Live? Yeah. Okay, we're live. Welcome to Donkey Republic, to our IR call today. We'd like to invite you for questions, but also to present the annual report of 2022, me and Christian, CFO and CEO. We expect this to take 15 minutes. Let's get started. It does not shift. There. Now, it should go. Okay. The highlights will be the revenue growth, the development in our EBIT, and also the overall development of the company with the key deals that we won of 2022, where we made an awesome progress on these. We will also guide you on the financial outlook of the coming. Brief intro to Donkey Republic. The management team of three, not one, but three, me, a CEO, Christian, CFO, and our COO, Morten. The three of us together developing the company for its next. We're all seasoned managers. I'm the oldest. There's no new young kid anymore, but there are many good talents in here, and we are very flat organization where many talents are stepping forward and stepping ahead for developing the company. We are also an executive team, very not just seasoned, but also experienced in developing a structural growth for a focused business for future. This is really also a change of the company from being entrepreneurial. It was founded by four very, very talented founders, Adam, Rune, Jens, and Alex, three of them still active in the company. These four have instrumentally built something that's very, very successful, doing it entrepreneurially, growing the company, and now we are in respect for that, building it for its next. Where we are? Since 2016, more than 15 million trips have been taken on a great product of our Donkeys. Donkeys that are of high quality, reliable product, and also maintainable by a lot of our Donkey Shepherds that are ensuring a high quality ride every day used by thousands of people. We're serving cities all over Europe, but we're also focusing the company more and more for its growth into fewer cities of fewer countries. There's a good market trend, so we're not just a good company performing better and better, we're also in a growing market. The main trends in the market is that people are seeking more and more of these services, and what's most vital and much better for us is that cities invest into company infrastructure that we provide. We are having cities that more and more see and understand and actively invest into developing this market with providers and partnerships of us on long-term contracts. This is really good for the company of ours. We're not just a company. We're also a company founded on vision and also values, and one of the founding values of the founders were bringing sustainability, working with cities. Us also providing an annual report in numbers of financial development, we also develop a report upon ESG, and for this, we actually have one person dedicated for this within the room, Fran, who's doing an awesome job for how we're progressing on the ESG agenda because this is something that we really take sincerely, every one of us working here. It's a motivational gate for us that we can somewhat attribute and contribute to the development of the ESG. It's not easy, but we're doing, and we're moving ahead, and we're actually moving production from other parts of the world into Europe because of ESG. We also see that it's providing us a better business. That's the best part. That is when we can bring ESG and business better and better together also because the cities and our users. We all see the benefit. That's why we're also publishing an ESG report as of today for the first time as such in really good presentation of Fran. Now the numbers. 2022 were a year of strong growth. We're excited that we could provide a growth of more than 80% despite very challenging circumstances. This is outstanding. This is fantastic. It's also a growth that has been done and achieved on a fleet size that was almost the same. Fleet size only growing 3%, the revenues growing by more than 80%. That's an amazing achievement, and it shows also that the company's really been good in utilizing the bikes, and that we're very, very pleased. We're not pleased on the financial downturn as such on the EBIT. Here we have needed to down adjust our expectation. We have already previously communicated this to market, so this is old news. We would like to emphasize again that even though it's old news, this is not the future of the company. Our future is that we want to provide also a strong business development within its EBITDA, within its financials, not just in growth, but within its EBITDA. We maintain our guidance for 2023 so that we're growing our revenues to EUR 13 million-EUR 15 million. Most importantly, which is awesome development, we'll have a positive EBITDA of EUR 1.2 million-EUR 1.4 million of this year. That's really a huge achievement for the company. It's showing the structural direction for becoming a good, viable, strong company. With a positive EBIT of Q3, heading for positive EBIT of 2024. Business headlines. Well, here's a beautiful graph showing the development despite COVID, growing strongly from 2020 to 2021 to 2022. There are many data in this. This is also recorded, so if you want to see it again, you're most welcome. Basically, the headlines are strong growth, better utilization of our fleet, of our asset, which is good, and this has been progressing year-on-year-on-year. We're also investing into our future, and for this we are investing into team. We're also investing into our assets of product development, of stations, bringing us to a larger addressable market, almost 70% up compared to the market that we are addressing as of today. By 2024, we'll be able to push station to market that can make us gain more cities, but we will only work for the cities where we can see long-term partnerships into a contract, into us also being profitable. That's our DNA, and that we work for. Examples of this is that we've won Antwerp, we've won Kiel, we've won Turku. These are long-term deals. These are long-term contracts. Best one of this is Antwerp in Belgium. It's a contract of 10 year with the city. 10 year where we are providing our services, and 10 year where we are getting our revenues. That will totally amount into a minimum of EUR 21 million that we are already secured. That brings us a fantastic outlook that our CFO, he loves, and also that our business dev, they love, because then we can reinvest more into developing even better deals over the course of time, because this gives us a long outlook for the company, which is really good. Christian? Yes. First of all, a warm welcome also from my side. After Niels Henrik gave you an overview of 2022 performance and some business highlights, I will dive into some figures on the guidance for 2023, our financial outlook. Starting with the revenue, we come from EUR 9.1 million. We expect to have a revenue of EUR 13 million-EUR 15 million. On the right side you can see how that is split. The light gray one is our B2G, B2C segment, and that as Henrik already explained, we see really good growth there. We see that a lot of tenders or cities that we started in the last year now developed their full potential. We have just launched the city of Kiel. Overall we already have contractual revenue coming in there of a little bit more than EUR 4 million. In the dark blue, dark gray middle part of the graph, you can see the revenue coming from riders, and this one also we expect to increase. Maybe some words on our assumptions behind it. This is based on that our revenue per bike stays on a stable level, because we are increasing the amount of bikes we put into the cities. We expect that our revenue will be there on a stable level on a per bike level, driven now by the increased number of bikes in the streets, and a higher share of e-bikes, which in general have a higher revenue per bikes than a pedal bike has. That will also drive revenue increase. Last to mention is that of the revenue we are planning, approximately 90% is coming from cities we are already in. Cities where we have now increased the number of bikes, cities where we're gonna have some full 12 months invoicing effect, like in Antwerp or in Turku. The remaining 10% needs to come from new cities, which we are counting Kiel already in. Kiel is, for us, a new city that we didn't have in 2022, that we start in 2023. Large part of the new business that we need to achieve is already covered with the launch of Kiel. Overall we are quite confident in regards to our revenue outlook of EUR 13 million-EUR 15 million. Coming from the revenue to the profitability, first on the EBITDA. This is really a big accomplishment for this year to turn the company EBITDA profitable with a, not just a break zero, but with EUR 1.2 million-EUR 1.4 million. The way we plan to achieve that is partially driven by the revenue increase that I just outlined. To a much larger extent that you can see on the graph to the right side, to improvement of our margin with the operation of our bikes. Then by a margin improvement is coming mostly from two main things. The first one is that in the last year we already invested and ramped up our city operation for the bikes to come. due to the delay, we could not fully utilize the cost in regards to the fleet being rolled out, so that a lot of cost that we had this year, last year, we don't need to increase this year. We already are ready to come in. We had several one-time effects that were directly related to the late delivery of the bikes, which we don't expect to continue, such as the a penalty for delivering bikes late to the city of Antwerp. We see that a lot of hard work that we put into operation, that we put into a very efficiently running organization is paying off, and that with a planned revenue increase, we are on a very viable path to achieve the EUR 1.2 million-EUR 1.4 million of positive EBITDA. On the EBIT side, just to conclude here, we expect to be on EUR -2 to EUR -1.8. It's similar drivers as the EBITDA. We expect that we're gonna show in the Q3, isolated and positive, EBIT as well due to the strong revenue expectation for that quarter. That is the outlook on regards to profitability and revenue. What I also want to highlight is a remark on our going concern that you can also find in the annual report. For us, in order to execute our current growth business plan, we need to secure funding of EUR 3 million-EUR 4 million. We have several activities how we intend to do that. On the one side, we have an existing loan facility that is connected to a further extension of the Antwerp network, because we are not limited to the scope we have there now. We have the possibility to sign up new surrounding municipalities or increase the number of bikes we have there. We are also now actively working on a capital raise, which we plan to complete within the first half of this year. We are in advanced talks with a financing company in regards to asset-backed financing with whom we already have signed an indicative term sheet and where we are also confident that we can close that and secure the funding mentioned here. We therefore also prepared this financial statement on the basis of a going concern, but we also have, as these activities are not yet secured, have to also highlight that there is a material uncertainty in regards to that. Last note on that one, we the board of directors at the Annual General Meeting will propose that they will have the right then to issue the shares necessary for the capital raise, something that we will later today share with you when we invite you for the AGM that is planned in the middle of April. Coming to the end now, looking at the figures, EUR 9.1 million growth, EUR 9.1 million this year is a fantastic growth. If you look also in the outlook that we see with EUR 13 million-EUR 15 million in 2023, and our latest guidance of EUR 17 million-EUR 22 million in 2024, we see that we are really on a good growth path because it's also gonna come with profitability. We're gonna be EBITDA positive this year, and we have the clear ambition and plan to be EBIT positive as of 2024. We see that not only driven by the numbers that I just explained, but also by a couple of other factors that I think are important to highlight. First of all, I think we really have a great operational formula when it comes to running cities in a profitable and in a good way. It's not only for cities where we are, like in Copenhagen, but also for cities where we have contracts with the cities or local organizations. We have a long experience on how to do that, and we have also the right product roadmap that we continue to do that in the right manner. We can say that so confidently because we have a great team. We have a lot of shepherds in the organization. Shepherds is what we call our bike mechanics. They're actually no longer bike mechanics. They actually progressed and are now having leadership positions in the company. The company is full of people that live and breathe bike sharing, that know the product, that know how to best do that. We have a great management team with Niels Henrik, and Morten, and we have a great- You. Me. Overall, it's good to see that we have so much experience coming from different ways together. Those two things combined with, I think, the growing market possibilities that we have really puts us in a great position, especially considering that we have a really sound foundation in regards to our fleet that is being rolled out now and the existing contracts that we have. This brings us to the end of the presentation. Thank you very much for your attention, and we're now here to answer any questions that you might have. Please use the Q&A function, and we will see to answer that. We have a question from Pelle in regards to concern of the going concern warning. Let's elaborate on that because this is a good question, and this is also something of a concern that we are addressing. The company has for years been growing by asset-backed financing. That's a strength of the company, being able to do so, and it's been doing so successfully, and we expect that also to successfully be done in its future also for now. We are in a progression on this, as Christian spoke about, so we expect to be able to close this within a short term. Is there something you would like to add to this or? Yes. There's also a question on the one-time effect that we had in 2022, and also some question in regards to the cost increase or why we are not, why we are just looking for external funding and not driving it from with internal cost saving measures. That's really the question. I think as you could see also on where the EBITDA increase is coming from, a lot of it is coming off using The resources that we have more efficiently and having now a strong increase on the margin side because we had a lot of ramp up in the organization last year that was necessary now to operate a fleet that is getting close to 20,000 bikes by the end of the year. The one-time effects that we have is connected to the delivery of the bikes to the city of Antwerp, where we delivered them late. We now have all bikes that are, were ordered by them fully delivered, so we know that nothing will come there. We had another issue that is mentioned in the annual report, that we had an impairment of a third-party bike that we bought as a test to see if it's a good alternative to the bike that we developed ourselves. It turned out that it was not. Again, it gives us confidence in the quality of our own bikes, and we don't see that as a repeating thing because we will not order these bikes again. In addition to that, we also increased the strengths and the experience of our supply chain organization and our QA team so that we have now a much better structure in place to get the best contracts out when negotiating with suppliers and ensuring that we have the right quality in place. The QA department is run by one of our former founders, Rune, who is extremely experienced with all these matters, and that is a great help there to make sure that this is not happening again. In regards to the one-time effects that I mentioned earlier that were causing some of the extra costs in 2022, I don't see a risk that this would come over to 2023. There's also a question upon what price increases we expect to also customers. Well, first of all, we are a data-driven company, so it might not be price increases. It could also be price decreases if that will be bringing up revenues and a better operation in terms of profitability. We look into data when these calls are being taken, and these data, they are of course different from city- to- city, which is the great thing because the cities that we are growing within, we've been in progression upon for years. Again, as you saw in one of the slides, more than 90% of our growth are coming from existing cities of which we are experienced and knowing data upon. It's not necessarily price increases that will be driving up a better performance. It could also be differently. What we're looking into is data and product pricing metrics. Is there other questions? Do you consider that South of Europe will be an attractive market, especially Spain? Well, actually, what's behind our strategy is a very, very firm and very extensive data mining, data look on each city in countries in Europe, so we focused upon Europe. We have looked into the data upon the cities in Europe, and out of this, we've come to focuses upon certain countries. We will not display that publicly, but we can only display by fact that the cities that we're serving, we're doing that for bringing fantastic product, servicing the riders, servicing the cities, and we do that for a long-term commitment and for its future for profitability. Those cities that are not profitable or on a path for profitability, these cities' activities will change. I don't see any more questions, and we are kind of in half an hour time now. Thank you for these questions. Thank you for your time. Thank you for your attendance, and, yeah. Wishing you a great 2023 also. We are looking for developing the company. It's growing strongly for positive EBITDA, which is awesome. We'll get there. Have a good day. See you. Thank you very much. Take care. Bye-bye.