Commenting on today’s announcements, Carlalberto
Guglielminotti, CEO of NHOA Group, said:
“NHOA Group started 2023 with an accelerated growth momentum and
posted an excellent first quarter, with double to triple digit
growth in all our business lines, with revenues at group level up
+110%.
This confirms the strength of our integrated technology model in
both energy storage, with 1.4GWh under construction and a pipeline
of €1.2 billion in 4 continents, and EV fastcharging
infrastructure, where we finally passed the 1,000 points of charge
online, with additional 1,600 currently under construction.
Most importantly, despite the unprecedented pressure in the
equity and debt capital markets, we can reaffirm the financial
capacity to fully fund our own growth at that accelerated pace.
Thanks to our operational performance and the unparalleled
support of TCC, we announced today:
- a Q1 consolidated cash and credit lines position that again
exceeds €100 million, up +44% compared to year-end.
- an upcoming fundraising centred on a 5-year €250m Green
Convertible Bond, supported by TCC.
In light of such financial backing I am thrilled to reiterate,
today more than ever, the tireless commitment of NHOA’s teams to
accelerate our growth even further towards the outperformance of
all 2025 targets set in our Masterplan10x”.
Regulatory News:
NHOA Group (NHOA.PA, formerly Engie EPS) is pleased to release
the unaudited Trading and Operational Update as of 31 March 2023,
containing the performance indicators that have been updated
compared to the ones previously published every quarter in 2022, in
order to better represent the business evolution in the context of
the current market scenario, and that would continue to be used
from 2023 onwards.
NHOA Group is also announcing, with the dedicated press release
published today, an upcoming €250 million fundraising supported by
TCC to fund the unparalleled growth of its Energy Storage and EV
Fastcharging Infrastructure Global Business Lines; for further
details please refer to the press release in the investor section
of the company website nhoa.energy.
2022
2023
Q1 2023 TRADING AND OPERATIONAL
UPDATE
Notes
Data in
FY 2022
Q1 2022 (as restated)
Q1 2023
Var% vs 31 Mar 2022 (as
restated)
Var% vs FY 2022
Consolidated Sales[1][3]
€m
165,7
17,6
37,1
+111%
Consolidated Cash and Credit Lines
available for withdrawal
(1)
€m
74,7
160,7
107,7
44%*
*+101% on a like for like basis compared
to FY2022 calculation
BY GLOBAL BUSINESS LINE
Notes
Data in
FY 2022
Q1 2022
Q1 2023
Var% vs 31 Mar 2022 (as
restated)
Var% vs FY 2022
STORAGE
Sales[1]
€m
153,6
15,5
33,4
+115%
Backlog
(2)
€m
301
194
252
-16%
12-month Order Intake
(3)
€m
244
222
227
-7%
Online Capacity
MW
209
188
209
in line
Projects Under Construction
(4)
MWh
1.384
751
1.384
in line
Pipeline
(5)
€m
1.043
772
1.234
+18%
Projects in which NHOA is shortlisted
#
3
4
5
Notes
Data in
FY 2022
Q1 2022
Q1 2023
Var% vs 31 Mar 2022 (as
restated)
Var% vs FY 2022
e-MOBILITY
Sales[1][2]
€m
11,4
1,9
2,5
+31%
Manufacturing Capacity
# PoC
2.750/week
2.750/week
2.750/week
Notes
Data in
FY 2022
Q1 2022
Q1 2023
Var% vs 31 Mar 2022 (as
restated)
Var% vs FY 2022
INFRASTRUCTURE
Sales[1]
(6)
€m
0,6
N/A
1,2
Utilization Rate
(7)
%
N/A
N/A
N/A
Sites Online and Under Construciton
[3]
(8)
#
554
33
846
+2464
+53%
PoC Online and Under Construction [3]
(9)(10)
#
2088
808
2628
+225%
+26%
- Italy
%
N/A
N/A
43%
- France
%
N/A
N/A
25%
- Spain
%
N/A
N/A
6%
- Portugal
%
N/A
N/A
25%
o.w. PoC online [3]
#
N/A
N/A
1037
o.w. PoC already built and waiting for
grid connection [3]
#
N/A
N/A
390
o.w. PoC Secured & Under Construction
[3]
#
N/A
N/A
1201
Sites Under Assessment [3][4]
(11)
#
2165
843
3005
+256%
+39%
Sites Under Development [3][4]
(12)
#
569
125
1071
+757%
+88%
[1] Sales refers to Revenues & Other
Income. Q1 2023 Sales refers to (unaudited) Revenues & Other
Income as at 31 Mar 2023.
[2] Please note that Consolidated Sales at
Group level and Sales at the Global Business Line e-Mobility level
include the restatement of €3.3 million for Q1 2022, to reflect the
correction of errors in the recognition of revenues by the Global
Business Line e-Mobility for the first nine months of FY2022.
[3] Includes Ressolar Network and AC PoCs
mainly inherited from KLC & Ressolar.
[4] Label "Pipeline of New Sites under
assessment has been replaced with "Sites Under Assessment“, and
label “of which under development” has been replaced with "Sites
Under Development” which represents additional sites.
Notes to the Q1 2023 Trading and
Operational Update
(1) Cash and Credit Lines available for withdrawal
represents the cash in the bank accounts of NHOA, coupled with the
cash credit facilities approved and available for drawdown as of
the relevant reporting date. From Q1 2023 we excluded cash deposits
and cash collateral to guarantee securities on projects in
execution. In order to represent the most updated cash
position, a €50 million credit line formalized in April 2023 and
available starting from May 2023 has been included in this Q1 2023
Trading and Operational Update.
(2) Backlog means the estimated revenues and other
income attributable to (i) purchase orders received, contracts
signed and projects awarded (representing 100% of Backlog as of the
date hereof), and (ii) Project Development contracts associated
with a Power Purchase Agreement, where the agreed value is a price
per kWh of electricity and an amount of MW to be installed (nil at
the date hereof). When any contract or project has started its
execution, the amount recognized as Backlog is computed as (A) the
transaction price of the relevant purchase order, contract or
project under (i) and (ii) above less (B) the amount of revenues
recognized, as of the relevant reporting date, in accordance with
IFRS 15 (representing the amount of transaction price allocated to
the performance obligations carried out at the reporting date).
(3) 12-month order intake represents the cumulated value
of new purchase orders received, contracts signed and projects
awarded in the 12 months preceding the relevant reporting date.
(4) Projects Under Construction is an indicator
representing the capacity equivalent of Backlog, in terms of signed
turnkey supply or EPC contracts and therefore excluding Project
Development contracts associated with a Power Purchase Agreement,
(please see Note (2) above).
(5) Pipeline means the estimate, as of the release
date, of the amount of potential projects, tenders and requests for
proposal for which NHOA has decided to participate or respond. On a
quarterly basis NHOA will disclose in its Trading & Operational
Updates the number of projects in which NHOA is officially
shortlisted.
(6) Sales do not include the data coming from the
recent acquisition of the e-mobility business unit of Ressolar
S.r.l. (“Ressolar”), as the Company is still waiting for the
closing of the transaction.
(7) Utilization Rate is calculated, over the
reference period, as the aggregate utilization time of all points
of charge (“PoC”) divided by the aggregate time of
availability of the same PoC, expressed as a percentage. The
Utilization Rate will be provided by H1 2023 as the Company is
currently working on the integration of the data coming from the
recent acquisition of the majority stake in Kilometer Low Cost S.A.
(“KLC”) in Portugal of KLC in Portugal and is still waiting
for the closing of the Italian acquisition of Ressolar.
(8) Sites Online and Under Construction, includes, as of
the relevant reporting date, the number of sites already
operational, already installed but waiting for grid connection,
secured and under construction. Please note that this performance
indicator includes the sites resulting from the acquisition of KLC,
Ressolar and sites with AC points of charge, mainly coming from the
KLC and Ressolar acquired network.
(9) PoC Online and Under Construction, includes the
points of charge already operational, as of the relevant reporting
date, already installed but waiting for grid connection, secured
and under construction. Please note that this performance indicator
includes the PoC resulting from the acquisition of KLC, Ressolar
and AC points of charge, mainly coming from the KLC and Ressolar
acquired network.
(10) Of the PoC Online and Under Construction performance
indicator the geographical and construction phase split are
provided, including the PoC resulting from the acquisition of KLC,
Ressolar and AC points of charge, mainly coming from the KLC and
Ressolar acquired network.
(11) Sites Under Assessment includes the total number of
sites, as of the relevant reporting date, which are actively
pursued after prospecting activity and following a first internal
screening for high level feasibility. At this point, the full
contractual documentation remains to be finalized and signed, all
the required permits have not yet been awarded and construction has
not started.
(12) Sites Under Development, from Q1 2023 is no
longer a sub-category of “Sites under assessment”, includes sites
for which a more detailed feasibility activity commences, including
detailed discussions with site owners and exchange of
documentation. For the sites included in the “under development”
performance indicator there would be a reasonable degree of
confidence that they can be converted into stations within the next
six months (subject to interconnection and timely delivery of
hardware).
Additional notes
Please note that the performance indicators:
- Gross Sales including Intercompany (Atlante), given that
intercompany sales to Atlante do not represent anymore a
significant portion of the business model of Free2move eSolutions
as a result of the reorganization currently ongoing, (please see
press release “Update on November 2022 Trading and Full year 2022
Guidance” in the corporate website nhoa.energy)
- V2G Microgrid Capacity online and under construction and
EV based & stationary storage equivalent, as they do not
represent the current business focus and were mainly linked to the
V2G Drosso project in Mirafiori with Stellantis which has been
excluded in the representation of the performance indicator PoC
online and Under Construction, are no longer included in this
Quarterly Trading and Operational Update.
* * *
The Q1 2023 Trading and Operational Update will be illustrated
in the investor conference call scheduled on 2 May at 9:00am CEST.
Dial-in details and presentation will be available on the corporate
website nhoa.energy
* * *
NHOA
NHOA S.A. (formerly Engie EPS), global player in energy storage,
e-mobility and EV fast and ultra-fast charging infrastructure,
develops technologies enabling the transition towards clean energy
and sustainable mobility, shaping the future of a next generation
living in harmony with our planet.
Listed on Euronext Paris regulated market (NHOA.PA), NHOA forms
part of the CAC® Mid & Small and CAC® All-Tradable financial
indices.
NHOA, with offices in France, Spain, United States and
Australia, maintains entirely in Italy research, development and
production of its technologies.
For further information, go to www.nhoa.energy
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Forward looking statement
This release may contain forward-looking statements. These
statements are not undertakings as to the future performance of
NHOA. Although NHOA considers that such statements are based on
reasonable expectations and assumptions at the date of publication
of this release, they are by their nature subject to risks and
uncertainties which could cause actual performance to differ from
those indicated or implied in such statements. These risks and
uncertainties include without limitation those explained or
identified in the public documents filed by NHOA with the French
Financial Markets Authority (AMF), including those listed in the
“Risk Factors” section of the NHOA 2022 Universal Registration
Document. Investors and NHOA shareholders should note that if some
or all of these risks are realized they may have a significant
unfavorable impact on NHOA.
These forward looking statements can be identified by the use of
forward looking terminology, including the verbs or terms
“anticipates”, “believes”, “estimates”, “expects”, “intends”,
“may”, “plans”, “build- up”, “under discussion” or “potential
customer”, “should” or “will”, “projects”, “backlog” or “pipeline”
or, in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts and
that are to different degrees, uncertain, such as statements about
the impacts of the war in Ukraine and the current economic
situation pandemic on NHOA’s business operations, financial results
and financial position and on the world economy. They appear
throughout this announcement and include, but are not limited to,
statements regarding NHOA’s intentions, beliefs or current
expectations concerning, among other things, NHOA’s results of
business development, operations, financial position, prospects,
financing strategies, expectations for product design and
development, regulatory applications and approvals, reimbursement
arrangements, costs of sales and market penetration. Important
factors that could affect performance and cause results to differ
materially from management’s expectations or could affect NHOA’s
ability to achieve its strategic goals, include the uncertainties
relating to the impact of war in Ukraine and the current economic
situation on NHOA’s business, operations and employees. In
addition, even if the NHOA’s results of operations, financial
position and growth, and the development of the markets and the
industry in which NHOA operates, are consistent with the
forward-looking statements contained in this announcement, those
results or developments may not be indicative of results or
developments in subsequent periods. The forward-looking statements
herein speak only at the date of this announcement. NHOA does not
have the obligation and undertakes no obligation to update or
revise any of the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230501005563/en/
Press Office: Claudia Caracausi and Davide Bruzzese,
Image Building, +39 02 89011300, nhoa@imagebuilding.it Financial
Communication and Institutional Relations: Chiara Cerri, +39
337 1484534, ir@nhoa.energy
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