DGAP-News 158 0 Kommentare Compleo sets course to further increase its growth pace in 2021

DGAP-News: Compleo Charging Solutions AG / Key word(s): Annual Results/Takeover
Compleo sets course to further increase its growth pace in 2021

26.03.2021 / 12:22
The issuer is solely responsible for the content of this announcement.

Compleo sets course to further increase its growth pace in 2021

Dynamic growth course in 2020 confirmed | Revenues more than doubled compared to the previous year to over EUR 33 million in 2020 | Adjusted EBITDA margin improved significantly in 2020 | Sales activities launched in Switzerland, Austria and Poland since the IPO | Additional growth spurt through merger with wallbe GmbH

Dortmund, 26 March 2021 - Compleo Charging Solutions AG ("Compleo"), a leading provider of charging solutions for electric vehicles, significantly increased its revenues in 2020 and improved its profitability compared to the previous year. At the same time, the company consistently continued to implement its growth strategy since its IPO. For example, Compleo has commenced with sales activities in Switzerland, Austria and Poland and successfully further developed its product portfolio. Compleo's acquisition of wallbe GmbH ("wallbe"), announced today, is expected to provide additional tailwind. Through this transaction, Compleo is achieving a further milestone in building one of the leading providers of electromobility solutions in Europe.

wallbe transaction

Founded in 2000, wallbe provides AC charging solutions for the private, commercial and public sectors and has shipped a total of over 15,000 charging points in the European market. Among other products, the German company has leading billing and management systems for charging infrastructures (incl. intelligent ad-hoc payment and billing functions with credit cards) and is strongly committed to future topics such as solar-optimized charging and grid integration. Wallbe's strong customer portfolio includes large corporations, hotel chains, municipal utilities, public authorities as well as financial institutions. wallbe generated revenues of more than EUR 11 million in 2020, more than doubling its revenues compared to the previous year. A revenue level of between EUR 25 million and EUR 30 million is expected for 2021.

The preliminary purchase price amounts to EUR 34.8 million, around 2/3 of which will be paid in cash from Compleo's current liquidity. The remaining portion of the purchase price will be paid by issuing new shares as part of a capital increase from authorized capital. For this purpose, Compleo's share capital will be increased by 130,000 shares; after the capital increase, the share capital will amount to EUR 3,553,480. The previous owners of wallbe have agreed to a lock-up agreement of two years. The closing of the transaction is subject to board approval on the seller side. Compleo expects the transaction to be completed by the end of April 2021.

"We and wallbe complement each other, therefore this will provide an additional boost to our growth path. The merger will further strengthen our fully integrated hardware, software and service business and noticeably increase our market share. Together, we have now delivered over 45,000 charging points in the European market. These are excellent prerequisites for further dynamic growth in 2021 and beyond. We not only intend to grow organically, but also see ourselves as a market consolidator," commented Georg Griesemann, Co-CEO of Compleo. Compleo is seeking to become one of Europe's leading manufacturers of charging stations and solutions. To achieve this goal, additional acquisitions are an important cornerstone of the strategy.

Fiscal year 2020 and outlook for 2021

Compleo has been consistently implementing its organic growth strategy since its successful IPO in October 2020. With a view to its European expansion plans, market entry in Switzerland in the fourth quarter of 2020 was followed by Austria at the beginning of 2021. Compleo is now present with its innovative charging solutions in the entire DACH region. Market entry in Poland was then completed in February 2021. Furthermore, Compleo achieved important milestones in the further development of its product portfolio as planned. For example, a new generation of the intelligent wallbox "Compleo Solo" was developed. Even before the serial market launch in the second quarter of 2021, Compleo received a major order from a large German energy supplier with international structures for the delivery of several thousand wallboxes. In addition, the development of the DC 150 kW HPC charging station for ultra-fast charging in supermarket parking lots, at gas stations or on highways is also being driven forward in the current fiscal year. In order to be able to meet the expected high demand for Compleo's solutions in Germany and abroad, an additional 5,100 sqm of production and logistics space have been rented in addition to its current location (2,600 sqm of production space) as of 1 February 2021.

With the first DC charging stations in Germany that comply with calibration regulations, Compleo has already been setting technological standards in the market since the beginning of 2020. The high demand for DC charging stations such as the Cito 240 and Cito 500 are proof of Compleo's pioneering role in DC charging technology. A total of more than 1,500 DC charging stations had been delivered by the end of 2020. Driven by the huge increase in demand, Compleo 2020's total revenues increased by around 118 percent from EUR 15.2 million in the previous year to EUR 33.1 million. DC charging stations accounted for around 45 percent of total revenues (previous year: 4 percent), while AC charging stations accounted for 31 percent (previous year: 53 percent). EUR 8.1 million in revenues in 2020 were attributable to project and installation, service and maintenance, and other (previous year: EUR 6.5 million).

At the same time, profitability was improved in 2020 through efficiency gains compared to 2019. This was possible despite the expansion of the workforce, particularly in sales and administration. Earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for non-recurring effects^[1] amounted to EUR -2.7 million (previous year: EUR -2.3 million). The adjusted EBITDA margin thus improved by 6.9 percentage points to -8.1 percent (previous year: -15.0 percent).

Georg Griesemann: "In 2020, we took advantage of our opportunities and grew extremely dynamically by increasing our revenues by more than 100%. Given the rapid expansion of electromobility in Germany and throughout Europe, we see excellent opportunities for Compleo in the future. With the strategic milestones achieved and the successful integration of wallbe, we are aiming to significantly increase our revenues again in 2021."

Forecast for 2021

The Management Board expects revenues for Compleo Charging Solutions AG of between EUR 50 million and EUR 60 million for fiscal year 2021.

In addition, wallbe is expected to generate revenue of between EUR 25 million and EUR 30 million for the full year 2021. wallbe will be fully consolidated upon completion of the transaction, so that the financial figures will be included in the Group on a correspondingly pro-rata basis from that point on.

The consolidated Compleo Group is expected to break even on adjusted EBITDA in 2021.

The full report on fiscal year 2020 will be made available by Compleo on April 30, 2021, on the company's website https://ir.compleo-cs.com/ in the "Publications" section.

Appendix:

Statement of comprehensive income for the years ended 2020 and 2019

in k€	2020	2019
Revenues	33,131	15,196
Cost of sales	-25,079	-11,635
Gross profit	8,052	3,561
Other income	267	288
Selling expense	-3,755	-2,197
Research and development expense	-4,005	-2,696
General and administrative expense	-5,557	-2,675
Earnings before interest and tax (EBIT)	-4,998	-3,719
Financial income	9	15
Financial expense	-196	-241

Earnings before tax (EBT)	-5,185	-3,945
Income tax	1,596	1,362

Result of the period	-3,589	-2,583

Comprehensive income of the period	-3,589	-2,583

EBITDA	-4,237	-3,215
Earnings per share
Basic (in EUR)	-1.33	-1.03
Diluted (in EUR)	-1.33	-1.03

EBITDA calculation
in k€	2020	2019
Earnings before interest and tax (EBIT)	-4,998	-3,719
D&A	-761	-504
EBITDA	-4,237	-3,215
EBITDA margin	-12.8%	-21.2%
One-off effects	-1,566	-838
Adjusted EBITDA	-2,671	-2,277
Adjusted EBITDA margin	-8.1%	-15.0%

Statement of financial position at December 31, 2020 and December 31, 2019

Assets
in k€	31/12/2020	31/12/2019
NON-CURRENT ASSETS
Intangible assets	255	98
Property, plant and equipment	1,415	980
Right-of-use assets	1,458	1,335
Other non-current financial assets	23	23
Deferred tax assets	3,882	1,661
Other assets	264	-
NON-CURRENT ASSETS	7,297	4,097

CURRENT ASSETS
Inventories	4,593	2,161
Trade accounts receivable	2,822	1,485
Contract assets	1,884	435
Other current financial assets	1,285	482
Other current assets	494	318
Income tax receivables	-	27
Cash and cash equivalents	35,736	3,509
Total current assets	46,814	8,417
TOTAL ASSETS	54,111	12,514

Statement of financial position at December 31, 2020 and December 31, 2019

Equity and liabilities

in k€	31/12/2020	31/12/2019
EQUITY
Subscribed capital	3,423	25
Contribution paid for the implementation of the agreed capital increase	-	5
Capital reserves	46,121	6,695
Other reserves	-	-
Retained earnings	-6,361	-2,772
Total equity	43,183	3,953

NON-CURRENT LIABILITIES
Financial liabilities - non-current	3,790	331
Lease liabilities - non-current	1,045	1,053
Other non-current financial liabilities	18	823
Total non-current liabilities	4,853	2,207

CURRENT LIABILITIES
Other provisions	231	207
Financial liabilities - current	259	94
Lease liabilities - current	447	310
Trade accounts payable	3,277	2,509
Contract liabilities	171	1,013
Other current financial liabilities	255	1,695
Other current liabilities	1,435	526
Total current liabilities	6,075	6,354
TOTAL EQUITY AND LIABILITIES	54,111	12,514

Statement of cash flows for the years ended 2020 and 2019

in k€	2020	2019
Result of the period	-3,589	-2,583
Amortisation of intangible assets	75	45
Depreciation of property, plant and equipment and right-of-use assets	686	459
Increase /(decrease) in other current provisions	24	133
Expenses for share-based payments	107	-
Other non-cash expenses /(income) items	6	-108
(Increase) /decrease in inventories	-2,432	-909
(Increase) /decrease in trade receivables	-1,343	-1,051
(Increase) /decrease in other assets	-2,691	-455
Increase /(decrease) in trade payables	768	929
Increase /(decrease) in other liabilities	-809	2,442
Interest expenses /(income)	187	226
Increase /(decrease) in income tax payables and deferred tax liabilities	-2,194	-1,376
Income tax (paid) /received	-	-
Net cash flows from operating activities	-11,205	-2,249
Proceeds from sale of property, plant and equipment	33	11
(Purchase) of intangible assets	-232	-6
(Purchase) of property, plant and equipment	-750	-462
Interest received	9	15
Net cash flows used in investing activities	-940	-442
Proceeds from issue of shares	43,993	5,500
Transaction cost for the issue of shares	-1,281	-
Proceeds from financial liabilities	4,000	1,456
Repayment of financial liabilities	-1,747	-374
Repayment of lease liabilities	-397	-284
Interest (paid)	-196	-241
Net cash flows from financing activities	44,372	6,057
Net increase in cash and cash equivalents	32,227	3,366
Cash and cash equivalents at the beginning of the period	3,509	143
Cash and cash equivalents at the end of the period	35,736	3,509

About Compleo | Compleo is a leading supplier of charging solutions for electric vehicles. The company supports complete solution providers with its charging stations and, if required, also with the planning, installation, maintenance, service or backend of the charging infrastructure. Compleo's offering includes both AC and DC charging stations. Compleo's DC charging stations are the first DC charging stations on the market that comply with German calibration law (Eichrecht). The company develops and manufactures all products at its Dortmund site. The manufacturer focuses on innovation, safety, consumer-friendliness and economy. Its customers include Allego, E.ON, EWE Go, Deutsche Post DHL Group, Deutsche Telekom, Siemens and over 150 public utilities in Germany. Compleo started production of the first charging stations in 2009. The fast-growing company currently employs around 250 people. Compleo is listed in the Prime Standard segment of the Frankfurt Stock Exchange since October 2020 (ISIN: DE000A2QDNX9). More information is available at: www.compleo-cs.de/

IR Contact

Compleo Charging Solutions AG
Sebastian Grabert
Head of Investor Relations
e-Mail: ir@comepleo-cs.de
Phone: +49 231 534 923 874

/ / / /

^[1] In 2020, the non-recurring effects of EUR 1.6 million mainly comprised IPO costs (EUR 0.9 million) and IT-related consulting and structural costs (EUR 0.2 million).

26.03.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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Language:	English
Company:	Compleo Charging Solutions AG
	Oberste-Wilms-Straße 15a
	44309 Dortmund
	Germany
Phone:	+49 231 534 923 70
E-mail:	ir@compleo-cs.de
Internet:	https://www.compleo-cs.com/
ISIN:	DE000A2QDNX9
WKN:	A2QDNX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1178878