Matsmart-Motatos’ Global Annual Results 2022. Adapting to changing market conditions; focusing on financial sustainability in the Nordics and balanced growth in Germany and the UK

On June 28 2023, the 2022 annual report was approved by the company's Board Committee and auditor. Below is a summary of the highlights.

Jan to Dec 2022 Financial KPIs

• The Group revenue amounted to SEK 889 MSEK, an increase of 23% (46) from 2021 (722). 
  • Nordics: Revenue amounted to MSEK 605 (548)
  • Germany: Revenue amounted to MSEK 267 (174)
  • UK: Revenue amounted to MSEK 18 (n.a.)
• The Group annual result after financial items landed at MSEK -422 (-186)
• The equity / assets ratio at the end of the year was 74% (80%) for the Group 
• The company raised 400 MSEK (€38m), at an attractive uptick valuation, through a new issue of shares to new and existing shareholders. The financing round was jointly led by SEB Private Equity, Matsmart-Motatos largest owner, and Exor Capital who have increased their investment substantially since the fund’s initial investment in the series C-funding round in November 2021. The financing round brought total funds raised to over €130 million. 

Jan to Dec 2022 Positive Impact KPIs

• The Group recirculated a total of 25 761 (20 928) tonnes of food and consumer products contributing to net savings in carbon emissions amounting to over 19 000 (15 000) tonnes of CO2e
• In Sweden 13 375 (10 954) tonnes of food and consumer products were recirculated, in Finland 1 778 (1 600), in Germany 9 050 (7 567), in Denmark 1 159 (808) and in the UK 399 (n.a.) 

Important events after the end of the year:

• Q1 2023 was once again the strongest performing one in company history and the first profitable one for the Swedish market.
• In March, Austria was launched, the sixth European market. The market entry has run smoothly with operations running from Germany. 
• During the spring 2023 key appointments have been made to fortify the Management team and Board of Directors. Kris Beyens, CFO at Wolt, has assumed the position as Chairman of the Board, Sofie Zettergren, ex CFO at Storytel, has been appointed CFO, and Martin Hill, ex Product Area Manager at H&M Group, has been appointed CPO.

Comments from Matsmart-Motatos' CEO Karl Andersson:

“I am extremely proud of our team’s performance and adaptability last year. The current market conditions are without comparison in our nine year history. 

Last year started with substantial investments in growth in Germany, launching in the UK and the opening of our automated Nordic warehouse in Örebro. As we saw the geopolitical situation escalating the broad economic downturn, which also largely dried up general access to capital, we shifted strategies after the first two quarters. The decision we took was to focus entirely on profitable growth in our home market and adjust our investments in our growth markets to extend our runway. We are sticking close to our core and will surface strong when the economy turns north again. As I said at this time last year: sustainable offers at affordable prices will continue to have a clear place in the broad consumer segments.” 

CEO Peter Beckius’ Comments on Developments in: 

The Nordics: “In 2022, the main focus in the Nordic region has been sustainable and profitable growth - and measures taken have already paid off. Sweden turned profitable in the first quarter of 2023. A major contribution to this development was the move and automation of the warehouse operations that was completed in March last year. The project was a success - despite global supply chain challenges, the warehouse was completed on time and within budget. Not only did this investment pivot the profitability equation to our benefit, we also got to keep the majority of our staff from the previous warehouse in the move. That, alongside the stellar logistics, is something we are very proud of.”

Germany: “We have continued to invest in growth in 2022 and our offer keeps being very relevant to the German consumers. This is not least reflected by the increase in our active customer base, which grew by 80 000 and our revenue increase of 100 million SEK. Our next important milestone to be able to accelerate growth while also improving profitability is to automate the German warehouse operations.”

UK: “We could not have hoped for a better reception from the UK market. In the current economic climate we have been able to quickly raise awareness around our presence and build our supplier base. The first six months we saved close to 400 tonnes of food and consumer products. Not bad for a newcomer.”                                        

Hanna Thofelt Lindström
Head of Communications and Impact
+46763161207
hanna.thofelt.lindstrom@motatos.com

About 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 six markets: Sweden, Finland, Denmark, Germany, the UK and Austria. 

Motatos’s total revenue 2022 amounted to 889 million SEK. The company has raised over €130 million in capital from outside investors since it was founded. Among others, Motatos is backed by SEB Private Equity, Exor Capital, Northzone, Edastra, LeadX Capital, Gullspång Re:food Invest, London based Blume Equity and Norrsken VC. 

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