08:33 Charging station manufacturer EVBox has to save millions for bad charging stations

Once one of the Netherlands’ biggest promises in the charging station industry, the EVBox gets deeper and deeper as it gets into trouble. After it was previously announced that the company had made mistakes in the annual report and therefore had to cancel the IPO, The Financial Times He said the company’s charging stations are not fully adequate.

It’s not entirely clear what exactly is wrong with the charging stations, but the company shows it in its re-released annual report on tuning schedules and recalls. EVBox has allocated 14.4 million euros for this entire operation, or one fifth of the net turnover. According to management, the problems can be solved “in the near future”.

In addition, the company has reserved 2.2 million euros for disputes about delivered products with customers and 3.8 million euros for contracts where costs exceed revenues.

Due to these provisions, among other things, the company’s loss in 2020 will amount to 113 million euros. That is three times the loss of 41.5 million euros a year ago.

It was previously announced that EVBox will provide an annual report for 2019 with “material errors”. As a result, the gross margin turned out to be lower than expected and turnover and loss also had to be adjusted.

The company later spoke of an “error or misuse of facts”. EVBox would not say at the time whether this meant that incorrect figures were entered in the accounts on purpose.

Source: NU