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.
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.
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 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
Calculation adjusted EBITDA
Statement of financial position at June 30, 2021 and December 31, 2020
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15.09.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Compleo Charging Solutions AG|
|Phone:||+49 231 534 923 70|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1233407|
|End of News||DGAP News Service|