DGAP-News 134 0 Kommentare Compleo Charging Solutions AG: Compleo with significant growth in the second quarter of 2022

DGAP-News: Compleo Charging Solutions AG / Key word(s): Half Year Results
Compleo Charging Solutions AG: Compleo with significant growth in the second quarter of 2022

15.09.2022 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

Compleo with significant growth in the second quarter of 2022

Sales in H1 2022 +142 % year-on-year | Charging Stations and Software segments with significant sequential growth | Revenue outlook for fiscal 2022 reduced with stable profit expectation | Increased focus on costs and profitability

Dortmund, September 15, 2022 – Compleo Charging Solutions AG ("Compleo"), a leading European full-service provider for charging technologies, today reports on its business development in the first half of 2022. According to the report, Compleo was able to continue its growth path from the first quarter of 2022 and achieved total revenues at group level of EUR 51.9 million in the first six months of the fiscal year. This corresponds to significant growth of EUR 30.5 million or 142 % compared to the same period of the previous year (H1 2021: EUR 21.4 million). Compared to the first quarter of 2022, revenues increased by 21%.

The main drivers of this sequential sales growth were in particular the Charging Stations and Software business segments, which increased their sales organically by 20% and even 39% respectively in the second quarter compared to the previous quarter. The gross margin of 19.6% was on a par with the previous year (H1 2021: 19.7%). Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization adjusted for non-recurring items) amounted to EUR -5.9 million in Q2 2022 and EUR -13.2 million in H1 2022. Compleo is thus fully on track to achieve its annual target of adjusted EBITDA of EUR -25 to -30 million.

Business performance at segment level in the first half of 2022 was driven by varying degrees of positive momentum. The Software segment, which was newly established on January 1, 2022 and combines all software activities relating to the operation and marketing of charging stations, performed very well. Revenues in this segment amounted to EUR 8.6 million in the first half of 2022. At quarterly level, revenues increased sequentially by 39% to EUR 5.0 million in the first half of the year, driven by strong organic growth in the number of connected charging points as well as marketed charging transactions since the beginning of the year. The continued positive business development prompted the Executive Board to significantly increase the revenue outlook for fiscal year 2022 for the Software segment from the original EUR 8 to 10 million to EUR 20 to 22 million.

The Charging Stations segment generated sales of EUR 21.5 million in the second quarter. This represents significant sequential growth of 20% compared to the previous quarter. Nevertheless, some of the realized revenues fell short of the underlying forecasts: While business with AC and DC charging stations was largely in line with expectations, sales figures for wallboxes fell short of the targets set at the beginning of the year. For example, the government subsidy program for the installation of wallboxes in the private sector expired at the beginning of the year. As a result, the planned sales volume by a major wallbox customer also remained below average. Furthermore, an initially delayed product development led to a postponement of the sales to be realized in future periods. Taking into account the impairments described and the forecast sales volume for the second half of 2022, the Management Board feels compelled to reduce the revenue outlook for fiscal year 2022 for the Charging Stations segment from the original EUR 100 to 115 million to EUR 78 to 80 million. At the same time, the forecast revenue range for the Services segment can be further specified from originally EUR 7 to 10 million to EUR 7 to 8 million. As a result, the Executive Board now anticipates sales at Group level of EUR 105 to 110 million for fiscal 2022. The profit target of EUR -25 to -30 million adjusted EBITDA remains unchanged despite lower expected Group sales. Likewise, the sales targets for the financial year 2025 - both for the Group and for the individual segments - remain unchanged.

A particular technical highlight in the reporting period was the first-time presentation of the new payment module at an energy trade fair in Essen in June. Compleo is one of the first companies to offer charging stations that already meet the requirements of the charging station ordinance, which will be mandatory from 2023. The new module enables easy payment via common debit or credit card with PIN entry. In addition, payments via smartphones and wearables are also possible.

After the end of the reporting period, Compleo's Supervisory Board appointed Jörg Lohr to the Executive Board as Chief Commercial Officer (CCO) as of September 1, where he will be responsible for sales and the areas of charging station and software development in his new role. Lohr has already been active in the field of electromobility for more than ten years in leading positions. He has an excellent knowledge of the customers, the products and the industry. In recent months, he has successfully driven Compleo's software business in particular. Checrallah Kachouh, member of the Executive Board for many years, left the company at his own request at the beginning of September. Kachouh was responsible for research and development as well as purchasing and product management within the company. Compleo is indebted to him for his great achievements since the foundation of the company.

Following the successfully completed acquisition of innogy eMobility Solutions GmbH in mid-June 2022, the Management Board is now placing a particular focus on costs and profitability. Various initiatives are currently being launched to make Compleo even more competitive, customer-centric and efficient. Operational measures were already introduced several weeks ago, aimed in particular at improving profitability, optimizing working capital and streamlining cost structures. Georg Griesemann, CEO of Compleo, explains: "The current realignments are having a positive impact on our cost base and, of course, on earnings. We are also placing the customer even more at the center of our activities. After the realignment, the details of which we will present in the coming weeks, we are significantly more competitive and efficiently positioned in a competitive market."

The full half-year report is available on the company website https://ir.compleo-charging.com/en/ in the "Results" section.

Appendix:

Condensed income statement and statement of comprehensive income as of June 30, 2022 and December 31, 2021

in EURk	H1 2022	H1 2021
Revenues	51,932	21,419
Cost of sales	(41,768)	(17,199)
Gross profit	10,164	4,220
Other income	453	259
Selling expense	(9,231)	(3,113)
Research and development expense	(12,574)	(2,547)
General and administrative expense	(14,573)	(5,128)
Earnings before interest and tax (EBIT)	(25,761)	(6,309)
Financial income	1,169	19
Financial expense	(351)	(144)
Earnings before tax (EBT)	(24,943)	(6,434)
Income tax	1,656	1,903
Result of the period	(23,287)	(4,531)
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit obligations	15,238	-
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations	220	(1)
Other comprehensive income, net of tax	15,548	(1)
Total comprehensive income of the period	(7,829)	(4,532)
Total net result of the period is attributable to
Owners of Compleo Charging Solutions AG	(23,260)	(4,532)
Non-controlling interest	(27)	1
	(23,827)	(4,531)
Total comprehensive income for the period is attributable to
Owners of Compleo Charging Solutions AG	(7,802)	(4,532)
Non-controlling interest	(27)	1
	(7,829)	(4,531)
Earnings (loss) per share (in EUR)
Basic	(4.59)	(1.25)
Diluted	(4.59)	(1.25)

Calculation of adjusted EBITDA

In EURk	H1 2022	H1 2021
Earnings before interest and taxes (EBIT)	(26,761)	(7,242)
Depreciation and amortization	(6,601)	(1,189)
EBITDA	(19,160)	(6,054)
EBITDA margin	(36.9 %)	(28.3 %)
One-off effects	(5,958)	(1,166)
Adjusted EBITDA	(13,203)	(4,887)
Adjusted EBITDA margin	(25.4 %)	(22.9 %)

Consolidated statement of financial position as of June 30, 2022 and December 31, 2021

Assets
in EURk	June 30, 2022	December 31, 2021
Non-current assets
Intangible assets	35,630	19,684
Goodwill	27,612	26,245
Property, plant and equipment	7,533	3,190
Right-of-use assets	4,384	2,863
Other non-current financial assets	24	24
Other non-current assets	255	238
Net defined benefit asset	6,060	-
Deferred tax assets	2,527	18
Total non-current assets	83,995	49,262
Current assets
Inventories	43,274	21,458
Trade accounts receivable	20,472	7,315
Contract assets	2,207	2,235
Other current financial assets	1,305	1,075
Other current assets	10,378	60,211
Income tax receivables	99	-
Cash and cash equivalents	30,573	12,434
Total current assets	108,308	104,728
Total assets	192,303	153,990

Equity and liabilities
in EURk	June 30, 2022	December 31, 2021
Equity
Subscribed capital	5,070	5,070
Capital reserves	144,729	144,675
Accumulated other comprehensive income	15,453	(5)
Retained earnings	(51,234)	(27,974)
Non-controlling interest	(50)	(23)
Total equity	113,968	121,743

Non-current liabilities
Defined benefit obligations and other accrued employee benefits	943	-
Other provisions	2,990	1,882
Financial liabilities - non-current	6,836	7,743
Lease liabilities - non-current	2,674	1,684
Other non-current financial liabilities	7,681	5
Deferred tax liabilities	95	2,050
Total non-current liabilities	21,219	13,364
Current liabilities
Other provisions	22,463	1,288
Financial liabilities - current	1,555	1,060
Lease liabilities - current	1,840	1,325
Trade accounts payable	16,473	12,305
Contract liabilities	330	3
Other current financial liabilities	8,035	82
Other current liabilities	6,420	2,820
Total current liabilities	57,116	18,883
Total equity and liabilities	192,303	153,990

Consolidated statement of cash flows as of June 30, 2022 and December 31, 2021

Cash flows statement for H1 2022 und H1 2021
In EURk	H1 2022	H1 2021
Result of the period	(23,287)	(4,531)
Amortization of intangible assets	5,012	471
Depreciation of property, plant and equipment and right-of-use assets	1,589	719
Increase /(decrease) in other non-current provisions	(1,601)	(138)
Increase /(decrease) in other current provisions	(1,174)	(23)
Expenses for share-based payments	54	-
Other non-cash expenses /(income) items	176	(727)
(Increase) / decrease in inventories	(18,876)	(4,380)
(Increase) / decrease in trade receivables	(1,105)	(3,996)
(Increase) /decrease in other assets	49,928	(2,334)
Increase / (decrease) in trade payables	(4,882)	3,329
Increase /(decrease) in other liabilities	4,193	2,080
Interest expenses /(income)	(818)	125
Increase /(decrease) in income tax payables and deferred tax liabilities	(2,217)	(2,207)
Income tax (paid) /received	-	-
Net cash flows from operating activities	(6,992)	(11,612)
(Purchase) of intangible assets	(1,987)	(1,485)
(Purchase) of property, plant and equipment	(1,891)	(985)
Payment / proceeds for acquisition of subsidiary, net of cash acquired	(15,544)	(22,813)
Payments for acquisition of shareholder loans	-	(8,539)
Interest received	1,038	19
Net cash flows used in investing activities	12,704	(33,803)
Proceeds from issue of shares	-	28,296
Transaction cost for the issue of shares	-	(622)
Repayment of financial liabilities	(412)	(58)
Repayment of lease liabilities	(931)	(392)
Interest (paid)	(214)	(144)
Net cash flows from financing activities	1,557	27,080
Net increase/decrease in cash and cash equivalents	18,139	(18,335)
Cash and cash equivalents at the beginning of the period	12,434	35,736
Cash and cash equivalents at the end of the period	30,573	17,401

About Compleo:Compleo Charging Solutions AG is one of the leading full-service providers of charging technology in Europe. The company supports its business customers with its charging technologies as well as its charging stations, the software of the charging infrastructure. Compleo's offering includes both AC and DC charging stations. DC charging stations from Compleo are the first DC charging stations on the market that comply with calibration regulations. The company is headquartered in Dortmund, Germany. Its customers include Aldi, Allego, Clever, E.ON, EWE Go, Daimler, Siemens and more than 300 municipal utilities in Germany. More info at: www.compleo-charging.com/

Media contact Compleo

Ralf Maushake
Head of Communications & Public Affairs
E-Mail: r.maushake@compleo-cs.de
Telephone: +49 231 534 923 865

IR contact Compleo

Sebastian Grabert, CFA
VP Capital Markets & Corporate Finance
E-Mail: ir@compleo-cs.de
Telephone: +49 231 534 923 874

15.09.2022 CET/CEST 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:	1442799