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.
To participate via webcast, please visit:
https://tv.streamfabriken.com/stillfront-q2-2021
To participate via phone, please call:
SE: +46 8 505 583 52
UK: +44 33 330 092 68
US: +1 64 672 249 04
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.