Regulatory News:
NHOA (Paris:NHOA) (NHOA:PA, formerly Engie EPS) is pleased to
release the Q3 Trading and Operational Update containing the
performance indicators as of 30 September 2021, as announced on 23
July 2021 in the context of the Masterplan10x.
This is the first “Trading and Operational Update” that will be
released quarterly with the same performance indicators intended to
transparently outline the level of execution of the Masterplan10x
and Strategic Ambitions.
The Q3 Trading and Operational Update contains also the update
of certain performance indicators as at 27 October 2021 in light of
the over 400MWh energy storage projects announced in Taiwan on the
date hereof, as well as the reconciliation with the Trading Update
issued on 4 October 2021 as a result of the 200MWh contract signed
in Australia and better described with the Press Release issued on
21 October 2021.
Q3 TRADING AND OPERATIONAL
UPDATE
Notes
Data in
H1 2021
Q3 2021
Consolidated Sales *
€m
7.2
11.7
Consolidated Cash and Credit Lines
available for withdrawal
(1)
€m
9.1
39.7
Trading Update
BY GLOBAL BUSINESS LINE
4 Oct. 2021
27 Oct. 2021
STORAGE
Sales *
€m
2.3
3.1
Backlog **
(2)
€m
45
40
121
205
Contracts Secured
(3)
€m
104
104
104
104
12-month Order Intake
(4)
€m
34
208
Online Capacity
MW
185
185
Projects Under Development
(5)
MWh
700
713
924
1,342
of which signed turn-key supply contracts
(Backlog)
MWh
93
106
317
735
of which Contracts Secured
MWh
607
607
607
607
Pipeline
(6)
€m
835
833
Projects in which NHOA is shortlisted
#
6
eMOBILITY
Sales *
(7)
€m
8.6
PoC Conversion Rate:
• PoC / Stellantis Group EV Sales
(8)
# PoC
7.3%
- PoC / FCA brands EV Sales
# PoC
28.7%
- PoC / PSA brands EV Sales
(9)
# PoC
–
• Subscriptions / Total PoC
(10)
# PoC
–
• PoC outside Stellantis / Total PoC
# PoC
11.0%
Manufacturing Capacity
# PoC
1,750/week
INFRASTRUCTURE
Sales *
(11)
€m
N/A
Utilization Rate
(12)
%
N/A
Sites & Microgrids online (incl.
Charging Hubs)
(13)
#
1
Fastcharging PoC online and under
construction
#
624
V2G Microgrid Capacity online & under
construction
(13)
MW
31
EV based storage equivalent
(14)
MWh
26
Pipeline of New Sites under
assessment
(15)
#
774
of which under development
(16)
#
73
______________________________
*Sales refers to Revenues & Other Income. Q3 Sales refers to
(unaudited) Revenues & Other Income as at 30 September 2021
**Figures published on 4 October 2021 also include eMobility
Backlog. Starting from the release of this Q3 Trading and
Operational Update, Backlog will be communicated only for Global
Business Line Storage. Please refer to note (7)
Notes to the Q3 Trading & Operational Update
(1) Cash and Credit Lines available for withdrawal
represents the cash available in the bank account of NHOA coupled
with the credit facilities approved and not withdrawn and still
available as of the relevant reporting date. Please note that for
presentation purposes, an amended version of the H1 2021 Half Year
Financial Report published on 30 September 2021 has been issued to
reclassify from Non-current to Current Financial Liabilities a €10
million credit facility. The amended H1 2021 Half Year Financial
Report is available in the “Investors” page of the corporate
website in section “Regulatory Information”.
(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
recognised, 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).
Please note that, as usual, the value for H1 2021 refers to the
release date of the results (i.e. 15 September 2021).
(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. As outlined in the Press Release dated 15 September 2021,
the €104 million Contracts Secured are almost entirely represented
by the two tenders awarded in Guam and Hawaii to Engie, former
majority shareholder of NHOA, with NHOA acting as exclusive
technology supplier. However, now that NHOA no longer belongs to
the ENGIE group, even if such tenders have been officially awarded,
NHOA’s management currently has limited visibility on the progress
of the project development being carried out by ENGIE in both Guam
and Hawaii. In particular, NHOA’s management has limited visibility
on how ENGIE’s project development might be impacted (i) by
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, that gives
reasonable ground to doubt of the development timeline originally
planned by ENGIE for such projects.
(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 two tenders awarded in Guam and
Hawaii to ENGIE, the former majority shareholder of NHOA, with NHOA
acting as exclusive technology supplier.
(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) Please note that Backlog & Order Intake are not
monitored by NHOA at the Global Business Line eMobility 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 eMobility both with NHOA from January 2021 to April
2021 and Free2Move eSolutions from May 2021, when the Joint Venture
became operational.
(8) Please note that Free2Move eSolutions, the Joint
Venture with Stellantis, became operational in May 2021, and
therefore the conversion rate of any PoC over the Stellantis EV
sales for the same period, discounts the first 5 months of
undergoing activities without the Joint Venture in full operation
mode.
(9) Please note that, after a pilot phase started in July
2021, official commercial development of Free2Move eSolutions with
PSA brands started in October 2021 only.
(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, the
testing phase – which is ongoing – in Q4 and commercialization is
expected to start in Q1 2022.
(11) Sales are Not Applicable for this first
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 first Trading and Operational Update, and first Utilization
Rate data will be disclosed when a materiality threshold of n.10
different sites is achieved.
(13) Please note that, as of 30 September 2021, the only
site installed with fastcharging technology is represented by the
Vehicle-to-Grid eMobility Hub of NHOA and Free2Move eSolutions at
the Stellantis logistic hub in Turin. However, please note that the
first fastcharging station outside the Stellantis eMobility Hub has
been launched on 20 October 2021 with a dedicated press conference
(please see the Press Release on the same date), and therefore the
data of such first deployments along with those carried out by the
end of the year, will be reflected in the Q4 Trading and
Operational Update.
(14) Please note that the data in MWh represents the EV
based 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. This data excludes the
portion of stationary storage coupled with fastcharging technology
in any Atlante charging station or eMobility hub, as the respective
capacity is already included in the Online Capacity or in the
Projects Under Development of NHOA Energy.
(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.
The “Q3 Trading and Operational Update”, together with the
400MWh projects in Taiwan announced earlier today, will be
illustrated in the investor conference call scheduled on 28 October
2021 at 8:00am CET. Dial-in details and presentation will be
available on the corporate website nhoa.energy and the “Q3 Trading
and Operational Update”, along with the updated “Investor Update”
presentation will be available in the “Investors” page in section
“Regulatory Information”.
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
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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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211027006155/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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