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NHOA: Q2 2022 Trading and Operational Update

·12-min read

"Second quarter 2022 marks unparalleled results in NHOA’s history", commented Carlalberto Guglielminotti, CEO of NHOA Group. "H1 sales at group level grew by 10 times year-on-year reaching over 82 million euros, with record growth in all Global Business Lines:

  • Energy storage, which represents the technological backbone of the group, saw its sales growing by over 30 times despite the increasingly complex global scenario.

  • e-Mobility, although coping with the disrupted supply chain, doubled its sales, while keeping a stable conversion rate versus Stellantis EV sales.

  • Atlante’s fastcharging infrastructure, launched less than a year ago and with a roll-out started in November 2021, already showed its ability to accelerate its 2025 targets with over 900 points of charge online and under construction in Southern Europe and a pipeline of around 1500 new sites.

The amazing results registered in H1 are a testament of NHOA’s competitiveness in global markets, not only from a technological and economic point of view, but also and even more importantly from an execution perspective, managing countless large-scale projects in 4 continents, thanks to the work of its ever-growing team and the support of TCC and Stellantis".

PARIS, July 14, 2022--(BUSINESS WIRE)--Regulatory News:

NHOA (NHOA.PA, formerly Engie EPS) is pleased to release the unaudited Q2 2022 Trading and Operational Update containing the performance indicators as of 30 June 2022.

2021

2022

Q2 2022 TRADING AND OPERATIONAL UPDATE

Notes

Data

in

H1 2021

FY 2021

Q1 2022

H1 2022

Var% vs

30 Jun 2021

Var% vs

31 Mar 2022

Consolidated Sales[1]

€m

7.2

32.9

20.9

82.2

+1,042%

Consolidated Cash and Credit Lines available for withdrawal[2]

(1)

€m

9.1

151.0

160.7

151.7

-6%

BY GLOBAL BUSINESS LINE

Notes

Data

in

H1 2021

FY 2021

Q1 2022

H1 2022

Var% vs

30 Jun 2021

Var% vs

31 Mar 2022

STORAGE

Sales[1]

€m

2.3

15.9

15.5

73.0

+3,074%

Backlog[3]

(2)

€m

45

193

194

143

-26%

Contracts Secured

(3)

€m

104

56

56

56

stable

12-month Order Intake

(4)

€m

208

222

208

-6%

Online Capacity

MW

185

188

188

188

stable

Projects Under Development[4]

(5)

MWh

700

1,012

1,043

1,043

stable

of which signed turn-key supply contracts (Backlog)

MWh

93

720

751

751

stable

of which Contracts Secured

MWh

607

292

292

292

stable

Pipeline

(6)

€m

835

764

772

1,031

+34%

Projects in which NHOA is shortlisted

#

4

4

5

+1

Notes

Data in

H1 2021

FY 2021

Q1 2022

H1 2022

Var% vs

30 Jun 2021

Var% vs

31 Mar 2022

e-MOBILITY

Gross Sales including intercompany (Atlante)[1]

(7)

€m

3.9

17.3

7.2

11.0

Sales[1]

(8)

€m

3.9

17.1

5.2

9.1

+133%

PoC Conversion Rate:

• PoC / Stellantis Group EV Sales

(9)

# PoC

18%

17%

17%

• Subscriptions / Total PoC

(10)

# PoC

• PoC outside Stellantis / Total PoC

# PoC

40%

60%

50%

Manufacturing Capacity

# PoC

2,250/week

2,750/week

2,750/week

Notes

Data in

H1 2021

FY 2021

Q1 2022

H1 2022

Var% vs

30 Jun 2021

Var% vs

31 Mar 2022

INFRASTRUCTURE

Sales[1]

(11)

€m

N/A

N/A

N/A

Utilization Rate

(12)

%

N/A

N/A

N/A

Sites & Microgrids online and under construction

(13)

#

22

33

59

+26

Fastcharging PoC online and under construction

#

760

808

932

+124

V2G Microgrid Capacity online and under construction

MW

31

31

33

+2

EV based & stationary storage equivalent[4]

(14)

MWh

32

32

34

+2

Pipeline of New Sites under assessment

(15)

#

835

968

1455

+487

of which under development

(16)

#

69

125

164

+39

[1] Sales refers to Revenues & Other Income. H1 2022 Sales refers to (unaudited) Revenues & Other Income as at 30 Jun 2022

[2] Including cash deposits and cash collateral to guarantee securities on projects in execution

[3] Figures published until 4 October 2021 also include e-MOBILITY Backlog. Starting from the release of Q3 2021 Trading and Operational Update, Backlog is communicated only for Global Business Line Storage.

[4] FY 2021 and Q1 2022 figures updated on a like-for-like basis. 5.6MWh previously included in NHOA Energy on "Projects Under Development" reclassified on Atlante "EV based & stationary storage equivalent". Please also refer to notes (5) and (14)

Notes to the Q2 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. The uncertainty on the progress of the project development being carried out by ENGIE in Guam continues, given (i) 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. NHOA has been informed that ENGIE notified Guam Power Authority about the fact that 2019 pricing is no longer sustainable in current market conditions.

(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. 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 14).

(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) Q2 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 (in operation for at least 6 months).

(13) During the second quarter of 2022 Atlante continued to experience delays in delivery of hardware which resulted in delayed opening of certain sites. As of 30 June 2022, there were 15 sites online: the Vehicle-to-Grid e-Mobility Hub of NHOA and Free2move eSolutions at the Stellantis logistics hub in Turin, 8 stations in Piedmont and the others in Lazio, Liguria, Lombardy, Abruzzo, Tuscany and Veneto. The residual 44 sites – between Italy, France and Spain - 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 & 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.

(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).

* * *

The Q2 2022 Trading and Operational Update will be illustrated in the investor conference call scheduled on 15 July 2022 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 and e-mobility, active in the construction of the largest fast and ultra-fast charging infrastructure in Southern Europe, 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 2021 Universal Registration Document filed with the AMF on 6 April 2022 (under number D. 22-0251). 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 Covid19 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 Covid-19 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/20220714005876/en/

Contacts

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