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

JULY – SEPTEMBER

• Revenue amounted to SEK 1,249 million (1,299), a decrease of 4%. Organically, revenue decreased by 5%.
• Adjusted EBITA amounted to SEK  54 million (49), and the corresponding margin was 4,4% (3.7).
• Operating profit amounted to SEK 31 million (32), including items affecting comparability of  SEK -17 million (-10).
• Net income for the period amounted to SEK -35 million (-21).
• Earnings per share before and after dilution amounted to SEK -1.33 (-0.95).
• Cash flow from operating activities amounted to SEK -6 million (-36).

JANUARY – SEPTEMBER

• Revenue amounted to SEK 4,171 million (3,991), an increase of 5%. Organically, revenue increased by 3%.
• Adjusted EBITA amounted to SEK 175 million (160), and the corresponding margin was 4.2% (4.0).
• Operating profit amounted to SEK 134 million (119), including items affecting comparability of SEK -19 million (-18).
• Net income for the period amounted to SEK -67 million (-108).
• Earnings per share before and after dilution amounted to SEK -2.92 (-4.06).
• Cash flow from operating activities amounted to SEK  92 million (-104).

CEO´s comment

Stable results despite macroeconomic challenges – record high traveller satisfaction and positive development in corporate travel.

We are pleased to present a stable result for the quarter compared to the same period previous year despite a challenging market situation characterized by macroeconomic turmoil. Our commitment to quality is paying off, as evidenced by the highest traveller satisfaction ever among our app travellers. In addition, we are pleased that demand for our Flytaxi concept and corporate offering has continued to increase compared to the same quarter of last year.

During the third quarter, Cabonline achieved a turnover of 1,249 MSEK compared to 1,299 MSEK in the same quarter of the last year. The operating profit of 31 MSEK compared to 32 MSEK, a decrease of 3%. Adjusted EBITDA result that has increased by 3% during the quarter compared to the same period previous year.

Development third quarter

Our sustainability work continues to develop positively. In the third quarter, we reached a milestone where every fourth car in the fleet is an electric car, and in Norway, electric cars accounted for over half of the fleet. We are also making good progress in our work in accordance with the Science Based Target Initiative (SBTi).

The work on our quality initiative, focusing on improving service and punctuality, continues to develop very well. Our app travellers have given us the new highest rating ever, 4.64 out of 5.

Interest in business travel continued to grow during the quarter. The number of newly signed company agreements increased by 58% compared to the previous year. It is also gratifying that the turnover with our unique Flygtaxi concept increased by 11% compared to last year's quarter.

Compared to last year's quarter, B2C trips have declined due to macroeconomic aspects.

During the quarter, we continued to win tenders. Examples include mobility service Västnyland in Finland and renewed confidence to run a mobility service for the City of Gothenburg.

The preparations for implementing our new booking and traffic management platform have continued with initial user acceptance tests during the quarter. A pilot test, which went well, was conducted in October-November. The goal is to gather all our brands on one booking and dispatch platform during 2023 and 2024, contributing to increased efficiency and customer satisfaction.

Change of ownership

On July 15, 2023, Cabonline and our majority owner, as previously announced, entered into an agreement for a change of ownership with a consortium of Nordic and international institutional investors, consisting of Invesco, Nordstjernan and others. The process has continued, and the transaction was completed through a written procedure, which commenced in September and ended on October 9, 2023. An Extraordinary General Meeting at which a new Articles of Association was adopted and a new Board of Directors was elected was held on October 23, 2023. As of November 6, 2023, the Consortium is the new majority owner of Cabonline, together with the other holders of Cabonline's existing bonds.

Future

The future remains uncertain due to macroeconomic challenges. Therefore, we enter 2024 with great humility and will concentrate on what we can control.

This report confirms that our strategic investments in new technology, strengthened and unified processes, sales and marketing, and our focus on quality are all going in the right direction. We continue to focus on our transformation work. Together, we are determined to continue on this path to create long-term value for all our travellers, customers, drivers, transporters, employees and owners and ensure that Cabonline remains the leading taxi company in the Nordic region.

I want to conclude with heartfelt thanks to all colleagues, drivers, and transporters for all their hard work and high commitment. Thank you also to our travellers and customers for your trust in us. We look forward to continuing to develop and grow with you over the coming year.

Stockholm November 2023

Dag Kibsgaard-Petersen
President and CEO

For information, please contact:
Dag Kibsgaard-Petersen, CEO, +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 November 24, 2023.

About Cabonline Group
Cabonline is the leading taxi company in the Nordic region with, ~2,500 connected transporters and ~4,500 vehicles in Sweden, Norway, Finland and Denmark. Cabonline operates a series of well-known brands, such as Flygtaxi, TaxiKurir, Norgestaxi, TOPCAB, Kovanen, Taxi Skåne, 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 SEK 5.5 billion. For further information: cabonlinegroup.com/en