AKASOL AG: Significant revenue growth in Q1 2019
- Revenues grew by almost 100% to EUR 9.1 million, already in the range of accumulated half year turnover in 2018
- Positive EBIT of EUR 0.2 million
- Confirmation of the full year forecast of revenue in 2019 of at least EUR 60 million and an EBIT margin of at least 7%
Darmstadt, May 27, 2019 - AKASOL AG ("AKASOL"; ISIN DE000A2JNWZ9), a leading German manufacturer of high-performance lithium-ion battery systems for buses, commercial vehicles, rail vehicles, industrial vehicles, ships and stationary applications, successfully continued to implement its growth strategy in the first quarter of 2019. Revenues in the first three months of the current financial year amounted to EUR 9.1 million, up significantly from the same period of last year, for a gain of EUR 4.5 million or 100% (Q1 2018: EUR 4.5 million). The order backlog through the year 2024 was at a constant high level of EUR 1,47 billion as of March 31, 2019 (December 31, 2018: EUR 1.47 billion).
EBIT (earnings before interest and taxes) amounted to EUR 0.2 million in the first quarter (Q1 2018: EUR 0.4 million). The EBIT margin (EBIT as a percentage of revenues) for the first quarter of 2019 was at 1.7% (Q1 2018: 9.8%). Although the EBIT margin thus fell below the previous year's level, it is fully in line with expectations for the first quarter of 2019. This is due to the fact that the increase in personnel is geared to the capacities and structures required at the end of the year.
Sven Schulz, CEO of AKASOL AG: "AKASOL started the 2019 year dynamically and we were able to successfully continue our growth course. Our Langen manufacturing plant has been operating in two shifts since the middle of the first quarter. This represents a key milestone in the ramp-up of series production. We will begin to add a third shift over the course of the third quarter. As a result, we are in an excellent position to fulfil orders from our two serial customers on schedule. We are successfully implementing our growth strategy with a highly motivated team of employees which is now over 230 strong."
Carsten Bovenschen, CFO of AKASOL AG: "Overall, the first quarter of 2019 was pleasing for AKASOL. In the first three months, we achieved the same revenue as in the entire first half of 2018. Actual revenues and earnings conform to our estimates and we have reaffirmed our forecast for the current year. We have also made good progress in preparing our corporate structures for expected further growth. We have found a site in Darmstadt for our new corporate headquarters, with an adjoining technology center and additional production space. In the USA as well, we will complete the site search for our plant there in the near future. All production equipment for our planned serial production expansion at Langen has now been ordered. As a result, installation of the expanded capacity at that site will likely be concluded before the end of 2019, nine months earlier than originally expected. As of the first quarter of 2020, we will have an annual production capacity of 800 MWh at that site."
For the financial year 2019, AKASOL expects an increase in revenue to at least EUR 60 million and an EBIT margin of at least 7%.
The quarterly report for the first quarter of 2019 is available for download from the website https://www.akasol.com/en/annual-reports.
AKASOL AG, Isabel Heinen
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, ships and boats. With almost 30 years of experience AKASOL is a pioneer in the development and manufacture of lithium-ion battery systems for commercial applications. 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 production facility in Langen (Hesse) with an annual production capacity of up to 300 MWh, which will be expanded to 800 MWh by 2020. According to AKASOL, this is Europe's largest lithium-ion battery system production plant for commercial vehicles, which can currently produce battery systems per year for up to 1,500 fully electric buses or for up to 3,000 medium-sized commercial vehicles, depending on battery size. AKASOL systems are manufactured according to the requirements of the industry standards of leading OEM customers. Current customers include Daimler, a Scandinavian bus and truck manufacturer, Alstom, Bombardier, Rolls-Royce Power Systems (MTU Friedrichshafen) and several more. AKASOL has a technology-independent product portfolio. This allows the company to use the best battery cells and battery chemistry according to the clients' individual needs.
Statements contained herein may constitute "forward-looking statements." Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology.
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