Today Go North Group AB published its Q1 2024 interim report, in both Swedish and English, which is available in the IR section on its webpage https://gonorth.co/investors-relations/.

Reported first quarter Jan – Mar 2024 (compared to Jan – Mar 2023)

• Net sales were KSEK 136,561 (123,660)
• Adjusted EBITDA was KSEK -696 (8,016)
• EBITA was KSEK -1,221 (-3,120)
• Net financial debt / Adjusted EBITDA was N/A (9.6)
• Cash flow from operating activities was KSEK 8,413 (-56,429)
• ROCE was -16.5% (0.0%)

In the first quarter of 2024, Go North Group AB focused on enhancing financial stability and operational efficiency. The company completed negotiations with its creditors in February, resulting in a more favorable debt and liquidity position. 

Due to lower-than-anticipated profitability and diminished sales performance as well as changes in Group strategy, an impairment occurred in the form of a write-down of brand assets, totaling KSEK 193,165 for twenty-one brands. The effect of the write-down of brand assets on the parent company was KSEK 98,972 for seventeen brands.

Due to negative equity in both the parent company and several of the subsidiaries, the Board of Directors decided in May 2024 to establish balance sheets for liquidation purposes in these companies. These showed that the equity is less than half of the registered share capital in these companies and is currently being reviewed by the auditors.