Preliminary, unaudited HGB Half-Year Figures of LION Smart GmbH
LION E-Mobility AG announces that revenues and other operating income of its subsidiary LION Smart GmbH have changed from TEUR 690 to TEUR 620 in the first half of 2018 compared to previous years figures. A major reason for this is that some projects – also in connection with the internal development of the “LIGHT Battery Concept” – had been postponed. Overall, total operating performance increased significantly in the previous year to TEUR 1,077. This is due to development expenses for the LIGHT Battery, which were capitalized as an intangible asset. Management expects that sales revenues will increase significantly in the second half of the year due to the start of new projects.
The operating result of LION Smart GmbH continues to be characterized by high investments in specialist personnel such as engineers and computer scientists as well as in technical equipment and machines. In addition, there were high one-off and special expenses for patent applications as well as legal and consulting services for the further development of the LIGHT Battery. As a result, the operating result (EBITDA) was TEUR -382.
LION Smart GmbH is still on schedule to present the LIGHT Battery at the end of the third quarter. As already communicated, this innovative product enjoys great interest from the industry. The prototype – developed for a BMW i3s – is in the process of completion.
In the first half of 2018, existing customer relationships and potential partnerships were strengthened. Sustained investments in process management and intensification of quality management will continue to pay off. Additionally, the implementation of strict cost management will lead to significant improvments in overheads and administration costs.
In the coming year, LION Smart GmbH will report and publish its figures in accordance with IFRS.