Regulatory News:
NHOA (Paris:NHOA):
- In H1 2021 NHOA confirmed its growth trend in terms of
revenues, backlog and pipeline despite global restrictions for
Covid-19 and related delays in project development and execution.
However, the world has been affected dramatically by the ongoing
supply chain disruption, with no exception for NHOA. As of today,
NHOA is confirming the clear trajectory towards the achievement of
the 2021 and 2022 revenues guidance.
- Revenues and Other Income increased by 44% with respect to H1
2020, including non-recurring income related to the Vehicle-to-Grid
project with Stellantis.
- Backlog2 increased by 88% compared to September 2020, and
together with the Contracts Secured3 amount to €149 million.
- During H1 2021 NHOA has devoted significant costs and time to
the incorporation of the Joint Venture with Stellantis, and the
acquisition related to the major shareholder change, which are
one-time and non recurring events.
Revenues and Other Income amount to €7.2 million,
including €1 million of non-recurring income related to the
Vehicle-to-Grid project with Stellantis, as of 30 June 2021, up 44%
compared to First Half 2020. The increase in Revenues and Other
Income is mainly driven by the €4.9 million revenues realized by
the eMobility Global Business Line (“GBL”) which became
fully operational in May after the completion of the Joint Venture
(“JV”) between NHOA and Stellantis dedicated to eMobility
activities: Free2Move eSolutions. The Energy Storage GBL €2.3
million Revenues and Other Income, were partially affected by
Covid-19 related logistic restrictions that challenged construction
schedules. Nonetheless, NHOA has been able to realize the Factory
Acceptance Test for a 10 MWh system in Massachusetts, and complete
the test run of the Sol De Insurgentes solar-plus-storage project
in Mexico. Other Income is mainly driven by the recognition of the
non-recurring €1 million contribution related to the development of
the Vehicle-to-Grid project with Stellantis. The 26% Gross margin
including such non-recurring item is mainly driven by revenues mix,
and is partially affected by set up cost of the eMobility GBL. The
gross margin excluding this non-recurring income amounts to €0.9
million, i.e. 14%.
Backlog and Contracts Secured totalize €149 million,
represented by 700 MWh in U.S.A., Europe and Africa. Backlog
amounts to €45 million, up by 88% compared to the Backlog
communicated on 24 September 2020, with over 90 MWh between
California, Massachusetts, Vermont and Italy. Contracts Secured
amount to €104 million, thanks to more than 600 MWh of projects
secured in Guam and Hawaii with ENGIE.
Pipeline4 in the Energy Storage GBL5 increases by 6% over
the same period, reaching €835 million, thanks to the rapid market
acceleration we experienced across all key geographies particularly
in North America, Europe and Asia Pacific.
Personnel costs increased by 55% reaching €5.7 million
compared to €3.7 million in First Half 2020, in line with the
increase in headcount, increased by 63% over the period. As of 30
June 2021, NHOA has 179 employees, from 19 nationalities. The
strengthening of the workforce is in line with NHOA’s roadmap
following the Masterplan 10x and mainly devoted to the execution of
the projects in USA, APAC and the ramp-up of the eMobility GBL.
R&D investments amount to €1.6 million and represent
27% of the consolidated Revenues, confirming the strong commitment
towards R&D and innovation, which is progressively addressed
also towards the eMobility GBL.
Other Operating Expenses increased by 17% amounting to
€1.6 million, compared to €1.4 million in the first semester 2020
expressing a physiological growth in this specific moment of the
company.
EBITDA including non recurring income represents a €5.5
million loss in the first semester 2021 compared to a €4.4 million
loss in the first semester 2020, due to the increase in operating
expenses and in personnel costs, which more than offset the
increase in revenues. This is a natural effect of the investments
that NHOA made in terms of people and industrial footprint (just
partially offset by low revenues/gross margin generated as of H1
2021) in order to carry forward the industrial base needed to
execute the €149 million Backlog and Contracts Secured.
Non recurring expenses and Incentive Plan account
for €2.6 million and €4.8 million respectively, both items being
affected by the extraordinary transactions performed during the
period: such as the closing of the JV with Stellantis and
post-closing relevant events, essentially the closing between ENGIE
and TCC, implying an acceleration on SARs plan.
EBIT and Net Result as of 30 June 2021 stand,
respectively, at €-15.8 million and €-15.9 million compared to
€-6.5 million and €-6.5 for the previous year.
Net Financial Position at the end of the first semester
2021 stands at €-24.7 million compared to €-21.3 million on 31
December 2020.
NHOA
NHOA (formerly Engie EPS) develops technologies enabling the
global 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. Its registered office is in Paris, with research,
development and production located in Italy.
For further information, go to www.nhoa.energy.
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 Universal Registration Document
filed with the AMF on 7 April 2021 (under number D.21-0273).
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 Covid-19 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.
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1.1 Consolidated Income
Statement
CONSOLIDATED INCOME STATEMENT (amounts
in Euro)
30/06/2021
31/12/2020
30/06/2020
Revenues
6.052.300
10.798.205
4.914.240
Other Income including non-recurring
1.145.868
253.596
111.887
TOTAL REVENUES AND OTHER INCOME
(including non-recurring income)
7.198.168
11.051.801
5.026.127
Cost of goods sold
(5.337.029)
(7.221.152)
(3.690.491)
GROSS MARGIN FROM SALES (including
non-recurring income)
1.861.139
3.830.649
1.335.636
% on Revenues and other income
25,9%
34,7%
26,6%
Personnel costs
(5.735.830)
(7.774.565)
(3.703.950)
Other operating expenses
(1.645.346)
(2.937.171)
(1.406.757)
Other costs for R&D and industrial
operations (1)
0
(1.543.425)
(610.141)
EBITDA excluding Stock Option and
Incentive Plans expenses, including non -recurring income
(2)
(5.520.036)
(8.424.511)
(4.385.212)
Amortization and depreciation
(2.815.237)
(3.325.887)
(1.291.930)
Impairment and write down
(56.348)
(1.509.491)
(196.061)
Non-recurring income and expenses and
Integration costs
(2.642.690)
(569.535)
(142.226)
Stock options and Incentive plans
(4.771.255)
(824.790)
(513.025)
EBIT
(15.805.568)
(14.654.215)
(6.528.455)
Net financial income and expenses
(54.459)
(90.791)
39.481
Income Taxes
(15.776)
(69.540)
(31.291)
NET INCOME (LOSS)
(15.875.803)
(14.814.545)
(6.520.264)
Attributable to:
Equity holders of the parent company
(15.463.596)
(14.814.545)
(6.520.264)
Non-controlling interests
(412.206)
0
0
Basic earnings per share
(1,21)
(1,16)
(0,51)
Weighted average number of ordinary shares
outstanding
12.766.860
12.766.860
12.766.860
Diluted earnings per share
(1,21)
(1,16)
(0,51)
(1) Other costs for R&D and industrial
operations have been reclassified to cost of goods sold in 2021. It
is defined in notes 4.5 of Consolidated Financial Statement.
(2) EBITDA excluding Stock Option and
Incentive Plans expenses is not defined by IFRS. It is defined in
notes 3.8 and 4.6 of Consolidated Financial Statement.
1.2 Consolidated Statement of
Other Comprehensive Income
OTHER COMPREHENSIVE INCOME (amounts in
Euro)
30/06/2021
31/12/2020
30/06/2020
NET INCOME (LOSS)
(15.463.596)
(14.814.545)
(6.520.264)
Exchange differences on translation of
foreign operations and other differences
0
0
(2.739)
Other comprehensive income not to be
reclassified to profit or loss in subsequent periods (net of
tax)
0
(1.323)
7.714
Actuarial gain and (losses) on employee
benefits
218.120
(193.087)
(64.945)
Other comprehensive income (loss) for the
year, net of tax
218.120
(194.410)
(59.970)
Total comprehensive income for the year,
net of tax
(15.245.477)
(15.008.955)
(6.580.235)
Attributable to Equity holders of the
parent company
(15.245.477)
(15.008.955)
(6.580.235)
1.3 Consolidated Balance
Sheet
ASSETS (amounts in Euro)
30/06/2021
31/12/2020
30/06/2020
Property, plant and equipment
3.744.415
2.521.277
2.860.550
Intangible assets
8.750.510
9.272.391
8.120.705
Investments in entities accounted using
the equity method
9.445
9.445
996
Other non-current financial assets
4.890.346
190.346
168.346
TOTAL NON CURRENT ASSETS
17.394.716
11.993.458
11.150.597
Trade and other receivables
9.950.093
11.639.388
4.068.586
Contract assets
344.311
1.068.083
7.226.231
Inventories
2.803.845
1.988.444
3.218.163
Other current assets
3.609.388
2.502.356
3.266.872
Current financial assets
8.174.213
467.500
459.219
Cash and cash equivalent
9.082.310
3.930.868
3.773.701
TOTAL CURRENT ASSETS
33.964.160
21.596.638
22.012.772
TOTAL ASSETS
51.358.876
33.590.096
33.163.369
EQUITY AND LIABILITIES (amounts in
Euro)
30/06/2021
31/12/2020
30/06/2020
Issued capital
2.553.372
2.553.372
2.553.372
Share premium
48.147.696
48.147.696
48.147.696
Other Reserves
4.623.788
4.399.167
4.529.648
Retained Earnings
(66.947.590)
(52.139.663)
(52.953.882)
Profit (Loss) for the period before
Revaluation of European Investment Bank warrants liabilities (IFRS
2)
(15.463.596)
(14.814.546)
(6.520.264)
TOTAL GROUP EQUITY
(27.086.331)
(11.853.975)
(4.243.431)
Minorities interest
20.187.793
0
0
TOTAL EQUITY
(6.898.538)
(11.853.975)
(4.243.431)
Severance indemnity reserve and Employees'
benefits
1.441.327
4.925.948
4.819.075
Non current financial liabilities
32.780.509
24.237.071
20.254.905
Other non current liabilities
2.857.771
1.903.628
1.998.478
Non-current deferred tax liabilities
16.494
16.494
16.494
TOTAL NON CURRENT LIABILITIES
37.096.101
31.083.141
27.088.952
Trade payables
7.635.292
6.887.267
5.370.248
Other current liabilities
12.522.524
6.505.062
3.664.869
Current financial liabilities
1.003.498
968.600
1.271.175
Income tax payable
0
0
11.556
TOTAL CURRENT LIABILITIES
21.161.313
14.360.929
10.317.848
TOTAL EQUITY AND LIABILITIES
51.358.876
33.590.095
33.163.369
1.4 Consolidated Statement of
Changes in Equity
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY (amounts in Euro)
Share Capital
Premium Reserve
Stock Option and Warrants plan
reserve
Minority interests
Other Reserves
Retained Earnings
(Losses)
Profit (Loss) for the
period
Total Equity before European
Investment Bank variation (IFRS 2)
TOTAL EQUITY
Net Equity as of 31 December
2019
2.553.372
48.147.696
4.969.291
-
(382.504)
(38.306.765)
(14.644.285)
2.336.804
2.336.804
Previous year result allocation
(14.644.285)
14.644.285
-
-
Opening reclassification 01/01/2020
-
-
Other movements
-
-
Loss for the period
(6.520.264)
(6.520.264)
(6.520.264)
Total comprehensive income
-
-
-
-
(57.231)
(2.739)
-
(59.970)
(59.970)
Net Equity as of 30 June 2020
2.553.372
48.147.696
4.969.291
-
(439.735)
(52.953.789)
(6.520.264)
(4.243.431)
(4.243.431)
Previous year result allocation
6.520.264
6.520.264
6.520.264
Opening reclassification 01/01/2020
6.790
(6.790)
-
-
Other movements
818.178
818.178
818.178
Loss for the period
(14.814.545)
(14.814.545)
(14.814.545)
Total comprehensive income
-
-
-
(137.179)
2.739
-
(134.440)
(134.440)
Net Equity as of 31 December
2020
2.553.372
48.147.696
4.969.291
-
(570.125)
(52.139.663)
(14.814.546)
(11.853.975)
(11.853.975)
Previous year result allocation
(14.814.546)
14.814.546
-
-
Opening reclassification 01/01/2021
-
-
Other movements
6.502
6.618
13.120
13.120
Non controlling interests
20.187.793
20.187.793
20.187.793
Loss for the period
(15.463.596)
(15.463.596)
(15.463.596)
Total comprehensive income
-
-
-
-
218.120
-
-
218.120
218.120
Net Equity as of 30 June 2021
2.553.372
48.147.696
4.969.291
20.187.793
(345.503)
(66.947.590)
(15.463.596)
(6.898.538)
(6.898.538)
1.5 Consolidated Statement of
Cash Flows
CASH FLOW STATEMENT (amounts in
Euro)
30/06/2021
31/12/2020
30/06/2020
Net Income or Loss
(15.875.802)
(14.814.545)
(6.520.264)
Amortisation and depreciation
2.815.237
3.325.887
1.291.930
Impairment and write down
56.348
1.509.491
196.061
Stock option and incentive plans
impact
4.771.255
824.790
513.025
Defined Benefit Plan
(3.484.621)
100.328
(6.544)
Working capital adjustments
Decrease (increase) in tax assets
(296.234)
(296.234)
(790.475)
Decrease (increase) in trade and other
receivables and prepayments
1.199.318
8.461.612
9.140.030
Decrease (increase) in inventories
(815.401)
997.504
(232.215)
Increase (decrease) in trade and other
payables
6.709.138
(8.598.884)
(11.631.110)
Increase (decrease) in non current assets
and liabilities
(3.289.635)
(459.378)
584.369
Net cash flows from operating
activities
(8.210.397)
(8.949.428)
(7.455.193)
Investments
Net Decrease (Increase) in intangible
assets
(3.372.219)
(4.528.996)
(1.995.160)
Net Decrease (Increase) in tangible
assets
(144.276)
(208.837)
(53.117)
Net Decrease (Increase) due to IFRS 16
FTA
(1.254.962)
(53.207)
0
Reversal of IFRS 15 FTA
0
818.178
0
Net cash flows from investments
activities
(4.771.457)
(3.972.862)
(2.048.277)
Financing
Increase (decrease) in bank debts
8.578.334
10.673.494
6.993.903
Minorities cash injection
8.300.000
IFRS 16 Impact
1.254.962
(251.711)
(148.104)
Net cash flows from financing
activities
18.133.296
10.421.783
6.845.799
Net cash and cash equivalent at the
beginning of the period
3.930.868
6.431.375
6.431.375
NET CASH FLOW FOR THE PERIOD
5.151.442
(2.500.507)
(2.657.670)
NET CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD
9.082.310
3.930.868
3.773.704
_________________ 1 These preliminary results are unaudited.
Completion of the standard audit procedures and release of audit
report with publication of the H1 2021 Financial Statements is
expected on September 30, 2021. 2 As per the Universal Registration
Document 2020, Backlog or Project Backlog means, as of a given
date, the estimated revenues and other income attributable to (i)
purchase orders received, contracts signed and projects awarded 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. 3 According to the Universal Registration Document 2020,
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).
Once terms of documentation and planning permissions are defined,
Contracts Secured becomes Backlog. 4 As defined in the Universal
Registration Document 2020, Pipeline means the estimate, to date,
of the amount of potential projects, tenders and requests for
proposal for which the NHOA Group has decided to participate or
respond. 5 As per the Press Release dated 23 July 2021 and
consistently with the trading and operational update to be released
on a quarterly basis, Pipeline will be an indicator exclusively
referring to the Energy Storage Global Business Line (and Atlante
GBL, starting from Q3 2021).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210915006145/en/
Press Office: Claudia Caracausi, Image Building, +39 02
89011300, nhoa@imagebuilding.it Corporate and Institutional
Communication: Cristina Cremonesi, +39 345 570 8686,
ir@nhoa.energy
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