- First quarter 2023 revenue increased 27.4% to €38.8 million,
compared to the prior year period of €30.5 million.
- Charging revenue was up 166.7% to €27.8 million compared to
€10.4 million for the three months ended March 31, 2022.
- First quarter 2023 net loss was €(13.2) million compared to
€(351.0) million during the first quarter of 2022.
- Robust operating momentum drove operational EBITDA of €8.9
million in Q1 2023 versus €1.5 million in the prior year
period.
- First quarter 2023 total energy sold was 49.4 gigawatt-hour
(GWh), an increase of 53.8% over the prior-year period. This energy
translates in 247 million km driven and 39,000 tons of CO2
saved.
- Strong roll-out momentum continues: signed largest partnership
to date with porta Group agreement to install up to 123 premium
sites and 1,500 new public ultrafast charging points for electric
vehicles in Germany, which is equivalent to more than 10% of
installed charging points in Germany as at the end of 2022.1
- Reaffirms full-year total revenue guidance of €180 - €220
million and Operational EBITDA guidance of €30 - €40 million.
Allego N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading
pan-European public electric vehicle fast and ultrafast charging
network, today announced its results and key performance metrics
for the first quarter of 2023.
First Quarter 2023 Ended March 31, 2023
- Total revenue increased 27.4% to €38.8 million, compared to
€30.5 million in the prior-year period driven by strong growth in
charging revenue.
- Charging revenue was up 166.7% to €27.8 million compared to
€10.4 million for the three months ended March 31, 2022. The growth
was driven by an increase in the number of operational chargers,
targeted price increases during the second half of 2022 and higher
utilization rates underpinned by uptime performance and premium
site selection.
- In line with Allego’s strategy to focus on its core charging
business, services revenue was €10.9 million, compared to €20.0
million for the three months ended March 31, 2022. The decrease was
driven by the lower revenues from the Carrefour project in line
with expectations. The project is otherwise weighted towards the
second half of 2023, as was the case in 2022.
- Gross profit was €13.4 million, up 190.9% compared to €4.6
million for the three months ended March 31, 2022, which reflected
the impact of the strong increase in higher-margin charging revenue
and high margin as well in charging.
- Net loss for the three months ended March 31, 2023 was €(13.2)
million, compared to €(351.0) million, during the first quarter of
2022. As a reminder, 98% of the €(351.0) million loss in the first
quarter of 2022 resulted from non-recurring, share-based expenses
and warrant accounting linked to the listing.
- First quarter operational EBITDA was €8.9 million compared to
€1.5 million for the three months ended March 31, 2022. This
increase was primarily driven by an increase in gross margin
underpinned by higher recurring charging revenues and
cost-efficient long-term hedging of energy.
- Allego secured 160 GWh of renewable power purchase agreements
(“PPA”) in its main markets in line with its target to minimize the
impact of energy price volatility on input cost base and maximize
gross margin over time.
- Beyond our partnership with porta Group, our backlog of signed
location contracts grew to more than 1,300 premium sites compared
to 500 at the end of the first quarter of 2022.
Key Metrics
Three Months Ended March
31
Metrics
2023
2022
%
Change
Average Utilization Rate(1)
13.1%
7.7%
69.5%
Public Charging Ports(3)
24,693
28,838
-14.4%
# Fast & Ultra-Fast Charging
Sites(3)
1,056
872
21.1%
# Fast & Ultra-Fast Charging
Ports(3)
1,551
1,225
26.4%
Recurring Users %
81.3%
80.1%
1.5%
Owned Public Charging
Ports(3)
24,693
28,838
-14.4%
Third-Party Public Charging
Ports(3)
4,338
5,369
-19.2%
Total # Sessions ('000)(2)
2,629
2,139
22.9%
Total Energy Sold (GWh)
49.4
32.1
53.8%
Secured Backlog (sites)(3)
1,117
500
123.4%
(1) Includes Mega-E for all periods
(2) Total # sessions include owned and
third party
(3) As of March 31, 2023 and March 31,
2022, respectively.
2023 Outlook Reaffirmed:
Full-Year Guidance Range:
- Total Revenues: €180 - €220 million
- Energy Sold: 215 GWh – 225 GWh
- Operational EBITDA: €30 - €40 million
CEO and CFO Comments and Outlook
Allego’s Chief Executive Officer, Mathieu Bonnet, commented, “I
am very excited to report a strong first quarter of 2023, driven by
close to a tripling of our charging revenue as we continued to see
robust demand for our charging network and a further acceleration
of our core strategy. Operational EBITDA increased sharply,
representing improving economics on our development of the charging
network.”
Mr. Bonnet continued, “Key accomplishments during the first
quarter include the signing of an important contract with porta
Group, as well as other numerous charging stations sites and the
signing of three PPAs for 160 GWh at very attractive prices. Our
technology stack continues to be recognized as best in class, with
recent updates improving our competitive position, and we expect to
see sustained growth in utilization rates. We will look to continue
our robust growth as we expand our ultrafast EV public
network.”
Allego’s Chief Financial Officer, Ton Louwers, stated, “We
executed well during the first quarter, in-line with our
expectations. The combination of minimizing input cost volatility
through the PPAs, the ongoing shift in revenue to a mix consisting
of a larger proportion of higher margin charging revenue, and the
pickup in our pace of installations of new ultrafast chargers,
positions us to generate higher revenue and profit this year.
Accordingly, we are reaffirming our guidance for 2023.”
Key Financials
(in €‘mm)
Three Months Ended March
31
2023
2022
%
Change
Charging Revenue
27.8
10.4
166.7%
Services Revenue
10.9
20.0
-45.4%
Total Revenue
38.8
30.5
27.4%
Net Loss
-13.2
-351.0
96.2%
Operational EBITDA
8.9
1.5
509.8%
Conference Call Information
Allego will hold a conference call for investors at 8:30 AM
Eastern Time today, Monday, June 5, 2023, to discuss its results
for the first quarter of 2023.
Participants may access the call at 1-877-407-9716,
international callers may use 1-201-493-6779 and request to join
the Allego earnings call. A live webcast will also be available at
https://ir.allego.eu/events-publications.
A telephonic replay of the call will be available shortly after
the conclusion of the call and until Monday, June 19, 2023.
Participants may access the replay 1-844-512-2921, international
callers may use 1-412-317-6671 and enter access code 13739126. An
archived replay of the call will also be available on the investor
portion of the Allego website at https://ir.allego.eu/.
About Allego
Allego is a leading provider of electric vehicle charging
solutions, dedicated to accelerating the transition to electric
mobility with 100% renewable energy. Allego has developed a
comprehensive portfolio of innovative charging infrastructure and
proprietary technology, including its Allamo and EV Cloud software
platforms. With a network of 34,000 charging points (and counting)
spanning 16 countries, Allego delivers independent, reliable, and
safe charging solutions, agnostic of vehicle model or network
affiliation. Founded in 2013 and publicly listed on the NYSE in
2022, Allego now employs a team of 220 people striving every day to
make charging easier, more convenient, and enjoyable for all.
Forward-Looking Statements
All statements other than statements of historical facts
contained in this press release are forward-looking statements.
Allego intends such forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements contained in
Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may generally be identified by the use of words such as
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,”, “project,”
“forecast,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” “target” or other similar expressions (or the negative
versions of such words or expressions) that predict or indicate
future events or trends or that are not statements of historical
matters. These forward-looking statements include, without
limitation, Allego’s expectations with respect to future
performance. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially, and potentially adversely, from those expressed
or implied in the forward-looking statements. Most of these factors
are outside Allego’s control and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
(i) changes adversely affecting Allego’s business, (ii) the price
and availability of electricity, (iii) the risks associated with
vulnerability to industry downturns and regional or national
downturns, (iv) fluctuations in Allego’s revenue and operating
results, (v) unfavorable conditions or further disruptions in the
capital and credit markets, (vi) Allego’s ability to generate cash,
service indebtedness and incur additional indebtedness, (vii)
competition from existing and new competitors, (viii) the growth of
the electric vehicle market, (ix) Allego’s ability to integrate any
businesses it may acquire, (x) Allego’s ability to recruit and
retain experienced personnel, (xi) risks related to legal
proceedings or claims, including liability claims, (xii) Allego’s
dependence on third-party contractors to provide various services,
(xiii) data security breaches or other network outage; (xiv)
Allego’s ability to obtain additional capital on commercially
reasonable terms, (xv) Allego’s ability to remediate its material
weaknesses in internal control over financial reporting, (xvi) the
impact of COVID-19, including COVID-19 related supply chain
disruptions and expense increases, (xvii) general economic or
political conditions, including the Russia/Ukraine conflict or
increased trade restrictions between the United States, Russia,
China and other countries; and (xviii) other factors detailed under
the section entitled “Risk Factors” in Allego’s filings with the
Securities and Exchange Commission. The foregoing list of factors
is not exclusive. If any of these risks materialize or Allego’s
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Allego presently does not know or that
Allego currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Allego’s expectations, plans or forecasts of future events
and views as of the date of this press release. Allego anticipates
that subsequent events and developments will cause Allego’s
assessments to change. However, while Allego may elect to update
these forward-looking statements at some point in the future,
Allego specifically disclaims any obligation to do so, unless
required by applicable law. These forward-looking statements should
not be relied upon as representing Allego’s assessments as of any
date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Interim condensed consolidated statement of profit or loss
for the three months ended March 31, 2023 and 2022
(unaudited)
(in €‘000)
Q1 2023
Q1 2022 (restated)(1)
Revenue from contracts with customers
Charging sessions
27,849
10,443
Service revenue from the sale of charging
equipment
1,720
16,607
Service revenue from installation
services
6,673
2,117
Service revenue from operation and
maintenance of charging equipment
1,018
1,286
Service revenue from consulting
services
1,524
—
Total revenue from contracts with
customers
38,784
30,453
Cost of sales
(25,420)
(25,859)
Gross profit
13,364
4,594
Other income
2,021
7,534
Selling and distribution expenses
(1,018)
(555)
General and administrative expenses
(19,028)
(244,359)
Operating loss
(4,661)
(232,786)
Finance income/(costs)
(8,119)
(117,921)
Loss before income tax
(12,780)
(350,707)
Income tax
(458)
(245)
Loss for the period
(13,238)
(350,952)
Attributable to:
Equity holders of the Company
(13,130)
(350,878)
Non-controlling interests
(108)
(74)
(1) Refer to Note 2.7.24 of the Company’s
consolidated financial statements in the Company’s Annual Report on
Form 20-F for the year ended December 31, 2022 for details
regarding the restatement of comparative figures as a result of
changes in accounting policies.
Interim condensed consolidated statement of financial
position as at March 31, 2023 (unaudited) and December 31,
2022
(in €‘000)
31-March-2023
December 31, 2022 (1)
Assets
Non-current assets
Property, plant and equipment
140,455
134,718
Intangible assets
23,665
24,648
Right-of-use assets
52,393
47,817
Deferred tax assets
523
523
Other financial assets
61,274
62,487
Total non-current assets
278,310
270,193
Current assets
Inventories
27,716
26,017
Prepayments and other assets
7,703
9,079
Trade and other receivables
61,372
47,235
Contract assets
4,388
1,512
Other financial assets
7,211
601
Cash and cash equivalents
27,851
83,022
Total current assets
136,241
167,466
Total assets
414,551
437,659
Equity
Share capital
32,061
32,061
Share premium
365,900
365,900
Reserves
(7,582)
(6,860)
Retained earnings
(374,858)
(364,088)
Equity attributable to equity holders
of the Company
15,521
27,013
Non-controlling interests
637
745
Total equity
16,158
27,758
Non-current liabilities
Borrowings
267,971
269,033
Lease liabilities
48,543
44,044
Provisions and other liabilities
522
520
Contract liabilities
2,442
2,442
Deferred tax liabilities
2,184
2,184
Total non-current liabilities
321,662
318,223
Current liabilities
Trade and other payables
36,234
56,390
Contract liabilities
8,027
7,917
Current tax liabilities
1,712
1,572
Lease liabilities
7,432
7,280
Provisions and other liabilities
20,154
17,223
Warrant liabilities
3,172
1,296
Total current liabilities
76,731
91,678
Total liabilities
398,393
409,901
Total equity and liabilities
414,551
437,659
1. Consolidated statement of financial
position as at December 31, 2022 audited.
Interim condensed consolidated statement of cash flows for
the three months ended March 31, 2023 and 2022 (unaudited)
(in €‘000)
Q1 2023
Q1 2022
Cash flows from operating
activities
Loss before income tax
(12,780)
(350,706)
Adjustments to reconcile loss before
income tax to net cash flows:
Finance (income)/costs
6,048
117,761
Fair value (gains)/losses on derivatives
(purchase options)
—
(5,314)
Fair value (gains)/losses on Public and
Private warrant liabilities
1,903
—
Share-based payment expenses
3,545
231,005
Depreciation, impairments and reversal of
impairments of property, plant and equipment
5,182
2,048
Depreciation and impairments of
right-of-use of assets
1,848
1,437
Amortization and impairments of intangible
assets
983
839
Net (gain)/loss on disposal of property,
plant and equipment
—
—
Movements in working capital:
Decrease/(increase) in inventories
(1,699)
(7,767)
Decrease/(increase) in other financial
assets
(6,448)
—
Decrease/(increase) in trade and other
receivables, contract assets and prepayments and other assets
(15,780)
(13,470)
Increase/(decrease) in trade and other
payables and contract liabilities
(22,113)
(47,814)
Increase/(decrease) in provisions and
other liabilities
652
(36)
Cash generated from/(used in)
operations
(38,659)
(72,017)
Interest paid
(1,577)
(215)
Interest received
57
—
Income taxes paid
(88)
(26)
Net cash flows from/(used in) operating
activities
(40,266)
(72,258)
Cash flows from investing
activities
Acquisition of Mega-E, net of cash
acquired
—
874
Acquisition of MOMA, net of cash
acquired
—
—
Purchase of property, plant and
equipment
(12,649)
(3,180)
Proceeds from sale of property, plant and
equipment
—
97
Purchase of intangible assets
—
(750)
Proceeds from investment grants
—
580
Payment of purchase options derivative
premiums
—
—
Net cash flows from/(used in)
investment activities
(12,649)
(2,379)
Cash flows from financing
activities
Proceeds from borrowings
—
—
Payment of principal of borrowings
—
—
Proceeds from settlement of
derivatives
—
—
Payment of derivatives premiums
—
—
Share premium contribution
—
—
Payment of principal portion of lease
liabilities
(1,560)
(1,330)
Payment of transaction costs on
borrowings
(700)
—
Proceeds from issuing equity instruments
(Spartan shareholders)
—
10,079
Proceeds from issuing equity instruments
(PIPE financing)
—
136,048
Net cash flows from/(used in) financing
activities
(2,260)
144,797
Net increase/(decrease) in cash and
cash equivalents
(55,175)
70,160
Cash and cash equivalents at the beginning
of the period
83,022
24,652
Effect of exchange rate changes on cash
and cash equivalents
4
(2)
Cash and cash equivalents at the end of
the period
27,851
94,810
Reconciliation for Loss for EBITDA and Operational EBITDA for
the three months ended March 31, 2023 and 2022 (unaudited)
(in €‘000)
2023
2022
Loss for the period
(13,238)
(350,952)
Income tax
458
245
Finance costs
8,119
117,921
Amortization and impairments of intangible
assets
983
839
Depreciation and impairments of
right-of-use assets
1,479
1,437
Depreciation, impairments and reversal of
impairments of property, plant and equipment
5,226
2,048
EBITDA
3,026
(228,462)
Fair value (gains)/losses on derivatives
(purchase options)
—
(5,314)
Share-based payment expenses
3,545
231,005
Transaction costs
130
4,233
Business optimization costs
2,213
—
Reorganization and severance
—
—
Operational EBITDA
8,913
1,462
FINANCIAL INFORMATION; NON-IFRS FINANCIAL MEASURES
Some of the financial information and data contained in this
press release, such as EBITDA and Operational EBITDA, have not been
prepared in accordance with Dutch generally accepted accounting
principles, United States generally accepted accounting principles
or the International Financial Reporting Standards (“IFRS”). We
define (i) EBITDA as earnings before interest expense, taxes,
depreciation and amortization and (ii) Operational EBITDA as EBITDA
further adjusted for reorganization costs, certain business
optimization costs, lease buyouts, and transaction costs. Allego
believes that the use of these non-IFRS measures of financial
results provide useful information to management and investors
regarding certain financial and business trends relating to
Allego’s financial condition and results of operations. Allego’s
management uses these non-IFRS measures for trend analyses, for
purposes of determining management incentive compensation and for
budgeting and planning purposes. Allego believes that the use of
these non-IFRS financial measures provides an additional tool for
investors to use in evaluating projected operating results and
trends and in comparing Allego’s financial measures with other
similar companies, many of which present similar non-IFRS financial
measures to investors. Management does not consider these non-IFRS
measures in isolation or as an alternative to financial measures
determined in accordance with IFRS. The principal limitation of
these non-IFRS financial measures is that they exclude significant
expenses and income that are required by IFRS to be recorded in
Allego’s financial statements. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management about which expense and income are excluded or included
in determining these non-IFRS financial measures. In order to
compensate for these limitations, management presents non-IFRS
financial measures in connection with IFRS results, and
reconciliations to the most directly comparable IFRS measure are
provided in this press release.
____________________ 1 Source : BNEF
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