fox e-mobility AG publishes annual report for 2020 business year

The financial year covers the period from January 1, 2020 to December 31, 2020 for the two group companies Fox Automotive Switzerland AG and Catinum AG. On December 7th last year, the new group, fox e-mobility AG, was created through the contribution of Fox Automotive Switzerland AG to Catinum AG. In the course of this so-called ‚reverse merger‘, the stock exchange listing of fox e-mobility AG was also implemented on December 22, 2020. The consolidation was carried out for the first time as per December 31, 2020.

In addition to the preliminary key data already published on 15 June, a separate profit and loss account has been prepared. However, fox e-mobility AG did not yet have any revenue in the 2020 financial year. Expenses were incurred mainly in connection with the establishment of business operations and the reverse merger. The consolidated annual result was therefore a loss of around EUR 0.3 million.

The equity of fox e-mobility amounted to EUR 100.4 million as of balance sheet date December 31, 2020. Total assets were at EUR 108.6 million. There are no short-term or long-term financial liabilities to banksor other lenders. All liabilities amounting to EUR 5.0 million are due to shareholders, trade payables and similar. Deferred tax liabilities of EUR 2.9 million are a consequence of the additions to equity. Provisions amounted to EUR 0.3 million.

The full annual financial statements and the annual report for 2020 are available on the company’s website in the “Investors” section (https://fox-em.com/financial-reports/).

Fox e-mobility AG sees itself well positioned for further positive business development. With its 3-pillar business model, fox e-mobility combines revenues from vehicle sales in Europe with license income from non-European markets and revenues from the sale of CO2 credits. The first steps towards financing the development of MIA 2.0 have already been taken in the current year 2021: A first tranche of EUR 3.0 million of the EUR 25.0 million mandatory convertible bond has already been drawn, as well as the capital increase of a nominal EUR 1.0 million, which was subscribed by the management and secured liquid funds of EUR 2.0 million. The focus for the course of the year will be on further vehicle development and the next financing steps.