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Interim report January – June 2024 Cabonline Group Holding AB (publ)

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APRIL – JUNE

  • Revenue amounted to SEK 1,225 million (1,472 million April-June 2023), a decrease of 17%. Organically, revenue decreased by 17%.
  • Adjusted EBITA amounted to SEK 41 million (62), and the corresponding margin was 3.3% (4.2).
  • Operating profit amounted to SEK 30 million (47), including items affecting comparability of SEK -8 million (-8).
  • Net income for the period amounted to SEK -36 million (-23).
  • Earnings per share before and after dilution amounted to SEK -0.01 (-0.99).
  • Cashflow from operating activities amounted to SEK 0 million (42).

JANUARY – JUNE

  • Revenue amounted to SEK 2,512 million (2,922 million January-June 2023), a decrease of 14%. Organically, revenue decreased by 13%.
  • Adjusted EBITA amounted to SEK 88 million (120), and the corresponding margin was 3.5% (4.1).
  • Operating profit amounted to SEK 74 million (103), including items affecting comparability of SEK -9 million (-3).
  • Net income for the period amounted to SEK -62 million (-32).
  • Earnings per share before and after dilution amounted to SEK -0.01 (-1.60).
  • Cash flow from operating activities amounted to SEK -50 million (98).

Significant events during the reporting period

On 2 April 2024 the Board of Directors at Cabonline Group Holding AB announced that they had appointed the Company’s Chief Operating Officer, Charlotta Söderlund, as acting President and CEO. Dag Kibsgaard-Petersen thus left the company.

On 3 April 2024 the Swedish Companies Registration Office (Bolagsverket) gave permission to merge the companies Taxi Helsingborg AB and Taxi Skåne AB into Caboline Region Syd AB.

On 4 April 2024 Cabonline appointed Erik Skånsberg as the new CFO, starting on 15 April. Fredrik Lundqvist thus left the company.

Significant events after the end of the reporting period

On 25 July 2024 the Board of Directors at Cabonline Group Holding AB announced that they had appointed Charlotta Söderlund to President and CEO. Charlotta Söderlund has been acting in this position since 2 April 2024 and been employed by Cabonline since 2017.

CEO's comment

Embracing opportunities and achieving milestones

In the second quarter of 2024, Cabonline faced significant market and capacity challenges, particularly in the consumer (B2C) segment, where an oversupply of taxis created challenging conditions for transporters and drivers.

Despite these hurdles, we have taken strategic steps to adjust our revenue model, with the aim of increasing revenue for riders and drivers. While this has negatively impacted our margins in the short term, it creates a solid foundation for long-term sustainable profitability for transporters, drivers and Cabonline.

Our focus on quality is showing positive results, as reflected in the high level of customer satisfaction among our app users. In addition, we are proud to have reached an important milestone by commencing the implementation of our new booking and dispatch platform during the quarter.

Cabonline achieved a turnover of MSEK 1,225 in the second quarter, compared to MSEK 1,472 in the same quarter last year. Operating profit amounted to MSEK 30, compared to MSEK 47, representing a decrease of 35%. Adjusted EBITDA decreased by 34% in the second quarter compared to last year's.

Developments during the quarter
Our quality initiative, focused on improving service and punctuality, continues progressing well. Our app travellers have given us an impressive rating of 4.64 out of 5.

Our focus on the business travel customer group (B2B) is proving successful, with a 35% increase in new corporate contracts compared to the same quarter last year. In addition, revenue for our unique Flygtaxi concept increased by 3% year-on-year despite a 12% decline in Swedish domestic air travel over the same period.

We have also secured new and renewed public procurement contracts (B2P) at higher prices than before, thanks to tougher entry requirements and higher quality requirements, favouring Cabonline. Notable contract wins include passenger transport for Region Västmanland, service travel for Borås municipality, school transport in Vantaa, and service travel for the police in Norway.

In the second quarter of this year, B2C travel decreased by 30% compared to last year. The market is characterised by an oversupply of taxis, especially in Stockholm, where the number of taxis increased by 11% in 2023, according to the Swedish Taxi Association's report "Branschläget 2024". The B2C market is also affected by macroeconomic factors contributing to hesitant demand. Cabonline faced capacity constraints during periods of high demand, preventing us from meeting all customer needs. 

Sustainability and responsibility
Our sustainability efforts continue to progress in line with our validated climate targets under the Science Based Targets initiative (SBTi). The share of electric cars in our fleet has increased to 32%, and the share of fossil fuel-independent passenger cars (electric and biogas cars) has reached 60%. This exceeds our bond KPI target, which was set at 40% for 2024. We have also finalised both the DMA and GAP processes under ESRS/CSRD, and we will continue to develop our processes for the identified qualitative and quantitative sustainability issues that Cabonline both impacts and is impacted by.

Looking ahead
The initial implementations of our new booking dispatch platform represent a significant milestone for Cabonline. While much work remains to be done, this marks a major step towards realising our potential as a leader in the taxi industry.

We continuously optimise our organisation, adjust our cost base, and make selective investments to strengthen our margins and build a stronger Cabonline for the future. Our dynamic commercial agenda drives rapid development and improves the experience for travellers, customers, drivers, transporters and employees.

I want to thank all our colleagues, drivers and transporters for their commitment and hard work. I would also like to thank our travellers and customers for their continued trust in us. As we move into the autumn, we look forward to continuing to welcome our passengers.

Stockholm August 2024
Charlotta Söderlund
CEO and President

For further information, please contact:
Charlotta Söderlund,  CEO, phone +46 70 453 77 70, charlotta.weigel@cabonline.com
Erik Skånsberg, CFO, phone +46 79 062 38 84, erik.skansberg@cabonline.com

About Cabonline Group:
Cabonline is the leading taxi company in the Nordic region, with ~2,200 connected transporters and ~4,000 vehicles in Sweden, Norway, Finland and Denmark. Cabonline operates a series of well-known brands, such as TaxiKurir, Taxi Skåne, Umeå Taxi, Sverigetaxi, TOPCAB, Norgestaxi, Kovanen, Fixu Taxi and Flygtaxi. Through Cabonline, transporters can access attractive customer agreements, support from industry-leading technology and efficient services where shared infrastructure delivers economies of scale. In 2023, Cabonline’s revenue was approximately SEK 5.6 billion. For further information: cabonlinegroup.com/en

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