Ebusco reports Full Year results 2024

2024 year of transition characterized by significant changes and events

2024 has been a year of transition for Ebusco, characterized by a significant change in the production strategy (from an OEM back to the OED model with production outsourced to contract manufacturers), considerable changes in the management team, the start of a comprehensive turnaround plan and an organizational restructuring. Furthermore, the company had to deal with some major setbacks such as the production halt and the cancellation of bus orders. In addition, significant management time had to be spent on addressing Ebusco’s financial condition, in particular its cash constraints, which forced the company to seek support from its shareholders through the November 2024 rights issue. All of this has had an adverse impact on the financial results for the year 2024.

The production halt and the cancellation of bus contracts in the second half of 2024 have had a significant impact. During the financial year ended 31 December 2024, the Group recognized a revenue reversal of €16 million, initially recorded in the financial year ended 31 December 2023, following the cancellation of certain bus contracts. Furthermore, Ebusco recorded €18 million of revenues in H1-2024 which were reversed following the same contract cancellations. As a result, the turnover for FY 2024 arrived at only €10.7 million, well below the turnover as reported in Ebusco’s interim financial statements per 30 June 2024 (of €38 million). This reversal of revenues, in combination with costs assumed for the turnaround plan and the restructuring (FTE reduction) plan in 2024, has had a corresponding impact on Ebusco's financial result over FY 2024. 

Financial review FY 2024

• 2024 revenue arrived at €10.7 million, predominately due to the production halt and cancellations in the second half of 2024, which led to a reversal of turnover

• EBITDA loss of €132.6 million, reflecting operational challenges

• Net loss for the year of €200.8 million

• Cash & Cash Equivalents of €2.4 million

The very challenging business circumstances that Ebusco has gone through in the last months, and those which Ebusco continues to face, and the transformation the company is going through, including its refinancing and restructuring efforts, have placed significant demands on the time and resources of the company. 

As a result, the drafting of the 2024 financial statements and consequently, the external auditor's audit process, have experienced delays, which prevented completion of the audit within the expected timeframe. Consequently, the financial statements included in both this press release and the annual report as published today, are unaudited.  

Operational review FY 2024

• Order book of 581² buses at year-end, securing production utilization into H1 2026

• 157 buses delivered in 2024

• Strategic shift from an OEM to an OED operating model

• 74 of the canceled buses reassigned to other customers³

Christian Schreyer, CEO of Ebusco 

“2024 has been an extremely challenging year for Ebusco, and 2025 continues to be very challenging. While we have already taken significant steps, we recognize that there is still a long way ahead and the liquidity situation is still a major challenge. It won’t be a surprise that my first months as CEO of Ebusco have been very intensive. I joined Ebusco at a critical moment, in the midst of a massive and urgent turnaround, operationally and financially.

When I started in September, my top priority was to improve liquidity and reduce working capital while thoroughly assessing root causes and validating strategic choices. This effort has resulted in a clear, actionable roadmap—comprising several projects for immediate impact along with strategic pillars to guide long-term progress, including the decision to transition to an OED model. 

An OED model enables us to operate more capital-efficiently and reduce our risk profile. By leveraging our strengths—our top-tier product design and engineering capabilities—while outsourcing processes that have hindered our ability to scale, we can enhance our performance. Combined with other strategic choices, such as simplifying our portfolio to standard bus sizes and focusing on European markets. We are positioning the company to navigate the challenges ahead and ultimately become resilient again.

The past year has presented significant challenges for the entire organization, demanding extraordinary perseverance from all employees. I extend my sincere appreciation for the continued commitment, resilience, and loyalty shown throughout this difficult period. 

I am very pleased to have Michel van Maanen on board to oversee Ebusco’s core process at Ebusco and implement the new operating model, bringing invaluable expertise from his proven track record in similar transformations. I would like to thank Jan Piet Valk for his support and guidance as interim CFO until today, which will be his last day at the company. Jan Piet has played a key role for the company in this turbulent period. As of 30 April, Mark de Haas has joined Ebusco as CFO ad interim. As seasoned CFO he is well equipped to guide Ebusco trough the uncertain financial situation. 

Despite all progress, efforts and envisioned plans, we must acknowledge that even after fully implementing the Turnaround Plan, Ebusco will need a strong partner to be able to scale the business and be sustainably successful.

This also applies to our growing, but still small, Energy storage business. Backed by our strong partner and shareholder Gotion, we see a business case for the Maritime niche market, where we are well positioned as one of the few certified companies. 

We believe both the Bus and Energy businesses deserve focus, and we are currently exploring strategic options to ensure both businesses can thrive under the right governance.

Although the future holds many uncertainties, I believe we are on the right path. Market fundamentals are strong with the electrification trend ongoing. And the market continues to value our product.”

Management update 

Orderbook end of year 2024 and update reassigned buses 

Ebusco ended 2024 with an order book of 581 buses. Throughout the year, Ebusco delivered 157 buses and signed contracts for 48 buses.

The table below shows a summary of the bus orders end of year 2024⁴

Due to Ebusco's financial situation, production nearly came to a standstill in the second half of 2024, resulting in delayed deliveries and the cancellation of 361 buses in 2024 and 55 buses in 2025. The production of the vast majority of these cancelled buses was not yet initiated, limiting direct financial impact, which ultimately allowed for a more realistic production planning.

The cancelled buses that were in an advanced stage of production have been prioritised by Ebusco as these buses can contribute to the working capital in a relatively short period of time. As a result, the company reallocated a total of 74 buses: 21 buses to NIAG, 22 buses for the city of Rouen and 31 buses to EBS.

The first reassigned buses for Rouen and NIAG have been delivered and the delivery to EBS will commence in the next weeks. The company expects to reallocate the remaining 19 cancelled buses that are in a more advanced stage of production to existing customers in the second half of 2025.

Turnaround Plan
In recent months, Ebusco has made significant progress in optimizing its production footprint. The company previously announced a transition to a full OED model, where bus assembly will be exclusively handled by contract manufacturers. To enhance this model, Ebusco has actively worked with both existing and new contract manufacturers to streamline processes and align contractual agreements. As part of the ongoing optimization of Ebusco’s production footprint and in order to maintain full flexibility, Ebusco can also produce casco monoparts at its contract manufacturer for casco assembly, while at the same time maintaining the ability and therewith the option to operate the full casco production inhouse at its own facility.

As part of the Turnaround Plan, Ebusco announced its intention to consolidate its two facilities in the Netherlands into a single facility, as part of the overall cost reduction program and the objective to create a leaner organizational set up. The decision has been made to reallocate the Venray facility to Deurne.

Going concern, refinancing and strategic options

Given Ebusco’s financial situation as discussed above and elsewhere in this press release and the Annual Report, it currently depends on third-party suppliers agreeing to payment schedules and alternative settlement options on overdue accounts. Considering the overdue accounts payable position (as at the date of this press release) significantly exceeds the company’s current liquidity position, there is a possibility that suppliers could file for bankruptcy at any given moment which Ebusco cannot address directly and would trigger an insolvency event. One of the company’s suppliers actually already filed a petition for bankruptcy due to (amongst others) non-payment of overdue invoices. The court case is scheduled for 6 May 2025.

Ebusco is therefore dependent upon a significant short-term liquidity injection in order to be able to continue as a going concern. If Ebusco is not able to (timely) attract the required liquidity injection it could directly face insolvency.

On 24 February 2025 Ebusco announced that it had obtained commitments for a debt financing of €22 million from Green Innovation International Co. Ltd. (€10 million, of which the Groups still needs to receive €5 million), CVI Investments Inc., an entity managed by Heights Capital Management, Inc. (€10 million) and De Engh B.V. (€2 million). These loans (including interest of €2.2 million) must be fully repaid by Ebusco by 15 August 2025. In addition, Green Innovation International Co. Ltd. and De Engh have agreed an option to convert the full loan amount plus the fee at their election into Ebusco shares.

If Ebusco would be able to attract the short-term liquidity injection referred to above, it aims to further roll-out its Turnaround Plan and improve both its operating and financial performance and to repay these loans. In particular, such short-term liquidity injection will allow Ebusco to complete the production of its buses at its contract manufacturers, which will result in a corresponding conversion of working capital into cash over time.

If the short-term liquidity injection is not timely obtained and/or the Turnaround Plan is not executed adequately or if Ebusco runs into other unforeseen circumstances, the company is dependent upon the conversion of the loans into shares by Green Innovation and De Engh.

On 24 February Ebusco also announced a continuation of specific letters of credit (LC) facilities from its banks until 14 August 2025, subject to the satisfaction of all conditions precedent, by which time these facilities must be fully repaid. Although Ebusco has confirmation of continuation of the current outstanding letters of credit facilities for €9 million until 14 August 2025, Ebusco, however has triggered events of default with its existing agreement with the banks. One of the events of default is the non-payment of Green Innovation of the full loan since only €5 million was transferred instead of the agreed upon €10 million. It is currently unclear if and when Green Innovation will transfer the €5 million to the Group. This payment is material to the Group’s liquidity position, and the absence of this payment currently constitutes a material uncertainty regarding the Group’s ability to continue as a going concern. Due to the non-payment, Ebusco was not able to reopen other letters of credits. The banks have subsequently reserved their right to not allow further utilizations of the facilities which could, when executed, negatively impact Ebusco’s liquidity position and outlook. Ebusco is in discussions with the banks to come to a solution but the discussions have not been finalized yet. The company is exploring options to find an alternative LC or other working capital provider, however, to date has not found such solution.

Within this context, the company has commenced preparations for the legal separation of the bus and energy operations and will explore strategic options for both businesses in the coming period and for the refinancing that is due mid August. For any transaction that will be regarded a significant change in the identity or character of the company, Ebusco will seek approval from its shareholders during a general meeting, in line with the company’s articles of association.

Although Ebusco is putting significant effort in finding a strategic investor and/or obtaining refinancing, the above disclosed uncertainties, both individually and in aggregate, create a material uncertainty regarding Ebusco’s ability to continue as going concern.

Management and Supervisory Board members Gotion

At the time of the rights issue, under an investment agreement, Gotion was granted the right to appoint one representative to the Management Board and one representative to the Supervisory Board, and Ebusco was in turn required to convene an EGM for this to be voted on. This EGM was held on 26 March 2025 and the general meeting resolved to appoint Mr. Duan Wei as member of the Management Board, and Mr. Chen Li as member of the Supervisory Board, both conditional on conversion of €4.01 million of outstanding accounts payable position into share, which would result, once effectuated, in a shareholding of Gotion in the Group of just over 10%.

Financial review FY2024

For the full financial review, we refer to Appendix 5. As explained above the 2024 Financial Statements included in both this press release and the annual accounts are unaudited.

¹ For further details, see the 'Non-IFRS measures' included in the Annual Report 2024 page 105-106.

² Ebusco's Management Board has made an assessment of the likelihood of outstanding options for the Ebusco 2.2 being converted into fixed contracts. As a result, the previously announced figures have been restated, excluding options from the orderbook. With this adjustment, Ebusco aims to provide a more accurate picture of its order book given the situation the company is in currently.

³ 43 buses reassigned in 2024 and 31 in February 2025.

⁴ Ebusco's Management Board has made an assessment of the likelihood of outstanding options for the Ebusco 2.2 being converted into fixed contracts. As a result, the previously announced figures have been restated, excluding options from the orderbook. With this adjustment, Ebusco aims to provide a more accurate picture of its order book given the situation the company is in currently.

⁵ There is no guarantee that these call-off orders will be converted into fixed orders as customers may not be successful in winning tenders or for other reasons. However, if the customer orders an electric bus, it is contractually obliged to ask Ebusco to deliver it first.

Webcast details

WEBCAST OF FULL-YEAR 2024 RESULTS

Date and time: 30 April 2025 at 10:00 am CET

Link: investors.ebusco.com/webcast

Financial calendar for the remainder of the year

www.ebusco.com

Lisa van Tartwijk

Communication & PR Specialist

Tel: +31 88 110 02 23

pr@ebusco.com

For press images: www.ebusco.com/press/

About Ebusco

Ebusco is a developer, manufacturer, and distributor of zero-emission buses, as well as a provider of ancillary products and services for the electric vehicle ecosystem. As an innovative frontrunner in the rapidly expanding market of electric buses and ecosystems, Ebusco has developed highly efficient electric buses, excelling in operational performance, cost-efficiency, and service quality. Dedicated to advancing environmental sustainability, Ebusco’s mission is to contribute to a better environment by enabling safe, sustainable, emission-free and affordable transportation ecosystems.

Ebusco buses currently operate in multiple countries throughout Europe, and are deployed in major cities such as Amsterdam, Berlin, and Barcelona. Ebusco was founded in 2012 and had a workforce of 522 full-time employees as at 31 December 2024.

Since 22 October 2021 Ebusco is listed on Euronext Amsterdam (EBUS).

For more information: www.ebusco.com

Notes to the press release

The financials are presented in thousands of euros and all values are rounded to the nearest thousand unless otherwise stated. Change percentages and totals are calculated before rounding. As a consequence, rounded amounts may not add up to the rounded total in all cases.

This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Alternative Performance Measures

The financial information in this press release includes non-IFRS financial measures and ratios (e.g.EBITDA, Net Debt / (Cash) and one-off items) that are not recognized as measures of financial performance or liquidity under IFRS. For further details, see the ‘Non-IFRS measures’ included in the Annual Report page 105-106.

APPENDIX 1 - CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

In thousands of euro, unless stated otherwise

*The Group’s 2023 earnings per share have been restated for which it further refers to Note 10 in the Annual Report.

APPENDIX 2 - CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In thousands of euro, unless stated otherwise

APPENDIX 3 - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In thousands of euro, unless stated otherwise

APPENDIX 4 - CONSOLIDATED STATEMENT OF CASH FLOWS

In thousands of euro, unless stated otherwise

APPENDIX 5 – FINANCIAL REVIEW

Introduction
2024 was marked by significant strategic realignments and operational challenges which resulted in disappointing financial results. Revenue decreased from €102.4 million in 2023 to €10.7 million which is mainly due to the cancellation of certain bus contracts, for which the Company was required to reverse previously recognized revenues, and production halts as a result of liquidity constraints.

The operating loss increased from €103.8 million in 2023 to €196.4 million in 2024. The increase compared to prior year is mostly the result of write-offs of inventory also driven by the referred to contract cancellations and fixed asset impairments following the Company’s change from an OEM to OED model. This had a total impact of approximately €80 million.

Results of Operation
The following table summarizes the Group's financial performance for the years ended 31 December 2024 and 2023.

* For further information and calculation of the non-IFRS measures, reference is made to page 105-105 of the 2024 Annual Report.

Comparison of the years ended 31 December 2023 and 2024

Revenue

Full-year 2024 revenue arrived at €10.7 million. As communicated, the Company received several bus order cancellations mostly in the second half of 2024 as a result of the Group’s failure to deliver the contract buses in the required timeframe. Due to applied revenue recognition accounting policy for these cancelled contracts, it was required to reverse the previously (in both 2023 and the first half of 2024) recorded revenue in 2024. Although the Group was able to reassign these cancelled orders, this does not further contribute to the 2024 revenue and subsequent financial result.

In addition, the Company’s production had nearly come to a standstill in the second half of 2024 which resulted in minimal bus deliveries and subsequent revenues.

Gross Profit

Gross profit decreased by €27.8 million to €34.6 million negative in 2024 from €6.8 million negative in 2023. The gross profit is significantly impacted by the increase in the Company’s inventory obsolescence reserve of €26.2 million during 2024. The Company considered the impact of the bus contract cancellations and the results of its inventory sales when determining the reserve per 31 December 2024.

Ebusco’s cost of materials includes costs of materials (including parts and other components), cost of contracted work (relating to third-party production partners) and other external costs, including transportation costs, import duties, and spare parts. Furthermore, the Group’s inventory allowance and warranty provisions are also included in the gross profit.

For further information and calculation of gross profit, reference is made to the non-IFRS measures on page 105-106 of the annual report.

Employee benefit expenses

Employee benefit expenses increased by €4 million from €38.5 million in 2023 to €42.5 million in 2024. This increase is mainly due to the increase in the average number of full-time employees. The average number of full-time employees (excluding temporary employees) increased by 3% from 502 FTEs in 2023 to 517 FTEs in 2024. In addition, the Group’s total remuneration of its key management increased by €1.4 million.

Amortization of depreciation

Amortization increased from €2.3 million for 2023 to €45.7 million in 2024. The increase mainly relates to the goodwill (related to the Pondus acquisition in 2021) impairment of €39.3 million as a result of the Company’s annual impairment test. In addition, an impairment was recorded for the implementation of a new ERP system. The Company decided, also driven by its liquidity constraints, to continue with its current ERP system. 

Depreciation increased from €5.8 million in 2023 to €18 million in 2024. Both the depreciation of property, plant and equipment and right-of-use assets were significantly impacted by the Turnaround Plan as the Company decided to shift from an OEM to an OED model and to merge the two Dutch Ebusco locations (Venray and Deurne) into one, being Deurne. The latter resulted in a partial impairment of the right-of-use asset for the lease of the facility in Venray for €1 million. Furthermore, the strategic OEM to OED shift involves Ebusco focusing on designing and engineering its buses while outsourcing the assembly process to contract manufacturers. This however, also results in the Group no longer requiring part of its (specialized) manufacturing equipment and machinery. The assessment results in an impairment of €8.4 million.

Other operating expenses

The following table summarizes the Group's other operating expenses for the periods indicated.

(In thousands of euro)

Other operating expenses increased by €5.1 million from €50.4 million in 2023 to €55.5 million in 2024. The increase is mostly driven by the settlement expenses related to the earlier referred to contract cancellations. The general expenses mostly contain audit, advisory and, insurance fees. The increase is mostly due to the Company incurring additional advisory expenses as part of the set-up of its Turnaround Plan. The increase is offset by the decrease in temporary employees, which is also mostly the result of the Company’s shift in its business model.

Operating results (EBIT)

Considering the elements driving the negative gross profit, the significant impairments and contract cancellation expenses, the operating result amounts to a loss of €196.4 million for 2024 (2023: loss of €103.9 million).

For further information and calculation of the EBIT, reference is made to the non-IFRS measures on page 105-106 of the 2024 Annual Report.

Earnings per Share

The Company restated its earnings per share for 2023 following both the 5 to 1 share consolidation (conducted in October 2024) and successfully completed rights issue in November 2024. The earnings per share per 31 December 2024 amounts to a negative €10.79 from a negative €24.39 which is mostly due to the increase in the weighted average number of shares to 18,602,405 from the (restated) 11,843,492.

Liquidity and capital resources

Overview

The Group's primary use of liquidity is for the day-to-day operation of its business relating to the production and assembly of buses, capital expenditures and other investments is further detailed below and on the next pages.

Cash flows

The following table presents a summary of the Group's cash flows for the periods indicated, which have been extracted from the Financial Statements.

Comparison of the years ended 31 December 2023 and 2024

Cash flows from operating activities

Net cash outflow from operating activities for 2024 was €43.2 million, compared to a net cash outflow of €103.8 million for 2023. The decrease is most significantly driven by the Company purchasing less inventory considering its inventory built up during previous years. Furthermore, the Group received additional customer prepayments during 2024 which caused the contract liabilities to increase compared to 2023.

Cash flows from investing activities

Net cash outflow from investing activities for 2024 was €16.9 million compared to €20.1 million for 2023. The decrease was mainly due to less investments in intangible fixed assets as a result of the discontinuation of the Company’s EPR implementation and a lower capital contribution in its associate Zero Emission Services B.V.

Cash flows from financing activities

Net cash inflow from financing activities for 2024 was €34.6 million (2023: €56.6 million), which is most significantly driven by the proceeds from the successfully completed €36 million rights issue in November 2024 .

Free cash flow

Free cash flow amounts to €61.6 million negative compared to €123.5 million negative in 2023. The difference is mainly caused by the decrease from operating activities by €60 million.

For further information and calculation of the free cash flow, reference is made to the non-IFRS measures on pages 105-106 of the Annual Report.

Net working capital

The Group calculates net working capital as inventories, including contract assets, plus trade receivables minus trade payables and contract liabilities.

As of 31 December 2024, the net working capital amounted to €61.3 million (31 December 2023: €144.0 million). The decrease in net working capital of €82.6 million is mainly caused by the development in inventories/contract assets and contract liabilities. As a result of the earlier referred to contract cancellations the Company reclassified the respective contract assets (related to these cancelled contracts) to its inventory (work-in-progress), although the impact is partially offset by the impact of the addition to the inventory allowance reserve of €26.2 million. In addition, the Company’s contract liabilities increased from €18.9 million to €44.4 million as a result of customer prepayments, mostly relating to the Company’s energy storage business. Finally, the accounts receivable position decreased from €19.3 million to €5.5 million.

For further information and calculation of net working capital, reference is made to the non-IFRS measures on pages 105-106 of the Annual Report.

Capital expenditure

Investments in property, plant and equipment in 2024 amounted to €14.5 million, mainly related to the Groups’ office in Deurne and production facilities in Venray and Rouen (France).

Net (cash)/debt

The Group’s net debt position, excluding lease liabilities, per 31 December 2024 was €20.8 million, an increase of €14.2 million compared to a net debt position of €6.6 million per 31 December 2023. The increase in the net debt position is mainly due to the decrease in cash and cash equivalents for an amount of €25.5 million, partly offset by decrease in loans and borrowings.

The following table presents the Group's net (cash)/ debt (including and excluding lease liabilities) as per 31 December 2024 and 2023.

For further information and calculation of the net (cash)/debt, reference is made to the non-IFRS measures on pages 105-106 of the Annual Report.

Equity

Total equity decreased by €150.8 million to €27.5 million as at 31 December 2024 (2023: €178.3 million), mainly due to the net loss for the year of €200.8 million partly offset by the share capital increase of €54.1 million following the November 2024 rights issue and (share) repayments of the convertible bonds as issued in December 2023.

Capital Employed

Capital employed decreased by €145.0 million from €194.1 million as at 31 December 2023 to €49 million as at 31 December 2024, mainly due to a decrease of the Company’s total assets following the earlier mentioned impairments of fixed assets and addition to the inventory obsolescence reserve.

For further information and calculation of capital employed, reference is made to the non-IFRS measures on pages 105-106 of the Annual Report.

Dividend policy and proposed distribution

Pursuant to article 31 of the articles of association of the Company, the Management Board, with the approval of the Supervisory Board, may decide that profits realized during a financial year are fully or partially appropriated to increase and/or from reserves (article 31.1). The profits remaining shall be put at the disposal of the General Meeting. The Management Board, with the approval of the Supervisory Board, shall make a proposal for that purpose. A proposal to pay a dividend shall be dealt with as a separate agenda item at the General Meeting of Shareholders (article 31.2).

The Company does not intend to declare or pay dividends for the financial year ending 31 December 2024 or in the medium term.

The net loss attributable to equity holders of the Group for 2024 of €200.7 million (2023: net loss of €119.2 million) will be deducted from retained earnings.

Disclaimer

Some statements in this press release may be considered ’forward-looking statements’. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management's beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law. This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. The consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity, consolidated statement of financial position and consolidated statement of cash flows, as included in this press release, are based on the annual accounts prepared for the year ended 31 December 2024, which will be or has been published today, 30 April 2025 (the 2024 Financial Statements).

As stated in this press release, the drafting of the 2024 Financial Statements and simultaneously the external auditor's audit process have experienced delays, which prevented completion of the audit within the expected timeframe. Consequently, the 2024 Financial Statements included in both this press release and the annual accounts, are unaudited.

The annual accounts will be submitted to shareholders for approval at the General Meeting of Shareholders in June 2025. For the understanding required to make a sound judgement as to the financial position and results of Ebusco, this press release should be read in conjunction with the annual accounts from which this press release has been derived.