- 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, or
113.1%, 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.
Allego N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading
pan-European public electric vehicle fast and ultra-fast charging
network, today announced its results and key performance metrics
for the first half of 2023.
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, or 113.1%, 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 of 37.9% 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.
- 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 13.4%,
demonstrating that the more mature chargers are continuing to
develop well.”
Mr. Bonnet continued, “We continue to execute our business
strategy through agreements such as the one with Esso in Germany
whereby we generate revenue from selling our compliance credits
from the renewable energy that is consumed through our charging
network, further improving our unit economics in Germany. As
communicated before, the majority of our network’s renewable energy
will be sourced through the PPA’s completing what we believe to be
is a virtuous and beneficial circle for all our stakeholders. As we
look ahead to the second half of the year, we anticipate robust
utilization rates and charging revenue growth as we expand our
operational footprint.”
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 €20.5 million, compared to €2.3 million in the
prior-year period. Combined with a stable development of our
SG&A (adjusted for one-offs) we saw our Operational EBITDA grow
by €13.2 million to €11.7 million, compared to a loss of €(1.5)
million in the prior-year period.”
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 €180 million
and €200 million, while maintaining our Operational EBITDA
expectations to be between €30 million and €40 million. We
anticipate the energy sold for the year to be between 215 GWh and
225 GWh.”
Key Financials
(in €‘mm)
Six Months Ended June
30
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 100% renewable energy. Allego has developed a
comprehensive portfolio of innovative charging infrastructure and
proprietary software, including its Allamo and EV Cloud software
platforms. With a network of almost 35,000 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 accessible, sustainable, and enjoyable
for all.
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
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 six months ended June 30, 2023
and 2022 (unaudited)
(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
December 31, 2022
(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
2022 (unaudited)
(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 2022
(unaudited)
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 property, plant and equipment
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, 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.
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