Interim Report January – March 2020: Storytel AB (publ)

  • Streaming sales up 45% Y/Y to 429 (296) MSEK
  • Subscriber base up 38% Y/Y to 1,154,800 (834,300) on average
  • Net turnover increased to 513 (385) MSEK
  • Earning per share, after taxes amounted to -0.64 (-1.60) SEK
  • Successfully completed a directed share issue of 948 MSEK on 20 February 2020

Table 1: Key performance indicators for Streaming and Print Publishing 

Currency: SEK 000’s Q1 2019  Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q1 2020 Q2 2020
Streaming Total  Comparable
actual
8
      Actual8     Forecast1
Revenue 295,994 320,034 399,178 421,454 429,251 429,251 458,000
Contribution Profit2,8 31,372 29,407 53,043 58,977 64,470 92,611
Contribution Margin 10.6% 9.2% 13.3% 14.0% 15.0% 21.6%
Avg. Paying Subscribers3 834,300 887,500 1,014,400 1,083,400 1,154,800 1,154,800 1,250,000
ARPU4 (SEK/Month) 118 120 131 130 124 124 122
Streaming Nordics5
Revenue 258,288 276,347 340,315 352,222 349,768 349,768 366,000
Contribution Profit2,8 75,329 70,443 109,563 115,689 104,223 113,476
Contribution Margin 29.2% 25.5% 32.2% 32.8% 29.8% 32.4%
Avg. Paying Subscribers3 645,500 669,200 736,000 757,600 785,800 785,800 826,000
ARPU4 (SEK/Month) 133 138 154 155 148 148 148
Streaming Non-Nordics
Revenue 37,706 43,687 58,863 69,233 79,484 79,484 92,000
Contribution Profit2,8 -43,957 -41,036 -56,521 -56,713 -39,752 -20,866
Contribution Margin -116.6% -93.9% -96.0% -81.9% -50.0% -26.3%
Avg. Paying Subscribers3 188,800 218,300 278,400 325,800 369,000 369,000 424,000
ARPU4 (SEK/Month) 67 67 70 71 72 72 72
Print Publishing6
Revenue 107,316 109,053 116,371 179,562 114,737 114,737
Contribution Profit7 32,775 28,830 33,327 65,592 41,678 41,678
Contribution Margin 30.5% 26.4% 28.6% 36.5% 36.3% 36.3%

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1 Forecast means an approximation based on information available at the time the report was prepared.

2 Contribution Profit is defined as streaming revenue minus royalties to third-party publishers and rights holders, external production costs, transaction/payment costs and marketing costs. Storytel Reader and Ztory are not included in Streaming.

3 Avg. Paying Subscribers means the average number of paying Storytel subscribers during the quarter. Stand-alone customers from Ztory are not included. For Family subscriptions, each standard stream (not so-called Kids Mode) is considered one paying customer.

4 ARPU = Average Revenue Per User (Subscriber) per month.

5 Storytel Norway is included in the figures @ 100%. In the consolidated accounts, Norway is reported in accordance with the principle of proportional consolidation.

6 Print Publishing refers to physical books and digital sales through channels other than Storytel. Internal revenue from Storytel has been eliminated. All publishing houses both inside and outside of Sweden are included.

7 Contribution Profit is defined as revenue minus cost of goods sold, royalties to rights holders, distribution, sales and marketing costs.

8 Starting in Q1 2020 Storytel has chosen to voluntarily apply the capitalisation model instead of the expensing model regarding internally developed intangible assets. In this table, the development of our digital catalogue will be capitalised and no longer be treated as an expense as of Q1 2020. For reference the Q1 2020 result is shown using both the expensing model (comparable actual) and the capitalisation model, excluding amortisation (actual).

Forthcoming reports

  • Interim Report Jan – June 2020 – 11 Aug 2020
  • Interim Report Jan – Sept 2020 – 10 Nov 2020

FNCA Sweden AB is the company’s certified adviser. FNCA can be reached at info@fnca.se or +46 8 528 00 399.

This information constitutes inside information in accordance with the EU Market Abuse Regulation 596/2014 and is such information that Storytel AB (publ) is required to disclose. The information was provided by the above contact person at the time stated in this press release by the Company’s news distributor Cision.

For more information, please contact:

Jörgen Gullbrandson, Interim CFO: +46 73 378 01 75

Dan Panas, Head of Communications: +46 70 186 52 90