· Net Turnover amounted to 14.7 MSEK (7.8 MSEK).
· Underlying EBITDA(1), i.e. EBITDA adjusted for expensed investments, amounted to 3.6 MSEK (0.7 MSEK). EBITDA amounted to 1.3 MSEK (-0.9 MSEK).
· Earnings Before Tax was -0.7 MSEK (-3.0 MSEK) Earnings after tax was -1.1 MSEK (-3.0 MSEK).
· Earnings per share before dilution, amounted to -0.36 SEK (-0.96 SEK). Earnings per share after dilution, amounted to -0.36 SEK (-0.93 SEK).(2)
· As of 30 September, cash and cash equivalents amounted to 6.1 MSEK (8.3 MSEK).
· Net Turnover amounted to 37.4 MSEK (22.9 MSEK).
· Underlying EBITDA(1), i.e. EBITDA adjusted for expensed investments, amounted to 8.6 MSEK (2.3 MSEK). EBITDA amounted to 2.6 MSEK (-4.9 MSEK).
· Earnings Before Tax was -3.2 MSEK (-11.2 MSEK). Earnings after tax was -4.0 MSEK (-11.2 MSEK).
· Earnings per share before dilution, amounted to -1.31 SEK (-3.70 SEK). Earnings per share after dilution amounted to -1.27 SEK (-3.60 SEK).(2)
· As of September 30, cash and cash equivalents amounted to 6.1 MSEK (8.3 MSEK).
Continued strong growth during third quarter
“We have seen continued strong growth in the interim period. The Call of War game from Bytro that was launched in May, continued to enjoy rapid growth in the quarter. Coldwood unveiled the game Unravel at The Electronics Entertainment Expo, E3, in Los Angeles in June. Unravel was named “Best Strategy Game” at gamescom, the global video games trade fair in Cologne. We plan to launch Unravel together with EA in the first half of 2016″, says Jörgen Larsson, CEO.
“Stillfront Group and its owners have decided to start preparations for a potential listing on Nasdaq First North in Stockholm. We will provide further information once the board has resolved on these issues”, comments Per Skyttvall, Chairman of the Board.
Comments by the CEO
The Stillfront Group is continuing its exciting journey. So far in 2015, our German subsidiary company Bytro has launched its latest game Call of War in a very successful way. The game was launched in May 2015 and in September generated earnings of 1.8 MSEK.
The unveiling of Unravel, the latest game from our subsidiary company Coldwood, has received a fantastic response from the industry and consumers alike. The game was announced at the two biggest trade fairs in the games world, E3 and gamescom, where it won some 20 awards. Unravel will go on sale in the first half of 2016 marketed by Electronic Arts, EA.
ManagerZone, managed by our subsidiary company PowerChallenge, in which players manage football and ice hockey teams, has built a very loyal player base. ManagerZone Football, launched in 2001, still has players who have stayed with it since its launch. During the course of the year, we have achieved good progress in our systematic efforts to raise the quality, improve turnover per paying player and making the platform scalable. This is creating fertile soil for growth in the coming years, both in existing sports and also by adding new sports to the existing platform.
It is also pleasing to see that our underlying EBITDA for the interim period was 8.6 MSEK. This indicates our PLEX strategy is working. The Stillfront strategy is to have a portfolio of games (P) through which we can reduce our title and technology risks. The games should be able to be played and remain profitable for a long period (L). Employing a technology structure with game engines (Engines – E) means we can achieve cost efficiencies via scalability. Finally, Stillfront offers games on many different technology platforms (Cross-Platform – X).
Stillfront Group is investigating the possibilities of a new share issue and subsequent listing on Nasdaq First North. We will provide further information once the board has resolved on these issues.
I view the future with great confidence. Our growth strategy is working and consumers appreciate our products. Our scalable business model also offers us the scope to take advantage of many opportunities in the coming years.
-Jörgen Larsson, CEO
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, however main markets include Sweden, Germany, the United States and South America.
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 is expected to be released in the first six months of 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. Gladiators Online is an action management strategy game, launched on Steam in Q4 2015.
For additional information, please contact:
Jörgen Larsson, CEO at Stillfront
Phone: +46 70 321 18 00
Sten Wranne, CFO at Stillfront
Phone: +46 70 585 12 58
(1) Underlying EBITDA excludes expenses considered by management as “expensed investments”. These adjustments have not been audited or reviewed.
(2) Earnings per share have been calculated after the 7:1 consolidation of shares and ongoing withdrawal of shares.