Financial: Asmodee Profits Soar in 2016

Asmodee, parent company of Asmodee NA and Fantasy Flight Games just blew the doors off the cash registers in 2016!

Asmodee’s parent company is French investment company Eurazeo.  Here’s the section on Asmodee revenue and profits for 2016, just released:

ASMODEE (fully consolidated)

■ Continued robust organic growth and an ongoing international acquisitions policy

In 2016, Asmodee posted revenue of €377.2 million, up +39.5% on a reported basis compared to the previous year, and solid organic growth of +18.5% at constant scope and exchange rates.

This growth was spurred by all product lines and regions: international activities now represent 75% of Group revenue, particularly in the US and the UK. The year was marked by a particularly robust performance in the cards segment, driven by Pokémon which benefited from favorable trends in all the Group’s European countries.

The Group’s EBITDA totaled €65.2 million, resulting in a 17.3% margin. EBITDA increased by +57.5% on a reported basis and +23.7% at constant scope and exchange rates.

Asmodee is also pursuing its strategic initiatives: enhancement of its editorial contents in all regions and on all media, ramp-up in new regions, primarily the US, and creation of its digital platform offering.

Pro forma of the external growth transactions carried out at the end of 2016 (F2Z, Heidelberger, Millenium and Edge), revenue in 2016 totaled €402 million and EBITDA amounted to €78.1 million, i.e. a +19.4% margin.

Net financial debt totaled €223.6 million following the June 2016 refinancing and the acquisitions at the end of 2016, i.e. a leverage now lower than 3.0x EBITDA.

Full 2016 Eurozoa Annual Report


The growth of the Asmodee group is phenomenal. They had exceeded GW’s gross sales in 2015 and just blew past them in 2016.  Here’s the baseline revenue numbers of both companies to compare:

Gross revenue 2016

Asmodee €377.2 million ($404.6 million USD)

GW £118.1 million ($151.2 million USD)

Asmodee is carrying quite a lot of debt at €223.6 million, and is continuing the strategy of acquiring companies. In the last year they bought Heidelberger, Millenium and Edge, a set of publishers and distributors in Europe.

Still though, for the last few years, GW has been relatively flat on gross sales, while Asmodee is now averaging 20-40% growth year per year.

~It looks like the industry is continuing to grow into a multipolar world with multiple “big fish”. There is no longer any one sheriff in town who calls the shots.

  • ZeeLobby

    Egads, that is a bump. I mean they’re still just an acquirer of companies, but it’s good to see the industry doing well.

  • Raven Jax

    This right here is one of the problems with the world currently. FFG’s parent company is Asmodee, who’s parent company is Euroza. There’s no just “businesses” any more. Everything is part of some huge conglomerate and getting more consolidated every day.

    *gets off soapbox*

    • ZeeLobby

      Eh. In the end Asmodee/Euroza are pretty much just investment companies though. They seem to be pretty hands off as far as managing FFG goes at least. I do have an appreciation for most companies that aren’t publicly traded these days. They always seem to have a greater investment in the products they produce.

    • Thatroubleshootah


    • wibbling

      Sadly, these are the people with cash.

    • Cergorach

      GW isn’t that much different, it’s also primarily owned by investment companies. Welcome to the future: Cyberpunk without the ‘punk’…

    • Red_Five_Standing_By

      That’s the way businesses operate now.

    • Sz

      I left a Global 100 company to work for a small privately held company almost exactly 5 years ago. While the health insurance sucks, the work environment is awesome! Small businesses of less than 50 or 100 employees are still a thing. You wouldn’t know it by looking around, but they are still a very big thing.

  • GnomesForge

    Poor GW. I’m sure fan loyalty will carry them through. I mean it’s not like they have decades of backlogged fan rage right?

    • ZeeLobby

      Haha. Well they operate at zero debt, so they have a long time and plenty of assets to burn through before they ever die. Not that they will, plenty of time to right the boat.

      • wibbling

        Doubling of profits clearly indicates that has been done by scrapping the dead weight of Warhammer fantasy.

        • ZeeLobby

          Only a fool would look at one year of increased profits and assume that it’s clear sailing from here on out (thought this is how GW has been operating the past 10 years). It’s possible the AoS market has already been saturated. You also have to consider the loss in 40K sales, which while not universal, is still an issue (and hence upcoming sweeping changes in 8th). GW will survive for only so long before their burning, rebuilding, neglecting, repeat cycle will eventually bring them down. Lets hope it doesn’t come to that.

      • GnomesForge

        Oh definitely true. But they are as you put it on publically​ traded train so I always thought that they would get bought out before imploding. Asmodee might make the share holders an offer they can’t refuse.

        • Xodis

          Most likely scenario. Im sure quite a few companies would start a bidding war should GW start to drown. Like Zee said though, plenty of time to right the boat before that happens, and it seems like they are taking good steps in accomplishing just that.

          • ZeeLobby

            Yeah, they got time. I’d still like to see them hire some talent in the game development department. I just don’t think what they have left will pull them through. Better game systems would result in more stable long-term growth.

          • Xodis

            I totally agree. 40K8e is pretty much a hail mary for me. I’ve already moved on to other games but I kept my armies just incase, if 40K flops again then I think I have enough CSM to buy 2+ armies of any other game I choose to play lol

          • ZeeLobby

            Yeah. Same boat.

          • Cergorach

            If GW implodes, so will the value of your CSM army…

            Less revenue isn’t a big problem for the GW investors, as none own 10% or more of GW. They are interested in dividend, as long as GW gives decent dividends, they’ll leave the GW direction alone. Last time GW did a 180, it was 2007. The revenue was 10% lower then it is now and they were making a loss. but still paying out dividends…

          • Red_Five_Standing_By

            There would be a big bidding war. GW’s IP is worth its weight in gold.

    • wibbling

      Well, they don’t. People keep buying their products and their profits doubled last year.

      If you think one small, angry little person constitutes their ‘fan base’ – as if anyone can be a fan of a company – then you’re mistaken.

      • GnomesForge

        Trigger me timbers Batman! Yes Robin, fanboiz

        • ZeeLobby

          LoL. It’s not like wibbling wouldn’t show up to defend everything they do.

          • GnomesForge

            Honestly, I divide the folks on this group into two groups. One is the normal people I can shoot the breeze with and joke around without triggering some type of sombre episode.

            The other group is people I just smile and laugh. I don’t know this dude at all and he says small for example. I lift and am pretty tall, but he’s already got me “figured out”. In his mind the game has already begun and he will have victory. Meanwhile, I’m just a joker. Maybe a smoker or midnight toker? You lift wibbling? It’s good for tension bro.

        • Sz

          They may be fanboys Robin, but they are also human beings…

          • GnomesForge

            Sorry Batman! They may yet be salvaged…

        • zeno666

          Haha, very true

      • This is from page 9 of GW’s 2016 Annual Report:

        “Reported sales fell by 0.9% to £118.1 million for the year.”


        “On a constant currency basis, core business operating profit decreased by £3.1 million to £11.9 million. This was driven by a decline in our underlying performance in core retail and mail order.”

        GW is doing a lot of things right and 2017 should be much better, but they did not double their profits in 2016.

        • GnomesForge

          Who invited you reality?

        • ZeeLobby

          That’s what I thought. But it’s not like facts work all that well on the wibblers.

        • Hawt Dawg

          I am pretty sure those are not the last 6 months as IIRC, GW do a summer to summer final profit. Their fall/winter summary showed a double profit.

          • That quote was taken from their FY2016 Annual Report (which was linked in the article) They doubled their profits on comparisons between the first 6 months of FY2016 to the first 6 months of FY2017 according to a press announcement
            It remains to be seen if they kept that up the entire year. On their investor site, GW themselves have warned said “the Board remains aware that there is some uncertainty in the trading periods ahead for the rest of the 2016/17 financial year.” The way Constant Currency (CC) is calculated will be giving GW a substantial boost, so, much to the chagrin of both loyalists and chaos, this years numbers are going to be far less useful than normal in determining the state of GW’s imperium. A lot of GW sales come from outside the UK (72% according to GW), and right now those sales are looking far more profitable than they actually were due to CC.

  • marxlives

    I am not surprised. FFG’s makes some awesome products, hard for me to think of one I don’t like. I would love for them to pick up the license for some other really awesome IPs like Shadowrun, Battletech, especially since GW dipped out.

    GW isn’t going anywhere, they focus on catering to a core of veteran players, and digital licensing. At the very least they could make money off of their video games and stay afloat. That said I would expect more FFG products to be within the mainstream, rather than GW products. Yes GW products are big as a niche within a niche within a niche. But FFG products like thier Star Wars line and RuneWars mini game have a greater chance of reaching people who have never been into boardgames/miniature wargaming period.

    • I love the guys at CGL, but FFG picking up Shadowrun and BattleTech would make me positively giddy. GW will be fine. I don’t think I know of any company with so many rabid fans.

      • GnomesForge

        I’m not sure they are the majority though. Also they tend to not have the income as many of the really rabid ones tend to be kind neckbeards like and will probably be even more income limited as the world gets a bit tighter. I think in the end GW will have driven anyone looking for an easy and fun time away and will be left with only its most hardcore neckbeard fans who they’ve spent 20 years pissing off and trying to drive away.

    • Xodis

      With the addition of Runewars (or WHFB 9e), Im hoping we get a Star Wars/40K equivalent.

      We already have HQ characters, specialist squads, and a couple vehicles from IA, so now they just need to flesh it out more.

    • GnomesForge

      GW desperately wants to enter the mainstream market. They’ve always found the demands of the veteran base too hard core. They want attract that sweet, young and attractive growing board/video game crowd. But that’s delusional.

      Take Silver Tower. I love it. But I honestly think some people and even GW staff believe that WQ will somehow attract the casual BG market. WHAT…?

      It took me a veteran model maker of 20 years a week to casually put the figures together and then the original was still better and less work. GeeDubs, c’mon man. You think casual gamers who bought descent are going to wait a week and do a crash course in advanced modelling to play a game? Now in 1991, there weren’t a lot of dungeon crawl choices but this ain’t the 90s anymore, there’s more games than years of life. It’s now a BUYERS market.

  • DJ860

    Not really sure why such a direct comparison to GW, might as well throw Mattel or Tomy in there while you’re at it.

    Yes there’s a lot of overlap but they clearly stated “The year was marked by a particularly robust performance in the cards segment, driven by Pokémon”

    Do we honestly expect GW to be compared in profits to a company making a load of money from Pokémon cards?

    I don’t think GW will be too concerned about market share being stolen by people who want to play those kinds of games.

    On the other hand, if anyone has read or seen any more direct comparisons of products that compete with GWs, that would probably be a lot more interesting and relevant.

    • Xodis

      No one cares about Mattel or Tomy here, but we all care about GW…even those who care just enough to want to watch them burn with their years of nerd rage and hate. WotC/Hasbro would have been a good comparison though.

      • GnomesForge

        Ill admit that I may want that for whoever cancelled Epic and pulled the WQ files from BBG. Not literally in the flesh way, cause these are just games. Rather seeing it finally come back to bite them will be a bit satisfying.

        Seriously though, I just want them to get bought out because as much as I wish it were not the case, I don’t think they can pull it off. The IP would be safer in an actual gaming companies hands. At a minimum products like Epic forumware could be licensed instead of back alley trades and proxies.

        • Xodis

          I think GWs lack of focus is due to a real lack of competition. Yes, there are a lot of great games out there (Warmahordes, Malifaux, Infinity, etc…) but they are really just nipping at the heels of the GW powerhouse. If FFG took something like StarWars and turned it into real competition…maybe GW would wake up and shake the dust off. Honestly I am giving them a chance with 8e simply because of how much I like AoS (Heresy I know, but I do have enough CSMs to play an Apoc game with myself lol).

          • GnomesForge

            You really want that Star Wars game eh lol? I really hope you get it. I personally loathe Star Wars, but I don’t have to play it. But keep spreading it, it does work. Like how I talk about epic.

            I’m excited for 8e. I even think Sigmar was brilliant. It’s blowing up the damn universe that was distilled stupid. Whats got me kinda worried is it looks like we will have three pretty different rules systems in 40K

            Skirmish – 2nd Edition/Necromunda rules
            Horus Heresy – 7th edition and it’s expansions
            40K – 8e

            Not to mention that execution force, Calth, Prospero, Warhammer Quest, Space Hulk and Lost Patrol all have different rules. You used to benefit from a very similar system across the board,now prepare to keep 3-10 rules set straight.

          • Xodis

            I do lol. It just seems like it would work really well, different factions of Rebellions much like Imperial Guard is, the hard hitting Empire where troops are very similar with a couple different coats of paint, and then we have all the different 3rd parties that get involved on both sides of the line (Black Sun, Nightsisters , Hutts, Bounty Hunters, etc..). It was always an idea but then Rogue 1 made it a reality for me lol.

            If I was invested into the WHFB lore prior, I would most likely agree, but since I wasn’t I tend to see it as a good thing. From what I was told the lore was really too crowded for there to big major change ups like AoS needed, I will agree it could have been done better though.

            I dont mind the different rules amung the Specialist games, but I think the core games (Shadow Wars, HH, 40K, Apoc) should be similar like you mentioned. IMO the other games are just fun ways to play and get great deals on minis lol.

    • It does show that the industry overall is growing, while GW sales have been flat at best. In a privately held company this wouldn’t matter. GW’s slice of the pie is still huge. In a publicly traded corporation though, this industry growth leaving a company behind will get management fired. For good or bad, that means that product changes are likely on the horizon.

      GW is so much larger than most of their competitors that the kind of direct comparisons you are talking about are flawed anyway, even if info from those smaller privately held companies was available (and it’s generally not). Increasing your sales by 50% is a lot easier at $100k in sales than it is at £12 million.

      • GnomesForge

        “Product changes”. That’s the whole issue right there to me. Wargames take a lot of time to assemble, product lines need to be stable for years and GW has possibly one of the worst support records. Engagement with products on the gamers part is expected to be nearly fanatical levels while GW has almost none. As the cherry on top though anyone making recasts or sharing pdfs to keep that initially sparked fanatical game going gets a nice little spanking from GW.

        Like how I can’t order more Epic minis. This makes me feel negative things and have harsh words to say.

  • Xodis

    Good to see Asmodee doing so great. Hoping this helps fuel the fire for a StarWars Tabletop wargame, I know FFG can do it with some good rules.

    You just released a WHFB replacement….don’t act like you couldn’t/shouldn’t do the same for 40K.

    • ZeeLobby

      ARGH! Why you tempt me so!!! Now I really want Battlefront the Tabletop Wargame.

      • Xodis

        Yeah me too, I figure if I can get the idea spread FFG might jump on board lol

        • ZeeLobby

          Honestly it’s one of the reasons I hope Runewars succeeds. FFG makes solid fun games, but mostly board/card games. If they got 100% into tabletop gaming, that could only be a good thing.

          • Red_Five_Standing_By

            I think more competition is good but…

            There is a finite market for build-and-paint miniature games. There’s a lot of competition right now in that market. Lots of good games. Someone will lose. 🙁

          • ZeeLobby

            True, having glued the Runewars minis together though, they’ve already beaten mantic, lol. At least their fantasy range. There’s definitely tons of skirmish games, but mass battle is kind of lacking at the moment.

    • Red_Five_Standing_By

      They created their own miniatures fantasy game – Rune Wars.

      • Xodis

        Thats what I was talking about with the WHFB replacement, which is why a Starwars miniature game would make for a great 40K equivalent.

        • Red_Five_Standing_By

          I would not do that. You don’t want to rely too heavily on any one license. FFG has a lot of eggs in the Star Wars basket already.

          In the long run, it would be better if they created their own Sci-Fantasy setting, so that when they eventually lose their license, they can transition people over to their new world/setting.

          • Xodis

            No Sci-Fi IP will be able to compete with 40K (other than StarWars) to even give it a hope of competing. The only reason RuneWars has a chance is because the cancellation of WHFB. Plus I’m sure that the StarWars IP costs plenty to keep so it would be better to capitalize on it as much as possible. It also helps that they are batting 1.000 with the StarWars games.

          • Red_Five_Standing_By

            No sci-fi game will be able to compete with 40k?


            You just need a good game, cool minis and the will to support and advertise it.

          • Xodis

            No, “No Sci-Fi IP” its different, there are a ton of good Sci-Fi games out there.

            It takes a lot more than that to build a successful game. There are tons of great games that get Kickstarted and never really take off. Making a Star Wars game is almost literally printing money though.

          • Red_Five_Standing_By

            If you need a kickstarter for your game, then you can’t expect it to suddenly take off and compete with GW.

            If FFG came out with their own Sci-Fi game – and it was good and unique – it would take off.

          • Xodis

            Im not talking about KS games that came out months ago, Im talking about all the franchises that have kickstarted and still require more Kickstarters to keep moving forward. A solid IP is hard to develop, and anything that can hope to compete with 40K needs something as strong as StarWars.

  • Fomorian

    The king has fallen, hail the new king :D! …

  • el_tigre

    Still waiting for my Forbidden Stars expansions. Forever waiting …

  • whatevs

    I like how most people commenting on the Asmodee vs GeeDubs thing either did not (or straight up dont know how to) read a company report, or are grossly misinformed about what it is exactly Asmodee does. FFG is a relatively small part of the Asmodee empire and there really are only superficial overlaps between the core business and the rest of its subsidiaries and what GW actually does.

    Except well make nerds unhappy it seems. Both companies seem to be doing a great job at that.

  • vyrago

    GW on suicide watch. Hopefully Asmodee can outright buy GW in a few years and have FFG take the lead in fixing 40k and Fantasy.