Stillfront Group’s Interim Report July – September 2021, including indicative guidance for Q4 2021
November 10, 2021 at 01:01 am EST
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FINANCIAL HIGHLIGHTS Q3
Net revenue of 1,311 (1,027) MSEK, an increase of 28 percent compared to the third quarter of 2020, of which -11 (19) percent was organic
EBIT of 243 (306) MSEK, a decrease of 21 percent
Adjusted EBIT of 433 (419) MSEK, an increase of 3 percent. Adjusted EBIT margin of 33 (41) percent
Items affecting comparability impacting EBIT amounted to -20 (-18) MSEK, mainly driven by costs related to the acquisition of Jawaker. Amortization of PPA-items amounted to -170 (-95) MSEK
EBITDA of 499 (454) MSEK, an increase of 10 percent
Financial net of -55 (-48) MSEK
Net result of 129 (154) MSEK
Net result per share undiluted of 0.35 (0.45) SEK. Net result per share diluted of 0.35 (0.45) SEK
Net debt of 2,645 (1,225) MSEK and adjusted leverage ratio, pro forma of 1.2x (0.7x)
Cash position of 1,171 MSEK and 3,449 MSEK of undrawn credit facilities
INDICATIVE GUIDANCE FOR Q4 2021
Net revenue 1,350-1,500 MSEK
Adjusted EBIT 425-475 MSEK
“Stillfront’s net revenues amounted to 1,311 MSEK, up by 28 percent compared to the third quarter last year, paired with an adjusted EBIT margin of 33%. We continue to grow our business with high margins and strong cash flows. In 2021, we have continued to invest in our underlying operations with a special focus on increasing the level of collaboration between our studios, including new game development projects. We continue to strengthen and expand our growing games portfolio and we are working hard in backing all our studios to achieve their full potential. The past six months have been challenging, with our studios facing comparison figures affected by the strong inflow of new users during the pandemic as well as changing marketing conditions due to the IDFA changes imposed by Apple on iOS devices. Both factors are transitory, and we remain confident in our strategy and in our ability to benefit from the positive underlying market trends in our industry and to generate strong shareholder value.”
Jörgen Larsson, CEO, Stillfront
KEY FIGURES
2021
2020
2021
2020
Last 12 months
2020
MSEK
Jul-Sep
Jul-Sep
Jan-Sep
Jan-Sep
Jan-Dec
Bookings
1,304
986
3,994
2,880
5,078
3,964
Deferred revenue
7
41
19
31
15
27
Net revenue
1,311
1,027
4,013
2,910
5,094
3,991
EBIT
243
306
785
748
1 030
993
Adjusted EBIT
433
419
1,342
1,094
1,741
1,493
Adjusted EBIT margin, %
33
41
33
38
34
37
EBITDA
499
454
1,488
1,135
1,906
1,553
Adjusted EBITDA
519
472
1,568
1,236
2,028
1,697
Adjusted EBITDA margin, %
40
46
39
42
40
43
Profit before tax
187
258
613
611
801
799
Net result
129
154
427
418
590
581
Number of Employees
1,256
832
1,256
832
1,256
1,032
Adjusted Leverage Ratio, pro forma, x
1.2
0.7
1.2
0.7
1.2
0.9
INVITATION TO WEBCAST
Jörgen Larsson, President & CEO, and Andreas Uddman, CFO, will present the results and answer questions in a live webcast 10:00 am CET today. The conference will be held in English.
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.
STILLFRONT GROUP AB 
