FINANCIAL HIGHLIGHTS Q1
- Net revenue of 1,678 (1,319) MSEK, an increase of 27 percent
- Organic bookings declined by –6.4 percent, organic net revenues declined by -6.8 percent
- EBIT of 272 (253) MSEK, an increase of 8 percent
- Adj EBIT of 502 (432) MSEK, an increase of 16 percent. Adj EBIT margin of 30 (33) percent
- Items affecting comparability impacting EBIT amounted to -19 (-35) MSEK, mainly driven by costs related to the acquisition of 6waves. Amortization of PPA-items amounted to -211 (-144) MSEK
- EBITDA of 597 (463) MSEK, an increase of 29 percent
- Adj EBITDA of 616 (498) MSEK, an increase of 24 percent. Adj EBITDA margin of 37 (38) percent
- Net result of 144 (148) MSEK
- Net debt of 3,092 (3,119) MSEK and adjusted leverage ratio, pro forma of 1.2x (1.3x)
- Free cash flow last 12 months of 1,113 MSEK (810 MSEK)
- Cash position of 1,740 (1,225) MSEK and 2,458 (1,211) MSEK of undrawn credit facilities
“Stillfront had a strong start to 2022. In the first quarter, we grew our net revenues by 27 percent to 1,678 MSEK and our adjusted EBIT by 16 percent to 502 MSEK, resulting in an adjusted EBIT margin of 30 percent. Our free cash flow for the last twelve months amounted to 1,113 MSEK, growing by 37 percent compared to the same 12-month period last year, despite record-high investments in game development during the same period. Looking ahead, Stillfront is in a good position to continue its growth trajectory during the rest of the year and onwards. We have a clear path to return to organic growth and we are focusing all our resources to continue to launch and scale new games and grow our existing portfolio under the coming year. We reiterate our guidance of mid-single digit organic growth for the full-year 2022.”
Jörgen Larsson, CEO, Stillfront Group
KEY FIGURES
| 2022 | 2021 | 2021 | ||
| MSEK | Jan-Mar | Jan-Mar | Last 12 months |
Jan-Dec |
| Bookings | 1,677 | 1,313 | 5,804 | 5,440 |
| Deferred revenue | 1 | 7 | 10 | 16 |
| Net revenue | 1,678 | 1,319 | 5,814 | 5,455 |
| EBIT | 272 | 253 | 1,053 | 1,034 |
| Adjusted EBIT | 502 | 432 | 1,872 | 1,802 |
| Adjusted EBIT margin, % | 30 | 33 | 32 | 33 |
| EBITDA | 597 | 463 | 2,155 | 2,020 |
| Adjusted EBITDA | 616 | 498 | 2,242 | 2,124 |
| Adjusted EBITDA margin, % | 37 | 38 | 39 | 39 |
| IAC | -19 | -35 | -87 | -104 |
| Profit before tax | 199 | 208 | 783 | 793 |
| Net result | 144 | 148 | 591 | 596 |
| Number of Employees | 1,560 | 1,250 | 1,560 | 1,381 |
| Adjusted Leverage Ratio, pro forma, x | 1.2 | 1.3 | 1.2 | 1.6 |
INVITATION TO WEBCAST
The report will be presented in a live webcast at 10:00 a.m. CEST today. 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-q1-2022
To participate via phone, please call:
SE: +46 8 505 583 53
UK: +44 33 330 092 64
US: +1 64 672 249 56
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.