Cabonline Group Holding AB (publ) Interim report January to June 2021
Aug 20, 2021
APRIL – JUNE 2021
- Revenue amounted to MSEK 1,090 (794), an increase of 37%. Organically, revenue increased by 38%.
- Adjusted EBITA amounted to MSEK 72 (-3) and the corresponding margin was 6.6% (-0.4).
- Operating profit amounted to MSEK 61 (-22), including items affecting comparability of MSEK -3 (-10).
- Net income for the period amounted to MSEK 10 (-70).
- Earnings per share before and after dilution amounted to SEK -0.07 (-2.30).
- Cash flow from operating activities amounted to MSEK 86 (88).
JANUARY – JUNE 2021
- Revenue amounted to MSEK 2,035 (2,204), a decrease of 8%. Organically, revenue fell 7%.
- Adjusted EBITA was MSEK 117 (41) and the corresponding margin was 5.8% (1.8).
- Operating profit amounted to MSEK 94 (-33) including items affecting comparability of MSEK -8 (-29).
- Net loss for the period amounted to MSEK -7 (-119).
- Earnings per share before and after dilution amounted to SEK -0,88 (-4.04).
- Cash flow from operating activities amounted to MSEK 152 (77).
Strong result despite challenging market
I am very pleased that we despite a challenging market delivered a strong result in the second quarter. Volumes continued to be negatively affected by the current pandemic but the increased vaccination and easing of restrictions led to some recovery in volumes towards the end of the quarter. We also see a continued positive effect of the implemented cost-out program. All in all, given that they society keeps opening up, the future looks promising.
Positive development of the business
A key goal for Cabonline is to attract the best and most professional transporters and drivers in the market. Therefore, it is satisfactory to note that there is great interest from new transporters and drivers and that we see close to pre-pandemic levels when it comes to revenue per car in several regions.
In Sweden, Kammarkollegiet extended its agreement until 2023, a great recognition of our quality and competitiveness. In Norway, we won several new public contracts during the second quarter and as a result of the de-regulation in November 2020, the interest among transporters has increased considerably. Our jip concept, adapted for young professionals, also had a positive development with a record number of bookings during the quarter. In Finland, the business restructuring is proceeding according to plan and most of the vehicles are now transporter owned. It is also gratifying that we won the procurement of airport taxis from Helsinki-Vantaa starting 1 January 2022, which is expected to result in c. 150 new cars.
In June, the Cabonline apps were downloaded a record number of times - over 32,000. Our continuous focus on developing our products and concepts from a customer perspective continued with full speed during the quarter. This includes, for instance, app updates and significant improvements as well as optimisation of the entire payment flow for corporate travel account customers.
During the period, we also developed a Nordic initiative within the B2B segment where we will launch new competitive concepts and services to our corporate customers during the autumn.
During the second quarter, we were awarded several tenders, both new ones and previous assignments continued through gained trusts. Among them are school transports in Stockholm Stad, service transports in Sörmland, passenger transports in Västmanland, service transports for Västtrafik and patient transports in Sigdal and Trondheim. We appreciate the confidence that further strengthens us as the Nordic market leader in the B2P segment.
Active sustainability work
We remain committed to our ambitious sustainability goal of having a zero-emission vehicle fleet by 2030 and are accelerating the replacement of older fossil fuel vehicles. In Norway, the share of zero-emission cars is already 23% of the fleet. During the quarter, we also secured the planned need for electric and hydrogen vehicles for 2021. Through the new partnership with Everfuel and Toyota, we offer our transporters an attractive hydrogen alternative. Further actions taken to reach the zero-emission goal by 2030 include our increased used of electric cars in Stockholm, with Skoda ENYAQ as the first electric car approved for transportation of elderly people.
To be able to offer competitive mobility solutions to Nordic travelers within the different customer segments, the business will have to develop going forward. Cabonline will, as such, continue to work on improving our customer offerings and our operations to ensure favorable growth.
The second quarter ended positively, and we delivered a strong financial result. We are preparing to increase our vehicle capacity during the autumn to meet the expected increasing demand, especially in the Stockholm region. I am proud of the commitment and determination of all employees, partners, and drivers during this challenging period. The crisis has made our company even stronger and taught us how to take better and faster advantage of new opportunities. We are well prepared and feel optimistic about the future.
On behalf of the company's principal owner H.I.G, the Board of Directors and management have initiated a strategic review of the company's future, financing and development and has also engaged advisors to support in this process.
President and CEO
For further information, please contact:
Dag Kibsgaard-Petersen, CEO, tel. + 47 400 11 981, email@example.comThis 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 20, 2021.About Cabonline Group
Cabonline is the leading taxi company in the Nordic region with 2,500 connected transporters and approximately 4,300 vehicles in Sweden, Norway, Finland and Denmark. Cabonline contains 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 technological development and utilization of economies of scale, efficient service and shared infrastructure. The Group revenue in 2020 was approximately 4.2 billion. For further information: cabonlinegroup.com/en