Allego Reports Solid First-Half 2023 Results
- Strong revenue growth of 34.6% demonstrates Allego's financial stability and growth potential.
- Charging revenue increase of 113.1% reflects the success of Allego's business strategy and expansion of its ultra-fast charging network.
- Significant decrease in net loss from the prior-year period indicates improved financial performance and cost management.
- Operational EBITDA improvement to €11.7 million shows Allego's focus on efficiency and profitability.
- Long-term agreement with Esso Deutschland for compliance credits worth up to €185 million enhances revenue generation and financial stability.
- Expansion plans in Denmark demonstrate Allego's commitment to growing its network and market presence.
- None.
-
First half 2023 revenue increased
34.6% to€68.2 million , compared to€50.7 million in the prior year period. -
First half 2023 charging revenue was up by
€27.1 million , or113.1% , to€51.1 million compared to€24.0 million for the six months ended June 30, 2022. -
First half 2023 net loss was
€(38.9) million , compared to€(247.1) million in the prior-year period. -
Operational EBITDA was
€11.7 million increasing steadily compared to the prior-year period loss of€(1.5) million . -
Allego entered into a long-term agreement with Esso Deutschland through 2028 to sell compliance credits for a potential total value of up to
€185 million . -
In a first-of-its-kind collaboration, Allego is partnering with gas station brand OIL! Tank & Go in
Denmark to equip its 80 stations of which 14 charging sites are expected to be fully operational and added to the Company’s network in the first quarter of 2024.
ARNHEM,
First Half 2023 Ended June 30, 2023
-
Revenue climbed
34.6% to€68.2 million from€50.7 million in the same period of 2022.-
Charging revenue was up by
€27.1 million , or113.1% , to€51.1 million compared to€24.0 million for the six months ended June 30, 2022. The improvement was driven by a mix of increased utilization rates, premium pricing on ultra-fast and fast chargers, and an increase of37.9% in energy sold compared with the previous period. -
Services revenue decreased to
€17.1 million compared to€26.7 million , completely driven by the expected phasing out of the Carrefour project compared to the first half of 2022 and before the start-up of new projects in H2 2023.
-
Charging revenue was up by
-
Gross profit grew to
€20.5 million , compared to€2.3 million in the prior-year period. This increase of€18.2 million was primarily driven by an expansion in gross profit on charging revenue of€21.7 million , partly offset by a decrease of€3.5 million in services revenue gross margin. This shift towards charging revenue from service revenue is in line with Allego’s business strategy. -
First half 2023 net loss was
€(38.9) million compared to the prior-year period of€(247.1) million ; Operational EBITDA was€11.7 million , compared to the prior-year period of€(1.5) million . The strong improvement in the first half 2023 net results was primarily driven by a substantial decrease in non-cash one-time items related to the New York Stock Exchange listing and an improved operational performance on the charging revenue. -
As of June 30, 2023, the Company’s network of ultra-fast charging points rose by
107% compared to the same period in the previous year, demonstrating Allego’s focus on its ultra-fast charging network.
Six Months Ended June 30 | |||||||||
Metrics |
2023 |
2022 |
% Change |
||||||
Average Utilization Rate |
12.6 |
% |
8.3 |
% |
51 |
% |
|||
Average Utilization Rate: Mature (installed before Jan 1, 2023) |
13.4 |
% |
- |
|
- |
|
|||
Average Utilization Rate: New (installed after Jan 1, 2023) |
8.9 |
% |
- |
|
- |
|
|||
Total Public Charging Ports(1) |
29,354 |
|
29,698 |
|
-1.2 |
% |
|||
Recurring Users % |
80 |
% |
80 |
% |
0 |
% |
|||
Owned Public Charging Ports(1) |
24,934 |
|
24,255 |
|
2.8 |
% |
|||
# Owned Fast & Ultra-Fast Charging Ports(1) |
1,661 |
|
1,293 |
|
28.5 |
% |
|||
Third-Party Public Charging Ports(1) |
4,420 |
|
5,443 |
|
-18.8 |
% |
|||
Total # Sessions ('000)(2) |
5,210 |
|
4,443 |
|
17.2 |
% |
|||
Total Energy Sold (GWh) |
96.4 |
|
69.9 |
|
37.9 |
% |
|||
Secured Backlog (sites)(1) |
1,350 |
|
1,100 |
|
22.7 |
% |
- As of June 30, 2023, and June 30, 2022, respectively
- Total # sessions include owned and third party
2023 Outlook
Full-Year Guidance Range:
- Energy Sold: 215 GWh – 225 GWh
-
Total Revenues:
€180 -€200 million -
Operational EBITDA:
€30 -€40 million
CEO and CFO Comments and Outlook
Allego’s Chief Executive Officer, Mathieu Bonnet, commented, “I am pleased with our performance through the first half of 2023. We have focused on the expansion of our ultrafast charging network while increasing our charging revenue. We have significantly improved our operational EBITDA performance by growing our margins through our execution of power purchase agreements (PPAs), the management of our energy costs globally and the efficiency of our operations. Our consolidated utilization rate climbed from the prior year, indicating the growing market for EVs as well as the quality of our premium locations. The average utilization rate, adjusted for chargers installed during 2023, was
Mr. Bonnet continued, “We continue to execute our business strategy through agreements such as the one with Esso in
Allego’s Chief Financial Officer, Ton Louwers, said “I am very pleased with our financial performance for the first six months of 2023. In line with our strategy, we see a strong growth in our charging revenue on the back of the build out of the ultra-fast charging network. As a result, our gross profit increased substantially to
Mr. Louwers added, “The optimization in our working capital management has illustrated our progress to a more steady and stable operational state. We expect to see a further increase in our inventory, anticipating a further ramp-up of our ultra-fast charging network.
We anticipate a sustained growth trajectory for the full year. We have narrowed our guidance revenue range to between
Key Financials |
|||||||||
(in €‘mm) |
|
Six Months Ended
|
|||||||
|
2023 |
|
2022 |
|
% Change |
||||
Charging Revenue |
|
51.1 |
|
24.0 |
|
113.1 |
% |
||
Services Revenue |
|
17.1 |
|
26.7 |
|
-36.1 |
% |
||
Total Revenue |
|
68.2 |
|
50.7 |
|
34.6 |
% |
||
|
|
|
|
||||||
Net Loss |
|
(38.9 |
) |
(247.1 |
) |
|
|||
Operational EBITDA |
|
11.7 |
|
(1.5 |
) |
|
Conference Call Information
Allego will hold a conference call for investors at 8:30 AM Eastern Time today, Tuesday, August 15, 2023, to discuss its results for the second 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 August 29, 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
For more information, please visit www.allego.eu.
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 and other energy sources, (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
Interim condensed consolidated statement of profit or loss for the six months ended June 30, 2023
|
||||||
(in €‘000) |
2023 |
2022 |
||||
|
|
(restated)(1) |
||||
Revenue from contracts with customers |
||||||
Charging sessions |
51,139 |
|
23,994 |
|
||
Service revenue from the sale of charging equipment |
1,485 |
|
18,442 |
|
||
Service revenue from installation services |
10,283 |
|
5,964 |
|
||
Service revenue from operation and maintenance of charging equipment |
2,256 |
|
1,822 |
|
||
Service revenue from consulting services |
3,047 |
|
470 |
|
||
Total revenue from contracts with customers |
68,210 |
|
50,692 |
|
||
Cost of sales |
||||||
Cost of sales - charging sessions |
(37,760 |
) |
(32,337 |
) |
||
Cost of sales - sale of charging equipment |
(554 |
) |
(13,022 |
) |
||
Cost of sales - installation services |
(8,637 |
) |
(2,903 |
) |
||
Cost of sales - operation and maintenance of charging equipment |
(801 |
) |
(154 |
) |
||
Total cost of sales |
(47,752 |
) |
(48,416 |
) |
||
Gross profit |
20,458 |
|
2,276 |
|
||
Other income |
4,153 |
|
8,987 |
|
||
Selling and distribution expenses |
(1,109 |
) |
(1,697 |
) |
||
General and administrative expenses |
(47,193 |
) |
(271,653 |
) |
||
Operating loss |
(23,691 |
) |
(262,087 |
) |
||
Finance income/(costs) |
(14,748 |
) |
15,173 |
|
||
Loss before income tax |
(38,439 |
) |
(246,914 |
) |
||
Income tax |
(505 |
) |
(161 |
) |
||
Loss for the half-year |
(38,944 |
) |
(247,075 |
) |
||
Attributable to: |
||||||
Equity holders of the Company |
(38,812 |
) |
(246,913 |
) |
||
Non-controlling interests |
(132 |
) |
(162 |
) |
||
Loss per share attributable to the Equity holders of the Company: |
||||||
Basic and diluted loss per ordinary share |
(0.15 |
) |
(1.05 |
) |
(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 June 30, 2023 (unaudited) and
|
||||
(in €‘000) |
30-Jun-23 |
31-Dec-22 |
||
Assets |
||||
Non-current assets |
||||
Property, plant and equipment |
156,293 |
|
134,718 |
|
Intangible assets |
22,253 |
|
24,648 |
|
Right-of-use assets |
54,285 |
|
47,817 |
|
Deferred tax assets |
523 |
|
523 |
|
Other financial assets |
56,621 |
|
62,487 |
|
Total non-current assets |
289,975 |
|
270,193 |
|
Current assets |
||||
Inventories |
31,530 |
|
26,017 |
|
Prepayments and other assets |
12,837 |
|
9,079 |
|
Trade and other receivables |
36,933 |
|
47,235 |
|
Contract assets |
2,843 |
|
1,512 |
|
Other financial assets |
6,389 |
|
601 |
|
Cash and cash equivalents |
65,150 |
|
83,022 |
|
Total current assets |
155,682 |
|
167,466 |
|
Total assets |
445,657 |
|
437,659 |
|
Equity |
||||
Share capital |
32,062 |
|
32,061 |
|
Share premium |
365,900 |
|
365,900 |
|
Reserves |
(14,515 |
) |
(6,860 |
) |
Accumulated deficit |
(396,717 |
) |
(364,088 |
) |
Equity attributable to equity holders of the Company |
(13,270 |
) |
27,013 |
|
Non-controlling interests |
613 |
|
745 |
|
Total equity |
(12,657 |
) |
27,758 |
|
Non-current liabilities |
||||
Borrowings |
312,400 |
|
269,033 |
|
Lease liabilities |
50,371 |
|
44,044 |
|
Provisions and other liabilities |
887 |
|
520 |
|
Contract liabilities |
1,119 |
|
2,442 |
|
Deferred tax liabilities |
1,980 |
|
2,184 |
|
Total non-current liabilities |
366,757 |
|
318,223 |
|
Current liabilities |
||||
Trade and other payables |
40,441 |
|
56,390 |
|
Contract liabilities |
13,667 |
|
7,917 |
|
Current tax liabilities |
1,212 |
|
1,572 |
|
Lease liabilities |
8,296 |
|
7,280 |
|
Provisions and other liabilities |
24,258 |
|
17,223 |
|
Warrant liabilities |
3,683 |
|
1,296 |
|
Total current liabilities |
91,557 |
|
91,678 |
|
Total liabilities |
458,314 |
|
409,901 |
|
Total equity and liabilities |
445,657 |
|
437,659 |
|
Interim condensed consolidated statement of cash flows for the six months ended June 30, 2023 and
|
||||
(in €‘000) |
2023 |
2022 |
||
|
|
(restated)(1) |
||
Cash flows from operating activities |
||||
Cash generated from/(used in) operations |
(22,669 |
) |
(88,262 |
) |
Interest paid |
(1,456 |
) |
(3,494 |
) |
Income taxes paid |
(375 |
) |
(320 |
) |
Other cash flows from operating activities |
177 |
|
— |
|
Net cash flows from/(used in) operating activities |
(24,323 |
) |
(92,076 |
) |
Cash flows from investing activities |
||||
Acquisition of Mega-E, net of cash acquired |
— |
|
874 |
|
Acquisition of MOMA, net of cash acquired |
— |
|
(28,733 |
) |
Purchase of property, plant and equipment |
(32,180 |
) |
(12,944 |
) |
Proceeds from sale of property, plant and equipment |
— |
|
97 |
|
Purchase of intangible assets |
— |
|
(1,355 |
) |
Proceeds from investment grants |
25 |
|
235 |
|
Other cash flows used in investing activities |
(113 |
) |
— |
|
Net cash flows from/(used in) investing activities |
(32,268 |
) |
(41,826 |
) |
Cash flows from financing activities |
||||
Proceeds from borrowings |
43,400 |
|
— |
|
Payment of principal portion of lease liabilities |
(2,359 |
) |
(2,819 |
) |
Payment of transaction costs on new equity instruments |
— |
|
(925 |
) |
Payment of transaction costs on borrowings |
(2,331 |
) |
— |
|
Proceeds from issuing equity instruments (Spartan shareholders) |
— |
|
10,079 |
|
Proceeds from issuing equity instruments (PIPE financing) |
— |
|
132,690 |
|
Net cash flows from/(used in) financing activities |
38,710 |
|
139,025 |
|
Net increase/(decrease) in cash and cash equivalents |
(17,881 |
) |
5,123 |
|
Cash and cash equivalents at the beginning of the half-year |
83,022 |
|
24,652 |
|
Effect of exchange rate changes on cash and cash equivalents |
9 |
|
— |
|
Cash and cash equivalents at the end of the half-year |
65,150 |
|
29,775 |
|
(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.
Reconciliation of Loss for EBITDA and Operational EBITDA for the six months ended June 30, 2023 and
|
||||
Six months ended June 30, |
||||
(in € millions) |
2023 |
2022 |
||
Loss for the period |
(38.9 |
) |
(246.6 |
) |
Income tax |
0.5 |
|
0.2 |
|
Finance costs |
12.4 |
|
(15.1 |
) |
Amortization and impairments of intangible assets |
2.4 |
|
1.7 |
|
Depreciation and impairments of right-of-use assets |
3.8 |
|
2.9 |
|
Depreciation, impairments and reversal of impairments of
|
10.5 |
|
5.9 |
|
EBITDA |
(9.3 |
) |
(251.0 |
) |
Fair value gains / (losses) on derivatives (purchase options) |
2.4 |
|
(3.8 |
) |
Share-based payment expenses |
11.5 |
|
241.3 |
|
Transaction costs |
- |
|
9.1 |
|
Business optimization costs |
7.1 |
|
2.9 |
|
Operational EBITDA |
11.7 |
|
(1.5 |
) |
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,
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Investors
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Media
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Source: Allego N.V.
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