EQS-News: Wolftank Group with high demand and solid first half of 2023

EQS-News: Wolftank-Adisa Holding AG / Key word(s): Half Year Results
Wolftank Group with high demand and solid first half of 2023

25.09.2023 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Press release                                                             
                    Innsbruck, 25 September 2023 

Wolftank Group with high demand and solid first half of 2023

• Record order backlog of EUR 44.1 mm points to a positive outlook for
2023 and following years
• Sales of EUR 30.1 mn and operating performance of EUR 31.7 mn slightly
above previous year’s level
• Hydrogen business picks up speed

Wolftank Group (Wolftank-Adisa Holding AG, ISIN: AT0000A25NJ6),
specializing in technologies for energy and environmental solutions,
reported a strong order situation in the first half of 2023: the order
backlog amounted to EUR 44.1 mn as of 30 June 2023, a doubling compared to
the same period last year (30.6.2022: EUR 22.5 mn), and points to a
positive picture for the further course of business. The Hydrogen &
Renewable Energy segment is attracting massive customer interest, and in
the first two quarters of 2023 the company has placed bids amounting to
EUR 158 mn – more than two and a half times total annual sales in 2022.
Order intake continues to be slowed by lengthy procurement processes,
especially in the public sector; a gradual acceleration is expected as
business progresses.

New strategic cooperations continue to boost the good order situation: In
January, the Wolftank Group was selected by TPER – the provider of local
public transport in the Italian region of Emilia Romagna – as an
operational-industrial partner in a joint consortium to supply integrated
hydrogen refueling systems for 127 zero-emission buses by 2026. A first
order worth EUR 9.5 mn was received at the end of June. Agreements with
the hydrogen powered bus manufacturer ARTHUR BUS for the further
development and delivery of mobile hydrogen tank containers, a
distribution agreement with EnerMech for the Australian and New Zealand
industries, and EUR 4 mn framework agreements with several leading
e-mobility providers in Italy for the installation of more than 400 mainly
fast charging stations further stimulate the business. Following the
establishment of its own subsidiary in the USA in February 2023, the Group
recently entered a cooperation with Matrix Service Inc. under which Matrix
will provide contract manufacturing and assembly services for Wolftank’s
Hydrogen Smart Containers (HSC). This will bring Wolftank Group’s mobile
hydrogen refueling solutions to the US market on a scalable basis.

Half-year results
The Group’s consolidated sales in the first half of 2023 were EUR 30.1 mn,
slightly above the same period last year (1-6/2022: EUR 29.0 mn), as was
the operating performance of EUR 31.7 mn (1-6/2022: EUR 30.3 mn).
Increased costs due to the large hydrogen demand pipeline and continued
high raw material prices, for example for epoxy resins with limited
ability to pass them on to customers, had a dampening effect on
profitability in the first half of the year. Earnings before interest,
taxes, depreciation and amortization (EBITDA) remained at a similar level
of EUR 1.0 mn (1-6/2022: EUR 1.4 mn), while the operating result (EBIT)
amounted to EUR -0.59 mn (1-6/2022: EUR -0.3 mn). Profit before taxes
amounted to EUR -1.0 mn (1-6/2022: EUR -0.6 mn).

The Group’s equity increased by around one quarter to EUR 19.0 mn
(30.6.2022: EUR 15.1 mn), the equity ratio was 31.9% (30.6.2022: 26.3%).
Net debt improved compared to the same period of the previous year and
amounted to EUR 10.1 mn (30.6.2022: EUR 12.7 mn), gearing was 53 %
(30.6.2022: 84 %).  The number of shares increased to 4.8 mn (2022: 4.4 mn
shares) due to the capital increase successfully executed at the end of
2022 and registered in January 2023.

Segments
The business of Wolftank Group is divided into the three segments Hydrogen
& Renewable Energies, Environmental Services and Industrial Coatings &
Maintenance. The Hydrogen & Renewable Energies business segment picked up
significantly in the first half of 2023, despite long timelines for
approvals and financing, and came in at EUR 9.6 mn in sales, compared to
EUR 7 mn in the previous year. Environmental Services, a traditional
business segment of the Group for the remediation of soil contamination
and the dismantling of petrochemical plants achieved sales of EUR 17.1 mn
in January-June 2023 (1-6/2022: EUR 17 mn). The Industrial Coatings and
Maintenance business recorded sales of EUR 3.4 mn (1-6/2022: EUR 5 mn) as
of the reporting date, following the end of two major refurbishment
campaigns in Italy and France.

Acquisition of Petroltecnica strengthens position
In September, Wolftank Group announced the acquisition of a majority stake
in Italian environmental services provider Petroltecnica SpA, after
securing a promising strategic stake in the Italian competitor at the
start of the Corona pandemic and since then driving the company’s
turnaround. As a result, Wolftank Group advances to become one of the
largest remediation and environmental providers in Italy. Petroltecnica
specializes in environmental remediation and generated sales of EUR 28.9
mn in 2022. The acquisition of a majority stake will enable important
operational and strategic synergies to be leveraged in the future. The
closing is expected to take place in the coming weeks.

Outlook
In the second half of 2023, the company expects the first effects of the
strong order intake in the hydrogen sector to become visible. In the
environmental services area, the planned reinforcement with Petroltecnica
positions the Group well within the market trend, which is driven by the
increased environmental requirements in the ESG area – for example by the
new CSRD regulation of the EU. Under these conditions, Wolftank Group
expects full-year 2023 revenues in the range of EUR 74 mn to EUR 91 mn
with EBITDA between EUR 4.9 mn and EUR 6.7 mn. In 2024, management expects
to achieve sales revenues between EUR 100 mn and EUR 120 mn with further
improved profitability.

„Petroltecnica operates successfully in our two traditional business areas
of environmental services and industrial coatings. Together we can
increase efficiency, leverage synergies and consolidate these areas at a
new level. As a result, this merger will once again significantly
strengthen our position. We will not run out of business opportunities at
a time when the need for maintenance and refurbishment of aging service
stations, for example, is constantly increasing,“ says Peter Werth, CEO of
Wolftank Group. „In the hydrogen sector, we again foresee strong future
growth, which is already evident in our order books. Preparing for this
growth currently requires a lot of upfront work such as bid calculations
and management time, and thus costs money accordingly. We expect to
clearly exceed the sales threshold of 100 million euros next year and
significantly improve our profitability.“

Focus on sustainability
Wolftank Group’s business is focused on creating positive environmental
impact and consistently aims for sustainable growth. As demonstrated in
2022, every gram of CO[2] emitted by the Group because of its business
activities leads to an emission saving of more than 10 grams of CO[2]
globally. In addition to the environmental focus of its products and
services, Wolftank Group also works to continuously improve its ESG
approach. Best practices are being implemented within the Group on an
ongoing basis and awareness of all ESG aspects is being continuously
raised through internal communication activities. The appointment of
Raphaela Lindlbauer to the Supervisory Board in June strengthens diversity
in the highest governance board. In the current year, the Group is placing
particular emphasis on the ESG compliance of its supply chains. In
addition, Wolftank Group is working to implement the new EU Sustainability
Reporting Directive (CSRD) ahead of schedule in the 2023 annual report.

About Wolftank Group
Wolftank Group is a leading technology partner for energy and
environmental solutions operating worldwide. In the field of energy
mobility and logistics, the Group supports customers in more than 20
countries to implement projects in an efficient and environmentally
friendly way. For this, it develops and implements tomorrow’s technologies
to decarbonize transport and build the infrastructure for zero-emission
mobility – such as turnkey delivery of modular hydrogen and LNG refueling
facilities. In the area of environmental solutions, the offering includes
due diligences for environmental risks, customized services for soil and
groundwater remediation, as well as recycling. The group’s subsidiaries in
eight countries on three continents are managed by Wolftank-Adisa Holding
AG, based in Innsbruck, Austria. The share of Wolftank-Adisa Holding AG
(WKN: A2PBHR; ISIN: AT0000A25NJ6) is listed in the direct market plus
segment of the Vienna Stock Exchange AG and in the m:access of the Munich
Stock Exchange and is traded on Xetra, the Frankfurt and Berlin Stock
Exchanges. Further information: [1] www.wolftankgroup.com

Contact:
Wolftank-Adisa Holding AG
phone: +43 (512) 345726
email: [2]investor-relations@wolftankgroup.com

Disclaimer:
This communication contains forward-looking statements based on current
knowledge, expectations, and projections of Wolftank-Adisa Holding AG’s
management about the future. All statements are subject to potentially
uncertain assumptions and risks that could cause actual results to differ
materially from those expressed or implied by such statements. Such
statements can be identified using words such as „expect“, „plan“,
„anticipate“, „target“, „estimate“, „assume“ or similar. Consequently,
statements relating to the future are only valid at the time they are
made. The Company does not assume any obligation to adjust, correct or
monitor statements made in this communication in the future.

 

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25.09.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com

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Language: English
Company: Wolftank-Adisa Holding AG
Grabenweg 58
6020 Innsbruck
Austria
Phone: +43 512 345726
E-mail: investor-relations@wolftankgroup.com
Internet: www.wolftankgroup.com
ISIN: AT0000A25NJ6
WKN: A2PBHR
Listed: Vienna Stock Exchange (Vienna MTF)
EQS News ID: 1732911

Weitere Handelsplätze: München Freiverkehr m:access Frankfurt Freiverkehr,
XETRA

 
End of News EQS News Service

1732911  25.09.2023 CET/CEST

References

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2. investor-relations@wolftankgroup.com

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