Arrival (ARVLF) 6-K Arrival Reports First Quarter 2021 Financial Results

Exhibit 99.2

Unaudited consolidated statement of profit or loss and other comprehensive (loss)/income for the three months period ended March 31

In thousands of euro	2021			2020*
Administrative expenses		(39,267	)		(13,423	)
Research and development expenses		(7,083	)		(2,800	)
Impairment expense		(515	)		—
Listing expense**		(1,018,024	)		—
Other income		1,123			314
Other expenses		(65	)		(237	)
Operating loss		(1,063,831	)		(16,146	)
Finance income		82,507			729
Finance expense		(4,130	)		(1,122	)
Net Finance cost		78,377			(393	)
Loss before tax		(985,454	)		(16,539	)
Tax income		20			838
Loss for the period		(985,434	)		(15,701	)
Attributable to:
Owners of the Company		(985,434	)		(15,701	)

Consolidated Statement of other comprehensive (loss)/income

Loss for the period	(985,434	)	(15,701	)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations	16,732		(5,948	)
Total comprehensive profit/(loss)	16,732		(5,948	)
Total comprehensive loss for the period	(968,702	)	(21,649	)

* Comparative figures are of Arrival Luxembourg S.à r.l.

** As a result of the conclusion of the merger with CIIG, Arrival issued shares and warrants to CIIG shareholders, comprised of the fair value of the Company’s shares that were issued to CIIG shareholders of €1,347 million as well as the fair value of the Company’s warrants of €189 million. In exchange, the Company received the identifiable net assets held by CIIG, which had a fair value upon closing of €534 million. The excess of the fair value of the equity instruments issued over the fair value of the identified net assets received, represents a non-cash expense in accordance with IFRS 2. This one-time expense as a result of the transaction, in the amount of €1,002 million, is recognised as a share listing expense presented as part of the operating results within the Consolidated Statement of Profit or Loss. Listing expense also includes €16 million of other related transaction expenses.

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Condensed unaudited consolidated statement of financial position

In thousands of euro	March 31, 2021			December 31, 2020*
ASSETS
Non-Current Assets
Property, plant and equipment		137,308			112,719
Intangible assets and goodwill		213,240			171,726
Deferred tax asset		1,180			1,134
Trade and other receivables		32,267			10,786
Total Non-Current Assets		383,995			296,365
Current Assets
Inventory		12,175			11,820
Loans to executives		—			4,244
Trade and other receivables		43,812			51,424
Prepayments		24,291			18,956
Cash and cash equivalents		515,841			67,080
Total Current Assets		596,119			153,524
TOTAL ASSETS		980,114			449,889
EQUITY AND LIABILITIES
Capital and reserves
Share capital		60,616			239,103
Share premium		4,779,545			288,539
Other reserves		(2,894,032	)		51,425
Accumulated deficit		(1,244,190	)		(258,756	)
Total Equity		701,939			320,311
Non-Current Liabilities
Loans and borrowings		110,174			87,907
Warrants		113,501			—
Deferred tax liability		2,406			2,750
Total Non-Current Liabilities		226,081			90,657
Current Liabilities
Current tax liabilities		385			501
Loans and borrowings		3,545			4,255
Trade and other payables		48,164			34,165
Total Current Liabilities		52,094			38,921
TOTAL EQUITY AND LIABILITIES		980,114			449,889

* Comparative figures are of Arrival Luxembourg S.à r.l

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Unaudited consolidated Statement of Cash Flows

For the three months period ended March 31

In thousands of euro	2021			2020*
Cash flows used in operating activities
(Loss)/Profit for the period		(985,434	)		(15,700	)
Adjustments for:
— Depreciation/Amortization		4,184			2,403
— Impairment losses		547			—
— Net unrealised foreign exchange differences		4,110			(97	)
— Net finance interest		(1,293	)		1,060
— Fair value of employee share scheme		1,199			—
— Fair value of warrants		(77,921	)		—
— Listing cost		1,002,609			—
— Fair value reversal of loans that have been repaid		(1,454	)		—
— (Loss)/Profit from the modification of lease		(969	)		37
— Deferred taxes		(642	)		(533	)
— Tax income/(expense)		621			(305	)
Cash flows used in operations before working capital changes		(54,443	)		(13,135	)
(Increase) in trade and other receivables		(14,232	)		(2,508	)
Increase/ (Decrease) in trade and other payables		21,701			(10,965	)
(Increase) of inventory		(382	)		(3,198	)
Cash flows used in operations		(47,356	)		(29,806	)
Income tax and other taxes received		3,921			581
Interest received		114			(33	)
Net cash used in operating activities		(43,321	)		(29,258	)
Cash flows from investing activities
Acquisition of intangible assets and goodwill		(30,237	)		(17,210	)
Acquisition of property, plant and equipment		(4,919	)		(1,284	)
Grants received		118			314
Prepayments for tangible and intangible assets		(6,416	)		(1,077	)
Cash received on acquisition of entities, net of consideration paid		—			59
Net cash used in investing activities		(41,454	)		(19,198	)
Cash flows from financing activities
Cash received from merger with CIIG		534,413			—
Increase of Preferred A shares		—			10,000
Repayment of interest		(41	)		(24	)
Repayment of lease liabilities		(2,305	)		(1,963	)
Net cash from financing activities		532,067			8,013
Net increase/(decrease) in cash and cash equivalents		447,292			(40,443	)
Cash and cash equivalents at January 1		67,080			96,644
Effects of movements in exchange rates on cash held		1,469			(155	)
Cash and cash equivalents at March 31		515,841			56,046

* Comparative figures are of Arrival Luxembourg S.à r.l.

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Reconciliation of GAAP to Non-GAAP financial measures for the three months period ended March 31

In thousands of euro	2021			2020*
Operating loss		(1,063,831	)		(16,146	)
Adjustment for cost of reverse merger transaction
Listing expense		1,018,024			—
Transaction bonuses***		13,392			—
Operating loss before transaction		(32,415	)		(16,146	)
Adjusted for:
Depreciation		4,184			2,384
Share option expense		1,199			—
Adjusted EBITDA		(27,032	)		(13,762	)

*** Following the successful merger with CIIG certain executive officers of the Group received a onetime bonus. This is included in administrative expenses in the Income Statement

Notes:

During the period, the shareholders of Arrival Luxembourg S.à r.l. contributed their shares in the company for shares of Arrival. As a result of this transaction, Arrival has become the parent company of the Arrival group of companies.

For the purpose of the above financial statements, comparative financial statements for year ended 31 December 2020 and quarter ended March 31, 2020 consist of consolidated financial statements of Arrival Luxembourg S.à r.l. pre-merger

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