Q4 2022 Trading and Operational Update

Q4 2022 just finished and the results achieved are once more impressive. At Group level 2022 Revenues reach €165 million, perfectly in line with the upward revised guidance and expectations to achieve over 5x our 2021 revenues[1], commented Carlalberto Guglielminotti, CEO of NHOA Group. “Energy Storage recorded outstanding results, confirming once again to be the growth engine of the Group, with over €300 million of backlog, 1.4GWh under development and over €1 billion pipeline, giving full visibility towards 2023 growth while balancing out the temporary slowdown that the Global Business Line e-Mobility is facing.

Atlante, at year end, counted already more than 2,000 points of charge online and under construction and a pipeline of new sites of over 2,700. Moreover, thanks to the recent acquisition in Italy, Atlante can now count on an even more capillary-spread network, reaching the most strategic areas of Southern Europe”.

As a result of these outstanding achievements at Group level, in 2023 NHOA expects:

  • Revenues at Group level ranging from €220 to €280 million,
  • Energy Storage generating EBITDA between €5 and €10 million,
  • Atlante pushing the development of its network even further, reaching over 3,000 points of charge online and under construction by the end of 2023

Paris, 30 January 2023 – NHOA (NHOA.PA, formerly Engie EPS) is pleased to release the unaudited Q4 2022 Trading and Operational Update containing the performance indicators as of 31 December 2022.

Notes to the Q4 2022 Trading and Operational Update

(1) Cash and Credit Lines available for withdrawal represents the cash in the bank accounts of NHOA, including cash deposits, coupled with the cash credit facilities approved and not withdrawn and still available as of the relevant reporting date. A portion of the liquid assets serves 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) 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 Development 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). As of 30 June 2022, 5.6MWh related to the V2G Drosso have been reclassified to EV based & stationary storage equivalent in Atlante, considering that Atlante has started the construction phase (please also refer to Note 9).

(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) 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.

(7) 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).

(8) 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 (in operation for at least 6 months).

(9) Please note that the data in MWh represents the EV based & stationary 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 and includes the portion of stationary storage coupled with fastcharging technology in any Atlante charging station or e-Mobility Hub.

(10) 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.

(11) 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).


Additional notes

Please note that up to the October 13, 2022 press release on the Q3 2022 Trading and Operational Update, the Company reported, for Global Business Line e-Mobility, the “PoC Conversion Rate” (with a break-down between “PoC/Stellantis Group EV Sales” and “PoC outside Stellantis /Total PoC”). As from Q4 2022, the Company has decided to no longer report on this KPI. This is because the Global Business Line e-Mobility collaborates with Stellantis on different levels, different final users and on different typologies of chargers, from slow to fast, there is thus no more a strong correlation between sales of charging devices (Points of Charge – “PoC”) and EV sales. As a result, the indicator PoC Conversion Rate does not represent anymore a valid and material KPI for the monitoring of the Global Business Line e-Mobility performance.


Restatement of Revenues

With the publication of the FY 2022 financial statement NHOA will proceed to a restatement of its revenues for Fiscal Year 2021, Q1 2022, H1 2022 and the first nine months of 2022.

This restatement (€2.7 million for FY 2021 and €4.1 million for the first nine months of 2022, of which €3.2 million was eventually recognized as Q4 2022 revenues), is immaterial in the context of the achievement of the over €160 million revenue guidance for 2022. It is made to reflect the correction of errors in the recognition of revenues by the Global Business Line e-Mobility for Fiscal Year 2021 and the first nine months of 2022.

An internal investigation on the responsibilities of these accounting errors by Free2move eSolutions, the joint-venture with Stellantis, is currently ongoing with the support of specifically appointed forensic independent experts. Further details, along with the impact of this restatement on FY 2021 and H1 2022 Gross Margin, EBITDA and Net Income, as well as the new internal controls and procedures that NHOA implemented, will be disclosed with the publication of the 2022 Consolidated financial statement scheduled on March 28, 2023.

A summary of the Company’s historical consolidated statement of operations, and of the impact of the restatement, is as follows:

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[1] Please see below for the details of restated revenues for Fiscal Year 2021, Q1 2022, H1 2022 and first nine months 2022.


Q4 2022 Trading and Operational Update
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