“In the first nine months of 2023, we continued our record-breaking growth path across all our business lines. At Group level, we more than doubled revenues year-on-year, reaching €194 million and proving clear visibility on our 2023 financial targets of €250-280 million revenues and EBITDA breakeven at group level (excluding Atlante).
From a financial standpoint, thanks to the successful capital raise and to our resulting increased creditworthiness, we now have over €430 million in cash and available credit lines, providing the funding needed to bolster our future growth and optimize our capital structure,” commented Carlalberto Guglielminotti, CEO of NHOA Group.
- “NHOA Energy reached over €150 million revenues and counts now over 530MWh of capacity online in four continents with over 1.1GWh under construction;
- Free2move eSolutions sealed definitely its growth potential with over €40 million revenues, of which €28 million in just 3 months, marking the best quarter ever in the history of our JV with Stellantis;
- Atlante at the end of September had over 3,500 points of charge online and under construction of which more than 1,400 already in operation and serving customers in Southern Europe.”
Paris, 26 October 2023 – NHOA Group (NHOA.PA, formerly Engie EPS) is pleased to release its unaudited Trading and Operational Update as of 30 September 2023, containing performance indicators that have been updated to give more granularity on the financial position of the Company.
Notes to the Q3 2023 Trading and Operational Update
(1) Net Cash indicator has been introduced in Q3 2023 and it represents the sum of the amount of (i) the bank accounts balances and readily available cash investments of the NHOA Group (Cash and Deposits), (ii) the amount of cash deposited with banks as collateral (and thus excluded from (i)) for the guarantees they issue for the NHOA Group’s projects (Cash Collateralized), after deduction of (iii) amounts drawn under credit facilities and other financial indebtedness, plus accrued interest.
(2) the Consolidated Cash and Credit Lines available indicator has been amended in Q3 2023 and it represents the bank accounts balances and readily available cash investments of the NHOA Group (Cash and Deposits) plus amounts available for draw down as of the relevant reporting date under approved credit lines and banks guarantees that can be issued.
(3) Grants and Financing Awarded indicator has been introduced in Q3 2023 and it represents the total amount of grants and financing approved and available for drawdown on agreed future dates.
(4) Outstanding Bonds and Guarantees indicator has been introduced in Q3 2023 and it represents the amount of bank guarantee securities (i.e. advance payment bonds, performance bonds, warranty bonds and other guarantees) issued as financial security for the fulfillment of NHOA’s obligations in accordance with the terms of the agreed project and commercial contracts.
(5) 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).
(6) 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.
(7) 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 (5) above).
(8) Pipeline means the estimate, as of the release date, of the amount of potential projects, tenders and requests for proposal for which NHOA Energy has decided to participate or respond.
(9) Sales include the data coming from the recent acquisition of the e-mobility business unit of Ressolar S.r.l. (“Ressolar”) and the recent acquisition of the majority stake in Kilometer Low Cost S.A. (“KLC”).
(10) Utilization Rate indicator first published in Q2 2023, applies to Italy, France and Spain only and is calculated first at station level as the ratio of (a) kWh sold divided (b) the maximum available power (i.e. the available grid connection) multiplied by 18 hours (being the assumed daily maximum charging hours) per number of days in the relevant period. The ratios are then aggregated, weighted by the stations’ available power. Note that stations’ utilization data is only included in the calculation after a phase-in period of six months and for DC fastcharging only.
(11) Occupancy Rate indicator applies to Portugal only where, due to the different local market regulations, as Charge Point Operator (CPO) Atlante is remunerated for the usage of its infrastructure “by minute”. Occupancy rate is therefore calculated on a 24-hour basis, first at station level as the ratio of (a) minutes of charging sessions sold divided (b) total number of minutes in the relevant period. The ratios are then aggregated, weighted by the stations’ available power. Note that stations’ occupancy data is only included in the calculation after a phase-in period of six months.
(12) 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 sites with AC points of charge, mainly coming from the KLC and Ressolar acquired networks.
(13) 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 AC points of charge, mainly coming from the KLC and Ressolar acquired networks.
(14) Of the PoC Online and Under Construction performance indicator the geographical and construction phase split are provided, including the AC points of charge, mainly coming from the KLC and Ressolar acquired networks.
(15) 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.
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