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Compleo Charging Solutions AG: Compleo unveils new strategy as part of quarterly results

EQS-News: Compleo Charging Solutions AG / Key word(s): 9 Month figures
Compleo Charging Solutions AG: Compleo unveils new strategy as part of quarterly results
16.11.2022 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

Compleo unveils new strategy as part of quarterly results

Newly formed Board sets course for more competitive Compleo 3.0 | Q3 results confirm revenue and profit outlook for 2022 | Further increased focus on costs and profitability

Dortmund, November 16, 2022 – Compleo Charging Solutions AG ("Compleo"), a leading European full-service provider for charging technologies, today reports on its business development in the first nine months of 2022. According to the report, Compleo was able to maintain the sales level from the previous quarter despite difficult economic conditions and achieved group sales of 80.3 million euros in the first nine months of the financial year. This corresponds to a significant growth of €42.7 million or 114% compared to the same period last year (9M 2022: €37.6 million). Compleo is thus on track to achieve its mid-September adjusted revenue guidance for the 2022 financial year of EUR 105 to 110 million. On a quarterly basis, Group revenue increased by 75% to EUR 28.4 million (Q3 2021: EUR 16.2 million). In the Charging Stations segment, revenue in Q3 2022 was slightly below the previous quarter's level at EUR 20.6 million. The Software segment continued the profitable growth of the previous quarters and generated quarterly revenue of EUR 5.8 million with a strong gross margin of 36.6%.

In addition, Compleo was able to further increase profitability compared to the previous year, despite continued challenging procurement markets. The gross margin increased by 2.6 percentage points to 17.5% (9M 2021: 14.9%). This is due to efficiency gains from the increased sales volume as well as the first positive results from the cost reduction programs initiated during the year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation adjusted for one-off effects) continued to develop positively in the course of the current financial year. At -5.3 million euros, it is lower in the third quarter of 2022 than in the two previous quarters. After the first nine months, this value amounts to a cumulative -18.5 million euros, which means that Compleo is also on track here to achieve the annual target of an adj. EBITDA of -25 to -30 million euros.

The publication of the quarterly results is the occasion for the newly formed management board consisting of Jörg Lohr (CEO) and Peter Hamela (CFO) to present the strategic realignment of the Compleo Group. In the past months, an in-depth analysis of all products, services, processes and structures has been carried out, the results of which have been incorporated into the new Compleo 3.0 strategy. Essentially, the concept, whose clear focus is on profitability and customer focus, is based on four pillars:

  • In the future, the product portfolio in the Charging Stations segment, which has grown inorganically, will be significantly sharpened. From the current 15 product families with a total of over 500 product variants, five core products in the power range from 11 to 400 kW will cover around 80% of the usual applications. The focused product range will realise significant efficiency and cost advantages in all operational areas in the future.

 

  • The customer will be even more at the centre of all business activities in the future. The entire internal value chain, starting with research and development, through production and sales, to after-sales service, will in future be consistently aligned with the specific customer requirements from the various target markets.

 

  • In this context, Compleo will in future focus more strongly on its existing core competencies. In the Charging Stations division, these include in particular the development and sale of innovative and holistic charging infrastructure solutions. The industrialised production of wallboxes is to be completely outsourced in the future. The Software segment was successfully carved out from the Group as a separate organisation as of 30 September 2022. The goal is to position this unit independently in the market and to create value for Compleo shareholders with the help of strategic partnerships. The Services segment will focus consistently on manufacturer services in the future. The software segment already has its own service structures. The sub-segment around planning and installation of charging infrastructure will be realigned and focused on managing the project business. The clear focus on the value-creating core activities is also accompanied by organisational streamlining: In addition to the centralisation of German production and administration already announced at the end of September, existing organisational structures will be further optimised and excess capacities reduced. The closure of the two locations in Paderborn and Schlangen at the turn of the year is a first step towards streamlining operational cost structures. In addition, the Executive Board has aligned the subsequent management level to only four Vice Presidents. Further initiatives - also to improve profitability and optimise working capital - are currently being planned.

 

  • In the future, Compleo plans to further expand its target markets in Europe. In addition, market entry in the High Power Charging (HPC) segment in North America, the world's largest market for public DC charging infrastructure, is targeted with the help of partners by mid-2024. Compleo is launching a new high-power charger next year, also designed for the profitable North American market. With Comfort Charge, a first customer order for the delivery of 38 HPC chargers was recently reported.

"The last weeks and months have been challenging for the entire organisation and especially for our shareholders," says Jörg Lohr, CEO of Compleo. "However, with our comprehensive Compleo 3.0 strategy, we are confident that we will position ourselves to be significantly more efficient, customer-centric and also competitive in the future. We will consistently look at liquidity, profitability and costs. This is essential for our future economic success. In addition to the large number of operational savings potentials that we have identified, additional external financing to support the operational business processes is also an option that we are taking a closer look at. Our fast-growing and highly profitable software segment can play a decisive role in this - along with other strategic options."

 

The full quarterly results are 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 September 30, 2021 and September 30, 2022

in EURk

9M 2022

9M 2021

Revenues

80,300

37,603

Cost of sales

-66,259

-31,989

Gross profit

14,041

5,614

Other income

2,570

359

Selling expense

-12,997

-5,392

Research and development expense

-19,016

-4,478

General and administrative expense

-20,917

-8,520

Earnings before interest and tax (EBIT)

-36,319

-12,417

Financial income

1,174

19

Financial expense

-484

-201

Earnings before tax (EBT)

-35,629

-12,599

Income tax

1,904

-4,773

Result of the period

-33,725

-17,372

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

273

 

Other comprehensive income, net of tax

15,511

 

Total comprehensive income of the period

-18,214

-17,372

Total net result of the period is attributable to

 

 

Owners of Compleo Charging Solutions AG

-33,691

-17,368

Non-controlling interest

-34

-4

 

-33,725

-17,372

Total comprehensive income for the period is attributable to

 

 

Owners of Compleo Charging Solutions AG

-18,812

-17,368

Non-controlling interest

-32

-4

 

-18,214

-17,372

Earnings (loss) per share (in EUR)

 

 

Basic

-6.65

-4.68

Diluted

-6.65

-4.68

 

Calculation of adjusted EBITDA

In EURk

9M 2022

9M 2021

Earnings before interest and taxes (EBIT)

-36,318

-12,416

Depreciation and amortization

-9,947

-2,362

EBITDA

-26,821

-10,054

EBITDA margin

-33.4 %

-26.7 %

One-off effects

-8,322

-2,340

Adjusted EBITDA

-18,499

-7,713

Adjusted EBITDA margin

-23.0 %

-20.5 %

 

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

Assets

 

 

in EURk

September 30, 2022

December 31, 2021

Non-current assets

 

 

Intangible assets

34,484

19,684

Goodwill

27,612

26,245

Property, plant and equipment

7,835

3,190

Right-of-use assets

4,036

2,863

Other non-current financial assets

24

24

Other non-current assets

218

238

Net defined benefit asset

6,060

-

Deferred tax assets

2,682

18

Total non-current assets

82,951

49,262

Current assets

 

 

Inventories

44,473

21,458

Trade accounts receivable

17,843

7,315

Contract assets

2,364

2,235

Other current financial assets

1,805

1,075

Other current assets

9,054

60,211

Income tax receivables

103

-

Cash and cash equivalents

17,669

12,434

Total current assets

93,311

104,728

Total assets

176,262

153,990

 

Equity and liabilities

 

 

in EURk

September 30, 2022

December 31, 2021

Equity

 

 

Subscribed capital

5,070

5,070

Capital reserves

144,729

144,675

Accumulated other comprehensive income

15,504

-5

Retained earnings

-61,665

-27,974

Non-controlling interest

-55

-23

Total equity

103,583

121,743

 

 

 

Non-current liabilities

 

 

Defined benefit obligations and other accrued employee benefits

943

-

Other provisions

2,849

1,882

Financial liabilities - non-current

6,338

7,743

Lease liabilities - non-current

2,340

1,684

Other non-current financial liabilities

7,681

5

Deferred tax liabilities

1

2,050

Total non-current liabilities

20,152

13,364

Current liabilities

 

 

Other provisions

19,905

1,288

Financial liabilities - current

1,828

1,060

Lease liabilities - current

1,828

1,325

Trade accounts payable

12,740

12,305

Contract liabilities

308

3

Other current financial liabilities

8,074

82

Other current liabilities

7,844

2,820

Total current liabilities

52,572

18,883

Total equity and liabilities

176,262

153,990

 

Consolidated statement of cash flows as of September 30, 2022 and September 30, 2021

In EURk

 9M 2022

9M 2021

Result of the period

-33,725

-17,372

Amortization of intangible assets

7,049

1,141

Depreciation of property, plant and equipment and right-of-use assets

2,448

1,219

Increase /(decrease) in other non-current provisions

-1,742

-346

Increase /(decrease) in other current provisions

-3,732

57

Expenses for share-based payments

54

30

Other non-cash expenses /(income) items

-20

-726

(Increase) / decrease in inventories

-20,075

-7,730

(Increase) / decrease in trade receivables

1,524

-4,421

(Increase) /decrease in other assets

50,855

514

Increase / (decrease) in trade payables

-8,615

1,556

Increase /(decrease) in other liabilities

5,631

-1,051

Interest expenses /(income)

-690

182

Increase /(decrease) in income tax payables and deferred tax liabilities

-2,470

4,327

Income tax (paid) /received

-

-

Net cash flows from operating activities

-3,508

-22,620

(Purchase) of intangible assets

-2,878

-2,243

(Purchase) of property, plant and equipment

-2,581

-1,125

Payment / proceeds for acquisition of subsidiary, net of cash acquired

15,544

-22,814

Payments for acquisition of shareholder loans

-

-

Interest received

1,043

19

Net cash flows used in investing activities

11,128

-26,163

Proceeds from issue of shares

-

28,295

Transaction cost for the issue of shares

-

-911

Repayment of financial liabilities

-637

-8,598

Repayment of lease liabilities

-1,400

-728

Interest (paid)

-348

-201

Net cash flows from financing activities

-2,385

23,269

Net increase/decrease in cash and cash equivalents

5,235

-25,338

Cash and cash equivalents at the beginning of the period

12,434

35,736

Cash and cash equivalents at the end of the period

17,669

10,398

 

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

 

      



16.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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:

1488671


 

End of News

EQS News Service

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