Alfen reports 41% revenue growth and strong profitability increase in 2019
Published on 19 February 2020, 7:30 CET
FY 2019 revenue growth of 41% to €143.2m, versus €101.9m in 2018, primarily driven by strong growth in EV charging equipment (+113%) and Smart grid solutions (+40%)
Strong increase in profitability: adjusted EBITDA of €14.5m (10.1% of revenues) versus €3.6m (3.6% of revenues) in 2018. Like-for-like adjusted EBITDA of €12.6m (8.8% of revenues), an increase of 249% versus 2018. Adjusted net profit of €6.2m, compared with €0.8m in 2018
Net debt of €19.3m (1.3x adjusted EBITDA) versus €24.5m at 1 January 2019 (in 2018, net debt was 4.6x adjusted EBITDA)
Operating cash flow of €14.1m compared with €1.5m negative in 2018
Important new client and contract wins, amongst which a multi-year contract for the supply of smart grid solutions to Dutch DSO Enexis, a new framework agreement for the supply of EV charging equipment to UK utility Drax and an energy storage system for Shell
Alfen reconfirms its strategy and medium-term objectives supported by anticipated strong growth in all its business lines
Marco Roeleveld, CEO of Alfen, said:
“2019 was a year of strong revenue and profitability growth. We further strengthened our position in the heart of the energy transition. We benefitted from growing markets, internationalisation and important new client and contract wins. Leveraging our strong market position and increasing scale, we have been able to significantly grow our profitability.
A great testimony to our focus on delivering high quality energy solutions is the recent extension of our contract for the supply of smart grid solutions to Enexis, one of the largest Dutch grid operators. Our EV charging business, growing at 113% in 2019, is benefiting from an acceleration EV adoption, strong partnerships with our clients and our strategy of further internationalisation. Recent orders for new energy storage systems, amongst which a 10MW energy storage system for Uniper and 30 mobile energy storage systems for Greener, are a pay-off from our continued investments in the energy storage segment, despite a relatively slow market environment at the start of 2019.
As the energy transition accelerates we see an increasing need for integrated solutions. As such, our strategic focus on cross-selling becomes more important. An example is Shell, for which we won a contract to deliver grid connections for their ultrafast EV charging network and also secured a project for the supply of an energy storage system.
As the markets we operate in are developing favourably for the short and long term, we continue to invest in our organisation, new innovations and the expansion of our production. We reconfirm our medium-term objectives and strategy of benefitting from high market growth, international expansion, cross-selling opportunities between our business lines and expanding our service offering. For 2020, we expect our revenues to be between €180m and €200m.”
ALMERE, THE NETHERLANDS – Alfen N.V. (AEX: ALFEN), specialist in energy solutions for the future, today reports its consolidated financial statements for 2019 with strong revenue and profitability growth.