Cabonline Group Holding AB (publ) Interim report January to September 2021
Nov 26, 2021
JULY – SEPTEMBER 2021
- Revenue amounted to MSEK 1,162 (970), an increase of 20%. Organically, revenue increased by 19%.
- Adjusted EBITA amounted to MSEK 68 (7), and the corresponding margin was 5.9% (0.7).
- Operating profit amounted to MSEK 61 (-16), including items affecting comparability of MSEK 1 (-15).
- Net income for the period amounted to MSEK 11 (-80).
- Earnings per share before and after dilution amounted to SEK -0.05 (-2.58).
- Cash flow from operating activities amounted to MSEK 38 (-22).
JANUARY – SEPTEMBER 2021
- Revenue amounted to MSEK 3,197 (3,174), an increase of 1%. Organically, revenue increased by 1%.
- Adjusted EBITA was MSEK 185 (48), and the corresponding margin was 5.8% (1.5).
- Operating profit amounted to MSEK 156 (-49) including items affecting comparability of MSEK -7 (-44).
- Net income for the period amounted to MSEK 4 (-199).
- Earnings per share before and after dilution amounted to SEK -0,93 (-6.62).
- Cash flow from operating activities amounted to MSEK 190 (56).
Strong start to autumn for the largest taxi group in the Nordic region
Cabonline experiences an increase in demand in all customer segments and all markets in which the company operates, where revenues increased by 20 per cent compared to the same period in 2020. Although the total volume remains considerably lower than before the pandemic, it is clear that the market has started to recover. An important part of the positive development of the business is the access to our large vehicle fleet. With our vehicle fleet, we have managed to meet the increased demand and offer good accessibility to our travellers even though capacity has not yet reached the same levels as before the pandemic. The improved market has increased the revenue per car for our connected transporters. During the quarter, the number of new app users also increased by 79,000, showing that the market rewards smooth and safe travel with a serious player in control. However, we note that the recovery has created some organisational challenges, primarily for our customer service but we also need to further increase the number of drivers and the vehicle fleet to meet demand, which is why these areas are a top priority.
The restructuring of the operations in Finland is proceeding according to plan, and the goal of only carrying out taxi journeys through subcontractors has now been achieved. During the quarter, the vehicle fleet in the Danish operations reached a new peak in the number of connected vehicles. Furthermore, the transfer of the Danish operations into Cabonline's common technology platform is on its way. The project is assumed to be completed in the fourth quarter. In Norway, the fleet increases, and the number of vehicles is the highest since 2017. In Sweden, the Group functions have been co-located to premises in Solna, creating even better conditions for continued improvements of quality and efficiency within the Group.
Essential public services
We once again demonstrated our competitive offering during the quarter by being awarded several tenders for new public customers as well as keeping confidence from the existing customers. For example, Malmö city has extended its contract for transportation service and school trips with Cabonline until 2024. In addition, public customers in Uppsala, Bergen and Ålesund have also chosen Cabonline as a supplier in multi-year agreements.
Sustainability work continues
During the quarter, the share of electric cars increased by 19 per cent. This development is significant in our sustainability work, and we are putting great effort into increasing the pace of transition to a fossil-free vehicle fleet. Furthermore, we are continuously working with selected partners to become climate neutral by 2030 as municipalities and regions accept more electric car models for the performance of the services procured. As a result, Cabonline's share of electric vehicles is increasing. In this context, I would like to highlight the vital cooperation Cabonline has with E.ON, Volvo, Mercedes-Benz and SKODA with investments that enable more electric cars and better charging infrastructure.
Significant challenges for the industry to increase capacity
The taxi industry is one of the industries most affected by the pandemic. As a result, many transporters had to lay off drivers and get rid of parts of their vehicle fleets. The Swedish Taxi Association estimates that there is currently a lack of 30–40 per cent of the driver capacity needed to meet market demand. As a result, Cabonline has implemented important initiatives such as new driver training, driver re-certification, and marketing campaigns to retain, develop, and attract the best riders and drivers in the industry.
The increased travel we are now experiencing gives us an optimistic view of developments for the coming months. Even so, there are still uncertainties like how the business travel will develop during the autumn. Together with a strong team of drivers, transporters, and colleagues, we strive to continue to be the leading Nordic player in sustainable transportation while still recovering from the pandemic. We need to continue on the hard work and make adjustments along the way. Nevertheless, we will succeed thanks to our fantastic team, strong brands, high-quality requirements for our delivery and sustainability work.
In the April-June 2021 interim report it was announced that Cabonline's principal owner H.I.G, the Board of Directors and management, supported by advisors, had initiated a strategic review of Cabonline's future, financing and development. The strategic review has continued during the quarter.
President and CEO
For further information, please contact:
Dag Kibsgaard-Petersen, CEO, tel. + 47 400 11 981, firstname.lastname@example.org
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 26, 2021.
About Cabonline Group
Cabonline is the leading taxi company in the Nordic region with 2,500 connected transporters and approximately 4,400 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