This communication may include forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms such as guidance, expected, step up, announced, continued, incremental, on track, accelerating, ongoing, innovation, drives, growth, optimising, new, to develop, further, strengthening, implementing, well positioned, roll-out, expanding, improvements, promising, to offer, more, to be or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect Alfen N.V. (Alfen)'s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alfen's business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements reflect the current views of Alfen and assumptions based on information currently available to Alfen. Forward-looking statements speak only as of the date they are made, and Alfen does not assume any obligation to update such statements, except as required by law.
Alfen's revenue outlook estimates are management estimates resulting from Alfen's pursuit of its strategy. Alfen can provide no assurances that the estimated future revenues will be realised and the actual revenue for the financial year 2021 could differ materially. The expected revenues have also been determined based on assumptions and estimates that Alfen considered reasonable at the date these were made. These estimates and assumptions are inherently uncertain and reflect management's views which are also based on its historic success of being assigned projects, which may materially differ from the success rates for any future projects. These estimates and assumptions may change as a result of uncertainties related to the economic, financial or competitive environment and as a result of future business decisions of Alfen or its clients, such as cancellations or delays, as well as the occurrence of certain other events.
A more comprehensive discussion of the risk factors affecting Alfen's business can be found in Alfen's annual report 2020 which can be found on Alfen's website, www.alfen.com.
The reported data in this webcast have not been audited.
Alfen's number one priority remains the health & safety of its employees and partners.
Up to this point, Alfen has managed to keep its business going. To continue safe and responsible operations, it continues to enforce strict safety measures.
Alfen expects COVID-19 to still have some impact on revenues in the short-term, where the company continues to anticipate long-term positive market development for all its business lines.
Q1 2021 revenues of €53.8m, a growth of 22% versus Q1 2020 (€44.1m), predominantly driven by
Energy storage (+111%) and EV charging (+46%)
Gross margin at 36.5% compared with 34.8% in Q1 2020
Adjusted EBITDA of €7.2m (13.3% of revenues), a growth of 56% from Q1 2020 (€4.6m, 10.4% of
Alfen reconfirms its 2021 full-year revenue outlook of €225-250m
Segmental review | Smart grid solutions
Revenues and other income
In the Smart grid solutions business line, Q1 revenues were €27.8m (+1% from €27.6m in
The moderate revenue growth is driven by a combination of COVID-19 impact and the production ramp-up of a new and innovative substation range for Enexis, which now has been successfully completed.
At the same time, the momentum in Smart grids is increasing and the backlog of Alfen at the end of the first quarter was up 27% compared with the same quarter last year.
In Q1 2021, Alfen produced approximately 560 substations, a decline of 25% compared to Q1 2020 with approximately 750 substations.
Although Alfen produced less substations in Q1 2021 compared with the same quarter in 2020, the product mix shifted to larger and more complex substations and relatively, Alfen executed more project work.
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