Quarterly figures of LION Smart GmbH as of June 30, 2019
Successful second quarter 2019 – significant increase in revenues and consistent high operating performance
- Second quarter revenues further increased compared to previous year and first quarter 2019
- Total operating performance (including company-produced additions to plant and equipment) exceeds results of previous year and first quarter of 2019
- High order backlog – expect meaningful increase in revenues for 2019
- TÜV SÜD Battery Testing GmbH continues growth course – forecast for 2019 increased
|Preliminary figures in EUR thousand||1. HY 2019||1. HY 2018||Difference yoy|
|Total operating performance||1.021.818||1.077.064||-5,13%|
|EBITDA (before special items)||-224.602||-382.234||+41,24%|
Preliminary HGB figures of LION Smart GmbH as of June 30, 2019
In the second quarter of 2019, LION Smart GmbH, a subsidiary of LION E-Mobility AG, significantly increased its total operating performance compared to the first quarter 2019. The total operating performance of EUR 1.022 thousand of the second quarter of 2019 consisted of revenues of EUR 709 thousand, internally generated intangible assets of EUR 105thousandand services not yet invoiced of EUR 207 thousand.
The significant increase in revenues compared with the first quarter of 2019 and the previous year is encouraging. In the second quarter of 2019, revenues of EUR 510 thousand were generated. This represents an increase of EUR 311 thousand or 156 percent compared to EUR 199 thousand in the first quarter of 2019. In comparison with the half-year results of 2018, the increase in revenues amounts to EUR 89 thousand or 14 percent.
In the second quarter, additional personnel, material and other expenses amounting to EUR 84 thousand incurred for the capitalization of internally generated intangible assets, which mainly concern the LIGHT Battery and the single-cell BMS (LIRE). LION Smart GmbH continues to assume that these intangible assets will enable a finished product portfolio to be offered on the market in 2020/21.
The operating result (EBITDA) is still negative at EUR -224 thousand due to ongoing high development expenses for the LIGHT Battery and the single-cell BMS (LIRE). However, due to the strong increase in revenues and strict cost management, EBITDA for the second quarter of 2019 improved significantly to EUR -60 thousand, compared to EUR -164 thousand in the first quarter of 2019 and EUR -382 thousand in the first half of 2018.
The management expects a meaningful increase in revenues for Full Year 2019 with much improved EBIT and EBITDA whilst still negative given ongoing LIGHT Battery investments.
For the year 2020, the management expects a positive trend in terms of revenues and net results for the period in line with the strong EV market growth in Europe, North America and Asia. The main focus of the company in the short term is to finalise the development of the LIGHT Battery followed by its production together with primary industrial partners.
TÜV SÜD Battery Testing GmbH continues its growth course and expects another record year for revenues, EBIT and net income in 2019. Following strong demand from OEMs, additional investments into the TÜV SÜD Battery Testing JV were approved and will be implemented in the near future to help support the growth and expansion as well as our leading market position.