Generer rapport
Virksomhedsform
Aktieselskab
Etableret
1995
Størrelse
Store
Ansatte
1.223
Omsætning
1.024
MDKK
Bruttofortj.
-17.053.000
DKK
Primært resultat (EBIT)
-
DKK
Årets resultat
-15.756.000
DKK
Egenkapital
409
MDKK
annonce
Flere nøgletal og analyser?
Med en Bisbase Premium konto får du flere nøgletal for både virksomheder, koncerner og brancher samt adgang til eksklusive brancher indeholdende virksomheder nøje sammensat af eksperter. Og vil du lave dine egne analyser kan du også det! Det tager få minutter at få adgang - og det behøver ikke at koste dig noget!
Rang Årets resultat
Rang i branche
55/55
"Bund 10%"
Rang i Danmark
349.259/352.566
"Bund 10%"
Direktion top 3
Marianne Lisbeth Bøttger 13 | Direktør |
Svend Nicolai Heineke 14 | Direktør |
Bestyrelse top 3
Thibault Guy Depoix-Joseph 9 | Bestyrelsesformand |
Jakob Gade Bro 4 | Bestyrelsesmedlem |
Thomas Rosendal 1 | Bestyrelsesmedlem |
Legale ejere top 3
100% | Mutares Holding-55 GmbH | DE |
Tegningsregler
Selskabet tegnes af et generalforsamlingsvalgt bestyrelsesmedlem i forening med en direktør, eller af to direktører, eller af bestyrelsesformanden. Selskabet tegnes endvidere af den samlede bestyrelse
Stamoplysninger baseret på CVR
Navn | Gocollective A/S |
Binavne | Goco A/S, Goco Mobility A/S, Gocollective Mobility A/S, Arriva Danmark A/S, Arriva Jylland A/S, Arriva Person- og Handicapservice A/S, Arriva Scandinavia A/S, Arriva Skandinavien A/S, Asc 2001 A/S, Bus Danmark A/S, Busdan 37 A/S, Busdan 38 A/S, Busdivisionen A/S, Pan Bus A/S, Unibus Ejendomme I A/S, Unibus Rutetrafik A/S, Vestbus A/S, Wulff Bus A/S Vis mere |
CVR | 18429101 |
Adresse | Skøjtevej 26, 2770 Kastrup |
Branche | Rutebuskørsel, by- og nærtrafik [493110] |
Etableret | 22-03-1995 (29 år) |
Første regnskabsperiode | 01-01-1995 til 31-12-1995 |
Virksomhedsform | Aktieselskab |
Antal ansatte | 1.162 (årsværk:962) |
Reklamebeskyttelse | Nej |
Revisor | Pricewaterhousecoopers Statsautoriseret Revisionspartnerselskab siden 01-07-2011 |
Regnskabsperiode | 01-01 til 31-12 |
Selskabskapital | 140.004.000 DKK 140.003.000 DKK (20-12-2005 - 07-05-2023) 100.003.000 DKK (08-12-2003 - 19-12-2005) 100.002.000 DKK (22-03-2002 - 07-12-2003) 100.001.000 DKK (17-04-2001 - 21-03-2002) 100.000.000 DKK (02-07-1999 - 16-04-2001) |
Vedtægter seneste | 13-05-2024 |
Medlem af brancherne
- Rutebuskørsel, by- og nærtrafikNACE6 indeholdende 124 virk.
- Anden landpassagertransportNACE3 indeholdende 5.976 virk.
- Landtransport, rørtransportNACE2 indeholdende 11.397 virk.
- Transport og godshåndteringNACE1 indeholdende 16.790 virk.
Formål
Selskabets formål er på et forretningsmæssigt grundlag at udføre buskørsel. Selskabet kan tillige på et forretningsmæssigt grundlag udføre personbefordring og/eller godstransport på jernbane samt dermed forbundet virksomhed.
Regnskab
2023 | 2022 | 2021 | |
---|---|---|---|
Valuta/enhed | 000' DKK | 000' DKK | 000' DKK |
Omsætning | 1.024.261 -26% | 1.375.778 -19% | 1.692.572 +2% |
Bruttofortjeneste | -17.053 - | -61.922 - | 18.142 - |
Årets resultat | -15.756 - | -29.289 - | 23.623 - |
Egenkapital | 409.232 +220% | 127.989 -19% | 157.278 +449% |
Balance | 1.085.730 -7% | 1.164.094 -2% | 1.183.736 -4% |
Ledelsesberetning sammendrag
Beskrivelse af virksomhedens væsentligste aktiviteter
Business reviewThe GoCollective A/S Group (formerly Arriva A/S) is the largest private bus and heavy-rail operator in Denmark, offering Bus, Rail and electric ferry services as well as providing transport related vocational training and Danish language tuition through the UCplus business. Until February 2024, GoCollective also operated the free float car sharing service, SHARE NOW.
Beskrivelse af usikkerhed ved indregning eller måling
Recognition and measurement uncertaintiesThe recognition and measurement of items in the annual report is not associated with any uncertainty.
Beskrivelse af usædvanlige forhold, der kan have påvirket indregningen eller målingen
Unusual mattersDue to the unique nature of the fiscal year 2023, the Group recognized a total of mDKK 160 in non-recurring costs – primarily related to:
- Fine write-downs in Rail
- Redundancies from restructuring
- IT platform replacement costs
- Rebranding
- Advisory costs related to the divestment process
- Advisory costs related to turn-around and re-financing
Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold
Operating and Financial reviewThe company/group entered into an agreement to divest the business from Deutsche Bahn (DB) to the private equity firm Mutares SE & Co. KGaA in September 2022. During the early months of 2023 the company completed the divestment and secured a successful closing of the transaction on May 15th 2023 with the new owner also committing to a 24-month insolvency guarantee.
The finalization of the transaction put the company on a new strategic trajectory ending 3 years of strategic stalemate and non-investment in the business. During the sales process, commencing for Arriva Danmark in 2020 and ending with the final closing of the new ownership on May 15th, 2023, the company was under severe capital constraints and did not have a mandate from its owner to bid on and commit to any new transportation contracts. As a result, the company was unable to defend a very significant portion of its existing contract portfolio which came up for retender during the period. Consequently, in 2023 the company’s finances continued to be burdened by contract run-off from the existing Bus contract portfolio – corresponding to a total activity reduction of almost 25% compared to 2022. In all, the business has seen a c. 50% reduction of its contracted revenue since 2020, as a direct result of not being able to defend existing contracts.
Cost saving measures and operational improvements positively impacts results
With the successful divestment to Mutares the company was finally free from mid-2023 to initiate an ambitious transformation and growth strategy, named Go 2026, based on a 3-step action plan to drive a comprehensive restructuring of the company and repositioning the business for growth as an autonomous operator in the Danish public transportation market.
During 2023 the company has therefore already implemented operational improvements and cost saving measures across the Group with an annualized run-rate impact of c. mDKK 75 – based primarily on fixed cost reductions (Indirect and Fixed) as well as productivity improvements. Additional initiatives aimed at mitigating the negative drag from declining revenues will come into effect during 2024, with an expected total annualized run-rate value of c. mDKK 120.
Focus on core businesses – car sharing service SHARE NOW discontinued
In 2022, SHARE NOW reached mDKK 1.1 individual rides in its fleet of shared cars in urban and greater Copenhagen, whilst also yielding a significant contribution to emission-, congestion-, and noise reduction. However, despite the obvious customer success, and due to significant future investment needed to achieve consistent profitability, it was decided to close down the SHARE NOW business and secure full strategic and operational focus on the core Bus and Rail businesses. The termination of SHARE NOW was announced in October 2023, with all operations finally ending on February 29th, 2024.
Re-engaging in tendering with positive outcome
Following the divestment from DB, initiatives to retain and grow the Bus contract portfolio have commenced with success. GoCollective thus bid on its first bus contract since 2019 immediately after closing in mid-2023, winning a respectable portion of Movia’s A22 tender on Zealand - with 22 electric busses commencing operations from Q4 2024. This has been followed up with wins in Midttrafik’s MT66 tender in Jutland (54 electrical busses), Fynbus’ Svendborg tender on Funen in early 2024 (9 electrical buses) and Movia’s A23 tender on Zealand (55 electrical buses) – thereby cementing GoCollective’s competitiveness and providing comfort in the company’s ability to execute effectively on the commercial aspects of its strategic plan. Growth was also pursued in UCplus, with the business winning an important Danish language tuition contract in in Southern Jutland adding a further c. mDKK 19 in annual recurring revenues.
Inflations mitigated with delay due to price increase limitations
GoCollective is not free to independently increase its unit pricing in public transport contracts in response to inflationary pressures – relying instead on the indexation mechanisms inherent to individual contracts. For the Bus business this mechanism is quite dynamic with general price inflation trends being reflected in revenue adjustments with a delay of only 2 to 6 months. For the Rail business however, this mechanism works with a much longer lag of 12 to 18 months. The sharp peak in inflation during the second half of 2022 was therefore not offset for the Rail contract until January 2024, thus impacting performance negatively throughout 2023.
Positive development in Rail passenger volume normalization
Throughout 2023 the company experienced operational disruptions due to an unusually high level of storm damages and maintenance of the track system by the infrastructure provider Banedanmark as well as supplier delivery difficulties for heavy overhaul of trainsets, causing a higher than anticipated level of train groundings. Despite this situation and its impact on punctuality, it is positively noted that the year saw an almost 10% increase on average in monthly passengers compared to 2022. The passenger base is, however, still not back to the 2019 level, impacting the business negatively, given that rail ticket revenues are collected directly from passengers. The company still doesn’t expect passenger volumes to be fully normalized until the end of 2025 at the earliest.
Write-down of fine receivables in Rail
The collection of receivables related to fines issued to passengers travelling without a ticket is under the purview of the Danish Tax Authorities (Danish Debt Collection Agency). GoCollective does not have a mandate to collect these receivables independently, and during 2023 the Rail business wrote-down receivables for c. mDKK 83 in recognition of the slow rate of reclaim from the collector (Danish Debt Collection Agency).
New ERP platform to provide strengthened productivity
As part of the separation from Deutsche Bahn, a substantial part of the company’s IT-platform, including the ERP and HR systems, needed to be replaced. These projects have been comprehensive in terms of both costs and use of internal resources, and will continue in 2024, with the new systems going live mid-year 2024. Despite the initial cost burden, there is an expectation that the new IT platform will increase productivity going forward, thus supporting the Group’s ongoing transformation and efficiency ambitions.
Development in contract loss provisions
In 2020, Arriva Denmark set aside mDKK 214.3 for future expected losses on Bus contracts, and in the financial year 2023, mDKK 29.8 of this sum has been reversed.
Divestment of Property
As part of the divestment process, the company sold its large Copenhagen depot on Sibeliusgade, Østerbro to the Arriva Group plc, and in this connection realized a gain of mDKK 210 in 2023.
Financing
As part of the divestment to Mutares, the previous owner Deutsche Bahn provided a combined equity injection to the GoCollective Group of mDKK 837. This inflow of funds was used largely to bring down existing debt and allow for the transaction to complete on a debt free basis. The Groups equity is thus strengthened, and the company expects to be able to finance future activities and growth through operations and loans secured by the company's assets.
As a result of the above, GoCollective Group realizes a consolidated loss before tax of mDKK 114.3 compared to a loss of mDKK 95.9 in 2022.
The total result after tax for 2023 is a loss of mDKK 141.2 and the groups consolidated equity per 31 December 2023 is mDKK 722.5.
Management considers this year's result to be satisfactory.
Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning
Other Significant events in 2023Beyond the above-mentioned elements, the following events were noticeable milestones for the company in 2023:
Operating model evolution securing successful execution on strategic plans
To ensure the most effective execution of the strategic plans for each of the business units in the GoCollective A/S Group, 2023 saw a significant focusing and strengthening of top management – with the team going from 9 to 5 Directors. A more decentralized operating model was also bolstered through by strengthening individual business unit autonomy and accountability. This involved a more direct localization of certain functions within Finance, HR, Business Development, Procurement and Facility Management, as well as significantly expanded financial transparency and result ownership at the business unit level.
GoCollective – new brand kicks off repositioning in the market
Another fundamental part of the divestment from DB has been centered around the rebranding of GoCollective A/S as an autonomous operator in the Danish public transportation market. With a completely new brand identity and name announced on December 5, 2023, the company solidly initiated its repositioning, leveraging +20 years of experience as the most diversified operator in the country and re-entering the market, revitalized, and restructured. As such the new GoCollective brand is not only a clear expression of what the company does and aspires to, but also tells the story of a renowned operator taking ownership for the development of public transport - reaching for a leading role in the category and communicating a sustainable message with societal relevance.
Beskrivelse af virksomhedens forventede udvikling
OutlookPositive perspective on growth and financing
The 3-year long investment block imposed by the previous owner and the subsequent decline in contracted revenues will continue to impact GoCollective A/S negatively towards the end of 2025, at which point a major mobilization of new Bus contracts is expected to finally reverse the negative revenue trend.
For 2024 a strategic focus is therefore to continue to mitigate the negative bottom-line impact from the decrease in Bus volume and revenue by continuing to execute on the company’s ambitious transformation agenda.2023 has shown better than expected progress in this respect, providing momentum for the journey going forward.
Furthermore, by winning several tenders within the first 12 months of the new ownership, the company is already well positioned to deliver on the strategic plan to secure not only profitability, butalsogrowth.
Securing long-term financingto support these growth plans and investments in new electrical busses is also crucial for 2024. Having secured medium-term financing through a successful bond emission of c. mDKK 300, finalized in April 2024, there is confidence that future financing will also be successful.
Macro-economy and global political situation continuing to put pressure on supply-chainand maintenance
Within the Rail segment, heavy overhaul of the trainsets was negatively impacted in 2023, due to core suppliers struggling to retain workforce capacity (experiencing intense workforce competition from other heavy industry, especially defense)and thus unable to deliver on Service Level Agreements (SLA) – resulting in more grounded trainsets than expected during the year. 2024 will continue to be challenged by this dynamic, although mitigated by new agreements made with additional suppliers.In general, the company will continue to be exposed to the uncertainty of the geo-political and macro-economic situation, with an elevated risk of energy price volatility, supply chain disruptions, and changed consumer behavior.
Sustainability as predominant global agenda impacting the business
In 2023 the company initiated two large projects with regards to ESG and Cybersecurity, thus working actively towards both NIS2 and CSRD compliance. In 2024 this work will continue with increased focus, taking on the responsibility as provider of critical infrastructure, and aiming also towards ISO 27001 compliance by the end of the year.
A successful transformation will also support the company in its continuous development towards working with corporate responsibility, green transition,andothersocietal issues. In particular, the journey towards working into a framework of ESG, including the Taxonomy and CSRD,was a new focus area of 2023 which will increase in 2024, where it will be of great importance to create a KPI- and data driven ESG-framework and governance platform, aligned with stakeholder demands and expectations.
The company expects an operating profit before depreciation / amortisations and impairments (Operating EBITDA) of mDKK 0 – 10 and a total pretax result for the Group of mDKK -240 to mDKK -270 for 2024.
Generalforsamlingsdato: 26-06-2024