March 1, 2018 / 7:51 AM / 2 years ago

CORRECTED-UPDATE 1-Dutch energy storage firm Alfen plans IPO

(Corrects spelling of Infestos)

AMSTERDAM, March 1 (Reuters) - Dutch energy storage firm Alfen Beheer BV said on Thursday it intended to seek an initial public offering of shares on the Amsterdam Euronext stock exchange.

Alfen designs and sells energy storage systems, smart grids and electrical car charging equipment. The company did not say what percentage of shares investment firm Infestos, its sole owner, intends to float.

CEO Marco Roeleveld told reporters it was possible Infestos would sell a stake of more than 50 percent “depending on demand.”

Alfen said it had 74 million euros in revenues in 2017 and expects revenues of more than 99 million euros in 2018. Alfen also said its book value is 6.8 million euros.

“We are targeting annual compound sales growth of 40 percent,” Roeleveld said on a conference call.

Roeleveld said the company is profitable, but would not disclose its full profit and loss and accounts for 2017 until it publishes its IPO prospectus later this month.

Alfen said had adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 4.9 million euros in 2017, up from 3.1 million euros in 2016.

The IPO proceeds will go to Infestos, and Roeleveld said Alfen was capable of financing itself from its current cash flow.

He said the company was seeking an IPO in order to raise its international profile and enable it to grow more quickly in Germany and other countries outside the Netherlands.

Alfen’s energy storage systems provide utilities with a means to help balance supplies from intermittent solar and wind power production.

ABN Amro and Barclays are acting as global coordinators in the listing.

$1 = 0.8202 euros Reporting by Toby Sterling Editing by Muralikumar Anantharaman and Jane Merriman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below