Key highlights from
- Operating Cash Flow: Operating cash inflows of
$2.2 million in H1 2023, compared to operating outflows of$76.8 million in H1 2022. - Gross Profit: Gross profit of
$1.8 million in H1 2023, compared to gross loss of$2.7 million in H1 2022. - Operating Profit: Operating profit of
$13.4 million in H1 2023, compared to operating loss of$56.0 million in H1 2022. - Net Profit: Net profit of
$2.1 million in 2023, compared to net loss of$161.6 million in H1 2022. - Total Equity: Total equity book value of
$5.0 million as of30 June 2023 , compared to total equity of$2.6 million as of31 December 2022 (total deficit of$24.5 million as of 30 June 2022).
This achievement underscores the Company's commitment to financial stability, operational efficiency, and profitable growth initiatives implemented throughout the fiscal year. The successful transformation to positive cashflow and profitability is pivotal for Swvl’s enhanced strategic expansions to high revenue markets.
Please refer to appendix A below for the condensed interim consolidated financial statements.
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Appendix A
Condensed interim consolidated statement of financial position – As of (All amounts are shown in USD unless otherwise stated) | |||||
(Unaudited) At 30 June 2023 | (Audited) At 31 | ||||
ASSETS | |||||
Non-current assets | |||||
Property and equipment | 872,685 | 1,270,838 | |||
Intangible assets | 179,480 | 10,534,278 | |||
Right-of-use assets | 587,109 | 815,646 | |||
Sublease receivables | 215,491 | 553,029 | |||
Deferred tax assets | 9,408,649 | 18,708,988 | |||
11,263,414 | 31,882,779 | ||||
Current assets | |||||
Prepaid expenses and other current assets | 2,584,667 | 3,298,377 | |||
Trade and other receivables | 5,952,470 | 14,815,432 | |||
Sublease receivables | 841,974 | 648,523 | |||
Cash and cash equivalents | 376,768 | 1,538,347 | |||
9,755,879 | 20,300,679 | ||||
Assets classified as held for sale | 13,633,830 | 5,279,098 | |||
Total assets | 34,653,123 | 57,462,556 | |||
EQUITY AND LIABILITIES | |||||
EQUITY | |||||
Share capital | 16,955 | 13,903 | |||
Share premium | 345,942,255 | 343,435,529 | |||
Employee share scheme reserve | 387,468 | 773,666 | |||
Foreign currency translation reserve | (11,500,743 | ) | (4,347,257 | ) | |
Reserve of disposal groups classified as held for sale | 3,715,263 | (492,474 | ) | ||
Accumulated deficit | (330,485,312 | ) | (332,562,780 | ) | |
Equity attributable to equity holders of the Parent Company | 8,075,886 | 6,820,587 | |||
Non-controlling interests | (3,039,317 | ) | (4,191,394 | ) | |
Total equity | 5,036,569 | 2,629,193 | |||
LIABILITIES | |||||
Non-current liabilities | |||||
Provision for employees’ end of service benefits | - | 267,751 | |||
Derivative warrant liabilities | 1,317,091 | 1,317,091 | |||
Deferred purchase price | 70,168 | 194,093 | |||
Lease liabilities | 1,393,484 | 1,592,111 | |||
2,780,743 | 3,371,046 | ||||
Current liabilities | |||||
Deferred purchase price | 988,038 | 7,425,488 | |||
Accounts payable, accruals and other payables | 14,917,098 | 33,418,502 | |||
Current tax liabilities | 472,101 | 1,027,404 | |||
Due to related party | 556,000 | - | |||
Loans from a related party | 139,985 | - | |||
Lease liabilities | 596,361 | 751,015 | |||
17,669,583 | 42,622,409 | ||||
Liabilities directly associated with assets classified as held for sale | 9,166,228 | 8,839,908 | |||
Total liabilities | 29,616,554 | 54,833,363 | |||
Total equity and liabilities | 34,653,123 | 57,462,556 | |||
Appendix A (continued)
Condensed interim consolidated statement of comprehensive profit or loss - For the period ended (All amounts are shown in USD unless otherwise stated) | |||||
(Unaudited) 2023 | (Unaudited) 2022 | ||||
Continuing operations | |||||
Revenue | 11,116,013 | 21,671,391 | |||
Cost of sales | (9,352,628 | ) | (24,409,896 | ) | |
Gross income/(loss) | 1,763,385 | (2,738,505 | ) | ||
General and administrative expenses | (2,786,562 | ) | (40,163,103 | ) | |
Selling and marketing costs | (19,967 | ) | (11,165,925 | ) | |
Other expenses | (2,305,274 | ) | (1,906,995 | ) | |
Other income | 16,767,714 | 4,649 | |||
Operating profit/(loss) | 13,419,296 | (55,969,879 | ) | ||
Change in fair value of financial liabilities | 149,430 | 62,324,575 | |||
Recapitalization cost | - | (139,609,424 | ) | ||
Impairment of financial assets | - | (10,000,890 | ) | ||
Gain on disposal of subsidiaries | 967,310 | - | |||
Write-down of assets held for sale | (10,889,775 | ) | - | ||
Finance income | 4,834 | 77,735 | |||
Finance cost | (61,810 | ) | (3,474,108 | ) | |
Profit/(loss) before tax from continuing operations | 3,589,285 | (146,651,991 | ) | ||
Income tax benefit | - | 672,857 | |||
Profit/(loss) for the period from continuing operations | 3,589,285 | (145,979,134 | ) | ||
Discontinued operations | |||||
Loss for the period/year from discontinued operations | (1,511,817 | ) | (15,640,435 | ) | |
Profit/(loss) for the period | 2,077,468 | (161,619,569 | ) | ||
Attributable to: | |||||
Equity holders of the Parent Company | 2,077,468 | (159,738,379 | ) | ||
Non-controlling interests | - | (1,881,190 | ) | ||
2,077,468 | (161,619,569 | ) | |||
Profit/(loss) per share attributable to equity holders of the Parent Company | |||||
Basic | 0.32 | (1.50 | ) | ||
Diluted | 0.25 | (1.50 | ) | ||
Other comprehensive income | |||||
Items that may be reclassified subsequently to profit or loss: | |||||
Exchange differences on translation of foreign operations, net of tax | (2,945,749 | ) | (1,588,579 | ) | |
Total comprehensive loss for the period | (868,281 | ) | (163,208,148 | ) | |
Attributable to: | |||||
Equity holders of the Parent Company | (868,281 | ) | (161,326,958 | ) | |
Non-controlling interests | - | (1,881,190 | ) | ||
(868,281 | ) | (163,208,148 | ) | ||
Appendix A (continued)
Condensed interim consolidated statement of cash flows - for the period ended (All amounts are shown in USD unless otherwise stated) | |||||
For the six-month period ended 30 June | |||||
(Unaudited) 2023 | (Unaudited) 2022 | ||||
Profit before tax from continued operations | 3,589,285 | (146,602,899 | ) | ||
Loss before tax from discontinued operations | (1,511,817 | ) | (15,640,435 | ) | |
Profit/(loss) for the year before tax | 2,077,468 | (162,243,334 | ) | ||
Adjustments to reconcile profit/(loss) before tax to net cash flows: | |||||
Depreciation of property and equipment | 513,463 | 365,340 | |||
Depreciation of right-of-use assets | 804,836 | 703,553 | |||
Amortization of intangible assets | 1,844,585 | 676,750 | |||
Write down of assets held for sale | 10,889,775 | - | |||
Other non – cash income | (16,637,801 | ) | - | ||
Gain on disposal of subsidiaries | (967,310 | ) | - | ||
Change in fair value of financial liabilities | (149,430 | ) | (62,324,575 | ) | |
Provision for employees’ end of service benefits | 37,711 | 322,955 | |||
Other non-cash expenses | - | 5,919,585 | |||
Gain on disposal of right-of-use assets | - | (85,636 | ) | ||
Impairment of financial assets | - | 10,000,890 | |||
Recapitalization costs | - | 139,609,424 | |||
Employee share scheme reserve charges | - | 257,093 | |||
(1,586,703 | ) | (66,797,955 | ) | ||
Changes in working capital: | |||||
Trade and other receivables | 3,209,551 | (8,114,968 | ) | ||
Prepaid expenses and other current assets | 779,057 | (3,988,021 | ) | ||
Due to related party | 556,000 | - | |||
Accounts payable, accruals and other payables | (159,887 | ) | 1,992,144 | ||
Current tax liabilities | (555,303 | ) | 518,387 | ||
Payment of employees’ end of service benefits | - | (439,914 | ) | ||
Net cash flows from/(used in) operating activities | 2,242,715 | (76,830,327 | ) | ||
Cash flows from an investing activity | |||||
Sublease rentals received | 144,087 | - | |||
Purchase of property and equipment | - | (1,191,592 | ) | ||
Purchase of financial assets | - | (5,000,010 | ) | ||
Capitalized development costs | - | (1,666,934 | ) | ||
Payment for acquisition of subsidiary, net of cash acquired | - | (1,463,293 | ) | ||
Net cash flows from/(used in) investing activities | 144,087 | (9,321,829 | ) | ||
Cash flows from financing activities | |||||
Proceeds from issuance of share capital | 635 | 32,333,801 | |||
Proceeds from issuance of convertible notes | 788,828 | 26,336,000 | |||
Repayment of loan from related party | (318,256 | ) | (35,066 | ) | |
Repayment of external loan | (707,125 | ) | - | ||
Finance lease liabilities paid, net of accretion | (870,771 | ) | (436,677 | ) | |
Proceed from PIPE subscription | - | 39,664,000 | |||
Finance cost paid | - | (182,996 | ) | ||
Net cash flows (used in)/from financing activities | (1,106,689 | ) | 97,679,062 | ||
Net increase in cash and cash equivalents | 1,280,113 | 11,526,906 | |||
Cash and cash equivalents at the beginning of the year | 2,696,276 | 9,529,723 | |||
Effects of exchange rate changes on cash and cash equivalents | (3,057,865 | ) | (1,752,249 | ) | |
Cash and cash equivalents at the end of the year | 918,524 | 19,304,380 |
Source: SWVL Global FZE
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