Operational highlights FY 2021
- New facility in Deurne for production of the Ebusco 3.0 fully operational
- Completion of acquisition of Pondus, combining bus and aerospace know-how
- First Ebusco 3.0 buses delivered in Munich following EU vehicle-type approval
- Number of FTEs grew by 86%, in line with growth ambitions
- Automotive Innovation and JEC Innovation awards confirm innovative strength
Financial highlights FY 2021
- Financial results impacted by pandemic-related tendering slowdown in 2020 and H1 2021
- Full-year revenue of €24.3 million, in line with earlier guidance
- Accelerated ramp-up resulted in an underlying EBITDA loss of €20.5 million
- Cash and cash equivalents of €207.9 million to execute roll out plan
- Strong order intake resulted in record total order book of 325 buses of which 240 fixed
Highlights YTD 2022
- Multiple new orders for 951 buses takes current order book to 1,274[1] buses
- Performance data of first Ebusco 3.0 buses in operation exceeding expectations
- Final negotiations on first production plant in France to meet local content requirements
- Acquisition of 40% of Zero Emission Services to accelerate electrification of inland shipping
Outlook 2022
- The order intake, tender activity and anticipated deliveries are expected to result in a sharp revenue increase in 2022
- Ebusco reconfirms the medium-term objectives as defined during the IPO
Key figures FY 2021
| (in thousands of €) | FY 2021 | FY 2020 |
| Revenue | 24,265 | 99,994 |
| Underlying EBITDA | (20,546) | 27,135 |
| EBITDA | (34,240) | 27,135 |
| Result for the year | (26,797) | 16,659 |
| Net debt / (Cash), excl lease liabilities | (207,245) | 31,203 |
Peter Bijvelds, founder and CEO: “Looking back, 2021 was both an exciting and challenging year for Ebusco in which we achieved several important milestones but also had to cope with the delayed effects of the pandemic and supply chain disruptions.
We made significant progress in further preparing our organisation for future growth. His Majesty the King Willem Alexander of the Netherlands officially opened our blueprint facility in Deurne for the production of the Ebusco 3.0, we obtained EU vehicle-type approval for our revolutionary Ebusco 3.0 and we delivered the first Ebusco 3.0 buses to Stadtwerke München. We are very proud to say that the first data we have received through our real-time fleet tracking software shows that performance is exceeding our and customer expectations.
As indicated at the time of our IPO, 2021 has been a year of transition in which our revenue and profitability were impacted by a slowdown in tender activity due to the Covid-19 pandemic. The related supply chain disruptions also had a strong impact on the delivery schedule of our buses, shifting shipments from 2021 to 2022. Next to the cost increases related to the growth of our company, increased transportation costs and currency fluctuations had a negative impact on our profitability in 2021.
Having said this, the drive for sustainable public transport is unstoppable and the electrification of global bus fleets is back on the agenda as we saw tender activity improving in the second half of 2021 and year-to-date 2022. Given our strong competitive position we gained several new contracts, including a significant order from Berliner Verkehrsbetriebe, and ended 2021 with a record order book of 325 buses. In 2022, we have already added a significant number of orders, including the major framework agreement with Deutsche Bahn, taking this record order book to 1,274 buses.
The operational performance of the Ebusco 3.0 buses already on the road further strengthens our belief in the future growth of Ebusco as we work towards our medium-term objectives. To partly accommodate for this expected growth and to offer local content, we have entered into final negotiations to lease a large new production facility in France.
Based on the strong order intake, tender activity and anticipated deliveries, we expect a sharp increase in revenue in 2022 compared to 2021. Ebusco is, however, not immune to the geopolitical uncertainty as a result of the invasion of Ukraine and continued strain on the global supply chain, both of which are key external risks we need to navigate.
We look forward to further executing our international expansion strategy together with our employees, suppliers, clients and shareholders to who we owe a debt of gratitude for their ongoing support. As of today, we have more than 350 buses on the road which have collectively driven more than 47 million kilometres, saving over 43 million kg of CO2. I am convinced that Ebusco is well-positioned to take advantage of the further electrification of bus fleets, enabling us to contribute to a better living environment with our safe, reliable, emission-free and cost-competitive transportation ecosystems.”
Operational review 2021 and 2022 YTD
Order intake and tender activity
Driven by the need to reduce CO2 emissions to battle climate change, demand for zero-emission solutions remains strong and Ebusco’s order book started to grow considerably again in the second half of 2021. As a result, Ebusco ended 2021 with a record order book of 325 buses, of which 285 are expected to contribute to the 2022 revenue. Ebusco strengthened its foothold in the Nordic region, for example with multiple repeat orders from Nobina in the Danish market, and expanded its presence in the strategically important German market with a sizable contract of 90 Ebusco 2.2 buses for BVG, the country’s largest public transport operator.
In the first months of 2022, Ebusco has added orders for an additional 951 buses, taking the order book to 1,274 buses. Tender activity continues to be strong.
Supply chain disruptions
Like many other companies in the automotive and other sectors, Ebusco has experienced and continues to experience supply chain disruptions and partial supply shortages.
The company is taking proactive steps to manage the risk of these supply chain disruptions and supply shortages having a further impact. Examples of these proactive steps are rebuilding safety stock and designing alternative replacement parts. To stay on track for our deliveries, certain components were transported by air rather than sea which negatively impacted our profitability. Despite all the efforts we remain exposed to further supply chain disruptions that might occur.
Update on the roll-out plan and international expansion strategy
Ebusco is on track with its international roll-out plan to execute its expansion strategy.
The new hall for the production of the Ebusco 3.0 in Deurne was officially opened by His Majesty the King Willem Alexander of the Netherlands at the end of October 2021. The Deurne facility is expected to have a production capacity of 500 emission-free buses per year end 2022. Furthermore, the production hall will serve as a blueprint for the international roll-out of production of the Ebusco 3.0 buses.
In the course of 2021 Ebusco significantly expanded the sales organisation, hiring dedicated sales directors for North America, the Middle East, Western Europe and the Nordic region to build up or expand our presence in these regions.
With respect to North America, last year Ebusco for the first time took part in the American Public Transport Association’s EXPO, the largest public transport conference in the United States. This conference was an important opportunity for Ebusco to forge relationships and promote its proposition in the United States.
To meet the expected demand for the Ebusco 3.0 and to be able to tailor to local requirements, Ebusco has entered into final negotiations on a facility in France measuring over 21,000 m2. This facility will be converted and equipped to Ebusco standards to double the Ebusco 3.0 production capacity.