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Stillfront Group AB: Stillfront Interim Report January-March 2016

Interim Report January-March 2016


The Quarter january – march 2016

  • Net revenues amounted to 25.3 MSEK (corresponding period 2015: 11.9 MSEK), which is an increase of 113% compared to the corresponding period 2015 and 29% compared to the previous quarter.
  • Underlying EBITDA, i.e. EBITDA adjusted for expensed investments, amounted to 10.0 MSEK (4.8 MSEK), which is an increase of 111%. EBITDA amounted to 6.6 MSEK (3.0 MSEK).
  • Profit/loss before tax was 4.7 MSEK (1.2 MSEK), which is an increase of 304%. Profit/loss after tax was 2.5 MSEK (0.9 MSEK).
  • Earnings per share before dilution amounted to 0.51 SEK (0.31 SEK). Earnings per share after dilution amounted to 0.47 SEK (0.29 SEK)[1].
  • As of March 31 cash and cash equivalents amounted to 78.0 MSEK (6.5 MSEK).
  • Sales of Unravel commenced February 9 and has been very satisfying.
  • Coldwood is entering an agreement with Electronic Arts regarding the development of a sequel to Unravel.

An outstanding start of 2016

“2016 has started in an exceptionally strong way for Stillfront, and I look forward to a continued exciting year. Compared with the first quarter of 2015, Stillfront more than doubled sales. Our primary profitability metric, underlying EBITDA, increased 111% and profit before tax amounted to SEK 4.7 million. This growth has been completely organic!

The strong development is primarily based on the success of our German studio Bytro and our Swedish studio Coldwood, not least because of the acclaimed game Unravel.

Stillfront will continue to build on its PLEX strategy, which has proved successful so far. We will strive to accelerate our development further through strategic acquisitions.” says Jörgen Larsson, CEO.

Key figures, The Group

MSEK 2016 Jan-Mar 2015 jan-mar 2015 jan-dec
Net Revenues 25.3 11.9 57.1
Growth in revenues 113%    
Underlying EBITDA 10.0 4.8 12.9
Underlying EBITDA margin 39.7% 39.9% 22.6%
EBITDA 6.6 3.0 4.0
EBITDA margin 26.1% 25.5% 7.1%
Profit/loss before tax 4.7 1.2 -4.5

For further information, please contact:

Jörgen Larsson, CEO
+46-70-321 1800

Sten Wranne, CFO

About Stillfront

Stillfront is an independent creator, publisher and distributor of digital games – with a vision to become one of Europe’s leading indie game creators and publishers. Stillfront operates through four near-autonomous subsidiaries: Bytro Labs in Germany, Coldwood Interactive in Sweden, Power Challenge in the UK and Sweden, and Dorado Online Games in Malta. Stillfront’s games are distributed globally. The main markets are Sweden, Germany, the United States and South America. For further information, please visit

Selected games

Stillfront’s portfolio includes games across multiple platforms. Unravel, developed by Coldwood in collaboration with Electronic Arts, won 20+ awards at E3 and gamescom and was released in February 2016. 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.

Nasdaq First North Ticker Symbol: SF
Certified Adviser: Avanza Bank, phone +46 8 4094 2120

[1] Number of shares after dilution includes shares to be issued as consideration to the sellers of Bytro Labs GmBH.