Stillfront Group’s Interim Report January – March 2022
May 04, 2022 at 01:01 am EDT
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FINANCIAL HIGHLIGHTS Q1
Net revenue of 1,678 (1,319) MSEK, an increase of 27 percent
Organic bookings declined by –6.4 percent, organic net revenues declined by -6.8 percent
EBIT of 272 (253) MSEK, an increase of 8 percent
Adj EBIT of 502 (432) MSEK, an increase of 16 percent. Adj EBIT margin of 30 (33) percent
Items affecting comparability impacting EBIT amounted to -19 (-35) MSEK, mainly driven by costs related to the acquisition of 6waves. Amortization of PPA-items amounted to -211 (-144) MSEK
EBITDA of 597 (463) MSEK, an increase of 29 percent
Adj EBITDA of 616 (498) MSEK, an increase of 24 percent. Adj EBITDA margin of 37 (38) percent
Net result of 144 (148) MSEK
Net debt of 3,092 (3,119) MSEK and adjusted leverage ratio, pro forma of 1.2x (1.3x)
Free cash flow last 12 months of 1,113 MSEK (810 MSEK)
Cash position of 1,740 (1,225) MSEK and 2,458 (1,211) MSEK of undrawn credit facilities
“Stillfront had a strong start to 2022. In the first quarter, we grew our net revenues by 27 percent to 1,678 MSEK and our adjusted EBIT by 16 percent to 502 MSEK, resulting in an adjusted EBIT margin of 30 percent. Our free cash flow for the last twelve months amounted to 1,113 MSEK, growing by 37 percent compared to the same 12-month period last year, despite record-high investments in game development during the same period. Looking ahead, Stillfront is in a good position to continue its growth trajectory during the rest of the year and onwards. We have a clear path to return to organic growth and we are focusing all our resources to continue to launch and scale new games and grow our existing portfolio under the coming year. We reiterate our guidance of mid-single digit organic growth for the full-year 2022.”
Jörgen Larsson, CEO, Stillfront Group KEY FIGURES
2022
2021
2021
MSEK
Jan-Mar
Jan-Mar
Last 12 months
Jan-Dec
Bookings
1,677
1,313
5,804
5,440
Deferred revenue
1
7
10
16
Net revenue
1,678
1,319
5,814
5,455
EBIT
272
253
1,053
1,034
Adjusted EBIT
502
432
1,872
1,802
Adjusted EBIT margin, %
30
33
32
33
EBITDA
597
463
2,155
2,020
Adjusted EBITDA
616
498
2,242
2,124
Adjusted EBITDA margin, %
37
38
39
39
IAC
-19
-35
-87
-104
Profit before tax
199
208
783
793
Net result
144
148
591
596
Number of Employees
1,560
1,250
1,560
1,381
Adjusted Leverage Ratio, pro forma, x
1.2
1.3
1.2
1.6
INVITATION TO WEBCAST The report will be presented in a live webcast at 10:00 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-q1-2022
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.