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Cash flow - 60 days payment terms for large retailers - especially considering xmas is where most revenue is earned - Exh 5

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Cash flow - 60 days payment terms for large retailers - especially considering xmas is where most revenue is earned - Exh 5

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Gross margin (exhibit 5)- continuing to deteriorate  each year

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Gross margin (exhibit 5)- continuing to deteriorate  each year

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Exhibit 3, Page 8; Can take advantage of online sales allowing full MSRP

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Disproportionate increase in admin expenses to income Pg12

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Disproportionate increase in admin expenses to income Pg12

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Revenue has grown contrary to market expectations. Ex 2

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Revenue has grown contrary to market expectations. Ex 2

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Not yet involved in the licensing market for jigsaws (pg8) 

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Not yet involved in the licensing market for jigsaws (pg8) 

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Physical store presence as 3 retailer customers have stores accross UK pg 22

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Physical store presence as 3 retailer customers have stores accross UK pg 22

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All revenue lines continuing to grow year on year p16

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Per Exhibit 3, FFL does not currently have any licencing arrangements in place for jigsaws. Given these produce high sales volume, it could be an opportunity to obtain licencing agreements for jigsaws.

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Heritage Games revenue is drying up (growing at 1%) - page 12

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This means that as more staff stay over a longer period of time, they would be more experienced

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Seasonal sales are adverse to consistent cashflow. Ex 2

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Seasonal sales are adverse to consistent cashflow. Ex 2

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PZ jigsaw manufacturer - declining quality and missed orders. May need to find new manufacturer

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PZ jigsaw manufacturer - declining quality and missed orders. May need to find new manufacturer

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Exhibit 11: there are minimum license fees payable to Ringover regardless of sales.

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Exhibit 11: there are minimum license fees payable to Ringover regardless of sales.

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Exhibit 14 page 38 - Strong and diverse competition that continues to expand and deliver for customers

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Suppliers in UK but manufacturing is outside UK, seems like an additional expense/wasted opportunity to have both in the same place pg 4

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Suppliers in UK but manufacturing is outside UK, seems like an additional expense/wasted opportunity to have both in the same place pg 4

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Multiple revenue streams to ensure they have a foot in each segment (Ex 4, page 8)

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High quality product, does not rely on influencing reviews unlike rivals due to strong belief in quality of product p20

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Cost of sales from Licensing arrangements are higher because licensors are charging FFL based on gross revenue rather than net.

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Yolki's demand may increase due to positive changes to it's role playing game, without increasing the cost for customers

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Recent signing of CH an established licence Pg10

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Recent signing of CH an established licence Pg10

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electronic platforms = emerging markets - Exh 2

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electronic platforms = emerging markets - Exh 2

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All games undergo a rigorous safety assessment and testing (exhibit 6 pg 21) very unlikely that there will be a breach of the BSI & EU requirements for children's toys (exhibit 13 pg 37)

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This is a strength because it shows that FFL makes safe and high-quality games, which helps protect children, builds trust and avoids problems like product recalls or complaints. & increased reputation

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Licensing revenue may fall as competitor signed a new deal

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Licensing revenue may fall as competitor signed a new deal

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Industry as whole expected to reduce by 4% 21-22 page 6 exhibit 2

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Industry as whole expected to reduce by 4% 21-22 page 6 exhibit 2

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Per Exhibit 3 - FFL do not currently charge for the majority of their mobile apps. This could be a new revenue stream whereby FFL charge for use of their gaming apps or offer paid premium versions of the existing free apps.

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The App needs some improvements and collaboration with licensor (33)

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The App needs some improvements and collaboration with licensor (33)

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Licence board games are trending upwards Pg12

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Licence board games are trending upwards Pg12

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Revenue is reliant on disposable income - Exh 2

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Revenue is reliant on disposable income - Exh 2

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Exhibit 14b - page 38 Growth and automation of existing supplier could reduce manufacturing cost and boost output

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Exhibit 14b - page 38 Growth and automation of existing supplier could reduce manufacturing cost and boost output

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Increasingly reliant on supplier Orvan (pg 30). So far no severe impacts from this but Orvan could end up with influence/power if FFL can't survive without them

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Increasingly reliant on supplier Orvan (pg 30). So far no severe impacts from this but Orvan could end up with influence/power if FFL can't survive without them

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High staff retention - page 20

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Potential to invest in heritage board games and assess overall strategy. Ex 4

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Potential to invest in heritage board games and assess overall strategy. Ex 4

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YH customer contract renewal coming up - can improve position against competitors

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YH customer contract renewal coming up - can improve position against competitors

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Exhibit 3, Page 8; Sales values are c.50% made up of one product line, can indicate reliance and a need to diversify product sales

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Strong and honest marketing across TV, social media, and digital platforms helps FFL reach a wide audience and build trust by not paying for biased reviews.

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Hamlin win a licensing agreement charged on net revenue which puts them in a better gross profit position on their licensing arrangements than FFl currently have.

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FFL are ensuring they benefit from the industry-wide growth in sales, with volume and sales growing consistently over the last couple of years and receives funds within a couple of days ensuring steady cash flow (Ex6, page 18)

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Good relation with larger customers - Trendy toys - FFL gets preferential shelf space - TT continues to progressively grow, benefiting FFL due to long standing relationship - Special launch programmes offered to FFL Pg22 

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Good relation with larger customers - Trendy toys - FFL gets preferential shelf space - TT continues to progressively grow, benefiting FFL due to long standing relationship - Special launch programmes offered to FFL Pg22 

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Trendy Toys makes up 10% of the revenue annually. If lose this customer to competitor, could significantly damage revenue

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Increase of number of returns from online customers (35)

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Increase of number of returns from online customers (35)

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Mostly developed in the UK - sustainability and product control - Exh 3

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Mostly developed in the UK - sustainability and product control - Exh 3

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Inventory management issues due to informal returns policy pg 35

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Inventory management issues due to informal returns policy pg 35

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Exhibit 6: Environmental policy could be a differentiator against competitors (but could also be a threat given cost implication and not staying in line with policy).

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Exhibit 6: Environmental policy could be a differentiator against competitors (but could also be a threat given cost implication and not staying in line with policy).

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Reduction in economies of scale for admin and distributions costs may mean they have to charge more for delivery, which could impact sales. Ex 5

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Reduction in economies of scale for admin and distributions costs may mean they have to charge more for delivery, which could impact sales. Ex 5

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Important supplier due to open new state of the art factory which will bring quality improvements to products.

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expected increase in revenue to £75m but fall in OP to £2m (35)

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expected increase in revenue to £75m but fall in OP to £2m (35)

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Impact of falling retail sales on profit margins

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Impact of falling retail sales on profit margins

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In Exhibit 4, it details that FFL have seen lower profit margins due to the higher discounts having to be given to some retailers as they have not met the minimum sales targets in the agreements. This could become a worsening pattern as retail sales continue to fall and further erode profit margins.

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Demand is influenced by the UK economy, which has been fragile in the last two years

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Existing and future regulation (Exhibit 13)

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Existing and future regulation (Exhibit 13)

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Changes in regulation could require existing games to be designed differently (which could increase manufacturing costs), or restrict the potential for future game development.

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licensed board games give best value/volume. But Hamlin have recently announced 5 year licensing deal and are aggressive in their negotiations - threatening our sales here - exh 3 and 14c

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licensed board games give best value/volume. But Hamlin have recently announced 5 year licensing deal and are aggressive in their negotiations - threatening our sales here - exh 3 and 14c

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Reliance on only 3 main manufacturers; if any of these have problems it impacts the supply chain significantly. e.g Grand Games flood (pg 31) luckily occurred during the off season, but if it happened pre-Xmas would have caused major losses

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Reliance on only 3 main manufacturers; if any of these have problems it impacts the supply chain significantly. e.g Grand Games flood (pg 31) luckily occurred during the off season, but if it happened pre-Xmas would have caused major losses

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FFL benefiting from its store customers revamping their stores - Pg 22 (YH)

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FFL benefiting from its store customers revamping their stores - Pg 22 (YH)

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Exh 8: The inability to allocate design and development expenditure could lead to lack of clarity on profitability of a product. 

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Exh 8: The inability to allocate design and development expenditure could lead to lack of clarity on profitability of a product. 

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YH (Your Home) renewal contract due on jan 23 (23)

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YH (Your Home) renewal contract due on jan 23 (23)

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FFL have an established pipeline for product development - pg 24

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FFL have an established pipeline for product development - pg 24

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Because some large customers try to use their power to delay payments or push back against contract terms, which makes it hard for FFL to manage cash flow and enforce rules.

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Product development takes months - cant move fast based on trends exhibit 8