MOSCOW & LUXEMBOURG--(BUSINESS WIRE)--Delimobil Holding S.A. (“Delimobil”, or “Company”), a pioneer and a leading shared mobility provider in Russia, one of the world’s largest car sharing markets, today announced its consolidated financial and operating results for the third quarter and nine month period ended 30 September 2021 which were prepared in accordance with International Financial Reporting Standards (IFRS).
Elena Bekhtina, CEO of Delimobil commented:
“We are delighted to announce an outstanding set of financial and operational results for the third quarter and first nine months of 2021. We have managed to increase our revenue and EBITDA several‑fold thanks to continued growth in our core regions, fleet expansion and increased revenue per car. Our continually improving unit economics, driven by our Smart Mobility Management operations, are positively impacting our operating efficiency and business profitability.
Vincenzo Trani, Founder and Chairman of Delimobil commented:
Our company’s solid and accelerating growth allows us to consider all options for the Company’s future development, including opportunities to raise additional capital to scale our business, such as a potential listing either through an IPO or a merger with a listed SPAC.”
3Q’2021 Financial Highlights versus 3Q’2020 with y‑o‑y change:
- The Company’s total revenue grew by 89% y‑o‑y to RUB 3.9 billion in 3Q’21, compared to RUB 2 billion in 3Q’20.
- Adj. Gross Profit increased to RUB 1.3 billion in 3Q’21 from RUB 240 million in 3Q’20 (+431%).
- Adj. Gross Profit Margin amounted to 33% in 3Q’21, an increase of 12% in 3Q’20.
- Adj. EBITDA increased by approximately 14 times to RUB 1.1 billion in 3Q’21 from RUB 77 million in 3Q’20.
- Adj. EBITDA Margin grew to 28% in 3Q’21 from 4% in 3Q’20.
9M’2021 Financial Highlights versus 9M’2020 with y‑o‑y change:
- Total revenue was RUB 8.8 billion in 9M’21, up 105% y‑o‑y.
- In 9M’21 Adj. Gross Profit was RUB 2.4 billion, compared to an Adj. Gross Loss of RUB (262) million in 9M’21.
- Adj. Gross Profit Margin was 27% in 9M’21, an improvement from Adj. Gross Loss Margin of 6% in 9M’20.
- Adj. EBITDA was RUB 1.9 billion in 9M’21, an improvement from negative Adj. EBITDA 528 million a year ago.
- Adj. EBITDA Margin grew to 21% in 9M’21, an improvement from a negative Adj. EBITDA Margin of 12% in 9M’20.
Summary: Key Financial and Operating Metrics
The table below summarizes certain key performance metrics for the three months and nine months ended September 30, 2021. The information for the three months and for the nine months ended September 30, 2021 and September 30, 2020 respectively, has not been audited by the Company’s auditors.
(In RUB millions, unless otherwise stated) |
For the three months ended September 30, |
Y‑o‑y change |
For the nine months ended September 30, |
Y‑o‑y change |
||
2021 |
2020 |
2021 |
2020 |
|||
EoP Total Fleet, pcs |
18,375 |
12,978 |
42% |
18,375 |
12,987 |
42% |
Revenue |
3,856 |
2,036 |
89% |
8,786 |
4,281 |
105% |
Adj. Gross Profit / (loss) |
1,274 |
240 |
431% |
2,389 |
(262) |
1012% |
Adj. Gross Profit / (loss) Margin |
33% |
12% |
21 p.p. |
27% |
-6% |
33 p.p. |
Adj. EBITDA |
1,074 |
77 |
1295% |
1,859 |
(528) |
452% |
Adj. EBITDA Margin |
28% |
4% |
24 p.p. |
21% |
-12% |
33 p.p. |
Financial Metrics
Note that Adjusted Gross Profit/(Loss), Adjusted Gross Profit/(Loss) Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non‑IFRS financial measures. See the “Non‑IFRS Financial and Operating Measures & Definitions of Key Metrics” section of this press release for a definition of such non‑IFRS measures, as well as the definition of EoP Fleet.
Key Business Developments in 3Q’21
Delimobil reopened its car sharing service in Rostov‑on‑Don (Russia) with 350 cars. The service also permits travel to nearby cities as long as the trip ends in Rostov.
The Company introduced a new class of vehicles – c. 100 vans in four Russian cities: Ekaterinburg, Novosibirsk, Kazan, Rostov‑on‑Don.
In addition to the premium class car brands already in use by Delimobil customers, The Company also introduced the Audi A5 for users in Moscow.
Delimobil updated its mobile app to allow users to photograph minor damages of the rented car and log any prior damage within the app. This update will decrease the car check time for the next users before driving.
In Moscow and Saint‑Petersburg, Delimobil launched a free service “Podmoga” to help drivers after car accidents.
Subsequent Events
By November 30, 2021, the total Company’s fleet consisted of 19,924 cars.
About Delimobil
Founded in Moscow by Italian entrepreneur Mr. Vincenzo Trani in 2015, Delimobil is a pioneer of the Russian car sharing market. Delimobil operates its fleet of over 19,000 vehicles and provides mobility services to approximately 7.4 million registered users in 11 cities across Russia. Delimobil, a literal translation of “car sharing” in Russian, has become a top‑of‑mind mobility provider in Russia that strives to deliver the best service to its customers.
Non-IFRS Financial and Operating Measures & Definitions of Key Metrics
Adjusted Gross Profit/(Loss) as gross profit/(loss) adjusted for: (i) compulsory civil liability insurance proceeds, (ii) expected credit losses of trade receivables and (iii) following the adoption of our phantom share plan (the “Phantom Share Plan”), share‑based remuneration;
Adjusted Gross Profit/(Loss) Margin as Adjusted Gross Profit/(Loss) divided by revenue expressed as a percentage;
Adjusted EBITDA as loss for the period adjusted for: (i) income tax benefit, (ii) finance costs, (iii) finance income, (iv) impairment of a right‑of‑use asset, (v) VAT write‑off, (vi) loss on lease terminations, (vii) impairment of property, plant and equipment, (viii) (gain)/loss on disposal of property, plant and equipment, net, (ix) reversal on an impairment loss on a right‑of‑use asset, (x) subsidies received, (xi) insurance compensation received for damage of vehicles, (xii) reversal of impairment loss on property, plant and equipment, (xiii) depreciation of property, plant and equipment, (xiv) amortization of intangible assets and (xv) depreciation of right‑of‑use assets, (xvi) following the adoption of our Phantom Share Plan, share‑based remuneration, and (xvii) other one‑off expenses;
Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue expressed as a percentage;
and EoP Total Fleet means the total number of vehicles in our car sharing and long‑term rental fleet at the end of a given period.