INTERIM REPORT FOR
H1- 2023
CVR no.: DK 35 52 15 85
Page 1 af 12
H1-2023: 29% growth in revenue compared to last year
– significantly improved business basis for H2-2023.
During the first half of 2023, GreenMobility realised a revenue growth of 29% compared to same period last
year, for a total revenue of DKK 54.9 million in H1-2023. GreenMobility continues to deliver growth across all
commercial areas.
In the first months of the year, GreenMobility executed its announced plan of focusing on its strong core
markets, extend its run rate and set a clear path towards bringing the group to profitability in 2024.
Consequently, the company closed its Swedish and German markets and the electric vehicles from these
markets were moved to other markets with higher revenue levels. The moving of cars has been successful,
but during Q2-2023, it has become clear that the moved cars are taking up revenue in their new respective
markets slower than expected and is also expected to impact the revenue for H2-2023.
To support the company’s firm goal of profitability in 2024, GreenMobility carried out a general cost
reduction at the end of June 2023. The cost reduction included optimization of its organization and
operational cost. The effects, which will have full effect by Q4-2023, will reduce the company’s monthly cost
base by DKK 1.5 million per month.
Overall, GreenMobility has improved its operational effectiveness which leads to an improved result.
However, based on the slower uptake of revenue in moved cars, GreenMobility will adjust its 2023 guidance
on revenue to reflect this and at the same time adjust its guidance on result up. The adjusted guidance is:
• Revenue is expected to reach DKK 120 – 130 million (from previously DKK 135-145 million)
• Result is expected to be DKK (32 – 42) million (from previously negative DKK 35-45 million)
With the operational improvements carried out in H1-2023, the board and management expect the
company to continue its good traction towards group profitability in 2024.
Q2-2023 compared to Q2-2022
Figures include all operational cities:
• Revenue grew by DKK 7.0 million or 30% to DKK 30.4 million (and +24% compared to Q1-2023)
• Customers grew by 30% to 253,869 (and +6% compared to Q1-2023)
• Trips grew by 10% to 298,834 (and +14% compared to Q1-2023)
• Saved CO2 by the fleet grew by 10% to 581 tonnes (and +33% compared to Q1-2023)
H1-2023 compared to H1-2022
Figures include all operational cities:
• Revenue grew by DKK 12.5 million or 29% to DKK 54.9 million
• Trips grew by 8% to 562,087.
• Saved CO2 by the fleet grew by 14% to 1,018 tonnes.
EBITDA for the first half of 2023, was realised with negative DKK (5.8) million, which is a significant
improvement of DKK 10.9 million compared to H1-2022.
Result before tax for the first half of the year was negative with DKK (27.7) million, compared to DKK (34.9)
million in the first half year of 2022. The result is in line with expectations with the cost of closing two
markets in the beginning of the year and a general higher level of financing cost.
Page 2 af 12
Outlook and liquidity
Where the first part of the year was focused on closing two markets, moving cars and strengthening the
organization with our new CEO, the focus in second half will be commercial as all markets are ready. Simply
put, to continue driving revenue per car up in each market, to reach breakeven. As part of this, we are
working on renewing our fleet and upgrading some of it into more premium electric cars with lower
holding cost, based on good experiences in this segment in both Copenhagen and Amsterdam, where the
company currently operates 10 premium cars that has a higher revenue per car. This combined with a lower
cost base is expected to reduce the loss month by month during second half of the year.
With a revenue of DKK 54.9 million in H1-2023, GreenMobility expects a revenue in H2-2023 of DKK 65-75
million (18-36% growth vs H1-2023). Cost will be reduced based on the cost reduction carried out, to have full
effect by Q4-2023 with DKK 1.5 million per month. This comes in addition to the one-off cost of DKK 6 million
related to the moving of cars and closing of markets in the start of the year, as reported in the company’s
Q1-2023 report.
Further, the company is in the process of renewing its fleet, and as part of that selling the oldest part of its
fleet. Despite a drop in the used car market, GreenMobility still expects a profit of DKK 5-10 million on its
current fleet due to the current low book value.
At the end of the first half of 2023, the company had liquidity of DKK 12.2 million, to support its operation for
the second half of the year as the company works towards its plan of profitability.
While GreenMobility do not see a current need for additional capital, the company operates in an industry
where cost and customer behaviour may change. Therefore, the board and management are looking into
possible solutions to strengthen its liquidity position to have a more comfortable cushion. Solutions may
include loans, credit lines or a capital raise.
Business developments
Since introducing GreenSaver, GreenMobility has seen a strong growth of 82% (H1-2023 compared to H1-
2022) in GreenSaver trips. In H1-2023, 23% of all trips (equal to 129,000 trips) where driven by a GreenSaver
customer. The share is almost identical in all cities, except for Amsterdam where it was only introduced this
year. The GreenSaver program is a monthly subscription where the customer pays a fixed monthly fee and
then receives lower fees on trips. For more information on GreenSaver, please see
https://www.greenmobility.com/dk/en/greensaver/
During H1-2023, GreenMobility has removed the temporary energy fee, which was added in Q4-2022 due to
increases in charging prices by more than 100%. The energy fee was never a permanent fee, and
GreenMobility is pleased that this has now been removed to benefit all customers.
The fee has been removed independently market for market as charging cost
dropped in the individual market since March 2023.
Page 3 af 12
Operational cities
Overall, the markets have been impacted on revenue per car compared to last year due to increase of the
fleets because of closing of two markets in the beginning of the year. All markets are taking up revenue and
growing overall, but uptake in revenue per car has had a slower effect in the first half of the year.
GreenMobility expects this to increase steadily throughout second half of the year.
Copenhagen reached a revenue per car of DKK 9,000 in Q2-2023 compared to DKK 9,500 in Q2-2022. This is
directly related to an 30% increase of the fleet in Q1-2023, where the revenue per car was at DKK 8,300.
Copenhagen continues to grow and now has more than 1/3 of the entire GreenMobility fleet. We see
continued growth month by month and expect Copenhagen to reach and surpass last year’s level by or
before end of year.
Aarhus has like Copenhagen increased the fleet by roughly 30% in the first months of the year. Revenue per
car in Q2-2023 reached DKK 5,500, which is up from DKK 4,800 in Q1-2023 as expected and closing in on
DKK 6,400 realized in Q2-2022 (with a smaller fleet). While Aarhus is a smaller city than for example
Copenhagen, it continues to develop. During 2023, we have increased the zone to attract new customers
and new areas, included new hot spots and entered new commercial partnerships to further support the
growth in the city. The municipality of Aarhus has increased its support for carsharing as an important part
of the city’s infrastructure.
Belgium has as the Danish cities increased the fleet by roughly 200 cars, which were fully registered by end
of Q1-2023. The Belgian market, consisting of three cities, realized DKK 4,900 in revenue per car in Q2-2023,
compared to DKK 4,500 in Q2-2022 and DKK 5,000 in Q1-2023. The Belgian market is strong, but also with
significant competition. We expect the market to continue its development, now that the additional cars
have been fully integrated and are taking up revenue.
Finland has realized a revenue per car of DKK 4,400 in Q2-2023, which is a 19% above Q1-2023 where the
revenue was DKK 3,700 per car. In Q2-2022 the Finnish market had a revenue of DKK 5,000 per car, but with
a fleet of only 62 cars, compared to the current 150 cars. During 2023, we have increased the zone, so it
aligns with a larger fleet, added hot spot, and started a new cooperation with our charging partner to make
charging easier for our customers.
Netherlands has taken longer with the in-phasing of additional cars. In Q2-2023, we realized a revenue per
car of DKK 3,600 compared to Q1-2023 of DKK 3,900 and Q2-2022 of DKK 5,000 per car. However, it is the
market that has had the biggest growth in fleet over the last year, with roughly 50 cars in Q2-2022, 150 in Q1-
2023 and now 250 cars. So, all in all, the
revenue per car is acceptable, but we
have much higher expectations for the
Dutch market, which is a strong car-
sharing market. That is supported by
the political focus and support towards
a greener city with a high amount of
shared mobility. The city of Amsterdam
measures directly how many private cars
are replaced with shared ones, and
national governmental program to
stimulate shared mobility started in
June 2023. With the fleet in place, we
expect a strong growth in revenue per
car in the second half of the year.
Page 4 af 12
Notes on H1-2023 financial figures
Compared to H1-2022, the revenue has increased by DKK 12.5 million (29%), but external expenses have only
increased by DKK 1 million (2%), despite having had cost related to closing of two markets. The operation of
the fleet has improved significantly across all markets, ensuring a higher gross profit of DKK 14.9 million
(DKK 0.9 million in H1-2022). Staff cost increased by DKK 3.1 million, primarily due to markets that were not
in operation or only starting up in H1-2022. As two markets are now closed and all salary cost in those
markets are finished, GreenMobility expects a substantial reduction on staff cost in H2-2023. The drop of
DKK 1.8 million in depreciation is a result of a partially older fleet and revaluation of the fleet compared to
the average fleet of H1-2022. No new cars have been added to the fleet in H1-2023. Financial expenses have
increased significantly by DKK 5.6 million and is a direct result of the increased market interest rates.
The balance sheet is mainly affected by reduced value on the fleet (due to depreciations) and similarly
reduction in liabilities. The fleet value has been reduced by DKK 11.4 million and the liabilities have been
reduced by DKK 21.2 million compared to H1-2022. The company’s fleet is financed by either leasing or loans,
depending on the market.
Significant risks and uncertainty
GreenMobility continuously monitor possible increase in cost related to its operational business, specifically
increase in interest rates and price development on the used car market, of which GreenMobility is exposed
to both. Additionally, the general development on operational related cost such as electricity, spare parts
and other general elements which is tied to the operational business.
Page 5 af 12
Key Figures for the GreenMobility Group
DKK ‘000
2023
Q2
2023
Q1
2022
Q4
2022
Q3
2022
Q2
2022
Q1
2021
Q4
2021
Q3
2021
Q2
2021
Q1
Revenue
30.370
24.495
28.494
26.424
23.346
19.046
19.226
16.908
15.452
10.828
Other Operating
Income
0
3.404
378
197
513
301
2,797
322
281
317
Total Income
30.370
27.899
28.872
26.621
23.858
19.348
22.023
17.230
15.733
11.145
EBITDA
(1.882)
(3.876)
(9.150)
(8.060)
(6.866)
(9.828)
(3.740)
(6.120)
(6.705)
(11.666)
EBIT
(7.374)
(14.005)
(17.746)
(18.162)
(16.239)
(17.885)
(9.509)
(11.316)
(11.572)
(16.525)
EBT
(10.133)
(17.609)
(22.859)
(20.297)
(16.570)
(18.356)
(10.032)
(11.940)
(12.458)
(17.148)
Discontinued
operations
0
0
0
0
0
0
0
0
0
0
Earnings after
taxes
(10.133)
(17.609)
(22.001)
(20.297)
(16.570)
(18.356)
(10.032)
(11.940)
(12.458)
(17.148)
BALANCE SHEET
Total assets
236.802
265.617
285.586
307.958
347.544
263.365
266.105
120.437
105.628
120.437
Equity
37.542
48.093
65.702
86.626
109.235
125.763
144.084
51.032
24.381
34.903
Net working
capital
568
(1.536)
5.889
28.360
33.940
43.984
2.495
(1.903)
(8.502)
(2.255)
Net interest-
bearing debt
167.980
160.999
157. 791
159.333
150.980
56.076
(20.098)
60.195
59.657
60.195
KEY FIGURES
# of customers
253.869
238.509
219.278
212.298
195.932
179.173
158.600
147.665
134.650
123.680
# of trips
298.834
263.253
294.833
275.769
271.503
248.650
246.842
230.204
231.637
184.923
Avg. trip duration
(all trip types)
78
69
73
95
77
56
58
64
57
46
# ton of CO2
saved
581
437
522
618
528
368
381
348
347
244
Page 6 af 12
Income Statement
2023 H1
2022 H1
2023 Q2
2022 Q2
Note
DKK’000
DKK’000
DKK’000
DKK’000
Revenue
2
Other operating income
3
External Expenses
(43.334 )
(42.326 )
(22.435 )
(22.170 )
Gross profit/loss
(1.688 )
Staff costs
(20.693 )
(17.574 )
(9.817 )
(8.558 )
Depreciation
(15.621 )
(17.430 )
(5.491 )
(9.373 )
Operating profit/loss
(21.379 )
(34.126 )
(7.373 )
(16.243 )
Financial expenses
(6.363 )
(802 )
(2.760 )
(331 )
Profit/loss before tax
(27.742 )
(34.928 )
(10.133 )
(16.574 )
Tax on profit/loss for the year
Profit/loss
(27.742 )
(34.928 )
(10.133 )
(16.574 )
Distribution of profit/loss
Shareholders of GreenMobility A/S
(25.890 )
(34.058 )
(8.983 )
(16.094 )
Minority Interests
(1.852 )
(870 )
(1.150 )
(480 )
(27.742 )
(34.928 )
(10.133 )
(16.574 )
Proposed distribution of profit/loss
Basic earnings per share – continuing
operations
(6,24 )
(7,89 )
(2,28 )
(3,75 )
Diluted earnings per share – continuing
operations
(5,98 )
(7,65 )
(2,16 )
(3,63 )
Basic earnings per share
(6,24 )
(7,89 )
(2,28 )
(3,75 )
Diluted earnings per share
(5,98 )
(7,65 )
(2,16 )
(3,63 )
Average number of shares
Statement of comprehensive income
2023 H1
2022 H1
2023 Q2
2022 Q2
DKK’000
DKK’000
DKK’000
DKK’000
Profit/loss
(27.742 )
(34.928 )
(10.133 )
(16.574 )
Other comprehensive income
(418 )
(418 )
Comprehensive income
(28.160 )
(34.928 )
(10.551 )
(16.574 )
Distribution of profit/loss
Shareholders of GreenMobility A/S
(26.308 )
(34.058 )
(9.401 )
(16.094 )
Minority Interests
(1.852 )
(870 )
(1.150 )
(480 )
(28.160 )
(34.928 )
(10.551 )
(16.574 )
Page 7 af 12
Balance Sheet
Assets
30.06.2023
31.12.2022
DKK’000
DKK’000
Development projects
Trademarks
Intangible assets
Land and buildings
Cars
Property, plant and equipment
Deposits
Fixed asset investments
Non-current assets
Inventories
Trade receivables
Other receivables
Prepayments and accrued income
Receivables
Cash at bank and in hand
Current assets
Assets
Liabilities
30.06.2023
31.12.2022
DKK’000
DKK’000
Share capital
Retained earnings
Currency
(2.791 )
(2.213 )
Equity GreenMobility A/S
Equity Minority interest
(1.992 )
(140 )
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 8 af 12
Statement of changes in equity
Share
capital
Retained
earnings
Currency
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 01.01.2022
(1.076 )
Profit/loss
(75.845 )
(75.845 )
(1.379 )
(77.224 )
Other comprehensive
income
(2.513 )
(2.513 )
(2.513 )
Capital increase
Share based
payment cost
(988 )
(988 )
(988 )
Equity 31.12.2022
(2.213 )
(140 )
Equity 01.01.2023
(2.213 )
(140 )
Profit/loss
(25.890 )
(25.890 )
(1.852 )
(27.742 )
Other comprehensive
income
(418 )
(418 )
(418 )
Equity 30.06.2023
(2.791 )
(1.992 )
Page 9 af 12
Cash Flow Statement
2023 H1
2022 H1
DKK’000
DKK’000
Operating profit/loss
(21.379 )
(34.126 )
Amortisation, depreciation and
impairment losses
Share based payment cost
Working capital changes
(31.444 )
Interest on leasing
(2.169 )
(1.242 )
Exchange rate adjustments – other comprehensive income
Cash flow from operating activities
(2.188 )
(49.328 )
Cars acquired
(73.094 )
Software acquired
(602 )
Furnishing of rented premises acquired
(91 )
Deposits change
(27 )
Cash flow from investing activities
(27 )
(73.427 )
Financial cost excluding interest
on leasing liabilities
(4.709 )
Lease payments
(16.202 )
(9.890 )
Loan
(8.282 )
Capital Increase
Cashflow from financing
(29.193 )
Increase/decrease in cash and cash equivalents
(31.408 )
(76.433 )
Cash and cash equivalents beginning
Cash and cash equivalents closing
Page 10 af 12
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 during this fiscal year. 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 based on 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
2023 H1
2022 H1
2023 Q2
2022 Q2
DKK’000
DKK’000
DKK’000
DKK’000
Revenue from own cars
54.865
42.392
30.370
23.346
Other revenue
3.404
814
0
513
Total revenue
58.269
43.206
30.370
23.858
Denmark
39.135
31.431
19.812
17.139
Sweden
489
3.428
(13)
1.795
Belgium
9.602
4.859
5.325
2.453
Finland
3.614
1.395
1.961
846
Germany
1.027
531
662
281
Netherlands
4.402
1.562
2.624
832
Total revenue
58.269
43.206
30.370
23.346
Page 11 af 12
3. Other operating income
2023 H1
2022 H1
2023 Q2
2022 Q2
DKK’000
DKK’000
DKK’000
DKK’000
Projects
0
814
0
513
Non-recurring operating
grants
3.404
0
0
0
Total revenue
3.404
814
0
513
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 25.2%
Transactions between related parties and GreenMobility A/S. There have not been any changes to
agreements or other transactions between related parties since 31.12.2022.
5. Events after the balance sheet date
No material events have occurred after the balance sheet date that impact these interim financial
statements.
Page 12 af 12
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.