PRESS RELEASE: AKASOL AG: Turnover increases 67% to 67.9 million euros for the first nine months of 2021

DGAP-News: AKASOL AG / Keyword (s): Quarterly / Interim statement / 9-month figures AKASOL AG: Turnover increases by 67% to EUR 67.9 million for the first nine months of 2021 2021 -11-08 / 09:30 The sender is solely responsible for the content of this advertisement.

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AKASOL: Revenue increases 67% to 67.9 million euros for the first nine months of 2021

Darmstadt, November 8, 2021 – AKASOL AG (“AKASOL”, the “Company”; ISIN DE000A2JNWZ9), a leading German developer and manufacturer of high performance and high energy lithium-ion battery systems for buses, commercial vehicles and rail vehicles, industrial vehicles, ships and boats, as well as a comprehensive solutions provider, reports on its third quarter business performance and financial results for the first nine months of 2021 in this quarterly statement.

For the AKASOL Group, the months of the second half of 2021 have so far also been characterized by the dynamic development of its activity. As announced in July, AKASOL has succeeded in concluding a framework agreement with a major Belgian manufacturer of buses and commercial vehicles with a total volume in the order of the double-digit average of millions of euros. As part of this cooperation, the Company will supply the second and third generations of high-energy battery systems for a new all-electric city bus for this customer from 2021 to 2026.

At the beginning of October, Goldhofer AG, manufacturer of vehicles for special transport, also presented the aircraft tractor »PHOENIX« E, the first electrified aircraft tractor to be produced in series. It can be used to move wide-body aircraft with a take-off weight of over 350 tonnes. The »PHOENIX« E has already been successfully tested at the airports of Munich and Zurich. With this order AKASOL exploits further attractive potential in the field of supplying major components for production vehicle models in the field of off-road applications.

AKASOL has signed a strategically important framework agreement with KTEG for the supply of the AKASystem OEM PRC high performance battery system. KTEG will equip more than 100 KTEG ZE85 small excavators with battery systems, which will significantly reduce CO emissions[2] site emissions and noise. The framework agreement, which was communicated at the end of October, is valid until 2023 inclusive.

Along with the success in terms of turnover, AKASOL is also pursuing the development and extension of corporate structures for the operational implementation of its foreseeable growth. In August, AKASOL’s Gigafactory 1, Europe’s largest factory for battery systems for commercial vehicles, was officially opened in Darmstadt in the presence of more than 160 guests, including Tarek Al-Wazir, Minister of the Economy from Hesse. This state-of-the-art plant has a production capacity of up to 1 GWh in the first stage of expansion, which will be gradually extended to 2.5 GWh by the end of 2022.

Strong increase in revenue of 67% compared to the first nine months of 2020

In the key figures of the AKASOL Group, the dynamic growth of the activity is reflected in a 67.3% increase in turnover to 67.9 million euros for the first nine months of 2021 (9M 2020: 40 , 6 million euros). Thus, after three quarters, AKASOL has already almost reached the turnover for the whole of fiscal year 2020 (Group turnover for the whole of 2020: 68.3 million euros) . In the third quarter of 2021, AKASOL generated a turnover of 22.1 million euros, thus reproducing the turnover of the previous year (Q3 2020: 22.3 million euros), the third quarter 2020 having clearly benefited from the catch-up effects of sales linked to COVID-19. from the first semester of the year.

AKASOL’s profit before interest and taxes (EBIT) for the current year was negatively impacted by the acquisition by BorgWarner and other non-recurring expenses. For the first nine months of 2021, EBIT amounts to EUR

-17.8 million (9M 2020: -7.8 million EUR) and -5.8 million EUR for the third quarter (Q3 2020: -0.9 million EUR).

Adjusted for expenses related to the acquisition by BorgWarner and non-recurring effects, EBIT for the first nine months of 2021 amounts to -10.3 million euros and to 5.8 million euros for the third quarter 2021.

With cash flow from operating activities amounting to -21.3 million euros and cash flow from investing activities of -18.5 million euros, AKASOL achieved a flow of free cash flow of -39.7 million euros in the first nine months of 2021 (9M 2020: EUR

-27.2 million). The negative operating cash flow is characterized in particular by the EBIT encumbered by charges related to the acquisition by BorgWarner and by non-recurring effects, as well as by the targeted constitution of stocks with a view to achieving its foreseeable continued growth. . Cash flows from investing activities are influenced by investments in corporate structures, such as the construction of production facilities at Gigafactory 1.

AKASOL Group’s cash and cash equivalents recognized at September 30, 2021 amounted to € 4.8 million (December 31, 2020: € 13.2 million).

A summary table of the selected key figures can be found at the end of this quarterly statement.

Change of personnel within the Management Board of AKASOL AG

As communicated at the end of September, Jörg Reinhardt was appointed member of the Management Board and Chief Financial Officer (CFO) as of October 1, 2021. He succeeds Carsten Bovenschen, who resigned from the Management Board of AKASOL AG at his own request. September 30, 2021. For more information, please refer to the press release of September 30, 2021, available in German and English on the AKASOL website in the “Investor Relations” section under “Press”.

Amount of cash compensation for the squeeze-out of the merger determined at € 119.16

At the beginning of August, the AKASOL AG Management Board received a request from the main shareholder to carry out a squeeze-out under the merger law. For more information, please refer to the ad hoc announcement of AKASOL AG dated August 3, 2021. As published in the ad hoc announcement of October 29, 2021, the cash compensation for the squeeze-out of the merger has was set at 119.16 euros. AKASOL’s Extraordinary General Meeting, which is due to adopt a resolution on the transfer of shares held by minority AKASOL shareholders to ABBA BidCo against payment of this compensation in cash, is expected to take place on December 17, 2021. financial figures

                                            9M 2021       9M 2020 
                                      EUR thousands EUR thousands 
 
Revenue                                      67,866        40,555 
Cost of materials                            55,477        31,654 
Adjusted cost of materials ratio^(1)          76.9%         75.4% 
Personnel expenses                           20,182        13,376 
Personnel expense ratio^(2)                   29.7%         33.0% 
Operating result (EBIT)                     -17,847        -7,805 
EBIT margin^(3)                              -26.3%        -19.2% 
Total comprehensive income                  -18,737        -8,110 
 
Cash flow from operating activities         -21,279       -12,001 
Cash flow from investing activities         -18,454       -15,181 
Cash flow from financing activities          31,427         9,623 
 
                                         09/30/2021    12/31/2020 
                                      EUR thousands EUR thousands 
 
Non-current assets                          114,523        99,842 
Current assets                               66,697        64,340 
Total Assets                                181,220       164,182 
 
Equity                                       64,047        82,783 
Non-current liabilities                      40,118        44,480 
Current liabilities                          77,055        36,919 
Total Liabilities                           181,220       164,182 
 
 

^ (1) Cost of materials adjusted for variations in inventory in relation to sales

^ (2) Staff costs in relation to turnover

^ (3) EBIT as% of turnover

cometis AG Georg Griessmann T.: +49 611 – 20 58 55 61 E-mail: [email protected]

AKASOL AG Morvyn Lipinski T.: +49 (0) 6151 800 500 – 440 E-mail: [email protected]

About AKASOL

AKASOL is a leading German developer and manufacturer of high-energy, high-performance lithium-ion battery systems for use in buses, commercial vehicles, rail vehicles and industrial vehicles, as well as ships and the boats. With 30 years of experience, AKASOL is a pioneer in the development and manufacture of lithium-ion battery systems for commercial applications. AKASOL AG shares have been traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 29, 2018.

DISCLAIMER

Statements contained in this document could be considered to constitute what are called “forward-looking statements”. Forward-looking statements are identifiable by the use of words such as “may”, “will”, “should”, “plans”, “expects”, “anticipates”, “believes”, “believes”, “l ‘intention’, “” contemplates “,” aims “or negative form of these terms, or corresponding modifications and comparable terms.

Based on current expectations, forward-looking statements involve a number of known and unknown risks, uncertainties and other factors as a result of which the actual results, degrees of capacity utilization, developments and successes achieved by the Group or by the subsidiary of the industry in which it operates, could turn out to be materially different from the results contained or implied herein. Confidence placed in forward-looking statements should not be excessively high. The Group will not update or revise the forward-looking statements published in this document in the light of new information, future events or for any other reason.

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November 08, 2021 03:30 ET (08:30 GMT)


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