Stillfront Group’s Interim Report April – June 2022
July 21, 2022 at 01:01 am EDT
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FINANCIAL HIGHLIGHTS Q2
Net revenue of 1,811 (1,382) MSEK, an increase of 31 percent
Bookings and net revenue increased organically by 1 percent
EBIT of 258 (289) MSEK, a decrease of 11 percent
Adj EBIT of 500 (477) MSEK, an increase of 5 percent. Adj EBIT margin of 28 (35) percent
Items affecting comparability impacting EBIT amounted to -7 (-25) MSEK, mainly driven by costs for share-based compensation programs. Amortization of PPA-items amounted to -236 (-163) MSEK
EBITDA of 632 (526) MSEK, an increase of 20 percent
Adj EBITDA of 639 (551) MSEK, an increase of 16 percent. Adj EBITDA margin of 35 (40) percent
Net result of 117 (149) MSEK
Net debt of 3,571 (3,587) MSEK and adjusted leverage ratio, pro forma of 1.4x (1.6x)
Free cash flow last 12 months of 1,016 (865) MSEK
Cash position of 1,470 (850) MSEK and 2,305 (2,605) MSEK of undrawn credit facilities
“Stillfront’s positive momentum accelerated in the second quarter of 2022. Net revenues grew by 31 percent to 1,811 MSEK and free cash flow for the last twelve months grew by 18 percent to 1,016 MSEK. The organic growth amounted to 1 percent in the quarter, which is an improvement by 8 percentage points compared to the first quarter. The return to organic growth is driven by a combination of successful new game launches and strong live ops across the portfolio. We took additional steps during the quarter to further strengthen our user acquisition and data platform capabilities through Stillops, which enables us to work seamlessly across the group, continue to expand our market reach globally and create significant synergies between our studios. In contrast to the lower growth rates reported from third-party data providers during the first half of the year, we continue to see a high demand for our games and strong returns on our user acquisition spend, and we expect a solid organic growth acceleration during the second half of the year. We reiterate our guidance of mid-single digit organic growth for the full-year 2022.”
Jörgen Larsson
KEY FIGURES
2022
2021
2022
2021
Last 12 months
2021
MSEK
Apr-Jun
Apr-Jun
Jan-Jun
Jan-Jun
Jan-Dec
Bookings
1,805
1,377
3,482
2,690
6,231
5,440
Deferred revenue
6
5
8
12
12
16
Net revenue
1,811
1,382
3,489
2,702
6,243
5,455
EBIT
258
289
530
542
1,022
1,034
Adjusted EBIT
500
477
1,002
909
1,895
1,802
Adjusted EBIT margin, %
28
35
29
34
30
33
EBITDA
632
526
1,229
989
2,261
2,020
Adjusted EBITDA
639
551
1,255
1,049
2,330
2,124
Adjusted EBITDA margin, %
35
40
36
39
37
39
Items affecting comparability
-7
-25
-25
-60
-69
-104
Profit before tax
176
217
376
426
742
793
Net result
117
149
261
298
559
596
Number of Employees
1,580
1,230
1,580
1,230
1,580
1,381
Adjusted Leverage Ratio, pro forma, x
1.4
1.6
1.4
1.6
1.4
1.6
INVITATION TO WEBCAST The report will be presented in a live webcast at 11:00 a.m. CEST today. Jörgen Larsson, President & CEO, and Andreas Uddman, CFO, will present the results and answer questions. The conference will be held in English.
To participate via webcast, please visit: https://tv.streamfabriken.com/stillfront-q2-2022
FORWARD-LOOKING STATEMENTS Some statements herein are forward-looking that reflect Stillfront’s current views or expectations of future financial and operational performance. Because these forward-looking statements involve both known and unknown risks and uncertainties, actual results may differ materially from the information set forth in the forward-looking information. Such risks and uncertainties include but are not limited to general business, economic, competitive, technological, and legal uncertainties and/or risks. Forward-looking statements in this report apply only at the time of announcement of the report and are subject to change without notice. Stillfront undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, other than as required by applicable law or stock market regulations.
Stillfront Group AB (publ) is a Sweden-based independent creator, publisher and distributor of digital games. The Company operates through a number of near-autonomous subsidiaries, including Bytro Labs in Germany, Coldwood Interactive in Sweden, Power Challenge in the United Kingdom and Sweden, and Dorado Online Games in Malta, Simutronics in the United States, and Babil Games in United Arab Emirates and Jordan, among others. The Company's games portfolio includes Call of War, DragonRealms, ManagerZone Football, Lara Croft Relic Run, Supremacy 1914 and Unravel, among others. The games are distributed globally, however the main markets are Sweden, Germany, the United States, United Kingdom, Middle East and North Africa.