Transcript
2015
Mycab® Group
FIRST QUARTER RESULTS EUR
1 JANUARY – 31 MARCH 2015 2014
Net sales EBITDA Operating Income Net Income EPS
FULL YEAR 2014
2 271 341 27 356
1 928 190 10 129
8 201 088 28 914
-273 433
-295 505
-1 208 931
-322 899 -0,001
-340 922 -0,001
-1 301 211 -0,003
Interim Report: 1st January 2015 – 31st March 2015 § Diners Club in Austria join’s Mycab Premium Deal § Positive market response on AeTM booking channel § International destinations reaches 155
Mycab International SA is the holding company for Mycab® Group operating the business domain of global travel industry. Mycab® Group business idea is to elevate the traditional taxi journey to a full-fledged travel product that provides business travelers with a quality assured, simplified and more cost effective travel. Being first in the global market, with a uniform taxi concept, Mycab® enjoys the "First Mover" status in the business domain
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2015
CEO HIGHLIGHTS Mycab’s integration with Amadeus AeTM was successfully piloted and deployed in the fourth quarter 2014. In first quarter 2015 Mycab received positive response from potential clients and are now negotiating with several larger Scandinavian based corporates who intends to avail the service via the new AeTM booking channel. Amadeus AeTM is the on-line self-booking tool from Amadeus that larger corporates throughout the world use for booking and managing their travel. Amadeus is a leading provider of advanced technology solutions for the global travel industry. Customer groups include travel providers, travel sellers and travel buyers. The travel providers include airlines, hotels, rail and ferry operators, etc., travel sellers include travel agencies (online & offline), and travel buyers comprise of corporations and travel management companies. Mycab’s strategy for successfully building booking volumes is based on wide and effective distribution, implying that Mycab’s products should be available for booking in channels where target customers are looking for service, hence integration with Amadeus is vital for Mycab’s success. In first quarter Mycab entered into an agreement with Diners Club Austria implying that Diners Club will offer their cardholders to sign up for a Mycab account, which will give the cardholder access to Mycab Premium Deal, implying negotiated rates worldwide. In total there are several hundred thousand cardholders that is targeted and Mycab calculates with acquiring at least 2000 new customers. Sales, for first quarter 2015, amounted to KEUR 2 271 (1 928), which is predominantly emanating from Sweden’s domestic sales. Sales emanating from our international products represent currently approximately 10 % of total sales. However, Mycab’s growth strategy is based on international sales, hence the relation between domestic and international sales will be inverse. At the end of the fisrt quarter 2015, Mycab reached 155 destinations representing 63 countries where Mycab products are offered. International clients appreciate Mycab’s products, especially Mycab’s “Reliability” and “Availability”, which is also the most salient and differentiating feature when comparing Mycab with existing global competitors.
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2015
GROUP EARNINGS Sales Sales, for the first quarter, amounted to KEUR 2 271 (1 928), which is predominantly emanating from Swedish operation. Sales emanating from our international products represent currently approximately 10 % of total sales. However Mycab’s growth strategy is based on international sales, hence the relation between domestic and international sales will be the inversed.
Gross Income Gross Income amounted to KEUR 462 (351). Gross margin, on our signature travel products, amounted to 35 % (33 %). Gross margin on all travel products amounted to 16 % (15 %). The lower gross margin is attributed to the consolidating of TPSS (Taxi Public Service Sweden AB), which has less gross margin due to contending in governmental procurements. The improved margins are mainly attributed from reduction in cost of sales and improved sourcing tactics.
Earnings before interest, taxes, depreciation and amortization (EBITDA) EBITDA earnings for the first quarter amounted to KEUR 27 (10). The overall positive EBITDA is mainly attributed to the shift in production strategy, from Sweden to low cost Asia (Lahore, Pakistan). Cost of sales amounted to KEUR 1 809 (1 577). Direct costs amounted to KEUR 25 (23) and Overheads amounted to KEUR 410 (318).
Earnings before Tax Earnings before tax amounted to KEUR -321 (-339). Depreciations and amortization amounted to KEUR 301 (306), which comprises goodwill at KEUR 178 (175) and Intangible assets along with fixed assets at KEUR 123 (131). Financial net earnings amounted to –48 (-44) KEUR resulting from exchange rate variances and interest on loans.
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2015
CONSOLIDATED CASH FLOW AND FINANCING Cash flow and financing Cash and bank balances as per 31st March amounted to KEUR 90 (81). Quick ratio at the end of first quarter amounted to 57,6% (68,2%). The Group solvency as per 31st March was 27,3% (44,3%) and interest-bearing loans amounted to KEUR 0 (0). Investments amounted to KEUR 22 (36), which is investment in hardware.
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2015
OTHER GROUP INFORMATION Number of Employees The number of employees, at first quarter end, totaled 42.
Assessment of Risk Environment Growth is crucial for Mycab before it can achieve its projected financial objectives. The risks related are financial, technical and market risks. Mycab is focusing on the financial risk, which can hamper further growth, if financial requirement for Marketing investments is not met. Future earnings are primarily dependent on the group’s ability to sustain required margins despite growth. Since Mycab intends to grow with profit there is a risk that growth may implicate pressure on margins due to less purchasing volume. A large part of the group costs is fixed, in a medium term perspective, and thus earnings are highly susceptible in relation to margin and volume, thus Mycab cannot guarantee that projected growth with profit is met.
Liquidity The quick ratio 57,6% (68,2%) will improve when debts are converted into equity.
Related Party Disclosures No related party transactions exist at the end of first quarter.
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2015
PARENT COMPANY INFORMATION Earnings Parent company Net sales, for the first quarter amounted to KEUR 344 (90), which is emanating from licenses and royalties income.
Cash Flow and Financing Parent company Cash and Bank balances as per 31st March amounted to KEUR 3.
Shares The number of shares, at the end of the first quarter, totaled 397 471 000 A-shares and 356 100 B-shares. The number of A-shares will increase to a total of 443 054 341, when the current share issue is registered.
Earnings per Share (EPS) Earnings per share, for the first quarter amounted to EUR 0.0004.
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2015
FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION Consolidated Income Statement EUR Net sales Cost of sales Gross income
1 JANUARY – 31 MARCH
FULL YEAR
2015
2014
2014
2 271 341 -1 809 391 461 950
1 928 190 -1 577 061 351 129
8 201 088 -6 335 416 1 865 672
-25 008 -409 586
-22 786 -318 214
-90 723 -1 746 035
Direct costs Overheads Depreciations and amortization Operating expenses
-300 788
-305 634
-1 237 845
-735 382
-646 634
-3 074 603
Operating income
-273 432
-295 505
-1 208 931
Financial income Financial expenses
43 633 -91 462 -47 829
58 382 -102 161 -43 779
362 409 -451 154 -88 745
-321 261 -1 637 -322 898
-339 284 -1 638 -340 922
-1 297 476 -3 535 -1 301 211
Income after finance items Taxes Minority interest Net Income
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2015
Consolidated Balance Sheet EUR
1 JANUARY – 31 MARCH 2015
FULL YEAR 2014
2014
296 801 1 348 607 838 641 196 300 172 228 2 852 577
200 497 1 605 559 1 541 002 177 628 177 905 3 702 591
296 801 1 430 324 1 013 130 174 404 172 915 3 087 574
1 965 051 90 222 2 055 273
2 188 439 80 998 2 269 437
1 692 052 53 513 1 745 565
Total assets
4 907 850
5 972 028
4 833 139
EQUITY AND LIABILITIES Restricted equity Share premium Reserve Own shares Consolidation reserve Non-restricted equity Share issue in progress Profit/Loss for the period Total equity
3 978 271 1 818 697 3358 -2662 -817 789 -3 319 516 -322 899 1 337 460
3 977 000 1 639 151 3358 -948 140 -1 687 716 -340 922 2 642 731
3 978 271 1 818 697 3358 -2662 -883 525 -2 018 718 -1 301 211 1 594 211
-
3 894 3 894
21 706 21 706
3 570 390 3 570 390
3 325 403 3 325 403
3 217 222 3 217 222
Total Equity and liabilities
4 907 850
5 972 028
4 833 139
Assets pledged as collateral Contingent liabilities
538 213
558 765
532 311
ASSETS Non- current assets Formation expenses IT-Systems, Intellectual rights Goodwill Capitalized costs Operating fixed assets Other long-term receivables Shares in subsidiaries
Current assets Trade receivables Cash and bank balances
Minority interest Minority interest profit/loss Non- current liabilities Loans and long term payables Current liabilities Trade payables
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Consolidated Statement of Cash Flows EUR
Cash flow from operating activities Changes in operating net assets Cash flow from investing activities Cash flow from financing activities Net change in cash Cash at beginning of period Cash at end of period
1 JANUARY – 31 MARCH
FULL YEAR
2015
2014
58 060 356 -21 706 36 709 53 513 90 222
126 888 -450 257 292 803 -30 566 84 079 53 513
Consolidated Statement of Changes in Equity EUR Opening balance Net income Share issues paid Own shares Share issue in progress Consolidation reserve Closing balance
1 JANUARY – 31 MARCH
FULL YEAR
2015
2014
1 594 210 -322 898 66 148 1 337 460
2 575 072 -1 301 211 277 338 -2662 45 674 1 594 211
Group Ratios EUR
Net sales EBITDA Total assets Equity Solvency Quick ratio Average number of employees Number of A- shares outstanding Number of B-shares outstanding Earnings per share (EPS) Equity per share
1 JANUARY – 31 MARCH
FULL YEAR
2015
2014
2 271 341 27 356 4 907 850 1 337 460 27,25 % 57,60 % 38 397 471 000 356 100 -0,001 0,003
8 201 088 28 914 4 833 139 1 594 211 33,0 % 54,3 % 38 397 471 000 356 100 -0,003 0,004 Page 9 of 13
2015
Parent Company Income Statement EUR
1 JANUARY – 31 MARCH
FULL YEAR
2015
2014
2014
344 342 -82 914 261 428
90 331 -82 119 8 212
414 397 -376 724 37 673
-21 392 -
-16 831 -
-144 731 -372 229
-51 669
-51 669
-459 811
73 061
-68 500
-976 771
Operating income
188 368
-60 288
-939 098
Financial income Financial expenses Income after financial items
43 633 -82 317 149 684
32 915 -41 632 -69 005
337 636 -341 491 -942 953
Taxes Net Income
-1 637 148 047
-1 637 -70 642
-1 637 -944 590
Net sales Cost of sales Gross income Direct costs Overheads Other costs Depreciations and amortization Operating expenses
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2015
Parent Company Balance Sheet EUR
1 JANUARY – 31 MARCH
FULL YEAR
2015
2014
2014
296 801 190 231 172 228 4 419 454 5 078 714
199 286 361 681
4 170 499 4 731 466
296 801 1 676 342 170 340 4 388 454 6 531 937
3 649 038 2 952 3 651 990
2 809 149 952 2 810 101
3 418 067 2 952 3 421 019
Total assets
8 730 704
7 541 567
9 952 956
EQUITY AND LIABILITIES Restricted equity Share premium Reserve Own shares Non-restricted equity Share issue in progress Profit/Loss for the period Total equity
3 978 271 1 818 697 3 358 -2 662 -1 424 081 148 047 4 521 630
3 977 000 1 639 151 3 358 -149 312
3 978 271 1 818 697 3 358 -2 662 -479 492 -944 590 4 373 582
ASSETS Non- current assets Formation expenses IT-Systems, Intellectual rights Goodwill Capitalized costs Operating fixed assets Other long-term receivables Shares in subsidiaries
Current assets Trade receivables Cash and bank balances
Non- current liabilities Loans and long term payables Current liabilities Trade payables Borrowings, current
Total Equity and liabilities
-70 642 5 399 555 -
-
-
4 209 075 4 209 075
2 142 012 2 142 012
5 579 374 5 579 374
8 730 704
7 543 567 -
9 952 956
Assets pledged as collateral Pledged securities
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Parent Company Statement of Cash Flows EUR
1 JANUARY – 31 MARCH
Cash flow from operating activities Changes in operating net assets Cash flow from investing activities Cash flow from financing activities Net change in cash Cash at beginning of period Cash at end of period
FULL YEAR
2015
2014
2014
-1 401 554
-2 000
1 836 422
-2 000 2 952 952
-2 111 097 274 675 0 2 952 2 952
1 401 554 0 0 2 952 2 952
Parent Company Statement of Changes in Equity EUR
1 JANUARY – 31 MARCH
Opening balance Net income Own shares Share issues Share issue in progress Closing balance
FULL YEAR
2015
2014
2014
4 373 582 148 047 4 521 629
5 470 197 -70 642
5 043 497 -944 590 -2 662 277 337 4 373 582
5 399 555
Definitions Term
Definition
EBITDA
Earnings before interest, taxes, depreciation and amortization
Gross margin
Gross income in relation to Net sales expressed as a percentage
Solvency
Equity as a percentage of total assets
Quick ratio
Current assets including granted unutilized credit facilities in relation to current liabilities
Cost of sales
Costs directly related to the sales, such as transporter and distribution costs
Direct costs
Cost related to the production of services such as customer support, IT-Operation, administration etc.
Overheads
General costs related to managing, professional fees, travel etc.
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ACCOUNTING POLICIES The consolidated annual accounts have been prepared in accordance with Luxembourg legal and regulatory requirements. Accounting policies and valuation rules are, besides the ones laid down by the law, determined and applied by the Board of Directors. The annual consolidated accounts of the Group are denominated in Euro.
Auditors review The auditor does not review Interim reports
Assets Tangible assets are depreciated with 30% (Office equipment) and with 20% (Furniture and fixtures). Intangible assets are valued at purchase price including the expenses incidental thereto or at production cost less cumulated depreciation amounts written off and value adjustments. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply. Amortization is recognized on a straight-line basis method over their estimated useful lives. The amortization method for the concessions, patents, licenses, trademarks and similar rights and assets is determined based on management best estimation regarding the projection of future benefits flowing in the company, considering the Company business plan and revenues projection, the estimated useful life is 6 years starting 2010. Amortization of Goodwill is 20%.
FINANCIAL CALENDER Publishing of next financial report 2015-09-07 - SECOND QUARTER REPORT 2015
BOARD ASSURANCE The Board of Directors and the CEO certify that the financial report for the full year gives a fair view of the performance of the business, position and profit or loss of the Company and the Group, and describes the principal risks and uncertainties that the Company and the companies in the Group face. Jodat Nadeem Chairman
Nedim Cehajic Member of the board
Roger Blomquist Member of the board and CEO
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