Year-end report 2022 Cabonline Group Holding AB (publ)

OCTOBER – DECEMBER

• Revenue amounted to MSEK 1,500 (1,341), an increase of 12%. Organically, revenue increased by 11%.

• Adjusted EBITA amounted to MSEK 58 (52), and the corresponding margin was 3.9% (3.9).

• Operating profit amounted to MSEK 34 (46), including items affecting comparability of MSEK -18 (2).  

• Net income for the period amounted to MSEK -29 (-8).  

• Earnings per share before and after dilution amounted to SEK -1.15 (-0.55).

• Cash flow from operating activities amounted to MSEK -3 (38).

JANUARY - DECEMBER 

• Revenue amounted to MSEK 5,491 (4,537), an increase of 21%. Organically, revenue increased by 20%. 

• Adjusted EBITA amounted to MSEK 218 (237), and the corresponding margin was 4.0% (5.2).

• Operating profit amounted to MSEK 154 (202), including items affecting comparability of MSEK -36 (-5).

• Net income for the period amounted to MSEK -137 (-4).  

• Earnings per share before and after dilution amounted to SEK -5.21 (-1.49). 

• Cash flow from operating activities amounted to MSEK -107 (220). 

• The Board of Directors proposes that no dividend is paid to the shareholders. 

CEO's comment

Recovery in the taxi industry during the year
Taxi travel increased during the year, driven by travel recovery following the dismantling of corona pandemic restrictions. We grew in all customer segments, and revenue per car was higher than before the pandemic. It is gratifying in a market marked during the year by geopolitical turmoil with increased interest rates, inflation and high fuel prices, but above all by the terrible Russian invasion of Ukraine.

In the fourth quarter, revenue increased by 12% compared to the same period last year. Revenue for 2022 amounted to MSEK 5,491, an increase of 21% compared to the previous year. As before, our priority has been maintaining a high level of service to our travellers, drivers and transporters. We have succeeded well with given challenges in meeting demand and a higher cost due to capacity shortages. Adjusted EBITDA for the year amounted to SEK 280 million, a decrease from the previous year's SEK 322 million. The adjusted EBITDA margin decreased to 5.1% compared to 7.1% the previous year. Operating profit was MSEK 154 compared to MSEK 202 in the previous year.

Capacity challenges for the industry
The transporter and driver shortage has been evident during the year for the industry. We have worked actively and tirelessly to retain, develop and attract the best transporters and drivers in the industry. It has had a good effect, and the number of connected transporters and cars increased during the year, but it remains a challenge. Disruptions in the supply chains of new cars and taxi technology also have limited capacity growth during the year, and we have not been able to increase the number of cars in line with the increase in demand.

Positive development of the business
During the year, we have continued to win many public tenders, and it is very gratifying that, for example, we have continued to have confidence in running the largest transport service in the Nordic region in Stockholm until March 2026. Other important procurements we have won during the year are patient trips in Oslo, service trips in Oulu and school transport in Fredrikshavn.

Cabonline has good underlying growth. This shows customer growth with 348,000 new app customers during the year, and revenue from app customers increased by 50% compared to the previous year. The volumes for the B2B segment have developed positively during the year and increased by 27% compared to last year, and we see good opportunities to continue developing the B2B concept. Our unique Flygtaxi concept has also increased as air travel has grown. The number of bookings increased by 120% compared to the previous year, and we will expand Flygtaxi to more cities in the Nordic region in 2023.

Our app travellers are happy to travel with us in 2022, giving us a rating of 4.55 compared to 4.49 the previous year on a five-point scale. Our drivers, transporters and employees are absolutely crucial to the result, and our work to improve further continues tirelessly.

In December, we initiated a new collaboration with iCabbi to gradually implement a new booking and traffic management platform in 2023 and 2024. It is a market-leading cloud-based SaaS platform and a crucial part of Cabonline's strategy and business plan. It will provide ample opportunities to accelerate growth, improve service quality and develop our product concepts for transporters, drivers and travellers, mainly through higher automation, optimisation and user-friendly interfaces.

Sustainable steps towards future growth
The goal is to position Cabonline as the leader in sustainable taxi travel. Important parts of this ambition are to reduce our CO2 emissions and increase the availability of fossil-free vehicles in our fleet. During the year, the number of electric vehicles in Cabonline increased by 132%.

During tthe year, we, therefore, took new steps in our ambitious sustainability agenda and undertook three important corporate sustainability goals in line with the Science Based Targets initiative (SBTi); 1) increase the share of fossil fuel-independent vehicles, 2) reduce CO2e emissions in line with the 1.5-degree scenario (Paris Agreement) and 3) increase the share of vehicles with alco ignition.

Creating an even more inclusive corporate culture is one of the cornerstones of our sustainability work. To further promote our diversity and inclusion, we have carried out extensive training and certification during the year to increase our competence within Cabonline so that our operations even better reflect and serve our multifaceted and multicultural world.

One direct result of our systematic work with diversity and inclusion is an increase in all 13 parameters in our quarterly employee surveys. With satisfied and committed drivers, transporters and employees, we have a solid and sustainable platform to continue to grow and develop.

Long-term financing
Cabonline has, as previously communicated, worked during 2022 to secure its funding. An ESG bond with space of SEK 2,000 million, of which SEK 1,650 million was utilised, was issued in April at an interest rate of STIBOR 3m +9.5% and was listed on NASDAQ Stockholm on September 26.

Future
We are pleased to note that Cabonline is showing growth, thanks to its strong position as the market leader in the Nordic region. With our focus areas and corporate culture, we are determined to continue to develop the Nordic region's leading taxi companies into an even stronger and more sustainable business that creates value for all stakeholders. For example, through the implementation of our new booking and traffic management platform and continue our work to become an even better partner for our customers, transporters and drivers.

The outlook is obscured by the uncertain macroeconomic situation in the world, with high inflationary pressures, runaway energy prices and geopolitical uncertainties. Therefore, we are entering 2023 with great humility and restraint in our expectations.

My colleagues and our connected transporters and drivers work hard and do their absolute best to make every part of the customer journey as good as possible. I am very grateful for everyone's efforts and thank all our customers and travellers for the trust we enjoy.

Dag Kibsgaard-Petersen
President and CEO

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 February 17, 2023.

About Cabonline Group:
Cabonline is the leading taxi company in the Nordic region, with ~2,500 connected transporters and ~4,900 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 SEK 5.5 billion. For further information: cabonlinegroup.com/en