Interim report
Page 1
STILLFRONT GROUP Interim Report , Q1 2021 QUOTE FROM THE CEO " Stillfront has seen a solid start to 2021 with continued strong growth and high profitability . We continue to deliver in line with our expectations and we are making great progress towards our long - term financial targets and our ambition to create the leading free - to - play powerhouse of gaming studios . During 2021 , we have intensified the process of transferring from Nasdaq First North to the main market of Nasdaq Stockholm with the intention to list Stillfront's shares on the main market within the coming months , subject to required regulatory and listing committee approvals . " Jörgen Larsson , CEO , Stillfront HIGHLIGHTS Q1 - Net revenue of 1,319 ( 691 ) MSEK , an increase of 91 percent compared to the first quarter of 2020 , of which 9.5 ( 10.2 ) percent was organic EBIT of 253 ( 106 ) MSEK , an increase of 138 percent Adjusted EBIT of 432 ( 213 ) MSEK , an increase of 103 percent , Adjusted EBIT margin of 33 ( 31 ) percent Items affecting comparability impacting EBIT amounted to -35 ( -50 ) MSEK , mainly driven by transaction costs related to the acquisition of Moonfrog Labs . Amortization of PPA - items amounted to -144 ( -56 ) MSEK Financial net of -45 ( -4 ) MSEK Net result of 148 ( 77 ) MSEK Net result per share undiluted of 0.41 ( 0.29 ) SEK . Net result per share diluted of 0.41 ( 0.28 ) SEK Net debt of 3,116 ( 1,787 ) MSEK and adjusted leverage ratio , pro forma of 1.3x ( 1.2x ) Cash position of 1,225 MSEK and 1,211 MSEK of undrawn credit facilities KEY FIGURES 2021 2020 Last 12 2020 Net revenue MSEK Bookings Deferred revenue Jan - Mar 1,313 7 Jan - Mar months Jan - Dec 685 6 4,592 28 3,964 1,319 27 Net revenue 1,319 691 4,619 3,991 MSEK EBIT 253 106 1,140 993 Adjusted EBIT 432 213 1,713 1,493 Adjusted EBIT margin , % 33 31 37 37 Adj . Ebit EBITDA 463 204 1,811 1,553 Adjusted EBITDA 498 254 1,941 1,697 Adjusted EBITDA margin , % 38 37 42 43 432 Profit before tax 208 102 906 799 MSEK Net result 148 77 652 581 Number of Employees 1,250 743 1,250 1,032 Adjusted Leverage Ratio , pro forma , x 1.3 1.2 1.3 0.9 Adj . Ebit margin 33 %