- 2021 reported revenues increased 95% to €86.3 million, as the
number of charging sessions increased 65% over the prior year
amidst Allego’s broad geographic footprint.
- Allego’s network delivered 83GWh of clean, 100% renewable
energy in 2021, an increase of more than 77% from 2020. Therefore,
its network delivered 414 million green km (258 million miles) in
2021 vs. 234 green km (145 million miles) in 2020.
- Full-year 2021 net loss was €319.7 million, compared to the
prior-year period of €434.0 million. For the first time,
operational EBITDA turned positive, increasing nearly 200% to €9.2
million, driven by solid top-line growth and strong margin
conversion associated with the Allego business model.
- Utilization rate1, a key performance indicator, rose to 7.6% at
year-end from 4.4% at the start of the year due to strong demand.
At the 2021 level of utilization, Allego’s premium sites produce a
positive internal rate of return (IRR) even without subsidies.
- Signed signature partnerships with Carrefour and Nissan,
amongst others, and closed on a first-of-its-kind project finance
vehicle for EV charging infrastructure, raising €138 million in
growth capital.
- In 1Q22, utilization rate was 7.7%, a 71% increase from 4.5%
year-over-year, while the total number of sessions of 2.1 million
rebounded 84%, and total energy sold doubled to 32 GWh in the
period. The first quarter is seasonally the lowest.
- The Company maintains a secured backlog of over 800 premium
sites, signed for a 10-year or longer lease terms that provide
robust revenue visibility.
- Allego expects to announce its first quarter of 2022 financial
results and adopt a reporting cadence in-line with U.S. domiciled
companies. The Company will make a separate announcement on the
timing of the results.
Allego Holding N.V. (“Allego” or the “Company”) (NYSE: ALLG), a
leading pan-European public electric vehicle fast-charging network,
announced today that it published its Annual Report on Form 20-F
with full-year 2021 results. The filing can be accessed on the
Company’s website at the link here.
Despite a year of challenges, including the impact of the novel
coronavirus (“COVID-19”), Allego reported 2021 results that
exceeded its internal projections. Reported 2021 revenues nearly
doubled to €86.3 million, compared to €44.2 million in the
prior-year period, as total charging sessions exceeded 6.1 million,
an increase of 65% from the 2020 level. Charging revenue grew 75%
to €26.1 million, driven by higher utilization rates as the fallout
from COVID-19 abated and an increased installed base. Additionally,
charging revenues benefitted from increased average kWh consumption
caused by the growing population of battery-electric vehicles
(BEVs) and the increasing number of such cars with extended battery
capacity.
Services revenue increased 105% to €60.2 million from the
prior-year period. It was primarily attributable to the strong
demand for B-to-B charging solutions and the continued development
of the Mega-E rollout over Europe, which entails creating charging
infrastructure in a larger part of Europe. The Company had
significant success in signing new marquee contracts with blue-chip
customers.
Along with achieving many milestones in 2021, the Company had
approximately 31,000 public charging ports and about 16,000 public
and non-public sites across 14 countries, which have since expanded
into Italy. In comparison, Allego had about 22,000 public charging
ports and approximately 10,800 public and non-public sites at the
end of 2020. Importantly, Allego’s network delivered 83GWh of
clean, 100% renewable energy to EV drivers in 2021, a 77% increase
from 2020.
The reported 2021 gross profit of €25.2 million equated to a
margin of 29.2%. After including €7.5 million of government
subsidies (€2.0 million) and the sale of HBE certificates (€5.5
million) in revenues (vs. other income) to make a like-for-like
comparison to the plan, the gross margin was 34.9%, or 120 bps
better.
Full-year 2021 operational EBITDA turned positive for the first
time and increased to €9.2 million compared to a loss of €9.7
million in the prior year, an improvement of nearly 200%. 2021
operational EBITDA margin on reported revenue was 10.7%, or 200 bps
ahead of the plan. Net loss in 2021 was €319.7 million compared to
a net loss of €43.4 million in the prior-year period, principally
due to share-based (non-cash) payment expenses granted to an
external consulting firm in 2022 for legal, accounting, and
consulting expenses, and employee benefit expenses. These expenses
do not have any impact on the cash and equity of the Company.
Allego’s geographic footprint across the EU and the UK drove an
80% average recurring rate per month. Utilization reached its
highest average level in December 2021 at 7.6%, almost doubling
from pre-pandemic levels, despite lockdown measures in the
Netherlands, the Company’s most significant market.
Combined with its secured backlog of 800 premium sites at
year-end, signed for a 10-year or longer lease terms, with 500
additional locations in the pipeline, the Company expects to deploy
4,500 charging ports as part of its secured backlog, increasing its
count by three-and-a-half times over the next two-to-three years.
The Company’s proprietary Allamo and EV Cloud platforms are
integral to evaluating and acquiring the most suitable locations,
enriching its relationship with its customers, and enhancing
revenue visibility.
With Europe’s focus on energy independence, Allego sees
significant tailwinds for its business. In the fourth quarter of
2021, EV penetration rates in the EU equaled western Europe and the
UK for BEVs was 14.2% in the fourth quarter of 2021 and 9.1% for
the entire year, an increase of about 63%.2 The pace of growth
continued in the first quarter of 2022, with BEV sales rising 53%
year-over-year.2 In contrast, EV sales in 2021 represented
approximately 4% of the light-vehicle market in the U.S. According
to LMC Automotive, the European market is expected to continue
growing for the rest of this decade. It is expected to overtake
China and become twice the size of the US market by 2030.
Furthermore, with high urbanization rates leading to the scarcity
of private charging, the demand for public fast EV charging within
Allego’s core Europe markets will remain elevated.
Moreover, stringent European CO2 regulations for internal
combustion engines (ICE), highly favorable incentives for EV
purchases, and geopolitical events have strengthened the ongoing
de-carbonization emphasis. They have renewed the focus on energy
independence. Owing to this backdrop, the opportunities for
partnerships are enormous, mainly as fleets and logistics firms
assess their operational strategies, with many large cities,
including London, having announced bans on ICE vehicles beginning
in 2025.
Allego’s success at signing prominent customer relationships
like Carrefour and Nissan, amongst others, in 2021, within its
services segment, to build, operate and maintain the sites added
more than 1,000+ additional locations. These relationships provide
the Company with a stable revenue stream for up to five years or
more and create brand visibility and loyalty with the commercial
partners and the final consumer.
CEO Comment
Mathieu Bonnet, Chief Executive Officer, commented, “2021 was a
very successful year for Allego despite the challenges posed by the
pandemic and the pursuant lockdowns. Even under these
circumstances, we nearly doubled our revenues, delivered positive
operational EBITDA that exceeded our business plan, signed
milestone agreements with important clients, and expanded our
geographic footprint while strengthening customer relationships who
visit at an 80% average recurring rate per month.”
Mr. Bonnet added, “Our operating results for January and
February shared with the market show continuing strength of the
business, setting us up well for the remainder of 2022.3 In 1Q22,
our utilization rate was 7.7%, a 71% increase from 4.5%
year-over-year, while the total number of sessions of 2.1 million
rebounded 84%, and total energy sold doubled to 32 GWh in the
period. Note that the first quarter is seasonally the softest
quarter for the Company.”
“While the current geopolitical situation has created volatility
in energy and financial markets, we continue to maintain pricing
power. We defended our margins through a 17% price increase
implemented in January without impacting our utilization rates. We
are implementing further action on pricing to mitigate the impact
of higher energy price increases. Our strong and strategic supplier
relationships continue to support our growth as supply-chain
interruptions are limited thus far. Moreover, we view the emphasis
on energy independence as key to fueling the growth of EVs and
providing both organic and inorganic opportunities to scale our
business further.”
Selected Operating and Strategic Initiatives for Second-Half
2021
- In November 2021, Allego and Meridiam closed the
first-of-its-kind special purpose project finance vehicle for EV
charging infrastructure, which will support the construction of
more than 2,000 fast and ultra-fast charge points at over 200
locations across France, in partnership with Carrefour.
- Allego agreed to open 120 new fast-charging EV stations
across the Netherlands and Belgium and separately secured 13
additional ultra-fast charging locations along major
highways in Flanders, Belgium. Additionally, the Company entered a
partnership to install ultra-fast charging locations in
France.
- Allego entered into a strategic partnership with
Nissan.
- Allego expanded its partnership with REWE Nord to build
hundreds of new charging locations across Germany.
Key Metrics
Year ending December 31
Metrics
2021
2020
Public Charging Ports
27,934
21,958
# Fast & Ultra-Fast charging sites
831
710
Recurring users %
78%
79%
Owned Public Charging Ports Breakdown
22,038
17,715
Third-Party Public Charging Ports
5,896
4,243
Total Number of Public Charging Ports*
27,934
21,958
Total # sessions ('000)
6,100
3,700
Total Energy sold owned (GWh)
83
47
Secured Backlog, (sites)
800
-
*Excludes non-public chargers in
operations
Reconciliation of Loss for the Year to EBITDA and Operational
EBITDA
Year ending December 31
(€ in millions)
2021
2020
2019
Loss for the Year
(319.7)
(43.4)
(43.1)
Income tax
0.4
(0.7)
0.3
Finance cost
15.4
11.3
5.9
Amortization and impairment of intangible
assets
2.7
3.7
2.3
Depreciation and impairment of
right-of-use assets
3.4
1.8
1.3
Depreciation, impairments and reversal of
impairments of property, plant and equipment
5.6
4.8
4.7
EBITDA
(292.2)
(22.5)
(28.6)
Fair value gains/(losses) on derivatives
(purchase options)
(2.9)
-
-
Share-based payment expenses
291.8
7.1
-
Transaction costs
11.8
-
-
Bonus payments to consultants
0.6
-
-
Lease buy-outs
-
0.1
-
Business optimization costs
-
1.8
0.8
Reorganization and severance
0.1
3.8
-
Operational EBITDA
9.2
(9.7)
(27.8)
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 companies and
cities to deliver the infrastructure drivers need. In contrast, 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 31,000
public 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 and anticipated financial impacts of the business
combination. 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 risks
associated with vulnerability to industry downturns and regional or
national downturns, (iii) fluctuations in Allego’s revenue and
operating results, (iv) unfavorable conditions or further
disruptions in the capital and credit markets, (v) Allego’s ability
to generate cash, service indebtedness and incur additional
indebtedness, (vi) competition from existing and new competitors,
(vii) the growth of the electric vehicle market, (viii) Allego’s
ability to integrate any businesses it may acquire, (ix) Allego’s
ability to recruit and retain experienced personnel, (x) risks
related to legal proceedings or claims, including liability claims,
(xi) Allego’s dependence on third-party contractors to provide
various services, (xii) Allego’s ability to obtain additional
capital on commercially reasonable terms, (xiii) the impact of
COVID-19, including COVID-19 related supply chain disruptions and
expense increases, (xiv) general economic or political conditions,
including the armed conflict in Ukraine and (xv) other factors
detailed under the section entitled “Item 3.D. Risk Factors” of
Allego’s Annual Report on Form 20-F for the year ended December 31,
2021 and in Allego’s other filings with the U.S. Securities and
Exchange Commission (“SEC.”) 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.
FINANCIAL INFORMATION; NON-IFRS FINANCIAL MEASURES
Some of the financial information and data contained in this
Press Release, such as EBITDA, Operational EBITDA and free cash
flow, 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,(ii)
Operational EBITDA as EBITDA further adjusted for reorganization
costs, certain business optimization costs, lease buyouts,
anticipated board compensation costs and director and officer
insurance costs and anticipated transaction costs and (iii) free
cash flow as net cash flow from operating activities less capital
expenditures. 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 Utilization rate, a key performance measure, is referenced for
ultra-fast chargers. 2 Source: European Automobile Manufacturers'
Association (ACEA) 3 Allego, a Leading Pan-European EV Fast
Charging Network, Sees Strong Momentum in Early First Quarter of
2022
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220516005538/en/
For Allego Investors investors@allego.eu Media
allegoPR@icrinc.com
Allego NV (NYSE:ALLG)
Historical Stock Chart
From Feb 2024 to Mar 2024
Allego NV (NYSE:ALLG)
Historical Stock Chart
From Mar 2023 to Mar 2024