REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Not Applicable |
||
(Translation of Registrant’s name into English) |
(Jurisdiction of incorporation or organization) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ |
Emerging growth company |
† |
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
US GAAP ☐ | by |
Other ☐ | ||||||
the International Accounting Standards Board | ☒ |
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• | “B2B” are to “business to business”; |
• | “B2C” are to “business to consumer”; |
• | “bookings” are to seats that have been reserved by riders on a ride; |
• | “Business Combination Agreement” are to that certain Business Combination Agreement, dated as of July 28, 2021, by and among Swvl Inc., SPAC, Holdings, Cayman Merger Sub and BVI Merger Sub, as amended; |
• | “Business Combination” are to the transactions effected by the Business Combination Agreement; |
• | “BVI” are to the British Virgin Islands; |
• | “BVI Companies Act” are to the BVI Business Companies Act (As Revised); |
• | “captains” are to drivers using Swvl’s platform; |
• | “Exchange Act” are to the Securities Exchange Act of 1934; |
• | “Holdings” are to Swvl Holdings Corp, a British Virgin Islands business company limited by shares incorporated under the laws of the British Virgin Islands, formerly known as Pivotal Holdings Corp, and unless otherwise stated or the context otherwise requires, for the purposes of this Report, “Swvl”, “we”, “us”, “our” and the “Company” refer to the business of Holdings and its subsidiaries; |
• | “IFRS” are to International Financial Reporting Standards as issued by the IASB; |
• | “Ordinary Shares” are to Swvl’s Class A Ordinary Shares listed on the Nasdaq under the trading symbol “SWVL”; |
• | “Nasdaq” are to The Nasdaq Stock Market LLC; |
• | “riders” are to persons filling seats on rides; |
• | “Sarbanes-Oxley Act” are to the Sarbanes-Oxley Act of 2002; |
• | “seats” are to physical spaces on rides that can be booked by riders; |
• | “SEC” are to the Securities and Exchange Commission; |
• | “Securities Act” are to the Securities Act of 1933, as amended; |
• | “service provider” are to any employee, officer, director, individual independent contractor or individual consultant of Swvl or any Swvl Subsidiary; |
• | “Sponsor Warrants” are to Swvl’s private warrants initially issued in a private placement to Queen’s Gambit Holdings, LLC. |
• | “Swvl Board” are to the board of directors of Swvl Holdings Corp. |
• | “Swvl Securities” are to Swvl’s Ordinary Shares and Warrants. |
• | “Warrants” are to Swvl’s public warrants listed on the Nasdaq under the trading symbol “SWVLW.” |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
A. |
Directors and Senior Management |
B. |
Advisors |
C. |
Auditors |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
A. |
[Reserved] |
B. |
Capitalization and Indebtedness |
C. |
Reasons for the Offer and Use of Proceeds |
D. |
Risk Factors |
• | Several countries in which Swvl operates and plans to operate in the future have been subject to political and economic instability. |
• | Swvl’s limited operating history and rapidly evolving business make it particularly difficult to evaluate Swvl’s prospects and the risks and challenges Swvl may encounter. |
• | The mass transit ridesharing market is still in relatively early stages of growth and if the market does not continue to grow, grows more slowly than Swvl expects or fails to grow as large as Swvl expects, Swvl’s business, financial condition and operating results could be adversely affected. |
• | If Swvl fails to cost-effectively attract and retain qualified drivers to use its platform, or to increase utilization of Swvl’s platform by Swvl’s currently contracted drivers, Swvl’s business, financial condition and operating results could be harmed. |
• | If Swvl fails to cost-effectively attract and retain new riders or to increase utilization of its platform by existing riders, Swvl’s business, financial condition and operating results could be harmed. |
• | Swvl depends on its key personnel and other highly skilled personnel, and if Swvl fails to attract, retain, motivate or integrate its personnel, Swvl’s business, financial condition and operating results could be adversely affected. |
• | Swvl’s reputation, brand and the network effects among the drivers and riders using Swvl’s platform are important to its success, and if Swvl is not able to maintain and continue developing its reputation, brand and network effects, its business, financial condition and operating results could be adversely affected. |
• | Swvl’s growth strategy will subject it to additional costs, compliance requirements and risks, and Swvl’s expansion plans may not be successful. |
• | Swvl has not historically maintained insurance coverage for its operations. Swvl may not be able to mitigate the risks facing its business and could incur significant uninsured losses, which could adversely affect its business, financial condition and operating results. |
• | Any actual or perceived security or privacy breach could interrupt Swvl’s operations and adversely affect its reputation, brand, business, financial condition and operating results. Swvl has previously experienced a data breach that resulted in the exposure of its customers’ personal information. |
• | If Swvl fails to effectively predict rider demand, to set pricing and routing accordingly or to run routes that are consistent with the availability of drivers using its platform, Swvl’s business, financial condition and operating results could be adversely affected. |
• | If Swvl is not able to successfully develop new offerings on its platform and enhance its existing offerings, Swvl’s business, financial condition and operating results could be adversely affected. |
• | Swvl’s metrics and estimates, including the key metrics included in this Report, are subject to inherent challenges in measurement, and real or perceived inaccuracies in those metrics may harm Swvl’s reputation and negatively affect Swvl’s business, financial condition and operating results. |
• | Any failure to offer high-quality user support may harm Swvl’s relationships with users and could adversely affect Swvl’s reputation, brand, business, financial condition, and operating results. |
• | Systems failures and resulting interruptions in the availability of Swvl’s website, applications, platform, or offerings could adversely affect Swvl’s business, financial condition, and operating results. |
• | If Swvl is unable to make acquisitions and investments or successfully integrate them into its business, or if Swvl enters into strategic transactions that do not achieve its objectives, Swvl’s business, financial condition and operating results could be adversely affected. |
• | Swvl has identified material weaknesses in its internal control over financial reporting. If for any reason Swvl is unable to remediate these material weaknesses and otherwise to maintain proper and effective internal controls over financial reporting in the future, Swvl’s ability to produce accurate and timely consolidated financial statements may be impaired, which may harm Swvl’s operating results, Swvl’s ability to operate its business or investors’ views of Swvl. |
• | Uncertainties with respect to the legal systems in the jurisdictions in which Swvl operates, including changes in laws and the adoption and interpretation of new laws and regulations, could adversely affect Swvl’s business, financial condition and operating results. |
• | As Swvl expands its offerings, it may become subject to additional laws and regulations, and any actual or perceived failure by Swvl to comply with such laws and regulations or manage the increased costs associated with such laws and regulations could adversely affect Swvl’s business, financial condition, and operating results. |
• | Failure to protect or enforce Swvl’s intellectual property rights could harm Swvl’s business, financial condition and operating results. |
• | Claims by others that Swvl infringed their proprietary technology or other intellectual property rights could harm Swvl’s business, financial condition and operating results. |
• | Changes in laws or regulations relating to privacy, data protection or the protection or transfer of personal data, or any actual or perceived failure by Swvl to comply with such laws and regulations or any other obligations relating to privacy, data protection or the protection or transfer of personal data, could adversely affect Swvl’s business. |
• | Swvl’s business would be adversely affected if the drivers using its platform were classified as employees. |
• | The COVID-19 pandemic and related responsive measures have negatively impacted, and may in the future negatively impact, Swvl’s business. |
• | Swvl is an “emerging growth company”, and the reduced disclosure requirements applicable to emerging growth companies may make Swvl Securities less attractive to investors. As a foreign private issuer, Swvl is not subject to U.S. proxy rules and is subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company. |
• | The other risks and uncertainties are discussed in this “Risk Factors” section. |
• | forecast its revenue and budget for and manage expenses; |
• | attract new qualified drivers and new riders to use its platform and have existing qualified drivers and riders continue to use its platform in a cost-effective manner; |
• | comply with existing or developing and new or modified laws and regulations applicable to Swvl’s business and the data it processes, including in jurisdictions where such regulations may still be developing or changing rapidly; |
• | manage its platform and business assets and expenses in light of the COVID-19 pandemic and related public health measures issued by various jurisdictions, including travel bans, travel restrictions, and shelter-in-place COVID-19 pandemic; |
• | plan for and manage expenditures for Swvl’s current and future offerings, including expenses relating to Swvl’s growth strategy; |
• | deploy and ensure utilization of the vehicles operating on Swvl’s platform; |
• | anticipate and respond to macroeconomic changes and changes in the markets in which Swvl operates; |
• | maintain and enhance the value of Swvl’s reputation and brand; |
• | effectively manage Swvl’s growth and business operations, including the impacts of the COVID-19 pandemic on Swvl’s business; |
• | successfully expand Swvl’s geographic reach; |
• | successfully expand Swvl’s TaaS business and launch Swvl’s SaaS business; |
• | hire, integrate and retain talented personnel; and |
• | successfully develop new platform features and offerings to enhance the experience of riders, drivers and corporate customers (as well as schools and municipalities). |
• | Declines in mobility due to COVID-19, including commuting, local travel, and business travel, have resulted in decreased demand for Swvl’s platform. Changes in travel trends and behavior arising from COVID-19, including the impact of new variants, may develop or persist over time, which may further contribute to this adverse effect in the future. |
• | The measures Swvl previously took in response to the COVID-19 pandemic adversely affected Swvl’s business and operating results. For example, in the first quarter of 2020, Swvl temporarily suspended its usual services, other than to certain key business customers, and operated reduced-service for essential workers at no charge. Although regular service has largely resumed, in the future there may be repeated disruption arising from the COVID-19 pandemic and related responsive measures that may require Swvl to suspend or limit its services again, which would adversely affect Swvl’s business, financial condition and operating results. |
• | Changes in driver behavior during the COVID-19 pandemic led to reduced levels of driver availability on Swvl’s platform, beginning in the first quarter of 2020. As a result, at the time Swvl was required to offer additional incentives to drivers to continue operating on Swvl’s platform. Any future reduction in driver availability due to the COVID-19 pandemic may require Swvl to increase prices or provide additional incentives to attract and retain drivers and riders, which may adversely affect its business, financial condition and operating results. |
• | Responsive measures to the COVID-19 pandemic caused Swvl to modify its business practices by having corporate employees in nearly all office locations work remotely, limiting employee travel and canceling or postponing events and meetings, or holding them virtually. Swvl may be required to or choose voluntarily to take additional actions for the health and safety of its workforce and users of its platform, including after the pandemic subsides, whether in response to government orders or based on Swvl’s determinations. If these measures result in decreased productivity, harm Swvl’s company culture, adversely affect Swvl’s ability to timely and accurately report its financial statements or maintain internal controls, or otherwise negatively affect Swvl’s business, Swvl’s financial condition, and operating results could be adversely affected. |
• | the popularity, utility, ease of use, performance and reliability of Swvl’s offerings; |
• | Swvl’s reputation, including the perceived safety of Swvl’s platform, and brand strength; |
• | Swvl’s pricing models and the prices of its offerings; |
• | Swvl’s ability to manage its business and operations during the ongoing COVID-19 pandemic and recovery as well as in response to related governmental, business and individuals’ actions that continue to evolve (including restrictions on travel and transport and modified workplace activities); |
• | Swvl’s ability to attract and retain qualified drivers and riders to use its platform; |
• | Swvl’s ability to develop new offerings, including the expansion of its TaaS business and launch of its SaaS business; |
• | Swvl’s ability to continue leveraging and enhancing its data analytics capabilities; |
• | Swvl’s ability to establish and maintain relationships with strategic partners and third-party service providers; |
• | Swvl’s ability to deploy and ensure utilization of the vehicles operating on its platform; |
• | changes mandated by, or that Swvl elects to make to address, legislation, regulatory authorities or litigation, including settlements, judgments, injunctions and consent decrees; |
• | Swvl’s ability to attract, retain and motivate talented employees; |
• | Swvl’s ability to raise additional capital as needed; and |
• | acquisitions or consolidation within Swvl’s industry. |
• | complaints or negative publicity about Swvl or drivers or riders on its platform, its offerings or its policies and guidelines, including Swvl’s practices and policies with respect to drivers, or the ridesharing industry, even if factually incorrect or based on isolated incidents; |
• | illegal, negligent, reckless or otherwise inappropriate behavior by drivers, riders or third parties; |
• | a failure to offer riders competitive pricing and convenient service; |
• | a failure to provide the range of routes, dynamic routing, and ride types sought by riders; |
• | actual or perceived inaccuracies in demand prediction and other defects or errors in Swvl’s platform; |
• | concerns by riders or drivers about the safety of ridesharing and Swvl’s platform, including in light of the COVID-19 pandemic; |
• | actual or perceived disruptions in Swvl’s platform, site outages, payment disruptions or other incidents that impact the reliability of Swvl’s offerings; |
• | failure to protect Swvl’s customer personal data, or other privacy or data security breaches; |
• | litigation involving, or investigations by regulators into, Swvl’s business; |
• | users’ lack of awareness of, or compliance with, Swvl’s policies; |
• | Swvl’s policies or changes thereto that users or others perceive as overly restrictive, unclear or inconsistent with Swvl’s values or mission or that are not clearly articulated; |
• | a failure to enforce Swvl’s policies in a manner that users perceive as effective, fair and transparent; |
• | a failure to operate Swvl’s business in a way that is consistent with Swvl’s stated values and mission; |
• | inadequate or unsatisfactory user support service experiences; |
• | illegal or otherwise inappropriate behavior by Swvl’s management team or other employees or contractors; |
• | negative responses by drivers or riders to new offerings on Swvl’s platform; |
• | a failure to balance the interests of driver and riders; |
• | accidents or other negative incidents involving the use of Swvl’s platform; |
• | perception of Swvl’s treatment of employees or contractors and Swvl’s response to employee sentiment related to political or social causes or actions of management; |
• | political or social policies or activities; or |
• | any of the foregoing with respect to Swvl’s competitors, to the extent such resulting negative perception affects the public’s perception of Swvl or its industry as a whole. |
• | failure to identify, attract, reward and retain people in leadership positions in Swvl’s organization who share and further Swvl’s culture, values and mission; |
• | Swvl’s rapid growth strategy, which involves increasing the size and geographic dispersion of Swvl’s workforce; |
• | shelter-in-place |
• | the inability to achieve adherence to Swvl’s internal policies and core values, including Swvl’s diversity, equity and inclusion practices; |
• | competitive pressures to move in directions that may divert Swvl from its mission, vision and values; |
• | the continued challenges of the rapidly-evolving mass-transit ridesharing industry; |
• | the increasing need to develop expertise in new areas of business and operate across borders; |
• | potential negative perception of Swvl’s treatment of employees or Swvl’s response to employee sentiment related to political or social causes or actions of management; |
• | changes to employee work arrangements in response to COVID-19; and |
• | the integration of new personnel and businesses from potential acquisitions. |
• | recruitment and retention of talented and capable employees in foreign countries while maintaining Swvl’s company culture in each of its markets; |
• | competition from local incumbents with existing knowledge of local markets that may market and operate more effectively and may enjoy greater local affinity or awareness; |
• | differing rider and driver demand dynamics, which may make Swvl’s offerings less successful; |
• | the need to adapt to new markets, including the need to localize Swvl’s offerings and marketing efforts to the preferences of local riders and drivers; |
• | public health concerns or emergencies, including the COVID-19 pandemic and other highly communicable diseases or viruses; |
• | compliance with varying laws and regulatory standards, including with respect to data privacy, cybersecurity, tax, trade compliance, environmental and other vehicle standards and local regulatory restrictions; |
• | the risk that local laws and business practices favor local competitors; |
• | compliance with the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”) and similar laws in other jurisdictions; |
• | obtaining any required government approvals, licenses or other authorizations; |
• | varying levels of Internet and mobile technology adoption and infrastructure; |
• | currency exchange restrictions or costs and exchange rate fluctuations; |
• | political, economic, or social instability, which may cause disruptions to Swvl’s business; |
• | operating in jurisdictions with reduced, nonexistent or unenforceable protection for intellectual property rights or where Swvl does not have registered intellectual property rights in its brand and/or technology; and |
• | limitations on the repatriation and investment of funds as well as foreign currency exchange restrictions. |
• | intense competition for suitable acquisition targets, which could increase acquisition costs and adversely affect Swvl’s ability to consummate transactions on favorable or acceptable terms; |
• | failure or material delay in consummating a transaction; |
• | transaction-related lawsuits or claims; |
• | Swvl’s ability to successfully obtain indemnification; |
• | difficulties in integrating the technologies, operations, existing contracts, and personnel of an acquired company; |
• | difficulties in retaining key employees or business partners of an acquired company; |
• | diversion of financial and management resources from existing operations or alternative acquisition opportunities; |
• | failure to realize the anticipated benefits or synergies of a transaction; |
• | failure to identify the problems, liabilities, or other shortcomings or challenges of an acquired company or technology, including issues related to intellectual property, data privacy, cybersecurity, regulatory compliance practices, litigation, revenue recognition or other accounting practices, or employee or user issues; |
• | risks that regulatory bodies may enact new laws or promulgate new regulations that are adverse to an acquired company or business; |
• | theft of Swvl’s trade secrets or confidential information that Swvl shares with potential acquisition candidates; |
• | risks that an acquired company or investment in new offerings cannibalizes a portion of Swvl’s existing business; and |
• | adverse market reaction to an acquisition. |
• | failure to realize expected profitability, growth or accretion; |
• | integrating additional Swvl Business offerings into Swvl’s existing operations; |
• | coordinating geographically disparate organizations, systems and facilities; |
• | attracting sufficient platform users in Europe, Brazil, Japan, Argentina and Chile; |
• | operating in several new jurisdictions and municipalities with unique laws and regulations; |
• | consolidating corporate, technological and administrative functions; |
• | the diversion of management’s attention from other business concerns; |
• | rider loss from the acquired businesses; and |
• | potential environmental or regulatory liabilities and title problems. |
• | fluctuation in actual or projected operating results; |
• | failure to meet analysts’ earnings expectations; |
• | the absence of analyst coverage; |
• | negative analyst recommendations; |
• | changes in trading volumes in Swvl Securities; |
• | changes in Swvl’s shareholder structure; |
• | changes in macroeconomic conditions; |
• | the activities of competitors; |
• | changes in the market valuations of comparable companies; |
• | changes in investor and analyst perception with respect to Swvl’s business or the mass-transit ridesharing industry in general; and |
• | changes in the statutory framework applicable to Swvl’s business. |
• | have a majority of the board be independent (although all of the members of the audit committee must be independent under the Exchange Act); |
• | have a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors; |
• | have regularly scheduled executive sessions for non-management directors; |
• | have annual meetings and director elections; and |
• | obtain shareholder approval prior to certain issuances (or potential issuances) of securities. |
• | a classified board of directors with staggered, three-year terms; |
• | the ability of the Swvl Board to issue preferred shares and to determine the price and other terms of those shares, including preferences and voting rights, without shareholder approval; |
• | the right of Mostafa Kandil to serve as Chair of the Swvl Board so long as he remains Chief Executive Officer of Swvl and to serve as a director so long as he beneficially owns at least 1% of the outstanding shares of Swvl and his employment has not been terminated for cause; |
• | until the completion of Swvl’s third annual meeting of shareholders, commitments by major shareholders to vote in favor of the appointment of Swvl designees to the Swvl Board at any shareholder meeting (and, thereafter, to vote in favor of the appointment of Mostafa Kandil or his designee to the Swvl Board, subject to specified conditions); |
• | the limitation of liability of, and the indemnification of and advancement of expenses to, members of the Swvl Board; |
• | advance notice procedures with which shareholders must comply to nominate candidates to the Swvl Board or to propose matters to be acted upon at a shareholders’ meeting, which could preclude shareholders from bringing matters before annual or special meetings and delay changes in the Swvl Board and also may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise from attempting to obtain control of Swvl; |
• | that directors may be removed only for cause and only upon the vote of two-thirds of the directors then in office; |
• | that shareholders may not act by written consent in lieu of a meeting; |
• | the right of the Swvl Board to fill vacancies created by the expansion of the Swvl Board or the resignation, death or removal of a director; and |
• | that the Memorandum and Articles of Association may be amended only by the Swvl Board of Directors or by the affirmative vote of holders of a majority of not less than 75% of the votes of the shares of Swvl entitled to vote. |
• | the U.S. court issuing the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process; |
• | the judgment is final and for a liquidated sum; |
• | the judgment given by the U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company; |
• | in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the court; |
• | recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; and |
• | the proceedings pursuant to which judgment was obtained were not contrary to natural justice. |
• | to recognize or enforce against Swvl, judgments of courts of the U.S. predicated upon the civil liability provisions of the securities laws of the U.S.; and |
• | to impose liabilities against Swvl, predicated upon the certain civil liability provisions of the securities laws of the U.S. so far as the liabilities imposed by those provisions are penal in nature. |
ITEM 4. |
INFORMATION ON THE COMPANY |
• | Reliability pre-defined pick-up point and do not wait to collect additional riders. We also gather and analyze large amounts of traffic data in the cities we serve to predict travel conditions, which allows riders to receive estimated pickup and arrival times, as well as track their vehicle in real time. In 2021, we maintained an average monthly first station reliability rate of approximately 91%, meaning that drivers using our platform arrived on-time (i.e., within five minutes of the estimated time) at the first pick-up point of their daily routes approximately 91% of the time. |
• | Convenience pick-up points. Our Swvl application allows riders to make bookings up to five days in advance, and we offer payment by cash, credit card or digital wallet. |
• | Safety one-passenger-per-seat in-ride medical insurance to all riders and drivers using our platform in Egypt and maintain dedicated teams to respond to critical incidents. Our driver engagement procedures are also designed to ensure the safety of our riders, including by requiring drivers using our platform in Egypt and Jordan to submit recent criminal record checks and drug tests as part of their engagement process. In order to help ensure the health and safety of drivers and riders using our platform during the COVID-19 pandemic, we ran SMS-based campaigns to educate drivers using our platform on heightened safety measures. |
• | Comfort |
• | Value |
• | Geographic Expansion pre-eminent mass-transit provider in emerging and developed markets. Our growth strategy is to identify opportunities for market entry in countries and cities where we can leverage the competitive advantages of our technology and platform. We examine factors such as total addressable market size and average fare per trip to assess whether expansion offers a viable path to profitability. We also review the quality of existing public transportation infrastructure to assess ease of market penetration and convertibility of public transportation users to our platform. For our Swvl Travel offering, we also assess factors such as the number of large cities in a country and the frequency of intercity travel to understand potential market size. Other considerations, such as ease and cost of doing business, as well as political stability, also factor into our expansion planning. We follow a standardized plan for market entry, premised on rapid commencement of operations and building scale across similar socio-economic blocks and regions. Our roadmap for geographic expansion as of the date of this Report is summarized below, but we continuously evaluate organic and inorganic growth opportunities to determine the optimal path to efficient expansion. |
• | Continued Innovation |
• | Category Expansion |
ITEM 4A. |
UNRESOLVED STAFF COMMENTS |
ITEM 5. |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
Year Ended December 31 |
||||||||||||
($ million) |
2021 |
2020 |
2019 |
|||||||||
Revenue |
38.3 | 17.3 | 12.4 | |||||||||
Cost of sales |
(48.9 | ) | (26.4 | ) | (33.8 | ) | ||||||
Gross loss |
(10.6 | ) | (9.1 |
) |
(21.4 |
) | ||||||
General and administrative expenses |
(74.7 | ) | (18.6 | ) | (10.8 | ) | ||||||
Selling and marketing expenses |
(13.7 | ) | (4.7 | ) | (8.3 | ) | ||||||
Provision for expected credit losses |
(1.3 | ) | (0.7 | ) | (0.3 | ) | ||||||
Other expenses |
(0.2 |
) |
(0.2 |
) |
(0.1 |
) | ||||||
|
|
|
|
|
|
|||||||
Operating loss |
(100.5 | ) | (33.4 | ) | (40.9 | ) | ||||||
Finance income |
0.2 | 0.6 | 0.4 | |||||||||
Finance costs |
(45.9 |
) |
(0.1 |
) |
(0.1 |
) | ||||||
|
|
|
|
|
|
|||||||
Loss for the year before tax |
(146.2 |
) |
(32.9 |
) |
(40.6 |
) | ||||||
Tax |
4.7 | 3.2 | 5.4 | |||||||||
|
|
|
|
|
|
|||||||
Loss for the year |
(141.4 | ) | (29.7 | ) | (35.3 | ) | ||||||
Other comprehensive income |
(0.4 | ) | (0.3 | ) | 1.2 | |||||||
|
|
|
|
|
|
|||||||
Total comprehensive loss for the year |
(141.8 |
) |
(30.0 |
) |
(34.1 |
) |
Year Ended December 2021 |
||||||||||||
($ million) |
2021 |
2020 |
FY 2020 – FY 2021 % Change |
|||||||||
Total Revenue |
$ | 38.3 | $ | 17.3 |