MCH Group | Ad hoc announcement pursuant to Art. 53 LR | Half-year closing 2023

 

MCH Group half-year closing 2023: Positive development continued

In the first half of 2023, MCH Group's business activity continued to be marked by departure and recovery. MCH Group was able to increase its operating income to CHF 218.4 million compared with the same period of the previous year. The operating result before interest, taxes, depreciation, and amortisation (EBITDA) was a gratifying CHF 20.0 million. The half-year profit amounts to CHF 4.7 million. This is the first reporting period with a net result in the black since 2019.

Consolidated key figures at a glance
(Figures for comparative period in brackets)

• Operating income: CHF 218.4 million (CHF 185.6 million)
• EBITDA: CHF 20.0 million (CHF -3.2 million)
• Net profit: CHF 4.7 million (CHF -13.2 million)
• Equity: CHF 117.9 million / 32.8% (CHF 113.3 million / 25.5%)
• Cash and cash equivalents: CHF 53.5 million (CHF 151.9 million)
• Net debt: CHF 80.9 million (CHF 84.6 million)

Significant increase compared with the same period of the previous year

Compared with the same period of the previous year, we were able to increase operating income by CHF 32.8 million to CHF 218.4 million in the first half of 2023. The Experience Marketing segment recorded an increase in operating income to CHF 142.1 million in the first half of 2023 compared to the same period last year. The share of this segment in the Group's total revenue decreased from 69.1% to 65.0% due to the strong performance of the Group's own events and the rental business. In the Community Platforms segment (own events incl. Art Basel), operating income rose sharply year-on-year from CHF 55.6 million to CHF 72.9 million. This segment now accounts for 33.4% of the group's total sales.

EBITDA for the first half of 2023 amounts to CHF 20.0 million (first half of 2022 CHF -3.2 million). The net result improved significantly by CHF 17.9 million compared to the same period last year. This is also the first reporting period since the outbreak of the pandemic where we can report a profit in terms of the net result. The result before taxes amounts to CHF 6.6 million, the consolidated net profit for the first half of 2023 amounts to CHF 4.7 million.

Cash and cash equivalents decreased from CHF 151.9 million to CHF 53.5 million in the first half of 2023 compared to the same period of the previous year; this significant decrease is due to the repayment of the CHF 100 million bond in May 2023. As a result, liabilities also decreased from CHF 330.2 million to 241.2 million, and the equity ratio increased from 25.5% to 32.8%.