Voltabox Undergoes a Comprehensive Balance Sheet Adjustment

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.