Event where we have the pleasure to present GreenMobility. To help us through today's presentation, we are joined by Kasper Gjedsted, CEO. First time here, so welcome, Kasper. I know you will also start by giving a little bit of your viewpoint on the company here. You have just been here, I think, one year and five days, so welcome to this presentation. Of course, the main topic will be the full year 2023 results you just released and of course, also the outlook into 2024. As always, you can ask questions down in the box down below during the presentation. We will take the main parts of the questions at the end. You're also very welcome to do it in Danish. I will try and translate to the best of my abilities. For now, I think I will hand the call over to you, Kasper. Thank you very much, Michael. This is an important notice. I'm pretty sure that you all have read it here. I have a background from the old-fashioned rental industry. I used to be CEO for Sixt in Denmark and for Avis Budget in Denmark and Sweden. I've been a big fan of GreenMobility ever since GreenMobility was born, actually. I was one of the biggest customers with GreenMobility, and I was super curious about the whole business model coming from the old-fashioned industry and car rental industry and over to this new and young and vibrant way of looking at car rental as a car sharing thing. I was a fan. I was a fan from a professional perspective, and I was a fan from a customer perspective. From a professional perspective, there's so many more opportunities when having a car-sharing company compared to what I came from. The average revenue per car is substantially higher in the car-sharing industry than in the rental industry that I knew. The scalability opportunities is substantially higher. Having a car rental company you want to scale, you have to open up an office and so on. With this kind of product, you have an office, a car rental office everywhere there is a car. It's right around the corner from your street. There's an office because you only have to swipe on your phone, and then you have rented the car. From a financial professional perspective, it was super interesting with the potential that lies in it. From a customer perspective, it's just such a much better product than what I come from or what I came from. It's much better because you don't have to go to a rental station to rent a car. It's much better because you don't have to rent a car for 24 hours. You can take a car for 10 minutes, and it's much better because the car's standing right next door, right? It's just much easier to have a car without having a car with a car share product, where we basically just have to swipe on your phone. That's what I came from. I could also see in the society, working around this whole car-sharing business, there was a lot of positivity, from the municipalities to the consumers. There was a lot of positivity, and there still is. I say here in the slide that car ownership is so last year. Why do we own a car if we only spend 2% of the time with the car? It's standing idle for 98% of the time. It just doesn't make sense from a financial point of view. It doesn't make sense from an environmental point of view. That was a little bit about my background. The first year with GreenMobility here. I have been assigned one task, one primary task for this role, and that is to make this company profitable. The company has been a growth company, but without profitability. What I'm doing here with my team is to make it a growth company with profitability. Let me make it very clear. We are still a growth company, but now we are making a profitable growth. That's the very big change that we'll see. In the slides to come, I'm going to explain a little bit about how we intend to do that. For those of you who don't know GreenMobility, a very short introduction. We have around 1,500 EVs in our fleet. We have 275,000 customers in 2023. We have more than a million trips, and we're saving a lot of CO2s. For those of you who are used or have seen us before in this presentation, the map looks a little bit different now. The reason for that is that we are focusing our operation on the Danish market. The background for that, I'll come back to. Let's have a look at the 2023 highlights. We have an updated strategy where we are focusing on the markets that are profitable or with a short-term outlook to become profitable. The reason is that we have one target right now, and that is to bring this company to profitability. As a consequence of that, we closed the markets in Sweden, in Germany, in Holland, and in Finland in 2023. Just the other day, we also announced that we are planning to going out of the Belgium market, either by selling the company or by closing it down. One of the major reasons why we took that, or the catalyst for making this decision, was that our major competitor here in Copenhagen decided to exit the market. We already had a plan in the drawers, a strategic plan for that potential scenario, and that was why we very early on, after their publication of the exit, we could present a very aggressive plan, a dominance plan, where we would go in and dominate and take over the space that they have left behind. When trying to go from a loss of DKK 50 million that we did in 2023 to a profitability, to a profit in 2024, there's a lot of big handles that you have to turn. There's a lot of big decisions that you have to do. Closing of these markets were some of those major decisions. We've also done a lot of other things. We've cut our costs, and we have refinanced a very big portion of our fleet. 25% of our fleet has been refinanced. We had an upside of DKK 16 million, of which we are gaining DKK 5 million this year alone on that. I think there was a lot of opportunity in that. We also made a capital increase in December 2023, and I think it's important to stress that we had a positive operational cash flow on the continuing business, which is a good foundation for making a profitability in 2024. As I said in the beginning, we are a growth company, but with a profitable growth going forward. We had a growth of 25% on the revenue on the continuing business here. We had an improved cost levels on the operation in the continuing markets, which gave us 127% better than 2022. Then we had a net result that was influenced under the increase in depreciation due to a larger fleet in this continuing markets. Now, it's a little bit technical with regards to that, so I don't want to dive too much into it, but that is the technical reason why we see a part of this result for 2023. We have an increase in our customers, 22%. We still continue to do good for the environment. 9% more CO2 saved compared to one year earlier. We were up 7% on the trips for the group. Let's dive a little bit into the numbers for Copenhagen. Copenhagen is our biggest market. Will, in the future, become even bigger. We have an average monthly revenue per car in Copenhagen around DKK 9,000. When you see some of these dips, they are very much related to us inserting cars into the market because it takes a little while before a car that has been inserted is utilizing the full revenue potential. That's the major explanation for these steps. For Aarhus, we also see a good revenue, although at a lower level. I think one of the important thing to stress about Aarhus is that we have a significantly lower cost in operations there. We don't need so much revenue to be operational profitable in this market. As a new thing, this year, with regards to the annual report, the ESG and sustainability report has been incorporated or integrated as part of our annual report. We continue to take active part in solving these issues that modern cities see. We continue to decrease the CO2 emissions as we are having an EV fleet only. We are helping to reduce the private car ownership, as I started off with a few words about. We are improving the city environments. We are creating equal opportunities for mobility in the city. People who don't normally have access to a car, we give access to a car and mobility in a city. There's a lot of good reading in this, and I'm super happy to answer any questions you may have about our ESG and sustainability. Let's dive a little deeper into Copenhagen. In November 2023, we announced our plan of a significant expansion in Copenhagen to reach a fleet of 1,000 cars. The catalyst for this decision was the fact that SHARE NOW announced that they would withdrew from the market, and at that time, they had around 600 cars in their fleet. We immediately after said that we want to fill the gap that they're leaving behind. It was, as I mentioned before, a plan that we already had sketched up in our drawers. We have all sorts of scenarios that we're working with. This was a plan that we could take out and execute on, and the exit was a good catalyst for being able to do that. We are now by far the market leader in Copenhagen, and we are the only operator in what we call the free-float car sharing. There are two major types of car sharing. You have the fixed -based. The fixed base is where you pick up a car from the same parking lot every time, and then you have to return it to the same parking lot. The free-float is much more flexible. You can pick up a car from everywhere, and then you can return it to wherever it suits you well. We have a lot more flexibility, and in my point of view, from a customer perspective, I think it's a much better product. Going forward, Copenhagen will be our largest market, and it will contribute significantly to our revenue and our profitability growth. I started off this presentation with saying that we have a lot of positive vibes coming from the political parties and so on. I've also been speaking to some of the mayors here in Copenhagen, and I think there's a lot of good understanding and positive vibes around us. Not so positive is it that we have to pay parking now, but it is at a very low level. On the 1st of January this year, everybody with an EV had to pay or have to pay for parking in Copenhagen, full price. We only pay DKK 700. If there's anyone from the municipality watching here, I would say you should also consider to decrease that to zero. We are an important part of the infrastructure, but I'm happy to take a cup of coffee and discuss it more in details. It has also proven to be a major benefit for us that EVs have to pay for parking now. From the 1st of January, all of a sudden, all of the people who were taking their cars from the outskirts of Copenhagen or wherever they came from and parking them for free in the city, they were gone because now they had to pay for it. We have an upside in it's much easier for our customers to find a parking spot, and it's much easier to charge their cars on public charging stations because they're not occupied by all the freebies that used to be there before the 1st of January. I think actually in total, it's an upside for us. Of course, I think one of the surge in our daily trips that we have published, we had more than 70,000 new record, all-time record in February. I think that also has something to do with a lot of those people who took an EV, they are now taking one of our cars for their daily commuting. All in all, good. Let's talk a little bit about the fleet. We have around 1,500 vehicles in our fleet. One of the things that I said when I came in here was that I don't necessarily see us as having a uniform fleet. When I came in, we had approximately 1,500 white Renault Zoes. I said, I don't necessarily see that as an advantage. We need more diversity from a various arguments that I could give the organization here. We need more variety because we want to reach out to other and more customer bases. For example, if we are inserting some premium cars like the Polestars, we are reaching out to a customer base who prefers to have a bigger car with longer range, more comfort, and so on and so forth. That was a part where we really want to change the fleet composition. We also want to change the holding period of the cars. We will have cars that are held for shorter periods of time, and we will have cars that are held for longer periods of time. With the shorter holding periods, we can adjust our fleet much more precisely into the demand that we have, and the demand is fluctuating over the year. Normally, January and February are low months, not this year because that was a record high for us, all-time record. This year, but when we are looking forward, we will see fluctuations, and our fleet cannot be the same all year round. We need to be able to adjust the fleet. This is a high-volume, low-margin business, we really have to optimize on every level that you can. With regards to the cars, we also see that new models are coming in. I understand why we have 1,500 Zoes because when this company was born, there were not many models to choose from. It made a lot of sense to have Zoes in the fleet, a lot of sense. Now we see, especially this year in the Group B segments, like the Zoes, there are coming cars in that are significantly cheaper than the Zoes. Imagine that the average price for a Zoe last year or when it was made was around DKK 280,000 for Mr. and Mrs. Jensen. This year, you'll see models that are coming in at DKK 180,000. Can you imagine what that does to our holding cost? There's a lot of opportunity in this by changing the fleet to cheaper models. For those of you who will ask about our balance with regards to that, I can say I have a lot of confidence in the way that our balance looks like at the moment. I think it was proven by the fact that we had an upside of DKK 16 million when we refinanced some of the cars, a large proportion of the cars, and I'm absolutely confident about our current balance. One of the big things that we're also doing with the fleet here is to remove our risk on the residual values. We can do that by making new agreements with financing companies, cars importers, and car dealers, so that they are taking the risk on the residual values. The first proof of that was being done with the batch of 50 Polestars that we acquired before Christmas. That's an example of where we have a fixed price on the cars and whatever the direction of the residual values, we really don't care because we have them already secured. That's also a major change. I say we go from an asset-heavy to an asset-light model by doing that, then we are removing risk from the operation here of the company. That'll leave us with a fleet that is consisting of a bigger variety, that is way better for way more customer segments. We haven't even talked about our vans. I think that's a very big opportunity as well. We have vans in our fleet. The latest vans that we are taking in is also covered by full residual value. There's no residual values in those vans that we've taken in. There's a lot of opportunity in that. There's a lot of opportunity in diversifying our fleet, and that's something that we have full focus on over this year and the years to come. We end up with our guidance for 2024. We have pulled a lot of levers and made a lot of decisions over the last 12 months while I've been here, and it gives me absolute confidence with all of these changes that we have made. Switching cars from cities with a substantially lower revenue to a city with a substantially higher revenue, and all of the cost-cutting measures and all of the changes with the fleet and all of the rest of the many, many decisions we have made, I'm absolutely confident that we can be profitable in 2024. Our guidance says between DKK 0 and DKK 10 million. I'm also very happy to say that we are to be considered, and I hope you agree with me, that we are a true growth company. We will grow 22%-32% versus total revenue in 2023, for the Danish market alone, we are up 52%-66% in our guidance there. With that being said, we are also focusing on the profitability. Before, maybe there is someone with a question about how about our international strategy, I have to say, the first thing I think about in the morning when I get up, that is to make this company profitable. That is also the last thing I think about before I go to bed at night. That is how to make this company profitable. That is my core focus. That is what we're looking at right now. As soon as we are there, we will be happy to present the new strategic updates for you with regards to our international strategy. Those were the words from me. Well, let's jump to some questions. I know you have a busy schedule, so we have a determined time. I will try and see how many I can get in, Kasper. There's an interesting one here. How can AI integration into car sharing management? Is there any challenges by this, and can you overcome and how can you actually use that to optimize both demand and supply in your car fleet? Is that something you are looking into? I love that question. It's a great question. How much time do I have? Shortly. I'm a big, big fanboy of AI, like so many other people around here. I've been very adamant in saying that this is something that we need to integrate across the organization from day one, right? We are doing that. We are doing that. We are doing that, I would say, almost in all departments. We have AI. Let's start with marketing. We have a lot of AIs being used in marketing for daily tasks, like newsletters and designing and so on. That's AI. People who are not trained, like, with text and so on, and people who are not trained in design, those people, the very same people, or actually a few of them, because we have made cutdowns, but few of them delivers a bigger output now due to these tools. I give you, another example is from our customer service. Our new chat functionality is also AI-driven. It's being introduced very shortly. One of the things that I really, really like about AI in terms of car sharing, it's what I've coined the Holy Grail of car sharing, and that is damage detection. One of the big problems from an operational point of view in car sharing is that we don't inspect the cars after each rental. Even though we have some very good customers who will actually report if there's a damage, sometimes there are customers who don't do it. Maybe it's on the wrong side of the car, so they don't see it because they don't circle around it. Now the Holy Grail is actually there. It has been invented. What we have done with the first couple of 100 cars is that we have installed a small measurement. It's a small digital measurement product. Sensor. It's a sensor in some way. For every time you make a scratch or if you crash into a tree or whatever you do, it gives a vibration that is being caught by this sensor. Every vibration is like a fingerprint. It's unique. We can start to build up data that can identify exactly which kind of damage that you're doing. The beautiful thing is that we can do it real-time. The more beautiful thing is that the sensor and the data is becoming more and more clever. It's more and more intelligent, if you will. That is the Holy Grail. Can you imagine how much of an upside we have on our whole cost on damages to the cars that are not reported? There's a great opportunity here. We have a lot of other projects with regards to AI that I'm super thrilled about. It's a mandatory task in our organization to integrate it on all levels of the business. I think we will dig deeper into that at some other point, Kasper. There's a question, why did GreenMobility close its markets in Belgium? Was it not profitable or did GreenMobility not see any possibilities in it? What we have said is that we want to have a profitability in the markets that we should continue, Belgium didn't go in the right direction at the right speed. That was the reason why we decided to close or sell it. I think all of our international markets could have been profitable, it just takes too long, and that's not a time we have as we have promised to make profitability in 2024. Perfect. I also have a question regarding the one you mentioned in Aarhus. Was that Aarhus is cheaper compared to foreign markets or is it cheaper compared to Copenhagen? You mentioned that you had substantially lower costs. Was that compared to international markets or also in relation to Copenhagen? Well, it is the cheapest market to run of all markets in Aarhus. Of course, there's a variety in terms of what you take into that calculation, of course. On a general note, Aarhus is a cheap city to run from an operational point of view. It's a very lean organization we have there. There's a question, have you seen any competitors move on Copenhagen, and how do you survey that? Your dominant strategy, you're trying to move in fast to keep others out. Have you seen others trying to move in, and how do you survey it? Is that possible to survey it? I think it's possible to survey it because I hope if you're a new competitor who wants to go into the market, I hope that I see some signs as a consumer around it. Otherwise, I don't think it will be a good idea to move in if you don't do some advertising. That's one way of seeing it. We haven't seen any competitors within the model that we have here, which is the free-float model. We are the only one with a free-float model. Here we have a few others with a fixed base. We also have competitors in buses and trains and bicycles and good weather and so on and so forth. I've always been in a competitive environment in terms of the companies that I've been running, and they have always been profitable. If a competitor should show up, I will welcome them. I think it's important that it's actually for the benefit of us if you have someone who can expand the market together with us. I think it's going to be tough for any competitor who wants to come in. We have total dominance of the market, and it's going to cost them a lot of money and big investments if they want to come in now. Can you see the lower price on EVs already on your cost per car? We can on some of them. The latest acquisition of cars that we did was the Polestars, and without going into any details on the pricing, there is a significant cost saving on those cars compared to earlier. How much are the extra cost of leaving the price risk to others? Say that again. How much of an extra cost is there leaving the price risk on your EVs? You mentioned that in your new operating model you are working with that you are leaving the price risk or the price swings on the used cars to someone else. How much extra does that cost you? I think that's a hypothetical question because what if the cars are going up in price? What if the cars are going down in price? I can tell you that the latest batch that we have bought with full residual value coverage is actually cheaper than the Polestars we had before. Perfect. The DKK 16 million from refinancing of the 25% of the cars, will they have full impact in 2024 or how does it look cash flow-wise? No, they will have a full impact on the P&L as they will follow the life cycle of the car, so to speak, within our fleet. We will have an effect in 2023, in 2024, and 2025. In 2024, the effect is around DKK 5 million positive. Good. Did all the cars from the closed markets went to Denmark? It takes time to source all of these cars. A lot of them has arrived and a lot of them are on the way. Perfect. We actually, Kasper, I know you need to go. I'm sorry there's more questions. Maybe we can take them at a later point in time, I know I had to leave you at 30, I only went over for one minute. Thank you for giving me that. Thank you for taking us through the questions, Kasper, and thank you for the audience for listening in. Thank you very much