Voltabox AG / Key word(s): Profit Warning/Strategic Company Decision
Voltabox Earnings in 2020 Burdened by Material Expenses for Discontinued Technologies - Future Focus on Industrial Business in Europe
Delbrück, Germany, July 8, 2021 - Due to extraordinary material expenses resulting from the use of discontinued technologies, Voltabox AG [ISIN DE000A2E4LE9] will report its EBITDA in its consolidated financial statements as of December 31, 2020 to be approximately € 16.1 million lower than communicated on April 27, 2021. This effect is due to the utilization of old cell technologies below book value in the second half of 2020. Initially, these expenses were reported as impairment losses and were therefore not included in the EBITDA. The originally expected EBITDA of € -8.1 million - now adjusted for these cost of materials - results in an unadjusted EBITDA of € -24.2 million.
In order to further stabilize the earnings situation, the Management Board has also decided to initiate a sales process for the loss-making US subsidiary Voltabox of North America, Inc. and its subsidiary Voltabox of Texas, Inc. Voltabox will therefore focus on its industrial business in Europe in the future. The company is expected to license out its business with automotive customers completely and exclusively to paragon GmbH & Co. KGaA.
About Voltabox AG
Voltabox AG (ISIN DE000A2E4LE9), listed on the Regulated Market (Prime Standard) of Deutsche Börse AG in Frankfurt a.M., is a high performance and technology driven provider of electromobility solutions for industrial applications. Its core business is safe, sophisticated and high-performance lithium-ion battery system, which are manufactured modularly and in series. The battery systems are primarily used in buses for local passenger transport, agricultural and construction machinery, and forklifts.
Voltabox currently maintains production facilities at its corporate headquarters in Delbrück (Germany) and in Austin (Texas, USA).
Additional information about Voltabox can be found at www.voltabox.ag/en.
08-Jul-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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