DGAP-News: Voltabox AG
/ Key word(s): Half Year Report/Disposal
Voltabox expects timely divestment of US business and entry of new shareholders
- Sale of US subsidiary close to completion
- Short-term entry of new shareholders expected after announcement by paragon GmbH & Co. KGaA
- Group revenue market-driven down to € 3.4 million (prior year: € 9.5 million)
- EBITDA margin at -55.4% (prior year: -112.7%) - Free cash flow at € -0.8 million (prior year: € 9.3 million) in line with expectations
- Forecast still valid - increasing recovery of business in individual focus markets promises sufficient revenue potential in the second half of the year
Delbrück, August 24, 2021 - Voltabox AG [ISIN DE000A2E4LE9] today presented its half-year report and announced the timely completion of the sale of its US business. According to the progress of the negotiations of the current majority shareholder paragon GmbH & Co. KGaA on the sale of the Voltabox shares, the Voltabox Management Board now assumes that the entry of new shareholders is imminent.
By selling its entire US business, Voltabox is about to take an important step in the final phase of its reorganization. The divestment is taking place as part of an asset deal to a strategic US investor after the original plan of an MBO did not materialize. A corresponding draft agreement has been submitted and is currently being finalized by the parties. The closing of the transaction is expected to take place in September. By realizing the deal, a major cause for a considerable burden on earnings and cash flow in the past will be eliminated in the long term. The parties have agreed to keep the purchase price for the transaction confidential.
The reorganization of Voltabox pursues the strategic goal of achieving break-even in the short term by focusing regionally on defined fields of application in the field of electromobility.
In addition, the Company expects the entry of new shareholders in the short term as part of the sale of shares by paragon GmbH & Co. KGaA. The Management Board refers to the corresponding announcement of the current main shareholder.
According to the Company's half-year financial statements, total assets decreased by 1.7% to € 39.4 million as of June 30, 2021 (December 31, 2020: € 40.1 million). Equity amounted to € 10.0 million as of the balance sheet date (December 31, 2020: € 15.4 million). This corresponds to an equity ratio of 25.3% (December 31, 2020: 38.3%). Free cash flow amounted to € -0.8 million in the reporting period (prior year: € 0.5 million).
Voltabox's half-year financial report is available at https://ir.voltabox.ag/websites/voltabox/English/4200/quarterly-reports.html. Further information about Voltabox AG can be found at www.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.
|Phone:||+49 (0)5250 9930 964|
|Fax:||+49 (0)5250 9930 901|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1228347|
|End of News||DGAP News Service|