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Home›Divestiture›Interim report for the period from January 1, 2022 to March 31, 2022

Interim report for the period from January 1, 2022 to March 31, 2022

By Faye Younger
May 25, 2022
5
0

January – March 2022 In summary

  • Net sales amounted to SEK452.2 (303.6) million in the first quarter, an increase of 49%. Organic growth, excluding Innova and Magic Online, was 25%.
  • Adjusted EBITDA amounted to SEK112.6 (80.7) million, corresponding to growth of 40% and an adjusted EBITDA margin of 24.9%. The adjustment for non-recurring items affecting EBITDA in the first quarter comparability of 21.1 million Swedish crowns was primarily M&A-related costs.
  • EBITDA amounted to SEK 91.5 (87.0) million, an increase of 5% in the first quarter of 2022.
  • EBIT of SEK27.7 (48.2) million.
  • Adjusted EBIT of SEK48.9 (41.9) million.
  • The profit before tax amounts to SEK24.9 (30.7) million.
  • Earnings per share increased SEK0.02 (0.20).
  • Operating cash flow amounted to SEK50.0 (33.3) million for Q1.
  • Net debt of -SEK44.0 (-397.9) million, consisting of 449.3 million Swedish crowns cash and cash equivalents and 405.4 million Swedish crowns debts to credit institutions.
  • Magic Online contributed 20.3 million Swedish crowns of net sales for the quarter.

Comment by Ham JiActing CEO of EG7:

For the first quarter of 2022, EG7 posted strong financial results above expectations, which represents a third consecutive quarter of excellent performance. The company achieved net sales of SEK452.2 (303.6) million for the first quarter of 2022, which represents a growth of 49% compared to the same period last year. Adjusted EBITDA for the period was SEK112.6 (80.7) million, i.e. a margin of 25%.

The services segment delivered an exceptional performance with net revenue of SEK196.6 (89.6) million for the period, corresponding to a growth of 119% compared to the comparable period last year. Fireshine and Petrol led the way in generating significant growth for the service segment. The gaming segment generated net revenue of SEK255.6 (214.0) million, representing a growth of 19% compared to the first quarter of 2021. The successful closing of Magic: The Gathering Online (Magic Online) in January 2022 contributed to the growth of the Games segment for the quarter.

In April, the group announced its intention to sell Innova and relocate Toadman Interactive Russia studio, after which the group will no longer be exposed to the uncertainties and risks associated with the Russia / CIS region. Excluding Innova, the group leveraged its diversified and balanced asset portfolio to achieve healthy organic growth of 25% for the quarter.

In line with our expectations, net sales for April amounted to 147 million Swedish crowns, which reflects the company’s seasonal trends during this period. For the full year 2022, we now expect net sales of around 1.6 to 1.7 billion Swedish crowns with sustained margins, given the sale of Innova.

FOR MORE INFORMATION PLEASE CONTACT:

Ham Jiinterim CEO
Telephone: +46 70 065 07 53
[email protected]

Fredrik Rüdén, Deputy Managing Director and Chief Financial Officer
Telephone: +46 733 117 262
[email protected]

ABOUT EG7

EG7 is a games industry group of companies that develops, markets, publishes and distributes games for PC, consoles and mobiles in the global games market. The company employs more than 470 game developers and develops its own original IPs, and acts as consultants to other publishers around the world through its game development divisions Daybreak Games, Piranha Games, Toad Studios, Big Blue Bubble and Antimatter Games. Additionally, the group’s marketing department, Petrol, has helped release over 1,500 titles, many of which are world-renowned brands such as Call of Duty, Destiny, Dark Souls, and Rage. The group’s publishing and distribution departments, Innova and Sold Out, have expertise in both physical and digital publishing. EG7 is headquartered in stockholm with approximately 880 employees in 16 offices around the world.

Nasdaq First North Growth Market Ticker Symbol: EG7

Certified Advisor: Eminova Fondkommission ABTelephone: +46 8 684 211 00

IMPORTANT INFORMATION

This information is information that Enad Global 7 AB (publ) is required to make public under the EU Market Abuse Regulation. The information has been submitted for publication, through the contact person listed above, on May 25, 2022 to 6:00 a.m. CET.

https://news.cision.com/enad-global-7-ab–publ-/r/interim-report-for-the-period-january-1–2022-to-march-31–2022, c3573929

https://mb.cision.com/Main/16500/3573929/1584316.pdf

(c) Decision 2022. All rights reserved., sources Press Releases – English

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