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Starbreeze AB : Starbreeze AB (publ) Interim Report July 1st 2014 - June 31st 2015


* Total revenue amounted to SEK 92,5 million (SEK 51,6 million), an increase
of 79% year on year. Net sales amounted to SEK 71,9 million, (SEK 51,3
* Operating income before depreciation, EBITDA, amounted to SEK 11,9 million
(SEK 27,2 million)
* Profit before tax amounted to SEK 11,1 million, (SEK 22,6 million) and
profit after tax amounted to SEK 9,5 million (SEK 16,7)
* Earnings per share before dilution were SEK 0,04 (SEK 0,08) and earnings
per share after dilution were SEK 0,04 (SEK 0,08)
* As of June 30, cash amounts to SEK 110,6 million (SEK 136,6 million).
* During the quarter, PAYDAY 2 net sales amounted SEK 71,1 million (SEK 46,5
* In April Starbreeze entered into an agreement with 505 Games for the
console distribution rights for OVERKILL's The Walking Dead. The agreement
gives Starbreeze SEK 86,2 million.
* In May Starbreeze announced its Publishing initiative with it's first
business in Lion Game Lion's project, RAID: World War II, under development
for PC.
* In June, a collaboration with CMUNE was announced for the development of
PAYDAY to mobile platforms.
* In June, the acquisition of Paris based InfinitEye VR was announced,
Starbreeze simultaneously announced its new project StarVR and virtual
reality publishing initiative.

FISCAL YEAR 2014/2015 (JULY 2014 - JUNE 2015)

* Total revenue amounted to SEK 232,3 million (SEK 223,2 million). Net sales
amounted to SEK 197,3 million (SEK 213,8 million).
* Operating income before depreciation, EBITDA, amounted to SEK 59,2 million
(SEK 158,6 million)
* Profit before tax amounted to SEK 46,6 million (SEK 142,5 million) and
profit after tax amounted to SEK 34,1 million (SEK 118,5 million)
* Earnings per share before dilution were SEK 0,16 (SEK 0,56), and earnings
per share after dilution were SEK 0,15 (SEK 0,55)


* In July, 3D and VR game engine Valhalla was acquired.
* In July, the Los Angeles developer studio Orange Grove Media was acquired.
* Also in July, Starbreeze announced that it had acquired the remaining
shares in PAYDAY Productions LLC, which finally gathered the remaining IP
rights to PAYDAY into the group.
* In August Starbreeze announced its first virtual reality publishing project
in collaboration with Lionsgate; a first person shooter game in VR based on
the hit movie IP John Wick.


Starbreeze expands

Starbreeze fourth quarter will be added to the successful history of the
company with net sales reaching 72.0 MSEK, an increase by 41 per cent year on
year. Total revenues reached its highest point since the launch of PAYDAY 2
growing with 72 per cent Year on Year. Our best selling franchise, PAYDAY 2,
grew at all time high 53% reaching 71.1 MSEK.

Starbreeze continues to deliver both growth and profit for the third quarter
in a row, almost two years since the launch of PAYDAY 2. As stated last
October - we will not stop making PAYDAY. The brand is our most valuable
asset to date, and an asset that we know how to expand, monetize and excite
our customers with.

Accumulated net sales for the fiscal year 2014/2015 totals 197.3 MSEK. An
incredible year of growth, investments and R&D while still rendering
substantial profit on our way to multiple releases in the upcoming years.

While we continue to be very selective with our spending, the intensified
acquisition and marketing activities have not only meant higher investments,
but also increased operational costs during the fourth quarter. However, a
significant part of these are of non-recurring nature, such as costs related
to the acquisitions of Valhalla, InfinitEye and Orange Grove Media and the
extra marketing activities for StarVR.

We'll continue the tight supervision and control of our operating
expenditures. The running costs for the new organization and brands are now
stabilized and with our portfolio is set up to generate revenue from multiple
IPs and products in a for us unprecedented scale during the next three years.
Q4 was an extreme quarter but instrumental for the future growth of
Starbreeze. Already during the first quarters of the financial year 2015/2016
we expect the level of spend to sink back down.

With the most active quarter in Starbreeze's history behind us, cash remains
well above 100 MSEK and contracts worth over 200 MSEK are in place. We
foresee a positive cash flow from operations for the financial year

Starbreeze has now solidified its sales pulse based business and established
itself as a major global player in the online games industry. We have rapidly
increased our game portfolio from two to ten products that now are in

We also executed on our strategy to take large steps to gain market share. Not
only in our game segment but expanding our publishing operations and brands
under the Starbreeze flag. We've made major acquisitions in Virtual Reality
and Next Generation cloud based development technologies. We have future
proofed Starbreeze and its partners for a decade to come.

We have turned Starbreeze into one of the few companies in the world that are
public and where investors can capitalize on the potential of Virtual Reality
from hardware to software and publishing.

Starbreeze now represents a full vertical in the digital space, in the present
and future markets.

In a year Starbreeze has transformed from a small independent developer into a
name to be reckoned with in the global market of online distribution, IP
creation, Virtual Reality and innovation. It is worth to repeat what a leap
Starbreeze has taken to expand its product portfolio. Here follows a quick
overview of Starbreeze future revenue streams:


Our hit brand with production of free and paid DLC expansions is unprecedented
in the world. We deliver faster and better than any other FPS developer on
STEAM. PAYDAY has many more years of DLC-releases to come and also hold
enormous potential in the shape of a PAYDAY 3 in the event we chose to create
it in the future.

PAYDAY 2 Crimewave Edition

Now released in retail and on the digital market by our partner 505 Games for
Playstation 4 and XboxOne. The game is paving the way for all our future
products to be on these platforms if we so desire. The product also gave us a
significant revenue push in Q4


This product is our entry into Asia and our experiment with the Free to Play
model on mobile in collaboration with CMUNE. We see it as a learning
experience for future products and an exciting opportunity for additional


In an amazing deal with Skybound and Robert Kirkman, Starbreeze has a decade
long collaboration set up to build products on The Walking Dead franchise. We
are making great progress and an exciting game is taking shape in our Los
Angeles and Stockholm studios.

OVERKILLs the WALKING DEAD in Virtual Reality

As a separate product in Virtual Reality, this will be a flagship for our VR
publishing. Shown to an amazed audience at E3 this year we are set on
monetizing early with a world famous brand. Already touring the US in our
mobile OTWD RV, the game is building a pre-release audience early on.

RAID World War II

As our first and, to date, most significant move into publishing, RAID is an
investment in something familiar for our customer base. RAID is a four player
cooperative first person shooter - just like PAYDAY- set in the time of the
second world war. It is a genre with great revenue history and potential.
With Lion Game Lions now stellar track record of continuously delivering
quality PAYDAY DLC's, we see this game as a major product. We intend to show
the public a first look at E3 in Los Angles June 2016.


Our world of GEMINOSE is growing at a good pace. On our virtual island, the
cute little animals are to be set loose in 2016. Our ambition is to make a
product that appeals to young and old and with a 'toys to life' concept as an
additional revenue stream. Our GEMINOSE brand is expandable and re-playable,
as the rest of our products and represents how Starbreeze is able to widen
its innovation to new products and franchises.

Dead By Daylight

Taken as a page out of the PAYDAY digital product book, Dead by Daylight is in
full production at our partner studio Behavior. Four against One in a horror
game of hide and seek, this creation is highly tailored to be expandable and
re-playable. A great product to affiliate with horror brands for expansions
and story. We can't wait to release some terror to the masses in 2016.


A heavy hitting sci-fi product crossing PAYDAY with SPACE is in the making. We
see it as our future and is tuned to fit the audience' expectation of a
triple A product. STORM is a co-op first person shooter with the pinnacle of
our innovation capacity put into it.

John Wick in Virtual Reality

Our first VR dedicated publishing collaboration with Lionsgate. We work with
the excellent VR companies Grab and WEVR developing a first person shooter
experience based on the John Wick movie franchise. Starbreeze will be
launching the game on multiple digital platforms and VR headsets. First out
for the VIVE Headset from HTC and Valve.

Our potential for future retail publisher deals such as done on PAYDAY and
OVERKILL's The Walking Dead are also a security for us. With only two
projects assigned to third party partners our portfolio holds a great
flexibility for leverage of risk and return.

We are now looking to the East to expand our market even further. We aim for
our products to reach the massive Asian markets and our first step is done
through our mobile endeavor with PAYDAY 2 on mobile. With North America and
European footholds in VR and online gaming, we're ready to progress even


This year Facebook, SONY and Valve all endorsed VR as a new platform with
massive investments. The industry is moving towards VR in force and multiple
media outlets carry VR headset products from HTC and Samsung that now push
into the space.

In an effort to further expand our horizons and become a strong content leader
for VR, we announced a brand new initiative and business category for
Starbreeze on the 12thof June: Project StarVR.

The project was launched out of our conviction that the new wave of virtual
reality (VR) technology is just the beginning of a whole new era of gaming.
Our desire is to strive to become one of the premiere companies in our
industry in providing VR experiences for any platform.

Within the initiative, we announced the acquisition of renowned, Paris bas...

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