Moment Group AB: Interim Report January - June 2023

SECOND QUARTER
2023
2023 2022 2023 2022 2022
SEK million Apr-June Apr-June Jan-June Jan-June Jan-Dec
Net sales 198 175 448 292 848
Pro rata sales 190 165 397 271 773
Other 1 27 1 35 35
operating
income
EBITDA 3 35 29 29 123
Adjusted 4 35 30 29 123
EBITDA, SEK
million
EBIT -13 20 -3 0 63
Adjusted EBIT, -12 20 -2 0 63
SEK million
Profit/loss -20 15 -17 -11 41
before income
tax

A WORD FROM THE CEO

Focus on development and consolidation

We can look back on a second quarter that was affected by good weather in a weakening economic climate with increasing costs. At the same time, it's gratifying to note that those of our businesses aimed at corporate customers continue to enjoy strong demand. During the quarter, we continued on our growth track, and two new concepts have left the drawing board and are awaiting their premières in Malmö, namely SLICE and BERMUDA DECK SHUFFLE CLUB. Meanwhile, we've continued to focus on consolidating our businesses and strengthening our balance sheet e.g. by amortising the super loan facility, i.e. the loan we raised in conjunction with the financing solution concluded during the pandemic.

Net sales for the quarter totalled SEK 198 million (175) with an operating loss of SEK -13 million (20). Sales during the quarter were SEK 23 million higher year-on-year, despite their being negatively affected by the good weather and changes in behaviour following increased expenditures and concerns linked to economic trends. During the previous year, SEK 25 million in aid related to the corona pandemic was received, which affected earnings positively.
As an indicator of the sales position moving forward, prepaid ticket revenues at the end of the period stood at SEK 87 million (87). However, the figure may be affected by the way the production portfolio differs year-on-year. We're pleased that our strong production portfolio is holding up so well against the competition. This will be all the more important when putting our message and offers across, as it seems we're heading for a weaker economic climate.

We ended the period with SEK 87 million (132) in cash and cash equivalents. Cash flow is according to plan, and during the quarter the Group amortised a total of SEK 55 million and made investments of SEK 9 million. Cash flow from the business weakened by SEK 21 million due to the lower level of activity during the spring compared to the winter period.

The Group's external loans fall due under current terms at the end of March 2024 (SEK 109 million) and work on strengthening the balance sheet continues. The Group's deferred taxes, fees and rents total SEK 85 million, and will be repaid in increments up until 31 December 2025.

During the summer, the Group noted a lower level of activity in general, and the main entertainments in progress are our summer productions at Krusenstiernska and Vallarna, the summer nightclub at Golden Hits and the Wagners Bistro à la carte restaurant. The premières were a great success, and we're looking forward to welcoming many holidaymakers as guests. We're also working very hard this summer on the launch of our new SLICE and BERMUDA DECK SHUFFLE CLUB concepts, and Malmö will be first off the starting blocks this autumn.

We continue to be well prepared for the things we can influence ourselves, and we're also working to counter the concerns in the world at large that are likely to affect our industry and the demand for experiences and entertainment. I wish you all a great summer in the hope of seeing you at one of our summer performances!

Gothenburg, 19 July 2023

Martin du Hane
Group CEO Moment Group
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 19 July 2023 at around 08:30 CEST.