21.08.2018
Voltabox AG DE000A2E4LE9
DGAP-News: In the first half of the year Voltabox expands growth base and raises its revenue forecast for the full year
DGAP-News: Voltabox AG / Key word(s): Interim Report/Half Year Results
In the first half of the year Voltabox expands growth base and raises its
revenue forecast for the full year
21.08.2018 / 07:30
The issuer is solely responsible for the content of this announcement.
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In the first half of the year Voltabox expands growth base and raises its
revenue forecast for the full year
- Group sales up 71 percent to EUR 18.1 million (prior year: EUR 10.6
million)
- EBITDA grows from EUR 0.2 million in the prior year to EUR 1.7 million
- EBIT increases to EUR 0.1 million (prior year: EUR -0.7 million), EBIT
margin improves significantly to 0.6 percent (prior year: -7.1 percent)
- Continued high equity ratio of 91.5 percent (December 31, 2017: 90.8
percent)
- Number of employees increased by 45 in the first half of the year to 144
- Forecast for 2018 updated as a result of the acquisition of Navitas
Systems and the restructuring of the agreement with Triathlon: Revenue of
EUR 65-70 million with an EBIT margin of about 7 percent
Delbrück, Germany, August 21, 2018 - Today Voltabox AG [ISIN DE000A2E4LE9]
published its results for the first half of 2018 and updated its full year
forecast.
"We are on the right track to making Voltabox the world market leader in
selected high-margin market segments," says Jürgen Pampel, CEO of Voltabox
AG. "The new cooperation agreement with Triathlon, the acquisition of
Concurrent Design and of Navitas Systems show that we do not want to lose
any time. We are creating structures that will secure our market success and
sustainably strengthen our profitability".
Voltabox AG generated revenue of EUR 18.1 million in the first half of 2018
and thus grew by 71.0 percent (prior year: EUR 10.6 million). Profitability
increased just as significantly year-on-year. The EBIT margin amounted to
0.6 percent (prior year: -7.1 percent).
Voltabox made considerable high points in the implementation of its
ambitious growth strategy in the past half of the year. Along with the
acquisition of Concurrent Design with more than 20 engineers, project
managers and software developers, the company also announced the acquisition
of Navitas Systems. Thanks to the North American market leader for
lithium-ion battery systems in the area of intralogistics, Voltabox is able
to expand this market more quickly and accelerating the pace of growth on
its way to the pursued market leadership. With Navitas, Voltabox also
immediately covers another stage in the e-mobility value chain: The US
company operates a modern facility for the production of highly specialized
battery cells. The acquisition is subject to the approval of the American
authorities. The initial consolidation is still expected to take place in
the third quarter.
In addition, Voltabox has contractually rearranged the cooperation with
Triathlon that has existed since 2014. In this way, the company enters the
field of direct sales in intralogistics. Voltabox will be able to serve
manufacturers of forklift trucks and large logistics companies directly in
the future.
Strong demand for battery modules for forklift trucks
The excellent operative performance of the business with battery modules for
forklifts and battery systems for trolleybuses was a key factor in the
company's growth in the first six months of the current fiscal year.
Moreover, the series production of battery systems for an underground mining
vehicle also made its first contribution to revenue growth. The series
production of starter batteries for motorcycles also contributed to revenue.
Quick expansion of automated series production
With increasingly automated production, the cost of materials increased only
disproportionately 49.4 percent to EUR 10.9 million (prior year: EUR 7.3
million), which is mainly attributable to changes in exchange rates for the
procurement of cells. The materials input ratio fell accordingly to 60.1
percent (prior year: 68.8 percent). This resulted in a gross profit for the
period under review of EUR 10.7 million (prior year: EUR 6.3 million), which
constitutes a gross profit margin of 58.9 percent (prior year: 59.3
percent). Personnel expenses rose by 83.1 percent to EUR 5.1 million, mainly
due to the acquisition of Concurrent Design and further new hires in the
development, project management, production and administration (prior year:
EUR 2.8 million). Accordingly, the personnel expense ratio came to 28.3
percent (prior year: 26.5 percent). The number of employees increased by 45
to 144 in the first half year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose
758 percent to EUR 1.7 million (prior year: EUR 0.2 million), which
corresponds to an EBITDA margin of 9.4 percent (prior year: 1.9 percent).
After an expected increased depreciation and amortization totaling EUR 1.6
million (prior year: EUR 0.9 million), earnings before interest and taxes
(EBIT) improved to EUR 0.1 million (prior year: EUR -0.7 million). Taking
the increase in revenue into account, the EBIT margin increased
significantly to 0.6 percent (prior year: -7.1 percent). In spite of a
slightly decreased financial result of EUR -0.4 million (prior year: EUR
-0.3 million) and income tax expenses of EUR 0.2 million (prior year: EUR
0.4 million income, mainly due to changes in deferred taxes), the Voltabox
Group achieved a slightly improved consolidated net income of EUR -0.5
million for the period under review (prior year: EUR -0.6 million). This
corresponds to earnings per share of EUR - 0.03.
Very good Net Assets and Financial Position
Noncurrent assets increased by EUR 6.4 million to EUR 37.5 million (December
31, 2017: EUR 31.1 million). In addition to the EUR 2.6 million increase in
goodwill resulting from the acquisition of Concurrent Design, Inc., this
increase is also due to the EUR 3.0 million increase in intangible assets to
EUR 19.4 million stemming from the capitalization of own work in connection
with the development of new battery systems and power electronics
components.
Current assets decreased to EUR 131.7 million (December 31, 2017: EUR 139.6
million). While inventories increased by EUR 1.1 million to EUR 5.3 million
and trade receivables by EUR 11.7 million to EUR 33.7 million due to the
dynamic expansion of business activities, the decline was mainly
attributable to cash and cash equivalents, which decreased by EUR 28.4
million to EUR 74.2 million. This is mainly due to operating expenses in
connection with the dynamic growth strategy in the intralogistics market.
The purchase price payment for the acquisition of Concurrent Design, Inc.
accounted for EUR 2.6 million. Other assets increased to EUR 8.5 million as
a result of the premature rearrangement of the cooperation agreement with
our partner Triathlon, primarily reflecting the capitalization of one-time
investment contributions for the capacity expansion (December 31, 2017: EUR
0.3 million).
Voltabox AG's equity remained nearly unchanged at EUR 154.9 million
(December 31, 2017: EUR 155.0 million). The equity ratio increased to 91.5
percent in view of the slightly lower balance sheet total (December 31,
2017: 90.8 percent).
"With the tailwind from the IPO, we expanded our portfolio in the first half
of the year to include success-critical parts," says Andres Klasing, CFO of
Voltabox. "Navitas is the cornerstone that will complete our value chain in
electromobility. We will now make even better use of our high degree of
automation in the different market segments and thus realize economies of
scale".
Cash flow from operating activities decreased significantly in the period
under review to EUR - 24.6 million (prior year: EUR 4.4 million). Primarily,
this is a consequence of the strong increase in trade receivables of EUR
19.4 million. The reason for this, in turn, was the granting of longer
payment periods to the cooperation partner Triathlon as a sales-promoting
measure to provide sales financing to our customer. Furthermore, trade
payables and other liabilities decreased by EUR 1.3 million after having
increased EUR 6.5 million in the prior year. Other non-cash income and
expenses fell to EUR -3.8 million due to currency translation effects (prior
year: EUR 1.0 million).
Cash flow from investment activity decreased in the period under review by
EUR 1.0 million to EUR -3.5 million (prior year: EUR -2.5 million), which
was mainly due to slightly increased investments in property, plant and
equipment and intangible assets.
Cash and cash equivalents totaled EUR 74.2 million as of the end of the
reporting period (December 31, 2017: EUR 102.7 million).
Growth driven by intralogistics and mining
Due to the initial consolidation of Navitas Systems, LLC expected within the
third quarter, Voltabox AG has raised its revenue forecast from the original
EUR 60 million to EUR 65-70 million. The expected operating profitability
remains unchanged. However, the strategically important premature
rearrangement of the partner agreement with Triathlon to secure the
strategic goal of market leadership is burdening the EBIT in the current
fiscal year by about EUR 2 million. Therefore, the EBIT margin for the full
year 2018 is now expected to be approximately 7 percent (instead of
previously around 10 percent).
In addition to the intralogistics segment, mining will also be a major
growth driver. The Management Board expects to see an investment volume of
around EUR 13.4 million in the current year. Own work capitalized should
amount to around 43 percent of the investment total for the current year.
The interim report and condensed consolidated financial statements as of
June 30, 2018, are available for download at
http://ir.voltabox.ag/websites/voltabox/English/0/investor-relations.html.
Profile: Voltabox AG
Voltabox AG (ISIN DE000A2E4LE9), which is listed in the regulated market
(Prime Standard) of the Frankfurt Stock Exchange, is a high-growth
e-mobility system provider for industrial applications. Its core business
lies in intrinsically safe, highly developed high-performance lithium-ion
batteries that are modular and in serial production. The battery systems are
primarily used in buses for public transportation, forklifts, automated
guided vehicles and mining vehicles. The company also develops and produces
high-quality lithium-ion batteries for selected mass market applications,
such as high performance motorcycles.
Voltabox has production sites at its headquarters in Delbrück, Germany, in
Austin, Texas, and in Kunshan, China, as well as a development site in
Aachen, Germany.
Additional information about Voltabox can be found at www.voltabox.ag/en/.
Financial Press & Investor Relations Contact
Voltabox AG
Dr. Kai Holtmann
Artegastraße 1
D-33129 Delbrück
Phone: +49 (0) 52 50 - 99 30-964
Fax: +49 (0) 52 50 - 99 30-901
Email: [email protected]
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21.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Voltabox AG
Artegastraße 1
33129 Delbrück
Germany
Phone: +49 (0)5250 9930 964
Fax: +49 (0)5250 9930 901
E-mail: [email protected]
Internet: www.voltabox.ag
ISIN: DE000A2E4LE9
WKN: A2E4LE
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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