Correction: Movinn Annual Report 2021
56% growth and general performance in line with expectations and previous communicated guidance.
Correction: Previous announcement was missing a reference to inside information. No other corrections have been made.
Company Announcement no. 9 - 2022 (Corrected)
This company announcement contains inside information.
Copenhagen, Denmark - The Annual Report covering results from 1 January - 31 December 2021 has been audited and approved by the Executive Management and the Board of Directors.
In November 2021 Movinn completed in initial public offering (IPO) on the exchange Nasdaq First North Denmark raising gross proceeds of 30.45 mDKK. The Company experienced normalized market conditions from Q3 after coming out of two years of on-and-off Covid19 lockdowns.
The Company has realized revenues of 56 mDKK (36 mDKK in 2020) corresponding to a 56% growth rate. 56 mDKK is in the high end of the guidance previously communicated to the market in the Company's Interim report from the third quarter of 2021.
Realized EBITDA, before one-off costs relating to the IPO, was 6.040 mDKK which is in line with the guidance previously communicated to the market. Realized EBIT, before one-off costs relating to the IPO, was 1.75 mDKK which is in line with the guidance previously communicated to the market.
After the year's end we secured the first units in our first international market in Malmö (SE) and we are launching the subsidiary in Q2 of 2022. This means that we are executing on our long-term strategy to launch 1-2 new markets a year until 2025. We have secured 60% of the growth pipeline in existing markets and on that we expect to reach our strategic target of adding 20% growth in unit numbers (roughly 60 units) in 2022.
Business Highlights in 2021
- Completed an IPO on Nasdaq in November generating gross proceeds of 30.45 mDKK.
- Completed an acquisition of Copenhagen-based colleague in April.
- Normalized market conditions in the second half of year after two years of on-and-off Covid19 lockdowns.
- Net increase in unit number of 78, taking our total portfolio to 298 units at year's end. The increase is corresponding to a 35.5% growth in unit number.
- Vacancy rate of 10.5%
- Secondary product, Movinn Co-Living, is growing in parallel with the core business.
- Strategic targets of launching new markets and growing the domestic pipeline is moving along in line with expectations.
Financial Highlights in 2021
- Realized revenue of 56 mDKK (36 mDKK in 2021) corresponding to a 56% growth rate.
- Realized EBITDA, before one-off costs to the IPO, of 6.040 mDKK corresponding to a 10.7% EBITDA margin.
- Realized EBIT, before one-off costs to the IPO, of 1.75 mDKK corresponding to a 3.1% EBIT margin.
- Cash Conversion Rate of 128%.
- Realized revenue pr. unit of 188,792 DKK / year.
- ROIC of 6.4%
Guidance for 2022
- Revenues between 67 mDKK and 72 mDKK, corresponding to a growth rate between 19% and 28% (56 mDKK in 2021).
- EBITDA from operations between 10 mDKK and 12 mDKK (6.04 mDKK in 2021)
- EBIT between 5.5 mDKK and 7.5 mDKK. (1.75 mDKK in 2021).
- Unit number EOY between 360 and 365, corresponding to an increase between 62 and 67 (78 in 2021).
- New markets: Launch in Malmö (SE) in Q2.
CEO, Patrick Blok states:
"2021 was an eventful year. We completed an acquisition in the spring and we completed an IPO in November. But most importantly, we were extremely happy to put Covid19 and two years of on-and-off lockdowns behind us. We have seen normalized market conditions from the beginning of the third quarter with solid demand and a good diversification across client segments. So now we are looking ahead. We are performing in line with expectations, we are executing on our long-term strategy securing the growth pipeline in existing markets and we are working tirelessly to launch new markets at a meaningful pace".
Disclosure regulation
The attached Annual Report contains forward looking guidance. Such guidance is subject to risk and uncertainties as different factors, some of which are beyond the control of Movinn, may cause the actual development and results to differ from forward looking expectations.
Contacts
Patrick Blok
CEO, Movinn A/S
+45 28940879
Certified Advisor
Per Lönn
Västra Hamnen Corporate Finance AB
About Movinn
Founded in October 2014, Movinn A/S has grown to become one of Denmark's leading providers of fully serviced apartments, delivering space-as-a-service to mainly large domestic and international corporations and organizations. To stay at the forefront of trends in the real estate and serviced living industry - and to diversify activities - the company has created a house of brands that cover both traditional and emerging client segments.
Inhouse, the company has created a highly integrated value chain and comprehensive tech-products (several software platforms & IoT hardware) to help provide the best possible service and quality to the company's clients and to help scale profitable growth. Movinn has a strong presence in Denmark, covering Aarhus, Odense and Copenhagen (the latter being the largest and primary market), and the company is planning to expand its operations into new European destinations.
Movinn A/S has received approval for admission to trading of its shares on Nasdaq First North Growth Market Denmark under the ticker “MOVINN”.