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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 6-K/A
___________________

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

Dated August 12, 2022

Commission File Number: 001-40286

Arrival
(Exact Name of Registrant as Specified in Its Charter)
Grand Duchy of Luxembourg
(Jurisdiction of Incorporation or Organization)
60a, rue des Bruyeres, L-1274 Howald,
Grand Duchy of Luxembourg
(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover 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): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

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
This Amendment on Form 6-K/A (the "Amendment") is being filed solely to add a conformed signature to the consent of KPMG filed as Exhibit 23.1 to the Company's Form 6-K (Accession No. 0001628280-22-022697) filed on August 12, 2022 (the "Original 6-K"). In all other respects this Amendment is identical to the Original 6-K.

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On August 12, 2022, Arrival (the “Company”) recast its financial statements for the three years ended December 31, 2021 from Euro to U.S. dollar ("USD") and also recast its operating and financial review and prospects, which are each attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

We are filing this report on Form 6-K to recast our financial information and certain related disclosures for the three years ended December 31, 2021, which were included in our annual report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (the "SEC") on April 27, 2022 (as amended, the "2021 Form 20-
F"), in order to reflect that we changed our reporting currency from Euro to U.S. dollar ("USD"). We previously announced on May 10, 2022 that effective the first quarter of 2022, we were changing our reporting currency from Euro to USD.

This report does not, and does not purport to, recast the information in any other part of the 2021 Form 20-F not updated herein or update any other information in the 2021 Form 20-F to reflect any events that have occurred after its filing. References in this report to our consolidated financial statements and/or operating and financial review and prospects shall be deemed to refer to our recast consolidated financial statements and related notes and our updated operating and financial review and prospects that are also included in this form 6-K. The exhibits filed herewith as Exhibit 99.1 and 99.2 speak as of the filing date of 2021 Form 20-F and do not purport to reflect events occurring after the original filing date of 2021 Form 20-F.

INCORPORATION BY REFERENCE

This report on Form 6-K shall be deemed to be incorporated by reference in each of the Registration Statement on Form F-3 (File no. 333-254885), the Registration Statement on Form F-3 (File no. 333-266472), the Registration Statement on Form S-8 (File no. 333-257101) and the Registration Statement on Form S-8 (File no. 333-259673) of Arrival and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.



EXHIBITS

Exhibit No.Description
23.1Consent of KPMG
99.1Financial results for the three years ended December 31, 2021 retrospectively recast as a result of the Issuer’s change in reporting currency from “Euros” to “U.S. dollars”.
99.2Operating and Financial Review and Prospects
101.INS
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHINLINE XBRL Taxonomy Extension Schema Document.
101.DEFINLINE XBRL Taxonomy Extension Calculation Linkbase Document.
101.CALINLINE XBRL Taxonomy Extension Definition Linkbase Document.
101.LABINLINE XBRL Taxonomy Extension Label Linkbase Document.
101.PREINLINE XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



















1


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SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 6-K and that it has duly caused and authorized the undersigned to sign this report on its behalf.

August 12, 2022ARRIVAL
By:/s/ John Wozniak
Name:John Wozniak
Title:Chief Financial Officer
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Exhibit 23.1





Consent of Independent Registered Public Accounting Firm


We consent to the incorporation by reference in the registration statements (No. 333-257101 and No. 333-259673) on Form S-8 and in the registration statements (No. 333-254885 and 33-266472) on Form F-3 of our report dated April 27, 2022, except for the change in presentation currency described in Note 2, and the retrospective application to all periods presented, as to which the date is August 12, 2022 with respect to the consolidated financial statements of Arrival.

/s/ KPMG LLP

KPMG LLP
London, United Kingdom
August 12, 2022





























Exhibit 99.1
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ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion and analysis provides information which Arrival’s management believes is relevant to an assessment and understanding of Arrival’s results of operations and financial condition. Some of the information contained in this discussion and analysis or set forth elsewhere in this annual report, including information with respect to Arrival’s plans and strategy for its business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in “Item 3.D. Risk Factors” of our previously filed annual report, Arrival’s actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. This discussion should be read in conjunction with Arrival’s audited historical consolidated financial statements and other financial information included elsewhere in this annual report.

Overview

Arrival was founded with a mission to transform the design, assembly and distribution of commercial EVs and accelerate the mass adoption of EVs globally. Founded in 2015, and now with over 2,600 employees, Arrival develops technologies and products that create a new approach to the design and assembly of EVs. Arrival believes its in-house developed components, materials, software and robotic technologies, when combined with its low cost and scalable microfactories, will enable it to produce EVs that are tailored to the needs of local markets with an attractive TCO to its customers.

The initial focus for Arrival is the production of commercial EV vans, buses and cars. Arrival believes this segment of the automotive market is currently underserved by other EV manufacturers and is a global market with significant scale opportunities. Arrival also believes the commercial vehicle segment will move quickly to EVs, and that this migration will be supported worldwide by local, state, and national government policies that either encourage EV usage via subsidies or enact usage taxes on fleet operators who continue to operate internal combustion engine vehicles. Arrival also believes that commercial fleet operators will be attracted to Arrival’s vehicles in particular, because of their attractive TCO. Commercial fleet operators have well understood range requirements, and the vehicles typically return to a central depot every evening where they can be charged overnight. For these reasons, Arrival expects the commercial vehicle fleets to migrate to EVs even more quickly than automotive retail segments.

The Arrival Van is designed for commercial use by large fleet owners particularly in the transportation, e-commerce and logistics industries with an estimated total addressable market of approximately $280 billion. The expected start of production for the Arrival Van is the third quarter of 2022. In 2020, Arrival finalized an investment and signed a vehicle sales agreement with UPS, which included an initial order of 10,000 electric vans EVs with an option to purchase an additional 10,000 electric vans, subject to modifications or cancellation at any time. This agreement has a total aggregate order value of up to $1.2 billion (€1.0 billion) in revenue (including the option) and may be canceled or modified by UPS at any time. In July 2021, Arrival and LeasePlan, one of the world’s leading “car-as-a-service” companies, entered into an agreement pursuant to which LeasePlan will be the preferred operational leasing partner for Arrival Vans. Additionally, Arrival and LeasePlan entered into a vehicle sales agreement in September 2021, pursuant to which Arrival agreed to provide LeasePlan with priority to purchase an initial amount of 3,000 vans and LeasePlan agreed on a best efforts basis to purchase such vans. In July 2021, Arrival partnered with ATN to produce Arrival Buses in connection with a $2.0 million grant ATN received from the FTA.

The Arrival Bus is designed for use by public and private transit operators, with an estimated total addressable market of approximately $154 billion. Arrival has entered into non-binding orders, letters of intent and memorandums of understanding with potential customers to purchase Arrival Buses, which are expected to start production in the second half of 2022.

On November 4, 2019, Arrival and HKMC entered into an agreement to jointly develop vehicles using Arrival’s technologies. This partnership will leverage the use of Arrival’s microfactories and software innovation. Arrival benefits from HKMC’s global footprint and economies of scale with the aim to reduce the cost of components. The joint development agreement will expire on November 3, 2024. This development agreement prevents Arrival from developing EVs with other traditional OEMs until November 3, 2022.



Updated Microfactory and Other Cost Estimates
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Production of saleable Arrival Buses is expected to start in the UK in the second half of 2022 to meet local demand with Rock Hill production starting at a later date. Arrival’s Bicester, U.K. microfactory is expected to start production of Arrival Vans in the third quarter of 2022. Charlotte, North Carolina, USA is expected to start production of Arrival Vans in the fourth quarter of 2022.

As of December 31, 2021, total capital expenditure at Arrival’s microfactories consists of capital expenditure for both production and non-production, including site readiness and logistics:

Bicester, is Arrival’s lab microfactory where it has prioritized being on time for the start of production of the Arrival Van. As a result, Arrival expects total capital expenditure at Bicester, to be approximately $75 million, through 2022.
From the learnings gained at Bicester, Arrival expects total capital expenditure at Charlotte, to be lower than at Bicester, with continued reductions in capital expenditure per microfactory as it scales beyond the initial microfactories.

Other Company Costs

In order to reduce risks relating to the start of production and enable Arrival to scale, it is incurring additional costs, including: (i) a decision to assemble battery modules and bring logistics in-house, which is adding capital expenditure and operating expenditure; (ii) pre-payments to LG Energy Systems (as assignee LG Chem) to secure battery cell line capacity for the next few years; and (iii) higher selling, general and administrative expenses as it scales sales, finance and legal.
In addition, Arrival is experiencing industry-wide increases in the expected cost of raw materials including aluminium and petrochemicals.
Arrival also expects higher working capital in its first factories to ensure it has the necessary components and parts to start production of its vehicles.

Vehicle Volumes and Revenue Expectations for 2022

Subsequent to the Business Combination, Arrival revised certain aspects of its business plan and it has invested additional capital to further develop its platforms, and to secure components and batteries for production. As a result, Arrival has revised its anticipated microfactory rollout, and now expects significantly lower vehicle volumes and revenue in 2022. The company continues to expect Arrival Van production to begin in Bicester in the third quarter of 2022 and Charlotte in the fourth quarter of 2022 and expects to produce and sell 400 to 600 Arrival Vans in 2022 as it ramps production in these two microfactories. For Arrival Bus, Arrival will be building saleable Arrival Buses in the UK in the second half of 2022 and expects these buses will be primarily used in additional customer trials in 2022. The priorities for 2022 are completing Arrival Bus and Arrival Van vehicle certification, starting production with Arrival’s unique method and ensuring the highest possible quality for its first vehicles.

Key Factors Affecting Operating Results

Arrival is a pre-revenue company and believes that its performance and future success depends on several factors that present significant opportunities for it but also pose risks and challenges, including those discussed below and in the section of this annual report entitled “Item 3D Risk Factors.”

Product Development

Arrival has announced five vehicle programs: the Arrival Bus, Bus for emerging markets, Arrival Van, Large Van and Arrival Car. Arrival expects to be building saleable Arrival Buses in the UK in the second half of 2022 and expects these buses will be used in additional customer trials in 2022. The company continues to expect Arrival Van production to begin in Bicester, in the third quarter of 2022 and Charlotte in the fourth quarter of 2022 and expects to produce and sell 400 to 600 Vans this year as it ramps production in these two microfactories.

Arrival has made significant progress in the design of its EVs and components parts, as well as in the development of its manufacturing and assembly processes and vehicle and manufacturing technology platform:
Prototype Arrival Vans have been built and are being tested.
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Arrival completed the first assembly of an Arrival Van skateboard structure robotically in a microfactory technology cell using its proprietary AMRs marking a significant step towards start of production.
First two Bus milestones of Trial Bus production and Bus Proving Ground trials achieved.
Arrival has installed and is running production equipment to manufacture the battery modules used on both the Arrival Bus and Arrival Van.
Arrival has installed and is running production equipment to manufacture composite panels at its Bicester microfactory.

Arrival is striving to successfully complete certain major development activities in order to meet its expected production dates.

Arrival’s team of over 2,600 employees, including engineers, scientists, technicians and staff, is committed to achieving the milestones to meet its current production and commercialization timelines to enable the Company to achieve its expected production dates. For example, Arrival expects to complete bus product validation and van product validation in the first half of 2022. Validation is a process by which compliance with all regulatory and performance requirements is demonstrated through testing of physical prototypes. Validation is the final step before a vehicle is certified for sale. These milestones are critical to Arrival’s development timelines, though may be subject to unanticipated delays outside of the Company’s control such as the ability to obtain sufficient capital to support production.

Capital Requirements

Until Arrival can generate sufficient revenue from product sales, it is dependent on its ability to raise sufficient capital from third-party sources. Arrival finances its operations with the proceeds from the Business Combination, private placements of its securities, public offerings of equity and/or equity-linked securities, debt financings, collaborations, and licensing arrangements.

Commercialization

Arrival plans to initially market its EVs directly to large van and bus fleet owners through its sales teams in the U.S., U.K. and Europe. Over time these sales teams will be expanded to cover more regions. Arrival is also developing an online sales tool for small to medium enterprises. Arrival’s customer outreach will be supported through marketing campaigns on Arrival’s website, social media platforms, interviews, podcasts, press releases and potentially physical experience centers to build awareness. Arrival will also work with key partners for additional coverage. Arrival’s marketing strategy is focused primarily on using online methods and positive experiences that generate word of mouth.

Arrival currently has an order from UPS for its Arrival Van for 10,000 vehicles with an option to purchase an additional 10,000 Arrival Vans, subject to amendment and cancellation by UPS. The total aggregate value of this order is approximately $1.2 billion (€1.0 billion) in revenue (including the option). Arrival has also received non-binding orders, letters of interest and /or memorandums of understanding from several other customers expressing interest in the Arrival Van and Arrival Bus, with total orders, letters of interest or memorandums of understanding of approximately 134,000 vehicles as of March 2, 2022, including the 10,000 vehicle order and 10,000 vehicle option from UPS. Although all orders, letters of interest and/or memorandums of understanding are non-binding and subject to cancellation or modification at any time, Arrival believes they demonstrate demand that will potentially lead to binding orders once the Company begins production of the Arrival Bus and Arrival Van and potential customers are able to see first-hand the performance and value of these vehicles. In July 2021, Arrival and LeasePlan, one of the world’s leading “car-as-a-service” companies, entered into an agreement pursuant to which LeasePlan will be the preferred operational leasing partner for Arrival Vans. Additionally, Arrival and LeasePlan entered into a vehicle sales agreement in September 2021, pursuant to which Arrival agreed to provide LeasePlan with priority to purchase an initial amount of 3,000 Arrival Vans and LeasePlan agreed on a best efforts basis to purchase such vans. In July 2021, Arrival partnered with ATN to produce Arrival Buses in connection with a $2.0 million grant ATN received from the FTA.

Regulatory Landscape

Arrival is, and will be, subject to significant regulation relating to vehicle safety and testing, vehicle accessibility, battery safety and testing and environmental regulation in the United States, European Union, the United Kingdom and other markets. These requirements create additional costs and possibly production delay in connection with design, testing and manufacturing of Arrival’s vehicles. In addition, demand for Arrival’s vehicles will be heavily influenced by government mandates and the availability of subsidies.
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COVID-19

On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a “Public Health Emergency of International Concern” and on March 11, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate its spread have had and are expected to continue to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which Arrival operates.

As the COVID-19 pandemic continues to evolve and as variants emerge, the extent of the impact on Arrival’s businesses, operating results, cash flows, liquidity and financial condition will be primarily driven by the severity and duration of the pandemic, the pandemic’s impact on the U.K., the U.S. and global economies and the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic. The COVID-19 pandemic has resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, stay-at-home or shelter-in-place orders, and business shutdowns. These measures may adversely impact Arrival’s employees and operations and the operations of its suppliers, vendors and business partners, and may negatively impact Arrival’s sales and marketing activities and the production schedule of its vehicles (although no material impact has occurred to date). In March 2020, Arrival created a committee comprised of 24 members from its human resources, strategy, operations, legal and compliance, and products teams to monitor the overall impact of COVID-19 and manage Arrival’s overall response and guidance moving forward during the COVID-19 pandemic. The spread of COVID-19 and its variants has caused Arrival and many of its suppliers to modify their business practices (including employee travel and recommending that all non-essential personnel work from home), and Arrival and its suppliers may be required to take further actions as required by government authorities or that it determines are in the best interests of its employees, customers, suppliers, vendors and business partners. There is no certainty that such actions will be sufficient to mitigate the risks posed by the virus or otherwise be satisfactory to government authorities. If significant portions of Arrival’s workforce or suppliers are unable to work effectively, including due to illness, quarantines, social distancing, government actions or other restrictions in connection with the COVID-19 pandemic, Arrival’s operations will be impacted. These factors related to COVID-19 are beyond Arrival’s knowledge and control and, as a result, at this time, Arrival is unable to predict the ultimate impact, both in terms of severity and duration, that the COVID-19 pandemic will have on Arrival’s business, operating results, cash flows and financial condition, but it could be material if the current circumstances continue to exist for a prolonged period of time.

Important Information About Non-IFRS Financial Measures

In this annual report, Arrival presents certain financial measures, ratios and adjustments that are not required by, or presented in accordance with, IFRS or any other generally accepted accounting principles, including EBITDA and Adjusted EBITDA.

EBITDA means the net loss before interest income or expense, tax income or expense, depreciation and amortization.

Adjusted EBITDA means EBITDA adjusted for impairments and write-offs, share option expenses, listing expense, fair value adjustments on Warrants, reversal of difference between fair value and nominal value of loans that got repaid/settled, fair value movement of embedded derivative, fair value movement on employee loans, foreign exchange gains/losses and transaction bonuses.

Arrival’s executive officers believe that Adjusted EBITDA is important as it provides an additional tool to investors to use in evaluating ongoing operating results, key insights and metrics as well as it enables investors to compare Arrival's financial measures with those of comparable companies, which may present similar non-GAAP financial measures.

EBITDA and Adjusted EBITDA should not be considered as alternatives to the consolidated financial results or other indicators of Arrival’s performance based on IFRS measures. They should not be considered as alternatives to operating profit/(loss) or profit/(loss) for the year as an indicator of Arrival’s performance or profitability. EBITDA and Adjusted EBITDA, as defined by Arrival, may not be comparable to similarly titled measures as presented by other companies due to differences in the way they are calculated. Even though EBITDA Adjusted EBITDA are used by management to assess ongoing operating performance and are commonly used by investors, EBITDA and Adjusted EBITDA have important limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis of Arrival’s results as reported under IFRS.
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Reconciliation of Net Loss to Non-IFRS Measures

The table below sets out the reconciliation of Arrival’s Non-IFRS measures EBITDA and Adjusted EBITDA to loss for the year in Arrival’s consolidated statement of profit or (loss) for the periods indicated.

Year ended December 31
In thousands of USD2021
2020a
(Loss) for the year/period(1,304,381)(95,447)
Interest (income)/expense, nete
141 2,500 
Tax (income)/expense7,515 (20,421)
Depreciation and amortization24,337 11,071 
EBITDA(1,272,388)(102,297)
Impairment losses and write-offs39,378 456 
Share option expense2,668 10,697 
Listing expense1,168,515 — 
Change in fair value of warrants including intrinsic value of warrants redeemed and outstanding(122,299)— 
Fair value movement of embedded derivativec
(35,448)— 
Fair value movement on employee loans including fair value charge for the new employee loans provided as of September 30, 2021d
6,038 — 
Reversal of difference between fair value and nominal value of loans that got repaid/settledf
(1,906)— 
Foreign exchange (gain)/loss, net(2,328)663 
Transaction bonusesb
14,900 — 
Adjusted EBITDA(202,870)(90,481)

a.Comparative figures are of Arrival Luxembourg S.à r.l.
b.Following the Business Combination, certain executive officers of Arrival received a one-time bonus. This is included in administrative expenses in the Income Statement
c.An embedded derivative is a component of a hybrid contract that also includes a non-derivative host. The Company has recognized the embedded derivative as part of the convertible notes issued in November 2021 which is fair valued as at balance sheet date
d.Arrival has re-financed some loans given to employees in September 2021. As per IFRS 9 the difference between the fair value of the new loans and the carrying amount has been recognized in the consolidated statement of profit or loss.
e.Interest expense increased in the fourth quarter of 2021 as Arrival has issued convertible notes which bear 3.5% interest.
f.Loans initially recognized at their fair value are amortized over the period which they expected to be repaid. Loans, which get repaid/settled at an earlier date than what was initially anticipate results in gain in the consolidated statement of profit or loss

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 the year ended December 31 2020 consist of consolidated financial statements of Arrival Luxembourg S.à r.l. prior to the completion of the Business Combination.

A. Operating Results

Key Components of Statements of Operations

Basis of Presentation

Currently, Arrival conducts business through one operating segment. As of the date of this annual report, Arrival is a pre-revenue company with no commercial operations, and its activities to date have been conducted in Europe and North America. Arrival’s historical results are reported in IFRS as issued by the IASB. For more information about the basis of presentation of Arrival's consolidated financial statements, refer to Note 2 in the accompanying consolidated financial statements of Arrival included elsewhere in this annual report.

Revenue

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Arrival has not begun commercial operations and currently does not generate revenue. Once Arrival reaches commercialization and commences production and sales of its EVs, it expects that the significant majority of its revenue will be derived from the direct sales of its commercial electric buses and vans and thereafter other related products and services. Production of saleable buses and vans is expected to begin in the second half of 2022.

Cost of Revenue

As of the date of this annual report, Arrival has not recorded cost of revenue, as it has not generated revenue. Once Arrival reaches commercialization and commences production of its EVs, it expects cost of revenue to include vehicle components and parts, including batteries, raw materials, direct labor costs, warranty costs and costs related to the operation of manufacturing facilities.

Administrative Expenses

Administrative expenses consist of the costs associated with employment of Arrival’s staff, the costs associated with Arrival’s properties, and the depreciation of Arrival’s fixed assets, including depreciation of “right of use” assets in relation to Arrival’s leased property. Arrival expects administrative expenses to increase as its overall activity levels increase due to the construction and operation of microfactories.

Research and Development Expenses

Research and development expenses consist of the costs associated with the employment of Arrival’s engineering staff, third-party engineering consultants and program consumables. Costs associated with development projects such as vehicle programs, component programs and software products are capitalized as intangible assets under construction. For more information about Arrival’s accounting policy for intangible assets, refer to Note 3 in the consolidated financial statements of Arrival included elsewhere in this annual report. Arrival expects research and development expenses to increase as it continues to develop its vehicles, components, microfactory technology and software.

Impairment Expense

Impairment expense relates to the right-of-use assets for leases and to intangibles that are no longer expected to generate future cash flows The impairment of assets occurs when the carrying value exceeds the determined fair value of the underlying asset. Refer to Notes 6 and 7 to the consolidated financial statements of Arrival included elsewhere in this annual report.

Listing expense

Listing expense consist of the difference between the fair value of the shares deemed to have been issued by Arrival and the fair value of the identifiable net assets of CIIG and warrants transferred and the actual costs incurred for the listing of Arrival.

Finance Income/(Expense)

Finance income/(expense) consists of the fair value movement of warrants and convertible notes which the Company has issued during the year to finance its operations, interest receivable from the loans granted to employees of the Group, interest on lease liability, impairment charges recognized for financial assets as well as realized and unrealized foreign exchange gains that have been created due to the fluctuation of the exchange rates between the Euro and the various other currencies that Arrival is using for its operations.

Results of Operations for the Year Ended December 31, 2021 and the Year Ended December 31, 2020

The following table sets forth Arrival’s historical operating results for the years ended December 31, 2021 and 2020 followed by an analysis of Arrival’s results of operations during these periods For an analysis of Arrival’s results of operations for the year ended December 31, 2020 compared to the year ended December 31, 2019, see pages 64 to 65 of Arrival’s Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC on April 30, 2021.

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In thousands of USDFor the Year Ended December 31,
20212020Changes% Changes
Revenue
Cost of Revenue
Gross Profit
Administrative Expenses(171,030)(86,178)(84,852)98.5 %
Research and Development Expenses(57,080)(20,585)(36,495)177.3 %
Impairment Expense(24,514)(449)(24,065)*
Listing expense(1,188,335)— (1,188,335)*
Other Income1,830 2,709 (879)(32.4)%
Other Expenses— (7,861)7,861 (100.0)%
Operating Loss(1,439,129)(112,364)(1,326,765)*
Finance Income174,801 3,100 171,701 5538.7 %
Finance Expense(32,538)(6,604)(25,934)392.7 %
Net Finance Income/(Expense)142,263 (3,504)145,767 (4160.0)%
Loss Before Tax(1,296,866)(115,868)(1,180,998)*
Tax (expense)/income(7,515)20,421 (27,936)(136.8)%
Loss for the Year(1,304,381)(95,447)(1,208,934)*
* The percentage increase from 2020 is not included as variance is not comparable to the prior year

Administrative Expenses

Administrative expenses increased $84.9 million, or 98.5%, from $86.2 million for the year ended December 31, 2020 to $171 million for the year ended December 31, 2021. The increase was primarily due to increased wages and salaries as Arrival expanded its headcount of non-engineering staff to support its expanding research and development programs and increased rent and property utilities as it acquired additional properties for use as research and development workshops and office locations.

Research and Development Expenses

Research and development expenses increased by $36.5 million, or 177.3%, from $20.6 million for the year ended December 31, 2020 to $57 million for the year ended December 31, 2021. The increase was primarily due to increased wages and salaries as Arrival expanded its headcount of engineering staff to work on Arrival’s research and development programs. The increased was also due to increased consumable costs in relation to these programs.

Impairment Expense

Impairment expense increased by $24 million, from $0.4 million for the year ended December 31, 2020 to $24.5 million for the year ended December 31, 2021. Impairment charges relate to the impairment of the Roborace and Charging Station CGUs and right-of-use assets for leases that are no longer expected to generate future cash flows.

Listing Expenses

In March 2021, the Business Combination Agreement (or Merger Agreement) between CIIG and Arrival came into effect and both companies were merged with Arrival becoming the listed entity. In accordance with IFRS, the difference between the fair value of the shares deemed to have been issued by Arrival and the fair value of the identifiable net assets of CIIG and warrants transferred have been recorded as a listing expense. More details regarding this transaction can be found in note 22 of the consolidated financial statements. Listing expense is a one-off fee which affects materially the current year's operating result by $1,188 million.

Net Finance Income /(Expense),

Net Finance Income/(Expense) increased by $145.8 million from net finance expense of $3.5 million for the year ended December 31, 2020 to net finance income of $142.2 million for the year ended December 31, 2021. The change in net finance income is mainly attributable to fair value change of the warrants which had an impact of $122.3 million, the fair
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value change of the Convertible Notes which amounted to $33.9 million as well as the increase in the interest receivable on RSP loans which amounted to $9.8 million for the year ended December 31, 2021. The increase in Finance Income was partially set-off by the increase in Finance Cost due to the impairment of the employee loans $13.1 million, the loss on refinancing of RSP loans of $4.3 million and the increase on interest on leases which amounted to $4.4 million for the year ended December 31, 2021.

B. Liquidity and Capital Resources

The Board of Directors’ capital management objectives are to ensure Arrival’s ability to continue as a going concern, to finance its long-term growth, and to achieve and maintain an optimal capital structure through a balanced mix of debt and equity considering the positive effects of the debt tax shield and the additional costs of financial distress that result from increased leverage. For the accomplishment of this objective, Arrival monitors various internal factors like the development of some financial ratios over time but also considers external factors like changes in the competitive environment or in the overall economic conditions.

As of the date of this annual report, Arrival has yet to generate any revenue from its business operations. Since inception, Arrival has funded, and in the foreseeable future expects to fund, its operation, capital expenditure and working capital requirements through capital contributions and loans from its largest stockholder, Kinetik S.à r.l., private placements of its equity securities, investments from certain strategic partners and issuance of convertible notes to qualified institutional buyers.

As of December 31, 2021, Arrival’s cash and cash equivalents amounted to $900.6 million. On the closing date of the Business Combination, Arrival received $611.6 million in net proceeds. Arrival expects its capital expenditures and working capital requirements to increase substantially in the near future, as it seeks to produce the Arrival Bus, bus for emerging markets, Arrival Van, large van, Arrival Car and develop its customer support and marketing infrastructure and continue its research and development efforts. Arrival believes that its cash on hand will be sufficient to meet its working capital and capital expenditure requirements for at least the next twelve months and to fund its operations until it commences production of the Arrival Bus and Arrival Van.

The following table summarizes Arrival’s estimated material contractual cash obligations and commercial commitments as of December 31, 2021, and the future periods in which such obligations are expected to be settled in cash.

in thousands of USDPayments Due by Period
TotalLess than 1 Year1-5 YearsMore than 5 Years
Contractual Obligations
Operating Lease Obligations259,883 24,074 89,284 146,525 
Convertible notes376,248 11,448 364,800 — 
Total636,131 35,522 454,084 146,525 

In addition, Arrival enters into agreements in the normal course of business with vendors to perform various services, which are generally cancellable upon written notice. These payments are not included in this table of contractual obligations. As of December 31, 2021, Arrival did not have any material off-balance sheet arrangements.

However, additional funds may be required for a variety of reasons, including, but not limited to, delays in anticipated schedule to complete the design of the Arrival Bus or Arrival Van, tooling may be needed for the necessary microfactories to start vehicle production as currently contemplated and Arrival’s budget projections may be subject to cost overruns for reasons outside of its control and it may experience slower sales growth than anticipated, which would pose a risk to Arrival achieving cash flow expectations. Arrival will continue to evaluate its operational performance and requirements and will also continue to consider alternative operational schedules and opportunities. Any changes to Arrival’s current plans and projections could require Arrival to seek more funding earlier than originally anticipated.

There can be no assurance that such financing would be available to Arrival on favorable terms or at all. If the financing is not available, or if the terms of financing are less desirable than Arrival expects, Arrival may be forced to decrease its level of investment in product development or scale back its operations, which could have an adverse impact on its business and financial prospects and cause delays in its production timeline.

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As a company in the pre-commercialization stage of development, the net losses Arrival has incurred since inception are consistent with Arrival’s strategy and budget. Arrival will continue to incur net losses in accordance with Arrival’s operating plan as Arrival continues to expand its operations to meet anticipated demand.

The expenditure requirements associated with producing the Arrival Bus and Arrival Van, developing customer support and marketing infrastructure and continuing research and development efforts are subject to significant risks and uncertainties, many of which are beyond Arrival’s control, which may affect the timing and magnitude of these anticipated expenditures. These risks and uncertainties are described in more detail in this annual report in the sections entitled “Item 3.D. Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.”

On November 23, 2021, Arrival issued convertible notes to qualified institutional investors. As per the terms and conditions of the convertible notes agreement the convention rights of the holders are:

Holders may convert all or any portion of their notes, in multiples of $1,000 principal amount. On or after 1 June 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder.
At any time prior to the close of business on the business day immediately preceding 1 June 2026 under one of the following circumstances:
a.conversion upon satisfaction of sale price of ordinary shares condition: during any calendar quarter commencing after the calendar quarter ending on March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the ordinary shares for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
b.conversion upon satisfaction of trading price condition of convertible notes: during the five business day period after any five consecutive trading day period in which the trading price of the notes (as defined1 in the Preliminary Offering Memorandum) was less than 98% of the product of the last reported sale price of Arrival ordinary shares and the conversion rate on each such trading day.
c.conversion upon Arrival’s notice of redemption: Holders may convert all or any portion of their notes at any time prior to the close of business on the scheduled trading day prior to the redemption date, even if the notes are not otherwise convertible at such time. After that time, the right to convert such notes on account of our delivery of such notice of redemption will expire, unless we default in the payment of the redemption price, in which case a holder of notes may convert all or any portion of its notes until the redemption price has been paid or duly provided for.
d.conversion upon the occurrence of specified corporate events: Corporate events are defined as certain distributions under ordinary shares and fundamental change events like change of beneficial owner; sale, lease or transfer of all or substantially all of the consolidated assets and subsidiaries; liquidation or dissolution of the Company,

Arrival may choose to settle in cash or non-cash basis or a combination of cash and ordinary shares. The Company may redeem the notes, in whole but not in part, following the occurrence of certain tax law changes, as described in the Preliminary Offering Memorandum, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon Arrival giving such notice of redemption, a holder may elect not to have its notes redeemed, in which case the holder would not be entitled to receive the additional amounts relating to withholding tax.

The Company may also redeem for cash all or any portion of the notes, at the Company's option, on or after December 6, 2024 if the last reported sale price of the ordinary shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.





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Cash Flows

The following table sets forth a summary of Arrival’s operating, investing and financing cash flows for the years ended December 31, 2021 and 2020 followed by an analysis of the cash flows during these periods. For a summary of Arrival’s operating, investing and financing cash flows for the year ended December 31, 2019, see pages 66 to 67 of Arrival’s Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC on April 30, 2021.

in thousands of USDFor the Year Ended December 31,
20212020
Net cash used in operating activities(273,008)(88,691)
Net cash used in investing activities(312,584)(122,463)
Net cash generated from financing activities1,405,209 180,838 
Net increase/(decrease) in cash and cash equivalents819,617 (30,316)

Cash Flows from Operating Activities

Arrival’s cash flows used in operating activities to date have been primarily comprised of costs related to the development of its products, manufacturing processes, payroll and changes in accounts payable and other current assets and liabilities. Arrival expects cash used in operating activities will increase as it hires employees for its microfactories and from increased working capital requirements to support production in its microfactories.

Net cash used in operating activities was $273.1 million for the year ended December 31, 2021 compared to $88.7 million for the year ended December 31, 2020. The increase of $184.4 million was primarily due to increased outflows on staff and other project costs as Arrival expanded its research and development activities, as well as outflows on supporting infrastructure such as property costs and prepayments made for the acquisition of inventory.

Cash Flows from Investing Activities

Arrival’s cash flows used in investing activities to date are primarily comprised of capitalized development expenditures related to vehicle development, vehicle components, software and microfactories. In addition, Arrival purchases tangible fixed assets (plant and equipment) in support of both research and development programs. Arrival expects the cost of investing activities to increase in the near future as it ramps up program activity, microfactory construction and invests in production tooling ahead of commencing commercial operations.

Net cash used in investing activities was $312.6 million for the year ended December 31, 2021, compared to $122.5 million for the year ended December 31, 2020. In both periods this primarily consisted of cash outflows for development program expenditure (staff and project costs) capitalized as intangible assets under construction and the acquisition of plant and equipment for the microfactories under construction.

Cash Flows from Financing Activities

Net cash from financing activities was $1,405.2 million for the year ended December 31, 2021, which was primarily due to the issuance of new shares of $631.3 million from the reverse merger, $335.6 million from the public follow-on offering and $140.6 million from the exercise of warrants. In addition the Company received $309.5 million from the issuance of convertible notes. Such inflows were slightly offset by the repayment of lease liabilities which amounted to $12.9 million.

For a description of the terms of Arrival’s Convertible Notes, see below sections on Debt and Convertible Notes.

Although Arrival has no immediate plans to incur additional debt, it may determine, based on changes in its expected cash flow needs or because it deems it beneficial, to incur such debt on the terms offered.

Debt

Except as set out below, Arrival has no third-party debt. Although Arrival has no current plans to incur additional debt, it may determine, based on changes in its expected cash flow needs or because it deems it beneficial, to incur such debt on the terms offered.
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Convertible Notes

On November 23, 2021, Arrival issued USD320.0 million in aggregate principal amount of green convertible senior notes due 2026. The Convertible Notes Offering generated aggregate net proceeds of $309.6 million, after deducting the initial purchasers’ discount and offering expenses.

The Convertible Notes were issued pursuant to an indenture, dated November 23, 2021, among Arrival and U.S. Bank National Association, as trustee. The Convertible Notes bear cash interest at an annual rate of 3.50% payable on June 1 and December 1 of each year, beginning on June 1, 2022, and will mature on December 1, 2026 unless earlier converted, redeemed or repurchased. The conversion rate for the Convertible Notes is initially 84.2105 Ordinary Shares per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $11.88 per Ordinary Share), subject to adjustment if certain events occur. Before the close of business on the business day immediately preceding June 1, 2026, holders will have the right to convert their Convertible Notes only upon the occurrence of certain events. On or after June 1, 2026, holders may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion of the Convertible Notes, Arrival will pay or deliver, as the case may be, cash, Ordinary Shares or a combination of cash and Ordinary Shares, at its election. The Convertible Notes will be redeemable, in whole or in part, for cash at Arrival’s option at any time, and from time to time, on or after December 6, 2024, and on or before the 36th scheduled trading day immediately preceding the maturity date, but only if the last reported sale price per Ordinary Share has been at least 130% of the conversion price then in effect for a specified period of time. The redemption price will be equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Upon the occurrence of a “fundamental change,” which term includes certain change of control transactions, holders may require Arrival to repurchase their Convertible Notes at a price equal to 100% of the principal amount of Convertible Notes to be repurchased, plus accrued and unpaid interest to, but not including, the date of repurchase. The Indenture contains customary event of default provisions and customary covenants relating to Arrival’s ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of Arrival and its subsidiaries, taken as a whole, to another person.

As per the terms and conditions of the convertible notes agreement the convention rights of the holders are:

Holders may convert all or any portion of their notes, in multiples of $1,000 principal amount. On or after 1 June 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder.
At any time prior to the close of business on the business day immediately preceding 1 June 2026 under one of the following circumstances:
a.conversion upon satisfaction of sale price of ordinary shares condition: during any calendar quarter commencing after the calendar quarter ending on March 31, 2022 (and only during such calendar quarter), if the last reported sale price of the ordinary shares for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
b.conversion upon satisfaction of trading price condition of convertible notes: during the five business day period after any five consecutive trading day period in which the trading price of the notes (as defined1 in the Preliminary Offering Memorandum) was less than 98% of the product of the last reported sale price of Arrival ordinary shares and the conversion rate on each such trading day.
c.conversion upon Arrival’s notice of redemption: Holders may convert all or any portion of their notes at any time prior to the close of business on the scheduled trading day prior to the redemption date, even if the notes are not otherwise convertible at such time. After that time, the right to convert such notes on account of our delivery of such notice of redemption will expire, unless we default in the payment of the redemption price, in which case a holder of notes may convert all or any portion of its notes until the redemption price has been paid or duly provided for.
d.conversion upon the occurrence of specified corporate events: Corporate events are defined as certain distributions under ordinary shares and fundamental change events like change of beneficial owner; sale, lease or transfer of all or substantially all of the consolidated assets and subsidiaries; liquidation or dissolution of the Company,

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Arrival may choose to settle in cash or non-cash basis or a combination of cash and ordinary shares.

The Company may redeem the notes, in whole but not in part, following the occurrence of certain tax law changes, as described in the Preliminary Offering Memorandum, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon Arrival giving such notice of redemption, a holder may elect not to have its notes redeemed, in which case the holder would not be entitled to receive the additional amounts relating to withholding tax.

The Company may also redeem for cash all or any portion of the notes, at the Company's option, on or after December 6, 2024 if the last reported sale price of the ordinary shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Capital Expenditure

As of December 31, 2021, Arrival had commitment capital expenditure of $24.5 million. Arrival intends to use this expenditure on finalizing Arrival's first two microfactories and development activities, including the design of vehicles, operating systems and other software. Arrival expects to fund its capital expenditure through capital contributions and loans from its largest stockholder, Kinetik S.à r.l., private placements of its equity securities and investments from certain strategic partners.

C. Research and development, patents and licenses, etc.

Arrival has invested and continues to invest significant resources into ongoing research and development programs as it believes its ability to grow its market position depends, in part, on breakthrough technologies that offer a unique value proposition for Arrival’s customers and differentiation from its competitors. The majority of Arrival’s research and development activities take place within its headquarters facility in the U.K. and at its development partners’ facilities located around the world.

Arrival’s success depends in part upon its ability to protect its own IP and core technologies. Arrival protects its intellectual property rights in the U.S., the U.K., Europe, and abroad, through a combination of patent, trademarks, designs and trade secret protection, as well as having confidentiality and invention assignments with its employees and consultants. As a result of Arrival’s vertically integrated approach and strong IP portfolios, up to approximately half of the Arrival Van and approximately two fifths of the Arrival Bus components by value are either owned or controlled by Arrival.

For more information, see Item 4: Information on the Company.

D. Trend information

Market Trends and Competition

Arrival Van

The global light and medium commercial vehicle market (6 tons and below) is estimated to be between 13 million to 15 million units per year. While the Global parc (total number of vehicles globally) has remained fairly static in recent years, the growing pressure for more clean air zones and environmental commitments from governments has resulted in a growing demand for EVs. An upsurge in customers and fleet operators committing to move away from combustion to electric vans has seen forecasts estimating a 30% penetration by 2030.

While traditional OEM’s like Mercedes-Benz, Ford and Volkswagen have started their transition to EVs, they still have a heavy investment in combustion-fueled vehicles and the shift of diesel powertrains to electric is a slow and expensive process. In addition there are several EV pureplay companies such as Brightdrop and Rivian which are relatively new to the market and in the process of ramping up production from current relatively low volumes. This has created more demand than supply which has resulted in higher prices for electric vans. Mercedes launched the eSprinter available in one length, with a low range capability and price tag of €60,000 in the EU. Ford launched the Transit in multiple lengths and variations
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predominantly targeting the US market. Renault Master and Iveco Daily are the only existing models in the market with similar load capacity to Arrival, but both are redesigns of their diesel counterparts.

Arrival Vans are expected to have the flexibility and payload capabilities of current combustion vehicles and have been designed from the bottom up with customers in mind. Features have been designed not based on historical practice but customer needs and requirements as well as equipping vehicles with advanced software capabilities and upgrades. In addition, Arrival’s high standard specification and simplified market approach means Arrival Vans should fit the majority of customer needs. A microfactory set up means Arrival can rely on local supply chains and create vehicles fit for local market requirements without high costs for vehicle and part transportation. As a result of all of these factors, Arrival believes that it can produce a light commercial van at an attractive price targeted between combustion and other electric vehicles, but with better payload and battery flexibility than currently available in the market.

Arrival Bus

With a total addressable market of approximately $154 billion, the transit bus market creates a strong opportunity for Arrival and its innovative product design and technology. The bus market is in need of environmental reform particularly in the following two areas: bus fleets must be converted into zero emission vehicles and a good public transport experience has the potential of lowering the number of private vehicles on the road. Both are imperatives for major cities around the world. However, local governments and operators have reservations about this change, as it represents a significant financial investment and the use of technology that evolves at a fast pace.

Arrival believes the customer centric design and strong dimensions/performance ratio of the Arrival Bus put it in a unique position to accelerate needed transit bus reform.

Arrival Car

The Arrival Car is expected to address the global need to shift ride-hailing and car sharing services, with over 30 million estimated drivers across the ride-hailing sector, to electric to reduce emissions and improve air quality in cities. Arrival is also partnering with Uber pursuant to a non-binding memorandum of understanding to develop the Arrival Car. Uber has committed to becoming a fully electric mobility platform in London by 2025 and by 2030 across North America and Europe.

As a typical ride-hailing vehicle will on average drive 45,000km to 50,000km a year, compared to 12,000km for a typical vehicle, Arrival Car will prioritize driver comfort, safety, and convenience, while ensuring the passengers enjoy a premium experience. With this in mind, Arrival expects to collaborate with Uber drivers in the design process to ensure the Arrival Car reflects the needs of professional drivers and their passengers.


E. Critical Accounting Estimates

Arrival’s financial statements have been prepared in accordance with IFRS. The preparation of these financial statements requires Arrival to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported expenses incurred during the reporting periods. Arrival’s estimates are based on its historical experience and on various other factors that Arrival believes are reasonable under the circumstances, the results of which form the basis for making judgments
about the carrying value of assets and liabilities that are not readily apparent from other sources.

Arrival’s significant accounting policies are described in the notes to its financial statements,


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Exhibit 99.2
ITEM 17: FINANCIAL STATEMENTS

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS



Arrival


Consolidated Financial Statements
For the years ended December 31, 2021, 2020 and 2019
with the report of the Independent Registered Public
Accounting Firm


C O N T E N T S

Page
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F-4
F-5
F-6
F-8
F-10 - F-74











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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors Arrival

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Arrival and subsidiaries (the Company) as of December 31, 2021, and 2020, the related consolidated statements of income, comprehensive income, cash flows, and changes in stockholders’ equity for each of the years in the three-year period ended December 31, 2021, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021, and 2020, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2021, in conformity with International Financial Reporting Standards (“IFRS”)) as issued by the International Accounting Standards Board ((“IASB”).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organisations of the Treadway Commission, and our report dated April 27, 2022 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting.

Change in Accounting Principle

As discussed in Note 2 to the Company’s consolidated financial statements, the Company has changed its presentation currency from Euro to the United States Dollar with retrospective application to all periods presented.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to
which they relate.




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Capitalisation of development costs

As discussed in Note 7 to the consolidated financial statements, the Company has capitalised EUR 190,899 thousand of development costs to internally generated intangible assets during the year ended December 31, 2021. As discussed in Note 3, these costs relate to the development of integrated technology and prototypes for Arrival’s Electric Vehicles including costs incurred towards the testing of the vehicles. As of the balance sheet date these assets were still in the development stage. A material weakness was identified and included in management’s assessment, which impacted the capitalisation
of development costs process.

We identified the capitalisation of development costs as a critical audit matter. Subjective auditor judgment was required to evaluate the key judgements, specifically the technical feasibility of the projects capitalised and ability to generate future economic benefits from the intangible assets. Challenging auditor judgement was also required to evaluate the sufficiency of evidence obtained related to expenditures being directly attributable to the intangible assets under development due to the material weakness noted above.

The following are the primary procedures we performed to address this critical audit matter:
We applied auditor judgment to determine the nature and extent of audit procedures to be
performed over the existence and accuracy of the costs capitalised.
For a sample of materials and services costs capitalised we evaluated if those costs fulfil the
    criteria for capitalisation by inspecting the underlying documentation, such as purchase orders, invoices and
delivery notes, and inquiring of project managers about the rationale for procurement of the materials and services
and if they are attributable to the projects capitalised.
To evaluate the technical feasibility of the projects capitalised we assessed the status and progression of the integrated technology and prototypes through discussion with management and the project managers and the nature of the design and engineering activities by inspecting internal and external supporting information.
We agreed a sample of employee costs to the underlying payroll records and made inquiries of the project managers to determine that the employees’ time was directly attributable to the specific project where the costs have been allocated.
We evaluated the ability to generate future economic benefits from the intangible assets by inspecting the Company’s business plan, industry reports, cash flow projections including revenue projections, and minutes of the meetings of the board of directors.
We evaluated the sufficiency of audit evidence obtained by assessing the results of procedures performed including the appropriateness of the nature and extent of such evidence and related audit procedures.

Accounting for the merger with CIIG Merger Corp.

As discussed in Note 1 and 3 to the consolidated financial statements, the Company completed its merger with CIIG Merger Corp (the Merger) on March 24, 2021. As discussed in Note 22 and Note 16, as a result of the Merger the Company recorded a listing expense of $1,188,335 (EUR 1,005,711 thousand) and a warrant liability in respect of private warrants of $79,858 thousand (EUR 67,603 thousand). We identified the accounting for the Merger as a critical audit matter. The Merger was a complex transaction and challenging auditor judgement was required to evaluate management’s determination related to the accounting and presentation of the merger transaction, including the terms of the merger agreement and the classification of these instruments as a financial liability post-merger. Subjective auditor judgment was also required to evaluate the key assumptions used in determining the fair value of the private warrants, specifically the expected share price volatility and discount for lack of marketability (DLOM).

The following are the primary procedures we performed to address this critical audit matter:

-Evaluated the appropriateness of the accounting and presentation of the Merger, including classification of the warrants as a financial liability post-merger, by inspecting key terms of the merger and warrant agreements and assessing these against the relevant accounting guidance.
-We involved valuation professionals with specialised skills and knowledge, who assisted in evaluating the expected share price volatility and DLOM used in determining the fair value of the private warrants, by comparing them against independently developed ranges of estimates using publicly available market data.



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Recoverability of employee loans

As discussed in Note 3 and Note 9 to the consolidated financial statements, the company issued loans to its employees in October 2020 to finance their purchase of restricted stock units (RSUs). These loans were issued on a full-recourse basis. The carrying value of the outstanding loans as of the balance sheet date was USD 22,930 thousand (EUR 19,099 thousand) after recording an impairment of USD 13,117 thousand (EUR 11,086 thousand) under the expected credit loss model in accordance with IFRS 9, financial instruments.

We identified the recoverability of employee loans as a critical audit matter. Subjective auditors'judgment and specialised skills and knowledge were required in assessing the key assumptions and judgments, specifically the expected volatility of the share price and use of OECD data for the annual estimated savings of the employees.

The following are the primary procedures we performed to address this critical audit matter.
We involved valuation professionals with specialised skills and knowledge, who assisted in:
evaluating the expected volatility of the share price by comparing it against an independent range of
estimates developed using publicly available market data for comparable companies
evaluating management’s use of OECD data for the annual estimated savings of the employees by
comparing it against acceptable market practice



/s/ KPMG LLP

We have served as the Company’s auditor since 2020.

London, United Kingdom

April 27, 2022, except for the change in presentation currency described in Note 2, and the
retrospective application to all periods presented, as to which the date is August 12, 2022





















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Arrival
Consolidated statement of profit or (loss)
For the years ended December 31, 2021, December 31, 2020 and December 31, 2019
In thousands of USDNoteDecember 31, 2021December 31, 2020December 31, 2019
Continuing Operations
Administrative expenses20C(171,030)(86,178)(35,142)
Research and development expenses20C(57,080)(20,585)(12,481)
Impairment expense20C(24,514)(449)(5,566)
Listing expense22(1,188,335)  
Other income20A1,830 2,709 2,892 
Other expenses20B (7,861)(7,736)
Operating loss(1,439,129)(112,364)(58,033)
Finance income21174,801 3,100 57 
Finance cost21(32,538)(6,604)(3,622)
Net finance income/(expense)142,263 (3,504)(3,565)
Loss before tax(1,296,866)(115,868)(61,598)
Tax (expense)/income17A(7,515)20,421 7,757 
Loss for the year(1,304,381)(95,447)(53,841)
Attributable to:
Owners of the Company(1,304,381)(95,447)(53,841)
Earnings per share 14
Basic and diluted earnings per share(2.26)(0.18)(0.11)



Consolidated statement of other comprehensive (loss)/income
In thousands of USDNoteDecember 31, 2021December 31, 2020December 31, 2019
Loss for the year(1,304,381)(95,447)(53,841)
Items that may be reclassified subsequently to the consolidated statement of profit or (loss)
Exchange differences on translating foreign operations13B257,096 16,490 572 
Total other comprehensive (loss)/income257,096 16,490 572 
Total comprehensive loss for the year(1,047,285)(78,957)(53,269)
Attributable to:
Owners of the Company(1,047,285)(78,957)(53,269)
The accompanying notes are an integral part of these consolidated financial statements
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Arrival
Consolidated statement of financial position
As at December 31, 2021 and December 31, 2020
In thousands of USDNoteDecember 31, 2021December 31, 2020
ASSETS
Non-Current Assets
Property, plant and equipment6271,607 138,317 
Intangible assets and goodwill7414,674 210,723 
Deferred tax asset17B2,171 1,392 
Prepayments1023,384  
Trade and other receivables9A40,916 13,235 
Total Non-Current Assets
752,752 363,667 
Current Assets
Inventory1122,977 14,504 
Loans to executives24 5,207 
Trade and other receivables9B45,312 63,104 
Prepayments1048,118 23,262 
Cash and cash equivalents12900,606 82,314 
Total Current Assets1,017,013 188,391 
TOTAL ASSETS1,769,765 552,058 
EQUITY AND LIABILITIES
Capital and reserves
Share capital13A74,046 274,126 
Share premium13A5,844,397 331,718 
Other reserves13B(3,095,804)79,888 
Accumulated deficit(1,597,061)(292,680)
Total Equity1,225,578 393,052 
Non-Current Liabilities
Deferred tax liability17B7,465 3,375 
Warrants163,611  
Loans and borrowings15451,525 107,870 
Total Non-Current Liabilities
462,601 111,245 
Current Liabilities
Current tax liabilities358 615 
Loans and borrowings1514,258 5,221 
Trade and other payables1866,970 41,925 
Total Current Liabilities81,586 47,761 
TOTAL EQUITY AND LIABILITIES1,769,765 552,058 
The accompanying notes are an integral part of these consolidated financial statements
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Arrival
Consolidated statement of changes in equity
For the years ended December 31, 2021, December 31, 2020 and December 31, 2019
In thousands of USDNoteShare
capital
Share
premium
Accumulated
deficit
Other
reserves*
Total
equity
Balance at January 1, 2021274,126 331,718 (292,680)79,888 393,052 
Loss for the year— — (1,304,381)— (1,304,381)
Other comprehensive income— — — (18,573)(18,573)
274,126 331,718 (1,597,061)61,315 (929,902)
Transactions with shareholders
Issuance of share capital as consideration for the merger with CIIG13vii8,543 711,625 — 870,922 1,591,090 
Adjustment of shareholding transferred from Arrival Luxembourg S.à r.l. to Arrival13v, 13vi(211,064)4,602,685 — (4,391,621) 
Issuance of ordinary shares, net of transaction cost13ix4,199 331,437 — — 335,636 
Initial share capital of Arrival13iv35 — — — 35 
Reduction of capital of Arrival 13iv(35)— — 35  
Exercise of warrants into shares13viii/161,694 139,149 — 82,424 223,267 
Equity-settled share-based payments23— — — 5,189 5,189 
Acquisition of treasury shares — — — (1,203)(1,203)
Allocation of treasure shares to employees— — — 1,466 1,466 
Impact from conversion of share capital from EUR to USD(3,452)(272,217) 275,669  
Balance at December 31, 2021
74,046 5,844,397 (1,597,061)(3,095,804)1,225,578 
Balance at Balance at January 1, 2020260,297 156,903 (196,391)3,023 223,832 
Loss for the year — — (95,447)— (95,447)
Other comprehensive income— — — 16,490 16,490 
260,297 156,903 (291,838)19,513 144,875 
Transactions with shareholders
Capital increase13xiii13,829 174,815 — — 188,644 
Restrictive Share Plan to employees13B, 9A— — — 31,990 31,990 
Equity-settled share-based payments23— — — 28,385 28,385 
Business combination under common control — — (842)— (842)
Balance at 31 December 2020274,126 331,718 (292,680)79,888 393,052 






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Arrival
Consolidated statement of changes in equity (continued)
For the years ended December 31, 2021, December 31, 2020 and December 31, 2019

In thousands of USDNoteShare
capital
Share
premium
Accumulated
deficit
Other
reserves*
Total
equity
Unadjusted balance at January 1, 201920 138,054 (78,435)2,451 62,090 
Changes in accounting policy to reflect IFRS 16— — (502)— (502)
Balance at January 1, 201920 138,054 (78,937)2,451 61,588 
Loss for the year— — (53,841)— (53,841)
Other comprehensive income— — — 572 572 
20 138,054 (132,778)3,023 8,319 
Transactions with shareholders
Capital increase13xiii8,206 270,920 — — 279,126 
Conversion of share premium to share capital13xii252,071 (252,071)— —  
Business combination under common control— — (63,613)— (63,613)
Balance at 31 December 2019260,297 156,903 (196,391)3,023 223,832 


*Other reserves comprise of foreign currency translation, share base payments reserves relating to Arrival Share Option Plan 2020 (“SOP”), Restricted Share Plan (“RSP”) and Restricted Stock Unit (“RSU”) and equity reserves which are not distributable (see note 13B).
The accompanying notes are an integral part of these consolidated financial statements
F-7


Table of Contents
Arrival
Consolidated statement of cash flows
For the years ended December 31, 2021, December 31, 2020 and December 31, 2019
In thousands of USDNoteDecember 31, 2021December 31, 2020December 31, 2019
Cash flows used in operating activities
Loss for the year(1,304,381)(95,447)(53,841)
Adjustments for:
Depreciation/Amortization6, 7, 2024,337 11,071 5,340 
Impairment losses and write -offs6,7,9,11,20,2139,378 456 5,566 
Net unrealized foreign exchange differences(4,628)47 118 
Net finance expense21(3)2,500 2,826 
Change in fair value of warrants(122,299)  
Listing expense1,168,515   
Change in fair value of embedded derivative(33,900)  
Fair value movement on employee loans including fair value charge for the new employee loans issued on September 30, 20216,038   
Reversal of difference between fair value and nominal value of loans repaid(1,906)  
Employee share scheme20C, 232,668 10,697  
Profit on disposal of fixed assets462  (607)
Profit from the modification of lease20A(1,298)(1,189)(72)
Deferred taxes173,277