Lion Smart GmbH announces HGB figures (unaudited) as of December 31, 2020
6.05.2021
- Turnover of EUR 17.281 million in the past financial year 2020
- EBITDA negative at EUR -0.859 million
- EBIT in the amount of EUR -1.071 million negative
- Net loss in the amount of EUR -1.052 million
Garching near Munich, May 6, 2021 – LION Smart GmbH, a wholly owned subsidiary of LION E-Mobility AG, yesterday published its unaudited financial results for the year ended 31 December 2020.
In the past financial year, revenue totaling EUR 17.281 million was generated with our customers.
In the 2020 financial year, development costs of EUR 0.014 million were recognised as own work capitalised. As of 31 December 2020, internally generated intangible assets amounted to EUR 2.094 million (previous year: EUR 1.921 million).
The change in work in progress and finished goods decreased compared to the previous year (EUR -0.029 million), in particular due to the completion of projects in the current financial year.
Compared to the previous year, the total output (sales revenues, own work capitalised, change in inventories) increased significantly by EUR 14.778 million to EUR 17.266 million (previous year: EUR 2.487 million).
The cost of materials – consisting of cost of materials and other purchased services – increased to EUR 14.027 million (previous year: EUR 0.651 million), mainly due to the development project.
Other purchased services increased by EUR 1.081 million to EUR 1.297 million, mainly due to the use of external services for the development project. This also includes the expenses for external employees in the context of production.
The increase in personnel expenses compared to the previous year is to be seen in particular against the background of the significantly increased business volume: Overall, personnel costs increased by 0.183 million euros to 2.340 million euros.
Other operating expenses increased significantly compared to the previous year, especially due to the expansion of the business volume and the development project. Overhead costs in the past financial year 2020 amounted to 1.997 million euros compared to 0.926 million euros in the previous year.
Accumulated earnings before interest and taxes (EBIT) as at 31 December 2020 amounted to – EUR 1.071 million and, despite the high one-off expenses, were roughly on a par with the previous year (previous year: -EUR 0.917 million).
As in previous quarters, the financial result of LION Smart GmbH is clearly positive. This is partly due to the loans granted to TÜV Süd Battery Testing GmbH (TSBT) and the associated interest income. A total of EUR 0.6 million in additional loans were granted during the financial year.
Repayments by TSBT were made as scheduled in the amount of EUR 0.150 million. As of 31 December 2020, there were loans to TSBT in the amount of EUR 2.250 million (previous year: EUR 1.800 million).
Interest expenses were reduced by repaying the loan from Commerzbank AG and other financial liabilities and by repaying current liabilities to LION E-Mobility AG.
In the reporting period, LION Smart GmbH generated a pre-tax result of EUR -1.052 million (previous year: EUR -0.944 million).
Net assets and financial position as of 31 December 2020
Total assets increased to EUR 11.415 million as at 31 December 20210 (31 December 2019: EUR 7.853 million), mainly due to the increase in current trade receivables. This is mainly due to the significant increase in sales volume.
Non-current assets rose to EUR 7.489 million (31 December 2019: EUR 6.543 million). Property, plant and equipment increased by EUR 0.322 million to EUR 0.513 million (31 December 2019: EUR 0.191 million), in particular due to new investments. Intangible assets increased slightly to EUR 2.175 million (31 December 2019: EUR 2.002 million). Within financial assets, loans to companies with equity investments increased by EUR 0.450 million to EUR 2.25 million (31 December 2019: EUR 1.80 million), while the investment in TSBT remained constant (31 December 2019: EUR 2.551 million).
Current assets increased to EUR 3.925 million (31 December 2019: EUR 1.260 million). Trade receivables increased significantly by EUR 2.053 million to EUR 2.321 million (31 December 2019: EUR 0.268 million), in particular due to the increased business volume. Against this background, trade payables also increased. As at 31 December 2020, cash and cash equivalents amounted to EUR 0.515 million, compared to EUR 0.293 million as at 31 December 2019, due to bank balances.
Current provisions and liabilities as at 31.12.2020 were slightly above the previous year’s level of EUR 0.464 million at EUR 0.567 million. Other provisions mainly include personnel costs such as overtime, unused holiday and variable salary components. As at 31.12.2020, there are no longer any liabilities to banks (31.12.2019: EUR 0.125 million).
The equity of LION Smart GmbH amounted to EUR 6.091 million at the end of the financial year (31 December 2019: EUR 5.093 million). The equity ratio as at 31 December 2020 decreased to 53.36 % (31 December 2019: 64.85 %) compared to the balance sheet date 31 December 2019. During the financial year, LION E-Mobility AG made capital contributions of EUR 2.05 million (previous year: EUR 3.610 million).
Cash flow and financing as of 31 December 2020
The cash flow from operating activities remained negative, but improved significantly in the reporting period compared with the previous year by EUR 0.640 million to the current level of
EUR -0.384 million (previous year: EUR -1.024 million). This is mainly due to the expansion of business and the associated inflow of liquidity.
As a result of investments in fixed assets – especially due to the development project – the cash flow from investing activities is negative; as at 31.12.2020 it amounted to EUR -0.708 million (previous year:
EUR -0.432 million).
The repayment of financial liabilities amounted to EUR 0.286 million in the reporting period, while cash and cash equivalents increased by EUR 2.050 million due to capital contributions from the sole shareholder. On balance, there was a positive cash flow from financing activities of EUR 1.314 million (previous year: EUR 1.407 million).
About LION E-Mobility AG
LION E-Mobility AG is a listed Swiss holding company founded in 2011 with promising strategic investments in the e-mobility sector, particularly in the field of electrical energy storage and lithium-ion battery system technology. The company owns 100% of the German LION Smart GmbH, a developer of battery packs and battery management systems. LION Smart GmbH also holds a 30% stake in TÜV SÜD Battery Testing GmbH, a joint venture with TÜV SÜD AG. LION E-Mobility AG also holds 100% of the shares in LION E-Mobility North America Inc.
Responsible for the press release: BoD LION E- Mobility AG
Contact LION Smart GmbH
Thomas Hetmann
Managing Director | Board Member
LION E-Mobility Investor Relations
Sebastian Duering
Phone: +49 221 94991871 | Mobile: +49 151 58204309
E-Mail: ir@lionemobility.com | www.lionemobility.com
Disclaimer:
Statements that express or contain forecasts, expectations, views, plans, goals and assumptions regarding future events or performance are not considered historical facts and may therefore be forward-looking statements. Forward-looking statements are based on the expectations, estimates and plans at the time the statements were made, and therefore involve a number of risks and uncertainties that could cause actual results or events to differ materially from those currently anticipated become. LION E-Mobility AG is under no obligation to update the forward-looking statements in this press release.
