Donkey Republic: Annual report 2022
Contains inside information
Company announcement No. 04 - 2023
Donkey Republic realises 81% revenue growth in 2022
Financial report for the period 1 January 2022 - 31 December 2022
In 2022, Donkey Republic realised EUR 9.1M in revenue and continued its expansion and launches across Europe, driven by commercial execution and growing bike fleet to meet market demands. 2022 has been a year of transition, with change of leadership and management, necessary to strengthen the organisation and drive future growth.
Key Performance Indicators 2022
| Metric | Growth YoY | 2022 | 2021 | 2020 |
| Total revenue | 81% | EUR 9.1M | EUR 5.0M | EUR 2.9M |
| Riders | 66% | 360.0K | 217.4K | 138.2K |
| Trips | 36% | 4.5M | 3.3M | 2.3M |
| Fleet size | 2% | 13.3K | 13K | 12.9K |
| CO2 saved | 38% | 573 | 416 | 290 |
| Cities | 17% | 97 | 83 | 62 |
Financing for expansion
Donkey Republic raised EUR 0.9M in debt capital through Oneplanetcrowd and secured EUR 5.0M in debt for further fleet financing through Nefco, which complies with the eligibility criteria of the EU Taxonomy for sustainable activities, to finance their fleet expansion in 2022.
Performance
In 2022, Donkey Republic achieved EUR 9.1M in revenue, corresponding to an increase of 81% compared to 2021 while improving the contribution margin by 63%. The increase in contribution margin was achieved on a 3.2% larger active fleet during the year compared to 2021, thus an improvement of both revenue and margin per bike. Revenue per bike increased 73% in 2022 compared to 2021. Furthermore, the number of bikes at the end of 2022 amounted to 18.7K bikes
Subsidized MaaS - commercial agreement with cities
Donkey Republic had executed or prepared three successful launches in three countries.
- Antwerp, Belgium - Annual recurring revenue of EUR 2-3M over 10 years. (in 2022, EUR 1.2M) and total contract value of EUR 21M.
- KielRegion, Germany - Annual recurring revenue of EUR 0.8M over 5 years (was launched 01.01.2023) and total contract value of EUR 4.0M.
- Turku, Finland - Annual reccuring revenue of EUR 0.6M over 4 years (with possibility for 4 years extension). (in 2022, EUR 0.3M) and total contract value of EUR 2.4M.
Guidance 2023
The revenue guidance for 2023 of 13M to 15M EUR is based on three main drivers.
1. Rider revenue stays on a similar level as in 2022 on a per bike level
2. Increased fleet and higher share of ebikes
3. Full ramp up of subsidized operations
Besides the increase in revenue the improvement of the EBITDA to achieve the guided EUR 1.2M to EUR 1.4M is coming from a higher contribution margin in 2023 compared to 2022. The reason behind it is that a lot of investment in preparing the organization for the larger fleet was already taking effect in 2022.
The EBIT guidance is EUR -2.0 to -1.8M for 2023.
Material uncertainty related to going concern
For the execution of some parts of the growth business plan further funding needs to be secured. This refers to the investment plan in regards to fleet growth, development of new products and growth of the sales pipeline for 2024 and beyond.
The total financing need in 2023 amounts to EUR 3M to 4M, which the company aims to secure through:
- existing loan facility that is connected to a further extension of the company’s Antwerp operation
- actively working on a private placement at market price to be completed within the first half of the year
- advanced negotiations with a provider of asset-backed financing, with which an indicative term sheet has been signed.
The Financial Statements are prepared on the assumptions, that the necessary funding will be obtained through one or more of the current ongoing dialogues, and therefore prepared on a going concern basis. However, material uncertainty exists to the group's continued operations.
The board of directors will at the annual general meeting propose that the board is granted adequate authorisations to carry out capital increases.
Sustainability report 2022
In addition to the 2022 annual report, Donkey Republic has today published its first ever Sustainability report that accounts for the company’s alignment with the EU taxonomy, and covers the three sustainability areas: Environment, social and governance. For more details, please see the Sustainability report attached.
Invitation to Annual Report 2022 WEBINAR Presentation
JOIN US TODAY for our live webinar with our CEO & CFO
📅 Date: March 31st
⏰ Time: 2:00 PM - 2:30 PM
💻 Simply use the link to join us online:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ODUzNzMyNGQtYTZiYy00OGUyLThhOTMtZTJhMmU5N2U4NzM4%40thread.v2/0?context=%7B%22Tid%22%3A%22f9ddfd3d-2b21-4345-b1ad-a71b0439c13f%22%2C%22Oid%22%3A%227c255be5-614d-42d3-9585-75af8c43e0fa%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a
