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
Page 1 of 13
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.
Page 2 of 13
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.
Page 3 of 13
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.
Page 4 of 13
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.
Page 5 of 13
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.
Page 6 of 13
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
Page 7 of 13
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
Page 8 of 13
2015
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
Page 10 of 13
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
Page 11 of 13
2015
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.
Page 12 of 13
2015
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
Page 13 of 13