Move About Group AB publishes preliminary figures for Q1 2022 and implements extensive changes to improve efficiency

In the first quarter of 2022, Move About Group AB ("Move About" or the "Company") grew by 83% compared to the first quarter of 2021. However, this growth was slightly lower than expected as the community shutdowns at the beginning of the year had a negative impact on the growth. As a result, and due to the indirect effects of the war in Ukraine and an excessive cost base, the Company has decided to implement a comprehensive action program to ensure future growth. As a result of the action programme, the Company expects to reach break-even significantly earlier than communicated in the prospectus published in connection with the IPO in February 2022.

Preliminary figures for Q1 2022

Q1 2022 Q1 2021 %-förändring
Intäkter 14,125 7,545 87%
EBITDA -14,268 -5,907 -141%

The first quarter of the year began with one of the most severe shutdowns of society in Europe due to the Omikron-variant, which had a negative impact on mobility in all countries where the Company operates; Norway, Sweden, and Germany. In particular, the electric carpools used by the Companys corporate customers were affected, but also the public pools, where the Company launched many new pools during the period. Move About estimates that the Company's revenues declined by approximately 10% in the first two months of the quarter compared to plan.

As society reopened in March, demand picked up rapidly and revenues increased by around 20% from the levels in February. This strong trend looks set to continue into the second quarter of 2022.

Despite the weak start to the quarter, the company grew by 88% compared to Q1 2021, of which 79% is due to the acquisition of Mobileeee in the second half of 2021.

In addition to the lower occupancy of the Companys electric carpools at the start of the year, the result was affected by costs relating to the IPO. As an example, the consolidation of Mobileeee and the change of financial systems contributed to significant one-time costs, totalling approximately SEK 4.0 million for the quarter.

"The companys liquidity was negatively impacted by the low level of car usage at the start of the year, but also indirectly by the war in Ukraine. The Companys loan agreement for cars in Germany also changed in such way that the Company no longer could benefit from the favourable German electric car bonuses such as payments directly to Mobileeee. Furthermore, liquidity was affected due to delays in deliveries of electric cars in Germany, which also had a negative impact on liquidity compared to plan. Taken together, these circumstances had a significant negative impact on the Company." says the Companys CEO, Olof Jonasson

Action programme to streamline and ensure profitable growth going forward

The Board of Directors notes that the rapid growth of the Company in recent years, the consolidation of Mobileeee in Germany, and the preparation of the Company for the IPO have had a negative impact on internal efficiency.

The Board has therefore decided to adopt an action programme to reduce costs and ensure the profitable growth of the Company. As part of the programme, the organisation will be simplified and the country managers in the group will be given greater responsibility. All subsidiaries will be affected by the action programme and 17 out of 40 positions within the group will be discontinued.  The action programme is expected to take full effect towards the end of 2022 and is expected to result in a significant reduction in the Companys costs for 2023. The Company is also expected to reach break-even significantly earlier than previously communicated.

"The fact that we are now, for a period, focusing on working as efficiently as possible with our internal processes does not, however, mean that the growth of the Company will suffer. The uptake of our electric cars in the public pools is growing at a rapid rate, but we have a responsibility to ensure that we are cost conscious as we grow. We know we are well placed for continued growth as many of our employees have been with us since our inception in 2007. At the same time, our corporate and municipal segment is growing, especially in Germany, which is undergoing an accelerated transformation towards fossil-free mobility." says Olof Jonasson.

For additional information

Olof Jonasson, CEO, Move About Group AB
Email: [email protected]

+46790683811

This information is information that Move About Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 17.31 (CEST) on 20 May 2022.

Certified Adviser

Mangold Fondkommission AB is the Company's Certified Adviser and can be reached by phone, 08-5030 1550, and via e-mail, [email protected].

Move About Group AB in brief

Move About offers app-based, environment friendly, and cost-efficient mobility solutions to individuals, businesses, municipalities, and organizations. The Company has developed and owns all immaterial rights to the cloud-based green tech platform which gives digital access to electric cars, electric bikes, taxi, subway, and parking, all through the same app - around the clock. Every kilometer the user travels with the electric cars via the platform reduces CO2 emissions.

The Company's extensive mobility solutions is built upon the Move About-app which gives the user access to the Company's pools of electric cars, bikes, and scooters. Move About also assists

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Move About Group's subsidiary, mobileeee, has been awarded the Blue Angel sustainability seal - an independent and transparent ecolabel for environmentally friendly products and services.


Move About expands with a fourth location in Sundbyberg

Now its even easier to move emission-free in Sundbyberg. In collaboration with JM, Move About is launching a fourth carsharing location in the municipality in less than a year. The cars are stationed in connection to the newly built apartments at Valla Park, and can be booked both by residents and consumers using the Move About app.


mobileeee launches two new e-carsharing locations at Gateway Garden

Frankfurt's upcoming district near the airport, Gateway Garden, now has its own public car sharing location, contemporary and purely electric, powered by mobileeee (part of Move About Group).


Move About Group AB:s årsstämma den 21 juni 2022 ställs in. Styrelsen kallar härmed till årsstämma på nytt, att hållas den 15 juli 2022.

Move About Group AB ("Bolaget") har under våren haft en mycket hög arbetsbelastning och genomfört ett antal förändringar i både organisationen och bolagsledningen. Det har medfört att årsredovisningen inte kunnat läggas fram till aktieägarna i rätt tid inför årsstämman. Med anledning därav har Bolaget beslutat att flytta fram årsstämman till den 15 juli 2022. Ny kallelse följer i sin helhet nedan.


Move About Groups T.f. VD Olof Jonasson precisiserar mål för pågående effektivitetsprogram

I samband med Q1-rapporen presenterade Move About ett omfattande effektiviseringsprogram. I en intervju med Mangold Insight som publiceras den 2 juni 2022 kvantifieras detta genom följande uttalande: "Bolagets mål med effektiviseringsprogrammet är att nå cash-breakeven, i månadstakt,  redan i slutet av 2022, så att vi inför 2023 kan fortsätta växa med säkerställd lönsamhet".


Move About Groups Acting CEO Olof Jonasson specifies goals for ongoing efficiency program

In conjunction with the Q1 report, Move About presented a comprehensive efficiency program.  In an interview with Mangold Insight published on June 2, 2022, this is quantified through the following statement:  "The companys goal with the efficiency program is to reach cash-breakeven, at a monthly pace, already by the end of 2022, so that for 2023 we can continue to grow with assured profitability".


TF VD köper aktier för cirka 1,1 MSEK och ingår lock-up-åtagande

Mellan den 23 och 27 maj 2022 förvärvade Move Abouts tillförordnade VD Olof Jonasson aktier i bolaget om cirka 1,1 MSEK till genomsnittskursen 3,21 SEK. 


Acting CEO buys shares for approximately SEK 1.1 million and enters lock-up commitment

Between 23 and 27 May 2022, Move Abouts acting CEO Olof Jonasson acquired shares in the company of approximately SEK 1.1 million at an average price of SEK 3.21.


Move About Group (MOV) offentliggör siffror för Q1 2022: Svag start på året men kraftigt tillväxt i slutet av perioden

Det första kvartalet 2022 växte Move About Group AB ("Move About" eller "Bolaget") med 87% jämfört med det första kvartalet 2021. Denna tillväxt var dock något lägre än förväntat då nedstängningarna av samhället i början på året hade en negativ effekt på tillväxten. I mars accelerede dock tillväxten igen, och intäkterna ökade med 20% jämfört med februari.


Move About Group (MOV) publishes figures for Q1 2022: Weak start to the year but strong growth at the end of the period

In the first quarter of 2022, Move About Group AB ("Move About" or the "Company") grew by 87% compared to the first quarter of 2021. However, this growth was slightly lower than expected as the lockdowns of society at the beginning of the year had a negative effect on growth.  In March, however, growth accelerated again, and revenue increased by 20% compared to February.


Rättelse: Move About Group AB offentliggör preliminära siffror för Q1 2022 och genomför omfattande effektiviseringar

I det pressmeddelande som publicerades tidigare idag (20 maj 2022) angavs felaktig procentsats beträffande tillväxten. Korrekt procentsats ska vara 87%. Nedan följer korrigerat pressmeddelande i sin helhet. 

Det första kvartalet 2022 växte Move About Group AB ("Move About" eller "Bolaget") med 87% jämfört med det första kvartalet 2021. Denna tillväxt var dock något lägre än förväntat då nedstängningarna av samhället i början på året hade en negativ effekt på tillväxten. Som en följd av detta och på grund av indirekta effekter av kriget i Ukraina samt en för stor kostnadskostym, har Bolaget beslutat om att genomföra ett omfattande åtgärdsprogram för att säkerställa lönsam tillväxt. Genom åtgärdsprogrammet förväntar Bolaget att man kommer nå break-even väsentligt tidigare än kommunicerat i prospektet som offentliggjordes i samband med noteringen i februari 2022.


Correction: Move About Group AB publishes preliminary figures for Q1 2022 and implements extensive changes to improve efficiency

In the press release published earlier today (20 May 2022) incorrect percentage was stated regarding the growth. Correct percentage is 87%. Below is the corrected press release in its entirety.

In the first quarter of 2022, Move About Group AB ("Move About" or the "Company") grew by 87% compared to the first quarter of 2021. However, this growth was slightly lower than expected as the community shutdowns at the beginning of the year had a negative impact on the growth. As a result, and due to the indirect effects of the war in Ukraine and an excessive cost base, the Company has decided to implement a comprehensive action program to ensure future growth. As a result of the action programme, the Company expects to reach break-even significantly earlier than communicated in the prospectus published in connection with the IPO in February 2022.


Kallelse till årsstämma i Move About Group AB

Aktieägarna i Move About Group AB, org.nr 559311-9232 ("Bolaget"), kallas härmed till årsstämma den 21 juni 2022 kl. 14.00 på Magasingatan 22, 411 18 Göteborg. Inregistrering inleds från klockan 13.45.


Move About Group AB har beslutat om en riktad konvertibelemission uppgående till 10 MSEK

Styrelsen i Move About Group AB ("Move About" eller "Bolaget") har, med stöd av emissionsbemyndigandet från årsstämman den 8 oktober 2021, beslutat att genomföra en riktad emission av konvertibler. Styrelsen har vidare beslutat att genomföra en riktad emission till ett antal personer med koppling till Bolaget villkorat av årsstämmans godkännande. Konvertibler emitteras till ett sammanlagt nominellt värde om 10 000 000 SEK ("Konvertibelemissionen"). Kallelse till årsstämma kommer att offentliggöras genom ett separat pressmeddelande.


Move About Group AB has decided on a directed convertible note issue, amounting to SEK 10 million

The Board of Directors of Move About Group AB ("Move About" or the "Company") has, based on the authorisation granted by the Annual General Meeting on 8 October 2021, resolved to issue convertible notes. Furthermore, the Board of Directors has resolved to issue convertible notes to a number of investors with connection to the Company, subject to approval by the Annual General Meeting. Convertible notes are issued with a total nominal value of SEK 10,000,000 (the "Convertible Note Issue"). Notice to the annual general meeting will be published through a separate press release.


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