Slide 1: Alfen H1 2024 results
Alfen H1 2024 results Webcast 22 August 2024 1
Slide 2: Disclaimer
Disclaimer 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, expec
Slide 3: Highlights of the first half-year
Highlights of the first half-year • Revenue increase: Alfen increased H1 2024 revenue by 10% to €245.7m vs. H1 2023 (€223.9m), mainly driven by its Energy Storage Systems & Smart Grid Solutions businesses. • Group adjusted gross margin at 28.9% compared with 30.5% in H1 2023. Note: gross margin afte
Slide 4: Segmental review | EV charging equipment
Segmental review | EV charging equipment Revenue and other income • H1 2024 revenue was €80.1m (1% growth y-o-y) (€ million) +1% • Adjusted gross margin at 38% (in line with margin range of 35-45%, somewhat below mid-point due to higher share of mid-range home product) 79.6 80.1 • 60% international
Slide 5: Segmental review | Smart grid solutions
Segmental review | Smart grid solutions Revenue and other income (€ million) • H1 2024 revenue was €93.5m (9% growth y-o-y), supported by grid operators and private networks business +9% 93.5 • Q2 revenue impacted by lower production related to moisture issue in 85.5 Alfen’s Pacto station • Adjusted
Slide 6: Segmental review | Energy storage systems
Segmental review | Energy storage systems Revenue and other income (€ million) • H1 2024 revenue was €72.2m (23% growth y-o-y) +23% • 23% growth in H1, as 2023 was significantly loaded towards H2 72.2 • Adjusted gross margin at 22% (middle of gross margin range of 15-30%, 58.8 showcasing Alfen’s abi
Slide 7: Alfen had further commercial successes in H1 2024
Alfen had further commercial successes in H1 2024 Selected examples EV charging Smart grids Energy storage Continued to drive the rollout Signed a two year framework of public charging in the agreement with Belgian public Won a project to supply Netherlands, amongst others transport company TEC to R
Slide 8: Innovation update across our three business lines
Innovation update across our three business lines SGS | Solid state transformer EV Charging | OCPP 2.0.1 Core & ESS | Proven fire safety Advanced Security • Alfen has started a project with a • First European AC charging station • Alfen has become the first Mobile Dutch technical university and a Du
Slide 9: Financials | Income statement
Financials | Income statement In € ‘000 H1 2024 H1 2023 Remarks Revenue and other income 245,732 223,938 • Revenue increased by 9.7% from €223.9m in H1 2023 to €245.7m in H1 driven by Smart Grids and Energy Storage. Smart grids 93,477 85,538 EV charging 80,051 79,585 • Gross margin dropped from 30.5
Slide 10: Financials | Income statement – reconciliation of EBITDA and net profit
Financials | Income statement – reconciliation of EBITDA and net profit with adjusted EBITDA and adjusted net profit In € millions 30 June 2024 30 June 2023 Remarks Unaudited Unaudited • EBITDA adjustments in the first half-year of 2024 EBITDA (3,825) 20,382 amounted to €17.3m (versus €0.7m in the f
Slide 11: Financials | Balance sheet
Financials | Balance sheet In € ‘000 30 June 2024 31 Dec 2023 Unaudited Audited Remarks Non-current assets 119,423 81,468 • Commissioning of Alfen headquarters & manufacturing facilities in Q1 leads to three effects on the balance sheet Current assets (excl. cash) 262,468 312,428 - Loan to contracto
Slide 12: Financials | Working capital
Financials | Working capital In € millions 30 June 2024 30 June 2023 Working capital Remarks (Unaudited) (Unaudited) movements • Inventory plus downpayments decreased Inventories 121.895 150.776 -28.881 by €30.6m versus December 31, 2023. Trade and other receivables 131.633 135.935 -4.302 • Regular
Slide 13: 2024 outlook
Alfen has updated its 2024 revenue guidance at the end of June to €485-520m. The adjusted EBITDA margin for 2024 is expected to be mid-single digit. Alfen expects its FCF to be negative in 2024, but improved compared to -€27.2m in 2023. A waiver from the bank has been obtained up to Q3. In Q4 Alfen
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