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Compleo continues to consistently implement its growth strategy in the first quarter of 2021

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DGAP-News: Compleo Charging Solutions AG / Key word(s): Quarterly / Interim Statement
19.05.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

Compleo continues to consistently implement its growth strategy in the first quarter of 2021

Product development and European expansion progressing according to plan | Sales in the first quarter of 2021 +43% above previous year | Additional growth spurt in 2021 due to the acquisition of wallbe completed in the second quarter | Establishment of an e-commerce team and go-live of the Compleo web shop

Dortmund, May 19, 2021 - Compleo Charging Solutions AG ("Compleo"), a leading provider of charging solutions for electric vehicles, continued to consistently implement its growth strategy in the first quarter of 2021.

Besides strong organic growth momentum at Compleo, another major milestone was reached with the acquisition of wallbe GmbH ("wallbe") that was announced at the end of March. The German manufacturer that has been doing business successfully on the market for ten years focusing on wallboxes, ideally complements Compleo's portfolio with the more than 15,000 charging points it has already shipped. In addition to profound expertise in AC charging solutions, wallbe has technology leadership in backend and payment technologies. The latter gives the Compleo Group another strategic advantage: the Group already meets the requirements for direct payment stipulated in the amended charging point ordinance valid as of 2023, as Compleo's and wallbe's charging solutions for publicly accessible locations have long enabled contactless payment by debit or credit card, as well as by smartphone. The post-merger integration processes with wallbe are already in full swing in order to be able to realize the fastest possible efficiency and synergy effects within the Compleo Group. wallbe has been consolidated since May 1, 2021 and is now managed as a subsidiary.

With a view to European growth, activities were further expanded in 2021 following the market entry in Switzerland, which was completed in the fourth quarter of 2020. Together with its Swiss partner DISA Elektro AG, Compleo concluded an exclusive cooperation agreement with Swiss Automotive AG (SAG). In addition, the Austrian market was also entered at the beginning of 2021 through a cooperation with KSW Elektro- und Industrieanlagenbau, one of the leading suppliers of service station and industrial plant engineering in Central Europe. A branch office was also opened in Vienna at the beginning of May 2021, and a country manager, Claus Drennig, was hired to build up the local team. Compleo is now present with its charging solutions in the entire DACH region. The company has also been active in Poland since this year. To this end, a sales partnership with City Systems, a provider of parking systems and charging solutions for e-cars, was agreed in February 2021.

Compleo has also been investing in building up a dedicated e-commerce team since the beginning of the first quarter under the leadership of Sebastian Lüttringhaus, an experienced digital manager. The currently eight-person team was already able to report the go-live of the online shop in April as well as the first sales in the 6-digit range. The online shop is a 100% digital consulting and sales channel directly from the manufacturer, with a focus on electrical installation personnel and companies. They are offered the opportunity to take part in personal and digital training courses at the Compleo Academy and will be able to obtain certifications from specialist partners and customers in the future. Besides the complete Compleo product range from the wallbox for charging at home to the hybrid charging station for parallel charging with AC or DC up to 50kW, all information and equipment features for all charging solutions are available to customers in the new partner area.

Compleo also made progress as planned in the further development of its product portfolio. For example, the new generation of the intelligent wallbox "Compleo Solo" was further developed and launched on the market in the second quarter of 2021. Already in the first quarter of 2021, Compleo received a major order to supply the Compleo Solo from a large German energy supplier with international structures. The two-year framework agreement covers a total call-off volume in the mid to upper four-digit unit range, of which around 50 percent is expected to be called up as early as in fiscal year 2021. In addition, the delivery of 500 AC charging stations is planned for this customer by the end of the year. The development of the DC 150 kW HPC charging station for ultra-fast charging in supermarket parking lots, at gas stations or on highways was also 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 has therefore been leased in addition to its current location (2,600 sqm of production space) as of February 1, 2021. Furthermore, Compleo is in advanced negotiations regarding the "Compleo Campus" planned for 2023, which will unite administration as well as production and research at a modern company headquarters in Dortmund. Furthermore, Compleo strengthened its sales organization and administration as well as its development team by hiring additional highly qualified specialists and managers. Overall, the number of employees in the first quarter of 2021 more than doubled compared to the same quarter of the previous year.

"We continued to invest heavily in our growth in the first quarter of 2021 by entering new markets, massively expanding capacities, and further developing innovative new products. Given the high demand in the market, this will pay off in the future. Up to 2.2 million public charging points will be needed across the EU by 2030. In 2020, there were only 175,000. At the same time, we have further strengthened our leading position in the market for charging solutions by joining forces with wallbe. These are excellent prerequisites for dynamic development in the years to come," commented Georg Griesemann, Co-CEO of Compleo.

In the first three months of fiscal year 2021, Compleo increased its sales by EUR 2.4 million from EUR 5.5 million to a total of EUR 7.9 million (+42.7 percent). DC charging station sales increased significantly from EUR 0.8 million in the previous year to EUR 2.1 million. As a result, the DC share of sales nearly doubled to 15.4 percent in the first quarter of 2021 (previous year: 8.8 percent). At the same time, AC charging station sales also increased by 17.3 percent from EUR 2.9 million in the first quarter of 2020 to EUR 3.4 million in the 2021 reporting period. Sales in project and installation amounted to EUR 1.7 million (previous year: EUR 1.1 million), while sales in other, service and maintenance accounted for EUR 0.7 million (previous year: EUR 0.8 million). R&D expenses increased by 135% from EUR 0.6 million to EUR 1.3 million. In view of the further expansion of the development team and the intensive growth investments in the first quarter of 2021, Compleo achieved EBITDA (earnings before interest, taxes, depreciation and amortization) adjusted for non-recurring effects of EUR -2.4 million (previous year: EUR -0.7 million).

Georg Griesemann sees the developments in the first quarter as providing key prerequisites for continued positive business development: "We have commissioned another production site in the first quarter of 2021, which will enable us to separate the production of the AC and DC product lines. This will enable further economies of scale and cost degression effects. Further extensive investments in research and development and the establishment of a new testing laboratory at the new production site will also enable us to meet the high demand on the market thanks to further product innovations. With further milestones in our European expansion, the go-live of our e-commerce platform, as well as the significant build-up in R&D in the first quarter, we have proven that we are fast-tracking our strategic roadmap into implementation."

The Management Board expects the Compleo Group including wallbe, which has been consolidated since May 1, to generate sales of between EUR 68 million and EUR 78 million in fiscal year 2021. Further, the consolidated Compleo Group is expected to break even in terms of adjusted EBITDA in 2021.

The complete report on the first quarter of 2021 is now available on the company's website in the "Publications" section.

About Compleo | Compleo Charging Solutions AG, together with its subsidiary wallbe GmbH, is a leading provider of charging solutions for electric vehicles. The company is a complete solution provider with its charging stations and also offers services around the planning, installation, maintenance, service or backend of the charging infrastructure. Compleo's range includes both AC and DC charging stations. The company develops and manufactures all products at its headquarters in Dortmund. In doing so, the manufacturer focuses on innovation, safety, consumer-friendliness and cost-effectiveness. Its customers include Allego, Clever, E.ON, EWE Go, Deutsche Telekom, Siemens, Volkswagen and over 150 municipal utilities in Germany. Compleo started production of the first charging stations in 2009 and wallbe GmbH joined the group in 2021. To date, the company has delivered over 50,000 charging points, contributing to the development of the charging infrastructure. Compleo is listed in the Prime Standard segment of the Frankfurt Stock Exchange since October 2020 (ISIN: DE000A2QDNX9). More information is available at:

IR Contact
Compleo Charging Solutions AG
Sebastian Grabert, CFA
Head of Investor Relations
Phone: +49 231 534 923 874

19.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Compleo Charging Solutions AG

Oberste-Wilms-Straße 15a

44309 Dortmund



+49 231 534 923 70








Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:



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