According to the company, the increase in total revenues in 2022 is mainly due to an increase in revenues from public transportation as follows: approximately NIS 127 million in Israel – mainly as a result of an increase in the indices to which the revenues are linked (mainly diesel fuel) and revenues from the equipment fund for the purchase of buses offsetting a change in the mix of kilometers performed; and approximately 47 One million shekels in the Netherlands and Poland; (b) Increase in other income: income from a retirement and pension fund funded by the state of about 100 million shekels, income from tourism of about 52 million shekels and income from tourism services of about 40 million shekels.
Adjusted EBITDA in 2022 amounted to NIS 947.3 million compared to adjusted EBITDA of NIS 891.9 million in 2021 – an increase of 6.5%. Bagged explains that the increase in adjusted EBITDA is mainly due to an increase in revenues as detailed above which was partially offset mainly by an increase in salary expenses and an increase in the cost of fuel consumption (diesel).
The operating profit in 2022 amounted to NIS 199.7 million compared to an operating profit of NIS 25 million in 2021 – an almost 8-fold jump.
In 2022, Egged recorded a net profit of NIS 5.9 million compared to a net loss of NIS 79 million in 2021. The net profit in 2021 and 2022 was affected by one-time expenses in connection with the sale of Egged shares as well as provisions for a lawsuit by colleagues. Neutralizing these effects, the adjusted net profit in 2022 was about 251 million shekels and about 241 million shekels in 2021.
Decrease in cash flow from current operations – according to the company, the decrease is mainly due to a payment to the state of approximately NIS 800 million in 2022 (compared to approximately NIS 285 million in 2021), as part of the share sale transaction. By neutralizing the aforementioned amount, Agden will accumulate a positive cash flow from current operations in the amount of approximately NIS 407 million in 2022.
Keystone expects an inflow of NIS 53 million from Igged in 2024 according to the following chart:
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