In This Article:
Press release November 22, 2018
Interim Report January - September 2018
"In the third quarter our net revenue grew by 25% YoY, mainly due to strong development in Core products. Overall, revenues reflected the seasonal pattern and we aligned our marketing expenses accordingly, resulting in a strong EBIT margin of 28%. Our growth journey continues and in Q3 we acquired Imperia Online, a leading game developer and publisher in Southeast Europe. In November we secured a new debt financing package at favourable terms. With this flexible and attractive financing platform in place, we are well equipped to capture upcoming organic and M&A driven growth opportunities."
Altigi GmbH (Goodgame Studios), has been consolidated into Stillfront Group as a reverse acquisition from January 1, 2018. Therefore, the 2018 financials reflect the new business combination whereas the 2017 financial numbers refer to Altigi GmbH only. The proforma figures for 2017 represent the acquisition as if it had been completed January 1, 2017.
Q3 2018 HIGHLIGHTS
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Net revenues amounted to 315 MSEK (corresponding period previous year 206 MSEK), an increase of 53% compared to the same period last year. On a proforma basis, net revenues increased by 25%.
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Adjusted EBITDA (EBITDA excluding items affecting comparability) amounted to 120 MSEK (83), an increase of 44%. On a proforma basis, adjusted EBITDA increased by 21%.
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Adjusted EBIT (EBIT excluding items affecting comparability) amounted to 89 MSEK (62), an increase of 42% compared to the same period last year. On a proforma basis, adjusted EBIT increased by 25%.
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Items affecting comparability amounted to 0 MSEK (-1).
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EBIT amounted to 89 MSEK (61), an increase of 45% compared to the same period last year. On a proforma basis, EBIT increased by 26%.
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The net result for the quarter amounted to 54 MSEK (41). The net result per share undiluted amounted to 2.42 SEK (2.42). The net result per share diluted amounted to 2.40 SEK (2.42).
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Net debt amounted to 386 MSEK (-226) and the Adjusted Leverage Ratio was 0.81x.
KEY FIGURES, GROUP
| MSEK | 2018 | 2017 | Chg% | 2018 | 2017 | Chg% | Latest | 2017 |
| Net Revenues | 315 | 206 | 53 | 959 | 682 | 41 | 1 190 | 913 |
| Adjusted EBITDA* | 120 | 83 | 44 | 330 | 277 | 19 | 366 | 313 |
| Adjusted EBITDA margin*, % | 38 | 40 | 34 | 41 | 32 | 34 | ||
| Adjusted EBIT* | 89 | 62 | 42 | 237 | 214 | 11 | 250 | 228 |
| Adjusted EBIT margin*, % | 28 | 30 | 25 | 31 | 21 | 25 | ||
| Items affecting comparability | 0 | -1 | -12 | -46 | -77 | -112 | ||
| EBIT | 89 | 61 | 45 | 225 | 168 | 34 | 173 | 116 |
| EBIT margin, % | 28 | 30 | 23 | 25 | 15 | 13 | ||
| Profit before tax | 72 | 61 | 19 | 192 | 168 | 14 | 139 | 116 |
| Net Result | 54 | 41 | 33 | 131 | 112 | 17 | 94 | 75 |
| Net result per share undiluted, SEK | 2.42 | 2.42 | 0 | 5.72 | 6.62 | -14 | 4.46 | 4.47 |
| Net result per share diluted, SEK | 2.40 | 2.42 | -1 | 5.69 | 6.62 | -14 | 4.43 | 4.47 |
| * Adjusted EBIT and EBITDA are defined as EBITDA and EBIT excluding items affecting comparability. | ||||||||
PROFORMA KEY FIGURES, GROUP
| MSEK | 2018 | 2017 | Chg% | 2018 | 2017 | Chg% | Latest | 2017 |
| Net Revenues | 315 | 252 | 25 | 959 | 794 | 21 | 1 244 | 1 079 |
| Adjusted EBITDA* | 120 | 99 | 22 | 330 | 312 | 6 | 380 | 362 |
| Adjusted EBITDA margin*, % | 38 | 39 | 34 | 39 | 31 | 34 | ||
| Adjusted EBIT* | 89 | 70 | 26 | 237 | 233 | -4 | 256 | 253 |
| Adjusted EBIT margin*, % | 28 | 28 | 25 | 29 | 21 | 23 | ||
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Invitation to Stillfront Group Q3 presentation
A presentation of the report will be held today at 10.00 CET via telephone conference or audiocast where Jörgen Larsson, CEO and CFO Sten Wranne are to comment on the report.