Donkey Republic: Strong improvement of balance sheet by early repayment of debt, positive operating cash flow and continuous positive development in EBITDA in 2024-H1
Company Announcement No. 11 - 2024
2024-H1 financial report
Management commentary
In 2024-H1, Donkey Republic realized revenues of DKK 59.8M and improved EBITDA by 75% compared to 2023-H1.These results showcase successful strategy execution, with positive operating cash flow underscoring our focus on efficiency and profitability. This positive cash flow allowed for early debt repayment, significantly strengthening our balance sheet.
Additionally, in 2024-Q2 we rolled out our operation in Hannover, Germany and commenced the long term B2G contract which was awarded in 2023-Q4. We look forward to supporting the city of Hannover in making urban living greener for many years to come.
Furthermore, we completed an oversubscribed capital raise in April 2024, underlining our cornerstone investors' confidence in our strategy and ability to execute. Part of the proceeds will fund investments in new bikes, which are expected to be delivered in the beginning of the next year and deployed in both existing and new operations.
ESG
In 2024-H1 we have made notable improvements in our ESG metrics, having reduced car, bus and train trips by approximately 1.4M trips and its associated CO2 emissions. Our organization which works across borders and across teams achieved `above benchmark' results on all three parameters in our employee survey tool, covering stress, well-being and eNPS - results that have been consistent since 2024-Q1.
Outlook
We maintain our expectation of positive and resilient operating cash flow, with a continued focus on profitability across all operations. We're actively working to further improve our contribution margin and are making progress in developing revenues across both B2C and B2G segments in our key markets.
As a well positioned company for winning B2G contracts, being a strong contender in several large tenders, and with a strengthened balance sheet of 2024-H1, we're exploring further growth financing opportunities for the company.
Guidance
2024-H1 results support our previously issued 2024 guidance:
Revenue of DKK 135M to 160M
EBITDA of DKK 15M to 30M
EBIT of DKK 0 to 5M
KEY PERFORMANCE INDICATORS 2024-Q2 (01 April 2024 - 30 June 2024)
Metric Total for 2024-Q2 Compared to 2023-Q2
Total Revenue DKK 39.2M +16%
EBITDA DKK 9.4M +53%
Monthly revenue per bike DKK 609 +17%
Riders 266K +17%
Trips 2.4M +20%
Fleet size (active bikes) 21.4K +7%
KEY PERFORMANCE INDICATORS 2024-H1 (01 January 2024 - 30 June 2024)
Metric Total for 2024-H1 Compared to 2023-H1
Total Revenue DKK 59.8M +17%
EBITDA DKK 2.8M +75%
Monthly revenue per bike DKK 483 +10%
Riders 338K +24%
Trips 3.5M +25%
Fleet size (active bikes) 20.6K +7%
Going forward the Company will combine the publication of Q2 KPI results with half-year results.
Invitation to the 2024-H1 WEBINAR Presentation
Join us for the live webinar with our CEO & CFO
Date: 30 August 2024
Time: 1:00 PM - 1:30 PM
Webinar registration and participation through this link (https://events.teams.microsoft.com/event/4a800c9a-3e5f-4fc5-bfcd-ed9af288816c@f9ddfd3d-2b21-4345-b1ad-a71b0439c13f)