorsPricewaterhousecoopers Llp

Date Incorporated20/04/1999

Registered Number03754597

Previous Name(s) with date(s) of changeTwinnext Ltd, 07/07/1999

Holding CompanySony Computer Entertainment Europe Ltd

Ultimate Holding CompanySony Corp

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 10,945 11,623 8,898Pre-tax Profit -808 1,007 1,680

Exports 0Non-Trading Income 9 73 13Depreciation 80 143 134Interest Paid 0 0 0

Auditors Fees 0 0 0

Directors Emoluments 0 0 284Employee Pay 5,218

Number of Employees 56

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 72 135 234Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 72 135 234

Stocks 0 0 0Trade Debtors 0 0 0Other Current Assets 4,209 14,647 5,761

Total Current Assets 4,209 14,647 5,761

Total Assets 4,281 14,782 5,995

Trade Creditors 237 129 189Short-Term Loans 0 9,646 1,344Other Current Liabilities 455 965 1,355

Total Current Liabilities 692 10,740 2,888

T/Assets - C/Liabilities 3,589 4,042 3,107

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 3,589 4,042 3,107

Capital Employed 3,589 4,042 3,107

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 39

Company Profiles

3-30 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 47: Computer and Video Games Industry 2011

Evolution Studios Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -18.9 6.8 37.4Return on Capital (%) - -22.5 24.9 72.1Pre-tax Profit Margin (%) - -7.4 8.7 18.9Return on Investment (%) - -22.5 7.4 50.3Rtn. on Total Capital & Reserves (%) - -22.5 24.9 72.1

Liquidity Ratios Quick Ratio (Acid Test) - 6.08 1.36 1.99Current Ratio - 6.08 1.36 1.99

Gearing Ratios Total Debt / Net Worth (%) - 0.0 238.6 43.3Equity Gearing (%) - 518.6 37.6 107.6Income Gearing (Interest Cover) (%) - ^ 0.0 0.0

Efficiency Ratios Debtor Days Outstanding - 0 0 0Working Capital / Sales (%) - 32.1 33.6 24.2Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 3.0 2.9 3.8Sales / Fixed Assets - 152.0 86.1 50.7Creditor Days - 8 4 6Asset Utilisation - 2.56 0.79 1.98

Employee Performance Pay per Employee (£) - - - 124,238Profit per £ of Pay (£) - - - 0.32Profit per Employee (£) - - - 40,000Sales per Employee (£) - - - 211,857Capital Employed per Employee (£) - - - 55,482Fixed Assets per Employee (£) - - - 4,179Pay / Sales (%) - - - 58.6

Other Ratios Exports / Sales (%) - 0.0 - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 35Return on Capital 32Pre-tax Profit Margin 30Return on Investment 37

Position in subsectorLiquidity Quick Ratio (Acid Test) 2Current Ratio 2

Position in subsectorGearing Total Debt / Net Worth 8Equity Gearing 2Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 1Stocks / Sales 2Sales / Fixed Assets 16Asset Utilisation 12

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth 26Pre-tax Profit Growth -Total Assets Growth 37Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-31Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 48: Computer and Video Games Industry 2011

Feral Interactive Ltd

Address64 Kimber RoadSouthfieldsLondonSW18 4PP

Trading ActivityPublishing of entertainment software.

Main SIC Codes22150

Directors (as at May 2011)David Stephen

Auditors<Missing>

Date Incorporated19/08/1999

Registered Number03828254

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 1,208 1,143 610Pre-tax Profit 12 13 -3

ExportsNon-Trading Income 0 0 0Depreciation 7 5 2Interest Paid 0 0 0

Auditors Fees 0 0 0

Directors Emoluments 12 12 12Employee Pay

Number of Employees

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 24 14 7Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 24 14 7

Stocks 34 77 38Trade Debtors 186 240 84Other Current Assets 18 5 43

Total Current Assets 238 322 165

Total Assets 262 336 172

Trade Creditors 0 287 93Short-Term Loans 0 0 0Other Current Liabilities 240 0 0

Total Current Liabilities 240 287 93

T/Assets - C/Liabilities 22 49 79

Long-Term Loans 10 50 92Other L/Term Liabilities 0 0 0Total Capital & Reserves 12 -1 -13

Capital Employed 22 49 79

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-32 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 49: Computer and Video Games Industry 2011

Feral Interactive Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 4.6 3.9 -1.7Return on Capital (%) - 54.5 26.5 -3.8Pre-tax Profit Margin (%) - 1.0 1.1 -0.5Return on Investment (%) - 54.5 26.5 -3.8Rtn. on Total Capital & Reserves (%) - 100.0 ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.85 0.85 1.37Current Ratio - 0.99 1.12 1.77

Gearing Ratios Total Debt / Net Worth (%) - 83.3 ^ ^Equity Gearing (%) - 4.8 -0.3 -7.0Income Gearing (Interest Cover) (%) - 0.0 0.0 ^

Efficiency Ratios Debtor Days Outstanding - 56 77 50Working Capital / Sales (%) - -0.2 3.1 11.8Stocks / Sales (%) - 2.8 6.7 6.2Sales / Capital Employed - 54.9 23.3 7.7Sales / Fixed Assets - 50.3 81.6 87.1Creditor Days - 0 92 56Asset Utilisation - 4.61 3.40 3.55

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - - -Profit per Employee (£) - - - -Sales per Employee (£) - - - -Capital Employed per Employee (£) - - - -Fixed Assets per Employee (£) - - - -Pay / Sales (%) - - - -

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 16Return on Capital 6Pre-tax Profit Margin 22Return on Investment 6

Position in subsectorLiquidity Quick Ratio (Acid Test) 34Current Ratio 35

Position in subsectorGearing Total Debt / Net Worth 24Equity Gearing 33Income Gearing (Interest Cover) 3

Position in subsectorEfficiency Debtor Days Outstanding 36Stocks / Sales 29Sales / Fixed Assets 22Asset Utilisation 5

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth 4Pre-tax Profit Growth -Total Assets Growth 15Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-33Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 50: Computer and Video Games Industry 2011

Gadgets & Games Ltd

Address22 Enmore RoadSouth NorwoodLondonSE25 5NQ

Trading ActivityDealing in technology led entertainmenincluding games, DVDs, computing, phones,music and other electronic musical devices.

Main SIC Codes923497260092340

Directors (as at May 2011)Wahid S. Ali

Company SecretaryOsman Mukhtar

Auditors<Missing>

Date Incorporated10/02/2009

Registered Number06815389

Profit & Loss

Date of Accounts 30/04/2010£000s

Sales 545Pre-tax Profit 43

ExportsNon-Trading Income 0Depreciation 0Interest Paid 0

Auditors Fees 0

Directors EmolumentsEmployee Pay

Number of Employees

Balance Sheet

Date of Accounts 30/04/2010£000s

Tangible Fixed Assets 112Intangible Assets 0Intermediate Assets 0

Total Fixed Assets 112

Stocks 62Trade Debtors 11Other Current Assets 71

Total Current Assets 144

Total Assets 256

Trade Creditors 51Short-Term Loans 32Other Current Liabilities 17

Total Current Liabilities 100

T/Assets - C/Liabilities 156

Long-Term Loans 142Other L/Term Liabilities 0Total Capital & Reserves 14

Capital Employed 156

Type of Accounts Unconsolidated

Number of weeks 26

Company Profiles

3-34 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 51: Computer and Video Games Industry 2011

Gadgets & Games Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 33.6 - -Return on Capital (%) - 55.1 - -Pre-tax Profit Margin (%) - 7.9 - -Return on Investment (%) - 45.7 - -Rtn. on Total Capital & Reserves (%) - 614.3 - -

Liquidity Ratios Quick Ratio (Acid Test) - 0.82 - -Current Ratio - 1.44 - -

Gearing Ratios Total Debt / Net Worth (%) - 1,242.9 - -Equity Gearing (%) - 5.8 - -Income Gearing (Interest Cover) (%) - 0.0 - -

Efficiency Ratios Debtor Days Outstanding - 4 - -Working Capital / Sales (%) - 4.0 - -Stocks / Sales (%) - 5.7 - -Sales / Capital Employed - 7.0 - -Sales / Fixed Assets - 9.7 - -Creditor Days - 17 - -Asset Utilisation - 4.26 - -

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - - -Profit per Employee (£) - - - -Sales per Employee (£) - - - -Capital Employed per Employee (£) - - - -Fixed Assets per Employee (£) - - - -Pay / Sales (%) - - - -

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 2Return on Capital 3Pre-tax Profit Margin 3Return on Investment 2

Position in subsectorLiquidity Quick Ratio (Acid Test) 3Current Ratio 5

Position in subsectorGearing Total Debt / Net Worth 6Equity Gearing 7Income Gearing (Interest Cover) 2

Position in subsectorEfficiency Debtor Days Outstanding 6Stocks / Sales 3Sales / Fixed Assets 9Asset Utilisation 3

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth -Pre-tax Profit Growth -Total Assets Growth -Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-35Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 52: Computer and Video Games Industry 2011

The Game Group PLC

AddressUnity HouseTelford RoadBasingstokeHampshireRG21 6YJ

Fax 01256784007

Trading ActivityA group engaged in the operation of retailoutlets which specialise in the retail ofcomputer software, video games and relatedproducts. T/O = revenue.

Main SIC Codes524855248252610

Directors (as at May 2011)Peter D. LewisChristopher BellIshbel J. S. MacphersonBenjamin WhiteDana P. DunneDavid J. MansfieldIan Shepherd

Company SecretaryVivienne R. Hemming

AuditorsBdo Llp

BankersRoyal Bank Of Scot

Date Incorporated31/03/1966

Registered Number00875835

Previous Name(s) with date(s) of changeThe Electronics Boutique PLC, 10/04/2002Rhino Group PLC, 22/07/1996Jmd Group PLC, 16/10/1992John Michael Design PLC, 05/08/1988

Main UK Subsidiaries with Turnover (£’000)Game Stores Gp. Ltd 760Game Stores Gp. Ltd 760Games Station Ltd 309Gameplay (GB) Ltd 86

Profit & Loss

Date of Accounts 31/01/2010 31/01/2009 31/01/2008£000s £000s £000s

Sales 1,772,358 1,968,604 1,491,914Pre-tax Profit 84,211 117,366 68,362

Exports 387,257Non-Trading Income 538 1,805 1,511Depreciation 28,593 25,264 18,583Interest Paid 4,917 8,732 8,341

Auditors Fees 430 415 381

Directors Emoluments 2,027 2,251 2,323Employee Pay 135,070 127,001 101,878

Number of Employees 10,592 10,450 7,959

Balance Sheet

Date of Accounts 31/01/2010 31/01/2009 31/01/2008£000s £000s £000s

Tangible Fixed Assets 161,121 165,609 130,662Intangible Assets 180,135 182,267 172,871Intermediate Assets 3,614 4,004 0

Total Fixed Assets 344,870 351,880 303,533

Stocks 176,045 181,965 145,041Trade Debtors 16,022 16,197 18,921Other Current Assets 118,422 178,882 172,823

Total Current Assets 310,489 377,044 336,785

Total Assets 655,359 728,924 640,318

Trade Creditors 159,441 216,156 192,529Short-Term Loans 17,361 26,325 38,038Other Current Liabilities 113,046 159,967 139,677

Total Current Liabilities 289,848 402,448 370,244

T/Assets - C/Liabilities 365,511 326,476 270,074

Long-Term Loans 23,908 31,847 57,809Other L/Term Liabilities 10,048 8,328 8,343Total Capital & Reserves 331,555 286,301 203,922

Capital Employed 365,511 326,476 270,074

Type of Accounts Consolidated Consolidated Consolidated

Number of weeks 52 52 52

Company Profiles

3-36 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 53: Computer and Video Games Industry 2011

The Game Group PLC

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 12.8 16.1 10.7Return on Capital (%) - 23.0 35.9 25.3Pre-tax Profit Margin (%) - 4.8 6.0 4.6Return on Investment (%) - 23.3 35.7 24.9Rtn. on Total Capital & Reserves (%) - 25.4 41.0 33.5

Liquidity Ratios Quick Ratio (Acid Test) - 0.46 0.48 0.52Current Ratio - 1.07 0.94 0.91

Gearing Ratios Total Debt / Net Worth (%) - 27.3 55.9 308.7Equity Gearing (%) - 102.4 64.7 46.7Income Gearing (Interest Cover) (%) - 5.5 6.9 10.9

Efficiency Ratios Debtor Days Outstanding - 3 3 5Working Capital / Sales (%) - 1.2 -1.3 -2.2Stocks / Sales (%) - 9.9 9.2 9.7Sales / Capital Employed - 4.8 6.0 5.5Sales / Fixed Assets - 11.0 11.9 11.4Creditor Days - 33 40 47Asset Utilisation - 2.70 2.70 2.33

Employee Performance Pay per Employee (£) - 12,752 12,153 12,800Profit per £ of Pay (£) - 0.62 0.92 0.67Profit per Employee (£) - 7,950 11,231 8,589Sales per Employee (£) - 167,330 188,383 187,450Capital Employed per Employee (£) - 34,508 31,242 33,933Fixed Assets per Employee (£) - 15,212 15,848 16,417Pay / Sales (%) - 7.6 6.5 6.8

Other Ratios Exports / Sales (%) - - - 26.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 6Return on Capital 9Pre-tax Profit Margin 5Return on Investment 8

Position in subsectorLiquidity Quick Ratio (Acid Test) 7Current Ratio 7

Position in subsectorGearing Total Debt / Net Worth 3Equity Gearing 2Income Gearing (Interest Cover) 6

Position in subsectorEfficiency Debtor Days Outstanding 5Stocks / Sales 5Sales / Fixed Assets 8Asset Utilisation 7

Position in subsectorEmployee Performance Pay per Employee 5Profit per £ of Pay 2Sales per Employee 4Capital Employed per Employee 2Pay / Sales 5

Position in subsectorGrowth Sales Growth 3Pre-tax Profit Growth 4Total Assets Growth 6Number of Employees Growth 3Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-37Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 54: Computer and Video Games Industry 2011

Gamecock Media Europe Ltd

AddressC/O Buzzacott Llp130 Wood StreetLondonEC2V 6DL

Trading ActivityPublishing and distribution of computergames.

Main SIC Codes36501

Directors (as at May 2011)Terry M. PhillipsMelanie Mroz

AuditorsBuzzacott Llp

BankersBank Of America, Na

Date Incorporated06/12/2007

Registered Number06446304

Holding CompanyGone Off Deep Llc

Ultimate Holding CompanySouthpeak Interactive Corp.

Profit & Loss

Date of Accounts 30/09/2009 30/09/2008£000s £000s

Sales 1,752 272Pre-tax Profit -3,115 -755

Exports 1,752Non-Trading Income 0Depreciation 1Interest Paid 0

Auditors Fees 12

Directors Emoluments 52Employee Pay 87 271

Number of Employees 1 3

Balance Sheet

Date of Accounts 30/09/2009 30/09/2008£000s £000s

Tangible Fixed Assets 7Intangible Assets 0 0Intermediate Assets 0

Total Fixed Assets 7 8

Stocks 0 0Trade Debtors 6 8Other Current Assets 264 2,983

Total Current Assets 270 2,991

Total Assets 277 2,999

Trade Creditors 87 144Short-Term Loans 1,203Other Current Liabilities 2,423

Total Current Liabilities 3,713 3,754

T/Assets - C/Liabilities -3,436 -755

Long-Term Loans 0Other L/Term Liabilities 433Total Capital & Reserves -3,869 -755

Capital Employed -3,436 -755

Type of Accounts Unconsolidated Unconsolidated

Number of weeks 52 43

Company Profiles

3-38 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 55: Computer and Video Games Industry 2011

Gamecock Media Europe Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -1,124.5 -30.4 -Return on Capital (%) - ^ ^ -Pre-tax Profit Margin (%) - -177.8 -277.6 -Return on Investment (%) - ^ - -Rtn. on Total Capital & Reserves (%) - ^ ^ -

Liquidity Ratios Quick Ratio (Acid Test) - 0.07 0.80 -Current Ratio - 0.07 0.80 -

Gearing Ratios Total Debt / Net Worth (%) - ^ - -Equity Gearing (%) - -93.3 -20.1 -Income Gearing (Interest Cover) (%) - ^ - -

Efficiency Ratios Debtor Days Outstanding - 1 9 -Working Capital / Sales (%) - -196.5 -232.0 -Stocks / Sales (%) - 0.0 0.0 -Sales / Capital Employed - ^ ^ -Sales / Fixed Assets - 250.3 - -Creditor Days - 18 160 -Asset Utilisation - 6.32 0.11 -

Employee Performance Pay per Employee (£) - 87,000 109,240 -Profit per £ of Pay (£) - -35.80 -2.79 -Profit per Employee (£) - -3,115,000 -304,341 -Sales per Employee (£) - 1,752,000 109,643 -Capital Employed per Employee (£) - -3,436,000 -251,667 -Fixed Assets per Employee (£) - 7,000 - -Pay / Sales (%) - 5.0 99.6 -

Other Ratios Exports / Sales (%) - 100.0 - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 46Return on Capital -Pre-tax Profit Margin 46Return on Investment -

Position in subsectorLiquidity Quick Ratio (Acid Test) 46Current Ratio 46

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 46Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 9Stocks / Sales 16Sales / Fixed Assets 13Asset Utilisation 1

Position in subsectorEmployee Performance Pay per Employee 4Profit per £ of Pay 39Sales per Employee 5Capital Employed per Employee 40Pay / Sales 31

Position in subsectorGrowth Sales Growth -Pre-tax Profit Growth -Total Assets Growth -Number of Employees Growth -Exports Growth -

Special Notes Symbols

2009 PBT includes exceptional charges of 2.9m. ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-39Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 56: Computer and Video Games Industry 2011

Games-Masters.Com Ltd

AddressSheffield Technology ParkCoopers Arudel StreetSheffieldYorksS1 2NS

Trading ActivityThe publishing of online computer games.

Main SIC Codes92720

Directors (as at May 2011)Jenny RosenbergThorsten Schauer

Company SecretaryJenny Rosenberg

AuditorsKeith Bridgford & Co

Date Incorporated07/02/2005

Registered Number05354396

Previous Name(s) with date(s) of changeGamesrouter (2050) Ltd, 14/02/2006Notsallow 229 Ltd, 28/09/2005

Ultimate Holding CompanyGames Masters Intl. Ltd

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 1,583 1,393 681Pre-tax Profit 36 99 -38

ExportsNon-Trading Income 0 8 5Depreciation 5 3 1Interest Paid 0 0 0

Auditors Fees 0 0 0

Directors Emoluments 40 51 14Employee Pay

Number of Employees

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 6 5 1Intangible Assets 0 0 0Intermediate Assets 0 61 0

Total Fixed Assets 6 66 1

Stocks 0 0 0Trade Debtors 217 109 91Other Current Assets 411 473 359

Total Current Assets 628 582 450

Total Assets 634 648 451

Trade Creditors 0 0 0Short-Term Loans 0 0 0Other Current Liabilities 172 222 124

Total Current Liabilities 172 222 124

T/Assets - C/Liabilities 462 426 327

Long-Term Loans 614 614 614Other L/Term Liabilities 0 0 0Total Capital & Reserves -152 -188 -287

Capital Employed 462 426 327

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-40 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 57: Computer and Video Games Industry 2011

Games-Masters.Com Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 5.7 15.3 -8.4Return on Capital (%) - 7.8 23.2 -11.6Pre-tax Profit Margin (%) - 2.3 7.1 -5.6Return on Investment (%) - 7.8 23.2 -11.6Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 3.65 2.62 3.63Current Ratio - 3.65 2.62 3.63

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -19.3 -22.5 -38.9Income Gearing (Interest Cover) (%) - 0.0 0.0 ^

Efficiency Ratios Debtor Days Outstanding - 50 29 49Working Capital / Sales (%) - 28.8 25.8 47.9Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 3.4 3.3 2.1Sales / Fixed Assets - 263.8 278.6 681.0Creditor Days - 0 0 0Asset Utilisation - 2.50 2.15 1.51

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - - -Profit per Employee (£) - - - -Sales per Employee (£) - - - -Capital Employed per Employee (£) - - - -Fixed Assets per Employee (£) - - - -Pay / Sales (%) - - - -

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 14Return on Capital 18Pre-tax Profit Margin 16Return on Investment 17

Position in subsectorLiquidity Quick Ratio (Acid Test) 6Current Ratio 6

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 36Income Gearing (Interest Cover) 4

Position in subsectorEfficiency Debtor Days Outstanding 34Stocks / Sales 3Sales / Fixed Assets 12Asset Utilisation 14

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth 2Pre-tax Profit Growth -Total Assets Growth 18Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-41Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 58: Computer and Video Games Industry 2011

Games Station Ltd

Address10-11 Stirling ParkAmy Johnson WayClifton MoorYorkNorth YorkshireYO30 4WU

Telephone 01904 692224

Fax 01904 692225

Trading ActivityThe sale of new and pre-owned video games,consoles and related products.

Main SIC Codes5248552500

Directors (as at May 2011)Benjamin WhiteJonathan M. AxonPeter C. CrowneIan Shepherd

Company SecretaryVivienne R. Hemming

AuditorsBdo Llp

Date Incorporated17/04/1998

Registered Number03547594

Holding CompanyThe Game Gp. PLC

Ultimate Holding CompanyThe Game Gp. PLC

Profit & Loss

Date of Accounts 30/01/2010 31/01/2009 31/01/2008£000s £000s £000s

Sales 309,122 400,009 358,094Pre-tax Profit 25,591 33,541 13,264

Exports 0 0 0Non-Trading Income 10 293 765Depreciation 3,230 3,446 3,747Interest Paid 3 10 4

Auditors Fees 0 51 97

Directors Emoluments 1,895 466 496Employee Pay 23,326 30,427 28,095

Number of Employees 2,216 1,701 1,279

Balance Sheet

Date of Accounts 30/01/2010 31/01/2009 31/01/2008£000s £000s £000s

Tangible Fixed Assets 10,176 9,933 8,769Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 10,176 9,933 8,769

Stocks 0 29,285 23,364Trade Debtors 0 0 0Other Current Assets 70,461 78,812 51,915

Total Current Assets 70,461 108,097 75,279

Total Assets 80,637 118,030 84,048

Trade Creditors 0 28,503 22,236Short-Term Loans 0 0 0Other Current Liabilities 4,524 32,083 28,147

Total Current Liabilities 4,524 60,586 50,383

T/Assets - C/Liabilities 76,113 57,444 33,665

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 76,113 57,444 33,665

Capital Employed 76,113 57,444 33,665

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 57

Company Profiles

3-42 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 59: Computer and Video Games Industry 2011

Games Station Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 31.7 28.4 14.4Return on Capital (%) - 33.6 58.4 35.9Pre-tax Profit Margin (%) - 8.3 8.4 3.7Return on Investment (%) - 33.6 58.4 36.0Rtn. on Total Capital & Reserves (%) - 33.6 58.4 35.9

Liquidity Ratios Quick Ratio (Acid Test) - 15.57 1.30 1.03Current Ratio - 15.57 1.78 1.49

Gearing Ratios Total Debt / Net Worth (%) - 0.0 0.0 0.0Equity Gearing (%) - 1,682.4 94.8 66.8Income Gearing (Interest Cover) (%) - 0.0 0.0 0.0

Efficiency Ratios Debtor Days Outstanding - 0 0 0Working Capital / Sales (%) - 21.3 11.9 7.6Stocks / Sales (%) - 0.0 7.3 7.2Sales / Capital Employed - 4.1 7.0 9.7Sales / Fixed Assets - 30.4 40.3 37.3Creditor Days - 0 26 25Asset Utilisation - 3.83 3.39 3.89

Employee Performance Pay per Employee (£) - 10,526 17,888 20,040Profit per £ of Pay (£) - 1.10 1.10 0.47Profit per Employee (£) - 11,548 19,718 9,461Sales per Employee (£) - 139,495 235,161 255,420Capital Employed per Employee (£) - 34,347 33,771 26,321Fixed Assets per Employee (£) - 4,592 5,840 6,856Pay / Sales (%) - 7.5 7.6 7.8

Other Ratios Exports / Sales (%) - 0.0 0.0 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 3Return on Capital 6Pre-tax Profit Margin 2Return on Investment 3

Position in subsectorLiquidity Quick Ratio (Acid Test) 1Current Ratio 1

Position in subsectorGearing Total Debt / Net Worth 1Equity Gearing 1Income Gearing (Interest Cover) 3

Position in subsectorEfficiency Debtor Days Outstanding 1Stocks / Sales 1Sales / Fixed Assets 4Asset Utilisation 4

Position in subsectorEmployee Performance Pay per Employee 6Profit per £ of Pay 1Sales per Employee 6Capital Employed per Employee 3Pay / Sales 6

Position in subsectorGrowth Sales Growth 6Pre-tax Profit Growth 2Total Assets Growth 7Number of Employees Growth 1Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-43Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 60: Computer and Video Games Industry 2011

Gemini Technology Ltd

AddressThe StudiosCambridge RoadLondonW7 3PB

Telephone 020 85796105

Trading ActivityWholesale of electronic games andaccessories.

Main SIC Codes51477

Directors (as at May 2011)Moazzam AhmedNajeeb Ahmed

Company SecretaryNajeeb Ahmed

Date Incorporated18/02/2000

Registered Number03928503

Profit & Loss

Date of Accounts 31/12/2008 31/03/2008£000s £000s

Sales 24,914Pre-tax Profit 179

ExportsNon-Trading Income -2Depreciation 2Interest Paid 0

Auditors Fees 2

Directors Emoluments 0Employee Pay

Number of Employees

Balance Sheet

Date of Accounts 31/12/2008 31/03/2008£000s £000s

Tangible Fixed Assets 3Intangible Assets 0 0Intermediate Assets 0

Total Fixed Assets 3 6

Stocks 0 0Trade Debtors 7,361 0Other Current Assets 9,722 67

Total Current Assets 17,083 67

Total Assets 17,086 73

Trade Creditors 16,876 26Short-Term Loans 1Other Current Liabilities 80

Total Current Liabilities 16,957 26

T/Assets - C/Liabilities 129 47

Long-Term Loans 0Other L/Term Liabilities 0Total Capital & Reserves 129 47

Capital Employed 129 47

Type of Accounts Unconsolidated Unconsolidated

Number of weeks 39 52

Company Profiles

3-44 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 61: Computer and Video Games Industry 2011

Gemini Technology Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - - 1.4 -Return on Capital (%) - - 185.0 -Pre-tax Profit Margin (%) - - 0.7 -Return on Investment (%) - - 183.6 -Rtn. on Total Capital & Reserves (%) - - 185.0 -

Liquidity Ratios Quick Ratio (Acid Test) - - 1.01 2.58Current Ratio - - 1.01 2.58

Gearing Ratios Total Debt / Net Worth (%) - - 0.8 -Equity Gearing (%) - - 0.8 180.8Income Gearing (Interest Cover) (%) - - 0.0 -

Efficiency Ratios Debtor Days Outstanding - - 81 -Working Capital / Sales (%) - - 0.4 -Stocks / Sales (%) - - 0.0 -Sales / Capital Employed - - 257.5 -Sales / Fixed Assets - - 11,072.9 -Creditor Days - - 185 -Asset Utilisation - - 1.94 -

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - - -Profit per Employee (£) - - - -Sales per Employee (£) - - - -Capital Employed per Employee (£) - - - -Fixed Assets per Employee (£) - - - -Pay / Sales (%) - - - -

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets -Return on Capital -Pre-tax Profit Margin -Return on Investment -

Position in subsectorLiquidity Quick Ratio (Acid Test) -Current Ratio -

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing -Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding -Stocks / Sales -Sales / Fixed Assets -Asset Utilisation -

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth -Pre-tax Profit Growth -Total Assets Growth -Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-45Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 62: Computer and Video Games Industry 2011

Ghostlight Ltd

AddressMajesty House BldgSkyline 120 Great NotleyBraintreeEssexCM77 7AA

Trading ActivityThe sale and distribution of computersoftware games.

Main SIC Codes51180

Directors (as at May 2011)Mark D. SieffAdel GuenenaKhaled Lababedi

Company SecretaryJames D. Southey

AuditorsPkf (Uk) Llp

Date Incorporated09/06/2004

Registered Number05149762

Holding CompanyMajesty House Ltd

Ultimate Holding CompanyMajesty House Ltd

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Sales 922 1,132 1,116Pre-tax Profit -867 -996 -785

Exports 594 850 759Non-Trading Income 1 5 7Depreciation 1 5 4Interest Paid 433 326 129

Auditors Fees 9 9 8

Directors Emoluments 0 0 0Employee Pay 29 48

Number of Employees 2 2

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Tangible Fixed Assets 1 3 6Intangible Assets 0 0 0Intermediate Assets 1,659 1,658 1,423

Total Fixed Assets 1,660 1,661 1,429

Stocks 39 90 62Trade Debtors 142 145 0Other Current Assets 1,579 667 479

Total Current Assets 1,760 902 541

Total Assets 3,420 2,563 1,970

Trade Creditors 35 69 116Short-Term Loans 6,099 4,328 1,902Other Current Liabilities 9 22 9

Total Current Liabilities 6,143 4,419 2,027

T/Assets - C/Liabilities -2,723 -1,856 -57

Long-Term Loans 0 0 803Other L/Term Liabilities 0 0 0Total Capital & Reserves -2,723 -1,856 -860

Capital Employed -2,723 -1,856 -57

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-46 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 63: Computer and Video Games Industry 2011

Ghostlight Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -25.4 -38.9 -39.8Return on Capital (%) - ^ ^ ^Pre-tax Profit Margin (%) - -94.0 -88.0 -70.3Return on Investment (%) - -12.9 -27.1 -35.6Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.28 0.18 0.24Current Ratio - 0.29 0.20 0.27

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -44.3 -42.0 -30.4Income Gearing (Interest Cover) (%) - ^ ^ ^

Efficiency Ratios Debtor Days Outstanding - 56 47 0Working Capital / Sales (%) - -475.4 -310.7 -133.2Stocks / Sales (%) - 4.2 8.0 5.6Sales / Capital Employed - ^ ^ ^Sales / Fixed Assets - 922.0 377.3 186.0Creditor Days - 14 22 38Asset Utilisation - 0.27 0.44 0.57

Employee Performance Pay per Employee (£) - - 14,500 24,000Profit per £ of Pay (£) - - -34.34 -16.35Profit per Employee (£) - - -498,000 -392,500Sales per Employee (£) - - 566,000 558,000Capital Employed per Employee (£) - - -928,000 -28,500Fixed Assets per Employee (£) - - 1,500 3,000Pay / Sales (%) - - 2.6 4.3

Other Ratios Exports / Sales (%) - 64.4 75.1 68.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 38Return on Capital -Pre-tax Profit Margin 43Return on Investment 32

Position in subsectorLiquidity Quick Ratio (Acid Test) 43Current Ratio 43

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 40Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 37Stocks / Sales 34Sales / Fixed Assets 4Asset Utilisation 44

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth 31Pre-tax Profit Growth -Total Assets Growth 11Number of Employees Growth -Exports Growth 15

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-47Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 64: Computer and Video Games Industry 2011

H M V Group PLC

AddressShelley House2 - 4 York RoadMaidenheadBerkshireSL6 1SR

Telephone 01628 818300

Trading ActivityA group engaged in the retail ofpre-recorded music, videos, electronicgames, related entertainment products andbooks under the ’HMV’, ’Fopp’ and’Waterstone’s’ brands.

Main SIC Codes524705245052485

Directors (as at May 2011)Simon R. FoxChristopher C. B. RogersPhilip E. RowleyRobert W. A. SwannellAndrew J. DuncanOrna G. Ni-ChionnaDavid Wolffe

Company SecretaryElaine Marriner

AuditorsErnst & Young Llp

Date Incorporated31/07/1997

Registered Number03412290

Previous Name(s) with date(s) of changeHmv Media Group PLC, 10/04/2002Doublecapital PLC, 06/03/1998

Main UK Subsidiaries with Turnover (£’000)Hmv Music Ltd 1,062Waterstone’s Booksellers Ltd 488Waterstone’s Booksellers Ltd 273Hmv Retail Ltd 211Hmv Ireland Ltd 85Rustico Hldgs. Ltd 48Hmv (Ip) Ltd 29Waterstone’s Booksellers Ireland Ltd 21Fopp Entertainments Ltd 21Mean Fiddler Hldgs. Ltd 7

Profit & Loss

Date of Accounts 24/04/2010 25/04/2009 26/04/2008£000s £000s £000s

Sales 2,016,600 1,956,700 1,874,900Pre-tax Profit 68,900 61,300 52,000

Exports 353,900Non-Trading Income 400 1,200 1,600Depreciation 45,400 46,800 41,900Interest Paid 6,600 8,500 11,200

Auditors Fees 400 400 400

Directors Emoluments 2,311 1,791 2,855Employee Pay 219,600 214,500 211,000

Number of Employees 14,154 13,801 13,618

Balance Sheet

Date of Accounts 24/04/2010 25/04/2009 26/04/2008£000s £000s £000s

Tangible Fixed Assets 167,300 161,900 149,400Intangible Assets 122,200 73,000 73,100Intermediate Assets 55,800 42,000 21,500

Total Fixed Assets 345,300 276,900 244,000

Stocks 247,800 213,900 205,400Trade Debtors 13,200 9,900 8,200Other Current Assets 99,100 115,800 87,900

Total Current Assets 360,100 339,600 301,500

Total Assets 705,400 616,500 545,500

Trade Creditors 255,100 235,700 237,200Short-Term Loans 85,900 53,300 35,400Other Current Liabilities 210,500 201,600 197,000

Total Current Liabilities 551,500 490,600 469,600

T/Assets - C/Liabilities 153,900 125,900 75,900

Long-Term Loans 11,800 5,000 500Other L/Term Liabilities 42,700 21,300 16,600Total Capital & Reserves 99,400 99,600 58,800

Capital Employed 153,900 125,900 75,900

Type of Accounts Consolidated Consolidated Consolidated

Number of weeks 52 52 52

Company Profiles

3-48 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 65: Computer and Video Games Industry 2011

H M V Group PLC

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 9.8 9.9 9.5Return on Capital (%) - 44.8 48.7 68.5Pre-tax Profit Margin (%) - 3.4 3.1 2.8Return on Investment (%) - 31.5 39.0 56.8Rtn. on Total Capital & Reserves (%) - 69.3 61.5 88.4

Liquidity Ratios Quick Ratio (Acid Test) - 0.20 0.26 0.20Current Ratio - 0.65 0.69 0.64

Gearing Ratios Total Debt / Net Worth (%) - ^ 219.2 ^Equity Gearing (%) - 16.4 19.3 12.1Income Gearing (Interest Cover) (%) - 8.7 12.2 17.7

Efficiency Ratios Debtor Days Outstanding - 2 2 2Working Capital / Sales (%) - -9.5 -7.7 -9.0Stocks / Sales (%) - 12.3 10.9 11.0Sales / Capital Employed - 13.1 15.5 24.7Sales / Fixed Assets - 12.1 12.1 12.5Creditor Days - 46 44 46Asset Utilisation - 2.86 3.17 3.44

Employee Performance Pay per Employee (£) - 15,515 15,542 15,494Profit per £ of Pay (£) - 0.31 0.29 0.25Profit per Employee (£) - 4,868 4,442 3,818Sales per Employee (£) - 142,476 141,780 137,678Capital Employed per Employee (£) - 10,873 9,123 5,574Fixed Assets per Employee (£) - 11,820 11,731 10,971Pay / Sales (%) - 10.9 11.0 11.3

Other Ratios Exports / Sales (%) - 17.5 - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 8Return on Capital 4Pre-tax Profit Margin 8Return on Investment 4

Position in subsectorLiquidity Quick Ratio (Acid Test) 10Current Ratio 9

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 6Income Gearing (Interest Cover) 7

Position in subsectorEfficiency Debtor Days Outstanding 3Stocks / Sales 7Sales / Fixed Assets 7Asset Utilisation 6

Position in subsectorEmployee Performance Pay per Employee 4Profit per £ of Pay 5Sales per Employee 5Capital Employed per Employee 5Pay / Sales 2

Position in subsectorGrowth Sales Growth 4Pre-tax Profit Growth 3Total Assets Growth 3Number of Employees Growth 5Exports Growth -

Special Notes Symbols

2009 PBT includes exceptional charges of 1.7m (2008 = 4.6m). ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-49Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 66: Computer and Video Games Industry 2011

H M V Music Ltd

AddressShelley House2 4 York RoadMaidenheadBerkshireSL6 1SR

Telephone 01628818300

Trading ActivityThe retail of pre-recorded music, video,electronic games and related entertainmentproducts. T/O = revenue.

Main SIC Codes524505247052485

Directors (as at May 2011)Simon R. FoxMartin MilesDenise L. TomblinElaine Marriner

Company SecretaryElaine Marriner

AuditorsErnst & Young Llp

Date Incorporated29/03/1928

Registered Number00229249

Previous Name(s) with date(s) of changeEmi Group Home Electronics (UK) Ltd,08/05/1998Thorn Emi Home Electronics (UK) Ltd,16/08/1996Hmv Shops Ltd, 28/04/1986Emi Record Shops Ltd, 31/12/1980

Holding CompanyHmv Gp. PLC

Ultimate Holding CompanyHmv Gp. PLC

Profit & Loss

Date of Accounts 24/04/2010 25/04/2009 26/04/2008£000s £000s £000s

Sales 1,062,303 993,498 1,048,783Pre-tax Profit 53,301 41,915 68,573

Exports 0Non-Trading Income 3,205 7,372 5,951Depreciation 19,434 18,272 20,344Interest Paid 753 816 1,239

Auditors Fees 31 31 32

Directors Emoluments 832 0 0Employee Pay 104,631 99,121 106,108

Number of Employees 6,030 5,542 5,521

Balance Sheet

Date of Accounts 24/04/2010 25/04/2009 26/04/2008£000s £000s £000s

Tangible Fixed Assets 67,005 69,221 58,855Intangible Assets 0 0 0Intermediate Assets 7,818 6,661 6,406

Total Fixed Assets 74,823 75,882 65,261

Stocks 107,313 92,901 86,558Trade Debtors 7,408 5,879 4,359Other Current Assets 213,432 192,448 220,578

Total Current Assets 328,153 291,228 311,495

Total Assets 402,976 367,110 376,756

Trade Creditors 124,513 119,538 124,336Short-Term Loans 55,499 20,536 13,502Other Current Liabilities 93,754 91,182 89,078

Total Current Liabilities 273,766 231,256 226,916

T/Assets - C/Liabilities 129,210 135,854 149,840

Long-Term Loans 0 0 0Other L/Term Liabilities 881 0 0Total Capital & Reserves 128,329 135,854 149,840

Capital Employed 129,210 135,854 149,840

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-50 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 67: Computer and Video Games Industry 2011

H M V Music Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 13.2 11.4 18.2Return on Capital (%) - 41.3 30.9 45.8Pre-tax Profit Margin (%) - 5.0 4.2 6.5Return on Investment (%) - 29.3 27.3 42.7Rtn. on Total Capital & Reserves (%) - 41.5 30.9 45.8

Liquidity Ratios Quick Ratio (Acid Test) - 0.81 0.86 0.99Current Ratio - 1.20 1.26 1.37

Gearing Ratios Total Debt / Net Worth (%) - 43.2 15.1 9.0Equity Gearing (%) - 46.7 58.7 66.0Income Gearing (Interest Cover) (%) - 1.4 1.9 1.8

Efficiency Ratios Debtor Days Outstanding - 3 2 2Working Capital / Sales (%) - 5.1 6.0 8.1Stocks / Sales (%) - 10.1 9.4 8.3Sales / Capital Employed - 8.2 7.3 7.0Sales / Fixed Assets - 15.9 14.4 17.8Creditor Days - 43 44 43Asset Utilisation - 2.64 2.71 2.78

Employee Performance Pay per Employee (£) - 17,352 17,885 19,219Profit per £ of Pay (£) - 0.51 0.42 0.65Profit per Employee (£) - 8,839 7,563 12,420Sales per Employee (£) - 176,170 179,267 189,963Capital Employed per Employee (£) - 21,428 24,514 27,140Fixed Assets per Employee (£) - 11,112 12,490 10,660Pay / Sales (%) - 9.8 10.0 10.1

Other Ratios Exports / Sales (%) - - - 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 5Return on Capital 5Pre-tax Profit Margin 4Return on Investment 6

Position in subsectorLiquidity Quick Ratio (Acid Test) 4Current Ratio 6

Position in subsectorGearing Total Debt / Net Worth 4Equity Gearing 5Income Gearing (Interest Cover) 4

Position in subsectorEfficiency Debtor Days Outstanding 4Stocks / Sales 6Sales / Fixed Assets 6Asset Utilisation 8

Position in subsectorEmployee Performance Pay per Employee 3Profit per £ of Pay 3Sales per Employee 3Capital Employed per Employee 4Pay / Sales 3

Position in subsectorGrowth Sales Growth 5Pre-tax Profit Growth 6Total Assets Growth 5Number of Employees Growth 4Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-51Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 68: Computer and Video Games Industry 2011

Hyperion Capital Partners Ltd

Address11 Staple Inn BuildingsLondonWC1V 7QH

Trading ActivityA group engaged in the development ofentertainment software.

Main SIC Codes72200

Directors (as at May 2011)Karl D. Jeffery

Company SecretaryEmma L. Barrett

AuditorsMenzies Llp

BankersNat West Bank Plc

Date Incorporated24/01/2007

Registered Number06065335

Main UK Subsidiaries with Turnover (£’000)Climax Studios Ltd 5Syrox Kingston Ltd 2

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Sales 4,332 4,345 7,246Pre-tax Profit -252 -262 7,108

Exports 3,367 2,686 6,248Non-Trading Income -712 262 298Depreciation 40 117 329Interest Paid 8 4 213

Auditors Fees 16 36 31

Directors Emoluments 180 271 640Employee Pay 2,276 2,723 5,196

Number of Employees 89 83 121

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Tangible Fixed Assets 0 62 148Intangible Assets 0 987 1,215Intermediate Assets 0 0 0

Total Fixed Assets 0 1,049 1,363

Stocks 0 0 0Trade Debtors 1,341 1,884 1,561Other Current Assets 6,521 5,190 5,423

Total Current Assets 7,862 7,074 6,984

Total Assets 7,862 8,123 8,347

Trade Creditors 1,050 1,126 842Short-Term Loans 0 0 51Other Current Liabilities 1,635 1,474 1,496

Total Current Liabilities 2,685 2,600 2,389

T/Assets - C/Liabilities 5,177 5,523 5,958

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 5,177 5,523 5,958

Capital Employed 5,177 5,523 5,958

Type of Accounts Consolidated Consolidated Consolidated

Number of weeks 52 52 70

Company Profiles

3-52 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 69: Computer and Video Games Industry 2011

Hyperion Capital Partners Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -3.2 -3.2 63.3Return on Capital (%) - -4.9 -4.7 88.6Pre-tax Profit Margin (%) - -5.8 -6.0 98.1Return on Investment (%) - -4.7 -4.7 90.5Rtn. on Total Capital & Reserves (%) - -4.9 -4.7 88.6

Liquidity Ratios Quick Ratio (Acid Test) - 2.93 2.72 2.92Current Ratio - 2.93 2.72 2.92

Gearing Ratios Total Debt / Net Worth (%) - 0.0 0.0 1.1Equity Gearing (%) - 192.8 212.4 249.4Income Gearing (Interest Cover) (%) - ^ ^ 2.9

Efficiency Ratios Debtor Days Outstanding - 113 158 106Working Capital / Sales (%) - 119.5 103.0 85.4Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 0.8 0.8 0.9Sales / Fixed Assets - ^ 70.1 36.4Creditor Days - 88 95 57Asset Utilisation - 0.55 0.53 0.64

Employee Performance Pay per Employee (£) - 25,573 32,807 31,900Profit per £ of Pay (£) - -0.11 -0.10 1.37Profit per Employee (£) - -2,831 -3,157 43,638Sales per Employee (£) - 48,674 52,349 44,485Capital Employed per Employee (£) - 58,169 66,542 49,240Fixed Assets per Employee (£) - 0 747 1,223Pay / Sales (%) - 52.5 62.7 71.7

Other Ratios Exports / Sales (%) - 77.7 61.8 86.2

League Table Positions

Position in subsectorProfitability Return on Total Assets 25Return on Capital 27Pre-tax Profit Margin 28Return on Investment 30

Position in subsectorLiquidity Quick Ratio (Acid Test) 10Current Ratio 13

Position in subsectorGearing Total Debt / Net Worth 3Equity Gearing 8Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 43Stocks / Sales 4Sales / Fixed Assets -Asset Utilisation 41

Position in subsectorEmployee Performance Pay per Employee 33Profit per £ of Pay 23Sales per Employee 37Capital Employed per Employee 20Pay / Sales 10

Position in subsectorGrowth Sales Growth 32Pre-tax Profit Growth -Total Assets Growth 33Number of Employees Growth 30Exports Growth 16

Special Notes Symbols

2009 T/O includes disposals of 4.1m. ^ represents a figure that cannot be calculated.2007 PBT includes 9.7m exceptional income. - indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-53Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 70: Computer and Video Games Industry 2011

Ignition Entertainment Ltd

Address168-172 Brooker RoadWaltham AbbeyEssexEN9 1JH

Telephone 01992703970

Trading ActivityA group engaged in the development,publishing, licensing and distribution ofentertainment software.

Main SIC Codes7220092340

Directors (as at May 2011)Rohinton S. ScrewvalaTrohinton S. ScrewvalaAmit BankaRajeev G. WagleHassan S. SadiqJeffrey S. Lujan

Company SecretaryAldwych Secretaries Limited

AuditorsTaylors

BankersHsbc Bank Plc

Date Incorporated26/09/2001

Registered Number04293817

Previous Name(s) with date(s) of changeValecombe Ltd, 30/03/2002

Holding CompanyIg Interactive Entertainment Ltd

Ultimate Holding CompanyUtv Software Comms. Ltd

Main UK Subsidiaries with Turnover (£’000)Ignition London Ltd

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 7,582 8,195 7,442Pre-tax Profit -2,103 -1,651 1,581

Exports 6,841 7,988 6,265Non-Trading Income 83 90 260Depreciation 788 417 179Interest Paid 129 14 13

Auditors Fees 30 30 33

Directors Emoluments 547 488 298Employee Pay 4,724 4,228 2,364

Number of Employees 241 201 109

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 1,295 1,310 718Intangible Assets 0 0 0Intermediate Assets 0 4,759 962

Total Fixed Assets 1,295 6,069 1,680

Stocks 40,099 19,207 5,695Trade Debtors 1,281 3,970 3,944Other Current Assets 12,529 2,613 2,963

Total Current Assets 53,909 25,790 12,602

Total Assets 55,204 31,859 14,282

Trade Creditors 1,412 1,836 387Short-Term Loans 13,161 8,722 535Other Current Liabilities 3,029 2,476 2,730

Total Current Liabilities 17,602 13,034 3,652

T/Assets - C/Liabilities 37,602 18,825 10,630

Long-Term Loans 11,516 10,916 3,534Other L/Term Liabilities 0 304 304Total Capital & Reserves 26,086 7,605 6,792

Capital Employed 37,602 18,825 10,630

Type of Accounts Consolidated Consolidated Consolidated

Number of weeks 52 52 52

Company Profiles

3-54 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 71: Computer and Video Games Industry 2011

Ignition Entertainment Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -3.8 -5.2 11.1Return on Capital (%) - -5.6 -8.8 14.9Pre-tax Profit Margin (%) - -27.7 -20.1 21.2Return on Investment (%) - -3.9 -5.9 14.3Rtn. on Total Capital & Reserves (%) - -8.1 -21.7 23.3

Liquidity Ratios Quick Ratio (Acid Test) - 0.78 0.51 1.89Current Ratio - 3.06 1.98 3.45

Gearing Ratios Total Debt / Net Worth (%) - 94.6 258.2 59.9Equity Gearing (%) - 89.6 31.4 90.7Income Gearing (Interest Cover) (%) - ^ ^ 0.8

Efficiency Ratios Debtor Days Outstanding - 62 177 193Working Capital / Sales (%) - 478.9 155.7 120.3Stocks / Sales (%) - 528.9 234.4 76.5Sales / Capital Employed - 0.2 0.4 0.7Sales / Fixed Assets - 5.9 6.3 10.4Creditor Days - 68 82 19Asset Utilisation - 0.14 0.26 0.52

Employee Performance Pay per Employee (£) - 19,602 21,035 21,688Profit per £ of Pay (£) - -0.45 -0.39 0.67Profit per Employee (£) - -8,726 -8,214 14,505Sales per Employee (£) - 31,461 40,771 68,275Capital Employed per Employee (£) - 156,025 93,657 97,523Fixed Assets per Employee (£) - 5,373 6,517 6,587Pay / Sales (%) - 62.3 51.6 31.8

Other Ratios Exports / Sales (%) - 90.2 97.5 84.2

League Table Positions

Position in subsectorProfitability Return on Total Assets 28Return on Capital 28Pre-tax Profit Margin 38Return on Investment 28

Position in subsectorLiquidity Quick Ratio (Acid Test) 35Current Ratio 11

Position in subsectorGearing Total Debt / Net Worth 26Equity Gearing 19Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 38Stocks / Sales 46Sales / Fixed Assets 36Asset Utilisation 46

Position in subsectorEmployee Performance Pay per Employee 36Profit per £ of Pay 30Sales per Employee 40Capital Employed per Employee 11Pay / Sales 3

Position in subsectorGrowth Sales Growth 24Pre-tax Profit Growth -Total Assets Growth 2Number of Employees Growth 3Exports Growth 8

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-55Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 72: Computer and Video Games Industry 2011

Inspired Gaming Group Ltd

Address3 The Maltings, Wetmore RoadBurton On TrentStaffordshireDE14 1SE

Trading ActivityA group engaged in the provision of gamingmachines for the leisure and gaming markets,including the provision of SBG softwaresystems and SBG digital and networkedterminals.

Main SIC Codes3650171340722003002072600

Directors (as at May 2011)Luke L. AlvarezJames W. O’Halleran

Company SecretarySteven J. Holmes

AuditorsPricewaterhousecoopers Llp

BankersRoyal Bank Of Scot

Date Incorporated03/05/2006

Registered Number05804323

Previous Name(s) with date(s) of changeInspired Gaming Group Ltd, 18/05/2006Inspired Gaming Ltd, 17/05/2006

Ultimate Holding CompanyDmwsl 633 Ltd

Main UK Subsidiaries with Turnover (£’000)Inspired Gaming (Intl.) Ltd 5Averhall Ltd 1Mam Srvcs. Ltd

Profit & Loss* year analysed in League Tables

Date of Accounts 25/09/2010 26/09/2009 27/09/2008 29/09/2007£000s £000s £000s £000s

Sales 98,102 87,347 88,956 94,843Pre-tax Profit -6,158 -6,830 -23,482 10,669

Exports 6,323 2,603 6,083 3,147Non-Trading Income 2,595 4,966 3,878 4,370Depreciation 22,637 21,383 68,797 47,026Interest Paid 13,961 19,461 13,222 11,224

Auditors Fees 120 100 148 192

Directors Emoluments 1,164 2,441 397 6,100Employee Pay 27,152 27,580 46,542 47,931

Number of Employees 1,160 1,179 2,084 2,424

Balance Sheet

Date of Accounts 25/09/2010 26/09/2009 27/09/2008 29/09/2007£000s £000s £000s £000s

Tangible Fixed Assets 59,678 49,410 58,523 97,404Intangible Assets 66,320 74,656 74,724 108,934Intermediate Assets 27,822 31,436 25,858 17,609

Total Fixed Assets 153,820 155,502 159,105 223,947

Stocks 3,953 2,192 2,516 4,476Trade Debtors 21,272 19,388 23,201 28,115Other Current Assets 26,975 30,082 33,041 39,850

Total Current Assets 52,200 51,662 58,758 72,441

Total Assets 206,020 207,164 217,863 296,388

Trade Creditors 20,841 8,641 13,805 23,867Short-Term Loans 122 7,972 10,790 6,422Other Current Liabilities 23,954 27,330 30,215 30,541

Total Current Liabilities 44,917 43,943 54,810 60,830

T/Assets - C/Liabilities 161,103 163,221 163,053 235,558

Long-Term Loans 77,922 117,969 113,304 92,714Other L/Term Liabilities 6,686 9,203 4,475 1,450Total Capital & Reserves 76,495 36,049 45,274 141,394

Capital Employed 161,103 163,221 163,053 235,558

Type of Accounts Consolidated Consolidated Consolidated Consolidated

Number of weeks 52 52 52 52

* The Company’s accounts for 26/09/2009 are those used in the analysis.These are shown in bold text and are used to calculate the performancerankings in the League Tables. The later accounts fall outside the analysisperiod but have been presented for further information.

Company Profiles

3-56 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 73: Computer and Video Games Industry 2011

Inspired Gaming Group Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) -3.0 -3.3 -10.8 3.6Return on Capital (%) -3.8 -4.2 -14.4 4.5Pre-tax Profit Margin (%) -6.3 -7.8 -26.4 11.2Return on Investment (%) 4.8 7.4 -5.9 9.0Rtn. on Total Capital & Reserves (%) -8.1 -18.9 -51.9 7.5

Liquidity Ratios Quick Ratio (Acid Test) 1.07 1.13 1.03 1.12Current Ratio 1.16 1.18 1.07 1.19

Gearing Ratios Total Debt / Net Worth (%) 767.0 ^ ^ 305.4Equity Gearing (%) 59.1 21.1 26.2 91.2Income Gearing (Interest Cover) (%) 178.9 154.1 ^ 51.3

Efficiency Ratios Debtor Days Outstanding 79 81 95 108Working Capital / Sales (%) 7.4 8.8 4.4 12.2Stocks / Sales (%) 4.0 2.5 2.8 4.7Sales / Capital Employed 0.6 0.5 0.5 0.4Sales / Fixed Assets 1.6 1.8 1.5 1.0Creditor Days 78 36 57 92Asset Utilisation 0.48 0.42 0.41 0.32

Employee Performance Pay per Employee (£) 23,407 23,393 22,333 19,774Profit per £ of Pay (£) -0.23 -0.25 -0.50 0.22Profit per Employee (£) -5,309 -5,793 -11,268 4,401Sales per Employee (£) 84,571 74,086 42,685 39,127Capital Employed per Employee (£) 138,882 138,440 78,240 97,177Fixed Assets per Employee (£) 51,447 41,908 28,082 40,183Pay / Sales (%) 27.7 31.6 52.3 50.5

Other Ratios Exports / Sales (%) 6.4 3.0 6.8 3.3

League Table Positions

Position in subsectorProfitability Return on Total Assets 26Return on Capital 25Pre-tax Profit Margin 31Return on Investment 18

Position in subsectorLiquidity Quick Ratio (Acid Test) 28Current Ratio 32

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 28Income Gearing (Interest Cover) 24

Position in subsectorEfficiency Debtor Days Outstanding 41Stocks / Sales 26Sales / Fixed Assets 41Asset Utilisation 43

Position in subsectorEmployee Performance Pay per Employee 35Profit per £ of Pay 28Sales per Employee 31Capital Employed per Employee 14Pay / Sales 17

Position in subsectorGrowth Sales Growth 27Pre-tax Profit Growth -Total Assets Growth 38Number of Employees Growth 34Exports Growth 14

Special Notes Symbols

2009 PBT includes net exceptional charges of 1.7m (2008 = 28 ^ represents a figure that cannot be calculated..9m). - indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-57Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 74: Computer and Video Games Industry 2011

I.T. World Services Ltd

Address191 A Basement Flat PortnallRoad, LondonW9 3BN

Trading ActivityThe international distribution of computergames.

Main SIC Codes51477

Directors (as at May 2011)Nicola Franzoso

Company SecretarySami Benafia

Auditors<Missing>

Date Incorporated27/01/1998

Registered Number03499522

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 10,064 9,789 5,924Pre-tax Profit 349 379 173

Exports 6,046Non-Trading Income 0 2 2Depreciation 0 1 1Interest Paid 4 4 4

Auditors Fees 0 0 0

Directors Emoluments 88 8 8Employee Pay 112

Number of Employees 6

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 10 9 4Intangible Assets 0 0 0Intermediate Assets 0 0 39

Total Fixed Assets 10 9 43

Stocks 456 477 397Trade Debtors 903 867 439Other Current Assets 384 298 245

Total Current Assets 1,743 1,642 1,081

Total Assets 1,753 1,651 1,124

Trade Creditors 725 775 558Short-Term Loans 0 0 0Other Current Liabilities 92 104 9

Total Current Liabilities 817 879 567

T/Assets - C/Liabilities 936 772 557

Long-Term Loans 0 0 0Other L/Term Liabilities 1 1 1Total Capital & Reserves 935 771 556

Capital Employed 936 772 557

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-58 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 75: Computer and Video Games Industry 2011

I.T. World Services Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 19.9 23.0 15.4Return on Capital (%) - 37.3 49.1 31.1Pre-tax Profit Margin (%) - 3.5 3.9 2.9Return on Investment (%) - 37.7 49.6 31.8Rtn. on Total Capital & Reserves (%) - 37.3 49.2 31.1

Liquidity Ratios Quick Ratio (Acid Test) - 1.58 1.33 1.21Current Ratio - 2.13 1.87 1.91

Gearing Ratios Total Debt / Net Worth (%) - 0.0 0.0 0.0Equity Gearing (%) - 114.3 87.6 97.9Income Gearing (Interest Cover) (%) - 1.1 1.0 2.3

Efficiency Ratios Debtor Days Outstanding - 33 32 27Working Capital / Sales (%) - 9.2 7.8 8.7Stocks / Sales (%) - 4.5 4.9 6.7Sales / Capital Employed - 10.8 12.7 10.6Sales / Fixed Assets - 1,006.4 1,087.7 1,481.0Creditor Days - 26 29 34Asset Utilisation - 5.74 5.93 5.27

Employee Performance Pay per Employee (£) - 18,667 - -Profit per £ of Pay (£) - 3.12 - -Profit per Employee (£) - 58,167 - -Sales per Employee (£) - 1,677,333 - -Capital Employed per Employee (£) - 156,000 - -Fixed Assets per Employee (£) - 1,667 - -Pay / Sales (%) - 1.1 - -

Other Ratios Exports / Sales (%) - 60.1 - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 9Return on Capital 10Pre-tax Profit Margin 14Return on Investment 8

Position in subsectorLiquidity Quick Ratio (Acid Test) 21Current Ratio 18

Position in subsectorGearing Total Debt / Net Worth 1Equity Gearing 16Income Gearing (Interest Cover) 18

Position in subsectorEfficiency Debtor Days Outstanding 23Stocks / Sales 36Sales / Fixed Assets 3Asset Utilisation 2

Position in subsectorEmployee Performance Pay per Employee 37Profit per £ of Pay 3Sales per Employee 7Capital Employed per Employee 12Pay / Sales 38

Position in subsectorGrowth Sales Growth 7Pre-tax Profit Growth 5Total Assets Growth 14Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-59Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 76: Computer and Video Games Industry 2011

Jagex Ltd

AddressJagex LimitedSt John’s Innovation CentreCambridgeCB4 0WS

Trading ActivityThe development of web infrastructuresoftware related to video games.

Main SIC Codes72200

Directors (as at May 2011)Alexander C. CrissesJeffrey HoringMark M. GerhardJohn S. SalterChristopher M. ThomasBrandon W. GardnerJames Quagliaroli

Company SecretaryRiaan H. Hodgson

AuditorsDeloitte Llp

Date Incorporated28/04/2000

Registered Number03982706

Previous Name(s) with date(s) of changeMeaujo (492) Ltd, 27/06/2000

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 44,520 38,422 32,294Pre-tax Profit 18,881 18,308 14,801

ExportsNon-Trading Income 87 356 386Depreciation 571 397 381Interest Paid 0 17 83

Auditors Fees 22 22 27

Directors Emoluments 723 839 863Employee Pay 11,613 11,125 9,729

Number of Employees 374 370 369

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 1,094 1,334 769Intangible Assets 102 137 172Intermediate Assets 170 0 195

Total Fixed Assets 1,366 1,471 1,136

Stocks 270 48 0Trade Debtors 3,445 4,485 3,755Other Current Assets 8,646 15,509 9,077

Total Current Assets 12,361 20,042 12,832

Total Assets 13,727 21,513 13,968

Trade Creditors 646 644 498Short-Term Loans 35 35 35Other Current Liabilities 11,713 10,686 7,992

Total Current Liabilities 12,394 11,365 8,525

T/Assets - C/Liabilities 1,333 10,148 5,443

Long-Term Loans 67 102 137Other L/Term Liabilities 0 0 0Total Capital & Reserves 1,266 10,046 5,306

Capital Employed 1,333 10,148 5,443

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-60 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 77: Computer and Video Games Industry 2011

Jagex Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 137.5 85.1 106.0Return on Capital (%) - 1,416.4 180.4 271.9Pre-tax Profit Margin (%) - 42.4 47.6 45.8Return on Investment (%) - 1,380.2 180.0 271.7Rtn. on Total Capital & Reserves (%) - 1,491.4 182.2 278.9

Liquidity Ratios Quick Ratio (Acid Test) - 0.98 1.76 1.51Current Ratio - 1.00 1.76 1.51

Gearing Ratios Total Debt / Net Worth (%) - 8.8 1.4 3.4Equity Gearing (%) - 10.2 87.6 61.3Income Gearing (Interest Cover) (%) - 0.0 0.1 0.6

Efficiency Ratios Debtor Days Outstanding - 28 43 42Working Capital / Sales (%) - -0.1 22.6 13.3Stocks / Sales (%) - 0.6 0.1 0.0Sales / Capital Employed - 33.4 3.8 5.9Sales / Fixed Assets - 40.7 28.8 42.0Creditor Days - 5 6 6Asset Utilisation - 3.24 1.79 2.31

Employee Performance Pay per Employee (£) - 31,051 30,068 26,366Profit per £ of Pay (£) - 1.63 1.65 1.52Profit per Employee (£) - 50,484 49,481 40,111Sales per Employee (£) - 119,037 103,843 87,518Capital Employed per Employee (£) - 3,564 27,427 14,751Fixed Assets per Employee (£) - 2,925 3,605 2,084Pay / Sales (%) - 26.1 29.0 30.1

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 2Return on Capital 1Pre-tax Profit Margin 3Return on Investment 1

Position in subsectorLiquidity Quick Ratio (Acid Test) 31Current Ratio 34

Position in subsectorGearing Total Debt / Net Worth 14Equity Gearing 31Income Gearing (Interest Cover) 7

Position in subsectorEfficiency Debtor Days Outstanding 20Stocks / Sales 22Sales / Fixed Assets 25Asset Utilisation 8

Position in subsectorEmployee Performance Pay per Employee 28Profit per £ of Pay 8Sales per Employee 24Capital Employed per Employee 31Pay / Sales 19

Position in subsectorGrowth Sales Growth 14Pre-tax Profit Growth 8Total Assets Growth 32Number of Employees Growth 21Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-61Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 78: Computer and Video Games Industry 2011

Jaredmedia Ltd

AddressUnit 3Coopers Place Business Park, ComWormleyGodalmingGU8 5TG

Telephone 01428 682093

Trading ActivityImporting and selling of electronic games.

Main SIC Codes51650

Directors (as at May 2011)Sukhwant S. Randhawa

Company SecretarySukhwant S. Randhawa

AuditorsR. King Accounting Services

Date Incorporated24/06/2005

Registered Number05490924

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009£000s £000s

Sales 608 295Pre-tax Profit 19 1

ExportsNon-Trading Income 0Depreciation 1Interest Paid 7

Auditors Fees 0

Directors Emoluments 11Employee Pay

Number of Employees

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009£000s £000s

Tangible Fixed Assets 2Intangible Assets 0 0Intermediate Assets 0

Total Fixed Assets 2 3

Stocks 232 184Trade Debtors 64 60Other Current Assets 11 17

Total Current Assets 307 261

Total Assets 309 264

Trade Creditors 14 4Short-Term Loans 202Other Current Liabilities 77

Total Current Liabilities 293 152

T/Assets - C/Liabilities 16 112

Long-Term Loans 0Other L/Term Liabilities 0Total Capital & Reserves 16 1

Capital Employed 16 112

Type of Accounts Unconsolidated Unconsolidated

Number of weeks 52 39

Company Profiles

3-62 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 79: Computer and Video Games Industry 2011

Jaredmedia Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 6.1 0.5 -Return on Capital (%) - 118.8 1.2 -Pre-tax Profit Margin (%) - 3.1 0.3 -Return on Investment (%) - 11.9 - -Rtn. on Total Capital & Reserves (%) - 118.8 133.3 -

Liquidity Ratios Quick Ratio (Acid Test) - 0.26 0.51 -Current Ratio - 1.05 1.72 -

Gearing Ratios Total Debt / Net Worth (%) - 1,262.5 - -Equity Gearing (%) - 5.5 0.4 -Income Gearing (Interest Cover) (%) - 26.9 - -

Efficiency Ratios Debtor Days Outstanding - 38 56 -Working Capital / Sales (%) - 2.3 27.7 -Stocks / Sales (%) - 38.2 46.8 -Sales / Capital Employed - 38.0 3.5 -Sales / Fixed Assets - 304.0 - -Creditor Days - 8 4 -Asset Utilisation - 1.97 1.49 -

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - - -Profit per Employee (£) - - - -Sales per Employee (£) - - - -Capital Employed per Employee (£) - - - -Fixed Assets per Employee (£) - - - -Pay / Sales (%) - - - -

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 9Return on Capital 2Pre-tax Profit Margin 9Return on Investment 9

Position in subsectorLiquidity Quick Ratio (Acid Test) 9Current Ratio 8

Position in subsectorGearing Total Debt / Net Worth 7Equity Gearing 8Income Gearing (Interest Cover) 9

Position in subsectorEfficiency Debtor Days Outstanding 9Stocks / Sales 10Sales / Fixed Assets 2Asset Utilisation 10

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth -Pre-tax Profit Growth -Total Assets Growth -Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 11 companies appearing in Subsector 2 : GAMES RETAILERS

Company Profiles

3-63Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 80: Computer and Video Games Industry 2011

Kuju Entertainment Ltd

AddressUnit 10Woodside ParkGodalmingSurreyGU7 1LG

Telephone 01483414344

Trading ActivityThe design and development of interactivecomputer games for personal computers, videogames consoles, the mobile phone market andinteractive television.

Main SIC Codes72200

Directors (as at May 2011)Robert W. StannettAdrian M. HawkinsNigel P. Robbins

Company SecretaryRobert W. Stannett

AuditorsMoore Stephens Llp

Date Incorporated16/12/1997

Registered Number03481384

Previous Name(s) with date(s) of changeSimis Holdings Ltd, 01/10/1998Stevton (No. 121) Ltd, 12/02/1998

Holding CompanyKuju PLC

Ultimate Holding CompanyCatalis Se

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Sales 8,855 13,322 14,714Pre-tax Profit -1,143 -1,425 2,241

Exports 8,026 5,678 7,120Non-Trading Income 39 1 3Depreciation 680 552 428Interest Paid 224 97 66

Auditors Fees 36 51 18

Directors Emoluments 341 802 333Employee Pay 7,085 8,472 7,626

Number of Employees 128 298 248

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Tangible Fixed Assets 889 1,302 561Intangible Assets 0 0 0Intermediate Assets 1 1 1

Total Fixed Assets 890 1,303 562

Stocks 0 0 0Trade Debtors 111 1,081 778Other Current Assets 3,369 3,169 2,617

Total Current Assets 3,480 4,250 3,395

Total Assets 4,370 5,553 3,957

Trade Creditors 57 477 242Short-Term Loans 6,408 4,192 3,532Other Current Liabilities 1,450 3,227 1,900

Total Current Liabilities 7,915 7,896 5,674

T/Assets - C/Liabilities -3,545 -2,343 -1,717

Long-Term Loans 82 141 0Other L/Term Liabilities 0 0 0Total Capital & Reserves -3,627 -2,484 -1,717

Capital Employed -3,545 -2,343 -1,717

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-64 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 81: Computer and Video Games Industry 2011

Kuju Entertainment Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -26.2 -25.7 56.6Return on Capital (%) - ^ ^ ^Pre-tax Profit Margin (%) - -12.9 -10.7 15.2Return on Investment (%) - -32.1 -71.8 127.1Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.44 0.54 0.60Current Ratio - 0.44 0.54 0.60

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -45.4 -30.9 -30.3Income Gearing (Interest Cover) (%) - ^ ^ 2.9

Efficiency Ratios Debtor Days Outstanding - 5 30 19Working Capital / Sales (%) - -50.1 -27.4 -15.5Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - ^ ^ ^Sales / Fixed Assets - 10.0 10.2 26.2Creditor Days - 2 13 6Asset Utilisation - 2.03 2.40 3.72

Employee Performance Pay per Employee (£) - 55,352 28,430 30,750Profit per £ of Pay (£) - -0.16 -0.17 0.29Profit per Employee (£) - -8,930 -4,782 9,036Sales per Employee (£) - 69,180 44,705 59,331Capital Employed per Employee (£) - -27,695 -7,862 -6,923Fixed Assets per Employee (£) - 6,945 4,369 2,262Pay / Sales (%) - 80.0 63.6 51.8

Other Ratios Exports / Sales (%) - 90.6 42.6 48.4

League Table Positions

Position in subsectorProfitability Return on Total Assets 40Return on Capital -Pre-tax Profit Margin 34Return on Investment 39

Position in subsectorLiquidity Quick Ratio (Acid Test) 39Current Ratio 40

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 42Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 13Stocks / Sales 5Sales / Fixed Assets 35Asset Utilisation 19

Position in subsectorEmployee Performance Pay per Employee 9Profit per £ of Pay 25Sales per Employee 34Capital Employed per Employee 32Pay / Sales 2

Position in subsectorGrowth Sales Growth 35Pre-tax Profit Growth -Total Assets Growth 27Number of Employees Growth 33Exports Growth 7

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-65Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 82: Computer and Video Games Industry 2011

Mad Catz Europe Ltd

AddressWest One 114 Wellington StreetLeedsLS1 1BA

Trading ActivityThe supply of video game accessories.

Main SIC Codes51477

Directors (as at May 2011)Darren RichardsonBrian AndersenWhitney E. PetersonAndrew B. Young

Company SecretarySharon L. P. Needle

AuditorsKpmg Llp

Date Incorporated20/06/2000

Registered Number04017563

Previous Name(s) with date(s) of changeBrambleclose Ltd, 23/10/2000

Holding Company1328158 Ontario Inc.

Ultimate Holding CompanyMad Catz Interactive Inc.

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 22,046 14,985 12,167Pre-tax Profit 381 1,063 845

Exports 12,187 9,084 7,826Non-Trading Income -96 699 643Depreciation 140 28 11Interest Paid 46 0 116

Auditors Fees 0 40 33

Directors Emoluments 178 135 93Employee Pay 1,874 1,387 605

Number of Employees 42 33 14

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 95 43 29Intangible Assets 190 295 0Intermediate Assets 0 0 0

Total Fixed Assets 285 338 29

Stocks 2,841 3,577 1,719Trade Debtors 2,756 2,311 1,755Other Current Assets 5,368 2,126 857

Total Current Assets 10,965 8,014 4,331

Total Assets 11,250 8,352 4,360

Trade Creditors 674 234 91Short-Term Loans 0 4,700 2,144Other Current Liabilities 7,871 1,020 538

Total Current Liabilities 8,545 5,954 2,773

T/Assets - C/Liabilities 2,705 2,398 1,587

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 2,705 2,398 1,587

Capital Employed 2,705 2,398 1,587

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-66 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 83: Computer and Video Games Industry 2011

Mad Catz Europe Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 3.4 12.7 19.4Return on Capital (%) - 14.1 44.3 53.2Pre-tax Profit Margin (%) - 1.7 7.1 6.9Return on Investment (%) - 15.8 15.0 25.8Rtn. on Total Capital & Reserves (%) - 14.1 44.3 53.2

Liquidity Ratios Quick Ratio (Acid Test) - 0.95 0.75 0.94Current Ratio - 1.28 1.35 1.56

Gearing Ratios Total Debt / Net Worth (%) - 0.0 223.5 135.1Equity Gearing (%) - 31.7 40.3 57.2Income Gearing (Interest Cover) (%) - 10.8 0.0 12.1

Efficiency Ratios Debtor Days Outstanding - 46 56 53Working Capital / Sales (%) - 11.0 13.7 12.8Stocks / Sales (%) - 12.9 23.9 14.1Sales / Capital Employed - 8.2 6.2 7.7Sales / Fixed Assets - 232.1 348.5 419.6Creditor Days - 11 6 3Asset Utilisation - 1.96 1.79 2.79

Employee Performance Pay per Employee (£) - 44,619 42,030 43,214Profit per £ of Pay (£) - 0.20 0.77 1.40Profit per Employee (£) - 9,071 32,212 60,357Sales per Employee (£) - 524,905 454,091 869,071Capital Employed per Employee (£) - 64,405 72,667 113,357Fixed Assets per Employee (£) - 2,262 1,303 2,071Pay / Sales (%) - 8.5 9.3 5.0

Other Ratios Exports / Sales (%) - 55.3 60.6 64.3

League Table Positions

Position in subsectorProfitability Return on Total Assets 19Return on Capital 15Pre-tax Profit Margin 18Return on Investment 13

Position in subsectorLiquidity Quick Ratio (Acid Test) 32Current Ratio 30

Position in subsectorGearing Total Debt / Net Worth 7Equity Gearing 26Income Gearing (Interest Cover) 22

Position in subsectorEfficiency Debtor Days Outstanding 33Stocks / Sales 41Sales / Fixed Assets 14Asset Utilisation 21

Position in subsectorEmployee Performance Pay per Employee 18Profit per £ of Pay 15Sales per Employee 12Capital Employed per Employee 19Pay / Sales 27

Position in subsectorGrowth Sales Growth 6Pre-tax Profit Growth 12Total Assets Growth 5Number of Employees Growth 2Exports Growth 5

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-67Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 84: Computer and Video Games Industry 2011

Majesty House Ltd

AddressMajesty House BuildingAvenue West Skyline 120BraintreeEssexCM77 7AA

Trading ActivityA group engaged in the sale and distributionof computer games software and the supply ofservices for computer software games.

Main SIC Codes72200

Directors (as at May 2011)Khaled LababediAdel Guenena

Company SecretaryJames D. Southey

AuditorsPkf (Uk) Llp

Date Incorporated11/08/2006

Registered Number05902979

Holding CompanyBurnwood Intl.

Ultimate Holding CompanyBurwood Intl. Sa

Main UK Subsidiaries with Turnover (£’000)Ghostlight LtdMidas Interactive Entertainment LtdLaughing Jackal Ltd

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Sales 1,718 2,886 5,446Pre-tax Profit -2,035 -3,067 -1,314

Exports 1,148 1,909 3,731Non-Trading Income 15 270 86Depreciation 144 136 23Interest Paid 1,040 700 394

Auditors Fees 24 24 34

Directors Emoluments 40 40 36Employee Pay 681 756 717

Number of Employees 23 27 22

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Tangible Fixed Assets 2,933 3,080 1,230Intangible Assets 0 0 0Intermediate Assets 1,659 1,658 1,423

Total Fixed Assets 4,592 4,738 2,653

Stocks 147 234 375Trade Debtors 200 330 756Other Current Assets 3,346 3,411 2,480

Total Current Assets 3,693 3,975 3,611

Total Assets 8,285 8,713 6,264

Trade Creditors 240 376 610Short-Term Loans 3,726 2,703 0Other Current Liabilities 100 0 177

Total Current Liabilities 4,066 3,079 787

T/Assets - C/Liabilities 4,219 5,634 5,477

Long-Term Loans 9,081 8,461 5,237Other L/Term Liabilities 0 0 0Total Capital & Reserves -4,862 -2,827 240

Capital Employed 4,219 5,634 5,477

Type of Accounts Consolidated Consolidated Consolidated

Number of weeks 52 52 52

Company Profiles

3-68 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 85: Computer and Video Games Industry 2011

Majesty House Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -24.6 -35.2 -21.0Return on Capital (%) - -48.2 -54.4 -24.0Pre-tax Profit Margin (%) - -118.5 -106.3 -24.1Return on Investment (%) - -12.5 -28.4 -16.8Rtn. on Total Capital & Reserves (%) - ^ ^ -547.5

Liquidity Ratios Quick Ratio (Acid Test) - 0.87 1.22 4.11Current Ratio - 0.91 1.29 4.59

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ 2,182.1Equity Gearing (%) - -37.0 -24.5 4.0Income Gearing (Interest Cover) (%) - ^ ^ ^

Efficiency Ratios Debtor Days Outstanding - 42 42 51Working Capital / Sales (%) - -21.7 31.0 51.9Stocks / Sales (%) - 8.6 8.1 6.9Sales / Capital Employed - 0.4 0.5 1.0Sales / Fixed Assets - 0.6 0.9 4.4Creditor Days - 51 48 41Asset Utilisation - 0.21 0.33 0.87

Employee Performance Pay per Employee (£) - 29,609 28,000 32,591Profit per £ of Pay (£) - -2.99 -4.06 -1.83Profit per Employee (£) - -88,478 -113,593 -59,727Sales per Employee (£) - 74,696 106,889 247,545Capital Employed per Employee (£) - 183,435 208,667 248,955Fixed Assets per Employee (£) - 127,522 114,074 55,909Pay / Sales (%) - 39.6 26.2 13.2

Other Ratios Exports / Sales (%) - 66.8 66.1 68.5

League Table Positions

Position in subsectorProfitability Return on Total Assets 37Return on Capital 35Pre-tax Profit Margin 44Return on Investment 31

Position in subsectorLiquidity Quick Ratio (Acid Test) 33Current Ratio 36

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 39Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 32Stocks / Sales 40Sales / Fixed Assets 42Asset Utilisation 45

Position in subsectorEmployee Performance Pay per Employee 29Profit per £ of Pay 33Sales per Employee 29Capital Employed per Employee 9Pay / Sales 13

Position in subsectorGrowth Sales Growth 39Pre-tax Profit Growth -Total Assets Growth 22Number of Employees Growth 20Exports Growth 22

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-69Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 86: Computer and Video Games Industry 2011

Media Molecule Ltd

Address10 Great Marlborough StreetLondonW1F 7LP

Trading ActivityThe development of computer software forgames.

Main SIC Codes72600

Directors (as at May 2011)Andrew J. HouseJames G. RyanMichael S. Denny

AuditorsPricewaterhousecoopers Llp

Date Incorporated04/01/2006

Registered Number05665849

Holding CompanySony Computer Entertainment Europe Ltd

Ultimate Holding CompanySony Corp

Profit & Loss

Date of Accounts 31/03/2010 31/01/2009 31/01/2008£000s £000s £000s

Sales 10,069Pre-tax Profit 4,799

ExportsNon-Trading Income 14Depreciation 96Interest Paid 0

Auditors Fees 0

Directors Emoluments 154Employee Pay 2,681

Number of Employees 39

Balance Sheet

Date of Accounts 31/03/2010 31/01/2009 31/01/2008£000s £000s £000s

Tangible Fixed Assets 150Intangible Assets 0 0 0Intermediate Assets 0

Total Fixed Assets 150 66 62

Stocks 0 0 0Trade Debtors 30 5,260 13Other Current Assets 8,262 207 440

Total Current Assets 8,292 5,467 453

Total Assets 8,442 5,533 515

Trade Creditors 237 2,290 155Short-Term Loans 0Other Current Liabilities 1,257

Total Current Liabilities 1,494 2,290 155

T/Assets - C/Liabilities 6,948 3,243 360

Long-Term Loans 0Other L/Term Liabilities 0Total Capital & Reserves 6,948 3,243 360

Capital Employed 6,948 3,243 360

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 61 52 52

Company Profiles

3-70 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 87: Computer and Video Games Industry 2011

Media Molecule Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 48.5 - -Return on Capital (%) - 58.9 - -Pre-tax Profit Margin (%) - 47.7 - -Return on Investment (%) - 58.9 - -Rtn. on Total Capital & Reserves (%) - 58.9 - -

Liquidity Ratios Quick Ratio (Acid Test) - 5.55 2.39 2.92Current Ratio - 5.55 2.39 2.92

Gearing Ratios Total Debt / Net Worth (%) - 0.0 - -Equity Gearing (%) - 465.1 141.6 232.3Income Gearing (Interest Cover) (%) - 0.0 - -

Efficiency Ratios Debtor Days Outstanding - 1 - -Working Capital / Sales (%) - 79.2 - -Stocks / Sales (%) - 0.0 - -Sales / Capital Employed - 1.2 - -Sales / Fixed Assets - 57.2 - -Creditor Days - 10 - -Asset Utilisation - 1.02 - -

Employee Performance Pay per Employee (£) - 58,601 - -Profit per £ of Pay (£) - 1.79 - -Profit per Employee (£) - 104,896 - -Sales per Employee (£) - 220,087 - -Capital Employed per Employee (£) - 178,154 - -Fixed Assets per Employee (£) - 3,846 - -Pay / Sales (%) - 26.6 - -

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 3Return on Capital 4Pre-tax Profit Margin 2Return on Investment 4

Position in subsectorLiquidity Quick Ratio (Acid Test) 3Current Ratio 3

Position in subsectorGearing Total Debt / Net Worth 10Equity Gearing 3Income Gearing (Interest Cover) 11

Position in subsectorEfficiency Debtor Days Outstanding 10Stocks / Sales 19Sales / Fixed Assets 20Asset Utilisation 31

Position in subsectorEmployee Performance Pay per Employee 7Profit per £ of Pay 6Sales per Employee 19Capital Employed per Employee 10Pay / Sales 18

Position in subsectorGrowth Sales Growth -Pre-tax Profit Growth -Total Assets Growth 1Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-71Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 88: Computer and Video Games Industry 2011

Microsoft Ltd

AddressMicrosoft CampusReadingBerkshireRG6 1WG

Telephone 08706010100

Fax 08706020100

Trading ActivityThe marketing and support of systems andapplications software for business,professional and home use.

Main SIC Codes72200

Directors (as at May 2011)Keith R. DolliverBenjamin O. OrndorffGordon R. Frazer

Company SecretaryRb Secretariat Limited

AuditorsDeloitte Llp

BankersNat West Bank Plc

Date Incorporated24/03/1982

Registered Number01624297

Previous Name(s) with date(s) of changeMicrosoft Europe Ltd, 16/06/1983Dialmain Ltd, 25/05/1982

Holding CompanyMicrosoft Corp

Ultimate Holding CompanyMicrosoft Corp.

Profit & Loss* year analysed in League Tables

Date of Accounts 02/07/2010 03/07/2009 27/06/2008 29/06/2007£000s £000s £000s £000s

Sales 659,965 639,879 591,069 555,622Pre-tax Profit 76,934 86,128 79,128 53,763

Exports 0 0 0Non-Trading Income 2,534 8,488 9,824 4,327Depreciation 5,929 7,712 8,654 8,322Interest Paid 0 49 20 32

Auditors Fees 73 84 91 0

Directors Emoluments 0 0 0 26Employee Pay 273,072 269,238 234,657 203,851

Number of Employees 2,792 2,947 2,340 2,360

Balance Sheet

Date of Accounts 02/07/2010 03/07/2009 27/06/2008 29/06/2007£000s £000s £000s £000s

Tangible Fixed Assets 13,224 16,684 17,409 19,402Intangible Assets 0 0 0 0Intermediate Assets 0 0 0 0

Total Fixed Assets 13,224 16,684 17,409 19,402

Stocks 0 0 0 0Trade Debtors 20,794 22,446 20,658 24,780Other Current Assets 275,086 235,041 264,117 184,527

Total Current Assets 295,880 257,487 284,775 209,307

Total Assets 309,104 274,171 302,184 228,709

Trade Creditors 6,550 9,527 10,284 8,610Short-Term Loans 1,085 5,546 0 0Other Current Liabilities 130,412 114,790 110,429 108,163

Total Current Liabilities 138,047 129,863 120,713 116,773

T/Assets - C/Liabilities 171,057 144,308 181,471 111,936

Long-Term Loans 0 0 0 0Other L/Term Liabilities 8,820 0 0 0Total Capital & Reserves 162,237 144,308 181,471 111,936

Capital Employed 171,057 144,308 181,471 111,936

Type of Accounts Unconsolidated Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 53 52 52

* The Company’s accounts for 03/07/2009 are those used in the analysis.These are shown in bold text and are used to calculate the performancerankings in the League Tables. The later accounts fall outside the analysisperiod but have been presented for further information.

Company Profiles

3-72 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 89: Computer and Video Games Industry 2011

Microsoft Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) 24.9 30.8 26.2 23.5Return on Capital (%) 45.0 58.6 43.6 48.0Pre-tax Profit Margin (%) 11.7 13.5 13.4 9.7Return on Investment (%) 44.7 56.4 43.6 48.1Rtn. on Total Capital & Reserves (%) 47.4 58.6 43.6 48.0

Liquidity Ratios Quick Ratio (Acid Test) 2.14 1.98 2.36 1.79Current Ratio 2.14 1.98 2.36 1.79

Gearing Ratios Total Debt / Net Worth (%) 0.7 3.8 0.0 0.0Equity Gearing (%) 110.5 111.1 150.3 95.9Income Gearing (Interest Cover) (%) 0.0 0.1 0.0 0.1

Efficiency Ratios Debtor Days Outstanding 12 13 13 16Working Capital / Sales (%) 23.9 20.3 27.8 16.7Stocks / Sales (%) 0.0 0.0 0.0 0.0Sales / Capital Employed 3.9 4.4 3.3 5.0Sales / Fixed Assets 49.9 37.6 34.0 28.6Creditor Days 4 6 6 6Asset Utilisation 2.14 2.29 1.96 2.43

Employee Performance Pay per Employee (£) 97,805 89,636 100,281 86,378Profit per £ of Pay (£) 0.28 0.32 0.34 0.26Profit per Employee (£) 27,555 28,674 33,815 22,781Sales per Employee (£) 236,377 213,032 252,594 235,433Capital Employed per Employee (£) 61,267 48,968 77,552 47,431Fixed Assets per Employee (£) 4,736 5,661 7,440 8,221Pay / Sales (%) 41.4 42.1 39.7 36.7

Other Ratios Exports / Sales (%) 0.0 0.0 - 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 4Return on Capital 5Pre-tax Profit Margin 6Return on Investment 5

Position in subsectorLiquidity Quick Ratio (Acid Test) 18Current Ratio 20

Position in subsectorGearing Total Debt / Net Worth 13Equity Gearing 18Income Gearing (Interest Cover) 13

Position in subsectorEfficiency Debtor Days Outstanding 15Stocks / Sales 6Sales / Fixed Assets 26Asset Utilisation 16

Position in subsectorEmployee Performance Pay per Employee 3Profit per £ of Pay 11Sales per Employee 20Capital Employed per Employee 21Pay / Sales 12

Position in subsectorGrowth Sales Growth 22Pre-tax Profit Growth 7Total Assets Growth 23Number of Employees Growth 14Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-73Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 90: Computer and Video Games Industry 2011

Midas Interactive Entertainment Ltd

AddressUnit 14Stanstead Distribution CentreStart HillBishop‘S StortfordHertfordshireCM22 7DG

Telephone 01279858000

Fax 01279508841

Trading ActivityThe sale and distribution of computersoftware games.

Main SIC Codes51477

Directors (as at May 2011)Adel GuenenaDavid F. BanfieldKhaled Lababedi

Company SecretaryJames D. Southey

AuditorsPkf (Uk) Llp

Date Incorporated06/11/1998

Registered Number03663604

Previous Name(s) with date(s) of changeMidas Interactive Entertainments Ltd,07/12/1998

Holding CompanyMajesty House Ltd

Ultimate Holding CompanyMajesty House Ltd

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Sales 794 1,753 4,330Pre-tax Profit -733 -769 -690

Exports 566 1,059 2,972Non-Trading Income 1 168 0Depreciation 5 10 14Interest Paid 281 281 319

Auditors Fees 9 9 17

Directors Emoluments 0 0 0Employee Pay 154 186 153

Number of Employees 10 8 8

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Tangible Fixed Assets 3 13 21Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 3 13 21

Stocks 108 145 313Trade Debtors 55 186 757Other Current Assets 689 579 486

Total Current Assets 852 910 1,556

Total Assets 855 923 1,577

Trade Creditors 64 80 117Short-Term Loans 3,812 3,129 1,391Other Current Liabilities 29 31 113

Total Current Liabilities 3,905 3,240 1,621

T/Assets - C/Liabilities -3,050 -2,317 -44

Long-Term Loans 0 0 1,504Other L/Term Liabilities 0 0 0Total Capital & Reserves -3,050 -2,317 -1,548

Capital Employed -3,050 -2,317 -44

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-74 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 91: Computer and Video Games Industry 2011

Midas Interactive Entertainment Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -85.7 -83.3 -43.8Return on Capital (%) - ^ ^ ^Pre-tax Profit Margin (%) - -92.3 -43.9 -15.9Return on Investment (%) - -59.3 -60.1 -27.5Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.19 0.24 0.77Current Ratio - 0.22 0.28 0.96

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -78.1 -71.5 -49.5Income Gearing (Interest Cover) (%) - ^ ^ ^

Efficiency Ratios Debtor Days Outstanding - 25 39 64Working Capital / Sales (%) - -384.5 -132.9 -1.5Stocks / Sales (%) - 13.6 8.3 7.2Sales / Capital Employed - ^ ^ ^Sales / Fixed Assets - 264.7 134.8 206.2Creditor Days - 29 17 10Asset Utilisation - 0.93 1.90 2.75

Employee Performance Pay per Employee (£) - 15,400 23,250 19,125Profit per £ of Pay (£) - -4.76 -4.13 -4.51Profit per Employee (£) - -73,300 -96,125 -86,250Sales per Employee (£) - 79,400 219,125 541,250Capital Employed per Employee (£) - -305,000 -289,625 -5,500Fixed Assets per Employee (£) - 300 1,625 2,625Pay / Sales (%) - 19.4 10.6 3.5

Other Ratios Exports / Sales (%) - 71.3 60.4 68.6

League Table Positions

Position in subsectorProfitability Return on Total Assets 44Return on Capital -Pre-tax Profit Margin 42Return on Investment 41

Position in subsectorLiquidity Quick Ratio (Acid Test) 45Current Ratio 45

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 45Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 17Stocks / Sales 42Sales / Fixed Assets 11Asset Utilisation 32

Position in subsectorEmployee Performance Pay per Employee 38Profit per £ of Pay 38Sales per Employee 27Capital Employed per Employee 37Pay / Sales 22

Position in subsectorGrowth Sales Growth 42Pre-tax Profit Growth -Total Assets Growth 39Number of Employees Growth 13Exports Growth 23

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-75Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 92: Computer and Video Games Industry 2011

Namco Bandai Partners UK Ltd

AddressLandmark HsHammersmith Bridge RdHammersmithLondonW6 9EJ

Telephone 02082229700

Fax 02082229870

Trading ActivityThe publication and distribution ofinteractive entertainment software.

Main SIC Codes7220072600

Directors (as at May 2011)Mark PassamNaoki KatashimaJohn GallowayShusuke Takahara

Company SecretaryMark J. Passam

AuditorsKpmg Llp

BankersSociete Generale

Date Incorporated21/05/1987

Registered Number02133521

Previous Name(s) with date(s) of changeAtari UK Ltd, 22/07/2009Infogrames UK Ltd, 13/05/2003Ocean Software Ltd, 30/01/1998Prize Computers Ltd, 21/10/1989

Holding CompanyOcean Hldgs. Ltd

Ultimate Holding CompanyBandai Namco Hldgs. Inc.

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 19,823 18,255 16,239Pre-tax Profit -2,833 -4,493 -2,911

Exports 2,601 1,894 2,472Non-Trading Income 1 701 126Depreciation 42 79 105Interest Paid 44 12 179

Auditors Fees 28 40 40

Directors Emoluments 142 0 0Employee Pay 831 522 1,068

Number of Employees 15 19 26

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 52 45 105Intangible Assets 0 0 0Intermediate Assets 0 1,168 1,707

Total Fixed Assets 52 1,213 1,812

Stocks 805 555 443Trade Debtors 458 2,658 3,819Other Current Assets 2,803 2,255 1,555

Total Current Assets 4,066 5,468 5,817

Total Assets 4,118 6,681 7,629

Trade Creditors 447 1,136 2,144Short-Term Loans 2,848 8,156 4,050Other Current Liabilities 1,625 2,011 1,564

Total Current Liabilities 4,920 11,303 7,758

T/Assets - C/Liabilities -802 -4,622 -129

Long-Term Loans 0 0 0Other L/Term Liabilities 79 119 119Total Capital & Reserves -881 -4,741 -248

Capital Employed -802 -4,622 -129

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-76 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 93: Computer and Video Games Industry 2011

Namco Bandai Partners UK Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -68.8 -67.3 -38.2Return on Capital (%) - ^ ^ ^Pre-tax Profit Margin (%) - -14.3 -24.6 -17.9Return on Investment (%) - -136.3 -126.8 -69.7Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.66 0.43 0.69Current Ratio - 0.83 0.48 0.75

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -17.6 -41.5 -3.1Income Gearing (Interest Cover) (%) - ^ ^ ^

Efficiency Ratios Debtor Days Outstanding - 8 53 86Working Capital / Sales (%) - -4.3 -32.0 -12.0Stocks / Sales (%) - 4.1 3.0 2.7Sales / Capital Employed - ^ ^ ^Sales / Fixed Assets - 381.2 405.7 154.7Creditor Days - 8 23 48Asset Utilisation - 4.81 2.73 2.13

Employee Performance Pay per Employee (£) - 55,400 27,474 41,077Profit per £ of Pay (£) - -3.41 -8.61 -2.73Profit per Employee (£) - -188,867 -236,474 -111,962Sales per Employee (£) - 1,321,533 960,789 624,577Capital Employed per Employee (£) - -53,467 -243,263 -4,962Fixed Assets per Employee (£) - 3,467 2,368 4,038Pay / Sales (%) - 4.2 2.9 6.6

Other Ratios Exports / Sales (%) - 13.1 10.4 15.2

League Table Positions

Position in subsectorProfitability Return on Total Assets 43Return on Capital -Pre-tax Profit Margin 35Return on Investment 44

Position in subsectorLiquidity Quick Ratio (Acid Test) 38Current Ratio 38

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 35Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 14Stocks / Sales 32Sales / Fixed Assets 8Asset Utilisation 3

Position in subsectorEmployee Performance Pay per Employee 8Profit per £ of Pay 34Sales per Employee 8Capital Employed per Employee 34Pay / Sales 33

Position in subsectorGrowth Sales Growth 19Pre-tax Profit Growth -Total Assets Growth 40Number of Employees Growth 32Exports Growth 10

Special Notes Symbols

2009 PBT includes exceptional charges of 740k. ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-77Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 94: Computer and Video Games Industry 2011

P.D.Q. Distribution Ltd

Address6 Pavellion DriveHolfordBirminghamWest MidlandsB6 7BB

Telephone 01216 253377

Fax 01216 253236

Trading ActivityDistributors of computer games.

Main SIC Codes22150

Directors (as at May 2011)Steven G. VarnishRobert KotickBrian KellyDavid NealIan D. MattinglyChristopher B. WaltherMargaret Pearson

Company SecretarySteven G. Varnish

AuditorsPricewaterhousecoopers Llp

Date Incorporated03/03/1987

Registered Number02105582

Previous Name(s) with date(s) of changeHolbroad Ltd, 03/04/1987

Holding CompanyCentresoft Ltd

Ultimate Holding CompanyVivendi Sa

Profit & Loss* year analysed in League Tables

Date of Accounts 31/12/2010 31/12/2009 31/12/2008 31/03/2008£000s £000s £000s £000s

Sales 7,806 11,915 10,768 6,178Pre-tax Profit 287 440 4,851 2,144

Exports 0 0 0 0Non-Trading Income 52 78 119 206Depreciation 98 299 259 398Interest Paid 2 3 3 6

Auditors Fees 50 48 32 36

Directors Emoluments 532 491 349 528Employee Pay 2,429 2,962 2,500 1,686

Number of Employees 62 62 59 38

Balance Sheet

Date of Accounts 31/12/2010 31/12/2009 31/12/2008 31/03/2008£000s £000s £000s £000s

Tangible Fixed Assets 166 247 478 330Intangible Assets 0 0 0 0Intermediate Assets 0 0 0 0

Total Fixed Assets 166 247 478 330

Stocks 0 0 0 0Trade Debtors 1,197 1,245 2,063 1,020Other Current Assets 18,177 12,088 21,326 3,936

Total Current Assets 19,374 13,333 23,389 4,956

Total Assets 19,540 13,580 23,867 5,286

Trade Creditors 10,526 1,529 13,647 638Short-Term Loans 566 960 0 309Other Current Liabilities 2,227 3,521 2,790 1,248

Total Current Liabilities 13,319 6,010 16,437 2,195

T/Assets - C/Liabilities 6,221 7,570 7,430 3,091

Long-Term Loans 0 0 0 0Other L/Term Liabilities 0 0 0 0Total Capital & Reserves 6,221 7,570 7,430 3,091

Capital Employed 6,221 7,570 7,430 3,091

Type of Accounts Unconsolidated Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 39 52

* The Company’s accounts for 31/12/2009 are those used in the analysis.These are shown in bold text and are used to calculate the performancerankings in the League Tables. The later accounts fall outside the analysisperiod but have been presented for further information.

Company Profiles

3-78 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 95: Computer and Video Games Industry 2011

P.D.Q. Distribution Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) 1.5 3.2 27.1 40.6Return on Capital (%) 4.6 5.8 87.1 69.4Pre-tax Profit Margin (%) 3.7 3.7 45.1 34.7Return on Investment (%) 4.3 5.2 87.1 63.2Rtn. on Total Capital & Reserves (%) 4.6 5.8 87.1 69.4

Liquidity Ratios Quick Ratio (Acid Test) 1.45 2.22 1.42 2.26Current Ratio 1.45 2.22 1.42 2.26

Gearing Ratios Total Debt / Net Worth (%) 9.1 12.7 0.0 10.0Equity Gearing (%) 46.7 126.0 45.2 140.8Income Gearing (Interest Cover) (%) 0.7 0.7 0.1 0.3

Efficiency Ratios Debtor Days Outstanding 56 38 52 60Working Capital / Sales (%) 77.6 61.5 48.4 44.7Stocks / Sales (%) 0.0 0.0 0.0 0.0Sales / Capital Employed 1.3 1.6 1.9 2.0Sales / Fixed Assets 47.0 48.2 30.0 18.7Creditor Days 492 47 347 38Asset Utilisation 0.40 0.88 0.60 1.17

Employee Performance Pay per Employee (£) 39,177 47,774 56,497 44,368Profit per £ of Pay (£) 0.12 0.15 1.94 1.27Profit per Employee (£) 4,629 7,097 109,627 56,421Sales per Employee (£) 125,903 192,177 243,345 162,579Capital Employed per Employee (£) 100,339 122,097 125,932 81,342Fixed Assets per Employee (£) 2,677 3,984 8,102 8,684Pay / Sales (%) 31.1 24.9 23.2 27.3

Other Ratios Exports / Sales (%) 0.0 0.0 0.0 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 20Return on Capital 20Pre-tax Profit Margin 13Return on Investment 20

Position in subsectorLiquidity Quick Ratio (Acid Test) 15Current Ratio 16

Position in subsectorGearing Total Debt / Net Worth 17Equity Gearing 14Income Gearing (Interest Cover) 14

Position in subsectorEfficiency Debtor Days Outstanding 29Stocks / Sales 7Sales / Fixed Assets 23Asset Utilisation 33

Position in subsectorEmployee Performance Pay per Employee 14Profit per £ of Pay 17Sales per Employee 21Capital Employed per Employee 16Pay / Sales 20

Position in subsectorGrowth Sales Growth 5Pre-tax Profit Growth 17Total Assets Growth 6Number of Employees Growth 6Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-79Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 96: Computer and Video Games Industry 2011

Radica U.K. Ltd

AddressThe Old StablesMunns FarmCole GreenHertfordHertfordshireSG14 2NL

Telephone 01992 503133

Fax 01992 532800

Trading ActivityThe import and distribution of computer andvideo games accessories and handheldelectronic toys.

Main SIC Codes51477

Directors (as at May 2011)Dominic J. GeddesRobert J. NormileDavid AllmarkErica M. ZubriskiGeoffrey H. Walker

Company SecretarySukhjiwan K. Tung

AuditorsPricewaterhousecoopers Llp

Date Incorporated28/08/1990

Registered Number02535134

Previous Name(s) with date(s) of changeLeda Media Products Ltd, 22/05/2000R-D Media Systems Ltd, 18/04/1991Leda Grg Ltd, 11/02/1991

Holding CompanyRadica Europe Ltd

Ultimate Holding CompanyMattel Inc.

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Sales 3,274 7,187 13,880Pre-tax Profit -140 -65 906

Exports 0 0Non-Trading Income 0 23 60Depreciation 0 0 7Interest Paid 202 524 469

Auditors Fees 0 0

Directors Emoluments 0 0 90Employee Pay 269

Number of Employees 5

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Tangible Fixed Assets 0 0 0Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 0 0 0

Stocks 0 0 0Trade Debtors 0 0 7Other Current Assets 2,386 2,232 2,386

Total Current Assets 2,386 2,232 2,393

Total Assets 2,386 2,232 2,393

Trade Creditors 0 0 0Short-Term Loans 9,045 8,843 8,921Other Current Liabilities 0 0 0

Total Current Liabilities 9,045 8,843 8,921

T/Assets - C/Liabilities -6,659 -6,611 -6,528

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves -6,659 -6,611 -6,528

Capital Employed -6,659 -6,611 -6,528

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-80 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 97: Computer and Video Games Industry 2011

Radica U.K. Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -5.9 -2.9 37.9Return on Capital (%) - ^ ^ ^Pre-tax Profit Margin (%) - -4.3 -0.9 6.5Return on Investment (%) - 2.6 20.6 57.5Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.26 0.25 0.27Current Ratio - 0.26 0.25 0.27

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -73.6 -74.8 -73.2Income Gearing (Interest Cover) (%) - 325.8 114.2 34.1

Efficiency Ratios Debtor Days Outstanding - 0 0 0Working Capital / Sales (%) - -203.4 -92.0 -47.0Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - ^ ^ ^Sales / Fixed Assets - ^ ^ ^Creditor Days - 0 0 0Asset Utilisation - 1.37 3.22 5.80

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - - 3.37Profit per Employee (£) - -28,000 - -Sales per Employee (£) - 654,800 - -Capital Employed per Employee (£) - -1,331,800 - -Fixed Assets per Employee (£) - 0 - -Pay / Sales (%) - - - 1.9

Other Ratios Exports / Sales (%) - - 0.0 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 30Return on Capital -Pre-tax Profit Margin 26Return on Investment 25

Position in subsectorLiquidity Quick Ratio (Acid Test) 44Current Ratio 44

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 44Income Gearing (Interest Cover) 25

Position in subsectorEfficiency Debtor Days Outstanding 5Stocks / Sales 8Sales / Fixed Assets -Asset Utilisation 28

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee 10Capital Employed per Employee 39Pay / Sales -

Position in subsectorGrowth Sales Growth 41Pre-tax Profit Growth -Total Assets Growth 31Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-81Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 98: Computer and Video Games Industry 2011

Rare Ltd

AddressManor ParkTwycrossAtherstoneWarwicksCV9 3QN

Telephone 01827883400

Fax 01827883410

Trading ActivityThe writing and development of video gamessoftware.

Main SIC Codes72200

Directors (as at May 2011)Keith R. DolliverBenjamin O. Orndorff

Company SecretaryRb Secretariat Limited

AuditorsDeloitte Llp

BankersLloyds Tsb Bank Plc

Date Incorporated16/04/1985

Registered Number01905690

Holding CompanyRareware Ltd

Ultimate Holding CompanyMicrosoft Corp

Profit & Loss

Date of Accounts 03/07/2009 27/06/2008 30/06/2007£000s £000s £000s

Sales 15,276 15,152 23,349Pre-tax Profit 2,576 4,399 10,258

Exports 15,276 15,152 23,349Non-Trading Income 934 1,268 513Depreciation 410 444 387Interest Paid 0 26 7

Auditors Fees 23 23 0

Directors Emoluments 0 0 0Employee Pay 9,077 8,719 9,581

Number of Employees 195 210 206

Balance Sheet

Date of Accounts 03/07/2009 27/06/2008 30/06/2007£000s £000s £000s

Tangible Fixed Assets 2,899 3,223 3,475Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 2,899 3,223 3,475

Stocks 0 0 0Trade Debtors 0 0 525Other Current Assets 18,489 22,928 21,184

Total Current Assets 18,489 22,928 21,709

Total Assets 21,388 26,151 25,184

Trade Creditors 184 146 19Short-Term Loans 0 0 0Other Current Liabilities 1,254 907 3,121

Total Current Liabilities 1,438 1,053 3,140

T/Assets - C/Liabilities 19,950 25,098 22,044

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 19,950 25,098 22,044

Capital Employed 19,950 25,098 22,044

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 53 52 52

Company Profiles

3-82 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 99: Computer and Video Games Industry 2011

Rare Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 11.8 16.8 40.7Return on Capital (%) - 12.7 17.5 46.5Pre-tax Profit Margin (%) - 16.9 29.0 43.9Return on Investment (%) - 12.7 17.6 46.6Rtn. on Total Capital & Reserves (%) - 12.7 17.5 46.5

Liquidity Ratios Quick Ratio (Acid Test) - 12.86 21.77 6.91Current Ratio - 12.86 21.77 6.91

Gearing Ratios Total Debt / Net Worth (%) - 0.0 0.0 0.0Equity Gearing (%) - 1,387.3 2,383.5 702.0Income Gearing (Interest Cover) (%) - 0.0 0.6 0.1

Efficiency Ratios Debtor Days Outstanding - 0 0 8Working Capital / Sales (%) - 113.8 144.4 79.5Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 0.8 0.6 1.1Sales / Fixed Assets - 5.2 4.7 6.7Creditor Days - 4 4 0Asset Utilisation - 0.70 0.58 0.93

Employee Performance Pay per Employee (£) - 45,670 41,519 46,510Profit per £ of Pay (£) - 0.28 0.50 1.07Profit per Employee (£) - 12,961 20,948 49,796Sales per Employee (£) - 76,860 72,152 113,345Capital Employed per Employee (£) - 102,308 119,514 107,010Fixed Assets per Employee (£) - 14,867 15,348 16,869Pay / Sales (%) - 59.4 57.5 41.0

Other Ratios Exports / Sales (%) - 100.0 100.0 100.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 10Return on Capital 16Pre-tax Profit Margin 5Return on Investment 15

Position in subsectorLiquidity Quick Ratio (Acid Test) 1Current Ratio 1

Position in subsectorGearing Total Debt / Net Worth 2Equity Gearing 1Income Gearing (Interest Cover) 10

Position in subsectorEfficiency Debtor Days Outstanding 7Stocks / Sales 9Sales / Fixed Assets 38Asset Utilisation 38

Position in subsectorEmployee Performance Pay per Employee 16Profit per £ of Pay 12Sales per Employee 28Capital Employed per Employee 17Pay / Sales 5

Position in subsectorGrowth Sales Growth 34Pre-tax Profit Growth 15Total Assets Growth 36Number of Employees Growth 23Exports Growth 17

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-83Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 100: Computer and Video Games Industry 2011

Rebellion Developments Ltd

AddressBrewer Street StudioBrewer StreetOxfordOxfordshireOX1 1QN

Telephone 01865792201

Trading ActivityA group engaged in the design and publishingof computer games and magazines.

Main SIC Codes7260022130

Directors (as at May 2011)Christopher R. KingsleyJonathan J. KingsleyPatrick J. KingsleyJames W. H. Weir

Company SecretaryChristopher R. Kingsley

AuditorsGrant Thornton Uk Llp

Date Incorporated04/12/1992

Registered Number02770940

Profit & Loss* year analysed in League Tables

Date of Accounts 30/06/2010 30/06/2009 30/06/2008 30/06/2007£000s £000s £000s £000s

Sales 8,994 14,664 11,857 8,652Pre-tax Profit 178 574 1,083 249

Exports 0 85 86 173Non-Trading Income 1 31 80 27Depreciation 674 742 533 245Interest Paid 53 64 41 16

Auditors Fees 0 29 17 8

Directors Emoluments 270 514 585 174Employee Pay 4,869 4,902 3,986 2,972

Number of Employees 154 146 119 102

Balance Sheet

Date of Accounts 30/06/2010 30/06/2009 30/06/2008 30/06/2007£000s £000s £000s £000s

Tangible Fixed Assets 852 1,348 1,499 516Intangible Assets 195 215 234 0Intermediate Assets 675 95 95 433

Total Fixed Assets 1,722 1,658 1,828 949

Stocks 2,387 616 476 373Trade Debtors 151 173 531 539Other Current Assets 2,178 3,969 4,410 2,191

Total Current Assets 4,716 4,758 5,417 3,103

Total Assets 6,438 6,416 7,245 4,052

Trade Creditors 523 318 357 436Short-Term Loans 480 325 210 392Other Current Liabilities 993 1,761 3,103 1,470

Total Current Liabilities 1,996 2,404 3,670 2,298

T/Assets - C/Liabilities 4,442 4,012 3,575 1,754

Long-Term Loans 300 443 617 39Other L/Term Liabilities 86 175 99 53Total Capital & Reserves 4,056 3,394 2,859 1,662

Capital Employed 4,442 4,012 3,575 1,754

Type of Accounts Consolidated Consolidated Consolidated Unconsolidated

Number of weeks 52 52 52 52

* The Company’s accounts for 30/06/2009 are those used in the analysis.These are shown in bold text and are used to calculate the performancerankings in the League Tables. The later accounts fall outside the analysisperiod but have been presented for further information.

Company Profiles

3-84 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 101: Computer and Video Games Industry 2011

Rebellion Developments Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) 2.8 8.9 14.9 6.1Return on Capital (%) 4.0 14.3 30.3 14.2Pre-tax Profit Margin (%) 2.0 3.9 9.1 2.9Return on Investment (%) 4.7 14.7 29.7 12.3Rtn. on Total Capital & Reserves (%) 4.4 16.9 37.9 15.0

Liquidity Ratios Quick Ratio (Acid Test) 1.17 1.72 1.35 1.19Current Ratio 2.36 1.98 1.48 1.35

Gearing Ratios Total Debt / Net Worth (%) 20.2 24.2 31.5 25.9Equity Gearing (%) 170.3 112.3 65.2 69.5Income Gearing (Interest Cover) (%) 22.9 10.0 3.6 6.0

Efficiency Ratios Debtor Days Outstanding 6 4 16 23Working Capital / Sales (%) 30.2 16.1 14.7 9.3Stocks / Sales (%) 26.5 4.2 4.0 4.3Sales / Capital Employed 2.0 3.7 3.3 4.9Sales / Fixed Assets 10.6 10.9 7.9 16.8Creditor Days 21 8 11 18Asset Utilisation 1.40 2.29 1.64 2.14

Employee Performance Pay per Employee (£) 31,617 33,575 33,496 29,137Profit per £ of Pay (£) 0.04 0.12 0.27 0.08Profit per Employee (£) 1,156 3,932 9,101 2,441Sales per Employee (£) 58,403 100,438 99,639 84,824Capital Employed per Employee (£) 28,844 27,479 30,042 17,196Fixed Assets per Employee (£) 5,532 9,233 12,597 5,059Pay / Sales (%) 54.1 33.4 33.6 34.4

Other Ratios Exports / Sales (%) 0.0 0.6 0.7 2.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 12Return on Capital 14Pre-tax Profit Margin 12Return on Investment 14

Position in subsectorLiquidity Quick Ratio (Acid Test) 20Current Ratio 21

Position in subsectorGearing Total Debt / Net Worth 21Equity Gearing 17Income Gearing (Interest Cover) 21

Position in subsectorEfficiency Debtor Days Outstanding 12Stocks / Sales 33Sales / Fixed Assets 33Asset Utilisation 17

Position in subsectorEmployee Performance Pay per Employee 26Profit per £ of Pay 19Sales per Employee 25Capital Employed per Employee 24Pay / Sales 16

Position in subsectorGrowth Sales Growth 8Pre-tax Profit Growth 3Total Assets Growth 13Number of Employees Growth 9Exports Growth 20

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-85Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 102: Computer and Video Games Industry 2011

Relentless Software Ltd

AddressThe IronworksCheapsideBrightonEast SussexBN1 4GD

Telephone 01273684499

Trading ActivityThe development of entertainment software.

Main SIC Codes72200

Directors (as at May 2011)David M. AmorAndrew B. Eades

Company SecretaryAndrew B. Eades

AuditorsKpmg Llp

Date Incorporated22/10/2003

Registered Number04941247

Profit & Loss

Date of Accounts 31/10/2009 31/10/2008 31/10/2007£000s £000s £000s

Sales 5,769 5,466 4,154Pre-tax Profit 737 219 337

Exports 0Non-Trading Income 6 36 22Depreciation 101 85 57Interest Paid 0 1 0

Auditors Fees 15 15 0

Directors Emoluments 813 1,150 878Employee Pay 3,263 3,186 2,260

Number of Employees 82 65 47

Balance Sheet

Date of Accounts 31/10/2009 31/10/2008 31/10/2007£000s £000s £000s

Tangible Fixed Assets 377 323 269Intangible Assets 4 0 27Intermediate Assets 0 0 0

Total Fixed Assets 381 323 296

Stocks 0 0 218Trade Debtors 1,271 727 191Other Current Assets 782 1,072 1,110

Total Current Assets 2,053 1,799 1,519

Total Assets 2,434 2,122 1,815

Trade Creditors 61 44 126Short-Term Loans 0 0 100Other Current Liabilities 901 1,153 645

Total Current Liabilities 962 1,197 871

T/Assets - C/Liabilities 1,472 925 944

Long-Term Loans 0 0 0Other L/Term Liabilities 41 30 13Total Capital & Reserves 1,431 895 931

Capital Employed 1,472 925 944

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-86 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 103: Computer and Video Games Industry 2011

Relentless Software Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 30.3 10.3 18.6Return on Capital (%) - 50.1 23.7 35.7Pre-tax Profit Margin (%) - 12.8 4.0 8.1Return on Investment (%) - 50.1 23.8 32.3Rtn. on Total Capital & Reserves (%) - 51.5 24.5 36.2

Liquidity Ratios Quick Ratio (Acid Test) - 2.13 1.50 1.49Current Ratio - 2.13 1.50 1.74

Gearing Ratios Total Debt / Net Worth (%) - 0.0 0.0 11.1Equity Gearing (%) - 142.7 72.9 105.3Income Gearing (Interest Cover) (%) - 0.0 0.5 0.0

Efficiency Ratios Debtor Days Outstanding - 80 49 17Working Capital / Sales (%) - 18.9 11.0 15.6Stocks / Sales (%) - 0.0 0.0 5.2Sales / Capital Employed - 3.9 5.9 4.4Sales / Fixed Assets - 15.3 16.9 15.4Creditor Days - 4 3 11Asset Utilisation - 2.37 2.58 2.29

Employee Performance Pay per Employee (£) - 39,793 49,015 48,085Profit per £ of Pay (£) - 0.23 0.07 0.15Profit per Employee (£) - 8,988 3,369 7,170Sales per Employee (£) - 70,354 84,092 88,383Capital Employed per Employee (£) - 17,951 14,231 20,085Fixed Assets per Employee (£) - 4,598 4,969 5,723Pay / Sales (%) - 56.6 58.3 54.4

Other Ratios Exports / Sales (%) - - - 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 5Return on Capital 8Pre-tax Profit Margin 7Return on Investment 7

Position in subsectorLiquidity Quick Ratio (Acid Test) 16Current Ratio 17

Position in subsectorGearing Total Debt / Net Worth 4Equity Gearing 11Income Gearing (Interest Cover) 8

Position in subsectorEfficiency Debtor Days Outstanding 40Stocks / Sales 15Sales / Fixed Assets 31Asset Utilisation 15

Position in subsectorEmployee Performance Pay per Employee 21Profit per £ of Pay 13Sales per Employee 32Capital Employed per Employee 27Pay / Sales 7

Position in subsectorGrowth Sales Growth 13Pre-tax Profit Growth 4Total Assets Growth 21Number of Employees Growth 4Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-87Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 104: Computer and Video Games Industry 2011

Rising Star Games Ltd

AddressBasepoint Business & Innovation110 ButterfieldLutonBedfordshireLU2 8DL

Trading ActivityThe design, promotion and sale of computergames.

Main SIC Codes72200

Directors (as at May 2011)Owe J. BergstenMartin D. DefriesAllan RonnebroHiroshi YaoiShigeki Takeuchi

Company SecretaryMartin D. Defries

AuditorsErnst & Young Llp

BankersDanske Bank A/S

Date Incorporated06/10/2004

Registered Number05252507

Holding CompanyIntergrow Inc.

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 5,138 5,332 11,138Pre-tax Profit -1,447 -1,596 2,155

Exports 3,759 4,242 9,153Non-Trading Income 13 1 2Depreciation 22 23 2Interest Paid 19 72 33

Auditors Fees 16 16 15

Directors Emoluments 132 132 106Employee Pay 317 428 279

Number of Employees 8 10 6

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 7 28 43Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 7 28 43

Stocks 146 214 520Trade Debtors 1,999 929 4,884Other Current Assets 810 1,994 2,300

Total Current Assets 2,955 3,137 7,704

Total Assets 2,962 3,165 7,747

Trade Creditors 1,077 510 3,360Short-Term Loans 2,344 2,220 1,369Other Current Liabilities 733 195 957

Total Current Liabilities 4,154 2,925 5,686

T/Assets - C/Liabilities -1,192 240 2,061

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves -1,192 240 2,061

Capital Employed -1,192 240 2,061

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-88 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 105: Computer and Video Games Industry 2011

Rising Star Games Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -48.9 -50.4 27.8Return on Capital (%) - ^ -665.0 104.6Pre-tax Profit Margin (%) - -28.2 -29.9 19.3Return on Investment (%) - -124.0 -62.0 63.8Rtn. on Total Capital & Reserves (%) - ^ -665.0 104.6

Liquidity Ratios Quick Ratio (Acid Test) - 0.68 1.00 1.26Current Ratio - 0.71 1.07 1.35

Gearing Ratios Total Debt / Net Worth (%) - ^ 925.0 66.4Equity Gearing (%) - -28.7 8.2 36.2Income Gearing (Interest Cover) (%) - ^ ^ 1.5

Efficiency Ratios Debtor Days Outstanding - 142 64 160Working Capital / Sales (%) - -23.3 4.0 18.1Stocks / Sales (%) - 2.8 4.0 4.7Sales / Capital Employed - ^ 22.2 5.4Sales / Fixed Assets - 734.0 190.4 259.0Creditor Days - 77 35 110Asset Utilisation - 1.73 1.68 1.44

Employee Performance Pay per Employee (£) - 39,625 42,800 46,500Profit per £ of Pay (£) - -4.56 -3.73 7.72Profit per Employee (£) - -180,875 -159,600 359,167Sales per Employee (£) - 642,250 533,200 1,856,333Capital Employed per Employee (£) - -149,000 24,000 343,500Fixed Assets per Employee (£) - 875 2,800 7,167Pay / Sales (%) - 6.2 8.0 2.5

Other Ratios Exports / Sales (%) - 73.2 79.6 82.2

League Table Positions

Position in subsectorProfitability Return on Total Assets 41Return on Capital -Pre-tax Profit Margin 39Return on Investment 43

Position in subsectorLiquidity Quick Ratio (Acid Test) 37Current Ratio 39

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 37Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 45Stocks / Sales 30Sales / Fixed Assets 6Asset Utilisation 25

Position in subsectorEmployee Performance Pay per Employee 22Profit per £ of Pay 37Sales per Employee 11Capital Employed per Employee 36Pay / Sales 29

Position in subsectorGrowth Sales Growth 37Pre-tax Profit Growth -Total Assets Growth 42Number of Employees Growth 10Exports Growth 21

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-89Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 106: Computer and Video Games Industry 2011

Rockstar London Ltd

Address555 Kings RoadLondonSW6 2EB

Trading ActivityThe provision of development services in themaking of entertainment software.

Main SIC Codes7220074849

Directors (as at May 2011)Rowan M. S. HajajDaniel Emerson

Company SecretaryDaniel Emerson

AuditorsErnst & Young Llp

BankersRoyal Bank Of Scot

Date Incorporated10/08/2006

Registered Number05902287

Holding CompanyTake Two Interactive Software Inc.

Ultimate Holding CompanyTake Two Interactive Software Inc.

Profit & Loss

Date of Accounts 31/03/2010 31/10/2008 31/10/2007£000s £000s £000s

Sales 817 1,828 1,646Pre-tax Profit -18 96 112

Exports 0 1,828 1,646Non-Trading Income 0 5 4Depreciation 53 146 100Interest Paid 0 0 0

Auditors Fees 4 4 2

Directors Emoluments 0 0 0Employee Pay 501 835 762

Number of Employees 29 23 19

Balance Sheet

Date of Accounts 31/03/2010 31/10/2008 31/10/2007£000s £000s £000s

Tangible Fixed Assets 175 350 285Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 175 350 285

Stocks 0 0 0Trade Debtors 0 0 0Other Current Assets 299 30 126

Total Current Assets 299 30 126

Total Assets 474 380 411

Trade Creditors 19 18 10Short-Term Loans 0 85 245Other Current Liabilities 150 116 78

Total Current Liabilities 169 219 333

T/Assets - C/Liabilities 305 161 78

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 305 161 78

Capital Employed 305 161 78

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 21 52 52

Company Profiles

3-90 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 107: Computer and Video Games Industry 2011

Rockstar London Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -9.4 25.3 27.3Return on Capital (%) - -14.6 59.6 143.6Pre-tax Profit Margin (%) - -2.2 5.3 6.8Return on Investment (%) - -14.6 39.0 34.7Rtn. on Total Capital & Reserves (%) - -14.6 59.6 143.6

Liquidity Ratios Quick Ratio (Acid Test) - 1.77 0.14 0.38Current Ratio - 1.77 0.14 0.38

Gearing Ratios Total Debt / Net Worth (%) - 0.0 52.8 314.1Equity Gearing (%) - 180.5 73.5 23.4Income Gearing (Interest Cover) (%) - ^ 0.0 0.0

Efficiency Ratios Debtor Days Outstanding - 0 0 0Working Capital / Sales (%) - 6.4 -10.3 -12.6Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 6.6 11.4 21.1Sales / Fixed Assets - 11.6 5.2 5.8Creditor Days - 3 4 2Asset Utilisation - 4.27 4.81 4.00

Employee Performance Pay per Employee (£) - 42,778 36,304 40,105Profit per £ of Pay (£) - -0.04 0.11 0.15Profit per Employee (£) - -1,537 4,174 5,895Sales per Employee (£) - 69,760 79,478 86,632Capital Employed per Employee (£) - 10,517 7,000 4,105Fixed Assets per Employee (£) - 6,034 15,217 15,000Pay / Sales (%) - 61.3 45.7 46.3

Other Ratios Exports / Sales (%) - 0.0 100.0 100.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 31Return on Capital 30Pre-tax Profit Margin 25Return on Investment 34

Position in subsectorLiquidity Quick Ratio (Acid Test) 19Current Ratio 22

Position in subsectorGearing Total Debt / Net Worth 6Equity Gearing 9Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 2Stocks / Sales 10Sales / Fixed Assets 32Asset Utilisation 6

Position in subsectorEmployee Performance Pay per Employee 19Profit per £ of Pay 21Sales per Employee 33Capital Employed per Employee 29Pay / Sales 4

Position in subsectorGrowth Sales Growth 18Pre-tax Profit Growth -Total Assets Growth 25Number of Employees Growth 8Exports Growth 24

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-91Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 108: Computer and Video Games Industry 2011

Sega Europe Ltd

Address27 Great West RoadBrentfordMiddxTW8 9BW

Telephone 02089953399

Fax 02089964499

Trading ActivityThe marketing and distribution ofinteractive entertainment software.

Main SIC Codes7220074849

Directors (as at May 2011)Naoya TsurumiMichael HayesTatsuyuki Miyazaki

Company SecretaryNicola Ormrod

AuditorsKpmg Llp

Date Incorporated04/10/1982

Registered Number01669057

Previous Name(s) with date(s) of changeVirgin Mastertronic Ltd, 08/01/1992Sega Europe Ltd, 30/11/1991Virgin Mastertronic Ltd, 03/09/1991Virgin Games Ltd, 17/10/1989

Holding CompanySega Hldgs. Europe Ltd

Ultimate Holding CompanySega Sammy Hldgs. Inc.

Main UK Subsidiaries with Turnover (£’000)Power Interactive Ltd

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 192,736 161,383 152,237Pre-tax Profit 2,699 10,453 16,160

Exports 127,125 89,087 76,744Non-Trading Income 8 765 203Depreciation 1,497 1,151 604Interest Paid 243 2 3

Auditors Fees 90 93 180

Directors Emoluments 393 377 282Employee Pay 12,317 11,424 10,967

Number of Employees 431 363 346

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 3,779 4,173 2,817Intangible Assets 0 0 0Intermediate Assets 32,151 0 0

Total Fixed Assets 35,930 4,173 2,817

Stocks 1,742 455 3,901Trade Debtors 19,023 22,687 39,204Other Current Assets 65,459 84,433 67,900

Total Current Assets 86,224 107,575 111,005

Total Assets 122,154 111,748 113,822

Trade Creditors 3,836 7,420 6,678Short-Term Loans 50,998 38,185 39,664Other Current Liabilities 11,328 13,134 22,602

Total Current Liabilities 66,162 58,739 68,944

T/Assets - C/Liabilities 55,992 53,009 44,878

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 55,992 53,009 44,878

Capital Employed 55,992 53,009 44,878

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-92 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 109: Computer and Video Games Industry 2011

Sega Europe Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 2.2 9.4 14.2Return on Capital (%) - 4.8 19.7 36.0Pre-tax Profit Margin (%) - 1.4 6.5 10.6Return on Investment (%) - 2.7 11.5 19.1Rtn. on Total Capital & Reserves (%) - 4.8 19.7 36.0

Liquidity Ratios Quick Ratio (Acid Test) - 1.28 1.82 1.55Current Ratio - 1.30 1.83 1.61

Gearing Ratios Total Debt / Net Worth (%) - 91.1 72.0 88.4Equity Gearing (%) - 84.6 90.2 65.1Income Gearing (Interest Cover) (%) - 8.3 0.0 0.0

Efficiency Ratios Debtor Days Outstanding - 36 51 94Working Capital / Sales (%) - 10.4 30.3 27.6Stocks / Sales (%) - 0.9 0.3 2.6Sales / Capital Employed - 3.4 3.0 3.4Sales / Fixed Assets - 51.0 38.7 54.0Creditor Days - 7 17 16Asset Utilisation - 1.58 1.44 1.34

Employee Performance Pay per Employee (£) - 28,578 31,471 31,697Profit per £ of Pay (£) - 0.22 0.92 1.47Profit per Employee (£) - 6,262 28,796 46,705Sales per Employee (£) - 447,183 444,581 439,991Capital Employed per Employee (£) - 129,912 146,030 129,705Fixed Assets per Employee (£) - 8,768 11,496 8,142Pay / Sales (%) - 6.4 7.1 7.2

Other Ratios Exports / Sales (%) - 66.0 55.2 50.4

League Table Positions

Position in subsectorProfitability Return on Total Assets 22Return on Capital 21Pre-tax Profit Margin 20Return on Investment 24

Position in subsectorLiquidity Quick Ratio (Acid Test) 25Current Ratio 29

Position in subsectorGearing Total Debt / Net Worth 25Equity Gearing 20Income Gearing (Interest Cover) 20

Position in subsectorEfficiency Debtor Days Outstanding 25Stocks / Sales 23Sales / Fixed Assets 21Asset Utilisation 26

Position in subsectorEmployee Performance Pay per Employee 30Profit per £ of Pay 14Sales per Employee 16Capital Employed per Employee 15Pay / Sales 28

Position in subsectorGrowth Sales Growth 17Pre-tax Profit Growth 18Total Assets Growth 28Number of Employees Growth 16Exports Growth 3

Special Notes Symbols

2010 PBT includes 1.3m charge regarding foreign exchange ^ represents a figure that cannot be calculated.losses (2009 = 3.2m income re. foreign exchange gains). - indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-93Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 110: Computer and Video Games Industry 2011

Sony Computer Entertainment UK Ltd

Address13 Great Marlborough StreetLondonW1F 7HR

Telephone 02079113128

Fax 02078595501

Trading ActivityThe marketing and distribution of video gamehardware and software.

Main SIC Codes51439

Directors (as at May 2011)Raymond K. MaguireJames G. RyanAndrew J. House

Company SecretaryMarian Toole

AuditorsPricewaterhousecoopers Llp

Date Incorporated22/06/1993

Registered Number02829355

Previous Name(s) with date(s) of changeSony Electronic Publishing Ltd, 01/04/1998Bannerware Ltd, 25/08/1993

Holding CompanySony Corporate Srvcs. Europe Ltd

Ultimate Holding CompanySony Corp

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 333,464 350,164 365,106Pre-tax Profit 5,336 2,416 17,248

Exports 0 0Non-Trading Income 1,216 3,748 3,579Depreciation 0 0 0Interest Paid 0 14 85

Auditors Fees 0 0 0

Directors Emoluments 341 320 337Employee Pay 1,876 1,879 1,832

Number of Employees 35 37 36

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 0 0 0Intangible Assets 0 0 0Intermediate Assets 109 109 109

Total Fixed Assets 109 109 109

Stocks 14,970 16,943 22,619Trade Debtors 34,951 48,505 69,470Other Current Assets 73,622 68,128 49,145

Total Current Assets 123,543 133,576 141,234

Total Assets 123,652 133,685 141,343

Trade Creditors 1,385 727 919Short-Term Loans 7,581 15 3,484Other Current Liabilities 29,085 51,186 63,137

Total Current Liabilities 38,051 51,928 67,540

T/Assets - C/Liabilities 85,601 81,757 73,803

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 85,601 81,757 73,803

Capital Employed 85,601 81,757 73,803

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-94 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 111: Computer and Video Games Industry 2011

Sony Computer Entertainment UK Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 4.3 1.8 12.2Return on Capital (%) - 6.2 3.0 23.4Pre-tax Profit Margin (%) - 1.6 0.7 4.7Return on Investment (%) - 5.7 3.0 22.4Rtn. on Total Capital & Reserves (%) - 6.2 3.0 23.4

Liquidity Ratios Quick Ratio (Acid Test) - 2.85 2.25 1.76Current Ratio - 3.25 2.57 2.09

Gearing Ratios Total Debt / Net Worth (%) - 8.9 0.0 4.7Equity Gearing (%) - 225.0 157.4 109.3Income Gearing (Interest Cover) (%) - 0.0 0.6 0.5

Efficiency Ratios Debtor Days Outstanding - 38 51 69Working Capital / Sales (%) - 25.6 23.3 20.2Stocks / Sales (%) - 4.5 4.8 6.2Sales / Capital Employed - 3.9 4.3 4.9Sales / Fixed Assets - ^ ^ ^Creditor Days - 2 1 1Asset Utilisation - 2.70 2.62 2.58

Employee Performance Pay per Employee (£) - 53,600 50,784 50,889Profit per £ of Pay (£) - 2.84 1.29 9.41Profit per Employee (£) - 152,457 65,297 479,111Sales per Employee (£) - 9,527,543 9,463,892 10,141,833Capital Employed per Employee (£) - 2,445,743 2,209,649 2,050,083Fixed Assets per Employee (£) - 0 0 0Pay / Sales (%) - 0.6 0.5 0.5

Other Ratios Exports / Sales (%) - 0.0 0.0 -

League Table Positions

Position in subsectorProfitability Return on Total Assets 17Return on Capital 19Pre-tax Profit Margin 19Return on Investment 19

Position in subsectorLiquidity Quick Ratio (Acid Test) 11Current Ratio 8

Position in subsectorGearing Total Debt / Net Worth 15Equity Gearing 6Income Gearing (Interest Cover) 9

Position in subsectorEfficiency Debtor Days Outstanding 30Stocks / Sales 35Sales / Fixed Assets -Asset Utilisation 11

Position in subsectorEmployee Performance Pay per Employee 11Profit per £ of Pay 4Sales per Employee 1Capital Employed per Employee 1Pay / Sales 39

Position in subsectorGrowth Sales Growth 28Pre-tax Profit Growth 13Total Assets Growth 35Number of Employees Growth 22Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-95Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 112: Computer and Video Games Industry 2011

Sports Interactive Ltd

AddressIslington House313-314 Upper StreetLondonN1 2XQ

Trading ActivityThe design and development of computer games.

Main SIC Codes72200

Directors (as at May 2011)Mike HayesNaoya Tsurumi

Company SecretaryNicola Ormrod

AuditorsKpmg Llp

Date Incorporated21/07/1994

Registered Number02950954

Previous Name(s) with date(s) of changeImagecharm Ltd, 09/11/1994

Holding CompanySega Hldgs. Europe Ltd

Ultimate Holding CompanySega Sammy Hldgs. Inc.

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 7,810 4,530 3,333Pre-tax Profit 2,035 137 -640

Exports 1,868 33 192Non-Trading Income 0 2 11Depreciation 265 241 168Interest Paid 1 1 1

Auditors Fees 15 15 12

Directors Emoluments 0 0 0Employee Pay 2,652 2,407 2,193

Number of Employees 57 54 45

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 411 558 648Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 411 558 648

Stocks 0 0 0Trade Debtors 0 0 12Other Current Assets 6,719 7,602 4,510

Total Current Assets 6,719 7,602 4,522

Total Assets 7,130 8,160 5,170

Trade Creditors 23 70 35Short-Term Loans 2,573 5,558 2,610Other Current Liabilities 633 690 970

Total Current Liabilities 3,229 6,318 3,615

T/Assets - C/Liabilities 3,901 1,842 1,555

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 3,901 1,842 1,555

Capital Employed 3,901 1,842 1,555

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-96 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 113: Computer and Video Games Industry 2011

Sports Interactive Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 28.5 1.7 -12.4Return on Capital (%) - 52.2 7.4 -41.2Pre-tax Profit Margin (%) - 26.1 3.0 -19.2Return on Investment (%) - 31.4 1.9 -15.3Rtn. on Total Capital & Reserves (%) - 52.2 7.4 -41.2

Liquidity Ratios Quick Ratio (Acid Test) - 2.08 1.20 1.25Current Ratio - 2.08 1.20 1.25

Gearing Ratios Total Debt / Net Worth (%) - 66.0 301.7 167.8Equity Gearing (%) - 120.8 29.2 43.0Income Gearing (Interest Cover) (%) - 0.0 0.7 ^

Efficiency Ratios Debtor Days Outstanding - 0 0 1Working Capital / Sales (%) - 44.7 28.3 27.2Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 2.0 2.5 2.1Sales / Fixed Assets - 19.0 8.1 5.1Creditor Days - 1 6 4Asset Utilisation - 1.10 0.56 0.64

Employee Performance Pay per Employee (£) - 46,526 44,574 48,733Profit per £ of Pay (£) - 0.77 0.06 -0.29Profit per Employee (£) - 35,702 2,537 -14,222Sales per Employee (£) - 137,018 83,889 74,067Capital Employed per Employee (£) - 68,439 34,111 34,556Fixed Assets per Employee (£) - 7,211 10,333 14,400Pay / Sales (%) - 34.0 53.1 65.8

Other Ratios Exports / Sales (%) - 23.9 0.7 5.8

League Table Positions

Position in subsectorProfitability Return on Total Assets 6Return on Capital 7Pre-tax Profit Margin 4Return on Investment 11

Position in subsectorLiquidity Quick Ratio (Acid Test) 17Current Ratio 19

Position in subsectorGearing Total Debt / Net Worth 23Equity Gearing 15Income Gearing (Interest Cover) 12

Position in subsectorEfficiency Debtor Days Outstanding 6Stocks / Sales 11Sales / Fixed Assets 30Asset Utilisation 30

Position in subsectorEmployee Performance Pay per Employee 15Profit per £ of Pay 9Sales per Employee 23Capital Employed per Employee 18Pay / Sales 15

Position in subsectorGrowth Sales Growth 1Pre-tax Profit Growth -Total Assets Growth 19Number of Employees Growth 11Exports Growth 1

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-97Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 114: Computer and Video Games Industry 2011

Square Enix Ltd

AddressWimbledon Bridge House1 Hartfield RoadWimbledonLondonSW19 3RU

Telephone 02086363000

Fax 02086363001

Trading ActivityThe publishing, licensing, marketing,distribution and development ofentertainment software.

Main SIC Codes72200

Directors (as at May 2011)Philip T. RogersMichael Sherlock

Company SecretaryAnthony J. Price

AuditorsErnst & Young Llp

BankersBank Of Tokyo Mitsub

Date Incorporated29/03/1984

Registered Number01804186

Previous Name(s) with date(s) of changeEidos Interactive Ltd, 09/11/2009Domark Group Ltd, 31/05/1996Domark Ltd, 26/10/1990Antrocrown Ltd, 11/05/1984

Holding CompanySquare Enix Of Europe Hldgs. Ltd

Ultimate Holding CompanySquare Enix Hldgs. Co. Ltd

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 30/06/2007£000s £000s £000s

Sales 94,845 67,158 72,895Pre-tax Profit -38,413 -24,513 -115,042

Exports 64,163 48,179 44,493Non-Trading Income 933 278 165Depreciation 1,384 1,202 1,369Interest Paid 24 47 4,262

Auditors Fees 0 0 0

Directors Emoluments 79 99 126Employee Pay 9,975 5,762 9,107

Number of Employees 193 262 246

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 30/06/2007£000s £000s £000s

Tangible Fixed Assets 1,234 1,300 2,035Intangible Assets 0 0 0Intermediate Assets 48,935 32,301 38,431

Total Fixed Assets 50,169 33,601 40,466

Stocks 308 481 791Trade Debtors 77,977 559 6,691Other Current Assets 55,176 95,209 75,209

Total Current Assets 133,461 96,249 82,691

Total Assets 183,630 129,850 123,157

Trade Creditors 10,418 5,090 7,574Short-Term Loans 300,133 224,734 120,147Other Current Liabilities 20,530 8,925 13,350

Total Current Liabilities 331,081 238,749 141,071

T/Assets - C/Liabilities -147,451 -108,899 -17,914

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves -147,451 -108,899 -17,914

Capital Employed -147,451 -108,899 -17,914

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 39 52

Company Profiles

3-98 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 115: Computer and Video Games Industry 2011

Square Enix Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -20.9 -25.2 -93.4Return on Capital (%) - ^ ^ ^Pre-tax Profit Margin (%) - -40.5 -36.5 -157.8Return on Investment (%) - -25.1 -28.2 -108.4Rtn. on Total Capital & Reserves (%) - ^ ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 0.40 0.40 0.58Current Ratio - 0.40 0.40 0.59

Gearing Ratios Total Debt / Net Worth (%) - ^ ^ ^Equity Gearing (%) - -44.5 -45.6 -12.7Income Gearing (Interest Cover) (%) - ^ ^ ^

Efficiency Ratios Debtor Days Outstanding - 300 2 34Working Capital / Sales (%) - -208.4 -159.1 -80.1Stocks / Sales (%) - 0.3 0.5 1.1Sales / Capital Employed - ^ ^ ^Sales / Fixed Assets - 76.9 68.9 35.8Creditor Days - 40 21 38Asset Utilisation - 0.52 0.69 0.59

Employee Performance Pay per Employee (£) - 51,684 29,323 37,020Profit per £ of Pay (£) - -3.85 -4.25 -12.63Profit per Employee (£) - -199,031 -124,748 -467,650Sales per Employee (£) - 491,425 341,771 296,321Capital Employed per Employee (£) - -763,995 -415,645 -72,821Fixed Assets per Employee (£) - 6,394 4,962 8,272Pay / Sales (%) - 10.5 8.6 12.5

Other Ratios Exports / Sales (%) - 67.7 71.7 61.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 36Return on Capital -Pre-tax Profit Margin 41Return on Investment 38

Position in subsectorLiquidity Quick Ratio (Acid Test) 40Current Ratio 41

Position in subsectorGearing Total Debt / Net Worth -Equity Gearing 41Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 46Stocks / Sales 21Sales / Fixed Assets 19Asset Utilisation 42

Position in subsectorEmployee Performance Pay per Employee 13Profit per £ of Pay 35Sales per Employee 14Capital Employed per Employee 38Pay / Sales 25

Position in subsectorGrowth Sales Growth 15Pre-tax Profit Growth -Total Assets Growth 17Number of Employees Growth 27Exports Growth 6

Special Notes Symbols

2007 PBT includes 55.6m write-off of intercompany debt. ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-99Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 116: Computer and Video Games Industry 2011

Sumo Digital Ltd

Address1 Arena CourtSheffieldS9 2LF

Telephone 0114 242 6766

Trading ActivityThe development of computer games compatiblewith different games consoles.

Main SIC Codes7220072600

Directors (as at May 2011)David MannSteven SardegnaCarl Cavers

Company SecretaryChristopher M. Stockwell

AuditorsDeloitte Llp

Date Incorporated19/03/2003

Registered Number04703224

Holding CompanyFoundation 9 Entertainment Europe Ltd

Ultimate Holding CompanyF9e Holdco Llc

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Sales 7,867 11,523 4,632Pre-tax Profit -860 3,194 457

Exports 0 0 0Non-Trading Income 0 13 16Depreciation 378 363 182Interest Paid 64 111 94

Auditors Fees 13 12 4

Directors Emoluments 0 0 0Employee Pay 4,542 4,513 2,529

Number of Employees 131 122 105

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Tangible Fixed Assets 2,083 2,263 2,255Intangible Assets 0 0 0Intermediate Assets 0 0 30

Total Fixed Assets 2,083 2,263 2,285

Stocks 0 0 0Trade Debtors 729 3,615 1,843Other Current Assets 3,628 1,908 183

Total Current Assets 4,357 5,523 2,026

Total Assets 6,440 7,786 4,311

Trade Creditors 113 153 59Short-Term Loans 905 382 428Other Current Liabilities 279 1,333 850

Total Current Liabilities 1,297 1,868 1,337

T/Assets - C/Liabilities 5,143 5,918 2,974

Long-Term Loans 1,423 1,444 1,473Other L/Term Liabilities 0 0 0Total Capital & Reserves 3,720 4,474 1,501

Capital Employed 5,143 5,918 2,974

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 39

Company Profiles

3-100 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 117: Computer and Video Games Industry 2011

Sumo Digital Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -13.4 41.0 14.1Return on Capital (%) - -16.7 54.0 20.5Pre-tax Profit Margin (%) - -10.9 27.7 9.9Return on Investment (%) - -13.2 52.5 21.6Rtn. on Total Capital & Reserves (%) - -23.1 71.4 40.6

Liquidity Ratios Quick Ratio (Acid Test) - 3.36 2.96 1.52Current Ratio - 3.36 2.96 1.52

Gearing Ratios Total Debt / Net Worth (%) - 62.6 40.8 126.6Equity Gearing (%) - 136.8 135.1 53.4Income Gearing (Interest Cover) (%) - ^ 3.4 17.1

Efficiency Ratios Debtor Days Outstanding - 34 115 109Working Capital / Sales (%) - 38.9 31.7 11.2Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 1.5 1.9 2.1Sales / Fixed Assets - 3.8 5.1 2.7Creditor Days - 5 5 3Asset Utilisation - 1.22 1.48 1.43

Employee Performance Pay per Employee (£) - 34,672 36,992 32,114Profit per £ of Pay (£) - -0.19 0.71 0.18Profit per Employee (£) - -6,565 26,180 5,803Sales per Employee (£) - 60,053 94,451 58,819Capital Employed per Employee (£) - 39,260 48,508 28,324Fixed Assets per Employee (£) - 15,901 18,549 21,476Pay / Sales (%) - 57.7 39.2 54.6

Other Ratios Exports / Sales (%) - 0.0 0.0 0.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 33Return on Capital 31Pre-tax Profit Margin 33Return on Investment 33

Position in subsectorLiquidity Quick Ratio (Acid Test) 7Current Ratio 7

Position in subsectorGearing Total Debt / Net Worth 22Equity Gearing 13Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 24Stocks / Sales 12Sales / Fixed Assets 39Asset Utilisation 29

Position in subsectorEmployee Performance Pay per Employee 24Profit per £ of Pay 26Sales per Employee 36Capital Employed per Employee 23Pay / Sales 6

Position in subsectorGrowth Sales Growth 16Pre-tax Profit Growth -Total Assets Growth 16Number of Employees Growth 15Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-101Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 118: Computer and Video Games Industry 2011

Take-Two GB Ltd

AddressHanover House 14 Hanover SquareLondonW1S 1HP

Trading ActivityThe sale, marketing and distribution ofinteractive entertainment software.

Main SIC Codes7220074849

Directors (as at May 2011)Daniel EmersonJohn S. Belcher

Company SecretaryDaniel Emerson

AuditorsErnst & Young Llp

BankersLloyds Tsb Bank Plc

Date Incorporated13/07/2006

Registered Number05875194

Holding CompanyTake-Two Intl. Sa

Ultimate Holding CompanyTake Two Interactive Software Inc.

Profit & Loss

Date of Accounts 31/10/2009 31/10/2008 31/10/2007£000s £000s £000s

Sales 53,265 105,812 42,873Pre-tax Profit 1,158 2,168 863

Exports 15,612 21,848 11,101Non-Trading Income 22 52 0Depreciation 22 25 27Interest Paid 0 0 0

Auditors Fees 68 37 80

Directors Emoluments 0 0 238Employee Pay 688 736 1,014

Number of Employees 17 26

Balance Sheet

Date of Accounts 31/10/2009 31/10/2008 31/10/2007£000s £000s £000s

Tangible Fixed Assets 30 52 66Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 30 52 66

Stocks 3,496 8,671 4,745Trade Debtors 16,840 12,854 3,558Other Current Assets 7,823 5,993 5,000

Total Current Assets 28,159 27,518 13,303

Total Assets 28,189 27,570 13,369

Trade Creditors 0 1,446 567Short-Term Loans 0 22,200 11,292Other Current Liabilities 24,915 1,765 869

Total Current Liabilities 24,915 25,411 12,728

T/Assets - C/Liabilities 3,274 2,159 641

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 3,274 2,159 641

Capital Employed 3,274 2,159 641

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 68

Company Profiles

3-102 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 119: Computer and Video Games Industry 2011

Take-Two GB Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 4.1 7.9 4.9Return on Capital (%) - 35.4 100.4 103.0Pre-tax Profit Margin (%) - 2.2 2.0 2.0Return on Investment (%) - 35.4 8.9 5.5Rtn. on Total Capital & Reserves (%) - 35.4 100.4 103.0

Liquidity Ratios Quick Ratio (Acid Test) - 0.99 0.74 0.67Current Ratio - 1.13 1.08 1.05

Gearing Ratios Total Debt / Net Worth (%) - 0.0 1,028.3 1,761.6Equity Gearing (%) - 13.1 8.5 5.0Income Gearing (Interest Cover) (%) - 0.0 0.0 0.0

Efficiency Ratios Debtor Days Outstanding - 115 44 40Working Capital / Sales (%) - 6.1 2.0 1.8Stocks / Sales (%) - 6.6 8.2 14.5Sales / Capital Employed - 16.3 49.0 51.1Sales / Fixed Assets - 1,775.5 2,034.8 496.7Creditor Days - 0 5 6Asset Utilisation - 1.89 3.84 2.45

Employee Performance Pay per Employee (£) - - 43,294 29,824Profit per £ of Pay (£) - 1.68 2.95 0.85Profit per Employee (£) - - 127,529 25,382Sales per Employee (£) - - 6,224,235 1,260,971Capital Employed per Employee (£) - - 127,000 24,654Fixed Assets per Employee (£) - - 3,059 2,538Pay / Sales (%) - 1.3 0.7 2.4

Other Ratios Exports / Sales (%) - 29.3 20.6 25.9

League Table Positions

Position in subsectorProfitability Return on Total Assets 18Return on Capital 11Pre-tax Profit Margin 17Return on Investment 9

Position in subsectorLiquidity Quick Ratio (Acid Test) 30Current Ratio 33

Position in subsectorGearing Total Debt / Net Worth 9Equity Gearing 29Income Gearing (Interest Cover) 1

Position in subsectorEfficiency Debtor Days Outstanding 44Stocks / Sales 38Sales / Fixed Assets 1Asset Utilisation 24

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay 7Sales per Employee -Capital Employed per Employee -Pay / Sales 36

Position in subsectorGrowth Sales Growth 9Pre-tax Profit Growth 6Total Assets Growth 8Number of Employees Growth -Exports Growth 2

Special Notes Symbols

2009 PBT includes 563k exceptional income regarding ^ represents a figure that cannot be calculated.bad debt provision (2008 = 2.7m exceptional charge). - indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-103Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 120: Computer and Video Games Industry 2011

T H Q Digital Studios UK Ltd

Address2 Mandarin CourtWarringtonWA1 1GG

Telephone 01925 256400

Trading ActivityThe development of computer games.

Main SIC Codes722003650951477

Directors (as at May 2011)Ian CurranTeri Manby

Company SecretaryJonathan D. Nelson

AuditorsMazars Llp

Date Incorporated20/01/2003

Registered Number04642032

Previous Name(s) with date(s) of changeThq Digital Studios Warrington Ltd,07/04/2010Juice Games Ltd, 05/03/2010Egame Ltd, 19/02/2003

Holding CompanyThq Intl. Gmbh

Ultimate Holding CompanyThq Inc.

Profit & Loss

Date of Accounts 03/04/2010 28/03/2009 31/03/2008£000s £000s £000s

Sales 3,827 5,910 6,331Pre-tax Profit 280 88 507

Exports 3,827 5,910 6,331Non-Trading Income 0 -350 0Depreciation 205 317 267Interest Paid 3 12 0

Auditors Fees 7 9 7

Directors Emoluments 0 0Employee Pay 2,134 3,285

Number of Employees 62 87

Balance Sheet

Date of Accounts 03/04/2010 28/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 146 273 578Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 146 273 578

Stocks 0 0 0Trade Debtors 0 0 0Other Current Assets 5,590 4,513 1,848

Total Current Assets 5,590 4,513 1,848

Total Assets 5,736 4,786 2,426

Trade Creditors 63 8 33Short-Term Loans 4,444 3,187 625Other Current Liabilities 229 660 749

Total Current Liabilities 4,736 3,855 1,407

T/Assets - C/Liabilities 1,000 931 1,019

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 1,000 931 1,019

Capital Employed 1,000 931 1,019

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 53 52 52

Company Profiles

3-104 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 121: Computer and Video Games Industry 2011

T H Q Digital Studios UK Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 4.8 1.8 20.9Return on Capital (%) - 27.5 9.5 49.8Pre-tax Profit Margin (%) - 7.3 1.5 8.0Return on Investment (%) - 5.1 2.4 30.8Rtn. on Total Capital & Reserves (%) - 27.5 9.5 49.8

Liquidity Ratios Quick Ratio (Acid Test) - 1.18 1.17 1.31Current Ratio - 1.18 1.17 1.31

Gearing Ratios Total Debt / Net Worth (%) - 444.4 342.3 61.3Equity Gearing (%) - 21.1 24.2 72.4Income Gearing (Interest Cover) (%) - 1.1 12.0 0.0

Efficiency Ratios Debtor Days Outstanding - 0 0 0Working Capital / Sales (%) - 22.7 11.1 7.0Stocks / Sales (%) - 0.0 0.0 0.0Sales / Capital Employed - 3.8 6.3 6.2Sales / Fixed Assets - 25.7 21.6 11.0Creditor Days - 6 0 2Asset Utilisation - 0.65 1.23 2.61

Employee Performance Pay per Employee (£) - 33,770 37,759 -Profit per £ of Pay (£) - 0.13 0.03 -Profit per Employee (£) - 4,431 1,011 -Sales per Employee (£) - 60,561 67,931 -Capital Employed per Employee (£) - 16,129 10,701 -Fixed Assets per Employee (£) - 2,355 3,138 -Pay / Sales (%) - 55.8 55.6 -

Other Ratios Exports / Sales (%) - 100.0 100.0 100.0

League Table Positions

Position in subsectorProfitability Return on Total Assets 15Return on Capital 13Pre-tax Profit Margin 9Return on Investment 21

Position in subsectorLiquidity Quick Ratio (Acid Test) 27Current Ratio 31

Position in subsectorGearing Total Debt / Net Worth 31Equity Gearing 27Income Gearing (Interest Cover) 16

Position in subsectorEfficiency Debtor Days Outstanding 3Stocks / Sales 13Sales / Fixed Assets 28Asset Utilisation 39

Position in subsectorEmployee Performance Pay per Employee 25Profit per £ of Pay 18Sales per Employee 35Capital Employed per Employee 28Pay / Sales 8

Position in subsectorGrowth Sales Growth 36Pre-tax Profit Growth 11Total Assets Growth 7Number of Employees Growth -Exports Growth 18

Special Notes Symbols

2009 PBT includes exceptional charges of 350k. ^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-105Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 122: Computer and Video Games Industry 2011

Thq (UK) Ltd

AddressDukes CourtDuke StreetWokingSurreyGU21 5BH

Telephone 01483767656

Fax 01483770727

Trading ActivityThe publication and distribution ofinteractive entertainment software.

Main SIC Codes5147772200

Directors (as at May 2011)Ian CurranTeri ManbyRory M. Donnelly

Company SecretaryJonathan D. Nelson

AuditorsDeloitte Llp

BankersJpmorgan Chase Bk

Date Incorporated06/04/1992

Registered Number02703913

Previous Name(s) with date(s) of changeT. Hq International, Ltd., 19/07/2003Willowquays Ltd, 30/04/1992

Holding CompanyThq Intl. Gmbh

Ultimate Holding CompanyThq Inc.

Profit & Loss

Date of Accounts 03/04/2010 28/03/2009 29/03/2008£000s £000s £000s

Sales 66,050 72,109 91,832Pre-tax Profit 1,932 3,007 2,477

Exports 23,571 12,645 14,102Non-Trading Income 26 386 876Depreciation 176 429 452Interest Paid 0 2 36

Auditors Fees 40 40 32

Directors Emoluments 604 0 0Employee Pay 3,048 3,436 4,511

Number of Employees 67 81 83

Balance Sheet

Date of Accounts 03/04/2010 28/03/2009 29/03/2008£000s £000s £000s

Tangible Fixed Assets 85 251 831Intangible Assets 0 0 0Intermediate Assets 0 0 0

Total Fixed Assets 85 251 831

Stocks 589 768 1,556Trade Debtors 6,522 14,458 17,862Other Current Assets 26,049 31,290 15,750

Total Current Assets 33,160 46,516 35,168

Total Assets 33,245 46,767 35,999

Trade Creditors 2,981 3,201 5,172Short-Term Loans 3,662 14,233 1,088Other Current Liabilities 6,409 10,970 12,989

Total Current Liabilities 13,052 28,404 19,249

T/Assets - C/Liabilities 20,193 18,363 16,750

Long-Term Loans 0 0 0Other L/Term Liabilities 654 0 0Total Capital & Reserves 19,539 18,363 16,750

Capital Employed 20,193 18,363 16,750

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 53 52 52

Company Profiles

3-106 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 123: Computer and Video Games Industry 2011

Thq (UK) Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 5.7 6.4 6.9Return on Capital (%) - 9.4 16.4 14.8Pre-tax Profit Margin (%) - 2.9 4.2 2.7Return on Investment (%) - 7.9 9.2 14.1Rtn. on Total Capital & Reserves (%) - 9.7 16.4 14.8

Liquidity Ratios Quick Ratio (Acid Test) - 2.50 1.61 1.75Current Ratio - 2.54 1.64 1.83

Gearing Ratios Total Debt / Net Worth (%) - 18.7 77.5 6.5Equity Gearing (%) - 142.6 64.6 87.0Income Gearing (Interest Cover) (%) - 0.0 0.1 1.4

Efficiency Ratios Debtor Days Outstanding - 37 73 71Working Capital / Sales (%) - 31.0 25.1 17.3Stocks / Sales (%) - 0.9 1.1 1.7Sales / Capital Employed - 3.2 3.9 5.5Sales / Fixed Assets - 762.4 287.3 110.5Creditor Days - 17 16 21Asset Utilisation - 1.95 1.54 2.55

Employee Performance Pay per Employee (£) - 44,634 42,420 54,349Profit per £ of Pay (£) - 0.63 0.88 0.55Profit per Employee (£) - 28,292 37,123 29,843Sales per Employee (£) - 967,221 890,235 1,106,410Capital Employed per Employee (£) - 301,388 226,704 201,807Fixed Assets per Employee (£) - 1,269 3,099 10,012Pay / Sales (%) - 4.6 4.8 4.9

Other Ratios Exports / Sales (%) - 35.7 17.5 15.4

League Table Positions

Position in subsectorProfitability Return on Total Assets 13Return on Capital 17Pre-tax Profit Margin 15Return on Investment 16

Position in subsectorLiquidity Quick Ratio (Acid Test) 12Current Ratio 15

Position in subsectorGearing Total Debt / Net Worth 19Equity Gearing 12Income Gearing (Interest Cover) 6

Position in subsectorEfficiency Debtor Days Outstanding 28Stocks / Sales 24Sales / Fixed Assets 5Asset Utilisation 22

Position in subsectorEmployee Performance Pay per Employee 17Profit per £ of Pay 10Sales per Employee 9Capital Employed per Employee 5Pay / Sales 32

Position in subsectorGrowth Sales Growth 33Pre-tax Profit Growth 10Total Assets Growth 34Number of Employees Growth 26Exports Growth 4

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-107Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 124: Computer and Video Games Industry 2011

Tradewest Games Ltd

Address43 Worship StreetLondonEC2A 2DX

Telephone 02079384488

Fax 02073827758

Trading ActivityThe sale and marketing of video gamesoftware.

Main SIC Codes72200

Directors (as at May 2011)Deborah K. Fulton

Company SecretaryNigel Day

AuditorsSanders

BankersBarclays Bank Plc

Date Incorporated06/07/1999

Registered Number03801663

Previous Name(s) with date(s) of changeMidway Games Ltd, 05/09/2009Midway Games Europe Ltd, 04/08/1999Benchride Ltd, 26/07/1999

Holding CompanyTgd Tradewest Games Distrbtn. Ug Fka SpiessMedia

Ultimate Holding CompanyTradewest Games Holding Gmbh

Main UK Subsidiaries with Turnover (£’000)Midway Studios - Newcastle Ltd 5

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Sales 9,224 37,344 24,390Pre-tax Profit 7,382 -3,767 1,268

Exports 5,682 17,166 11,362Non-Trading Income 86 -1,045 120Depreciation 56 60 66Interest Paid 80 171 0

Auditors Fees 15 24 23

Directors Emoluments 0 0 0Employee Pay 1,812 1,616 1,641

Number of Employees 24 32 31

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008 31/12/2007£000s £000s £000s

Tangible Fixed Assets 79 96 104Intangible Assets 0 0 0Intermediate Assets 0 0 1,524

Total Fixed Assets 79 96 1,628

Stocks 7 1,361 409Trade Debtors 922 4,095 6,074Other Current Assets 948 11,581 10,819

Total Current Assets 1,877 17,037 17,302

Total Assets 1,956 17,133 18,930

Trade Creditors 143 4,525 2,953Short-Term Loans 0 16,872 14,902Other Current Liabilities 1,163 2,468 3,348

Total Current Liabilities 1,306 23,865 21,203

T/Assets - C/Liabilities 650 -6,732 -2,273

Long-Term Loans 0 0 0Other L/Term Liabilities 0 0 0Total Capital & Reserves 650 -6,732 -2,273

Capital Employed 650 -6,732 -2,273

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-108 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 125: Computer and Video Games Industry 2011

Tradewest Games Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 377.4 -22.0 6.7Return on Capital (%) - 1,135.7 ^ ^Pre-tax Profit Margin (%) - 80.0 -10.1 5.2Return on Investment (%) - 1,148.0 -35.5 10.0Rtn. on Total Capital & Reserves (%) - 1,135.7 ^ ^

Liquidity Ratios Quick Ratio (Acid Test) - 1.43 0.66 0.80Current Ratio - 1.44 0.71 0.82

Gearing Ratios Total Debt / Net Worth (%) - 0.0 ^ ^Equity Gearing (%) - 49.8 -28.2 -10.7Income Gearing (Interest Cover) (%) - 1.1 ^ 0.0

Efficiency Ratios Debtor Days Outstanding - 36 40 91Working Capital / Sales (%) - 6.2 -18.3 -16.0Stocks / Sales (%) - 0.1 3.6 1.7Sales / Capital Employed - 14.2 ^ ^Sales / Fixed Assets - 116.8 389.0 234.5Creditor Days - 6 44 44Asset Utilisation - 4.72 2.18 1.29

Employee Performance Pay per Employee (£) - 75,500 50,500 52,935Profit per £ of Pay (£) - 4.07 -2.33 0.77Profit per Employee (£) - 307,583 -117,719 40,903Sales per Employee (£) - 384,333 1,167,000 786,774Capital Employed per Employee (£) - 27,083 -210,375 -73,323Fixed Assets per Employee (£) - 3,292 3,000 3,355Pay / Sales (%) - 19.6 4.3 6.7

Other Ratios Exports / Sales (%) - 61.6 46.0 46.6

League Table Positions

Position in subsectorProfitability Return on Total Assets 1Return on Capital 2Pre-tax Profit Margin 1Return on Investment 2

Position in subsectorLiquidity Quick Ratio (Acid Test) 24Current Ratio 26

Position in subsectorGearing Total Debt / Net Worth 11Equity Gearing 22Income Gearing (Interest Cover) 17

Position in subsectorEfficiency Debtor Days Outstanding 27Stocks / Sales 20Sales / Fixed Assets 18Asset Utilisation 4

Position in subsectorEmployee Performance Pay per Employee 5Profit per £ of Pay 2Sales per Employee 17Capital Employed per Employee 25Pay / Sales 21

Position in subsectorGrowth Sales Growth 38Pre-tax Profit Growth 1Total Assets Growth 43Number of Employees Growth 28Exports Growth 19

Special Notes Symbols

2009 PBT includes 7.5m income from fellow subsidiary ^ represents a figure that cannot be calculated.undertakings debt settlement. - indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-109Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 126: Computer and Video Games Industry 2011

Ubisoft Ltd

AddressChantry CourtMinorca RoadWeybridgeSurreyKT13 8DU

Telephone 01932838230

Fax 01932838275

Trading ActivityThe distribution of computer software.

Main SIC Codes51640

Directors (as at May 2011)Yves Guillemot

AuditorsGrant Thornton Uk Llp

BankersHsbc Bank Plc

Date Incorporated28/07/1989

Registered Number02409000

Previous Name(s) with date(s) of changeUbi Soft Entertainment Ltd, 02/12/2003Ubi Soft Ltd, 19/09/1997

Holding CompanyUbi Soft Entertainment Sa

Ultimate Holding CompanyUbi Soft Entertainment Sa

Main UK Subsidiaries with Turnover (£’000)Ubisoft Entertainment Ltd 8

Profit & Loss

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Sales 108,629 146,422 112,363Pre-tax Profit 709 3,669 2,753

ExportsNon-Trading Income 118 993 1,175Depreciation 139 111 102Interest Paid 411 1,281 1,244

Auditors Fees 28 24 24

Directors Emoluments 0 0 0Employee Pay 3,611 2,691 2,426

Number of Employees 56 53 50

Balance Sheet

Date of Accounts 31/03/2010 31/03/2009 31/03/2008£000s £000s £000s

Tangible Fixed Assets 228 328 235Intangible Assets 0 0 0Intermediate Assets 18,701 19,587 17,319

Total Fixed Assets 18,929 19,915 17,554

Stocks 2,914 7,735 6,217Trade Debtors 517 6,408 5,862Other Current Assets 21,066 8,684 13,577

Total Current Assets 24,497 22,827 25,656

Total Assets 43,426 42,742 43,210

Trade Creditors 0 9,746 13,222Short-Term Loans 10,234 0 0Other Current Liabilities 4,789 4,676 6,806

Total Current Liabilities 15,023 14,422 20,028

T/Assets - C/Liabilities 28,403 28,320 23,182

Long-Term Loans 17,794 18,616 15,916Other L/Term Liabilities 0 0 0Total Capital & Reserves 10,609 9,704 7,266

Capital Employed 28,403 28,320 23,182

Type of Accounts Unconsolidated Unconsolidated Unconsolidated

Number of weeks 52 52 52

Company Profiles

3-110 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 127: Computer and Video Games Industry 2011

Ubisoft Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 1.6 8.6 6.4Return on Capital (%) - 2.5 13.0 11.9Pre-tax Profit Margin (%) - 0.7 2.5 2.5Return on Investment (%) - 2.9 17.5 17.2Rtn. on Total Capital & Reserves (%) - 6.7 37.8 37.9

Liquidity Ratios Quick Ratio (Acid Test) - 1.44 1.05 0.97Current Ratio - 1.63 1.58 1.28

Gearing Ratios Total Debt / Net Worth (%) - 264.2 191.8 219.0Equity Gearing (%) - 32.3 29.4 20.2Income Gearing (Interest Cover) (%) - 36.7 25.9 31.1

Efficiency Ratios Debtor Days Outstanding - 2 16 19Working Capital / Sales (%) - 8.7 5.7 5.0Stocks / Sales (%) - 2.7 5.3 5.5Sales / Capital Employed - 3.8 5.2 4.8Sales / Fixed Assets - 476.4 446.4 478.1Creditor Days - 0 24 43Asset Utilisation - 2.50 3.43 2.60

Employee Performance Pay per Employee (£) - 64,482 50,774 48,520Profit per £ of Pay (£) - 0.20 1.36 1.13Profit per Employee (£) - 12,661 69,226 55,060Sales per Employee (£) - 1,939,804 2,762,679 2,247,260Capital Employed per Employee (£) - 507,196 534,340 463,640Fixed Assets per Employee (£) - 4,071 6,189 4,700Pay / Sales (%) - 3.3 1.8 2.2

Other Ratios Exports / Sales (%) - - - -

League Table Positions

Position in subsectorProfitability Return on Total Assets 23Return on Capital 23Pre-tax Profit Margin 23Return on Investment 23

Position in subsectorLiquidity Quick Ratio (Acid Test) 23Current Ratio 23

Position in subsectorGearing Total Debt / Net Worth 29Equity Gearing 25Income Gearing (Interest Cover) 23

Position in subsectorEfficiency Debtor Days Outstanding 11Stocks / Sales 28Sales / Fixed Assets 7Asset Utilisation 13

Position in subsectorEmployee Performance Pay per Employee 6Profit per £ of Pay 16Sales per Employee 4Capital Employed per Employee 3Pay / Sales 34

Position in subsectorGrowth Sales Growth 25Pre-tax Profit Growth 14Total Assets Growth 30Number of Employees Growth 18Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-111Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 128: Computer and Video Games Industry 2011

Zenimax Europe Ltd

Address1st Floor, West WingDavidson HouseReadingBerkshireRG1 3EU

Trading ActivityA group engaged in the publication anddistribution of video games and relatedcontent.

Main SIC Codes3650951477

Directors (as at May 2011)James L. LederCindy L. TallentErnest Del

Company SecretaryJohn G. Lesher

AuditorsBdo Llp

Date Incorporated03/08/2007

Registered Number06333300

Holding CompanyZenimax Media Inc.

Ultimate Holding CompanyZenimax Media Inc.

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008£000s £000s

Sales 22,588 40,770Pre-tax Profit -3,296 5,769

Exports 15,771 25,330Non-Trading Income 16 102Depreciation 52 26Interest Paid 223 104

Auditors Fees 24 23

Directors Emoluments 0 0Employee Pay 1,166 1,014

Number of Employees 13 8

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008£000s £000s

Tangible Fixed Assets 139 175Intangible Assets 0 0Intermediate Assets 0 0

Total Fixed Assets 139 175

Stocks 560 551Trade Debtors 1,879 13,062Other Current Assets 27,845 29,237

Total Current Assets 30,284 42,850

Total Assets 30,423 43,025

Trade Creditors 810 1,507Short-Term Loans 5,610 21,086Other Current Liabilities 12,540 9,176

Total Current Liabilities 18,960 31,769

T/Assets - C/Liabilities 11,463 11,256

Long-Term Loans 0 0Other L/Term Liabilities 9,744 7,111Total Capital & Reserves 1,719 4,145

Capital Employed 11,463 11,256

Type of Accounts Consolidated Consolidated

Number of weeks 52 74

Company Profiles

3-112 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 129: Computer and Video Games Industry 2011

Zenimax Europe Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - -10.8 9.4 -Return on Capital (%) - -28.8 36.0 -Pre-tax Profit Margin (%) - -14.6 14.2 -Return on Investment (%) - -18.0 12.8 -Rtn. on Total Capital & Reserves (%) - -191.7 97.8 -

Liquidity Ratios Quick Ratio (Acid Test) - 1.57 1.33 -Current Ratio - 1.60 1.35 -

Gearing Ratios Total Debt / Net Worth (%) - 326.4 508.7 -Equity Gearing (%) - 6.0 10.7 -Income Gearing (Interest Cover) (%) - ^ 1.8 -

Efficiency Ratios Debtor Days Outstanding - 30 166 -Working Capital / Sales (%) - 50.1 38.7 -Stocks / Sales (%) - 2.5 1.9 -Sales / Capital Employed - 2.0 2.5 -Sales / Fixed Assets - 162.5 163.7 -Creditor Days - 13 19 -Asset Utilisation - 0.74 0.67 -

Employee Performance Pay per Employee (£) - 89,692 89,068 -Profit per £ of Pay (£) - -2.83 5.69 -Profit per Employee (£) - -253,538 506,736 -Sales per Employee (£) - 1,737,538 3,581,149 -Capital Employed per Employee (£) - 881,769 1,407,000 -Fixed Assets per Employee (£) - 10,692 21,875 -Pay / Sales (%) - 5.2 2.5 -

Other Ratios Exports / Sales (%) - 69.8 62.1 -

League Table Positions

Position in subsectorProfitability Return on Total Assets 32Return on Capital 33Pre-tax Profit Margin 36Return on Investment 35

Position in subsectorLiquidity Quick Ratio (Acid Test) 22Current Ratio 24

Position in subsectorGearing Total Debt / Net Worth 30Equity Gearing 32Income Gearing (Interest Cover) -

Position in subsectorEfficiency Debtor Days Outstanding 21Stocks / Sales 25Sales / Fixed Assets 15Asset Utilisation 36

Position in subsectorEmployee Performance Pay per Employee 2Profit per £ of Pay 32Sales per Employee 6Capital Employed per Employee 2Pay / Sales 30

Position in subsectorGrowth Sales Growth -Pre-tax Profit Growth -Total Assets Growth -Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-113Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 130: Computer and Video Games Industry 2011

Zoe Mode Entertainment Ltd

AddressSuite 2 River HouseBroadford ParkGuildfordSurreyGU4 8EP

Trading ActivityThe design and development of computer gamesfor personal computers and video gameconsoles. Commenced trading February 2008.

Main SIC Codes72200

Directors (as at May 2011)Edward J. DalyRobert W. StannettNigel P. Robbins

Company SecretaryRobert W. Stannett

AuditorsMoore Stephens Llp

Date Incorporated30/03/2004

Registered Number05087826

Previous Name(s) with date(s) of changeKuju Brighton Ltd, 13/06/2007Makezone Ltd, 05/04/2004

Holding CompanyKuju PLC

Profit & Loss

Date of Accounts 31/12/2009 31/12/2008£000s £000s

Sales 8,789 4,369Pre-tax Profit 747 1,517

Exports 4,359Non-Trading Income 0 0Depreciation 0 0Interest Paid 0 0

Auditors Fees 0 6

Directors Emoluments 0Employee Pay 2,000

Number of Employees

Balance Sheet

Date of Accounts 31/12/2009 31/12/2008£000s £000s

Tangible Fixed Assets 0 0Intangible Assets 0 0Intermediate Assets 0 0

Total Fixed Assets 0 0

Stocks 0 0Trade Debtors 0 442Other Current Assets 2,799 1,270

Total Current Assets 2,799 1,712

Total Assets 2,799 1,712

Trade Creditors 0 0Short-Term Loans 0 12Other Current Liabilities 535 183

Total Current Liabilities 535 195

T/Assets - C/Liabilities 2,264 1,517

Long-Term Loans 0 0Other L/Term Liabilities 0 0Total Capital & Reserves 2,264 1,517

Capital Employed 2,264 1,517

Type of Accounts Unconsolidated Unconsolidated

Number of weeks 52 48

Company Profiles

3-114 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 131: Computer and Video Games Industry 2011

Zoe Mode Entertainment Ltd

Performance Analysis

Profitability Ratios 10/11 09/10 08/09 07/08Return on Total Assets (%) - 26.7 96.0 -Return on Capital (%) - 33.0 108.3 -Pre-tax Profit Margin (%) - 8.5 34.7 -Return on Investment (%) - 33.0 107.5 -Rtn. on Total Capital & Reserves (%) - 33.0 108.3 -

Liquidity Ratios Quick Ratio (Acid Test) - 5.23 8.78 -Current Ratio - 5.23 8.78 -

Gearing Ratios Total Debt / Net Worth (%) - 0.0 0.8 -Equity Gearing (%) - 423.2 777.9 -Income Gearing (Interest Cover) (%) - 0.0 0.0 -

Efficiency Ratios Debtor Days Outstanding - 0 34 -Working Capital / Sales (%) - 25.8 32.1 -Stocks / Sales (%) - 0.0 0.0 -Sales / Capital Employed - 3.9 3.1 -Sales / Fixed Assets - ^ ^ -Creditor Days - 0 0 -Asset Utilisation - 3.14 2.76 -

Employee Performance Pay per Employee (£) - - - -Profit per £ of Pay (£) - - 0.76 -Profit per Employee (£) - - - -Sales per Employee (£) - - - -Capital Employed per Employee (£) - - - -Fixed Assets per Employee (£) - - - -Pay / Sales (%) - - 45.8 -

Other Ratios Exports / Sales (%) - - 99.8 -

League Table Positions

Position in subsectorProfitability Return on Total Assets 7Return on Capital 12Pre-tax Profit Margin 8Return on Investment 10

Position in subsectorLiquidity Quick Ratio (Acid Test) 4Current Ratio 4

Position in subsectorGearing Total Debt / Net Worth 5Equity Gearing 4Income Gearing (Interest Cover) 5

Position in subsectorEfficiency Debtor Days Outstanding 8Stocks / Sales 17Sales / Fixed Assets -Asset Utilisation 9

Position in subsectorEmployee Performance Pay per Employee -Profit per £ of Pay -Sales per Employee -Capital Employed per Employee -Pay / Sales -

Position in subsectorGrowth Sales Growth -Pre-tax Profit Growth -Total Assets Growth -Number of Employees Growth -Exports Growth -

Special Notes Symbols

^ represents a figure that cannot be calculated.- indicates a figure that is unavailable.

This company is one of the 46 companies appearing in Subsector 1 : GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

Company Profiles

3-115Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 132: Computer and Video Games Industry 2011

Perform

ance League Tables

In this section, companies are ranked, in a series ofleague tables, by a range of performance indices.Companies have been allocated to particularindustry subsectors, allowing valid like-with-likeperformance comparisons. See section 1 for details.

● Size● Profitability● Efficiency● Liquidity● Gearing● Employee Productivity● Other Ratios● Growth Rates

Notes

1 To ensure that all comparisons made between companies areover a similar period, the ‘analysis year’, or the year on whichLeague Table rankings are based, is the latest year for which datais available on all companies. A small number of companies mayhave accounts available for a more recent year, and when this isthe case, these figures are presented to the left of the analysiscolumn, and labelled ‘Recently Filed Accounts’.

2 Although all companies appear in the League Tables, thefigures for certain companies may not be used to generate totalsand averages, either because the company is large and hassignificant interests in other industry sectors and would thereforebias any calculations in which it is included (*), or because thecompany does not have full data for all three years (n).See Section 6 for details.

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LeagueTablePosition

RecentlyFiled

Accounts

Sales£’000

10/11 09/10 08/09 07/08

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Microsoft Ltd 659,965 627,806 591,069 555,6222 Activision Blizzard UK Ltd - 455,452 629,292 294,2953 Sony Computer Entertainment UK Ltd - 333,464 350,164 365,1064 * Centresoft Ltd 254,303 278,747 263,648 197,3225 * Electronic Arts Ltd - 266,116 249,603 255,072

6 Sega Europe Ltd - 192,736 161,383 152,2377 Ubisoft Ltd - 108,629 146,422 112,3638 * Square Enix Ltd - 94,845 89,544 72,8959 * Inspired Gaming Gp. Ltd 98,102 87,347 88,956 94,843

10 Thq (UK) Ltd - 64,804 72,109 91,832

11 * Codemasters Software Co. Ltd (The) - 64,572 85,459 56,38812 Take-Two GB Ltd - 53,265 105,812 32,78513 Jagex Ltd - 44,520 38,422 32,29414 ■ Zenimax Europe Ltd - 22,588 28,649 -15 Datel Hldgs. Ltd - 22,301 24,816 25,810

16 Mad Catz Europe Ltd - 22,046 14,985 12,16717 Namco Bandai Ptnrs. UK Ltd - 19,823 18,255 16,23918 * Rare Ltd - 14,988 15,152 23,34919 * Rebellion Developments Ltd 8,994 14,664 11,857 8,65220 505 Games Ltd 10,943 11,979 18,173 5,760

21 P.D.Q. Distrbtn. Ltd 7,806 11,915 14,357 6,17822 Evolution Studios Ltd - 10,945 11,623 11,86423 I.T. World Srvcs. Ltd - 10,064 9,789 5,92424 * Tradewest Games Ltd - 9,224 37,344 24,39025 * Kuju Entertainment Ltd - 8,855 13,322 14,714

26 ■ Zoe Mode Entertainment Ltd - 8,789 4,733 -27 ■ Media Molecule Ltd - 8,583 - -28 Blitz Games Studios Ltd 10,349 8,022 10,988 6,67829 Sumo Digital Ltd - 7,867 11,523 6,17630 Sports Interactive Ltd - 7,810 4,530 3,333

31 * Ignition Entertainment Ltd - 7,582 8,195 7,44232 Relentless Software Ltd - 5,769 5,466 4,15433 Rising Star Games Ltd - 5,138 5,332 11,13834 * Hyperion Capital Ptnrs. Ltd - 4,332 4,345 5,38335 The Creative Assembly Intl. Ltd - 4,317 4,372 2,924

36 Eutechnyx Ltd - 3,764 5,407 4,41637 * T H Q Digital Studios UK Ltd - 3,755 5,910 6,33138 Radica U.K. Ltd - 3,274 7,187 13,88039 Rockstar London Ltd - 2,023 1,828 1,64640 * Gamecock Media Europe Ltd - 1,752 329 -

41 * Majesty House Ltd - 1,718 2,886 5,44642 Games-Masters.Com Ltd - 1,583 1,393 68143 Blast Entertainment Ltd - 1,471 3,995 5,17444 Feral Interactive Ltd - 1,208 1,143 61045 Ghostlight Ltd - 922 1,132 1,116

46 Midas Interactive Entertainment Ltd - 794 1,753 4,330

GAMES RETAILERS

1 * H M V Gp. PLC - 2,016,600 1,956,700 1,874,900

Performance League Tables

Sales

4-2 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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LeagueTablePosition

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Accounts

Sales£’000

10/11 09/10 08/09 07/08

2 The Game Gp. PLC - 1,772,358 1,968,604 1,491,9143 * H M V Music Ltd - 1,062,303 993,498 1,048,7834 * Games Station Ltd - 309,122 400,009 326,6825 * Choices UK Gp. Ltd - 44,794 73,379 58,012

6 ■ Accessories 4 Technology Ltd - 10,556 11,385 -7 Connect Entertainment Ltd - 4,112 3,788 3,2618 * Gadgets & Games Ltd - 1,090 - -9 Barkman Computers Ltd - 1,071 622 633

10 ■ Jaredmedia Ltd - 608 393 -

- ■ Gemini Technology Ltd - - 33,219 -

Performance League Tables

Sales

4-3Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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LeagueTablePosition

RecentlyFiled

Accounts

Pre-tax Profit£’000

10/11 09/10 08/09 07/08

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Microsoft Ltd 76,934 84,503 79,128 53,7632 Activision Blizzard UK Ltd - 22,302 27,220 21,0453 Jagex Ltd - 18,881 18,308 14,8014 * Centresoft Ltd 9,284 18,452 3,924 5,4425 * Tradewest Games Ltd - 7,382 -3,767 1,268

6 Sony Computer Entertainment UK Ltd - 5,336 2,416 17,2487 ■ Media Molecule Ltd - 4,091 - -8 Sega Europe Ltd - 2,699 10,453 16,1609 * Rare Ltd - 2,527 4,399 10,258

10 Sports Interactive Ltd - 2,035 137 -640

11 Thq (UK) Ltd - 1,896 3,007 2,47712 Take-Two GB Ltd - 1,158 2,168 66013 ■ Zoe Mode Entertainment Ltd - 747 1,643 -14 Relentless Software Ltd - 737 219 33715 Ubisoft Ltd - 709 3,669 2,753

16 * Rebellion Developments Ltd 178 574 1,083 24917 P.D.Q. Distrbtn. Ltd 287 440 6,468 2,14418 Mad Catz Europe Ltd - 381 1,063 84519 I.T. World Srvcs. Ltd - 349 379 17320 * T H Q Digital Studios UK Ltd - 275 88 507

21 The Creative Assembly Intl. Ltd - 59 530 28122 Games-Masters.Com Ltd - 36 99 -3823 Feral Interactive Ltd - 12 13 -324 Rockstar London Ltd - -45 96 11225 Radica U.K. Ltd - -140 -65 906

26 Eutechnyx Ltd - -235 69 85927 * Hyperion Capital Ptnrs. Ltd - -252 -262 5,28028 Blast Entertainment Ltd - -461 -224 -529 Midas Interactive Entertainment Ltd - -733 -769 -69030 Evolution Studios Ltd - -808 1,007 2,240

31 Sumo Digital Ltd - -860 3,194 60932 Ghostlight Ltd - -867 -996 -78533 Datel Hldgs. Ltd - -1,069 -1,780 -1,24334 505 Games Ltd -755 -1,088 -45 2335 * Kuju Entertainment Ltd - -1,143 -1,425 2,241

36 Blitz Games Studios Ltd 597 -1,403 1,156 -98937 Rising Star Games Ltd - -1,447 -1,596 2,15538 * Majesty House Ltd - -2,035 -3,067 -1,31439 * Ignition Entertainment Ltd - -2,103 -1,651 1,58140 * Electronic Arts Ltd - -2,184 -11,464 -20,521

41 Namco Bandai Ptnrs. UK Ltd - -2,833 -4,493 -2,91142 * Gamecock Media Europe Ltd - -3,115 -913 -43 ■ Zenimax Europe Ltd - -3,296 4,054 -44 * Inspired Gaming Gp. Ltd -6,158 -6,830 -23,482 10,66945 * Square Enix Ltd - -38,413 -32,684 -115,042

46 * Codemasters Software Co. Ltd (The) - -89,652 -1,895 734

GAMES RETAILERS

1 The Game Gp. PLC - 84,211 117,366 68,362

Performance League Tables

Pre-tax Profit

4-4 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Pre-tax Profit£’000

10/11 09/10 08/09 07/08

2 * H M V Gp. PLC - 68,900 61,300 52,0003 * H M V Music Ltd - 53,301 41,915 68,5734 * Games Station Ltd - 25,591 33,541 12,1005 Accessories 4 Technology Ltd - 399 1,294 400

6 Connect Entertainment Ltd - 364 173 317 * Gadgets & Games Ltd - 86 - -8 Barkman Computers Ltd - 39 23 -179 ■ Jaredmedia Ltd - 19 1 -

10 * Choices UK Gp. Ltd - -6,786 3,620 -10,295

- ■ Gemini Technology Ltd - - 239 -

Performance League Tables

Pre-tax Profit

4-5Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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LeagueTablePosition

RecentlyFiled

Accounts

Total Assets£’000

10/11 09/10 08/09 07/08

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Microsoft Ltd 309,104 274,171 302,184 228,7092 Activision Blizzard UK Ltd - 228,313 367,952 64,8183 * Inspired Gaming Gp. Ltd 206,020 207,164 217,863 296,3884 * Electronic Arts Ltd - 184,921 89,475 96,6795 * Square Enix Ltd - 183,630 129,850 123,157

6 Sony Computer Entertainment UK Ltd - 123,652 133,685 141,3437 Sega Europe Ltd - 122,154 111,748 113,8228 * Codemasters Software Co. Ltd (The) - 100,524 123,736 87,4629 * Centresoft Ltd 93,313 89,536 97,000 46,977

10 * Ignition Entertainment Ltd - 55,204 31,859 14,282

11 Ubisoft Ltd - 43,426 42,742 43,21012 Thq (UK) Ltd - 33,245 46,767 35,99913 Datel Hldgs. Ltd - 30,588 30,487 28,67814 ■ Zenimax Europe Ltd - 30,423 43,025 -15 Take-Two GB Ltd - 28,189 27,570 13,369

16 * Rare Ltd - 21,388 26,151 25,18417 Jagex Ltd - 13,727 21,513 13,96818 P.D.Q. Distrbtn. Ltd 19,540 13,580 23,867 5,28619 Mad Catz Europe Ltd - 11,250 8,352 4,36020 Media Molecule Ltd - 8,442 5,533 515

21 * Majesty House Ltd - 8,285 8,713 6,26422 * Hyperion Capital Ptnrs. Ltd - 7,862 8,123 8,34723 Sports Interactive Ltd - 7,130 8,160 5,17024 Sumo Digital Ltd - 6,440 7,786 4,31125 * Rebellion Developments Ltd 6,438 6,416 7,245 4,052

26 505 Games Ltd 5,578 6,287 6,310 5,41327 * T H Q Digital Studios UK Ltd - 5,736 4,786 2,42628 Eutechnyx Ltd - 4,433 2,426 1,50029 * Kuju Entertainment Ltd - 4,370 5,553 3,95730 Evolution Studios Ltd - 4,281 14,782 5,995

31 Namco Bandai Ptnrs. UK Ltd - 4,118 6,681 7,62932 Ghostlight Ltd - 3,420 2,563 1,97033 Rising Star Games Ltd - 2,962 3,165 7,74734 ■ Zoe Mode Entertainment Ltd - 2,799 1,712 -35 Relentless Software Ltd - 2,434 2,122 1,815

36 Blitz Games Studios Ltd 2,650 2,407 2,830 1,77537 Radica U.K. Ltd - 2,386 2,232 2,39338 The Creative Assembly Intl. Ltd - 2,005 1,327 1,15739 * Tradewest Games Ltd - 1,956 17,133 18,93040 Blast Entertainment Ltd - 1,800 2,629 3,580

41 I.T. World Srvcs. Ltd - 1,753 1,651 1,12442 Midas Interactive Entertainment Ltd - 855 923 1,57743 Games-Masters.Com Ltd - 634 648 45144 Rockstar London Ltd - 474 380 41145 * Gamecock Media Europe Ltd - 277 2,999 -

46 Feral Interactive Ltd - 262 336 172

GAMES RETAILERS

1 * H M V Gp. PLC - 705,400 616,500 545,500

Performance League Tables

Total Assets

4-6 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Total Assets£’000

10/11 09/10 08/09 07/08

2 The Game Gp. PLC - 655,359 728,924 640,3183 * H M V Music Ltd - 402,976 367,110 376,7564 * Games Station Ltd - 80,637 118,030 84,0485 * Choices UK Gp. Ltd - 21,111 43,111 22,689

6 Accessories 4 Technology Ltd - 3,661 4,440 1,8967 Connect Entertainment Ltd - 639 578 4688 ■ Jaredmedia Ltd - 309 264 -9 * Gadgets & Games Ltd - 256 - -

10 Barkman Computers Ltd - 212 175 169

- ■ Gemini Technology Ltd - - 17,086 73

Performance League Tables

Total Assets

4-7Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Number of Employees

10/11 09/10 08/09 07/08

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Microsoft Ltd 2,792 2,947 2,340 2,3602 * Inspired Gaming Gp. Ltd 1,160 1,179 2,084 2,4243 * Codemasters Software Co. Ltd (The) - 648 479 4224 * Electronic Arts Ltd - 546 639 7325 Sega Europe Ltd - 431 363 346

6 Jagex Ltd - 374 370 3697 * Ignition Entertainment Ltd - 241 201 1098 Blitz Games Studios Ltd 218 221 224 1809 * Rare Ltd - 195 210 206

10 * Square Enix Ltd - 193 262 246

11 Datel Hldgs. Ltd - 156 206 22312 * Rebellion Developments Ltd 154 146 119 10213 Sumo Digital Ltd - 131 122 10514 * Kuju Entertainment Ltd - 128 298 24815 * Centresoft Ltd 129 125 131 144

16 Activision Blizzard UK Ltd - 118 99 6917 * Hyperion Capital Ptnrs. Ltd - 89 83 12118 Relentless Software Ltd - 82 65 4719 Eutechnyx Ltd - 78 90 7120 Thq (UK) Ltd - 67 81 83

21 * T H Q Digital Studios UK Ltd - 62 87 -22 P.D.Q. Distrbtn. Ltd 62 62 59 3823 The Creative Assembly Intl. Ltd - 58 62 4624 Sports Interactive Ltd - 57 54 4525 Ubisoft Ltd - 56 53 50

26 Mad Catz Europe Ltd - 42 33 1427 ■ Media Molecule Ltd - 39 - -28 Sony Computer Entertainment UK Ltd - 35 37 3629 Rockstar London Ltd - 29 23 1930 * Tradewest Games Ltd - 24 32 31

31 505 Games Ltd 26 24 15 532 * Majesty House Ltd - 23 27 2233 Namco Bandai Ptnrs. UK Ltd - 15 19 2634 ■ Zenimax Europe Ltd - 13 8 -35 Midas Interactive Entertainment Ltd - 10 8 8

36 Rising Star Games Ltd - 8 10 637 ■ I.T. World Srvcs. Ltd - 6 - -38 Blast Entertainment Ltd - 5 5 639 ■ Radica U.K. Ltd - 5 - -40 * Gamecock Media Europe Ltd - 1 3 -

- ■ Take-Two GB Ltd - - 17 26- ■ Ghostlight Ltd - - 2 2- ■ Evolution Studios Ltd - - - 56- ■ Feral Interactive Ltd - - - -- ■ Games-Masters.Com Ltd - - - -

- ■ Zoe Mode Entertainment Ltd - - - -

GAMES RETAILERS

1 * H M V Gp. PLC - 14,154 13,801 13,618

Performance League Tables

Number of Employees

4-8 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Number of Employees

10/11 09/10 08/09 07/08

2 The Game Gp. PLC - 10,592 10,450 7,9593 * H M V Music Ltd - 6,030 5,542 5,5214 * Games Station Ltd - 2,216 1,701 1,2795 * Choices UK Gp. Ltd - 233 268 262

6 Accessories 4 Technology Ltd - 16 13 11- ■ Barkman Computers Ltd - - - -- ■ Connect Entertainment Ltd - - - -- * Gadgets & Games Ltd - - - -- ■ Gemini Technology Ltd - - - -

- ■ Jaredmedia Ltd - - - -

Performance League Tables

Number of Employees

4-9Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 141: Computer and Video Games Industry 2011

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RecentlyFiled

Accounts

Return on Capital%

10/11 09/10 08/09 07/08 09/10 09/10

Pre-taxProfit

CapitalEmployed

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Jagex Ltd - 1,416.4 180.4 271.9 18,881 1,3332 * Tradewest Games Ltd - 1,135.7 ^ ^ 7,382 6503 * Centresoft Ltd 33.7 74.4 21.8 33.7 18,452 24,7954 ■ Media Molecule Ltd - 58.9 - - 4,091 6,9485 * Microsoft Ltd 45.0 58.6 43.6 48.0 84,503 144,308

6 Feral Interactive Ltd - 54.5 26.5 -3.8 12 227 Sports Interactive Ltd - 52.2 7.4 -41.2 2,035 3,9018 Relentless Software Ltd - 50.1 23.7 35.7 737 1,4729 Activision Blizzard UK Ltd - 39.4 67.1 83.0 22,302 56,562

10 I.T. World Srvcs. Ltd - 37.3 49.1 31.1 349 936

11 Take-Two GB Ltd - 35.4 100.4 103.0 1,158 3,27412 ■ Zoe Mode Entertainment Ltd - 33.0 108.3 - 747 2,26413 * T H Q Digital Studios UK Ltd - 27.5 9.5 49.8 275 1,00014 * Rebellion Developments Ltd 4.0 14.3 30.3 14.2 574 4,01215 Mad Catz Europe Ltd - 14.1 44.3 53.2 381 2,705

16 * Rare Ltd - 12.7 17.5 46.5 2,527 19,95017 Thq (UK) Ltd - 9.4 16.4 14.8 1,896 20,19318 Games-Masters.Com Ltd - 7.8 23.2 -11.6 36 46219 Sony Computer Entertainment UK Ltd - 6.2 3.0 23.4 5,336 85,60120 P.D.Q. Distrbtn. Ltd 4.6 5.8 87.1 69.4 440 7,570

21 Sega Europe Ltd - 4.8 19.7 36.0 2,699 55,99222 The Creative Assembly Intl. Ltd - 3.9 46.9 40.9 59 1,51123 Ubisoft Ltd - 2.5 13.0 11.9 709 28,40324 * Electronic Arts Ltd - -1.4 -21.5 -34.1 -2,184 155,46625 * Inspired Gaming Gp. Ltd -3.8 -4.2 -14.4 4.5 -6,830 163,221

26 Datel Hldgs. Ltd - -4.8 -7.5 -5.4 -1,069 22,16327 * Hyperion Capital Ptnrs. Ltd - -4.9 -4.7 88.6 -252 5,17728 * Ignition Entertainment Ltd - -5.6 -8.8 14.9 -2,103 37,60229 Eutechnyx Ltd - -7.5 6.6 171.8 -235 3,12530 Rockstar London Ltd - -14.6 59.6 143.6 -45 305

31 Sumo Digital Ltd - -16.7 54.0 20.5 -860 5,14332 Evolution Studios Ltd - -22.5 24.9 72.1 -808 3,58933 ■ Zenimax Europe Ltd - -28.8 36.0 - -3,296 11,46334 Blast Entertainment Ltd - -37.8 -13.3 -0.5 -461 1,21835 * Majesty House Ltd - -48.2 -54.4 -24.0 -2,035 4,219

36 Blitz Games Studios Ltd 27.9 -85.9 50.5 -87.1 -1,403 1,633- * Codemasters Software Co. Ltd (The) - ^ -2.4 1.5 -89,652 -72,458- ■ 505 Games Ltd ^ ^ -66.2 20.7 -1,088 -704- ■ Rising Star Games Ltd - ^ -665.0 104.6 -1,447 -1,192- * Gamecock Media Europe Ltd - ^ ^ - -3,115 -3,436

- ■ Ghostlight Ltd - ^ ^ ^ -867 -2,723- * Kuju Entertainment Ltd - ^ ^ ^ -1,143 -3,545- ■ Midas Interactive Entertainment Ltd - ^ ^ ^ -733 -3,050- ■ Namco Bandai Ptnrs. UK Ltd - ^ ^ ^ -2,833 -802- ■ Radica U.K. Ltd - ^ ^ ^ -140 -6,659

- * Square Enix Ltd - ^ ^ ^ -38,413 -147,451

Average of companies with 3 years data 15.4 26.3 34.7Total of companies selected 45,041 291,983

Performance League Tables

Return on Capital

4-10 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 142: Computer and Video Games Industry 2011

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Accounts

Return on Capital%

10/11 09/10 08/09 07/08 09/10 09/10

Pre-taxProfit

CapitalEmployed

£’000 £’000

GAMES RETAILERS

1 Connect Entertainment Ltd - 121.7 97.7 25.6 364 2992 ■ Jaredmedia Ltd - 118.8 1.2 - 19 163 * Gadgets & Games Ltd - 55.1 - - 86 1564 * H M V Gp. PLC - 44.8 48.7 68.5 68,900 153,9005 * H M V Music Ltd - 41.3 30.9 45.8 53,301 129,210

6 * Games Station Ltd - 33.6 58.4 35.9 25,591 76,1137 Barkman Computers Ltd - 28.9 36.5 -23.6 39 1358 Accessories 4 Technology Ltd - 28.1 111.6 165.3 399 1,4219 The Game Gp. PLC - 23.0 35.9 25.3 84,211 365,511- ■ Gemini Technology Ltd - - 185.0 - - -

- * Choices UK Gp. Ltd - ^ ^ ^ -6,786 -13,884

Average of companies with 3 years data 23.1 36.3 25.4Total of companies selected 85,013 367,366

Average of companies with 3 years data 19.7 31.7 29.6Total of companies selected 130,054 659,349

Performance League Tables

Return on Capital

4-11Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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LeagueTablePosition

RecentlyFiled

Accounts

Return on Total Assets%

10/11 09/10 08/09 07/08 09/10 09/10

Pre-taxProfit

TotalAssets

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Tradewest Games Ltd - 377.4 -22.0 6.7 7,382 1,9562 Jagex Ltd - 137.5 85.1 106.0 18,881 13,7273 ■ Media Molecule Ltd - 48.5 - - 4,091 8,4424 * Microsoft Ltd 24.9 30.8 26.2 23.5 84,503 274,1715 Relentless Software Ltd - 30.3 10.3 18.6 737 2,434

6 Sports Interactive Ltd - 28.5 1.7 -12.4 2,035 7,1307 ■ Zoe Mode Entertainment Ltd - 26.7 96.0 - 747 2,7998 * Centresoft Ltd 9.9 20.6 4.0 11.6 18,452 89,5369 I.T. World Srvcs. Ltd - 19.9 23.0 15.4 349 1,753

10 * Rare Ltd - 11.8 16.8 40.7 2,527 21,388

11 Activision Blizzard UK Ltd - 9.8 7.4 32.5 22,302 228,31312 * Rebellion Developments Ltd 2.8 8.9 14.9 6.1 574 6,41613 Thq (UK) Ltd - 5.7 6.4 6.9 1,896 33,24514 Games-Masters.Com Ltd - 5.7 15.3 -8.4 36 63415 * T H Q Digital Studios UK Ltd - 4.8 1.8 20.9 275 5,736

16 Feral Interactive Ltd - 4.6 3.9 -1.7 12 26217 Sony Computer Entertainment UK Ltd - 4.3 1.8 12.2 5,336 123,65218 Take-Two GB Ltd - 4.1 7.9 4.9 1,158 28,18919 Mad Catz Europe Ltd - 3.4 12.7 19.4 381 11,25020 P.D.Q. Distrbtn. Ltd 1.5 3.2 27.1 40.6 440 13,580

21 The Creative Assembly Intl. Ltd - 2.9 39.9 24.3 59 2,00522 Sega Europe Ltd - 2.2 9.4 14.2 2,699 122,15423 Ubisoft Ltd - 1.6 8.6 6.4 709 43,42624 * Electronic Arts Ltd - -1.2 -12.8 -21.2 -2,184 184,92125 * Hyperion Capital Ptnrs. Ltd - -3.2 -3.2 63.3 -252 7,862

26 * Inspired Gaming Gp. Ltd -3.0 -3.3 -10.8 3.6 -6,830 207,16427 Datel Hldgs. Ltd - -3.5 -5.8 -4.3 -1,069 30,58828 * Ignition Entertainment Ltd - -3.8 -5.2 11.1 -2,103 55,20429 Eutechnyx Ltd - -5.3 2.8 57.3 -235 4,43330 Radica U.K. Ltd - -5.9 -2.9 37.9 -140 2,386

31 Rockstar London Ltd - -9.4 25.3 27.3 -45 47432 ■ Zenimax Europe Ltd - -10.8 9.4 - -3,296 30,42333 Sumo Digital Ltd - -13.4 41.0 14.1 -860 6,44034 505 Games Ltd -13.5 -17.3 -0.7 0.4 -1,088 6,28735 Evolution Studios Ltd - -18.9 6.8 37.4 -808 4,281

36 * Square Enix Ltd - -20.9 -25.2 -93.4 -38,413 183,63037 * Majesty House Ltd - -24.6 -35.2 -21.0 -2,035 8,28538 Ghostlight Ltd - -25.4 -38.9 -39.8 -867 3,42039 Blast Entertainment Ltd - -25.6 -8.5 -0.1 -461 1,80040 * Kuju Entertainment Ltd - -26.2 -25.7 56.6 -1,143 4,370

41 Rising Star Games Ltd - -48.9 -50.4 27.8 -1,447 2,96242 Blitz Games Studios Ltd 22.5 -58.3 40.8 -55.7 -1,403 2,40743 Namco Bandai Ptnrs. UK Ltd - -68.8 -67.3 -38.2 -2,833 4,11844 Midas Interactive Entertainment Ltd - -85.7 -83.3 -43.8 -733 85545 * Codemasters Software Co. Ltd (The) - -89.2 -1.5 0.8 -89,652 100,524

46 * Gamecock Media Europe Ltd - -1,124.5 -30.4 - -3,115 277

Average of companies with 3 years data 6.4 8.1 15.1Total of companies selected 45,041 702,205

Performance League Tables

Return on Total Assets

4-12 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Return on Total Assets%

10/11 09/10 08/09 07/08 09/10 09/10

Pre-taxProfit

TotalAssets

£’000 £’000

GAMES RETAILERS

1 Connect Entertainment Ltd - 57.0 29.9 6.6 364 6392 * Gadgets & Games Ltd - 33.6 - - 86 2563 * Games Station Ltd - 31.7 28.4 14.4 25,591 80,6374 Barkman Computers Ltd - 18.4 13.1 -10.1 39 2125 * H M V Music Ltd - 13.2 11.4 18.2 53,301 402,976

6 The Game Gp. PLC - 12.8 16.1 10.7 84,211 655,3597 Accessories 4 Technology Ltd - 10.9 29.1 21.1 399 3,6618 * H M V Gp. PLC - 9.8 9.9 9.5 68,900 705,4009 ■ Jaredmedia Ltd - 6.1 0.5 - 19 309

10 * Choices UK Gp. Ltd - -32.1 8.4 -45.4 -6,786 21,111

- ■ Gemini Technology Ltd - - 1.4 - - -

Average of companies with 3 years data 12.9 16.2 10.7Total of companies selected 85,013 659,871

Average of companies with 3 years data 9.5 11.8 12.7Total of companies selected 130,054 1,362,076

Performance League Tables

Return on Total Assets

4-13Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Pre-tax Profit Margin%

10/11 09/10 08/09 07/08 09/10 09/10

Pre-taxProfit

Sales

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Tradewest Games Ltd - 80.0 -10.1 5.2 7,382 9,2242 ■ Media Molecule Ltd - 47.7 - - 4,091 8,5833 Jagex Ltd - 42.4 47.6 45.8 18,881 44,5204 Sports Interactive Ltd - 26.1 3.0 -19.2 2,035 7,8105 * Rare Ltd - 16.9 29.0 43.9 2,527 14,988

6 * Microsoft Ltd 11.7 13.5 13.4 9.7 84,503 627,8067 Relentless Software Ltd - 12.8 4.0 8.1 737 5,7698 ■ Zoe Mode Entertainment Ltd - 8.5 34.7 - 747 8,7899 * T H Q Digital Studios UK Ltd - 7.3 1.5 8.0 275 3,755

10 * Centresoft Ltd 3.7 6.6 1.5 2.8 18,452 278,747

11 Activision Blizzard UK Ltd - 4.9 4.3 7.2 22,302 455,45212 * Rebellion Developments Ltd 2.0 3.9 9.1 2.9 574 14,66413 P.D.Q. Distrbtn. Ltd 3.7 3.7 45.1 34.7 440 11,91514 I.T. World Srvcs. Ltd - 3.5 3.9 2.9 349 10,06415 Thq (UK) Ltd - 2.9 4.2 2.7 1,896 64,804

16 Games-Masters.Com Ltd - 2.3 7.1 -5.6 36 1,58317 Take-Two GB Ltd - 2.2 2.0 2.0 1,158 53,26518 Mad Catz Europe Ltd - 1.7 7.1 6.9 381 22,04619 Sony Computer Entertainment UK Ltd - 1.6 0.7 4.7 5,336 333,46420 Sega Europe Ltd - 1.4 6.5 10.6 2,699 192,736

21 The Creative Assembly Intl. Ltd - 1.4 12.1 9.6 59 4,31722 Feral Interactive Ltd - 1.0 1.1 -0.5 12 1,20823 Ubisoft Ltd - 0.7 2.5 2.5 709 108,62924 * Electronic Arts Ltd - -0.8 -4.6 -8.0 -2,184 266,11625 Rockstar London Ltd - -2.2 5.3 6.8 -45 2,023

26 Radica U.K. Ltd - -4.3 -0.9 6.5 -140 3,27427 Datel Hldgs. Ltd - -4.8 -7.2 -4.8 -1,069 22,30128 * Hyperion Capital Ptnrs. Ltd - -5.8 -6.0 98.1 -252 4,33229 Eutechnyx Ltd - -6.2 1.3 19.5 -235 3,76430 Evolution Studios Ltd - -7.4 8.7 18.9 -808 10,945

31 * Inspired Gaming Gp. Ltd -6.3 -7.8 -26.4 11.2 -6,830 87,34732 505 Games Ltd -6.9 -9.1 -0.2 0.4 -1,088 11,97933 Sumo Digital Ltd - -10.9 27.7 9.9 -860 7,86734 * Kuju Entertainment Ltd - -12.9 -10.7 15.2 -1,143 8,85535 Namco Bandai Ptnrs. UK Ltd - -14.3 -24.6 -17.9 -2,833 19,823

36 ■ Zenimax Europe Ltd - -14.6 14.2 - -3,296 22,58837 Blitz Games Studios Ltd 5.8 -17.5 10.5 -14.8 -1,403 8,02238 * Ignition Entertainment Ltd - -27.7 -20.1 21.2 -2,103 7,58239 Rising Star Games Ltd - -28.2 -29.9 19.3 -1,447 5,13840 Blast Entertainment Ltd - -31.3 -5.6 -0.1 -461 1,471

41 * Square Enix Ltd - -40.5 -36.5 -157.8 -38,413 94,84542 Midas Interactive Entertainment Ltd - -92.3 -43.9 -15.9 -733 79443 Ghostlight Ltd - -94.0 -88.0 -70.3 -867 92244 * Majesty House Ltd - -118.5 -106.3 -24.1 -2,035 1,71845 * Codemasters Software Co. Ltd (The) - -138.8 -2.2 1.3 -89,652 64,572

46 * Gamecock Media Europe Ltd - -177.8 -277.6 - -3,115 1,752

Average of companies with 3 years data 3.2 4.3 6.4Total of companies selected 45,041 1,415,905

Performance League Tables

Pre-tax Profit Margin

4-14 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Sales

£’000 £’000

GAMES RETAILERS

1 Connect Entertainment Ltd - 8.9 4.6 1.0 364 4,1122 * Games Station Ltd - 8.3 8.4 3.7 25,591 309,1223 * Gadgets & Games Ltd - 7.9 - - 86 1,0904 * H M V Music Ltd - 5.0 4.2 6.5 53,301 1,062,3035 The Game Gp. PLC - 4.8 6.0 4.6 84,211 1,772,358

6 ■ Accessories 4 Technology Ltd - 3.8 11.4 - 399 10,5567 Barkman Computers Ltd - 3.6 3.7 -2.7 39 1,0718 * H M V Gp. PLC - 3.4 3.1 2.8 68,900 2,016,6009 ■ Jaredmedia Ltd - 3.1 0.3 - 19 608

10 * Choices UK Gp. Ltd - -15.1 4.9 -17.7 -6,786 44,794

- ■ Gemini Technology Ltd - - 0.7 - - -

Average of companies with 3 years data 4.8 6.0 4.6Total of companies selected 84,614 1,777,541

Average of companies with 3 years data 4.1 5.2 5.4Total of companies selected 129,655 3,193,446

Performance League Tables

Pre-tax Profit Margin

4-15Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Jagex Ltd - 1,380.2 180.0 271.7 18,881 1,3682 * Tradewest Games Ltd - 1,148.0 -35.5 10.0 7,462 6503 * Centresoft Ltd 29.8 72.9 21.7 30.6 18,640 25,5734 ■ Media Molecule Ltd - 58.9 - - 4,091 6,9485 * Microsoft Ltd 44.7 56.4 43.6 48.1 84,551 149,854

6 Feral Interactive Ltd - 54.5 26.5 -3.8 12 227 Relentless Software Ltd - 50.1 23.8 32.3 737 1,4728 I.T. World Srvcs. Ltd - 37.7 49.6 31.8 353 9369 Take-Two GB Ltd - 35.4 8.9 5.5 1,158 3,274

10 ■ Zoe Mode Entertainment Ltd - 33.0 107.5 - 747 2,264

11 Sports Interactive Ltd - 31.4 1.9 -15.3 2,036 6,47412 Activision Blizzard UK Ltd - 17.9 10.9 62.0 23,492 131,60113 Mad Catz Europe Ltd - 15.8 15.0 25.8 427 2,70514 * Rebellion Developments Ltd 4.7 14.7 29.7 12.3 638 4,33715 * Rare Ltd - 12.7 17.6 46.6 2,527 19,950

16 Thq (UK) Ltd - 7.9 9.2 14.1 1,896 23,85517 Games-Masters.Com Ltd - 7.8 23.2 -11.6 36 46218 * Inspired Gaming Gp. Ltd 4.8 7.4 -5.9 9.0 12,631 171,19319 Sony Computer Entertainment UK Ltd - 5.7 3.0 22.4 5,336 93,18220 P.D.Q. Distrbtn. Ltd 4.3 5.2 87.1 63.2 443 8,530

21 * T H Q Digital Studios UK Ltd - 5.1 2.4 30.8 278 5,44422 The Creative Assembly Intl. Ltd - 3.5 45.5 39.1 59 1,69323 Ubisoft Ltd - 2.9 17.5 17.2 1,120 38,63724 Sega Europe Ltd - 2.7 11.5 19.1 2,942 106,99025 Radica U.K. Ltd - 2.6 20.6 57.5 62 2,386

26 * Electronic Arts Ltd - -0.9 -14.5 -25.7 -1,408 156,91827 Datel Hldgs. Ltd - -3.2 -4.0 -2.4 -772 24,47928 * Ignition Entertainment Ltd - -3.9 -5.9 14.3 -1,974 50,76329 Eutechnyx Ltd - -4.0 7.5 98.3 -144 3,62430 * Hyperion Capital Ptnrs. Ltd - -4.7 -4.7 90.5 -244 5,177

31 * Majesty House Ltd - -12.5 -28.4 -16.8 -995 7,94532 Ghostlight Ltd - -12.9 -27.1 -35.6 -434 3,37633 Sumo Digital Ltd - -13.2 52.5 21.6 -796 6,04834 Rockstar London Ltd - -14.6 39.0 34.7 -45 30535 ■ Zenimax Europe Ltd - -18.0 12.8 - -3,073 17,073

36 505 Games Ltd -18.4 -21.3 -0.9 0.5 -1,088 5,11737 Evolution Studios Ltd - -22.5 7.4 50.3 -808 3,58938 * Square Enix Ltd - -25.1 -28.2 -108.4 -38,389 152,68239 * Kuju Entertainment Ltd - -32.1 -71.8 127.1 -919 2,86340 Blast Entertainment Ltd - -35.8 -10.0 1.7 -451 1,260

41 Midas Interactive Entertainment Ltd - -59.3 -60.1 -27.5 -452 76242 Blitz Games Studios Ltd 27.0 -81.4 50.5 -87.1 -1,396 1,71643 Rising Star Games Ltd - -124.0 -62.0 63.8 -1,428 1,15244 Namco Bandai Ptnrs. UK Ltd - -136.3 -126.8 -69.7 -2,789 2,04645 * Codemasters Software Co. Ltd (The) - -139.7 6.7 4.7 -78,044 55,875

- * Gamecock Media Europe Ltd - ^ - - -3,115 -2,233

Average of companies with 3 years data 10.1 12.3 25.5Total of companies selected 48,387 477,061

Performance League Tables

Return on Investment

4-16 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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GAMES RETAILERS

1 Connect Entertainment Ltd - 73.5 71.2 12.3 364 4952 * Gadgets & Games Ltd - 45.7 - - 86 1883 * Games Station Ltd - 33.6 58.4 36.0 25,594 76,1134 * H M V Gp. PLC - 31.5 39.0 56.8 75,500 239,8005 Accessories 4 Technology Ltd - 30.9 73.3 65.8 493 1,596

6 * H M V Music Ltd - 29.3 27.3 42.7 54,054 184,7097 Barkman Computers Ltd - 25.0 26.9 -14.6 40 1608 The Game Gp. PLC - 23.3 35.7 24.9 89,128 382,8729 ■ Jaredmedia Ltd - 11.9 - - 26 218

10 * Choices UK Gp. Ltd - -30.1 17.2 -66.8 -6,172 20,493

- ■ Gemini Technology Ltd - - 183.6 - - -

Average of companies with 3 years data 23.4 36.0 25.0Total of companies selected 90,025 385,123

Average of companies with 3 years data 16.1 20.9 25.2Total of companies selected 138,412 862,184

Performance League Tables

Return on Investment

4-17Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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EmployeePay

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GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Centresoft Ltd 2.10 5.28 1.03 1.38 18,452 3,4982 * Tradewest Games Ltd - 4.07 -2.33 0.77 7,382 1,8123 ■ I.T. World Srvcs. Ltd - 3.12 - - 349 1124 Sony Computer Entertainment UK Ltd - 2.84 1.29 9.41 5,336 1,8765 Activision Blizzard UK Ltd - 1.89 2.98 2.97 22,302 11,786

6 ■ Media Molecule Ltd - 1.79 - - 4,091 2,2857 Take-Two GB Ltd - 1.68 2.95 0.85 1,158 6888 Jagex Ltd - 1.63 1.65 1.52 18,881 11,6139 Sports Interactive Ltd - 0.77 0.06 -0.29 2,035 2,652

10 Thq (UK) Ltd - 0.63 0.88 0.55 1,896 2,990

11 * Microsoft Ltd 0.28 0.32 0.34 0.26 84,503 264,15812 * Rare Ltd - 0.28 0.50 1.07 2,527 8,90613 Relentless Software Ltd - 0.23 0.07 0.15 737 3,26314 Sega Europe Ltd - 0.22 0.92 1.47 2,699 12,31715 Mad Catz Europe Ltd - 0.20 0.77 1.40 381 1,874

16 Ubisoft Ltd - 0.20 1.36 1.13 709 3,61117 P.D.Q. Distrbtn. Ltd 0.12 0.15 1.94 1.27 440 2,96218 * T H Q Digital Studios UK Ltd - 0.13 0.03 - 275 2,09419 * Rebellion Developments Ltd 0.04 0.12 0.27 0.08 574 4,90220 The Creative Assembly Intl. Ltd - 0.03 0.30 0.16 59 2,349

21 Rockstar London Ltd - -0.04 0.11 0.15 -45 1,24122 * Electronic Arts Ltd - -0.07 -0.35 -0.61 -2,184 29,32923 * Hyperion Capital Ptnrs. Ltd - -0.11 -0.10 1.37 -252 2,27624 Eutechnyx Ltd - -0.12 0.03 0.43 -235 1,88725 * Kuju Entertainment Ltd - -0.16 -0.17 0.29 -1,143 7,085

26 Sumo Digital Ltd - -0.19 0.71 0.18 -860 4,54227 Blitz Games Studios Ltd 0.09 -0.20 0.17 -0.19 -1,403 6,95928 * Inspired Gaming Gp. Ltd -0.23 -0.25 -0.50 0.22 -6,830 27,58029 Datel Hldgs. Ltd - -0.25 -0.34 -0.30 -1,069 4,25130 * Ignition Entertainment Ltd - -0.45 -0.39 0.67 -2,103 4,724

31 505 Games Ltd -0.55 -0.87 -0.06 0.07 -1,088 1,25232 ■ Zenimax Europe Ltd - -2.83 5.69 - -3,296 1,16633 * Majesty House Ltd - -2.99 -4.06 -1.83 -2,035 68134 Namco Bandai Ptnrs. UK Ltd - -3.41 -8.61 -2.73 -2,833 83135 * Square Enix Ltd - -3.85 -4.25 -12.63 -38,413 9,975

36 * Codemasters Software Co. Ltd (The) - -3.95 -0.11 0.05 -89,652 22,67537 Rising Star Games Ltd - -4.56 -3.73 7.72 -1,447 31738 Midas Interactive Entertainment Ltd - -4.76 -4.13 -4.51 -733 15439 * Gamecock Media Europe Ltd - -35.80 -2.79 - -3,115 87

- ■ Zoe Mode Entertainment Ltd - - 0.76 - 747 -

- ■ Blast Entertainment Ltd - - -1.57 -0.03 -461 -- ■ Ghostlight Ltd - - -34.34 -16.35 -867 -- ■ Radica U.K. Ltd - - - 3.37 -140 -- ■ Evolution Studios Ltd - - - 0.32 -808 -- ■ Feral Interactive Ltd - - - - 12 -

- ■ Games-Masters.Com Ltd - - - - 36 -

Average of companies with 3 years data 0.59 0.97 1.20Total of companies selected 46,920 79,415

Performance League Tables

Profit per £ of Pay

4-18 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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EmployeePay

£’000 £’000

GAMES RETAILERS

1 * Games Station Ltd - 1.10 1.10 0.47 25,591 23,3262 The Game Gp. PLC - 0.62 0.92 0.67 84,211 135,0703 * H M V Music Ltd - 0.51 0.42 0.65 53,301 104,6314 Accessories 4 Technology Ltd - 0.46 1.14 0.69 399 8715 * H M V Gp. PLC - 0.31 0.29 0.25 68,900 219,600

6 * Choices UK Gp. Ltd - -1.25 0.50 -2.22 -6,786 5,448- ■ Barkman Computers Ltd - - - - 39 -- ■ Connect Entertainment Ltd - - - - 364 -- * Gadgets & Games Ltd - - - - 86 -- ■ Gemini Technology Ltd - - - - - -

- ■ Jaredmedia Ltd - - - - 19 -

Average of companies with 3 years data 0.62 0.93 0.67Total of companies selected 84,610 135,941

Average of companies with 3 years data 0.61 0.94 0.87Total of companies selected 131,530 215,356

Performance League Tables

Profit per £ of Pay

4-19Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Sales TotalAssets

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Gamecock Media Europe Ltd - 6.32 0.11 - 1,752 2772 I.T. World Srvcs. Ltd - 5.74 5.93 5.27 10,064 1,7533 Namco Bandai Ptnrs. UK Ltd - 4.81 2.73 2.13 19,823 4,1184 * Tradewest Games Ltd - 4.72 2.18 1.29 9,224 1,9565 Feral Interactive Ltd - 4.61 3.40 3.55 1,208 262

6 Rockstar London Ltd - 4.27 4.81 4.00 2,023 4747 Blitz Games Studios Ltd 3.91 3.33 3.88 3.76 8,022 2,4078 Jagex Ltd - 3.24 1.79 2.31 44,520 13,7279 ■ Zoe Mode Entertainment Ltd - 3.14 2.76 - 8,789 2,799

10 * Centresoft Ltd 2.73 3.11 2.72 4.20 278,747 89,536

11 Sony Computer Entertainment UK Ltd - 2.70 2.62 2.58 333,464 123,65212 Evolution Studios Ltd - 2.56 0.79 1.98 10,945 4,28113 Ubisoft Ltd - 2.50 3.43 2.60 108,629 43,42614 Games-Masters.Com Ltd - 2.50 2.15 1.51 1,583 63415 Relentless Software Ltd - 2.37 2.58 2.29 5,769 2,434

16 * Microsoft Ltd 2.14 2.29 1.96 2.43 627,806 274,17117 * Rebellion Developments Ltd 1.40 2.29 1.64 2.14 14,664 6,41618 The Creative Assembly Intl. Ltd - 2.15 3.29 2.53 4,317 2,00519 * Kuju Entertainment Ltd - 2.03 2.40 3.72 8,855 4,37020 Activision Blizzard UK Ltd - 1.99 1.71 4.54 455,452 228,313

21 Mad Catz Europe Ltd - 1.96 1.79 2.79 22,046 11,25022 Thq (UK) Ltd - 1.95 1.54 2.55 64,804 33,24523 505 Games Ltd 1.96 1.91 2.88 1.06 11,979 6,28724 Take-Two GB Ltd - 1.89 3.84 2.45 53,265 28,18925 Rising Star Games Ltd - 1.73 1.68 1.44 5,138 2,962

26 Sega Europe Ltd - 1.58 1.44 1.34 192,736 122,15427 * Electronic Arts Ltd - 1.44 2.79 2.64 266,116 184,92128 Radica U.K. Ltd - 1.37 3.22 5.80 3,274 2,38629 Sumo Digital Ltd - 1.22 1.48 1.43 7,867 6,44030 Sports Interactive Ltd - 1.10 0.56 0.64 7,810 7,130

31 ■ Media Molecule Ltd - 1.02 - - 8,583 8,44232 Midas Interactive Entertainment Ltd - 0.93 1.90 2.75 794 85533 P.D.Q. Distrbtn. Ltd 0.40 0.88 0.60 1.17 11,915 13,58034 Eutechnyx Ltd - 0.85 2.23 2.94 3,764 4,43335 Blast Entertainment Ltd - 0.82 1.52 1.45 1,471 1,800

36 ■ Zenimax Europe Ltd - 0.74 0.67 - 22,588 30,42337 Datel Hldgs. Ltd - 0.73 0.81 0.90 22,301 30,58838 * Rare Ltd - 0.70 0.58 0.93 14,988 21,38839 * T H Q Digital Studios UK Ltd - 0.65 1.23 2.61 3,755 5,73640 * Codemasters Software Co. Ltd (The) - 0.64 0.69 0.64 64,572 100,524

41 * Hyperion Capital Ptnrs. Ltd - 0.55 0.53 0.64 4,332 7,86242 * Square Enix Ltd - 0.52 0.69 0.59 94,845 183,63043 * Inspired Gaming Gp. Ltd 0.48 0.42 0.41 0.32 87,347 207,16444 Ghostlight Ltd - 0.27 0.44 0.57 922 3,42045 * Majesty House Ltd - 0.21 0.33 0.87 1,718 8,285

46 * Ignition Entertainment Ltd - 0.14 0.26 0.52 7,582 55,204

Average of companies with 3 years data 2.02 1.91 2.37Total of companies selected 1,415,905 702,205

Performance League Tables

Asset Utilisation

4-20 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Sales TotalAssets

£’000 £’000

GAMES RETAILERS

1 Connect Entertainment Ltd - 6.44 6.55 6.97 4,112 6392 Barkman Computers Ltd - 5.05 3.55 3.75 1,071 2123 * Gadgets & Games Ltd - 4.26 - - 1,090 2564 * Games Station Ltd - 3.83 3.39 3.89 309,122 80,6375 ■ Accessories 4 Technology Ltd - 2.88 2.56 - 10,556 3,661

6 * H M V Gp. PLC - 2.86 3.17 3.44 2,016,600 705,4007 The Game Gp. PLC - 2.70 2.70 2.33 1,772,358 655,3598 * H M V Music Ltd - 2.64 2.71 2.78 1,062,303 402,9769 * Choices UK Gp. Ltd - 2.12 1.70 2.56 44,794 21,111

10 ■ Jaredmedia Ltd - 1.97 1.49 - 608 309

- ■ Gemini Technology Ltd - - 1.94 - - -

Average of companies with 3 years data 2.71 2.70 2.33Total of companies selected 1,777,541 656,210

Average of companies with 3 years data 2.35 2.27 2.35Total of companies selected 3,193,446 1,358,415

Performance League Tables

Asset Utilisation

4-21Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Sales FixedAssets

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Take-Two GB Ltd - 1,775.5 2,034.8 496.7 53,265 302 Blast Entertainment Ltd - 1,471.0 998.8 862.3 1,471 13 I.T. World Srvcs. Ltd - 1,006.4 1,087.7 1,481.0 10,064 104 Ghostlight Ltd - 922.0 377.3 186.0 922 15 Thq (UK) Ltd - 762.4 287.3 110.5 64,804 85

6 Rising Star Games Ltd - 734.0 190.4 259.0 5,138 77 Ubisoft Ltd - 476.4 446.4 478.1 108,629 2288 Namco Bandai Ptnrs. UK Ltd - 381.2 405.7 154.7 19,823 529 * Centresoft Ltd 257.7 345.0 334.6 268.1 278,747 808

10 Activision Blizzard UK Ltd - 341.9 313.4 142.7 455,452 1,332

11 Midas Interactive Entertainment Ltd - 264.7 134.8 206.2 794 312 Games-Masters.Com Ltd - 263.8 278.6 681.0 1,583 613 * Gamecock Media Europe Ltd - 250.3 - - 1,752 714 Mad Catz Europe Ltd - 232.1 348.5 419.6 22,046 9515 ■ Zenimax Europe Ltd - 162.5 163.7 - 22,588 139

16 Evolution Studios Ltd - 152.0 86.1 50.7 10,945 7217 505 Games Ltd 228.0 136.1 185.4 274.3 11,979 8818 * Tradewest Games Ltd - 116.8 389.0 234.5 9,224 7919 * Square Enix Ltd - 76.9 68.9 35.8 94,845 1,23420 ■ Media Molecule Ltd - 57.2 - - 8,583 150

21 Sega Europe Ltd - 51.0 38.7 54.0 192,736 3,77922 Feral Interactive Ltd - 50.3 81.6 87.1 1,208 2423 P.D.Q. Distrbtn. Ltd 47.0 48.2 30.0 18.7 11,915 24724 Blitz Games Studios Ltd 56.6 47.8 34.8 18.3 8,022 16825 Jagex Ltd - 40.7 28.8 42.0 44,520 1,094

26 * Microsoft Ltd 49.9 37.6 34.0 28.6 627,806 16,68427 * Electronic Arts Ltd - 26.7 19.7 16.1 266,116 9,95928 * T H Q Digital Studios UK Ltd - 25.7 21.6 11.0 3,755 14629 Eutechnyx Ltd - 19.4 16.8 14.1 3,764 19430 Sports Interactive Ltd - 19.0 8.1 5.1 7,810 411

31 Relentless Software Ltd - 15.3 16.9 15.4 5,769 37732 Rockstar London Ltd - 11.6 5.2 5.8 2,023 17533 * Rebellion Developments Ltd 10.6 10.9 7.9 16.8 14,664 1,34834 The Creative Assembly Intl. Ltd - 10.6 12.4 7.3 4,317 40735 * Kuju Entertainment Ltd - 10.0 10.2 26.2 8,855 889

36 * Ignition Entertainment Ltd - 5.9 6.3 10.4 7,582 1,29537 * Codemasters Software Co. Ltd (The) - 5.3 6.5 5.5 64,572 12,27138 * Rare Ltd - 5.2 4.7 6.7 14,988 2,89939 Sumo Digital Ltd - 3.8 5.1 2.7 7,867 2,08340 Datel Hldgs. Ltd - 2.3 2.3 2.1 22,301 9,562

41 * Inspired Gaming Gp. Ltd 1.6 1.8 1.5 1.0 87,347 49,41042 * Majesty House Ltd - 0.6 0.9 4.4 1,718 2,933

- * Hyperion Capital Ptnrs. Ltd - ^ 70.1 36.4 4,332 0- ■ Radica U.K. Ltd - ^ ^ ^ 3,274 0- ■ Sony Computer Entertainment UK Ltd - ^ ^ ^ 333,464 0

- ■ Zoe Mode Entertainment Ltd - ^ ^ - 8,789 0

Average of companies with 3 years data 69.0 68.7 49.9Total of companies selected 1,415,905 20,531

Performance League Tables

Sales / Fixed Assets

4-22 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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£’000 £’000

GAMES RETAILERS

1 Connect Entertainment Ltd - 342.7 315.7 271.8 4,112 122 ■ Jaredmedia Ltd - 304.0 - - 608 23 ■ Accessories 4 Technology Ltd - 239.9 183.6 - 10,556 444 * Games Station Ltd - 30.4 40.3 37.3 309,122 10,1765 * Choices UK Gp. Ltd - 21.4 98.0 423.4 44,794 2,090

6 * H M V Music Ltd - 15.9 14.4 17.8 1,062,303 67,0057 * H M V Gp. PLC - 12.1 12.1 12.5 2,016,600 167,3008 The Game Gp. PLC - 11.0 11.9 11.4 1,772,358 161,1219 * Gadgets & Games Ltd - 9.7 - - 1,090 112- ■ Gemini Technology Ltd - - 11,072.9 - - -

- ■ Barkman Computers Ltd - ^ ^ ^ 1,071 0

Average of companies with 3 years data 11.0 11.9 11.4Total of companies selected 1,777,541 161,133

Average of companies with 3 years data 17.6 19.2 17.6Total of companies selected 3,193,446 181,664

Performance League Tables

Sales / Fixed Assets

4-23Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Stocks / Sales%

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Stocks Sales

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Electronic Arts Ltd - 0.0 0.0 0.0 0 266,1162 Evolution Studios Ltd - 0.0 0.0 0.0 0 10,9453 Games-Masters.Com Ltd - 0.0 0.0 0.0 0 1,5834 * Hyperion Capital Ptnrs. Ltd - 0.0 0.0 0.0 0 4,3325 * Kuju Entertainment Ltd - 0.0 0.0 0.0 0 8,855

6 * Microsoft Ltd 0.0 0.0 0.0 0.0 0 627,8067 P.D.Q. Distrbtn. Ltd 0.0 0.0 0.0 0.0 0 11,9158 Radica U.K. Ltd - 0.0 0.0 0.0 0 3,2749 * Rare Ltd - 0.0 0.0 0.0 0 14,988

10 Rockstar London Ltd - 0.0 0.0 0.0 0 2,023

11 Sports Interactive Ltd - 0.0 0.0 0.0 0 7,81012 Sumo Digital Ltd - 0.0 0.0 0.0 0 7,86713 * T H Q Digital Studios UK Ltd - 0.0 0.0 0.0 0 3,75514 The Creative Assembly Intl. Ltd - 0.0 0.0 0.0 0 4,31715 Relentless Software Ltd - 0.0 0.0 5.2 0 5,769

16 * Gamecock Media Europe Ltd - 0.0 0.0 - 0 1,75217 ■ Zoe Mode Entertainment Ltd - 0.0 0.0 - 0 8,78918 Blast Entertainment Ltd - 0.0 1.3 0.0 0 1,47119 ■ Media Molecule Ltd - 0.0 - - 0 8,58320 * Tradewest Games Ltd - 0.1 3.6 1.7 7 9,224

21 * Square Enix Ltd - 0.3 0.5 1.1 308 94,84522 Jagex Ltd - 0.6 0.1 0.0 270 44,52023 Sega Europe Ltd - 0.9 0.3 2.6 1,742 192,73624 Thq (UK) Ltd - 0.9 1.1 1.7 589 64,80425 ■ Zenimax Europe Ltd - 2.5 1.9 - 560 22,588

26 * Inspired Gaming Gp. Ltd 4.0 2.5 2.8 4.7 2,192 87,34727 * Codemasters Software Co. Ltd (The) - 2.7 1.6 0.5 1,715 64,57228 Ubisoft Ltd - 2.7 5.3 5.5 2,914 108,62929 Feral Interactive Ltd - 2.8 6.7 6.2 34 1,20830 Rising Star Games Ltd - 2.8 4.0 4.7 146 5,138

31 * Centresoft Ltd 5.0 3.5 3.2 4.7 9,829 278,74732 Namco Bandai Ptnrs. UK Ltd - 4.1 3.0 2.7 805 19,82333 * Rebellion Developments Ltd 26.5 4.2 4.0 4.3 616 14,66434 Ghostlight Ltd - 4.2 8.0 5.6 39 92235 Sony Computer Entertainment UK Ltd - 4.5 4.8 6.2 14,970 333,464

36 I.T. World Srvcs. Ltd - 4.5 4.9 6.7 456 10,06437 Blitz Games Studios Ltd 0.3 5.6 1.5 3.1 447 8,02238 Take-Two GB Ltd - 6.6 8.2 14.5 3,496 53,26539 Activision Blizzard UK Ltd - 7.3 6.0 4.0 33,137 455,45240 * Majesty House Ltd - 8.6 8.1 6.9 147 1,718

41 Mad Catz Europe Ltd - 12.9 23.9 14.1 2,841 22,04642 Midas Interactive Entertainment Ltd - 13.6 8.3 7.2 108 79443 Eutechnyx Ltd - 28.2 13.7 0.0 1,063 3,76444 505 Games Ltd 17.4 29.4 18.5 20.6 3,517 11,97945 Datel Hldgs. Ltd - 30.5 29.2 21.2 6,810 22,301

46 * Ignition Entertainment Ltd - 528.9 234.4 76.5 40,099 7,582

Average of companies with 3 years data 5.2 5.3 5.0Total of companies selected 73,384 1,415,905

Performance League Tables

Stocks / Sales

4-24 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Stocks / Sales%

10/11 09/10 08/09 07/08 09/10 09/10

Stocks Sales

£’000 £’000

GAMES RETAILERS

1 * Games Station Ltd - 0.0 7.3 7.2 0 309,1222 Connect Entertainment Ltd - 0.4 0.5 0.9 18 4,1123 * Gadgets & Games Ltd - 5.7 - - 62 1,0904 * Choices UK Gp. Ltd - 8.3 8.4 6.9 3,735 44,7945 The Game Gp. PLC - 9.9 9.2 9.7 176,045 1,772,358

6 * H M V Music Ltd - 10.1 9.4 8.3 107,313 1,062,3037 * H M V Gp. PLC - 12.3 10.9 11.0 247,800 2,016,6008 Barkman Computers Ltd - 15.7 26.4 25.0 168 1,0719 ■ Accessories 4 Technology Ltd - 18.5 19.4 - 1,953 10,556

10 ■ Jaredmedia Ltd - 38.2 46.8 - 232 608

- ■ Gemini Technology Ltd - - 0.0 - - -

Average of companies with 3 years data 9.9 9.2 9.7Total of companies selected 176,231 1,777,541

Average of companies with 3 years data 7.8 7.4 7.6Total of companies selected 249,615 3,193,446

Performance League Tables

Stocks / Sales

4-25Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Debtor Days Outstanding

10/11 09/10 08/09 07/08 09/10 09/10

Debtors Sales

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Evolution Studios Ltd - 0 0 0 0 10,9452 Rockstar London Ltd - 0 0 0 0 2,0233 * T H Q Digital Studios UK Ltd - 0 0 0 0 3,7554 The Creative Assembly Intl. Ltd - 0 0 0 0 4,3175 Radica U.K. Ltd - 0 0 0 0 3,274

6 Sports Interactive Ltd - 0 0 1 0 7,8107 * Rare Ltd - 0 0 8 0 14,9888 ■ Zoe Mode Entertainment Ltd - 0 34 - 0 8,7899 * Gamecock Media Europe Ltd - 1 9 - 6 1,752

10 ■ Media Molecule Ltd - 1 - - 30 8,583

11 Ubisoft Ltd - 2 16 19 517 108,62912 * Rebellion Developments Ltd 6 4 16 23 173 14,66413 * Kuju Entertainment Ltd - 5 30 19 111 8,85514 Namco Bandai Ptnrs. UK Ltd - 8 53 86 458 19,82315 * Microsoft Ltd 12 13 13 16 22,446 627,806

16 Blast Entertainment Ltd - 16 8 27 66 1,47117 Midas Interactive Entertainment Ltd - 25 39 64 55 79418 Blitz Games Studios Ltd 39 26 59 49 572 8,02219 * Electronic Arts Ltd - 27 23 18 19,872 266,11620 Jagex Ltd - 28 43 42 3,445 44,520

21 ■ Zenimax Europe Ltd - 30 166 - 1,879 22,58822 Datel Hldgs. Ltd - 31 21 111 1,889 22,30123 I.T. World Srvcs. Ltd - 33 32 27 903 10,06424 Sumo Digital Ltd - 34 115 109 729 7,86725 Sega Europe Ltd - 36 51 94 19,023 192,736

26 * Centresoft Ltd 32 36 70 29 27,840 278,74727 * Tradewest Games Ltd - 36 40 91 922 9,22428 Thq (UK) Ltd - 37 73 71 6,522 64,80429 P.D.Q. Distrbtn. Ltd 56 38 52 60 1,245 11,91530 Sony Computer Entertainment UK Ltd - 38 51 69 34,951 333,464

31 Activision Blizzard UK Ltd - 42 48 16 51,900 455,45232 * Majesty House Ltd - 42 42 51 200 1,71833 Mad Catz Europe Ltd - 46 56 53 2,756 22,04634 Games-Masters.Com Ltd - 50 29 49 217 1,58335 505 Games Ltd 88 53 47 229 1,734 11,979

36 Feral Interactive Ltd - 56 77 50 186 1,20837 Ghostlight Ltd - 56 47 0 142 92238 * Ignition Entertainment Ltd - 62 177 193 1,281 7,58239 * Codemasters Software Co. Ltd (The) - 79 35 75 13,937 64,57240 Relentless Software Ltd - 80 49 17 1,271 5,769

41 * Inspired Gaming Gp. Ltd 79 81 95 108 19,388 87,34742 Eutechnyx Ltd - 106 72 72 1,091 3,76443 * Hyperion Capital Ptnrs. Ltd - 113 158 106 1,341 4,33244 Take-Two GB Ltd - 115 44 40 16,840 53,26545 Rising Star Games Ltd - 142 64 160 1,999 5,138

46 * Square Enix Ltd - 300 2 34 77,977 94,845

Average of companies with 3 years data 38 46 54Total of companies selected 148,511 1,415,905

Performance League Tables

Debtor Days Outstanding

4-26 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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LeagueTablePosition

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Accounts

Debtor Days Outstanding

10/11 09/10 08/09 07/08 09/10 09/10

Debtors Sales

£’000 £’000

GAMES RETAILERS

1 * Games Station Ltd - 0 0 0 0 309,1222 Barkman Computers Ltd - 0 6 5 0 1,0713 * H M V Gp. PLC - 2 2 2 13,200 2,016,6004 * H M V Music Ltd - 3 2 2 7,408 1,062,3035 The Game Gp. PLC - 3 3 5 16,022 1,772,358

6 * Gadgets & Games Ltd - 4 - - 11 1,0907 * Choices UK Gp. Ltd - 14 139 70 1,717 44,7948 Connect Entertainment Ltd - 25 29 41 279 4,1129 ■ Jaredmedia Ltd - 38 56 - 64 608

10 ■ Accessories 4 Technology Ltd - 44 50 - 1,274 10,556

- ■ Gemini Technology Ltd - - 81 - - -

Average of companies with 3 years data 3 3 5Total of companies selected 16,301 1,777,541

Average of companies with 3 years data 19 23 27Total of companies selected 164,812 3,193,446

Performance League Tables

Debtor Days Outstanding

4-27Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Current Ratio

10/11 09/10 08/09 07/08 09/10 09/10

CurrentAssets

CurrentLiabilities

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Rare Ltd - 12.86 21.77 6.91 18,489 1,4382 Evolution Studios Ltd - 6.08 1.36 1.99 4,209 6923 Media Molecule Ltd - 5.55 2.39 2.92 8,292 1,4944 ■ Zoe Mode Entertainment Ltd - 5.23 8.78 - 2,799 5355 * Electronic Arts Ltd - 4.62 1.74 2.09 136,110 29,455

6 Games-Masters.Com Ltd - 3.65 2.62 3.63 628 1727 Sumo Digital Ltd - 3.36 2.96 1.52 4,357 1,2978 Sony Computer Entertainment UK Ltd - 3.25 2.57 2.09 123,543 38,0519 The Creative Assembly Intl. Ltd - 3.23 4.92 1.61 1,598 494

10 Eutechnyx Ltd - 3.15 1.45 1.15 4,125 1,308

11 * Ignition Entertainment Ltd - 3.06 1.98 3.45 53,909 17,60212 Blast Entertainment Ltd - 3.03 2.41 1.07 1,762 58213 * Hyperion Capital Ptnrs. Ltd - 2.93 2.72 2.92 7,862 2,68514 Blitz Games Studios Ltd 4.87 2.89 4.64 2.20 2,239 77415 Thq (UK) Ltd - 2.54 1.64 1.83 33,160 13,052

16 P.D.Q. Distrbtn. Ltd 1.45 2.22 1.42 2.26 13,333 6,01017 Relentless Software Ltd - 2.13 1.50 1.74 2,053 96218 I.T. World Srvcs. Ltd - 2.13 1.87 1.91 1,743 81719 Sports Interactive Ltd - 2.08 1.20 1.25 6,719 3,22920 * Microsoft Ltd 2.14 1.98 2.36 1.79 257,487 129,863

21 * Rebellion Developments Ltd 2.36 1.98 1.48 1.35 4,758 2,40422 Rockstar London Ltd - 1.77 0.14 0.38 299 16923 Ubisoft Ltd - 1.63 1.58 1.28 24,497 15,02324 ■ Zenimax Europe Ltd - 1.60 1.35 - 30,284 18,96025 Datel Hldgs. Ltd - 1.59 2.74 2.80 13,407 8,425

26 * Tradewest Games Ltd - 1.44 0.71 0.82 1,877 1,30627 * Centresoft Ltd 1.40 1.37 1.22 1.50 88,728 64,74128 Activision Blizzard UK Ltd - 1.32 1.12 1.59 226,350 171,75129 Sega Europe Ltd - 1.30 1.83 1.61 86,224 66,16230 Mad Catz Europe Ltd - 1.28 1.35 1.56 10,965 8,545

31 * T H Q Digital Studios UK Ltd - 1.18 1.17 1.31 5,590 4,73632 * Inspired Gaming Gp. Ltd 1.16 1.18 1.07 1.19 51,662 43,94333 Take-Two GB Ltd - 1.13 1.08 1.05 28,159 24,91534 Jagex Ltd - 1.00 1.76 1.51 12,361 12,39435 Feral Interactive Ltd - 0.99 1.12 1.77 238 240

36 * Majesty House Ltd - 0.91 1.29 4.59 3,693 4,06637 505 Games Ltd 0.73 0.84 1.00 1.02 5,883 6,99138 Namco Bandai Ptnrs. UK Ltd - 0.83 0.48 0.75 4,066 4,92039 Rising Star Games Ltd - 0.71 1.07 1.35 2,955 4,15440 * Kuju Entertainment Ltd - 0.44 0.54 0.60 3,480 7,915

41 * Square Enix Ltd - 0.40 0.40 0.59 133,461 331,08142 * Codemasters Software Co. Ltd (The) - 0.29 1.17 1.13 50,821 172,98243 Ghostlight Ltd - 0.29 0.20 0.27 1,760 6,14344 Radica U.K. Ltd - 0.26 0.25 0.27 2,386 9,04545 Midas Interactive Entertainment Ltd - 0.22 0.28 0.96 852 3,905

46 * Gamecock Media Europe Ltd - 0.07 0.80 - 270 3,713

Average of companies with 3 years data 1.53 1.37 1.61Total of companies selected 628,163 411,716

Performance League Tables

Current Ratio

4-28 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Current Ratio

10/11 09/10 08/09 07/08 09/10 09/10

CurrentAssets

CurrentLiabilities

£’000 £’000

GAMES RETAILERS

1 * Games Station Ltd - 15.57 1.78 1.49 70,461 4,5242 Barkman Computers Ltd - 2.75 1.56 1.74 212 773 Connect Entertainment Ltd - 1.74 1.32 1.31 592 3404 Accessories 4 Technology Ltd - 1.59 1.32 1.08 3,569 2,2405 * Gadgets & Games Ltd - 1.44 - - 144 100

6 * H M V Music Ltd - 1.20 1.26 1.37 328,153 273,7667 The Game Gp. PLC - 1.07 0.94 0.91 310,489 289,8488 ■ Jaredmedia Ltd - 1.05 1.72 - 307 2939 * H M V Gp. PLC - 0.65 0.69 0.64 360,100 551,500

10 * Choices UK Gp. Ltd - 0.46 0.81 0.63 16,125 34,995

- ■ Gemini Technology Ltd - - 1.01 2.58 - -

Average of companies with 3 years data 1.08 0.94 0.91Total of companies selected 314,862 292,505

Average of companies with 3 years data 1.34 1.20 1.22Total of companies selected 943,025 704,221

Performance League Tables

Current Ratio

4-29Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Quick Ratio (Acid Test)

10/11 09/10 08/09 07/08 09/10 09/10

QuickAssets

CurrentLiabilities

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Rare Ltd - 12.86 21.77 6.91 18,489 1,4382 Evolution Studios Ltd - 6.08 1.36 1.99 4,209 6923 Media Molecule Ltd - 5.55 2.39 2.92 8,292 1,4944 ■ Zoe Mode Entertainment Ltd - 5.23 8.78 - 2,799 5355 * Electronic Arts Ltd - 4.62 1.74 2.09 136,110 29,455

6 Games-Masters.Com Ltd - 3.65 2.62 3.63 628 1727 Sumo Digital Ltd - 3.36 2.96 1.52 4,357 1,2978 The Creative Assembly Intl. Ltd - 3.23 4.92 1.61 1,598 4949 Blast Entertainment Ltd - 3.03 2.36 1.07 1,762 582

10 * Hyperion Capital Ptnrs. Ltd - 2.93 2.72 2.92 7,862 2,685

11 Sony Computer Entertainment UK Ltd - 2.85 2.25 1.76 108,573 38,05112 Thq (UK) Ltd - 2.50 1.61 1.75 32,571 13,05213 Eutechnyx Ltd - 2.34 0.91 1.15 3,062 1,30814 Blitz Games Studios Ltd 4.80 2.32 4.33 1.88 1,792 77415 P.D.Q. Distrbtn. Ltd 1.45 2.22 1.42 2.26 13,333 6,010

16 Relentless Software Ltd - 2.13 1.50 1.49 2,053 96217 Sports Interactive Ltd - 2.08 1.20 1.25 6,719 3,22918 * Microsoft Ltd 2.14 1.98 2.36 1.79 257,487 129,86319 Rockstar London Ltd - 1.77 0.14 0.38 299 16920 * Rebellion Developments Ltd 1.17 1.72 1.35 1.19 4,142 2,404

21 I.T. World Srvcs. Ltd - 1.58 1.33 1.21 1,287 81722 ■ Zenimax Europe Ltd - 1.57 1.33 - 29,724 18,96023 Ubisoft Ltd - 1.44 1.05 0.97 21,583 15,02324 * Tradewest Games Ltd - 1.43 0.66 0.80 1,870 1,30625 Sega Europe Ltd - 1.28 1.82 1.55 84,482 66,162

26 * Centresoft Ltd 1.21 1.22 1.11 1.20 78,899 64,74127 * T H Q Digital Studios UK Ltd - 1.18 1.17 1.31 5,590 4,73628 * Inspired Gaming Gp. Ltd 1.07 1.13 1.03 1.12 49,470 43,94329 Activision Blizzard UK Ltd - 1.12 1.00 1.29 193,213 171,75130 Take-Two GB Ltd - 0.99 0.74 0.67 24,663 24,915

31 Jagex Ltd - 0.98 1.76 1.51 12,091 12,39432 Mad Catz Europe Ltd - 0.95 0.75 0.94 8,124 8,54533 * Majesty House Ltd - 0.87 1.22 4.11 3,546 4,06634 Feral Interactive Ltd - 0.85 0.85 1.37 204 24035 * Ignition Entertainment Ltd - 0.78 0.51 1.89 13,810 17,602

36 Datel Hldgs. Ltd - 0.78 1.69 1.81 6,597 8,42537 Rising Star Games Ltd - 0.68 1.00 1.26 2,809 4,15438 Namco Bandai Ptnrs. UK Ltd - 0.66 0.43 0.69 3,261 4,92039 * Kuju Entertainment Ltd - 0.44 0.54 0.60 3,480 7,91540 * Square Enix Ltd - 0.40 0.40 0.58 133,153 331,081

41 505 Games Ltd 0.46 0.34 0.46 0.79 2,366 6,99142 * Codemasters Software Co. Ltd (The) - 0.28 1.14 1.12 49,106 172,98243 Ghostlight Ltd - 0.28 0.18 0.24 1,721 6,14344 Radica U.K. Ltd - 0.26 0.25 0.27 2,386 9,04545 Midas Interactive Entertainment Ltd - 0.19 0.24 0.77 744 3,905

46 * Gamecock Media Europe Ltd - 0.07 0.80 - 270 3,713

Average of companies with 3 years data 1.35 1.23 1.40Total of companies selected 554,779 411,716

Performance League Tables

Quick Ratio (Acid Test)

4-30 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 162: Computer and Video Games Industry 2011

LeagueTablePosition

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Accounts

Quick Ratio (Acid Test)

10/11 09/10 08/09 07/08 09/10 09/10

QuickAssets

CurrentLiabilities

£’000 £’000

GAMES RETAILERS

1 * Games Station Ltd - 15.57 1.30 1.03 70,461 4,5242 Connect Entertainment Ltd - 1.69 1.28 1.23 574 3403 * Gadgets & Games Ltd - 0.82 - - 82 1004 * H M V Music Ltd - 0.81 0.86 0.99 220,840 273,7665 Accessories 4 Technology Ltd - 0.72 0.64 0.66 1,616 2,240

6 Barkman Computers Ltd - 0.57 0.10 0.11 44 777 The Game Gp. PLC - 0.46 0.48 0.52 134,444 289,8488 * Choices UK Gp. Ltd - 0.35 0.68 0.50 12,390 34,9959 ■ Jaredmedia Ltd - 0.26 0.51 - 75 293

10 * H M V Gp. PLC - 0.20 0.26 0.20 112,300 551,500

- ■ Gemini Technology Ltd - - 1.01 2.58 - -

Average of companies with 3 years data 0.47 0.49 0.52Total of companies selected 136,678 292,505

Average of companies with 3 years data 0.98 0.93 0.91Total of companies selected 691,457 704,221

Performance League Tables

Quick Ratio (Acid Test)

4-31Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Total Debt/Net Worth%

10/11 09/10 08/09 07/08 09/10 09/10

Total Debt Net Worth

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 I.T. World Srvcs. Ltd - 0.0 0.0 0.0 0 9352 * Rare Ltd - 0.0 0.0 0.0 0 19,9503 * Hyperion Capital Ptnrs. Ltd - 0.0 0.0 1.1 0 5,1774 Relentless Software Ltd - 0.0 0.0 11.1 0 1,4275 ■ Zoe Mode Entertainment Ltd - 0.0 0.8 - 0 2,264

6 Rockstar London Ltd - 0.0 52.8 314.1 0 3057 Mad Catz Europe Ltd - 0.0 223.5 135.1 0 2,5158 Evolution Studios Ltd - 0.0 238.6 43.3 0 3,5899 Take-Two GB Ltd - 0.0 1,028.3 1,761.6 0 3,274

10 ■ Media Molecule Ltd - 0.0 - - 0 6,948

11 * Tradewest Games Ltd - 0.0 ^ ^ 0 65012 * Centresoft Ltd 15.0 3.1 7.9 13.1 778 24,79513 * Microsoft Ltd 0.7 3.8 0.0 0.0 5,546 144,30814 Jagex Ltd - 8.8 1.4 3.4 102 1,16415 Sony Computer Entertainment UK Ltd - 8.9 0.0 4.7 7,581 85,601

16 The Creative Assembly Intl. Ltd - 12.0 3.2 4.5 182 1,51117 P.D.Q. Distrbtn. Ltd 9.1 12.7 0.0 10.0 960 7,57018 Blitz Games Studios Ltd 10.3 17.9 0.0 0.0 261 1,45519 Thq (UK) Ltd - 18.7 77.5 6.5 3,662 19,53920 * Electronic Arts Ltd - 21.1 196.8 150.0 24,002 113,862

21 * Rebellion Developments Ltd 20.2 24.2 31.5 25.9 768 3,17922 Sumo Digital Ltd - 62.6 40.8 126.6 2,328 3,72023 Sports Interactive Ltd - 66.0 301.7 167.8 2,573 3,90124 ■ Feral Interactive Ltd - 83.3 ^ ^ 10 1225 Sega Europe Ltd - 91.1 72.0 88.4 50,998 55,992

26 * Ignition Entertainment Ltd - 94.6 258.2 59.9 24,677 26,08627 Datel Hldgs. Ltd - 107.8 91.3 63.7 12,531 11,62228 Activision Blizzard UK Ltd - 133.1 543.9 34.1 75,039 56,35929 Ubisoft Ltd - 264.2 191.8 219.0 28,028 10,60930 ■ Zenimax Europe Ltd - 326.4 508.7 - 5,610 1,719

31 * T H Q Digital Studios UK Ltd - 444.4 342.3 61.3 4,444 1,00032 Eutechnyx Ltd - 647.8 241.7 264.6 3,129 483

- ■ Rising Star Games Ltd - ^ 925.0 66.4 2,344 -1,192- ■ 505 Games Ltd ^ ^ 7,570.6 3,739.6 5,821 -704- * Inspired Gaming Gp. Ltd 767.0 ^ ^ 305.4 125,941 -38,607

- * Majesty House Ltd - ^ ^ 2,182.1 12,807 -4,862- ■ Blast Entertainment Ltd - ^ ^ ^ 2,105 -882- * Codemasters Software Co. Ltd (The) - ^ ^ ^ 137,480 -122,004- * Gamecock Media Europe Ltd - ^ - - 1,203 -3,869- ■ Games-Masters.Com Ltd - ^ ^ ^ 614 -152

- ■ Ghostlight Ltd - ^ ^ ^ 6,099 -2,723- * Kuju Entertainment Ltd - ^ ^ ^ 6,490 -3,627- ■ Midas Interactive Entertainment Ltd - ^ ^ ^ 3,812 -3,050- ■ Namco Bandai Ptnrs. UK Ltd - ^ ^ ^ 2,848 -881- ■ Radica U.K. Ltd - ^ ^ ^ 9,045 -6,659

- * Square Enix Ltd - ^ ^ ^ 300,133 -147,451

Average of companies with 3 years data 86.2 161.0 64.9Total of companies selected 220,072 255,340

Performance League Tables

Total Debt/Net Worth

4-32 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Total Debt/Net Worth%

10/11 09/10 08/09 07/08 09/10 09/10

Total Debt Net Worth

£’000 £’000

GAMES RETAILERS

1 * Games Station Ltd - 0.0 0.0 0.0 0 76,1132 Accessories 4 Technology Ltd - 12.7 80.0 409.9 175 1,3733 The Game Gp. PLC - 27.3 55.9 308.7 41,269 151,4204 * H M V Music Ltd - 43.2 15.1 9.0 55,499 128,3295 Connect Entertainment Ltd - 65.8 37.3 108.3 196 298

6 * Gadgets & Games Ltd - 1,242.9 - - 174 147 ■ Jaredmedia Ltd - 1,262.5 - - 202 16- ■ Gemini Technology Ltd - - 0.8 - - -- * H M V Gp. PLC - ^ 219.2 ^ 97,700 -22,800- ■ Barkman Computers Ltd - ^ ^ ^ 165 -5

- * Choices UK Gp. Ltd - ^ ^ ^ 34,377 -16,780

Average of companies with 3 years data 27.3 56.3 309.7Total of companies selected 41,805 153,086

Average of companies with 3 years data 64.1 128.9 98.7Total of companies selected 261,877 408,426

Performance League Tables

Total Debt/Net Worth

4-33Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Equity Gearing%

10/11 09/10 08/09 07/08 09/10 09/10

Total Capital& Reserves

TotalLiabilities

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Rare Ltd - 1,387.3 2,383.5 702.0 19,950 1,4382 Evolution Studios Ltd - 518.6 37.6 107.6 3,589 6923 Media Molecule Ltd - 465.1 141.6 232.3 6,948 1,4944 ■ Zoe Mode Entertainment Ltd - 423.2 777.9 - 2,264 5355 The Creative Assembly Intl. Ltd - 305.9 570.2 146.2 1,511 494

6 Sony Computer Entertainment UK Ltd - 225.0 157.4 109.3 85,601 38,0517 * Electronic Arts Ltd - 206.9 30.7 41.0 124,666 60,2558 * Hyperion Capital Ptnrs. Ltd - 192.8 212.4 249.4 5,177 2,6859 Rockstar London Ltd - 180.5 73.5 23.4 305 169

10 Blitz Games Studios Ltd 343.9 152.8 422.1 177.3 1,455 952

11 Relentless Software Ltd - 142.7 72.9 105.3 1,431 1,00312 Thq (UK) Ltd - 142.6 64.6 87.0 19,539 13,70613 Sumo Digital Ltd - 136.8 135.1 53.4 3,720 2,72014 P.D.Q. Distrbtn. Ltd 46.7 126.0 45.2 140.8 7,570 6,01015 Sports Interactive Ltd - 120.8 29.2 43.0 3,901 3,229

16 I.T. World Srvcs. Ltd - 114.3 87.6 97.9 935 81817 * Rebellion Developments Ltd 170.3 112.3 65.2 69.5 3,394 3,02218 * Microsoft Ltd 110.5 111.1 150.3 95.9 144,308 129,86319 * Ignition Entertainment Ltd - 89.6 31.4 90.7 26,086 29,11820 Sega Europe Ltd - 84.6 90.2 65.1 55,992 66,162

21 Datel Hldgs. Ltd - 61.3 77.1 107.0 11,622 18,96622 * Tradewest Games Ltd - 49.8 -28.2 -10.7 650 1,30623 * Centresoft Ltd 41.9 38.3 22.8 52.3 24,795 64,74124 Activision Blizzard UK Ltd - 32.8 12.3 64.1 56,359 171,95425 Ubisoft Ltd - 32.3 29.4 20.2 10,609 32,817

26 Mad Catz Europe Ltd - 31.7 40.3 57.2 2,705 8,54527 * T H Q Digital Studios UK Ltd - 21.1 24.2 72.4 1,000 4,73628 * Inspired Gaming Gp. Ltd 59.1 21.1 26.2 91.2 36,049 171,11529 Take-Two GB Ltd - 13.1 8.5 5.0 3,274 24,91530 Eutechnyx Ltd - 12.2 23.3 20.4 483 3,950

31 Jagex Ltd - 10.2 87.6 61.3 1,266 12,46132 ■ Zenimax Europe Ltd - 6.0 10.7 - 1,719 28,70433 Feral Interactive Ltd - 4.8 -0.3 -7.0 12 25034 505 Games Ltd -18.7 -10.1 1.1 2.1 -704 6,99135 Namco Bandai Ptnrs. UK Ltd - -17.6 -41.5 -3.1 -881 4,999

36 Games-Masters.Com Ltd - -19.3 -22.5 -38.9 -152 78637 Rising Star Games Ltd - -28.7 8.2 36.2 -1,192 4,15438 Blast Entertainment Ltd - -31.9 -12.7 -2.8 -845 2,64539 * Majesty House Ltd - -37.0 -24.5 4.0 -4,862 13,14740 Ghostlight Ltd - -44.3 -42.0 -30.4 -2,723 6,143

41 * Square Enix Ltd - -44.5 -45.6 -12.7 -147,451 331,08142 * Kuju Entertainment Ltd - -45.4 -30.9 -30.3 -3,627 7,99743 * Codemasters Software Co. Ltd (The) - -45.7 9.0 12.8 -84,622 185,14644 Radica U.K. Ltd - -73.6 -74.8 -73.2 -6,659 9,04545 Midas Interactive Entertainment Ltd - -78.1 -71.5 -49.5 -3,050 3,905

46 * Gamecock Media Europe Ltd - -93.3 -20.1 - -3,869 4,146

Average of companies with 3 years data 58.6 37.5 60.7Total of companies selected 262,621 448,026

Performance League Tables

Equity Gearing

4-34 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Equity Gearing%

10/11 09/10 08/09 07/08 09/10 09/10

Total Capital& Reserves

TotalLiabilities

£’000 £’000

GAMES RETAILERS

1 * Games Station Ltd - 1,682.4 94.8 66.8 76,113 4,5242 The Game Gp. PLC - 102.4 64.7 46.7 331,555 323,8043 Connect Entertainment Ltd - 87.4 44.1 34.9 298 3414 Accessories 4 Technology Ltd - 63.4 35.3 14.6 1,421 2,2405 * H M V Music Ltd - 46.7 58.7 66.0 128,329 274,647

6 * H M V Gp. PLC - 16.4 19.3 12.1 99,400 606,0007 * Gadgets & Games Ltd - 5.8 - - 14 2428 ■ Jaredmedia Ltd - 5.5 0.4 - 16 2939 Barkman Computers Ltd - -2.3 -30.6 -29.0 -5 217

10 * Choices UK Gp. Ltd - -39.7 -11.1 -26.3 -13,884 34,995

- ■ Gemini Technology Ltd - - 0.8 180.8 - -

Average of companies with 3 years data 102.0 64.4 46.6Total of companies selected 333,269 326,602

Average of companies with 3 years data 76.9 48.5 52.5Total of companies selected 595,890 774,628

Performance League Tables

Equity Gearing

4-35Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Income Gearing (Interest Cover)%

10/11 09/10 08/09 07/08 09/10 09/10

InterestPaid

Pre-InterestProfit

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Take-Two GB Ltd - 0.0 0.0 0.0 0 1,1582 The Creative Assembly Intl. Ltd - 0.0 0.0 0.0 0 593 ■ Feral Interactive Ltd - 0.0 0.0 ^ 0 124 ■ Games-Masters.Com Ltd - 0.0 0.0 ^ 0 365 ■ Zoe Mode Entertainment Ltd - 0.0 0.0 - 0 747

6 Thq (UK) Ltd - 0.0 0.1 1.4 0 1,8967 Jagex Ltd - 0.0 0.1 0.6 0 18,8818 Relentless Software Ltd - 0.0 0.5 0.0 0 7379 Sony Computer Entertainment UK Ltd - 0.0 0.6 0.5 0 5,336

10 * Rare Ltd - 0.0 0.6 0.1 0 2,527

11 ■ Media Molecule Ltd - 0.0 - - 0 4,09112 ■ Sports Interactive Ltd - 0.0 0.7 ^ 1 2,03613 * Microsoft Ltd 0.0 0.1 0.0 0.1 48 84,55114 P.D.Q. Distrbtn. Ltd 0.7 0.7 0.1 0.3 3 44315 * Centresoft Ltd 1.8 1.0 6.7 2.4 188 18,640

16 * T H Q Digital Studios UK Ltd - 1.1 12.0 0.0 3 27817 * Tradewest Games Ltd - 1.1 ^ 0.0 80 7,46218 I.T. World Srvcs. Ltd - 1.1 1.0 2.3 4 35319 Activision Blizzard UK Ltd - 5.1 4.5 0.2 1,190 23,49220 Sega Europe Ltd - 8.3 0.0 0.0 243 2,942

21 * Rebellion Developments Ltd 22.9 10.0 3.6 6.0 64 63822 Mad Catz Europe Ltd - 10.8 0.0 12.1 46 42723 Ubisoft Ltd - 36.7 25.9 31.1 411 1,12024 * Inspired Gaming Gp. Ltd 178.9 154.1 ^ 51.3 19,461 12,63125 Radica U.K. Ltd - 325.8 114.2 34.1 202 62

- ■ Evolution Studios Ltd - ^ 0.0 0.0 0 -808- ■ Rockstar London Ltd - ^ 0.0 0.0 0 -45- ■ Blitz Games Studios Ltd 2.5 ^ 0.0 ^ 7 -1,396- ■ Zenimax Europe Ltd - ^ 1.8 - 223 -3,073- ■ Sumo Digital Ltd - ^ 3.4 17.1 64 -796

- ■ Eutechnyx Ltd - ^ 41.5 8.3 91 -144- * Codemasters Software Co. Ltd (The) - ^ 129.4 76.5 11,608 -78,044- ■ 505 Games Ltd ^ ^ ^ 0.0 0 -1,088- * Ignition Entertainment Ltd - ^ ^ 0.8 129 -1,974- ■ Rising Star Games Ltd - ^ ^ 1.5 19 -1,428

- * Kuju Entertainment Ltd - ^ ^ 2.9 224 -919- * Hyperion Capital Ptnrs. Ltd - ^ ^ 2.9 8 -244- ■ Blast Entertainment Ltd - ^ ^ 112.5 10 -451- ■ Datel Hldgs. Ltd - ^ ^ ^ 297 -772- * Electronic Arts Ltd - ^ ^ ^ 776 -1,408

- * Gamecock Media Europe Ltd - ^ - - 0 -3,115- ■ Ghostlight Ltd - ^ ^ ^ 433 -434- * Majesty House Ltd - ^ ^ ^ 1,040 -995- ■ Midas Interactive Entertainment Ltd - ^ ^ ^ 281 -452- ■ Namco Bandai Ptnrs. UK Ltd - ^ ^ ^ 44 -2,789

- * Square Enix Ltd - ^ ^ ^ 24 -38,389

Average of companies with 3 years data 6.9 6.2 4.4Total of companies selected 3,346 48,387

Performance League Tables

Income Gearing (Interest Cover)

4-36 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Income Gearing (Interest Cover)%

10/11 09/10 08/09 07/08 09/10 09/10

InterestPaid

Pre-InterestProfit

£’000 £’000

GAMES RETAILERS

1 Connect Entertainment Ltd - 0.0 0.0 0.0 0 3642 * Gadgets & Games Ltd - 0.0 - - 0 863 * Games Station Ltd - 0.0 0.0 0.0 3 25,5944 * H M V Music Ltd - 1.4 1.9 1.8 753 54,0545 ■ Barkman Computers Ltd - 2.5 8.0 ^ 1 40

6 The Game Gp. PLC - 5.5 6.9 10.9 4,917 89,1287 * H M V Gp. PLC - 8.7 12.2 17.7 6,600 75,5008 Accessories 4 Technology Ltd - 19.1 13.4 32.9 94 4939 ■ Jaredmedia Ltd - 26.9 - - 7 26- ■ Gemini Technology Ltd - - 0.0 - - -

- * Choices UK Gp. Ltd - ^ 31.3 ^ 614 -6,172

Average of companies with 3 years data 5.6 7.0 11.0Total of companies selected 5,012 90,025

Average of companies with 3 years data 6.0 6.7 7.6Total of companies selected 8,358 138,412

Performance League Tables

Income Gearing (Interest Cover)

4-37Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Pay per Employee£

10/11 09/10 08/09 07/08 09/10 09/10

EmployeePay

Number ofEmployees

£’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Activision Blizzard UK Ltd - 99,881 92,404 102,667 11,786 1182 ■ Zenimax Europe Ltd - 89,692 89,068 - 1,166 133 * Microsoft Ltd 97,805 89,636 100,281 86,378 264,158 2,9474 * Gamecock Media Europe Ltd - 87,000 109,240 - 87 15 * Tradewest Games Ltd - 75,500 50,500 52,935 1,812 24

6 Ubisoft Ltd - 64,482 50,774 48,520 3,611 567 ■ Media Molecule Ltd - 58,601 - - 2,285 398 Namco Bandai Ptnrs. UK Ltd - 55,400 27,474 41,077 831 159 * Kuju Entertainment Ltd - 55,352 28,430 30,750 7,085 128

10 * Electronic Arts Ltd - 53,716 51,135 46,178 29,329 546

11 Sony Computer Entertainment UK Ltd - 53,600 50,784 50,889 1,876 3512 505 Games Ltd 53,269 52,167 48,667 62,600 1,252 2413 * Square Enix Ltd - 51,684 29,323 37,020 9,975 19314 P.D.Q. Distrbtn. Ltd 39,177 47,774 56,497 44,368 2,962 6215 Sports Interactive Ltd - 46,526 44,574 48,733 2,652 57

16 * Rare Ltd - 45,670 41,519 46,510 8,906 19517 Thq (UK) Ltd - 44,634 42,420 54,349 2,990 6718 Mad Catz Europe Ltd - 44,619 42,030 43,214 1,874 4219 Rockstar London Ltd - 42,778 36,304 40,105 1,241 2920 The Creative Assembly Intl. Ltd - 40,500 28,484 37,457 2,349 58

21 Relentless Software Ltd - 39,793 49,015 48,085 3,263 8222 Rising Star Games Ltd - 39,625 42,800 46,500 317 823 * Codemasters Software Co. Ltd (The) - 34,992 34,939 35,709 22,675 64824 Sumo Digital Ltd - 34,672 36,992 32,114 4,542 13125 * T H Q Digital Studios UK Ltd - 33,770 37,759 - 2,094 62

26 * Rebellion Developments Ltd 31,617 33,575 33,496 29,137 4,902 14627 Blitz Games Studios Ltd 31,894 31,489 30,125 29,278 6,959 22128 Jagex Ltd - 31,051 30,068 26,366 11,613 37429 * Majesty House Ltd - 29,609 28,000 32,591 681 2330 Sega Europe Ltd - 28,578 31,471 31,697 12,317 431

31 * Centresoft Ltd 34,326 27,984 29,181 27,479 3,498 12532 Datel Hldgs. Ltd - 27,250 25,131 18,466 4,251 15633 * Hyperion Capital Ptnrs. Ltd - 25,573 32,807 31,900 2,276 8934 Eutechnyx Ltd - 24,192 26,789 27,817 1,887 7835 * Inspired Gaming Gp. Ltd 23,407 23,393 22,333 19,774 27,580 1,179

36 * Ignition Entertainment Ltd - 19,602 21,035 21,688 4,724 24137 ■ I.T. World Srvcs. Ltd - 18,667 - - 112 638 Midas Interactive Entertainment Ltd - 15,400 23,250 19,125 154 10

- ■ Take-Two GB Ltd - - 43,294 29,824 688 -- ■ Blast Entertainment Ltd - - 28,480 30,667 - 5

- ■ Ghostlight Ltd - - 14,500 24,000 - -- ■ Evolution Studios Ltd - - - 124,238 - -- ■ Feral Interactive Ltd - - - - - -- ■ Games-Masters.Com Ltd - - - - - -- ■ Radica U.K. Ltd - - - - - 5

- ■ Zoe Mode Entertainment Ltd - - - - - -

Average of companies with 3 years data 38,329 36,795 34,897Total of companies selected 78,727 2,054

Performance League Tables

Pay per Employee

4-38 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Pay per Employee£

10/11 09/10 08/09 07/08 09/10 09/10

EmployeePay

Number ofEmployees

£’000

GAMES RETAILERS

1 Accessories 4 Technology Ltd - 54,438 87,000 52,455 871 162 * Choices UK Gp. Ltd - 23,382 26,796 17,727 5,448 2333 * H M V Music Ltd - 17,352 17,885 19,219 104,631 6,0304 * H M V Gp. PLC - 15,515 15,542 15,494 219,600 14,1545 The Game Gp. PLC - 12,752 12,153 12,800 135,070 10,592

6 * Games Station Ltd - 10,526 17,888 20,040 23,326 2,216- ■ Barkman Computers Ltd - - - - - -- ■ Connect Entertainment Ltd - - - - - -- * Gadgets & Games Ltd - - - - - -- ■ Gemini Technology Ltd - - - - - -

- ■ Jaredmedia Ltd - - - - - -

Average of companies with 3 years data 12,815 12,246 12,855Total of companies selected 135,941 10,608

Average of companies with 3 years data 16,954 16,174 16,890Total of companies selected 214,668 12,662

Performance League Tables

Pay per Employee

4-39Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Sales per Employee£’000

10/11 09/10 08/09 07/08 09/10 09/10

Sales Number ofEmployees

£’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Sony Computer Entertainment UK Ltd - 9,528 9,464 10,142 333,464 352 Activision Blizzard UK Ltd - 3,860 6,356 4,265 455,452 1183 * Centresoft Ltd 1,971 2,230 2,013 1,370 278,747 1254 Ubisoft Ltd - 1,940 2,763 2,247 108,629 565 * Gamecock Media Europe Ltd - 1,752 110 - 1,752 1

6 ■ Zenimax Europe Ltd - 1,738 3,581 - 22,588 137 ■ I.T. World Srvcs. Ltd - 1,677 - - 10,064 68 Namco Bandai Ptnrs. UK Ltd - 1,322 961 625 19,823 159 Thq (UK) Ltd - 967 890 1,106 64,804 67

10 ■ Radica U.K. Ltd - 655 - - 3,274 5

11 Rising Star Games Ltd - 642 533 1,856 5,138 812 Mad Catz Europe Ltd - 525 454 869 22,046 4213 505 Games Ltd 421 499 1,212 1,152 11,979 2414 * Square Enix Ltd - 491 342 296 94,845 19315 * Electronic Arts Ltd - 487 391 348 266,116 546

16 Sega Europe Ltd - 447 445 440 192,736 43117 * Tradewest Games Ltd - 384 1,167 787 9,224 2418 Blast Entertainment Ltd - 294 799 862 1,471 519 ■ Media Molecule Ltd - 220 - - 8,583 3920 * Microsoft Ltd 236 213 253 235 627,806 2,947

21 P.D.Q. Distrbtn. Ltd 126 192 243 163 11,915 6222 Datel Hldgs. Ltd - 143 120 116 22,301 15623 Sports Interactive Ltd - 137 84 74 7,810 5724 Jagex Ltd - 119 104 88 44,520 37425 * Rebellion Developments Ltd 58 100 100 85 14,664 146

26 * Codemasters Software Co. Ltd (The) - 100 178 134 64,572 64827 Midas Interactive Entertainment Ltd - 79 219 541 794 1028 * Rare Ltd - 77 72 113 14,988 19529 * Majesty House Ltd - 75 107 248 1,718 2330 The Creative Assembly Intl. Ltd - 74 71 64 4,317 58

31 * Inspired Gaming Gp. Ltd 85 74 43 39 87,347 1,17932 Relentless Software Ltd - 70 84 88 5,769 8233 Rockstar London Ltd - 70 79 87 2,023 2934 * Kuju Entertainment Ltd - 69 45 59 8,855 12835 * T H Q Digital Studios UK Ltd - 61 68 - 3,755 62

36 Sumo Digital Ltd - 60 94 59 7,867 13137 * Hyperion Capital Ptnrs. Ltd - 49 52 44 4,332 8938 Eutechnyx Ltd - 48 60 62 3,764 7839 Blitz Games Studios Ltd 47 36 49 37 8,022 22140 * Ignition Entertainment Ltd - 31 41 68 7,582 241

- ■ Take-Two GB Ltd - - 6,224 1,261 53,265 -- ■ Ghostlight Ltd - - 566 558 922 -- ■ Evolution Studios Ltd - - - 212 10,945 -- ■ Feral Interactive Ltd - - - - 1,208 -- ■ Games-Masters.Com Ltd - - - - 1,583 -

- ■ Zoe Mode Entertainment Ltd - - - - 8,789 -

Average of companies with 3 years data 648 773 650Total of companies selected 1,334,644 2,059

Performance League Tables

Sales per Employee

4-40 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Sales per Employee£’000

10/11 09/10 08/09 07/08 09/10 09/10

Sales Number ofEmployees

£’000

GAMES RETAILERS

1 ■ Accessories 4 Technology Ltd - 660 876 - 10,556 162 * Choices UK Gp. Ltd - 192 274 221 44,794 2333 * H M V Music Ltd - 176 179 190 1,062,303 6,0304 The Game Gp. PLC - 167 188 187 1,772,358 10,5925 * H M V Gp. PLC - 142 142 138 2,016,600 14,154

6 * Games Station Ltd - 139 235 255 309,122 2,216- ■ Barkman Computers Ltd - - - - 1,071 -- ■ Connect Entertainment Ltd - - - - 4,112 -- * Gadgets & Games Ltd - - - - 1,090 -- ■ Gemini Technology Ltd - - - - - -

- ■ Jaredmedia Ltd - - - - 608 -

Average of companies with 3 years data 167 188 187Total of companies selected 1,772,358 10,592

Average of companies with 3 years data 246 282 272Total of companies selected 3,107,002 12,651

Performance League Tables

Sales per Employee

4-41Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Capital Employed per Employee£’000

10/11 09/10 08/09 07/08 09/10 09/10

CapitalEmployed

Number ofEmployees

£’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Sony Computer Entertainment UK Ltd - 2,446 2,210 2,050 85,601 352 ■ Zenimax Europe Ltd - 882 1,407 - 11,463 133 Ubisoft Ltd - 507 534 464 28,403 564 Activision Blizzard UK Ltd - 479 410 367 56,562 1185 Thq (UK) Ltd - 301 227 202 20,193 67

6 * Electronic Arts Ltd - 285 83 82 155,466 5467 Blast Entertainment Ltd - 244 336 183 1,218 58 * Centresoft Ltd 214 198 137 112 24,795 1259 * Majesty House Ltd - 183 209 249 4,219 23

10 ■ Media Molecule Ltd - 178 - - 6,948 39

11 * Ignition Entertainment Ltd - 156 94 98 37,602 24112 ■ I.T. World Srvcs. Ltd - 156 - - 936 613 Datel Hldgs. Ltd - 142 114 104 22,163 15614 * Inspired Gaming Gp. Ltd 139 138 78 97 163,221 1,17915 Sega Europe Ltd - 130 146 130 55,992 431

16 P.D.Q. Distrbtn. Ltd 100 122 126 81 7,570 6217 * Rare Ltd - 102 120 107 19,950 19518 Sports Interactive Ltd - 68 34 35 3,901 5719 Mad Catz Europe Ltd - 64 73 113 2,705 4220 * Hyperion Capital Ptnrs. Ltd - 58 67 49 5,177 89

21 * Microsoft Ltd 61 49 78 47 144,308 2,94722 Eutechnyx Ltd - 40 12 7 3,125 7823 Sumo Digital Ltd - 39 49 28 5,143 13124 * Rebellion Developments Ltd 29 27 30 17 4,012 14625 * Tradewest Games Ltd - 27 -210 -73 650 24

26 The Creative Assembly Intl. Ltd - 26 18 15 1,511 5827 Relentless Software Ltd - 18 14 20 1,472 8228 * T H Q Digital Studios UK Ltd - 16 11 - 1,000 6229 Rockstar London Ltd - 11 7 4 305 2930 Blitz Games Studios Ltd 10 7 10 6 1,633 221

31 Jagex Ltd - 4 27 15 1,333 37432 * Kuju Entertainment Ltd - -28 -8 -7 -3,545 12833 505 Games Ltd -49 -29 5 22 -704 2434 Namco Bandai Ptnrs. UK Ltd - -53 -243 -5 -802 1535 * Codemasters Software Co. Ltd (The) - -112 165 119 -72,458 648

36 Rising Star Games Ltd - -149 24 344 -1,192 837 Midas Interactive Entertainment Ltd - -305 -290 -6 -3,050 1038 * Square Enix Ltd - -764 -416 -73 -147,451 19339 ■ Radica U.K. Ltd - -1,332 - - -6,659 540 * Gamecock Media Europe Ltd - -3,436 -252 - -3,436 1

- ■ Take-Two GB Ltd - - 127 25 3,274 -- ■ Ghostlight Ltd - - -928 -28 -2,723 -- ■ Evolution Studios Ltd - - - 55 3,589 -- ■ Feral Interactive Ltd - - - - 22 -- ■ Games-Masters.Com Ltd - - - - 462 -

- ■ Zoe Mode Entertainment Ltd - - - - 2,264 -

Average of companies with 3 years data 142 137 127Total of companies selected 293,082 2,059

Performance League Tables

Capital Employed per Employee

4-42 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Capital Employed per Employee£’000

10/11 09/10 08/09 07/08 09/10 09/10

CapitalEmployed

Number ofEmployees

£’000

GAMES RETAILERS

1 Accessories 4 Technology Ltd - 89 89 22 1,421 162 The Game Gp. PLC - 35 31 34 365,511 10,5923 * Games Station Ltd - 34 34 26 76,113 2,2164 * H M V Music Ltd - 21 25 27 129,210 6,0305 * H M V Gp. PLC - 11 9 6 153,900 14,154

6 * Choices UK Gp. Ltd - -60 -20 -31 -13,884 233- ■ Barkman Computers Ltd - - - - 135 -- ■ Connect Entertainment Ltd - - - - 299 -- * Gadgets & Games Ltd - - - - 156 -- ■ Gemini Technology Ltd - - - - - -

- ■ Jaredmedia Ltd - - - - 16 -

Average of companies with 3 years data 35 31 34Total of companies selected 366,932 10,608

Average of companies with 3 years data 52 48 51Total of companies selected 660,014 12,667

Performance League Tables

Capital Employed per Employee

4-43Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Pay / Sales%

10/11 09/10 08/09 07/08 09/10 09/10

EmployeePay

Sales

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Blitz Games Studios Ltd 67.2 86.7 61.4 78.9 6,959 8,0222 * Kuju Entertainment Ltd - 80.0 63.6 51.8 7,085 8,8553 * Ignition Entertainment Ltd - 62.3 51.6 31.8 4,724 7,5824 Rockstar London Ltd - 61.3 45.7 46.3 1,241 2,0235 * Rare Ltd - 59.4 57.5 41.0 8,906 14,988

6 Sumo Digital Ltd - 57.7 39.2 54.6 4,542 7,8677 Relentless Software Ltd - 56.6 58.3 54.4 3,263 5,7698 * T H Q Digital Studios UK Ltd - 55.8 55.6 - 2,094 3,7559 The Creative Assembly Intl. Ltd - 54.4 40.4 58.9 2,349 4,317

10 * Hyperion Capital Ptnrs. Ltd - 52.5 62.7 71.7 2,276 4,332

11 Eutechnyx Ltd - 50.1 44.6 44.7 1,887 3,76412 * Microsoft Ltd 41.4 42.1 39.7 36.7 264,158 627,80613 * Majesty House Ltd - 39.6 26.2 13.2 681 1,71814 * Codemasters Software Co. Ltd (The) - 35.1 19.6 26.7 22,675 64,57215 Sports Interactive Ltd - 34.0 53.1 65.8 2,652 7,810

16 * Rebellion Developments Ltd 54.1 33.4 33.6 34.4 4,902 14,66417 * Inspired Gaming Gp. Ltd 27.7 31.6 52.3 50.5 27,580 87,34718 ■ Media Molecule Ltd - 26.6 - - 2,285 8,58319 Jagex Ltd - 26.1 29.0 30.1 11,613 44,52020 P.D.Q. Distrbtn. Ltd 31.1 24.9 23.2 27.3 2,962 11,915

21 * Tradewest Games Ltd - 19.6 4.3 6.7 1,812 9,22422 Midas Interactive Entertainment Ltd - 19.4 10.6 3.5 154 79423 Datel Hldgs. Ltd - 19.1 20.9 16.0 4,251 22,30124 * Electronic Arts Ltd - 11.0 13.1 13.3 29,329 266,11625 * Square Enix Ltd - 10.5 8.6 12.5 9,975 94,845

26 505 Games Ltd 12.7 10.5 4.0 5.4 1,252 11,97927 Mad Catz Europe Ltd - 8.5 9.3 5.0 1,874 22,04628 Sega Europe Ltd - 6.4 7.1 7.2 12,317 192,73629 Rising Star Games Ltd - 6.2 8.0 2.5 317 5,13830 ■ Zenimax Europe Ltd - 5.2 2.5 - 1,166 22,588

31 * Gamecock Media Europe Ltd - 5.0 99.6 - 87 1,75232 Thq (UK) Ltd - 4.6 4.8 4.9 2,990 64,80433 Namco Bandai Ptnrs. UK Ltd - 4.2 2.9 6.6 831 19,82334 Ubisoft Ltd - 3.3 1.8 2.2 3,611 108,62935 Activision Blizzard UK Ltd - 2.6 1.5 2.4 11,786 455,452

36 Take-Two GB Ltd - 1.3 0.7 2.4 688 53,26537 * Centresoft Ltd 1.7 1.3 1.4 2.0 3,498 278,74738 ■ I.T. World Srvcs. Ltd - 1.1 - - 112 10,06439 Sony Computer Entertainment UK Ltd - 0.6 0.5 0.5 1,876 333,464

- ■ Zoe Mode Entertainment Ltd - - 45.8 - - 8,789

- ■ Blast Entertainment Ltd - - 3.6 3.6 - 1,471- ■ Ghostlight Ltd - - 2.6 4.3 - 922- ■ Evolution Studios Ltd - - - 58.6 - 10,945- ■ Radica U.K. Ltd - - - 1.9 - 3,274- ■ Feral Interactive Ltd - - - - - 1,208

- ■ Games-Masters.Com Ltd - - - - - 1,583

Average of companies with 3 years data 5.7 4.5 5.3Total of companies selected 79,415 1,386,438

Performance League Tables

Pay / Sales

4-44 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Pay / Sales%

10/11 09/10 08/09 07/08 09/10 09/10

EmployeePay

Sales

£’000 £’000

GAMES RETAILERS

1 * Choices UK Gp. Ltd - 12.2 9.8 8.0 5,448 44,7942 * H M V Gp. PLC - 10.9 11.0 11.3 219,600 2,016,6003 * H M V Music Ltd - 9.8 10.0 10.1 104,631 1,062,3034 ■ Accessories 4 Technology Ltd - 8.3 9.9 - 871 10,5565 The Game Gp. PLC - 7.6 6.5 6.8 135,070 1,772,358

6 * Games Station Ltd - 7.5 7.6 7.8 23,326 309,122- ■ Barkman Computers Ltd - - - - - 1,071- ■ Connect Entertainment Ltd - - - - - 4,112- * Gadgets & Games Ltd - - - - - 1,090- ■ Gemini Technology Ltd - - - - - -

- ■ Jaredmedia Ltd - - - - - 608

Average of companies with 3 years data 7.6 6.5 6.8Total of companies selected 135,070 1,772,358

Average of companies with 3 years data 6.8 5.6 6.1Total of companies selected 214,485 3,158,796

Performance League Tables

Pay / Sales

4-45Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

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Accounts

Exports / Sales%

10/11 09/10 08/09 07/08 09/10 09/10

Exports Sales

£’000 £’000

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Rare Ltd - 100.0 100.0 100.0 14,988 14,9882 * T H Q Digital Studios UK Ltd - 100.0 100.0 100.0 3,755 3,7553 * Gamecock Media Europe Ltd - 100.0 - - 1,752 1,7524 * Kuju Entertainment Ltd - 90.6 42.6 48.4 8,026 8,8555 * Ignition Entertainment Ltd - 90.2 97.5 84.2 6,841 7,582

6 * Hyperion Capital Ptnrs. Ltd - 77.7 61.8 86.2 3,367 4,3327 Rising Star Games Ltd - 73.2 79.6 82.2 3,759 5,1388 Datel Hldgs. Ltd - 72.9 72.7 75.3 16,261 22,3019 Midas Interactive Entertainment Ltd - 71.3 60.4 68.6 566 794

10 ■ Zenimax Europe Ltd - 69.8 62.1 - 15,771 22,588

11 * Square Enix Ltd - 67.7 71.7 61.0 64,163 94,84512 * Majesty House Ltd - 66.8 66.1 68.5 1,148 1,71813 Sega Europe Ltd - 66.0 55.2 50.4 127,125 192,73614 Ghostlight Ltd - 64.4 75.1 68.0 594 92215 * Tradewest Games Ltd - 61.6 46.0 46.6 5,682 9,224

16 ■ I.T. World Srvcs. Ltd - 60.1 - - 6,046 10,06417 * Codemasters Software Co. Ltd (The) - 59.4 80.7 70.5 38,365 64,57218 Mad Catz Europe Ltd - 55.3 60.6 64.3 12,187 22,04619 Activision Blizzard UK Ltd - 45.3 72.5 66.4 206,247 455,45220 Thq (UK) Ltd - 35.7 17.5 15.4 23,126 64,804

21 Take-Two GB Ltd - 29.3 20.6 25.9 15,612 53,26522 Sports Interactive Ltd - 23.9 0.7 5.8 1,868 7,81023 505 Games Ltd 26.3 14.4 13.1 29.8 1,729 11,97924 Namco Bandai Ptnrs. UK Ltd - 13.1 10.4 15.2 2,601 19,82325 * Inspired Gaming Gp. Ltd 6.4 3.0 6.8 3.3 2,603 87,347

26 * Rebellion Developments Ltd 0.0 0.6 0.7 2.0 85 14,66427 Rockstar London Ltd - 0.0 100.0 100.0 0 2,02328 Blitz Games Studios Ltd 95.0 0.0 0.0 0.0 0 8,02229 Eutechnyx Ltd - 0.0 0.0 0.0 0 3,76430 P.D.Q. Distrbtn. Ltd 0.0 0.0 0.0 0.0 0 11,915

31 Sumo Digital Ltd - 0.0 0.0 0.0 0 7,86732 ■ Sony Computer Entertainment UK Ltd - 0.0 0.0 - 0 333,46433 * Microsoft Ltd 0.0 0.0 - 0.0 0 627,80634 ■ Evolution Studios Ltd - 0.0 - - 0 10,945

- ■ Zoe Mode Entertainment Ltd - - 99.8 - - 8,789

- ■ Radica U.K. Ltd - - 0.0 0.0 - 3,274- * Centresoft Ltd - - - 0.0 - 278,747- ■ Relentless Software Ltd - - - 0.0 - 5,769- ■ Blast Entertainment Ltd - - - - - 1,471- * Electronic Arts Ltd - - - - - 266,116

- ■ Feral Interactive Ltd - - - - - 1,208- ■ Games-Masters.Com Ltd - - - - - 1,583- ■ Jagex Ltd - - - - - 44,520- ■ Media Molecule Ltd - - - - - 8,583- ■ The Creative Assembly Intl. Ltd - - - - - 4,317

- ■ Ubisoft Ltd - - - - - 108,629

Average of companies with 3 years data 46.2 56.2 50.4Total of companies selected 411,675 890,661

Performance League Tables

Exports / Sales

4-46 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 178: Computer and Video Games Industry 2011

LeagueTablePosition

RecentlyFiled

Accounts

Exports / Sales%

10/11 09/10 08/09 07/08 09/10 09/10

Exports Sales

£’000 £’000

GAMES RETAILERS

1 ■ Connect Entertainment Ltd - 49.5 - - 2,034 4,1122 * H M V Gp. PLC - 17.5 - - 353,900 2,016,6003 * Choices UK Gp. Ltd - 0.0 0.0 0.0 0 44,7944 * Games Station Ltd - 0.0 0.0 0.0 0 309,122- ■ The Game Gp. PLC - - - 26.0 - 1,772,358

- * H M V Music Ltd - - - 0.0 - 1,062,303- ■ Accessories 4 Technology Ltd - - - - - 10,556- ■ Barkman Computers Ltd - - - - - 1,071- * Gadgets & Games Ltd - - - - - 1,090- ■ Gemini Technology Ltd - - - - - -

- ■ Jaredmedia Ltd - - - - - 608

Average of companies with 3 years data - - -Total of companies selected - -

Average of companies with 3 years data 46.2 56.2 50.4Total of companies selected 411,675 890,661

Performance League Tables

Exports / Sales

4-47Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 179: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

Sales

£’00009/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Sports Interactive Ltd 53 7,810 72 362 Games-Masters.Com Ltd 52 1,583 14 1053 505 Games Ltd 44 11,979 -34 2164 Feral Interactive Ltd 41 1,208 6 875 P.D.Q. Distrbtn. Ltd 39 11,915 -17 132

6 Mad Catz Europe Ltd 35 22,046 47 237 I.T. World Srvcs. Ltd 30 10,064 3 658 * Rebellion Developments Ltd 30 14,664 24 379 Take-Two GB Ltd 27 53,265 -50 223

10 Activision Blizzard UK Ltd 24 455,452 -28 114

11 The Creative Assembly Intl. Ltd 22 4,317 -1 5012 * Centresoft Ltd 19 278,747 6 3413 Relentless Software Ltd 18 5,769 6 3214 Jagex Ltd 17 44,520 16 1915 * Square Enix Ltd 14 94,845 6 23

16 Sumo Digital Ltd 13 7,867 -32 8717 Sega Europe Ltd 13 192,736 19 618 Rockstar London Ltd 11 2,023 11 1119 Namco Bandai Ptnrs. UK Ltd 10 19,823 9 1220 Blitz Games Studios Ltd 10 8,022 -27 65

21 * Codemasters Software Co. Ltd (The) 7 64,572 -24 5222 * Microsoft Ltd 6 627,806 6 623 * Electronic Arts Ltd 2 266,116 7 -224 * Ignition Entertainment Ltd 1 7,582 -7 1025 Ubisoft Ltd -2 108,629 -26 30

26 Evolution Studios Ltd -4 10,945 -6 -227 * Inspired Gaming Gp. Ltd -4 87,347 -2 -628 Sony Computer Entertainment UK Ltd -4 333,464 -5 -429 Datel Hldgs. Ltd -7 22,301 -10 -430 Eutechnyx Ltd -8 3,764 -30 22

31 Ghostlight Ltd -9 922 -19 132 * Hyperion Capital Ptnrs. Ltd -10 4,332 0 -1933 Thq (UK) Ltd -16 64,804 -10 -2134 * Rare Ltd -20 14,988 -1 -3535 * Kuju Entertainment Ltd -22 8,855 -34 -9

36 * T H Q Digital Studios UK Ltd -23 3,755 -36 -737 Rising Star Games Ltd -32 5,138 -4 -5238 * Tradewest Games Ltd -39 9,224 -75 5339 * Majesty House Ltd -44 1,718 -40 -4740 Blast Entertainment Ltd -47 1,471 -63 -23

41 Radica U.K. Ltd -51 3,274 -54 -4842 Midas Interactive Entertainment Ltd -57 794 -55 -60

- ■ Zenimax Europe Ltd - 22,588 -21 -- ■ Zoe Mode Entertainment Ltd - 8,789 86 -- ■ Media Molecule Ltd - 8,583 - -

- * Gamecock Media Europe Ltd - 1,752 433 -

Average of companies with 3 years data 50,568 -16 377

Performance League Tables

Sales Growth

4-48 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 180: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

Sales

£’00009/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES RETAILERS

1 Barkman Computers Ltd 30 1,071 72 -22 Connect Entertainment Ltd 12 4,112 9 163 The Game Gp. PLC 9 1,772,358 -10 324 * H M V Gp. PLC 4 2,016,600 3 45 * H M V Music Ltd 1 1,062,303 7 -5

6 * Games Station Ltd -3 309,122 -23 227 * Choices UK Gp. Ltd -12 44,794 -39 26- ■ Accessories 4 Technology Ltd - 10,556 -7 -- * Gadgets & Games Ltd - 1,090 - -- ■ Jaredmedia Ltd - 608 55 -

- ■ Gemini Technology Ltd - - - -

Average of companies with 3 years data 592,514 -10 329

Average of companies with 3 years data 103,014 -13 348

Performance League Tables

Sales Growth

4-49Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 181: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

Pre-taxProfit£’00009/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 * Tradewest Games Ltd 141 7,382 296 -3972 * Centresoft Ltd 84 18,452 370 -283 * Rebellion Developments Ltd 52 574 -47 3354 Relentless Software Ltd 48 737 237 -355 I.T. World Srvcs. Ltd 42 349 -8 119

6 Take-Two GB Ltd 32 1,158 -47 2297 * Microsoft Ltd 25 84,503 7 478 Jagex Ltd 13 18,881 3 249 Activision Blizzard UK Ltd 3 22,302 -18 29

10 Thq (UK) Ltd -13 1,896 -37 21

11 * T H Q Digital Studios UK Ltd -26 275 212 -8312 Mad Catz Europe Ltd -33 381 -64 2613 Sony Computer Entertainment UK Ltd -44 5,336 121 -8614 Ubisoft Ltd -49 709 -81 3315 * Rare Ltd -50 2,527 -43 -57

16 The Creative Assembly Intl. Ltd -54 59 -89 8917 P.D.Q. Distrbtn. Ltd -55 440 -93 20218 Sega Europe Ltd -59 2,699 -74 -35

- ■ Media Molecule Ltd - 4,091 - -- ■ Sports Interactive Ltd ^ 2,035 1,385 121

- ■ Zoe Mode Entertainment Ltd - 747 -55 -- ■ Games-Masters.Com Ltd ^ 36 -64 361- ■ Feral Interactive Ltd ^ 12 -8 533- ■ Rockstar London Ltd ^ -45 -146 -14- ■ Radica U.K. Ltd ^ -140 -115 -107

- ■ Eutechnyx Ltd ^ -235 -441 -92- * Hyperion Capital Ptnrs. Ltd ^ -252 4 -105- ■ Blast Entertainment Ltd ^ -461 -106 -4,380- ■ Midas Interactive Entertainment Ltd ^ -733 5 -11- ■ Evolution Studios Ltd ^ -808 -180 -55

- ■ Sumo Digital Ltd ^ -860 -127 424- ■ Ghostlight Ltd ^ -867 13 -27- ■ Datel Hldgs. Ltd ^ -1,069 40 -43- ■ 505 Games Ltd ^ -1,088 -2,318 -296- * Kuju Entertainment Ltd ^ -1,143 20 -164

- ■ Blitz Games Studios Ltd ^ -1,403 -221 217- ■ Rising Star Games Ltd ^ -1,447 9 -174- * Majesty House Ltd ^ -2,035 34 -133- * Ignition Entertainment Ltd ^ -2,103 -27 -204- * Electronic Arts Ltd ^ -2,184 81 44

- ■ Namco Bandai Ptnrs. UK Ltd ^ -2,833 37 -54- * Gamecock Media Europe Ltd - -3,115 -241 -- ■ Zenimax Europe Ltd - -3,296 -181 -- * Inspired Gaming Gp. Ltd ^ -6,830 71 -320- * Square Enix Ltd ^ -38,413 -18 72

- * Codemasters Software Co. Ltd (The) ^ -89,652 -4,631 -358

Average of companies with 3 years data 1,609 -37 -9-24

Performance League Tables

Pre-tax Profit Growth

4-50 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 182: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

Pre-taxProfit£’00009/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES RETAILERS

1 Connect Entertainment Ltd 243 364 110 4582 * Games Station Ltd 45 25,591 -24 1773 * H M V Gp. PLC 15 68,900 12 184 The Game Gp. PLC 11 84,211 -28 725 Accessories 4 Technology Ltd 0 399 -69 224

6 * H M V Music Ltd -12 53,301 27 -39- * Gadgets & Games Ltd - 86 - -- ■ Barkman Computers Ltd ^ 39 70 235- ■ Jaredmedia Ltd - 19 1,325 -- * Choices UK Gp. Ltd ^ -6,786 -287 135

- ■ Gemini Technology Ltd - - - -

Average of companies with 3 years data 21,253 -28 7311

Average of companies with 3 years data 4,064 -32 29-6

Performance League Tables

Pre-tax Profit Growth

4-51Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 183: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

TotalAssets£’00009/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Media Molecule Ltd 305 8,442 53 9742 * Ignition Entertainment Ltd 97 55,204 73 1233 Activision Blizzard UK Ltd 88 228,313 -38 4684 Eutechnyx Ltd 72 4,433 83 625 Mad Catz Europe Ltd 61 11,250 35 92

6 P.D.Q. Distrbtn. Ltd 60 13,580 -43 3527 * T H Q Digital Studios UK Ltd 54 5,736 20 978 Take-Two GB Ltd 45 28,189 2 1069 * Electronic Arts Ltd 38 184,921 107 -7

10 * Centresoft Ltd 38 89,536 -8 106

11 Ghostlight Ltd 32 3,420 33 3012 The Creative Assembly Intl. Ltd 32 2,005 51 1513 * Rebellion Developments Ltd 26 6,416 -11 7914 I.T. World Srvcs. Ltd 25 1,753 6 4715 Feral Interactive Ltd 23 262 -22 95

16 Sumo Digital Ltd 22 6,440 -17 8117 * Square Enix Ltd 22 183,630 41 518 Games-Masters.Com Ltd 19 634 -2 4419 Sports Interactive Ltd 17 7,130 -13 5820 Blitz Games Studios Ltd 16 2,407 -15 59

21 Relentless Software Ltd 16 2,434 15 1722 * Majesty House Ltd 15 8,285 -5 3923 * Microsoft Ltd 9 274,171 -9 3224 505 Games Ltd 8 6,287 0 1725 Rockstar London Ltd 7 474 25 -8

26 * Codemasters Software Co. Ltd (The) 7 100,524 -19 4127 * Kuju Entertainment Ltd 5 4,370 -21 4028 Sega Europe Ltd 4 122,154 9 -229 Datel Hldgs. Ltd 3 30,588 0 630 Ubisoft Ltd 0 43,426 2 -1

31 Radica U.K. Ltd 0 2,386 7 -732 Jagex Ltd -1 13,727 -36 5433 * Hyperion Capital Ptnrs. Ltd -3 7,862 -3 -334 Thq (UK) Ltd -4 33,245 -29 3035 Sony Computer Entertainment UK Ltd -6 123,652 -8 -5

36 * Rare Ltd -8 21,388 -18 437 Evolution Studios Ltd -15 4,281 -71 14738 * Inspired Gaming Gp. Ltd -16 207,164 -5 -2639 Midas Interactive Entertainment Ltd -26 855 -7 -4140 Namco Bandai Ptnrs. UK Ltd -27 4,118 -38 -12

41 Blast Entertainment Ltd -29 1,800 -32 -2742 Rising Star Games Ltd -38 2,962 -6 -5943 * Tradewest Games Ltd -68 1,956 -89 -9

- ■ Zenimax Europe Ltd - 30,423 -29 -- ■ Zoe Mode Entertainment Ltd - 2,799 63 -

- * Gamecock Media Europe Ltd - 277 -91 -

Average of companies with 3 years data 24,505 -20 7117

Performance League Tables

Total Assets Growth

4-52 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 184: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

TotalAssets£’00009/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES RETAILERS

1 Accessories 4 Technology Ltd 39 3,661 -18 1342 Connect Entertainment Ltd 17 639 11 243 * H M V Gp. PLC 14 705,400 14 134 Barkman Computers Ltd 12 212 21 45 * H M V Music Ltd 3 402,976 10 -3

6 The Game Gp. PLC 1 655,359 -10 147 * Games Station Ltd -2 80,637 -32 408 * Choices UK Gp. Ltd -4 21,111 -51 90- ■ Jaredmedia Ltd - 309 17 -- * Gadgets & Games Ltd - 256 - -

- ■ Gemini Technology Ltd - - - 23,305

Average of companies with 3 years data 164,968 -10 141

Average of companies with 3 years data 41,531 -15 399

Performance League Tables

Total Assets Growth

4-53Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 185: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

Number ofEmployees

09/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 505 Games Ltd 119 24 60 2002 Mad Catz Europe Ltd 73 42 27 1363 * Ignition Entertainment Ltd 49 241 20 844 Relentless Software Ltd 32 82 26 385 Activision Blizzard UK Ltd 31 118 19 43

6 P.D.Q. Distrbtn. Ltd 28 62 5 557 * Codemasters Software Co. Ltd (The) 24 648 35 148 Rockstar London Ltd 24 29 26 219 * Rebellion Developments Ltd 20 146 23 17

10 Rising Star Games Ltd 15 8 -20 67

11 Sports Interactive Ltd 13 57 6 2012 The Creative Assembly Intl. Ltd 12 58 -6 3513 Midas Interactive Entertainment Ltd 12 10 25 014 * Microsoft Ltd 12 2,947 26 -115 Sumo Digital Ltd 12 131 7 16

16 Sega Europe Ltd 12 431 19 517 Blitz Games Studios Ltd 11 221 -1 2418 Ubisoft Ltd 6 56 6 619 Eutechnyx Ltd 5 78 -13 2720 * Majesty House Ltd 2 23 -15 23

21 Jagex Ltd 1 374 1 022 Sony Computer Entertainment UK Ltd -1 35 -5 323 * Rare Ltd -3 195 -7 224 * Centresoft Ltd -7 125 -5 -925 Blast Entertainment Ltd -9 5 0 -17

26 Thq (UK) Ltd -10 67 -17 -227 * Square Enix Ltd -11 193 -26 728 * Tradewest Games Ltd -12 24 -25 329 * Electronic Arts Ltd -14 546 -15 -1330 * Hyperion Capital Ptnrs. Ltd -14 89 7 -31

31 Datel Hldgs. Ltd -16 156 -24 -832 Namco Bandai Ptnrs. UK Ltd -24 15 -21 -2733 * Kuju Entertainment Ltd -28 128 -57 2034 * Inspired Gaming Gp. Ltd -30 1,179 -43 -14

- * T H Q Digital Studios UK Ltd - 62 -29 -

- ■ Media Molecule Ltd - 39 - -- ■ Zenimax Europe Ltd - 13 63 -- ■ I.T. World Srvcs. Ltd - 6 - -- ■ Radica U.K. Ltd - 5 - -- * Gamecock Media Europe Ltd - 1 -67 -

- ■ Evolution Studios Ltd - - - -- ■ Feral Interactive Ltd - - - -- ■ Games-Masters.Com Ltd - - - -- ■ Ghostlight Ltd - - - 0- ■ Take-Two GB Ltd - - - -35

- ■ Zoe Mode Entertainment Ltd - - - -

Average of companies with 3 years data 98 3 117

Performance League Tables

Number of Employees Growth

4-54 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 186: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

Number ofEmployees

09/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES RETAILERS

1 * Games Station Ltd 32 2,216 30 332 Accessories 4 Technology Ltd 21 16 23 183 The Game Gp. PLC 15 10,592 1 314 * H M V Music Ltd 5 6,030 9 05 * H M V Gp. PLC 2 14,154 3 1

6 * Choices UK Gp. Ltd -6 233 -13 2- ■ Barkman Computers Ltd - - - -- ■ Connect Entertainment Ltd - - - -- * Gadgets & Games Ltd - - - -- ■ Gemini Technology Ltd - - - -

- ■ Jaredmedia Ltd - - - -

Average of companies with 3 years data 5,304 1 3115

Average of companies with 3 years data 551 2 2814

Performance League Tables

Number of Employees Growth

4-55Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 187: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

Exports

£’00009/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

1 Sports Interactive Ltd 212 1,868 5,561 -832 Take-Two GB Ltd 36 15,612 -29 1573 Sega Europe Ltd 29 127,125 43 164 Thq (UK) Ltd 28 23,126 83 -105 Mad Catz Europe Ltd 25 12,187 34 16

6 * Square Enix Ltd 20 64,163 0 447 * Kuju Entertainment Ltd 6 8,026 41 -208 * Ignition Entertainment Ltd 4 6,841 -14 289 Activision Blizzard UK Ltd 3 206,247 -55 134

10 Namco Bandai Ptnrs. UK Ltd 3 2,601 37 -23

11 505 Games Ltd 0 1,729 -28 3912 * Codemasters Software Co. Ltd (The) -2 38,365 -44 7313 Datel Hldgs. Ltd -9 16,261 -10 -714 * Inspired Gaming Gp. Ltd -9 2,603 -57 9315 Ghostlight Ltd -12 594 -30 12

16 * Hyperion Capital Ptnrs. Ltd -15 3,367 25 -4217 * Rare Ltd -20 14,988 -1 -3518 * T H Q Digital Studios UK Ltd -23 3,755 -36 -719 * Tradewest Games Ltd -29 5,682 -67 5120 * Rebellion Developments Ltd -30 85 -1 -50

21 Rising Star Games Ltd -36 3,759 -11 -5422 * Majesty House Ltd -45 1,148 -40 -4923 Midas Interactive Entertainment Ltd -56 566 -47 -6424 Rockstar London Ltd -100 0 -100 11

- ■ Zenimax Europe Ltd - 15,771 -11 -

- ■ I.T. World Srvcs. Ltd - 6,046 - -- * Gamecock Media Europe Ltd - 1,752 - -- ■ Blitz Games Studios Ltd ^ 0 ^ ^- ■ Eutechnyx Ltd ^ 0 ^ ^- ■ Evolution Studios Ltd - 0 - -

- * Microsoft Ltd ^ 0 - -- ■ P.D.Q. Distrbtn. Ltd ^ 0 ^ ^- ■ Sony Computer Entertainment UK Ltd - 0 ^ -- ■ Sumo Digital Ltd ^ 0 ^ ^- ■ Blast Entertainment Ltd - - - -

- * Centresoft Ltd - - - -- * Electronic Arts Ltd - - - -- ■ Feral Interactive Ltd - - - -- ■ Games-Masters.Com Ltd - - - -- ■ Jagex Ltd - - - -

- ■ Media Molecule Ltd - - - -- ■ Radica U.K. Ltd - - - ^- ■ Relentless Software Ltd - - - -- ■ The Creative Assembly Intl. Ltd - - - -- ■ Ubisoft Ltd - - - -

- ■ Zoe Mode Entertainment Ltd - - - -

Average of companies with 3 years data 24,216 -34 8210

Performance League Tables

Exports Growth

4-56 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 188: Computer and Video Games Industry 2011

LeagueTablePosition

CompoundAnnual Growth

Rate %07/10

Exports

£’00009/10

% Change

08/09 - 09/10

% Change

07/08 - 08/09

GAMES RETAILERS

- * H M V Gp. PLC - 353,900 - -- ■ Connect Entertainment Ltd - 2,034 - -- * Choices UK Gp. Ltd ^ 0 ^ ^- * Games Station Ltd ^ 0 ^ ^- ■ Accessories 4 Technology Ltd - - - -

- ■ Barkman Computers Ltd - - - -- * Gadgets & Games Ltd - - - -- ■ Gemini Technology Ltd - - - -- * H M V Music Ltd - - - -- ■ Jaredmedia Ltd - - - -

- ■ The Game Gp. PLC - - - -

Average of companies with 3 years data - - --

Average of companies with 3 years data 24,216 -34 8210

Performance League Tables

Exports Growth

4-57Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 189: Computer and Video Games Industry 2011

Industry Profile

Company details are aggregated to provideaverage figures for the Industry Subsectors. Thisis presented in two sections:

● Subsector Balance Sheets● Subsector Profit & Loss Details

Page 190: Computer and Video Games Industry 2011

Average Balance Sheet and Profit & Loss Account Figures forGAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

The accounts of these companies have been analysed to generate average figures.Total figures are availabe at the bottom of the Performance League Tables.

Sales and Profits

09/10 08/09 07/08£000s £000s £000s

Sales 63,554 73,503 55,440Pre-tax Profit 2,157 3,290 3,589Number of Employees 98 95 85

Balance Sheet

09/10 08/09 07/08£000s £000s £000s

Tangible Fixed Assets 971 1,155 1,161Intangible Assets 16 36 53Intermediate Assets 2,848 1,051 958

Total Fixed Assets 3,835 2,243 2,172

Stocks 3,303 3,801 2,670Trade Debtors 6,201 9,435 8,424Other Current Assets 18,151 24,134 10,237

Total Current Assets 27,655 37,369 21,331

Total Assets 31,490 39,612 23,503

Trade Creditors 2,576 3,403 2,071Short-Term Loans 8,092 14,507 3,460Other Current Liabilities 6,865 8,658 7,106

Total Current Liabilities 17,533 26,568 12,636

T/Assets - C/Liabilities 13,956 13,044 10,867

Long-Term Loans 1,637 1,570 1,365Other L/Term Liabilities 63 20 15Total Capital & Reserves 12,257 11,454 9,487

Capital Employed 13,956 13,044 10,867

Industry Profile

GAMES DEVELOPERS, PUBLISHERS AND DISTRIBUTORS

5-2 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 191: Computer and Video Games Industry 2011

Average Balance Sheet and Profit & Loss Account Figures forGAMES RETAILERS

The accounts of these companies have been analysed to generate average figures.Total figures are availabe at the bottom of the Performance League Tables.

Sales and Profits

09/10 08/09 07/08£000s £000s £000s

Sales 1,772,358 1,968,604 1,491,914Pre-tax Profit 84,211 117,366 68,362Number of Employees 10,592 10,450 7,959

Balance Sheet

09/10 08/09 07/08£000s £000s £000s

Tangible Fixed Assets 161,121 165,609 130,662Intangible Assets 180,135 182,267 172,871Intermediate Assets 3,614 4,004 0

Total Fixed Assets 344,870 351,880 303,533

Stocks 176,045 181,965 145,041Trade Debtors 16,022 16,197 18,921Other Current Assets 118,422 178,882 172,823

Total Current Assets 310,489 377,044 336,785

Total Assets 655,359 728,924 640,318

Trade Creditors 159,441 216,156 192,529Short-Term Loans 17,361 26,325 38,038Other Current Liabilities 113,046 159,967 139,677

Total Current Liabilities 289,848 402,448 370,244

T/Assets - C/Liabilities 365,511 326,476 270,074

Long-Term Loans 23,908 31,847 57,809Other L/Term Liabilities 10,048 8,328 8,343Total Capital & Reserves 331,555 286,301 203,922

Capital Employed 365,511 326,476 270,074

Industry Profile

GAMES RETAILERS

5-3Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 192: Computer and Video Games Industry 2011

Average Balance Sheet and Profit & Loss Account Figures forCOMPUTER AND VIDEO GAMES INDUSTRY

The accounts of these companies have been analysed to generate average figures.Total figures are availabe at the bottom of the Performance League Tables.

Sales and Profits

09/10 08/09 07/08£000s £000s £000s

Sales 141,227 159,644 120,735Pre-tax Profit 5,887 8,476 6,533Number of Employees 575 566 443

Balance Sheet

09/10 08/09 07/08£000s £000s £000s

Tangible Fixed Assets 8,250 8,630 7,047Intangible Assets 8,203 8,320 7,908Intermediate Assets 2,883 1,186 915

Total Fixed Assets 19,336 18,136 15,870

Stocks 11,155 11,899 9,141Trade Debtors 6,648 9,742 8,901Other Current Assets 22,709 31,168 17,628

Total Current Assets 40,511 52,809 35,670

Total Assets 59,847 70,944 51,540

Trade Creditors 9,707 13,074 10,728Short-Term Loans 8,513 15,044 5,032Other Current Liabilities 11,691 15,535 13,132

Total Current Liabilities 29,911 43,653 28,891

T/Assets - C/Liabilities 29,936 27,291 22,649

Long-Term Loans 2,649 2,946 3,931Other L/Term Liabilities 516 398 393Total Capital & Reserves 26,771 23,947 18,325

Capital Employed 29,936 27,291 22,649

Industry Profile

COMPUTER AND VIDEO GAMES INDUSTRY

5-4 Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions

Page 193: Computer and Video Games Industry 2011

6. Analysis Notes

© Key Note Ltd 2011 Analysis Notes

Introduction This Report examines the performance of selected companies over a three year period. For comparison purposes, the companies’ accounts are divided into three ‘analysis periods’ with ranking based on performance in the third period.

If a set of accounts becomes available which is more up to date than the analysis year shows, these will be included in the relevant Company Profile under ‘Recently Filed Accounts’ but will not be used in the Performance League Tables.

Non-52 Week Account Period Occasionally, companies submit accounts for non-standard periods. If the account period is extended beyond 52 weeks, there may appear to be a gap in the analysis. This will be because the extended year falls into the next analysis period.

Where accounts are for a period shorter than 52 weeks and a company has two sets of accounts eligible for inclusion in any analysis period, the performance analysis will be based on the later of the two sets of accounts.

When non-52 week accounts are provided, profit and loss figures are adjusted to a 52 week basis within the Performance League Tables to enable meaningful comparisons to be made.

Calculation of Totals and Averages In compiling the total and average results given in the Performance League Tables and the Industry Profiles, some companies have been excluded from the calculations. These companies are indicated in the tables by the following symbols:

Indicates that the company does not have three years of accounts available. If accounts for any of the analysis years are not available, the company is excluded from the total and average calculations

* Indicates that the analyst has excluded the company from any total or average calculation (see notes in the Company Selection for further details).

Ranking of Companies The Performance League Tables rank companies according to their results in the third year. Companies are not allocated a ranking number where this third year of accounts is not available. In this event, companies appear at the foot of the table with a dash (-) ranking. However, such companies are ranked in order of their second year, third year and fourth year figures respectively, where these are available. The following symbols are used in the Performance League Tables:

^ Indicates that a result either cannot be calculated or would be misleading if it was presented. For example, dividing by zero or a negative figure divided by a negative figure.

- Indicates that one or more of the figures necessary to make the calculation on which ranking is based are not available.

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6. Analysis Notes

Analysis Notes © Key Note Ltd 2011

Directory Data The following data items are included in the Company Profiles:

Trading Address This is given where it is available along with a telephone and telefax number. Addresses are validated wherever possible and where a trading address cannot be found, a registered office address is presented instead.

Main SIC codes Up to two 1992 Standard International Codes (SIC) have been allocated to each company based on the company’s principal line of business.

Directors A maximum of ten directors are shown for each company, in the format of first name, middle initial and last name. The company secretary is also given.

Previous Names Where a company has changed its name, the two most recent changes are displayed along with the date at which the name changed from that shown.

Main UK Subsidiaries Up to ten subsidiaries are shown. These will be the ten largest in terms of their most recent turnover figures filed if there are more than ten subsidiaries for the company profiled.

Auditors A company’s main auditor for the year of analysis of the report (highlighted in bold in the company profiles) is also given. This is the auditor of the accounts in the analysis year.

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7. Definitions

© Key Note Ltd 2011 Definitions

Data Items

Auditors Fees The fees, including expenses, paid to auditors

Capital Employed The total value of long term loans, other long term liabilities and total capital & reserves.

Depreciation The provision made to account for the reduction in value of fixed assets over time.

Directors Emoluments The sum of all payments made to directors, including fees, pension fund contributions, ex-gratia payments and amounts paid to directors’ families.

Employee Pay The wages and salaries paid during the year, excluding social security and pension costs.

Exports The revenue generated by sales overseas, this figure is stated where it has been disclosed in the accounts or where a geographical breakdown of turnover has been provided.

Intangible Assets Items such as goodwill, patents, copyrights, trade marks or research and development which have no tangible existence.

Intermediate Assets The sum of items such as gross investments in subsidiary and associated companies, gross intra-group balances, trade investments, advance corporation tax due after one year, investment properties and other long term financial assets or those with no stated repayment terms. Where stated in the accounts, the long term portion of trade and sundry debtors will also be included.

Interest Paid The sum paid to service company debt, the gross figure disclosed by the company. This may include items such as hire purchase and finance lease charges.

Investment Capital employed plus short term loans.

Long Term Loans The amount repayable after one year of bank and institutional loans, mortgages, leases and hire purchase agreements, and trade and sundry creditors.

Net Assets The value of total assets less total liabilities.

Net Worth Total Capital & Reserves less intangible assets.

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7. Definitions

Definitions © Key Note Ltd 2011

Non-Trading Income The income derived from non-trade activities, such as quoted or unquoted investments, interest and dividends received, transfers from capital grant reserve and interest relief grants, share of associated companies’ profits or losses and written-off intangible assets.

Number of Employees The number of employees is given where the figure has been stated in the accounts.

Other Current Assets The value of other assets which is realisable within one year e.g. cash, sundry debtors and prepayments.

Other Current Liabilities The sum of sundry creditors, accrued expenses, future taxation and other amounts payable within one year.

Other Long Term Liabilities The sum of the long term portion of items such as deferred taxation, minority interests, provisions for liabilities and charges and prepaid income.

Pre-Interest Profit Pre-tax profit plus interest paid.

Pre-tax Profit The reported profit or loss on ordinary activities before tax. This includes exceptional items but not extraordinary items which appear below-the-line.

Sales The revenue derived from the provision of goods or services falling within the company’s normal trading activities.

Short Term Loans The short term portion of company debt including bank overdraft and the current portion of bank loans, hire purchase or lease agreements and other amounts due within one year.

Stocks The total value of trading and sundry stocks and work in progress (net of progress payments). For developers, this also includes property held for resale within one year.

Tangible Fixed Assets The tangible long term resources of a business including land, buildings, plant and equipment. The items may be the company’s own purchased items or those held under finance lease or hire purchase agreements. In addition, assets held in the course of construction or those held for renting out, with life spread over a number of accounting periods are included. This figure is shown at net book value that is cost less accumulated depreciation.

Total Assets The total value of fixed, intermediate and current assets.

Total Assets-Total Current Liabilities The balancing figure against capital employed in the balance sheet.

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7. Definitions

© Key Note Ltd 2011 Definitions

Total Capital & Reserves (Shareholders’ Funds) The sum of ordinary share capital, preference share capital and reserves (including share premiums, revaluations and retained profit).

Total Current Assets The sum of stocks, trade debtors and other current assets.

Total Current Liabilities The sum of trade creditors, short term loans and other current liabilities.

Total Debt Short term plus long term loans.

Total Fixed Assets The sum of tangible, intangible and intermediate fixed assets.

Total Liabilities Capital employed plus total current liabilities minus total capital & reserves.

Trade Creditors Amounts due to be paid by the company, within one year, for goods owned but not paid for.

Trade Debtors The amount due to be paid to the company, within one year, from customers, for goods or services sold on credit.

Trading Profit Operating Profit plus depreciation.

Working Capital Total current assets minus total current liabilities.

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7. Definitions

Definitions © Key Note Ltd 2011

Ratio Calculations In compiling this Report, Key Note’s Analysts and Editors have selected the ratios which are most suitable for analysing this sector. For this reason, although definitions are provided for all ratios used in the Business Ratio series, some will not have been used in this title.

Asset Utilisation Sales/Total Assets Shows the relationship between the assets of a company and the level of sales generated by those assets. The result is a ratio which shows the sales made by each unit of assets, i.e. a figure of 1.60 would mean that every £1 of assets was generating £1.60 of sales.

Capital Employed Per Employee Capital Employed/Number of Employees Indicates the level of investment provided for each employee.

Capital Employed/Total Assets Capital Employed/Total Assets Provides a measure of the amount of capital invested in a business in relation to each unit of assets. A ratio of 0.80 would indicate that for each £1 of assets there would be an investment of 80p in capital employed.

Creditors Days (Creditors/Sales) x 365 Shows the average number of days taken to repay creditors.

Creditors/Debtors Trade Creditors/Trade Debtors Links monies owed by the company for goods and services to monies owed to the company for goods and services.

Current Ratio (Liquidity) Total Current Assets/Total Current Liabilities Assesses the short term balance between assets and liabilities due within one year and measures a company’s ability to meet payments due, e.g. a ratio of 1.5 would indicate that a company could cover its current liabilities 1 1/2 times over with its current assets

Debtor Days Outstanding (Trade Debtors/Sales) x 365 Indicates the average number of days taken to collect monies owed to the company. The result may be a reflection of company policy towards extending credit as much as efficiency.

Debt/Equity Long Term Loans/Total Capital & Reserves Links two sources of long term finance, focusing on the balance between amounts borrowed from external parties in proportion to those invested by shareholders in the company.

Depreciation Rate (Depreciation/Tangible Fixed Assets) x 100 Gives a rough indication of the depreciation rate applied by a business in assessing the net book value of fixed assets. A ratio of 6.8 would indicate that a company had made an annual depreciation provision of 6.8 percent of the value of its fixed assets.

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7. Definitions

© Key Note Ltd 2011 Definitions

Equity Gearing (Total Capital & Reserves/Total Liabilities) x 100 Indicates the proportion of total liabilities that are covered by shareholders’ funds.

Exports/Sales (Exports/Sales) x 100 Shows the proportion of sales generated overseas.

Fixed Assets Per £ of Pay (Tangible Fixed Assets/Total Remuneration)

Fixed Assets Per Employee Tangible Fixed Assets/Number of Employees Measures the value of fixed assets per employee. This ratio can be taken as a guide to the capital intensity of an operation, assessing levels of plant and machinery compared with levels of manpower.

Income Gearing (Interest Cover) (Interest Paid/Pre-interest Profit) x 100 The proportion of pre-interest profit which is expended to finance the cost of external loans. A figure of 16.4 would show that 16.4 percent of pre-interest profit had been used for interest payments.

Operating Profit Margin (Operating Profit/Sales) x 100 Indicates operating profit as a percentage of sales.

Pay Per Employee Employee Pay/Number of Employees Measures the average annual pay per employee.

Pay/Sales (Employee Pay/Sales) x 100 Indicates the amount of sales revenue expended on employees’ pay, showing the marginal cost of employment. A figure of 25 percent indicates that one quarter of a company’s sales are expended on employee pay.

Pre-tax Profit Margin (Profit Margin) (Pre-tax Profit/Sales) x 100 Measures the percentage of sales left as profits or losses, before tax. (In general, if profitability is the main driving force of the business, the higher the result, the better. However, this ratio should not be judged in isolation from other results).

Profit Per Employee Pre-tax Profit/Number of Employees Indicates the average profitability of each employee.

Profit Per £ of Pay Pre-tax Profit/Employee Pay Measures the level of profit generated in relation to each £ spent on employee pay.

Quick Ratio (Acid Test) (Total Current Assets-Stocks)/Total Current Liabilities

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7. Definitions

Definitions © Key Note Ltd 2011

Measures short term liquidity by looking at the balance between current assets less stock and current liabilities. Stocks are deducted from current assets in the equation as they may not be readily convertible to cash. A ratio of 0.8 would show that a company could only cover 80 percent of its current liabilities in the short term.

Return on Capital (Pre-tax Profit/Capital Employed) x100 Often taken as the primary measure of performance, this ratio is an indication of how much profit a business yields relative to the money invested in it.

Return on Investment (Pre-interest Profit/Investment) x 100 Measures performance in a similar way to return on capital but excludes the amount of profit expended on interest. This ratio can give a truer result than return on capital where capital structure may be affected by parent company funding. A ratio of 20 percent would indicate that for every £100 invested, a return of £20 in pre-interest profit would be achieved.

Return on Total Assets (Pre-tax Profits/Total Assets) x 100 Shows a percentage of the value of the pre-tax profits in proportion to the value of total assets.

Return on Total Capital & Reserves (Pre-tax Profits/Total Capital & Reserves) x 100 The ratio expresses the proportion of pre-tax profit made in relation to the value of shareholders funds.

Sales Per Employee Sales/Number of Employees This is a measure of productivity, showing the amount of sales revenue generated by each employee.

Sales/Capital Employed Sales/Capital Employed Measures the amount of revenue generated by a business in relation to the level of investment made.

Sales/Fixed Assets Sales/Tangible Fixed Assets Measures the level of sales generated in relation to each unit of fixed assets. (This result will be affected by the accuracy of the net book value of the assets).

Sales/Intermediate Assets Sales/Intermediate Assets Links sales to medium term assets including various financial holdings.

Stocks/Sales (Stocks/Sales) x 100 Shows the percentage of stocks held by the company in relation to sales.

Total Debt/Net Worth (Borrowing Ratio) (Total Debt/Net Worth) x 100

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7. Definitions

© Key Note Ltd 2011 Definitions

Examines the level of outstanding loans to be paid by the company in comparison to the assets held by the company, excluding those necessary to meet current liabilities. A figure of over 100 percent indicates that a company is highly geared to the extent that its borrowings exceed its net worth.

Total Debt/Working Capital Total Debt/Working Capital Looks at the level of debt in relation to the portion of current assets which would not be required to meet current liabilities. A figure of 0.6 would indicate that 60 percent of debts could be met by short term funding.

Trading Profit Margin (Trading Profit/Sales) x 100 Measures the percentage of trading profit made on sales.

Working Capital/Sales (Working Capital/Sales) x 100 Expresses the level of short term funding of a business in relation to its size as measured by sales.

Value Added/Pay (Value Added/Employee Pay) x 100 Relates value added to employee pay, expressing the result as a percentage.

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8. Further Key Note Sources

© Key Note Ltd 2011 Further Sources

Key Note also offers the following product ranges which may be of interest:

Other Key Note Business Ratio Reports

An analysis of the financial performance of the leading companies in each market sector.

Key Note Market Reports • Video Gaming

An invaluable Report to anyone needing to gain a highly detailed understanding of a particular market for more informed decision making.

Key Note Market Reports Plus

A Report concentrating on more dynamic consumer markets, these offer the same incisive market intelligence, but include additional chapters and primary research data.

Key Note Market Reviews

Focusing on the bigger picture, these Reports are designed to inform you of developments and opportunities across entire industry sectors.

Key Note Market Assessments

These Reports provide an in-depth strategic analysis and include primary research, examining the scope, dynamics and shape of key UK and European markets, with a particular focus on financial services, as well as the consumer and lifestyle sectors.

Key Note Top Markets and Market Forecasts

These essential reference tools summarise the scope, dynamics, dimensions and likely future shape of key UK markets in the Consumer, Financial, Lifestyles and Business-to-Business sectors. Encompassing over 130 markets, TMMP comprise 20 Reports forming a formidable mini business library.

Key Note Financial Survey Reports

These detailed Reports provide invaluable financial information, contact details and company profiles from approximately 90 industry sectors.

Key Note Regional Leads Reports

For each region of Great Britain there is a detailed Regional Leads Report, bringing you invaluable financial information and contact details of thousands of companies which are profiled in each Report.

Key Note Bespoke Data Services

As well as choosing the companies you want to analyse, you can also choose exactly what performance information you need on them with our Bespoke Data Services. We will be able to provide you with information covering the companies, sectors, performance figures, ratios and other data items specific to your individual requirements.

Page 203: Computer and Video Games Industry 2011

8. Further Key Note Sources

Further Sources © Key Note Ltd 2011

Key Note UKplc Report

Ukplc is an indispensable guide for managers and those interested in gaining a greater insight into the financial performance of an average company operating in each of the main industries in the UK. Providing up-to-date information and analysis, the publication provides the reader with a unique overview of the current state of the UK economy.

For more information contact us at [email protected], or alternatively call us on 020 3405 1120.

Page 204: Computer and Video Games Industry 2011

505 Games Ltd 3-2Accessories 4 Technology Ltd 3-4Activision Blizzard UK Ltd 3-6Barkman Computers Ltd 3-8Blast Entertainment Ltd 3-10

Blitz Games Studios Ltd 3-12Centresoft Ltd 3-14Choices UK Group Ltd 3-16Codemasters Software Co. Ltd (The) 3-18Connect Entertainment Ltd 3-20

The Creative Assembly International Ltd 3-22Datel Holdings Ltd 3-24Electronic Arts Ltd 3-26Eutechnyx Ltd 3-28Evolution Studios Ltd 3-30

Feral Interactive Ltd 3-32Gadgets & Games Ltd 3-34The Game Group PLC 3-36Gamecock Media Europe Ltd 3-38Games-Masters.Com Ltd 3-40

Games Station Ltd 3-42Gemini Technology Ltd 3-44Ghostlight Ltd 3-46H M V Group PLC 3-48H M V Music Ltd 3-50

Hyperion Capital Partners Ltd 3-52Ignition Entertainment Ltd 3-54Inspired Gaming Group Ltd 3-56I.T. World Services Ltd 3-58Jagex Ltd 3-60

Jaredmedia Ltd 3-62Kuju Entertainment Ltd 3-64Mad Catz Europe Ltd 3-66Majesty House Ltd 3-68Media Molecule Ltd 3-70

Microsoft Ltd 3-72Midas Interactive Entertainment Ltd 3-74Namco Bandai Partners UK Ltd 3-76P.D.Q. Distribution Ltd 3-78Radica U.K. Ltd 3-80

Rare Ltd 3-82Rebellion Developments Ltd 3-84Relentless Software Ltd 3-86Rising Star Games Ltd 3-88Rockstar London Ltd 3-90

Sega Europe Ltd 3-92Sony Computer Entertainment UK Ltd 3-94Sports Interactive Ltd 3-96Square Enix Ltd 3-98Sumo Digital Ltd 3-100

Take-Two GB Ltd 3-102T H Q Digital Studios UK Ltd 3-104Thq (UK) Ltd 3-106Tradewest Games Ltd 3-108Ubisoft Ltd 3-110

Zenimax Europe Ltd 3-112Zoe Mode Entertainment Ltd 3-114

Company Index

8-1Key Note LtdSee sections 6 & 7 for Analysis Notes and Definitions