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21/22 EMBRACER * GROUP INTERIM REPORT 2 OPERATIONAL EBIT INCREASED 49 % TO SEK 973 MILLION SECOND QUARTER , JULY - SEPTEMBER 2021 ( COMPARED TO JULY - SEPTEMBER 2020 ) > Net sales increased by 38 % to SEK 3,296.4 million ( 2,383.2 ) . > Net sales of the Games business area increased by 89 % to SEK 2,831.1 million ( 1,495.4 ) . THQ Nordic SEK 374.0 million ( 566.9 ) , Koch Media Publishing SEK 584.7 million ( 506.8 ) , Coffee Stain SEK 120.4 million ( 129.9 ) , Saber Interactive SEK 462.9 million ( 259.1 ) , DECA Games SEK 248.8 million ( 32.7 ) , Gearbox Entertainment SEK 433.6 million ( - ) and Easybrain SEK 606.7 million ( - ) . > Net sales of Partner Publishing / Film business area amounted to SEK 465.3 million ( 887.8 ) . > EBITDA increased by 69 % to SEK 1,640.0 million ( 969.0 ) , corresponding to an EBITDA margin of 50 % ( 41 % ) . Remeasurement of participation in associated company Ghost Ship Games amounted to SEK 416.8 million in the quarter ( and is included in reported EBITDA , but excluded from Operational EBIT ) . JULY - SEPTEMBER 2021 EMBRACER GROUP AB ( PUBL ) REG NO . 556582-6558 > Operational EBIT increased by 49 % to SEK 973.4 million ( 652.5 ) corresponding to an Operational EBIT margin of 30 % ( 27 % ) . > Cash flow from operating activities amounted to SEK 1,024.0 million ( 804.7 ) . Investments in intangible assets amounted to SEK 916.5 million ( 484.1 ) . Free Cash Flow before change in working capital amounted to SEK 17.1 million ( 358.9 ) . > Adjusted earnings per share was SEK 0.65 ( 0.90 ) . Adjusted EPS after exclusion of unreal ized and realized fx gains / losses and discount interest effect on provisions was 0.81 ( 0.80 ) . > Organic growth in constant currency for the Games Business Area amounted to -9 % in the quarter . Proforma growth in constant currency for the Games Business Area amounted to 11 % in the quarter . > Total game development projects increased 46 % to 197 ( 135 ) . > Total headcount increased by 104 % to 9,064 ( 4,445 ) and the total number of game developers increased by 108 % to 7,470 ( 3,593 ) . Organic growth for internal headcount in the Group was 25 % . Key performance indicators , Group Net sales , SEK m EBITDA , SEK m Operational EBIT , SEK m Cash flow from operating activities , SEK m Free cash flow before change in working capital , SEK m Jul - Sep Jul - Sep Apr - Sep Apr - Sep Apr 2020 2020 2021 Mar 2021 2020 2021 3,296.4 2,383.2 6,723.0 4,451.9 1,640.0 973.4 1,024.0 969.0 3,172.3 1,934.0 652.5 2,244.7 1,364.3 804.7 1,641.3 1,537.0 17.1 916.5 197 7,470 9,064 38 50 30 358.9 483.2 484.1 1,745.2 135 3,593 4,445 Total investments in intangible assets , SEK m Total game development projects Total internal and external game developers Total headcount Sales growth , % EBITDA margin , % Operational EBIT margin , % In this report , all figures in brackets refer to the corresponding period of the previous year , unless otherwise stated . EMBRACER GROUP AB ( PUBL ) | JULY - SEPTEMBER 2021 89 41 27 197 7,470 9,064 700.5 978.5 135 51 47 33 3,593 4,445 85 43 31 9,024.2 3,985.3 2,870.8 3,899.0 1,552.0 2,135.2 160 5,115 6,325 72 44 32