Modus Group had revenue of EUR 458 million last year, investments grew to EUR 82 million

The Modus Group, an international group of companies active in renewable energy, mobility services, automotive business and investment management, had consolidated audited sales revenue of EUR 458 million in 2021, similar to the 2020 level of EUR 469 million. The group’s varied investments during the year in Lithuania and foreign markets totalled EUR 82 million and increased 28 percent compared to 2020. Most of the investments were for developing renewable energy and mobility projects.


“There was no lack of challenges in 2021: the continuing pandemic and quarantine restrictions, rising fuel and electricity prices and inflation, and disrupted international automotive supply chains and reduced supply. All of that encouraged our companies to seek ways to adapt and grow in difficult conditions, to find new business niches. Despite the complicated economic environment, the group managed to maintain its revenue level and invest in growth – to implement new projects, including some that were put on hold due to the pandemic, and also to pursue new business directions,” says Ainė Martinkėnaitė-Martyniuk, Chair of the Board at Modus Group.


The biggest revenue growth of 2021 was in Modus Group’s mobility businesses. Compared to 2020, income in this area grew 60 percent to just under EUR 90 million. Revenues of the companies in the car sharing segment (CityBee and MyBee) grew by 17 percent last year to EUR 22,5 million. That was due to increased demand for mobility services following the relaxation of quarantine restrictions, leading to enlargement of the CityBee fleet in the three Baltic countries and the launch of the new MyBee car subscription service.


The group’s renewable energy business, Green Genius, kept sales stable last year – its revenue of EUR 33 million was little changed from a year earlier. The company has been most active on the strategic Polish market, where in 2021 it completed large solar energy projects, began developing biogas plants, and also successfully sold its previously portfolio of solar power plants. Furthermore, Green Genius took steps towards greater diversification by starting to develop hydrogen and wind energy projects.


Income from the Modus Group’s automotive business in 2021 was just under EUR 333 million and was 12 percent smaller than in 2020. That was due to the global shortage in vehicle supplies ever since the first wave of the pandemic and longer production times. Nevertheless, our many years of work in the field provided a basis for new partnerships that will have a positive impact on future performance: agreements were signed on representing the Aston Martin and Ducati brands in Lithuania.


The group’s 2021 earnings before interest, tax, depreciation and amortization (EBITDA) amounted to just over EUR 42,8 million: the companies in the auto business earned EUR 17 million, Green Genius about EUR 15,2 million, and the providers of mobility services EUR 9,3 million.


The combined investments of the Modus Group in 2021 totalled EUR 82 million, most of which went towards developing renewable energy and mobility businesses. The largest amount invested last year was in the development of solar power and biogas parks – nearly EUR 55 million. Mobilitiy businesses had just under EUR 26 million of investments, four times more than in 2020, most of which went to enlarging the CityBee fleet and launching the MyBee car subscription service.


Renewable energy and mobility businesses will continue to be the Modus Group’s investment focus: “The importance of renewable energy has grown all over the world in recent years as the fight against climate change intensifies. But Russia’s aggression in Ukraine has been a reminder that the area is important not only for sustainability but also in terms of energy independence. That gives new meaning and impetus to our investments,” Ainė Martinkėnaitė-Martyniuk notes.


Meanwhile, she said, focus on further developing mobility services is being encouraged by changes in behaviour, with more and more people who live in cities opting to partially or even totally give up their cars in favour of more flexible and efficient alternatives. Rising vehicle prices and maintenance costs could further reinforce this trend.


The Modus Group is an international group of companies which currently operates in 11 European markets. The group’s core activities cover four areas: renewable energy (Green Genius), mobility services (CityBee and MyBee), the auto business (with 15 well-known brands) and management of investment funds through the subsidiary Modus Asset Management.


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