Ads-Tec Energy PLC (ADSE) 2024 Q2 法說會逐字稿

Hello, and welcome everybody to this event. My name is Dennis Müller, SVP, product marketing communication from Ads-Tec Energy. Ads-Tec will today announce the financial highlights and results of the first half of this year, 2024. This period ended at June 30, 2024.

大家好，歡迎大家來參加這次活動。我叫 Dennis Müller，Ads-Tec Energy 的產品行銷傳播資深副總裁。Ads-Tec 今天將公佈 2024 年上半年的財務亮點和業績。該期間於2024年6月30日結束。

May I have your attention to the forward-looking statements. This slide deck will contain forward-looking statements. You can read them in detail on slide number 2. You will able to download the presentation afterwards on the company's website.

請您注意前瞻性陳述。本投影片將包含前瞻性陳述。您可以在第 2 號投影片上詳細閱讀它們。隨後您可以在公司網站上下載簡報。

Before I hand over to our speakers, I will guide you through the agenda. We will start with a short summarization of the half year one. Then, we will talk about market trends and challenges. After that, we will talk about our strategy and USPs. After that, we will show you the financial highlights, and we will end up with a Q&A session where you will be able to send us your questions.

在交給我們的發言人之前，我將引導您完成議程。我們先對半年做一個簡短的總結。然後，我們將討論市場趨勢和挑戰。之後，我們將討論我們的戰略和 USP。之後，我們將向您展示財務亮點，最後我們將舉行問答環節，您可以向我們發送您的問題。

We will answer them. You can send these questions during this event via the web portal, the webcast you are logged in.

我們會回答他們。您可以在此活動期間透過入口網站（您登入的網路廣播）發送這些問題。

With that, I will hand over now to our CEO, Mr. Thomas Speidel.

現在，我將把工作交給我們的執行長 Thomas Speidel 先生。

Thank you, Dennis. Welcome, dear ladies and gentlemen, investors. Thank you for taking your time. And I'm pleased to walk you through the first part before I will hand over to my colleague, the CFO, Wolfgang Breme.

謝謝你，丹尼斯。歡迎，親愛的女士、先生、投資者。感謝您抽出寶貴時間。我很高興向您介紹第一部分，然後將其交給我的同事、財務長 Wolfgang Breme。

A few bullet points at the beginning, the review of the first half of 2024. We have been able to increase our revenues by 107%, compared to last year same period in 2023. So about 107% more, but the numbers will be explained by Wolfgang later.

開頭幾個重點，2024年上半年的回顧。到 2023 年，我們的營收比去年同期成長了 107%。大約增加了 107%，但沃夫岡稍後會解釋這些數字。

The adjusted EBITDA is positive in the first half year 2024. We have, and that is important, a significant amount of more customers. I will come to that later. And it turns out that our platform strategy and the concept of a multi-revenue business model is the right way, and I will give a little bit more input on that later on. We have, meanwhile, more than 2,500 high power charging points produced and delivered.

2024 年上半年調整後 EBITDA 為正。我們擁有大量的客戶，這一點很重要。我稍後會談到這一點。事實證明，我們的平台策略和多收入商業模式的概念是正確的，我稍後會對此進行更多的投入。同時，我們已生產和交付超過 2,500 個高功率充電樁。

Let me say a few words please about the market trends and challenges. I think we all are aware of the news and everything, what's going through the channels, e-mobility, renewables. And I want to give a little bit an overview about the challenge and the volatile energy system.

請容許我簡單介紹一下市場趨勢和挑戰。我認為我們都知道新聞和一切，透過管道、電動交通、再生能源發生的事情。我想概述一下挑戰和不穩定的能源系統。

Who knows? ADS-TEC knows that we are dedicated to the transition of, let's say, the existing energy system to a decentralized sector crossing energy system, including also the mobility sector and transportation. We come from a decentralized, let's call it, the old world centralized power supply. And we are heading, or we are already in the middle of that transformation to, we call it, the new world. So decentralized, intelligent, renewable world. And that is exactly where ADS-TEC is dedicated to.

誰知道？ADS-TEC 知道，我們致力於將現有能源系統過渡到分散的跨部門能源系統，其中還包括移動部門和交通運輸。我們來自一個分散的，我們稱之為舊世界的集中式電源。我們正在走向，或者說我們已經處於我們所說的新世界的轉變之中。如此去中心化、智慧、可再生的世界。這正是 ADS-TEC 致力於的領域。

So we are not a charging company, we are not a utility company. We are providing intelligent, decentralized flexibility platforms, which also can be used for supercharging, for energy trading, and many things more, which we will see later on during this presentation as our strategy and the business model of our customers and future customers.

所以我們不是充電公司，我們不是公用事業公司。我們提供智慧、去中心化的靈活性平台，該平台也可用於增壓、能源交易等等，我們將在稍後的演示中將其視為我們的策略以及我們的客戶和未來客戶的商業模式。

Let me just explain a little bit about the volatile generation and consumption, which is the heart of the transformation. So we know that the wind, and also solar on all the renewables, that the energy is produced on a location and time base which is not exactly adjusted or aligned with the consumption.

讓我簡單解釋一下波動性的生成和消耗，這就是轉型的核心。因此，我們知道風能以及所有再生能源中的太陽能，其能源產生的地點和時間基礎與消耗量並沒有完全調整或一致。

And if we deduct from the generation, the consumption, then there is a difference between these two parameters. And we see that on the consumption side, yeah, we have new participants, such as the e-mobility, electric vehicles, and they want to be slow or fast charged.

如果我們從發電量和消耗量中扣除，那麼這兩個參數之間就存在差異。我們看到，在消費方面，是的，我們有新的參與者，例如電動車、電動車，他們想要慢速或快速充電。

We see the sector's heating are coming in, which is also part of the generation of new peaks and new consumption patterns. And we see even more in the future, such as electrolyzer, the sector coupling to gas, and many others

我們看到產業的暖氣正在到來，這也是新高峰和新消費模式產生的一部分。未來我們還會看到更多，例如電解槽、與氣體耦合的部門等等

On the left side, the generation side is basically driven by volatility. And of course, we generate a higher amount of wind and energy on an offshore wind park than on an onshore smaller park. And also solar is on our rooftops or solar parks, and it's generated over the daytime and not at night. So the difference, we know that that's the flexibility.

在左側，發電側基本上是由波動性驅動的。當然，我們在離岸風力發電場產生的風能和能源量比陸上小型風力發電場還要多。太陽能也位於我們的屋頂或太陽能公園，它是在白天而不是晚上產生的。所以差別在於，我們知道這就是靈活性。

And the best case, generation minus consumption, is zero. That's not the case. And we call that the flexibility. And ADS-TEC wants to provide flexibility platforms, intelligent ones; and we see the flexibility is the twin brother of the regenerative generation. There is no generative world, which is our plan, without flexibility.

最好的情況是，發電量減去消耗量，為零。事實並非如此。我們稱之為靈活性。ADS-TEC 希望提供靈活的平台、智慧的平台；我們看到靈活性是再生一代的孿生兄弟。沒有彈性，就沒有生成世界，這是我們的計畫。

Of course, we need grid expansion. We never said that grid expansion is not a big part of that transformation, but grid expansion alone will not be able to solve the issue of a very volatile and growing -- it's a huge growing market. So we have over generation in times where it's not needed, and we have a lack of supply in times where electricity or energy is needed. And that's exactly the point where ADS-TEC and our solutions platforms and services are kicking in.

當然，我們需要電網擴張。我們從未說過電網擴張不是轉型的重要組成部分，但僅靠電網擴張並不能解決一個非常不穩定和不斷增長的問題——這是一個巨大的不斷增長的市場。因此，在不需要電力或能源的時候，我們會出現發電過剩，而在需要電力或能源的時候，我們會出現供應不足的情況。這正是 ADS-TEC 以及我們的解決方案平台和服務發揮作用的時刻。

We also see, and that's just a snapshot, we see that the grid expansion and the upgrade, which is of course necessary, but it's also very expensive. We see that EUR300 billion is planned for the transmission grids only over the next years. And another EUR150 billion for the regional distribution grids. And the same or similar numbers we see in other countries and regions. It's a massive demand of investment.

我們也看到，這只是一個快照，我們看到網格的擴展和升級，這當然是必要的，但它也非常昂貴。我們預計僅在未來幾年內就計劃為輸電網投入 3,000 億歐元。另外 1500 億歐元用於區域配電網。我們在其他國家和地區也看到了相同或相似的數字。這是一個龐大的投資需求。

And so, there will be a priority. There must be a priority where to spend the money into the grid expansion, take the resources, and upgrade the grid. And where we can do that better, by optimization of using the existing grid capacity. And that can be done by flexibility; any kind of flexibility, not just batteries. There are more, but in ADS-TEC, we are concentrating on battery-buffered systems.

因此，會有一個優先事項。必須優先考慮在哪裡花錢去擴展電網、拿資源、升級電網。透過優化現有電網容量的使用，我們可以做得更好。這可以透過靈活性來實現；任何類型的靈活性，而不僅僅是電池。還有更多，但在 ADS-TEC 中，我們專注於電池緩衝系統。

If we look at the grid fees which is also a driver, then we see over the last years, let's say, 2010 up to 2019 in average, we saw on households, consumer base, and also commercial or industrial in average between 3% and let's say 5%, almost 6% annual growth of the price. And now the last years, and this is due to the higher expenses for the grid upgrades, this investment must be distributed to all of us, to the end users, to the customers, to our electricity prices. And we see that grid expansion at the end will lead to higher costs.

如果我們看一下電網費用（這也是一個驅動因素），那麼我們會看到，在過去幾年中，比如說2010 年到2019 年，我們看到家庭、消費者群體以及商業或工業的平均費用在3% 到2% 之間。現在過去幾年，這是由於電網升級費用較高，這項投資必須分配給我們所有人，最終用戶，客戶，我們的電價。而且我們看到最後的電網擴張會導致成本上升。

Power prices are going up. In the US, we are talking about demand charge. In Europe or Germany, we see that on our grid expenses. And so power prices are going up as well because somebody has to pay for it. And we think -- we believe, we are convinced that with our flexibility and the digital way of using it, we can avoid the peaks. If you can avoid the peaks and the grid upgrade, then you can save a lot of money. Not only the grid upgrade itself, but also the total cost of ownership, because the OpEx will go down. We will not see these additional costs in our own electricity bill if we can avoid the upgrade.

電價正在漲。在美國，我們談論的是需求費用。在歐洲或德國，我們在電網費用上看到了這一點。因此電價也在上漲，因為有人必須為此付費。我們認為，我們相信，我們相信，憑藉我們的靈活性和數位化使用方式，我們可以避免高峰。如果你能避開尖峰和電網升級，那麼你可以省下很多錢。不僅是電網升級本身，還有總擁有成本，因為營運支出將會下降。如果我們能夠避免升級，我們就不會在自己的電費帳單中看到這些額外費用。

Challenge number two is, we call it, the investors' or the innovators' dilemma and where we are right now in the segment of e-mobility. And when we open the news every day, we see e-mobility is going up, it's going down with combustion engines, come back again. And I just want to explain a little bit how we see it as ADS-TEC.

第二個挑戰是，我們稱之為投資者或創新者的困境，以及我們目前在電動車領域所處的位置。當我們每天打開新聞時，我們會看到電動車正在上升，而內燃機汽車正在下降，然後又回來。我只是想解釋我們如何看待 ADS-TEC。

And first of all, let's have a look at innovation cycles, and they usually are happening. So we see at the beginning we have a starter time. Any new technology has a startup, then we have the early adopters, then we talk about the ramp-up phase. More and more people are taking the technology,

首先，讓我們來看看創新週期，它們通常正在發生。所以我們一開始就看到我們有一個啟動時間。任何新技術都有新創公司，然後我們有早期採用者，然後我們討論加速階段。越來越多的人開始接受這項技術，

And then we have a very strong period of growth. We see the saturation and then the decline. Let's say, you know, if we look at the records in the past, then the records have been taken over by the CD. The CD has been taken over by MP3. And today, we are on the streaming level. So these are the different technologies and they are replacing each other.

然後我們將迎來一個非常強勁的成長期。我們看到飽和然後下降。比方說，你知道，如果我們看看過去的唱片，那麼唱片已經被CD接管了。CD已被MP3取代。今天，我們處於串流媒體級別。所以這些是不同的技術，它們正在互相取代。

And if we look now here on the current business, which is our mobility sector, then we see the ICE, the Internal Combustion Engine, the blue curve; and the green one which is the pure EV technology. And it's the more efficient way of driving. So from our perspective, there is no other opportunity than, on the long run, the EVs, because no gearbox, no exhausting system and so on, no -- the efficiency is much higher. We have 90%-plus on the electric motor compared to the combustion engine.

如果我們現在看看目前的業務，即我們的移動部門，那麼我們會看到 ICE，內燃機，藍色曲線；綠色技術是純電動汽車技術。這是更有效的駕駛方式。因此，從我們的角度來看，從長遠來看，除了電動車之外沒有其他機會，因為沒有變速箱、沒有排氣系統等等，不——效率要高得多。與內燃機相比，我們的電動馬達效率高出 90% 以上。

And now we see on this curve, the blue one, we are, of course, for a very long growth period. Now, we are in the saturation and the new curve has already started. We tried to point out where we think we are. That's the black spot here, and this area is kind of a dilemma. And so, a lot of companies are making their money from the blue curve.

現在我們在這條曲線上看到，藍色的曲線，我們當然處於一個非常長的成長期。現在，我們正處於飽和狀態，新的曲線已經開始。我們試著指出我們認為自己所處的位置。這就是這裡的黑點，這個區域有點進退兩難。因此，很多公司都從藍色曲線中賺錢。

And at the same time, you have to invest in the green one. In this dilemma zone, this is what we see right now. And any politicians would have a good advice if this will be transferred or we make the transition to the new technology as soon as possible. And we are not hesitating by doing both, because that will lose a lot of money.

同時，你必須投資綠色環保。在這個困境中，這就是我們現在所看到的。如果這將被轉移或我們盡快過渡到新技術，任何政治家都會有一個很好的建議。我們會毫不猶豫地同時做這兩件事，因為那會損失很多錢。

And we expect that, now, after a little bit of a hesitation time, we will see that the green curve really gets up very strongly. And if we look at the development of the EV market, and we compare Q1 2023 with Q1 2024, then we see in almost or in the majority of the markets, such as China even USA or Europe except of Germany and Italy, we see a growth in the EV development.

我們預計，現在，經過一段猶豫時間，我們將看到綠色曲線確實非常強勁地上升。如果我們看看電動車市場的發展，並將2023 年第一季與2024 年第一季進行比較，那麼我們會發現幾乎或大多數市場，例如中國，甚至美國或歐洲（德國和義大利除外），我們看到電動車發展的成長。

So Germany went down 14%, but that's also due to the reduction of the subsidies. Last year, you got around 6,000 if you have bought an EV. And then out of a sudden, by end of the year, it was cancelled, which then led to a reduction in the EV population.

德國下降了 14%，但也是由於補貼減少所致。去年，如果您購買了電動車，您可以獲得約 6,000 美元。然後到了年底，該計劃突然被取消，導致電動車數量減少。

And what we see is now that new drivers are coming in, so these are the latest news, some of them at least here from Germany, so we will see tax write-offs. We see that subsidies are kicking in again. And we also see that people realize that the total cost of the ownership from EVs is cheaper than running a combustion engine. And over the next years, we will also see that CO2 emission cost will be another driver to invest in electric vehicles.

我們現在看到的是新司機正在加入，所以這些是最新消息，其中一些至少來自德國，所以我們將看到稅收沖銷。我們看到補貼再次開始發揮作用。我們也看到人們意識到電動車的總擁有成本比運行內燃機便宜。未來幾年，我們也將看到二氧化碳排放成本將成為投資電動車的另一個驅動因素。

And one part, which is important, that's also the fleets. If we look now, most of the new cars in Germany or also in Europe are bought by companies. And so now if you can save a lot of tax, and even people who are having a company car and they can save tax and have more net income than compared to a combustion engine, then they will go for that.

其中很重要的一環就是艦隊。如果我們現在看，德國或歐洲的大部分新車都是由公司購買的。因此，現在如果你可以節省大量稅收，甚至擁有公司汽車的人，與內燃機相比，他們可以節省稅收並獲得更多的淨收入，那麼他們就會這麼做。

And now it's upgraded, so we can go up to -- the latest number was EUR95,000. So the sticker price of a car can go up to EUR95,000, and it has been so far, EUR60,000. So there is now room of development, and we expect that this is a driver of the EV segment as well.

現在它已經升級了，所以我們可以上升到——最新的數字是 95,000 歐元。因此，一輛車的價格可以高達 95,000 歐元，到目前為止，一直是 60,000 歐元。所以現在有發展空間，我們預期這也是電動車領域的驅動力。

And we also see that the range anxiety is mostly gone. Now, people who are driving an EV, they know that that's not the big point anymore. We just had one example. Last week, we had to drive from Venice here to Stuttgart, and with one charge, 25 minutes, that was done. And we had even 18% remaining capacity. So, I think this is all done. And more and more people will see that it's more efficient, cheaper, and the way into the future.

我們也看到，里程焦慮已基本消失。現在，駕駛電動車的人知道這不再是重點。我們只有一個例子。上週，我們必須從威尼斯開車到斯圖加特，一次充電，25 分鐘，就完成了。我們甚至還有 18% 的剩餘產能。所以，我認為這一切都完成了。越來越多的人將看到它更有效率、更便宜，並且是通往未來的出路。

Based on that, now I cannot move to the next page. What has happened? Now it works.

基於此，現在我無法移動到下一頁。發生了什麼事？現在可以了。

So this will drive with an enormous speed, the population of EVs. Here we are referring to a development estimation from P3, and we see in Europe the growth and the growth which is expected in the US. And if we look at the numbers here on the timeline then we are at the very beginning. And according to the installation of the -- or the population of the cars, we will also see the demand for charging will grow.

因此，這將以巨大的速度推動電動車的普及。這裡我們指的是P3的發展預測，我們看到歐洲的成長以及美國預期的成長。如果我們看一下時間線上的數字，那麼我們還處於起步階段。根據汽車的安裝量或數量，我們也將看到充電需求將會成長。

And as we all know, it's very convenient to charge nearby or where you are, and that will be also a driver for installations on our offices, factories, in the cities, in residential areas. Because for people, it's always more convenient to charge where you are, and it might be even cheaper because you can use your own generation from solar, for example.

眾所周知，在附近或你所在的地方充電非常方便，這也將成為我們在辦公室、工廠、城市、住宅區安裝的動力。因為對於人們來說，就地充電總是更方便，而且可能更便宜，因為例如，您可以使用自己的太陽能發電。

Some few words about the strategy and our USPs. We always talk about intelligent platform solution, where we manage flexibility, but it's not us. It's always done in the combination with our customers and partners. And we just want to point that out again, yes, of course we have the hardware and we have to own the hardware, we have to have full control over the hardware. That's the only way how we can provide services over many, many years.

關於該戰略和我們的 USP 的一些話。我們總是談論智慧平台解決方案，我們在其中管理靈活性，但這不是我們。它始終是與我們的客戶和合作夥伴共同完成的。我們只想再次指出這一點，是的，我們當然擁有硬件，我們必須擁有硬件，我們必須完全控制硬件。這是我們多年來提供服務的唯一途徑。

The reason that ADS-TEC has its own battery modules, we own BMS in various technologies, security stacks, backend integration, digital twins and all that, is that we are able to act over long-term period. And based on that, we also have the full software stack whether it's the charge controller, the inverter technology, the battery control system, and also the back-end, we want to have full control over the software as well. That makes us in total to the one partner, one stop customer for our customers and long-term partners.

ADS-TEC 之所以擁有自己的電池模組，我們擁有各種技術、安全堆疊、後端整合、數位孿生等方面的 BMS，是因為我們能夠長期採取行動。在此基礎上，我們也擁有完整的軟體堆疊，無論是充電控制器、逆變器技術、電池控制系統，或是後端，我們也希望能夠完全控制軟體。這使我們成為我們的客戶和長期合作夥伴的唯一合作夥伴、一站式客戶。

And based on that, we can offer services; services, which is availability services, remote monitoring, data acquisition, and also spare parts for a long-term, and keeping the system up and running for not just five years or eight years, maybe for 10 or 15. And this saves the investment of our customers. So we take care about the total cost of ownership to maximize the outcome, the revenue streams out of your investment.

在此基礎上，我們可以提供服務；服務，即可用性服務、遠端監控、資料收集以及長期備件，使系統保持正常運作不只是五年或八年，可能是10年或15年。這節省了我們客戶的投資。因此，我們專注於總擁有成本，以最大限度地提高結果，即從您的投資中獲得收入。

And in addition to that, and that is now the last part, we are adding software-based services, which may be, you know, digital payment, DC metering, but also apps, we call it also apps or features. Trading electricity back to the grid or to the store, peak shavers in -- real time peak shavers or quarter-hour peak shavers. Solar integration, yes, of course, charging, but also others such as advertisement on the charge post.

除此之外，現在是最後一部分，我們正在添加基於軟體的服務，這可能是數位支付、DC 計量，還有應用程序，我們也稱之為應用程式或功能。將電力交易回電網或商店，調峰器－實時調峰器或刻鐘調峰器。太陽能集成，是的，當然還有充電，還有其他的，例如充電樁上的廣告。

So that is now the whole stream. It's not just a component. We are not competing on a component level, it's a platform, it's an ecosystem. And on this ecosystem, we will provide all the basic services and features and apps and data-driven services. And our customers then are able to use, not only the data and the apps, they can use the platforms for example to make a swarm out of many, and then operate them as a virtual power plant or as a park. So even if no car is showing up for a charge, the investment can be used by other revenues.

這就是現在的整個流程。它不僅僅是一個組件。我們不是在組件層面上競爭，而是一個平台，一個生態系統。在這個生態系統上，我們將提供所有的基本服務和功能以及應用程式和數據驅動的服務。然後，我們的客戶不僅能夠使用數據和應用程序，他們還可以使用這些平台，例如將許多平台組合在一起，然後將它們作為虛擬發電廠或公園來運作。因此，即使沒有汽車出現收費，這筆投資也可以用於其他收入。

Here are some examples. We know that from the standard battery systems and then the two combined systems, including supercharging ChargeBox and ChargePost. Just to visualize the idea, we see -- and I always combine it with the Swiss army knife, a normal charger might be a knife, it can be used to cut something, but you have only one single business case.

以下是一些範例。我們知道，從標準電池系統再到兩個組合系統，包括超級充電ChargeBox和ChargePost。只是為了形象化這個想法，我們看到 - 我總是將它與瑞士軍刀結合起來，普通的充電器可能是一把刀，它可以用來切割東西，但你只有一個商業案例。

A charger can take an electron from the AC grid and can transfer the electron to a DC, very highly specified and standardized DC charging inlet of any of these cars. That's the only business model. And the only way to make revenue is that cars are showing up, and utilization is high enough, and there is no competitor nearby who is selling the electron cheaper.

充電器可以從交流電網獲取電子，並將電子傳輸到任何這些汽車的高度指定和標準化的直流充電入口。這是唯一的商業模式。賺取收入的唯一方法是汽車的出現，利用率足夠高，附近沒有競爭對手以更便宜的價格出售電子產品。

And what we are offering with the flexibility and the platform on the right side is charging is only one tool out of that Swiss army knife. Yes, of course, you can supercharge. You can supercharge even on the power limited grid. So you don't even have to have a grid expansion and pay for higher price for the higher power rates in the future. You have even more revenue streams out of your investment, which may be energy trading, peak shaving, grid services, advertising.

我們所提供的靈活性和右側充電平台只是瑞士軍刀中的一種工具。是的，當然，你可以增壓。即使在電力有限的電網上，您也可以增壓。因此，您甚至不必進行電網擴建，也不必為未來更高的電價支付更高的價格。您可以從投資中獲得更多收入來源，這可能是能源交易、高峰、電網服務、廣告。

It's depending also on the local regulation. We see that just in Germany we have 850 grid operators. In Europe we have many, many different regulations, whether it's in Austria, Switzerland, in UK, and also in the US, North America. So we will follow all of these changing regulations and we are the one -- so one-stop shopping partner who is able to adjust all these different things to optimize the business models of our customers and partners.

這也取決於當地的法規。我們發現光在德國就有 850 家電網營運商。在歐洲，我們有許多許多不同的法規，無論是在奧地利、瑞士、英國，或是在美國、北美。因此，我們將遵循所有這些不斷變化的法規，並且我們是能夠調整所有這些不同事物以優化我們的客戶和合作夥伴的業務模式的一站式購物合作夥伴。

So this is what we call the ability to act. And it's important that you, our customers, and the investors have to know that as well, that there is a secure partnership where we can turn any of the screws which might be necessary. So if there is a new regulation in payment or in DC metering or in grid code or in whatever else, then we are not depending on any third-party.

所以這就是我們所說的行動能力。重要的是，您、我們的客戶和投資者也必須知道，有一個安全的合作夥伴關係，我們可以在必要時轉動任何螺絲。因此，如果支付、直流計量、電網規範或其他方面有新的規定，那麼我們就不會依賴任何第三方。

And I think that's a very important message because we have seen in many cases then that investments got stuck because dependencies from others led to the event that then the product was not able to be maintained furthermore, or that certification was lost and the company was not able to solve the problem because of the dependency from third-parties.

我認為這是一個非常重要的訊息，因為我們在很多情況下都看到投資陷入困境，因為其他人的依賴導致產品無法進一步維護，或者認證丟失而公司無法維護。解決問題。

One of my most important slides is here, how our business develops, and here you see the last years. And maybe this gives also a very good insight into the business development.

我最重要的幻燈片之一是這裡，我們的業務如何發展，在這裡你可以看到過去幾年的情況。也許這也可以很好地洞察業務發展。

Let's start with the year 2020. And everybody knows that Porsche has been our first big customer. So, it was one customer with a very high revenue in numbers. Then in 2021, we basically got another six customers and partners into the business. And then in 2022, it went up to 10, then 18, and meanwhile we are 53. And the base, the customer base, has completely changed. And I want to say something about the sales channel and how long it takes.

讓我們從2020年開始。大家都知道保時捷是我們的第一個大客戶。因此，這是一個收入非常高的客戶。然後在 2021 年，我們基本上又獲得了另外 6 個客戶和合作夥伴進入該業務。然後到了 2022 年，這個數字增加到了 10 個，然後是 18 個，同時我們已經達到了 53 個。而基礎，客戶群，已經完全改變了。我想說一下銷售管道以及需要多長時間。

So if we onboard or if we come together with, let's say, a startup, then that might be much faster than with a blue chip customer, because a blue chip customer, they take the time to do all the evaluation. We know that in the market, many people over the last years have been disappointed because systems were not running up. Times have been not as they have been expected. So they want to test it.

因此，如果我們加入或與新創公司合作，那麼這可能比與藍籌客戶合作要快得多，因為藍籌客戶會花時間進行所有評估。我們知道，在市場上，過去幾年很多人都因為系統沒有運作而感到失望。時代並不如他們所預期的。所以他們想測試一下。

And we see now what we have done over the last years. We brought more and more of these blue chip customers into our customer base. And on the right side, we see the business cycle, as we call it.

現在我們看到了過去幾年我們所做的事情。我們將越來越多的藍籌客戶納入我們的客戶群。在右側，我們看到了我們所謂的商業週期。

So the first order is -- we have more than 15 customers now coming in from automotive, OEMs, gas station, retail destination, charge-point operators, fleets and depots, even the e-boat business. And then, they start with the rollout, most of them with the small numbers from 1, 5, 10, maybe 15. And they are now -- here, we have our second business cycle where they ramp up their installation, and then we are getting to the recurring services, because we can sell also the services such as availability services or data-driven services.

所以第一個訂單是——我們現在有超過 15 個客戶，來自汽車、原始設備製造商、加油站、零售目的地、充電點營運商、車隊和倉庫，甚至是電動船業務。然後，他們開始推出，其中大多數都是 1、5、10、也許 15 的小數字。他們現在 - 在這裡，我們有第二個業務週期，他們增加安裝，然後我們開始提供經常性服務，因為我們還可以銷售可用性服務或數據驅動服務等服務。

And then in the last part, which is number four, and I just explained it. In the future, we will offer also the digital subscriptions based on data and additional apps which can be operated on our systems by our customers and partners. And I think the most important thing is here that we grew exponentially from the amount of customers.

然後在最後一部分，即第四部分，我剛剛解釋了它。將來，我們還將提供基於數據的數位訂閱和其他應用程序，這些應用程式可以由我們的客戶和合作夥伴在我們的系統上操作。我認為最重要的是我們的客戶數量呈指數級增長。

And that was a really hard work because the sales cycle, and this is something I want just to point out with this slide, to onboard or to get onboarded also the other way around from a blue chip corporation, one of the well-known companies, that takes between 9 and 12 months.

這是一項非常艱苦的工作，因為銷售週期，這是我想在這張投影片中指出的一點，從一家藍籌公司（知名公司之一）入職或以相反的方式入職，這需要9 到12個月。

So from the first touch point that the customer gets interested in our technology or platforms, until they really buy the first systems. And we have seen that last year, very big corporations, they decided to buy one system. Then they put it six months into a lab, do all the testing, and whether it's according to the specification or to the expectation, and then even then it takes up to six months until the first sites beside the testing labs then are installed.

因此，從客戶對我們的技術或平台感興趣的第一個接觸點，直到他們真正購買第一個系統。去年我們看到，非常大的公司決定購買一個系統。然後他們將其放入實驗室六個月，進行所有測試，無論是根據規範還是預期，然後即使如此，也需要長達六個月的時間才能安裝測試實驗室旁邊的第一個站點。

And so, it's a step-by-step and also the onboarding on the commercial side to discuss and to negotiate frame orders if you want to spread the business over many countries, then it takes time to get all the legal stuff in the financial contractual work done. The same with -- we see in North America or in Canada. And so, we need to see that the timeline to get onboarded into these bigger structures is not days or weeks, but then it ramps up. And we just want to point out that we now have more than 50 of these partners and customers onboarded over the last three years.

因此，如果你想將業務擴展到許多國家，那麼這是一個循序漸進的過程，也是商業方面的入職討論和談判框架訂單，那麼需要時間來獲得財務合約中的所有法律內容工作已完成。我們在北美或加拿大看到的情況也是如此。因此，我們需要看到加入這些更大結構的時間不是幾天或幾週，而是隨後就會加快。我們只想指出，在過去三年中，我們現在已經有 50 多個合作夥伴和客戶加入。

And that is also the basis of the growth in the future. And for us, it's important that now the risk also is much more spread to many customers. So it's much more risky if we have one or two or three customers with a high number, compared to a significant amount of customers, taking maybe at the beginning a lower number but then growing with us together into that market.

這也是未來成長的基礎。對我們來說，重要的是現在風險也更加分散到許多客戶身上。因此，如果我們有一個或兩個或三個數量較多的客戶，與大量客戶相比，風險要大得多，一開始可能數量較少，但隨後與我們一起成長到該市場。

And we are very happy that more and more people understand that there is a differentiation between just buying a charger as a component, or having the opportunity to run a flexible digital platform, and to optimize your own revenue streams on your side in the infrastructure.

我們非常高興的是，越來越多的人了解到，僅購買充電器作為組件，或有機會運行靈活的數位平台，以及在基礎設施方面優化自己的收入流之間存在區別。

And we see that more and more people understand that they have a new opportunity to make revenue, because due to the fact that the electricity in the sector coupling now is coming to us on our location, on our promises, on the factory side, on the office building sites, that they can also make money, and that they are not depending on a utility anymore, where they just have to accept what they are offering. So you can use now your own photovoltaic. You can optimize the charge of your fleet, your customers, your visitors, and also then the sector coupling, including heating and the normal consumption of electricity.

我們看到越來越多的人明白他們有一個新的創收機會，因為由於產業耦合中的電力現在正在我們的位置上、在我們的承諾上、在工廠方面、在辦公樓工地，他們也可以賺錢，而且他們不再依賴公用事業公司，他們只需要接受他們所提供的東西。所以您現在可以使用自己的光伏發電。您可以優化車隊、客戶、訪客的收費，以及部門耦合，包括暖氣和正常用電量。

So with that, a few words about the proven track record and we see that we have expanded the business over the last year and also the last half year in further segments. We see that electric trucks are getting more and more important. ADS-TEC is not focusing on the megawatt charging.

因此，簡單介紹一下已證實的業績記錄，我們看到我們在去年以及過去半年在其他領域擴大了業務。我們看到電動卡車變得越來越重要。ADS-TEC 並不專注於兆瓦級充電。

We believe that the battery, and that's always our case, so the flexibility must be part of the platform, the ecosystem. But we see that even big trucks -- that they can use it.

我們相信電池，這始終是我們的情況，因此靈活性必須成為平台和生態系統的一部分。但我們看到，即使是大卡車——他們也可以使用它。

Here, we have an example from the Netherlands. It's a garbage truck. And they run the garbage trucks the whole day. And along the route, we have then installed charge boxes which are able to charge the trucks with 300,000. And we want, over the next years, we can expand that up to maybe 600,000 or 640,000. But we are not addressing the multi-megawatt charging infrastructure or product, because we believe that here, the direct trade connection will be the right solution.

在這裡，我們有一個來自荷蘭的例子。這是一輛垃圾車。他們整天都在開垃圾車。沿途我們也安裝了充電箱，可以為卡車充電30萬。我們希望，在接下來的幾年裡，我們可以將其擴大到 600,000 或 640,000。但我們並不是在討論多兆瓦充電基礎設施或產品，因為我們相信，在這裡，直接貿易連接將是正確的解決方案。

We also see that new segments, such as boating are getting interested more and more. And of course, we have expanded the business, the ChargePost, to much more customers. And also the ChargeBox is now in more OEM solutions integrated. And we see that the business and the demand for ChargePost and ChargeBox will be more.

我們也看到划船等新領域越來越受到人們的關注。當然，我們已經將 ChargePost 業務擴展到了更多的客戶。而且 ChargeBox 現在已整合到更多 OEM 解決方案中。而且我們看到ChargePost和ChargeBox的業務和需求會更多。

And just to give you one example, so why should not, for example, the police use EVs? So how many thousand tonnes of CO2 can be saved every year if just the police of here, or our state, Baden-Wurttemberg or Bavaria or whoever, would replace a part of the combustion cars by pure EVs?

舉個例子，那為什麼警察不應該使用電動車呢？那麼，如果這裡的警察，或我們的州，巴登-符騰堡州或巴伐利亞州或其他任何地方，用純電動車取代部分內燃汽車，每年可以節省多少千噸二氧化碳呢？

And they are just driving in average 100 kilometers a day, so that's nothing for a EV. And if we would equip the infrastructure on all the distributed police stations with, for example, a ChargeBox or a ChargePost, that would be a very easy but a high significance. It will have a high impact on the CO2 emission and that can be all done right now. And so we see that many of these discussions are coming up.

他們平均每天只行駛 100 公里，所以這對電動車來說不算什麼。如果我們為所有分散式警察局的基礎設施配備一個 ChargeBox 或 ChargePost，這將是一個非常簡單但意義重大的事情。它將對二氧化碳排放產生重大影響，而這一切現在就可以完成。所以我們看到許多這樣的討論正在出現。

One last example, one customer, they have invested in an infrastructure for taxi, we call it, a taxi platform. So the investors are providing the taxis themselves, pure EVs, including the charging infrastructure which is fully equipped with ADS-TEC ChargePosts, and they started in one European city. And the taxi driver, they just pay a flat rate per month, and they get charging for free without -- unlimited charging, charge as much as you can, and they pay just one fixed amount per month to the investors. And so they can use the car and the charging infrastructure.

最後一個例子，一位客戶，他們投資了計程車基礎設施，我們稱之為計程車平台。因此，投資者自己提供計程車、純電動車，包括完全配備 ADS-TEC ChargePosts 的充電基礎設施，他們從一個歐洲城市開始。而計程車司機，他們每月只支付固定費率，並且免費收費，沒有無限收費，可以收費多少，他們每月只需向投資者支付一筆固定金額。這樣他們就可以使用汽車和充電基礎設施。

And I think these new models -- and that shall be spread now to other countries in Europe as well. We think we are at the very beginning of also new business models, which will change the complete setup as well.

我認為這些新模式現在也將傳播到歐洲其他國家。我們認為我們正處於新商業模式的開端，這也將改變整個設定。

Here we see -- just to give you some more ideas about where it could be used. On the left, here we see the exhibition in Munich, where E.ON has shown our charger. And also here on ESSO gas stations, which by the way, we have now more brands from the gas stations taking chargers. Why? Because it's kind of a self-obligation that the gas station said, at least here in Germany, that they want to equip their sites with at least one or two superchargers.

我們在這裡看到——只是為了給你一些關於它可以用在哪裡的更多想法。左邊是慕尼黑的展會，E.ON 在那裡展示了我們的充電器。還有 ESSO 加油站，順便說一句，我們現在有更多來自加油站的品牌使用充電器。為什麼？因為加油站表示，至少在德國，他們希望為自己的加油站配備至少一兩個增壓器，這是一種自我義務。

So here, in many locations, it is cheaper to not upgrade the grid, and then they just rip out the vacuum cleaner and put a ChargeBox in. And then you have a 300k charger on that site.

所以在這裡，在許多地方，不升級電網會更便宜，然後他們只是拆掉吸塵器並放入充電盒。然後你在那個網站上就有了一個 300k 的充電器。

We also see distributed areas here where you see the Taycan. So yeah, I would say it's almost in the middle of nowhere, but even there, people want to charge and they want to quick charge their car. So this is also a new segment.

我們也在這裡看到了 Taycan 的分佈區域。所以，是的，我想說它幾乎是在一個偏僻的地方，但即使在那裡，人們也想要充電，他們想要快速為他們的汽車充電。所以這也是一個新的細分市場。

And we see on the left an example where, for example, retail -- rental car, sorry. Rental cars are now using more and more EVs to quick charge the return cars. It's also impossible to equip all the return locations from the rental cars with grid upgrade or superchargers. So these are just some ideas.

我們在左邊看到一個例子，例如零售——租車，抱歉。現在，越來越多的租賃車使用電動車為回程車快速充電。也不可能為租賃汽車的所有還車地點配備電網升級或增壓器。所以這些只是一些想法。

On the right side we see a retail store, and here we have another example for a gas station, which is in Berlin.

在右側，我們看到一家零售店，這裡還有另一個加油站的例子，位於柏林。

So with that overview, I would like to hand it over to you, Wolfgang. Please take over and tell us something about the financial highlights.

因此，我想把這個概述交給你，沃夫岡。請接手並告訴我們一些有關財務亮點的資訊。

Of course. Thank you, Thomas, and good day, everyone. Before giving you more insights into the state of our business from a financial perspective, I'm also, as Thomas, excited to report that ADS-TEC Energy continued its strong financial and operational performance in the first half of 2024, achieving key milestones that underscore the company's ongoing growth trajectory.

當然。謝謝你，托馬斯，大家好。在從財務角度更深入了解我們的業務狀況之前，我還很高興地向您報告，ADS-TEC Energy 在 2024 年上半年繼續保持強勁的財務和營運業績，實現了關鍵里程碑：強調公司持續的成長軌跡。

We are delighted to report that first half of 2024 revenue was EUR79.3 million. For Q2, revenue reached EUR42.4 million. This reaffirms our confidence in the strength of our business model, robust customer demand, and the overall market opportunity. We remain committed to driving sustainable growth and long-term shareholder value. We are excited about the ongoing growth of our business, the progress we have made in the last years, and the opportunities that lie ahead.

我們很高興地報告，2024 年上半年收入為 7,930 萬歐元。第二季營收達 4,240 萬歐元。這再次證實了我們對我們業務模式的實力、強勁的客戶需求以及整體市場機會的信心。我們仍然致力於推動永續成長和長期股東價值。我們對業務的持續成長、過去幾年所取得的進步以及未來的機會感到興奮。

Before giving you an outlook for fiscal year 2024, let me go back to our H1 2024 numbers in more detail. You will find all the details in the Appendix to this presentation, where you'll find P&L balance sheet cash flow statement in detail.

在向您展望 2024 財年之前，讓我更詳細地回顧一下 2024 年上半年的數據。您可以在本簡報的附錄中找到所有詳細信息，其中詳細介紹了損益表資產負債表現金流量表。

We are very excited to report strong performance year to date. Our revenue grew more than 107% compared to last year's period, which was EUR38.3 million.

我們非常高興地報告今年迄今的強勁業績。與去年同期相比，我們的營收成長了 107% 以上，達到 3,830 萬歐元。

From a product perspective, most of our sales like in previous reporting periods, was generated by charging products which you have seen before, ChargeBox and ChargePost, which accounted for the majority of total revenues. Commercial and industrial products, service and others were also contributing.

從產品角度來看，我們的大部分銷售額與先前的報告期間一樣，都是由您之前看到的收費產品（ChargeBox和ChargePost）產生的，它們佔總收入的大部分。商業和工業產品、服務等也做出了貢獻。

From a geographic perspective, most of the revenue originates from Europe. This underlines that Europe is ahead of the United States in terms of EV adoption at this stage. ADS-TEC Energy, with a strong European footprint in service and production, is well-positioned to cope with the expected strong growth in that geographical market. Important to mention is that European markets outside Germany and also the United States markets are growing and prove our growing international footprint.

從地域角度來看，大部分收入來自歐洲。這凸顯歐洲現階段在電動車採用方面領先美國。ADS-TEC Energy 在歐洲的服務和生產領域擁有強大的影響力，有能力應對該地區市場預期的強勁成長。值得一提的是，德國以外的歐洲市場以及美國市場正在成長，證明了我們不斷成長的國際足跡。

From a customer perspective, we saw a significant broadening of our customer base, as Thomas explained, with significant players entering the market, but also increasing investments from financial institutions in the charging business. This accelerates our growth potential as we go forward.

從客戶的角度來看，正如托馬斯解釋的那樣，我們看到我們的客戶群顯著擴大，大量參與者進入市場，但金融機構對充電業務的投資也有所增加。隨著我們的前進，這將加速我們的成長潛力。

Turning to gross profit, we saw improvements quarter on quarter. Q2 of 2024 was the third quarter in a row with positive gross margins. For H1, gross profit came in at EUR15.7 million and gross margin of 19.8%, compared to a breakeven gross profit in the first half of 2023. Improving purchasing environments, optimized production processes. And finally, economies of scale and volume impacts turned the gross margin into the black numbers we saw for the first half.

談到毛利，我們看到了季度環比的改善。2024 年第二季是連續第三個季度實現正毛利率。上半年毛利為 1,570 萬歐元，毛利率為 19.8%，而 2023 年上半年毛利達到損益平衡。改善採購環境，優化生產流程。最後，規模經濟和數量影響將毛利率變成了我們在上半年看到的黑色數字。

Coming to operational expenses below gross margin which amounted to EUR20 million, this means sales, general and admin expenses, as well as research and development expenses, the increase compared to H1 of 2023 is only 11.7%, which indicates better efficiency in our sales and administrative functions.

毛利率以下的營運費用為 2,000 萬歐元，這意味著銷售費用、一般費用和管理費用以及研發費用，與 2023 年上半年相比增幅僅為 11.7%，這表明我們的銷售和營運效率更好。行政職能。

The levels we have reached here allow to support the business going forward, but both geographical expansion and an increasing service component may require more investments. Needless to say that listing expenses, including insurance costs contributed here also, as well as increased general warranty provisions because of the growing topline.

我們所達到的水平可以支持未來的業務，但地域擴張和服務組件的增加可能需要更多投資。不用說，上市費用，包括保險費用，以及由於收入增長而增加的一般保固條款也有所貢獻。

R&D expenses grew significantly because of increased costs in that area and also lower capitalization of development expenses as our product lines offer and offerings mature. Other income and expenses in the first half of 2024 and previous year are driven by operational currency exchange gains and losses, which are not substantial to the business.

研發費用大幅成長，因為該領域的成本增加，而且隨著我們的產品線和產品的成熟，開發費用的資本化降低。2024年上半年和前一年的其他收入和支出是由經營性貨幣匯兌損益驅動的，對業務而言並不重大。

Our operating result came in at EUR5 million negative in H1 2024, compared to minus EUR20 million in H1 2023, so a strong improvement here.

2024 年上半年，我們的經營業績為負 500 萬歐元，而 2023 年上半年為負 2,000 萬歐元，因此有了很大的改善。

Our EBITDA came in at minus EUR1.4 million for H1 2024 compared to minus EUR17.6 million in the period last year. Adjusted EBITDA, adjusted for share-based payments and inventory adjustments for the first six months, is positive EUR3.6 million compared to minus EUR14.3 million in the previous period last year. More importantly, Q2 2024 marks the third profitable quarter on an EBITDA adjusted base since the IPO de-SPAC process, as I said, on an adjusted EBITDA basis.

2024 年上半年，我們的 EBITDA 為負 140 萬歐元，而去年同期為負 1,760 萬歐元。調整後的 EBITDA（根據前 6 個月的股份支付和庫存調整進行調整）為正 360 萬歐元，而去年同期為負 1,430 萬歐元。更重要的是，正如我所說，自 IPO de-SPAC 流程以來，2024 年第二季度是在調整後 EBITDA 基礎上第三個實現盈利的季度。

Looking at the balance sheets, we further reduced our inventory. Trade receivables were up in comparison to last year because of the increase in revenues. We ended the second quarter with a solid cash position of EUR23.7 million. The proceeds of the exercise of warrants arising from the December capital raise were used to repay portions of our shareholder loan facilities we entered into in 2023.

從資產負債表來看，我們進一步減少了庫存。由於收入增加，應收帳款較去年增加。第二季結束時，我們擁有 2,370 萬歐元的穩定現金部位。12 月融資產生的認股權證行使收益用於償還我們在 2023 年簽訂的部分股東貸款融資。

Now, let me come back to the outlook for full year 2024. We anticipate continued positive momentum in the second half of the year with expectations for increased sales revenues compared to the first half of the year. The company remains on track to be adjusted EBITDA positive for the full year, reinforcing its position as a leader in the ultra-fast charging market. On those revenue levels, which will be the highest in the company's history, we are expecting again positive EBITDA for the year.

現在，讓我回顧一下2024年全年的展望。我們預計下半年將持續保持正面勢頭，預計銷售收入將較上半年增加。該公司全年調整後的 EBITDA 仍有望實現正數，從而鞏固其作為超快速充電市場領導者的地位。就這些收入水平而言，這將是公司歷史上最高的水平，我們預計今年將再次實現正的 EBITDA。

For 2024 and beyond with at least doubling our revenues, we anticipate substantial growth driven by a very strong customer dynamics and market trends.

到 2024 年及以後，我們的收入將至少翻一番，我們預計在非常強勁的客戶動態和市場趨勢的推動下將大幅成長。

Let me summarize the key takeaways from our presentation. First, ADS-TEC Energy technology, best-in-class. We have installed more than 2,500 battery-based DCFC charging points, and charging points shipped and delivered. ChargeBox and ChargePost have been proven by real operating data from our clients, exceeding customer expectations at very high utilization levels at the sites where we have our installed base. And our technology, not to forget, has been developed for more than a decade.

讓我總結一下我們演講的主要內容。首先，ADS-TEC 能源技術，一流。我們已經安裝了超過 2,500 個基於電池的 DCFC 充電點，並且充電點已發貨和交付。ChargeBox 和 ChargePost 已被我們客戶的實際營運數據所證明，在我們安裝基地的利用率非常高，超出了客戶的預期。不要忘記，我們的技術已經發展了十多年。

Secondly, fulfillment and growth. We have achieved a target of more than EUR100 million in 2023 in terms of revenues. Our revenues in the first half of this year are exceeding EUR79 million, reflecting a growth of EUR107 million compared to last year, and we see a significant increasing number of blue chip clients.

其次，充實與成長。我們已經實現了 2023 年收入超過 1 億歐元的目標。今年上半年我們的收入超過了 7,900 萬歐元，比去年增長了 1.07 億歐元，我們看到藍籌客戶數量大幅增加。

Thirdly, margin improvements, adjusted EBITDA positive in H1 of this year. We expect to be EBITDA positive for the whole of this fiscal year 2024. We see incremental margin improvements by adding high added value for our clients. Service revenue growth started in following our platform strategy.

第三，利潤率改善，今年上半年調整後的 EBITDA 為正值。我們預計 2024 年整個財政年度的 EBITDA 將為正值。透過為客戶增加高附加價值，我們看到利潤率不斷提高。服務收入的成長始於我們的平台策略。

With that, thank you very much, and I'll return to Dennis.

至此，非常感謝您，我將回到丹尼斯那裡。

Yeah. Thank you, Thomas. Thank you, Wolfgang. Now it's time for our Q&A sessions. Currently, there are no incoming questions in the chat. I would say we are waiting some seconds, if you will have furthermore questions sending please via the web chat.

是的。謝謝你，托馬斯。謝謝你，沃夫岡。現在是我們的問答環節了。目前，聊天中沒有傳入的問題。我想說，我們正在等待幾秒鐘，如果您還有其他問題，請透過網路聊天發送。

But one question maybe for Thomas. What will be the biggest challenge for ADS-TEC and the competition, I would say in the next one or two days -- two years?

但也許有一個問題要問湯瑪斯。我想說，在接下來的一兩天——兩年內，ADS-TEC 和競爭對手面臨的最大挑戰是什麼？

As I tried to point out, we are in the middle of this huge transformation and that is something which is -- I would say it's once in a century. We will see this hesitating period for maybe some more months or years, but then it will be very, very clear that the future will be based on decentralized energy, also on the renewable side as well as on the consumption side, and so we need flexibility.

正如我試圖指出的那樣，我們正處於這場巨大變革的中間，我想說這是百年一遇的事情。我們將看到這個猶豫期可能還會持續幾個月或幾年，但隨後就會非常非常清楚，未來將基於分散能源，無論是在再生能源方面還是在消費方面，因此我們需要靈活性。

I also want to emphasize again that the e-mobility will come, there is no doubt. And then I expect that the politics will be more clearer. Because if it's without any doubt that this is the future, we may take down the hurdles and the investments in many things in parallel, and that will be an acceleration for our business and also the business of all our competitors and everybody who is in that market.

我還想再次強調，毫無疑問，電動車將會到來。然後我預計政治會更加清晰。因為如果毫無疑問這就是未來，我們可能會同時消除許多事情上的障礙和投資，這將加速我們的業務以及我們所有競爭對手和每個參與其中的人的業務市場。

But politics and regulations, to answer your question, will play a big role.

但回答你的問題時，政治和法規將發揮重要作用。

Thank you very much. Now, there are coming questions in, a lot of questions. Thank you for that.

非常感謝。現在，有很多問題即將到來。謝謝你。

Next question. What percentage of revenue in the first half of the year came from Germany, and how will that change in the second half? Maybe, Wolfgang?

下一個問題。上半年來自德國的收入比例是多少？也許吧，沃夫岡？

So, as I said in my presentation, the majority of our revenue comes (technical difficulty) strong customer base here accounted approximately of three quarters of our revenue in the first half of the year.

因此，正如我在演講中所說，我們的大部分收入來自（技術難度）強大的客戶群，約占我們上半年收入的四分之三。

Thank you. Next question. Could you describe your capacity to fulfill demand growth in next two to three years?

謝謝。下一個問題。您能否描述一下您在未來兩到三年內滿足需求成長的能力？

I guess, we have pointed out that last time maybe we should have implemented in this presentation again. So first of all, the production capacity in our factory in Dresden is high. Now we can produce 5,000 systems, 10,000 dispensers a year. This is not the amount we can sell today, unfortunately. So we have spare capacity here, I would say, for the next one or two years, which has been the question at least.

我想，我們上次已經指出，也許我們應該在這次演示中再次實施。首先，我們德勒斯登工廠的產能很高。現在我們每年可以生產 5,000 個系統、10,000 個點膠機。不幸的是，這不是我們今天可以出售的數量。因此，我想說，在未來一兩年內，我們這裡還有閒置產能，這至少是個問題。

And we are prepared in North America to (technical difficulty) logistics within, let's say, 1 year or 1.5 year. We pointed that out during the last presentations. And that's still -- I would say, we are fully set for what we can expect over the next years.

我們在北美準備好（技術難度）物流，比如說1年或1.5年。我們在上次演講中指出了這一點。我想說的是，我們已經為未來幾年的預期做好了充分準備。

Thank you very much, Thomas. Next question. How does ADS-TEC expect to finance growth?

非常感謝你，托馬斯。下一個問題。ADS-TEC 預計如何為成長提供資金？

I think that's maybe for me. First of all, you have seen that also if you take our cash flow statement that (technical difficulty) as a public company (technical difficulty) we use the capital markets to -- with a private placement to (technical difficulty) of the Norwegian investment (technical difficulty) were exercised, which gave us additional flexibility in financing to pay back the shareholder loans.

我想這可能適合我。首先，您也看到了，如果您查看我們的現金流量表（技術難度），作為一家上市公司（技術難度），我們利用資本市場——通過私募來進行挪威投資（技術難度） （技術難度）得到了解決，這給我們在融資方面提供了額外的靈活性來償還股東貸款。

And for those of you who follow the company, we've also entered into new shareholder loan facilities again a few days and weeks ago, which is also a public information. So you can see that out. We see continuous support of our shareholders, and of course, we are looking forward to making the company bankable because we, as a startup scale-up business right now. We have to work on our bank rating, which we actively do, so that we then can also leverage not only equity finance our business.

對於那些關注公司的人來說，幾天前和幾週前我們還再次簽訂了新的股東貸款協議，這也是公開資訊。所以你可以看到這一點。我們看到了股東的持續支持，當然，我們期待著使公司能夠獲利，因為我們作為一家新創企業，現在正在擴大規模。我們必須努力提高我們的銀行評級，這是我們積極做的，這樣我們不僅可以利用股權融資來為我們的業務提供融資。

So going forward, the first step as a startup scale-up will be going with existing shareholder support. Secondly, going to the capital markets; and then number three, as the company matures, setting up the credit side of the balance sheet with the equity and debt of course.

因此，展望未來，新創企業擴大規模的第一步將是獲得現有股東的支持。其次，走向資本市場；第三，隨著公司的成熟，當然會在資產負債表的信貸部分建立股權和債務。

Yeah. Thank you very much. Maybe another question for Thomas. Can we get an update on your business development efforts in the US market or maybe what will be there, the next steps?

是的。非常感謝。也許還有一個問題要問湯瑪斯。我們能否了解您在美國市場的業務開發工作的最新情況，或者下一步會採取什麼措施？

We still are convinced that North America will be a huge market. So even as Wolfgang said so far, it might be a little bit Europe ahead, but the US and also North America totally such a huge, huge area that we believe it will be a strong EV market.

我們仍然堅信北美將是一個巨大的市場。因此，正如沃爾夫岡到目前為止所說，歐洲可能會領先一些，但美國和北美是一個非常巨大的地區，我們相信這將是一個強大的電動車市場。

We have started in the US, and you have seen our projects in Marina Palms, which is private charging, but also now other OEMs. We have deployed the first units to another OEM, which is Ford. We have started the direct sales, but we also do it on a very solid and careful way. We have seen others who from our perspective have invested very early, also in Build in America and Made in America, which we are prepared to do. But we need to see the market to really catch up and ramp up.

我們已經在美國開始了，你已經看到了我們在 Marina Palms 的項目，這是私人充電，但現在也有其他 OEM 廠商。我們已將第一批設備部署到另一家 OEM，即福特。我們已經開始做直銷了，但是我們做的也很紮實、很仔細。從我們的角度來看，我們看到其他人很早就投資了美國建造和美國製造，我們已經準備好這樣做。但我們需要看到市場真正迎頭趕上並加速發展。

We are working on some specific projects also with numbers which would allow us to do so. And so it's kind of being there, working on all of the opportunities, preparing the Made in America structure, but stepping into that and also doing the final -- or investments, which are pretty high, this will be done.

我們正在進行一些具體項目，這些項目的數量也使我們能夠做到這一點。因此，它就在那裡，致力於所有的機會，準備美國製造的結構，但進入其中並進行最終的投資，這是相當高的，這將完成。

And we explained that several times. If the business is according to then the production we will set up. And so it's a step-by-step approach, which we have always said, and that's still the same strategy.

我們多次解釋過這一點。如果業務符合，我們將進行生產。所以這是一個循序漸進的方法，我們一直這麼說，而且這仍然是相同的策略。

Thank you very much, Thomas. Another question for Wolfgang, I guess. Finance expense was very high in H1, half year one. Were there some one-items in that? How should we think about interest expense on a normalized basis?

非常感謝你，托馬斯。我想沃夫岡還有一個問題。上半年財務費用非常高，即第一年半。其中有一些單項嗎？我們該如何看待標準化基礎上的利息支出？

Yeah, very good question. So, this is why I also tend to work more for communication purposes with operating expense, operating income or EBITDA. The finance expense which you see in the first half of the year are driven by the fair valuation of the warrants we have issued to our warrant holders.

是的，非常好的問題。因此，這就是為什麼我也傾向於更多地出於與營運費用、營運收入或 EBITDA 的溝通目的而工作。您在上半年看到的財務費用是由我們向認股權證持有人所發行的認股權證的公允估值所驅動的。

And when the stock price does what it thankfully did in the last six months is when the stock price increases, the fair value of the warrants increases as well. And the counter entry in accounting logically is finance expense, which we have to show there. So it's not an interest expense. It's a non-cash item.

幸運的是，當股價像過去六個月那樣上漲時，認股權證的公允價值也會上漲。從邏輯上講，會計中的櫃檯條目是財務費用，我們必須在那裡顯示。所以不是利息費用。這是非現金物品。

If you go to our cash flow statement, it's simply driven by the fair valuation of the warrants, which we have outstanding, which are in the range, public warrants of around 11 million and another 5 million of private warrants.

如果你查看我們的現金流量表，你會發現它只是由我們尚未發行的認股權證的公允估值驅動的，這些認股權證的範圍為約1100 萬份公開認股權證和另外500 萬份私人認股權證。

Thank you very much, Wolfgang. Next question, I think that's for Thomas. How do you intend to mitigate against an increasingly volatile EV market, in particular in Germany, impacting ADS-TEC business? And how do you intend to ensure the outline further close for ADS-TEC?

非常感謝你，沃夫岡。下一個問題，我想是湯瑪斯的問題。您打算如何緩解日益波動的電動車市場（尤其是德國）對 ADS-TEC 業務的影響？您打算如何確保 ADS-TEC 的輪廓進一步接近？

Yeah. I guess that exactly comes to the core of our business strategy. So as I said, we are not selling chargers. And so it's not a charging component. You can also charge.

是的。我想這正是我們業務策略的核心。正如我所說，我們不銷售充電器。所以它不是一個充電組件。還可以充電。

And if you look at the big picture then, it is the flexibility. And as I tried to explain, even if no car will show up, we will integrate and implement more and more business cases, such as trading, such as peak shavings, such as solar integration. And that gives a little bit of independency from the charging business.

如果你從大局來看，那就是靈活性。正如我試圖解釋的那樣，即使沒有汽車出現，我們也會整合和實施越來越多的業務案例，例如交易，例如調峰，例如太陽能整合。這使得充電業務有了一定的獨立性。

But nevertheless, I guess all of us, we expect that the EV fleets are going up. But I always said, and I did that over the last three years, that just relying on charging and the utilization of charging and selling electrons on a level which finances the whole infrastructure and business may not be the only opportunity. And this is, I guess, something we have to consider and see if there are more revenue streams paying into one investment, this is interesting, and that's something where our customers can mitigate the risks.

但儘管如此，我想我們所有人都預計電動車數量將會增加。但我總是說，在過去三年裡我也是這麼做的，僅僅依靠充電以及充電和銷售電子產品的利用來為整個基礎設施和業務提供資金可能並不是唯一的機會。我想，這是我們必須考慮的事情，看看是否有更多的收入來源投入一項投資中，這很有趣，而且我們的客戶可以減輕風險。

So it's not about us. It's more that we are helping investors and infrastructure operators to mitigate their risk just coming from utilization of EV charging rather than adding other revenue streams.

所以這與我們無關。更重要的是，我們正在幫助投資者和基礎設施營運商減輕使用電動車充電的風險，而不是增加其他收入來源。

Thank you very much, Thomas. Wolfgang, I guess that's for you. Could you expand on the decrease in SG&A year over year and your expectations for that going forward?

非常感謝你，托馬斯。沃夫岡，我想那是給你的。您能否詳細介紹一下 SG&A 逐年下降的情況以及您對未來的預期？

When I say -- frankly, we haven't decreased. We have relatively decreased SG&A. And what I said before, for the current setup the company is well equipped and the efficiency in those areas which is Selling, General and Admin is improving. But we talked about expansion in the US, we talked about expansion in service, we talk about expansion especially in our sales force, both in North America and in Europe, in the European countries as well.

當我說——坦白說，我們並沒有減少。我們相對減少了SG&A。正如我之前所說，就目前的設定而言，公司裝備精良，銷售、綜合和管理等領域的效率正在提高。但我們談到了在美國的擴張，我們談到了服務的擴張，我們談到了尤其是我們在北美和歐洲以及歐洲國家銷售隊伍的擴張。

So we can expect an increase, but the increase will be significantly under the growth trajectory of our revenue growth. So it's definitely growing. But as I said, broadly said, we doubled our revenues, more than doubled the revenues in H1 and the SG&A increase was around 11%, 12%. And this is something I would also model into going forward.

所以我們可以預期成長，但成長將顯著低於我們營收成長的成長軌跡。所以它肯定在成長。但正如我所說，概括地說，我們的收入翻了一番，上半年的收入翻了一番多，SG&A 增幅約為 11%、12%。這也是我今後也會跟著做的。

Thank you very much, Wolfgang. Another question, I guess, for Thomas. Can you give some more outlook and guidance concerning your energy storage business? That means the C&I business, I guess. What are the updates on the expansion towards the residential segment?

非常感謝你，沃夫岡。我想，這是湯瑪斯的另一個問題。您能否為您的儲能業務提供更多展望與指導？我猜這指的是工商業業務。向住宅領域擴張有何最新進展？

Yeah. I guess we already talked about that beginning of the year, but I want to say that again and explain. So first of all, the residential area, the residential market has basically been taken over by products coming from far east, we see that. So the deployment, we have now more than 1 million battery buffered systems in the residential area.

是的。我想我們已經在今年年初討論過這一點，但我想再說一遍並解釋一下。首先，住宅區、住宅市場基本上已經被來自遠東的產品所佔領，我們看到這一點。所以部署的話，我們現在在住宅區有超過100萬個電池緩衝系統。

We know that from the battery storage association these numbers are public. And we have decided that it makes no sense for us to go into that residential market. We rather want to keep the flexibility strategy as explained, and therefore, we see now over the last years the size has changed. So it's from the investment and also from the physical impact, much better to have higher power and higher capacities.

我們從電池儲存協會知道這些數字是公開的。我們認為進入住宅市場對我們來說沒有任何意義。我們寧願保留所解釋的靈活性策略，因此，我們現在看到在過去幾年中規模已經發生了變化。因此，無論是從投資還是從物理影響來看，擁有更高的功率和更高的容量會更好。

And so, we have the fully combined Swiss army knife with the chargers, which is ChargePost, ChargeBox. And then, we stick to the C&I business. Yes, we have been over the last years more focused on charging because that was the biggest project in our company. And now we are also increasing the efforts in C&I, which means flexibility which does not integrate the charging in one product, but it will be a battery buffered system within the inverter. But all the software and the services, again, comes from ADS-TEC.

於是，我們就有了瑞士軍刀與充電器完全結合的產品，那就是ChargePost、ChargeBox。然後，我們堅持工商業業務。是的，過去幾年我們更加關注充電，因為這是我們公司最大的項目。現在我們也在加大在C&I方面的力度，這意味著靈活性，不是將充電整合到一個產品中，而是將其作為逆變器內部的電池緩衝系統。但所有軟體和服務均來自 ADS-TEC。

If you look at our references, you see over the last more than ten years now, we have many hundred megawatt hours of C&I chargers, battery systems out in the field, up and running, and we plan to increase that now in the next level.

如果您查看我們的參考資料，您會發現在過去的十多年裡，我們擁有數百兆瓦時的C&I 充電器、現場電池系統，已啟動並正在運行，我們計劃現在將其提高到一個新的水平。

And we are working here as well on new battery technology so that we can also be on the competitive side of the business, because we all know that this is under a great pressure also in the market. So we must be careful that we are not dropping into the naked component business, which as I said, is always a difficult place to be and that's not our target.

我們也在研究新的電池技術，以便我們也能在業務中具有競爭力，因為我們都知道這在市場上也面臨巨大的壓力。因此，我們必須小心，不要陷入裸組件業務，正如我所說，這始終是一個困難的地方，而且這不是我們的目標。

Thank you, Thomas. And then, with respect to the timing, I would propose the last question for Wolfgang. How about your cash needs in the next two years? Will you need further investments/capital? Do you expect the need for a capital increase?

謝謝你，托馬斯。然後，關於時間安排，我將向沃夫岡提出最後一個問題。您未來兩年的現金需求如何？您需要進一步的投資/資本嗎？您預計需要增資嗎？

This is a very good question. We discussed about the expansion in the United States, which is very clear. If we want to, would go into the United States with our own production to cope with the Buy America, Build America. We definitely need to look for further financing because that's, of course, something which we cannot finance out of our operational cash flow.

這是一個很好的問題。我們討論了在美國的擴張，這是非常明確的。如果我們願意，就會帶著我們自己的產品進入美國，以應對「購買美國產品，建設美國」。我們肯定需要尋求進一步的融資，因為這當然是我們無法從營運現金流中融資的。

On the other side, if we take just the ongoing business, so the charging business as it stands today, and if you take a look into our cash flow statement, you will see that we're approaching the breakeven cash flow line and operating cash flows. So this is something which we finance out of our operating cash flow but the expansion of the business would need further financing measures.

另一方面，如果我們只考慮正在進行的業務，那麼目前的收費業務，如果您查看我們的現金流量表，您會發現我們正在接近盈虧平衡現金流線和營運現金流。因此，我們從營運現金流量中融資，但業務擴張需要進一步的融資措施。

And as I said before, currently we are supported by existing shareholders, and we will not exclude that we will also look for additional funding in the future, whether it's equity or whether it's also credits.

正如我之前所說，目前我們得到了現有股東的支持，我們不排除將來也會尋求額外的資金，無論是股權還是信貸。

Thank you very much, Wolfgang. Thank you, Thomas. Thank you to the audience for your time and attention. As I mentioned in the beginning, you will be able to download the presentation on the company's website after this event.

非常感謝你，沃夫岡。謝謝你，托馬斯。感謝觀眾的時間和關注。正如我在開頭提到的，活動結束後您將可以在公司網站上下載簡報。

And, yeah, that's it from my side.

是的，這就是我的觀點。

Thank you very much for attending and listening.

非常感謝您的出席和聆聽。