NHOA Energy
NHOA Energy’s revenues in the nine-month period through 30 September 2024 saw a 33% year-on-year decrease, primarily due to a drop in unit system costs resulting from a welcome rapid degression in battery prices that was passed on to clients. Furthermore, for technical reasons, this year expected equipment deliveries (and therefore revenue accrual under applied accounting principles) are significantly skewed towards Q4 2024. The backlog as of Q3 2024 stands at €130 million, with a minor decrease compared to Q2 2024. The backlog is entirely directed towards third parties, confirming NHOA Energy’s commercial independence despite the challenging market conditions. The company’s accelerated commercial effort, while remaining selective, reflects in the doubling of the Pipeline compared to the same period of 2023, with eight projects where NHOA Energy is currently shortlisted.
Atlante
Atlante now counts over 2,500 points of charge online in Southern Europe, with Italy leading the way with 1,000 PoCs and Portugal closely following with over 800. While slowdown in EV sales in Europe caused a downward revision of the 2025 targets, and a consequent decrease in the expansion of the Pipeline, Atlante focused on strategic key sites like the ones on French and Italian highways, and the Q3 2024 results show positive trends both in terms of utilization / occupancy rates as well as overall turnover from serving customers with sales +102% year-on-year. Across the first 9 months of 2024 Atlante sealed strategic partnerships like the one with Telepass, the Italian leader in toll collection and integrated mobility, to make Atlante points of charge available with a simple click from the Telepass app. Atlante also achieved a score of 98 out of 100 and a 5-star rating in its first GRESB Infrastructure Asset Assessment, one of the most authoritative global benchmarks for assessing environmental, social, and governance (ESG) performance for infrastructure and real estate development.
Free2move eSolutions
Free2move eSolutions Revenues and Other Income reached €43.3 million YTD Q3 2024, resulting in a 6% increase compared to YTD Q3 2023. In Europe, despite the slowdown of EV Sales, the Revenues registered a growth of more than 200%. This increase is due to the acceleration of EV domestic chargers’ penetration rate within the Stellantis portfolio of electric vehicles, which increased from 6% on average over the three months of Q3 2023 to 22% on average over the three months of Q3 2024. This translated into Sales of over 42,000 EV charging devices sold from the beginning of 2024. In North America continues the growth of the residential home charging Sales to Stellantis customers, with over 4,500 devices sold since the beginning of the year.
Notes to the Q3 2024 Trading and Operational Update
(1) Delta Net Working Capital indicator has been added in Q4 2023 and at each Quarter is calculated as (A) delta in short-term commercial liabilities over the three-month period less (B) delta in short-term commercial assets over the three-month period.
(2) 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 NHOA Group’s projects (Cash Collateralized), after deduction of (iii) amounts drawn under credit facilities and other financial indebtedness, plus accrued interest.
(3) the 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.
(4) EU Grants and Financing to be received 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.
(5) 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 the NHOA Group’s obligations in accordance with the terms of the agreed project and commercial contracts.
(6) 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).
(7) 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.
(8) 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).
(9) 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.
(10) Sales include the data coming from the acquisition of the e-mobility business unit of Ressolar S.r.l. (“Ressolar”) and the acquisition of Kilometer Low Cost S.A. (“KLC”).
(11) 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 to (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 sites with at least one DC fastcharging EVSE.
(12) 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, at a charger level considering 1 PoC per EVSE as the ratio of (a) minutes of charging sessions sold divided to (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.
(13) 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.
(14) 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.
(15) 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.
(16) 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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