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Starbreeze AB : Starbreeze AB (publ) Year-end report October 1st 2015 - December 31st 2015

The full 2015/2016 Year-end report is available


Note that in accordance with the decision taken on the Annual Shareholders
Meeting in November 2015, this will be the last report of the fiscal year
2015/2016. The next report to be issued from Starbreeze will be the First
Quarterly Report of 2016 and will be distributed on May 12 2016.


* Net sales amounted to SEK 48.9 million, (SEK 47.7 million), an increase of
3%. Total revenue amounted to SEK 73.6 million (SEK 50.5 million), an
increase of 46% year on year.
* Operating income before depreciation, EBITDA, amounted to SEK 15.2 million
(SEK 24.8 million).
* Profit before tax amounted to SEK 14.0 million, (SEK 20.4 million) and
profit after tax amounted to SEK 15.4 million (SEK 14.0 million).
* Earnings per share before dilution were SEK 0.07 (SEK 0.06) and earnings
per share after dilution were SEK 0.07 (SEK 0.06).
* Cash flow from operating activities amounted to SEK -3.0 million (SEK 19.0
* As of December 31 2015, the cash balance amounted to SEK 85.4 million (SEK
184.4 million).
* During the quarter, PAYDAY 2 net sales amounted to SEK 47.7 million (SEK
45.4 million).
* For the PAYDAY-franchise, the Crimefest 2016 campaign took place in October
and in December the yearly Steam Winter Sale occurred as usual.
* On October 15th, as the first update of Crimefest, the Black Market Update
was released and Steam Economy was implemented into PAYDAY 2. The update
enables players to optionally utilize micro transactions to acquire
cosmetic or feature enhancing items. The Steam Marketplace, where the
transactions take place, is fully integrated with Steam's digital
distribution platform.
* In November Starbreeze participated in the Nokia OZO launch event, MAKING
VIRTUAL REALITY, that took place in Los Angeles.


* In January Starbreeze signed an agreement with the Korean company
Smilegate. Starbreeze will develop a game based on Smilegate's Crossfire
franchise and adapt it for the Western markets. Smilegate also becomes
Starbreeze's distribution partner for PAYDAY 2 and OVERKILL's The Walking
Dead on the Asian markets.
* On the VRLA event in January the StarCade project was announced. It was
communicated that Starbreeze will open a arcade-like VR center in Los
Angeles later in the year.
* In February Dead by Daylight website was launched with an initial journal
from the developers. Visit the website at -www.deadbydaylight.com.
* In February an extraordinary general meeting was held. At the meeting the
proposed targeted share issue for Smilegate Holdings Inc. was approved. The
meeting also decided to expand the Board by one member and to appoint Joon
Ho Sung, CIO at Smilegate, for the vacant seat.
* In January, Starbreeze share of the revenue for PAYDAY 2 sales via the PC
platform Steam amounted to SEK 7.0 million.



CEO Bo Andersson Klint comments
Step by step our team is continuing to build Starbreeze into a true global
entertainment company.


With an un-broken sequence of five quarters in a row Starbreeze continues to
build a solid track record of profitable growth with one single franchise,

During Starbreeze second and final quarter of the shortened financial year
2015, the group generated net sales of 48.9 MSEK an increase by 3 per cent
compared to Q2 last year. Our bestselling franchise, PAYDAY 2, continues to
deliver exceptional growth.
When we presented our fourth quarter last financial year we established that
our operational expenses would settle back down. Last quarter our operating
expenses declined and we continue to deliver on our promise by further
decreasing our running costs with additional 9.3 MSEK, still with focused
expansions building for the future.

EBITDA reached a healthy level of 15.2 MSEK simultaneously as we're gearing up
our portfolio to generate revenues from multiple IPs and products for years
to come.

With a EBITDA margin of 31% we've reached a sound check point on our route
towards unleashing the full potential of the financial powers of our business

Our cash balance when exiting the financial year amounts to 85.4 MSEK with
13.8 MSEK generated from our operations. With the cash injection from
Smilegate of 344,1 MSEK Starbreeze will have a liquidity that stands out
industry wide.


One of the most significant deals we've done in Starbreeze history took place
just after the New Year, and as a result we proudly welcome Korean company
Smilegate to the family as a significant strategic partner. Mr. Sung,
Smilegates Chief Investment Officer has now joined our Board of Directors and
we look forward to a future where we together can work towards building
bridges between our two markets. There are many extraordinary components to
our collaboration, but to mention a few:

We've secured the rights to develop our own interpretation of the
Crossfire-franchise for the Western markets. Crossfire is one of the largest
online FPS franchises in the world with over 500 million players having
installed the game and with sales reaching $1.1 billion during the fiscal
year 2014.

We've gained a superb and knowledgeable partner in the Eastern markets, who
will help us take our products to Asia. Overkill's The Walking Dead will
simultaneously be developed for both the Western and Eastern audiences but
will be carefully tuned to deliver an experience tailored for each market.
Likewise, PAYDAY will receive an overhaul to meet the expectations and
requirements of the Asian markets.

Instrumental in the deal is additionally that we've managed to secure at least
two years' additional burn rate in funding. Over the next few months we will
increase our efforts and strengthen the Stockholm development team to meet
the requirements for running these simultaneous productions. During the past
two years we've grown organically, starting at around 40 developers in
Stockholm by the time we listed on First North, to now employ over 120 people
across three offices, including Paris and Los Angeles.


Saul Gascon, our Global Development Director that joined us last year, is
working diligently to setup our new global production pipeline. Additionally,
Johanna Wikland has just joined as a new Global HR Director to make sure we
can continue to grow in the pace we set from a people perspective. Maeva
Sponbergs is strengthening her communications team with an IR&Communications
Analyst that'll increase our bandwidth to meet the many requests coming
through from potential investors and media alike. Our internal marketing team
is additionally getting increased support to back our VR initiatives and
assure we're the best development and publishing partner possible for
independent developers.

We are looking to recruit a good number of both senior and junior developers
for our many exciting projects. Starbreeze is a great place to experience and
partake in the charge of changing the entertainment industry as a whole.

With our VR initiatives gradually walking into the public forum we are also
becoming a great attraction for superior talent worldwide that want to join
the VR industry at the top.


With Dead by Daylight, Behaviour will be our first development partner
releasing a game this year. Since announcing the website for Dead by Daylight
earlier this month, the steam community has grown to more than 36 000 members
and we've gotten great community feedback and are looking forward to telling
you more in the weeks and months to come.

The John Wick VR experience is being continuously developed. We are constantly
adapting its schedule together with our partners to reach an optimal release
window. Our collaboration with Lionsgate evolves further and together we now
have John Wick VR, John Wick- and Point Break collaborations for PAYDAY.


Speaking of things we're looking forward to; we recently announced our next
project for VR; the StarCade initiative where we launch an all new concept
for showcasing VR in Los Angeles. In our Arcade-like, StarVR exclusive setup,
we will be able to provide the absolutely best and high fidelity
VR-experiences possible using our own StarVR headset. We're rolling out the
arcade concept in several phases, to Starbreeze, location based VR is key in
our StarVR strategy, and this is step two in that evolution where we're
moving from pure R&D to actually testing our technology in a fully commercial

The announcement has generated spectacular attention so far and we're excited
to have created such a great demand for collaborations. It'll be worthwhile
paying attention to these developments in VR in 2016 and be sure Starbreeze
is there with StarVR to take market shares.


PAYDAY continues to mature and we're still seeing growth and increased
acquisition of new players. To that end, we will focus our efforts to
continuously work on improving the experience for new and returning players.

We continue our collaborations and crossovers building an awesome roster of
partnerships and learnings from this. Look forward to seeing more fun,
thrilling and unexpected things, ranging from classic gems to more hardcore
PAYDAY experiences during the year.


As 2016 begins we come out running at full speed. With Smilegate, 505 Games
and Lionsgate as our main partners we aim for a year of continued investments
in development, technology and more collaborations to build the next
generation of the digital studio.

A year of development discipline, financial control and execution and testing
of our strategy is in front of us. I as CEO can't wait for us to refine and
propel Starbreeze even further.
Let's do this!


For more information, please contact:

Starbreeze Investor Relations Contact:
Maeva Sponbergs, +46 (0)8 209 208 orir@starbreeze.com

About Starbreeze

Starbreeze is an independent creator, publisher and distributor of high
quality entertainment products. With studios in Stockholm, Paris and Los
Angeles, the company creates games by own design and through licensed
content, aiming to create franchises that prosper as games and elsewhere. We
live and die by gameplay.

Starbreeze's most recent games include PAYDAY 2, the adrenaline fuelled bank
robbing co-op game and the upcoming survival co-op FPS OVERKILL's The Walking
Dead based on the hit ...

Författare WKR

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