Correction: H1 2022 Interim Report - Donkey Republic growth revenue by 90% compared to 2021
Correction: Correction refers to the comment on the proifitability that did not show the correct operating loss (excl. IPO cost) of EUR -2.7m (which is EUR 1.1m worse than in the first half of 2021) instead it referred to an incorrect operating loss (excl. IPO cost) of EUR -2.2m (which is EUR 0.6m worse then in the first half of 2021). This is also corrected in the commentary on page 7 in the report.
Otherwise, there are no changes from the previously published press release and report.
Contains inside information
Company Announcement No. 12 2022
Financial report for the period 1 January 2022 - 30 June 2022
With a revenue growth of 90% compared to the same period last year and a sound operational margin of 19% (vs. -23% in H1 2021) Donkey Republic successfully finished the first half of 2022. This and continued investments in the organization and the expansion of the bike fleet puts the company in a good position to achieve its future targets.
Highlights
- Compared to the first half in 2021 the MaaS rider revenue increased by 158%, this is driven by visitor traffic coupled with continued growth of local riders and improved retention thereof.
- Revenue from corporate deals and city subsidies tripled (+206%) versus the same period last year, as we now see the full impact of our already existing subsidized operations that started last year, especially in Brest, Randers and Dordrecht.
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The good revenue development is also reflected in the operational margin, that also includes the depreciation of the fleet, which was at EUR 0.6m. This is an improvement of EUR 1.0m compared to the first half of last year.
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Heavy investments in the organization, especially within product and business development have driven up the headquarter cost and lead to an operating loss (excl. IPO cost) of EUR -2.7m (which is EUR 1.1m worse than in the first half of 2021). The growth of the organization is expected to pay off in the course of the year and is in line with the long term business plan.
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The total cash & cash equivalent is EUR 6.2m, approximately half of what it was a year ago. The operational cash flow was in line with expectations, but with higher investments and delayed financing activities the current liquidity is below expectations. The loan agreement with Nefco and the revised business plan for 2023 lifts the liquidity on the expected level.
Events after H1 2022:
- Two successful subsidized MaaS operations launches. Turku with 770 pedal bikes, generating approximately EUR 0.8m of recurring revenue p.a. And, Antwerpen, with 1,650 electric bikes rolling out, receiving EUR 1.6m of recurring revenue from the city plus the rider revenue.
- Donkey Republic signed a loan agreement with Nefco, the Nordic Green Bank, for EUR 5m to scale up operations in Europe by covering costs of purchasing new bikes.
Guidance for 2022 - Revenue development and outlook remains in line with our guidance of EUR 9 to 10m. We adjusted our EBIT guidance to EUR -4.5 to -4.0m for 2022 from previously EUR -5.5 to -5.0m, due to our good performance within our MaaS business and lower depreciation due to the delayed bike deliveries.
Profitability in 2023 - Donkey Republic aims on becoming profitable as of 2023, coming from improved revenue as well as operational margin and lower fixed cost.
“Donkey remains a leader in bike sharing services in Europe with record high rentals in 2022 so far, and much of the investment impact from IPO in May 2021 in front of us, enabling our expected growth and profitability in 2023.” - Erdem Ovacik, CEO at Donkey Republic.
Join the Republic!
JOIN OUR CEO & CFO FOR H1 2022 Interim Report WEBINAR
DATE: September 5th
TIME: 13.00-13.30 CET
Donkey Republic invites you to an online webinar presentation of our H1 2022 Interim Report, released on August 22, 2022.
Program: 13.00-13.30
- Introduction from Donkey Republic (5 min)
- Highlights for H1 2022 (15 min)
- Q&A (10 min)
This announcement is a summary and should be read in conjunction with Donkey Republics’ Half-Year Report for H1, 2022, published on 22 August 2022. A downloadable PDF version will be available on the company website.
