• 2023 revenue grew 15% to €504.5m compared with FY 2022 (€439.9m). Balanced business line contributions: Smart Grid Solution: (37%), Energy Storage Systems (32%) and EV Charging Equipment (31%).
• Adjusted EBITDA of €57.1m represents 11.3% of revenue, with improving trend throughout 2023, versus €79.4m (18.0% of revenue) in 2022.
• Adjusted net profit at €30.7m versus €54.4m in 2022.
• Full-year 2024 revenue outlook of €590-660m driven by continued energy transition momentum throughout Europe.
• Alfen reconfirms its strategy and medium-term objectives from its Capital Markets Day in May 2023, continuing to expect strong contributions from all 3 business lines.
ALMERE, THE NETHERLANDS - Alfen N.V. (AEX: ALFEN), a specialist in energy solutions for the future, today reports its consolidated 2023 financial statements.
Marco Roeleveld, CEO of Alfen, said:
"We again demonstrated the value of being a diversified energy solution specialist across smart grids, EV charging equipment and energy storage throughout Europe. In 2023, the breakthrough of our Energy Storage Systems business line unfolded as we more than tripled revenues, while the market grew 64% (source: Bloomberg New Energy Finance) and our Smart Grid Solutions business line further accelerated with 32% y-o-y growth through stronger demand from the grid operators as well as from private businesses. EV charging revenues dropped 39% due to exceptionally high inventory levels in the distribution channels. From Q4 onwards we saw the destocking end with order intake at a higher level. However, market growth is still constrained in EV charging due to temporary market conditions.
Alfen continued to achieve profitable growth, building on our strong balance sheet and 3 synergetic business lines. Throughout 2023 we saw a significant shift in our business line mix towards energy storage and smart grid solutions. For Alfen, it is important to see balanced contributions from each business line to our overall revenues.
Our markets continue to grow strongly. Research provider Bloomberg New Energy Finance (BNEF) estimates that energy storage systems has a 58% CAGR from 2023 until 2027 in Europe and EV charging has a 18% CAGR over the same period. The Dutch grid operators on average estimate their substation investments to grow with a CAGR of 21% in their draft investment plans for 2024-2026.
With our portfolio of innovative solutions to our customers, we are confident that we can continue to expand our market share in Europe.
We recently announced a multiyear supply agreement with CATL to ensure continued battery supply. This agreement paves the way for Alfen to meet increasing demand and secure our supply chain for energy storage systems throughout Europe.
To be ready for future growth, we are constructing our new headquarters / production facility next to our existing buildings in Almere. The premises consists of 33,000m2 and is three times as large as our current largest building. Scheduled to be completed end of Q1 2024, the new facility will accommodate production space, warehousing and offices. We expect moving to the new facility will have negligible impact on output as we gradually move production lines from existing premises to the new facility. We will continue to produce on existing premises until the new building is fully operational.
Our new headquarters will be a testimony to the energy transition and embody our integrated solutions. The energy system of the new facility will consist of 6,000 solar panels on the roof (3 MWp), 3 Alfen 1250 kVA substations, 3 Alfen TheBattery Mobile energy storage units, over 100 EV Alfen charge points, 1 DC fast charger for trucks, 3 heat pumps for heating/cooling and only LED lighting. We expect other businesses to pursue a similar set-up as they expand and decarbonise within the constraints of the electricity grid.
Boudewijn Tans has started as prospective CFO in January, for a thorough handover period with our current CFO Jeroen van Rossen. His appointment will be proposed to our shareholders at our 2024 AGM in April. Boudewijn Tans will work with the Management Board to continue our profitable growth strategy.
Looking forward to 2024, we expect our revenue to be between €590m and €660m, driven by approximately 15% growth in EV Charging, approximately 20% in Smart Grid Solutions and at least 40% growth in Energy Storage Systems. We aim to generate positive free cash flow over 2024, just like we did in the second half of 2023. We expect to improve our adjusted EBITDA margin in FY2024 relative to the 11.3% in FY2023.
We are excited to continue our growth journey with our valued customers, employees and partners, and building a sustainable future for future generations."
Full press release:
https://alfen.com/news/alfens-2023-revenues-exceeds-eu05-billion-balanced-business-line-contributions
© 2024 GlobeNewswire (Europe)
