Arrival (NASDAQ: ARVL), on a mission to make air clean by replacing
all vehicles with affordable electric solutions produced by local
Microfactories, today reported financial results for the third
quarter ended September 30, 2021 and provided an updated 2022
outlook.
“Arrival is unique. We are transforming the
industry through our new method at a time the world needs it most.
We invest in enabling platforms - Vehicle Creation, Device Plug and
Play, Microfactory, Supply Chain, Service, Mobility, Sales,
Customer Care and Fintech - and enabling technologies - components,
materials, robotics and Microfactories - allowing us to own the
end-to-end ecosystem,” said Denis Sverdlov, founder and CEO of
Arrival.
“We do things that have never been done before
and we expect our powerful technologies will change the
fundamentals of the automotive industry. In the third quarter, we
are excited to see these technologies come together as we install
our first two Microfactories in the US and UK and get ready for
launch. We are excited by our progress and expect to be rapidly
scaling Microfactories in the coming years as we build capacity to
meet the growing demand for our vehicles.
“To remind everyone we are currently developing
5 platforms - Van, Large Van, Bus, Bus for Emerging Markets and Car
- but to achieve our mission to replace all vehicles with electric
our ambition is to create 10s of vehicle platforms and produce them
in 100s of Microfactories,” concluded Mr. Sverdlov.
Third Quarter 2021 Financial
Results
- Loss for the period of €26 million,
compared to a loss for the period of €22 million in the third
quarter of 2020
- Adjusted EBITDA loss of €40
million, compared to a loss of €18 million in the third quarter of
2020
- Administrative expenses of €38
million and non-capitalised R&D expenses of €9 million,
compared to administrative expenses of €20 million and
non-capitalised R&D expenses of €1 million in the third quarter
of 2020
- Capital expenditure of €81 million,
compared to €21 million in the third quarter of 2020
- Cash and cash equivalents of €381
million as of September 30th, 2021
- Approximately 2,400 employees at
the end of the third quarter of 2021 versus approximately 1,200
employees at the end of the third quarter of 2020
Reconfirmed Milestones For Bus, Van and
first two Microfactories
Arrival’s priorities for 2022 remain the Bus and
Van programs and first two Microfactories with key milestones
unchanged from those provided in the Company’s second quarter 2021
earnings call.
Bus key milestones |
ExpectedTiming |
Van key milestones |
ExpectedTiming |
1. Trial Bus production |
Q4 2021 |
1. Public road trials |
Q1 2022 |
2. Proving ground trials |
Q4 2021 |
2. Final prototype Van build |
Q1 2022 |
3. Rock Hill equipment installation |
Q4 2021 |
3. Bicester equipment installation |
Q1 2022 |
4. Certification and public road trials |
Q1 2022 |
4. Full product certification |
Q2 2022 |
5. Rock Hill Buses SOP |
Q2 2022 |
5. Bicester Vans SOP |
Q3 2022 |
Arrival is moving Start of Production (SOP) for
Large Van to 2023 in order to prioritise additional Van variants
and allow the Company to maximise re-use of components.
Other Microfactories
developments
- Rock Hill installation has
commenced and is expected to be substantially complete by the end
of 2021 with Bicester expected to be substantially complete by the
end of Q1 2022
- Bicester technology cells are being
installed to build Vans for product validation this year
- Over 1,400 composite panels
manufactured using production equipment in Bicester
- Over 1,850 high voltage battery
modules assembled
- In-house developed Autonomous
Mobile Robots (AMRs) are now capable of coordinating their movement
over a wireless link. This allows multiple AMRs to operate as a
single unit to move large or heavy loads
Non-binding Orders and LOIs increase to
ca 64k1 vehicles
Arrival continues to see strong demand for its
vehicles as the industry shifts to electric vehicles. Arrival’s
non-binding orders and LOIs increased to ca 64k1 vehicles:
- Hosted Van demonstrations in
multiple countries including US, UK, Germany, France, Netherlands
and Austria
- Provided UPS with vehicles for
deliveries at the Dubai Expo where UPS is the event’s official
logistics partner
Other Business Developments
- Announced the Arrival Service
Network Program using the Company’s in-house digital service
platform, which trains and certifies technicians to service
Arrival’s vehicles. Four partners have been announced in the US -
Amerit Fleet Solutions, Bridgestone Retail Operations, NAPA Auto
Parts and Valvoline; and four have been announced in the EU - ARC
Europe Group, Kwik Fit, Rivus Fleet Solutions and ZF
- Joined the Climate Pledge to reach
a net zero carbon position by 2040, helping to achieve the goals of
the Paris Agreement 10 years early. And Arrival is now also working
on a plan to reach these goals even sooner
- First prototype of Car expected by
end of 2021, a key milestone in Arrival’s collaboration with
Uber
Updated Microfactory and Other Cost
Estimates
Arrival’s first two Microfactories in Rock Hill
(US) and Bicester (UK) are expected to start production in Q2 and
Q3 2022, respectively. Arrival’s third Microfactory in Charlotte is
expected to start production in Q4 2022, and the Company has moved
start of construction of its fourth Microfactory to 2023.
Total Capex at Arrival’s Microfactories consists
of both production and non-production (site readiness and
logistics) Capex:
- Total Capex at Rock Hill is
expected to be approximately $50 million
- Bicester is Arrival’s lab
Microfactory where the Company has prioritised meeting Van start of
production. As a result, Arrival expects total Capex at Bicester to
be approximately $75 million
- From the learnings gained at
Bicester Arrival expects total Capex at Charlotte to be lower than
Bicester, with continued reductions in Capex per Microfactory as
the Company scales beyond these initial Microfactories
Other Company Costs
- In order to de-risk start of
production and enable Arrival to scale, the Company is incurring
additional costs, including: 1) a decision to assemble battery
modules and bring logistics in-house, which is adding Capex and
Opex; 2) pre-payments to LG Energy Systems to secure battery cell
line capacity for the next several years; and 3) higher Selling,
General and Administrative expenses as Arrival scales sales,
finance and legal
- In addition, Arrival is
experiencing industry-wide increases in the expected cost of of raw
materials including aluminum and petrochemicals
- Arrival also expect higher working
capital in its first factories to ensure the Company has the
necessary components and parts to start production of its
vehicles
Updates 2022 and Long-term
Outlook
Arrival previously provided long-term forecasts
in connection with its merger with the CIIG special purpose
acquisition company. Since then Arrival has invested more to
further develop its platforms, and to secure components and
batteries for production. As a result Arrival has revised its
Microfactory rollout, and now expects significantly lower vehicle
volumes and revenue in 2022. Future growth is dependent on the
number of Microfactories the Company can deploy, which is a
function of its access to capital. As a result Arrival’s previous
long-term forecasts from the merger should no longer be relied
upon.
Bus and Van production volumes in 2022 are
expected to be modest because 2022 is the first year the Company is
starting production and it is now expecting a more conservative
ramp in each of its first three Microfactories. Arrival expects to
start each Microfactory on one shift and does not expect them to
reach full capacity until early 2023. Furthermore due to capital
constraints Arrival has moved its fourth Microfactory to 2023.
Revenue is expected to start to be recognized in the second half of
2022 and will be weighted towards the fourth quarter. These
expectations are dependent upon the successful completion of
certification of Arrival’s vehicles.
Arrival continues to expect Van Microfactories
to produce 10,000 vehicles per year when they reach full capacity
on two shifts and the Company's future volume mix to be even more
weighted toward Van as it continues to see strong interest in this
platform.
From a cost perspective Arrival currently
expects full year 2022 adjusted EBITDA and Capex to be in a range
generally consistent with the third quarter of 2021 on an
annualized basis. Over the next several years, Arrival expects to
continue to capture additional efficiencies in its Microfactories
and achieve total Capex per Microfactory of approximately $50
million. Arrival also plans to continue to lower the Opex
requirements in its Microfactories and expects long-term production
and assembly Opex to eventually be reduced to approximately $15
million per Microfactory. Initial operating costs for logistics is
currently approximately $10 million per Microfactory, however the
Company expects to optimize its logistics model as it scales the
number of Microfactories to reduce this cost over time.
Despite revisions to its 2022 expectations,
Arrival believes its unique products, technologies and platforms
position the Company for significant growth in the next several
years. Arrival is now months away from delivering its vehicles to
customers.
Webcast InformationArrival will
host a Zoom webinar at 4:30 p.m. Eastern Time today, November 8,
2021, to discuss its Third Quarter 2021 results. The live webcast
will be accessible on the Company’s website
at investors.arrival.com. A webcast replay will be available
approximately two hours after the conclusion of the live event.
Non-IFRS Financial MeasuresThis
press release includes Adjusted EBITDA which Arrival utilizes to
assess the financial performance of its business that is not a
measure recognized under International Financial Reporting
Standards (“IFRS”). This non-IFRS measure should not be considered
an alternative to performance measures determined in accordance
with IFRS and may not be comparable to similar measures presented
by other issuers. For a reconciliation of Adjusted EBITDA to
Operating loss, see the reconciliation table included later in this
press release.
About ArrivalArrival was
founded in 2015 with a mission to make air clean by replacing all
vehicles with affordable electric solutions - produced by local
Microfactories. Six years and over 2,000 people later, we are
driving the transition to EVs globally by creating products that
are zero-emission, more desirable, more sustainable and more
equitable than ever before. Our in-house technologies enable our
radical new method of design and production using rapidly-scalable,
local Microfactories around the world. This method facilitates
cities and governments in achieving their sustainability goals
whilst also supercharging their communities. We are a technology
company, a product company, a supply chain company, an automotive
company, a mobility company, a fintech company and a service
company - all rolled into one with a shared goal of true
sustainability. This vertically integrated business model is how we
can have the radical impact our world needs today. Arrival (NASDAQ:
ARVL) is a joint stock company governed by Luxembourg law.
Forward-looking statements This
press release contains certain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding the products offered by Arrival and the markets in which
it operates and Arrival’s projected future results. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Such statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and are based on management’s belief or interpretation
of information currently available. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this document, including, but not
limited to: (i) the impact of COVID-19 on Arrival’s business; (ii)
the risk of downturns and the possibility of rapid change in the
highly competitive industry in which Arrival operates, (iii) the
risk that Arrival and its current and future collaborators are
unable to successfully develop and commercialize Arrival’s products
or services, or experience significant delays in doing so, (iv) the
risk that Arrival may never achieve or sustain profitability; (v)
the risk that Arrival experiences difficulties in managing its
growth and expanding operations, (vi) the risk that third-parties
suppliers and manufacturers are not able to fully and timely meet
their obligations; (vii) the risk that the utilization of
Microfactories will not provide the expected benefits due to, among
other things, the inability to locate appropriate buildings to use
as Microfactories, Microfactories needing a larger than anticipated
factory footprint, and the inability of Arrival to deploy
Microfactories in the anticipated time frame; (viii) the risk that
the orders that have been placed for vehicles, including the order
from UPS, are cancelled or modified; (ix) the risk of product
liability or regulatory lawsuits or proceedings relating to
Arrival’s products and services; and (x) the risk that Arrival will
need to raise additional capital to execute its business plan,
which may not be available on acceptable terms or at all; and (xi)
the risk that Arrival is unable to secure or protect its
intellectual property.
The foregoing list of factors is not exhaustive.
You should carefully consider the foregoing factors and the other
risks and uncertainties described in the “Risk Factors” section of
Arrival’s annual report on Form 20-F filed with the U.S. Securities
and Exchange Commission (the “SEC”) on April 30, 2021 and other
documents filed by Arrival with the SEC from time to time. In
addition, forecasts about future costs and other financial metrics
and our expectations as to our ability to execute on our current
business plan in the near term and the longer term are based on a
number of assumptions we make, including the following assumptions
that Arrival’s management believed to be material:
- Operational assumptions, including,
the development and commercialization of Arrival’s vehicles, the
roll out of Arrival’s Microfactory manufacturing locations, the
production capacity of Arrival’s Microfactories, the selection of
Arrival’s products by customers in the commercial Van and Bus
industry, growth in the various markets Arrival is targeting,
average selling prices and resulting sales of vehicles.
- The mix of products produced and
sold in combination with corresponding costs, including material
and component costs, assembly costs, manufacturing costs, and costs
related to product warranties. Many of these costs are forecasted
to vary significantly as Arrival commences production in its
Microfactories.
- Our ability to raise capital
necessary to execute on our current business plan and production
timeline, including the roll-out of our Microfactories, as well as
to maintain our ongoing operations, continue research, development
and design efforts and improve infrastructure
- Capital expenditure is based on a
number of assumptions regarding the expenditure required to build
Arrival’s Microfactories, including the cost of initial set up of
factory facilities and the cost of manufacturing and assembly
equipment.
In making the foregoing assumptions, Arrival’s
management relied on a number of factors, including: its experience
in the automotive industry, its experience in the period since the
inception of the company and current pricing estimates for
prototype vehicles and vehicle components as well as the projected
costs for first factory locations that are already in development;
its best estimates of the timing for the development and
commercialization of its vehicles and overall vehicle development
process; its best estimates of current and future customers
purchasing Arrival’s vehicles; and third-party forecasts for
industry growth. Forecasts of future financial metrics are
inherently uncertain, and actual results may differ significantly
from forecasts based on our assumptions underlying those forecasts
at this time.
Readers are cautioned not to put undue reliance
on forward-looking statements, and except as required by applicable
law, Arrival assumes no obligation and does not intend to update or
revise these forward- looking statements, whether as a result of
new information, future events, or otherwise. Arrival does not give
any assurance that Arrival will achieve its expectations.
Media Contacts For Arrival
Media pr@arrival.com Investors
ir@arrival.com
Unaudited consolidated statement of
profit or loss and other comprehensive (loss)/income
In thousands of euro |
|
Nine months ended |
Three months ended |
|
|
September 30,2021 |
|
|
September 30,2020* |
|
|
September 30,2021 |
|
|
September 30,2020* |
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
(111,627 |
) |
|
(43,248 |
) |
|
(37,826 |
) |
|
(19,843 |
) |
Research and development
expenses |
|
(21,737 |
) |
|
(8,277 |
) |
|
(8,591 |
) |
|
(1,368 |
) |
Impairment expense |
|
(1,918 |
) |
|
(650 |
) |
|
- |
|
|
- |
|
Other operating income |
|
1,887 |
|
|
1,366 |
|
|
277 |
|
|
607 |
|
Listing expense** |
|
(1,018,024 |
) |
|
- |
|
|
- |
|
|
- |
|
Other expenses |
|
(5 |
) |
|
(208 |
) |
|
180 |
|
|
(2 |
) |
Operating
(loss) |
|
(1,151,424 |
) |
|
(51,017 |
) |
|
(45,960 |
) |
|
(20,606 |
) |
|
|
|
|
|
|
Finance income |
|
119,573 |
|
|
1,797 |
|
|
27,953 |
|
|
2 |
|
Finance cost |
|
(11,527 |
) |
|
(3,567 |
) |
|
(7,561 |
) |
|
(1,224 |
) |
Net Finance
income/(cost) |
|
108,046 |
|
|
(1,770 |
) |
|
20,392 |
|
|
(1,222 |
) |
|
|
|
|
|
|
(Loss) before
tax |
|
(1,043,378 |
) |
|
(52,787 |
) |
|
(25,568 |
) |
|
(21,828 |
) |
Tax income/(expense) |
|
(7,118 |
) |
|
3,337 |
|
|
(823 |
) |
|
(497 |
) |
(Loss) for the
period |
|
(1,050,496 |
) |
|
(49,450 |
) |
|
(26,391 |
) |
|
(22,325 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
Owners of the
Company |
|
(1,050,496 |
) |
|
(49,450 |
) |
|
(26,391 |
) |
|
(22,325 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited consolidated statement of other
comprehensive (loss)/income
In thousands of euro |
Nine months ended |
Three months ended |
|
September 30,2021 |
|
|
September 30,2020* |
|
|
September 30,2021 |
|
|
September 30,2020* |
|
|
|
|
|
|
(Loss) for the
period |
(1,050,496 |
) |
|
(49,450 |
) |
|
(26,391 |
) |
|
(22,325 |
) |
|
|
|
|
|
|
|
|
|
|
Items that may be
reclassified subsequently to profit or (loss) |
|
|
|
|
Exchange differences on
translating foreign operations |
12,061 |
|
|
(11,617 |
) |
|
(2,356 |
) |
|
(790 |
) |
Total comprehensive
profit/(loss) |
12,061 |
|
|
(11,617 |
) |
|
(2,356 |
) |
|
(790 |
) |
|
|
|
|
|
Total comprehensive
(loss) for the period |
(1,038,435 |
) |
|
(61,067 |
) |
|
(28,747 |
) |
|
(23,115 |
) |
|
|
|
|
|
Attributable
to: |
|
|
|
|
Owners of the Company |
(1,038,435 |
) |
|
(61,067 |
) |
|
(28,747 |
) |
|
(23,115 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
*Comparative figures are of Arrival Luxembourg
S.à r.l. in accordance with IFRS 2 for reverse merger.**As a result
of the conclusion of the merger with CIIG, Arrival issued shares
and warrants to CIIG shareholders, comprised of the fair value of
the Company’s shares that were issued to CIIG shareholders of
€1,347 million as well as the fair value of the Company’s warrants
of €189 million. In exchange, the Company received the identifiable
net assets held by CIIG, which had a fair value upon closing of
€534 million. The excess of the fair value of the equity
instruments issued over the fair value of the identified net assets
received, represents a non-cash expense in accordance with IFRS 2.
This one-time expense as a result of the transaction, in the amount
of €1,002 million, is recognised as a share listing expense
presented as part of the operating results within the Consolidated
Statement of Profit or Loss. Listing expense also includes €16
million of other related transaction expenses.
Unaudited consolidated statement of
financial position
In thousands of euro |
|
September 30,2021 |
|
|
December 31,2020* |
|
ASSETS |
|
|
|
Non-Current Assets |
|
|
|
Property, plant and
equipment |
|
190,289 |
|
|
112,719 |
|
Intangible assets and
goodwill |
|
319,055 |
|
|
171,726 |
|
Deferred tax asset |
|
1,381 |
|
|
1,134 |
|
Trade and other
receivables |
|
57,010 |
|
|
10,786 |
|
Total Non-Current
Assets |
|
567,735 |
|
|
296,365 |
|
|
|
|
|
Current Assets |
|
|
|
Inventory |
|
18,375 |
|
|
11,820 |
|
Loans to executives |
|
- |
|
|
4,244 |
|
Trade and other
receivables |
|
25,594 |
|
|
51,424 |
|
Prepayments |
|
46,363 |
|
|
18,956 |
|
Cash and cash equivalents |
|
380,699 |
|
|
67,080 |
|
Total Current
Assets |
|
471,031 |
|
|
153,524 |
|
|
|
|
|
TOTAL
ASSETS |
|
1,038,766 |
|
|
449,889 |
|
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
Capital and reserves |
|
|
|
Share capital |
|
62,043 |
|
|
239,103 |
|
Share premium |
|
4,896,892 |
|
|
288,539 |
|
Other reserves |
|
(2,825,443 |
) |
|
51,425 |
|
Accumulated deficit |
|
(1,309,252 |
) |
|
(258,756 |
) |
Total
Equity |
|
824,240 |
|
|
320,311 |
|
|
|
|
|
Non-Current Liabilities |
|
|
|
Loans and borrowings |
|
143,047 |
|
|
87,907 |
|
Warrants |
|
12,988 |
|
|
- |
|
Deferred tax liability |
|
6,976 |
|
|
2,750 |
|
Total Non-Current
Liabilities |
|
163,011 |
|
|
90,657 |
|
|
|
|
|
Current Liabilities |
|
|
|
Current tax liabilities |
|
982 |
|
|
501 |
|
Loans and borrowings |
|
5,958 |
|
|
4,255 |
|
Trade and other payables |
|
44,575 |
|
|
34,165 |
|
Total Current
Liabilities |
|
51,515 |
|
|
38,921 |
|
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
|
1,038,766 |
|
|
449,889 |
|
|
|
|
|
*Comparative figures are of Arrival Luxembourg S.à r.l
Unaudited consolidated statement of cash
flows
In thousands of euro |
|
September 30,2021 |
|
|
September 30,2020* |
|
Cash flows used in
operating activities |
|
|
|
(Loss) for the period |
|
(1,050,496 |
) |
|
(49,450 |
) |
Adjustments
for: |
|
|
|
Depreciation/Amortization |
|
13,968 |
|
|
6,415 |
|
Impairment losses and
write-offs |
|
2,043 |
|
|
650 |
|
Net unrealised foreign
exchange differences |
|
(4,083 |
) |
|
(846 |
) |
Net finance interest |
|
(3,680 |
) |
|
3,317 |
|
Employee share scheme |
|
3,023 |
|
|
- |
|
Change in fair value of
warrants including intrinsic value of warrants redeemed |
|
(105,838 |
) |
|
- |
|
Fair value of listing
expense |
|
1,002,609 |
|
|
- |
|
Fair value movement on
employee loans including fair value charge for the new employee
loans issued as of September 30, 2021 |
|
5,050 |
|
|
- |
|
Reversal of difference between
fair value and nominal value of loans that have been repaid |
|
(1,485 |
) |
|
- |
|
Loss on disposal of fixed
assets |
|
252 |
|
|
- |
|
Profit from the cancellation
of leases |
|
(1,146 |
) |
|
- |
|
Tax income/(expense) |
|
7,118 |
|
|
(3,199 |
) |
Cash flows used in
operations before working capital changes |
|
(132,665 |
) |
|
(43,113 |
) |
(Increase) in trade and other
receivables |
|
(45,860 |
) |
|
(4,616 |
) |
Increase in trade and other
payables |
|
29,294 |
|
|
6,178 |
|
(Increase) of inventory |
|
(4,867 |
) |
|
(3,711 |
) |
Cash flows used in
operations |
|
(154,098 |
) |
|
(45,262 |
) |
Income tax and other taxes
received |
|
6,466 |
|
|
4,555 |
|
Interest received |
|
69 |
|
|
3 |
|
Net cash used in
operating activities |
|
(147,563 |
) |
|
(40,704 |
) |
Cash flows from
investing activities |
|
|
|
Acquisition of intangible
assets |
|
(125,111 |
) |
|
(51,394 |
) |
Acquisition of property, plant
and equipment |
|
(28,981 |
) |
|
(7,832 |
) |
Grants received |
|
275 |
|
|
775 |
|
Prepayments for tangible and
intangible assets |
|
(33,928 |
) |
|
(1,571 |
) |
Cash received on acquisition
of entities, net of consideration paid |
|
- |
|
|
117 |
|
Proceeds from the sale of
fixed assets |
|
- |
|
|
6 |
|
Net cash used in
investing activities |
|
(187,745 |
) |
|
(59,899 |
) |
Cash flows from
financing activities |
|
|
|
Cash received from merger with
CIIG |
|
534,413 |
|
|
- |
|
Issuance of share to warrant
holders |
|
118,577 |
|
|
- |
|
Cash paid for redemption of
public warrants |
|
(6 |
) |
|
- |
|
Issuance of Preferred A
shares |
|
- |
|
|
10,000 |
|
Proceeds from borrowings |
|
- |
|
|
2,406 |
|
Repayment of interest |
|
(185 |
) |
|
(51 |
) |
Repayment of lease
liabilities |
|
(8,791 |
) |
|
(6,262 |
) |
Net cash from
financing activities |
|
644,008 |
|
|
6,093 |
|
Net
increase/(decrease) in cash and cash equivalents |
|
308,700 |
|
|
(94,510 |
) |
Cash and cash equivalents at
January 1 |
|
67,080 |
|
|
96,644 |
|
Effects of movements in
exchange rates on cash held |
|
4,919 |
|
|
(980 |
) |
Cash and cash
equivalents as at the end of the period |
|
380,699 |
|
|
1,154 |
|
*Comparative figures are of Arrival Luxembourg S.à r.l.
Reconciliation of Net Loss to Non-IFRS
measures
In thousands of euro |
Nine months ended |
Three months ended |
|
September 30, 2021 |
|
|
September 30, 2020* |
|
|
September 30, 2021 |
|
|
September 30, 2020* |
|
|
|
|
|
|
(Loss) for the
period |
(1,050,496 |
) |
|
(49,450 |
) |
|
(26,391 |
) |
|
(22,325 |
) |
Interest (income)/expense,
net |
(3,680 |
) |
|
3,317 |
|
|
(1,306 |
) |
|
1,159 |
|
Tax (income)/expense |
7,118 |
|
|
(3,337 |
) |
|
823 |
|
|
497 |
|
Depreciation and
amortisation |
13,968 |
|
|
6,415 |
|
|
4,869 |
|
|
2,511 |
|
EBITDA |
(1,033,090 |
) |
|
(43,055 |
) |
|
(22,005 |
) |
|
(18,158 |
) |
|
|
|
|
|
Impairment losses and
write-offs |
2,043 |
|
|
650 |
|
|
125 |
|
|
- |
|
Share option expense |
3,023 |
|
|
- |
|
|
1,723 |
|
|
- |
|
Listing expense |
1,018,024 |
|
|
- |
|
|
- |
|
|
- |
|
Fair value of warrants
including intrinsic value of warrants redeemed |
(105,838 |
) |
|
- |
|
|
(17,198 |
) |
|
- |
|
Fair value movement on
employee loans including fair value charge for the new employee
loans provided as of September 30, 2021 |
5,050 |
|
|
- |
|
|
5,050 |
|
|
- |
|
Reversal of difference between
fair value and nominal value of loans that got repaid |
(1,485 |
) |
|
- |
|
|
(31 |
) |
|
- |
|
Foreign exchange |
(2,571 |
) |
|
(1,738 |
) |
|
(7,221 |
) |
|
24 |
|
Transaction bonuses*** |
13,392 |
|
|
- |
|
|
- |
|
|
- |
|
Adjusted
EBITDA |
(101,452 |
) |
|
(44,143 |
) |
|
(39,557 |
) |
|
(18,134 |
) |
*Comparative figures are of Arrival Luxembourg
S.à r.l.***Following the successful merger with CIIG certain
executive officers of the Group received a one time bonus. This is
included in administrative expenses in the Income Statement
Notes:
During the period, the shareholders of Arrival
Luxembourg S.à r.l. contributed their shares in the company for
shares of Arrival. As a result of this transaction, Arrival has
become the parent company of the Arrival group of companies.
For the purpose of the above financial
statements, comparative financial statements for year ended
December 31 2020 and quarter ended September 30, 2020 consist of
consolidated financial statements of Arrival Luxembourg S.à r.l.
pre-merger
1 Company estimates as of November 2021: Total includes 10k
order and 10k option from UPS. All orders and LOIs are non-binding
and subject to cancellation and/or modification at any time
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/ace71e67-008f-4849-aed0-ea16a51d8fe4
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0ab318d-fabb-4cb1-93b8-8de122d3a845
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