Published: 2020-09-29 09:37:07 CEST
Annual report
Mdundo continues growing in 2020 – Annual Report for the period 10. April – 30. June 2020
29.9.2020 09:37:07 CEST | A/S | Annual report

The Board of
Directors of A/S has approved the company’s first annual
report for
the period 10th April – 30th June 2020 and are presenting the pro
forma numbers
for the Group for the period 1st July 2019 – 30th June 2020.

Announcement Number 3-2020


 * Users and catalogue growth:
At the end of the financial year on 30th June 2020, the Group had around
5m unique users per month, up 172% since 1st July 2019.
    * Mdundo had 1.4m
international music tracks at the end of the financial
      year in addition
to over 200,000 tracks uploaded directly by more than
      80,000 African
musicians to [] (up 47% from
      2019 to 2020).

* Strong pro forma numbers:
    * In preparation for the stock exchange listing
on Nasdaq First North Growth
      Market Denmark,
[] A/S (incorporated 10th
      April 2020) overtook all
shares in Mdundo ltd (the Group’s operational
      subsidiary in Kenya) as
well as all other assets in
      [] ltd (the
Group’s prior parent company) as of 29th
      April 2020. As a result, the
financial information presented in this
      annual report will only include
results for the period where Mdundo ltd
      was owned by
[] A/S (29th April to 30th June
      2020), and this does
therefore not represent the full picture of the
      Group’s total financial
performance in the period 1st July 2019 to 30th
      June 2020.
    * If the
total financial performance for the financial year were to be
the pro forma revenue for the financial year would be DKK 1.7m
      and an
EBITDA of -2.1m. The revenue is approximately DKK 100,000 lower
expected, primarily caused by a weak Kenyan Shilling, while EBITDA
DKK 100,000 better than expected.
    * The revenue from advertisement has
increased 234% in the past year as a
      result of the implementation of a
new and successful commercial strategy.

 * Events after the end of the
financial year:
    * On the foundation of a strong user base, content offering
and increasing
      revenue potential, Mdundo applied for admission to trading
on Nasdaq First
      North Growth Market Denmark and after a successful
subscription period –
      oversubscribed by 111% -
[] A/S was listed on
      Nasdaq First North Growth Market
Denmark, with 4th September 2020 as the
      first day of trading. The company
issued 4m new shares providing the
      company with DKK 40m in gross
 *  Outlook:
    * Mdundo has already announced that monthly active
users are expected to
      grow by 70-80% to eight and a half to nine million
in 2021 with an
      additional growth of around 100% towards 2022, reaching
18m. This is still
      the expectation.
    * The Company’s financial
expectations, revenue and EBITDA, for the
      financial year 2020/21 are also
    * Within the application for listing at Nasdaq First North
Growth Denmark it
      was expected that Mdundo would have implemented the
first partnership with
      a telecommunication company before the end of
2020. This expectation is


 * Jesper Vesten
Drescher, Bestyrelsesformand/Chairman of the board,
 * Martin Nielsen, CEO, +254 708 911 840,


Mdundo is a leading music service for Africa with
millions of people streaming
and downloading music from our app and website
every month. We aim to provide
Africa’s millions of internet users with easy
access to music whilst
contributing structure, legality, and income to the
sector. More info: []
[] A/S
Jagtvænget 2
2920 Charlottenlund

Certified Adviser 
Kapital Partner ApS
1608 København V
+45 89 88 78 46


 * Download announcement as
 * Annual Report 2020 - AS.pdf

Download announcement as PDF.pdf
Annual Report 2020 - AS.pdf