Q1 2022 Trading and Operational Update

In the first quarter 2022 we multiplied our sales by 12x in storage and 2x in e-mobility, bringing NHOA’s consolidated revenues up to 6x those of Q1 2021.
The roll-out of EV fastcharging infrastructure continues, Atlante has more than 800 points of charge online and under construction, and a pipeline of close to 1,000 sites, including in France where the activity only started this January.
The amazing work of NHOA’s team in the first months of 2022, coupled with the unparalleled support of TCC in managing the increasingly complex global scenario, let us forecast an even more exciting Q2 and set a clear path towards 2022 guidance” commented Carlalberto Guglielminotti, CEO of NHOA Group.

Paris, 11 April 2022 – NHOA (NHOA.PA, formerly Engie EPS) is pleased to release the unaudited Q1 2022 Trading and Operational Update containing the performance indicators as of 31 March 2022.


Notes to the Q1 2022 Trading and Operational Update

(1) Cash and Credit Lines available for withdrawal represents the cash available in the bank account of NHOA, including cash deposits, coupled with the credit facilities approved and not withdrawn and still available as of the relevant reporting date. A portion of the liquid assets serve as cash collateral to guarantee securities on projects in execution.

(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) Contracts Secured means projects awarded, for which the signature of the full sets of the agreements has not been yet completed. Typically, when NHOA is awarded with a tender, typically being project financing, there are several steps to be completed (i.e., the EPC Agreement, the Notice to Proceed, permission to be signed). “Contracts Secured” are no longer part of the “Pipeline” but are not yet part of the “Backlog”. They will do so only once terms of documentation and planning permission are defined. Contracts Secured are almost entirely represented by the tender awarded in Guam to ENGIE, former majority shareholder of NHOA, with NHOA acting as exclusive technology supplier. NHOA still has limited visibility on the progress of the project development being carried out by ENGIE in Guam. In particular, on how the project development might be impacted (i) by commodity price increases, namely solar PV modules, structures and cables pricing that could affect the original budget assumptions for the overall solar-plus-storage projects and (ii) the widespread disruption in global supply chains, that gives reasonable ground to doubt of the development timeline originally planned by ENGIE for such projects. Even though ENGIE had committed to continuing the development of Guam project, there is no guarantee that it will not decide to abandon the project.

(4) 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.

(5) Projects Under Development is an indicator representing the capacity equivalent of (i) 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), and (ii) Secured Contracts, represented almost entirely by the tender awarded in Guam to ENGIE, the former majority shareholder of NHOA, with NHOA acting as exclusive technology supplier.

(6) 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.

(7) Gross Sales including Intercompany (Atlante) refers to revenues recognized by the Global Business Line e-Mobility under Italian GAAP, including intercompany business transaction with Atlante, that are not included in group revenues on a consolidated basis.

(8) Please note that Backlog & Order Intake are not monitored by NHOA at the Global Business Line e-Mobility level, given the strong correlation between sales of charging devices (Points of Charge – “PoC”) and EV sales, which are monitored through the Conversion Rate performance indicator. Please further note that “Sales” refers to the revenues generated by the Global Business Line e-Mobility both with NHOA from January 2021 to April 2021 and Free2move eSolutions from May 2021, when the Joint Venture became operational.

(9) Q1 2022 PoC Conversion Rate is impacted by the availability of main electronic components of the eProWallbox suite.

(10) Total PoC refers to the number of PoC sold in the period by Free2move eSolutions. Please note that Free2move eSolutions launched the first Subscriptions pilot in Q3 2021 and testing phase in Q4. Considering the current market conditions of the energy sector and energy price volatility, commercialization has been postponed to H2 2022.

(11) Sales are Not Applicable for this Trading and Operational Update, as no material sales figures are expected during the launch phase of Atlante (i.e. throughout 2022).

(12) Utilization Rate is calculated, over the reference period, as the aggregate utilization time of all PoC divided by the aggregate time of availability of the same PoC, expressed as a percentage. Utilization Rate is Not Applicable for this Trading and Operational Update, and first Utilization Rate data will be disclosed when a materiality threshold of n.10 different sites is achieved.

(13) During the first quarter of 2022 Atlante experienced delays in delivery of hardware which resulted in delayed opening of certain sites. As of 31 March 2022, there were 8 sites online: the Vehicle-to-Grid e-Mobility Hub of NHOA and Free2move eSolutions at the Stellantis logistics hub in Turin, 6 stations in Piedmont and 1 in Lazio. The residual 25 sites – located in Liguria, Lombardy, Piedmont, Friuli Venezia Giulia, Veneto and Tuscany – are defined under construction from the moment the connection request is officially issued to the relevant distributor.

(14) Please note that the data in MWh represents the EV based storage equivalent, i.e. the maximum battery capacity of Vehicle-to-Grid services that can be delivered by the Atlante Network at the relevant reporting date. This data excludes the portion of stationary storage coupled with fastcharging technology in any Atlante charging station or e-Mobility Hub, as the respective capacity is already included in the Online Capacity or in the Projects Under Development of NHOA Energy.

(15) Pipeline of New 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.

(16) of which under development, being a sub-category of “Pipeline of New 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” sub-category there would be a reasonable degree of confidence that they can be converted into fastcharging stations within the next six months (subject to interconnection and timely delivery of hardware).


Q1 2022 Trading and Operational Update
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