ARNHEM, Netherlands / Jun 05, 2023 / Business Wire / 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
Key Metrics
Three Months Ended | |||||||||||
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:
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 | ||||||||||
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% | ||||||||
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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 | ||||||
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.
| Last Trade: | US$1.82 |
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| Market Cap: | US$496.910M |
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