The share price of the German battery systems manufacturer Voltabox plummeted after auditors found a total of nine errors in the consolidated financial statements for 2017. Among other things, the loss margin was apparently understated by more than 14 million euros.
At the time, Voltabox reported a consolidated loss of only 238,000 euros, whereas the German Financial Reporting Enforcement Panel (FREP) found an actual loss of 14.4 million euros. In addition, the auditors uncovered transparency deficiencies in the financial statements. In response to this, the price of Voltabox fell by 24 per cent and that of parent company Paragon by 17 per cent.
According to the FAZ, both share prices have already suffered greatly since 2017. At Paragon, the spin-off from Voltabox also had a negative impact. Both companies are holding their regular annual general meetings at the end of next week, in light of the internal errors, these will no doubt be uncomfortable events.
Voltabox has also had some good news that they will no doubt spice their annual company meeting with a little something positive. In addition to their core business with battery modules and systems for forklifts, driverless transport vehicles and trolleybuses, Voltabox is also increasingly focusing on the automotive sector. According to the company, promising pilot projects “will in part be transferred to series production in the course of the current fiscal year”. This kicks off with a battery for a fully electric van and further applications such as minibuses and city vehicles should follow.
Voltabox is one of the largest battery system manufacturers in Germany. Only at the beginning of March did the company present preliminary sales figures for the past year in order to underpin its growth course. Strategically, 2018 was dominated by the acquisition of U.S. engineering service provider Concurrent Design and Accurate Smart Battery Solutions, based in Germany, as well as the restructuring of sales in the logistics market segment.