Cabonline Group Holding AB (publ) Interim report January – June 2023

APRIL – JUNE

• Revenue amounted to SEK 1,472 million (1,481), an increase of 1%. Organically, revenue decreased by 1%.
• Adjusted EBITA amounted to SEK 62 million (49), and the corresponding margin was 4.2% (3.3).
• Operating profit amounted to SEK 47 million (36), including items affecting comparability of SEK -8 million (-6).
• Net income for the period amounted to SEK -23 million (-87).
• Earnings per share before and after dilution amounted to SEK -0.99 (-2.80).
• Cash flow from operating activities amounted to SEK 42 million (-87).

JANUARY – JUNE

• Revenue amounted to SEK 2,922 million (2,692), an increase of 9%. Organically, revenue increased by 7%.
• Adjusted EBITA amounted to SEK 120 million (111), and the corresponding margin was 4.1% (4.1).
• Operating profit amounted to SEK 103 million (88), including items affecting comparability of SEK -3 million (-8).
• Net income for the period amounted to SEK -32 million (-86).
• Earnings per share before and after dilution amounted to SEK -1.60 (-3.12).
• Cash flow from operating activities amounted to SEK  98 million (-68).

CEO ́s comment

Cabonline continues to solidify its leadership position and build for the future
As we summarize the second quarter, we can conclude that Cabonline continues consolidating its leadership position and building for the future. We have taken several important steps towards our business plan goals. We continue to implement our IT initiative with the change of taxi technology in our connected cars and are preparing to change the booking and traffic management platform in 2023–2024. Our ambitious sustainability work to reduce CO2e emissions aligns with the 1.5°C target, and the Science Based Target (SBT) continues. We have also put great focus on improving punctuality and service for our travellers and strengthening our offerings and sales efforts towards the B2B segment.

During the second quarter, Cabonline achieved a turnover of SEK 1,472 million compared to SEK 1,481 million in the same quarter last year, despite an initial caution in the market during the quarter. The positive adjusted EBITDA result of SEK 79 million, compared to SEK 64 million in the same quarter last year, is an increase of 23% and is particularly welcome given our extensive investment program.

Development second quarter
Our travellers greatly appreciate our commitment to improving punctuality and service. App travellers give us the highest rating ever, with an impressive rating of 4.62 out of 5. It is a great tribute to our drivers and employees, who have been crucial to the excellent development and results.

During the quarter, B2B sales increased by 138% compared to the same quarter last year. This is a direct result of increased demand, our improved offerings, and targeted sales efforts.

The volumes for our unique Flygtaxi concept continue to increase as air travel recovers. The number of bookings increased by 11% compared to the same quarter last year. We are also pleased that Flygtaxi has received a renewed framework agreement with Kammarkollegiet for Flygtaxi, Tågtaxi and taxi journeys. The new agreement extends over four years, starting on June 29, 2023.

During the quarter, we continued to win procurements. Examples include patient trips in Oslo, passenger transport for Lidingö Municipality, school trips in Oulu and passenger transport for Copenhagen Municipality.

The systematic work on diversity and inclusion, which we started in 2022, has happily already resulted in us achieving our overall employee goal. Engaged and satisfied employees are a crucial part of our corporate culture and essential for us to continue to grow and develop.

Changes in the management team
Kalle Boumedienne has announced resigning as Deputy CEO on April 30, 2023. As of May 1, 2023, Charlotte Weigel Söderlund has been appointed Chief Operating Officer (COO) responsible for both Customer Service and Operations. She has been employed by Cabonline since 2017 and has a solid and extensive knowledge of Carboline’s business and organization.

Trygve Wiese Haugland has been appointed Chief Strategy & Transformation Officer (CSTO). He joined Cabonline in 2022 and has over 12 years of experience in strategy and management as a consultant in various industries. Trygve Wiese Haugland will remain CCO until a new CCO has been recruited.

Jacob Segerheim took on the Chief Technology Officer (CTO) role on May 22, 2023. He has previously held senior positions in Telenor, Tele2, Done Interactive and STHLM Interactive. All three functions are part of the management team and report directly to the CEO.

A consortium invests in shares of Cabonline
Cabonline and its majority shareholders, on July 15, entered into an agreement with a consortium of Nordic and international institutional investors. The consortium will become the new majority shareholders in the Company, subject to long-form transaction agreements. The transaction will further strengthen Carboline’s financial position going forward. The new shareholders are expected to position Cabonline best to deliver on its business plan. The transaction will be formalized through, among other things, a written procedure under the Existing Notes.

Forward-looking
In recent months, I have met many of our drivers, transporters and employees in the Cabonline organization. It's impressive to see the drive, community and commitment that everyone shows. It instils confidence in a positive future development for the business and our corporate culture.

Preparations for implementing our new booking and traffic management platform continue, and our goal is to unify all our brands together on the same platform in 2023–2024. It will help us deliver better service and quality to our travellers, customers, drivers, and transporters. This goal also aligns with our business plan and will ensure that Cabonline remains the leading taxi company in the Nordic region.

The external environment continues to be challenging, with high fuel prices, rising interest rates and ongoing high inflation affecting all of us. Therefore, we enter the coming half-year with humility and awareness of these factors, which can affect volumes and earnings.

Thank you to all our dedicated employees, drivers and transporters. Our success is built on your commitment. I also want to thank our travellers and customers for trusting us. We are taking steps to create long-term value for all our stakeholders and look forward to continuing the journey together. 

Dag Kibsgaard-Petersen
President and CEO
August 2023

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 31, 2023.

About Cabonline Group:

Cabonline is the leading taxi company in the Nordic region with, ~2,600 connected transporters and ~5,000 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 2022, Cabonline’s revenue was approximately SEK5.5 billion. For further information: cabonlinegroup.com/en