Moment Group AB: Interim Report 1 April - 30 June 2022

SECOND QUARTER
2022
2022 2021 2022 2021 2021
SEK million Apr-June Apr-June Jan-June Jan-June Jan-Dec
Net sales 175 25 292 46 396
Pro rata sales 165 25 271 46 367
Other 27 20 35 53 87
operating
income
EBITDA 35 -10 29 -8 60
Adjusted 35 -10 29 -8 58
EBITDA, SEK
million
EBIT 20 -25 0 -38 -17

A WORD FROM THE CEO

In summing up, we can declare a strong second quarter whose performance is one of the Group's most profitable for the April-June period ever. Operating profit came in at SEK 20 million, which is a great improvement and a clear indication that we are on the right track towards restoring profitability. Even when we exclude the support we received as a result of the restrictions, the Group's performance shows clear improvements in profitability. In this context, we note that the Covid-related restrictions from previous periods, combined with the unrest in the world at large, had a negative impact on the rate of sales for the quarter. Nevertheless, hard, focused efforts by our dedicated, committed employees means we can report a very good quarter.

Net sales for the quarter totalled SEK 175 million (25) with an operating profit of SEK 20 million (-25). During the quarter, SEK 25 million in government grants was recognised as revenue. It will partly cover the costs the Group incurred during periods of government restrictions and additional start-up costs following the pandemic. Cash flow from operating activities was positive during the period and totalled SEK 13 million (32), which means we exited the period with SEK 132 million in cash and cash equivalents, which is better than forecast. This means the Group will not have to use any overdraft facilities during the summer months, which was previously necessary when the level of sales and activities slowed to a crawl until sales picked up again in the autumn.

At the end of the quarter, prepaid ticket revenues totalled SEK 87 million (64), which is an indication of the company's sales position in the run-up to upcoming periods. To provide further perspective, prepaid ticket revenues as of 30 June 2019 totalled SEK 102 million, and the fourth quarter that year was the best in the Group's history. At the same time, one should note that multiple factors such as the size of the production portfolio and the situation in the world all have an affect.

During the quarter, we brought all of our permanent staff together for a day under the motto "Great Moments Together". The aim was to promote inter-company collaboration, build pride and talk about the future. We also took the opportunity to celebrate the Group's 35th anniversary. It was a very successful day that clearly showed the tremendous commitment and unique breadth of skills the Group possesses. Pride, confidence in the future and energy were the take-aways from that day. In conjunction with this, we have also created three videos describing the Group's operations. The videos are available on our website www.momentgroup.com.

We continue to experience great uncertainty in the world at large, with war in Europe, interest rate increases, inflation and escalating costs as a result. Our guests feel this in their wallets, and any sums set aside for experiences, entertainment and activities may well dwindle. This means we must continue to expend a great deal of time and commitment on planning for future periods the better to deal with unforeseen events.

We recently had premières at our summer theatres in Falkenberg and Kalmar and both performances received very good reviews. We're convinced that the uncertainties of this world make it even more important to meet and strengthen relationships private and professional, and we feel we are an important player in this regard. 

I would like to take this opportunity to wish you and my colleagues a wonderful summer, and I'm looking forward to seeing you at one of our autumn premières.

Gothenburg, 19 July 2021

Martin du Hane
CEO/Group CEO Moment Group
martin.duhane@momentgroup.com

This disclosure comprises information that Moment Group AB is obliged to disclose according to the EU market abuse regulation. The information was submitted through the auspices of the above-mentioned contacts, for publication on 19 July 2022 at around 08:30 CEST.