INTERIM REPORT FOR
H1- 2022
CVR no.: 35 52 15 85
Page 1 af 11
H1-2022: 61% growth in revenue compared to last year. Significant
investments into the fleet
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.
During H1-2022, GreenMobility entered the Netherlands by acquiring Fetch Mobility located in Amsterdam
and launching in Düsseldorf & Cologne in Germany. Fetch Mobility was fully migrated into GreenMobility
during Q2 where all existing customers changed to the GreenMobility app, and the fleet was replaced with a
new fleet of EV’s. In addition to these new markets, GreenMobility had since end of 2021 planned an increase
of the fleet in Finland for a total of 150 cars and a renewal of 200 cars in Sweden. All these markets have
been impacted by delays in delivery of cars, due to the current global sourcing situation and production
delays on cars in general. While these delays haven’t impacted existing cities, it has delayed the plans for the
mentioned markets. By end of Q2, nearly all new cars have been delivered in all markets, and GreenMobility
is set for a second half of 2022 with a current fleet of 1,600 EV’s. The fleet end of 2021 was 1,040 EV’s.
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.
Page 2 af 11
Operational cities
Copenhagen is generating additional growth with a revenue per car of DKK 9,500 in Q2-22 compared to
DKK 8,000 in Q1-22. During Q1-22, GreenMobility finalised the renewal and increase of the fleet, for a total of
500 EV’s on the streets. During Q2, GreenMobility has introduced a small number of Polestars to support a
demand for other cars and for more luxurious trips.
Aarhus has also been increased in fleet size for a total of 140 cars today, and we have already seen a demand
for the additional cars. In Q2-22, the revenue per car was at DKK 6,400 compared to DKK 5,600 in Q1. The
new cars are expected to be fully phased in during second half of 2022.
Sweden continues its development with a revenue per car of DKK 4,000 in Q2-22 compared to DKK 3,400 in
Q1-22. At the end of Q2, the entire fleet in Sweden was replaced with new cars in the form of the ZE50 from
Renault, which has proven strong in Denmark with a longer range, and thereby supporting package-trips,
that are a favourite in Sweden. A total of 200 cars have been delivered, bringing the Swedish fleet size back
to its original level.
Belgium has as expected developed stronger coming out of Covid, which has previously impacted this
market. In Q2-22, revenue per car has grown to 4.500 compared to 3.500 in Q1-22. We expect this
development to continue going forward.
Finland is growing strongly, coming into the spring and summer period. In Q2-22, the average revenue per
car was at 5.000 compared to 3.000 in Q1-22. The market holds additional potential, so as reported in the
2021 Annual Report, the fleet has been changed for a new one and increased to 150 cars in total. These have
been delivered by end of Q2, which is later than expected due to delivery delays on EV’s. The new fleet is
expected to support an additional growth in revenue over the coming months.
Netherlands is one of GreenMobility’s new markets, where we operate in Amsterdam. Netherlands was
included through the acquisition of Fetch Mobility, completed in the beginning of 2022. The final migration
into the GreenMobility app & platform was done in May and throughout the process, GreenMobility has
experienced strong support from the existing customers. By end of Q2, a new fleet of initially 110 car was in
place and thereby supporting a continued growth in the market. Revenue per car in Q2-22 was at 5,000
compared to 4,800 in Q1-22 and illustrating the benefit of acquiring.an existing business.
Germany is a new market for GreenMobility, but an existing strong carsharing market. We launched initially
in Düsseldorf and Cologne in the beginning of Q2. The two cities are operating in connection, where
customers can start the trip in one and leave the car in the other. The fleet was initially 100 cars, which has
been increased to 300 during the summer period. The
launch of these two cities has been delayed due to
delays in delivering cars, despite cars being ordered
end of 2021.
Page 3 af 11
Notes on H1-2022 financial figures
Compared to H1-2021, external expenses have increased by 14.8 million, which is a result of increased usage
in existing cities and launch in new cities. This includes increased marketing but also increased fleet
operation with charging, parking (where relevant), insurance & platform cost, all in line with scaling of the
fleet. Likewise, depreciations have increased due to a larger fleet across all operating cities. Finally, the
income statement includes onetime project-related cost of DKK 2.2 million for strategic possibilities.
The balance sheet is mainly affected by the increase in the fleet. The new cars are financed by either leasing
or loans, depending on the market. From the existing facility GreenMobility has with the Danish Green
Investment Fund, an additional 58 million has been drawn for financing of cars in Sweden, Finland and
Germany. The remaining markets are financed through leasing contracts.
Assets have increased significantly, related to adding almost 800 new cars and replacing additional 200 cars
compared to H1-2021. Receivables have increased for this period, including subsidies and VAT in total of
estimated DKK 49 million, related to the purchase of new vehicles.
As a direct consequence of new cars, leasing liabilities have increased with DKK 47.5 million compared to
H1-2021 and loans with DKK 58 million. Trade payables are on short term related to cars being delivered over
the balance date.
Significant risks and uncertainty
GreenMobility continuously monitor possible increase in cost related to its operational business, specifically
increase in interest rates that will impact financial cost on the fleet as well as changes in prices on electricity,
spare parts and other general elements which is tied to the operational business. As of 30 June 2022,
changes were all in line with expectations.
Page 4 af 11
Key Figures for the GreenMobility Group
DKK ‘000)
2022
Q2
2022
Q1
2021
Q4
2021
Q3
2021
Q2
2021
Q1
2020
Q4
2020
Q3
2020
Q2
2020
Q1
Revenue
23,346
19,046
19,226
16,908
15,452
10,828
12,180
10,301
5,855
6,314
Other Operating
Income
513
301
2,797
322
281
317
3,887
284
163
172
Total Income
23,858
19,348
22,023
17,230
15,733
11,145
16,067
10,585
6,018
6,486
EBITDA
(6,870)
(9,825)
(3,740)
(6,120)
(6,705)
(11,666)
(21,464)
(5,980)
(8,191)
(7,797)
EBIT
(16,243)
(16,761)
(9,509)
(11,316)
(11,572)
(16,525)
(25,300)
(10,018)
(11,249)
(10,793)
EBT
(16,574)
(18,354)
(10,032)
(11,940)
(12,458)
(17,148)
(26,065)
(11,386)
(11,736)
(11,125)
Discontinued
operations
0
0
0
0
0
0
250
200
69
72
Earnings after
taxes
(16,574)
(18,354)
(10,032)
(11,940)
(12,458)
(17,148)
(25,815)
(11,186)
(11,667)
(11,053)
BALANCE SHEET
Total assets
347,544
263,365
266,105
120,437
105,628
120,437
147,232
126,743
113,005
81,226
Equity
109,235
125,763
144,084
51,032
24,381
34,903
51,290
(3,036)
8,151
19,016
Net working
capital
33,940
43,984
2,495
(1,903)
(8,502)
(2,255)
(8,264)
(5,010)
(3,158)
777
Net interest
bearing debt
150,980
56,076
(20,098)
60,195
59,657
60,195
43,584
116,581
44,896
43,294
KEY FIGURES
# of customers
195,932
179,173
158,600
147,665
134,650
123,680
115,744
103,600
93,320
88,839
# of trips
271,503
248,650
246,842
230,204
231,637
184,923
188,874
165,008
156,727
161,113
Avg. trip duration
(all trip types)
77
56
58
64
57
46
39
45
34
28
# ton of CO2
saved
528
368
381
348
347
244
282
173
168
152
Page 5 af 11
Income Statement
2022 H1
2021 H1
2022 Q2
2021 Q2
Note
DKK’000
DKK’000
DKK’000
DKK’000
Revenue
2
Other operation income
3
External Expenses
(42.326 )
(27.555 )
(22,170 )
(13.506 )
Gross profit/loss
(677 )
(1,688 )
Staff costs
(17.574 )
(17.695 )
(8,558 )
(8.932 )
Depreciation
(17.430 )
(9.726 )
(9373 )
(4.867 )
Operating profit/loss
(34.126 )
(28.098 )
(16,243 )
(11.572 )
Financial expenses
(802 )
(1.508 )
(331 )
(886 )
Profit/loss before tax
(34.928 )
(29.606 )
(16,574 )
(12.458 )
Tax on profit/loss for the year
Profit/loss
(34.928 )
(29.606 )
(16,574 )
(12.458 )
Discontinued operations
Profit/loss for year from discontinued
operations
Profit/loss
(34.928 )
(29.606 )
(16,574 )
(12.458 )
Distribution of profit/loss
Shareholders of GreenMobility A/S
(34.058 )
(28.345 )
(16,094 )
(11.849 )
Minority Interests
(870 )
(1.261 )
(480 )
(609 )
(34.928 )
(29.606 )
(16,574 )
(12.458 )
Proposed distribution of profit/loss
Basic earnings per share – continuing
operations
(7,89 )
(10,04 )
(3,75 )
(4,23 )
Diluted earnings per share – continuing
operations
(7,65 )
(9,57 )
(3,63 )
(4,03 )
Basic earnings per share
(7,89 )
(10,04 )
(3,75
(4,23 )
Diluted earnings per share
(7,65 )
(9,57 )
(3,63 )
(4,03 )
Average number of shares
Statement of comprehensive income
2022 H1
2021 H1
2022 Q2
2021 Q2
DKK’000
DKK’000
DKK’000
DKK’000
Profit/loss
(34.928 )
(29.606 )
(16,574 )
(12.458 )
Other comprehensive income
(79 )
Comprehensive income
(34.928 )
(29.685 )
(16,574 )
(12.039 )
Distribution of profit/loss
Shareholders of GreenMobility A/S
(34.058 )
(28.438 )
(16,094 )
(11.439 )
Minority Interests
(870 )
(1.247 )
(480 )
(600 )
(34.928 )
(29.685 )
(16,574 )
(12.039 )
Page 6 af 11
Balance Sheet
Assets
30.06.2022
31.12.2021
DKK’000
DKK’000
Software acquired
Intangible assets
Land and buildings
Cars
Property, plant and equipment
Deposits
Fixed asset investments
Non-current assets
Inventories
Inventories
Trade receivables
Other receivables
Receivables from related parties
Prepayments and accrued income
Receivables
Cash at bank and in hand
Current assets
Assets
Liabilities
30.06.2022
31.12.2021
DKK’000
DKK’000
Share capital
Retained earnings
Currency
Equity GreenMobility A/S
Equity Minority interest
(458 )
(1.076 )
Total equity
Lease liabilities
Loan
Non-current Liabilities
Lease liabilities
Loan
Trade payables
Payables to related parties
Other payables
Current Liabilities
Liabilities
Equity and liabilities
Page 7 af 11
Statement of changes in equity
Share
capital
Retained
earnings
Other
reserves
Share-
holders of
Green
Mobility
A/S
Minority
interests
Equity
Total
DKK’000
DKK’000
DKK’000
DKK’000
DKK’000
DKK’000
Equity 01.01.2021
Profit/loss
(49,433 )
(49,433 )
(2,145 )
(51,578 )
Other comprehensive
income
(598 )
(598 )
(598 )
Capital increase
Expenses related to
capital increase
(5,994 )
(5,994 )
(5,994 )
Share based
payment cost
Equity 31.12.2021
(1,076 )
Equity 01.01.2022
(1,076 )
Profit/loss
(34,058 )
(34,058 )
(870 )
(34,928 )
Capital increase
Other comprehensive
income
Share based
payment cost
Equity 30.06.2022
(1,646 )
Page 8 af 11
Cash Flow Statement
2022 H1
2021 H1
DKK’000
DKK’000
Operating profit/loss
(34.126 )
(28.098 )
Amortisation, depreciation and
impairment losses
Share based payment cost
Working capital changes
(31.444 )
Interest on leasing
(1.242 )
Discontinued operations
Exchange rate adjustments – other non-comprehensive income
Other non-cash operating activities
Cash flow from operating activities
(49.328 )
(15.989 )
Cars acquired
(73.094 )
(1.213 )
Software acquired
(602 )
(86 )
Furnishing of rented premises acquired
(91 )
Deposits change
Cash flow from investing activities
(73.427 )
(547 )
Financial cost excluding interest
on leasing liabilities
(561 )
Lease payments
(9.890 )
(11.071 )
Loan
Capital Increase
Capital Increase (Minority)
Cashflow from financing
(10.921 )
Increase/decrease in cash and cash equivalents
(76.433 )
(27.457 )
Cash and cash equivalents beginning
Currency translation effect on cash and cash equivalent
Cash and cash equivalents closing
Page 9 af 11
Notes
1. Summary of significant accounting policies
The interim financial statements of GreenMobility A/S are presented as a summary in accordance with IAS
34, Interim Financial Reporting, as approved by the EU and additional disclosure requirements for listed
companies.
The interim financial statements do not contain all notes from the annual report. This report should
therefore be read in the context of the latest annual report and other company announcements published
in 2022. The interim financial statements have not been audited or reviewed.
No interim financial statements have been prepared for the parent company. The interim financial
statements are presented in Danish kroner (DKK), which is the parent company's functional currency.
The interim financial statement is reported as a condensed financial statement in accordance with IAS 34.
Consolidation
The consolidated financial statements are prepared on the basis of financial statements for GreenMobility
A/S and its subsidiaries. The consolidated financial statements are prepared by aggregating accounting
items of a uniform nature. The accounts used for consolidation are prepared in accordance with the group's
accounting policies. Consolidation eliminates intra-group income and expenses, internal balances and
dividends as well as gains and losses on transactions between the consolidated companies. The subsidiaries'
accounting items are recognized 100% in the consolidated financial statements.
Minority interests
On initial recognition, minority interests are measured either at fair value or at their proportionate share of
the fair value of the acquired company's identifiable assets, liabilities and contingent liabilities. The choice of
method is made for each individual transaction. The minority interests are subsequently regulated for their
proportionate share of changes in the subsidiary's equity. The total income is allocated to the minority
interests, regardless of whether the minority interest thereby becomes negative.
2. Revenue split on markets
2022 H1
2021 H1
2022 Q2
2021 Q2
DKK’000
DKK’000
DKK’000
DKK’000
Revenue from own cars
42,392
26,280
23,346
15,452
Other revenue
814
0
513
0
Total revenue
43,206
26,280
23,858
15,452
Denmark
31,431
21,675
17,139
12,705
Sweden
3,428
2,549
1,795
1,494
Belgium
4,859
1,496
2,453
899
Finland
1,395
560
846
357
Germany
531
0
281
0
Netherlands
1,562
0
832
0
Total revenue
43,206
26,280
23,346
15,452
Page 10 af 11
3. Other operating income
2022 H1
2021 H1
2022 Q2
2021 Q2
DKK’000
DKK’000
DKK’000
DKK’000
Projects
815
150
513
60
Non-recurring operating
grants
0
448
0
221
Total revenue
815
598
513
281
4. Related parties
Group enterprises
Name Registred in Basis of influence
GreenMobility Sweden AB Gothenburg, Sweden 100% subsidiary
GreenMobility Finland OY Helsinki, Finland 100% subsidiary
GreenMobility Belgium NV Antwerp, Belgium 78,6% subsidiary
GreenMobility Gent BV Gent, Belgium 78.6% subsidiary
GreenMobility Germany GmbH Hamburg, Germany 100% subsidiary
Twist Mobility GmbH Stuttgart, Germany 100% subsidiary
Fetch Mobility BV Amsterdam, Netherlands 100% subsidiary
GreenMobility Austria GmbH Vienna, Austria 100% subsidiary
Related parties
Name
Registered in
Basis of influence
HC Andersen Capital Holding
ApS
Birkerød, Denmark
Tue Østergaard, Chairman of the
Board
Henrik Isaksen, HICO Group
ApS & Mobility Service Danmark
A/S
Denmark
Ownership 25.4%
Transactions between related parties and GreenMobility A/S. There have not been any changes to
agreements or other transactions between related parties since 31.12.2021.
5. Events after the balance sheet date
No material events have occurred after the balance sheet date that impact these interim financial
statements.
Page 11 af 11
Statement by the Board of Directors and Management
Executive Management Board of Directors
Forward looking statements
Matters discussed in this report may constitute forward-looking statements. Forward-looking statements
are statements that are not historical facts and that can be identified by words such as “aspirations”,
“believe”, “expect”, “anticipate”, “intends”, “estimate”, “will”, “may”, “continue”, “should”, and similar
expressions, as well as other statements regarding future events or prospects. Specifically, this report
includes information with respect to projections, estimates and targets that also constitute forward-
looking statements. The forward-looking statements in this report are based upon various assumptions,
many of which are based, in turn, upon further assumptions. Although the company believes that these
assumptions were reasonable when made, these assumptions are inherently subject to significant known
and unknown risks, uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other
important factors could cause actual events to differ materially from the expectations, projections,
estimates and targets expressed or implied in this report by such forward-looking statements. The
information, opinions and forward-looking statements contained in this report speak only as at its date,
and are subject to change without notice. GreenMobility A/ S expressly disclaims any obligation to update
or revise any forward-looking statements, except as required by law.