M.b.t. de nabije toekomst van Ebusco.Nog enkele passages uit hun claimemissie prospectus van 8 november jongstleden om scherp op te blijven en de feiten onder ogen te blijven zien:
As a result, as at the date of this Prospectus, the Group faces a working capital shortfall of approximately €60 million without the Offering or €25.5 million after a successful Offering. To address the working capital shortfall, the Group has initiated an action plan, as detailed below. If the Group successfully resolves its cash resources shortfall in Q1 2025, the working capital position is expected to improve and turn positive during the course of Q2 2025. Following Q1 2025, the Group expects that the Group’s ordinary course of business will provide it with sufficient working capital. This expectation is based on the Group’s liquidity forecast for the period of Q2 2025 through Q4 2025, and largely due to the impact from the implementation of the Turnaround Plan, including the cost cutting measures, rationalization of the production footprint and improvement of the value chain. Because of the Group expects working capital to turn positive in Q2 2025, it does not foresee to need additional equity financing in the period of Q2 through Q4 2025, if it survives the cash resources shortfall in Q1 2025. To remedy this working capital shortfall, the Group has initiated the following measures besides the Offering: the expedited sale of cancelled buses (as at the date of the Prospectus, the Group’s order book totaled 1,342 buses, built-up as follows: 445 fixed, 123 call off, and 774 options - the Group is highly confident that it will be able to successfully implement this measure in Q1 2025);
improving the overdue accounts payable position (the Group is confident that it will be able to successfully implement this measure and reduce cash outflow in the period up to Q1 2025); and inventory sell-down (the success of this measure depends on market demand, the ability to find buyers, and the prices at which the inventory can be sold; the Group is confident that it can successfully raise €5.0 million (the book value of the inventory to be sold is approximately €15 million) with this measure before the end of Q1 2025).
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The Group is in financial distress and faces a working capital shortfall of approximately €60 million without the Offering or €25.5 million after a successful Offering. If the Group does not turn around its business and rectify its working capital shortfall, it will become insolvent. If the Group successfully resolves its cash resources shortfall in Q1 2025, the working capital position is expected to improve and turn positive during the course of Q2 2025. In order to remedy this working capital shortfall, the Group has initiated the following key measures besides the Offering: expedite the sale of buses from cancelled orders, improve the overdue accounts payable position and sell down inventory. If the Group fails to implement one or more of these measures, it will likely face insolvency at some point in the future
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Due to late delivery of buses to customers, the Group may be exposed to significant contractual penalties and direct damages claims. As at the date of this Prospectus, contractual penalties for deliveries which are already late and deliveries which are expected to be late for the 12-month period from the date of this Prospectus, on the basis of the terms of the underlying customer contracts, together with estimated potential direct damages claims are currently calculated to be, in aggregate, approximately €15.7 million. To partly address the Group’s cash shortfall, the Group plans to negotiate settlements and payment schedules to alleviate part of the €10 million in penalties by the end of Q1 2025. Failure to successfully negotiate
these liabilities could significantly reduce the Group's profits from its order book, adversely affecting its business, financial condition, and operational results. Additionally, future late deliveries could lead to further penalties and claims, exacerbating the financial impact.
• Due to late delivery of buses to customers, a significant number of customers may choose to cancel their orders. Late delivery of buses has already led to the termination of contracts with five customers. Order cancellations may adversely impact the Group's financials by necessitating the search for new buyers, re-customization of buses, increased inventory, reduced cash flow, and reputational damage. Further cancellations could trigger a 'snowball' effect with other customers cancelling their orders in response to the other cancellations. Any such cancellations may also be accompanied by direct damages claims.
• Due to the Group's current financial situation, the Group depends on third-party suppliers agreeing to payment schedules and alternative settlement options on overdue accounts. As at the date of this Prospectus, the Group’s overdue accounts payable position is approximately €37 million. If suppliers refuse to agree on settlement terms, the Group's Turnaround Plan could fail due to insufficient cash resources, potentially leading to a full shutdown of production and a significant negative impact on revenue and operations. Continued significant accounts payable could result in suppliers withholding essential supplies or taking legal action, further straining cash resources and risking enforcement actions that could harm or halt operations. Under Dutch law, multiple creditors with overdue accounts could initiate bankruptcy proceedings against the Group, necessitating insolvency filing if the Group cannot settle these accounts. Although some suppliers have issued legal notices for payment, these are currently manageable within the Group's cash flow