In light of the expected change of its anchor shareholder and the extremely subdued economic forecast due to the coronavirus pandemic, Voltabox AG [ISIN DE000A2E4LE9] has undergone a comprehensive balance sheet adjustment. The value adjustments made for 2019 come to a total of € -100.6 million. In particular, they involve asset values, which are expected to presumably provide a lower contribution to revenue and earnings in the future than planned, due to significantly worsened business prospects. Among other factors, earnings were also impacted by an extraordinary write-down of assets relating to the U.S. subsidiary Voltabox of Texas, which has remained unprofitable so far, as well as the reversal of the transaction for the sale of IP rights at the end of 2019.
According to preliminary figures that are now available, the revenue of the Voltabox Group came to € 56.6 million in the past fiscal year. The failure to achieve the forecast of € 70 to 80 million stems from the reversal of the sale of right of use assets for power electronics products and electric drive trains as a result of the COVID-19 pandemic. The preliminary earnings before interest and taxes (EBIT), adjusted for one-time special effects, come to € -5.7 million. This corresponds to an EBIT margin of -10.1 %; the forecast range of -8 to -9 % was thus not achieved.
A reliable forecast for the current fiscal year is still not possible given the circumstances surrounding the COVID-19 pandemic. However, the company points out that the liquidity situation is adequate. After the adjustment of its assets, the equity ratio of Voltabox AG amounts to 45 %, according to preliminary figures.
Press release Box-ID: 1005275
Voltabox AG
Artegastraße 1
33129
Delbrück,
Germany
http://www.voltabox.ag
Contact
Mr
Stefan
Westemeyer
+49 5250 9930685
Voltabox AG
Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a system provider for e-mobility in industrial applications as well as in select mass markets. Its core business lies in intrinsically safe, highly developed high-performance lithium-ion battery systems that are modular and in serial production. The battery systems are used for applications including commercial vehicles, such as buses for public transportation, forklifts, automated guided vehicles and mining vehicles. The company also develops and produces high-quality lithium-ion battery systems for select mass-market applications such as pedelecs and e-bikes as well as starter batteries for high-performance motorcycles.
Voltabox has production sites at its headquarters in Delbrück, Germany, in Austin, Texas, USA, and in Kunshan, China, as well as a development site in Markgröningen, Germany.
Additional information about Voltabox can be found at www.voltabox.ag/en.
