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Stillfront Group AB: Stillfront Interim Report January - September 2018

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Press release November 22, 2018 

Interim Report January - September 2018

"In the third quarter our net revenue grew by 25% YoY, mainly due to strong development in Core products. Overall, revenues reflected the seasonal pattern and we aligned our marketing expenses accordingly, resulting in a strong EBIT margin of 28%. Our growth journey continues and in Q3 we acquired Imperia Online, a leading game developer and publisher in Southeast Europe. In November we secured a new debt financing package at favourable terms. With this flexible and attractive financing platform in place, we are well equipped to capture upcoming organic and M&A driven growth opportunities."

Altigi GmbH (Goodgame Studios), has been consolidated into Stillfront Group as a reverse acquisition from January 1, 2018. Therefore, the 2018 financials reflect the new business combination whereas the 2017 financial numbers refer to Altigi GmbH only. The proforma figures for 2017 represent the acquisition as if it had been completed January 1, 2017.

Q3 2018 HIGHLIGHTS

  • Net revenues amounted to 315 MSEK (corresponding period previous year 206 MSEK), an increase of 53% compared to the same period last year. On a proforma basis, net revenues increased by 25%.
  • Adjusted EBITDA (EBITDA excluding items affecting comparability) amounted to 120 MSEK (83), an increase of 44%. On a proforma basis, adjusted EBITDA increased by 21%.
  • Adjusted EBIT (EBIT excluding items affecting comparability) amounted to 89 MSEK (62), an increase of 42% compared to the same period last year. On a proforma basis, adjusted EBIT increased by 25%.
  • Items affecting comparability amounted to 0 MSEK (-1). 
  • EBIT amounted to 89 MSEK (61), an increase of 45% compared to the same period last year. On a proforma basis, EBIT increased by 26%.
  • The net result for the quarter amounted to 54 MSEK (41). The net result per share undiluted amounted to 2.42 SEK (2.42). The net result per share diluted amounted to 2.40 SEK (2.42).
  • Net debt amounted to 386 MSEK (-226) and the Adjusted Leverage Ratio was 0.81x.

KEY FIGURES, GROUP

MSEK 2018
Jul-Sep 		2017
Jul-Sep 		Chg% 2018
Jan-Sep 		2017
Jan-Sep 		Chg% Latest
12 months 		2017
Jan-Dec
Net Revenues 315 206 53 959 682 41 1 190 913
Adjusted EBITDA* 120 83 44 330 277 19 366 313
Adjusted EBITDA margin*, % 38 40   34 41   32 34
Adjusted EBIT* 89 62 42 237 214 11 250 228
Adjusted EBIT margin*, % 28 30   25 31   21 25
Items affecting comparability 0 -1   -12 -46   -77 -112
EBIT 89 61 45 225 168 34 173 116
EBIT margin, % 28 30   23 25   15 13
Profit before tax 72 61 19 192 168 14 139 116
Net Result 54 41 33 131 112 17 94 75
Net result per share undiluted, SEK 2.42 2.42 0 5.72 6.62 -14 4.46 4.47
Net result per share diluted, SEK 2.40 2.42 -1 5.69 6.62 -14 4.43 4.47
* Adjusted EBIT and EBITDA are defined as EBITDA and EBIT excluding items affecting comparability.

PROFORMA KEY FIGURES, GROUP

MSEK 2018
Jul-Sep 		2017
Jul-Sep 		Chg% 2018
Jan-Sep 		2017
Jan-Sep 		Chg% Latest
12 months 		2017
Jan-Dec
Net Revenues 315 252 25 959 794 21 1 244 1 079
Adjusted EBITDA* 120 99 22 330 312 6 380 362
Adjusted EBITDA margin*, % 38 39   34 39   31 34
Adjusted EBIT* 89 70 26 237 233 -4 256 253
Adjusted EBIT margin*, % 28 28   25 29   21 23

* Adjusted EBIT and EBITDA are defined as EBITDA and EBIT excluding items affecting comparability.

Invitation to Stillfront Group Q3 presentation

A presentation of the report will be held today at 10.00 CET via telephone conference or audiocast where Jörgen Larsson, CEO and CFO Sten Wranne are to comment on the report. 

The presentation can be viewed live at https://tv.streamfabriken.com/stillfront-q3-2018

To participate via phone please call:
SE: +46 8 566 426 63  
UK: +44 20 300 898 01 
US: +1 8 557 532 235

This information is information that Stillfront Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07.00 CET on November 22, 2018.

FOR FURTHER INFORMATION, PLEASE CONTACT

Jörgen Larsson, CEO                                Sten Wranne, CFO

Tel: 070-32118 00, jorgen@stillfront.com        Tel: 0705-851258, sten@stillfront.com

ABOUT STILLFRONT GROUP

Stillfront is a group of independent creators, publishers and distributors of digital games - with a vision to become the leading group of indie game creators and publishers. Stillfront operates through ten near-autonomous subsidiaries: Bytro Labs in Germany, Coldwood Interactive in Sweden, Power Challenge in the UK and Sweden, Dorado Online Games in Malta, Simutronics in the United States, Babil Games in UAE and Jordan, eRepublik in Ireland and Romania, OFM Studios in Germany, Goodgame Studios in Germany and Imperia Online, Bulgaria. Stillfront's games are distributed globally. The main markets are Germany, the United States, France, UK and MENA. For further information, please visit www.stillfront.com.

SELECTED GAMES

Stillfront's portfolio includes games across multiple platforms. Unravel and Unravel Two are widely acclaimed console games developed by Coldwood in collaboration with Electronic Arts. Supremacy 1914 and Call of War are high-immersion war strategy games developed by Bytro Labs. ManagerZone is a sports management strategy game launched in 2001. DragonRealms and GemStone IV are MUD-style games with a very loyal player base. Siege: Titan Wars (TM) is a popular mobile game developed by Simutronics. Nida Harb III and Admiral are mobile strategy games with very strong player bases, which are published by Babil Games. World at War: WW2 and War and Peace: Civil War are successful mobile strategy games developed and published by eRepublik Labs. Online Fussball Manager is a leading sports management game. EMPIRE and BIG FARM are major brands operated by Goodgame Studios. Imperia Online, is an MMO strategy game published on both browser and mobile platforms by Imperia Online.


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