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DGAP-News: Voltabox affirms forecast for the year as a whole

DGAP-News: Voltabox AG / Key word(s): Quarter Results

13.05.2019 / 07:00
The issuer is solely responsible for the content of this announcement.


Voltabox affirms forecast for the year as a whole

- Group sales up by 150 percent to EUR 12.6 million in the first quarter

- EBITDA improves to EUR 2.5 million - EBIT margin at 4.4 %

- Intralogistics applications and standardized battery systems for pedelecs and e-bikes are important growth drivers

- Revenue forecast for the year as a whole remains between EUR 105 million and EUR 115 million with an EBIT margin between 8 and 9 %

Delbrück, Germany, May 13, 2019 - Voltabox AG (ISIN DE000A2E4LE9) published its results for the first quarter of 2019 today and affirmed its forecast for the current fiscal year.

"2019 will be a year of strong growth for Voltabox", says Jürgen Pampel, CEO of Voltabox AG. "After the first quarter, we are right on schedule. We were also able to significantly expand our presence in the target markets by flying the flag at important trade fairs, presenting exciting products and opening up new sales channels."

In the first three months of the current fiscal year, Voltabox achieved Group sales of EUR 12.6 million (prior year: EUR 5.1 million), corresponding to growth of 149.8 % compared to the same quarter of the prior year. As a result, the Voltabox Group realized a similarly high proportion of forecast total annual revenue in the first quarter as in previous years. However, our profitability increased significantly, the EBIT margin rose to 4.4 % (prior year: -15.2 %).

"The key revenue driver was once again our continued strong intralogistics business", says Jörg Dorbandt, Member of the Management Board of Voltabox AG. "We extended our internal sales staff resources once more and even set up our own service department in the course of expanding our direct business. In addition, we have seen a very good demand for standardized battery systems and battery packs for use in pedelecs and e-bikes. As planned, we will improve our operating result as a result of the increasing output in series production in the second half of the year."

Other operating income increased slightly to EUR 0.4 million (prior year: EUR 0.0 million), mainly due to currency effects, while finished goods and work in progress rose to EUR 1.8 million (prior year: EUR 1.2 million) due to the production of modules that will be invoiced in the second quarter. Development costs capitalized were up as expected to EUR 1.7 million (prior year: EUR 1.3 million). Accordingly, this results in an overall performance increase of 118.1 % to EUR 16.5 million (prior year: EUR 7.6 million) in the first three months of the fiscal year. The cost of materials increased by 85.8 % to EUR 7.5 million due to the higher overall performance (prior year: EUR 4.0 million). The material usage ratio (calculated from the ratio of cost of materials to revenue and inventory changes) fell to 73.7 %, mainly due to economies of scale (prior year: 102.5 %). Against this backdrop, the gross profit for the reporting period amounted to EUR 9.0 million (prior year: EUR 3.5 million), which constitutes a gross profit margin of 71.5 % (prior year: 70.1 %).

Significant increase in profitability compared to the prior year

Personnel expenses increased by 114.2 % to EUR 4.3 million (prior year: EUR 2.0 million) mainly due to the increase in personnel in the past year. The personnel expense ratio decreased to 34.3 % (prior year: 40.0 %). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to EUR 2.5 million (prior year: EUR -0.0 million), which corresponds to an EBITDA margin of 19.9 % (prior year: -0.5 %). After increased depreciation and amortization of EUR 1.8 million (prior year: EUR 0.7 million) and impairment of EUR 0.2 million, earnings before interest and taxes (EBIT) increased to EUR 0.6 million (prior year: EUR -0.8 million). Accounting for the increase in revenue, the EBIT margin increased to 4.4 % (prior year: -15.2 %). With a virtually unchanged financial result of EUR -0.2 million (prior year: EUR -0.2 million) and positive income taxes of EUR 0.5 million (prior year: EUR -0.3 million), the Voltabox Group generated consolidated net income of EUR 0.8 million in the period under review (prior year: EUR -1.3 million). This corresponds to earnings per share of EUR 0.05.

Increase in property, plant and equipment due to first-time recognition of leasing liabilities

Total assets increased by 6.6 % to EUR 193.5 million as of March 31, 2019 (December 31, 2018: EUR 181.5 million), primarily as a result of the first-time recognition of lease liabilities in accordance with IFRS 16. Property, plant and equipment increased by EUR 19.9 million to EUR 29.1 million (December 31, 2018: EUR 9.2 million) particularly for this reason. Inventories increased by EUR 9.3 million to EUR 36.5 million (December 31, 2018: EUR 27.2 million) due to the planned expansion of production.

Cash flow from operating activities decreased in the period under review to EUR -12.8 million (prior year: EUR -7.3 million). This is mainly due to the increase in inventories in the amount of EUR 6.6 million as well as higher trade payables in the amount of EUR 5.8 million.

Cash flow from investment activity increased in the period under review to EUR -2.7 million (prior year: EUR -4.1 million). This resulted from payments for investments in property, plant and equipment of EUR 1.1 million and payments for investments in intangible assets amounting to EUR 1.7 million (prior year: EUR 1.3 million).

Balanced free cash flow expected at the end of the year

The result is a free cash flow of EUR -15.65 million (prior year: EUR -8.8 million). The Management Board continues to expect that the free cash flow will be balanced at the end of the current fiscal year.

Cash and cash equivalents totaled EUR 13.3 million as of the end of the reporting period (December 31, 2018: EUR 28.2 million). The expected decrease in the first quarter was mainly due to the prefinancing of production over the further course of the year as well as the spatial expansion of the U.S. site.

Forecast confirmed given consistently positive order situation

Against the backdrop of the continuing positive order situation, Voltabox expects to grow overall faster than others in the market segments in which it operates in the current fiscal year. In addition to intralogistics, the commercial vehicle and bus, electric car, pedelec and e-bike market segments will be major growth drivers. The Management Board confirms the revenue forecast of EUR 105-115 million for the 2019 fiscal year as well as the targeted EBIT margin of between 8 and 9 %.

The company's complete audited consolidated financial statements can be downloaded at https://www.ir.voltabox.ag under 2018 Annual Report.

About Voltabox AG

Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a rapidly growing system provider for e-mobility in 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 select mass-market applications, such as high-performance motorcycles and pedelecs.

Voltabox has production sites at its headquarters in Delbrück, Germany, in Cedar Park (Austin, Texas, USA), and in Kunshan, China, as well as development sites in Aachen and Korntal-Münchingen, Germany.

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


Contact

Voltabox AG

Dr. Kai Holtmann
Artegastrasse 1
33129 Delbrück, Germany
Tel.: +49 (0) 52 50 - 99 30-964
Fax: +49 (0) 52 50 - 99 30-901
Email: investor@voltabox.ag



13.05.2019 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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