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| Swvl Records $3.1m Net Profit, 13% Net Margin, and an Eightfold Growth in Gross Profit |
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| 6:00a ET April 30 '24 GlobeNewswire |
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| Swvl Records $3.1m Net Profit, 13% Net Margin, and an Eightfold Growth in Gross ProfitGlobeNewswireApril 30, 2024 8x Gross Profit growth year on year to $4.1 million Achieved cash flow positivity, with self-funded growth Profitable growth drove earnings per share from continuing operations to $0.61 Strong balance sheet with no debt and more than doubled the positive equity value compared to 2022 DUBAI, United Arab Emirates, April 30, 2024 (GLOBE NEWSWIRE) -- Swvl Holdings Corp ("Swvl" or the "Company") (Nasdaq: SWVL), a technology provider for enterprise and government mobility solutions with a global footprint, announces a significant achievement in its financial performance for the fiscal year 2023. The Company has successfully delivered positive net profit and cashflow for the full year. Continuing the positive momentum established in the initial half of the fiscal year, Swvl completed the path to profitability program initiated in 2022. The Company is committed to boosting profitability further while concurrently resuming strategic expansions into high-revenue markets. Financial Highlights for Fiscal Year Ended December 31, 2023: Net Profit: $3.1 million, a turnaround from a net loss of $123.6 million in 2022Gross Profit: Increased more than eightfold to $4.1 million from $0.5 million in 2022Operating Profit: $12.1 million, compared to an operating loss of $80.2 million in 2022Earnings Per Share: Profitable growth boosted basic earnings per share from continuing operations to $0.61Balance Sheet Strength: Ended the year with a strong balance sheet, no debt, and an equity value more than double that of the prior year, at $5.9 millionEquity Book Value: Total equity book value of $5.9 million as of December 31, 2023, compared to $2.6 million as of December 31, 2022This result marks Swvl's swift transition to profitability, highlighting a focus on financial stability and operational efficiency, and the effective implementation of profitability strategies during the fiscal year. The Company's continuous efforts to maintain positive cash flow and profitability support its upcoming planned expansion into high-revenue markets. Mostafa Kandil, CEO of Swvl, stated, "In 2023, our team demonstrated exceptional skill and dedication, achieving profitability. As we advance, our commitment to innovation will be marked by the launch of a wide range of products slated for the upcoming year and for our new potential markets. Additionally, in the meantime, we are expanding our strategic partnerships into more Gulf Cooperation Council (GCC) countries. Our focus today remains towards improving profitability while resuming our high paced growth." Post December 31, 2023, Swvl continued to make strides to further solidify its financial position, focusing on increasing margins and maintaining efficient operations. Swvl remains focused on sustaining this positive momentum, further strengthening its financial position, and continuing to deliver enhanced value to its shareholders and stakeholders in the future of the mobility landscape. For detailed financial information, please see Appendix A for the consolidated financial statements. This press release, along with complete financial statements and the investor presentation, can be found in the Investor Relations section of Swvl's website at https://www.swvl.com About Swvl Swvl is a global technology provider for enterprise and government mobility solutions. The company's platform provides alternatives to public transportation for individuals who cannot access or afford private options. Every day, Swvl's parallel mass transit systems empower individuals to go where they want, when they want - making mobility safer, more efficient, accessible, and environmentally friendly. Customers can book their rides on an easy-to-use proprietary app with varied payment options and access to high-quality private buses and vans. For additional information about Swvl, please visit www.Swvl.com. Forward Looking Statements This press release contains "forward-looking statements'' relating to future events. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts. For example, Swvl is using forward looking statements when it discusses its commitment to boosting profitability further while concurrently resuming strategic expansions into high-revenue markets, its intention to launch of a wide range of products slated for the upcoming year, its intention to expand strategic partnerships into more GCC countries, and that its focus remains towards improving profitability while resuming its high paced growth. These statements are based on the current expectations of Swvl's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Swvl. These statements are subject to a number of risks and uncertainties regarding Swvl's business, and actual results may differ materially. In addition, forward-looking statements provide Swvl's expectations, plans or forecasts of future events and views as of the date of this communication. Swvl anticipates that subsequent events and developments could cause Swvl's assessments and projections to change. However, while Swvl may elect to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Swvl's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon any forward-looking statements. Except as otherwise required by law, Swvl undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website, www.sec.gov, and in subsequent SEC filings. ContactInvestor.relations@Swvl.com Consolidated statement of financial position - As of 31 December 2023(All amounts are shown in USD unless otherwise stated)20232022ASSETSNon-current assetsProperty and equipment751,6931,270,838Intangible assets225,77610,534,278Right-of-use assets484,362815,646Sublease receivables-553,029Deferred tax assets9,468,80818,708,98810,930,63931,882,779Current assetsTrade and other receivables5,327,87714,815,432Prepaid expenses and other current assets2,142,1943,298,377Sublease receivables571,022648,523Cash and cash equivalents2,922,7551,538,34710,963,84820,300,679Assets classified as held for sale1,2615,279,098Total assets21,895,74857,462,556EQUITY AND LIABILITIESEQUITYShare capital16,97913,903Share premium347,295,152343,435,529Employee share scheme reserve507,677773,666Foreign currency translation reserve(11,466,066)(4,347,257)Reserve of disposal groups classified as held for sale2,106,737(492,474)Accumulated losses(329,506,304)(332,562,780)Equity attributable to equity holders of the Parent Company8,954,1756,820,587Non-controlling interests(3,039,317)(4,191,394)Total equity5,914,8582,629,193LIABILITIESNon-current liabilitiesProvision for employees' end of service benefits-267,751Derivative warrant liabilities106,4201,317,091Deferred purchase price-194,093Accounts payable, accruals and other payables83,961-Lease liabilities1,021,7161,592,1111,212,0973,371,046Current liabilitiesDeferred purchase price1,207,6827,425,488Accounts payable, accruals and other payables7,829,83733,418,502Current tax liabilities627,0681,027,404Due to related party131,523-Lease liabilities640,695751,01510,436,80542,622,409Liabilities directly associated with assets classified as held for sale4,331,9888,839,908Total liabilities15,980,89054,833,363Total equity and liabilities 21,895,74857,462,556Consolidated statement of comprehensive loss - For the year ended 31 December 2023 (All amounts are shown in USD unless otherwise stated)202320222021Continuing operationsRevenue22,852,26344,099,61025,563,945Cost of sales(18,741,277)(43,581,963)(31,349,979)Gross income/(loss)4,110,986517,647(5,786,034)General and administrative expenses(10,226,561)(62,918,437)(69,029,507)Selling and marketing expenses(93,431)(17,520,448)(12,190,989)Provision for expected credit losses(535,340)(873,442)(1,101,614)Other income/(expenses), net18,834,177548,823(807)Operating profit / (loss)12,089,831(80,245,857)(88,108,951)Finance income97,553209,434126,449Loss on disposal of subsidiaries(8,285,250)--Change in fair value of financial liabilities1,210,671109,720,648(44,330,400)Change in fair value of deferred purchase price727,13431,844,346-Change in fair value of employee share compensation schemes(1,636,738)36,155,857-Recapitalization cost-(139,609,424)-Impairment of financial assets-(10,000,880)-Impairment of assets-(46,381,441)-Finance cost(129,355)(3,666,643)(1,494,693)Profit / (loss) before tax from continuing operations 4,073,846(101,973,960)(133,807,595)Income tax benefit41,3053,225,2514,718,036Profit / (loss) for the year from continuing operations4,115,151(98,748,709)(129,089,559)Discontinued operationsLoss for the year from discontinued operations(1,058,675)(24,830,739)(12,399,838)Profit / (loss) for the year3,056,476(123,579,448)(141,489,397)Attributable to:Equity holders of the Parent Company3,056,476(116,496,525)(141,416,132)Non-controlling interests-(7,082,923)(73,265)3,056,476(123,579,448)(141,489,397)Profit / (loss) per share attributable to equity holders of the Parent CompanyBasic0.45(18.28)(20.92)Diluted0.28(18.28)(20.92)Profit / (loss) per share attributable to equity holders of the Parent Company for continuing operations Basic0.61(14.61)(19.10)Diluted0.37(14.61)(19.10)Other comprehensive incomeItems that may be reclassified subsequently to profit or loss:Exchange differences on translation of foreign operations, net of tax(5,299,295)(5,290,594)(409,511)Total comprehensive loss for the year(2,242,819)(128,870,042)(141,898,908)Attributable to:Equity holders of the Parent Company(2,242,819)(121,787,119)(141,825,643)Non-controlling interests-(7,082,923)(73,265)(2,242,819)(128,870,042)(141,898,908)Consolidated statement of cash flows - For the year ended 31 December 2023(All amounts are shown in USD unless otherwise stated)202320222021Profit / (loss) before tax from continued operations4,073,846(101,973,960)(133,807,595)Loss before tax from discontinued operations(1,058,675)(24,830,739)(12,399,838)Profit / (loss) for the year before tax3,015,171(126,804,699)(146,207,433)Adjustments to reconcile profit before tax to net cash flows:Depreciation of property and equipment356,288604,304182,402Depreciation of right-of-use assets364,1161,216,495541,218Amortization of intangible assets32,3752,455,24315,963Provision for expected credit losses535,340873,4421,327,104Loss from sale of subsidiaries8,285,250--Other income(18,834,177)--Gain on recognition of sublease receivable-(87,026)-Sublease income(37,706)(8,340)-Provision for employees' end of service benefits, net of reversals-(171,447)704,614Finance cost12,1923,466,5931,400,067Listing costs-139,609,424-Change in fair value of deferred purchase price(727,134)(31,844,346)-Change in fair value of financial liabilities(1,210,671)(109,720,648)44,330,400Impairment of assets-46,381,441-Impairment of financial assets-10,000,880-Employee share-based payments charges / (reversals)285,651(36,155,857)33,611,231(7,923,305)(100,184,541)(64,094,434)Changes in working capital:Trade and other receivables3,917,812(11,489,377)(4,825,451)Prepaid expenses and other current assets995,660(2,584,987)(868,620)Accounts payable, accruals and other payables(6,471,125)(3,571,712)8,259,002Current tax liabilities244,206793,105(635,821)Due to related parties131,523-36,091(9,105,229)(117,037,512)(62,129,233)Payment of employees' end of service benefits-(635,314)(5,507)Net cash flows used in operating activities(9,105,229)(117,672,826)(62,134,740)Cash flows from an investing activityPurchase of property and equipment(17,237)(817,586)(319,471)Proceeds from disposal of subsidiaries8,400,000--Purchase of financial assets--(10,000,880)Payment for acquisition of subsidiary, net of cash acquired-(743,292)(823,446)Sublease rentals received668,236138,410-Purchase of financial assets-(5,000,010)-Purchase of intangible assets(258,151)(1,666,934)(2,222)Net cash flows generated from / (used in) investing activities8,792,848(8,089,412)(11,146,019)Cash flows from financing activitiesProceeds from issuance of share capital789,46260,787,038-Proceeds from issuance of convertible notes-26,336,00073,206,415Proceed from PIPE subscription-39,664,000-Payments of external loan-(134,830)-Repayment of loan from related party-(195,270)-Finance cost paid-(543,432)(2,653)Finance lease liabilities paid, net of accretion(445,571)(850,773)(482,389)Net cash flows generated from financing activities 343,891125,062,73372,721,373Net increase / (decrease) in cash and cash equivalents31,510(699,505)(559,386)Cash and cash equivalents at the beginning of the year2,696,2769,529,72310,348,732Effects of exchange rate changes on cash and cash equivalents196,230(6,133,942)(259,623)Cash and cash equivalents at the end of the year 2,924,016 2,696,2769,529,723Non-cash financing and investing activities:Settlement of deferred purchase price5,377,829--Issuance of shares during the year3,073,2373,432,493-Fair value of shares earnouts-(75,550,455)-Acquisitions of non-controlling interests-(3,036,641)-Costs attributable to the issuance of shares-8,467,766-Conversion of convertible notes-145,952,505-Property and equipment additions through acquisition of business-(586,452)-Intangible assets additions through acquisition of business-(20,580,000)-COMTEX_451649756/2010/2024-04-30T06:00:34 8x Gross Profit growth year on year to $4.1 million Achieved cash flow positivity, with self-funded growth Profitable growth drove earnings per share from continuing operations to $0.61 Strong balance sheet with no debt and more than doubled the positive equity value compared to 2022 DUBAI, United Arab Emirates, April 30, 2024 (GLOBE NEWSWIRE) -- Swvl Holdings Corp ("Swvl" or the "Company") (Nasdaq: SWVL), a technology provider for enterprise and government mobility solutions with a global footprint, announces a significant achievement in its financial performance for the fiscal year 2023. The Company has successfully delivered positive net profit and cashflow for the full year. Continuing the positive momentum established in the initial half of the fiscal year, Swvl completed the path to profitability program initiated in 2022. The Company is committed to boosting profitability further while concurrently resuming strategic expansions into high-revenue markets. Financial Highlights for Fiscal Year Ended December 31, 2023: Net Profit: $3.1 million, a turnaround from a net loss of $123.6 million in 2022Gross Profit: Increased more than eightfold to $4.1 million from $0.5 million in 2022Operating Profit: $12.1 million, compared to an operating loss of $80.2 million in 2022Earnings Per Share: Profitable growth boosted basic earnings per share from continuing operations to $0.61Balance Sheet Strength: Ended the year with a strong balance sheet, no debt, and an equity value more than double that of the prior year, at $5.9 millionEquity Book Value: Total equity book value of $5.9 million as of December 31, 2023, compared to $2.6 million as of December 31, 2022This result marks Swvl's swift transition to profitability, highlighting a focus on financial stability and operational efficiency, and the effective implementation of profitability strategies during the fiscal year. The Company's continuous efforts to maintain positive cash flow and profitability support its upcoming planned expansion into high-revenue markets. Mostafa Kandil, CEO of Swvl, stated, "In 2023, our team demonstrated exceptional skill and dedication, achieving profitability. As we advance, our commitment to innovation will be marked by the launch of a wide range of products slated for the upcoming year and for our new potential markets. Additionally, in the meantime, we are expanding our strategic partnerships into more Gulf Cooperation Council (GCC) countries. Our focus today remains towards improving profitability while resuming our high paced growth." Post December 31, 2023, Swvl continued to make strides to further solidify its financial position, focusing on increasing margins and maintaining efficient operations. Swvl remains focused on sustaining this positive momentum, further strengthening its financial position, and continuing to deliver enhanced value to its shareholders and stakeholders in the future of the mobility landscape. For detailed financial information, please see Appendix A for the consolidated financial statements. This press release, along with complete financial statements and the investor presentation, can be found in the Investor Relations section of Swvl's website at https://www.swvl.com About Swvl Swvl is a global technology provider for enterprise and government mobility solutions. The company's platform provides alternatives to public transportation for individuals who cannot access or afford private options. Every day, Swvl's parallel mass transit systems empower individuals to go where they want, when they want - making mobility safer, more efficient, accessible, and environmentally friendly. Customers can book their rides on an easy-to-use proprietary app with varied payment options and access to high-quality private buses and vans. For additional information about Swvl, please visit www.Swvl.com. Forward Looking Statements This press release contains "forward-looking statements'' relating to future events. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts. For example, Swvl is using forward looking statements when it discusses its commitment to boosting profitability further while concurrently resuming strategic expansions into high-revenue markets, its intention to launch of a wide range of products slated for the upcoming year, its intention to expand strategic partnerships into more GCC countries, and that its focus remains towards improving profitability while resuming its high paced growth. These statements are based on the current expectations of Swvl's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Swvl. These statements are subject to a number of risks and uncertainties regarding Swvl's business, and actual results may differ materially. In addition, forward-looking statements provide Swvl's expectations, plans or forecasts of future events and views as of the date of this communication. Swvl anticipates that subsequent events and developments could cause Swvl's assessments and projections to change. However, while Swvl may elect to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Swvl's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon any forward-looking statements. Except as otherwise required by law, Swvl undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website, www.sec.gov, and in subsequent SEC filings. ContactInvestor.relations@Swvl.com Consolidated statement of financial position - As of 31 December 2023(All amounts are shown in USD unless otherwise stated)20232022ASSETSNon-current assetsProperty and equipment751,6931,270,838Intangible assets225,77610,534,278Right-of-use assets484,362815,646Sublease receivables-553,029Deferred tax assets9,468,80818,708,98810,930,63931,882,779Current assetsTrade and other receivables5,327,87714,815,432Prepaid expenses and other current assets2,142,1943,298,377Sublease receivables571,022648,523Cash and cash equivalents2,922,7551,538,34710,963,84820,300,679Assets classified as held for sale1,2615,279,098Total assets21,895,74857,462,556EQUITY AND LIABILITIESEQUITYShare capital16,97913,903Share premium347,295,152343,435,529Employee share scheme reserve507,677773,666Foreign currency translation reserve(11,466,066)(4,347,257)Reserve of disposal groups classified as held for sale2,106,737(492,474)Accumulated losses(329,506,304)(332,562,780)Equity attributable to equity holders of the Parent Company8,954,1756,820,587Non-controlling interests(3,039,317)(4,191,394)Total equity5,914,8582,629,193LIABILITIESNon-current liabilitiesProvision for employees' end of service benefits-267,751Derivative warrant liabilities106,4201,317,091Deferred purchase price-194,093Accounts payable, accruals and other payables83,961-Lease liabilities1,021,7161,592,1111,212,0973,371,046Current liabilitiesDeferred purchase price1,207,6827,425,488Accounts payable, accruals and other payables7,829,83733,418,502Current tax liabilities627,0681,027,404Due to related party131,523-Lease liabilities640,695751,01510,436,80542,622,409Liabilities directly associated with assets classified as held for sale4,331,9888,839,908Total liabilities15,980,89054,833,363Total equity and liabilities 21,895,74857,462,556Consolidated statement of comprehensive loss - For the year ended 31 December 2023 (All amounts are shown in USD unless otherwise stated)202320222021Continuing operationsRevenue22,852,26344,099,61025,563,945Cost of sales(18,741,277)(43,581,963)(31,349,979)Gross income/(loss)4,110,986517,647(5,786,034)General and administrative expenses(10,226,561)(62,918,437)(69,029,507)Selling and marketing expenses(93,431)(17,520,448)(12,190,989)Provision for expected credit losses(535,340)(873,442)(1,101,614)Other income/(expenses), net18,834,177548,823(807)Operating profit / (loss)12,089,831(80,245,857)(88,108,951)Finance income97,553209,434126,449Loss on disposal of subsidiaries(8,285,250)--Change in fair value of financial liabilities1,210,671109,720,648(44,330,400)Change in fair value of deferred purchase price727,13431,844,346-Change in fair value of employee share compensation schemes(1,636,738)36,155,857-Recapitalization cost-(139,609,424)-Impairment of financial assets-(10,000,880)-Impairment of assets-(46,381,441)-Finance cost(129,355)(3,666,643)(1,494,693)Profit / (loss) before tax from continuing operations 4,073,846(101,973,960)(133,807,595)Income tax benefit41,3053,225,2514,718,036Profit / (loss) for the year from continuing operations4,115,151(98,748,709)(129,089,559)Discontinued operationsLoss for the year from discontinued operations(1,058,675)(24,830,739)(12,399,838)Profit / (loss) for the year3,056,476(123,579,448)(141,489,397)Attributable to:Equity holders of the Parent Company3,056,476(116,496,525)(141,416,132)Non-controlling interests-(7,082,923)(73,265)3,056,476(123,579,448)(141,489,397)Profit / (loss) per share attributable to equity holders of the Parent CompanyBasic0.45(18.28)(20.92)Diluted0.28(18.28)(20.92)Profit / (loss) per share attributable to equity holders of the Parent Company for continuing operations Basic0.61(14.61)(19.10)Diluted0.37(14.61)(19.10)Other comprehensive incomeItems that may be reclassified subsequently to profit or loss:Exchange differences on translation of foreign operations, net of tax(5,299,295)(5,290,594)(409,511)Total comprehensive loss for the year(2,242,819)(128,870,042)(141,898,908)Attributable to:Equity holders of the Parent Company(2,242,819)(121,787,119)(141,825,643)Non-controlling interests-(7,082,923)(73,265)(2,242,819)(128,870,042)(141,898,908)Consolidated statement of cash flows - For the year ended 31 December 2023(All amounts are shown in USD unless otherwise stated)202320222021Profit / (loss) before tax from continued operations4,073,846(101,973,960)(133,807,595)Loss before tax from discontinued operations(1,058,675)(24,830,739)(12,399,838)Profit / (loss) for the year before tax3,015,171(126,804,699)(146,207,433)Adjustments to reconcile profit before tax to net cash flows:Depreciation of property and equipment356,288604,304182,402Depreciation of right-of-use assets364,1161,216,495541,218Amortization of intangible assets32,3752,455,24315,963Provision for expected credit losses535,340873,4421,327,104Loss from sale of subsidiaries8,285,250--Other income(18,834,177)--Gain on recognition of sublease receivable-(87,026)-Sublease income(37,706)(8,340)-Provision for employees' end of service benefits, net of reversals-(171,447)704,614Finance cost12,1923,466,5931,400,067Listing costs-139,609,424-Change in fair value of deferred purchase price(727,134)(31,844,346)-Change in fair value of financial liabilities(1,210,671)(109,720,648)44,330,400Impairment of assets-46,381,441-Impairment of financial assets-10,000,880-Employee share-based payments charges / (reversals)285,651(36,155,857)33,611,231(7,923,305)(100,184,541)(64,094,434)Changes in working capital:Trade and other receivables3,917,812(11,489,377)(4,825,451)Prepaid expenses and other current assets995,660(2,584,987)(868,620)Accounts payable, accruals and other payables(6,471,125)(3,571,712)8,259,002Current tax liabilities244,206793,105(635,821)Due to related parties131,523-36,091(9,105,229)(117,037,512)(62,129,233)Payment of employees' end of service benefits-(635,314)(5,507)Net cash flows used in operating activities(9,105,229)(117,672,826)(62,134,740)Cash flows from an investing activityPurchase of property and equipment(17,237)(817,586)(319,471)Proceeds from disposal of subsidiaries8,400,000--Purchase of financial assets--(10,000,880)Payment for acquisition of subsidiary, net of cash acquired-(743,292)(823,446)Sublease rentals received668,236138,410-Purchase of financial assets-(5,000,010)-Purchase of intangible assets(258,151)(1,666,934)(2,222)Net cash flows generated from / (used in) investing activities8,792,848(8,089,412)(11,146,019)Cash flows from financing activitiesProceeds from issuance of share capital789,46260,787,038-Proceeds from issuance of convertible notes-26,336,00073,206,415Proceed from PIPE subscription-39,664,000-Payments of external loan-(134,830)-Repayment of loan from related party-(195,270)-Finance cost paid-(543,432)(2,653)Finance lease liabilities paid, net of accretion(445,571)(850,773)(482,389)Net cash flows generated from financing activities 343,891125,062,73372,721,373Net increase / (decrease) in cash and cash equivalents31,510(699,505)(559,386)Cash and cash equivalents at the beginning of the year2,696,2769,529,72310,348,732Effects of exchange rate changes on cash and cash equivalents196,230(6,133,942)(259,623)Cash and cash equivalents at the end of the year 2,924,016 2,696,2769,529,723Non-cash financing and investing activities:Settlement of deferred purchase price5,377,829--Issuance of shares during the year3,073,2373,432,493-Fair value of shares earnouts-(75,550,455)-Acquisitions of non-controlling interests-(3,036,641)-Costs attributable to the issuance of shares-8,467,766-Conversion of convertible notes-145,952,505-Property and equipment additions through acquisition of business-(586,452)-Intangible assets additions through acquisition of business-(20,580,000)-COMTEX_451649756/2010/2024-04-30T06:00:34 |
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