LION E-Mobility AG reports on the annual financial statements for fiscal year 2018 and the outlook for fiscal year 2019
The financial statement of LION E-Mobility AG, containing balance sheet, P&L and annex, was issued by the independent auditor, BDO AG – Switzerland, with an unqualified audit opinion. The Annual General Meeting adopted and approved the Company's financial statements at yesterday's General Meeting.
Taking into account non-cash depreciation (EUR 858 thousand) on the minority interests Inboard Inc.and ParkHere GmbHas well as the sale of the stake in eliso GmbH, a total loss of EUR 1,900 thousand was generated in the financial year. "With this accounting sheet policy decision on risk provisioning for the investments of LION E-Mobility AG, all potential risks have been taken into account in the 2018 financial statements from a conservative accounting perspective," explained CFO Thomas Hetmann. The intrinsic value of the mentioned investments, however, is estimed higher. This is also confirmed and comforted by the company valuation in the last rounds of financing of the companies. In consideration of extraordinary and one-time effects, the net loss amounted to EUR 777 thousand compared to EUR 673 thousand in 2017.
LION North America Inc., the most important investment of the AG outside Germany, recorded a loss of EUR 192 thousand in fiscal year 2018. This is mainly due to the expenses for the establishment and development on the North American market. Two promising contracts were secured in 2019 - the company is implementing its business development plan in order to gain further potential customers for additional projects.
LION Smart GmbHmade a very successful start to fiscal year 2019, following a fiscal year 2018 characterized by the further development of the LIGHT Battery (LB) and the LIGHT Infrared System (LIS). Both revenue and total operating performance significantly exceeded the comparative figures in the first quarter of 2019. The main goal of the company is to shift its business model from a pure engineering service provider to a product manufacturer in partnership with experienced players. LION Smart GmbH is expected to generate higher revenues and an increased total operating performance compared to the previous year.
The30% subsidiary,TÜV SÜD Battery Testing GmbH, was able to continue its growth strategy in the past fiscal year. New records were set for revenue, EBITDA and net income. "For 2019, we expect a further increase in the key figures revenue, EBITDA and net income despite the already very good figures of the previous year. After adjusting all potential risks in LION E-Mobility AG's balance sheet, we are very confident about the second half of 2019 and expect to achieve our ambitious goals," stated CEO Tobias Mayer.
The new elected board of directors of LION E-Mobility AG: Alessio Basteri (President), Tobias Mayer, Ian Mukherjee and Thomas Hetmann
Following the link to the audio file of the Investor Conference Call: