Enad Global 7 Interim Report: January–December 2021

Enad Global 7 achieved significant financial expansion throughout 2021, culminating in a record-breaking fourth quarter with net revenue of SEK 573.1 million, representing a 193% year-over-year increase. Total annual net revenue reached SEK 1,670.5 million, bolstered by a 28% organic growth rate and the strategic integration of Piranha Games Inc. and Innova Intellectual Properties S.a.r.l. With a diversified portfolio of 22 live service titles and a robust liquidity position of SEK 483.9 million in cash and cash equivalents, the company is positioned to pursue an annual revenue run-rate of SEK 2.0 billion for the 2022 fiscal year.

The company’s operational success is underpinned by a decentralized management structure and a dual-segment focus on Games and Services. This model encompasses a broad range of activities, including work-for-hire development, free-to-play and premium game sales, and marketing services. Despite pandemic-related challenges that impacted various business units earlier in the year, the group successfully leveraged its expanded scale to exceed performance expectations by the end of the fourth quarter.

A critical component of the company’s 2021 performance was the transition to International Financial Reporting Standards (IFRS). This shift necessitated a comprehensive restatement of financial positions, including the cessation of goodwill amortization in favor of annual impairment testing, the capitalization of leasing agreements under IFRS 16, and the reclassification of earn-outs as financial liabilities. By adopting these standardized accounting policies, the company has established a more transparent framework for reporting assets, liabilities, and cash flows. As of December 31, 2021, the company maintained 87,118,089 outstanding shares, reflecting a stable equity position as it continues to integrate its acquisitions and scale its global operations.