2023-06-3000018756092023Q2--12-31false00018756092023-01-012023-06-300001875609swvl:CommonSharesAMember2022-12-3100018756092022-05-302022-05-300001875609swvl:ClassAOrdinarySharesMemberswvl:SpacMember2022-03-302022-03-300001875609ifrs-full:SharePremiumMember2023-01-012023-06-300001875609ifrs-full:IssuedCapitalMember2023-01-012023-06-300001875609swvl:ReserveForDisposalGroupHeldForSaleMember2023-01-012023-06-300001875609swvl:PublicWarrantsMember2023-01-012023-06-300001875609swvl:SeriesWarrantsMember2022-08-092022-08-090001875609swvl:SeriesBWarrantsMember2022-08-092022-08-090001875609swvl:UrbvanMobilityLtdMemberifrs-full:DisposalOfMajorSubsidiaryMember2023-09-300001875609swvl:SwvlPakistanPrivateLtd.Member2023-04-3000018756092023-02-280001875609swvl:ShotlTransportationS.l.Member2023-02-240001875609swvl:VoltLinesB.vDiscontinuedOperationsMemberifrs-full:DisposalOfMajorSubsidiaryMember2023-01-310001875609swvl:VoltLineBvMember2023-01-310001875609swvl:PublicWarrantsMember2022-12-310001875609swvl:PrivateWarrantsMember2022-12-310001875609swvl:SeriesWarrantsMember2022-08-090001875609swvl:SeriesBWarrantsMember2022-08-090001875609swvl:PublicWarrantsMemberifrs-full:OrdinarySharesMember2023-06-300001875609swvl:PrivateWarrantsMemberifrs-full:OrdinarySharesMember2023-06-3000018756092022-03-312022-03-3100018756092022-03-302022-03-300001875609swvl:DerivativeWarrantLiabilitiesMember2023-01-012023-06-300001875609swvl:DerivativeWarrantLiabilitiesMember2022-01-012022-12-3100018756092022-04-142022-04-140001875609swvl:UrbvanMobilityLtd.Memberifrs-full:DisposalOfMajorSubsidiaryMember2023-09-300001875609swvl:UrbvanMobilityLtdMember2023-06-300001875609swvl:ShotlTransportationS.l.Member2023-06-300001875609swvl:Door2doorGmbhMember2023-06-300001875609ifrs-full:NotLaterThanOneYearMember2023-06-300001875609ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2023-06-300001875609swvl:VoltlinesB.vMember2022-12-310001875609swvl:UrbvanMobilityLtdMember2022-12-310001875609swvl:ShotlTransportationS.l.Member2022-12-310001875609swvl:Door2doorGmbhMember2022-12-310001875609ifrs-full:NotLaterThanOneYearMember2022-12-310001875609ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2022-12-3100018756092022-08-092022-08-090001875609swvl:SisterCompanyMember2022-12-310001875609swvl:ShareholdersOfShotlTransportationSlMember2022-12-310001875609swvl:RouteboxTechnologiesSlMember2022-12-310001875609swvl:MarfinaSlMember2022-12-310001875609swvl:CaminaLabSlMember2022-12-310001875609swvl:CommonSharesAMember2022-01-012022-12-310001875609swvl:RecapitalizationCostsMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609swvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-01-012023-06-300001875609swvl:BusinessToCustomersMember2023-01-012023-06-300001875609swvl:BusinessToBusinessTaasMember2023-01-012023-06-300001875609country:SA2023-01-012023-06-300001875609country:EG2023-01-012023-06-300001875609swvl:BusinessToCustomersMember2022-01-012022-06-300001875609swvl:BusinessToBusinessTaasMember2022-01-012022-06-300001875609country:SA2022-01-012022-06-300001875609country:EG2022-01-012022-06-300001875609country:AE2022-01-012022-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:ViapoolSrlMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:ViapoolSpaMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:ViapoolIncMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:UrbvanMobilityLtdMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:UrbvanIntermediateHoldingsLlcMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:UrbvanCommuteOperationsS.a.p.i.DeC.vMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlTechnologiesLtdMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlNboLimitedMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlMyForInformationTechnologySdnBhdMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlGermanyGmbhMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlBrasilTecnologiaLtdaMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:OpsTransitMobilityS.a.DeC.vMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:MovilidadDigitalSasMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:IdVansS.a.p.i.DeC.vMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:Door2doorGmbhMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:CommuteTechnologiesS.a.p.i.DeC.vMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:AdminMobilityS.a.DeC.vMember2023-01-012023-06-300001875609swvl:SwvlTechnologiesFzeMember2023-01-012023-06-300001875609swvl:SwvlSaudiForInformationTechnologyMember2023-01-012023-06-300001875609swvl:SwvlIncMember2023-01-012023-06-300001875609swvl:SwvlGlobalFzeMember2023-01-012023-06-300001875609swvl:SwvlForSmartTransportApplicationsAndServicesLlcMember2023-01-012023-06-300001875609swvl:PivotalMergerSubCompanyIMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMemberswvl:VoltLinesMenaLimitedMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:VoltLinesB.vMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:VoltLinesAkilliUlasimTeknolojileriVeTasimacilikAsMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:ViapoolSrlMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:ViapoolSpaMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:ViapoolIncMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:UrbvanMobilityLtdMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:UrbvanIntermediateHoldingsLlcMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:UrbvanCommuteOperationsS.a.p.i.DeC.vMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlTechnologiesLtdMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlPakistanPrivateLtdMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlNboLimitedMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlMyForInformationTechnologySdnBhdMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlGermanyGmbhMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:SwvlBrasilTecnologiaLtdaMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:ShotlTransportationS.l.Member2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:OpsTransitMobilityS.a.DeC.vMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:MovilidadDigitalSasMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:IdVansS.a.p.i.DeC.vMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:Door2doorGmbhMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:CommuteTechnologiesS.a.p.i.DeC.vMember2022-01-012022-12-310001875609ifrs-full:DiscontinuedOperationsMemberswvl:AdminMobilityS.a.DeC.vMember2022-01-012022-12-310001875609swvl:SwvlTechnologiesFzeMember2022-01-012022-12-310001875609swvl:SwvlSaudiForInformationTechnologyMember2022-01-012022-12-310001875609swvl:SwvlIncMember2022-01-012022-12-310001875609swvl:SwvlGlobalFzeMember2022-01-012022-12-310001875609swvl:SwvlForSmartTransportApplicationsAndServicesLlcMember2022-01-012022-12-310001875609swvl:PivotalMergerSubCompanyIMember2022-01-012022-12-310001875609swvl:FurnitureFittingsAndEquipmentMember2023-06-300001875609ifrs-full:LeaseholdImprovementsMember2023-06-300001875609swvl:FurnitureFittingsAndEquipmentMember2022-12-310001875609ifrs-full:LeaseholdImprovementsMember2022-12-310001875609swvl:ClassAOrdinarySharesMember2022-01-012022-12-310001875609swvl:ClassAOrdinarySharesMemberifrs-full:BottomOfRangeMember2023-06-300001875609swvl:ClassBSponsorSharesMemberswvl:SpacMember2022-12-310001875609swvl:ClassAOrdinarySharesMemberswvl:SpacMember2022-12-310001875609swvl:ClassAOrdinarySharesMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-01-250001875609ifrs-full:PreferenceSharesMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-01-250001875609swvl:SpacMember2022-12-310001875609swvl:ClassAOrdinarySharesMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609ifrs-full:PreferenceSharesMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609ifrs-full:BottomOfRangeMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609ifrs-full:OrdinarySharesMember2023-06-300001875609ifrs-full:PreferenceSharesMember2022-12-310001875609ifrs-full:OrdinarySharesMember2022-12-310001875609swvl:ClassAOrdinarySharesMember2022-03-310001875609ifrs-full:PreferenceSharesMember2022-03-3100018756092022-03-310001875609swvl:EarnoutSharesMember2022-01-012022-12-310001875609swvl:SpacShareholdersMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609swvl:ShareholdersMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609swvl:PipeInvestorMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609swvl:OtherSharesMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609swvl:ConvertibleNotesMemberswvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609swvl:IfRestructuringTookEffectRetroactivelyDuringYearMember2023-06-300001875609swvl:ClassAOrdinarySharesMemberswvl:SpacMember2022-03-3000018756092022-03-300001875609ifrs-full:LicencesMember2023-06-300001875609ifrs-full:TechnologybasedIntangibleAssetsMember2022-06-300001875609ifrs-full:CustomerrelatedIntangibleAssetsMember2022-06-300001875609ifrs-full:BrandNamesMember2022-06-300001875609ifrs-full:ReserveOfSharebasedPaymentsMember2023-01-012023-06-300001875609ifrs-full:ReserveOfSharebasedPaymentsMember2022-01-012022-06-300001875609ifrs-full:NoncontrollingInterestsMember2023-01-012023-06-300001875609ifrs-full:SharePremiumMember2022-01-012022-06-300001875609ifrs-full:IssuedCapitalMember2022-01-012022-06-300001875609swvl:LoanFromRelatedPartyMember2023-06-300001875609swvl:DueToRelatedPartiesMember2023-06-300001875609swvl:DerivativeWarrantLiabilitiesMember2023-06-300001875609swvl:DerivativeWarrantLiabilitiesMember2023-06-300001875609swvl:DeferredPurchasePriceMember2023-06-300001875609swvl:CurrentTaxLiabilitiesMember2023-06-300001875609swvl:AccountsPayableAccrualsAndOtherPayablesExcludingNonFinancialItemsMember2023-06-300001875609ifrs-full:LeaseLiabilitiesMember2023-06-300001875609swvl:DerivativeWarrantLiabilitiesMember2022-12-310001875609swvl:DerivativeWarrantLiabilitiesMember2022-12-310001875609swvl:DeferredPurchasePriceMember2022-12-310001875609swvl:CurrentTaxLiabilitiesMember2022-12-310001875609swvl:AccountsPayableAccrualsAndOtherPayablesExcludingNonFinancialItemsMember2022-12-310001875609ifrs-full:LeaseLiabilitiesMember2022-12-310001875609ifrs-full:FinancialAssetsAtFairValueMemberswvl:FinanceLeaseReceivablesMember2023-06-300001875609ifrs-full:FinancialAssetsAtAmortisedCostMemberswvl:TradeAndOtherReceivablesMember2023-06-300001875609ifrs-full:FinancialAssetsAtAmortisedCostMemberswvl:IfrsCashAndCashEquivalentsMember2023-06-300001875609ifrs-full:FinancialAssetsAtFairValueMemberswvl:FinanceLeaseReceivablesMember2022-12-310001875609ifrs-full:FinancialAssetsAtAmortisedCostMemberswvl:TradeAndOtherReceivablesMember2022-12-310001875609ifrs-full:FinancialAssetsAtAmortisedCostMemberswvl:IfrsCashAndCashEquivalentsMember2022-12-310001875609swvl:ReserveForDisposalGroupHeldForSaleMember2023-06-300001875609ifrs-full:SharePremiumMember2023-06-300001875609ifrs-full:RetainedEarningsMember2023-06-300001875609ifrs-full:ReserveOfSharebasedPaymentsMember2023-06-300001875609ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-06-300001875609ifrs-full:NoncontrollingInterestsMember2023-06-300001875609ifrs-full:IssuedCapitalMember2023-06-300001875609ifrs-full:EquityAttributableToOwnersOfParentMember2023-06-300001875609swvl:ReserveForDisposalGroupHeldForSaleMember2022-12-310001875609ifrs-full:SharePremiumMember2022-12-310001875609ifrs-full:RetainedEarningsMember2022-12-310001875609ifrs-full:ReserveOfSharebasedPaymentsMember2022-12-310001875609ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-12-310001875609ifrs-full:NoncontrollingInterestsMember2022-12-310001875609ifrs-full:IssuedCapitalMember2022-12-310001875609ifrs-full:EquityAttributableToOwnersOfParentMember2022-12-310001875609ifrs-full:SharePremiumMember2022-06-300001875609ifrs-full:RetainedEarningsMember2022-06-300001875609ifrs-full:ReserveOfSharebasedPaymentsMember2022-06-300001875609ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-06-300001875609ifrs-full:NoncontrollingInterestsMember2022-06-300001875609ifrs-full:IssuedCapitalMember2022-06-300001875609ifrs-full:EquityAttributableToOwnersOfParentMember2022-06-300001875609ifrs-full:SharePremiumMember2021-12-310001875609ifrs-full:RetainedEarningsMember2021-12-310001875609ifrs-full:ReserveOfSharebasedPaymentsMember2021-12-310001875609ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2021-12-310001875609ifrs-full:NoncontrollingInterestsMember2021-12-310001875609ifrs-full:IssuedCapitalMember2021-12-310001875609ifrs-full:EquityAttributableToOwnersOfParentMember2021-12-310001875609ifrs-full:SellingGeneralAndAdministrativeExpenseMember2022-01-012022-06-300001875609ifrs-full:RetainedEarningsMember2023-01-012023-06-300001875609ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-01-012023-06-300001875609ifrs-full:EquityAttributableToOwnersOfParentMember2023-01-012023-06-300001875609ifrs-full:RetainedEarningsMember2022-01-012022-06-300001875609ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-01-012022-06-300001875609ifrs-full:NoncontrollingInterestsMember2022-01-012022-06-300001875609ifrs-full:EquityAttributableToOwnersOfParentMember2022-01-012022-06-300001875609swvl:ViapoolIncMemberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:SwvlTechnologiesLtd.Memberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:SwvlPakistanPrivateLtd.Memberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:SwvlNboLimitedMemberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:SwvlMyForInformationTechnologySdnBhdMemberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:SwvlGermanyGmbhMemberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:SmartWayTransportationLlcMemberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:ShotlTransportationS.l.Memberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:SwvlNboLimitedMemberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-300001875609swvl:SwvlMyForInformationTechnologySdnBhdMemberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-3000018756092022-01-012022-12-310001875609swvl:VoltLineBvMemberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609ifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609swvl:SwvlTechnologiesLtd.Memberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-300001875609swvl:SwvlPakistanPrivateLtd.Memberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-300001875609swvl:ShotlTransportationS.l.Memberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-300001875609swvl:VoltLineBvMemberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-300001875609swvl:ViapoolIncMemberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-300001875609swvl:SwvlGermanyGmbhMemberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-300001875609swvl:SmartWayTransportationLlcMemberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-3000018756092022-06-3000018756092021-12-310001875609ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:DiscontinuedOperationsMember2023-01-012023-06-300001875609ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:DiscontinuedOperationsMember2022-01-012022-06-300001875609swvl:SmartWayTransportationLlcMemberifrs-full:DiscontinuedOperationsMember2023-06-300001875609ifrs-full:DiscontinuedOperationsMember2023-06-300001875609swvl:V.n.v.Member2023-06-300001875609ifrs-full:OtherRelatedPartiesMember2023-06-300001875609swvl:VoltLineBvMemberifrs-full:DiscontinuedOperationsMember2023-06-300001875609swvl:ViapoolIncMemberifrs-full:DiscontinuedOperationsMember2023-06-300001875609swvl:SwvlTechnologiesLtd.Memberifrs-full:DiscontinuedOperationsMember2023-06-300001875609swvl:SwvlPakistanPrivateLtd.Memberifrs-full:DiscontinuedOperationsMember2023-06-300001875609swvl:SwvlNboLimitedMemberifrs-full:DiscontinuedOperationsMember2023-06-300001875609swvl:SwvlMyForInformationTechnologySdnBhdMemberifrs-full:DiscontinuedOperationsMember2023-06-300001875609swvl:SwvlGermanyGmbhMemberifrs-full:DiscontinuedOperationsMember2023-06-300001875609swvl:ShotlTransportationS.l.Memberifrs-full:DiscontinuedOperationsMember2023-06-300001875609ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMemberifrs-full:DiscontinuedOperationsMember2023-06-300001875609ifrs-full:SellingGeneralAndAdministrativeExpenseMember2023-01-012023-06-3000018756092022-01-012022-06-3000018756092023-06-3000018756092022-12-31iso4217:USDiso4217:USDxbrli:sharesxbrli:sharesxbrli:pure

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2023 (Report No. 2)

Commission File Number: 001-41339

Swvl Holdings Corp

The Offices 4, One Central

Dubai World Trade Centre

Dubai, United Arab Emirates

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  Form 40-F 

CONTENTS

Interim Financial Statements

This Report of Foreign Private Issuer on Form 6-K consists of Swvl Holdings Corp (“Swvl”) Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2023, which is attached hereto as Exhibit 99.1.

On December 27, 2023, Swvl issued a press release announcing the financial results as of June 30, 2023. A copy of the press release is attached hereto as Exhibit 99.2 and incorporated herein by reference.

This Report of Foreign Private Issuer on Form 6-K (“Report”) is incorporated by reference into Swvl’s Registration Statement on Form S-8 (Registration No. 333-265464) filed with the Securities and Exchange Commission, to be a part thereof from the date on which this Report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBIT INDEX

Exhibit

 

Description of Exhibit

 

99.1

Swvl’s Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2023.

99.2

Press release dated December 27, 2023

101

The following financial information from the Registrant’s Interim Condensed Financial Statements as of June 30, 2023, formatted in XBRL (eXtensible Business Reporting Language): (i) Interim Condensed Statements of Financial Position, (ii) Interim Condensed Statements of Comprehensive Loss, (iii) Interim Condensed Statements of Changes in Shareholders’ Equity; (iv) Interim Condensed Statements of Cash Flows, and (v) Notes to the Unaudited Interim Condensed Financial Statements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

SWVL HOLDINGS CORP

 

 

 

Date: December 27, 2023

By:

/s/ Mostafa Kandil

 

Name:

Mostafa Kandil

 

Title:

Chief Executive Officer

11849610218708988

Table of Contents

Exhibit 99.1

Swvl Holdings Corp and its subsidiaries

Condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022

Table of Contents

Swvl Holdings Corp and its subsidiaries

Condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022

Page(s)

Condensed interim consolidated statement of financial position

2

Condensed interim consolidated statement of comprehensive profit or loss

3

Condensed interim consolidated statement of changes in equity

4

Condensed interim consolidated statement of cash flows

5

Notes to the condensed interim consolidated financial statements

6 - 27

Table of Contents

Swvl Holdings Corp and its subsidiaries

Condensed interim consolidated statement of financial position – As of 30 June 2023

(All amounts are shown in USD unless otherwise stated)

    

    

(Unaudited)

    

(Audited)

At 30 June

At 31 December

Note

2023

 2022

ASSETS

 

  

 

  

 

  

Non-current assets

 

  

 

  

 

  

Property and equipment

 

4

 

872,685

 

1,270,838

Intangible assets

 

5

 

179,480

 

10,534,278

Right-of-use assets

 

 

587,109

 

815,646

Sublease receivables

 

 

215,491

 

553,029

Deferred tax assets

 

19

 

9,408,649

 

18,708,988

 

 

11,263,414

31,882,779

Current assets

 

  

 

  

 

  

Prepaid expenses and other current assets

 

6

 

2,584,667

 

3,298,377

Trade and other receivables

 

7

 

5,952,470

 

14,815,432

Sublease receivables

 

 

841,974

 

648,523

Cash and cash equivalents

 

8

 

376,768

 

1,538,347

 

 

9,755,879

20,300,679

Assets classified as held for sale

 

22

 

13,633,830

 

5,279,098

Total assets

 

 

34,653,123

 

57,462,556

EQUITY AND LIABILITIES

 

  

 

  

 

  

EQUITY

 

  

 

  

 

  

Share capital

 

9

 

16,955

 

13,903

Share premium

 

9

 

345,942,255

 

343,435,529

Employee share scheme reserve

 

10

 

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

 

11

 

1,317,091

 

1,317,091

Deferred purchase price

 

13

 

70,168

 

194,093

Lease liabilities

 

 

1,393,484

 

1,592,111

 

 

2,780,743

3,371,046

Current liabilities

 

  

 

  

 

  

Deferred purchase price

 

13

 

988,038

 

7,425,488

Accounts payable, accruals and other payables

 

12

 

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

 

22

 

9,166,228

 

8,839,908

Total liabilities

 

 

29,616,554

 

54,833,363

Total equity and liabilities

 

 

34,653,123

 

57,462,556

op

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

(2)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Condensed interim consolidated statement of comprehensive profit or loss - For the period ended 30 June 2023

(All amounts are shown in USD unless otherwise stated)

    

    

(Unaudited) 

    

(Unaudited) 

Note

2023

2022

Continuing operations

  

  

  

Revenue

14

11,116,013

21,671,391

Cost of sales

 

15

 

(9,352,628)

 

(24,409,896)

Gross income/(loss)

 

 

1,763,385

 

(2,738,505)

General and administrative expenses

 

16

 

(2,786,562)

 

(40,163,103)

Selling and marketing costs

 

 

(19,967)

 

(11,165,925)

Other expenses

17

 

(2,305,274)

 

(1,906,995)

Other income

 

18

 

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

 

23

 

 

(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

 

19

 

 

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

 

22

 

(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

 

20

 

0.32

 

(1.50)

Diluted

 

20

 

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)

op

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

(3)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Condensed interim consolidated statement of changes in equity – As of 30 June 2023

(All amounts are shown in USD unless otherwise stated)

    

    

    

    

    

    

    

Equity/(deficit)

    

    

Reserve for

Foreign

attributable to

Share-based

disposal

currency

equity holders

Non-

    

Share

    

Share

    

compensation

    

group held

    

translation

    

Accumulated

    

of the Parent

    

controlling

Total

    

Note

capital

Premium

reserve

for sale

reserve

losses

Company

interests

equity/(deficit)

As at January 1, 2022 (recast) (Audited)

 

8,529

 

88,873,188

 

36,929,523

 

 

450,863

 

(216,066,255)

 

(89,804,152)

 

66,378

 

(89,737,774)

Total comprehensive loss for the period

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

 

  

Loss for the period

 

 

 

 

 

 

(159,738,379)

 

(159,738,379)

 

(1,881,190)

 

(161,619,569)

Other comprehensive loss for the period

 

 

 

 

 

(1,588,579)

 

 

(1,588,579)

 

 

(1,588,579)

 

 

 

 

 

(1,588,579)

 

(159,738,379)

 

(161,326,958)

 

(1,881,190)

 

(163,208,148)

Issuance of shares

 

39

 

2,670,139

 

 

 

 

 

2,670,178

 

 

2,670,178

Issuance of shares to PIPE Investors

 

397

 

39,663,603

 

 

 

 

 

39,664,000

 

 

39,664,000

Issuance of shares to SPAC shareholders

 

1,395

 

 

 

 

 

 

1,395

 

 

1,395

Conversion of convertible notes

 

1,612

 

145,952,505

 

 

 

 

 

145,954,117

 

 

145,954,117

Recapitalizations costs

 

 

121,077,329

 

 

 

 

 

121,077,329

 

 

121,077,329

Costs attributable to the issuance of shares in connection with the business combination

 

 

(8,467,766)

 

 

 

 

 

(8,467,766)

 

 

(8,467,766)

Fair value of shares earnouts

 

 

(75,550,455)

 

 

 

 

 

(75,550,455)

 

 

(75,550,455)

Acquisition of a subsidiary

 

 

 

 

 

 

 

 

2,825,151

 

2,825,151

Employee share scheme reserve

 

 

 

257,093

 

 

 

 

257,093

 

 

257,093

As at June 30, 2022 (recast) (Unaudited)

 

11,972

 

314,218,543

 

37,186,616

 

 

(1,137,716)

 

(375,804,634)

 

(25,525,219)

 

1,010,339

 

(24,514,880)

As at 1 January 2023 (Audited)

 

13,903

 

343,435,529

 

773,666

 

(492,474)

 

(4,347,257)

 

(332,562,780)

 

6,820,587

 

(4,191,394)

 

2,629,193

Total comprehensive loss for the period

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

 

  

Profit for the period

 

 

 

 

 

 

2,077,468

 

2,077,468

 

 

2,077,468

Other comprehensive loss for the period

 

 

 

 

 

(2,945,749)

 

 

(2,945,749)

 

 

(2,945,749)

 

 

 

 

 

(2,945,749)

 

2,077,468

 

(868,281)

 

 

(868,281)

Issuance of shares

 

9

3,052

 

2,506,726

 

 

 

 

 

2,509,778

 

 

2,509,778

Employee share scheme reserve

 

 

 

(386,198)

 

 

 

 

(386,198)

 

 

(386,198)

Discontinued operations

 

 

 

 

4,207,737

 

(4,207,737)

 

 

 

 

Disposal of a subsidiary

 

 

 

 

 

 

 

 

1,152,077

 

1,152,077

As at June 30, 2023 (Unaudited)

 

16,955

 

345,942,255

 

387,468

 

3,715,263

 

(11,500,743)

 

(330,485,312)

 

8,075,886

 

(3,039,317)

 

5,036,569

op

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

(4)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Condensed interim consolidated statement of cash flows - for the period ended 30 June 2023

(All amounts are shown in USD unless otherwise stated)

    

For the six-month period ended

30 June

(Unaudited)

    

(Unaudited)

2023

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

op

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

(5)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022

1

Establishment and operations

Swvl Holdings Corp (the “Parent Company”) (formerly known as “Pivotal Holdings Corp”) is a business company limited by shares incorporated under the laws of the British Virgin Islands and was registered on 23 July 2021. The registered office of the Company is at P.O. Box 173, Kingston Chambers, Road Town, Tortola, the British Virgin Islands.

The condensed interim consolidated financial statements as at and for the six-month period ended 30 June 2023 consist of the Parent Company and its subsidiaries (together referred to as the “Group”). The Group’s principal head office is located in The Offices 4, One Central, Dubai World Trade Centre, Street 1, Dubai, United Arab Emirates.

Swvl Inc. was founded on 17 May 2017. Swvl Holdings Corp was incorporated as a direct wholly-owned subsidiary of Swvl Inc. As a result of various legal entity reorganization transactions undertaken in March 2022, Swvl Holdings Corp became the holding company of the Group, and the then-stockholders of Swvl Inc. became the stockholders of Swvl Holdings Corp. Swvl Inc. is the predecessor of Swvl Holdings Corp for financial reporting purposes.

The Group operates multimodal transportation networks that offer access to transportation options through the Group’s platform and mobile-based application. The Group also licenses its technology to transport operators to manage their service. The Group operates a technology platform that uses a widespread transportation network. The Group uses leading technology, operational excellence and product expertise to operate transportation services on predetermined routes. The Group develops and operates proprietary technology applications supporting a variety of offerings on its platform (“platform(s)” or “Platform(s)”). The Group provides transportation services through contracting with other service providers (or transportation operators). Riders are collectively referred to as “end-user(s)” or “consumer(s)”. The drivers are referred to as “captain(s)”.

Reverse recapitalization

On 28 July 2021, the Parent Company and Queen’s Gambit Growth Capital, a Cayman Islands exempted company with limited liability (the “SPAC”) listed on the Nasdaq Capital Market (“NASDAQ”), and certain other parties have entered into a definitive agreement for a business combination that would result in the Group becoming a publicly listed company upon completion of the aforementioned transaction.

On March 31, 2022 (the “Closing Date”), the Parent Company consummated the transactions contemplated by the Business Combination Agreement (the “Business Combination Agreement”), dated as of July 28, 2021, as amended, between Swvl Inc., Queen’s Gambit Growth Capital and other merger companies.

As a result of the mergers and the other transactions (the “Transaction”) contemplated by the Business Combination Agreement, the merged Queen’s Gambit Surviving Company and Swvl Inc. each became wholly owned subsidiaries of the Parent Company, and the securityholders of the SPAC and Swvl Inc. became securityholders of the Parent Company.

The Parent Company’s Second Amended and Restated Memorandum and Articles of Association authorizes the issuance of up to 555,000,000 shares, consisting of (a) 500,000,000 Class A Ordinary Shares and (b) 55,000,000 preferred shares. All outstanding Class A Ordinary Shares are fully paid and non-assessable. To the extent they are issued, certificates representing Class A Ordinary Shares are issued in registered form. All options, regardless of grant dates, will entitle holders to an equivalent number of Class A Ordinary Shares once the vesting and exercising conditions are met.

Subsequent to the closing of the Transaction, there were 118,496,102 Class A Ordinary Shares with par value of $0.0001 per share that were outstanding and issued. There were also 17,433,333 Warrants outstanding, at the closing of the Transaction, each exercisable at $11.50 per one Class A Ordinary Share, of which 11,500,000 are public warrants (“Public Warrants”) listed on NASDAQ and 5,933,333 private placement warrants (“Private Warrants”) held by the Sponsor (Note 12).

(6)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022 (continued)

1

Establishment and operations (continued)

Reverse recapitalization (continued)

Pursuant to the terms of the Business Combination Agreement, at the Closing Date, among other things, each shareholder of Swvl Inc.’s outstanding a) Common Shares A, b) Common Shares B and c) Class A, B, C, D and D-1 preferred shares received approximately 1,510 (“Conversion Ratio”) shares of the Parent Company’s common shares A and the contingent right to receive certain Earnout Shares, for each share of the Company’s common shares, par value $0.0001 per share in exchange of original shares. The conversion ratio was calculated by dividing the total number of shares to be allocated to the pre-Business Combination shareholders (which was obtained by dividing the valuation by $10 SPAC share price) by the number of shares outstanding pre-Business Combination. Owing to the nature of the transaction, the comparative figures have been recast.

Concurrently at the Closing Date, each outstanding and unexercised option (vested or not) to purchase Swvl Inc.’s Common Shares, was converted to an option to purchase approximately 1,510 of the Parent Company’s common Shares A and the contingent right to receive certain Earnout restricted Stock Units (“Earnout RSUs”) at an exercise price per option equal to (x) the exercise price per option divided by (y) the exchange ratio.

Considering the facts of the Business Combination Agreement, it was assumed that the quoted price of the Company’s Common Shares A inherently considers the impact of the contingently issuable Earnout Shares, and it was part of an equity transaction between parties to the Transaction.

In addition, pursuant to the terms of the Business Combination Agreement, at the Closing Date, each outstanding Queen’s Gambit Warrant was automatically assumed and converted into a new Warrant to acquire new Swvl’s Common Share A, subject to the same terms and conditions (including exercisability terms) as were applicable to the corresponding former Queen’s Gambit Warrants.

In connection with the consummated Business Combination Agreement, certain investors (“PIPE Investors”) completed a private placement of 12,188,711 Common Shares A of the Parent Company for an aggregate purchase price of $111.5 million, of which $71.8 million were automatically exchanged to shares representing exchangeable notes issued by Swvl Inc. to certain PIPE investors prior to the consummated Merger.

Pursuant to the Business Combination Agreement, the SPAC does not meet the definition of a business under the guidance of IFRS 3, hence the Transaction was accounted for as a recapitalization in accordance with IFRS 2. Under this method of accounting, Queen’s Gambit Growth Company is treated as the acquired company and Swvl Inc. is treated as the acquirer for financial statement reporting purposes. Swvl Inc. has been determined to be the accounting acquirer based on evaluation of the facts and circumstances of the business combination.

The following table summarizes the proceeds raised and issuance costs incurred related to the Business Combination on 30 March 2022:

    

Number of

    

    

shares

    

USD

Public shares outstanding

 

34,500,000

 

345,000,000

Shares redeemed

 

(29,175,999)

 

(291,759,990)

Shares issued to SPAC public investors

 

5,324,001

 

53,240,010

Shares converted for SPAC founders

 

8,625,000

 

 

13,949,001

 

53,240,010

Cash from reverse recapitalization

 

 

53,240,010

SPAC reverse recapitalization professional fees

 

 

(20,906,209)

Net proceeds from reverse recapitalization

 

 

32,333,801

(7)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022 (continued)

1

Establishment and operations (continued)

1.1

Consolidated subsidiaries

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed, or has right to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

As of 30 June 2023, the Group still maintained control for all subsidiaries, however, certain subsidiaries were decided to be held for sale or to be discontinued, subsidiaries listed below will be presented with the same alignment.

i)Continued operations

    

Country of

    

Legal ownership %

    

Principal

Company name

    

incorporation

    

30-June-23

    

31-Dec-22

    

business activities

Swvl Inc.

British Virgin Islands

100

%  

100

%  

Holding company

Pivotal Merger Sub Company I

 

Cayman Islands

 

100

%  

100

%  

Merger entity

Swvl Global FZE

 

UAE

 

100

%  

100

%  

Headquarters and
management activities

Swvl for Smart Transport Applications and Services LLC

 

Egypt

 

99.80

%  

99.80

%  

Providing a technology

Swvl Technologies FZE

 

UAE

 

100

%  

100

%  

platform to enable

Swvl Saudi for Information Technology

 

Kingdom of Saudi Arabia

 

100

%  

100

%  

passenger transportation

(8)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022 (continued)

1.1

Consolidated subsidiaries (continued)

ii)Discontinued operations

    

Country of

    

Legal ownership %

Principal

Company name

incorporation

    

30-June-23

    

31-Dec-22

    

business activities

Swvl Pakistan (Private) Ltd.

Pakistan

99.99

%  

Swvl NBO Limited

Kenya

100

%  

100

%  

Swvl Technologies Ltd.

 

Kenya

 

100

%  

100

%  

Smart Way Transportation LLC (i)

 

Jordan

 

 

 

Providing a technology

Swvl My For Information Technology SDN BHD

 

Malaysia

 

100

%  

100

%  

platform to enable

Shotl Transportation, S.L.

 

Spain

 

 

55

%  

passenger transportation

Viapool Inc. (ii), a direct subsidiary of Swvl Global FZE

 

Delaware, USA

 

51

%  

51

%  

Holding company

Movilidad Digital SAS (ii), a subsidiary of Viapool, Inc.

 

Argentina

 

51

%  

51

%  

Viapool SRL (ii), a subsidiary of Viapool, Inc.

 

Argentina

 

51

%  

51

%  

Providing a technology

Viapool SPA (ii), a subsidiary of Viapool, Inc.

 

Chile

 

51

%  

51

%  

platform to enable

Swvl Brasil Tecnologia LTDA (ii), a subsidiary of Viapool, Inc.

 

Brazil

 

51

%  

51

%  

passenger transportation

Swvl Germany GmbH (formerly “Blitz B22-203 GmbH”) (iii), a direct subsidiary of Swvl Inc.

 

Germany

 

100

%  

100

%  

Holding company

Door2Door GmbH (iii), a subsidiary of Swvl Germany GmbH

 

Germany

 

100

%  

100

%  

Providing a technology
platform to enable
passenger transportation

Volt Lines B.V. (iv), a direct subsidiary of Swvl Global FZE.

 

Netherlands

 

 

100

%  

Holding company

Volt Lines Akilli Ulasim Teknolojileri ve Tasimacilik AS (iv), a subsidiary of Volt Lines B.V.

 

Turkey

 

 

100

%  

Providing a technology
platform to enable

Volt Lines MENA limited (iv), a subsidiary of Volt Lines B.V.

 

UAE

 

 

100

%  

passenger transportation

Urbvan mobility ltd., a direct subsidiary of Swvl Global FZE.

 

Cayman entity

 

100

%  

100

%  

Holding company

Urbvan intermediate holdings, llc, a subsidiary of Urbvan mobility ltd.

 

Delaware, USA

 

100

%  

100

%  

Commute technologies s.a.p.i. de c.v., a subsidiary of Urbvan mobility ltd.

 

Mexico

 

100

%  

100

%  

Providing a technology

Urbvan commute operations s.a.p.i. de c.v., a subsidiary of Urbvan mobility ltd.

 

Mexico

 

100

%  

100

%  

platform to enable

Ops transit mobility, s.a. de c.v., a subsidiary of Urbvan mobility ltd.

 

Mexico

 

100

%  

100

%  

passenger transportation

ID vans, s.a.p.i. de c.v., a subsidiary of Urbvan mobility ltd.

 

Mexico

 

100

%  

100

%  

Admin mobility, s.a. de c.v., a subsidiary of Urbvan mobility ltd.

 

Mexico

 

100

%  

100

%  

(9)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022 (continued)

2

Basis of preparation

i)

Compliance with IFRS

These condensed interim consolidated financial statements are for the six-month periods ended 30 June 2023 and 2022 and are presented in United States Dollars (“USD” or “$”), which is the functional currency of the Parent Company. They have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’.

These condensed interim consolidated financial statements do not include all of the information required in annual consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2022. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.

ii)

Historical cost convention

These condensed interim consolidated financial statements have been prepared under the historical cost convention except for the following:

-

Certain financial assets, derivative warrant liabilities, derivative liabilities, convertible notes, and earnouts liabilities that are measured at fair value.

-

Income and expenses that have been accounted for using the accrual basis.

The consolidated financial statements have been presented in US Dollars (“USD”, “$”) which is the reporting currency of the Group.

2.1

Going concern

These condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will be able to discharge its liabilities in the ordinary course of business. The Group had net profits of $ 2,077,468 for the six-month period ended 30 June 2023 ($161,619,569 for the six-month period ended 30 June 2022), accumulated losses of $ 330,485,312 as at 30 June 2023 ($ 332,562,780 as at 31 December 2022), positive operating cash flows of $ 2,242,715 for the six-month period ended 30 June 2023 (negative operating cash flows of $ 76,830,327 for the year ended 31 December 2022). Notwithstanding these results, Management believes there are no events or conditions that give rise to doubt the ability of the Group to continue as a going concern for a period of twelve months after the preparation of the consolidated financial statements.

The Group funded its operations primarily with proceeds from the issuance of Class A Ordinary Shares. On 31 March 2022, the Group received gross proceeds of $53.2 million and $111.5 million from the reverse recapitalization transaction and sale of shares to certain PIPE investors, respectively. During the year, the Group received additional gross proceeds of $28 million through issuance of Class A Ordinary Shares.

The Group initiated portfolio optimization plans throughout the year ended 31 December 2022 that shift focus to profitability and positive working capital, strengthening the Group’s financial position. As a result of these plans, the Group’s Board of Directors resolved to discontinue operations of non-profitable subsidiaries whose cash flows are unlikely to turn positive.

In January 2023, the Group finalized sale of Voltlines B.V for an amount of $ 5,000,000, which was used to settle the deferred purchase price owed to the original shareholders of the subsidiary.

(10)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022 (continued)

2

Basis of preparation (continued)

2.1

Going concern (continued)

In September 2023, the Group finalized the sale of Urbvan Mobility Ltd. for an amount of $ 12,000,000 ($9,600,000 net of selling costs) which was used to settle the Group’s liabilities and supporting the continuing operations’ growth. Further, throughout 2023, management has entered into a number of settlement agreements with the Group’s creditors. These agreements discharge the Group from a portion of the liabilities owed to the creditors. Those settlement agreements have further contributed to strengthening the Group’s financial position throughout 2023.

In addition to the above, management has performed a going concern assessment for a period of twelve months from the date of approval of these financial statements to assess whether conditions exist that raise substantial doubt regarding the Group’s ability to continue as a going concern. Management has used conservative assumptions in assessing the Group’s ability to continue as a going concern. Management has assumed growth rates through the twelve months following the issuance date of these consolidated financial statements based on (i) historical data, (ii) the operational results subsequent to the financial reporting date up to the date of the assessment, and (iii) sales projections and strategic operational expansion plans within existing markets. This assessment indicates that the Group has sufficient liquidity to settle liabilities as they become due for the next twelve months.

Based on the above facts, management believes that they will be successful in maintaining existing markets as self-sufficient, cash generating operational units with positive working capital and executing the planned strategy to meet working capital and capital expenditure requirements that may fall for the next twelve months after the approval of the consolidated financial statements. Further, management intends to utilize the proceeds from the sale of the subsidiaries in growth activities for the existing markets and expansions into potential new markets. across the Group. Based on this, management believes it remains appropriate to prepare these consolidated financial statements on a going concern basis.

2.3

Amended standards adopted by the Group

A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards.

2.4Accounting policies

The accounting policies used for the condensed interim consolidated financial statements for the six-month period ended 30 June 2023 are consistent with those used in the annual consolidated financial statements for the year ended 31 December 2022.

3Critical accounting judgments and estimates

When preparing the condensed interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the condensed interim consolidated financial statements for the six-month period ended 30 June 2023 and 2022, including the key sources of estimation uncertainty, were the same as those applied in the Group’s annual consolidated financial statements for the year ended 31 December 2022.

(11)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022 (continued)

4Property and equipment

The property and equipment net book value consists of the following:

    

(Unaudited)

    

(Audited)

At 30 June

At 31 December

2023

2022

USD

USD

Leasehold improvements

 

672,511

 

749,750

Furniture, fittings and equipment

 

200,174

 

521,088

Property and equipment, net

 

872,685

 

1,270,838

5Intangible assets

    

(Unaudited)

    

(Audited)

    

At 30 June

At 31 December

2023

2022

Net book value

Net book value

 

USD

 

USD

Licenses

 

179,480

 

Trade name

 

 

937,500

Customer list (B2B relationships)

 

 

3,692,778

Developed technology

 

 

5,904,000

 

179,480

 

10,534,278

During the six-month period ended 30 June 2023, $ 10,534,278 have been transferred to Assets Classified as held for sale. The assets are associated with Urbvan Mobility Ltd. and are comprised of trade name, customer lists, and developed technologies.

6Prepaid expenses and other current assets

    

(Unaudited)

    

(Audited)

At 30 June

At 31 December

2023

2022

USD

USD

Prepaid expenses

 

1,410,935

 

1,748,073

Withholding tax receivables

 

971,251

 

941,843

Advance to captains

 

202,481

 

608,461

 

2,584,667

 

3,298,377

(12)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022 (continued)

7Trade and other receivables

    

(Unaudited)

    

(Audited)

At 30 June

At 31 December

2023

2022

USD

USD

Trade receivables

4,713,425

8,816,368

Customer wallet receivables

 

1,185,361

 

1,595,542

Accrued income

 

1,840,435

 

3,719,488

Less: provision for expected credit losses

 

(1,795,073)

 

(2,465,258)

 

5,944,148

 

11,666,140

Other receivables

 

8,322

 

3,149,292

 

5,952,470

 

14,815,432

8Cash and bank balances

For the purpose of the cash flow statement, cash and cash equivalents comprise the following:

    

(Unaudited)

    

(Audited)

At 30 June

At 31 December

2023

2022

USD

USD

Cash in hand

6,597

1,495

Cash at banks

 

370,171

 

1,536,852

 

376,768

 

1,538,347

For the purpose of the cash flow statement, cash and cash equivalents comprise the following:

    

(Unaudited) 

    

(Audited) 

At 30 June 

At 31 December

2023

2022

USD

USD

Cash attributable to continued operations

 

376,768

 

1,538,347

Cash attributable to discontinued operations

 

541,756

 

1,157,929

 

918,524

 

2,696,276

9Share capital

On 31 March 2022, the Parent Company’s common stock and warrants began trading on NASDAQ under the ticker symbols “SWVL” and “SWVLW,” respectively. The Parent Company is authorized to issue 555,000,000 shares, consisting of (a) 500,000,000 Class A Ordinary Shares with a par value of $0.0001 per share and (b) 55,000,000 preferred shares with a par value of $0.0001 per share. As a result of the Transaction, each outstanding share of Swvl Inc. capital stock was converted into the right to receive newly issued shares of the Company’s Class A ordinary shares at the respective Conversion Ratio, and the contingent right to receive certain Earnout Shares, for each share of the Parent Company’s common shares.

(13)

Table of Contents

Swvl Holdings Corp and its subsidiaries

Notes to the condensed interim consolidated financial statements (unaudited)

For the six-month periods ended 30 June 2023 and 2022 (continued)

9Share capital (continued)

During the period, the Group has restructured its authorised shares and issued ordinary shares as detailed below:

(a)The number of ordinary shares which the Group is authorised to issue has been decreased to 20,000,000 ordinary shares by the consolidation of every 25 ordinary shares of US$0.0001 par value each currently in issue into 1 ordinary share of US$0.0025 par value each; and
(b)the issued ordinary shares have been combined into a small number of shares, resulting in every 25 issued ordinary share being combined into 1 ordinary share with a par value of US$0.0025 each.

Following the restructuring, the Group is authorised to issue 20,000,000 ordinary shares and 55,000,000 preference shares. The restructuring was approved on 4 January 2023 and became effective on 25 January 2023.

The below table sets out the Group’s share structure as at 30 June 2023:

    

At 30 June 2023

    

Authorised

    

Issued

Class A ordinary shares

 

20,000,000

 

6,782,000

Preferred shares

 

55,000,000

 

 

75,000,000

 

6,782,000

At 30 June 2023

Number

Share

    

of shares

    

capital

Issuance of shares to Swvl Inc. shareholders

4,632,557

11,581

Issuance of shares to SPAC shareholders

557,960

1,395

Conversion of convertible notes

645,018

1,612

Issuance of shares to PIPE investors

158,656

397

Other shares issued during the year