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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934
For the month of October 2023
Commission File Number 001-41188
ADS-TEC ENERGY PUBLIC LIMITED COMPANY
(Translation of registrant’s name into English)
10 Earlsfort Terrace
Dublin 2, D02 T380, Ireland
Telephone: +353 1 920 1000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
ADS-TEC ENERGY PLC is filing this Form 6-K solely to furnish its unaudited consolidated financial information for the six months ended June 30, 2023, attached as Exhibit 99.1 hereto.
The information furnished in this Form 6-K, including the information contained in Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Interim Consolidated Financial Information | |
| 101 | The following materials from ADS-TEC ENERGY PLC’s Report on Form 6-K for the six months ended June 30, 2023, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statement of Comprehensive Income and (ii) Consolidated Statement of Financial Position. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: October 26, 2023 | ads-tec Energy PLC | |
| By: | /s/ Wolfgang Breme | |
| Name: | Wolfgang Breme | |
| Title: | Chief Financial Officer | |
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Exhibit 99.1
Consolidated statement of comprehensive income
For the six months ended June 30:
kEUR |
2023 | 2022 | ||||||
| Continuing operations | ||||||||
| Revenue | 38,276 | 9,431 | ||||||
| Cost of sales | -38,807 | -14,255 | ||||||
| Gross profit (loss) | -531 | -4,824 | ||||||
| Research and development expenses | -1,659 | -1,030 | ||||||
| Selling and general administrative expenses | -16,284 | -12,706 | ||||||
| Impairment losses on trade receivables and contract assets | -596 | -141 | ||||||
| Other income | 1,913 | 7,080 | ||||||
| Other expenses | -2,835 | -384 | ||||||
| Operating result | -19,992 | -12,005 | ||||||
| Finance income | 136 | 5,023 | ||||||
| Finance expenses | -10,936 | -161 | ||||||
| Net finance result | -10,800 | 4,862 | ||||||
| Result before tax | -30,792 | -7,143 | ||||||
| Income tax benefits (expenses) | 1,999 | -166 | ||||||
| Result for the period | -28,793 | -7,309 | ||||||
| Other comprehensive income | ||||||||
| Items that are or may be reclassified subsequently to profit or loss | ||||||||
| Foreign operations – foreign currency translation differences | 51 | 43 | ||||||
| Other comprehensive income for the period, net of tax | 51 | 43 | ||||||
| Total comprehensive income for the period | -28,742 | -7,266 | ||||||
| Profit (loss) attributable to: | ||||||||
| Shareholders of the parent | -28,793 | -7,309 | ||||||
| Non-controlling interests | ||||||||
| Total comprehensive income attributable to: | ||||||||
| Shareholders of the parent | -28,742 | -7,266 | ||||||
| Non-controlling interests | ||||||||
| Earnings (loss) per share (in EUR) | ||||||||
| Diluted | -0.59 | -0.15 | ||||||
| Basic | -0.59 | -0.15 | ||||||
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
As of June 30, 2023, foreign currency gains are presented as part of other operating income and foreign currency losses as part of other operating expenses. As of June 30, 2022, foreign currency gains had been presented as part of finance income whereas foreign currency losses had been presented as part of finance expense. Therefore, prior year figures have been adjusted accordingly to reflect the adjustment in presentation.
Consolidated statement of financial position
ASSETS |
Jun. 30, | Dec. 31, | ||||||
| kEUR | 2023 | 2022 | ||||||
| Intangible assets | 23,514 | 22,059 | ||||||
| Right-of-use assets | 3,572 | 3,366 | ||||||
| Property, plant, and equipment | 6,161 | 5,390 | ||||||
| Other investments (non-current) | 245 | 3,373 | ||||||
| Trade and other receivables (non-current) | 4 | 4 | ||||||
| Deferred tax assets | ||||||||
| Non-current assets | 33,496 | 34,192 | ||||||
| Inventories | 61,682 | 53,137 | ||||||
| Contract assets | 6 | |||||||
| Trade and other receivables (current) | 26,860 | 17,666 | ||||||
| Cash and cash equivalents | 13,964 | 34,441 | ||||||
| Current assets | 102,506 | 105,250 | ||||||
| Total assets | 136,002 | 139,442 | ||||||
| EQUITY AND LIABILITIES | Jun. 30, | Dec. 31, | ||||||
| kEUR | 2023 | 2022 | ||||||
| Share capital | 4 | 4 | ||||||
| Capital reserves | 217,292 | 216,815 | ||||||
| Other equity | 95 | 45 | ||||||
| Retained earnings | -136,117 | -117,211 | ||||||
| Profit (loss) | -28,793 | -18,906 | ||||||
| Equity attributable to owners of the Company | 52,481 | 80,747 | ||||||
| Non-controlling interests | ||||||||
| Total equity | 52,481 | 80,747 | ||||||
| Lease liabilities (non-current) | 2,849 | 2,635 | ||||||
| Warrant liabilities (non-current) | 14,138 | 2,439 | ||||||
| Trade and other payables (non-current) | 171 | 150 | ||||||
| Contract liabilities (non-current) | 101 | 138 | ||||||
| Other provisions (non-current) | 7,754 | 6,719 | ||||||
| Deferred tax liabilities | 2,227 | 4,241 | ||||||
| Non-current liabilities | 27,240 | 16,322 | ||||||
| Lease liabilities (current) | 856 | 842 | ||||||
| Loans and borrowings (current) | 10,872 | |||||||
| Tax liabilities | 190 | 190 | ||||||
| Trade and other payables (current) | 19,752 | 15,702 | ||||||
| Contract liabilities (current) | 22,686 | 23,583 | ||||||
| Other provisions (current) | 1,925 | 2,056 | ||||||
| Current liabilities | 56,281 | 42,373 | ||||||
| Total liabilities | 83,521 | 58,695 | ||||||
| Total equity and liabilities | 136,002 | 139,442 |
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
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