6-K
Wallbox N.V. (WBX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13A-16 OR15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2022
Commission File Number: 001-40865
Wallbox N.V.
(Translation of registrant’s name into English)
Carrer delFoc, 68
Barcelona, Spain 08038
Tel: +34 930 181 668
(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 ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXPLANATORY NOTE
On March 16, 2022, Wallbox N.V. (the “Company”) released information regarding its results of operations for the fourth quarter and fiscal year ended December 31, 2021. A copy of the Company’s press release and presentation materials are furnished hereto as Exhibits 99.1 and 99.2, respectively.
EXHIBIT INDEX
| ExhibitNo. | Description |
|---|---|
| 99.1 | Wallbox N.V. Press Release, dated March 16, 2022 |
| 99.2 | Wallbox N.V. Presentation, dated March 16, 2022 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Wallbox N.V. | ||
|---|---|---|
| Date: March 16, 2022 | By: | /s/ Enric Asunción Escorsa |
| Enric Asunción Escorsa | ||
| Chief Executive Officer |
EX-99.1
Exhibit 99.1
Wallbox Announces Strong Fourth Quarter and Full Year 2021 Financial Results
BARCELONA, SPAIN - March 16, 2022 - Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced its financial results for the fourth quarter and full year ended December 31, 2021. Highlights included:
Full Year 2021Highlights:
| • | Generated revenues of approximately $86.5 million, an increase of 266% compared to the full year 2020^1^ |
|---|---|
| • | Achieved gross margin of 38.2%^2^ |
| --- | --- |
| • | Sold 129,000 chargers, an increase of 261% compared to the full year 2020 |
| --- | --- |
| • | Delivered its first Supernova public DC charging solutions in Europe, and |
| --- | --- |
| • | Sold devices in nearly 100 countries and hired 464 employees, bringing the total to almost 900 employees as of<br>fiscal year-end. |
| --- | --- |
Fourth Quarter 2021 Highlights:
| • | Generated record revenues of approximately $31.3 million, an increase of 165% compared to the fourth<br>quarter of 2020^1^ |
|---|---|
| • | Achieved gross margins of 36.7%^2^ |
| --- | --- |
| • | Sold approximately 44,000 chargers, an increase of 128% compared to the fourth quarter of 2020<br> |
| --- | --- |
| • | Completed business combination with Kensington Capital Acquisition Corp. II, becoming the first Spanish<br>technology company listed on the NYSE |
| --- | --- |
| • | Began production at a new 121,000 square foot<br>state-of-the-art manufacturing facility in Barcelona, Spain |
| --- | --- |
Executive Commentary
Enric Asuncion, CEO of Wallbox, said, “2021 was a pivotal year for us - we became a public company, launched new award-winning products, formed strategic commercial partnerships and expanded into almost 100 markets, all whilst maintaining our focus on constant innovation. We also exceeded internal expectations with year-over-year revenue growth of 266% and gross margins of 38.2%. These results are a product of the commitment of our employees, the trust of our partners and customers, and the support of our investors. We have a lot to look forward to in 2022.”
| ^1^ | 2021 quarterly and annual income statement figures have been translated at a USD/EUR rate of $1.208, consistent<br>with the Wallbox financial model and projections previously provided in September 2021 |
|---|---|
| ^2^ | Defined as revenues less inventories and raw materials and consumables used, divided by revenues<br> |
| --- | --- |
Recent Updates:
| • | Introduced Quasar 2, the next generation of Wallbox’s<br>bi-directional charger for the home, at CES in January 2022 |
|---|---|
| • | Aired first nationally televised advertisement during Super Bowl LVI |
| --- | --- |
| • | Announced key strategic partnerships with Napa Auto Parts and Polaris, and expanded our program with Uber<br>nationwide, and |
| --- | --- |
| • | Launched ATLAS, the company’s first proprietary embedded CPU |
| --- | --- |
Mr. Asuncion continued, “Our strategy to deliver holistic energy management solutions that bring innovative hardware and software together, is resonating with customers and driving market share gains globally. While geopolitical uncertainty, supply chain disruptions, and input cost inflation persist, we believe we have the operational expertise and infrastructure required to navigate these challenges and are well positioned for continued success. We enter 2022 in a strong competitive position, our portfolio has never been better, and we continue to open up new exciting channels to reach customers wherever they are.”
Financial Outlook - First quarter and full year 2022^3^
The following reflects the company’s expectations for select key financial metrics for the first quarter and full-year 2022.
First quarter 2022
| • | Expects first quarter 2022 revenue to be in the range of €26 and €28 million, representing an<br>approximate quarterly year-over-year growth rate between 170% and 190% |
|---|---|
| • | Expects gross margin of approximately 37% |
| --- | --- |
Full year 2022
| • | Continues to expect full-year 2022 revenue in the range of €175 and €205 million euro,<br>representing an approximate annual year-over-year growth rate of between 145% and 190%. |
|---|
Conference Call Information
Wallbox NV will host a conference call to discuss the results and provide a business update at 8:00 AM Eastern Time today, March 16, 2022. The live audio webcast and presentation, along with supplemental information, will be accessible on Wallbox’s Investor Relations website at https://investors.wallbox.com/overview/default.aspx. A recording of the webcast will also be available following the conference call.
| ^3^ | Forward looking guidance is not translated into USD to avoid exchange rate impact |
|---|
Fourth Quarter 2021 Unaudited Financial Results
Wallbox N.V.
Abbreviated Income Statement - USD^4^
| Consolidated Statement of Profit or Loss Data | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Unaudited, in thousands $) | Year EndedDecember 31, | Quarter endedDecember 31, | |||||||
| 2021 | 2020 | 2021 | |||||||
| Revenue | $ | 86,467 | $ | 23,770 | $ | 31,334 | |||
| Change in inventories and raw materials and consumables used | (53,458 | ) | (12,773 | ) | (19,823 | ) | |||
| Employee benefits | (37,262 | ) | (11,845 | ) | (11,570 | ) | |||
| Other operating expenses | (55,454 | ) | (9,896 | ) | (33,423 | ) | |||
| Amortization and depreciation | (10,248 | ) | (2,874 | ) | (3,572 | ) | |||
| Other income | 792 | 349 | (27 | ) | |||||
| Operating loss | **** | (69,162 | ) | **** | (13,268 | ) | **** | (37,081 | ) |
| R&D Capitalization | (14,467 | ) | (8,670 | ) | (5,655 | ) | |||
| One off expenses | 14,751 | — | 14,751 | ||||||
| Employee Stock Option Plan | 4,392 | 3,124 | 2,593 | ||||||
| Amortization and depreciation | 10,248 | 2,874 | 3,572 | ||||||
| Other income | (792 | ) | (349 | ) | (27 | ) | |||
| Adjusted EBITDA | **** | (55,031 | ) | **** | (16,290 | ) | **** | (21,847 | ) |
Adjusted EBITDA is defined as net income (loss) before depreciation and amortization, provision (benefit) for income taxes and net finance cost adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These non-cash and other items include, but not are limited to; share of loss (profit) from equity method investments, Employee Stock Option Plan fair valuation impact, wages and benefits for employees incurred on development activities capitalized as intangible assets and other one-off expenses related to special operations.
Wallbox N.V.
Cash & Cash Equivalents - USD^4^
| Cash and Cash Equivalents | |||
|---|---|---|---|
| (Unaudited, in thousand ) | |||
| 2020 | |||
| Cash and cash equivalents | 129,009 | $ | 27,409 |
| Financial Investments (1) | 64,559 | 294 | |
| Cash, cash equivalents and Financial Investments at 31 December | 193,569 | 27,702 | |
| Average annual / rate applied | 1.133 | 1.227 | |
| (1) Financial Investments are included in Other current financial assets |
All values are in US Dollars.
Wallbox N.V.
Investments in PP&E and Long-term Borrowings - USD^4^
| Investments and Long-term Borrowings | |||
|---|---|---|---|
| (unaudited, in thousands ) | |||
| 2020 | |||
| Investments in Property, plant and equipment and Intangible Assets | |||
| Property, plant and equipment | 23,731 | $ | 5,351 |
| Intangible assets -excluding R&D (salaries capitalized) | 9,038 | 8,692 | |
| Total Investments in Property, plant and equipment and Intangible Assets | 32,769 | 14,043 | |
| Total Loans and borrowings long term | 19,943 | 11,956 | |
| Average annual / rate applied | 1.133 | 1.227 |
All values are in US Dollars.
| 4. | 2021 balance sheet has been translated at 1.133 USD/EUR and 2020 balance sheet at 1.227, consistent with<br>Wallbox’s forthcoming form 20-F. Financial statements are translated to USD for investor & media convenience only. Wallbox’s functional currency is EUR |
|---|
Wallbox Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s future financial results and management expectations. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “predict,” “potential,” “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; impacts resulting from the conflict between Russia and Ukraine; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption “Risk Factors” in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on November 12, 2021, as such factors may be updated from time to time in its other filings with the SEC, including Wallbox’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, accessible on the SEC’s website at www.sec.govwww.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Non-IFRS Financial Measures
Wallbox reports its financial information required in accordance with IFRS. This release may include certain financial measures not based on IFRS, including Adjusted EBITDA, Adjusted EBITDA Margin and selected financial data on a constant currency basis (the “Non-IFRS Measures”).
Wallbox defines Adjusted EBITDA as net income (loss) before depreciation and amortization, provision (benefit) for income taxes and net finance cost adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These non-cash and other items include, but not are limited to; share of loss (profit)
from equity method investments, Employee Stock Purchase Plan fair valuation impact, wages and benefits for employees incurred on development activities capitalized as intangible assets and other one-off expenses related to special operations. Management uses these Non-IFRS Measures as measurements of operating performance because they assist management in comparing the Company’s operating performance on a consistent basis, as they remove the impact of items not directly resulting from the Company’s core operations; for planning purposes, including the preparation of management’s internal annual operating budget and financial projections; to evaluate the performance and effectiveness of our strategic initiatives; and to evaluate the Company’s capacity to fund capital expenditures and expand its business.
Wallbox may also present selected financial data translated from euro to U.S. dollar at explicitly stated rates which may not comply with IFRS financial measures. Management believes that currency translated information provides useful information to both management and investors by excluding financial implications of foreign currency translations, which management believes are not indicative of Wallbox’s core operations. Management believes providing currency translated information provides valuable supplemental information regarding our results of operations, thereby facilitating comparisons of our business performance to previously provided guidance and is consistent with how management evaluates the Company’s performance.
Wallbox’s calculations of its non-IFRS measures may differ from similarly titled measures used by others and, accordingly, are not meant to be a substitution for recorded amounts presented in conformity with IFRS, nor should such amounts be considered in isolation. Reconciliations of the non-IFRS financial measures to the most closely applicable IFRS measure are presented below.
About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users’ relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in 98 countries around the world. Founded in 2015 and headquartered in Barcelona, the company now employs approximately 900 people in its offices in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.
Wallbox Public Relations Contact:
Elyce Behrsin
Public Relations
Press@wallbox.com
+34 622 513 358
Wallbox Investor Contact:
Matt Tractenberg
VP, Investor Relations
Matt.Tractenberg@wallbox.com
+1 404-574-1504
Source: Wallbox NV
EX-99.2
Exhibit 99.2
MARCH 16, 2022 Wallbox NV NYSE:WBX Fourth Quarter and Full Year 2O21 Earnings
Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this Letter to Shareholders that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding manufacturing quantities and capacity, Wallbox’s financials including future generation of revenue, cost savings and funding of Wallbox’s business plan, future technologies at Wallbox’s new facilities, developing of new products and industry related expectations and assumptions. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “predict,” “potential,” “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption “Risk Factors” in Wallbox’s Registration Statement on Form F-1 filed with the SEC on November 1, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com. 2
Corporate Overview Enric Asuncion, CEO 3
Q4 2O21 Highlights Rapid product innovation cycles + vertical integration + expanding global reach = continued momentum 165% Agile, vertically integrated Q4 YoY Revenue Growth SUPPLY CHAIN 44,OOO 98 Units Deployed Countries with Commercial Activity 1st $250M Supernova DC fast chargers delivered Capital raised to support strategic plan through 2025 4
THE WALLBOX FUTURE Be the provider of all-in-one renewable energy solutions with the charger at the center Peer to Peer Energy Transactions Generate your own energy from renewable energy sources and trade it with others locally Automatic Charging charger starts charging when electricity costs are low or renewable energy becomes available Recommend Habit Changes Based on user data, Wallbox recommends cost- and Utility Consulting energy-saving measures Based on user data and preferences, Wallbox shares energy provider recommendations Energy Trading Energy as Payment Automated trading of energy to Transfer renewable energy the grid based on historical data Energy Storage stored in your vehicle to your Use Vehicle-to-Grid and/or Vehicle-to-Home technology home or to the grid to pay for services 5
2O21 At A Glance: Delivered on full-year revenue and margin targets Strong Financials Solid Execution Well Positioned • $86.5M revenue1 = 266% yoy • Expanded product portfolio • Completed de-SPAC with Kensington growth • Expanded geographic footprint Capital Acquisition Corp II • 38.2% gross margin • Expanded global manufacturing • Raised $250 million • Operating in 98 markets capabilities • Differentiated product supports • Continued strength in established • First Supernova delivered disciplined pricing markets: Italy, Spain, and Norway • Installed base of almost 200k devices • Strategic investments that will • Exceptional strength in new accelerate vision • Differentiated architecture winning • strategic markets: U.S., Germany, customer mindshare Vertical integration supports cost the UK, and the Netherlands control and mitigation against supply chain disruptions Strong Partnerships 6 1. Rate of 1.208 USD/EUR consistent with rate used in September 2021 financial model
Bi-directional charging & Energy management Realizing the future of charging with Quasar PIONEERING TECH One of the first bi-directional chargers in the world for residential use BI-DIRECTIONAL Changes the flow of energy to enable V2G and V2H CUTTING-EDGE TECH Advanced facial recognition and gesture control AFFORDABLE One of the most cost-competitive bi-directional DC chargers on the market1 EASY TO INSTALL Installs in as little as 5 minutes 7 Wallbox market research
2O22 Focus Areas New Product Innovation PUB L I C C H A R G I N G S O L U T I O N S QUASAR 2* Bi-directional charger can power a home for 3+ days, compatible with Unique DC technology CCS Standards Innovative energy management platform transforms the public charging experience ATLAS Proprietary CPU forms basis for addition of more intelligent features across product suite SUPERNOVA* Public DC fast charger delivers up to 60 kW of power, delivering 100km of driving in <15 minutes SIRIUS Innovative energy management platform * Dependent on vehicle (battery) type and energy usage 8
2O22 Focus Areas Operational Excellence BARCELONA FACILITY “D26” We are an international company, Opened in 2021 with sales, manufacturing facilities ARLINGTON, TX FACILITY and offices worldwide. Opens in 2022 184 SALESPEOPLE Operating in 98 counties around the world +1,000,000 UNIT CAPACITY exiting 2022 9
2O22 Focus Areas Profitable Growth POSITIVE EBITDA Strong secular tailwinds provide exiting 2024 attractive base for future growth POSITIVE FREE CASH FLOW exiting 2025 30 € CONTINUED MARGIN UPSIDE 25 € REMAIN COMMITTED S 20 € N to previously communicated O I 15 € revenue targets L L MI 10 € 5 € 0 € Q1-21 Q2-21 Q3-21 Q4-21 2O 2 1 Q U A R T E R L Y R E V E N U E 10
Financial Review Jordi Lainz, CFO 11
Financial & Operational Highlights 2021 INCOME STATEMENT1 BALANCE SHEET2 OPERATING METRICS Revenue $ 86,467 Cash & Units sold ~129,000 $193,569 Equivalents Headcount ~900 YoY Growth 266% LT Debt $19,943 Countries 98 Investments in Gross Margin 38.2% $32,769 PP&E + Intangibles 2022 Mfg. Capacity +1,000,000 “I’m very pleased with our record quarterly and annual results. Revenue, gross profit, units, geographic footprint, headcount, and breadth of product portfolio all showcase the exciting phase Wallbox is in today.” – Jordi Lainz 1. Rate of 1.208 USD/EUR consistent with rate used in September 2021 financial model 2. Spot rate of 1.14 USD/EUR on December 31, 2021 12
Closing Thoughts 13
2O22 Outlook1 Continued strength across the board In euro, between = growth between Q1 2022 Revenue €26M & €28M 170% & 190% Full-year 2022 Revenue €175M & €205M 145% & 190% @1.208 USD/EUR2 Midpoint of $230M 1. Forward looking guidance is provided in euro to remove potential impact of currency volatility 2. Rate consistent with that used in September 2021 financial model 14
D26 VIDEO PLACEHOLDER
15 Questions & Answers 16
Appendix 17
Consolidated Statement of Profit or Loss – in EUR Unaudited, in € 000s For the Year Ended, For the Quarter Ended, December 31, December 31, 2021 2020 2021 Revenue 71,579 19,677 25,939 Change in inventories and raw materials and consumables used (44,253) (10,574) (16,410) Employee benefits (30,846) (9,806) (9,577) Other operating expenses (45,905) (8,192) (27,668) Amortization and depreciation (8,483) (2,379) (2,957) Other income 656 289 (22) Operating Loss €(57,254) €(10,984) €(30,696) R&D Capitalization (11,976) (7,177) (4,682) One off expenses 12,211 12,211 Employee Stock Option Plan 3,636 2,586 2,147 Amortization and depreciation 8,483 2,379 2,957 Other income (656) (289) (22) Adjusted EBITDA1 €(45,556) €(13,485) €(18,085) 1. See slide 24 for definitions
Consolidated Statement of Profit or Loss – in USD Unaudited, in $ 000s For the Year Ended, For the Quarter Ended, December 31, December 31, 2021 2020 2021 Revenue 86,467 23,770 31,334 Change in inventories and raw materials and consumables used (53,458) (12,773) (19,823) Employee benefits (37,262) (11,845) (11,570) Other operating expenses (55,454) (9,896) (33,423) USD/EUR Amortization and depreciation (10,248) (2,874) (3,572) Other income 792 349 (27) 1.208 Operating Loss $(69,162) $(13,268) $(37,081) @ R&D Capitalization (14,467) (8,670) (5,655) USD One off expenses 14,751—14,751 In Employee Stock Option Plan 4,392 3,124 2,593 Amortization and depreciation 10,248 2,874 3,572 Other income (792) (349) (27) Adjusted EBITDA1 $(55,031) $(16,290) $(21,847) 1. See slide 24 for definitions
Cash & Cash Equivalents – EUR Unaudited, in € 000’s Year Ended December 31 2021 2020 Cash and cash equivalents at 31 December 113,865 22,338 Financial Investments at 31 December1 56,981 239 Cash , cash equivalents and Financial Investments at 31 December € 170,846 € 22,577 1. Financial Investments are included in Other Current Financial Assets
Cash & Cash Equivalents—USD Unaudited, in $ 000’s Year Ended December 31 2021 2020 Cash and cash equivalents at 31 December 129,009 27,409 Financial Investments at 31 December1 64,559 294 Cash , cash equivalents and Financial Investments at 31 December $193,569 $27,702 Average annual USD/EUR spot rate applied2 1.133 1.227 1. Financial Investments are included in Other Current Financial Assets 2. 2021 rate used is 1.133 USD/EUR and 2020 is 1.227
Investments in PP&E and Long-term Borrowing—EUR Unaudited, in € 000’s For the Year Ended, December 31, 2021 2020 Investments in Property, plant and equipment and Intangible Assets Property, plant and equipment 19,851 4,029 Intangible assets -excluding R&D (salaries 2,213 5,895 capitalized) Total Investments in Property, plant and equipment and € 22,065 € 9,924 Intangible Assets Total Loans and Long-term borrowings € 17,602 € 9,744
Investments in PP&E and Long-term Borrowing—USD Unaudited, in $ 000’s For the Year Ended, December 31, 2021 2020 Investments in Property, plant and equipment and Intangible Assets Property, plant and equipment $23,731 $5,351 Intangible assets -excluding R&D (salaries $9,038 $8,692 capitalized) Total Investments in Property, plant and equipment and $32,769 $14,043 Intangible Assets Total Loans and Long-term borrowings $19,943 $11,956 Average annual USD/EUR spot rate applied1 $1.133 $1.227 1. 2021 rate used is 1.133 USD/EUR and 2020 is 1.227
Definitions and Disclosures 2021 1) Adjusted EBITDA is defined as net income (loss) before depreciation and amortization, provision (benefit) for income taxes and net finance cost adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These non-cash and other items include, but not are limited to; share of loss (profit) from equity method investments, Employee Stock Purchase Plan fair valuation impact, wages and benefits for employees incurred on development activities capitalized as intangible assets and other one-off expenses related to special operations. 2) Operating loss consists of Wallbox’s revenue and other income less changes in inventories and raw materials and consumables used, Definitions employee benefits, other operating expenses and amortization and depreciation. 3) Wallbox’s revenue consists of retail sales of charging solutions for EVs, which includes electronic chargers and other services. 4) Gross Margin is defined as revenue less changes in inventory, raw materials and other consumables used. 5) Other operating expenses primarily consist of professional services, marketing expenses, external temporary workers expense, delivery expense, insurance premiums and other expenses, including leases of machinery with lease terms of 12 months or less and leases of office equipment with low value, including IT equipment .