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Stillfront Group AB: Stillfront Interim Report Jan – Mar 2018

Press Release 
May 29, 2018  

Interim Report January-March 2018


The Interim Period january – March 2018

Altigi GmbH has been consolidated into Stillfront Group as of January 1, 2018. Thus the 2018 numbers reflect the new business combination. 2017 numbers pertain to Altigi GmbH, unless stated otherwise. The acquisition is described in Note 3.

  • Net revenues amounted to 314.8 MSEK (corresponding period 2017: 250,5 MSEK), which is an increase of 25.7%. Net revenues of Stillfront Group (excluding Altigi GmbH) the first quarter 2017 amounted to 30.0 MSEK, thus the first quarter of 2018 had a net revenue increase of 949% as compared to net revenues in the first quarter 2017.
  • EBITDA adjusted for non-recurring and transaction related costs (refer to Note 5) amounted to 106.3 MSEK (98.9), which is an increase of 7.4%.
  • EBIT adjusted for non-recurring and transaction related costs amounted to 75.0 MSEK (77.6).
  • Operating result after financial items amounted to 67.7 MSEK (41.0). The net result for the period amounted to 45.8 MSEK (26.2).
  • Net result per share before dilution for the interim period amounted to 2.00 SEK (1.56 SEK). Net result per share after dilution amounted to 1.99 SEK (1.56 SEK).
  • Big Farm Mobile Harvest, Nida Harb III: Empire of Steel and War and Peace: Civil War were all fully launched in the fourth quarter 2017. They have performed very well during the interim period, with excellent growth in Nida Harb III.
  • Empire: Millennium Wars went into global launch in the end of the interim period. Empire: Millennium Wars is a mobile strategy game based on the highly successful brand Goodgame Empire. Further Call of War for Android and iOS was launched in the interim period as was Conflict of Nations for Steam.
  • The acquisition of Altigi GmbH was completed in January 2018, whereby 16,868,623 shares were issued and a bond issue of 390 MSEK was performed. From an accounting perspective the acquisition has been reported as a reverse acquisition, where Altigi GmbH is the accounting acquirer and Stillfront Group AB is the legal acquirer. This means that comparative periods up to December 31, 2017 refer to Altigi GmbH.

Events After the Interim Period

  • On May 22, Stillfront initiated a process to amend the terms and conditions of the 2017/2020 bond. The objective of the amendment is to enable Stillfront to optimise its financing of working capital and of small to mid-size acquisitions.

A great Start of an Exciting year

“The first quarter of 2018 marks an important milestone for Stillfront Group. We completed the acquisition of Goodgame Studios and it is the first time we are reporting as a combined entity.

The consolidated Group has had a flying start with record breaking revenues and earnings. The existing products Goodgame Empire, Empire Four Kingdoms and Big Farm continue to deliver very solid growth, and our investments in the recent game launches, Big Farm Mobile Harvest, War and Peace and Nida Harb III, have resulted in a very strong positive contribution in the first quarter of 2018. We also see good progress towards realisation of identified synergies within the combined group.

We continue to develop new games with established brands and proven engines which provides us with a favourable risk/reward, and is a balanced and capital efficient way of expanding our portfolio. We have a healthy pipeline of upcoming launches as well as acquisition targets, and I am confident that we are on the right path towards becoming the leading group in our Niche,” says Jörgen Larsson, CEO Stillfront Group.

Key figures, The Group

Net Revenues 314 811 250 481 977 011 912 681
Growth in revenues 25.7%      
EBITDA adjusted* 106 271 98 944 320 115 312 788
EBITDA margin adjusted* 33.8% 39.5% 32.8% 34.3%
EBIT adjusted* 74 996 77 609 224 945 227 558
EBIT margin adjusted* 23.8% 31.0% 23.0% 24.9%
Net Result 45 802 26 192 95 097 75 487
* excluding non-recurring items        


The below table summarises key pro forma financials for the new group as if the acquisition was made January 1, 2017.

Net Revenues 314 811 280 485 1 112 993 1 078 667
Growth in revenues 12.2%      
EBITDA adjusted* 106 271 106 606 364 718 365 053
EBITDA margin adjusted* 33.8% 38.0% 32.8% 33.8%
* excluding non-recurring i-tems        

Investor Presentation

An Investor Presentation is available at Stillfront’s website with the address:


Jörgen Larsson, CEO
Phone: +46 703 211 800

Sten Wranne, CFO
Phone: +46 705 851 258

ABOUT Stillfront

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 nine 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 and Goodgame Studios in Germany. Stillfront’s games are distributed globally. The main markets are Germany, the United States, France, UK and MENA. For further information, please visit


Stillfront’s portfolio includes games across multiple platforms. Unravel is a widely acclaimed console game 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. Tank Storm 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 a 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.

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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 above, at 07.00 CEST on May 29, 2018.