DGAP-News: Voltabox AG
/ Key word(s): Change in Forecast
Voltabox Will Not Reach Growth Targets for 2020 due to COVID-19 Pandemic; Revises Forecast for the Current Fiscal Year
- Blocked supply chains and short-term decline in customer orders lead to production stop - application for government-subsidized short-time work (Kurzarbeit) submitted
- Revenue and earnings targets for 2020 no longer achievable - currently no stable forecast possible
- Publication of Annual Report and Annual General Meeting postponed
Delbrück, March 27, 2020 - Voltabox [ISIN DE000A2E4LE9] will not be able to reach its corporate objectives for the 2020 fiscal year due to the COVID-19 pandemic. Increasing order cancellations and a noticeable decline in customer orders, as well as the obstruction of supply chains for important electronic and housing components as a consequence of the current restrictions, have resulted in a significant deterioration in the short-term business prospects for Voltabox.
It is currently not possible to supply international end customers with battery systems, especially for public transport in Central and Southern European countries, due to the local emergency restrictions. The company has therefore applied for government-subsidized short-time work in production, and proportionately also in development and administration, and will make extensive structural adjustments to stabilize its operations.
The Management Board is of the opinion that it is not possible to make up for the revenue losses already identified and expected in the further course of the year - even if the overall economic situation quickly returns to normal - and that Voltabox therefore cannot achieve the projected results for the 2020 fiscal year. Due to the situation, which is changing daily, and the considerable uncertainty about the duration and consequences of the pandemic, the Management Board is currently unable to make a reliable revenue and earnings forecast for the current year and has thus reduced its forecast for 2020.
"Up until the beginning of February, our business prospects were still intact and the projected orders from customers over the entire year were scheduled according to plan. However, the consequences of the spread of the COVID-19 pandemic have hit us directly. Communication with our customers has shown us that we will no longer be able to compensate for the reduced orders during the current year. Nevertheless, in principle nothing has changed with regard to our medium and long-term prospects and latest sales successes," says Jürgen Pampel, CEO of Voltabox AG.
In the first quarter of 2020, the key conditions for Voltabox AG for the current year have thus changed. These include the consequences of the COVID-19 pandemic and the announcement by the majority shareholder of Voltabox to sell its shares. Both changes could have a significant impact on the preparation of the annual report. The Management Board has decided to reflect these effects appropriately in the reporting for fiscal year 2019. Because of this, the publication of the consolidated financial statements scheduled for April 2, 2020, will be postponed.
As a result of the currently effective regulations of the state government of North Rhine-Westphalia with regard to gatherings, Voltabox will not be able to hold its regular Annual General Meeting as scheduled on May 14, 2020. The company will postpone the event to a later date in compliance with the legal deadline if possible. The new date will be announced in due course.
Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a system provider for e-mobility in industrial applications as well as in select mass markets. Its core business lies in intrinsically safe, highly developed high-performance lithium-ion battery systems that are modular and in serial production. The battery systems are used for applications including commercial vehicles, such as buses for public transportation, forklifts, automated guided vehicles and mining vehicles. The company also develops and produces high-quality lithium-ion battery systems for select mass-market applications such as pedelecs and e-bikes as well as starter batteries for high-performance motorcycles.
Voltabox has production sites at its headquarters in Delbrück, Germany, in Austin, Texas, USA, and in Kunshan, China, as well as a development site in Markgröningen, Germany.
Additional information about Voltabox can be found at www.voltabox.ag/en.
|Phone:||+49 (0)5250 9930 964|
|Fax:||+49 (0)5250 9930 901|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1009707|
|End of News||DGAP News Service|