INTERIM REPORT 2020-01-01 – 2020-06-30 OMNICAR HOLDING AB
INTERIM REPORT 2020-01-01 – 2020-06-30
OMNICAR HOLDING AB
INTERIM REPORT Q2 | PAGE 2
*Earnings per share: The net profit or loss for the period divided by the average number of shares.
The average number of shares in the Group for the second quarter amounted to 20 606 816. The registered number of shares in OmniCar as at 30 June 2020 totalled 20 606 816.
**Solvency: Equity as a percentage of the balance sheet total.
”OmniCar” or the ”Company” means the Group, namely OmniCar Holding AB (registered under company registration number 559113-3987) and its wholly owned subsidiary
Omnicar A/S. Omnicar A/S, which is the Group’s operating subsidiary, started doing business in February 2016. OmniCar Holding AB was formed in May 2017.
Interim report – Summary
H1 (2020-01-01 - 2020-06-30) • Revenue totaled 5 984 TSEK
• Profitafterfinancialincomeandexpenses,netamountedto502TSEK
• Earningspershare*is0,024
Q2 2020 (2020-04-01 - 2020-06-30) • Revenuetotalled2610TSEK
• Profitafterfinancialincomeandexpenses,netamountedto233TSEK
• Earningspershare*0,011SEK
• **Thesolvencyratiowas-320%
Q2
H1
INTERIM REPORT Q2 | PAGE 3
Significant events in Q2 2020
APRIL
2020-03-04 Omnicar Holding AB’s presents interim report Q4 2019.
2020-04-09 Omnicar Holding AB Covid 19 update.
MAJ
2020-05-12 Updated date for Omnicar Holding AB’s release of annual report 2019 + AGM date.
2020-05-29 Omnicar Holding AB presents Q1 2020 report.
JUNI
2020-06-03 Notice of Annual General Meeting of OmniCar Holding AB (publ). The shareholders of OmniCar Holding AB (publ) are invited to the Annual General Meeting on June 25, 2020.
2020-06-04 Audit report.
2020-06-04 Omnicar Holding AB presents annual report.
2020-06-25 Annual General Meeting and report from the Annual General Meeting of OmniCar Holding AB (publ).
2020-06-30 Press release: Ready to announce new business.
Significant events post period end
2020-08-17 Omnicar Holding AB announces date for Q2 2020 report.
2020-08-20 Omnicar Holding AB presents Q2 2020 report.
INTERIM REPORT Q2 | PAGE 4
CEO has the floor
Claus T. Hansen, CEO OMNICAR Holding AB
Dear shareholders,
Today, we are releasing our Q2 2020 report. It does not contain any major surprises and the numbers are in line with what we said they would be in our Q1 2020 report. We now have two consecutive quarters showing a profit.
Our software business will continue, and we will remain a SAAS company.
Car owners are looking for convenience, a trend we see in other sectors as well. You no longer have to deliver your
car at the workshop in the early morning and pick it up in the afternoon.
From 1 October we will be offering car owners to have their car repaired either at their home address or at any other preferred location (workplace). We will be able to manage around 85% of all repair needs with our mobile workshop fitted with the most advanced tools available. Services are ranging from tire change, service inspections, aircon service and change of mechanical parts (figure 1).
OMNICARSERVICE CAPTURES ALL OF OUR CUSTOMERS’ POTENTIAL REVENUE FOR SERVICES RELATED TO THE CAR
Figure 1.
From 1 October, OmnicarService will bring the workshop to your private home
or your workplace.
INTERIM REPORT Q2 | PAGE 5
Our first mobile workshop is currently being fitted and we have employed two highly skilled auto mechanics – our repair service will be operational 7 days a week and one workshop has a monthly revenue potential of SEK 500,000 with a gross margin of around 60%. We expect it will take around three months to reach full revenue potential for one workshop. Our aim is to have 5-8 mobile workshops
operating in 2021. But we are tapping into a huge and very profitable market, so if we are successful this number could be higher.
We will use our own software to manage our customers and the below workflow (figure 2).
THE FIRST MOBILE WORKSHOP
STEP 1Auto repair services - online booking (subscription)
STEP 2 Thank you for your
booking request - we will contact you shortly
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Im suntion cus, odis arum, te et, omnissi taturessime volutatur sae voluptaque nes endae pa verferi blam,
TAK FOR BESTILLING AF VÆRK STEDSTID HOS OMNIC AR SERVICE
SEND
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STEP 3 An automotive technician contacts the customer and confirms the booking
STEP 5 Automotive technician orders spare parts from distributor
STEP 6 The mechanic performs the service at the customers’ door step. After the service is complete the mechanic will process the billing and send a service report to the customer
Omnicar dongle is installed providing live feed car information to Omnicarservice
OMNICARSERVICE
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Im suntion cus, odis arum, te et, omnissi taturessime volutatur sae voluptaque nes endae pa verferi blam,
TAK FORDI DU VALGTE VORES VÆRK STED HOS OMNIC AR SERVICE
SEND
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STEP 6AFollow-up email. Rate your service experience on trust pilot
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BEKR ÆF TELSE AF VÆRK STEDSTID HOS OMNIC AR SERVICE
SEND
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STEP 4 Confirmation email or/and SMS is sent to the client
STEP 7New booking is complete
Tailored onlinecommunication program(see appendix 1)
Figure 2.
CRM
DB
INTERIM REPORT Q2 | PAGE 6
In addition to our repair service, we will offer our customers tailored service contracts. We have an extensive knowledge about car customer needs, and we know that an average service contract has a monthly value of SEK 400 and an average length of 52 months.
As little as 1,000 service agreements with an average subscription term of 52 months at an average price of SEK 400 add up to more than SEK 20.8 million in terms of service contract value.
In addition to private car owners, we see a huge upside in the b-b segment servicing companies cars.
We are indeed a tech company – we are just merging our tech with auto repair fulfilment and topping it with advanced marketing and tracking technology.
I am looking forward to sharing the progress with you going forward // Please feel free to write me.
Our proprietary marketing solution will be implemented at new customers to ensure customer loyalty (figure 3)
11-MONTH SERVICEOnly for customers who have+5 yrs
cars and no service agreement.
1:1 trigger-based communcation based on customer data.
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Im suntion cus, odis arum, te et, omnissi taturessime volutatur sae voluptaque nes endae pa verferi blam,
BESTIL ÅRLIGT SERVICEEF TERSYN HOS OMNIC AR SERVICE
SEND
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SERVICE BEFORE INSPECTIONCan be sent to customers
2 mths before inspection date.
1:1 trigger-based communcation based on customer data and knowledge of when timing
is of importance.
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Im suntion cus, odis arum, te et, omnissi taturessime volutatur sae voluptaque nes endae pa verferi blam,
BESTIL ÅRLIGT SERVICEEF TERSYN HOS OMNIC AR SERVICE
SEND
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Figure 3.
OPTIONAL SEASONAL EMAILS1:1 trigger-based communication
based on customerdata
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Im suntion cus, odis arum, te et, omnissi taturessime volutatur sae voluptaque nes endae pa verferi blam,
SKIF T TIL VINTERDÆK HOS OMNIC AR SERVICE
SEND
HENIENISCIL MIN RERO MI, VOLUPTIONSE
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SKIF T TIL SOMMERDÆK HOS OMNIC AR SERVICE
SEND
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INTERIM REPORT Q2 | PAGE 7
PERFORMANCE FIGURES FOR THE PERIOD
Revenue
The Group’s net revenue for the period amounted to 2 610 TSEK.
Financial performance
The Group’s Q2 2020 interim Profit after tax totalled 233 TSEK.
Liquidity
The Group’s cash and cash equivalents as at 30 June 2020 amounted to 701 TSEK.
Solvency ratio
The Group’s solvency ratio as at 30 June 2020 was -320 %.
SHAREHOLDINGS AS AT 2020-06-30
Name Number of shares Share of votes and capital
Claus T. Hansen/ Oliver Invest ApS 4 366 710 21,19 %
LMW Invest ** 2 990 887 14,51 %
Tine Hertz Holding ApS 2 439 848 11,84 %
Other 10 809 371 52,46 %
In total 20 606 816 100,00 %
* CEO Claus T. Hansen owns 100% of the shares in Oliver Invest ApS.
** LMW Invest was formed, during Q2 2018, and consists of Mayday Holding ApS, Wildcard.dk ApS and Lippa2008 ApS. Former board member Mikkel Lippmann owns 100% of the shares in Wildcard.DK ApS; former board member Stig Jensen owns 100% of the shares in Lippa2008 ApS and co-founder Mikkel SteenAndersen owns 100% of the shares in Mayday Holding ApS.
INTERIM REPORT Q2 | PAGE 8
Shares There is one share type in OmniCar. The Company’s shares are listed on Spotlight under the ticker symbol ”OMNI”.Each share entitles the holder to a pro rata share in the Company’s assets and results. As at 30 June 2020, the number of shares was 20 606 816. The average numberof shares during the second quarter of 2020 was 20 606 816.
WarrantsAt the extraordinary general meeting held on 29 May 2017, OmniCar approved two warrant programmes, one offered to the board of directors and employees of the Company and one to 1CT Management ApS. The warrant programmes comprise a total of 1 361 957 warrants of the 2017/2020 series, each such warrant entitling the holder to subscribe for one (1) new share in the Company at a price per share of 5,40 SEK. Full exercise of both warrantprogrammes will thus increase the number of shares in the Company by 1 361 957, resulting in a dilution of around 8,6 %.
An additional warrant program was approved at the extraordinary general meeting held on 21 December 2017, comprising a total of 1 500 000 warrants. Each warrant gives its holder the right to subscribe for one (1) new share, at a subscription price of 18,60 SEK per share, during 1 December 2019 to 30 November 2020. If the warrant program is fully exercised for subscription of shares the resulting dilution will be around 9,4 %. Full exercise of all warrant program will increase the number of shares by 2 861 957, resulting in a dilution of approximately 16,5 %.
Warrant programme for the board of directorsand employees of OmniCarAs compensation in the form of warrant programmes is common in Denmark (and Sweden), the Company has decided to use this compensation method as well.In addition, the warrant programmes are also a way of attracting competent employees to a company which isat a relatively early stage as well as a way of creating good value for the Company. The warrant programme offered to members of the board of directors and employees of OmniCar is – with the exception of the shareholder’spre-emption rights – exclusively offered to Claus T. Hansen, Jesper Aagaard, Mikkel Lippmann, Stig Jensen, Lotte Hansen and Thomas Bendik-Poulsen.
Warrants may also be subscribed for and purchased through own companies. The right to subscribe for warrants also
applies to the subsidiary OmniCar A/S. Any warrants held by OmniCar A/S may be used as an incentive programme in connection with recruitment. The warrant programmes comprise a maximum of 1 237 000 warrants, entitling theholders to subscribe for 1 237 000 new shares in the Company. The warrants may be exercised from and including 10 June 2019 through 8 June 2020.
The parties entitled to subscribe for warrants are listed below:• Members of the executive board and the board of directors may subscribe for a maximum of 940 000 warrants• Employees may subscribe for a maximum of 7 000 warrants• OMNICAR A/S may subscribe for a maximum of 290 000 warrants
Principles applied in the interim reportThe financial statements of the Group and the parent company are prepared in accordance with the general recommendations and guidelines of the Swedish Accounting Standards Board’s (Bokföringsnämnden)as well as BFNAR 2012:1 Annual report and consolidated financial statements (K3).
Audit The interim report has not been audited by the Company’s auditor.
Financial calendarThe Company prepares and publishes a financial report at each quarter end. Upcoming reports are planned as follows:
• Q3 2020 report 2020-11-29• Q4 2020 report 2021-02-28
Submission of interim reportCopenhagen, 30. August 2020 OmniCar Holding AB,The board of directors
OmniCar Holding AB is required under the Swedish Securities Market Act (lagen om värdepappersmarknaden) to disclose the information provided herein.The information has been provided by the above contact person for publication on 20 August 2020.
INTERIM REPORT Q2 | PAGE 9
FINANCIAL OVERVIEW
Omnicar A/S, which is the Group’s operating subsidiary, started doing business in February 2016. OmniCar Holding AB was formed in May 2017, which resulted in the group relationship. The transaction was effected as a transaction between jointly controlled companies.
The consolidated financial statements thus take the form of merged financial statements, i.e. as if the Group was formed on 1 January 2017. Since OmniCar Holding AB was formed in May 2017, no comparative figures for the first quarter of 2017 are available for the parent company.
Summarised income statement – Group
(SEK thousand) 2019-04-01- 2020-04-01- 2019-01-01- 2020-01-01- 2019-06-30 2020-06-30 2019-06-30 2020-06-30 3 mth. 3 mth. 6 mth. 6 mth.
Operating income
Revenue 2 803 2 369 7 291 5 043
Other income 3 241 3 941
Total operating income 2 806 2 610 7 294 5 984
Operating expenses
Raw materials and consumables -304 -71 -463 -149
Other external expenses -30 270 -794 -34 449 -2 845
Staff costs -3 289 -1 123 -7 317 -2 325
Amortisation and depreciation of intangible and tangible assets -832 -0 -1 957 0
Total operating expenses -34 695 -1 988 -44 186 -5 319
Profit/(loss) before financial income and expenses, net -31 889 622 -36 892 665
Income or loss from financial investments
Other interest earned and similar income -511 0 151 123
Interest expenses and similar expenses -387 -389 -712 -286
Total financial income and expenses, net -898 -389 -561 -163
Profit/(loss) after financial income and expenses, net -32 787 233 -37 453 502
Tax on profit or loss for the year - - - -
NET PROFIT OR LOSS FOR THE PERIOD -32 787 233 -37 453 502
INTERIM REPORT Q2 | PAGE 10
SUMMARISED BALANCE SHEET – GROUP
(SEK thousand) 2019-06-30 2020-06-30 2019-12-31
ASSETS
Fixed assets
Intangible assets 7 0 0
Tangible assets 0 0 0
Total assets 7 0 0
Current assets
Accounts receivable 76 745 717
Deferred tax asset - 0 0
Other receivables 496 760 750
Prepayments and accrued income 385 86 246
Total receivables 957 1 591 1 713
Cash at bank and in hand 4 152 701 1 146
Total current assets 5 109 2 292 2 859
TOTAL ASSETS 5 116 2 292 2 859
EQUITY AND LIABILITIES
Share capital 1 513 2 061 2 061
Other contributed capital 56 948 55 278 56 153
Other equity -26 557 -65 194 -27 307
Net profit or loss for the period -37 453 502 -38 613
Total equity -5 549 -7 353 -7 706
Other debt 0 1 633 1 800
Total long term debt 0 1 633 1 800
Payables to credit institutions 4 500 0 0
Trade payables 2 475 1 477 2 189
Tax liability 0 0 0
Other payables 505 3 592 2 585
Accrued expenses and prepaid income 3 185 2 943 3 991
Total short-term liabilities other than provisions 10 665 8 012 8 765
TOTAL EQUITY AND LIABILITIES 5 116 2 292 2 859
INTERIM REPORT Q2 | PAGE 11
CASH FLOW IN SUMMARY – THE GROUP
(SEK thousand) 2019-01-01- 2020-01-01- 2019-01-01- 2019-06-30 2020-06-30 2019-12-31
Cash flow from operating activities before changes in working capital -11 537 502 -18 228
Changes in working capital 1 214 -722 8 524
Cash flow from operations -10 323 -220 -9 704
Cash flow from investment activities -7 0 0
Cash flow from finance activities 11 173 -213 7 552
Cash flow for the period -843 -433 -2 152
Cash at the beginning of the period 3 269 1 146 3 269
Effect of exchange rate changes on cash 40 -12 29
Cash at the end of the period 4 152 701 1 146
CHANGE IN EQUITY – THE GROUP
(SEK thousand) 2019-01-01- 2020-01-01- 2019-01-01- 2019-06-30 2020-06-30 2019-12-31
Equity at the beginning of the period 19 862 -7 706 19 862
New issue 12 500 - 13 749
New issue 0 - -
New issue 0 - -
Issue costs -1 125 - -3 497
Currency translation difference 667 -149 793
Net profit or loss for the period -37 453 502 -38 613
CLOSING BALANCE -5 549 -7 353 7 706
INTERIM REPORT Q2 | PAGE 12
SUMMARISED INCOME STATEMENT - PARENT COMPANY
(SEK thousand) 2019-04-01- 2020-04-01- 2019-01-01- 2020-01-01- 2019-06-30 2020-06-30 2019-06-30 2020-06-30 3 mth. 3 mth. 6 mth. 6 mth.
Operating income
Revenue - 1 284 - 2 568
Other income 4 0 4 700
Total operating income 4 1 284 4 3 268
Operating expenses
Other external expenses -8 043 -496 -9 430 -1 499
Staff costs -97 -239 -104 -481
Total operating expenses -8 140 -735 -9 534 -1 980
Profit from operating activities -8 136 549 -9 530 1 288
Income or loss from financial investments
Result from group companies -37 439 - -37 439 -
Other interest earned and similar income 92 2 150 2
Interest expenses and similar expenses -458 - -728 -7
Total financial income and expenses, net -37 805 2 -38 017 -5
Profit/(loss) after financial income and expenses, net -45 941 551 -47 547 1 283
Tax on profit or loss for the year - - - -
NET PROFIT OR LOSS FOR THE PERIOD -45 941 551 -47 547 1 283
INTERIM REPORT Q2 | PAGE 13
SUMMARISED BALANCE SHEET - PARENT COMPANY
(SEK thousand) 2019-06-30 2020-06-30 2019-12-31
ASSETS
Fixed assets
Shares in group companies 107 6 107 6 107
Total assets 107 6 107 6 107
Current assets
Accounts receivable - - -
Receivables from group companies 6 606 6 172 5 378
Other receivables - 356 305
Prepayments and accrued income 92 60 60
Total receivables 6 698 6 588 5 743
Cash at bank and in hand 3 551 1 505
Total current assets 10 249 6 589 6 248
TOTAL ASSETS 10 356 12 696 12 355
EQUITY AND LIABILITIES
Share capital 1 513 2 061 2 061
Share premium account 56 949 0 47 158
Other equity -8 120 2 554 6 000
Net profit or loss for the period -47 547 1 283 -50 604
Total equity 2 795 5 898 4 615
Payables to credit institutions 4 500 - 0
Trade payable 2 175 1 656 1 794
Other payables - 2 785 2 103
Accrued expenses and prepaid income 886 2 357 3 843
Total short-term liabilities other than provisions 7 561 6 798 7 740
TOTAL EQUITY AND LIABILITIES 10 356 12 696 12 355
INTERIM REPORT Q2 | PAGE 14
SUMMARISED CHANGE IN EQUITY – PARENT COMPANY
(SEK thousand) 2019-01-01- 2020-01-01- 2019-01-01 2019-06-30 2020-06-30 2019-12-31
Opening balance at the beginning of the period 38 967 4 615 38 967
New issue (Registered 2019-06-13) 12 500 - -
Other - - 6 000
New issue - - 13 749
Issue costs -1 125 - -3 497
Net profit or loss for the period -47 547 1 283 -50 604
CLOSING BALANCE 2 795 5 898 4 615
CASH FLOW IN SUMMARY - PARENT COMPANY
(SEK thousand) 2019-01-01- 2020-01-01- 2019-01-01 2019-06-30 2020-06-30 2019-12-31
Cash flow from operating activities before changes in working capital -6 636 1 283 -10 087
Changes in working capital -3 095 -1 787 4 233
Cash flow from operations -9 731 -504 -5 854
Cash flow from investment activities -57 0 -1 357
Cash flow from finance activities 11 375 0 5 752
Cash flow for the period 1 587 -504 -1 459
Cash at the beginning of the period 1 964 505 1 964
Effect of exchange rate changes on cash - - -
Cash at the end of the period 3 551 1 505
OMNICAR HOLDING AB