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LION E-Mobility AG: LION Smart GmbH announces HGB figures (unaudited) as of June 30, 2021 - Seite 2

Garching near Munich 5th August 2021 LION Smart GmbH, a wholly owned subsidiary of LION E-Mobility AG, today published its preliminary unaudited financial results for the six months ended 30 June 2021 (half-year report). The business of the innovative supplier of lithium-ion battery systems and integrated battery solutions showed a strong year on year growth in sales with a broadening of the customer base and the successful completion of the of the development project with a Tier 1 supplier and the further development of the LIGHT Battery. In addition further investment was made towards the possible acquisition of battery production from BMW as announced previously - although this causes a negative contribution in 1H we feel confident these investments and costs will take us to a new level going forward.

Results of operations of LION Smart GmbH as of 30 June 2021

In the first half of 2021, revenue of € 9.072 million (gross) was generated, with the second quarter accounting for total revenue of € 6.463 million (gross).

The higher cost of materials and the material usage ratio are mainly due to follow-up costs resulting from rework for the Tier 1 development project.

For this reason, the gross profit is also significantly lower than in the same period of the previous year. Personnel expenses increased significantly compared to the previous year - effects of the increase in personnel in all key areas. As of 30 June 2021, the company employs a total of 34 permanent and freelance employees as well as 10 working students.

The higher depreciation (+ € 77 thousand) compared to the previous year results from the high investments in tangible assets in the past financial year and those of the current year.

Other operating expenses are lower than in the previous year and include high expenses for legal advice and other consulting in connection with the acquisition object in the production area. Without these one-time expenses, the EBIT would have been significantly better.

The special effects and non-recurring expenses of €405 thousand largely relate to costs for the relocation (€0.027 million), rework modules Tier 1 development project (€0.158 million), costs for due diligence in connection with technology and production licenses (€0.113 million), and external expenses for certifications in accordance with TISAX and IATF 16949 (€0.02 million).