Preliminary Group results
CORPORATEQ1FINANCE2024
FINANCIAL RESTRUCTURING
FINANCIAL AND VALUATION ADVISORY
May 2024
HL.com
FINANCIAL HIGHLIGHTS Q1 2024
REVENUE
(EURm)
*
EBITDA
- Q1 figures reflect the highly seasonal revenue distribution in our sales pipeline, with a slow Q1 and a stronger and increasing demand, especially in the second half of the year.
(EURm and margin %)
OPERATING CASH FLOW
(EURm)
- During the last preparation for the audited figures in 2023, we show a flat EBITDA in 2023. Currently the group audit is on its way.
- The negative Q1 EBITDA is the result of the seasonal revenue.
- The operational costs resulted in a negative operating cash flow in Q1.
* In 2023, missing comparable Q1 and Q2 consolidated data for the entire group
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PROFIT AND LOSS Q1 2024
EURm | ||
Income Statement | Q1 2024 | FY 2023 |
Revenues | 1.2 | 56.1 |
Increase in contract assets portfolio | 0.0 | 0.9 |
Other own work capitalised | 0.0 | 0.4 |
Total Earnings | 1.2 | 57.4 |
Other operating income | 0.1 | 1.5 |
Cost of materials | -1.2 | -48.3 |
Personnel expenses | -1.4 | -5.7 |
Other operating expenses | -1.3 | -4.9 |
EBITDA | -2.6 | -0.04 |
EBITDA margin % | -213% | -0.0% |
Depreciation and amortization | -0.3 | -0.9 |
EBIT | -3.0 | -1.0 |
EBIT margin % | -279% | -1.7% |
Finance income | 0.2 | 0.0 |
Finance expenses | -0.6 | -1.5 |
Share of profits of associated subsidiaries | 0.0 | 0.1 |
EBT | -3.5 | -2.3 |
Taxes | 0,9 | 0,7 |
Result | -2,6 | -1,7 |
- In Q1 2024, a slow revenue activity was notably due to a significant portion of customers accelerating their orders into Q4 2023
- Personnel costs remained stable at 1.4m, consistent with the previous year's average
- Other operating expenses amounted to 1.3m, slightly higher than the previous year's average, reflecting ongoing increasing operational activities and investments
- In Q1 alone, financing costs reached about 40% of last year's total, because loans were taken out in the middle of the year
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CASHFLOW Q1 2024
EURm | ||
Cash Flow Statement | Q1 2024 | FY 2023 |
Cash and cash equivalents at beginning of period | 4.4 | 3.0 |
Cash flow from operating activities | -3,5 | 2.6 |
Cash flow from investing activities | -0.2 | -10.7 |
Cash flow from financing activities | -0.0 | 9.5 |
Net change in cash and cash equivalents | -3.8 | 1.4 |
FX effect | 0.0 | 0.0 |
Cash and cash equivalents at end of period | 0.6 | 4.4 |
- While operating cash flow decreased to expected low -3.5m in Q1, our strategic initiatives position us for sustained growth and profitability
- With investing cash flow at -0.2m in Q1, our focus on target niche markets ensures long-term financial stability and value creation
- Despite neutral financing at 0 m in Q1, our financial stability underlines our effective utilization of resources and our strategic planning in a volatile market
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BALANCE SHEET Q1 2024
EURm | ||
Balance Sheet | Q1 2024 | YE 2023 |
Total Assets | 45.1 | 68.7 |
A. Non-current assets | 24.8 | 24.0 |
B. Current assets | 20.2 | 44.6 |
Equity and liabilities | 45.1 | 68,7 |
A. Equity | 10.3 | 12.9 |
B. Non-current liabilities | 13.4 | 16.6 |
C. Current liabilities | 21.3 | 39.2 |
- Current assets decreased by 24.4m, reflecting efficient collections from customers
- Current liabilities decreased by 17.9m, attributed to timely repayments to suppliers of raw materials, indicative of improved financial management amidst low revenue conditions
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SALES TARGETS
2024-2028
Targeted revenue | >150 |
[Mio €]
>75
60-65
2024 | 2025 | 2026 | 2027 | 2028 |
The addressable market is assumed to grow with 26% on energy capacity level [GWh]
A price decline of -9% YoY is assumed
With a CAGR of 25% we are targeting to win additional market share
In 2030 we strive for 10% market share
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The last 3 years we transitioned from a pack-reseller to a producer with a competitive product portfolio.
We are successfully broadening our customer base to become more resilient to market uncertainties.
Steady target growth over a broad customer base and market and see upside potential
with a "big" new customer win.
INVESTMENT HIGHLIGHTS LION
Cutting-edge battery technology
Our battery pack technology adheres to the highest safety, quality, and reliability standards in
the automotive EV industry.
Diversified product portfolio
We cater to the rapidly expanding energy storage, as well as the leisure and commercial electric
vehicles sectors.
Clear strategic focus
Our strategy focuses on the production of small to medium-sized batches. This is made possible
by a flexible and modular battery pack design that is characterized by high entry barriers.
Reliable supply chain
We have secured a stable supply of top-tier battery cells through a strategic partnership with
SVOLT, a leading global cell supplier.
Efficient manufacturing setup
Our cost-efficient and OEM-tested manufacturing setup boasts a high degree of automation.
With the capacity to produce 45,000 battery packs annually, we are well-positioned for
scalability.
Commitment to sustainability
At the core of our business model lies a dedication to sustainability and actively contributing to
the clean energy transition.
Attractive financial profile
We have an attractive financial profile with low investment requirements and double-digit
growth rates.
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Disclaimer
THE MATERIALS SET FORTH IN THIS PRESENTATION DO NOT CONSTITUTE EITHER AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF OFFERS TO BUY SECURITIES. ANY SUCH OFFER OR SOLICITATION WILL ONLY BE MADE PURSUANT TO A SUBSCRIPTION AGREEMENT, A FINAL PRIVATE PLACEMENT MEMORANDUM, OR ANOTHER OFFICIAL DOCUMENT DELIVERED IN ACCORDANCE WITH REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR OTHER APPLICABLE SECURITIES LAWS.
WE HAVE NOT PROVIDED FINANCIAL INFORMATION FOR LION E-MOBILITY GROUP HEREIN. HISTORICAL FINANCIAL INFORMATION WAS PREPARED IN ACCORDANCE WITH GERMAN GENERALLY ACCEPTABLE ACCOUNTING PRINCIPLES. INVESTORS SHOULD CONSULT WITH THEIR OWN FINANCIAL ADVISORS TO UNDERSTAND THE BASIS ON WHICH THE INCLUDED FINANCIAL STATEMENTS HAVE BEEN PREPARED.
THIS PRESENTATION ALSO CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES, INCLUDING STATEMENTS THAT RELATE TO, AMONG OTHER THINGS, THE COMPANY'S OBJECTIVES, GOALS, STRATEGIES, INTENTIONS, PLANS, BELIEFS, EXPECTATIONS AND ESTIMATES, AND CAN GENERALLY BE IDENTIFIED BY THE USE OF WORDS SUCH AS "MAY", "WILL", "COULD", "SHOULD", "WOULD", "LIKELY", "EXPECT", "INTEND", "ESTIMATE", "ANTICIPATE", "BELIEVE", "PLAN", "OBJECTIVE" AND "CONTINUE" (OR THE NEGATIVE THEREOF) AND WORDS AND EXPRESSIONS OF SIMILAR IMPORT. SUCH STATEMENTS INVOLVE RISKS, UNCERTAINTIES, AND ASSUMPTIONS, AND UNDUE RELIANCE SHOULD NOT BE PLACED ON SUCH STATEMENTS. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF PERFORMANCE, AND NO REPRESENTATION OR WARRANTY OF ANY KIND IS GIVEN WITH RESPECT TO THE ACCURACY OF SUCH STATEMENTS. CERTAIN MATERIAL FACTORS OR ASSUMPTIONS ARE APPLIED IN MAKING FORWARD-LOOKING STATEMENTS, AND ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM EXPECTATIONS INCLUDE BUT ARE NOT LIMITED TO: GENERAL BUSINESS AND ECONOMIC CONDITIONS (INCLUDING BUT NOT LIMITED TO CURRENCY RATES AND CREDITWORTHINESS OF CUSTOMERS); COMPANY LIQUIDITY AND CAPITAL RESOURCES, INCLUDING THE AVAILABILITY OF ADDITIONAL CAPITAL RESOURCES TO FUND ITS ACTIVITIES; LEVEL OF COMPETITION; CHANGES IN LAWS AND REGULATIONS; LEGAL AND REGULATORY PROCEEDINGS; THE ABILITY TO ADAPT PRODUCTS AND SERVICES TO THE CHANGING MARKET; THE ABILITY TO ATTRACT AND RETAIN KEY EXECUTIVES; AND THE ABILITY TO EXECUTE STRATEGIC PLANS. SUCH FORWARD-LOOKING STATEMENTS HAVE BEEN PREPARED BASED UPON INFORMATION AVAILABLE AT THE TIME MADE. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE, AND THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE PUBLICLY OR TO REVISE ANY OF THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY LAW. ALL PROJECTIONS CONTAINED HEREIN HAVE BEEN PREPARED BY THE MANAGEMENT OF THE COMPANY AND HAVE NOT BEEN REVIEWED OR COMPILED BY INDEPENDENT PUBLIC ACCOUNTANTS OR FINANCIAL ADVISORS.
MARKET DATA INCLUDED HEREIN WAS OBTAINED FROM VARIOUS CONSULTANTS' REPORTS, TRADE PUBLICATIONS, INDUSTRY SOURCES AND COMPANY ESTIMATES. SUCH SOURCES AND ESTIMATES ARE INHERENTLY IMPRECISE. ACCORDINGLY, THE ACCURACY AND COMPLETENESS OF SUCH INFORMATION IS NOT GUARANTEED. ALTHOUGH THE COMPANY BELIEVES SUCH INFORMATION TO BE RELIABLE, IT HAS NOT INDEPENDENTLY VERIFIED SUCH MARKET DATA.
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LION E-Mobility AG published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 11:49:18 UTC.