DGAP-News: Compleo Charging Solutions AG / Key word(s): Quarterly / Interim Statement
Compleo continues to consistently implement its growth strategy in the first quarter of 2021
2021-05-19 / 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
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 https://ir.compleo-cs.com/
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: www.compleo-cs.de/
Compleo Charging Solutions AG
Sebastian Grabert, CFA
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