COMPLEO CHARGING SOLUTIONS AG Compleo continues to expand its market position in H1 2021

Directive transparence : information réglementée

15/09/2021 07:30

DGAP-News: Compleo Charging Solutions AG / Key word(s): Half Year Results
Compleo continues to expand its market position in H1 2021

15.09.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

Compleo continues to expand its market position in H1 2021

Revenues in first half of 2021 up +49.9 % on previous year | Integration of Compleo Connect (former wallbe) on schedule following successful closing of the transaction in Q2 | New generation of the smart wallbox "Compleo Solo" in series production | Exclusive negotiations with E.ON on the purchase of innogy eMobility Solutions GmbH

Dortmund, September 15, 2021 - Compleo Charging Solutions AG ("Compleo"), a leading provider of charging solutions for electric vehicles, continued on its growth path in the first half of 2021. At the same time, the company achieved key strategic milestones in the areas of internationalization, product development and inorganic expansion on its way to becoming the e-mobility champion in Europe. In the first six months of fiscal year 2021, Compleo increased its revenues by EUR 7.1 million from EUR 14.3 million to a total of EUR 21.4 million (+49.9%).

AC charging stations were the main driver of revenue growth through June, with revenues in the first two quarters of 2021 rising from EUR 5.5 million (H1 2020) to EUR 9.1 million, contributing 42.7% to total revenues (H1 2020: 38.3%). Revenues from the DC charging station segment increased by 16.3% to EUR 5.9 million (H1 2020: EUR 5.1 million).

Adjusted EBITDA amounted to EUR -4.0 million in the first half of 2021, EUR 3.6 million below the comparative figure (H1 2020: EUR -0.4 million). The reason for this development is on the one hand further investments in the structural development of the growth platform and the management team as well as increased expenses for the requirements of a listed company compared to the previous year. Further, the consistent expansion of capacities is temporarily burdening the cost structure across all functional areas. Furthermore, there was a need for adjustment due to cost overruns in project planning and installation orders, for which negotiations on supplements are already being held with customers. "The current investments are also having an impact on earnings. However, as sales continue to grow, the margin here will recover," explained Peter Gabriel, CFO of Compleo.

In line with its growth strategy, Compleo further intensified its activities in other European countries. In Switzerland, for example, through an exclusive partnership with Swiss Automotive AG, and on the Austrian market through a cooperation with KSW Elektro- und Industrieanlagenbau, one of the leading suppliers of service station and industrial plant engineering in Central Europe. In addition, Compleo established its own sales company in Vienna in the second quarter of 2021. Compleo has been active in Poland since the beginning of the year through a sales cooperation with City Systems, a provider of parking systems and charging solutions for e-cars. Further, Compleo is now present with a sales company in Sweden as a result of the acquisition of Compleo Connect (wallbe). Compleo is thus increasingly expanding its market position in order to make optimal use of the enormous potential for charging solutions in Europe.

At the same time, Compleo is steadily strengthening its technological leadership position, both through investments in the expansion of its product portfolio and development teams totaling EUR 2.6 million in the first half of 2021 (H1 2020: EUR 1.3 million), and through the acquisition of wallbe GmbH (Compleo Connect GmbH since September 13), which has been consolidated and managed as a subsidiary since May 1, 2021. Compleo Connect complements Compleo's know-how, in addition to deep expertise in AC charging solutions, especially in the areas of backend and payment. Compleo thus offers not only leading hardware but also the complete software portfolio for charging station operators.

"Teaming up with Compleo Connect represents an important step for us to rapidly expand our market position and quickly extend our expertise both in the area of AC wallboxes and in software for backend and payment applications. We are currently experiencing very strong momentum in the market for charging solutions for electromobility, which we of course want to make the best possible use of. To this end, we want to continue to invest intensively in organic and inorganic growth, as we did in the past half year - for example, we are currently evaluating a possible acquisition of the European e-mobility business of innogy eMobility Solutions GmbH. We see great potential here to become a leading player in Europe together and intend to complete the transaction this year assuming the successful completion of the current purchase audit," commented Georg Griesemann, Co-CEO of Compleo.

The technology provider innogy eMobility Solutions GmbH develops and manufactures its own hardware and software for charging electric vehicles and generated around EUR 20 million in revenues in the first half of 2021. Innogy's customers include E.ON, Daimler, DHL, Aldi Süd, Move and Suncor Energy and the company also has proven expertise in the area of hardware and, in particular, software for charging infrastructure. innogy eMobility Solutions GmbH also has a subsidiary in the UK.

Compleo also made progress with the further development of its product portfolio. The new generation of the intelligent wallbox "Compleo Solo" was introduced to the market as a serial product in the second quarter of 2021. Even before the official market launch, Compleo gained a major order in the mid to upper four-digit range from a large German energy supplier to supply the Compleo Solo. Compleo also received approval in June 2021 for the sale of its AC and DC charging stations that comply with calibration regulations in Austria. Compleo thus meets the current market requirements of the measurement and calibration law in Austria and sets an example throughout Europe thanks to its innovative storage and display module (SAM(R)).

"Up to 3 million public charging points will be needed across the EU by 2030. There were only 175,000 in 2020. In order to be able to meet the expected high demand, we moved into a second location in the spring, significantly expanding our production capacities. We have also expanded our European footprint, continued to develop innovative new products, and further strengthened ourselves through the acquisition of Compleo Connect. We thus consistently continued to implement our growth strategy in the first half of 2021 and have put ourselves in an excellent position to exploit the enormous market potential in Europe for us," Griesemann added.

The Management Board continues to expect Group revenues of EUR 68 million to EUR 78 million for the Compleo Group including Compleo Connect, which was fully consolidated as of May 1. In addition, break-even for adjusted Group EBITDA is expected for fiscal year 2021.

The full announcement is available on the company's website https://ir.compleo-cs.com/ in the "Publications" section.


Statement of comprehensive income for the six months ended June 2021 and June 2020

in kEUR H1 2021 H1 2020
Revenues 21,419 14,290
Cost of sales (17,199) (10,463)
Gross profit 4,220 3,827
Other income 259 117
Selling expense (3,113) (1,454)
Research and development expense (2,547) (1,279)
General and administrative expense (5,128) (2,263)
Earnings before interest and tax (EBIT) (6,309) (1,052)
Financial income 19 2
Financial expense (144) (85)
Earnings before tax (EBT) (6,434) (1,135)
Income tax 1,903 276
Result of the period (4,531) (859)
Items that may be reclassified to profit or loss    
Exchange differences on translation of foreign operations (1) -
Other comprehensive income, net of tax (1) -
Total comprehensive income of the period (4,532) (859)
Earnings per share (in EUR)    
Basic -1.25 -0.34
Diluted -1.25 -0.34

Calculation adjusted EBITDA

In kEUR H1 2021 H1 2020
Earnings before interest and tax (EBIT) (6,309) (1,052)
D&A (1.190) (347)
EBITDA (5.119) (705)
EBITDA margin (23.9 %) (4.9 %)
One-off effects (1,122) (292)
Adjusted EBITDA (3,997) (413)
Adjusted EBITDA margin (18.7 %) (2.9 %)

Statement of financial position at June 30, 2021 and December 31, 2020

in kEUR June 30, 2021 December 31, 2020
Intangible assets 14,859 255
Goodwill 29,816 -
Property, plant and equipment 2,847 1,415
Right-of-use assets 3,321 1,458
Other non-current financial assets 24 23
Other non-current assets 251 264
Deferred tax assets 6,090 3,882
Total non-current assets 57,208 7,297
Inventories 14,067 4,593
Trade accounts receivable 10,498 2,822
Contract assets 2,277 1,884
Other current financial assets 1,547 1,285
Other current assets 4,781 494
Cash and cash equivalents 17,401 35,736
Total current assets 50,571 46,814
TOTAL ASSETS 107,779 54,111
Equity and liabilities    
in kEUR June 30, 2021 December 31, 2020
Subscribed capital 3,896 3,423
Capital reserves 85,179 46,121
Other comprehensive income (1) -
Retained earnings (10,893) (6,361)
Non-controlling interest (5) -
Total equity 78,176 43,183
Other provisions 1,523 -
Financial liabilities - non-current 3,250 3,790
Lease liabilities - non-current 2,195 1,045
Other non-current financial liabilities 12 18
Deferred tax liabilities 1,343 -
Total non-current liabilities 8,323 4,853
Other provisions 1,457 231
Financial liabilities - current 827 259
Lease liabilities - current 1,275 447
Trade accounts payable 11,419 3,277
Contract liabilities 189 171
Other current financial liabilities 385 255
Other current liabilities 5,728 1,435
Total current liabilities 21,280 6,075

Statement of cash flows for the six months ended June 2021 and June 2020

In kEUR H1 2021 H1 2020
Result of the period (4,531) (859)
Amortisation of intangible assets 471 23
Depreciation of property, plant and equipment and right-of-use assets 719 324
Increase /(decrease) in other non-current provisions (138) -
Increase /(decrease) in other current provisions (23) (47)
Other non-cash expenses /(income) items (727) -
(Increase) /decrease in inventories (4,380) (2,159)
(Increase) /decrease in trade receivables (3,996) (1,378)
(Increase) /decrease in other assets (2,334) 17
Increase /(decrease) in trade payables 3,329 1,408
Increase /(decrease) in other liabilities 2,080 607
Interest expenses /(income) 125 83
Increase /(decrease) in income tax payables and deferred tax liabilities (2,207) (361)
Income tax (paid) /received - -
Net cash flows from operating activities (11,612) (2,342)
(Purchase) of intangible assets (1,485) (44)
(Purchase) of property, plant and equipment (985) (307)
Payment for acquisition of subsidiary, net of cash acquired (22,813) -
Payments for acquisition of shareholder loans (8,539) -
Interest received 19 2
Net cash flows used in investing activities (33,803) (349)
Proceeds from issue of shares 28,296 -
Transaction cost for the issue of shares (622) (174)
Repayment of financial liabilities (58) (173)
Repayment of lease liabilities (392) (181)
Interest (paid) (144) (85)
Net cash flows from financing activities 27,080 (613)
Net increase in cash and cash equivalents (18,335) (3,304)
Cash and cash equivalents at the beginning of the period 35,736 3,509
Cash and cash equivalents at the end of the period 17,401 205

About Compleo
Compleo Charging Solutions AG, together with its subsidiary Compleo Connect, is a leading provider of charging solutions for electric vehicles. The company is a complete solution provider with its charging stations and also offers services around the planning, installation, maintenance, service or backend of the charging infrastructure. Compleo's range includes both AC and DC charging stations. The company develops and manufactures all products at its headquarters in Dortmund. In doing so, the manufacturer focuses on innovation, safety, consumer-friendliness and cost-effectiveness. Its customers include Allego, Clever, E.ON, EWE Go, Deutsche Telekom, Siemens and over 150 municipal utilities in Germany. Compleo started production of the first charging stations in 2009. To date, the company has delivered over 50,000 charging points, contributing to the development of the charging infrastructure. Compleo is listed in the Prime Standard segment of the Frankfurt Stock Exchange since October 2020 (ISIN: DE000A2QDNX9). More information is available at: compleo-cs.de

Investor Relations Contact
Sebastian Grabert, CFA
Head of Investor Relations
E-mail: ir@comepleo-cs.de
Phone: +49 231 534 923 874

15.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Compleo Charging Solutions AG
Oberste-Wilms-Straße 15a
44309 Dortmund
Phone: +49 231 534 923 70
E-mail: ir@compleo-cs.de
Internet: https://www.compleo-cs.com/
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1233407

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1233407  15.09.2021