Stillfront : Interim Report April – June 2021, including indicative guidance for Q3 2021
August 11, 2021 at 01:01 am EDT
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FINANCIAL HIGHLIGHTS Q2
Net revenue of 1,382 (1,192) MSEK, an increase of 16 percent compared to the second quarter of 2020, of which -17 (22) percent was organic
EBIT of 289 (336) MSEK, a decrease of 14 percent
Adjusted EBIT of 477 (463) MSEK, an increase of 3 percent, Adjusted EBIT margin of 35 (39) percent
Items affecting comparability impacting EBIT amounted to -25 (-33) MSEK, mainly driven by costs for the listing change and costs related to the acquisition of Game Labs. Amortization of PPA-items amounted to -163 (-94) MSEK
Financial net of -72 (-85) MSEK
Net result of 149 (188) MSEK
Net result per share undiluted of 0.41 (0.57) SEK. Net result per share diluted of 0.41 (0.57) SEK
Net debt of 3,584 (665) MSEK and adjusted leverage ratio, pro forma of 1.6x (0.4x)
Cash position of 850 MSEK and 2,605 MSEK of undrawn credit facilities
INDICATIVE GUIDANCE FOR Q3 2021
Net revenue 1,275-1,325 MSEK
Adjusted EBIT 375-415 MSEK
“In Q2’21, Stillfront delivered net revenues of 1,382 MSEK, up 16 percent year-on-year, with a strong margin of 35%, and record-level cash flows from operations. The game portfolio excluding studios acquired over the recent 12 months showed an organic decline in daily and monthly active users, due to an exceptional inflow of new users in Q2 last year, driven by the Covid-19 pandemic, while studios acquired during the recent 12 months continued to perform well in the second quarter, with Candywriter, Sandbox Interactive and Moonfrog Labs all delivering above our expectations. Due to the extraordinary circumstances, with the mobile advertising market going through changes, our new product portfolio mix, and the tough comparison numbers from the pandemic last year, as well as seasonality effects, we have decided to provide an indicative guidance for Q3’21 where we expect total net revenue to amount to between 1,275 and 1,325 MSEK with an adjusted EBIT of between 375 and 415 MSEK.”
Jörgen Larsson, CEO, Stillfront
KEY FIGURES
2021
2020
2021
2020
Last 12 months
2020
MSEK
Apr-Jun
Apr-Jun
Jan-Jun
Jan-Jun
Jan-Dec
Bookings
1,377
1,209
2,690
1,894
4,760
3,964
Deferred revenue
5
-17
12
-11
49
27
Net revenue
1,382
1,192
2,702
1,883
4,809
3,991
EBIT
289
336
542
442
1,093
993
Adjusted EBIT
477
463
909
676
1,727
1,493
Adjusted EBIT margin, %
35
39
34
36
36
37
EBITDA
526
477
989
681
1,860
1,553
Adjusted EBITDA
551
510
1,049
765
1,981
1,697
Adjusted EBITDA margin, %
40
43
39
41
41
43
Profit before tax
217
251
426
353
872
799
Net result
149
188
298
264
614
581
Number of Employees
1,230
808
1,230
808
1,230
1,032
Adjusted Leverage Ratio, pro forma, x
1.6
0.4
1.6
0.4
1.6
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 CEST 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.