Moment Group AB: Interim Report 1 January - 30 September 2021
The quarter was characterised by the opening of many of our businesses as restrictions were gradually eased. By way of comparison, we can report that sales for the quarter increased markedly year-over-year, but were still 40% lower than the same quarter in 2019. Happily, the restrictions in Sweden, Norway and Denmark were entirely removed on 29 September, and since then all operations have been able to open fully again after most of them had been forced to remain closed for 18 months. This means we can now offer shows, musicals, theatres and events without restrictions to audience size, and we note that our offers are in demand by private guests and business customers alike.
Net sales for the quarter totalled SEK 92 million (31) which was evenly distributed across the company's three business areas. The operating loss came in at SEK -16 million (-68), while EBIT, adjusted for non-recurring items, totalled SEK -17 million (-47), an improvement of SEK 30 million. For Group operations characterised by seasonal factors, the third quarter entails lower levels of activity, and this year they were further negatively affected by Covid-related restrictions. Thus during the quarter great attention was paid to creating the best conditions for reopening all of the Group's businesses.
At SEK 30 million (-22), cash flow from operating activities during the period was positive, thanks to ticket sales in particular and also to state support and deferments due to the Corona-related restrictions. At the end of September, prepaid ticket revenues totalled SEK 94 million (50), which is an indication of the company's sales position even though this was affected by the size of the production portfolio. The above means we ended the quarter with SEK 100 million in cash and cash equivalents, which is substantially better than forecast and provides us with good conditions to run and develop the business effectively and over the long term.
This summer's performance at Vallarna's outdoor theatre took place to virtually full, albeit Corona-restricted houses, which means more than 26,000 guests attended the summer theatre this year compared to 53,000 guests in the summer of 2019. Kungsportshuset has reopened, and in a business partnership with Ulf Wagner and his team, Wagners Bistro opened on the entrance level at the beginning of October. The venue is now getting ready for Wallmans' special performance in November and December while efforts to fill Kungsportshuset with even more relevant content continue.
While we are naturally monitoring Covid-related developments in the world at large, we are confidently looking forward to an exciting autumn and winter with full activities at all of our arenas and events. We will continue adapting our organisation to create the conditions for long-term profitability and growth, and we are happy to have finally returned to a more open, welcoming existence that offers opportunities for many exciting experiences.
We have now begun our most important quarter, and with the energy, willingness, endurance and expertise the Group possesses, we are on the right road ahead and looking forward to welcoming many guests to our arenas and events!
Gothenburg, 10 November 2021
Martin du Hane
pro tem CEO/Group CEO
martin.duhane@momentgroup.com
+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 10 November 2021 at around 08:30 CET.