AKASOL AG: Sales up 45.1% in the first nine months of 2018
- Sales growth of 45.1% to EUR 13.6 million in the first nine months of 2018 (9M 2017: EUR 9.4 million)
- Order backlog through 2024 at steady high level of EUR 1.47 billion
- Adjusted EBIT of EUR 1.2 million for the first nine months of 2018
- Confirmation of the full-year sales forecast of EUR 22 million to EUR 24 million and an adjusted EBIT margin of around 7%
Darmstadt, November 26, 2018 - AKASOL AG ("AKASOL"), a leading German manufacturer of high-performance lithium-ion battery systems for buses, commercial, rail and industrial vehicles and marine and stationary applications, continued to grow successfully in the third quarter of 2018.
At EUR 13.6 million, sales revenues for the first nine months of the current fiscal year were 45.1% higher than in the same period of the previous year (9M 2017: EUR 9.4 million). The order backlog through 2024 was at a consistently high level of EUR 1.47 billion as of September 30, 2018.
Sven Schulz, CEO of AKASOL AG: "Our company was able to continue its announced growth course in the third quarter of 2018. Furthermore, series production for our two major customer projects went into operation on schedule at our Langen plant. We had very good discussions with current and potential new customers in the on-highway and off-highway segment at important industry trade fairs such as the IAA Commercial Vehicles and InnoTrans. We recorded great interest in our battery systems. We were also able to win our first order from a major German manufacturer for fast-charging stations in conjunction with battery system technology. The entry into this business area looks very promising. We estimate that our organic growth will continue to be sustained by expanding cooperation with our current customers and by acquiring new customer projects."
In the first nine months of the current fiscal year, AKASOL achieved positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of EUR 1.6 million (9M 2017: EUR 2.3 million) and positive adjusted EBIT (earnings before interest and taxes) of EUR 1.2 million. The adjusted EBIT margin (as a percentage of sales) was 9.0%.
Costs of materials rose to EUR 6.9 million in the first nine months of 2018 (9M 2017: EUR 3.8 million) as a result of the growth in sales. Adjusted EBITDA and adjusted EBIT in the current year were also affected by the scheduled increase in personnel in view of the start of series production at the Langen plant. As of September 30, 2018, AKASOL had 137 permanent employees (September 30, 2017: 84). Personnel expenses rose from EUR 3.4 million in the same period of last year to EUR 4.6 million in the first three quarters of 2018. Due to the disproportionately low increase in personnel expenses compared to sales, the personnel expense ratio fell from 37.2% in the previous year to 34.2%.
As a result of the capital increase in connection with the IPO, the equity ratio increased to 88.4% as of September 30, 2018 (March 31, 2018: 11.6%).
Dr. Curt Philipp Lorber, CFO of AKASOL AG: "We laid our foundation for expansion in Langen and the US in June using the funds from our successful IPO. Since then, we have made good progress with both projects. The production facilities for doubling capacity in Langen will soon be ordered from our suppliers. We are currently planning to have all the prerequisites in place to increase production in Langen from its current annual capacity of up to 300 MWh to up to 600 MWh by the end of 2019 - more than nine months earlier than planned. In the US, we appointed the experienced automotive manager Roy Schulde as Managing Director of our subsidiary AKASOL Inc. in October. Here, too, we estimate that the production site of AKASOL Inc. will be put into operation in late 2019 with an annual capacity of up to 300 MWh and with production to begin in early 2020."
For the full year 2018, the Management Board of AKASOL AG confirms the forecasts of sales between EUR 22 million and EUR 24 million and an adjusted EBIT margin of around 7%.
The full report for the first nine months of 2018 will be available for download on the website https://www.akasol.com/en/financial-reports later today.
Phone: +49 (0) 6103 48567-26
AKASOL is a leading German manufacturer of high-performance lithium-ion battery systems for buses, commercial vehicles, rail vehicles, industrial vehicles, marine and stationary applications. Building on nearly 30 years of experience, AKASOL is a pioneer in developing, testing and manufacturing certified battery systems for the commercial transport sector. AKASOL AG's shares are traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 29, 2018.
Based in Germany, AKASOL operates a facility in Langen with an annual capacity of up to 300 MWh which is planned to be expanded to 600 MWh by 2020. To AKASOL's knowledge, this is Europe's largest production plant for commercial vehicle lithium-ion battery systems, currently capable of producing high-performance battery systems for up to 1,500 fully electric buses or up to 6,000 commercial vehicles per year, depending on battery size. AKASOL's systems are manufactured to the industry standards demanded by leading OEM clients. Current clients include Daimler, a Scandinavian bus and truck manufacturer, Alstom, Bombardier, Rolls-Royce Power Systems (MTU Friedrichshafen) and Medatech. AKASOL boasts a technology-independent product portfolio. This allows the Company to choose the best battery cells and battery chemistry according to the clients' individual needs.
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