H1-2022 Interim Report – 61% growth in revenue compared to last year. Significant investments into the fleet
Company Announcement no. 113 – 2022
Copenhagen, August 18th, 2022
H1-2022 Interim Report – 61% growth in revenue compared to last year. Significant investments into the fleet
Today, the Board of Directors and the Management have approved the interim financial report for the financial period 1 January 2022 – 30 June 2022 for GreenMobility A/S.
The first half of 2022 generated a revenue growth of 61% compared to same period last year, where 54% was in existing cities. Total revenue for H1-2022 was DKK 42.4 million. GreenMobility continues to generate growth across all existing markets compared to same period last year and Q1-2022. In H1-2022 GreenMobility significantly added to the fleet in key cities and renewed the fleet throughout the network. GreenMobility maintains guidance of DKK 100-110 million in revenue and a net loss of DKK (60-70) million.
Result before tax was negative with DKK (34.9) for the first half year of 2022, compared to DKK (29.6) in the first half year of 2021. The result is in line with expectations and developments in existing and new cities with start-up in two German cities and migrating the acquired Dutch company fully in Q2.
Q2-2022 compared to Q1-2022
Figures include all operational cities:
- Revenue grew by DKK 4.3 million or 23% to DKK 23.3 million (+51% compared to Q2-2021)
- Customers grew by 9% to 195,932 (+46% compared to Q2-2021)
- Trips grew by 9% to 271,503 (+17% compared to Q2-2021)
- Saved CO2 by the fleet grew by 43% to 528 tonnes
Funding & liquidity
During specifically Q2-2022, GreenMobility has invested in approximately 650 new cars (in addition to the ones added under leasing contracts), which has generated a receivable for a total of DKK 49 million related to subsidies and VAT refunds. Combined with the cash at hand of DKK 53 million and short-term liabilities of DKK 30 million, the company has an adjusted cash & cash equivalents of DKK 72 million, to support the operation. This supports the announced plans of having sufficient funding well into 2023.
Guidance
GreenMobility maintains its financial guidance for the financial year 2022, with revenue of DKK 100-110 million and net result of DKK (60-70) million. The commercial expectation of launching 2-4 new cities is suspended, directly due to the current supply situation on new electric vehicles, which can make it challenging to launch new cities, despite several targeted possibilities.
For the full details, please see attached H1-2022 Trading Statement.
Contact and further information
Anders Wall, Group CFO, , e-mail:
About GreenMobility
GreenMobility offers modern urbanites easy, flexible, and sustainable transport in the form of electric shared city cars. Users have access to these cars via the GreenMobility app. Trips are paid per minute, through minute packages, on a daily basis or through a subscription. Today, GreenMobility operates a total of 1,600 EVs in Copenhagen, Aarhus, Malmö, Gothenburg, Antwerp, Gent, Brussels, Helsinki, Amsterdam and several German cities. More than 195,000 people are registered as customers at GreenMobility.
Driven by global megatrends, GreenMobility sees a rapidly growing market for carsharing in large cities that demand green transport for their citizens and aim to reduce the number of private cars. GreenMobility’s ambition is to be among the leading global operators of green shared mobility solutions. GreenMobility is publicly listed for trading on the Nasdaq Main Market Copenhagen in Denmark.
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