Qualified Audit Opinion for the Subsidiary LION Smart GmbH
Baar, 12 May 2021 – Ad Hoc: The LION Smart GmbH has voluntarily had its 2020 annual financial statements audited. KPMG AG (“KPMG”), the auditing firm appointed for this purpose, today notified the management of LION Smart GmbH to issue a qualified audit opinion on the annual financial statements of LION Smart GmbH for the financial year 2020. The current state of knowledge indicates that a similar qualification of the audit opinion at the level of the voluntary audit of the consolidated financial statements of LION E-Mobility AG is to be expected.
In its audit of the revenue recognition, KPMG assumes that LION Smart GmbH may not recognize the revenue in the full amount of the actual invoicing to the customer (principal, so-called gross recognition), but rather, since in KPMG’s view, it only acts as an intermediary, only a reduced value as revenue (agent, so-called net recognition). For this reason alone, KPMG will only issue a qualified audit opinion.
EBIT and EBITDA of LION Smart GmbH remain unaffected by the reporting of sales.
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
Managing Director | Board Member
LION E-Mobility Investor Relations
Phone: +49 221 94991871 | Mobile: +49 151 58204309
Phone: +49 89 360363247
E-Mail: email@example.com | www.lionemobility.com
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.