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DGAP-Adhoc: Positive business development: GOVECS grows strongly in third quarter of 2018 and updates the guidance and the details of its planned IPO

DGAP-Adhoc: Positive business development: GOVECS grows strongly in third quarter of 2018 and updates the guidance and the details of its planned IPO
29.10.2018 08:58:27

DGAP-Ad-hoc: GOVECS AG / Key word(s): Preliminary Results/IPO
Positive business development: GOVECS grows strongly in third quarter of 2018 and updates the guidance and the details of its planned IPO

29-Oct-2018 / 08:58 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Positive business development: GOVECS grows strongly in third quarter of 2018 and updates the guidance and the details of its planned IPO

Munich, 29 October 2018 - GOVECS AG ("GOVECS", "the Company"), leading manufacturer of electric scooters in Europe, successfully continued its growth strategy in the third quarter of the current financial year with sales figures reaching new all-time highs. According to preliminary figures, from January to September 2018 GOVECS generated sales amounting to approx. 19.2 million euros, equivalent to an increase of over 50 per cent year-on-year. In the third quarter of 2018 alone, sales reached approx. 8.1 million euros, up by more than 70 per cent compared with the previous year. In total, in the first nine months of the current fiscal year GOVECS delivered around 3,100 e-scooters to customers, following some 2,750 units sold in the full year 2017. GOVECS plans to publish the complete 9M 2018 interim statement at the end of November 2018.

Based on this positive business development, the Company assumes that the upper end of the sales forecast mentioned in the securities prospectus, ranging from 24 million euros to 28 million euros, will be achieved in the financial year 2018.

Moreover, GOVECS has updated its medium-term planning based on the current business developments and events and now assumes that, based on earnings before interest and taxes (EBIT), its break-even point will already be reached at the lower end of the previously communicated period of 24 to 30 months. Essentially, the reason for this is the planned market rollout of the new FLEXY-E-Scooter in the second quarter of 2019 as well as the resulting economies of scale and the higher contribution margin of this model compared to the existing product portfolio. The basis for this e-scooter model was acquired from the Spanish motorcycle manufacturer Rieju S.A. ("Rieju") in October 2018. Furthermore, in September 2018 GOVECS signed a letter of intent with a London-based sharing provider for the delivery of 6,000 electric scooters for the London sharing market, including 3,000 for the year 2019. The French sharing provider Cityscoot - an existing GOVECS customer - also plans to extend its e-scooter fleet in Paris in the course of 2019 from currently around 3,000 to 5,000 GOVECS scooters.

In addition, the Company has adjusted its planned investment volume and reduced it by around 10 million euros. The reason for this is that Rieju contractually committed itself to providing GOVECS AG with production capacities for up to 12,000 e-scooters per annum. This has enabled GOVECS to reduce its planned investments in extending its own production capacities in Poland. Against this background, GOVECS together with its existing shareholders, as well as Bankhaus Lampe and COMMERZBANK as Joint Global Coordinators, decided today to reduce the volume of the planned capital increase as part of the IPO accordingly. The offering is now to comprise a total of up to 6,382,500 no-par-value bearer shares. Of these, up to 5,250,000 shares (previously 6,250,000 shares) are accounted for by a capital increase and up to 300,000 shares from the portfolio of the main shareholder, Dquadrat Equity Partner. In addition, up to 832,500 shares (previously 982,500 shares) derived from the main shareholder can be placed under a greenshoe option. The price range remains at 10.00 euros to 12.00 euros per share. If the greenshoe option is fully exercised, this will result in a gross issue volume of around 64 million euros to around 77 million euros.

Potential investors have the opportunity to place their subscription orders until 8 November 2018. The issue is addressed both to institutional as well as to private investors. Tentatively as of 1 November, 08:00h (CET), subscription offers can be placed also via the subscription functionality "DirectPlace" made available by Deutsche Börse AG.

The corresponding supplement to the securities prospectus will be published on the Company's website after approval by the German Federal Financial Supervisory Authority (BaFin) and will be made available for download at https://www.govecsgroup.com/en/ipo/.

Information and Explanation of the Issuer to this News:

'Business development in the current financial year and the current order position are outstanding, even exceeding our expectations at the time we announced our IPO plans. We are highly confident to achieve the sales target at the upper end of the communicated range. The market for e-scooters continues to grow rapidly and keeps offering us new opportunities on an ongoing basis. This also gives us a highly optimistic outlook for 2019,' emphasises Thomas Grübel, CEO and co-founder of GOVECS.

The first day of trading of GOVECS shares on the Regulated Market of the Frankfurt Stock Exchange with simultaneous admission to the sub-segment of the Regulated Market subject to additional post-admission obligations (Prime Standard) is scheduled for 13 November 2018. The German securities identification number (WKN) is A2NB12; the International Securities Identification Number (ISIN) is DE000A2NB122, and the stock exchange ticker symbol is GES.


The GOVECS Group is the leading manufacturer of electric scooters in Europe and is developing future-oriented solutions for urban mobility. The Company's success is based on high-quality 'Made in Europe' products for international vehicle sharing platforms and on custom-made designs for the rapidly growing merchandise delivery segment. GOVECS is selling electric scooters and accessories to the high-growth private customer segment via its own HappyScooter e-commerce platform. The GOVECS product range currently includes the e-scooters of the Schwalbe, GO! S, ELMOTO and GO! T brands.


Contacts for media enquiries:

GOVECS AG, Daniele Cesca, dcesca@govecs.com, +49 89 411 09 77 15

Kirchhoff Consult AG, Nicole Schüttforth, nicole.schuettforth@kirchhoff.de, +49 40 60 91 86 64



The information contained herein is not for distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any State of the United States of America or the District of Columbia) and must not be distributed to U.S. persons (as defined in Regulation S of the U.S. Securities Act of 1933, as amended ('Securities Act')) or publications with a general circulation in the United States of America. This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe to securities in the United States of America. Securities of GOVECS AG (the 'Company') have not been and will not be registered under the Securities Act and may not be offered or sold in the United States of America absent registration or an exemption from registration under the Securities Act. The Company does not intend to register any portion of the offering in the United States of America or to conduct a public offering of the securities in the United States of America.

This release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company. No offer of the securities of the Company is being, or will be made to the public outside the Federal Republic of Germany ('Germany') and the Grand Duchy of Luxembourg ('Luxembourg'). The offer in Germany and Luxembourg is being made solely by means of, and on the basis of, the published securities prospectus (including any supplements thereto, if any) which is approved by the German Federal Financial Supervisory Authority (BaFin). The securities prospectus is available free of charge at Company's office, as well as, for viewing in electronic form, on the Company's website (www.govecsgroup.com). An investment decision regarding the publicly offered securities of the Company should only be made on the basis of the securities prospectus.

In member states of the European Economic Area ('EEA') other than Federal Republic of Germany ('Germany') and the Grand Duchy of Luxembourg ('Luxembourg'), this information is only addressed to and directed at persons who are 'qualified investors' within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC and any amendments thereto including Directive 2010/73/EU to the extent implemented in the relevant EEA member state) and any relevant implementing measure in the relevant member state of the EEA ('Qualified Investors'). In the United Kingdom, this information is directed at and/or for distribution only to (i) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the 'Order'), or (ii) high net worth companies falling within article 49(2)(a) to (d) of the Order (each such person hereinafter a 'relevant person'). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this information or any of its contents.

Statements contained herein may constitute 'forward-looking statements.' Forward-looking statements are generally identifiable by the use of the words 'may', 'will', 'should', 'plan', 'expect', 'anticipate', 'estimate', 'believe', 'intend', 'project', 'goal' or 'target' or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Group's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward looking statements. You should not place undue reliance on forward-looking statements and the Group does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.

29-Oct-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: GOVECS AG
Grillparzerstraße 18
81675 Munich
Phone: +49 (0)89 411 09 77 - 0
E-mail: info@govecs.com
Internet: www.govecs.de
ISIN: DE000A2NB122
Listed: Regulated Market in Frankfurt (Prime Standard)

Notierung vorgesehen / Designated to be listed
End of Announcement DGAP News Service

738579  29-Oct-2018 CET/CEST


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