Donkey Republic concludes loan restructuring of existing loans following successful negotiations with lenders
Company announcement No. 13 - 2023
Donkey Republic has agreed with its major lenders to restructure the repayment plans in order to improve its liquidity position in 2023 and 2024. This has been a key step to ensure the successful execution of the revised strategy, leading to a positive EBT in 2024.
Having finalized this now means Donkey Republic has completed the three key drivers outlined in company announcement no. 08-2023 that were necessary to be on track with the company's 2024 guidance.
- Repayment conditions of loans have been renegotiated which will free up liquidity in 2023 and 2024 to secure execution of the revised strategy
- The capital raise was carried out as a private placement, raising gross proceeds of 1.5M EUR (company announcement no. 9-2023)
- HQ cost reductions have been carried out in May to reflect the revised growth ambitions
Management sees the company in a good position to achieve the projected positive EBT for 2024 pursuing consolidated growth at sustainable margins without further need of additional funding. The company will continue to monitor and assess opportunities for funding enabling next level growth. The assumptions behind the guidance laid out in the annual report remain valid.
Current guidance for 2023 and 2024:
2023
Revenue: 13M-15M EUR
EBITDA: 1.2M-1.4M EUR
EBIT: Negative 2.0M-1.8M EUR
2024
Revenue: 17-22M EUR
EBITDA: Positive
EBIT: 5%-10% of revenue
CONTACT INFORMATION
DonkeyRepublic Holding A/S
Skelbækgade 4, trappe B, 4. sal.
1717 København V
www.invest.donkey.bike
Niels Henrik Rasmussen, CEO
investor@donkeyrepublic.com
Subscribe to the company announcements at:
https://invest.donkey.bike/donkey-republic-company-news/
Financial and Certified Adviser:
Clearwater International
Andreas Lauth Lauridsen
Dampfærgevej 8, 1. floor
DK-2100 Copenhagen
certified.adviser@cwicf.com
www.clearwaterinternational.com/dk
About Donkey Republic
Founded in 2014, Donkey Republic is a Danish purpose driven impact company active in the micro mobility industry. Donkey Republic provides a flexible, affordable and more sustainable way of transportation to the citizens by partnering with the cities.
Donkey Republic is a data driven technology company facilitating bike sharing, and we are able to provide cities and citizens a reliable bike sharing service. Sustainably at its core integrates with the city’s public transportation system, by pursuing innovation Donkey Republic develops end-to-end products and services that solve city and riders problems. Riders are able to enjoy a more convenient and high quality ride, with our bike and ebike fleet, designed for durability and optimal maintenance through our servicing software platform. This collaborative dedicated software solution together with our bikes, seeks to improve people's health & well-being, the environment, reducing traffic congestion across cities as well as public space optimisation.
Donkey Republic is a publicly traded company listed on the Nasdaq First North Growth Market. The company was listed in 2021 to onboard investors and support its growth and expansion into the European Market, and to continue securing its foothold and developing its market position in the European Micro mobility space. With thousands of Donkey bikes successfully implemented, Donkey Republic aims to grow its business and fulfill its vision of making urban city life quality better through responsible bike sharing.