VOLTABOX AG Interim Statement
as of March 31, 2024
Business Performance
Based on the current conditions in the markets in which Voltabox operates, the first three months of the current financial year were in line with the Board's expectations. In particular, the VoltaMobil business unit (traction batteries for industrial applications) developed according to plan in the first quarter. Deliveries of high-voltage battery systems to European commercial vehicle manufacturers are progressing in line with customer call-off forecasts. Nevertheless, several customer segments show general reluctance. As a result, the ramp-up of production is more linear and is currently not exploiting the full potential of production resources. However, the fixed cost situation in this area is hardly a burden, thanks to the synergies resulting from the joint use of production facilities with the main shareholder.
The VoltaStore division (system solutions for the generation and use of renewable energy) continues to be affected by the current market situation. Demand is still subdued at the beginning of the year. The tension in the supply chain for photovoltaic modules has not yet eased. However, the first positive signs of an improvement in the situation are emerging, so that the Management Board expects the VoltaStore division to contribute to the business development in line with expectations during the course of the year.
Against this backdrop, Voltabox was unable to match the revenue level of the first quarter of last year. The revenue of € 1.9 million generated in the first three months (prior year: € 3.0 million) is mainly due to the low revenue in the VoltaStore division. Nevertheless, at € 1.2 million, the VoltaStore division accounted for approximately 64% of the Group's total revenues.
With regard to the development of the profit and loss situation, it should be noted that the relatively low level of sales to date is not yet able to cover the fixed costs of the organization to the extent forecast. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to € -0.9 million after three months, corresponding to a margin of -50.5%.
Net Assets, Financial Position and Earnings Situation
Earnings of the Voltabox Group
The Voltabox Group's total operating performance in the first three months amounted to approximately € 2.0 million (prior year: € 3.1 million). At the same time, the cost of materials amounted to € 1.6 million (prior year: € 2.5 million). The relatively high cost of materials ratio (calculated as the ratio of cost of materials to sales and changes in invento- ries) therefore remains unchanged for the time being and has increased slightly to 86.5% (prior year: 80.2%). Accor- dingly, gross profit in the first quarter amounted to only € 0.3 million (prior year: € 0.6 million). The gross profit margin was therefore 18.0%. Although personnel expenses increased to € 0.7 million (prior year: € 0.4 million), they remain at an acceptable level. Against the backdrop of lower revenues compared to the same quarter of the previous year, the personnel expenses ratio increased accordingly to 38.0% (prior year: 13.7%). Other operating expenses amounted to €
0.6 million (prior year: € 0.5 million) and resulted primarily from operating administration costs.
As a result, earnings before interest, taxes, depreciation and amortization (EBITDA) decreased to € -0.9 million (prior year: € -0.2 million), corresponding to an EBITDA margin of -50.5% (prior year: -7.4%). Depreciation of property, plant
and equipment and amortization of intangible assets of approximately € 0.1 million (prior year: € 0.1 million) were in line with planning. This results in earnings before interest and taxes (EBIT) of € -1.0 million (prior year: € -0.3 million), which corresponds to an EBIT margin of -53.8% (prior year: -10.1%).
After an almost negligible financial result, the net result for the first quarter was also € -1.0 million (prior year: € -0.3 million). On this basis, earnings per share amounted to € -0.04 (prior year: € -0.02).
Net Assets of the Voltabox Group
The assets of the Voltabox Group increased slightly to €
5.0 million as of the balance sheet date (December 31,
2023: € 4.9 million), mainly due to the increase in intangi- ble assets.
Non-current assets increased accordingly to € 2.2 million (December 31, 2023: € 1.8 million). Intangible assets were capitalized in connection with the development of a new, future-proofhigh-voltage battery management system. The development partner involved in this project is an external company. Property, plant and equipment decreased slightly to € 0.6 million (December 31, 2023: € 0.7 million).
Current assets decreased by € 0.3 million to € 2.8 million as of the reporting date (December 31, 2023: € 3.1 million). This is mainly due to the decrease in trade receivables to
- 0.5 million (December 31, 2023: € 0.8 million) and the decrease in cash and cash equivalents to € 0.8 million (December 31, 2023: € 0.9 million). Inventories for the expected realization of projects in the VoltaStore division were slightly increased in the past quarter and amounted to € 0.9 million as of the reporting date (December 31,
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Group Interim Statement as of March 31, 2024 - 1. Quarter
2023: € 0.8 million).
payments for the repayment of lease liabilities. This led to a slightly negative free cash flow of € -0.1 million (prior
Development of Key Performance Indicators:
On the liabilities side, non-current lease liabilities had barely decreased as of the balance sheet date and amounted to approximately € 0.2 million (December 31, 2023: € 0.2 million). Trade payables increased by approximately € 0.5 million to € 0.9 million in the first quarter of 2024 (December 31, 2023: € 0.4 million). Due to a loan granted, liabilities to related parties also increased to approximately € 3.3 million (December 31, 2023: € 2.4 million). Meanwhile, other provisions and other current
year: € 0.9 million). Cash and cash equivalents decreased to € 0.8 million at the balance sheet date (beginning of period: € 0.9 million).
Opportunities and Risks
In the first three months of the 2024 fiscal year, there were no significant changes to the opportunities and risks described in detail in the 2023 Annual Report under
In €'000 or as | 2023 | |
indicated | ||
Group Revenue | 10,628 | |
EBITDA (Margin) | -23.6 % |
Since the | ||
beginning of | Forecast 2024 | |
year/ | Fiscal Year | |
3 months 2024 | as of: April 30, 2024 | |
approx. € 10.5 | ||
1,867 | million | |
approx. -15 % | ||
-50.5 % | to 0 % |
liabilities were slightly reduced by approximately € 0.1 million to € 1.4 million (December 31, 2023: € 1.5 million).
The Voltabox Group's equity amounted to € -2.5 million at the balance sheet date (December 31, 2023: € -1.5 million).
Financial Position of the Voltabox Group
A positive cash flow from operating activities of € 0.4 million was generated in the reporting period, which was, however, significantly lower than in the same period of the previous year (€ 1.3 million). This was primarily due to the € 0.7 million decrease in net income and significantly lower trade receivables (€ -2.0 million compared to the prior year). This was only offset by an increase in trade payables, which were € 2.2 million higher in the reporting period than in the previous year.
Cash flow from investing activities was mainly impacted by approximately € 0.3 million higher payments for investments in intangible assets and amounted to € -0.5 million (prior year: € -0.4 million).
The cash flow from financing activities of € -0.1 million (prior year: € -0.0 million) is mainly the result of minor
"Opportunity and risk report". The 2023 Annual Report is available online at www.voltabox.ag under Investor Relations / News & Publications / Annual Financial Reports.
Forecast
In the combined management report for the 2023 fiscal year, the Management Board explained the key factors for the forecast for the current 2024 fiscal year.
The Company expects to generate consolidated sales of around € 12 million in the 2024 fiscal year with an EBITDA margin of between around -15% and 0%. In the 2024 fiscal year, the Management Board also ranks the earnings target and thus sustainable profitability higher than the revenue target.
Events after the Balance Sheet Date
Subsequent to the balance sheet date of March 31, 2024, a further loan of € 2.6 million with a minimum term until April 30, 2025 was granted by Trionity Invest GmbH in April 2024 and paid out to the Company. In addition, the qualified subordination of all loan funds was agreed with Trionity Invest GmbH in April 2024. The amount of the subordinated loan commitment is € 5,000 thousand (pri- or year: € 0 thousand). Voltabox considers its solvency to be secured for the forecast period until April 30, 2025, in particular due to the renewed loan.
The Management Board is not aware of any other company -specific events after the balance sheet date that could have a significant impact on the Group's net assets, financial position and results of operations.
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Group Interim Statement as of March 31, 2024 - 1. Quarter
Condensed Consolidated Interim
Financial Statements
Consolidated Income Statement
for the period from January 1 to March 31, 2023
In €'000 | Jan. 1 to Mar. 31, | Jan. 1 to Mar. 31, | ||
2024 | 2023 | |||
Group Revenue | 1,867 | 3,021 | ||
Other Operating Income | 83 | 30 | ||
Increase or Decrease in Inventories of Finished Goods and | ||||
Work in Progress | 0 | 80 | ||
Total Operating Performance | 1,950 | 3,131 | ||
Cost of Materials | -1,614 | -2,487 | ||
Gross Profit | 336 | 644 | ||
Personnel Expenses | -709 | -415 | ||
Depreciation of Property, Plant and Equipment of Intangible | ||||
Assets | -60 | -79 | ||
Other Operating Expenses | -571 | -454 | ||
Earnings Before Interest and Taxes (EBIT) | -1,004 | -304 | ||
Financing Expenses | -18 | -9 | ||
Financial Result | -18 | -9 | ||
Earnings Before Taxes (EBT) | -1,022 | -313 | ||
Income Taxes | 0 | 0 | ||
Consolidated Net Income/Loss | -1,022 | -313 | ||
Earnings per Share in € (Basic) | -0.04 | -0.02 | ||
Earnings per Share in € (Diluted) | -0.04 | -0.02 | ||
Average Number of Shares Outstanding (Basic) | 19,148,249 | 18,258,533 | ||
Average Number of Shares Outstanding (Diluted) | 19,148,249 | 18,258,533 |
Consolidated Statement of Comprehensive Income
Consolidated Net Income/Loss | -1,022 | -313 | ||
Currency Translation Reserve | 0 | 0 | ||
Total Comprehensive Income/Loss | -1,022 | -313 |
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Consolidated Balance Sheet
as of March 31, 2023
In €'000 | Mar. 31, 2024 | Dec. 31, 2023 | In €'000 | Mar. 31, 2024 | Dec. 31, 2023 | |||||
ASSETS | EQUITY & LIABILITIES | |||||||||
Non-Current Assets | Equity | |||||||||
Intangible Assets | 1,137 | 616 | Subscribed Capital | 19,148 | 19,148 | |||||
Property, Plant and Equipment | 587 | 659 | Capital Reserve | 20,878 | 20,878 | |||||
Financial Assets | 476 | 476 | Non-controlling Interests | -63 | -63 | |||||
2,200 | 1,751 | Interests Held by Owners | -41,458 | -41,458 | ||||||
Current Assets | Consolidated Net Income/Loss | -1,022 | 0 | |||||||
Inventories | 946 | 754 | -2,517 | -1,494 | ||||||
Trade Receivables | 459 | 838 | Non-Current Provisions & Liabilities | |||||||
Receivables from Related Parties | 0 | 0 | Non-Current Lease Liabilities | 191 | 222 | |||||
Other Assets | 610 | 591 | 191 | 222 | ||||||
Cash and Cash Equivalents | 792 | 931 | Current Provisions & Liabilities | |||||||
2,807 | 3,114 | Current Lease Liabilities | 115 | 122 | ||||||
Trade Payables | 921 | 365 | ||||||||
Liabilities to Related Parties | 3,263 | 2,440 | ||||||||
Other Provisions | 1,361 | 1,481 | ||||||||
Other Current Liabilities | 1,673 | 1,729 | ||||||||
7,333 | 6,137 | |||||||||
Total Assets | 5,007 | 4,865 | Total Equity & Liabilities | 5,007 | 4,865 |
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Group Interim Statement as of March 31, 2024 - 1. Quarter
Consolidated Cash Flow Statement
for the period from January 1 to March 31, 2024
In €'000 | Jan. 1 to Mar. 31, | Jan. 1 to Mar. 31, | ||
2024 | 2023 | |||
Consolidated Net Income | -1,022 | -313 | ||
Depreciation and Amortization of Non-Current Assets | 60 | 79 | ||
Financial Result | 18 | 9 | ||
Increase (-), Decrease (+) in Trade Receivables, other | ||||
Receivables and other Assets | 360 | 2,397 | ||
Increase (-), Decrease (+) in Inventories | -192 | -117 | ||
Increase (+), Decrease (-) in Trade Payables and other | ||||
Liabilities | 1,316 | -838 | ||
Payments for Short-Term Rental Agreements | 19 | 62 | ||
Cash Flow from Operating Activities | 439 | 1,279 | ||
Proceeds from the Disposal of Property, Plant and Equipment | 12 | 0 | ||
Payments for Short-Term Rental Agreements | -19 | -62 | ||
Payments for Investments in Property, Plant and Equipment | 0 | -83 | ||
Payments for Investments in Intangible Assets | -521 | -266 | ||
Cash Flow from Investing Activities | -528 | -411 | ||
Payments for the Redemption of Leasing Liabilities | -32 | -23 | ||
Interest Paid | -18 | -9 | ||
Cash Flow from Financing Activities | -50 | -32 | ||
Changes in Cash and Cash Equivalents | -139 | 836 | ||
Cash and Cash Equivalents at the Beginning of the Period | 931 | 800 | ||
Cash and Cash Equivalents at the End of the Period | 792 | 1,636 |
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Financial Calendar 2024
August 13, 2024
August 27, 2024
September 02-03, 2024
November 14, 2024
Interim Group Report as of June 30, 2024 - First half-year
Annual General Meeting 2024, Paderborn
EquityForum - Fall Conference 2024, Frankfurt am Main
Interim Group Statement as of September 30, 2024 - 9 months
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Imprint
Voltabox AG
Technologiepark 32 33100 Paderborn / Germany
Phone: +49 (0) 5251 693 969 0
EMail: investor@voltabox.ag
www.voltabox.ag
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Group Interim Statement as of March 31, 2024 - 1. Quarter
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Voltabox AG published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 05:15:02 UTC.
