INTERIM REPORT JAN-JUN RIGHTBRIDGE VENTURESGROUP AB
1 MILLION IMPROVEMENT IN EBITDA DURINGTHE QUARTER, THE WORK TO COMPLETE THE OV TRANSACTION CONTINUES
Profit and loss, in summary, group
April-June
Jan-June
Full year
SEK thousands
2024
2023
2024
2023
2023
Revenue
239
1.621
577
4.151
6.691
EBITDA
-2.251
-3.328
-4.977
-8.795
-14.809
Depreciation, amortization and impairment losses
-69
-781
-138
-1.822
-27.352
Earnings Before Interest and Taxes (EBIT)
-2.321
-4.108
-5.116
-10.618
-42.176
Profit/loss for the period
-3.026
-1.398
-5.828
-8.391
-58.485
EPS
-0,005
-0,01
-0,01
-0,05
-0,36
Consolidated Results
Three months April-June 2024
Revenue: Thegroup's net sales amounted to 239 TSEK (1,621). The comparative figures includedivested assets. The revenue decline is in line with expectations.
EBITDA: Thegroup's EBITDA for the period amounted to -2,251 TSEK (-3,328 TSEK). Asignificant improvement of 1,077 TSEK (30%), which is attributable to reducedcosts due to divested assets and decreased costs within the group.
Net Profit:The group's net result for the period amounted to -3,026 TSEK (-1,398 TSEK), adeterioration compared to the previous fiscal year. Earnings per share amountedto -0.005 SEK (-0.01 SEK).
Six months January-June 2024
Revenue: Thegroup's net sales amounted to 577 TSEK (4,151). The comparative figures includedivested assets. The revenue decline is in line with expectations.
EBITDA: Thegroup's EBITDA for the period amounted to -4,977 TSEK (-8,795 TSEK). Asignificant improvement of 3,817 TSEK, which is attributable to reduced costsdue to divested assets and decreased costs within the group.
Net Profit:The group's net result for the period amounted to -5,828 TSEK (-8,391 TSEK), animprovement of 2,563 TSEK. Earnings per share amounted to -0.01 SEK (-0.05SEK).
PROFORMA OCEANVIEW Q1-Q2
Proforma profit and loss, in summary, Oceanview
Q2
Q1
H1
Full year
SEK thousands
2024
2023
2024
2023
2024
2023
2023
Revenue
18.421
10.258
11.631
9.301
30.052
19.559
51.619
Cogs
-10.217
-4.435
-11.380
-2.640
-21.597
-7.075
-21.282
SG&A
-7.980
-3.921
-6.264
-2.191
-14.244
-6.112
-16.734
EBITDA
223
1.902
(6.013)
4.470
-5.790
6.372
13.602
Proforma Oceanview
The information on this page is onlyintended to illustrate the hypothetical effects that the acquisition ofOceanview and its subsidiaries Kokku and 3ogs would have had on RightbridgeVentures Group AB if the acquisition had occurred on January 1, 2023. Theinformation is solely for illustrating the effects of the acquisition and isnot a guarantee of future results, excluding Rightbridge Ventures Group'sconsolidated financial statements for the periods.
OCEANVIEW RESULTS
Three months April-June 2024
Revenue:Revenue for the quarter amounted to 18,421 TSEK, mainly attributable tocontracts related to game development through Kokku. The revenue is in linewith expectations as the majority of the income materializes during Q3-Q4.
EBITDA: Thegroup's EBITDA for the period amounted to 223 TSEK (-3,328 TSEK). The period'sEBITDA is as expected since the group has invested heavily in the ongoingprojects to ensure delivery.
Six months January-June 2024
Revenue:Oceanview's net sales amounted to 30,052 TSEK (19,559 TSEK). A significantincrease in revenue due to more active contracts in game development.
EBITDA: Thegroup's EBITDA for the period amounted to -5,790 TSEK (6,372 TSEK). A decreaseas expected to support continued growth forward.
CEO Letter
Dear Shareholders, I am pleased to announcethat we have continued to reduce costs within the group, while the work tocomplete the Oceanview transaction is progressing according to plan. Theefforts to secure financing are ongoing, and although the market was quieterover the summer, activity in the capital markets has picked up again, bringingus closer to our intermediate goal of fully completing the transaction andintegrating Oceanview into Rightbridge's operations.
Today, we present a proforma illustratinghow the quarter would have looked with Oceanview in our portfolio. Q2 endedstrongly with a revenue of over 18 million SEK, corresponding to 50% of thetotal revenue for 2023! On a half-year basis, the group would have achieved arevenue of 30 million SEK, which represents an increase of 10 million SEK fromthe previous period.
Rightbridge will continue its strategicwork to build synergies between game development, manage IPs, and is alreadyactively working to integrate the existing IPs that Rightbridge holds with thecompanies included in the Oceanview portfolio. We see great opportunities aheadin these areas and have several exciting projects in our pipeline together.
Claes Kalborg
CEO
Rightbridge VenturesGroup
Disclosure
This information is such thatRightBridge Ventures Group AB (publ) is obliged to make publicpursuant to the EU Market Abuse Regulation. The information was submitted forpublication, through the agency of the above contact person, on 2024-08-30 at7.32 am
