CIBOX: 2023 annual results – 04/24/2024 at 7:45 p.m.

2023 annual results

• An activity in decline in a year of transition to prepare for the change in industrial and commercial dimension

• Results that reflect the level of activity despite the pursuit of strict management discipline

• 2024:
  

  • Start of production at Revin expected in the second half

  • An encouraging start to the year materialized by a first quarter of strong growth

April 24, 2024.

CIBOX, French expert in electric micro-mobility, publishes its annual results for the 2023 financial year.

As announced in the press release of January 24, 2024, activity in 2023 was penalized by inflationary and social tensions which led to supply delays and a delay in numerous customer orders. In this context, CIBOX recorded a turnover of €4.8 million (vs. €12.1 million in 2022).

The company nevertheless remained fully mobilized on the execution of its industrial roadmap, always with its sights set on the entry into production of the Revin site for 2024, opening the way to new commercial prospects.

Losses limited by a cost reduction plan

The decline in activity mechanically weighs on results despite the continuation of strict budgetary discipline.

The gross margin reached €1 million compared to €2.3 million in 2022. It represents 21.5% of turnover, an increase of 2.5 points compared to the previous year due to purchasing conditions and more favorable transport costs.

Other purchases and external charges show a drop of around 24% to reach €1.8 million in 2023. These efforts were accentuated during the second half of the year with a drop in these charges of 31% compared to the first half. 2023.

Personnel costs were also reduced by 27% in 2023, reflecting the savings plan undertaken and the first transfers of activities to the new Revin site.

In total, the operating loss reached €2 million over the entire financial year (compared to a loss of nearly €1.7 million in 2022).

After taking into account the financial result including the depreciation of the treasury and the securities held in the company DMS and the exceptional result, the net accounting loss amounts to €2.7 million.

Financial situation

At the end of December 2023, cash amounted to €1.3 million compared to €3.3 million at the end of 2022, including cash (€0.7 million), the net value of the minority stake held in the listed company DMS (€0.4 million) and self-held Cibox shares (€0.1 million).

The change in operating cash flow is negative €1.0 million for the 2023 financial year (vs. a negative change of €1.4 million in 2022), and mainly comes from the operating loss (€2 million), partially offset by a positive variation in WCR (€1.5 million). Cash consumption over this same period amounted to €2.1 million and comes from operating cash consumption (€1 million), a net repayment of financial debts (€2.8 million), of investments (industrial project, new product ranges) for €0.9 million, consumption reduced by the net proceeds of the capital increase of July 2023 (€1.1 million) and the drawings of the bond lines repayable in actions carried out in 2023 (€1.5 million).

At the end of December 2023, the financial debt stands at €2.9 million and is essentially made up of bonds redeemable in shares (€1.5 million) and other commitments (€1.4 million) for which the share current amount, as of December 31, 2023, to €0.5 million.

In order to secure itself in its next stages of development and its latest industrial investments, the company is continuing its negotiations to restructure its debt and find new financing.

Production at Revin scheduled for the second half of 2024

As announced in the press release of April 17, 2024, CIBOX has postponed its first assemblies on the Revin site to the second half of 2024, due to delivery delays on certain equipment and the postponement of certain customer projects.

In this context, CIBOX has revised its investment plan to focus on certain parts of bicycle production. The manufacture of battery packs, frames and associated paint lines is planned from 2025.

In view of these elements, CIBOX has revised its annual production to 15,000 bicycles for 2024.

An encouraging start to the year driven by the gradual resumption of commercial conquest

As announced in the press release of April 17, 2024, the turnover of 1

^er

quarter 2024, reached €1.3M, an encouraging increase of 67% compared to the first quarter 2023. Beyond the favorable basis of comparison compared to a first quarter 2023 in sharp decline, the Company benefited from a good dynamic of its direct digital sales channel while expanding its referencing.

CIBOX intends to continue on this path over the coming months by relying on its partner marketplaces to strengthen its positions in Europe. In its commercial development, the French expert in electric micro-mobility will also be able to rely on a renewed catalog of innovations and the growing strength of the partnership with

Mobility

France in the mass distribution segment.

Another positive factor: the signing of a referencing agreement on new product ranges with first deliveries initiated in the first quarter and which will continue over the coming months.

In view of these elements, CIBOX reaffirms its confidence in its ability to post sustained growth over the entire financial year. This increase in activity should be accompanied by an improvement in results driven by the recovery in the level of activity.

Availability of the 2023 financial report

The annual financial report will be available in the “Investors / Financial Documents” section of the company’s website www.ciboxcorp.com from April 30, 2024.

Find all the information on: www.ciboxcorp.com

About Cibox

Created in 1995, Cibox is a French technology company specializing in consumer electronic products. Over the years, Cibox has acquired extensive experience in the design of technological products that meet the expectations of consumers and distributors.

Today, the offer is mainly structured around a range of electric micro-mobility products (scooters, electrically assisted bicycles, accessories). Our job is to design, manufacture and maintain soft mobility products and services for journeys of 3 to 30 km, whether personal or professional. In order to promote its innovative solutions, Cibox has developed its product brands (Scooty and yeep.me).

In 2023, CIBOX achieved a turnover of €4.8 million.

The CIBOX share is listed on Euronext Growth Paris (ALCBX – FR0000054322). She is eligible for PEA and PEA-PME.

Contacts

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Gross margin = turnover – cost of sales (purchases consumed + inventory variation + customs duties + transport on purchase)

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