Grab Reports Third Quarter 2022 Results
Grab Holdings Limited (NASDAQ: GRAB) reported a record Q3 revenue of $382 million, a 143% increase year-over-year. The company's Gross Merchandise Value (GMV) rose to $5.1 billion, up 26% YoY, while losses narrowed by 65% to $342 million. Segment adjusted EBITDA reached breakeven in core food deliveries, with a revised FY2022 revenue guidance of $1.32 billion - $1.35 billion. The report highlights a strategic focus on cost optimization and cash preservation amidst challenges from foreign currency translations.
- Revenue surged 143% YoY to $382 million.
- GMV increased 26% YoY to $5.1 billion.
- Significant 65% reduction in quarterly losses.
- Achieved segment-adjusted EBITDA breakeven for Deliveries.
- Cash liquidity of $7.4 billion, net cash liquidity at $5.3 billion.
- Revised revenue guidance for FY2022 raised to $1.32 billion - $1.35 billion.
- Quarterly loss of $342 million remains substantial.
- Non-cash expenses of $132 million impacting overall loss.
- Adjusted EBITDA still negative at $161 million.
-
Q3 record Revenue of $382 million, up
143% year-over-year -
Q3 GMV of $5.1 billion, up
26% year-over-year -
Q3 Loss of $342 million, a
65% improvement year-over-year - Achieved segment adjusted EBITDA breakeven for overall Deliveries and Core Food Deliveries
-
Revised FY2022 revenue guidance to
-$1.32 billion , up from$1.35 billion -$1.25 billion $1.30 billion -
Revised H2 2022 Adjusted EBITDA guidance to negative
,$315 million improvement from negative$65 million and a$380 million 40% half-on-half improvement
“Our third-quarter results demonstrate our ability to drive growth and profitability in tandem. We achieved core food deliveries and overall Deliveries segment-adjusted EBITDA breakeven ahead of guidance while narrowing our overall loss for the period significantly. We accomplished this by staying laser-focused on our cost structure and incentives, while innovating on services that increase synergies within our superapp ecosystem to promote transaction frequency, user retention and engagement. We are confident that we have a strong foundation to continue to scale our business sustainably,” said
“We are pleased to report a strong third quarter that reflects our accelerated path to profitability. Despite foreign currency translation headwinds and normalizing food delivery demand, our revenue increased
Group Key Operational and Financial Highlights
($ in millions, unless otherwise stated) |
Q3 2022 |
|
Q3 2021 |
|
YoY %
|
YoY %
|
|
(unaudited) |
|
(unaudited) |
|
|
|
Operating metrics: |
|
|
|
|
|
|
GMV |
5,080 |
|
4,038 |
|
|
|
MTUs (millions of users) |
33.5 |
|
25.9 |
|
|
|
GMV per MTU ($) |
151 |
|
156 |
|
- |
|
Partner incentives |
199 |
|
187 |
|
|
|
Consumer incentives |
277 |
|
271 |
|
|
|
|
|
|
|
|
|
|
Financial measures: |
|
|
|
|
|
|
Revenue |
382 |
|
157 |
|
|
|
Loss for the period |
(342) |
|
(988) |
|
|
|
Total Segment Adjusted EBITDA |
47 |
|
(33) |
|
NM |
|
Adjusted EBITDA |
(161) |
|
(212) |
|
|
|
-
Revenue rose
143% YoY to in the third quarter of 2022, or$382 million 156% on a constant currency basis1, primarily driven by strong growth in Mobility and Deliveries revenue, representing101% and250% YoY growth, respectively. -
Total GMV grew
26% YoY or32% YoY on a constant currency basis, primarily due to a strong recovery in our mobility segment and continued growth in Deliveries. -
During the quarter, our performance was impacted by foreign exchange currency translations. Quarter-over-quarter (“QoQ”) revenue grew
19% and GMV was flat, respectively, while they grew by23% and4% QoQ, respectively, on a constant currency basis. -
During the quarter, incentives came down to
9.4% as a percentage of GMV, compared to11.4% for the same period last year and10.4% for the previous quarter, demonstrating our commitment to growing profitably and sustainably. -
Loss for the quarter was
, a$342 million 65% improvement YoY, primarily due to the elimination of the non-cash interest expense of Grab’s convertible redeemable preference shares that converted to ordinary shares inDecember 2021 . Our loss for the quarter included a non-cash expense from fair value changes on investments, and$42 million in non-cash stock-based compensation expense.$90 million -
Adjusted EBITDA was negative
, an improvement of$161 million 24% , compared to negative for the same period last year as we continued to grow GMV and optimize incentive spend as a percentage of GMV across our business.$212 million -
Adjusted EBITDA margin was (3.2)%, an improvement of 209 basis points YoY and 145 basis points compared to the second quarter of 2022. For the first time, Deliveries segment adjusted EBITDA margins turned positive at
0.4% , compared to (0.9)% for the same period last year and (1.4)% for the second quarter of 2022. Our Core Food Deliveries business also recorded positive adjusted EBITDA for the third quarter of 2022. -
Regional corporate costs2 as a percentage of GMV was
4.1% , an improvement from4.4% of GMV for the third quarter of 2021 and4.2% for the previous quarter. As part of our efforts to continue to optimize our cost structure, we have slowed our pace of hiring, streamlined some functions, and reduced other overhead expenditure. -
Cash liquidity totaled
at the end of the third quarter, while our net cash liquidity was$7.4 billion .$5.3 billion -
The power of our superapp ecosystem continues to attract more transacting users, driving cross-sell, which in turn improves retention and engagement. In the third quarter of 2022:
-
MTUs grew
30% YoY, accelerating from12% YoY in the second quarter of 2022 and10% YoY in the first quarter 2022, primarily driven by the strong recovery in Mobility as countries reopened and international and domestic travel resumed. GMV per MTU declined by3% compared to the same period of last year, but grew2% on a constant currency basis. -
Cross-vertical penetration rates continued to improve, with
62% of MTUs using two or more offerings on Grab platform, up from56% compared to the same period last year. -
72% of our two-wheel drivers3 performed both food delivery and mobility jobs on Grab, up from65% in the third quarter of 2021 and69% in the second quarter of 2022. GrabFin continues to drive and enhance the power of our ecosystem, offering customized lending solutions to empower our driver-partners, which in turn, drives higher satisfaction and productivity on the platform when compared to driver-partners without loans. In the quarter, the number of active driver-partners with a loan from Grab has more than doubled YoY and outstanding balance from driver-partner loans has grown by nearly 3 times YoY.
-
MTUs grew
Q4 & FY2022 Business Outlook |
|
|
|
Operating Metric / Financial Measure |
Guidance |
Q4 2022 GMV: |
|
Deliveries |
|
Mobility |
|
Financial Services TPV (pre-interco) |
|
|
|
H2 2022 Adjusted EBITDA: |
|
Adjusted EBITDA |
|
|
|
FY2022: |
|
Revenue |
|
Group GMV |
|
The guidance represents our expectations as of the date of this press release, and may be subject to change.
Third Quarter Segment Financial and Operational Highlights |
||||||
Deliveries |
||||||
($ in millions, unless otherwise stated) |
Q3 2022 |
|
Q3 2021 |
|
YoY %
|
YoY %
|
|
(unaudited) |
|
(unaudited) |
|
|
|
Operating metrics: |
|
|
|
|
|
|
GMV |
2,439 |
|
2,318 |
|
|
|
Commission Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial measures: |
|
|
|
|
|
|
Revenue |
171 |
|
49 |
|
|
|
Segment Adjusted EBITDA |
9 |
|
(22) |
|
NM |
|
-
Revenue for deliveries recorded strong growth, up
250% YoY, or271% on a constant currency basis, primarily driven by our disciplined approach to reducing incentives as a percentage of GMV as we focus on driving higher quality GMV transactions, and contributions from Jaya Grocer. Commission rate4 rose to21.2% , up from18.2% for the same period last year. -
GMV for Deliveries was up
5% YoY, or11% YoY on a constant currency basis, supported by a YoY increase in MTUs. GMV declined by1% QoQ but grew by2% QoQ on a constant currency basis. Both Food Deliveries and Non-Food Deliveries category GMV continued to grow resiliently YoY. - Deliveries segment adjusted EBITDA turned positive for the first time, three quarters ahead of our previous guidance primarily due to optimization of our incentive spend, and contributions from Jaya Grocer. Food Delivery also turned adjusted EBITDA positive in the third quarter of 2022, two quarters ahead of our previous guidance.
Mobility |
||||||
($ in millions, unless otherwise stated) |
Q3 2022 |
|
Q3 2021 |
|
YoY %
|
YoY %
|
|
(unaudited) |
|
(unaudited) |
|
|
|
Operating metrics: |
|
|
|
|
|
|
GMV |
1,086 |
|
529 |
|
|
|
Commission Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial measures: |
|
|
|
|
|
|
Revenue |
176 |
|
88 |
|
|
|
Segment Adjusted EBITDA |
135 |
|
64 |
|
|
|
-
Revenue for Mobility recorded strong growth, up
101% YoY, or110% on a constant currency basis, primarily driven by the strong demand recovery following the easing of COVID-19 restrictions and our efforts to improve active driver supply across the region. -
Mobility GMV was up
105% YoY, or115% YoY on a constant currency basis, as demand remained strong. GMV from airport rides as a percentage of total Mobility GMV also continued to increase. -
Mobility segment adjusted EBITDA as a percentage of GMV improved by 41 basis points to
12.5% of GMV, compared to12.0% in the same period last year. -
During the quarter, we continued to streamline and expedite the onboarding process across countries to enable drivers access to more leasing vehicles. Grab’s monthly average active driver-partners in the third quarter of 2022 was
80% of pre-COVID levels in the fourth quarter of 2019.
Financial Services |
||||||
($ in millions, unless otherwise stated) |
Q3 2022 |
|
Q3 2021 |
|
YoY %
|
YoY %
|
|
(unaudited) |
|
(unaudited) |
|
|
|
Operating metrics: |
|
|
|
|
|
|
Pre-Interco Total Payment Volume (TPV) |
3,833 |
|
3,140 |
|
|
|
GMV |
1,507 |
|
1,150 |
|
|
|
Commission Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial measures: |
|
|
|
|
|
|
Revenue |
20 |
|
14 |
|
|
|
Segment Adjusted EBITDA |
(104) |
|
(76) |
|
(38)% |
|
-
Revenue for Financial Services recorded strong growth, up
44% YoY, or53% YoY on a constant currency basis, primarily driven by higher GMV, and higher contributions from our lending business. Commission rates increased to2.9% in the third quarter of 2022 from2.5% in the same period last year. -
GMV for Financial Services was up
31% YoY in the quarter, or36% YoY on a constant currency basis, as we continued to benefit from the reopening post-COVID. -
Segment adjusted EBITDA for the quarter declined
38% YoY, due to higher expenses in our Digibank operations. As a result of our strategic initiatives to focus on ecosystem transactions and streamline our GrabFin cost base, segment adjusted EBITDA for the quarter improved9% QoQ. -
Loan disbursements for the quarter rose
121% YoY and were up7% QoQ. In the quarter, the number of active driver-partners with a loan from Grab has more than doubled YoY while maintaining low single digits nonperforming loans.
Enterprise and New Initiatives |
||||||
($ in millions, unless otherwise stated) |
Q3 2022 |
|
Q3 2021 |
|
YoY % Change |
YoY % Change (Constant Currency) |
|
(unaudited) |
|
(unaudited) |
|
|
|
Operating metrics: |
|
|
|
|
|
|
GMV |
48 |
|
41 |
|
|
|
|
|
|
|
|
|
|
Financial measures: |
|
|
|
|
|
|
Revenue |
15 |
|
7 |
|
|
|
Segment Adjusted EBITDA |
8 |
|
1 |
|
|
|
-
Revenue and GMV from Enterprise and New Initiatives rose
113% and18% YoY, respectively, or127% and23% , respectively, on a constant currency basis, driven by growing contributions from our Advertising services. - Segment adjusted EBITDA rose 9 times in the quarter compared to the same period last year, primarily driven by lowered incentives as a percentage of GMV.
Other Events
Consistent with our disciplined capital allocation approach to preserve cash and chart a clear path to profitability while maintaining a strong balance sheet, Grab’s Board of Directors has approved the repurchase of up to
____________________________
1 We calculate constant currency bnge rates for our transacted currencies other than the
2 Regional corporate costs are costs that are not attributed to any of the business segments, including certain regional research and development expenses, general and administrative expenses and marketing expenses. These regional research and development expenses also include mapping and payment technologies and support and development of the internal technology infrastructure. These general and administrative expenses also include certain shared costs such as finance, accounting, tax, human resources, technology and legal costs. Regional corporate costs exclude share-based compensation expenses.
3 Based on
4 Commission rate is an operating metric, representing the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, as a percentage of GMV, over the period of measurement.
About Grab
Grab is Southeast Asia’s leading superapp based on GMV in 2021 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor. Grab operates across the deliveries, mobility and digital financial services sectors in over 480 cities in eight countries in the
Forward-Looking Statements
This document and the announced investor webcast contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the
Forward-looking statements speak only as of the date they are made. Grab does not undertake any obligation to update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required under applicable law.
Unaudited Financial Information
Grab’s unaudited selected financial data for the three months and nine months ended
Non-IFRS Financial Measures
This document and the investor webcast include references to non-IFRS financial measures, which include: Adjusted EBITDA, Segment Adjusted EBITDA, Total Segment Adjusted EBITDA and Adjusted EBITDA margin. Grab uses these non-IFRS financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and Grab’s management believes that these non-IFRS financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring core business operating results. For example, Grab’s management uses: Total Segment Adjusted EBITDA as a useful indicator of the economics of Grab’s business segments, as it does not include regional corporate costs. However, there are a number of limitations related to the use of non-IFRS financial measures, and as such, the presentation of these non-IFRS financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with IFRS. In addition, these non-IFRS financial measures may differ from non-IFRS financial measures with comparable names used by other companies. See below for additional explanations about the non-IFRS financial measures, including their definitions and a reconciliation of these measures to the most directly comparable IFRS financial measures. With regard to forward-looking non-IFRS guidance and targets provided in this document and the investor webcast, Grab is unable to provide a reconciliation of these forward-looking non-IFRS measures to the most directly comparable IFRS measures without unreasonable efforts because the information needed to reconcile these measures is dependent on future events, many of which Grab is unable to control or predict.
Explanation of non-IFRS financial measures:
- Adjusted EBITDA is a non-IFRS financial measure calculated as net loss adjusted to exclude: (i) interest income (expenses), (ii) other income (expenses), (iii) income tax expenses (credit), (iv) depreciation and amortization, (v) share-based compensation expenses, (vi) costs related to mergers and acquisitions, (vii) unrealized foreign exchange gain (loss), (viii) impairment losses on goodwill and non-financial assets, (ix) fair value changes on investments, (x) restructuring costs, (xi) legal, tax and regulatory settlement provisions and (xii) share listing and associated expenses.
- Segment Adjusted EBITDA is a non-IFRS financial measure, representing the Adjusted EBITDA of each of our four business segments, excluding, in each case, regional corporate costs.
- Total Segment Adjusted EBITDA is a non-IFRS financial measure, representing the sum of Adjusted EBITDA of our four business segments.
- Adjusted EBITDA margin is a non-IFRS financial measure calculated as Adjusted EBITDA divided by Gross Merchandise Value.
|
Three months ended
|
Nine months ended
|
||
|
2022 |
2021 |
2022 |
2021 |
($ in millions, unless otherwise stated) |
$ |
$ |
$ |
$ |
Loss for the period |
(342) |
(988) |
(1,349) |
(2,454) |
|
|
|
|
|
Net interest expenses |
7 |
472 |
52 |
1,335 |
Other income |
3 |
(9) |
(1) |
(20) |
Income tax expenses |
4 |
4 |
7 |
6 |
Depreciation and amortization |
38 |
86 |
110 |
256 |
Share-based compensation expenses |
90 |
106 |
322 |
247 |
Unrealized foreign exchange gain |
(5) |
(5) |
(10) |
(9) |
Impairment losses on goodwill and non-financial assets |
* |
* |
3 |
1 |
Fair value change on investments |
42 |
113 |
175 |
66 |
Restructuring costs |
2 |
1 |
3 |
1 |
Legal, tax and regulatory settlement provisions |
* |
8 |
6 |
33 |
Adjusted EBITDA |
(161) |
(212) |
(682) |
(538) |
Regional corporate costs |
208 |
179 |
634 |
526 |
Total Segment Adjusted EBITDA |
47 |
(33) |
(48) |
(12) |
|
|
|
|
|
Segment Adjusted EBITDA |
|
|
|
|
Deliveries |
9 |
(22) |
(82) |
(45) |
Mobility |
135 |
64 |
342 |
268 |
Financial services |
(105) |
(76) |
(322) |
(239) |
Enterprise and new initiatives |
8 |
1 |
14 |
4 |
Total Segment Adjusted EBITDA |
47 |
(33) |
(48) |
(12) |
* Amount less than |
This document and the investor webcast also includes “Pre-InterCo” data that does not reflect elimination of intragroup transactions, which means such data includes earnings and other amounts from transactions between entities within the Grab group that are eliminated upon consolidation. Such data differs materially from the corresponding figures post-elimination of intra-group transactions.
We compare the percent change in our current period results from the corresponding prior period using constant currency. We present constant currency growth rate information to provide a framework for assessing how our underlying GMV and revenue performed excluding the effect of foreign currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the
Operating Metrics
Gross Merchandise Value (GMV) is an operating metric representing the sum of the total dollar value of transactions from Grab’s services, including any applicable taxes, tips, tolls and fees, over the period of measurement. GMV is a metric by which Grab understands, evaluates and manages its business, and Grab’s management believes is necessary for investors to understand and evaluate its business. GMV provides useful information to investors as it represents the amount of a consumer’s spend that is being directed through Grab’s platform. This metric enables Grab and investors to understand, evaluate and compare the total amount of customer spending that is being directed through its platform over a period of time. Grab presents GMV as a metric to understand and compare, and to enable investors to understand and compare, Grab’s aggregate operating results, which captures significant trends in its business over time.
Total Payments Volume (TPV) means total payments volume received from consumers, which is an operating metric defined as the value of payments, net of payment reversals, successfully completed through our platform.
Monthly Transacting User (MTUs) is defined as the monthly transacting users, which is an operating metric defined as the monthly number of unique users who transact via Grab’s products, where transact means to have successfully paid for any of Grab’s products. MTUs is a metric by which Grab understands, evaluates and manages its business, and Grab’s management believes is necessary for investors to understand and evaluate its business.
Commission rate represents the total dollar value paid to Grab in the form of commissions and fees from each transaction, without any adjustments for incentives paid to driver- and merchant-partners or promotions to end-users, as a percentage of GMV, over the period of measurement.
Partner incentives is an operating metric representing the dollar value of incentives granted to driver- and merchant-partners. The incentives granted to driver- and merchant-partners include base incentives and excess incentives, with base incentives being the amount of incentives paid to driver- and merchant-partners up to the amount of commissions and fees earned by Grab from those driver- and merchant-partners, and excess incentives being the amount of payments made to driver- and merchant-partners that exceed the amount of commissions and fees earned by Grab from those driver- and merchant-partners.
Consumer incentives is an operating metric representing the dollar value of discounts and promotions offered to consumers. Partner incentives and consumer incentives are metrics by which we understand, evaluate and manage our business, and we believe are necessary for investors to understand and evaluate our business. We believe these metrics capture significant trends in our business over time.
Industry and Market Data
This document also contains information, estimates and other statistical data derived from third party sources (including Euromonitor), including research, surveys or studies, some of which are preliminary drafts, conducted by third parties, information provided by customers and/or industry or general publications. Such information involves a number of assumptions and limitations and due to the nature of the techniques and methodologies used in market research, and as such neither Grab nor the third-party sources (including Euromonitor) can guarantee the accuracy of such information. You are cautioned not to give undue weight on such estimates. Grab has not independently verified such third-party information, and makes no representation as to the accuracy of such third-party information.
Unaudited Summary of Financial Results
Condensed consolidated statement of profit or loss and other comprehensive income |
||||
|
Three months ended
|
Nine months ended
|
||
|
2022 |
2021 |
2022 |
2021 |
($ in millions, except for per share data) |
$ |
$ |
$ |
$ |
Revenue |
382 |
157 |
931 |
553 |
Cost of revenue |
(321) |
(266) |
(968) |
(773) |
Other income |
3 |
3 |
9 |
19 |
Sales and marketing expenses |
(66) |
(51) |
(208) |
(156) |
General and administrative expenses |
(150) |
(152) |
(481) |
(395) |
Research and development expenses |
(116) |
(93) |
(356) |
(260) |
Net impairment losses on financial assets |
(17) |
2 |
(39) |
(8) |
Other expenses |
(5) |
(1) |
(6) |
(1) |
Operating loss |
(290) |
(401) |
(1,118) |
(1,021) |
Finance income |
38 |
13 |
70 |
74 |
Finance costs |
(82) |
(594) |
(287) |
(1,495) |
Net finance costs |
(44) |
(581) |
(217) |
(1,421) |
Share of loss of equity-accounted investees (net of tax) |
(4) |
(2) |
(7) |
(6) |
Loss before income tax |
(338) |
(984) |
(1,342) |
(2,448) |
Income tax expense |
(4) |
(4) |
(7) |
(6) |
Loss for the period |
(342) |
(988) |
(1,349) |
(2,454) |
|
|
|
|
|
Items that will not be reclassified to profit or loss: |
|
|
|
|
Defined benefit plan remeasurements |
- |
* |
* |
* |
Items that are or may be reclassified subsequently to profit or loss: |
|
|
|
|
Foreign currency translation differences – foreign operations |
(52) |
(21) |
(106) |
(25) |
Other comprehensive loss for the period, net of tax |
(52) |
(21) |
(106) |
(25) |
|
|
|
|
|
Total comprehensive loss for the period |
(394) |
(1,009) |
(1,455) |
(2,479) |
|
|
|
|
|
Loss attributable to: |
|
|
|
|
Owners of the Company |
(327) |
(970) |
(1,297) |
(2,394) |
Non-controlling interests |
(15) |
(18) |
(52) |
(60) |
Loss for the period |
(342) |
(988) |
(1,349) |
(2,454) |
|
|
|
|
|
Total comprehensive loss attributable to: |
|
|
|
|
Owners of the Company |
(378) |
(990) |
(1,402) |
(2,416) |
Non-controlling interests |
(16) |
(19) |
(53) |
(63) |
Total comprehensive loss for the period |
(394) |
(1,009) |
(1,455) |
(2,479) |
|
|
|
|
|
Loss per share: |
|
|
|
|
Basic |
|
|
|
|
Diluted |
|
|
|
|
* Amount less than |
||||
Condensed consolidated statement of financial position |
||
|
2022 |
|
($ in millions, unless otherwise stated) |
$ |
$ |
Non-current assets |
|
|
Property, plant, and equipment |
470 |
441 |
Intangible assets and goodwill |
904 |
675 |
Associates and joint venture |
110 |
14 |
Deferred tax assets |
7 |
5 |
Other investments |
1,311 |
1,241 |
Prepayments and other assets |
129 |
127 |
|
2,931 |
2,503 |
Current assets |
|
|
Inventories |
42 |
4 |
Trade and other receivables |
310 |
255 |
Prepayments and other assets |
223 |
185 |
Other investments |
4,114 |
3,240 |
Cash and cash equivalents |
2,447 |
4,991 |
|
7,136 |
8,675 |
Total assets |
10,067 |
11,178 |
Equity |
|
|
Share capital and share premium |
22,250 |
21,529 |
Reserves |
475 |
606 |
Accumulated losses |
(15,879) |
(14,402) |
Equity attributable to owners of the Company |
6,846 |
7,733 |
Non-controlling interests |
46 |
286 |
Total equity |
6,892 |
8,019 |
Non-current liabilities |
|
|
Warrant liabilities |
13 |
54 |
Loans and borrowings |
2,004 |
2,031 |
Provisions |
17 |
18 |
Other liabilities |
122 |
27 |
Deferred tax liabilities |
17 |
3 |
|
2,173 |
2,133 |
Current liabilities |
|
|
Loans and borrowings |
117 |
144 |
Provisions |
36 |
35 |
Trade payables and other liabilities |
845 |
844 |
Current tax liabilities |
4 |
3 |
|
1,002 |
1,026 |
Total liabilities |
3,175 |
3,159 |
Total equity and liabilities |
10,067 |
11,178 |
Condensed consolidated statement of cash flow |
||||
|
Three months ended
|
Nine months ended
|
||
|
2022 |
2021 |
2022 |
2021 |
($ in millions, unless otherwise stated) |
$ |
$ |
$ |
$ |
Cash flows from operating activities |
|
|
|
|
Loss before income tax |
(338) |
(984) |
(1,342) |
(2,448) |
Adjustments for: |
|
|
|
|
Amortization of intangible assets |
4 |
59 |
14 |
177 |
Depreciation of property, plant and equipment |
34 |
26 |
96 |
79 |
Impairment of property, plant and equipment |
* |
* |
3 |
1 |
Equity-settled share-based payment |
90 |
106 |
322 |
246 |
Finance costs |
82 |
594 |
287 |
1,495 |
Net impairment loss on financial assets |
17 |
(2) |
39 |
8 |
Finance income |
(38) |
(13) |
(70) |
(74) |
Loss on disposal of property, plant and equipment |
* |
* |
* |
* |
Loss on disposal of associates |
- |
- |
- |
(2) |
Share of loss of equity-accounted investees (net of tax) |
4 |
2 |
7 |
6 |
Change in provisions |
(1) |
8 |
* |
6 |
|
(146) |
(204) |
(644) |
(506) |
Changes in: |
|
|
|
|
- Inventories |
4 |
* |
11 |
(1) |
- Deposits pledged |
4 |
- |
(7) |
- |
- Trade and other receivables |
51 |
(23) |
(116) |
(66) |
- Trade and other payables |
26 |
(42) |
(8) |
8 |
Cash used in operations |
(61) |
(269) |
(764) |
(565) |
Income tax paid |
(9) |
(4) |
(19) |
(8) |
Net cash used in operating activities |
(70) |
(273) |
(783) |
(573) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Acquisition of property, plant and equipment |
(13) |
(17) |
(35) |
(37) |
Purchase of intangible assets |
(1) |
(3) |
(8) |
(5) |
Proceeds from disposal of property, plant and equipment |
2 |
4 |
7 |
22 |
Acquisition of subsidiaries with non-controlling interests, net of cash acquired |
(3) |
- |
(168) |
- |
Acquisition of additional interest in associate |
(74) |
- |
(109) |
(9) |
Proceeds from disposal of associate |
- |
- |
- |
8 |
Net acquisition of other investments |
(86) |
(461) |
(1,121) |
(1,076) |
Restricted cash |
- |
* |
- |
(95) |
Interest received |
15 |
8 |
32 |
22 |
Net cash used in investing activities |
(160) |
(469) |
(1,402) |
(1,170) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from exercise of share options |
1 |
* |
1 |
44 |
Payment of share listing and associated expenses |
- |
- |
(39) |
- |
Proceeds from bank loans |
23 |
16 |
88 |
1,959 |
Repayment of bank loans |
(58) |
(36) |
(207) |
(124) |
Payment of lease liabilities |
(8) |
(8) |
(24) |
(19) |
Proceeds from issuance of convertible redeemable preference shares |
- |
- |
- |
263 |
Proceeds from subscription of shares in subsidiaries by non-controlling interests |
29 |
225 |
29 |
442 |
Deposit pledged |
(10) |
- |
(3) |
- |
Interest paid |
(48) |
(35) |
(119) |
(76) |
Net cash (used in)/ from financing activities |
(71) |
162 |
(274) |
2,489 |
|
|
|
|
|
Net (decrease)/ increase in cash and cash equivalents |
(301) |
(580) |
(2,459) |
746 |
Cash and cash equivalents at beginning of the period |
2,628 |
3,296 |
4,838 |
2,004 |
Effect of exchange rate fluctuations on cash held |
(43) |
(14) |
(95) |
(48) |
Cash and cash equivalents at end of the period |
2,284 |
2,702 |
2,284 |
2,702 |
* Amount less than |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221116005478/en/
For inquiries regarding Grab, please contact:
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