The Swedish game studio
SUMMARY OF THE PERIOD
FOURTH QUARTER OF 2023 (2022)
- Revenues were MSEK 10.2 compared to 1.4 in Q4 2022, an increase by 629%.
- Operating loss was MSEK (9.3) compared to (10.8) in Q4 2022.
- EBITDA for the period was MSEK (5.6) compared to (8.9) in Q4 2022.
- Loss for the period was MSEK (12.6) compared to (12.0) in Q4 2022.
- Total assets were MSEK 73.1 compared to 20.9 in Q4 2022.
- Net assets were MSEK 36.9 compared to 0.1 in Q4 2022.
- Cash outflow from operating activities was MSEK (2.7) compared to (5.6) in Q4 2022.
- Loss per share was
SEK (0.09) compared to (0.20) in Q4 2022.
FULL-YEAR 2023 (2022)
- Revenues were MSEK 28.9 compared to 5.0 in 2022, an increase by 478%.
- Operating loss was MSEK (59.0) compared to (37.6) in 2022.
- EBITDA was MSEK (41.1) compared to (31.8) in 2022.
- Operating loss and EBITDA in 2023 includes a special bonus for the previous CEO MSEK (13.0) and impairment charges of (6.0) both of which are non-cash items.
- Loss for the period was MSEK (64.9) compared to (41.6) in 2022.
- Total assets were MSEK 73.1 compared to 20.9 in 2022.
- Net assets were MSEK 36.9 compared to 0.1 in 2022.
- Cash outflow from operating activities was MSEK (26.0) compared to (33.7) in 2022.
- Loss per share was
SEK (0.57) compared to (0.79) in 2022.
SIGNIFICANT EVENTS DURING THE FOURTH QUARTER OF 2023
- The Group acquired 20% in
CYG Pte. Ltd forSEK 16.4 million and strengthens its presence in the Asian market. - The Group reorganized for accelerated growth as
Calvin Lim Eng Kiat became the new CEO.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- The Board of Directors of the Company resolved on a directed new issue of shares corresponding to a maximum of approximately
SEK 20.5 million and a set-off issue of a maximum of approximatelySEK 40.2 million , which will fully settle the principle of the outstandingNCTK Holdings International Limited (“NCTK”) loan. - The subscription price in the Directed Issue is set at
SEK 0.2454 per share. The proceeds will support ongoing operations, ensure process continuity, and cover team development and operational costs. The set-off issue will settle the NCTK convertible loan. Carina Beck resigned from the Board.
FIRST-TIME ADOPTION OF EU-IFRS
- This report for the fourth quarter of 2023 is the Group's first financial report prepared in accordance with International Financial Reporting Standards as endorsed by the
European Union (“EU-IFRS” or “IFRS”). - All comparative figures presented have been recalculated using EU-IFRS unless stated otherwise.
- Converting to EU-IFRS represents a significant milestone for the Group which should enhance investor’s ability to compare our results with other companies, provides a platform for further international expansion and removes a significant barrier to international capital markets.
- Although the main impact of the conversion is considered to be presentational the full details of the impact of this change on the previously reported K3 amounts for 2022 are presented at Appendix I.
- The Group's IFRS accounting policies are presented in Appendix II which will apply to the 2023 Annual report.
A WORD FROM THE CEO
Dear shareholders, in the fourth quarter of 2023 we have continued to capitalise on the opportunities that will position us for increased innovation and profitability. We have made significant progress during this quarter, such as continued expansion in the Asian market through strategic acquisitions, as well as strengthening our financial resources through a directed share issue.
In fiscal year 2023, we have also made significant progress, including increased growth through expansion into the Asian market, successful acquisition, multiple product launches and strategic partnerships. By providing high quality games with exceptional design and functional innovations to a wider player base, we have managed to increase our brand visibility globally.
We are well prepared to meet the challenges that lie ahead and to seize the opportunities that will position us for increased innovation and profitability. Our aim is to lead the company into the next phase of our growth strategy and maximise shareholder value through expansion in both existing and new markets.
In line with our said strategy, we have during the fourth quarter achieved:
Strategic acquisition of
We have completed the acquisition of 20% of the shares in
The company's robust and scalable back-end system enables high data capacity, giving us access to new IP technologies and the potential for new revenue streams. We are confident that this strategic move gives us the right conditions to continue our growth and create value for our shareholders. Together with
Directed new share issue and set-off issue strengthens the company's financial position
Based on the authorisation from the Annual General Meeting 2023, we have carried out a directed share issue of up to approximately
The directed issue provides capital that will be used to cover our ongoing operations, ensure an uninterrupted flow of processes, and to develop and manage our teams. The set-off issue is part of the conditions for the repayment of a loan from
Having considered various alternative financing options, including the possibility of raising capital through a rights issue, the Board of Directors believes that the directed share issue is the most favourable option for the company and our shareholders, given the current and challenging market conditions.
I look forward to leading our passionate team in the technology and gaming sector through the next phase of our growth strategy in 2024. Supported by our flexible infrastructure and our strong foundation in innovative development, we are ready to continue this amazing journey. Let's approach this year together with energy and commitment.
CEO
FUTURE REPORTING DATES
Annual Report 2023:
Q1 2024:
Annual General Meeting:
Q2 2024:
Q3 2024:
Q4 2024:
Financial reports will be published on the company's website, ladyluckgames.io.
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