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Compleo Charging Solutions AG / Key word(s): Forecast
Disclosure of insider information pursuant to Article 17 para. (1) of Regulation (EU) No. 596/2014 on Market Abuse as amended (Market Abuse Regulation - MAR)
Compleo Charging Solutions AG: Adjustment of the forecast for 2021
Dortmund, October 04, 2021. The Management Board of Compleo Charging Solutions AG ("Compleo"), a provider of charging solutions for electric vehicles, has come to the conclusion, based on an evaluation of the past third quarter completed today and the expected further development of the business, that its business development in the full year 2021 will be weaker than expected and the previous sales and earnings forecast for the full year 2021 needs to be adjusted. The Management Board now anticipates Group sales of between EUR 56 million and EUR 61 million (previously between EUR 68 million and EUR 78 million) and adjusted Group EBITDA (earnings before interest, taxes, depreciation and amortization adjusted for non-recurring items) in the high single-digit negative EUR million range (previously break-even) for fiscal year 2021.
The lowering of the forecast for sales is attributable to the following factors:
- The persistently adverse conditions on the procurement market for electronic components in the third quarter are leading to significant delivery delays in production. The Management Board does not expect any significant improvement in the procurement market in the short or medium term and does not anticipate any material improvement in the situation despite the countermeasures introduced (e.g.: build-up of inventories).
- The market launch of the Compleo Wallbox Solo was postponed from the first to the third quarter of 2021 due to continued optimization measures. According to the current assessment of the Management Board, the remaining production and material capacities through the end of 2021 will not be sufficient to achieve the sales targets on this product line planned at the beginning of 2021.
- Unexpected changes in the call-off behavior of individual customers also led in part to temporary volume declines in the third quarter. In addition, delays in grant approvals for subsidized projects by its customers continue to cause delays in incoming orders at Compleo.
Due to the aforementioned factors, the Management Board sees no possibility in the short term to compensate for the sales expected at the beginning of the year in the remaining fiscal year.
Note: The key figure "Adjusted EBITDA" is not a key figure under IFRS. Information on the definition of this indicator is available in the 2020 Annual Report of Compleo Charging Solutions AG on p. 21 (available at https://ir.compleo-cs.com/).
Contact and notifying person
05-Oct-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Compleo Charging Solutions AG
+49 231 534 923 70
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
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