Keywords Studios plc 
Annual Report and Accounts 
2013
Keywords Studios plc 
Keywords International Ltd.
Whelan House
South County Business Park
Dublin 18
Ireland
T: +353 190 22 730
F: +353 190 22 774
www.keywordsintl.com
Keywords Studios plc  Annual Report and Accounts 2013 “We are well placed to 
take advantage of the
industry’s expected 
growth and structural
change in 201 4 & 201 5”
Andrew Day
Chief Executive
Keywords at a glance 2
Chairman’s statement 4
Strategic report 6
The market 8
Case study: Game localisation 8
Chief Executive’s review 12
Financial and operating review 16
Board of Directors 18
Directors’ report 19
Directors’ remuneration report 22
Directors’ remuneration 
policy report 24
Independent Auditor’s report 26
Consolidated statement 
of comprehensive income 28
Consolidated statement 
of ﬁnancial position 29
Consolidated statement  
of changes in equity 30
Consolidated statement 
of cash ﬂows 31
Company statement 
of ﬁnancial position 32
Company statement of 
changes in equity 33
Company statement of cash ﬂows 34
Notes forming part of the
Consolidated ﬁnancial statements 35
Company information 55
Contacts 56
Contents
Dublin
Keywords International Ltd.
Whelan House
South County Business Park
Dublin 18
Ireland
T: +353 190 22 730
F: +353 190 22 774
Seattle
Keywords International Inc.
Plaza Center
10900 NE 8th Street, Suite 1000
Bellevue, Seattle, WA  98004
T: +1 425 633 3226 
F: +1 425 633 3228
Tokyo
Keywords International Co., Ltd.
2F Toshin Building
4-33-10 Yoyogi, Shibuya-ku, 
Tokyo 151-0053
T: +81 3 4588 6760
F: +81 3 3375 1518
Montreal
Keywords International Corporation Inc.
410 St-Nicolas, Suite 600 
Montréal, QC 
H2Y 2P5
Canada
T: +1 514 789 04 04
F: +1 514 843 43 52
Rome
Keywords Italia Srl
Via Tiberio Imperatore 15
00145 Rome
Italia
T: +39 06 44 20 25 21 
F: +39 06 44 11 92 17
Singapore
Keywords International
1557 Keppel Road #03-28
Singapore 089066
Contacts
Designed and produced by fourthquarter OVERVIEW St r at eGiC r ePo r t Go ver n an Ce
Fin an Cial Stat emen t S
Keywords Studios plc – Annual Report 2014 1
Introduction
www.keywordsintl.com
Visit the website for further information
Keywords is an international technical
services provider to the global games
industry. Established in 1998, and now
with operations in Dublin, Tokyo, Rome,
Montreal, Seattle, London, New Delhi 
and Singapore. 
It provides integrated localisation, testing
and audio services across 40 languages
and 12 games platforms to a blue chip
client base in more than 15 countries. 
Its customers comprise many well-known
blue chip multinational games publishers
and developers including 15 out of the 
25 most prominent games companies 
listed by Gartner. l o n Do n
r o me
n eW Del Hi
Sin GaPo r e
t o KYo
mo n t r eal
Seat t l e
DUBl in
Keywords is an international technical services provider to the global
video games industry, with facilities in Dublin, Tokyo, Rome, Montreal, 
Seattle, London, Singapore and New Delhi. It has built a strong
reputation across its service oﬀerings, which include:
Seattle
• Established 2012
• Serviced oﬃces for 8, 
scope to expand to 100 
• Onsite Localisation 
QA Localisation
New Delhi (Babel Media)
• Acquired Feb 2014
• Functional QA
Singapore
• Started April 2014
• Localisation, Audio, 
Testing
Rome
• Amalgamated 2011
• Localisation & Audio
Tokyo
• Established in 2010
• Localisation QA,
Localisation & Audio
London (Liquid Violet)
• Acquired in Jan 2014
• Audio
Dublin (HQ)
• Established in 1998
• Localisation, Localisation
QA, Audio Mgmt in 
30+ languages
Montreal
• Localisation QA,
Functional QA,
Localisation 
• Audio 
• Established in 2010
and expanded in 2014
through Babel acquisition
At a glance
2 Keywords Studios plc – Annual Report 2014
• Localisation
translation and cultural
adaption including age
rating support across 
diﬀerent platforms
• Localisation Testing
testing that the translated
and adapted content ﬁts
the games context
• Audio
original voice recording,
voice over recordings, pre
and post production as
well as actor selection 
and management
• Functional Testing
testing for defects and
compliance with console
speciﬁcations • Geographic expansion –
an expansion of
geographic markets and,
therefore, the languages
that games content is
localised for and
translated into;
• Growth in social media –
in both digital and boxed
games across social
media, smartphone
platforms such as iOS 
and Android, and the
traditional console and
handheld platforms of
PlayStation 4, Xbox One,
PlayStation Vita and 
3DS, generating more
localisation and testing
across multiple platforms; 
• Dynamic content trend –
the trend towards richer
and more dynamic
content and high quality
standards which require
high calibre localisation
and testing; and
• Increased outsourcing –
the move, by major
publishers, to outsource
their technical services 
as the complexity and 
cost of undertaking 
these in-house becomes
prohibitive. 
Keywords Studios plc – Annual Report 2014 3
The Group provides integrated localisation, testing and audio services
across 40 languages and 12 games platforms to a blue chip client 
base in over 15 countries from its 9 studios on 3 continents.
As Keywords provides services to the global video games market,
across all platforms without the risks of game creation, the Company
is ideally placed to take advantage of the key growth drivers for 
the industry:
40
Providing integrated
localisation, testing and audio
services across 40 languages
Divisional revenue
split 201 3
12
games platforms to a blue
chip client base in over
15 countries
15
clients serviced of the 25
most prominent games
companies
9
studios providing technical
services to the global games
community
Localisation Testing 58%
Localisation  32%
Audio 8%
Functional Testing 2%
Keywords clients
OVERVIEW St r at eGiC r ePo r t Go ver n an Ce
Fin an Cial Stat emen t S Chairman’s statement
4 Keywords Studios plc – Annual Report 2014
In this, my ﬁrst, statement as Chairman in the Company’s maiden 
full year results as a public company following its admission to AIM 
in July 2013, I would like to set the scene for investors’ own review 
of the Strategic Report and the other components of these Accounts
by outlining my initial view of the Company.
o verview
Keywords has a highly motivated and
skilled team of executives delivering a
high calibre service to its international
client base within a fragmented service
provider market that is ripe for
consolidation. The trend for games
producers/developers to outsource
localisation activities (translation,
localisation testing and functional
testing) and related functions (such as
audio services) continues to gather pace,
oﬀering good opportunities for organic
growth. We, therefore, believe that our
strategy of harnessing this organic
growth opportunity, complemented by
acquisitions to extend the Group’s client
base, geographical presence and service
lines, will underpin the Group’s
signiﬁcant growth in the medium to
long term at stable margins.
We have made considerable progress in
line with that strategy, both organically
and through acquisition. In the year
ended 31 December 2013, we grew
revenue by 14.3% to €16.4m despite a
transitional period in the games industry
which was characterised by an
unexpected scaling back in the number
of next generation launch territories and
delays to some earlier generation games
releases due to the industry’s focus on
two major console releases at the very
end of the year. 
Following the year end, Keywords
acquired in January 2014 Liquid Violet
Ltd, a London-based video games voice
production services company and in
February Babel Media Ltd, a leading
provider of outsourced video games
services with operations in Canada 
and India. In March 2014 we started
operations in Singapore underpinned 
by demand from Electronic Arts as they
chose to outsource translation, audio
and testing services for South East Asian
languages to Keywords and we continue
to review a number of acquisition
opportunities. Adding these businesses
to the Group substantially extends its
capabilities, customer relationships and
geographic reach and we look forward 
to taking advantage of the synergies 
that they bring to Keywords.
Keywords timeline
1998
Keywords founded: 
by Teresa Luppino 
(ex Italian language
specialist working at
Microsoft) and Giorgio
Guastalla
2004
Localisation Testing: 
Company develops
localisation testing
process for video
games with a key 
client, covering 
both functional and
linguistic aspects
simultaneously
2005
Video game focus:
Keywords adopts
strategy of focusing 
on video game market,
earning a reputation 
for delivering a quality,
tailored service
2009
Key appointment:
Andrew Day 
appointed CEO
New business wins: 
Gained new strategic
customers
20 1 0
Oﬃce expansion: 
Moved to new,
expanded premises
in Dublin
International openings: 
Keywords Montreal 
is opened to service
North America
Tokyo facility opened Keywords Studios plc – Annual Report 2014 5
People and culture
Keywords has a distinct and strong
culture which engenders a ‘can do’
attitude and is founded on the value
placed on our people; we trust them and
work hard to empower them to perform
the best service for each project and
each client; we have an inclusive style 
of management, with a ﬂat structure 
and transparent project management
and performance measures; we
measure ourselves and our colleagues
on the value they contribute to the
organisation. This culture underpins
Keywords’ success by providing the
ﬂexibility to respond quickly and
eﬀectively to client requirements. 
So I would like to pay tribute to all 
of our team – for their support, 
hard work and commitment.
Shareholders and dividend
I would also like to thank shareholders
for their continued support as we
pursue a strategy which we believe will
continue to enhance shareholder value
and we look forward to sharing an open
and prosperous partnership with our
new investors following our IPO.
In line with its progressive dividend policy,
subject to the retention of funds needed
to fund future growth of the Group’s
business and its strategic aims, the Board
is pleased to recommend a ﬁnal dividend
of 0.67p per share which, following the
maiden interim dividend payment of
0.33p per share on 28 October 2013, 
will make the total dividend for the year
ending 31 December 2013 1.00p per
share. Subject to shareholder approval 
at the Annual General meeting, the ﬁnal
dividend will be paid on 25 July 2014 
to all shareholders on the register at 
4 July 2014.
In future years, the Board expects that
the interim dividend will be around one
third of the total dividend for the year.
l ooking ahead
2014 is expected to be a year of
signiﬁcant activity for the games
industry driven by games launches to
support both the fast growing new
generation consoles and the existing
250m previous generation console 
base, in addition to substantial growth 
in smartphone gaming. 
With a leading market and ﬁnancial
position, Keywords is well placed to 
take advantage of this industry growth
and we expect it to make strong
progress, both organically and through
acquisition, in our ﬁrst full ﬁnancial 
year as a listed company.
Ross K Graham
Chairman
7 April 2014
2011
Italian integration: 
Keywords Italia SRL, 
Rome was integrated
2012
US integration: 
Keywords Seattle
incorporated
2013
AIM listing: 
Keywords Studios plc 
listed on AIM. Flotation
raised £28m issuing new
shares at 123p each.
Signiﬁcantly strengthened
board
2014
Acquisitions: 
Liquid Violet and Babel Media acquired
Singapore established:
Singapore Studio established with
Electronic Arts as an anchor client
OVERVIEW St r at eGiC r ePo r t Go ver n an Ce
Fin an Cial Stat emen t S
 #+(00(-,  -"2+$,1 Strategic report
6 Keywords Studios plc – Annual Report 2014
Keywords Studios’ strategy is to grow both organically and by
acquisition to extend the Group’s client base, market penetration 
and service lines, where the Group can use its existing expertise,
multi-service platform, scale and global reach to generate synergies 
in a highly fragmented games services industry. The Board believes
that there is a clear opportunity for Keywords to extend its existing
relationships with many of the major games companies through:
0
10
20
30
40
50
60
70
80
90
2010 2011 2012 2013 2014 2015 2016
Total spend, $bn
Asia Paciﬁc EMEA North America Latin America
Global videogame spending
1
Outsourcing
Capturing new blue chip customers who are looking to outsource
all their localisation requirements as it has become costly for
publishers and developers to deliver games localisation all around
the world, on multiple platforms in-house.
Acquisitions
Selective acquisitions which generate synergies or extend
its client base, geographical penetration or service lines 
Adjacent activities
Expanding both downstream, into operational support services such 
as customer services and payment services and upstream, into original
games content development, original language audio and motion capture.
Geographical growth
Expanding its global presence, primarily through oﬃce expansion thereby
increasing headcount and expanding its global client base. In particular, 
Asia Paciﬁc accounts for three out of the top four video games markets in
the world and is projected to be the fastest growing region during the next
ﬁve years, increasing to $40 billion in 2016 (2011: $24 billion)
1
and Spanish
speaking South America is a large growth market for video games.
1
Source: PwC Global Entertainment & Media Outlook 2012-2016. Keywords Studios plc – Annual Report 2014 7
o ver vieW STRATEGIC REPORT Go ver n an Ce
Fin an Cial Stat emen t S
Business model
Keywords is an outsourced services
company providing technical services to
the video games industry globally to
assist developers and publishers to
develop, sell and operationally support
their games regardless of the deployment
platform or the genre of the game. 
Currently, the business provides
translation, audio, localisation testing
and functional testing services to the
video games market across all games
platforms including consoles, PCs, the
internet, mobile phones and tablets. 
These services are delivered through a
number of strategically located facilities
(“studios”) or through the provision of
managed services on client’s premises. 
Services provided by the various
Keywords studios are typically
diﬀerentiated by language mix,
scalability, ﬂexibility, price and proximity
to clients. Localisation is not limited 
to translation into multiple languages;
developers and publishers need to 
take into account the varied cultural,
technical and legal diﬀerences of their
global consumers and the quality of
localisation is now viewed as a critical
factor in the success of a new launch.
The geographical diﬀerences require
localisation service providers to diligently
consider the target gamers’ age range,
gender and linguistic variables as well 
as the cultural and political context of
the game. As such, Keywords employs
games-specialised translators and
native speakers who test in-game
content in more than 40 languages,
giving it a resource base of market
leading scale and which its clients
would require substantial investment
to replicate in-house.
The Directors believe that, through this
capability, Keywords has established 
an industry reputation for quality. 
The Company’s unique selling points,
including the use of games-specialised
native staﬀ for all languages, the ability
to oﬀer their services ﬂexibly on-site at
clients’ premises or in its specialised and
secure global studios, its track record of
delivery of services to many of the most
prominent games companies, together
with its integrated localisation, audio and
testing capabilities, diﬀerentiates
Keywords from its competitors.
Overall, Keywords provides its essential
services on a variable cost basis to its
blue chip customer base to support
those developers and publishers
through challenging production
and game operation support needs.
It works in a highly ﬂexible and eﬃcient
manner and its revenues are derived
from the provision of these
professional services, which are
charged largely on a time and
materials basis. As such, the Group
is not exposed to the successes and
failures of individual game titles. 
The quantity and quality of game
content is the key driver of demand for
the Company’s services and, thanks to
the loyalty of its clients, who have
typically increased the percentage of
work awarded to Keywords year on year,
the Company has grown rapidly over the
past ﬁve years with minimal investment
in business development. 
The annual business cycle in the industry
varies depending on the market sector.
Console and PC games largely follow 
a seasonal pattern with titles being
published for the holiday period
including Thanksgiving and Christmas.
Mobile, social and online games do not
follow this pattern and are not driven 
by particular release schedules. 
As Keywords strengthens its original
language game production activities
including functional testing and original
voice recording (which take place earlier
in the game production cycle than
localisation services) and the Group
increases its penetration of the mobile
and social games market, the very
marked seasonal revenue curve
experienced until two years ago will
continue to be oﬀset by greater activity
around the year.
Low operational gearing has been 
and will remain a feature of Keywords
business. As the Company undertakes
acquisitions it is likely that some of 
these businesses will operate less
ﬂexibly than Keywords, in which case 
the Directors will explore opportunities
to move their operating models closer 
to those of Keywords. 
Keywords is not a capital intensive
business but strives to make its people
and processes the most productive and
eﬃcient. During 2013, the Company
invested a total of €0.4m in game testing
consoles, PCs and mobile devices to
support its testing activities, the
Company invested a total of €0.4m in
2013. Cash ﬂow is a strong feature 
of the business, generally matching net
income. In 2013, net income excluding
the one-time costs of the IPO amounted
to €1.9m, generating operational cash
ﬂow of €2.2m.
Delivering a premium service
The Company focuses 
on quality and delivering
a premium service 
at a competitive price
across the following
range of services:
l ocalisation Services:
translation of in game text,
audio scripts, language quality
control services and
packaging and marketing
materials
testing Services: 
non language based
functional (core) quality
assurance, and localisation
testing in over 40 languages
using native speaking testers 
audio Services: 
multi language voice over,
original language voice
recording and related
services  The Market
8 Keywords Studios plc – Annual Report 2014
The global video games market is predicted to grow signiﬁcantly, with
PwC forecasting a CAGR of 6.5 per cent, from $65.5 billion in 2013 
to $82.9 billion in 2017
1
. Spending on games software is predicted to
grow by solid double digit percentages during the next ﬁve years
2
.
In 2013, the market for each of the games platforms was as follows:
The proliferation of games platforms
(beyond console and PCs to online,
social, mobile and cloud-based gaming),
and monetisation models (beyond
traditional retail sales to in-game
purchases and advertising and bolt-on
content models) which has been seen
in the industry has resulted in a
number of key market growth drivers
for Keywords; it is taking video gaming
into new markets both geographically
and demographically; it is making
content more dynamic and continuous,
as games developers seek to keep
users engaged for longer; and it is
underpinning a trend towards
outsourcing localisation and testing
services, as set out below.
The key drivers of this growth are:
A proliferation of games platforms:
although console and PC packaged
games currently represent the majority
of revenues in the video games market,
they are fast being overtaken by 
mobile social and online gaming. 
This proliferation of gaming platforms
has increased accessibility and
opened up new:
• geographical markets, given the
absence of the requirement for
relatively expensive console systems 
or landline based internet
connectivity. The development of
mobile gaming in particular has
opened up new geographical markets.
While the U.S.A. remains the largest
video games market in the world, high
rates of growth are being seen in
developing countries, such as Nigeria,
Kenya, India and Vietnam, which have
little history of console or PC gaming.
• demographic markets, a recent
survey of the US entertainment
software market by the Entertainment
Software Association reveals that of
47% of all game players (video and
computer games) are women and that
68% of games players are 18 years of
age or older, demonstrating that the
market has moved well beyond the
average gamer being a young male. 
Emerging monetisation models:
the industry is shifting from the
traditional retail sales of static boxed
games, to new monetisation models
which include generating revenues
from in-game purchases of and digitally
distributed dynamic content,
advertising and ongoing upgrades
which are downloadable and extend
the lifetime value of the game. With
new content continually produced 
by developers to support these 
models, games content now evolves
considerably after its initial launch 
and has become richer / more complex
overall. Games content is, therefore,
predicted to grow at a faster rate than
the overall market, whilst the need for
localisation and testing support has
extended well beyond the games’ initial
sale and towards a requirement for
continuing operational support. 
Global games market ($bn) – 2013/201 7 estimate
2013  $bn
201 7  $bn
$ 65.6 bn
$82.9 bn
Console games
31.2 30.3 7.0 14.4
26.0 22.5 7.2 9.9
Online games PC games Mobile games
1
PwC Global Entertainment & Media Outlook 2013-2017.
2
Gartner, Market Trends: Gaming Ecosystem goes mobile with new monetization models, 21 November 2012. Keywords Studios plc – Annual Report 2014 9
Trend towards outsourcing: 
As localisation and testing has become
more complex and resource-intensive,
due to the proliferation of devices,
audiences, distribution channels,
monetisation models and the increased
complexity of content, it has become
less cost eﬀective for publishers to 
have suﬃcient resources for in-house
localisation and testing and they are
turning to trusted external providers.
Given the increased complexity of
getting their products to market,
publishers are focusing their resources
on devising successful new business
models whilst aiming to optimise their
return on investment by ensuring
content is delivered eﬃciently and
successfully across a growing number 
of games platforms and geographical
markets, underpinning a continued
trend towards outsourcing technical
services such as localisation and testing. 
In addition to the long term market
drivers outlined above, the console
launch cycle is an important factor in 
the growth rate of software sales into
the console based gaming market.
Mainstream console releases generally
come in generations, and the Nintendo
Wii U was the ﬁrst release of what the
industry terms the eighth generation 
of home consoles. This was followed 
in November 2013 with the launch of 
the Microsoft Xbox One and the Sony
PlayStation 4. Both consoles are 
selling well but are held back by lack 
of availability in certain territories. 
On 18 March 2014, Microsoft
announced that Xbox One would 
be launched in a further 26 countries 
in September 2014.
Despite an international and blue chip
client base, technical services for the
games industry remains a highly
fragmented market. The Directors
believe the Group is one of very few
international providers of the full range
of localisation services – localisation,
audio and testing – with a pure focus 
on the video games industry. 
The majority of the Group’s competitors
in the video games localisation industry
oﬀer either:
(i) translation; or 
(ii) translation and audio; or 
(iii) testing (localisation and functional) 
and often with limited geographical
reach. As such they do not provide the
complete outsourced integration of
localisation and testing services that the
Group is able to provide internationally.
Babel Media which was acquired by
Keywords in February 2014 is regarded
by the Directors as the most
comparable business in terms of spread
of services oﬀered and outright focus
on the games industry. Beyond these
services, the wider market for general
video games technical services is even
more fragmented, with no specialised
provider oﬀering a complete video
games technical services solution. 
17%
of games spend is on wireless
and online – expected to
overtake console & PC games 
47%
of all players 
are women
68%
of gamers are 
18 years of 
age or older
37%
of consumers are
forecasted to spend
online by 2017
Key market drivers
• Proliferation of games
platforms: beyond console
and PCs to online, social,
mobile and cloud-based
gaming
• Opening new geographical
markets: high rates of
growth in developing
markets 
• Emerging monetisation
models: revenues from
in-game purchases, digitally
distributed dynamic
content, advertising and
ongoing upgrades which
extend the lifetime value 
of the game
• Growth rate: games content
is to grow at a faster rate than
the overall market. Keywords
is dependent on industry
growth and not reliant on
individual client success.
• Live operations support:
Need for localisation and
testing support extended
well beyond the games’ 
initial sale
• Trend towards outsourcing:
increased complexity of
getting content to market;
multiple platforms, greater
geographies and new
monetisation models;
developers focused on 
new business models 
and market strategies
Localisation needs to take
account of cultural, age range,
gender, linguistic, technical,
political and legal diﬀerences
of global consumers to 
attract and maintain players
and quality of localisation is 
a critical factor 
So it is less cost eﬀective for
publishers to suﬃciently
resource in-house 
localisation and testing
o ver vieW STRATEGIC REPORT Go ver n an Ce
Fin an Cial Stat emen t S Case study: Game localisation 
Pro Evolution Soccer
10 Keywords Studios plc – Annual Report 2014
Games developed in source language multiply many times by
platform, by language, service and over time...
Pro Evolution Soccer
“World Soccer Winning Eleven”:
is a series of football video games
developed and published by Konami.
Every year, the game is released around
late September and/or early October
with two diﬀerent titles: World Soccer:
Winning Eleven in Japan, and Pro
Evolution Soccer in other countries. 
The Japanese version is a localized
version that features local leagues. 
In 2007, the franchise began to use the
name “Winning Eleven: Pro Evolution
Soccer” for the American market, which
was later changed to “Pro Evolution
Soccer” in 2008, dropping the “Winning
Eleven” moniker entirely for that region.
Original language:
starts as single 
title in original
language in this
case, Japanese Keywords Studios plc – Annual Report 2014 11
Languages C C C C C C Platforms Release cycles
Audio recording:
in select target
languages.
Target languages:
translated and
culturally adapted
to target languages.
Tested:
in all languages
across all target
platforms.
o ver vieW STRATEGIC REPORT Go ver n an Ce
Fin an Cial Stat emen t S
English
French
Italian
German
Mex Spanish
Spanish
Portuguese
Arabic
Greek
Korean
Swedish
Turkish 
Russian
Brazilian
Chinese
Dutch Chief Executive’s review
12 Keywords Studios plc – Annual Report 2014
2013 was a year in which we invested in the business in the expectation
that the next generation console launches, in combination with games
development for the installed console base as well as social and mobile
platforms would underpin a substantial increase in activity levels 
during the ﬁnancial year.
o verview
The unexpected scale back in the
number of next generation launch
territories, combined with delays to
some earlier generation games releases
due to the industry’s focus on the two
major console releases at the very end
of the year, held margins back in 2013.
However, we are now well positioned 
to take advantage of this investment;
2014 and 2015, are expected to be
periods of signiﬁcant activity for the
games industry as it beneﬁts more fully
from the new generation of consoles 
in line with the growth in the installed
base for these devices.
Overall, despite the uncertainty in the
industry, we delivered strong revenue
growth and have made considerable
progress in line with our strategy to
expand the Group’s oﬀering both
organically and by acquisition.
2013 ﬁnancial performance
highlights
The Group’s revenues increased by 
14% to €16.39m (2012: €14.34m) during
the period. This increase was primarily
driven by our largest service line,
Localisation Testing, which grew by 
21% whilst Localisation Activities, grew
marginally, by 2%, and Audio and
Functional Testing, grew by 23.3% as
outlined in more detail in the
operational review.
Operating expenses includes one-time
costs relating to the IPO of €1.12m
(2012: €nil) and non-cash costs related
to share option expenses of €0.07m
(2012: €nil). Operating expenses
excluding these two items increased by
a total of €0.54m for the period to
€3.25m (2012: €2.71m) arising from our
investment in expansion and increased
capacity. In particular, this reﬂected a
€0.19m increase in operating costs in
Montreal and Seattle as we expanded
our Localisation and Testing capacity,
and €0.28m incremental costs in the
Company related to the new Board and
the compliance costs of being a public
company. The depreciation expense
increased by €0.07m arising from the
Group’s continued modest investment
in testing equipment.
Whilst prices for the Company’s services
have mostly remained unchanged
during 2013, our investment in
additional capacity ahead of anticipated
higher levels of activity in the second half
of 2013 as well as in start up costs in 
our Managed Services operation in
Seattle led to Gross Proﬁt Margins for
the continuing businesses being held
back to 34.6% (2012: 38.5%).
One-time costs of €1.40m (2012: nil)
were incurred in the year, relating to
expenses associated with the Group’s
IPO on 12 July 2013. €0.28m of this was
capitalised against the share premium
account, with the balance of €1.12m
included in operating expenses. 
The Group reported adjusted proﬁt
before tax (before IPO expenses, share
option charges and foreign currency
movements) for 2013 of €2.45m (2012:
€2.85m). Statutory proﬁt before tax for
the period was €1.16m (2012: €2.74m). 
The average tax rate on the proﬁt before
taxation (excluding losses before tax) in
the period was 14.8% (2012: 13.1%). The
increase is due to higher tax rates in the
USA on the Group’s Seattle operations. 
The basic earnings per share, excluding
the one-time costs of the IPO, were 5.28c
(2012: 7.30c). Basic earnings per share
from continuing operations were 2.14c. 
o perational review
During the year, the Group continued to
grow its market share and build on its
strong reputation for quality of service
and delivery, from secure facilities, as
evidenced by an excellent client
retention record and client wins, which
include Blizzard Entertainment, Disney,
King and Supercell. Keywords Studios plc – Annual Report 2014 13
o ver vieW STRATEGIC REPORT Go ver n an Ce
Fin an Cial Stat emen t S
Despite a more turbulent than expected
year for the reasons described above,
the company performed well in 2013,
growing organically and delivering a 
14% increase in revenues. 
Localisation Testing operations, which
accounted for 58% of Group revenue,
grew by 21% to €9.47m (2012: €7.82m)
primarily driven by the launch of the new
generation of consoles from Sony and
Microsoft as well as our newly created
operation in Seattle. Important new
client contributors to the division
included Disney Interactive, Blizzard
Entertainment and Pretty Simple Games.
During the year, the Company also
established a managed services
operation for a major client in Seattle
with the Company managing localisation
testing operations on site at Microsoft.
During the year we tested the majority of
Sony published launch titles for PS4 and
all Microsoft published launch titles for
Xbox One. Localisation (translation)
activities, which accounted for 32.5% of
Group revenue, increased revenues
marginally, by 2%, to €5.32m (2012:
€5.23m). Being less exposed to the
console games market than our testing
operations, the translation business
derives the majority of its revenues from
mobile, social and online games. It saw
an increased volume in mobile games,
which continues to grow strongly, oﬀset
by some softening in demand from
certain clients in online and social games
.King.com (Candy Crush Saga and other
titles), Kixeye (Vega Conﬂict, Backyard
Monsters and others), Supercell
(Clash of Clans, Hay Day and other
titles) all joined our stable of clients
during the year. 
Our Audio activities, which account for
8% of Group revenues, grew by 25% to
€1.25m (2012: €0.99m). This had been 
a ﬂedgling operation for Keywords and
the acquisition of Liquid Violet, in
January 2014, was a signiﬁcant step in
extending the scale and capability of this
important activity. Voice recordings in
video games lie at the richer end of the
content spectrum and are anticipated to
be a strong growth activity, given the
capability of the new generation of
consoles to handle larger content loads,
combined with the expansion of
broadband capacity and that
smartphone devices and networks
are becoming more capable of
managing richer content.
Functional Testing remained a small
contributor to Group revenue,
accounting for 2% in 2013 but grew 
by 17% to €0.35m from €0.30m on 
the back of new client wins particularly
for higher value platform compliance
testing. The acquisition of Babel Media 
in February 2014, will signiﬁcantly
extend Keywords’ functional testing
capability, in which the Group was
formerly underrepresented, thus
improving the balance of the Group’s
portfolio of services in 2014.
Overall, the Group has signiﬁcantly
extended its range of services, depth of
capability and market penetration whilst
adding new geographies organically and
through acquisitions, as outlined below.
Service line extensions
Keywords has extended its range of
services to include oﬀering multilingual
customer support, meaning that
Keywords is the ﬁrst line of customer
support to its clients’ communities of
gamers. This service leverages our 
700 games and language specialised
staﬀ and our recruitment pipelines 
for similarly proﬁled individuals. As
games transition through the production 
and launch phases to ongoing live
operational support, Keywords teams of
native language testers can follow the
game into the market, thereby exploiting
their deep knowledge of all aspects of
the game to support players as they
engage with the content.
We have also trialled, in 2013, and are
actively promoting in 2014, a service 
to objectively advise clients on the
adaptation of user interface and 
user experience (UI/UX) design when
globalising their games; a new service
created through the collaboration of 
our Tokyo and Montreal studios. 
We intend to continue to extend our
service lines in line with client and
market demand both through
acquisitions and by leveraging the
Group’s existing internal skill sets to
develop additional services to take
to market. 
Geographic expansion
The Group has expanded geographically
and now has nine studios in three
continents providing full localisation
services to local and global clients. 
This broad reach has enabled Keywords
14%
Increase in 
Group revenues
1 .00p
Total dividend per share 
for the year
€ 15.3m
Net cash including net IPO
proceeds of €10.2m
Highlights
95%
Revenues derived
internationally Chief Executive’s review continued
14 Keywords Studios plc – Annual Report 2014
to extend its localisation services into
more than 40 languages across 12
platforms to clients in over 15 countries. 
Keywords’ 9 studios are strategically
located to provide services to key
gaming clusters in locations such as
Tokyo, Montreal, Seattle and London. 
In addition, our newly acquired studio 
in New Delhi, India (a subsidiary of 
Babel Media) represents an interesting
opportunity for our Group to explore
and further develop this location for 
the provision of low cost oﬀshore
outsourced activities including functional
testing services as well as a base for
central services to be provided to the
Group such as accounting and payroll
processing services. South America and
China are growing markets for games
and, as such, also represent attractive
markets for the Group to grow into in
time. We are, therefore, exploring
options to establish in these territories
in a prudent manner. 
acquisitions
Keywords acquired Liquid Violet and
Babel Media in January and February
2014 respectively, as previously
announced. Both acquisitions
have performed in line with our
expectations. 
Our focus with Liquid Violet, which is
subject to an earn out arrangement, is
on integrating some back oﬃce
functions whilst enabling the business
to beneﬁt from broader business
development opportunities as part of
Keywords, given its larger client base.
Early signs of the ability of Keywords to
cross sell Liquid Violet services to its
existing client base are very encouraging.
We have already made good progress
with the integration of Babel Media’s
operations into Keywords. In the early
weeks since acquisition, initial
restructuring has targeted indirect
costs and we, have already achieved
annualised savings of $1.0m. 
We expect acquisition activity to be a
feature of the business for the
foreseeable future as the company takes
advantage of its leadership position in
the market and continues to consolidate
carefully selected, earnings accretive
businesses. As such, Keywords continues
to review a number of acquisition
opportunities which, in line with the
Group’s strategy would bring something
new to the Group – geographic reach,
new complementary services, deeper
market penetration in particular market
sectors and new technologies.
As we grow, we have continued to invest
in the infrastructure to support the larger
Group. We expanded our sales support,
growing from one dedicated business
development executive in 2013 to ﬁve
individuals in the sales team today, two
of which joined through the acquisition
of Babel Media in February 2014.
Investment in project management,
workﬂow management and ﬁnancial
reporting continues as these tools are
rolled out to support all operations in
a centralised and consistent manner,
facilitating strong management reporting
and control. We also continue to invest in
talent and our growth helps us to retain
and attract talent, as candidates can
see attractive opportunities for career
progression throughout the Group.
Principal risks and uncertainties
Keywords is a relatively small Group,
operating in a fragmented, evolving
industry populated by a number of very
large global game publishers as well as
many quite small developers. Keywords
has the objective of becoming the
leading global supplier of localisation,
testing, audio and other related services
to the Industry. This background sets the
scene on the type and number of risks
which the company faces in pursuing
this objective. 
2
Acquisitions:
2014
Are expected to be periods
of signiﬁcant activity
500
Peak staﬀ
Highlights
3
New studios:
1. London
2. New Delhi
3. Montreal Keywords Studios plc – Annual Report 2014 15
o ver vieW STRATEGIC REPORT Go ver n an Ce
Fin an Cial Stat emen t S
The Principal risks associated with the
Group’s strategy can be divided into
1. General business risks for any
international company
2. Industry related risks
3. Those speciﬁc to the Keywords
Group and its strategy
The principal risks facing the Company 
at the present time, as identiﬁed by the
management and the Board, refer
exclusively to categories 2 and 3; 
they are set out below:
A) External risks
Exposure to large customers: 
The Company’s client base principally
comprises global game companies
whose revenues are in the billions and
hundreds of millions of dollars. Our top
ﬁve clients account for 61% of the
company’s revenues. These companies
have exacting standards and demand a
high quality of service. Any failure in this
regard or breakdown in the relationships
at the top level could cause considerable
damage to the business. The potential
impact is partially mitigated through the
low operational gearing of the Company.
Conﬁdence of the city and investors:
Keywords ﬂoated on AIM in July 2013
with an expressed set of objectives of
growing the business organically and by
acquisition. As a new company to the
world of public markets, maintaining
the conﬁdence of investors in what
the company is doing is crucial as is
performing in accordance with
expectations. Should the company lose
the conﬁdence of investors, the
company’s rating will suﬀer and this
in turn will aﬀect its ability to raise
money for or place shares to pay
for acquisitions.
Sudden business interruption:
Keywords is a global business and needs
to minimise business interruptions and
be able to continue servicing customers.
This threat is largely external, for
instance caused by an IT failure or a
natural disaster in a key location, as the
Group experienced and managed
during the 2011 Tokyo earthquake and
tsunami. The Group’s multiple, full
service, delivery hubs provide for a good
level of redundancy and supported by 
a solid business continuity plan and
comprehensive insurance, the eﬀects 
of such disasters can be managed.
B) Internal risks 
Security:
The Industry requires the highest
standards of security within a Company
oﬀering services such as Keywords.
Security breaches may lead to piracy,
disruption of clients’ marketing plans,
loss of competitive edge and could result
in compensation claims. Keywords
maintains physical and data security
policies and procedures which are
regularly audited by its larger clients. 
Success of acquisitions: 
Keywords has embarked on an
acquisition strategy to reinforce its global
growth. Managing such acquisitions
successfully and embedding the
Keywords culture will be a crucial
ingredient of success. Failure to do 
so will have adverse consequences such
as management distraction, disposal
and reduced proﬁt. Whilst middle
management is relatively inexperienced
in this regard, this is mitigated by the
considerable experience within the top
management and across the Board. 
C) Financial risks
Adequate overseas ﬁnancial controls: 
As a business like Keywords grows
rapidly, global ﬁnancial controls, and
regular audits need to be in place to
ensure smooth, timely and accurate
reporting to satisfy the relevant
accounting bodies to local branches as
well as the Board. The Group is investing
in its ﬁnancial reporting functions to
facilitate strong reporting and
management control.
Current trading and outlook
2014 is expected to be a year of
signiﬁcant activity for the games industry
as it supports the fast growing new
generation hardware and the existing
250m installed console base, as well as
the signiﬁcant growth being seen in
smartphone gaming. We have made a
solid start to the year, in line with
management’s expectations and our
recently acquired businesses, Liquid
Violet and Babel Media, are trading well
with the change of ownership having
been received well by clients of all of
the businesses.
We have considerably strengthened 
our market position, geographical
spread and service oﬀering through 
a combination of market share gains,
organic investment and recent
acquisitions, leaving us well placed 
to take advantage of industry growth
and structural change which we expect
to lead to an increased use of
outsourced services. 
We, therefore, look forward to making
good progress as we realise the beneﬁts
of increased scale, of improving
utilisation across our business, of the
acquisitions made following the year end
and of our 2013 client wins.
Andrew Day
Chief Executive
7 April 2014 It is against this industry background
that the Group continued to expand its
geographic spread, with the opening of
a new operation in Seattle, USA, and
continued its growth.
r evenue
Revenue for 2013 at €16.4m was 14.3%
higher than for 2012 (€14.34m). This
was an encouraging growth rate, given
the market conditions which prevailed
in 2013.
r evenue mix
All lines of business increased in 2013,
compared with 2012. Localisation
Testing grew by 21% from €7.82m to
€9.47m and contributed 58% of Group
revenue (2012: 55%). This growth was
driven by the next generation Console
releases in 2013.
The Console releases had less of an
impact on the Translation line of
business, as a signiﬁcant portion of
this business is from social and
mobile games. Translation revenue
grew by 2% to €5.33m (2012:€5.23m).
The Translation line of business
contributed 33% of Group revenue
(2012: 36%).
Audio grew by 25% to €1.25m (2012:
€0.99m) and Functional Testing grew by
16% from €0.30m to €0.35m. Together
these lines of business contributed 10%
of Group revenue (2012: 9%).
Gross margin
Gross proﬁt for the year was €5.66m 
(a 34.6% margin) against a gross proﬁt
for 2012 of €5.53m (a 38.5% margin). 
Gross margins are subject to signiﬁcant
variation based on resource utilisation;
eﬀectively a measure of productive
versus idle time. At the peak times of
the year, during the summer, when
there is little down time the levels of
gross margins are signiﬁcantly higher
compared with the quieter months
from December to March. This is
particularly noticed in the Testing part
of the business.
In 2012, the Group achieved higher
than normal gross margins compared
with previous years. In particular the
Group undertook some large testing
projects in the ﬁrst quarter, outside the
normal production release cycle for
the games industry. 
In 2013, the average utilisation rates
across the Group were lower than 2012,
resulting in the lower Gross margin
achieved. Some of this was due to the
signiﬁcant ﬁrst quarter margins
achieved in 2012, and was anticipated,
but as mentioned above the industry
and the Group anticipated increased
levels of activity and brought on
additional testing capacity ahead of the
anticipated launch of next generation
games consoles in November 2013.
The actual increased activity took place
later in the year than anticipated and
at lower than anticipated levels due
to fewer launch territories, which
resulted in the Group generating
lower gross margins.
A further impact on gross margins
came from the opening of the new
operation in Seattle. In the early
months of the year, operation
testing resources were taken on and
training and familiarisation resulted
in idle time, estimated at €0.10m,
which reduced the Group’s gross
margin by 0.6%.
o perating proﬁt (“eBit Da”)
EBITDA is a measure of operating proﬁt
used by the Board, which excludes
depreciation, share option expenses
and one-time costs related to the IPO.
For 2013 EBITDA was €2.70m or 16.5%
of revenue compared with €3.01m for
2012 (21% of revenue). 
Operating expenses, excluding
depreciation, increased by €0.45m
from €2.51m to €2.97m following our
investment in expansion and increased
capacity. In particular, this reﬂected a
€0.19m increase in operating costs in
Montreal and Seattle as we expanded
our Localisation and Testing capacity,
and €0.28m incremental costs in the
Company related to the new Board
and the compliance costs of being 
a public company. 
n et ﬁnance costs
During 2013 there was slight decrease in
net ﬁnance expenses to €0.07m (2012:
€0.08m). Foreign exchange losses on
translation were improved slightly to
€0.10m (2012: €0.11m) due to the
weakening of the Canadian Dollar and
the Japanese Yen against the Euro, oﬀset
by gains in Sterling against the Euro.
adjusted proﬁt before tax
Adjusted proﬁt before tax is a measure
of proﬁtability of the business used by
the Board to measure the more
meaningful recurring proﬁt generation
of the Group. This measure excludes
one-time expenses, such as the
expenses of the IPO, and also share
option expenses and foreign currency
gains or losses. Adjusted proﬁt before
tax for 2013 is €2.45m or 15.0% of
revenue compared with €2.85m for
2012, or 19.9% of revenue.
taxation
The average tax rate on the proﬁt
before taxation (excluding losses before
tax) in the period was 14.8% (2012:
13.1%). The increase in the average tax
rate reﬂects proﬁts being earned in
higher taxed jurisdictions, including in
Financial and operating review
16 Keywords Studios plc – Annual Report 2014
2013 was a year for transformation for the Group, where it listed on the
AIM market and when the latest generation of games console were
released by Sony (PS4) and Microsoft (Xbox One). It was unprecedented in
the games industry for two major console releases to occur within weeks
of each other. This resulted in signiﬁcant turbulence in the games industry.  the Group’s new operations in Seattle
where Washington State and US
Federal Tax rates amount to 42% of
proﬁt earned. 
Basic earnings per share
Basic earnings per share for the year,
excluding the IPO expenses, is 5.28c
compared with 7.30c for 2012. Basic
earnings per share after signiﬁcant
one-time expenses arising from the
IPO was 2.14c.
Cash ﬂow and debt
The Group continues to operate
without any ﬁnancing debt. The Group
generated operating cash of €2.28m for
the year, compared with €1.90m for
2012. Investment in ﬁxed assets
amounted to €0.39m (2012: €0.39m)
reﬂecting ongoing purchases of games
testing equipment.
The issue of new shares in the IPO
generated gross proceeds of €11.63m.
Expenses related to the IPO amounted
to €1.40m, of which €0.28 was
capitalised against Share Premium.
Cash and cash equivalents increased
from €3.89m to €15.27m.
Foreign exchange
Keywords does not hedge foreign
currency proﬁt and loss translation
exposures and the Group’s results
therefore have been impacted by
movements in exchange rates. 
Dividend
The Company has a progressive
dividend policy, subject to the retention
of funds needed to fund future growth
of the Group’s business and its 
strategic aims. 
Following its maiden interim dividend
payment of 0.33p per share on 28
October 2013, the Board recommends
a ﬁnal dividend of 0.67p per share,
which will make the total dividend for
the year ending 31 December 2013
1.00p per share. Subject to shareholder
approval at the Annual General
meeting, the ﬁnal dividend will be paid
on 25 July 2014 to all shareholders on
the register at 4 July 2014. The ﬁnal
proposed dividend will cost an
estimated €0.34m.
In future years, the Board expects that
the interim dividend will be around one
third of the total dividend for the year. 
events after the reporting period
On 15 January 2014 the Company
acquired the entire issued share capital
of Liquid Violet Limited, a video games
voice production services company,
registered in the UK. Liquid Violet
specialises in the management, on
behalf of major video game publishers,
of the pre production and post
production stages of localised
voice-over assets for incorporation in
the ﬁnished games. Under the terms of
the acquisition, which is immediately
earnings enhancing, Keywords Studios
has paid an initial cash consideration of
£0.30m with a further £1.3m payable
in cash contingent upon Liquid Violet
achieving certain ﬁnancial targets in
the three years to 31 March 2016.
On 17 February 2014 the Company
acquired the entire issued share capital
of Babel Media Limited, a company
registered in the UK, together with its
subsidiary companies. Babel Media is a
leading provider of outsourced video
games services with operations in the
UK, Canada and India. Under the terms
of the acquisition, which is expected to
be materially earnings enhancing in the
ﬁrst year, the Company has paid the
sellers and settled the ﬁnancing
obligations of Babel to a total of
£5.37m. This has been satisﬁed as to
£2.22m by the issue of 1,516,944 new
shares in Keywords Studios at a price 
of 145.994 pence per share (being the
volume weighted average price over 
the preceding 5 trading days) and cash
amounts to settle indebtedness to 
a total of £3.15m.
On 24 March 2014, the Directors
incorporated Keywords International
PTE. Limited, a company registered in
Singapore, as part of the Group’s
continuing geographic expansion,
and to allow it to service the games
industry in South East Asia. 
Key performance indicators
We monitor our ﬁnancial performance
against a number of diﬀerent
benchmarks. These are set in
agreement with the Board and used to
evaluate progress against our strategy.
Financial performance is measured by: 
– Organic revenue growth 
Revenue growth is measured on 
a Studio by Studio basis (by line of
business and overall) against the Board’s
strategic goal to grow organically.
– Gross proﬁt
Gross proﬁt is a key measure of the
Groups’ use of resources and its ability
to maintain billable resource utilisation 
– Overhead costs by location
The Board monitors the overheads to
ensure the costs in each location are in
line with the level of business being
generated.
– Adjusted EBITDA margin
The Board uses an adjusted measure 
of EBITDA to monitor the performance
of the Group. This measure excludes
foreign exchange gains or losses, any
one-time expenses and the cost of
employee share option awards.
– Adjusted operating proﬁt margin
The Board also uses an adjusted
measure of operating proﬁt to monitor
the performance of the Group. This
measure similarly excludes foreign
exchange gains or losses, any one time
expenses, and the cost of employee
share option awards.
Non-ﬁnancial performance 
is measured by: 
– Resource utilisation rates
The Board reviews the utilisation rates
achieved to ensure the Group is making
the best use of resources, and to
ensure suﬃcient resources, but not
too much, are being deployed.
– Business won/lost
The Board reviews the levels of new
business won and lost, and monitors
the reasons for both, to ensure that the
services being oﬀered to the market are
appropriately priced and relevant.
David O’Connor
Chief Financial Oﬃcer
7 April 2014
Keywords Studios plc – Annual Report 2014 17
o ver vieW STRATEGIC REPORT Go ver n an Ce
Fin an Cial Stat emen t S Ross Graham Andrew Day David O’Connor David Reeves Giorgio Guastalla 
r oss Graham (66)
Independent Non-Executive Director
and Chairman
Ross Graham has extensive executive
and non-executive experience in the
technology sector. He worked from
1987 to 2003 at Misys plc, a global
ﬁnancial software product and
solutions provider. He joined 
Misys as Finance Director upon its 
ﬂotation, latterly becoming corporate
development director, where he 
played a key role in developing and
implementing its acquisition strategy.
Ross also held a non-executive
directorship at Psion plc from 2005
until 2012 when that company was
successfully sold to Motorola Solutions
Inc. During his time at Psion, he held
various roles including the senior
independent directorship and chairman
of the audit and remuneration
committees. He is currently a
non-executive director at Wolfson
Microelectronics Plc and was previously
senior independent director and the
audit committee chairman. Ross
qualiﬁed as a chartered accountant
with Arthur Young in 1969 and was
made a partner of that ﬁrm 
in 1981. He is a Fellow of the Institute 
of Chartered Accountants of England 
& Wales. Ross was appointed Director
and Chairman of Keywords prior to 
the ﬂotation in July 2013.
andrew Day (50)
Group Chief Executive Oﬃcer
Andrew has a background in
technology, manufacturing and
business services through corporate
development and general management
roles within both publicly quoted and
private companies. Andrew started 
his career in 1983 at Rothmans
International PLC in production
management. From 1986 to 1993 
he had responsibility for corporate
development activities at Britannia
Security Group PLC, TIP Europe PLC
and Brent International PLC before
holding the position of Divisional
Managing Director at Brent
International PLC for six years. 
Andrew was Chief Executive Oﬃcer of
interactive retail software developer,
Unipower Solutions and Head of 
Retail and CPG for EMEA at NYSE listed
advanced analytics business, FICO
before joining Keywords as its Chief
Executive Oﬃcer in April 2009.
David o ’Connor (42)
Group Finance Director
David is a chartered accountant who
has extensive experience in senior
management roles. He has recently
held two positions as Financial
Controller for international companies,
including Deecal International Limited
(latterly named First Data Commercial
Services Limited). In his position as
Financial Controller, David has had
experience in creating corporate
ﬁnancial systems and procedures,
leading internal teams and developing
sales strategies. In 2012, David became
a consultant for Baker Tilly Ryan
Glennon, a ﬁrm of accountants and
business advisors in Ireland, before
being employed as Group Financial
Controller for Keywords in July 2012.
David r eeves (67)
Independent Non-Executive Director
David has spent over 30 years in
management roles within multinational
companies. He began his career as an
operational research consultant before
moving overseas with RJ Reynolds
Nabisco where he worked from 1979 
to 1991, becoming the Marketing
Director in 1986 and Worldwide
Marketing Director in 1989. In 1991,
David served as the General Manager
and Vice President of Marketing in
Tokyo for Mitsubishi Shoji JV Technology
Company. David has considerable
experience in the computer
entertainment industry. David was the
Managing Director for Sony Computer
Entertainment (PlayStation) from 1995
until his appointment as its Executive
Vice President in 1999 and President 
in 2003. Throughout his career, David
has developed knowledge of the
various working styles of European,
American and Asian corporations. 
He was appointed to the Board 
of Keywords Studios Limited on 
29 May 2013.
Giorgio Guastalla (45)
Non-Executive Director
Giorgio Guastalla is co-founder of
Keywords. Prior to establishing
Keywords in Ireland in 1998, Giorgio
held various positions in marketing and
IT at Brent International PLC based in
the US, Spain, UK and France. In 2002
Giorgio founded Italicatessen Ltd, a
company operating in the food sector.
Giorgio was CEO of Keywords until
2009 before concentrating on his 
other business interests and moving 
to a non-executive director role 
at Keywords Studios.
Directors’ report: Board of Directors
18 Keywords Studios plc – Annual Report 2014 o ver vieW St r at eGiC r ePo r t Go ver n an Ce
Fin an Cial Stat emen t S
Keywords Studios plc – Annual Report 2014 19
Directors’ report
The Directors present their ﬁrst annual report together with the audited consolidated ﬁnancial statements for the year ended
31 December 2013.
Disclaimer
The purpose of this Annual Report & Accounts is to provide information to the members of the Company. The Annual Report
& Accounts have been prepared for, and only for, the members of the Company, as a body, and no other persons. The
Company, its directors and employees, agents or advisers do not accept or assume responsibility to any other person to
whom this document is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed.
The Annual Report & Accounts contain certain forward-looking statements with respect to the operations, performance and
ﬁnancial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances
can cause results and developments to diﬀer materially from those anticipated. The forward-looking statements reﬂect
knowledge and information available at the date of preparation of this Annual Report & Accounts and the Company
undertakes no obligation to update these forward-looking statements. Nothing in this Annual Report & Accounts should be
construed as a proﬁt forecast. 
r esults and dividends
The results for the year are set out on page 12. Dividends paid and proposed are set out on page 17. The Board is proposing
a ﬁnal dividend of 0.67p per share following the payment of an interim dividend of 0.33p per share on 28 October 2013. 
The proposed total dividend for the year is therefore 1p per share.
Directors and changes to the board
The Company was formed on 29 May 2013, when Andrew Day, David O’Connor, David Reeves and Giorgio Guastalla were
appointed to the Board. Ross Graham was appointed to the Board on 8 July 2013. Details of members of the Board at
31 December 2013 are set out on page 18.
Going concern
In view of the Group’s resources, cash at 31 December 2013 of €15.27m, free cash ﬂow in 2013 of €1.95m, results of
operations, excluding one-time costs related to the IPO, and the overall ﬁnancial condition of the Group, the Directors 
have reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future. 
For this reason, the Directors continue to adopt the going concern basis in preparing the ﬁnancial statements.
Political donations
No political donations were made in the year.
Directors and their interests
A list of Directors, their interests in the ordinary share capital of the Company, their interests in its long-term performance
share plan and details of their options over the ordinary share capital of the Company are given in the Directors’ remuneration
report on page 23. No director had a material interest in any signiﬁcant contract, other than a service contract or contract 
for services, with the Company or any of its operating companies at any time during the year.
The names of all persons who, at any time during the year, were Directors of the Company can be found on page 18 and
above, under The Board and Changes to the Board.
Corporate governance
The Board
The Board is comprised of two Executive and three Non-Executive Directors. The Board considers that Ross Graham and 
David Reeves are independent in character and judgement and that there are no relationships or circumstances which 
are likely to aﬀect their independent judgement.
The Board is responsible for the overall management of Keywords, our strategy and long-term objectives. It provides
leadership to Keywords having regard to the interests of shareholders and other stakeholders.
Audit Committee
The Audit committee is chaired by David Reeves. Ross Graham is the other Committee member. The Audit Committee is
responsible for assisting the Board in fulﬁlling its ﬁnancial and risk responsibilities. The Audit Committee oversees our ﬁnancial
reporting, risk management and internal control procedures, and reviews the work of external audit.
Remuneration Committee
The Remuneration Committee is responsible for determining the remuneration of the Chairman, Executive Directors, 
the Company Secretary and senior executives of Keywords.
For further information please see pages 22 to 23. Internal controls and risk management
The Board has overall responsibility for the Group’s system of internal controls. The system is designed to manage, rather than
eliminate the risk of failure to achieve business objectives, and can only provide reasonable assurance against material
misstatement or loss.
The Directors believe that the Group has internal control systems in place appropriate to the size and nature of the business.
The key elements are:
• Group Board Meetings, at a minimum of eight times per year, with reports from and discussions with senior executives 
on performance and key risk area in the business
• Monthly ﬁnancial reporting, for the Group and for each subsidiary, of actual performance compared to budget and 
the prior year
• Annual budget setting
• A deﬁned organisational structure with appropriate delegation of authority.
The Board also receives a report from the external auditor on matters identiﬁed in the course of the statutory audit.
Substantial shareholdings
At 30 December 2013, the Company had been notiﬁed, in accordance with the Disclosure and Transparency Rules, of the
following interests in its ordinary share capital:
Name Shares %
P .E.Q Holdings Limited 11,978,736 29.9
Andrew Day 5,325,028 13.2
Schroder Investment Management 4,827,500 12.1
Artemis Investment Management 3,250,000 8.1
Liontrust Asset Management 2,845,087 7.1
Legal & General Investment Management 2,700,000 6.7
Investco Perpetual 2,281,302 5.7
Hargrave Hale 1,315,939 3.3
Future developments
Important events since the ﬁnancial year end are described on page 4 of the Overview and future developments are described
in the strategy section of the Strategic report on pages 14 & 15.
People and organisation
Keywords is, and always has been, dependent on the quality and commitment of its entire staﬀ to provide and maintain the
high levels of services expected by the Group’s clients. 
The average headcount reached 371 for 2013 with peak employment of 511 in September 2013. Keywords permanent staﬀ
compliment averaged 110 during 2013. This permanent headcount is supplemented with employees on short term contracts
as activity changes throughout the year.
The Group continues to give full and fair consideration to applications for employment made by disabled persons, having
regard to their respective aptitudes and abilities. The policy includes, where practicable, the continued employment of those
who may become disabled during their employment and the provision of training and career development and promotion,
where appropriate. The Group has continued its policy of employee involvement by making information available to
employees on matters of concern to them. Many employees are stakeholders in the Company through participation in share
option schemes and a long-term performance share plan. 
Corporate responsibility
Keywords seeks to be a socially responsible Group which has a positive impact on the communities it operates in. By the
nature of the business, we employ a diverse workforce, with many nationalities. No discrimination is tolerated, and we
endeavour to give all employees the opportunity to develop their capabilities. We provide an excellent working environment, 
the latest technology and appropriate training.
Directors’ report continued
20 Keywords Studios plc – Annual Report 2014 Statement of Directors’ responsibilities
The Directors are responsible for preparing the Annual Report & Accounts.
Company law requires the Directors to prepare ﬁnancial statements for each ﬁnancial year. Under that law the Directors have
prepared the Group and Company ﬁnancial statements in accordance with International Financial Reporting Standards (“IFRS”)
as adopted by the European Union (“EU”). 
Under company law the Directors must not approve the ﬁnancial statements unless they are satisﬁed that they give a true 
and fair view of the state of aﬀairs of the Company and the Group and of the proﬁt or loss of the Group for that period. 
The Directors are also required to prepare ﬁnancial statements in accordance with the rules of the London Stock Exchange 
for companies trading securities on the Alternative Investment Market.
In preparing these ﬁnancial statements the Directors are required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgements and estimates that are reasonable and prudent;
• State whether IFRS as adopted by the EU have been followed, subject to any material departures disclosed and explained in
the Group and Company ﬁnancial statements respectively; and
• Prepare the ﬁnancial statements on a going concern basis, unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping adequate accounting records that are suﬃcient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time the ﬁnancial position of the Company and the Group and to
enable them to ensure that the ﬁnancial statements and the Directors’ remuneration report comply with the Companies Act
2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The Directors as at the date of this report, whose names and functions are listed in the Board of Directors on page 18,
conﬁrm that:
• So far as any Director is aware, there is no relevant audit information of which the Company’s auditors are unaware; and
• The Director has taken all the steps that he or she ought to have taken as a director in order to make himself/ herself aware
of any relevant audit information and to establish that the Company’s auditors are aware of 
that information.
This conﬁrmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies 
Act 2006.
Website publication
The Directors are responsible for ensuring the annual report and the ﬁnancial statements are made available on a website.
Financial statements are published on the Group’s websites in accordance with legislation in the United Kingdom governing
the preparation and dissemination of ﬁnancial statements, which may vary from legislation in other jurisdictions. The
maintenance and integrity of the Group’s websites is the responsibility of the Directors. The Directors’ responsibility also
extends to the ongoing integrity of the ﬁnancial statements contained therein.
By Order of the Board
David O’Connor
Company Secretary
7 April 2014
Keywords Studios plc – Annual Report 2014 21
o ver vieW St r at eGiC r ePo r t Go ver n an Ce
Fin an Cial Stat emen t S Dear fellow shareholder,
It is my pleasure to present the ﬁrst Directors’ remuneration report for the period ended 31 December 2013.
It is my hope that you ﬁnd this a clear and comprehensive report and I look forward to hearing the views of our investors on
the information presented here over the coming months. We will carefully monitor emerging practice in this area as well as
guidance from investor representative groups.
We operate a simple remuneration structure made up of base salary and beneﬁts, a bonus plan and share option scheme,
and a long-term incentive plan, which provide a clear link between pay and our key strategic priorities.
t he Board of Directors
The Board of Directors has a duty to act in the best interests of their shareholders when determining remuneration. It has a
responsibility to promote the long-term success of the company while also considering the employees, suppliers, customers
and other external factors which may be impacted by remuneration decisions.
Executive Directors will be responsible for developing and implementing remuneration strategy for the Group. Non-Executive
Directors will be responsible for constructively reviewing and contributing to this strategy. . 
t he r emuneration Committee
The members of the Remuneration Committee are Giorgio Guastalla (committee Chairman), David Reeves and Ross Graham.
The members are all Non-Executive Directors.
The remit of the Committee is primarily to determine and agree with the Board the framework or broad policy for the
remuneration of the Company’s Executive Directors, and if required by the Board, the Senior Management of the Group. 
Non-Executive Directors, who are the members of the remuneration committee, should oversee Executive remuneration. 
The remuneration of the Chairman of the Board is determined by the Remuneration Committee (excluding the Chairman
himself). The remuneration of the Non-Executives is a matter for the Executive member of the Board in conjunction with 
the committee Chairman.
No Director or Senior Manager is involved in any discussion or decision about his own remuneration.
The Remuneration Committee consists of Non-Executive Directors all of whom are independent with no personal ﬁnancial
interest, other than as shareholders, in the decisions of the Committee. The remuneration committee secretary will be the
company human resource manager. By invitation, other members of the Board may attend the Committee’s meetings. 
meetings
The Remuneration Committee is planned to meet at least three times a year. In the period from the formation of the Group 
in July 2013 and the reporting date, the remuneration committee met on two occasions.
Directors’ emoluments and pension contributions
The Company was incorporated on 29 May 2013. The aggregate remuneration for the Directors of the Company, for service in
all capacities during the period since incorporation was €197,965 (2012: €nil). The remunerations of individual Directors were
as follows.
2013 2012
Salary Share Salary Share
or fees Bonus Pension Options Total or fees Bonus Pension Options Total
€€ €€€ €€ €€ €
Andrew Day 62,500 –– 9,005 71,505 –– –––
David O’Connor 47,500 –– 5,260 52,760 –– –––
David Reeves 26,407 –– – 26,407 –– –––
Giorgio Guastalla 24,070 –– – 24,070 –– –––
Ross Graham 23,223 –– – 23,223 –– –––
183,700 –– 14,265 197,965 –– –––
Directors’ remuneration report
22 Keywords Studios plc – Annual Report 2014 Directors’ interest in shares
The interests of each person who was a director of the Company as at 31 December 2013 (together with interests held by his
or her connected persons) were:
2013 2012
Number Number
Giorgio Guastalla 
(1)
10,780,862 –
Andrew Day 5,296,573 –
David Reeves 16,260 –
David O’Connor 12,195 –
Ross Graham – –
16,105,890 –
(1) 
Giorgio Guastalla’s indirect shareholding arises out of his 90% holding in P .E.Q. Holdings Limited.
The outstanding awards granted to each director of the Company are as follows.
Long Term Investment Plan
Start of year Awarded Vested Lapsed End of year Vesting 
number number number number number date
Andrew Day – 86,593 –– 86,593 12 July 2016
David O’Connor – 65,811 –– 65,811 12 July 2016
152,404 152,404
Share Option Plan
Start of year Awarded Vested Lapsed End of year Vesting 
number number number number number date
Andrew Day – 21,167 –– 21,167 12 July 2015
– 21,167 –– 21,167 12 July 2016
– 21,168 –– 21,168 12 July 2017
63,502 63,502
David O’Connor – 4,490 –– 4,490 12 July 2015
– 4,490 –– 4,490 12 July 2016
– 4,490 –– 4,490 12 July 2017
13,470 13,470
76,972 76,972
Awards of shares will vest on the dates shown. In the event that a director ceases to be an employee of the Group for reasons
other than death, retirement, redundancy, injury, ill-health or disability before the vesting date, then the rights to the award will
lapse, unless the Remuneration Committee recommend otherwise.
Awards are not subject to further performance conditions once granted.
transactions with Directors
During the year, there were no material transactions between the Company and the Directors, other than their emoluments.
All transactions between the Group and the Directors are set out in the notes to the ﬁnancial statements, including Note 22
on related party transactions.
Giorgio Guastalla
Chairman of the Remuneration Committee
7 April 2014
Keywords Studios plc – Annual Report 2014 23
o ver vieW St r at eGiC r ePo r t Go ver n an Ce
Fin an Cial Stat emen t S The Committee reserves the right to make any remuneration payments and payments for loss of oﬃce, notwithstanding that
they are not in line with the policy set out below, where the terms of the payment were agreed (i) before the policy came into
eﬀect or (ii) at a time when the relevant individual was not a director of the Company and, in the opinion of the Committee, the
payment was not in consideration for the individual becoming a director of the Company. For these purposes “payments”
includes the Committee satisfying awards of variable remuneration and, in relation to an award over shares, the terms of the
payment are “agreed” at the time the award is granted.
The Remuneration Committee determines the Company’s policy on Executive Directors’ and if required, senior management
remuneration. The objectives of this policy are:
• To reward Executive Directors and senior management in a manner that ensures that they are properly incentivised and
motivated to perform in the best interests of shareholders. 
• To provide a level of remuneration required to attract and retain high calibre executive directors and senior management.
• To encourage value creation through consistent and transparent alignment with the agreed company strategy.
• The Remuneration Committee takes into account the performance of the individual, comparisons with peer company
companies and reports from external independent consultants. The experience of the individual and his/ her level of
responsibility are also taken into account.
• Ensuring the total remuneration packages awarded to Executive Directors comprise of both performance-related and 
non-performance-related remuneration, designed to motivate the individual, align interests with shareholders and comply
with corporate governance best practice.
• To ensure that any remuneration awarded is deserved and is aligned to the shareholders’ interests. 
r emuneration components
Various remuneration components are combined to ensure an appropriate and balanced remuneration package that reﬂects
the business unit, the employee’s position in the company and professional activity as well as market practice. 
The remuneration components are comprised of the following elements:
• Fixed remuneration (basic salary)
• Performance-based remuneration (variable salary) 
• Pension schemes 
• Other beneﬁts 
• LTIP (long-term incentive plan)
For Non-Executive Directors there is only one component, a base fee.
Basic salaries and beneﬁts
Basic salaries should initially be determined to reﬂect ﬁrst the role and the responsibility of the individual within that role while
also upholding the principle of paying no more than is necessary.
The basic salaries of Executive Directors and senior management are reviewed annually having regard to personal
performance, company performance, signiﬁcant changes in their responsibilities and competitive market practice.
Any increases in basic salary should be disclosed and justiﬁed. 
Directors’ remuneration policy report
24 Keywords Studios plc – Annual Report 2014 Performance bonus
Under current arrangements, which will be reviewed annually by the Remuneration Committee, Executive Directors and senior
management are eligible to participate in a bonus scheme. The bonus amount is a percentage of salary ranging from 20% to
50%, which is subject to the attainment of speciﬁc targets set for each individual. The portion of bonus earned in any one year
depends on the Remuneration Committee’s assessment of each individual’s performance and the overall performance of the
company against predetermined turnover and proﬁtability targets for the year. 
Performance targets are weighted 80 per cent towards the Company’s ﬁnancial performance and 20 per cent towards
personal performance. The Remuneration Committee will review targets and the weighting of performance measures 
each year. 
The bonus may not exceed the agreed percentage of the ﬁxed salary, which level can only be achieved at a weighted target
achievement of 100 per cent. Furthermore, the bonus will be cancelled at a weighted target achievement of less than 
80 per cent.
Pension entitlements
The company does not operate any pension scheme or make pension provision for Non-Executive Directors. At the discretion
of the remuneration committee the Executive Directors and senior management may participate in a pension scheme
facilitated by the Company. 
Beneﬁts
During the period since incorporation, the Company did not contribute to any Employment related beneﬁts. 
Share options
Share option programmes are in place for permanent members of staﬀ, including the Senior Management. The focus of the
share option programmes is to retain and create long-term shareholder value. The intention of such grants is to ensure value
creation and fulﬁlment of the company’s long-term goals. 
l ong term incentive Plan (l t iP)
The purpose of the LTIP is to incentivise delivery against total shareholder return. Share awards further the alignment 
of executives’ and shareholders’ interests.
LTIP grants can be made annually to a range of senior employees across the company. Awards are made in the form of share
options which vest subject to performance conditions. Performance conditions are measured over three ﬁnancial years and
are not retested. Conditions are reviewed annually.
l eaver treatment
Fair treatment will be extended to departing executives. Executives who resign or are dismissed for cause are, by default, 
not eligible for an annual bonus if they have left or are under notice at date of payment, and forfeit all LTIP shares.
At the Committee’s discretion good leavers (normally including such circumstances as retirement, death, disability, and
redundancy) may be eligible for an annual bonus for the proportion of the bonus year served. However performance will 
be tested in line with the normal performance schedule.
Keywords Studios plc – Annual Report 2014 25
o ver vieW St r at eGiC r ePo r t Go ver n an Ce
Fin an Cial Stat emen t S We have audited the financial statements of Keywords Studios plc for the year ended 31 December 2013 which comprise the
Group and Parent Company Statements of Financial Position, the Group and Parent Company Statements of Comprehensive
Income, the Group and Parent Company Statements of Cash Flow, the Group and Parent Company Statements of Changes in
Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law
and International Financial Reporting Standards (IFRSs) as adopted by the European Union and, as regards the Parent
Company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3, Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required
to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company and the Company’s members as a body, for audit work, for this
report or for opinions we have formed.
Respective responsibilities of Directors and Auditor
The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law
and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have
elected to prepare the Group and Company financial statements in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the European Union. Under company law the Directors must not approve the financial statements unless
they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of
the Group and Company for that period. The Directors are also required to prepare financial statements in accordance with the
rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market.
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether they have been prepared in accordance with IFRSs as adopted by the European Union, subject to any material
departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to
ensure that the financial statements comply with the requirements of the Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
Website publication
The Directors are responsible for ensuring the annual report and the financial statements are made available on a website.
Financial statements are published on the company’s website in accordance with legislation in the United Kingdom governing
the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The
maintenance and integrity of the company’s website is the responsibility of the Directors. The Directors’ responsibility also
extends to the ongoing integrity of the financial statements contained therein.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s
(APB’s) Ethical Standards for Auditors.
Independent Auditor’s report
To the Members of Keywords Studios PLC
26 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the FRC’s website at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at
31 December 2013 and of the Group’s and the Parent Company’s profit for the period then ended;
• the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
• the Parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the
European Union and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the
financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,
in our opinion:
• adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
• the Parent Company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Teresa Morahan (Senior statutory auditor)
for and on behalf of BDO, Statutory Auditor
Mercer Street Lower
Dublin 2
Ireland
7 April 2014
Keywords Studios plc – Annual Report 2014 27 Years ended 31 December
2013 2012
Note € €
Revenues 4 16,386,991 14,342,949
Operating costs (10,721,956) (8,817,284)
Gross profit 5,665,035 5,525,665
Costs of Initial Public Offering (1,123,566) –
Share option expense (70,755) –
Other administration expenses (3,246,276) (2,710,903
Administrative expenses (4,440,597) (2,710,903)
Operating profit 5 1,224,438 2,814,762
Financing income 6 59,335 50,470
Financing cost 6 (125,710) (126,542)
Profit before taxation 1,158,063 2,738,690
Tax expense 7 (393,720) (410,597)
Profit for the year 764,343 2,328,093
Other comprehensive income:
Exchange gains / (losses) on translation of foreign operations 84,591 (86,726)
Total comprehensive income for the year attributable to the owners of the parent 848,934 2,241,367
Earnings per share Note Euro cent Euro cent
Basic earnings per Ordinary share (Euro cent) 9 2.14 7.30
Diluted earnings per Ordinary share (Euro cent) 9 2.12 7.30
The notes on pages 35 to 54 form an integral part of these consolidated financial statements.
On behalf of the Board 
Andrew Day David O’Connor
Director Director
7 April 2014
Consolidated statement of comprehensive income
28 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Years ended 31 December
2013 2012
Note € €
Non-current assets
Property, plant and equipment 12 600,415 490,404
600,415 490,404
Current assets
Trade receivables 13 1,303,462 1,397,248
Other receivables 14 1,125,451 907,302
Cash and cash equivalents 15 15,270,569 3,892,089
Short term investments 16 518,506 505,585
18,217,988 6,702,224
Total assets 18,818,403 7,192,628
Equity
Share capital 17 464,782 188
Share premium 11,249,637 –
Merger Reserve (370,069) –
Foreign Exchange Reserve 22,854 (61,737)
Share Option Reserve 18 70,755 –
Retained earnings 6,055,588 6,072,372
Total equity 17,493,547 6,010,823
Current liabilities
Trade payables 19 503,634 701,197
Other payables 20 816,595 480,608
Corporation Tax liabilities 4,627 –
1,324,856 1,181,805
Total equity and liabilities 18,818,403 7,192,628
The notes on pages 35 to 54 form an integral part of these consolidated financial statements. The financial statements
were approved and authorised for issue by the Board on 7 April 2014.
On behalf of the Board 
Andrew Day David O’Connor
Director Director
7 April 2014
Keywords Studios plc – Annual Report 2014 29
Consolidated statement of ﬁnancial position Foreign Share 
Share Share Merger Exchange option Retained 
capital premium reserve reserve reserve earnings Total equity
€€ €€ €€€
Balance at 1 January 2012 188 –– 24,989 – 4,119,761 4,144,938
Total comprehensive income for the year ––– (86,726) – 2,328,093 2,241,367
Dividends paid (Note 10) ––– –– (375,482) (375,482)
Balance at 31 December 2012 188 –– (61,737) – 6,072,372 6,010,823
Total comprehensive income for the year ––– 84,591 – 764,343 848,934
Share option expense (Note 18) ––– – 70,755 – 70,755
Dividends paid (Note 10) ––– –– (781,127) (781,127)
Shares Issued (Note 17) 464,594 11,530,689 ––– – 11,995,283
Share issuance cost capitalised – (281,052) ––– – (281,052)
Merger Reserve arising on
Group reconstruction (Note 17) –– (370,069) ––– (370,069)
Balance at 31 December 2013 464,782 11,249,637 (370,069) 22,854 70,755 6,055,588 17,493,547
Consolidated statement of changes in equity
30 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Years ended 31 December
2013 2012
Note € €
Cash flows from operating activities
Profit after tax 764,343 2,328,093
Income and expenses not affecting operating cash flows
Depreciation 12 272,470 198,267
Foreign currency revaluation of fixed assets 12 11,209 –
Share option expense 18 70,755 –
Interest received 6 (59,335) (50,470)
Share issuance cost 1,123,566 –
Income tax expense 7 393,720 410,597
Income taxes paid (359,104) (748,546)
Changes in operating assets and liabilities
Decrease/(increase) in trade receivables 93,786 (155,810)
Increase in other receivables (248,138) (172,307)
Increase in trade and other payables 138,424 127,811
Increase / (decrease) in foreign exchange reserve 84,591 (86,726)
Net cash provided by operating activities 2,286,287 1,850,909
Cash flows from investing activities
Acquisition of property, plant and equipment 12 (393,690) (390,855)
Acquisition of short term investments 16 (12,921) (505,585)
Interest received 6 59,335 50,470
Net cash used in investing activities (347,326) (845,970)
Cash flows from financing activities
Dividends paid 10 (781,127) (375,482)
Issue of share capital 17 11,625,214 –
Share issuance expenses 5 (1,404,618) –
Net cash provided by / (used in) financing activities 9,439,469 (375,482)
Increase in cash and cash equivalents 11,378,480 629,457
Cash and cash equivalents at beginning of year 3,892,089 3,262,632
Cash and cash equivalents at end of year 15 15,270,569 3,892,089
Keywords Studios plc – Annual Report 2014 31
Consolidated statement of cash ﬂows Years ended 31 December
2013 2012
Note € €
Non-current assets:
Investment in Subsidiaries 21 5,735,481 –
5,735,481 –
Current assets:
Other receivables 14 1,898,008 –
Cash and cash equivalents 15 10,722,542 –
12,620,550 –
Total assets 18,356,031 –
Equity:
Share capital 17 464,782 –
Share premium 11,249,637 –
Merger reserve 5,312,892
Share option reserve 18 70,755 –
Retained earnings 897,418 –
Total equity 17,995,484 –
Current liabilities
Corporation tax liabilities 22,650 –
Other payables 20 337,897 –
360,547 –
Total equity and liabilities 18,356,031 –
The notes on pages 35 to 54 form an integral part of these consolidated financial statements. The financial statements
were approved and authorised for issue by the Board on 7 April 2014.
On Behalf of the Board 
Andrew Day David O’Connor
Director Director
7 April 2014
Company statement of ﬁnancial position
32 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Share Share Merger Share option Retained Total 
capital premium reserve reserve earnings equity
€€€€€€
Balance at 1 January 2012 ––– –––
Total comprehensive income for the year––– –––
Dividends paid (Note 10) ––– –––
Balance at 31 December 2012 ––– –––
Total comprehensive income for the year––– – 1,054,027 1,054,027
Share option expense (Note 18) ––– 70,755 – 70,755
Dividends paid (Note 10) ––– – (156,609) (156,609)
Shares issued (Note 17) 464,782 11,530,689 ––– 11,995,471
Share issue costs capitalised – (281,052) ––– (281,052)
Merger reserve arising on
Group reconstruction (Note 17) –– 5,312,892 –– 5,312,892
Balance at 31 December 2013 464,782 11,249,637 5,312,892 70,755 897,418 17,995,484
Keywords Studios plc – Annual Report 2014 33
Company statement of changes in equity Company statement of cash ﬂows
34 Keywords Studios plc – Annual Report 2014
Years ended 31 December
2013 2012
Note € €
Cash flows from operating activities
Profit after tax 1,054,027 –
Income and expenses not affecting operating cash flows
Share option expense 18,423 –
Share Issuance expense 1,123,566 –
Interest receivable (14,175)
Income tax expense 22,650 –
Changes in operating assets and liabilities
Increase in other receivables (1,898,008) –
Increase in trade and other payables 337,897 –
Income taxes paid – –
Net cash provided by operating activities 643,380 –
Cash flows from investing activities
Interest received 6 14,175 –
Net cash provided by investing activities 14,175 –
Cash flows from financing activities
Dividends paid 10 (156,609) –
Issue of share capital 17 11,625,214 –
Share issuance expense 5 (1,404,618)
Net cash provided by financing activities 10,063,987 –
Increase in cash and cash equivalents 10,722,542 –
Cash and cash equivalents at beginning of year – –
Cash and cash equivalents at end of year 15 10,722,542 – OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
1 Basis of preparation
Keywords Studios plc (the “Company” is a company incorporated in the UK. These consolidated financial statements include
the financial statements of the Company and its subsidiaries (the “Group”) made up to 31 December 2013. The Group was
formed on 8 July 2013 when Keywords Studios Plc (formerly Keywords Studios Limited) acquired the entire share capital of
Keywords International Limited through the issue of 31,901,332 ordinary shares.
The Parent Company financial statements present information about the Company as a separate entity and not about its Group.
The consolidated and Company financial statements has been prepared in accordance with International Financial Reporting
Standards, International Accounting Standards and interpretations (collectively IFRS) issued by the International Accounting
Standards Board (IASB) as adopted by the European Union (“adopted IFRSs”).
In the current year the Group has adopted all of the new and revised standards and interpretations issued by the IASB and the
International Financial Reporting Interpretations Committee (IFRIC) of the IASB, as they have been adopted by the European
Union, that are relevant to its operations and effective for accounting periods beginning on 1 January 2013. The adoption of
these standards has had no material impact on the financial statements.
New standards, interpretations and amendments not yet effective
None of the new standards, interpretations and amendments, which are effective for periods beginning after 1 January 2014
and which have not been adopted early, are expected to have a material effect on the Group’s future financial statements.
2 Signiﬁcant accounting policies
Basis of consolidation
Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity
or business so as to obtain benefits from its activities, it is classified as a subsidiary. Intercompany transactions and balances
between Group companies are therefore eliminated in full.
The acquisition of Keywords International Limited is deemed to be a ‘combination under common control’ as ultimate control
before and after the acquisition was the same. As a result, these transactions are outside the scope of IFRS 3 “Business
combinations” and have been accounted for under the principles of merger accounting as set out under UK GAAP .
Keywords Studios Limited was incorporated on 29 May 2013. Accordingly, although the units which comprise the Group did
not form a legal group for the entire year, the current year comprises the results and balances of the subsidiary companies
and the Company as if the Group had been in existence throughout the entire period and comparative results and balances
comprise the consolidated results and balances of Keywords International Limited.
As part of the Group reconstruction, the Company issued 31,901,332 shares at a value of £1.23 each, being the flotation price,
as part of a share for share exchange with the shareholders of Keywords International Limited. The £0.01 nominal value of the
shares issues is accounted for in Issued Share Capital. On the consolidated balance sheet, the difference between the nominal
value of shares issued by the company as consideration for the shares in Keywords International Limited, and the nominal
value of the shares in Keywords International Limited has been treated as a merger reserve arising on group reconstruction.
On the Company balance sheet, the excess of net book value of the assets held by Keywords International Limited, at the date
of the share for share exchange, over the nominal value of the shares issued has been treated as a merger reserve.
Business combinations
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the
Consolidated Statement of Financial Position, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially
recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated
income statement from the date on which control is obtained.
Foreign currency
Transactions entered into by Group entities in a currency other than the currency of the primary economic environment in
which they operate (their “functional currency”) are recorded at the rates ruling when the transactions occur. The functional
currency for the Company is euro. Foreign currency monetary assets and liabilities are translated at the rates ruling at the
reporting date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised
immediately in profit or loss.
Keywords Studios plc – Annual Report 2014 35
Notes forming part of the
consolidated ﬁnancial statements 2 Signiﬁcant accounting policies continued
On consolidation, the results of overseas operations are translated into euro at rates approximating to this ruling when the
transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date.
Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations
at actual rate are recognised in other comprehensive income and accumulated in the foreign exchange reserve.
Exchange differences recognised in profit or loss in Group entities’ separate financial statements on the translation of
long-term items forming part of the Group’s net investment in the overseas operation concerned are classified to other
comprehensive income and accumulated in the foreign exchange reserve on consolidation.
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to
that operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of
the profit or loss on disposal.
Revenue recognition
Revenue is recognised, net of sales taxes, when the service is rendered. When projects are in progress at the period end,
revenue is recognised to the extent that services have been provided.
Share based payments
The Company issues equity settled share-based payments to certain employees and Directors under a share options plan and
a long term incentive plan (“LTIP”).
The fair value determined at the grant date is expensed on a straight line basis over the vesting period, based on the
Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. At
each reporting date, the Company revises its estimate of the number of equity instruments expected to vest as a result of the
effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit
or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves.
The Company has no legal or constructive obligation to repurchase or settle the options in cash.
Where share-based payments are issued to employees of subsidiary companies, the annual cost of the option is expensed in
the subsidiary company, with a corresponding increase in capital contribution from the Company. This annual cost is recorded
as an increase in the Company’s cost of investment in that subsidiary.
Share option plan
These are measured at fair value, taking into account market vesting conditions but not non-market vesting conditions on the
grant date using a Black-Scholes option pricing model which calculates the fair value of an option by using the vesting period,
the expected volatility of the share price, the current share price, the exercise price and the risk free interest rate. The fair value
of the option is amortised over the vesting period, with one third of the options vesting after two years, one third after three
years, and the balance vest after four years. The only vesting condition is continuous service. There is no requirement to revalue
the option at any subsequent date. The charge that is recognised is adjusted to reflect failure to vest due to non-achievement of
a non-market vesting condition but not failure to vest due to the non-achievement of a market vesting condition.
LTIP
An alternative share plan was introduced to give awards to Directors and staff, subject to outperforming the Numis Small Cap
(excluding Investment Trusts) index in terms of shareholder return over a three year period. There are three different award
levels; one third of the share options vest if the company shall exceed the Total Shareholder Return of the Numis Small Cap
Index by not less than 10%, two thirds if the shareholder return exceeds by over 20% and 100% of the share options if the
shareholder return exceeds by over 30%.
These are measured at fair value, taking into account market vesting conditions but not non-market vesting conditions, at the
date of grant, measured by using the Monte Carlo binomial model. The charge that is recognised is adjusted to reflect failure
to vest due to non-achievement of a non-market vesting condition but not failure to vest due to the non-achievement of a
market vesting condition.
Notes forming part of the consolidated ﬁnancial statements continued
36 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
2 Signiﬁcant accounting policies continued
Dividend distribution
Final dividends are recorded in the Group’s financial statements in the period in which they are approved by the Group’s
shareholders. Interim dividends are recognised when paid.
Income taxes and deferred taxation
Provision for income taxes is calculated in accordance with the tax legislations and applicable tax rates in force at the reporting
date in the countries in which the Group companies have been incorporated.
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated
statement of financial position differs from its tax base, except for differences arising on:
• the initial recognition of goodwill;
• the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the
transaction affects neither accounting or taxable profit; and
• investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the
difference and it is probable that the difference will not reverse in the foreseeable future.
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered).
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:
• the same taxable Group company; or
• different Group entities which intend either to settle current tax assets and liabilities on a net basis, or to realise the assets
and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities
are expected to be settled or recovered.
Property, plant and equipment
Property, plant and equipment comprise computers, leasehold improvements, and office furniture and equipment, and are
stated at cost less accumulated depreciation. Carrying amounts are reviewed for impairment whenever events or changes in
circumstances indicate that their carrying amount may not be recoverable. Where the carrying amount of an asset is greater
than its estimated recoverable amount, it is written down immediately to its recoverable amount.
Depreciation is calculated to write off the cost of fixed assets on a straight line basis over the expected useful lives of the
assets concerned. The principal annual rates used for this purpose are:
%
Computers and software 33.33
Office furniture and equipment 10.00
Building and leasehold improvements over the length of the lease
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in the
consolidated statement of comprehensive income.
Goodwill
Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated
statement of comprehensive income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the
fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the
acquisition date.
Impairment
Non-financial assets are subject to annual impairment tests whenever events or changes in circumstances indicate that their
carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. – the
higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Keywords Studios plc – Annual Report 2014 37 2 Signiﬁcant accounting policies continued
Where it is not possible to establish the recoverable amount of an individual asset, the impairment test is carried out on the
asset’s cash generating unit (i.e. – the lowest group of assets in which the asset belongs for which there are separately
identifiable cash flows).
Impairment charges are included in the administrative expenses line item in the consolidated statement of comprehensive income.
Financial assets
Loans and receivables
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
They arise principally through the provision of services to customers (e.g. trade receivables), but also incorporate other types
of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to
their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, less
provision for impairment.
The Group’s receivables comprise trade and other receivables and cash and cash equivalents in the statement of financial position.
Trade receivables, which principally represent amounts due from customers, are initially recognised, thereafter, are recognised
at amortised cost. An estimate for doubtful debts is made when there is objective evidence that the Group will not be able to
collect amounts due according to the original terms of receivables. Bad debts are written off when identified.
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short term highly liquid
investments with original maturities of three months. Where cash is on deposit with maturity dates greater than three months,
it is disclosed as short-term bank deposits.
Share capital
Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a
financial liability. The Group’s ordinary shares are classified as equity instruments.
Financial liabilities
Trade payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at
amortised cost using the effective interest method.
Leased assets
Where substantially all of the risks and rewards of ownership are not transferred to the Group (“operating lease”), the total rental
payables are charged to the consolidated statement of comprehensive income on a straight-line basis over the term of the lease.
3 Critical accounting estimates and judgements
The preparation of consolidated financial statements under IFRS requires the Directors to make estimates and judgements
that effect the application of policies and reported amounts.
The areas requiring the use of estimates and critical judgements that may significantly impact the Group’s earnings and
financial position are revenue recognition in respect of accrued income and computation of income taxes. Estimates and
judgements are continually evaluated and are based on historic experience and other factors including expectations of future
events that are believed to be reasonable. Actual results may differ from these estimates and assumptions.
Accrued income
Judgement is required in respect of the amount of accrued income recognised at the reporting date. The amount of accrued
income is determined based on an assessment of the expected amount of unbilled time costs in respect of work commenced
prior to the close of a particular year end that will be invoiced to customers after that year end date.
Notes forming part of the consolidated ﬁnancial statements continued
38 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
3 Critical accounting estimates and judgements continued
Income taxes
The Group is subject to income tax in several jurisdictions and judgement may be required in determining the provision for
income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax
determination may be uncertain. As a result, the company recognises tax liabilities based on an understanding of taxation
legislation in particular jurisdictions and any related estimates of whether taxes and/or interest will be due. This assessment
relies on estimates and assumptions and may involve a series of complex judgments about future events. To the extent that
the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax
expense in the period in which such determination is made.
4 Segmental analysis
Management considers that the Group’s activity as a single source supplier of Localisation and Localisation Testing Services
constitutes one operating and reporting segment, as defined under IFRS 8.
Management review the performance of the Group by reference to Group-wide profit measures and the revenues derived
from four main service groupings:
• Localisation – Localisation Services relate to translation and cultural adaptation of in-game text and audio scripts across
multiple game platforms and genres.
• Localisation Testing – Localisation Testing involves testing the linguistic correctness and cultural acceptability of computer games.
• Audio – Audio Services relate to the audio production process for computer games and includes script translation, actor
selection and talent management through pre-production, audio direction, recording, and post-production, including native
language Quality Assurance of the recordings.
• Functional Testing – Functional Testing relates to quality assurance services provided to game producers to ensure games
function as required.
There is no allocation of operating expenses, profit measures, assets and liabilities to individual product groupings.
Accordingly the disclosures below are provided on an entity-wide basis.
Activities are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The chief operating decision maker has been identified as the executive management team made up of the Chief Executive
Officer and the Finance Director.
Revenue by line of business
Years ended 31 December
2013 2012
€ €
Localisation testing 9,465,989 7,820,445
Localisation 5,324,995 5,229,733
Audio 1,246,669 993,581
Functional testing 349,338 299,190
16,386,991 14,342,949
Included in Localisation Testing is €152,260 (2012: €nil) of revenue related to multimedia tax credits.
Two (2012: Three) customers accounted for more than 10% of the Group’s revenue during the year. Revenues generated from
those customers were €3.4m and €2.9m (2012: €3.3m, €2.4m and €1.9m).
Keywords Studios plc – Annual Report 2014 39 4 Segmental analysis continued
Geographical analysis of revenues by jurisdiction
Analysis by geographical regions is made according to the Group’s operational jurisdictions. This does not reflect the region
of the Group’s customers, whose locations are worldwide.
Years ended 31 December
2013 2012
€ €
Ireland 10,904,474 10,882,112
Japan 1,208,392 2,412,747
Italy 345,884 662,764
Canada 1,128,720 385,326
United States 2,799,521 –
Total revenues 16,386,991 14,342,949
Geographical analysis of non-current assets from continuing businesses
Years ended 31 December
2013 2012
€ €
Ireland 452,958 357,277
Canada 106,360 84,101
Japan 11,602 23,575
Italy 28,939 24,837
United States 556 614
600,415 490,404
5 Operating proﬁt
Operating profit is stated after charging:
Years ended 31 December
2013 2012
€ €
Depreciation 272,470 198,267
Costs of Initial Public Offering 1,123,566 –
One-time costs of €1,404,618 (2012: €nil) were incurred as in the Company’s IPO. €281,052 (2012: €nil) of these costs were
capitalised against the share premium account.
Years ended 31 December
2013 2012
€ €
Auditors’ remuneration
Audit services
– Parent company and Group audit 38,000 20,000
– Subsidiary companies audit 20,000 –
Non-audit services
– Accounting and Taxation compliance 14,962 2,500
– Corporate finance fees related to IPO 205,101 –
278,063 22,500
Notes forming part of the consolidated ﬁnancial statements continued
40 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Keywords Studios plc – Annual Report 2014 41
6 Financing income and costs
Years ended 31 December
2013 2012
€ €
Finance income
Interest received 59,335 50,470
59,335 50,470
Finance cost
Bank charges (24,703) (13,578)
Foreign exchange losses (101,007) (112,964)
(125,710) (126,542)
Net financing (expense)/income (66,375) (76,072)
7 Taxation
Years ended 31 December
2013 2012
€ €
Current income tax
Income tax on profits 22,650 –
Income tax on profits of subsidiary operations 371,070 383,796
Previous year taxes – 26,801
393,720 410,597
The tax charge for the year can be reconciled to accounting profit as follows:
Years ended 31 December
2013 2012
€ €
Profit before tax 1,158,063 2,738,690
Expected tax charge based on the standard rate of taxation in the UK at 23% (2012: 23%) 266,354 629,899
Higher rates of current income tax in overseas jurisdictions 20,702 18,403
Lower rates of current income tax in overseas jurisdictions (234,220) (308,288)
Losses incurred in overseas jurisdictions 148,755 90,183
Used of tax losses carried forward – (19,600)
Permanent differences on non-deductible IPO expenses 258,420 –
Effects of other timing differences (66,291) –
Total tax charge 393,720 410,597
The Group’s subsidiaries are located in different jurisdictions and are taxed on their residual profit in those jurisdictions.
The majority of profits arise in Ireland.
Deferred tax is not material to the Group, and no deferred tax asset or liability is recorded.
8 Proﬁt attributable to shareholders of the Parent Company
In accordance with Companies Act 2006, the Company is availing of the exemption from presenting its individual Statement of
Comprehensive Income to the annual general meeting and from filing it with Companies House. The amount of profit after tax
dealt with in the parent undertaking is €1,054,027 (2012: €nil). Notes forming part of the consolidated ﬁnancial statements continued
42 Keywords Studios plc – Annual Report 2014
9 Earnings per share
Years ended 31 December
2013 2012
Euro cent Euro cent
Basic 2.14 7.30
Diluted 2.12 7.30
2013 2012
€ €
Profit for the period from continuing operations 764,343 2,328,093
Number Number
Denominator (weighted average number of equity shares)
Basic 35,778,042 31,902,332
Diluted 36,062,393 31,902,332
10 Dividends
2013 2012
Per share Total Per share Total
Euro cent € Euro cent €
Interim 842.00 124,518 2,538.00 375,482
Final 3,379.00 500,000 ––
Interim 0.39 156,609 ––
Dividends paid to shareholders 4,221.39 781,127 2,538.00 375,482
In November 2012, Keywords International Limited distributed €25.38 per share, based on the shares in issue at that time,
or, €375,482 in total, as an interim dividend for 2011.
In May 2013, Keywords International Limited distributed €8.42 per share, based on the shares in issue at that time, or
€124,518 in total, as a special dividend for 2011.
In June 2013, Keywords International Limited distributed €33.79 per share, based on the shares in issue at that time, or
€500,000 in total, as a final dividend for 2012.
In October 2013 Keywords Studios plc distributed its maiden dividend of Stg0.33p / €0.39c per share, based on the shares in
issue at that time, or €156,609, as an interim dividend for 2013.
The Directors’ recommend a final dividend in respect of the financial year ended 31 December 2013 of Stg0.67p per Ordinary
share, to be paid on 25 July 2014 to shareholders who are on the register at 4 July 2014. This dividend is not reflected in these
financial statements as it does not represent a liability at 31 December 2013. The final proposed dividend will reduce
shareholders’ funds by an estimated €337,554. OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Keywords Studios plc – Annual Report 2014 43
11 Staﬀ costs
Total staff costs (including Directors) comprise the following:
Years ended 31 December
2013 2012
€ €
Salaries and related costs 8,704,709 6,129,835
Share based payment costs 70,775 –
8,775,464 6,129,835
Key management compensation:
Years ended 31 December
2013 2012
€ €
Salaries and related costs 394,800 321,300
Social Welfare cost 17,724 –
Pension costs 54,800 114,909
Share based payment costs 24,582 –
491,906 436,209
The key management compensation includes the five Directors of Keywords Studios plc (2012: four Directors of Keywords
International Limited).
The breakdown of Directors’ remuneration for the Company is included in the Directors’ Remuneration report on pages 22 and 23.
Years ended 31 December
2013 2012
Average number of employees
Operations 350 201
General and administration 21 16
371 217
12 Property, plant and equipment
Computers and Office, furniture 
software and equipment Total
Group €€ €
Cost
At 1 January 2012 563,825 110,110 673,935
Additions 385,863 4,992 390,855
At 31 December 2012 949,688 115,102 1,064,790
Currency revaluation (15,283) (5,196) (20,479)
Transfer (39,455) 39,455 –
Additions 314,481 79,209 393,690
At 31 December 2013 1,209,431 228,570 1,438,001 Notes forming part of the consolidated ﬁnancial statements continued
44 Keywords Studios plc – Annual Report 2014
12 Property, plant and equipment continued
Computers and Office, furniture 
software and equipment Total
€€ €
Accumulated depreciation
At 1 January 2012 330,409 45,710 376,119
Charge 187,344 10,923 198,267
At 31 December 2012 517,753 56,633 574,386
Currency Revaluation (6,796) (2,474) (9,270)
Transfer (11,738) 11,738 –
Charge 248,546 23,924 272,470
At 31 December 2013 747,765 89,821 837,586
Net book value
As at 31 December 2012 431,935 58,469 490,404
As at 31 December 2013 461,666 138,749 600,415
13 Trade receivables
Years ended 31 December
2013 2012
Group € €
Customers 1,384,750 1,463,056
Provision for bad debts (Note 23) (81,288) (65,808)
1,303,462 1,397,248
14 Other receivables
As of 31 December
2013 2012
Group € €
Accrued Income 209,743 231,997
Prepayments 215,364 231,965
Other receivables 295,427 158,750
Other tax and social security 104,721 7,580
Restricted cash (Note 22) 300,196 –
Related party receivable (Note 22) – 247,021
Corporation tax receivable – 29,989
1,125,451 907,302
As of 31 December
2013 2012
Company € €
Intercompany receivables (Note 22) 1,483,464 –
Restricted cash (Note 22) 300,196 –
Prepayments 31,139 –
Other receivables 8,340 –
Other tax and social security 74,869 –
1,898,008 – OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Keywords Studios plc – Annual Report 2014 45
15 Cash and cash equivalents
As of 31 December
2013 2012
Group € €
Cash at bank 2,121,135 1,235,561
Short term bank deposits 13,149,434 2,656,528
15,270,569 3,892,089
Company
Cash at bank 522,760 –
Short term bank deposits 10,199,782 –
10,752,542 –
Short term bank deposits relate to cash on deposit with maturity dates less than three months, or which can be accessed
before on demand.
16 Short term investments
As of 31 December
2013 2012
Group € €
Medium term bank deposits 518,506 505,585
518,506 505,585
Medium term bank deposits relate to cash on deposit with maturity dates greater than three months, which cannot be
accessed before maturity.
17 Shareholder’s equity
Share capital
2013 2012
Shares no. € Shares no. €
At the start of the period
Ordinary Shares of €0.012697 each 14,797 188 14,797 188
Issued during the period
Ordinary Shares of Stg £0.01 each issued
on incorporation 1,000 12 ––
Ordinary Shares of Stg £0.01 each issued
on reconstruction 31,901,332 370,257 ––
Ordinary Shares of €0.012697 each eliminated
on reconstruction (14,797) (188) ––
Ordinary Shares of Stg £0.01 each issued
on flotation 8,130,081 94,513
At the end of the period 40,032,413 464,782 14,797 188
On 29 May 2013 the Group issued 1,000 Ordinary shares of 1p each on incorporation, at nominal value.
On 8 July 2013, as part of the Group reconstruction, the Group issued a further 31,901,332 Ordinary shares of 1p each,
as part of a share for share exchange with the shareholders of Keywords International Limited.
The comparative period shows the issued shares of Keywords International Limited prior to the Group’s reconstruction
on 8 July 2013. 17 Shareholder’s equity continued
On 10 July 2013, Keywords Studios issued 8,130,081 new shares of 1p each for £1.23 per share, raising £10m / €11.625m in
gross cash for the Group. Keywords Studios plc was admitted to the Alternative Investment Market (AIM) of the London Stock
Exchange. Share trading commenced on 12 July 2013.
Reserves
The following describes the nature and purpose of each reserve within owner’s equity:
Reserve Description and purpose
Retained earnings Cumulative net gains and losses recognised in the consolidated statement of comprehensive income
Foreign exchange reserve Gains or losses arising on retranslation of the net assets of the overseas operations into euro.
Share premium The Share Premium account is the amount received for shares issued in excess of their nominal
value, net of share issuance costs
Share option reserve The Share option reserve is the credit arising on share based payment charges in relation to the
Company’s share option schemes.
Merger reserve The merger reserve was created following the Group reconstruction, when Keywords Studios plc
acquired the Keywords International Limited group of companies.
18 Share options
In July 2013, at the time of the IPO, the Company put in place a Share Option Scheme and a Long Term Incentive Plan (“LTIP”).
The charge in relation to these arrangements is shown below, with further details of the schemes following:
2013 2012
€ €
Share Option Scheme expense 43,079 –
Share Option Scheme – LTIP expense 27,676 –
70,755 –
Of the total share option charge, €24,582 relates to Directors of the Company as at 31 December 2013.
Share option scheme
Share options are granted to Directors and to permanent employees. The exercise price of the granted options is equal to
management’s the market price of the shares at the time of the award of the options. The Company has no legal or
constructive obligation to repurchase or settle the options in cash.
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
2013 2012
Average exercise Number of Average exercise Number 
price in £ per share options price in £ per share of options
Outstanding at the beginning of the year –– ––
Granted 1.20 762,775 ––
Lapsed –– ––
Exercised –– ––
Outstanding at the end of the year 1.20 762,775 ––
Exercisable at the end of the year –– ––
Notes forming part of the consolidated ﬁnancial statements continued
46 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
18 Share options continued
Details of the options granted during the year are as follows:
All 762,775 options were granted on 12 July 2013 at an average exercise price of £1.20. All options were granted to either
employees or Directors of the Group. Of the total options granted, 254,258 are exercisable from 12 July 2015 to 11 July 2020,
254,258 are exercisable from 12 July 2016 to 11 July 2020 and 254,259 are exercisable from 12 July 2017 to 11 July 2020.
The inputs into the Black-Scholes model, used to value the options are as follows:
2013 2012
Weighted average share price (£) 1.23 –
Weighted average exercise price (£) 1.20 –
Average expected life 3 years –
Expected volatility 36.12% –
Risk free rates 0.5% –
Average expected dividends yield 1.00% –
Expected volatility was determined by calculating the historical volatility of two similar listed companies over the previous
3 years. The expected life used in the model has been adjusted based on management’s best estimate, for the effects of
non-transferability, exercise restrictions and behavioural considerations.
The weighted average remaining contractual life of the options outstanding at 31 December 2013 was 2 years 6 months
(2012: nil). All of the outstanding options can be exercised at an average of £1.20 over a 3 to 5 year period.
Long term incentive plan scheme
An alternative share plan was introduced to give awards to Directors and staff subject to outperforming the Numis Small Cap
(excluding Investment Trusts) index in terms of shareholder return over a three year period. A total of 392,037 nil price (1p)
options are available to vest to Directors and to selected employees on the basis of the number of options they are entitled to.
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
2013 2012
Average exercise Number of Average exercise Number 
price in £ per share options price in £ per share of options
Outstanding at the beginning of the year –– ––
Granted 0.01 392,037 ––
Lapsed –– ––
Exercised –– ––
Outstanding at the end of the year 0.01 392,037 ––
Exercisable at the end of the year –– ––
Details of the options granted during the year are as follows:
All 392,037 options were granted on 12 July 2013 at an exercise price of £0.01. All options were granted to either employees or
Directors of the Group. Of the total options granted, 392,037 are exercisable from 12 July 2016 to 11 July 2020 if the market
performance conditions are met as at 12 July 2016.
Keywords Studios plc – Annual Report 2014 47 Notes forming part of the consolidated ﬁnancial statements continued
48 Keywords Studios plc – Annual Report 2014
18 Share options continued
The options were valued using a Monte Carlo binomial model using the following inputs:
2013 2012
Weighted average share price (£) 1.23 –
Weighted average exercise price (£) 0.01 –
Average expected life 3 years –
Expected volatility 36.12% –
Risk free rates 0.5% –
Expected volatility was determined by calculating the historical volatility of two similar listed companies over the previous
3 years. The expected life used in the model has been adjusted based on management’s best estimate, for the effects of
non-transferability, exercise restrictions and behavioural considerations.
As any dividends earned are to be re-invested into the business the impact of dividends has been ignored in the calculation
of the LTIP share option charge.
The weighted average remaining contractual life of the options outstanding at 31 December 2013 was 2 years 6 months
(2012: nil). All of the outstanding options can be exercised at £0.01 over a 4 year period.
19 Trade payables
As of 31 December
2013 2012
Group € €
Suppliers 503,634 701,197
503,634 701,197
20 Other payables
As of 31 December
2013 2012
Group € €
Accrued expenses 277,179 346,952
Payroll taxes 137,461 118,711
Other payables 392,713 14,945
Related party payable (Note 22) 9,242 –
816,595 480,608
Company
Accrued expenses 21,503 –
Payroll taxes 16,133 –
Other payables 300,261 –
337,897 – OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Keywords Studios plc – Annual Report 2014 49
21 Investments in Subsidiaries
As of 31 December
2013 2012
Company € €
Investment in Subsidiaries 5,683,149 –
Share Option Expense related to Subsidiary Companies 52,332 –
5,735,481 –
The investment in subsidiaries reflects the net book value of the assets held by Keywords International Limited at the date of
the share for share exchange, in accordance with IAS 27, Consolidated and Separate Financial Statements.
Details of the Company and Group’s subsidiaries as at 31 December 2013 are set out below:
Proportion of 
Date of voting rights 
Country of Incorporation/ and ordinary
Name incorporation acquisition share capital held Nature of business
Keywords International Limited Ireland 13-05-1998 100% Trading Company
Keywords International Co. Limited Japan 30-11-2010 99% Trading Company
Keywords International Corporation Inc. Canada 22-12-2010 100% Trading Company
Keywords Italia Srl. Italy 18-05-2011 100% Trading Company
Keywords International Inc. United States 26-09-2012 100% Trading Company
KW Studios Limited United Kingdom 29-05-2013 100% Dormant Company
22 Related parties and shareholders
Italicatessen Limited, a company registered in Ireland is related by virtue of a common significant shareholder. P .E.Q. Holdings
Limited is 100% owner of Italicatessen Limited. At 30 December 2013, P .E.Q Holdings Limited owned 29.9% of the Company. In
addition, Mr. Giorgio Guastalla is a Director of Italicatessen Limited, P .E.Q. Holdings Limited and the Company, and owns, or
controls, 90% of the share capital of P .E.Q Holdings Limited.
The following transactions arose with Italicatessen Limited, which provides canteen services to Keywords International Limited.
Moreover, Italicatessen is a related party debtor as at 31 December 2012 because of an outstanding loan from Keywords
International Limited of €238,100 and reimbursable charges paid by Keywords International Limited on behalf of Italicatessen
Limited. There is no interest payable on this loan. The loan was repaid during the year.
As of 31 December
2013 2012
€ €
Operating expenses
Canteen charges 67,028 50,313
The following are year-end balances:
As of 31 December
2013 2012
€ €
Italicatessen Limited – 247,021
Total related party debtors – 247,021
Italicatessen Limited 9,242 –
Total related party creditors 9,242 – 22 Related parties and shareholders continued
The Company paid the following amounts to Mr. Giorgio Guastalla, Director of the Company, and shareholder of P .E.Q
Holdings Limited, in respect of rent on premises occupied by the employees of the Group in Dublin.
2013 2012
€ €
Operating expenses
Rental payment 18,000 18,000
The Company entered into a deed of undertaking and indemnity on 8 July 2013 with Mr. Andrew Day, CEO and Director of the
Company related to possible liabilities which might arise due to the restructuring of the Group prior to its IPO on 12 July 2013.
As part of this deed of undertaking and indemnity, Mr. Day deposited £250,000 as security for the Company. This is included
as Restricted Cash in Other Receivables of the Company. This amount is repayable to Mr. Day on 8 January 2016 if no liability
arises in that period. There is a corresponding liability included in Other Payables.
The details of key management compensation (being the remuneration of the Directors) are set out in Note 11.
As at 31 December 2013 and 2012, the Company had amounts receivable from its subsidiaries, amounting to €1,483,464
(2012: €nil) relating to intergroup trading activities.
23 Financial instruments and risk management
Interest rate risk
Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates.
The Group’s income and operating cash flows are substantially independent of changes in market interest changes.
The management monitors interest rate fluctuations on a continuous basis and acts accordingly.
Where the Group has a significant amount of surplus cash, it will invest in higher earning interest deposit accounts.
As described in Note 17, the Company raised €11.625m in cash through an IPO with the strategy of making acquisitions of
suitable companies. The proceeds, net of share issuance costs, are held in short term deposits and demand accounts, to be
used in acquisitions, as required. Note 25 includes information on the events since the reporting date, which include the use
of some of the funds on hand.
Due to interest rate conditions, the interest rates for short term deposits are at similar levels to those achieved for longer
terms. The Group is not unduly exposed to market interest rate fluctuations, and no interest rate sensitivity analysis has been
presented as a result.
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future cash
inflows from financial assets on hand at the reporting date.
The Group closely monitors the activities of its counterparties and maintains regular contact which enables it to ensure the
prompt collection of customers’ balances.
The Group’s main financial assets are cash and cash equivalents as well as trade and other receivables and represent the
Group’s maximum exposure to credit risk in connection with its financial assets. Trade and other receivables are carried on the
statement of financial position net of bad debt provisions estimated by the Directors based on prior year experience and an
evaluation of prevailing economic circumstances.
Whenever possible and commercially practical the Group invests cash with major financial institutions in each jurisdiction
where it operates. The Group periodically monitors the credit rating and stability of these institutions.
Notes forming part of the consolidated ﬁnancial statements continued
50 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
23 Financial Instruments and risk management continued
The ageing of trade and receivables that are past due but not impaired can be analysed as follows:
Group
1-2 months More than 2
Total Not past due overdue months past due
€ €€ €
As at 31 December 2012 1,397,248 1,009,472 199,583 188,193
As at 31 December 2013 1,303,462 923,224 295,408 84,830
The above balances relate to customers with no default history.
A provision for doubtful debtors is included within trade receivables that can be reconciled as follows:
2013 2012
€ €
Provision at the beginning of the year 65,808 54,246
Charged to income statement 15,480 11,562
Utilised – –
Provision at end of the year 81,288 65,808
Related party receivables of €nil were not past due at 31 December 2013 (2012: €247,021).
Company
Intercompany receivables of €1,483,464 were not past due at 31 December 2013 (2012: €nil).
Currency risk
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates.
The foreign exchange risk arises for the Group where assets and liabilities arise and are held in overseas subsidiaries in a
currency other than the euro and to a lesser extent where individual Group entities enter into transactions denominated in
currency other that their functional currency.
The Group’s policy, where possible, is for Group entities to manage foreign exchange risk at a local level by matching the
currency in which revenue is generated and the expenses incurred and by settling liabilities denominated in their functional
currency with cash generated from their own operations in that currency. In order to monitor the Group’s exposure to foreign
exchange risk, the board receives a monthly analysis of the major currencies held by the Group, and of liabilities due for
settlement and expected cash reserves.
The Group is predominantly exposed to currency risk on the proceeds of the IPO, which are retained as sterling deposits.
The effect of a 10% strengthening of sterling against the euro at the reporting date on the sterling denominated bank balances
carried at that date would, all other variables held constant, have resulted in a decrease in post-tax profit for the year and a
decrease of net assets of €1,191,870 (2012: €nil). A 10% weakening in the exchange rate would, on the same basis have
increased post-tax profit and increased net assets by €975,095 (2012: €nil).
The Group’s policy is not to enter into any currency hedging transactions.
Total financial assets and liabilities
The carrying amount of the financial assets and liabilities shown in the Group and Company statements of financial position
are stated at fair value.
Liquidity risk
Liquidity risk arises from the Group’s management of working capital and the financial charges on its debt instruments.
The Group’s policy is to ensure that it will have sufficient cash to allow it to meet its liabilities when they become due.
Keywords Studios plc – Annual Report 2014 51 23 Financial instruments and risk management continued
The following are the contractual maturities (representing undiscounted contractual cash flows) of the Group’s and
Company’s financial liabilities:
Group
Year ended 31 December 2013
Total Within 1 year 1-2 years 2-5 years
€€ €€
Trade payables 503,634 503,634 ––
Other accounts payable 671,507 671,507 ––
Year ended 31 December 2012
Total Within 1 year 1-2 years 2-5 years
€ €€ €
Trade payables 701,197 701,197 ––
Other accounts payable 361,897 361,897 ––
Company
Year ended 31 December 2013
Total Within 1 year 1-2 years 2-5 years
€€ €€
Other accounts payable 321,764 321,764 ––
Year ended 31 December 2012
Total Within 1 year 1-2 years 2-5 years
€€ €€
Other accounts payable ––– –
24 Operating lease commitments
The Group maintains a portfolio of leased properties. The terms of property leases vary from country to country, although
they all tend to be tenant repairing with rent reviews every 2 to 5 years and some have break clauses.
The total future value of the minimum lease payments is due as follows:
Group
2013 2012
€ €
Not later than one year 553,465 617,198
Later than one year and not later than five years 1,629,476 1,793,215
Later than five years 498,477 788,249
2,681,419 3,198,661
Notes forming part of the consolidated ﬁnancial statements continued
52 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
25 Events after the reporting date
Acquisition of Liquid Violet Limited
On 15 January 2014 the Company acquired the entire issued share capital of Liquid Violet Limited, a video games voice
production services company, registered in the UK. Liquid Violet specialises in the management, on behalf of major video
game publishers and the acquisition is in line with the Group’s strategy of growing both organically and by acquisition to
extend the Group’s client base, market penetration or service lines, where the Group can use its existing expertise,
multi-service platform, scale and global reach to generate synergies.
Under the terms of the acquisition, which will be immediately earnings enhancing, Keywords Studios has paid an initial cash
consideration of £300,000 with a further £1.3 million payable in cash contingent upon Liquid Violet achieving certain financial
targets in the three years to 31 March 2016.
The book value of the net assets acquired is as follows:
€
Property plant and equipment 17,428
Trade receivables 13,017
Other receivables 12,995
Payables (69,297)
Cash 95,153
Total 69,296
Fair value of consideration paid 1,298,814
Goodwill 1,229,518
At the date of authorisation of these financial statements a detailed assessment of the fair value of the identifiable net assets
has not been completed. Information on the revenue and impact on profit due to this acquisition has not been disclosed as
it is impracticable to do so at this point in time.
Fair value of consideration payable
€
Cash 361,337
Deferred consideration 937,477
1,298,814
Acquisition of Babel Media Group
On 17 February 2014, the Company acquired the entire issued share capital of Babel Media Limited, a company registered in
the UK, together with its subsidiary companies. Babel Media is a leading provider of outsourced video games services with
operations in the UK, Canada and India.
The acquisition will extend the Group’s client base, market penetration or service lines, where the Group can use its existing
expertise, multi-service platform, scale and global reach to generate synergies.
Keywords Studios plc – Annual Report 2014 53 25 Events after the reporting date continued
The book value of the net assets acquired is as follows:
€
Property plant and equipment 678,076
Trade receivables 499,512
Other receivables 714,516
Multimedia tax credit receivable 1,200,172
Bank overdraft (677,785)
Trade and other payables (4,377,693)
Finance leases (76,628)
Total (2,039,830)
Fair value of consideration paid 2,686,057
Goodwill (4,725,887)
At the date of authorisation of these financial statements a detailed assessment of the fair value of the identifiable net assets
has not been completed. Information on the revenue and impact on profit due to this acquisition has not been disclosed as
it is impracticable to do so at this point in time.
Fair value of consideration payable
€
Shares issued 2,686,057
2,686,057
Incorporation of Keywords International Pte. Limited
On 24 March 2014, the Directors incorporated Keywords International Pte. Limited, a company registered in Singapore,
as part of the Group’s continuing geographic expansion, and to allow it to service the games industry in South East Asia.
Notes forming part of the consolidated ﬁnancial statements continued
54 Keywords Studios plc – Annual Report 2014 OVERVIEW STRATEGIC REPORT GOVERNANCE
FINANCIAL STATEMENTS
Directors
Ross King Graham
(Non-Executive Chairman)*
Andrew John Day
(Chief Executive Officer)
David Alan O’Connor
(Group Financial Director)
David Alan Reeves
(Non-Executive Director)*
Giorgio Guastalla
(Non-Executive Director)
* Denotes independent director
Registered office and
principal place of business
London office:
8 Clifford Street
London W1S 2LQ
Dublin office:
Whelan House
South County Business Park
Dublin 18 Ireland
Company Secretary
David O’Connor
Nominated Adviser and Broker
Numis Securities Limited
The London Stock Exchange Building
10 Paternoster Square
London EC4M 7LT
Financial PR Adviser
MHP Communications
60 Great Portland Street
London W1W 7RT
Solicitors to the Company
Brown Rudnick LLP
London office:
8 Clifford Street
London W1S 2LQ
Dublin office:
Alexandra House
The Sweepstakes
Ballsbridge
Dublin 4 Ireland
Squire Sanders (UK) LLP
7 Devonshire Square
London EC2M 4YH
Reporting accountant
BDO LLP
55 Baker Street
London W1U 7EU
Auditors
BDO
Beaux Lane House
Mercer Street
Lower Dublin 2 Ireland
Solicitors to the Nominated Adviser
Dorsey & Whitney (Europe) LLP
21 Wilson Street
London EC2M 2TD
Registrars
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Capita Asset Services is our registrar
and they offer many services to make
managing your shareholding easier
and more efficient.
Share portal
The Share Portal is a secure online
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shareholding quickly and easily. You can:
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Customer support centre
Alternatively, you can contact Capita’s
Customer Support Centre which is
available to answer any queries you
have in relation to your shareholding:
By phone – UK – 0871 664 0300 (UK
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extras). From overseas – +44 20 8639
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Share fraud warning
Share fraud includes scams where
investors are called out of the blue and
offered shares that often turn out to be
worthless or non-existent, or an inflated
price for shares they own. These calls
come from fraudsters operating in ‘boiler
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While high profits are promised, those
who buy or sell shares in this way
usually lose their money.
The Financial Conduct Authority (FCA)
has found most share fraud victims are
experienced investors who lose an
average of £20,000, with around £200m
lost in the UK each year.
Keywords Studios plc – Annual Report 2014 55
Company information 56 Keywords Studios plc – Annual Report 2014
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or free company or research reports,
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Company information continued “We are well placed to 
take advantage of the
industry’s expected 
growth and structural
change in 201 4 & 201 5”
Andrew Day
Chief Executive
Keywords at a glance 2
Chairman’s statement 4
Strategic report 6
The market 8
Case study: Game localisation 8
Chief Executive’s review 12
Financial and operating review 16
Board of Directors 18
Directors’ report 19
Directors’ remuneration report 22
Directors’ remuneration 
policy report 24
Independent Auditor’s report 26
Consolidated statement 
of comprehensive income 28
Consolidated statement 
of ﬁnancial position 29
Consolidated statement  
of changes in equity 30
Consolidated statement 
of cash ﬂows 31
Company statement 
of ﬁnancial position 32
Company statement of 
changes in equity 33
Company statement of cash ﬂows 34
Notes forming part of the
Consolidated ﬁnancial statements 35
Company information 55
Contacts 56
Contents
Dublin
Keywords International Ltd.
Whelan House
South County Business Park
Dublin 18
Ireland
T: +353 190 22 730
F: +353 190 22 774
Seattle
Keywords International Inc.
Plaza Center
10900 NE 8th Street, Suite 1000
Bellevue, Seattle, WA  98004
T: +1 425 633 3226 
F: +1 425 633 3228
Tokyo
Keywords International Co., Ltd.
2F Toshin Building
4-33-10 Yoyogi, Shibuya-ku, 
Tokyo 151-0053
T: +81 3 4588 6760
F: +81 3 3375 1518
Montreal
Keywords International Corporation Inc.
410 St-Nicolas, Suite 600 
Montréal, QC 
H2Y 2P5
Canada
T: +1 514 789 04 04
F: +1 514 843 43 52
Rome
Keywords Italia Srl
Via Tiberio Imperatore 15
00145 Rome
Italia
T: +39 06 44 20 25 21 
F: +39 06 44 11 92 17
Singapore
Keywords International
1557 Keppel Road #03-28
Singapore 089066
Contacts
Designed and produced by fourthquarter Keywords Studios plc 
Annual Report and Accounts 
2013
Keywords Studios plc 
Keywords International Ltd.
Whelan House
South County Business Park
Dublin 18
Ireland
T: +353 190 22 730
F: +353 190 22 774
www.keywordsintl.com
Keywords Studios plc  Annual Report and Accounts 2013