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Page 1 of 10
H1-2024: 59% growth in revenue from continuing operations
compared to last year. Net profit from continuing operations in
Q2 2024 was positive by DKK 1.8 million.
During the first half of 2024, GreenMobility achieved significant milestones in its journey toward profitability
and growth, fully in line with our updated 2024 guidance.
The company made a strategic decision to divest or close its Belgian operations, enabling a concentrated
focus on the Danish market. This strategic move, combined with substantial streamlining of operations,
more efficient and aggressive marketing efforts, and effective cost-cutting initiatives, resulted in a notable
increase in revenue and profitability.
With the successful implementation of the new strategy, the board and management are confident in
reaching our recently upgraded revenue targets and achieving profitability for 2024. As mentioned in
company announcement 154 on August 8
th
, 2024, our updated guidance is as follows:
•
Revenue of DKK 120-130 million.
•
Net profit from continuing operations of DKK 2-12 million.
H1-2024 Financial Results for the continuing operations compared to H1-2023:
•
Revenue from continuing operations increased by 59% to DKK 57.4 million
•
Net profit from continuing operations amounts to DKK -1.0 million
o
Net profit in Q1-2024 amounts to DKK -2.8 million (DKK -3.2 million in Q1-2023*)
o
Net profit in Q2-2024 amounts to DKK
+1.8
million (DKK -
1.3
million in Q2-2023)
*Net profit in Q1 2023 of DKK -3.2 million includes non-recurring grants of DKK 3.2 million, which impacts
positively on the net result.
While discontinued operations will reflect a loss in H1-2024 due to closure and relocation costs, these
expenses will decrease substantially in the second half of the year.
The comparison figures for 2023 have been restated from the official H1-2023 report.
Operational update
Our strategy to infleet cars in a controlled manner, aligned with demand, has been successful. All planned
vehicles from international markets have now been transferred to Denmark and are fully operational within
the Danish fleet which totals around 1,400 vehicles.
Despite a significant expansion of the fleet in Denmark, revenue per car has seen a substantial increase.
In Copenhagen, revenue per car rose by 19%, from DKK 9,000 in Q2-2023 to DKK 10,700 in Q2-2024, marking
the first quarter in the company’s history with a monthly revenue per car exceeding DKK 10,000.
In Aarhus, revenue per car increased by 25%, from DKK 5,500 in Q2-2023 to DKK 6,900 in Q2-2024.
Page 2 of 10
Outlook and liquidity
H1-2024 was focused on closing markets to streamline and focus the organization to achieve our overall
goal of becoming a profitable company.
The closing of the international markets has had significant cost and has led to a negative equity position at
the end of H1-2024. GreenMobility is in a position where - following the closing of the loss-making Belgian
market – the company will generate positive results and positive cash flow and hence this is deemed
sufficient to restore the negative equity position during 2025 at the latest.
After H1-2024 GreenMobility has secured a bank lending facility, hence GreenMobility has sufficient cash to
drive the strategy forward. 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.
Court case in Belgium
As mentioned in company announcement 151 on 21 May 2024, the minority shareholders of GreenMobility
Belgium NV submitted a minority claim on behalf of the Belgian company.
In the meantime, we have received a preliminary evaluation from our Belgian lawyers. Based on the
evaluation, GreenMobility A/S still maintains that the claim is unjustified. Consequently, GreenMobility A/S
will not make any reservations in this respect.
We expect no new development in the case before earliest 2025.
Update on Strategy
GreenMobility remains committed to achieving profitability in 2024. In addition, we intend to show the
market that the green transition can become profitable within shared mobility, and our ambition is to
become the first European electric vehicle operator to do so. The market for electric vehicles is in constant
change, and we will consistently adapt our business strategies to stay ahead.
In March 2024, we announced strategic decision to concentrate all efforts on the Danish market.
Become the first profitable European shared electric vehicles company
We have initiated a strategy process for 2025-2027 to thoroughly assess GreenMobility’s full potential with a
Page 3 of 10
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 4 of 10
Income
Statement
Note
2024 H1
DKK’000
2023 H1*
DKK’000
2024 Q2
DKK’000
2023 Q2*
DKK’000
Revenue
2
Other operating income
3
External
Expenses
(31.155 )
(22.839 )
(17.044 )
(12.083 )
Gross
profit/loss
Staff
costs
(12.563 )
(13.395 )
(6.335 )
(6.806 )
Amortisation & depreciation
(9.350 )
(4.530 )
(5.378 )
(544 )
Operating
profit/loss
(1.629 )
Financial
expenses
(5.262 )
(2.926 )
(2.763 )
(1.657 )
Profit/loss before tax
(961 )
(4.555 )
(1.278 )
Tax on profit/loss for the period
Profit/loss - continuing operations
(961 )
(4.555 )
(1.278 )
Profit/loss for the period discontinued
operations
4
(23.403 )
(23.187 )
(12.406 )
(8.855 )
Profit/loss for the period
(24.364 )
(27.742 )
(10.652 )
(10.133 )
Distribution of profit/loss
Shareholders of GreenMobility A/S
(22.680 )
(25.890 )
(9.885 )
(8.983 )
Minority
Interests
(1.684 )
(1.852 )
(767 )
(1.150 )
(24.364 )
(27.742 )
(10.652 )
(10.133 )
Proposed distribution of profit/loss
Basic earnings per share – continuing
(0,18 )
(1,02 )
(0,29 )
operations
Diluted earnings per share – continuing
(0,17 )
(0,98 )
(0,27 )
operations
Basic earnings per share
(4,56 )
(6,24 )
(1,99 )
(2,28 )
Diluted earnings per share
(4,38 )
(5,98 )
(1,91 )
(2,16 )
Average number of shares
Statement of comprehensive income
2024 H1
DKK’000
2023 H1*
DKK’000
2024 Q2
DKK’000
2023 Q2*
DKK’000
Profit/loss
(24.364 )
(27.742 )
(10.652 )
(10.133 )
Other comprehensive income
(418 )
(418 )
Comprehensive income
(24.364 )
(28.160 )
(10.652 )
(10.551 )
Distribution of profit/loss
Shareholders of GreenMobility A/S
(22.680 )
(26.308 )
(9.885 )
(9.401 )
Minority
Interests
(1.684 )
(1.852 )
(767 )
(1.150 )
(24.364 )
(28.160 )
(10.652 )
(10.551 )
*2023 H1 and Q2 has been restated to reflect discontinued operations
Page 5 of 10
Balance
Sheet
Assets
30.06.2024
31.12.2023
DKK’000
DKK’000
Software
Land and buildings
Cars
Deposits
Non-current assets
Inventories
Trade receivables
Other receivables
Prepayments and accrued income
Cash at bank and in hand
Assets classified as held for sale
Current
assets
Assets
Liabilities
30.06.2024
31.12.2023
DKK’000
DKK’000
Share capital
Retained
earnings
(6.027 )
Currency
(2.703 )
(2.703 )
Equity GreenMobility A/S
(6.581 )
Equity Minority interest
(7.521 )
(5.837 )
Total
equity
(14.102 )
Lease
liabilities
Loan
Non-current Liabilities
Lease
liabilities
Loan
Trade payables
Payables to related parties
Other payables
Liabilities directly associated with assets
classified as held for sale
Current
Liabilities
Liabilities
Equity and liabilities
Contingent
liabilities
5
Page 6 of 10
income
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 01.01.2023 1.780 66.275 (2.213 ) 68.842 (140 ) 65.702
Profit/loss
(76.659 )
(76.659 )
(5.697 )
(82.356 )
Other
comprehensive
(490 )
(490 )
(490 )
Capital increase 355 25.874 0 26.229 0 26.229
Expenses related to
(992 )
(992 )
(992 )
capital increase
Share based
payment cost
Equity 31.12.2023 2.135 16.632 (2.703 ) 16.064 (5.837 ) 10.227
Equity 01.01.2024
Profit/loss
Capital increase
Equity 30.06.2024
(2.703 )
(5.837 )
(22.680 )
(22.680 )
(1.684 )
(24.364 )
(6.027 )
(2.703 )
(6.581 )
(7.521 )
(14.102 )
Page 7 of 10
Cash Flow Statement
2024 H1
2023 H1*
DKK’000
DKK’000
Operating
profit/loss
(1.629 )
Amortisation, depreciation and
impairment losses
Working capital changes
(3.275 )
Interest on leasing
(2.690 )
(2.169 )
Other non-cash operating activities
(98 )
Cash flow from continuing operations
Cash flow from discontinued operations
(6.424 )
(7.834 )
Cash flow from operating activities
(2.704 )
Cars
sold
Deposits change
(147 )
(27 )
Cash flow from investing activities
(27 )
Financial cost excluding interest
(5.055 )
(4.193 )
on leasing liabilities
Lease payments
(9.439 )
(16.202 )
Payment on loans
(9.434 )
(8.282 )
Capital Increase
Cashflow from financing, continuing operations
(23.893 )
(28.677 )
Cashflow from financing, discontinued operations
6
(3.290 )
Cashflow from financing
(27.183 )
(28.677 )
Increase/decrease in cash and cash equivalents
(24.244 )
(31.408 )
Cash and cash equivalents beginning
Cash and cash equivalents closing
*2023 H1 has been restated to reflect discontinued operations
Page 8 of 10
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
2024 H1
DKK’000
2023 H1
DKK’000
2024 Q2
DKK’000
2023 Q2
DKK’000
Revenue from own cars
57.369
35.893
33.274
19.812
Total revenue
57.369
35.893
33.274
19.812
Denmark
57.369
35.893
33.274
19.812
Total revenue
57.369
35.893
33.274
19.812
Page
9
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10
3.
Other operating income
Non-recurring operating
grants
Other operating income
4.
Discontinued operations
Following the company announcement 118 from 10 January 2023 and company announcement 133 from 12
December 2023 as well as announcement 149 from 12 March 2024, GreenMobility has decided to close or
sell its operations in Sweden, Germany, Finland, The Netherlands and Belgium. The closing of Sweden,
Germany, Finland, The Netherlands and Belgium will be treated as discontinued operations, as specified
here. The cars and associated liabilities in the discontinued operations has been transferred to the
continued operations.
2024 H1
2023 H1
2024 Q2
2023 Q2
DKK’000
DKK’000
DKK’000
DKK’000
Revenue
5.855
18.972
966
10.558
Other operating income
0
162
0
1
External
expenses
(17.757)
(20.495)
(8.969)
(10.352)
Staff costs
(3.047)
(7.298)
(819)
(3.012)
Amortisation & depreciation
(5.971)
(11.091)
(2.268)
(4.948)
Operating profit/loss
(20.920)
(19.750)
(11.090)
(7.753)
Financial expenses
(2.483)
(3.437)
(1.316)
(1.102)
Profit/loss before tax
(23.403)
(23.187)
(12.406)
(8.855)
Tax on profit/loss
0
0
0
0
Profit/loss for the period
discontinued operations
(23.403) (23.187) (12.406) (8.855)
5.
Contingent
liabilities
As mentioned in company announcement 151 on 21 May 2024, the minority shareholders of GreenMobility
NV (subsidiary of GreenMobility A/S) have made a minority claim towards the parent entity. It is the firm
belief of GreenMobility A/S that the claim is completely unfounded. The case is being handled with legal
assistance in Belgium and based on the information gathered since company announcement 151 on 21 May
2024, the management and Board of Directors in GreenMobility A/S maintains the position that the claim
remains completely unfounded.
6.
Cash flow from financing, discontinued operations
Cash flow from financing, discontinued operations is comprised of leasing payments for the fleet in the
discontinued operations until they have been moved to Denmark and been taken into active use.
7.
Events after the balance sheet date
No material events have occurred after the balance sheet date that impact these interim financial
statements.
2024 H1
2023 H1
2024 Q2
2023 Q2
DKK’000
DKK’000
DKK’000
DKK’000
0
3.242
0
0
0
3.242
0
0
Page
10
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10
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.