Cabonline Group Holding AB (publ) Interim report April to June 2022

APRIL – JUNE

• Revenue amounted to MSEK 1,481 (1,090), an increase of 36%. Organically, revenue increased by 34%.
• Adjusted EBITA amounted to MSEK 49 (72), and the corresponding margin was 3.3% (6.6).
• Operating profit amounted to MSEK 36 (61), including items affecting comparability of MSEK -6 (-3).
• Net income for the period amounted to MSEK -87 (10).
• Earnings per share before and after dilution amounted to SEK -2.80 (-0.07).
• Cash flow from operating activities amounted to MSEK -87 (86).
• During April 2022, a new bond was issued with a total amount of MSEK 2,000 that matures in December 2026, of which MSEK 1,650 was utilized.

JANUARY – JUNE

• Revenue amounted to MSEK 2,692 (2,035), an increase of 32%. Organically, revenue increased by 31%.
• Adjusted EBITA amounted to MSEK 111 (117), and the corresponding margin was 4.1% (5.8).
• Operating profit amounted to MSEK 88 (94), including items affecting comparability of MSEK -8 (-8).
• Net income for the period amounted to MSEK -86 (-7).
• Earnings per share before and after dilution amounted to SEK -3.12 (-0.88).
• Cash flow from operating activities amounted to MSEK -68 (152).

CEO ́s comment

The recovery in taxi travel continued in the second quarter of 2022

The increased travel in society affects us positively. Cabonline had the highest number of trips during the quarter since the pandemic started. The number of taxi trips increased by 13% compared to the previous quarter and 28% compared to the same quarter in 2021.

It is also gratifying to note that our joint efforts during the year give us a solid foundation to stand on when planning for the future. The key to the progress we have made is our focus on working every day with what we can influence with a focus on the core of our business, to offer our travellers, customers, transporters and drivers attractive and sustainable journeys at all stages.

Development in the second quarter

We increased in all customer segments during the quarter, and revenue per car was higher than before the pandemic. Important progress was also made in our internal improvement work, such as improving accessibility in our Service Centers and punctuality. The work to attract the market's best transporters and drivers have also yielded promising results, and the number of connected transporters and cars increased during the quarter. However, we have not been able to increase the number of cars in line with the increase in demand due to geopolitical turmoil creating disruptions in the supply chains of new cars.

Cabonline has good underlying growth. This shows customer growth of 101,000 new app customers during the quarter, and revenue from app customers increased by 125% compared to the same quarter last year. Additionally, the volumes of Flygtaxi continue to grow as air travel increases, and the number of bookings increased by 423% compared to the same quarter last year.

Our app travellers are happy to travel with us, giving us a rating of 4.52 on a five-point scale. Our drivers, transporters and employees are, of course, absolutely crucial to the result.

During the quarter, we continued to win public procurements, including patient trips in Ålesund, renewed confidence to drive school transport in Bergen and renewed confidence to drive school and care trips in Solna, Sundbyberg and Vaxholm.

We have partnered with TIER Mobility to help reduce alcohol in traffic. The common goal is to increase the number of road users who make smart choices and contribute to increased safety in traffic.

High ambitions in our sustainability work

In the quarterly report for the first quarter, we communicated that we are committed to conducting our business in accordance with the Science Based Targets Initiative (SBTi). The work on the new goals continues and will complement our financial goals and be an important instrument on the journey towards fulfilling our vision of a sustainable society. The goal is to promote Cabonline as the leader in sustainable taxi travel.

During the quarter, the positive development of electric cars continued and increased by 20%. We have also initiated collaborations with fuel suppliers to ensure that our transporters have access to renewable and origin-labelled electric car charging, an important part of our sustainability work.

Efforts to create an even more inclusive corporate culture began in the first quarter, with employees, transporters, and drivers already paying off. We are seeing an increase in the proportion of employees who feel even more included, which is an important part of our corporate culture.

Future

The taxi market in the Nordic region continues to be very competitive, and it is satisfying to note that our concepts are developing positively. We will ensure that we maintain the efficiencies implemented in recent years while continuing to work actively to improve our offering for transporters, drivers, customers and travellers. This is a good starting point for future value creation.

We continue to see that there is further potential for improvement in both customer satisfaction and production efficiency. Recruiting the industry's best transporters and drivers to meet demand will remain an important focus area. In addition, we anticipate that geopolitical turmoil will continue to create supply constraints on new cars.

In the near future, we will have to face short-term challenges, and we will do so without losing sight of our long-term ambition. With our focus areas and corporate culture, we are determined to continue developing the Nordic region's leading taxi company as an even stronger and more sustainable business for all stakeholders.

In summary, the year's first half has meant significant progress for Cabonline's business. Despite a highly complex world, we are well on our way to fulfilling the goals and ambitions we set for ourselves at the beginning of the year. Cabonline's strategic direction is clear and continues to be in focus.

Once again, I would like to thank all drivers, transporters and colleagues for their excellent efforts. I would also like to thank our customers for the trust that we enjoy.

Dag Kibsgaard-Petersen
President and CEO
 

For further information, please contact:
Dag Kibsgaard-Petersen, CEO, tel +47 400 11 981, dag.kibsgaard-petersen@cabonline.com

This information is information that Cabonline Group Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13:00 CET on August 19, 2022.

About Cabonline Group:
Cabonline is the leading taxi company in the Nordic region with, ~2,500 connected transporters and ~4,600 vehicles in Sweden, Norway, Finland and Denmark. Cabonline operates a series of well-known brands, such as Flygtaxi, TaxiKurir, Norgestaxi, TOPCAB, Kovanen, Taxi Skåne, Taxi Väst, Umeå Taxi, Sverigetaxi and Taxi 4x27. Through Cabonline, transporters have access to attractive customer agreements, support from industry-leading technology and efficient services where shared infrastructure delivers economies of scale. In 2021, Cabonline’s revenue was approximately SEK4.5 billion. For further information: cabonlinegroup.com/en