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's activity report 2022

Overview

Ridango is a group of technology companies focused on intelligent transportation systems (ITS). The group's main products are: account-based ticketing system (ABT), vehicle location determination and dispatcher management (AVL and CAD), real-time passenger information transmission (RT), demand-based transport (DRT) and contactless public transport payments (cEMV). Ridango also develops and sells the necessary hardware for the operation of the mentioned products.

The group's clients are mainly located in Europe (including Estonia), the Middle East and Southeast Asia.

Group companies

Consolidation group composition as of 31.12.2022: In September 2022, a subsidiary Sfey Pay OÜ (www.sfey.com) was established, where the development and sale of the group's contactless public transport payment service (cEMV) was consolidated. The purpose of the distinction is to accelerate the independent development of the service and thereby increase the global sales potential of the product. Sfey Pay OÜ has a separate management and team focused on developing transport sector payments independently of Ridango's ticketing operations.

Fiscal year overview

The group has two main sources of income: license and maintenance fees for operating ticket and information systems and the provision of other related services with long-term maintenance contracts, and one-time project-based product/hardware sales. The revenues from long-term contracts were relatively stable and no large contracts ended or were added during the reporting period. Moderate growth continued. This type of income is also not very seasonal as the price of the service does not depend solely on the number of passengers.

The most significant impact on the fiscal year's sales revenue was the smaller proportion of project sales compared to the previous year. Considering the long sales cycle of the market, this was an expected situation, caused by the postponement of preparations for investments in public transport during the so-called corona years 2020-21. This fact can be considered the main reason why the group's one-time revenues decreased. In 2022, the team was also strengthened to merge the main business area of Ridango AS parent company and the activities of the Slovenian subsidiary into a single corporate structure. As a result, investments in strengthening the team and the group's general expenses were somewhat higher. Due to the above reasons, the group ended the fiscal year with a planned loss.

In absolute terms, the group's sales revenue increased by 8.5 million euros as the consolidation of the subsidiary LIT Tranzit, acquired at the end of 2021, began at the beginning of the fiscal year. The consolidated sales revenue for 2022 was 17.0 million euros (2021: 9.1 million). The export share was 75% (2021: 49%).

During the reporting year, input prices continued to rise. Circumstances caused by the corona crisis were replaced by reasons caused by rapid inflation. Although rapidly growing energy prices did not directly affect the group's operations, inflationary price increases quickly reached other sectors of the economy. The transformation of global supply chains and ongoing production difficulties with electronic components resulted in a noticeable extension of the hardware production cycle for the group, partly also unrealized sales revenue due to the slowness of hardware delivery. The situation has continued to require more working capital to be tied up in the purchase of hardware components, and the increase in component prices has had an impact on project profitability. Price pressure remained very acute in the IT sector's wages (especially in Estonia), which make up a significant part of the group's inputs.

Operating environment overview

The long-term effects of the corona pandemic on the public transport sector have not yet fully emerged. However, the impact of rapid changes is already noticeable. On the one hand, the passing of the pandemic brought passengers back and thus also funds for making investments to public service providers. On the other hand, a certain part of the passengers has found long-term opportunities for remote work or otherwise reduced travel/advance purchase of long-term tickets. This has directed transport authorities to adopt new technological solutions (e.g., mobile applications, travel planners, etc.), with which the ITS market