Company Announcement Grab2Go AS 2023 2nd HALF-YEAR AND 12 MONTH UNAUDITED INTERIM REPORT
Grab2Go AS publishes 2023 2nd half-year and 12 month unaudited interim report.
Sales activities
The Grab2Go sales strategy focuses on:
· Pharmacies
· Petrol stations
· Convenience stores
In the pharmacy sector, Grab2Go has carried out a pilot project in cooperation with the Benu pharmacy of the Rapla Risti center, where the first Grab2Go device was installed in September 2022. Since it is a completely new and innovative solution in this field, additional changes and testing were carried out in cooperation with the Medicines Agency, so that the safety and quality offered by the device are equivalent to those of a regular pharmacy service. demands. The first Grab2Go device was launched on March 29, 2023, with an official 6-month limited license.
The customers' interest in this area is high and the company's expansion plans include the growth of this sector, Grab2Go has started cooperation with Accelerate Estonia. Accelerate Estonia is an organization specially created by the Estonian Ministry of Economic Affairs and Communications that promotes cooperation between companies and the public sector. The purpose of the cooperation is to define the technical requirements for the technology more broadly, enabling the wider adoption of the technology in the given sector in Estonia and ensuring the availability of medicines around the clock. Updated legislation in Estonia and Estonia as an example is a good platform for other European countries for further developments.
In the gas station chain sector, Grab2Go announced on August 9, 2023 that it has signed an agreement of intent with Terminal AS with the aim of creating an autonomous self-service store solution in this sector. Cooperation is currently pending until a suitable location for the device is found.
In the convenience store sector, the company continues to have a cooperation agreement with R-Kiosk. The cooperation is currently in the phase of customer location and time planning.
As part of promoting the convenience store sector and introducing the solution to a wider range of customers, we will install the technology in the Ülemiste City campus and open a sales point in cooperation with the operator at the beginning of the second quarter of 2024.
Active sales work is carried out with all customers of the defined focus sector. In 2023, financial markets and the general macroeconomic environment have weakened, but according to the company's management, investors' interest in financing promising projects has been preserved, which will allow the company to raise funds for the implementation of development plans in the future. The company has made changes to its plans and adjusted spending to adjust to the economic situation.
Results
The turnover for the 2nd half of the financial year 2023 is 20,986 euros, which consists of the sales of equipment rental and maintenance services. (The turnover for the second half of 2022 was 8,870 euros). The total turnover of the financial year was 21,264 euros (8,870 euros in the 2022 financial year)
The company's net loss for the 2nd half of the financial year 2023 is 202 thousand euros (the loss for the 2nd half of 2022 was 280,414 euros). The 2023 financial year ended with a loss of 416,723 euros, which is about the same size as the 2022 loss of 421,915 euros. The result of the 2nd half of the financial year 2023 will be affected by the discount and write-off of the prototype device that was recorded as a fixed asset of Grab2Go. The company decided to dismantle the prototype and uses the resulting components in the manufacture of new devices. Due to the completion of a new and significantly more advanced device, the prototype no longer fulfilled the function of a demo device. The loss from revaluation of fixed assets was 85,028 euros. Despite the fact that the operating costs of the 2023 financial year were also inflated by preparatory costs for listing on First North, which consisted of advisor fees, stock exchange fees and settlement fees, as well as revaluation of fixed assets, the company's loss remained smaller than the year before thanks to other cost cuts, including salary expenses.
As of 31.12.2023, the company's balance sheet was 855,933 euros (31.12.2022: 938,137 euros). Current assets amounted to 236,663 euros (31.12.2022: 246,588 euros). The volume of fixed assets was 619,270 euros (31.12.2022: 691,549 euros). The company's equity was 838,809 euros, which constituted 98% of the balance sheet volume (31.12.2022: 579,753, forming 61.8% of the balance sheet volume).
In the second half of the financial year 2023, 63 thousand euros were invested in the development of its product (158 thousand euros in the first half of 2022), which consisted of software development costs in the amount of 10 thousand euros and hardware development in the amount of 53 thousand euros. As a result of the investments, the company has completed a basic software and hardware solution, to which sector-specific additional functionality can be added according to the customer's needs. The total investments for 2023 have been 116 thousand euros (463 thousand euros in 2022), which consisted of software development costs of 52 thousand euros and hardware development of 63 thousand.
The company's cash flow in the 2nd half of 2023 was -191 thousand euros (-233 thousand euros in the comparable period of 2022), including cash flow from business activities -145 thousand euros and cash flow from investment activities -46 thousand euros. The company's cash flow in 2023 was -84 thousand euros (164 thousand euros in 2022), including cash flow from business activities -352 thousand euros, cash flow from investment activities -103 thousand euros and cash flow from financing activities -371 thousand euros.
The financial reports of reporting period can be found below:
Balance sheet
(In Euros)
| 31.12.2023 | 30.06.2023 | 31.12.2022 | 30.06.2022 | |
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 89 219 | 280 294 | 172 924 | 405 917 |
| Receivables and prepayments | 6 407 | 16 727 | 6 664 | 18 443 |
| Inventories | 141 037 | 67 000 | 67 000 | 0 |
| Total current assets | 236 663 | 364 021 | 246 588 | 424 360 |
| Non-current assets | ||||
| Property, plant and equipment | 15 011 | 127 238 | 142 106 | 142 174 |
| Intangible assets | 604 259 | 601 408 | 549 443 | 400 128 |
| Total non-current assets | 619 270 | 728 646 | 691 549 | 542 302 |
| Total assets | 855 933 | 1 092 667 | 938 137 | 966 662 |
| Liabilities and equity | ||||
| Liabilities | ||||
| Current liabilities | ||||
| Loan liabilities | 0 | 0 | 300 003 | 0 |
| Payables and prepayments | 17 124 | 51 686 | 58 381 | 106 495 |
| Total current liabilities | 17 124 | 51 686 | 358 384 | 106 495 |
| Total liabilities | 17 124 | 51 686 | 358 384 | 106 495 |
| Equity | ||||
| Issued capital | 812 527 | 812 527 | 752 270 | 3 885 |
| Share premium | 878 394 | 878 394 | 262 872 | 1 011 257 |
| Retained earnings (loss) | -435 389 | -435 389 | -13 474 | -13 474 |
| Annual period profit (loss) | -416 723 | -214 551 | -421 915 | -141 501 |
| Total equity | 838 809 | 1 040 981 | 579 753 | 860 167 |
| Total liabilities and equity | 855 933 | 1 092 667 | 938 137 | 966 662 |
Income statement
(In Euros)
| 01.01.2023- 31.12.2023 | 01.07.2023- 31.12.2023 | 01.01.2022- 31.12.2022 | 01.07.2022- 31.12.2022 | |
| Revenue | 21 264 | 20 986 | 8 870 | 8 870 |
| Raw materials and consumables used | -3 156 | -1 922 | -3 396 | -979 |
| Other operating expense | -111 830 | -17 110 | -90 519 | -45 062 |
| Employee expense | -145 422 | -46 479 | -221 288 | -133 340 |
| Depreciation and impairment loss (reversal) | -173 174 | -157 478 | -20 835 | -15 656 |
| Significant impairment of current assets | -89 026 | -89 026 | ||
| Other expenses | -1 395 | -173 | -910 | -407 |
| Operating profit (loss) | -413 713 | -202 176 | -417 104 | -275 600 |
| Interest income | 31 | 4 | 3 | 0 |
| Interest expenses | -3 041 | 0 | -1 315 | -1 315 |
| Other financial expenses | 0 | 0 | -3 499 | -3 499 |
| Profit (loss) before tax | -416 723 | -202 172 | -421 915 | -280 414 |
| Annual period profit (loss) | -416 723 | -202 172 | -421 915 | -280 414 |
Cash flow report
(In Euros)
| 01.01.2023- 31.12.2023 | 01.07.2023- 31.12.2023 | 01.01.2022- 31.12.2022 | 01.07.2022- 31.12.2022 | |
| Cash flows from operating activities | ||||
| Profit/loss (-) for the period | -413 713 | -202 176 | -417 104 | -275 600 |
| Adjustments | ||||
| Depreciation and amortization, impairment | 173 174 | 157 478 | 20 835 | 15 656 |
| Total adjustments | 173 174 | 157 478 | 20 835 | 15 656 |
| Changes in trade receivables and prepayments | 257 | 10 320 | 10 014 | 11 779 |
| Changes in inventories | -74 037 | -74 037 | -67 000 | -67 000 |
| Changes in trade payables and prepayments | -38 214 | -36 609 | 22 945 | 7 040 |
| Interest received | 31 | 4 | 3 | 0 |
| Proceeds from grants | 0 | 0 | 35 000 | 0 |
| Total cash flow (-outflow) from operating activities | -352 502 | -145 020 | -395 307 | -308 125 |
| Cash flows from investing activities | ||||
| Payments for Property, plant and equity and Intangible assets | -102 622 | -46 055 | -498 913 | -221 372 |
| Total cash flow (-outflow) from investing activities | -102 622 | -46 055 | -498 913 | -221 372 |
| Proceeds from issuance of shares | 347 419 | 0 | 1 062 096 | 300 003 |
| Proceeds from sales of own shares | 24 000 | 0 | 0 | 0 |
| Other payments from financing | 0 | 0 | -3 499 | -3 499 |
| Total cash flow (-outflow) from financing activities | 371 419 | 0 | 1 058 597 | 296 504 |
| Total net cash flow (-outflow) | -83 705 | -191 075 | 164 377 | -232 993 |
| Cash and cash equivalents at the beginning of the period | 172 924 | 280 294 | 8 547 | 405 917 |
| Changes in cash and cash equivalents | -83 705 | -191 075 | 164 377 | -232 993 |
| Cash and cash equivalents at the end of the period | 89 219 | 89 219 | 172 924 | 172 924 |
Changes in equity
(In Euros)
| Issued capital | Share premium | Retained earnings (loss) | Total | |
| 31.12.2021 | 3 467 | 249 582 | -13 474 | 239 575 |
| Profit for the period | -141 501 | -141 501 | ||
| Issued shares | 418 | 761 675 | 762 093 | |
| 30.06.2022 | 3 885 | 1 011 257 | -154 975 | 860 167 |
| Issued capital | Share premium | Retained earnings (loss) | Total | |
| 30.06.2022 | 3 885 | 1 011 257 | -154 975 | 860 167 |
| Profit for the period | -280 414 | -280 414 | ||
| Issued shares | 748 385 | -748 385 | 0 | |
| 31.12.2022 | 752 270 | 262 872 | -435 389 | 579 753 |
| Issued capital | Share premium | Retained earnings (loss) | Total | |
| 31.12.2022 | 752 270 | 262 872 | -435 389 | 579 753 |
| Profit for the period | -214 551 | -214 551 | ||
| Issued shares | 60 257 | 615 522 | 675 779 | |
| 30.06.2023 | 812 527 | 878 394 | -649 940 | 1 040 981 |
| Issued capital | Share premium | Retained earnings (loss) | Total | |
| 30.06.2023 | 812 527 | 878 394 | -649 940 | 1 040 981 |
| Profit for the period | -202 172 | -202 172 | ||
| 31.12.2023 | 812 527 | 878 394 | -852 112 | 838 809 |
Additional information can be found in attached document.
For more information, please contact:
Mart Viilipus
Grab2Go AS board member
Phone: + 372530 53173
https://www.grab2go.eu/
Attachments:
Grab2Go AS 2023 2nd half-year unaudited interim report.pdf