2021
FULL YEAR RESULTS
30 MARCH 2022

DISCLAIMER
References to “Keywords”, “Keywords Studios” or the “Group” are to Keywords Studios Plc (the “Company”) and its subsidiaries unless otherwise stated. The “Keywords
Studios” word and logo marks are trademarks owned by Keywords International Limited, a member of the Group. Other product and company names mentioned herein may
be the trademarks of their respective owners.
This report contains “forward-looking statements” with respect to the Group’s financial condition, results of operations and businesses and certain of the Group’s plans andobjectives. In particular, such forward-looking statements include, but are not limited to, statements with respect to: expectations regarding the Group’s financial condition or
results of operations and the guidance for a financial year; the Group’s sustainable business strategy and targets; expectations for the Group’s future performance generally;
expectations regarding the operating environment and market conditions and trends, including customers, new game launches and next generation consoles, adjacentmarkets, games-as-a-service, competitive position and macroeconomic pressures, price trends, commercial momentum and opportunities in specific geographic markets;
expectations regarding the integration or performance of current and future investments and newly acquired businesses. Forward-looking statements are sometimes, but notalways, identified by their use of a date in the future or such words as “will”, “anticipates”, “could”, “may”, “should”, “expects”, “believes”, “anticipates”, “estimates”, “intends”,“plans” “projects” or “targets” (in each case including in their negative form or other variations or their comparable terminology). By their nature, forward-looking statements
include matters that are not historical facts and are inherently predictive, speculative and involve risk and uncertainty because they relate to events, and depend on
circumstances, that may or may not occur in the future. No reliance whatsoever should be placed on any forward-looking statements.
There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
These factors include, but are not limited to, the following: changes in economic, financial, political and regulatory conditions; factors that contribute to uncertainty andvolatility, including natural and man-made disasters, civil unrest, pandemics (e.g. the coronavirus (COVID-19) pandemic (the “COVID-19 pandemic”)) and geopoliticaluncertainty; the ability of the Group to successfully recover from a disaster, force majeure event or other business continuity problem including, but not limited to, due to ahurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, insider threats or supplier breach, power loss, telecommunications failure or othernatural or man-made event; any governmental or other third party policies or actions to maintain the functioning of national or global economies and markets; changes tolegal, regulatory and tax environments; increased competition; the Group’s ability to generate and grow revenue; slower than expected customer growth, reduced customer
retention, reductions or changes in customer spending and increased pricing pressure; the Group’s ability to attract and retain talent and wage inflation; the Group’s ability torealise expected benefits or synergies from acquisitions; acquisitions and divestments of Group businesses and assets and the pursuit of new, unexpected strategic
opportunities; the Group’s ability to integrate acquired business or assets; the extent of any future write-downs or impairment charges on the Group’s assets, or restructuring
charges incurred as a result of an acquisition or disposition; developments in the Group’s financial condition, earnings and distributable funds and other factors that the Board
takes into account in determining the level of dividends; the Group’s ability to satisfy working capital requirements; and changes in foreign exchange rates.

Keywords Studios – 2021 Full Year Results

2

AGENDA01

2021 Results Highlights

02

Financial Review

03

Strategy04

Outlook

Keywords Studios – 2021 Full Year Results

3

E X E C U T I V E S U M M A RY

01

02

03

Strong revenue growth driven by high levelsof demand and supported by a buoyant video
games industry refocused on new content
creation

Continued profitability growth and strong
cash generation provides a balance sheet
able to support investment and shareholder
returns

Acquisition strategy delivering expanded
geographical reach with six high quality
acquisitions completed

04

05

06

Good progress with our Responsible
Business agenda; MSCI ESG Ratings of ‘A’,
new Group Environmental policy and Womenin Games partnership

Evolving our strategy - together with 60
leaders from across Keywords, five
workstreams are in place to kick-start theprocess for taking Keywords to the next level

Trading in the first quarter has started well withstrong demand across all of our service lines,
confident in delivering at the higher end ofcurrent market expectations for the full year

Continue to further cement our position as the ‘go to’ provider of technicaland creative solutions to the video games industry and beyond
Keywords Studios – 2021 Full Year Results

4

STRONG REVENUE AND PROFIT GROWTHREVENUE

ADJUSTED PBTADJUSTED EPS+ 37.1%+ 56.4%+ 46.5%

Revenue up to €512.2m

Adjusted PBT €86.0m

Adjusted EPS 89.24c(2020: €373.5m)(2020: €55.0m)(2020: 60.93c)

ORGANIC REVENUE GROWTH

ADJUSTED PBT MARGIN

TO TA L D I V I D E N D+ 19.0%+ 16.8%2.15p(2020: 11.7%)

Increased by 2.1% pts(2020: 14.7%)

33.5% increase over 2018 fullyear dividend(2020: nil)

Definitions of the performance measures are provided in the Alternative performance measures chart in the Appendix

Keywords Studios – 2021 Full Year Results

5ACQUISITIONS AND PIPELINE

6

€126m

Acquisitions
completed in 2021

Total maximum
consideration

Strong pipeline with a primary focus on
Game Development and Marketing
Services

Keywords Studios – 2021 Full Year Results

6

RESPONSIBLE BUSINESSKEYWORDS’ PRIORITIES 2021 MSCI ESG Ratings assessment improved to a rating of‘A’, up from BBB previously
PEOPLE (INCLUDING DE&I)
 Established a new partnership with Women in Games, a notfor-profit organisation that seeks a game industry, culture andcommunity free from gender discrimination. Planning a numberof initiatives to leverage our global platform and client
relationships in 2022

CLIENTCOMMUNITY Developed our first Group Environmental policy covering ourenergy and recycling practices, which will further develop our
Sustainable Studios programme

PLANET Hardship fund available to help affected employees of theunfolding humanitarian crisis in Ukraine and Keywords Care
CSR fund increased
GOVERNANCE

Keywords Studios – 2021 Full Year Results

7

FINANCIAL
REVIEW

2021 FINANCIAL HIGHLIGHTS

2021
€m

2020
€m

%
changeRevenue

512.2

373.5

37.1%

Organic Revenue Growth

19.0%

11.7%

Adjusted EBITDA

110.0

74.2

Margin

21.5%

19.9%

EBITDA

85.7

66.8

28.3%

Adjusted PBT

86.0

55.0

56.4%

16.8%

14.7%

PBT

48.0

32.5

47.7%

Adjusted EPS (€ cents per share)

89.24

60.93

46.5%

Adjusted free cash flow before tax

92.3

53.4

72.8%

107.3%

97.2%

MarginAdjusted cash conversion rate

48.4%

 Reported revenue up 37.1%, Organic Revenue up 19.0%

 Adjusted EBITDA up 48.4% with margin improving 1.6%
pts to 21.5%
 Margin benefitted from certain cost savings as a result ofworking from home measures and the revenue shortfalls in
the early stages of the pandemic in the prior year Adjusted PBT up 56.4% with margin improving 2.1% pts to
16.8%; above the Group’s historical range of between 14-15%
due to the short-term benefit from certain costs savings
as a result of COVID-19

 PBT increased by 47.7%, reflecting the increase in Adjusted
PBT and COVID-19 costs benefits mentioned above

Keywords Studios – 2021 Full Year Results

9

S E RV I C E L I N E R E V I E W

Organic Revenue growth

2021

2020

2021
Revenue
growth

10%

24.4%

13.0%

26.7%

9%

33.7%

30.8%

27%

16.0%

12%

27.4%

% of
revenue

Organic Revenue growth

2021

2020

2021
Revenue
growth

18%

17.2%

16.1%

18.1%

151.1%

10%

12.2%(4.0%)

11.9%

17.1%

73.6%

5%

16.7%

4.4%

16.3%

5.8%

29.9%

9%

12.7%

17.5%

9.8%

% of
revenue

Keywords Studios – 2021 Full Year Results

10

O P E R AT I N G A N D F R E E C A S H F L O W
2021
€m

2020
€m

Change€m

Adjusted EBITDA

110.1

74.2

35.9

MMTC and VGTR

(4.5)

0.6

(5.1)

Working capital and other items

11.3

(2.2)

13.5

 Increase in Adjusted EBITDA of €35.9m

Capex – PPE(19.4)(13.9)(5.5)

 Working capital and other items improvement of €13.5m

Capex - intangible assets

(0.3)

(0.3)

0.0

Payments of principal on lease liabilities(10.0)

(8.2)

(1.8)

-

9.2

(9.2)

Operating cash flows

87.2

59.4

27.8

Net Interest paid

(2.7)

(1.6)

(1.1)

Free cash flow before tax

84.5

57.8

26.7

Tax

(23.9)(4.5)(19.4)

Free cash flow

60.6

53.3

7.3

 €7.3m increase in Free Cash Flow year on year driven by:

COVID-19 employment support subsidies

Adjusted free cash flow before tax
Adjusted cash conversion rate

92.3

53.4

107.3%

97.2%

72.8%

 €5.1m reduction from MMTC credits that are paid a year inarrears €5.5m increase in capex reflecting a return to more normal
levels of spending following the COVID-19 disruption
 The Group received no COVID-19 government employment
retention subsidies in 2021
 €19.4m increase in tax payments on the same period when
the Group benefitted from timing differences that resulted inless payments in the year in respect of the 2020 tax payable Improvement in the adjusted cash flow conversion rate to107.3% (2020: 97.2%) partly driven by some COVID-19
phasing benefits
Keywords Studios – 2021 Full Year Results

11

MOVEMENT IN NET CASH / DEBT

2021
€m

2020
€m

Change€mFree cash flow

60.6

53.3

7.3

M&A - acquisition spend(63.1)(39.9)(23.2)

M&A - acquisition and integration costs

(2.4)

(2.3)

(0.1)

-

1.4

(1.4)

Dividends paid

(0.6)

-

(0.6)

Shares issued for cash

5.3

111.7

(106.4)

Underlying increase / (decrease) in net
cash / (debt)

(0.2)

124.2

(124.4)

FX and other items

2.9

(3.4)

6.3

Increase in net cash / (debt)

2.7

120.8

(118.1)

Opening net cash / (debt)

102.9(17.9)

Closing net cash / (debt)

105.6

102.9

Investment income Acquisition spend of €65.5m:
 €63.1m on acquisitions in respect of the cash component ofboth current and prior year acquisitions
 €2.4m of acquisition and integration costs

 Increase in net cash in H1 2020 driven by successful €110m
equity placing was used to pay down drawings on RCF and
deployed on the value creating M&A programme Increase in net cash of €2.7m versus increase of €120.8m in
2020

 Net cash at 31 December 2021 of €105.6m (2020: €102.9m)

Keywords Studios – 2021 Full Year Results

12ACQUIRING FOR GROWTH
€540m

€215m

€528m

Average organic growth

Total consideration and number of acquisitions

+15%

€120m

6

€440m

11

€100m

6

€80m

€340m

€297m

9

€60m

7

€40m

€240m

4

€20m
€0m

€140m

€40m

9

4

2014

2015

2016

2017

2018

2019

2020

2021

€16m
2013 revenue

Acquired revenue

Organic revenue

2021 Pro Forma
Revenue

56€256m

Value creating acquisitions
since IPO

in net cash and undrawn RCF

Art Services

Marketing Services

Game Development

Audio Services

Functional Testing

Localization

Localization Testing

Player Support

Strong pipeline from which we are selecting highest quality opportunities
Particular focus on Marketing Services and Game Development
Keywords Studios – 2021 Full Year Results

13

FUNDING POSITION AND GUIDANCE

Robust financial position to enable strategy

Full year guidance
Cash generative business withan adjusted free cash flow
conversion of 107.3% in 2021
(2020: 97.2%)€256m of liquidity throughcash and undrawn
committed RCF headroom

Revolving Credit Facility (RCF)of €150m with a €50m accordion

Balance sheet capacity to:Provide flexibility to executeacquisition strategy

Support the business andcustomers through and beyond
any COVID-19 disruption

Reviewing a strong pipelineof acquisition opportunities* As at 28th March 2022, company compiled analysts' forecasts gave a consensus for FY 2022 of€597m of revenue (range: €587-610m) and €92m of adjusted profit before tax (range: €90-95m).

Good start to the year with theOrganic Revenue growth
momentum flowing into 2022, andtotal revenue benefitting fromfavourable currency movements

Capex in line with 2021 relative
to revenue reflecting continued
expansionary capex andinvestment in equipment

Adjusted PBT margins to move backtowards the 14–15% historical range
during 2022 as some costs returnand as we continue to invest in thegrowth of the business

Adjusted Cash Conversion
rate of ~80%, representing a
reduction on 2021, reflecting
the unwinding of some of thephasing benefits in 2021

Adjusted Effective Tax rate in linewith the 2021 rate of ~21%

We are confident of delivering aperformance for the full year
towards the top end of current
market expectations*

Keywords Studios – 2021 Full Year Results

14

S T R AT E G Y

O U R S T R AT E G Y
The ‘go to’ provider for technical and creative solutions to the video games industry
01

02

03

Unique end-to-end global solutions
platform in a highly fragmented
global market

Relationships with the top games
companies; who are increasingly
moving to external partners, in amore structured way

Unrivalled scale and flexible
resource, in proximity to our clients

04

05

06

Attractive employer to talent pools
around the world

Resilient business, diversified bygeography, service and client baseCompelling platform fortarget acquisitions

Increasing barriers to entry as a result of reputation for quality, expertise, scale, global reach and fullrange of services
Keywords Studios – 2021 Full Year Results

16

WELL BALANCED BUSINESS ACROSS THE
DEVELOPMENT LIFE CYCLE
Localization
Testing

Continue to move up the value chain:

Localization

01

02

Increasingly integrated
into customer workflows

Increasing numbers ofclient specific, dedicated
teams

03

04

Higher levels of repeat
continuous service
provision (e.g. Gaas)

Capturing additional shareof wallet

Audio
Services

2018

2019

€250.8m€326.5m
9%Functional
Testing

5%

Art Services

10%

5% 6%
12%
21%

2020

2021

27%

€373.5m

13%

12%€512.2m

PlayerSupportGame
Development

11%
18%
10%

21%

9%
10%

MarketingServices
Keywords Studios – 2021 Full Year Results

17

I N T E R N AT I O N A L S C A L E A N D F L E X I B I L I T Y A C R O S SMARKETS IS KEY
Liverpool

Leamington Spa

ChicagoMexico City
Vancouver

OrlandoBeijing

Dublin (HQ)

Raleigh
Montreal

Newcastle

LondonAustinBerlinDalianKatowice

SeattleBrighton
Quebec CIty
Saint Jerome
OttawaNew Orleans

Art Creation & MarketingGame Development
Audio

ManilaMelbourne

Functional Testing
Localization
Localization Testing

New Delhi

Los Angeles
Pune

Portland

Taipei

Player Support
MadridChengduBarcelona

An average of 9,493 people in
2021, working in over 50 languages,
more than 70 studios, in 23
countries, on 5 continents

Volgograd

Paris
Rio de JaneiroSão Paulo

The Hague

Saint Petersburg

Hamburg
Krakow

Zhengzhou

Singapore

Yogyakarta

Shanghai

Tokyo

Milan
Rome

Keywords Studios – 2021 Full Year Results

18

MARKET LEADING POSITION

We work with 23 of the top 25 games companies byrevenue and 10 of the top 10 mobile games publishers byrevenue.*

No. of clients using 3 or more services

93

99

2017

2018

120

108

2019

2020

133

2021

Limited customer concentration
1
29.1%

28.4%

30.0%

28.1%
25.6%
0

2017

2018

% Revenue top 5 customers* Newzoo, Top 25 public companies by game revenues in Q3 2021 andApp Annie, Top publishers of 2021

2019

2020

2021

No of customers over 10% of revenue
Keywords Studios – 2021 Full Year Results

19

MARKET GROWTH DRIVERSFAVOURABLE MARKET GROWTH DRIVERS
 Fast growing games industry – c. 9% CAGR
$218.8bn

 Content demand is strong driven by new console launches,
streaming platform developments and Games as a Service
 Increased focus on content following production constraints
 Addressable market for video game content for Keywords,
excluding the domestic China market, of ~US$35bn$177.8bn$180.3bn

2020

2021

$144.4bn

 External service providers account for ~US$11bn of this worktoday
 Trend towards external service provision as the industry deals
with an increasingly complex environment
 Supply chains are becoming more structured as the industry
gradually matures
 Fragmented industry provides opportunities forselective consolidation

2019

2024

Source: Newzoo Global Games Market Report, January 2022

Keywords Studios – 2021 Full Year Results

20

KEYWORDS’ GROWTH DRIVERS

Keywords best placed to exploit market growth
drivers

Strong track record of organic growth Only global, full service provider in the market
19.0%

 Scale begets scale in an otherwise highly fragmented market
 Balanced business across service lines and geographies

15.5%

15.0%

 Increasingly predictable and repeating revenue base

11.7%
10.1%

 Local business development supplemented by global sales
team and continued cross sell opportunity
 Able to provide infrastructure and funding for acquisitions to
grow
2017

2018

2019

2020

2021

Keywords Studios – 2021 Full Year Results

21

E V O LV I N G O U R S T R AT E G Y
Launched five workstreams as part of Bertrand’s 100 day programmeMore in-depth detail at our Capital Markets Day in London on 8 June

Strategic partnerships
Build on current client
relationships so we can create
and capture more value together
while becoming an increasingly
attractive strategic partner withenhanced “customer
propositions”

One Keywords
Preserve Keywords unique andentrepreneurial culture, while
continuing to build an operational
backbone that supports thegrowth of the business into the
future and enable all the different
skill sets across the businessTechnology
Deploy the right tools andtechnology to enhance our
performance and value to ourclients. Supported by internal
operations that can scale tosupport Keywords’ growthambitions

Adjacent markets
Examine opportunities in adjacentsectors such as media andentertainment to ensure we takeadvantage of the increasing
convergence of content with
gamification seen as a route todelivering more engaging content

TalentKeywords is made of highly
talented people and we want tocontinue to be an attractive
destination for talent withenhanced career journeys thatelevate the right people andpropel us forward

Keywords Studios – 2021 Full Year Results

22

S E RV I C E L I N E O U T L O O K% ofrevenue

Organic Revenue growth

2021

2020

2021
Revenue
growth

10%

24.4%

13.0%

26.7%

9%

33.7%

30.8%

151.1%

27%

16.0%

17.1%

73.6%

12%

27.4%

5.8%

29.9%

Art services is expected tocontinue to deliver strong growthin 2022 with our global platform
positioning Keywords in a strong
position to scale up to meet
continued buoyant client demandMarketing: With substantial
opportunity to build further, we
expect to continue to growstrongly in 2022, albeit withgrowth rates moderating fromthe high levels seen in 2021

Game Development demandremains very strong, entering2022 with a higher than normal
level of confirmed revenue. We
expect continued growth, using
our global platform to enable tomeet as much of the demand as
possible

Audio business has started
2022 well and we expect to
be in high demand with anopportunity to grow ourmarket share as we look to
expand into new geographies
to meet this growing demand

Keywords Studios – 2021 Full Year Results

23

S E RV I C E L I N E O U T L O O K% ofrevenue

Organic Revenue growth

2021

2020

2021
Revenue
growth

18%

17.2%

16.1%

18.1%

10%

12.2%

(4.0%)

11.9%

5%

16.7%

4.4%

16.3%

9%

12.7%

17.5%

9.8%

Functional Testing is expected
to deliver continued growth into
2022 as more content flows to
our later stage service lines
following the return to newcontent creation and content
launches during the year

Localization: Alongside theever increasing level of content
that is localised to a greater
degree we are expecting tocontinue to deliver growthreflecting the flow of content tolater stage service lines

Localization Testing we expect
to benefit from the strong
underlying market, a continued
rise in external service provision,and an increased flow of content
to our later stage services in
2022

Player support’s specialist
video games DNA continues
to position us well for growthin 2022 while benefitting froman expanded client base andmore diverse services

Keywords Studios – 2021 Full Year Results

24

STRONG GROWTH ACROSS KEY METRICS

Organic Revenue growth 2017 – 2021%

Revenue – 4 year CAGR of 36%
€m

20

600
500

15

400

300

10

200

5

100
0

0
2017

2018

2019

2020

2017

2021

2018

2019

Adjusted PBT – 4 year CAGR of 39%€m

Adjusted EPS – 4 year CAGR of 30%
c

100

100

80

80

60

60

40

40

20

20

0

2020

2021

2020

2021

0
2017

2018

2019

2020

2021

2017

2018

2019

Keywords Studios – 2021 Full Year Results

25

OUTLOOKGROUP OUTLOOK

01

02

03

Positive start to 2022

Notwithstanding Russia,
confident of FY22 performanceat higher end of expectations

Continued strong margins
moving back towards 14-15%

04

05

06

Well-funded to deliver ouracquisition and growthstrategy

Well positioned in a growthmarketCapital Markets Day in
London on 8 June

Expect to further cement our position as the ‘go to’ provider of technicaland creative services to a global client base
Keywords Studios – 2021 Full Year Results

27

Q&A
BERTRAND BODSON – CEO
JON HAUCK - CFO

B A R R I E R S TO E N T RY

Global presence

Scale

Proximity to talent and clients, multiple time zones

Large clients need large suppliers
Scale

Globalpresence

Reputation for quality
Culture of delivery

Reputation
for quality

Acquisition track record
Disciplined, build out the platform,
cultural fit, integration

Knowledge and expertise
Breadth and depth of capability

BARRIERSTO ENTRY

Financial strength
Performance, stability and resilience

Knowledge
andexpertiseTechnology

Financialstrength

Technology
Regular investment, security

Acquisition
track
recordScalable
model

Scalable model
Flexibility to meet clients needs
Keywords Studios – 2021 Full Year Results

29

A C Q U I S I T I O N H I S TO RY
Year

Art Services

2014

Marketing
services

Game
Development

Audio

Functional
Testing

Localization

Localization
Testing

Lakshya Digital

Liquid Violet
Binari Sonori

Babel MediaBabel Media
Binari Sonori

Babel Media

2015

LiquidDevelopment

ReverbKite Team2016

Mindwalk
Volta

Synthesis
Sonox

EnzymePlayer Research

Synthesis
Sonox

2017

RedHot

VMC

VMC
XLOC
Around the Word
La Marque Rose
Dune Sound
AsRec
LOLA

SPOV

GameSimd3t
Sperasoft

La Marque Rose
Dune Sound
AsRec

2018

Fire Without
Smoke
Trailer Farm

Snowed In
Studio Gobo
Electric Square
Yokozuna Data

MaximalCord
Laced
Blindlight2019

Sunny Side Up
Ichi Worldwide

GetSocial
Wizcorp

Descriptive
Video Works
TV+SYNCHRON
Syllabes

2020

Maverickg-Net
Indigo Pearl

Coconut Lizard
High Voltage

Jingle Bell

Waste Creative

Heavy Iron
Tantalus***
ClimaxWicked Witch

2021

AMC

PlayerSupport

Total Cost*€19.0mAlchemic Dream€10.9mSynthesis
EnzymeAnkama€32.6m

VMC

VMC€101.4m

ReverbKite Team€61.7mAppSecTest**

Kantan€22.5m€80.7m€126m* Includes all cash, deferred and equity portions of consideration** 48.8% subsidiary interest*** 85.0% interest

Keywords Studios – 2021 Full Year Results

30

A LT E R N AT I V E P E R F O R M A N C E M E A S U R E S
The Group reports a number of alternative performance measures (APMs) to present the financial performance of the business which are not GAAP
measures as defined by International Financial Reporting Standards (IFRS). The Directors believe these measures provide valuable additional information
for the users of the financial information to understand the underlying trading performance of the business. In particular, adjusted profit measures areused to provide the users of the accounts a clear understanding of the underlying profitability of the business over time. For full definitions andexplanations of these measures and a reconciliation to the most directly referenceable IFRS line item, please refer to the APMs section at end of theGroup’s Interim Results announcement.
Organic Revenue at constant exchange rates is calculated by adjusting the prior year revenues, adding pre-acquisition revenues for the corresponding period ofownership, and applying the prior year foreign exchange rates to both years.
EBITDA comprises Operating profit as reported in the Consolidated statement of comprehensive income, adjusted for amortisation and impairment of intangible
assets, depreciation, and deducting bank charges. Adjusted EBITDA comprises EBITDA, adjusted for share option expense, costs of acquisition and integration andnon-controlling interest. In order to present the measure consistently year-on-year, the impact of COVID-19 government subsidies claimed in the prior year andinvestment income are also excluded.
Adjusted profit before tax comprises Profit before taxation as reported in the Consolidated statement of comprehensive income, adjusted for share option expense,
costs of acquisition and integration, amortisation and impairment of intangible assets, non-controlling interest, foreign exchange gains and losses, and unwinding of
discounted liabilities. In order to present the measure consistently year-on-year, the impact of COVID-19 government subsidies claimed in the prior year andinvestment income are also excluded.
Adjusted earnings per share comprises the adjusted profit after tax divided by the non-diluted weighted average number of shares as reported. The adjusted profit
after tax comprises the adjusted profit before tax, less the tax expense as reported in the Consolidated statement of comprehensive income, adjusted for the tax
impact of the adjusting items in arriving at adjusted profit before tax.
Adjusted cash conversion rate is the adjusted free cash flow as a percentage of the adjusted profit before tax.
Adjusted free cash flow is a measure of cash flow adjusting for capital expenditure that is supporting growth in future periods (as measured by capital expenditure inexcess of maintenance capital expenditure). In order to present the measure consistently year-on-year, the impact of COVID-19 government subsidies claimed in theprior year is also excluded.
Pro Forma Revenue is calculated by adding pre-acquisition revenues of current year acquisitions to the current year revenue numbers, to illustrate the size of theGroup had the acquisitions been included from the start of the financial year.
Keywords Studios – 2021 Full Year Results

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