fox e-mobility AG publishes consolidated financial report for the first half of 2021

The interim report covers the period from January 1, 2021 to June 30, 2021 for the two group companies Fox Automotive Switzerland AG and fox e-mobility AG.

fox e-mobility AG did not have revenues yet during the above-mentioned period. The first revenues from licenses and vehicle sales are expected from 2023. Expenses were incurred in the first half of the year mainly with the establishment of business operations and vehicle development. The consolidated half-year result was therefore a loss of around € 7.5 million.

The equity of the fox e-mobility group amounted to € 96.4 million as of June 30, 2021. The total balance sheet amounts to € 105.2 million. Liabilities of € 6.0 million are mainly due to shareholders and trade payables. Deferred tax liabilities of € 2.8 million result from the additions to equity.

The full half-year financial statements for H1 2021 are available on the company’s website in the "Investors" section (https://fox-em.com/financial-reports/).

fox e-mobility AG considers itself well positioned for the further course of business. For the financial year 2021, a net result of € -16 to € -18 million is expected for the group, which is mainly composed of depreciation and amortization as well as the operating expenses for the development of the MIA.

With a multi-level business model, fox e-mobility combines the core business of revenues from vehicle sales in Europe with licensing income from non-European markets. In addition to the core business, revenues are generated from engineering services and the sale of CO2 credits. Initial steps to finance the development of the MIA have already been taken in the current year 2021. A first tranche of € 3.0 million of the mandatory convertible bond with a total volume of € 25.0 million has already been drawn. In addition, a capital increase for a nominal amount of € 1.0 million was subscribed by management, which secured liquid funds in the amount of € 2.0 million. The focus for the remainder of the year will be on further vehicle development and further financing steps.