Move About Group (MOV) announces Q4 2023 figures: continued winding down and strained liquidity
Move About Group (MOV) announces Q4 2023 figures: continued winding down and strained liquidity
|
SEK'000 |
2023 Q4 |
2022 Q4 |
2023 |
2022 |
|
Total Revenue |
- |
5 104 |
6 695 |
18 814 |
|
Gross profit |
-195 |
-2 349 |
544 |
-3 975 |
|
EBITDA |
-3 564 |
-14 484 |
-18 665 |
-38 929 |
|
EBIT |
-3 564 |
-14 488 |
-18 672 |
-38 947 |
|
Discontinued operations |
11 849 |
-15 092 |
2 308 |
-36 599 |
The figures for the fourth quarter have been reported in accordance with IFRS 5 for discontinued or planned discontinued operations on a separate line in the company's income statement for both 2022 and 2023. As a result, no operational activities in Sweden or Germany are shown in the table above. The Norwegian company is reported up to and including Q2 2023 and for 2022. For Q4 2023, a write-down of goodwill of SEK 16 million is included. For more information, please refer to the company's interim report.
During the fourth quarter, Move About's Swedish operations were transferred to OKQ8. All personnel in the Swedish operations were transferred to OKQ8 and all contracts were transferred to OKQ8 during the quarter. The business is now run with the same competent staff from the office in Gothenburg as before, but with new strong owners and a long-term agenda to develop the business.
The German operations developed positively as several of the major contract wins opened for traffic earlier in the year. However, the results are not yet positive on the bottom line, which means that the company needs stronger owners who can take the company further. As stated in the press release from 22 March 2024, the company is in advanced negotiations to enter into a share purchase agreement regarding the sale of all shares in the German subsidiary.
"We have now initiated a dialogue with the management of the German business (mobileeee) as well as the loan financier for mobileeee's electric car fleet regarding a takeover of the business. In this way, we hope to be able to further reduce our balance sheet and give the German company an opportunity to continue its positive trend with new owners. The Board's strategy to discontinue Move About thus continues and we hope to return soon with more news about the sale. The next step for Move About is to initiate the process of filing for voluntary liquidation. A possible RTO (reverse takeover) is possible even during such a process", says Olof Jonasson, CEO of Move About Group AB.
For further information, please contact:
Olof Jonasson, VD på Move About Group AB (publ.)
[email protected]
Mob: +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 08:00 CET on 26 March 2024.
The
company's Certified Adviser is Mangold Fondkommission AB, which can be reached by phone at 08-5030 1550 and by e-mail: [email protected]
About Move About Group AB
Move About offers app-based, environmentally friendly and cost-effective mobility solutions to individuals, companies, municipalities and organizations. The Company has developed and owns all intellectual property rights to the cloud-based green tech platform that provides digital access to electric cars, electric bicycles, taxis, subway and parking, all through the same app - around the clock. Every kilometre that the user travels with the electric cars via the platform means reduced CO2 emissions. The Company's comprehensive mobility solutions are based on the Move About app, which gives the user access to the Company's pools of electric cars, bicycles and scooters. Move About also helps companies, municipalities and organizations optimize their fleets by tailoring mobility solutions to their needs. Move About was founded in Oslo, Norway, in 2007 and has approximately 10,000 users on its platform and over 800 electric cars in its vehicle fleet with a presence in Germany.
Om Move About
Move About är ledande inom hållbara mobilitetstjänster. Vi erbjuder bilpooler med elbilar, elcyklar och elsparkcyklar till våra medlemmar. Vi hjälper också företag att optimera sin fordonsflotta samt levererar en komplett tjänst med bokningssystem, kundservice och fordonshantering. Noll utsläpp. Helt enkelt.
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