Matsmart-Motatos' consolidated results in 2023: Turnover of over 1 billion SEK with improved cash flow
On 30 May 2024, the annual and sustainability report for 2023 was adopted by the Annual General Meeting with shareholders. Growth during the year was 17 per cent and the transition to profitability has taken effect. Below is a summary of the highlights of the year.
Jan - Dec 2023 financial key figures
· The Group's turnover totalled SEK 1043 million, an increase of 17% (23%) compared with 2022 (SEK 889 million).
o Nordics: turnover totalled SEK 678 (605) million
o DACH: turnover totalled SEK 334 (267) million
o United Kingdom: turnover totalled SEK 31 (18) million
· The Group's result after financial items totalled SEK -374 (-422) million
· The Group's equity ratio at year-end was 80% (74%)
· The company raised SEK 460 million (EUR 40 million) in a growth round led by the world's largest circular investor Circularity Capital and supported by existing shareholders. With the funding round, Matsmart-Motatos has raised over SEK 1.8 billion in total.
Jan - Dec 2023 positive impact
· The Group recirculated a total of 21,858 (25,761) tonnes of food and consumer products, contributing to a net saving of over 19,000 (19,000) tonnes of CO2e. The decrease in the number of tonnes recirculated is mainly due to stricter internal criteria for the classification of the saved range.
Development 2024
· Efforts to make it easier for consumers to choose saved first, not least by developing better and more personalised customer experiences.
· The German warehouse is being rebuilt and automated, which will significantly increase order profitability for the DACH region.
· Continued efforts to improve profitability, with increased profits in Sweden and a profitable Nordic region within reach. With unit economics supporting profitability, profitability will increase with increased volumes.
Comments from CEO Peter Beckius:
“2023 was a tough year, both for consumers, who had less money to spend and for e-commerce in general, with inflation and rising costs. Online food growth stalled in Europe, and in some markets, such as Sweden, growth was negative. From that perspective, I am extremely proud of our performance. In this rather tough market, like many circular concepts, we have continued to grow. Today, Matsmart-Motatos is Europe's leading circular e-commerce for food, and although we still have some way to go to achieve profitability at the Group level, the trend is pointing in the right direction. The changes we launched last year have started to have an effect. We have a clear plan to reach profitability and we will continue to work to ensure that more people choose saved food first.”
CEO's comments on developments in:
The Nordic Region:
“We are currently seeing increasing profits in Sweden and a profitable Nordic region within reach. Demand for circular food in the Nordics continues to be strong and profitability at the order level is good. With increased volumes, profitability will continue to improve as we get a positive spiral in several stages. The Matsmart-Motatos brand is strong in our home markets.”
The DACH Region:
“In February, we opened the doors to our Austrian e-commerce - run entirely by our German team and shipped from our German warehouse. Germany continues to grow steadily. A milestone during the year was the start of construction of our German automated warehouse, which will be operational by the end of 2024. Automation is crucial for our long-term profitability in the DACH region.”
Sources:
EuroCommerce Retail & Wholesale and McKinsey & Company (2024). Signs of Hope—The State of Grocery Retail 2024: Europe. [online] McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-grocery-europe.
PostNord & HUI Research (2024). E-barometern 2023 Årsrapport . [online] PostNord. Available at: https://www.postnord.se/foretag/foretagslosningar/e-handel/e-barometern.
Hanna Thofelt Lindström
Head of Communications and Impact
+46763161207
hanna.thofelt.lindstrom@motatos.com
About Matsmart-Motatos:
Matsmart-Motatos is a fast-growing, impact-led D2C e-commerce brand battling global food waste by driving change within the food industry. Motatos sells groceries online, helping the big producers of FMCG offload their surplus inventory, reducing waste in the value chain and making their businesses more sustainable. Launched in Sweden in 2014, the company currently operates in five markets: Sweden, Finland, Denmark, Germany and Austria.
Matsmart-Motatos total revenue 2023 amounted to 1043 million SEK. The company has raised over SEK 1.8 billion in capital from outside investors since it was founded. Among others, Matsmart-Motatos is backed by SEB Private Equity, Circularity Capital, Exor Capital, Northzone, Edastra, LeadX Capital, Gullspång Re:food Invest, London based Blume Equity and Norrsken VC.
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