Rush Factory Plc – Financial Statements Bulletin

Rush Factory Plc
24 March 2025 at 16:00
Rush Factory Plc – Financial Statements Bulletin

Revenue for the financial year 1 Jan–31 Dec 2024 was EUR 0.831 million. The operating loss for the financial year was EUR 0.602 million and EBITDA was EUR -0.562 million. 2024 was the Company’s most challenging year, during which 11 Color Obstacle Rush events were organised, as the events in England as well as those in Germany and Austria were cancelled due to financial difficulties.

HIGHLIGHTS OF THE FINANCIAL YEAR 2024

• Revenue for the financial year 1 Jan–31 Dec 2024 was EUR 0.831 million. The operating loss for the financial year was EUR 0.602 million and EBITDA was EUR -0.562 million.
• On 5 December 2024, the Company signed a conditional share exchange agreement with Sunborn Oy, PM Ruukki Oy, Jerovit Investment Oy and Oy Haapalandia Invest Ltd, under which it will acquire Sunborn International Holding Oy through a share exchange. SBIH operates in the hospitality sector and develops and owns yacht hotels and other floating structures, as well as providing hotel services on them.
• During the financial year, the Company organised a total of 11 Color Obstacle Rush events. The events in England were cancelled due to the subsidiary’s financial difficulties. The events in the latter part of the season of the German subsidiary were cancelled due to financial difficulties caused by a change in the settlement policy of the payment service provider used by the subsidiary. The Finnish subsidiary was declared bankrupt due to payment difficulties.

SIGNIFICANT EVENTS AFTER THE FINANCIAL YEAR

• The Company has signed an amendment agreement to the financing agreement announced on 18 March 2025. In connection with the financing arrangement, the Investors have provided the Company, in addition to bridge financing, with a total of EUR 42,513 in debt financing (the “New Loan”). The amendment agreement provides that the New Loan and other additional loans agreed in writing by the parties will be converted, together with the bridge financing, into new shares in the Company. The investment amount shall, however, always be at most EUR 400,000.
• In addition, the Company has agreed with Sunborn International Holding Oy on case-by-case additional financing needed to cover the Company’s essential ongoing operating expenses.
• The additional financing described above secures the Company’s financial position until the forthcoming extraordinary general meeting.
• The Company has sold its German subsidiary to Boninvest Beteiligungen GmbH at a negative purchase price of EUR 25,000.00. The subsidiary will not continue its operations; the new owner will wind up the company.
• The fine imposed by the Municipality of Masku on a property owned by the Company due to non-compliance with the building obligation amounting to EUR 168,640 remains outstanding. The Company is negotiating with the municipality to reduce the fine. The potential fine has not been recognised in profit or loss in the figures of this financial statements bulletin.

H2 2024 REVIEW

In the second half of 2024, 7 Color Obstacle Rush events were organised. However, the number of events in H2 was significantly lower compared to the previous half-year, which burdened H2 profitability. H2 2024 revenue was EUR 0.164 million and EBITDA was EUR -0.365 million. The operating loss for the reporting period was EUR 0.370 million. Advance sales for the 2025 season were not started during H2 2024.

OUTLOOK AND OBJECTIVES

The outlook for 2025 relies mainly on the conditional share exchange agreement signed on 5 December 2024, as the Company’s own event business has been suspended. Under the conditional share exchange agreement, the Company will acquire all shares in Sunborn International Holding Oy (“SBIH”) through a share exchange.

The Company does not publish financial targets due to the exceptional situation caused by the planned combination.

BALANCE SHEET, FINANCING AND CASH FLOW

The Group’s balance sheet total on 31 December 2024 was EUR 2.128 million and equity at the end of the reporting period was EUR -1.781 million. The Group’s equity ratio at the end of the review period was -143.23%.

The Group’s cash and cash equivalents at the end of the reporting period were EUR 0.048 million. Cash flow from operating activities was EUR 0.327 million.

COMMENTS BY CEO MIKA METSÄMÄKI

“We started the 2024 season with enthusiasm, but also carrying the burden of several years. The pandemic years had strained our finances, and chasing our own tail year after year is exhausting for the people doing it as well. We selected the largest cities that had performed better historically and increased the share of Finland due to lower organisation costs. However, the events in England did not generate sufficient sales for the events to be held.

There were also bright spots in the selected cities, with Vienna ahead of previous years’ sales, most likely due to the better venue we found. Due to an unexpected change in the settlement policy of the payment service provider during the summer, the Vienna event, along with the events in the latter part of the German season, was not held.

The Color Obstacle Rush concept came to an end as the late-season events in England as well as in Germany and Austria were not held. It is naturally sad to bring an era to a close, as the Color Obstacle Rush event will not be organised in the future. Over ten years, however, the event brought joy to a huge number of people in more than ten countries, and I am very grateful to everyone who was involved along the way.

The Company is looking forward to the coming year as, if the conditional combination is successfully completed, the focus of operations will shift to Sunborn International Holding’s floating hotels.”

FINANCIAL STATEMENTS AND ANNUAL REPORT 2024

Rush Factory Plc’s annual report for the financial year 2024, including the financial statements, the report of the Board of Directors and the auditor’s report, will be published on 29 April 2025 on the Company’s website at rushfactory.fi/investors. The Annual General Meeting is planned to be held on 13 June 2025; a separate notice will be sent later. The Board proposes to the AGM that no dividend be distributed for the financial year. The Q1 interim report will be published on 29 April 2025. The half-year report for January–June 2025 will be published on 28 August 2025.

RUSH FACTORY PLC – GROUP KEY FIGURES

(Unaudited, unless otherwise stated)	1.1.-31.12.2024	1.7.-31.12.2024	1.1.-31.12.2023*	1.7.-31.12.2023
Revenue, EUR thousand	831	164	3,213	1 140
EBITDA, EUR thousand	-562	-365	90	-53
EBITDA, % of revenue	neg.	neg.	2.8 %	neg.
Operating profit (EBIT), EUR thousand	-602	-370	1	-97
Operating profit (EBIT), % of revenue	neg.	neg.	0.0 %	neg.
Profit (loss) before taxes (EBT)	-1135	-788	-73	-172
Profit (loss) before taxes (EBT), % of revenue	neg.	neg.	neg.	neg.
Result for the financial year	-1135	-788	-73	-172
Return on equity, %	neg.	neg.	neg.	neg.
Return on investment, %	neg.	neg.	neg.	neg.
Equity ratio, %	-143.23%	-143.23%	-30.00%	-30,00 %

Net gearing, %	-6.18%	-6.18%	-123.16%	-123,16 %
Earnings per share, EUR	-0.481	-0.334	-0.031	-0,073
Equity per share, EUR	-0.754	-0.346	-0.247	-0,247
Average number of shares outstanding during the period	2,360,798	0	2,360,798	2 360 798
Number of shares outstanding at the end of the period	2,360,798	0	2,360,798	2 360 798
Personnel	11	8	13	14
*audited

SHARE PRICE DEVELOPMENT

	1.1.-31.12.2024	1.1.-31.12.2023
Lowest price	0,23	0,32
Highest price	0,815	1,20
Average price for the financial year	0,25	0,64
Change in share turnover, pcs	923 466	1 459 988
Change in share turnover, %	39,12 %	61,84 %

CONSOLIDATED INCOME STATEMENT

G R O U P -	1.1.2024	1.7.2024	1.1.2023	1.7.2023
I N C O M E  S T A T E M E N T	-31.12.2024	-31.12.2024	-31.12.2023*	-31.12.2023
REVENUE	831,209.47	164,378.26	3 212 707,31	1 139 894,58
				0,00
Other operating income	217,893.04	217,064.50	69 747,25	67 546,48
Materials and services
Materials, supplies and goods
Purchases during the financial year	-278,788.58	-79,804.14	-996 535,74	-395 948,95
Increase/decrease in inventories	16,280.01		-60 350,88	-135 890,29
External services	-122,178.95	-92,521.76	-219 996,56	-57 808,06
Total materials and services	-384,687.52	-172,325.90	-1 276 883,19	-589 647,29
Personnel expenses
Wages and salaries	-312,749.20	-97,677.76	-369 387,40	-147 817,66
Personnel social security costs				0,00

Pension expenses	-53,986.17	-15,599.97	-62 417,91	-25 262,25
Other personnel costs	-4,835.20	-1,454.63	-10 789,09	-4 595,17
Total personnel expenses	-371,570.57	-114,732.36	-442 594,40	-177 675,08
Depreciation and impairments
Depreciation according to plan	-39,903.83	-4,967.76	-89 054,45	-43 933,61
Amortisation of group goodwill
Total depreciation and impairments	-39,903.83	-4,967.76	-89 054,45	-43 933,61
Other operating expenses	-854,647.31	-458,931.87	-1 472 963,23	-493 298,40
OPERATING PROFIT (LOSS)	-601,706.72	-369,515.13	959,29	-97 113,32
Financial income and expenses
Other interest and financial income
From others	23,808.97	272.74	3 517,68	-18 924,78
Interest expenses and other financial expenses
To others	-556,837.40	-418,938.93	-77 006,31	-56 283,92
Total financial income and expenses	-533,028.43	-418,666.20	-73 488,63	-75 208,71
PROFIT (LOSS) BEFORE APPROPRIATIONS AND
APPROPRIATIONS AND TAXES	-1,134,735.15	-788,181.33	-72 529,33	-172 322,03
Income taxes
Taxes for the financial year		0,00	0,00	0,00
Total income taxes	0.00	0.00	0,00	0,00
PROFIT (LOSS) FOR THE FINANCIAL YEAR	-1,134,735.15	-788,181.33	-72 529,33	-172 322,03
*audited

CONSOLIDATED BALANCE SHEET

C O N S O L I D A T E D  B A L A N C E  S H E E T	12/31/24	12/31/23
A S S E T S

NON-CURRENT ASSETS
Intangible assets
Intangible rights	0.00	1520.7
Goodwill
Other intangible assets	0.00	300
Total intangible assets	0.00	1,820.70
Tangible assets
Land and water areas
Owned	113,224.80	113,224.80
Buildings and structures
Owned	0.00	24,665.12
Machinery and equipment	29,633.72	177,956.68
Advance payments and construction in progress	1,301,311.29	1,509,692.69
Total tangible assets	1,444,169.81	1,825,539.29
TOTAL NON-CURRENT ASSETS	1,444,169.81	1,827,359.99
CURRENT ASSETS
Inventories
Materials and supplies	17,062.81	62,510.43
Advance payments	0.00	0.00
Total inventories	17,062.81	62,510.43
Short-term
Trade receivables	17,015.44	111,221.02
Loan receivables	24,138.31	23,030.90
Other receivables	197,775.30	196,723.48
Accrued income	379,940.31	148,466.64
Total short-term	618,869.36	479,442.04
Financial securities
Other shares and holdings	0.00	0.00

Cash and bank	47,744.03	27,215.20
TOTAL CURRENT ASSETS	683,676.20	569,167.67
TOTAL ASSETS	2,127,846.01	2,396,527.66

C O N S O L I D A T E D  B A L A N C E  S H E E T	12/31/24	12/31/23
E Q U I T Y  A N D  L I A B I L I T I E S
EQUITY
Share capital
Share capital	250,000.00	250,000.00
	250,000.00	250,000.00
Other reserves
Invested unrestricted equity reserve	1,874,201.08	1,874,201.08
Share issue
Total other reserves	1,874,201.08	1,874,201.08
Profit (loss) for previous financial years	-3,122,282.80	-2,987,472.69
Profit (loss) for the financial year	-1,134,735.15	-72,529.33
Equity-linked loan	352,000.00	352,000.00
TOTAL EQUITY	-1,780,816.87	-583,800.95
LIABILITIES
Long-term
Loans from financial institutions	157,796.00	607,550.84
Short-term
Loans from financial institutions	0.00	138,700.23
Advance payments received	884,556.86	450,525.72
Trade payables	1,055,114.96	928,148.07

Other liabilities	1,664,699.47	650,852.35
Accrued expenses and deferred income	146,495.59	204,551.40
Total short-term	3,750,866.88	2,372,777.77
TOTAL LIABILITIES	3,908,662.88	2,980,328.61
TOTAL EQUITY AND LIABILITIES	2,127,846.01	2,396,527.66
*audited

CONSOLIDATED CASH FLOW STATEMENT

Equity	Financial statements	Financial statements
	12/31/24	12/31/23
Restricted equity
Share capital	250,000.00	250,000.00
Share capital	250,000.00	250,000.00
Total restricted equity	250,000.00	250,000.00
Unrestricted equity
Invested unrestricted equity reserve	1,874,201.08	1,874,201.08
Invested unrestricted equity reserve	1,874,201.08	1,874,201.08
Profit/loss from previous financial years	-3,029,387.78	-2,956,858.45
Translation differences	-92,895.02	-30,614.24
Profit from previous financial years	-3,122,282.80	-2,987,472.70
Profit/loss for the financial year	-1,134,735.15	-72,529.33
Subordinated loan within equity 1 Jan	352,000.00	352,000.00
Subordinated loan within equity 31 Dec	352,000.00	352,000.00
Total unrestricted equity	-2,382,816.87	-1,185,800.95
Total equity	-1,780,816.87	-583,800.95

CALCULATION FORMULAS FOR RUSH FACTORY PLC KEY FIGURES

Return on equity (ROE) -%

Return on equity (ROE) -% = 100 * net result (12 months) / average adjusted equity. Return on investment (ROI) -%

Return on investment (ROI) -% = 100 * [ net result + financing expenses + taxes (12 months) ] / average invested capital. Equity ratio -%

Equity ratio -% = 100 * equity / (total adjusted balance sheet - advance payments based on work performed). Net gearing -% = 100 * (interest-bearing liabilities - liquid funds) / equity.

Earnings per share (EPS) = net result excluding minority interest / average share-issue-adjusted number of shares outstanding excluding treasury shares.

Operating profit = revenue + other operating income - operating expenses - depreciation and impairment. Operating profit -% = 100 * operating profit / revenue

EBITDA = operating profit + depreciation and impairment. EBITDA -% = 100 * EBITDA / revenue.

Further information:
Mika Metsämäki,
CEO
Rush Factory Plc,
mika@rushfactory.fi
+358 44 5544 894

Certified Adviser: Nordic Certified Adviser, tel. +46 70 551 67 29

 

DISTRIBUTION:

Nasdaq Helsinki Ltd
Key media
www.rushfactory.fi

 

Rush Factory Plc

Rush Factory is an international experience factory that develops and delivers unique event and experience concepts. Originating from Rauma, Rush Factory’s international wellbeing-focused sports and experience event tours have provided fun and unforgettable experiences to more than 400,000 customers since 2015. Rush Factory’s growth and business are supported by the Company’s business model, which challenges traditional industry operating models by solving typical pain points in event production and execution, for example by reducing the risks and costs caused by outsourcing, and by being independent of the venue or performer. In addition, the mobile nature of Rush Factory’s business and its ability to bring unique event experiences to where customers are enable it to remain independent of market cycles.