DGAP-News: LION E-Mobility AG: LION Smart GmbH further successful in the course of business in FY 2022

PRESS RELEASE

LION Smart GmbH further successful in the course of business in FY 2022

• Sales in 2nd quarter (EUR 11.0 Mio.) in line with expectations and further significantly above the level of the prior year (2021: EUR 6.5 Mio.)
• EBITDA with EUR +0.992 Mio. positive (2021: EUR -0.677 Mio.)   
• Sales in 2nd QTR 2022 at EUR 11.042k (prior year: EUR 6.463k)
• Positive EBITDA at EUR +0.992 Mio. for 2nd QTR (prior year: EUR -0.677 Mio.)
• Operative cashflow with EUR -1.058 million below prior year of EUR -0.615 Mio. mainly due to the increase of inventories; cashflow from investing activities at EUR 0.004 Mio. (prior year: EUR -0.290 Mio.) and cashflow from financing EUR +/- 0 Mio. (after EUR 0.550 Mio. in the prior quarter)

Garching near Munich, August 4th 2022 The LION Smart GmbH a 100% subsidiary of the LION E-Mobility AG, has published today its preliminary and unaudited business data for June 30th 2022. The business of the innovative supplier of lithium-ion battery systems and integrative battery solutions has further continued to develop positively. The result for the fiscal year 2022 can be confirmed as expected.

Profitability for the LION Smart GmbH of June 30^th 2022

In the second quarter of 2022 sales amounting to EUR 11.0 Mio. were generated. Sales did not come out as expected. By means of strict cost management for material and personnel expenses the EBITDA with EUR +0.992 Mio. was achieved.

The work-in-progress for unfinished services and unfinished and finished goods compared to the 31st march of 2022 increased by EUR 0.313 Mio. mainly due to one project.

Vs. the prior year (June 30th 2021) the operational revenue (sales, own work capitalized, WIP) could be raised by EUR 4.734 Mio. to now EUR 11.248 Mio.

Material expenses consisting of material expenses and other purchased services increased by mainly higher business volume to EUR 8.923 Mio. Subsequently the material ratio (calculated from the ratio of cost of materials to sales and changes in inventories) was amounting to 79%.

Thus for the reporting period a gross profit amounting to EUR 2.396 Mio. (prior year: EUR 1.002 Mio.) could be generated which was a gross profit margin of 21,17%.

Personnel expenses increased compared to the prior year. At the end of the 2nd quarter 2022 44 employees and 10 working students were employed by LION Smart GmbH (prior year a total of 50).

Other operating expenses were amounting to EUR 0.426 Mio. and thus lower as planned. Savings were especially realized for repair and maintenance expenses as well as for vehicle expenses.

The earnings before interest and taxes (EBIT) for Q2 2022 was at EUR 0.959 Mio. Income taxes were not realized due to the losses incurred.

The financial income of LION Smart GmbH was slightly positive for the 2nd quarter 2022 with EUR 0.011 Mio.

For the reporting period Q2 2022 LION Smart GmbH generated a positive result of EUR 0.970 Mio. 

Net Assets and Financial Situation June 30th 2022

At June 30th 2022 total assets were amounting to EUR 22.449 Mio. (June 30th 2021: EUR 13.289 Mio.). Fixed assets accounted for EUR 7.428 Mio. (June 30th 2021: EUR 7.420 Mio.), current assets for EUR 15.021 Mio. (June 30th 2021: EUR 5.869 Mio.). Prepaid expenses were here allocated to current assets.

In the 2nd quarter 2022 no development costs were recognized as own work capitalized. For June 30th 2022 intangible assets remained unchanged at EUR 2.425 million (30th June 2021: EUR 2.425 Mio.).

Fixed assets slightly increased to EUR 7.428 Mio. (30th June 2021: EUR 7.420 Mio.). Tangible assets  were at EUR 0.351 Mio. (June 30th 2021: EUR 0.460 Mio.). Intangible assets increased to EUR 2.492 Mio. (June 30th 2021: EUR 2.159 Mio.). Loans to companies in which an equity investment is held were reported under financial assets and remained unchanged. (March 31st 2022 and December 31th 2021: EUR 2.040 million).

Current assets slightly increased compared to previous quarter by EUR 2.435 Mio. to EUR 15.021 Mio. (June 30th 2021: EUR 5.869 Mio.). Trade receivables increased significantly by EUR 2.157 Mio. to EUR 5.011 Mio. (June 30th 2021: EUR 3.546 Mio.) mainly due to the growing business volume. Subsequently the trade payables also increased. At June 30th 2022 liquid assets were at EUR 1.081 Mio. compared to EUR 1.126 Mio. at December 31^st 2021.

The equity of LION Smart GmbH at the end of the reporting period was at EUR 7.041 Mio. (June 30^th 2021: EUR 5.556 Mio.; December 31^st 2021: EUR 5.587 Mio.). Compared to the set day of the prior quarter the equity ratio at June 30th 2022 was raised from 30,34 % to 31,36 % (December 31^st 2021: 41,44 %).

The accruals were amounting to EUR 0.438 Mio at June 30th 2022. The accruals mainly consisted of personnel expenses like overtime, vacation days not taken and variable salary components.

The liabilities (short-term) increased during the fiscal year to EUR 15.408 Mio. (June 30^th 2021: EUR 6.346 Mio.) and mainly consisted of trade payables. At the end of the 2nd quarter 2022 there were no long-term payables.

Cashflow and Financing for 30th June 2022

Cashflow from operating business in the reporting period was amounting to EUR -1.058 Mio. (previous year: EUR 0.387 Mio.) and was mainly based on the increase of working capital.

By means of investments in tangible assets the cashflow from investments was slightly positive with EUR 0.004 Mio. (March 31^st 2022: EUR -0.290 Mio.; previous year EUR -0.486 Mio.).

Cashflow from financing activities was +/- 0 at the end of the 2nd quarter, since there were no financing activities that took place (March 31^st 2022: EUR 0.550 Mio.; previous year: EUR 0.710 Mio.). Investments into the equity of LION Smart GmbH were not made.

Outlook of the Fiscal Year 2022

LION Smart GmbH did start well into the current fiscal year. The stated forecast of EUR 50-60 Mio. sales for fiscal year 2022 can be confirmed at this point of time.

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, especially in the field of electrical energy storage and lithium-ion battery system technology.

The company holds 100% of the German LION Smart GmbH, a developer of battery packs and battery management systems. LION Smart also holds a 30% stake in TÜV SÜD Battery Testing GmbH, a successful joint venture with TÜV SÜD AG. LION E-Mobility AG also holds 100% of the shares in LION E-Mobility North America Inc. and 100% of the German LION Smart Production GmbH.

www.lionemobility.com

Responsible for the press release: BoD LION E- Mobility AG

LION Smart GmbH

Winfried Buss

Managing Director

LION E-Mobility Investor Relations

Frank Schönrock (Weber Shandwick)

Phone: +49 (0) 1737025315

E-Mail: ir@lionemobility.com | www.lionemobility.com

Arne Siegner
Phone: +41 (0) 41 500 54 11
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.