Mycab: Interim Report - 1 January 2011 - 31 December 2011

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* Turnaround in Swedish operations

* Mycab International resolves on listing in Stockholm

CEO HIGHLIGHTS

Turnaround in Swedish operations
The acquired Swedish operation has undergone a restructuring resulting in a more effective cost structure, which has allowed the company to reduce its annual cost level with approximately MSEK 7,0. The cost reduction is primarily emanating from management (MSEK 2, 4), IT-Services (MSEK 0, 6) and Fulfillments (MSEK 3,6).

The Swedish operation was acquired in second quarter and has shown positive EBITDA in subsequent quarters. In fourth quarter the EBITDA amounted to MSEK 0,9 however Net profit was negative.

For the group as a whole the year-end EBITDA amounted to 854 KEUR with a Net Operating Income at KEUR 341. Net Income (after tax) amounted to KEUR 125.

Mycab International resolves on listing in Stockholm
At the end of the year former shareholders in Netrevelation received, free of charge, 74 million shares constituting 24 % of all shares in Mycab International SA. The transaction was part of the agreement related to the acquisition of the Swedish operation from Netrevelation in second quarter.

The distribution of shares, to shareholders in former Netrevelation, entails that the company´s base of shareholders is widely expanded, which implies that the share spread requirement for a listing of the company is met. The fact that the beneficiary of the shares is the former shareholders in Netrevelation is considered by the principal owner in Mycab International to be in favor for the interest of the company, as a whole, and for the trade of the company´s shares when it becomes listed.

Mycab Internationals will be listed in Stockholm Sweden at a secondary market known as AktieTorget. First date of trade is 8th March 2012.


SUBSEQUENT EVENTS

Share issue fully subscribed
The share issue, with subscription period 12th Jan - 27th Feb 2012, was fully subscribed. Shareholders and public subscribed 54 % and underwriters the remaining part (46 %). The issue totaled MSEK 25,7 before issuance costs.

Cooperation with Flygtaxi in Scandinavia
Mycab announced, in February, that the company has entered into cooperation with the Swedish based company Flygtaxi. The justification of this cooperation is based on the fact that Flygtaxi has an existing, and successful Amadeus distribution to all travel agents in Scandinavia with a current sale at MSEK 250 per annum, however services, up until now has only been offered domestically in Sweden.

With the cooperation, between Mycab and Flygtaxi, it will be possible to offer all travel agents, in Scandinavia, a worldwide flight transfer product through an existing "up and running" distribution.

The domestic (Swedish) sale of flight transfer, through the mentioned distribution channel, corresponds to 6 % of all domestic air ticket sales and Mycab calculates with same relations for international travellers. This gives Mycab a MSEK 1000 potential business, through this channel. Objective is to achieve 40 % share of this potential in a first step. Launch is expected during 2012.


GROUP EARNINGS

Sales
Sales, for the full year, amounted to KEUR 5276, which is predominantly emanating from Swedish operation and constitutes sales over the last six months since the acquired Swedish operation was consolidated from third quarter.

Gross Income
Gross Income amounted to KEUR 1825, which implies an overall gross margin at 35 %. Gross margin, related to Swedish operation amounted, for the full year, to 19 %. In the fourth quarter the Gross margin amounted to 22 %.

Earnings before interest, taxes, depreciation and amortization (EBITDA) Ebitda earnings for the full year amounted to KEUR 854 (KEUR -11). Cost of sales amounted to KEUR 3518. Overheads amounted to KEUR 718 (KEUR 11).

Earnings before Tax
Earnings before tax amounted to KEUR 156 (KEUR -228). Depreciations and amortization amounted to KEUR 514 (KEUR 0), which comprises goodwill at KEUR 162 and Intangible assets along with fixed assets at KEUR 352. Financial net earnings amounted to -185 KEUR (-216 KEUR) resulting from exchange rate variances and interests on loans.


CONSOLIDATED CASH FLOW AND FINANCING

Cash flow and financing
Cash and bank balances as per 31th December amounted to KEUR 55 (KEUR 32) and the Quick ratio was
52 % (23 %). The Group solvency as per 31th December was 22% (-13%) and interest bearing loans amounted to 1 381 KEUR (0 KEUR).

Investments amounted to 6 179 KEUR (0 KEUR) which is the acquisition of Netrevelation Technologies AB and external development costs of Netsys V5.


OTHER GROUP INFORMATION

Number of Employees
The number of employees, at second quarter end, totaled 32 (0).

Assessment of Risk Environment
Growth is crucial for Mycab before it can achieve its projected financial objectives, which in turn is entirely depended on how well the international rollout succeeds. Current business, (acquired by Mycab International SA in 2011), is primarily emanating from the Swedish market where the business, historically, has not met its growth objectives. However the new set, compared to the previous operation in Sweden, is two pronged. Firstly there is an international perspective and secondly a focusing on online e-commerce. A new IT- platform, Netsys™ V5, has been developed to accommodate the new strategy but has still pilot phase to accomplish. Although the international market for Mycab business is many times larger than the Swedish market alone, Mycab cannot guarantee that projected growth objectives are met within time frame.

Future earnings are primarily depended 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 competition. A large part of the group costs is fixed, in a medium term perspective, and thus earnings are highly susceptible to relation margin and volume, thus Mycab cannot guarantee that projected growth with profit is met.

Related Party Disclosures
MCI, (the borrower), has raised a loan from Active Finance Management Limited (the lender) at 7.0 MSEK. The loan is granted without collateral security and is free from interest. Active Finance Management Limited is the principal shareholder in MCI since the company is a wholly owned subsidiary of Unica Growth Fund.

MCI has transferred license rights for a total consideration of 625 KEUR and has charged consultancy fees of 213 KEUR to BTB DATA AB. Karin Bachstätter, Director in Mycab International S.A. is the principal shareholder of BTB DATA AB. The agreement is based on market terms and conditions.


PARENT COMPANY INFORMATION

Earnings
Parent company Net sales, for the full year, amounted to KEUR 375 (KEUR 0) and Net Income after tax amounted to KEUR 280 (KEUR 22).

Cash Flow and Financing
Parent company Cash and Bank balances as per 31th December amounted to KEUR 6 (30 KEUR).

Shares
The number of shares, at the end of the year, totaled 314 700 000 shares.

Earnings per Share (EPS)
Earnings per share, over first six month, amounted to 0.001 EUR (-0,03 EUR).


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Publicerat: 3/6/2012 8:46:49 AM


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