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Stillfront Group´s Interim Report April – June 2020

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Press release
Stockholm
2020-08-12

Highlights Q2

  • Net revenue of 1,192 (480) MSEK, an increase of 148 percent compared to the second quarter of 2019
  • Adjusted EBITDA (EBITDA excluding items affecting comparability) of 510 (197) MSEK, an increase of 159 percent 
  • Adjusted EBIT of 463 (167) MSEK, an increase of 177 percent, Adjusted EBIT margin of 39 (35)%
  • Items affecting comparability impacting EBIT amounted to -33 MSEK, mainly driven by transaction costs related to the acquisition of Candywriter. Amortization of PPA-items amounted to -94 (-14) MSEK
  • EBIT of 336 (133) MSEK, an increase of 153 percent
  • Financial net of -85 (-28) MSEK, of which items affecting comparability of -30 (-5) MSEK due to revaluation of provision for earnouts 
  • Net result of 188 (73) MSEK 
  • Net result per share undiluted of 5.75 (3.08) SEK. Net result per share diluted of 5.73 (3.06) SEK
  • Net debt of 665 (904) MSEK and adjusted leverage ratio, pro forma of 0.37 (1.37)x. Cash position of 936 MSEK and 1,600 MSEK of undrawn long-term credit facilities

Quote from the CEO
“Stillfront demonstrated strong performance in the second quarter. Group revenues amounted to 1,192 (480) MSEK and the adjusted EBIT margin amounted to 39 (35) percent. Revenues benefitted from strong organic growth across our portfolio of games as well as growth from the acquired studios Kixeye, Storm8 and Candywriter. Following the recent acquisitions, the product mix has further improved through the new vertical Casual & Mash-up. The positive development in the second quarter was partly driven by effects of the ongoing Covid-19 pandemic, which has led to accelerated gaming activity in all regions as well as an increased amount of paying users. The marketing campaigns during April and May performed very well. In June, we have seen a normalizing trend, but our marketing investments are still on record levels and yielding positive results. In June, we completed a directed share issue and raised proceeds of 1,200 MSEK which enables us to act on more opportunities and to further accelerate Stillfront´s growth agenda. The ongoing Covid-19 pandemic will continue to have an impact on the Group´s performance due to the strong inflow of new users in the second quarter as well as increased activity within existing user bases, even though we expect a more normalized pattern including seasonality effects for the second half of the year.”
Jörgen Larsson, CEO, Stillfront

Presentation of Stillfront Group´s results for April – June 2020

Stillfront Group announces its interim results for April-June 2020 on 12 August 2020 at 7:00 a.m. CEST. The report will be presented in a live webcast at 10:00 a.m. CEST the same day. 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-q2-2020

To participate via phone, please call:

SE: +46 8 505 583 73
UK: +44 33 330 090 34
US: +1 83 352 683 47

About Stillfront
Stillfront is a leading free-to-play powerhouse of gaming studios. Our diverse and exciting games portfolio has two common themes; loyal users and long lifecycle games. Organic growth and carefully selected and executed acquisitions embody our growth strategy and our +800 co-workers thrive in an organization, that engenders the spirit of entrepreneurship. Our main markets are the US, Germany, MENA, France and Canada. We are headquartered in Stockholm, Sweden, and the company is listed on Nasdaq First North Premier Growth Market. For further information, please visit: stillfront.com

Certified Adviser:
FNCA, Phone: +46 8 528 00 399 E-mail: info@fnca.se
 

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