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Voltabox exits consolidation in 2021

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DGAP-News: Voltabox AG / Keyword(s): Annual Report
Voltabox exits consolidation in 2021 – Revenue significantly reduced in line with expectations
28.04.2022 / 19:55
The issuer is solely responsible for the content of this announcement.

Voltabox exits consolidation in 2021 – Revenue significantly reduced in line with expectations

– Revenue from continuing operations at 3.5 million euros; EBITDA at -3.7 million euros – The Management Board expects a positive development of the company from the second half of the year

– Unqualified audit opinion following significant consolidation efforts during the reference year

– Equity ratio of around 30% at the balance sheet date – financial base and liquidity strengthened in the meantime by capital increase

Paderborn, April 28, 2022 – Today, Voltabox SA [“Voltabox” or the “Company”; ISIN DE000A2E4LE9] published its consolidated accounts and annual accounts for the financial year 2021. Thanks to the successful restructuring of the Company, the risks for Voltabox have been considerably reduced and the auditor has issued an unqualified audit opinion. On this basis, the Board of Directors continues to work intensively with a selected team on the development of a new corporate strategy.

As a result of the recent consolidation, the balance sheet total has been reduced from 40.1 million euros to 5.7 million euros in the past financial year; at the same time, the Company largely eliminated its debt. The reorganization not only led to a reduction in the balance sheet total through write-downs and derecognitions as well as the disposal of discontinued business activities, but also required a significant reduction in the workforce. For example, the number of employees was reduced in one year from 186 on December 31, 2020 by three quarters at the end of the reference year. During the 2021 financial year, personnel costs decreased accordingly by 74.4% to 2.8 million euros.

Patrick Zabel, CEO of Voltabox AG since March this year, comments: “There is a painful road behind us. However, the goals we have achieved open up the possibility of repositioning the company without the burdens of the past. We now have successfully mastered the toughest and toughest challenges. Now we are fully focused on the tasks ahead of us. We must quickly give Voltabox a new profile.”

The divestitures already mentioned include the successful sale of the North American business and the automotive business. Additionally, Voltabox has outsourced its own production as part of the sale by its former parent company and the relocation of the company’s headquarters to Paderborn. In the future, this will create the possibility of flexibly using production facilities without having to be solely responsible for capacity utilization. In this way, the company follows the modern approach of relying on production and technology hubs in a network of cooperation partners.

Revenue from continuing operations amounts to €3.5 million in 2021 and also includes industries that Voltabox intends to continue to address in the future. After an increase in the material cost ratio due to sales below book value and significantly reduced, but still relatively high personnel costs, EBITDA amounted to -3.7 million euros for the year under review. This corresponds to an EBITDA margin of -105.9%. Following the scheduled depreciation of tangible and intangible fixed assets for an amount of 3.3 million euros, the EBIT amounts to -10.0 million euros. The consolidated net result of € -12.8 million corresponds to a profit per share of € -0.81 for the financial year under review.

On the balance sheet date and therefore before the capital increase successfully carried out during the current financial year, the equity ratio amounts to 30.0%.

Cash flow from operating activities decreased to EUR -8.2 million in the reporting period (previous year: EUR 3.7 million). This is mainly due to the significant reduction in other current liabilities and cash flows from discontinued operations. Cash flow from investing activities improved to EUR 9.9 million (previous year: EUR -5.5 million) as a result of the divestments made during the year under review.

For the 2022 financial year, the Management Board forecasts revenue of around €2.5 million. A key influencing factor will be supply chain issues which will continue to exist throughout the first half of the year. Additionally, the intentional focus on strategy development and the accompanying priority of serving existing business to the extent parts can be sourced will also be a factor. As a result, revenue generation will take place primarily in the second half of the year. The Company forecasts an EBITDA of -2.5 million euros. In addition, the Management Board assumes that free cash flow will be less than -2.5 million euros.

“Our quantified objectives for the current financial year continue to reflect the fact that Voltabox is in full transformation. We are convinced that Voltabox will return to a positive development of the company in the years to come. However, it is important that this is produce sustainably and that our business models are profitable. I am happy to repeat myself here: to create the necessary conditions, we still need time in the current financial year”, emphasizes CEO Patrick Zabel.

As already explained, Voltabox is consciously realigning and repositioning itself in the market by looking at things from different angles – both internally and with external support. For this process, the Voltabox team has been reinforced with specialists in the field of industrial electromobility. Their expertise and know-how become apparent after only a few weeks and a few months. Additionally, Voltabox is advised by Trionity Invest GmbH in the strategy development process. The new majority shareholder also secures the refinancing of the Company.

“The first feedback from our customers on the new Voltabox is very positive. They clearly notice the spirit of optimism that we have with our team and that we are working very seriously and with great concentration on our new solution offer. The dialogue with our partners is very constructive and aims to sound out what approaches for future collaboration might look like. For this, we will systematically rely on our extensive network which, as a battery manufacturer and technology provider, allows us to deploy our solutions for electromobility more reliable than ever,” emphasizes Patrick Zabel.

About Voltabox AG

Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a technology-driven provider for e-mobility solutions in industrial applications. Its core business lies in high-performance, intrinsically safe, modular and mass-produced lithium-ion battery systems. Battery systems are mainly used in buses for public transport as well as in agricultural and construction machinery.

Contact

Voltabox SA

Patrick Zabel (CEO)
Technology Park 32
33100 Paderborn
Email: [email protected]

28.04.2022 Broadcast of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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