Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Netherlands
  4. Euronext Amsterdam
  5. Alfen N.V.
  6. News
  7. Summary
    ALFEN   NL0012817175

ALFEN N.V.

(ALFEN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Alfen N : Semi-annual Report 2021 H1

08/18/2021 EDT

Alfen

Semi-annual Report 2021

Enabling the

energy transition

ALFEN N.V.

Unaudited condensed

interim consolidated financial

statements for the six months ended 30 June 2021

Alfen N.V.

Amsterdam, the Netherlands

Report of the Management Board

6

Condensed interim consolidated financial statements

for the six months ended 30 June 2021

13

Condensed interim consolidated statement of comprehensive income

14

Condensed interim consolidated statement of financial position

15

Condensed interim consolidated statement of changes in equity

16

Condensed interim consolidated statement of cash flows

17

Notes to the condensed interim consolidated financial statements

18

Report of the

Management

Board

Report of the Management Board

Report of the

Management

Board

This semi-annual report of Alfen N.V. (hereafter "Alfen" or "the Company") for the six months ended 30 June 2021 consists of the semi-annual report of the management board of the Company (the "Management Board"), including the responsibility statement by the Management Board, and the Condensed Interim Consolidated Financial Statements and the accompanying notes. All information included in this report is unaudited.

The Management Board hereby declares that to the best of its knowledge, the semi-annual report of the Management Board gives a fair review

of the information required pursuant to section 5:25d sub 8-9 of the Dutch Financial Markets Supervision Act ("Wet op het financieel toezicht") and the Condensed Interim Consolidated Financial Statements as at and for the six months ended 30 June 2021, which have been prepared in accordance with IAS 34 - Interim Financial Reporting as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Company and the undertakings included in the consolidation taken as a whole.

Alfen is listed on the Amsterdam Stock Exchange.

Report of the Management Board

Financial performance

Revenue and other income

(in EUR million)

+28%

115.3

90.3

HY1 2020

HY1 2021

Revenue and other income increased by 28% to €115.3 million in the first half-year of 2021 from €90.3 million in the first half-year of 2020, driven by growth across all business lines.

In the Smart grid solutions business line, HY1 2021 revenues were €62.5 million, a growth of 8% compared with €57.8 million in the first half-year of 2020. After relatively flat growth of the business line in the first quarter of this year, revenues in the second quarter increased with 15% compared with the same period in 2020. Having introduced the new and innovative substation range in the first quarter this year, Alfen continued to benefit through its existing framework agreements with grid operators which continued

to further expand and reinforce the grid for the energy transition. Additionally, the momentum in the microgrids business has further recovered. Here, Alfen benefitted from existing framework agreements, repeat customers and new client wins.

In the EV charging equipment business line, HY1

2021 revenues were €41.3 million, compared with €24.7 million in the first half-year of 2020. A growth of 68%, driven by increasing volumes under existing framework agreements, new client wins and further internationalisation.The EV charging market continued to grow favourably in the first half-year of 2021

6

Alfen | Semi-annual Report 2021

Alfen | Semi-annual Report 2021

7

Report of the Management Board

on the back of the strongly growing EV adoption predominantly in Western European markets.To further grow the EV charging business Alfen further strengthened its organisation, its marketing efforts and also added various new EV charging solutions to its broad international portfolio. In HY1 2021, more than 60% of revenues was generated outside of the Netherlands.

In the Energy storage systems business line, HY1 2021 revenues were €11.5 million, a growth of 47% compared with €7.8 million in the first half-year of 2020.The momentum in the energy storage market continued

to develop favourably mostly driven by the growth of renewables and the need to balance the offset between

EBITDA and net profit

Profitability in the first half-year of 2021 improved compared to the first half-year of 2020, driven by revenue growth and leverage from increased scale.

EBITDA increased by 72% from €9.7 million in HY1

2020 to €16.6 million in HY1 2021. EBITDA adjustments in the first half-year of 2021 amounted to €0.3 million (versus €0.4 million in the first half-year of 2020) and solely comprised of share-based payment expenses associated with the Long-Term Incentive Plans (see Note 7). Adjusted EBITDA amounted to €16.9 million, an increase of 69% versus €10.0 million in the first half-year of 2020.

Report of the Management Board

The following summary reconciles EBITDA and net profit with the adjusted EBITDA and adjusted net profit:

In EUR '000

30 June 2021

30 June 2020

(Unaudited)

(Unaudited)

EBITDA

16,646

9,654

Related party consultancy fee

-

32

Share-based payment expenses

271

337

Adjusted EBITDA

16,917

10,023

Net profit / (loss)

9,024

4,896

Aggregated one-off costs and special items after tax

271

361

Adjusted Net profit / (loss)

9,295

5,257

energy demand and supply. Alfen benefitted from earlier secured contracts and framework agreements. For the latter, Alfen will be delivering its first two energy storage systems later this year. With its deep expertise and proven track-record Alfen is well positioned to further benefit from the growing momentum.

Adjusted EBITDA

(in EUR million)

+69%

16.9

10.0

HY1 2020

HY1 2021

Net profit in the first half-year of 2021 amounted to €9.0 million (versus €4.9 million in the first half-year of 2020). Adjusted for one-off costs and special items after tax, net profit amounted to €9.3 million (versus €5.3 million in the first half-year of 2020).

In the first half-year of 2021, finance income and costs increased with €90 thousand to €444 thousand, compared to €354 thousand in the first half-year of 2021. Following the share issuance in June 2020, our average net cash position during the first half-year of 2021 significantly improved compared to the first half-year of 2020 resulting in additional interest expenses on excess cash. In addition, lease liabilities increased significantly during the second half-year of 2020, driving the 2021 interest expenses related to lease liabilities upwards.

The effective tax rate increased from 21.3% in the first half-year of 2020 to 25.8% in the first half-year of 2021. In previous year we realised a tax deductible related to the issuance of ordinary shares (see Note 8). No such deductibles have been realised in the first half-year of 2021.

Finance and investments

Net cash position at 30 June 2021 amounted to €29.2 million, compared to €32.4 million at 31 December 2020. The decreased net cash position is primarily caused

by the working capital increase from €2.5 million at

31 December 2020 to €12.4 million at 30 June 2021, driven by strategic stock down payments for batteries and electronical components of €5.5 million (presented underTrade and other receivables) in order to safeguard and enhance resilience in our global supply chain. Furthermore, contract balances increased as a result of a timing effect in triggering payment milestones.

Solvency (equity divided by total assets) stood at 51.2% at the end of June 2021 compared to 50.6% at the end of December 2020 driven by increased profitability in the first half-year of 2021.

Capital expenditure amounted to €5.4 million as compared to €4.9 million in the same period of 2020. Capex in the first half-year of 2021 includes investments in IT-infrastructure and Data Security, R&D test facilities, new moulds for the Smart grids as well as Production and Warehousing related improvements. Additionally, Alfen capitalised €3.3 million (versus €2.5 million in the first half-year of 2020) of development costs, which demonstrates the Company's continued efforts to invest in innovations for the future.

Related party transactions

Transactions with the most important related parties are disclosed in Note 11 of the condensed interim consolidated financial statements.

Principle risks and uncertainties

In our Annual Report 2020, we have extensively described certain risks and uncertainties, which could have a material adverse effect on our financial position and results. We believe that the risks identified for the second half-year of 2021 are unchanged compared to the risks that were presented in our Annual Report 2020

8

Alfen | Semi-annual Report 2021

Alfen | Semi-annual Report 2021

9

Disclaimer

Alfen NV published this content on 18 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 09:01:10 UTC.


ę Publicnow 2021
All news about ALFEN N.V.
09/29New purchases in the Investor Europe portfolio
08/27GLOBAL MARKETS LIVE : Nvidia, Microsoft, Dell, Apple, Uber...
08/27ALFEN H1 2021 : revenue growth of 28% with strong increase in profitability
PU
08/24ALFEN N : Press Release 2021 H1 Results
PU
08/24ALFEN N : Webcast 2021 H1 Results
PU
08/18ALFEN N : Semi-annual Report 2021 H1
PU
06/17ALFEN N.V. : Crossing thresholds
CO
06/09ALFEN N : EV charging stations in the centre of a new, circular, business model
PU
05/31ALFEN N : together with its e-mobility consortium partners, submits Growth Plan to the Dut..
PU
05/12Alfen Provides Revenue Guidance for the Full Year of 2021
CI
More news
Financials
Sales 2021 247 M 286 M 286 M
Net income 2021 18,0 M 20,9 M 20,9 M
Net cash 2021 36,0 M 41,7 M 41,7 M
P/E ratio 2021 118x
Yield 2021 -
Capitalization 1 993 M 2 314 M 2 309 M
EV / Sales 2021 7,94x
EV / Sales 2022 6,00x
Nbr of Employees 621
Free-Float 96,1%
Chart ALFEN N.V.
Duration : Period :
Alfen N.V. Technical Analysis Chart | ALFEN | NL0012817175 | MarketScreener
Technical analysis trends ALFEN N.V.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 91,85 €
Average target price 77,33 €
Spread / Average Target -15,8%
EPS Revisions
Managers and Directors
Marco Roeleveld Chief Executive Officer & Chief Operating Officer
Jeroen van Rossen Chief Financial Officer
Henk ten Hove Chairman-Supervisory Board
Eline M. Oudenbroek Independent Member-Supervisory Board
Willem Ackermans Independent Member-Supervisory Board
Sector and Competitors
1st jan.Capi. (M$)
ALFEN N.V.11.20%2 314
ABB LTD21.65%65 153
KONE OYJ-12.46%35 047
OTIS WORLDWIDE CORPORATION21.18%34 936
SCHINDLER HOLDING AG-0.25%28 014
TBEA CO., LTD.143.65%14 662