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Moment Group AB: Interim Report 1 January - 31 March 2019

07:30 The quarter was burdened by 2Entertain and Kungsportshuset. Stable revenues from implemented acquisitions are important for the Group. Group-wide action programmes are in progress. Resolution passed on a fully guaranteed rights issue to boost the financial position moving forward. 2019 2019 2018 (SEK million) Jan-Mar Jan-Mars Jan-Mar IFRS 16 IAS 17 IAS 17 Net sales 217 217 277 Pro rata sales 175 175 233 Operating profit/loss -3 -16 5 before depreciations (EBITDA) Operating profit/loss -20 -21 1 (EBIT) Operating margin -9% -10% 0% Operating margin, pro -11% -12% 1% rata Earnings per share -1.55 -1.34 0.01 A WORD FROM THE CEO The years first quarter was characterized by 2Entertains negative sales trends for the current 2018/19 season, and the challenges involved in reaching profitability in Wallmans Groups investment in Kungsportshuset in Gothenburg. This resulted in a marked reduction in sales and earnings compared to the same period for the previous year. Sales amounted to SEK 217 million (277), and profit/loss recalculated according to the earlier accounting policies amounted to SEK -20 million (1), where 2Entertain and Wallmans Group account for equal parts of the negative performance. Other business areas developed in line with expectations. Immersive Experiences delivered a strong first-quarter while Event was weaker than in previous years, but it had long been known that Hansen would not do any volume business during the period with the same calibre as the Volvo Ocean Race. 2Entertain is taking steps to ensure positive development moving forward. Because 2Entertains business model is based on productions in project form, comprehensive efforts are in progress to minimize future risk in the portfolio and to reduce the weight of fixed costs in the company. A number of these measures were announced during the quarter: Investments in Germany under own auspices discontinued. In the future, 2Entertain will instead collaborate with BB Promotion, which entails significantly lower risk. During the quarter, 2Entertain was charged with SEK -3 million in this regard, which is in line with earlier announcements. Action programmes to reduce fixed costs. The program is aimed at reducing the costs of premises and personnel to provide a total annual saving of SEK 6 million. This is equivalent to 14% of 2Entertains fixed costs, and the savings will be implemented gradually during 2019/20. Updated risk assessment model. The model is aimed at reducing risk-taking in future musical, theatre and show productions. In addition to the types of productions that will be performed, the model also addresses break-even levels and 2Entertains equity interest in various productions. The above measures provide conditions for a gradual recovery of 2Entertains earnings during the year, especially since it is meeting, at the time of writing, its sales prognoses for upcoming productions in the summer and autumn of 2019. Stable trends in established arenas in Wallmans Group, but burdened by Kungsportshuset The established arenas in Wallmans Group performed in line with the previous year, with the exception of Wallmans Oslo, which improved its earnings by SEK 3 million. During the quarter, Kungsportshuset lost a further SEK 3 million compared to the previous year. A thorough evaluation of the Kungsportshuset operation is underway in the business area along with associated measures aimed at successively reducing the impact on earnings during the year, and drawing benefit from expertise within Wallmans Group regarding the business models, concepts and operational organisations of established arenas. Stable revenues from implemented acquisitions play an important part in the Group Moment Groups investment in establishing itself in new segments in the experience industry has been crucial for developing the Groups earnings. Through the acquisitions of STAR, Ballbreaker and Minnesota, the Group added EBIT earnings of SEK 5.5 million (2.2) in the first quarter, equivalent to EBIT SEK 24 million on a rolling full-year basis. These acquisitions were carried out at a total operational evaluation of SEK 127 million, which corresponds to an EBIT multiple of 5.3. All of these operations are also characterized by cash flows evenly distributed throughout the annual cycle. These companies thus constitute a significant part of the Groups operations today. The Groups current action programme to reduce the weight of costs by around SEK 20 million There is currently a group-wide action programme aimed at reducing fixed costs by SEK 20 million on an annual basis, including the above mentioned action programme in 2Entertain. It involves merging and streamlining shared functions, not replacing a number of positions due to natural wastage, and reducing office space within the Group. The decision to implement a fully guaranteed rights emission Financial trends for 2Entertain over recent quarters, the investment in Kungsportshuset with its associated operating loss and the final payment for the acquisition of Minnesota Communication have placed a strain on the consolidated balance sheet. Accordingly, after the end of the quarter, the Board resolved to carry out a fully guaranteed rights issue that will provide the company with around SEK 55 million aimed at strengthening the companys financial position and further developing the operation. Together, these measures will create conditions for returning the Group to profitability and continuing to realize the full potential of our operations. Gothenburg, 18 April 2019 Pelle Mattisson CEO/Group CEO pelle.mattisson@momentgroup.com +46 705 80 06 57 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 offices of the above-mentioned contact, for publication on 18 April at around 07:30 CET. Moment Group is one of the leading players within the Scandinavian experience industry. The Group creates experiences for more than 2 million guests every year. Moment Group operations are conducted in four business areas from offices in Gothenburg, Stockholm, Copenhagen, Oslo, Hamburg, Falkenberg and Växjö. Moment Group is listed on Nasdaq Stockholm, Main Market. Hansen (http://hansen.se/) and Minnesota Communication (http://www.minnesota.se/) operate in the business area Event, and together they are the largest operator in the Nordic events industry. Hansen plans, develops and implements events that are firmly established in the clients business strategy. Minnesota works with brand engagement, which means it helps customers create arenas for dialogues and participation through meetings, experiences and digital solutions. In the Immersive Experiences business area, experiences are created where guests participate in activities based on games and competitions in combination with food & beverages. Within the business area two modern activity centres are run - Ballbreaker in Stockholm and STAR Bowling in Gothenburg. In the Live Entertainment business area, 2Entertain (http://www.2entertain.se/) produces musicals, theatre, shows and concerts. It creates special-order entertainment, arranges artists for corporate customers and runs five theatre venues and one venue for dinner & show. 2Entertain also runs the ticket booking site SHOWTIC.se (http://www.showtic.se/). The Wallmans Group (http://www.wallmansgroup.se/) operates in the Venues business area. Wallmans Group runs five venues in Scandinavia - Wallmans in Stockholm, Copenhagen and Oslo, Golden Hits in Stockholm and Kungsportshuset in Gothenburg. Wallmans Group also produces its own concepts; Wallmans, Golden Hits and The Concept. Kungsportshuset in Gothenburg also hosts KPH Matbar - a Scandinavian dining experience with flavours from around the world. ----------------------------------------------------------- https://news.cision.com/moment-group-ab/r/interim-report-1-january---31-march-2019,c2791548 https://mb.cision.com/Main/243/2791548/1028123.pdf © Cision
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