Interim Report for the Period 1 January 2020 to 31 March 2020
January-March 2020 in summary
- Total revenue amounted to SEK 163.8 million which represents a growth of 949% compared to the same period last year
- EBITDA amounted to SEK 12.2 million
- The cash balance amounted to SEK 57.4 million
- Net debt was SEK 161.5 million
- Equity amounted to SEK 239.5 million
- Earnings per share amounted to SEK -0.001006
Significant events during the first quarter 2020
- Signed agreement to publish the title Descenders and another unannounced title.
- Announced name change to Enad Global 7 (EG7) to clarify the new group structure.
- Announced the vampire-shooter EvilvEvil (Project Osiris).
- The title Zombie Army 4: Dead War, published by the subsidiary Sold Out, was released.
- The release date for Westmark Manor was set to summer 2020.
- Radical Rabbit Stew published by Sold Out will be launched on July 16, 2020.
- Sold Out signs three new titles: Disjunction, Gestalt: Steam & Cinder and KeyWe.
- Dan Sten Olsson with family together with Erik Nielsen new major owner. Nielsen also suggested to a seat on the board.
- Sold Out signs a new unannounced title with White Paper Games.
- Rising Storm 2: Vietnam developed by the subsidiary Antimatter Games sells over 1 million copies and a significant bonus is paid out.
- The launch date for No Straight Roads is set to summer 2020.
- The world is affected by Covid-19. EG7 is not seriously affected at the time of writing. Some revenue in the subsidiaries Petrol and Sold Out is shifted from Q2 to Q3 as some game launches are postponed.
Significant events after the fourth quarter 2020
- The company successfully completes a directed rights issue of 3,779,367 shares and thereby contributes approximately SEK 119 million.
- EG7 announces Minimal Affect (Project Anubis) and presents more information on the titles '83 and EvilvEvil.
- The annual general meeting is held where it was decided that no dividend would be paid, that the profit for the year be transferred to a new account and that Erik Nielsen be voted into the board.
Comment from Robin Flodin, CEO of EG7:
“During the first quarter of 2020, our net sales grew by almost 1000% from SEK 14.8 million to SEK 155.5 million compared to the same quarter in 2019. During the beginning of the year we also performed a rights issue and were able to welcome Dan Sten Olsson with family as new major shareholders of EG7. We have an exciting time ahead of us with over 20 gaming projects in the pipeline for the game development division and over 40 planned marketing campaigns for Petrol. At least 6 publishing titles will be released during Q3 2020. "
FOR MORE INFORMATION, PLEASE CONTACT:
Robin Flodin, CEO
Phone: +46 70 477 06 34
Alexander Albedj, Chairman
Phone: +46 76 221 30 75
EG7 is a group within the gaming industry that develops, markets, publishes and distributes PC, console and mobile games to the global gaming market. Game development departments Toadman Studios and Antimatter Games employ over 100 game developers who develop their own games where EG7 owns the rights and also undertakes development assignments for other publishers around the world. The group's marketing agency Petrol Advertising Inc has so far contributed to the release of at least 1,500 titles, many of which are world famous brands such as Call of Duty, Destiny, Dark Souls and Rage. The group's publishing and distribution company Sold Out Sales & Marketing Ltd through its experts offers both physical and digital publishing and has worked with Team 17, Rebellion and Frontier Developments. The group is headquartered in Stockholm with approximately 190 employees in 8 offices worldwide. The group's business model provides the conditions for close cooperation as well as stable cash flows. The company's strategy is to continue to grow by developing games in its existing offices, and to continue to work its way up the value chain by developing games with its own resources and publishing games on its own.
Nasdaq First North Growth Market Ticker Symbol: EG7
Certified Adviser: Eminova Fondkommission AB, Phone: +46 8 684 211 00
This information is information that Enad Global 7 AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on May 27, 2020 at 07:00 CET.