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Funcom Investor Q&A

Published on (12-07-2015)

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Q: Where can I find an updated shareholder list?

A: The Company updates a top 20 list every quarter. You can find it here: For more updated lists please contact the bank DnB ( At the time of writing the cost is NOK 350 for a top 20 list and NOK 5.470 for a complete list.

Q: Who is responsible for notifying the Oslo Stock exchange when a shareholder passes a threshold for substantial holdings of shares?

A: It is the responsibility of the person/company that holds the shares to notify the correct institution. In the case of Funcom N.V., being a Dutch company, it is the Dutch corporate law that applies.

Q: What does it mean for me that Dutch corporate law is the one I have to follow?

A: It means you need to acknowledge your responsibilities that goes with this fact and act accordingly.

Q: What thresholds for substantial holdings do you have according to Dutch law?

A: The thresholds are as follows: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%.

More information can be found here:

Q: To which institution do I file my substantial holdings when I pass a threshold?

A: It is the Dutch Authority for the Financial Markets (AFM) that should be notified together with the Oslo Stock Exchange (OSE) and Funcom N.V.

Q: How do I notify AFM, OSE and Funcom?

A: To notify AFM, you need to fill out the online form found here. For assistance contact AFM at In addition you need to notify Oslo Stock Exchange ( and Funcom ( and provide the following information: your holding before the opening of the trading day you passed the threshold, your holding after closing of the same day, and the percentage of your substantial holdings.

Q: What information do I need to include in the notification?

A: Go to this link and follow the instructions:

For more information go here:

Alternatively: Use the following procedure which is self-explanatory and all in English:

1.       Go to:  

2.       In the case of a non-Dutch company, click on ‘Application form AFM ID for non Dutch companies’

3.       In the case of a non-Dutch individual, click on ‘Application form AFM ID for non Dutch individuals’


Q: Where can I find the listing of the recent notices of substantial holdings?

A: You can find it here.

Q: Where can I find the Stock Notices for Funcom on AFM and OSE?

A: For OSE go to: For AFM go to:




Questions from TDN Finans:

Q: Dere har vel kommunisert at målet er at spillet skal figurere på topp 10-listen til Steam et år etter lansering. For øyeblikket ligger dere på 9.plass med drøyt 19.000 spillere, og en topp hittil på 32.772. Hva tenker dere om denne initielle mottakelsen?

A: Vi har aldri kommunisert at vi skal være på Steam sin topp 10 liste over on-line spillere til enhver tid. Det vi har kommunisert er at vi etter 12 måneder har som målsetting å ligge på topp ti listen over solgte survival spill. Dette er presentert i våre kvartalsrapporter, se side ti i kvartalspresentasjonen for 3Q du finner her:

Den initielle mottagelsen er god, men blandet. Antall spiller har overgått våre forventningene nå i startfasen, noe som har medført initielle kapasitets-problemer som vi arbeider hardt med å løse. Dette har førsteprioritet nå!

Q: Full lansering skal jo skje i løpet av et år. Kan du si noe mer nøyaktig om når det blir?

A: Full lansering skjer senere. Vi forventer ikke at Early Access-perioden skal vare mer enn 12 måneder.

Q: Har dere noen konkrete tanker om hvor stort salg dere føler spillet bør oppnå?

A: Se punkt 1

Q: Kan du sammenligne forventningene dere har til Conan Exiles med spill som kanskje kan beskrives som tidligere suksesser, som Age of Conan, Anarchy Online og The Secret World?

A: Dette er veldig forskjellige typer spill og forskjellige betalingsmodeller. Conan Exiles er også lansert i Early Access, mens de nevnte spillene var full-lanseringer. Det går ikke an å sammenligne dette. Det eneste vi med sikkerhet kan si at det er umulig å vite på forhånd hvor mye et spill skal selge, og hva slags mottagelse det eventuelt får før etter at spillet er lansert. For referanse til hva Early Access er følg denne linken:



Q: I would like to follow Funcom games performance. Are there any third party sources/tools I can use?

A: As we launch our games on the Steam platform there are several good third party tools that gives an indication on games performance you can follow. Sales charts:, On-line numbers:, Sales figures and more: Note that any information, or opinions on this information, regarding any game presented in any tools made by a third party are theirs alone and do not represent information, or opinions on this information, of Funcom N.V., or its management. Funcom N.V. does not by its reference above or distribution of links to these third party tools imply its endorsement with information provided by these tools. The list presented in this message is not complete and shareholders, investors and press are encouraged to seek additional information from other sources. 

Q: As you are planning to launch the PC games on Xbox and PlayStation too, are there any similar third party tools?

A: No, there are no similar services for Xbox and Play Station that we are aware of. 

Q: I would like to follow the online community, how do I best do that?

A: We always recommend to play our games to make your own opinion. There are also several sites where some players frequent the discussion forums etc, either as participants or just as observers. Steam Community:, Reddit Community:

Q: Where do I follow official information about games from Funcom?

A: In addition to the third party providers above Funcom is using social media to provide official information. and  is good sources for official information in addition to and special game-sites like


Q: Will you sell any DLCs (Downloadable Content)?

A: We do not plan to sell DLCs during the Early Access and Game Preview period.

Q: Will there be an in-game shop or any microtransactions?

A: We do not plan have an in-game store or other microtransaction mechanisms during the Early Access / Game Preview period.

Q: What is the price point for the Conan Exiles? Will it be the same for all platforms?

A: Our pricing will be competitive to that of other games in this segment, both geographically and per platform, and taking into account the quality level we are aiming for. We recommend shareholders/investors to look at comparable survival games that have released on more than one platform for reference. (such as Ark: Survival Evolved)

Q: What is the expected average life time revenue for a Conan Exiles customer?

A: As is common in the industry, detailed revenue information is not shared with the market as it depends on many factors, several of which are confidential as part of business agreements with stores, IP and platform holders. Revenue per customer is also a metric that changes over time and is impossible to predict as it's constantly adapted to the realities of the product and its reception by the target audience.

Q: When will you start Depreciate or Amortize Conan Exiles?

A: As explained under Note 2.8 of the Annual Report, the development costs are amortized from the date that the assets are available for use, normally over 5 years.


Q: Did KGJ Investments SA, SICAV-SIF participate as an investor in the Private Placement?

A: There are no entities from the Jebsen group of companies that took part as an investor in the private placement. KGJI Investments SA SICAV-SIF converted a part of the convertible loan for a total amount of USD 7.7 mill.

Q: Did KGJ Investments SA, SICAV-SIF lend out shares?

A: Yes, see the stock notice on the topic:



27.05.16 - Statement regarding the private placement announcement of 26.05.16

Funcom and ABG Sundal Collier have been working for several months to secure investment, and have been in advanced talks with several international gaming companies about both investment and sale of assets, talks which unfortunately proved unsuccessful.

The company's advisors received this private placement offer from a specific group  of investors, to subscribe to all the shares the company was allowed to issue at the time, for 0.55 nok, and with additional conditions on the debt of the company and the size of a subsequent rights offering. This offer was considered to be the best offer available to the company.

The company did consider a public rights issue but after discussions with advisors, it was considered that would not be able to raise enough capital due to the large amount of debt and negative equity position of the company. 

You can view the full announcement on our investor relations page.



Q: Will Conan Exiles have direct ties to Age of Conan like The Park had with The Secret World?

A: The exact details of how Conan Exiles and Age of Conan will connect are not decided yet, but it is our intention to cross promote and encourage players from each game to try out our other games, especially for games within the same IP.

Q: What is the earnings so far for The Park. And how many players have played the game?

A: The Company does not report individual game's earnings, but the revenues for The Park are in line with internal forecasts. 

Q: What is the estimated time from early access to release for Conan Exiles?

A: The time from Early Access to full launch isn't defined yet and it will depend on the reception the game gets. We will scale the investment based on reception and sales, but at this stage we do not expect it to take longer than one year between Early Access and Full Launch.

Q: Will there be another game than conan released before this summer? After the strategy it will be about 8 month with no game.

A: The only release currently scheduled for before Summer 2016 is the Console release of The Park.

Q: Will Conan exiles use the Unreal Engine?

A: Conan Exiles and future games will use the combination of Unreal Engine 4 (for the fronend/client) and DreamWorld Technology (for the backend/servers).



Q: Does Funcom receive any revenue from ads on third party videos featuring its games?

A: No, Funcom does not claim any revenue generated from ads on videos featuring the company’s games. The company believes this would severely limit the interest among content creators, which in turn would reduce word of mouth as well as reach and visibility of the company’s games in the various gaming communities.

Q: Can you explain why you do impairment charges on games?

A: In accordance with the International Financial Reporting Standards (IFRS), the company records impairment losses on games and other intangible assets like the underlying Dreamworld Technology when the recoverable amount of these assets is likely to be lower than their current net book value. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”).

Q: Why are the company’s games categorized as assets on the balance sheet?

A: The expenses related to the development of games and of technologies are capitalized as an intangible asset on the balance sheet of the Company when they meet specific criteria’s because they represent a value for the company. Some of these specific criteria’s are that the asset will generate future economic benefits and that sufficient technical, financial and other resources are present for completing the project. The capitalized development expenditure is stated at cost less accumulated amortization and impairment losses in compliance with the International Financial Reporting Standards (IFRS).

Q: Is there any place we can find additional information about capitalization of development expenditure?

A: You can find one from PWC here! (

Q: Why did you not hold a 3Q 2015 live presentation?

A: The company chose not to hold a live presentation due to the very limited interest for these presentations in the past, as well as the fact that there were no specific announcements that would necessitate such a presentation. Instead the company invited everyone to get in touch via e-mail should there be any follow-up questions or further clarification required. The company will evaluate every quarter if a live presentation is deemed necessary.

Q: What are the details of the license agreements between Funcom and third parties?

A: Any license agreement currently in effect with any third parties is confidential information that cannot be shared with the market.

Q: The revenues from the company’s games are declining, what are the company’s plans to address the situation?

A: The new company strategy is to deliver multiple game titles per year in order to secure revenue streams, and to be less sensitive to the performance of individual game titles. For more information, please see the 2Q 2015 report and presentation you find here. (

Q: Do you have other games coming in the near future and when will these games start generating revenue?

A: Yes, prototyping and concept development for new titles is underway and the company is expecting to announce a new game during early 2016, and two additional games later the same year. The company is aiming to have at least some of these games to start generating revenue during 2016. This is a forward looking statement and is thus subject to change.

Q: What kind of risk is involved when investing in the gaming industry?

A: There are several factors an investor needs to be aware of when investing in the gaming industry. You can read more about this in the Funcom N.V. annual report for 2014 note 27 on page 89 you can find here. ( As a general note the Company encourages all investors to actively seek information about the gaming industry in general and the markets and segments Funcom N.V operates in particular.

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