Moment Group AB: Interim Report 1 January - 30 June, 2024

SECOND QUARTER
2024
2024 2023 2024 2023 2023
SEK million Apr-June Apr-June Jan-June Jan-June Jan-Dec
Net sales 211 198 507 448 1,042
Pro rata 211 190 497 416 990
sales*
Other 0 1 1 1 8
operating
income
EBITDA 3 3 23 29 133
EBIT -16 -13 -13 -3 67
Profit/loss -24 -20 -30 -17 43
before income
tax
Operating -8% -6% -3% -1% 6%
margin

A WORD FROM THE CEO

Increased sales and lower profitability

Sales increased during the second quarter of 2024 compared to the previous year, but with a slight decline in profitability. Our operations in the show and activity venues are closely linked to the restaurant industry, and they continued to be affected negatively by the economic climate. However, this was balanced by Event & Communication, which delivered excellent earnings. The second quarter is a quiet period for our other operations before they hold their premières in the summer theatres during June and July. Once again we note that the breadth of operations in the Group is a strength, as a decline in any given business can be compensated by the continued strength of other operations.

Net sales for the quarter totalled SEK 211 million (198) with an operating loss of SEK -16 million (-13). It's gratifying to note that Event & Communication is continuing its strong performance. Our other operations have entered a quieter period where our show and activity venues traditionally face profitability challenges. The period was also affected negatively by costs of around SEK 2.5 million in respect of disposals and the conversion of Kungsportshuset to a SLiCE arena. 

During the first two quarters, we continued to invest in internal development projects and processes. The digital customer journey, sustainability and business development were among the IT projects we focused on. All projects are proceeding well, and along with a great many other things they are essential for our continued ability to deliver relevant offerings and experiences in the future. The changing world in which we live demands ever more of us as an organisation, and courage and long-term thinking continue to be important in our decision-making.

We leave the period with a liquidity of SEK 60 million (87). Cash flow from operating activities totalled SEK -39 million (-21) and was affected negatively by higher capital tied up in our operations, and we also paid off the ticket liability that follows our seasonal pattern. Our investments during the period totalled SEK 4 million (9), and we also amortised SEK 15 million (55). The deviation from the previous year is due to the amortisation of the SEK 35 million super loan facility in June 2023. This resulted in a negative cash flow for the period totalling SEK -57 million (-85). During the period, we worked to gain funding in the bridging loan concluded at the beginning of the third quarter. The loan, which will run for five months, was taken out to secure working capital for a number of major customer projects.

As an indicator of the sales position moving forward, prepaid ticket revenues at the end of the period stood at SEK 78 million (87). The figure is affected by the way the production portfolio differs year-on-year.

I had the opportunity of meeting many of our shareholders at the AGM and more recently at our première, especially at Vallarna and the outdoor theatre in Lövvik. These meetings and experiences are very rewarding for me, and they confirm just how important it is to experience things together.

With best wishes for a great summer!

Gothenburg, 19 July 2024  

Martin du Hane 
Group CEO 
martin.duhane@momentgroup.com 
mobil: +46 721 64 85 65

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 2024 at around 08:30 CEST.