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Starbreeze Interim / Quarterly Report 2020
3204_10-k_2021-02-16_f80237f1-48de-4534-8ea1-4e05a5a78afe.pdf
Interim / Quarterly Report
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2020
Fourth quarter 2020
- Net sales amounted to SEK 32.6 million (51.1). PAYDAY accounted for SEK 30.6 million (50.8).
- PAYDAY adjusted growth in net sales of 39.7%.
- EBITDA* amounted to SEK 5.3 million (26.8).
- Amortization, depreciation and impairments totalled SEK 9.7 million (221.0).
- Costs related to the reconstruction amounted to SEK 0.5 million (8.6).
- The loss before tax amounted to SEK -16.4 million (-156.7).
- Basic and diluted earnings per share were SEK -0.02 (-0.30).
- Digital distribution platform Steam ran a winter sale, which made a positive contribution to sales during the quarter.
Full year 2020
- Net sales amounted to SEK 118.0 million (280.0). PAYDAY accounted for SEK 111.5 million (109.4).
- PAYDAY adjusted growth in net sales of 66.7%.
- EBITDA* amounted to SEK 49.3 million (-116.5).
- Amortization, depreciation and impairments totalled SEK 38.4 million (387.9).
- Costs related to the reconstruction amounted to SEK 9.1 million (36.5).
- The loss before tax was SEK -130.5 million (-452.4).
- Basic and diluted earnings per share were SEK -0.28 (-1.22).
- Cash and cash equivalents totaled SEK 157.4 million (82.8).
| KEY FIGURES | 2020 | 2019 | 2020 | 2019 |
|---|---|---|---|---|
| SEKk | Q4 | Q4 | JAN-DEC | JAN-DEC |
| Net sales | 32,592 | 51,108 | 118,006 | 280,002 |
| EBITDA* | 5,329 | 26,829 | 49,317 | -116,457 |
| Profit (-loss) before tax | -16,356 | -156,735 | -130,473 | -452,424 |
| Earnings per share, SEK | -0.02 | -0.30 | -0.28 | -1.22 |
| Cash flow from operations | -5,519 | 3,072 | -24,640 | 49,508 |
| Net sales per employee | 265 | 370 | 959 | 846 |
- See page 17 for definitions of key figures.
About Starbreeze
Starbreeze is an independent developer, creator and distributor of games for PC and console with a global market focus and studios in Stockholm, Barcelona and Paris. Centered around the successful PAYDAY brand, Starbreeze develops games based on its own and others' brands, both internally and in collaboration with external game developers.
Starbreeze shares are listed on Nasdaq Stockholm under the tickers STAR A and STAR B with the ISIN codes SE0007158928 (Class A) and SE0005992831 (Class B).
More information: starbreeze.com
The CEO remarks on the report
STRONG GROWTH - PAYDAY
The fourth quarter concluded an eventful 2020 for Starbreeze. Our PAYDAY franchise and "games as a service model" really showed their muscles during the year with several successful releases of content for PAYDAY 2. By late December, PAYDAY 2 had become the biggest game community on Steam, with 7.1 million members. We have executed two capital raises during the year and paid off a large proportion of our debts, strengthened our financial position and thus enabling the continued successful development of PAYDAY 3 in 2021 – all key steps in putting Starbreeze back on the map as an industry leader.
I have implemented changes during the quarter to strengthen our organization within marketing and business development and continued to recruit the best developers to our studios and in so doing create the best possible conditions for the company's journey ahead.
Another season of PAYDAY 2 wrapped in the fourth quarter with the launch of Silk Road: Crimson Shore. Work on the next season is moving swiftly and we are looking forward to launching the first part this quarter. Our ambition is to achieve steady growth for PAYDAY 2, not only in terms of games sold but also in daily activity among our gamers. I am incredibly proud to report that we now own the biggest community on Steam – an achievement that demonstrates the strength of the game and our community team and is a fantastic position from which to continue growing.
Sales and underlying earnings showed a positive trend during the year arising from sustained strong demand for PAYDAY 2 and ongoing efficiency improvements.
Through the proven strength of the PAYDAY franchise and a highly dedicated development team we now have a stable platform that supports the continued successful development of PAYDAY 3. We are standing strong and confident in our efforts to close a publishing agreement with a partner that is as passionate about games as a service as Starbreeze is and ready to join us in the successful launch of PAYDAY 3.
We also completed payments to our supplier creditors during the quarter, which was a key milestone in the reconstruction plan and important to us as a company in the effort to strengthen our financial position.
Starbreeze is a much stronger company today than it was one year ago. We are hugely confident, thirsting for revenge and thrilled to be able to focus to the max on developing our IP with PAYDAY front and center. With expanded development capacity and continued good demand for everything PAYDAY, we are in prime position for future growth. I am truly looking forward to continuing the work with Starbreeze and the opportunities that lie before us.
Tobias Sjögren
Acting CEO Starbreeze
PAYDAY 2
Source: Steam
At peak
57,837
played PAYDAY 2 concurrently in Q4
Starbreeze Interim Report Q4 2020
SIGNIFICANT EVENTS DURING THE QUARTER
A summary of significant events during the quarter follows. Please visit Starbreeze.com for detailed information about events during the quarter.
Tobias Sjögren appointed Acting CEO
Starbreeze CEO Mikael Nermark resigned for personal reasons
effective 26 October. The board of directors has therefore appointed
Tobias Sjögren Acting CEO and an executive search process has been initiated.
Steam winter sale
Steam held its annual winter sale from 22 December to 5 January, an event that has huge impact on game sales on the platform. The effect on PAYDAY 2 was also positive in during the period.
Final payment to creditors
In accordance with the reconstruction plan and the public composition with creditors affirmed by the Stockholm District Court on 6 December 2019, Starbreeze completed its payments to segments of its creditors. With these payments, Starbreeze has settled all debts to large and small supplier creditors in accordance with the reconstruction plan.
The fourth chapter of PAYDAY 2: Silk Road
The fourth chapter of PAYDAY 2 Silk Road was released in November, including a free core game update for all owners of the game and three new DLCs.
Impact of Covid-19
Starbreeze is continuously monitoring the impact of the ongoing Covid-19 pandemic on the business. Ongoing revenue-generating operations have shown no disruptions because the majority of revenues are generated by a digital distribution model in which product availability and interaction among players is uninterrupted regardless of general public measures related to reducing physical social contacts. All employees are still working from home. The company's assessment that the short-term effect on ongoing projects will be minor still stands, but the long-term effects on future business and the efficiency of the project organizations could result in delayed deliveries. The effect on the company's revenues has been positive.
Starbreeze Interim Report Q4 2020
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
No significant events occurred after the end of the period.
Starbreeze Interim Report Q4 2020
REVENUE AND PROFIT
The comparison period for sales and profit and loss is the corresponding period in the preceding year.
Segment reporting
Game development, with PAYDAY front and center, is Starbreeze's core business. As of the 2020 financial year, the company has only one segment, which accounts for the absolute majority of all sales and profits. Consequently, no historical figures are reported according to the previous division into operating segments. Any revenues and costs unrelated to the core business are classified as other income and expenses.
Fourth quarter 2020
Sales
Net sales for the fourth quarter of 2020 amounted to SEK 32.6 million. (SEK 51.1), of which PAYDAY accounted for SEK 30.6 million (50.8). Adjusted for extraordinary items of 28.9 million, related to previous publishing agreement with Universal regarding PAYDAY: Crime War, the net sales growth for PAYDAY was 39.7%. Net sales were distributed among PC at SEK 23.9 million (17.3) and console at SEK 6.8 million (4.5). Net sales for the base game PAYDAY 2 on Steam increased by 9% (SEK 0.5m) compared to the fourth quarter of 2019 and net sales of DLC (downloadable content bundles) increased by 38% (SEK 4.2m). The higher revenue share achieved during the first quarter of this year, in which Starbreeze receives 75% of revenues from Steam (70% in Q4 2019), accounted for SEK 1.5 million of net sales for the period. This resulted in an increase of SEK 6.2 million in Steam revenues generated by PAYDAY 2 for the period. In a positive trend, console revenues grew by 67% (SEK 2.6m) compared to the corresponding period last year. Changes in the exchange rate against the dollar had negative effect on net sales of SEK 3.3 million compared to the average exchange rate in the corresponding period in 2019.
Costs
Direct costs amounted to SEK 8.7 million (225.5) and consist of costs related to game production and game development. Direct costs include depreciation and amortization of SEK 5.6 million (215.4). The decrease is attributable mainly to capitalized development costs of SEK 191.6 million for sold publishing rights that were expensed in 2019. The decrease in direct costs, adjusted for extraordinary items in the preceding year amounts to SEK 25.2 million and is attributable mainly to a reduction in the number of employees and capitalization of a larger share of development work in 2020.
Capitalized development costs reduced direct costs by SEK 17.8 million (14.5) and refer to PAYDAY: Crime War, PAYDAY 2 and PAYDAY 3. A larger share of development costs related to PAYDAY 2 was capitalized in 2020 compared to 2019.
Sales and marketing costs amounted to SEK 2.2 million (2.1), related primarily to employee benefits expenses.
Administrative expenses amounted to SEK 16.1 million (24.5) and refer to items including office costs and payroll for employees who do not work in game production or marketing, as well as costs related to the reconstruction process. The reduction is mainly due to lower costs related to the reconstruction process and a reduction in number of employees. Administrative expenses include extraordinary employee expenses of SEK 6.3 million.
Sales and profit
| SEKk | Q4 | Q4 | JAN-DEC | JAN-DEC |
|---|---|---|---|---|
| Net sales | 32,592 | 51,108 | 118,006 | 280,002 |
| EBITDA * | 5,329 | 26,829 | 49,317 | -116,457 |
| Profit (loss) before tax | -16,356 | -156,735 | -130,473 | -452,424 |
| Net profit (loss) for the period | -16,594 | -98,279 | -130,280 | -401,099 |
| Earnings per share, SEK | -0.02 | -0.30 | -0.28 | -1.22 |
| Net sales growth, % | -36.2 | -38.0 | -57.9 | -20.0 |
| EBITDA margin, % | 16.4 | 52.5 | 41.8 | -41.6 |
*See page 22-23 and Note 6 for the derivation of the key figure.
Starbreeze Interim Report Q4 2020
Administrative expenses include amortization of SEK 4.1 million (5.6). Capitalized development costs reduced administrative costs by SEK 6.1 million (10.4) and refer to PAYDAY: Crime War, PAYDAY 2 and PAYDAY 3.
Other income/expenses amounted to SEK -10.0 million (6.6). The item consists mainly of currency effects due to changes in the USD and EUR exchange rates against SEK. The currency effects had negative effect on the individual quarter.
Operating results
EBITDA amounted to SEK 5.3 million (26.8).
Remeasurement of earnouts amounted to SEK 0.0 million (46.2). The share of profit and loss in the joint venture StarVR Corporation amounted to SEK -0.4 million (-1.0).
Net financial income was reduced during the quarter by interest on lease liabilities of SEK 0.3 million (0.4), an effect of the IFRS 16 reporting standard.
Net financial income or expense
Net financial expense amounted to SEK -12.0 million (37.5). The costs are attributable mainly to the company's convertible debt and related debt of SEK 11.2 million (4.6). In the corresponding period in 2019, there was a positive effect of SEK 46.2 million related to the remeasurement of earnouts.
Loss before tax and net loss for the period
The loss before tax for the quarter was SEK -16.4 million (-156.7). The net loss for the quarter was SEK -16.6 million (-98.3).
Basic and diluted earnings per share were SEK -0.02 (-0.3).
Full year 2020
Sales
Net sales amounted to SEK 118.0 million (280.0), of which PAYDAY accounted for SEK 111.5 million (109.4). Adjusted for extraordinary items of 42.5 million, related to previous publishing agreement with Universal regarding PAYDAY: Crime War, the net sales growth for PAYDAY was 66.7%. Net sales were distributed among PC at SEK 87.7 million (54.3) and console at SEK 23.7 million (14.7). The corresponding period in 2019 included extraordinary items of SEK 186.5 million mainly related to Psychonauts, 10 Crowns, PAYDAY: Crime War and other non-core business.
Net sales for the base game PAYDAY 2 on Steam increased by 37% (SEK 6.2m) compared to the corresponding period in 2019 and net sales of DLC (downloadable content bundles) increased by 69% (SEK 23.3m). The higher revenue share achieved during the first quarter of this year, in which Starbreeze receives 75% of revenues from Steam, accounted for SEK 5.6 million of net sales for the period. This resulted in an increase of SEK 35.1 million in Steam revenues generated by PAYDAY 2 for the period. In a positive trend, console revenues grew by 61% (SEK 9.1m) compared to the corresponding period last year.
Changes in the exchange rate against the dollar had negative effect on net sales of SEK 4.2 million compared to the average exchange rate for the corresponding period last year.
Costs
Direct costs amounted to SEK 31.1 million (661.5) and consist of costs related to game production and game development. The decrease is attributable mainly to capitalized development costs and costs for sold publishing rights of SEK 464 million that were expensed in 2019, but also to a significant reduction in the number of employees and capitalization of a larger share of development work in 2020.
Direct costs include depreciation and amortization of SEK 21.7 million (364.8).
Starbreeze Interim Report Q4 2020
Depreciation and amortization during the corresponding period in 2019 refer mainly to amortization and impairments of projects that were sold or discontinued during the period.
Capitalized development costs reduced direct costs by SEK 71.0 million (51.0) and refer to PAYDAY: Crime War, PAYDAY 2 and PAYDAY 3.
Sales and marketing costs amounted to SEK 8.5 million (12.0) and are related primarily to employee benefits expenses.
Administrative expenses amounted to SEK 69.4 million (109.6) and refer to items including office costs and payroll for employees who do not work in game production or marketing, as well as costs related to the reconstruction process. The reduction is mainly due to lower costs related to the reconstruction process and cost of premises.
Administrative expenses include amortization of SEK 16.8 million (23.1). Capitalized development costs reduced administrative costs by SEK 23.5 million (39.1) and refer to PAYDAY: Crime War, PAYDAY 2 and PAYDAY 3.
Other income/expenses amounted to SEK 1.8 million (-1.2). The item consists of currency effects due to changes in the USD and EUR exchange rates against SEK and the net gain of SEK 6.4 million attributable to divested subsidiaries.
Operating results
EBITDA amounted to SEK 49.3 million (-116.5).
Remeasurement of earnouts amounted to SEK 0.0 million (84.1). The share of profit and loss in the joint venture StarVR Corporation amounted to SEK -2.1 million (-1.5). Net financial income was reduced during the quarter by interest on lease liabilities of SEK 1.5 million (2.0), an effect of the IFRS 16 reporting standard.
Net financial income or expense
Net financial expense amounted to SEK -141.3 million (51.9). The decrease is mainly due to the costs related to extending the company's convertible bond. The total cost charged against net financial income due to the extension of the convertible bond was SEK 110.1 million. This has not affected liquidity. In the corresponding period in 2019, there was a positive effect of SEK 84.1 million related to the remeasurement of earnouts.
Loss before tax and net loss for the period
The loss before tax for the period was SEK -130.5 million (-452.4).
The loss for the period amounted to SEK -130.3 million (-401.1).
Basic and diluted earnings per share were SEK -0.28 (-1.22).
Specification of net financial income/expense
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| SEKk | Q4 | Q4 | JAN-DEC | JAN-DEC |
| Remeasurement of earnouts | - | 46,183 | - | 84,099 |
| Interest on convertible bonds | -6,369 | -4,594 | -22,766 | -18,016 |
| Remeasurement of derivatives attributable to convertible bonds | - | - | - | 42 |
| Net profit (-loss) from StarVR Corp. | -366 | -1,043 | -2,112 | -1,462 |
| Renegation loss convertible bond | - | - | -90,934 | - |
| Implicit interest | -4,830 | - | -19,148 | - |
| Credit cost including interest for fully amortized loan | - | - | - | -5,000 |
| Interest Nordea | -565 | -1,053 | -3,974 | -4,138 |
| Interest on lease liability | -340 | -438 | -1,509 | -1,987 |
| Interest on non-current liabilities according composition proposal | - | -1,767 | -1,563 | -1,767 |
| Other items | 495 | 187 | 658 | 167 |
| Total | -11,975 | 37,475 | -141,348 | 51,938 |
Starbreeze Interim Report Q4 2020
OTHER FINANCIAL INFORMATION
The comparison period for financial information is the corresponding period in the preceding year.
Fourth quarter 2020
Cash flow
Cash used in operating activities amounted to SEK -5.5 million (3.1). Adjustments for non-cash items amounted to SEK 14.6 million (225.4), including amortization and depreciation of SEK 9.7 million. In the fourth quarter of 2019, amortization related to sold or discontinued projects amounted to SEK 191.1 million.
Cash used in investing activities was SEK -24.5 million (-34.3), including investments in own game development of SEK 23.9 million.
Cash used in financing activities amounted to SEK -5.7 million (1.0), including IFRS 16 Leases in the amount of SEK 4.7 million.
Total cash used in the quarter was SEK -35.6 million (-30.3), with the increase attributable mainly to final settlement of reconstruction debts in the amount of SEK 14 million. Cash and cash equivalents at the end of the quarter amounted to SEK 157.4 million (82.8).
Investments
Consolidated investments in property, plant and equipment during the quarter amounted to SEK 0.0 million (0.0). Investments in own game and technology development totaled SEK 23.9 million (28.3).
Full year 2020
Cash flow
Cash used in operating activities amounted to SEK -24.6 million (49.5). Adjustments for non-cash items amounted to SEK 37.1 million (586.9), including depreciation and amortization of SEK 38.4 million. Cash used in investing activities was SEK -96.2 million (-36.2), including investments in own game development of SEK -94.5 million. Divestments of businesses in the amount of SEK 67.2 million were included in the corresponding period in the preceding year. See also "Investments" below.
Cash flow from financing activities has increased to SEK 195.6 million (0.0) mainly attributed to executed rights issues of SEK 271 million, amortization of long-term liabilities in the amount of SEK -55 million and IFRS 16 Leases of SEK -18.8 million.
Total cash flow for the period was SEK 74.7 million (13.3) and final settlement of reconstruction debts amounted to SEK -76.8 million. Cash and cash equivalents at the end of the period amounted to SEK 157.4 million (82.8)
Investments
Consolidated investments in property, plant and equipment during the period amounted to SEK 1.0 million (2.1). Investments in own game and technology development totaled SEK 94.5 million (92.4).
Cash and cash equivalents
as of 31 December 2020
SEK
157.4
million
Starbreeze Interim Report Q4 2020
04
2020
Financial position
Non-current assets
Goodwill at the end of the period amounted to SEK 38.8 million (43.6). intangible assets, which consist primarily of IP rights, amounted to SEK 228.5 million (240.2).
Capitalized costs for own game and technology development totaled SEK 171.4 million (81.5).
Investments in publishing projects amounted to SEK 4.0 million (4.1).
Amortization and impairments of intangible assets amounted to SEK 16.6 million (326.9) during the period.
Current assets
Trade and other receivables amounted to SEK 4.1 million (10.4). Prepaid expenses and accrued income at the end of the period amounted to SEK 34.7 million (33.4), of which SEK 16.0 million (13.4) related to receivables for digital sales, primarily via Steam, PlayStationStore, Xbox Live and Switch.
Equity
Consolidated equity amounted to SEK 228.5 million (6.2) at the reporting date.
Non-current liabilities
Non-current liabilities amounted to SEK 329.8 million (184.2), including the convertible debt and related debt of SEK 270.1 million and the debt to Nordea of SEK 11.0 million. The non-current component of the lease liability was SEK 37.1 million (55.3 million). The deferred tax liability was SEK 0 million (7.9).
Current liabilities
Current liabilities amounted to SEK 150.3 million (400.2). Trade and other payables at the end of the period totaled SEK 103.3 million (342.5), of which SEK 44.9 million refers to Nordea. Current liabilities for lease contracts amounted to SEK 19.1 million (19.2). Accrued expenses and deferred income at the end of the period totaled SEK 27.9 million (38.5). The decrease is mainly related to payment of debts to creditors in accordance with the reconstruction plan.
Leases
IFRS Leases has been applied since 1 January 2019. The deposit paid for the premises in Stockholm have been reported as a non-current financial asset on the balance sheet.
Starbreeze has applied the incremental borrowing rate per country as the discount rate for discounting future lease payments. The incremental borrowing rate is based on the lessee's financial strength, country and the term of the relevant lease.
The interim report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act (SFS 1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
The interim report for the parent company has been prepared using the same accounting policies and calculation methods applied in the 2019 annual report (Note 1, pages 56-64) except that the parent company applies the exception permitted under RFR2 and reports all lease obligations as operating leases.
Share capital
Share capital at the end of the period amounted to SEK 14,492,185.37 (6,587,357) distributed among 724,609,266 shares (329,367,849), of which 169,321,548 Class A shares (53,001,992) and 555,287,718 Class B shares (276,465,857).
Starbreeze Interim Report Q4 2020
04
2020
Risks and uncertainties
The preparation of interim reports and annual reports in accordance with generally accepted accounting practices requires management to make estimates, judgments and assumptions that affect the value of assets, liabilities and revenue reported in the financial statements. Actual outcomes may differ from these estimates and judgments.
The short-term effect on profit and loss from fluctuations in exchange rates can be positive or negative, depending on the current currency exposure from trade receivables, bank balances and other assets and liabilities in foreign currency. However, a falling dollar rate in the longer term always has a negative impact on profit margins. As the Starbreeze Group includes foreign subsidiaries, there is also translation exposure.
The largest risks and uncertainties are low revenues in connection with game releases and project delays. These and other risks such as copyright infringements, loss of key people and exchange rate fluctuations are described in Starbreeze's Annual Report 2019 in the Report of the Board of Directors on page 47, and in Note 3. Furthermore, the value of certain assets and liabilities is based on expected outcomes. Consequently, these items must be regularly remeasured and thus may affect future profit and loss.
Starbreeze exited reconstruction in December 2019 and in January 2020 the outstanding convertible bond was extended to December 2024. Without additional financing, liquidity injections from divestitures or distribution agreements for PAYDAY 3, the company could experience a liquidity shortfall in the fourth quarter of 2021. This entails risk that the company will not have sufficient secured funds to guarantee continued operations for the next 12 months.
In the opinion of the board of directors, Starbreeze will be able to close a publishing agreement for the company's projects.
Parent company
The group's business was conducted during the year in the parent company Starbreeze AB (publ) and the following subsidiaries: Starbreeze Production AB, Starbreeze Studio AB, Starbreeze Publishing AB, Starbreeze VR AB, Starbreeze USA Inc, Starbreeze LA Inc, Starbreeze IP LUX, Starbreeze IP LUX II Sarl, Starbreeze Barcelona SL, Starbreeze Paris SAS, New Starbreeze Studios AB, New Starbreeze Publishing AB and Enterspace AB. The Belgian subsidiary Parallaxter was divested during the period.
The parent company's net sales during the quarter amounted to SEK 7.3 million (12.6). Sales refer primarily to allocation of management fees.
The loss before and after tax was SEK -9.7 million (9.0)
Cash and cash equivalents at the end of the quarter amounted to SEK 10.9 million (12.0) and parent company equity was SEK 784.6 million (581.1).
Non-current liabilities decreased during the period to SEK 270.1 million (306.1).
Related party transactions
There were no related party transactions during the period other than payment of salaries and other compensation and intragroup transactions.
Auditor's review
This report has not been reviewed by the company's statutory auditors.
Number of employees
| 2020 | 2019 | |
|---|---|---|
| Q4 | Q4 | |
| Employees | 124 | 127 |
| Men | 103 | 112 |
| Women | 21 | 15 |
SEK 124
Employees at Starbreeze
Starbreeze Interim Report Q4 2020
04
2020
Investor relations
Up-to-date information about Starbreeze is available on the company's website at starbreeze.com. You may contact the company via email: [email protected], phone: or mail: Box 7731, 103 95 Stockholm, Sweden
For further information
Tobias Sjögren, Acting CEO Mats Juhl, CFO
+46 8-209 229 +46 8-209 229
[email protected] [email protected]
The reports are published on the company's website, starbreeze.com.
Stockholm, 16 February 2021
Torgny Hellström
Chairman of the Board
Directors
Kerstin Sundberg Anna Lagerborg
Tobias Sjögren Jan Benjaminson
Starbreeze AB is required to disclose this information under the EU Market Abuse Regulation and the Securities Market Act. The information was provided by the above contact persons for publication on 16 February 2021 at 08:00 CET.
Financial calendar
Annual Report 2020...15 April 2021
Interim Report Q1 2021...11 May 2021
Interim Report Q2 2021...18 August 2021
Interim -Report Q3 2021...12 November 2021
Year-end Report 2021...16 February 2022
Starbreeze
Interim Report Q4 2020
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| NOTE | 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|---|
| SEKk | Q4 | Q4 | JAN-DEC | JAN - DEC | |
| Net sales | 3 | 32,592 | 51,108 | 118,006 | 280,002 |
| Direct costs | 4 | -8,730 | -225,464 | -31,074 | -661,520 |
| Gross profit (-loss) | 23,862 | -174,356 | 86,932 | -381,518 | |
| Selling and marketing costs | -2,160 | -2,050 | -8,464 | -12,048 | |
| Administrative expenses | -16,110 | -24,453 | -69,428 | -109,609 | |
| Other revenue | -9,973 | 10,191 | 1,835 | 19,221 | |
| Other expenses | - | -3,542 | - | -20,408 | |
| Operating profit (-loss) | - | -4,381 | -194,210 | 10,875 | -504,362 |
| Financial income | 300 | 46,757 | 628 | 84,266 | |
| Financial expenses | - | -11,910 | -8,239 | -139,864 | -30,866 |
| Share in profit or loss of holdings accounted for using the equity method | -365 | -1,043 | -2,112 | -1,462 | |
| Profit (-loss) before tax | -16,356 | -156,735 | -130,473 | -452,424 | |
| Income tax | -238 | 58,456 | 193 | 51,325 | |
| Net profit (-loss) for the period | -16,594 | -98,279 | -130,280 | -401,099 | |
| Other comprehensive income that may subsequently be reclassified to profit and loss | |||||
| Exchange differences | 3,047 | 1,030 | 246 | 4,162 | |
| Total comprehensive income for the period | -13,547 | -97,249 | -130,034 | -396,937 | |
| Total comprehensive income for the period attributable to: | |||||
| Owners of the parent | -13,547 | -97,249 | -130,034 | -397,087 | |
| Non-controlling interests | - | - | - | 150 | |
| Earnings per share attributable to owners of the parent during the period (SEK): | |||||
| - Basic | -0.02 | -0.30 | -0.28 | -1.22 | |
| - Diluted | -0.02 | -0.30 | -0.28 | -1.22 |
Starbreeze Interim Report Q4 2020
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| SEKk | NOTE | 2020-12-31 | 2019-12-31 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | |||
| Goodwill | 38,827 | 43,601 | |
| Other intangible assets | 228,514 | 240,221 | |
| Capitalized development cost for own games and technology development | 171,435 | 81,518 | |
| Investments in publishing projects | 3,974 | 4,056 | |
| Financial assets | |||
| Financial assets | 7,683 | 6,258 | |
| Investments in joint ventures | 5 | 1,083 | 3,195 |
| Non-current lease receivable | 2,612 | 5,716 | |
| Deferred tax assets | 161 | - | |
| Property, plant and equipment | |||
| IT equipment and other equipment | 6,704 | 12,850 | |
| Right-of-Use asset-Buildings | 48,866 | 63,764 | |
| Total non-current assets | 509,859 | 461,179 | |
| Current assets | |||
| Trades and other receivables | 4,061 | 10,391 | |
| Current lease receivable | 2,627 | 3,106 | |
| Prepaid expenses and accrued income | 34,736 | 33,425 | |
| Cash and cash equivalents | 157,423 | 82,787 | |
| Total current assets | 198,847 | 129,709 | |
| Assets held for sale | - | 1,084 | |
| Total assets held for sale | - | 1,084 | |
| TOTAL ASSETS | 708,706 | 591,972 | |
| EQUITY AND LIABILITIES | |||
| Equity attributable to owners of the parent | |||
| Share capital | 14,492 | 6,587 | |
| Other contributed capital | 1,979,111 | 1,711,334 | |
| Reserves | 21,646 | 21,400 | |
| Retained earnings including net profit or loss for the period | -1,786,751 | -1,733,163 | |
| Total equity | 228,498 | 6,158 | |
| Non-current liabilities | |||
| Non-current liabilities, earnouts | - | 62 | |
| Deferred tax liability | - | 7,853 | |
| Non-current lease liability | 37,147 | 55,272 | |
| Other non-current liabilities | 292,702 | 121,009 | |
| Total non-current liabilities | 329,849 | 184,196 | |
| Current liabilities | |||
| Current liabilities, earnouts | 18 | - | |
| Trade and other payables | 103,345 | 342,468 | |
| Current lease liability | 19,135 | 19,181 | |
| Accrued expenses and deferred income | 27,861 | 38,506 | |
| Total current liabilities | 150,359 | 400,155 | |
| Liabilities held for sale | - | 1,463 | |
| Total liabilities held for sale | - | 1,463 | |
| TOTAL EQUITY AND LIABILITIES | 708,706 | 591,972 |
Starbreeze Interim Report Q4 2020
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| SEKk | Share capital | Other contributed capital | Reserves | Retained earnings | Total | Non controlling interest | Total equity |
|---|---|---|---|---|---|---|---|
| Balance at 1 January 2020 | 6,587 | 1,711,334 | 21,400 | -1,733,163 | 6,158 | - | 6,158 |
| Net profit (-loss) for the period | - | - | - | -130,280 | -130,280 | - | -130,280 |
| Other comprehensive income for the period | |||||||
| Translation differences | - | - | 246 | - | 246 | - | 246 |
| Total comprehensive income | - | - | 246 | -130,280 | -130,034 | - | -130,034 |
| Transactions with shareholders: | |||||||
| New issue through exercise of convertible bonds | 7,905 | 293,368 | - | - | 301,273 | - | 301,273 |
| Issue cost recognized in equity | - | -30,273 | - | - | -30,273 | - | -30,273 |
| Shareholders’ contributions from composition proposal | - | - | - | 76,692 | 76,692 | - | 76,692 |
| Other | - | 4,683 | - | - | 4,683 | - | 4,683 |
| Total contribution from and value transfers to shareholders, recognized directly in equity | 7,905 | 267,777 | - | 76,692 | 352,374 | - | 352,374 |
| Balance at 31 December 2020 | 14,492 | 1,979,111 | 21,646 | -1,786,751 | 228,498 | - | 228,498 |
| Balance at 1 January 2019 | 6,506 | 1,639,516 | 17,098 | -1,326,061 | 337,059 | 1,947 | 339,006 |
| Correction 2018 | - | - | 140 | -429 | -289 | - | -289 |
| Justerad ingående balans per 1 januari 2019 | 6,506 | 1,639,516 | 17,238 | -1,326,490 | 336,770 | 1,947 | 338,717 |
| Net profit (-loss) for the period | - | - | - | -401,249 | -401,249 | 150 | -401,099 |
| Sale of subsidiary with minority interest | - | - | - | - | - | -2,123 | -2,123 |
| Translation differences | - | - | 4,162 | - | 4,162 | 26 | 4,188 |
| Total comprehensive income | - | - | 4,162 | -401,249 | -397,087 | -1,947 | -399,034 |
| Transactions with shareholders: | |||||||
| New issue through exercise of stock options | 81 | 71,632 | - | - | 71,713 | - | 71,713 |
| Shareholders’ contributions received | - | 186 | - | - | 186 | - | 186 |
| Issue costs recognized in equity | - | - | - | -5,424 | -5,424 | - | -5,424 |
| Total contribution from and value transfers to shareholders, recognized directly in equity | 81 | 71,818 | - | -5,424 | 66,475 | - | 66,475 |
| Balance at 31 December 2019 | 6,587 | 1,711,334 | 21,400 | -1,733,163 | 6,158 | - | 6,158 |
| 2020 | 2019 | ||||||
| CHANGE IN NUMBER OF OUTSTANDING SHARES | JAN-DEC | JAN - DEC | |||||
| Number of shares at the beginning of the period | 329,367,849 | 325,295,554 | |||||
| New subscription of shares through exercise of convertibles | - | 4,072,295 | |||||
| New issue | 395,241,417 | - | |||||
| Total shares outstanding at the end of the period | 724,609,266 | 329,367,849 |
Starbreeze Interim Report Q4 2020
CONSOLIDATED STATEMENT OF CASH FLOWS
| SEKk | NOTE | 2020 Q4 | 2019 Q4 | 2020 JAN–DEC | 2019 JAN–DEC |
|---|---|---|---|---|---|
| Operating activities | |||||
| Cash flow from operations | -4,381 | -194,210 | 10,875 | -504,362 | |
| Adjustment for non-cash items | 14,561 | 225,446 | 37,053 | 586,897 | |
| Interest paid | - | -7,947 | -385 | -9,301 | |
| Interest received | - | 709 | - | - | |
| Cash flow from (-used in) operating activities | 10,180 | 23,998 | 47,543 | 73,234 | |
| Cash flow from changes in working capital | |||||
| Increase (+)/decrease (-) in operating receivables | 8,735 | -98,784 | 66,851 | 32,538 | |
| Increase (+)/decrease (-) in operating liabilities | -24,434 | 77,858 | -139,034 | -56,264 | |
| Cash flow from (-used in) operating activities | -5,519 | 3,072 | -24,640 | 49,508 | |
| Investing activities | |||||
| Purchase of property, plant and equipment | -493 | - | -944 | -2,092 | |
| Sold non-current assets | 25 | 217 | 51 | 217 | |
| Divested subsidiaries | - | - | -472 | 67,202 | |
| Investments in other financial assets | - | -6,205 | - | -1,067 | |
| Investments in own games and technology | -23,862 | -28,340 | -94,541 | -92,412 | |
| Investments in publishing projects | -132 | - | -309 | -8,087 | |
| Cash flow from (-used in) investing activities | -24,462 | -34,328 | -96,215 | -36,239 | |
| Financing activities | |||||
| New issue | - | - | 270,999 | - | |
| Increase in non-current liabilities | -884 | 2,185 | -1,598 | - | |
| Repayment of loans | - | - | -55,000 | - | |
| Effect of financial lease | -4,775 | -1,214 | -18,802 | - | |
| Cash flow from financing activities | -5,659 | 971 | 195,599 | - | |
| Cash flow for (-used in) the period | -35,640 | -30,285 | 74,744 | 13,269 | |
| Cash and cash equivalents at the beginning of the period | 193,200 | 113,192 | 82,787 | 69,289 | |
| Exchange difference in cash and cash equivalents | -137 | -120 | -108 | 229 | |
| Cash and cash equivalents at the end of the period | 157,423 | 82,787 | 157,423 | 82,787 |
Starbreeze Interim Report Q4 2020
KEY FIGURES, GROUP
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| Q4 | Q4 | JAN–DEC | JAN - DEC | |
| Net sales, SEKk | 32,592 | 51,108 | 118,006 | 280,002 |
| EBITDA, SEKk | 5,329 | 26,829 | 49,317 | -116,457 |
| EBIT, SEKk | -4,381 | -194,210 | 10,875 | -504,362 |
| Profit (-loss) before tax, SEKk | -16,356 | -156,735 | -130,473 | -452,424 |
| Profit (-loss) after tax, SEKk | -16,594 | -98,279 | -130,280 | -401,099 |
| EBITDA margin, % | 16.4 | 52.5 | 41.8 | -41.6 |
| EBIT margin, % | -13.4 | -380.0 | 9.2 | -180.1 |
| Profit margin, % | -50.2 | -306.7 | -110.6 | -161.6 |
| Equity to assets ratio, % | 32.2 | 1.0 | 32.2 | 1.0 |
| Closing price of A share for the period, SEK | 1.06 | 1.85 | 1.06 | 1.85 |
| Closing price of B share for the period, SEK | 1.09 | 1.86 | 1.09 | 1.86 |
| Basic earnings per share, SEK | -0.02 | -0.30 | -0.28 | -1.22 |
| Diluted earnings per share, SEK | -0.02 | -0.30 | -0.28 | -1.22 |
| Number of shares at end of period before dilution | 724,609,266 | 329,367,849 | 724,609,266 | 329,367,849 |
| Number of shares at end of period after dilution | 724,609,266 | 329,367,849 | 724,609,266 | 329,367,849 |
| Average number of shares before dilution | 724,609,266 | 329,367,849 | 469,754,144 | 328,349,775 |
| Average number of shares after dilution | 724,609,266 | 329,367,849 | 469,754,144 | 328,349,775 |
| Average number of employees | 123 | 138 | 123 | 331 |
| Number of employees at the end of the period | 124 | 127 | 124 | 127 |
Key figures, Group
EBITDA
Operating profit or loss before depreciation, amortization and impairments (Earnings Before Interest, Taxes, Depreciation and Amortization).
EBIT
Operating profit or loss after depreciation and amortization (Earnings Before Interest and Taxes).
EBITDA margin
Operating profit or loss before depreciation, amortization and impairments (Earnings Before Interest, Taxes, Depreciation and Amortization) as a percentage of net sales.
EBIT margin
Operating profit or loss as a percentage of net sales.
Profit margin
Profit or loss after net financial income/expense as a percentage of the sum of net sales.
Equity to assets ratio
Equity as a percentage of total assets.
Earnings per share
Profit or loss after tax divided by the average number of shares during the period.
Equity
Recognized equity including 78 percent of untaxed reserves.
Starbreeze Interim Report Q4 2020
RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| Q4 | Q4 | JAN–DEC | JAN - DEC | |
| EBITDA | ||||
| Operating profit (-loss), SEKk | -4,381 | -194,210 | 10,875 | -504,362 |
| Amortization of intangible assets, SEKk | 4,476 | 213,727 | 16,628 | 326,860 |
| Depreciation of property, plant and equipment, SEKk | 5,234 | 7,312 | 21,814 | 61,045 |
| EBITDA | 5,329 | 26,829 | 49,317 | -116,457 |
| EBITDA margin, % | ||||
| EBITDA, SEKk | 5,329 | 26,829 | 49,317 | -116,457 |
| Net sales, SEKk | 32,592 | 51,108 | 118,006 | 280,002 |
| EBITDA margin, % | 16.4 | 52.5 | 41.8 | -41.6 |
| EBIT margin, % | ||||
| Operating profit (-loss), SEKk | -4,381 | -194,210 | 10,875 | -504,362 |
| Net sales, SEKk | 32,592 | 51,108 | 118,006 | 280,002 |
| EBIT margin, % | -13.4 | -380.0 | 9.2 | -180.1 |
| Profit margin, % | ||||
| Profit (-loss) before tax, SEKk | -16,356 | -156,735 | -130,473 | -452,424 |
| Net sales, SEKk | 32,592 | 51,108 | 118,006 | 280,002 |
| Profit margin, % | -50.2 | -306.7 | -110.6 | -161.6 |
| Equity to assets ratio, % | ||||
| Total equity | 228,498 | 6,158 | 228,498 | 6,158 |
| Total equity and liabilities, SEKk | 708,706 | 591,972 | 708,706 | 591,972 |
| Equity to assets ratio, % | 32.2 | 1.0 | 32.2 | 1.0 |
Alternative Performance Measures (APMs) are financial indicators of performance, financial position and cash flow not defined in the applicable reporting framework (IFRS). These are considered to be important additional key figures for the Group's performance. Since not all entities calculate financial measurements in the same way, they are not always comparable to those used by other entities.
Starbreeze Interim Report Q4 2020
PARENT COMPANY INCOME STATEMENT
| SEKk | 2020 Q4 | 2019 Q4 | 2020 JAN-DEC | 2019 JAN - DEC |
|---|---|---|---|---|
| Net sales | 7,310 | 12,628 | 29,762 | 58,990 |
| Other operating revenue | 9,177 | -5,775 | 8,542 | 25,037 |
| Total sales | 16,487 | 6,853 | 38,304 | 84,027 |
| Other external expenses | -4,110 | -13,513 | -24,374 | -59,586 |
| Employee benefit expense | -10,913 | -11,901 | -29,961 | -38,574 |
| Depreciation of property, plant and equipment | -46 | -47 | -188 | -217 |
| Other operating expenses | - | -7,078 | - | -7,078 |
| Operating profit (-loss) | 1,418 | -25,686 | -16,219 | -21,428 |
| Profit from holdings in group companies | -921 | -213,512 | - | -224,439 |
| Other financial income | 1,356 | 96,611 | 6,508 | 98,039 |
| Financial expenses | -11,518 | -35,832 | -134,561 | -54,260 |
| Profit (-loss) after net financial income/expense | -9,665 | -178,420 | -144,272 | -202,089 |
| Appropriations | - | 187,394 | - | 187,394 |
| Profit (-loss) before tax | -9,665 | 8,974 | -144,272 | -14,695 |
| Income tax | - | - | - | - |
| Net profit (-loss) for the period | -9,665 | 8,974 | -144,272 | -14,695 |
For the parent company, net profit or loss for the period corresponds to comprehensive income.
Starbreeze Interim Report Q4 2020
PARENT COMPANY BALANCE SHEET
| SEKk | 2020-12-31 | 2019-12-31 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | ||
| Computers and other equipment | 268 | 421 |
| Financial assets | ||
| Investments in group companies | 322,702 | 295,806 |
| Investments in associates | 4,656 | 4,656 |
| Other financial assets | 2,594 | 585 |
| Total non-current assets | 330,220 | 301,468 |
| Current assets | ||
| Trade and other receivables | 933 | - |
| Receivables from group companies | 1,332,388 | 1,080,277 |
| Prepaid expenses and accrued income | 524 | 837 |
| Cash and cash equivalents | 10,906 | 12,009 |
| Total current assets | 1,344,751 | 1,093,123 |
| TOTAL ASSETS | 1,674,971 | 1,394,591 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital | 14,492 | 6,587 |
| Share premium reserve | 1,912,127 | 1,649,033 |
| Retained earnings | -997,796 | -1,059,812 |
| Net profit (-loss) for the period | -144,272 | -14,695 |
| Total equity | 784,551 | 581,113 |
| Provisions | ||
| Other provisions | - | 31,230 |
| Total provisions | - | 31,230 |
| Non-current liabilities | ||
| Non-current liabilities to group companies | - | 305,865 |
| Other non-current liabilities | 270,085 | 260 |
| Total non-current liabilities | 270,085 | 306,125 |
| Current liabilities | ||
| Trade payables | 1,013 | 8,060 |
| Liabilities to group companies | 576,975 | 239,012 |
| Other liabilities | 34,544 | 218,022 |
| Accrued expenses and deferred income | 7,803 | 11,029 |
| Total current liabilities | 620,335 | 476,123 |
| TOTAL EQUITY AND LIABILITIES | 1,674,971 | 1,394,591 |
Starbreeze Interim Report Q4 2020
NOTES
Note 1: Accounting and measurement policies
This interim report has been prepared in accordance IAS 34, Interim Financial Reporting. The accounting policies and calculation methods are the same as those applied in 2019.
The report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
No new or revised IFRSs have entered into force that are expected to have any material impact on the Group. The carrying amount of all financial assets and liabilities is a good approximation of fair value.
The sale of the publishing rights to System Shock 3 and Psychonauts 2 was arranged so that Starbreeze will recover its investment over time. In accordance with IFRS reporting rules, the Group has initially recognized a loss on the deal, as IFRS 15 does not permit recognition of future royalties in revenue even if these are directly connected to the sale of the publishing rights; instead, the carrying amount of the sold asset must be immediately expensed. In future periods, only revenues related to these transactions will be recognized, as all costs have thus been absorbed.
Note 2: Pledged assets
Consolidated pledged assets and contingent liabilities
Consolidated pledged assets refer to rent guarantees and pledged shares in subsidiaries and bank accounts related to loans from Nordea.
| SEKk | 2020-12-31 | 2019-12-31 |
|---|---|---|
| Pledged assets | 585 | 6,594 |
Starbreeze Interim Report Q4 2020
Note 3: Net sales by category
| SEKk Q4 2020 | Starbreeze Games | Other | Total |
|---|---|---|---|
| PC | 23,900 | 631 | 24,531 |
| Consoles, Digital | 6,701 | 198 | 6,899 |
| Consoles, Retail | 53 | - | 53 |
| Licensing | 11 | 1,063 | 1,074 |
| Other | 35 | - | 35 |
| Total net sales | 30,700 | 1,892 | 32,592 |
| SEKk JAN-DEC 2020 | Starbreeze Games | Other | Total |
| --- | --- | --- | --- |
| PC | 87,728 | 1,204 | 88,932 |
| Consoles, Digital | 23,384 | 273 | 23,657 |
| Consoles, Retail | 337 | - | 337 |
| VR parks | 12 | 56 | 68 |
| Licensing | 11 | 4,894 | 4,905 |
| Other | 107 | - | 107 |
| Total net sales | 111,579 | 6,427 | 118,006 |
Note 4: Consolidated depreciation and amortization by function
| 2020 | 2019 | 2020 | 2019 | |
|---|---|---|---|---|
| SEKk | Q4 | Q4 | JAN-DEC | JAN-DEC |
| Depreciation and impairment of property, plant and equipment | ||||
| Direct costs | -1,155 | -1,746 | -5,302 | -38,217 |
| Selling and marketing costs | - | -9 | - | -28 |
| Administrative expenses | -4,079 | -5,557 | -16,512 | -22,800 |
| Total depreciation and impairment of property, plant and equipment | -5,234 | -7,312 | -21,814 | -61,045 |
| Amortization and impairment of intangible assets | ||||
| Direct costs | -4,407 | -213,660 | -16,353 | -326,606 |
| Administrative expenses | -69 | -67 | -275 | -254 |
| Total amortization and impairment of intangible assets | -4,476 | -213,727 | -16,628 | -326,860 |
| Total depreciation and amortization and impairment | -9,710 | -221,039 | -38,442 | -387,905 |
Starbreeze Interim Report Q4 2020
Note 5: Joint venture company StarVR Corporation
The company's joint venture with Acer, StarVR Corporation, is a sales and marketing company for the StarVR One headset. The company manages sales and marketing, primarily to the B2B market, as well as support and aftermarket support. Starbreeze owns the intellectual property, such as patents, source code and brands related to StarVR, while Acer is responsible for manufacturing the product. R&D and reference design work for the StarVR headset is carried out jointly by Starbreeze and Acer. StarVR Corporation bears all costs for selling and marketing the StarVR headset. Starbreeze was responsible for R&D-related costs until September 2018, but these costs have been transferred to StarVR Corporation. Production costs will be paid by Acer, which is also an exclusive supplier to StarVR Corporation.
The reconciliation below reflects adjustments made by the Group upon application of the equity method, including adjustments to fair value at acquisition date and adjustments for differences in accounting policies.
| SEKk | 2020-12-31 |
|---|---|
| Reconciliation of net carrying amount: | |
| Balance of net assets at 1 January | 9,681 |
| Net profit (-loss) for the period | -18,180 |
| Exchange differences | 11,781 |
| Closing balance net assets | 3,282 |
| Group's share | 33% |
| Group's share in SEKk | 1,083 |
| Net carrying amount | 1,083 |
The table below provides condensed financial information for the holding in the joint venture (StarVR Corporation) that the Group has deemed material. The information shows the amounts recognized in the financial reports for the joint venture and not Starbreeze's share of these amounts. The reconciliation of Starbreeze's share is shown above.
| SEKk | 2020-12-31 |
|---|---|
| Balance sheet in summary: | |
| Current assets | 10,867 |
| Non-current assets | 59 |
| Current liabilities | -7,644 |
| Net assets | 3,282 |
| Statement of comprehensive income in summary: | |
| Sales | -2,130 |
| Net profit (-loss) for the period | -18,180 |
| Total comprehensive income for the period | -18,180 |
Starbreeze Interim Report Q4 2020
Note 6: Divested subsidiary
Net assets at date of sale of the companies
Shares in the Belgian company Parallaxter were sold during the period. The transactions resulted in a capital gain for the Group of SEK 5.5 million in total. The net assets in the subsidiaries at the sale date, the consolidated gain or loss on the sales and the effect of the transactions on cash flow are shown in the table below.
| Net assets disposed | Parallaxter |
|---|---|
| 31 januari 2020 | |
| Intangible assets | -15 |
| Capitalized development cost for own games and technology development | -192 |
| Financial assets | 343 |
| Fixed assets | 199 |
| Trades and other receivables | 393 |
| Cash and cash equivalents | 480 |
| Total asset | 1,208 |
| Other current interest-bearing liabilities | -1,596 |
| Trade and other payables | -2,166 |
| Total liabilities | -3,762 |
| Net assets disposed | -2,554 |
| Net result incl amortizaton of intercompany receivables | 5,454 |
| Selling price | 1 |
| Liquid funds in in divested operations | -480 |
| TOTAL CASH FLOW IMPACT | -479 |
Starbreeze Interim Report Q4 2020
