- Fourth quarter 2022 revenue increased 10.7% over the prior year
period to €60.9 million.
- Fourth quarter 2022 net loss was €(40.0) million compared to
€(95.9) million during the fourth quarter of 2021.
- Operational EBITDA1 in Q4 2022 reached €7.8 million versus
€14.8 million in the year ago period.
- Fourth quarter 2022 average utilization rate2 increased to 6.7
sessions per day per ultrafast charger (13.4%) from 3.7 sessions
(7.4%) in the prior-year period.
- Full-year 2022 total energy sold was 154.6 gigawatt-hour (GWh),
an increase of 86.8% over the prior-year period.
- Full-year 2022 total number of charging sessions was 7.4
million for Allego’s own network, 70.6% higher than the 4.3 million
in the prior-year period.
- The Company executed its plan to secure long-term, low-cost
power prices with renewable PPAs and bring long-term cost
advantages by signing three additional PPAs this year.
- The Company refinanced an existing credit facility of €170
million and increased it with €230 million of investment capacity
to a total of €400 million in December 2022.
Allego N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading
pan-European public electric vehicle fast and ultrafast charging
network, today announced fourth quarter and full-year 2022 results
and key performance metrics.
Fourth Quarter 2022 Ending December 31, 2022
- Total revenue increased 10.7% to €60.9 million, compared to
€55.0 million in the prior-year period driven by sharp growth in
charging revenue.
- Charging revenue grew 228% to €26.9 million compared to €8.2
million for the three months ended December 31, 2021. The growth
was driven by higher utilization rates, an increase in the number
of chargers, and price hikes.
- Services revenue decreased to €33.9 million, compared to €46.8
million for the three months ended December 31, 2021. The decrease
was driven by a decrease in revenue for the Carrefour project in
line with expectations. This project was weighted towards the
second half of 2022, as was the case in 2021, and accelerated
during the fourth quarter of 2022 relative to previous
quarters.
- Net loss for the three months ended December 31, 2022 was
€(40.0) million, largely driven by non-recurring, non-cash items,
compared to €(95.9) million, during the fourth quarter of
2021.
- Fourth quarter operational EBITDA was €7.8 million compared to
€14.8 million for the three months ended December 31, 2022. This
decrease is the result of a rise in SG&A (€6.3 million) and a
decline in other income (€3.4 million), partially offset by an
increase in gross profit (€2.6 million). The increase in SG&A
is mainly the consequence of expansion and increased revenue. The
decrease in other income is a result of a decrease in the price of
CO2 tickets and fewer government grants. The increase in gross
profit is the combined effect of a decrease of revenues on the
Carrefour project, more than offset by a sharp increase in gross
profit on charging revenues.
Full-Year 2022 Ending December 31, 2022
- Total revenue increased 55.2% to €133.9 million, compared to
€86.3 million in 2021, driven by widespread growth across charging
and services.
- Charging revenue grew 152% to €65.3 million. The growth was
driven by a sharp increase in charging sessions to 7.4 million on
owned network, a steep acceleration of the number of operational
Allego’s ultrafast charging ports, and price increases to offset
input costs.
- Services revenue increased 13.9% to €68.5 million, compared to
€60.2 million in 2021. Services revenue was driven by the Carrefour
project, which as expected, was weighted towards the second half of
2022.
- Net loss for the year ended December 31, 2022 was €(305.3)
million, largely driven by non-recurring, non-cash, share-based
payments.
- Operational EBITDA was €2.3 million compared to €9.2 million
for 2021. The decrease of €6.9 million was caused by an increase of
€12.6 million in SG&A, offset by increases of €4.0 million in
gross profit and €1.6 million in other income. Gross profit
increased almost completely due to higher charging gross profit.
SG&A was up because of expansion and increased revenues;
SG&A as a percentage of revenues improved from 27.7% to 27.2%,
demonstrating improved efficiency.
- Operational EBITDA was adversely affected by €17.0 million of
higher energy costs, offset by the benefits from an increase of
€16.5 million from charging prices as well as higher income of €3.7
million from the sale of carbon credit certificates and the
management of energy prices during the end of the period.
- Future power purchase agreements (“PPA”) in our main markets
are expected to moderate any impact of higher energy input costs
going forward. The first PPA started January 1, 2023 and an
additional three PPAs have already been signed in 2023 with volume
totaling more than 160 GWh.
- Allego substantially increased its backlog of signed location
contracts reaching more than 1,300 premium sites.
Key Metrics
Three Months Ended
December 31, 2022
Metrics
2022
2021
%
Change
Average Utilization Rate(1)
13.4
%
7.4
%
80.6
%
Public Charging Ports
27,942
27,982
(0.1
%)
# Fast & Ultra-Fast Charging Sites
1,014
831
22.0
%
# Fast & Ultra-Fast Charging Ports
1,471
1,215
21.1
%
Recurring Users %
80.0
%
78.4
%
2.1
%
Owned Public Charging Ports
24,122
22,056
9.4
%
Third-Party Public Charging Ports
3,820
5,926
(35.5
%)
Total # Sessions ('000) (2)
2,567
1,980
29.6
%
Total Energy Sold (GWh)
47.7
28.6
66.7
%
Secured Backlog (sites)
1,314
500
162.8
%
(1) Includes Mega-E for all periods
(2) Total # sessions include owned and
third party
2023 Outlook:
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, stated “I am
very pleased with our collective execution throughout 2022, which
concludes our first fiscal year as a public company. Key
accomplishments included the exercise of the Mega-E option, the
acquisition of MOMA to bolster our technology platform, the signing
of PPAs to mitigate electricity pricing, upscaling our charging
revenues without compromising on the Allego quality stamp, and
securing additional financing via an expanded credit facility. We
also signed new contracts, increasing our backlog of sites to more
than 1,300, which further strengthens our position to continue
playing a leading role in Europe's rapidly growing ultra-fast EV
charging infrastructure. The growth of our charging revenue
confirms our strategy to swiftly develop our own ultrafast EV
public network and the installation of our own ultrafast chargers
grows. Finally, we continue to make strong progress on numerous
other engagements, including the Carrefour project, which is
progressing as scheduled, with over 310 new ultrafast charging
ports being installed in the second phase of development.”
Bonnet continued, “Looking ahead to the remainder of 2023, we
are well positioned to capitalize on additional growth
opportunities as we accelerate the installation of chargers and
improve our margin with our strategy to secure long-term renewable
low-cost sourcing enabled by our energy platform. Our site
selection technology allows us to continue securing best-in-class
utilization rates, as we are able to select locations on key
corridors. As EV adoption increases throughout Europe, we expect to
see continued rises in utilization rates. Additionally, we are
actively working on updates to our technology stack and expect to
roll out more features that will continue to better serve our
customers. I would like to thank all our employees for their hard
work throughout 2022, as well as our shareholders for their
continued support. We look forward to driving long-term value
creation in 2023 and beyond.”
Allego’s Chief Financial Officer, Ton Louwers, commented, “I am
pleased with the progress we made during our first fiscal year as a
public company despite a challenging macro environment, primarily
highlighted by substantial increases in our energy input costs. We
have taken a multi-pronged approach to mitigate this impact through
the signing of PPAs, along with the price increases we managed
throughout 2022 without impacting utilization rates, which also
demonstrates our price power. We continue to expect to have 80% of
our energy input costs hedged through PPAs by the end of 2023.
Furthermore, we began seeing a shift in revenue mix in the fourth
quarter of 2022 with increased charging revenue, which commands a
higher margin profile and thus enables improved profitability.
Coupled with the high pace of new installations of ultrafast
chargers, we have confidence in our operational EBITDA guidance
underpinned by the high visibility of our fast-growing and
recurring charging activities.”
Key Financials
Three Months Ended
December 31, 2022
Full- Year Ended
December 31, 2022
2022
2021
%
Change
2022
2021
%
Change
Charging Revenue
26.9
8.2
228.0
%
65.3
26.1
150.2
%
Services Revenue
33.9
46.8
(27.5
)%
68.6
60.2
13.9
%
Total Revenue
60.9
55.0
10.7
%
133.9
86.3
55.2
%
Net Loss
(40.0
)
(95.9
)
58.3
%
(305.3
)
(319.7
)
4.5
%
Operational EBITDA
7.8
14.8
(47.3
%)
2.3
9.2
(75.0
%)
Conference Call Information
Allego will hold a conference call for investors at 4:30 PM
Eastern Time today, Tuesday, May 16, 2023, to discuss its results
for fourth quarter and full year 2022.
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 Tuesday, May 30, 2023.
Participants may access the replay 1-844-512-2921, international
callers may use 1-412-317-6671 and enter access code 13738850. 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 delivers charging solutions for electric cars, motors,
buses, and trucks, for consumers, businesses, and cities. Allego’s
end-to-end charging solutions make it easier for businesses and
cities to deliver the infrastructure drivers need, while the
scalability of our solutions makes us the partner of the future.
Founded in 2013, Allego is a leader in charging solutions, with an
international charging network comprising approximately 34,000
public and private charging ports operational throughout the
pan-European market – and proliferating. Our charging solutions are
connected to our proprietary platform, EV-Cloud, which gives our
customers and us a full portfolio of features and services to meet
and exceed market demands. We are committed to providing
independent, reliable, and safe charging solutions, agnostic of
vehicle model or network affiliation. At Allego, we strive every
day to make EV charging easier, more convenient, and more 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.
Consolidated statement of profit or loss for the years ended
December 31, 2022, 2021 and 2020 (audited)
(in €‘000)
2022
2021 (restated)
2020 (restated)
Revenue from contracts with customers
Charging sessions
65,347
26,108
14,879
Service revenue from the sale of charging
equipment
33,585
37,253
15,207
Service revenue from installation
services
28,630
19,516
12,313
Service revenue from operation and
maintenance of charging equipment
3,230
3,414
1,850
Service revenue from consulting
services
3,108
—
—
Total revenue from contracts with
customers
133,900
86,291
44,249
Cost of sales
(126,655
)
(69,276
)
(38,989
)
Gross profit
7,245
17,015
5,260
Other income
3,724
10,853
5,429
Selling and distribution expenses
(2,587
)
(2,472
)
(3,919
)
General and administrative expenses
(323,358
)
(329,297
)
(39,433
)
Operating loss
(314,976
)
(303,901
)
(32,663
)
Finance income/(costs)
10,320
(15,419
)
(11,282
)
Loss before income tax
(304,656
)
(319,320
)
(43,945
)
Income tax
(636
)
(352
)
689
Loss for the year
(305,292
)
(319,672
)
(43,256
)
Attributable to:
Equity holders of the Company
(304,778
)
(319,672
)
(43,256
)
Non-controlling interests
(514
)
—
—
Loss per share attributable to the
Equity holders of the Company:
Basic and diluted loss per ordinary
share
(1.21
)
(1.68
)
(0.23
)
Consolidated statement of financial position as at December
31, 2022 and December 31, 2021 (audited)
(in €‘000)
31-December-2022
31-December-2021
Assets
Non-current assets
Property, plant and equipment
134,718
41,544
Intangible assets
24,648
8,333
Right-of-use assets
47,817
30,353
Deferred tax assets
523
570
Other financial assets
62,487
19,582
Total non-current assets
270,193
100,382
Current assets
Inventories
26,017
9,231
Prepayments and other assets
9,079
11,432
Trade and other receivables
47,235
42,077
Contract assets
1,512
1,226
Other financial assets
601
30,400
Cash and cash equivalents
83,022
24,652
Total current assets
167,466
119,018
Total assets
437,659
219,400
Equity
Share capital
32,061
1
Share premium
365,900
61,888
Reserves
(6,860
)
4,195
Accumulated deficit
(364,088
)
(142,736
)
Equity attributable to equity holders
of the Company
27,013
(76,652
)
Non-controlling interests
745
—
Total equity
27,758
(76,652
)
Non-current liabilities
Borrowings
269,033
213,128
Lease liabilities
44,044
26,097
Provisions and other liabilities
520
133
Contract liabilities
2,442
—
Deferred tax liabilities
2,184
—
Total non-current liabilities
318,223
239,358
Current liabilities
Trade and other payables
56,390
29,333
Contract liabilities
7,917
21,192
Current tax liabilities
1,572
401
Lease liabilities
7,280
5,520
Provisions and other liabilities
17,223
248
Warrant liabilities
1,296
—
Total current liabilities
91,678
56,694
Total liabilities
409,901
296,052
Total equity and liabilities
437,659
219,400
Consolidated statement of cash flows for the years ended
December 31, 2022, 2021 and 2020 (audited)
(in €‘000)
2022
2021
2020
Cash flows from operating
activities
Cash generated from/(used in)
operations
(95,704
)
(2,921
)
(29,926
)
Interest paid
(9,224
)
(5,996
)
(4,508
)
Proceeds from settlement of interest cap
derivatives
1,071
—
—
Payment of interest cap derivative
premiums
(4,068
)
—
—
Income taxes received/(paid)
(424
)
(296
)
—
Net cash flows from/(used in) operating
activities
(108,349
)
(9,213
)
(34,434
)
Cash flows from investing
activities
Acquisition of Mega-E, net of cash
acquired
(9,720
)
—
—
Acquisition of MOMA, net of cash
acquired
(58,644
)
—
—
Purchase of property, plant and
equipment
(25,581
)
(9,983
)
(17,006
)
Proceeds from sale of property, plant and
equipment
45
1,207
1,353
Purchase of intangible assets
(1,572
)
(6,793
)
(2,787
)
Proceeds from/(repayment of) investment
grants
512
1,702
3,181
Payment of purchase options derivative
premiums
—
(1,500
)
—
Net cash flows from/(used in) investing
activities
(94,960
)
(15,367
)
(15,259
)
Cash flows from financing
activities
Proceeds from borrowings
159,210
44,315
38,339
Repayment of borrowings
(23,403
)
—
—
Payment of principal portion of lease
liabilities
(5,227
)
(3,215
)
(1,658
)
Payment of transaction costs on new equity
instruments
(925
)
(134
)
—
Payment of transaction costs on
borrowings
(10,751
)
—
—
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
261,673
40,966
36,681
Net increase/(decrease) in cash and
cash equivalents
58,364
16,386
(13,012
)
Cash and cash equivalents at the beginning
of the year
24,652
8,274
21,277
Effect of exchange rate changes on cash
and cash equivalents
6
(8
)
9
Cash and cash equivalents at the end of
the year
83,022
24,652
8,274
Reconciliation of Loss for EBITDA and Operational EBITDA for
the Fourth Quarter and Year
Year ending December 31
(€ in millions)
4Q2022
4Q2021
2022
2021
(restated)
2020
(restated)
Loss for the year
(40.0
)
(95.9
)
(305.3
)
(319.4
)
(43.4
)
Income tax
0.4
0.2
0.6
0.4
(0.7
)
Finance costs
2.4
4.3
(10.3
)
15.4
11.3
Amortization and impairments of intangible
assets
1.2
0.7
3.7
2.7
3.7
Depreciation and impairments of
right-of-use assets
1.9
1.4
6.7
3.4
1.8
Depreciation, impairments and reversal of
impairments of property, plant and equipment
6.8
0.3
16.7
5.6
4.8
EBITDA
(27.2
)
(89.0
)
(287.8
)
(292.2
)
(22.5
)
Fair value gains/(losses) on derivatives
(purchase options)
—
5.2
(3.9
)
(2.9
)
—
Share-based payment expenses
16.0
91.8
258.1
291.8
7.1
Transaction costs
0.9
6.2
8.9
11.8
—
Bonus payments to consultants
—
0.6
—
0.6
—
Lease buyouts
—
—
—
—
0.1
Business Optimization Costs
17.8
—
26.5
—
1.8
Reorganization and Severance
0.3
—
0.5
0.1
3.8
Operational EBITDA
7.8
14.8
2.3
9.2
(9.7
)
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 Operational EBITDA is a non-IFRS
financial measure. Refer to the Reconciliation of Loss for EBITDA
and Operational EBITDA for the Fourth Quarter and Year section
below. 2 Utilization rate, a key performance measure, is defined as
the number of charging sessions per charger per day divided by a
maximum number of charging sessions per charger per day of 50 (for
the ultra-fast charging pole).
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