DGAP-News: Voltabox Management and New Anchor Shareholders in Close Talks about Future Strategy

Voltabox Management and New Anchor Shareholders in Close Talks about Future Strategy

- Group revenues from continuing operations down to € 2.4 million following successful sale of US business and Automotive business

- Consultation between Management Board and anchor shareholders on strategic market approach in progress

Delbrück, November 30, 2021 - Voltabox AG [ISIN DE000A2E4LE9] today presented its interim report for the end of the third quarter and emphasized that fundamental preparations are currently underway for the company's future market presence in the field of high-performance lithium-ion battery systems for industrial applications. The Company will announce the results of the consultation in due course.

"We are very happy that the sale process of the majority stake of our former parent company paragon GmbH & Co. KGaA has finally come to a successful end. The entire company with its employees is very pleased about this opportunity for a real new beginning. We want to sharpen our focus again as fast as possible and seize the opportunities that arise for us in the market," states Voltabox CEO Jürgen Pampel.

In the past few months, due to several factors the company has hardly been able to develop the market adequately. Besides the recently - because of the difficult conditions for the company's development in the past - manifested tense liquidity situation, Voltabox was also confronted with a considerable shortage of components on the relevant procurement markets. "The protracted sales process has additionally led to a noticeable degree of restraint among existing customers as well as potential partners. Now that these shackles have been loosened, we aim to tap on our full potential again in the future," says Jürgen Pampel.

The decline in revenues compared with the prior-year period is around 79%. As planned, own work capitalized amounted to € 0.8 million (prior year: € 2.8 million) as a result of the continuing restricted business activities and the tight liquidity situation. Accordingly, total operating performance in the first three quarters fell by € 9.7 million to € 3.3 million (prior year: € 13.0 million).

The cost of materials decreased by 89.8% to € 0.8 million (prior year: € 7.7 million). Due to the tight availability of components, primarily materials were used for the construction of battery systems that were originally no longer intended for series production. In addition, numerous service and maintenance assignments for batteries not covered by the warranty were carried out in the reporting period. Accordingly, the material input ratio improved to 34.4% (prior year: 88.4%). Consequently, gross profit for the reporting period amounted to € 2.6 million (prior year: € 5.3 million), which corresponds to a gross profit margin of 107.4% (prior year: 45.7%). Personnel expenses fell further by 52.3% to € 3.2 million (prior year: € 6.7 million), primarily as a result of the implementation of the refocusing strategy and the use of short-time working as an instrument. As a result of the reduced level of revenues, the personnel expense ratio rose in the opposite direction to 133.8% (prior year: 58.0%).

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased - following a significant reduction in other operating expenses as part of the implementation of the refocusing strategy - to € -2.4 million (prior year: € -17.1 million), corresponding to an EBITDA margin of -102.2% (prior year: -149.0%). After a scheduled reduction in depreciation and amortization of € 2.9 million (prior year: € 3.6 million), earnings before interest and taxes (EBIT) improved significantly to € -5.3 million (prior year: € -29.6 million). Accordingly, the EBIT margin increased slightly to -222.8% (previous year: -257.8%). In the reporting period the Voltabox Group achieved a consolidated net income of € -9.8 million (prior year: € -35.0 million).

Total assets decreased by 37.3% to € 25.2 million as of September 30, 2021 (December 31, 2020: € 40.1 million). The equity of Voltabox AG amounted to € 4.8 million as of the balance sheet date (December 31, 2020: € 15.4 million). This corresponds to an equity ratio of 19.1% as of September 30, 2021 (December 31, 2020: 38.3%).

Cash flow from operating activities improved to € 5.5 million in the reporting period (prior year: € 4.8 million). Cash flow from investing activities amounted to € -0.7 million in the reporting period (prior year: € -8.6 million). In the first three quarters, payments were made exclusively for intangible assets amounting to € -0.8 million (prior year: € -2.8 million). This results in a positive free cash flow of € 4.7 million (prior year: € -3.8 million).
 

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 intrinsically safe, highly developed high-performance lithium-ion battery systems that are modular and in serial production. The battery systems are primarily used in buses for public transportation as well as in agricultural and construction machinery.
Voltabox is based in Delbrück (North Rhine-Westphalia, Germany).

Additional information about Voltabox can be found at www.voltabox.ag/en.

Contact

Voltabox AG

Artegastrasse 1
33129 Delbrück, Germany
Email: investor@voltabox.ag