Thunderful Group Year-End Report 2020

Key insights

7 takeaways

01
Thunderful Group reported a 2020 adjusted EBIT of SEK 271 million on revenue of SEK 3.0 billion, representing an 8.8% margin.See it on page 4
02
The company significantly expanded its development capacity by tripling its number of game developers from 70 in 2019 to 225 by the end of 2020.See it on page 4
03
Thunderful aggressively pursued M&A in Q4 2020 and early 2021, acquiring Coatsink Software Ltd (for up to GBP 65.5 million), Station Interactive AB, and Headup GmbH.See it on page 5
04
The group maintains a secured development and publishing pipeline of 16 titles for 2021, 11 for 2022, and 4 for 2023.See it on page 11
05
The business model leverages cash flow from its established Nordic distribution segment—historically anchored by Nintendo partnerships—to fund organic growth and add-on acquisitions in the gaming segment.See it on page 12
06
Coatsink’s acquisition provides immediate scale, adding 100 FTEs and key assets like the VR title 'Onward,' which grossed $10 million in its first six months on Oculus.See it on page 6
07
The company’s 2020 financial position was bolstered by a significant increase in cash and bank balances to SEK 305.1 million, up from SEK 51.2 million in 2019.See it on page 18

Summary

Thunderful group - a nordic powerhouse Thunderful At a glance 3 Financial highlights 2020 § A primarily pan-Nordic gaming group of companies active in two revenue adj. EBIT MARGIN Adjusted EBIT segments: Games (development & publishing) and Distribution SEK3.0bn 8.8% SEK271m § The group was recently strengthened in Q4 through the acquisition of Coatsink Ltd and Station Interactive AB.

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