Regulatory News:
NHOA Group (NHOA.PA, formerly Engie EPS) is pleased to release
the Full Year 2023 Results and the Q4 2023 Trading and Operational
Update.
At Group level all targets and expectations have been
achieved:
- Revenues amount to €273 million, up +65% year-on-year
- 2023 EBITDA at Group level, excluding the Atlante perimeter,
reached breakeven and stands at €3.8 million
Guidance and targets have been met also at the business unit
level:
- NHOA Energy:
- Revenues at €205 million, up 33%, despite a 20%+ industry-wide
drop in system prices deriving from a welcome rapid degression in
battery prices
- Positive EBITDA of €7.5 million, +268% compared to FY 2022
- c. 850MWh of Projects online and over 1GWh of projects under
construction, totaling c. 1.9GWh
- Pipeline stable at over €1 billion
- Free2move eSolutions, the joint-venture between NHOA
Group and Stellantis:
- Revenues of c. €65 million, as to say +467% compared to Full
Year 2022
- Over 19,000 residential EV charging devices sold in Europe
- c. 3,000 EV chargers sold in USA, of which c. 2,300 to
Stellantis dealers
- c. $24 million backlog of orders
- Atlante:
- Over 3,600 Points of Charge online and under construction, of
which over 1,800 already online and serving customers on a daily
basis
- Over 4,400 new sites in pipeline
- Utilization Rate, c. 2.2% in 2023 for Italy, France and
Spain
- Occupancy Rate, c. 21.5% in 2023 for Portugal
“NHOA Group achieved record results in this 2023, with over €270
million Revenues and reaching breakeven for the first time with
€3.8 million EBITDA at Group level, excluding the Atlante
perimeter.
NHOA Energy commissioned landmark projects such as over 300MWh
in Taiwan, 200MWh in Western Australia and 100MWh in mainland
China, thus reaching over 800MWh of online capacity with another
1GWh+ under construction.
Free2move eSolutions achieved €65 million Revenues, definitely
sealing its growth potential in the second half of 2023 and marking
a +58% compared to sales at September 30. Wallbox penetration in
Europe reached 13% in the fourth quarter, compared to 3% of the
first half. Around 2,300 fastchargers were delivered in the USA to
Stellantis dealers’ network to support the electrification
path.
Atlante closed 2023 with over 3,600 EV charging points of which
more than 1,800 already online and serving customers, among them c.
90 on French highways and the iconic station in CityLife – Milan”,
commented Carlalberto Guglielminotti, CEO of NHOA Group.
Full Year 2023 Key
Figures
Revenues and Other Income as of 31 December 2023 amount
to €273 million, up 65% compared to FY 2022.
Increase in Revenues and Other Income is mainly driven by the
€205 million realized by NHOA Energy with projects in Taiwan and
Australia, including the 311MWh HePing Big Battery and the 400MWh+
Blyth project representing the main contributors to FY 2023
revenues.
Free2move eSolutions contributes for c. €65 million to the
Group’s consolidated Revenues and other income, of which €54+
million coming from the new US company Free2move eSolutions US.
Atlante closed FY 2023 with Revenues and other income of €3.7
million.
The 20.2% Gross Margin is mainly driven by revenue mix,
where NHOA Energy’s turnkey contracting business model weights
heavier than the e-Mobility (Free2move eSolutions) and EV
Fastcharging Network (Atlante) business units, however, growing
volumes of Free2move eSolutions and Atlante are positively
impacting and progressively improving total Gross margin.
Backlog of NHOA Energy totals €205 million, mainly
related to 800+MWh projects across Australia and EMEA. While this
nominally represents a 32% decrease compared to FY 2022 Backlog,
two important factors should be considered: i) the 20%+
industry-wide decrease in system prices, while beneficial for the
energy storage market, is too recent to generate a material
positive volume impact on Backlog, and so offset the immediate
negative impact via lower unit prices; ii) the different portfolio
mix, where related-party contracts (such as HePing Big Battery),
represented 44% of FY 2022 Backlog, while FY 2023 Backlog is
entirely backed by contracts with third parties (that increased by
22% in twelve months), determining the achievement of complete
commercial non reliance on related-parties business.
The Pipeline of NHOA Energy stands above €1 billion, +6%
year-on-year, across Australia, Asia, North and Latin America,
Europe. NHOA Energy is currently shortlisted in four project
opportunities.
Personnel costs reached €46.4 million, increasing more
than 51% compared to FY 2022, mainly due to the increase in
headcount. As of 31 December 2023, NHOA Group can count on 542
people compared to 451 in FY 2022. The strengthening of the
workforce is mainly due to the consolidation of Atlante in four
countries and to NHOA Energy’s global growth and is in line with
NHOA Group’s roadmap and Masterplan10x.
Capital investments increased to €100.5 million, largely
comprised of investments in the roll-out of the Atlante
network.
R&D investments amounted to €11.3 million,
representing approximately 4% of the consolidated Revenues.
Other Operating Expenses increased by c. 33%, amounting
to €23.2 million, compared to €17.4 million in FY 2022, expressing
an organic growth of every Business Unit of the Group.
EBITDA at Group level, excluding Atlante, turned
positive, standing at €3.8 million. Free2move eSolutions exceeded
the breakeven point, posting a positive EBITDA of c. €5.1 million
with strong contribution coming from the US Market. NHOA Energy
more than tripled its EBITDA to €7.5 million, falling perfectly in
the middle of the guidance range. At Group level, including
Atlante, EBITDA stands at -€14.4 million in FY 2023, highlighting a
significant improvement compared to -€32.9 million of FY 2022.
Non recurring expenses and Incentive Plan account for
€4.5 million and €3.7 million, respectively; the first one is
mainly due to expenses related to the European Commission grant
under the Connecting Europe Facility (CEF) program application
support, the opening of the new legal entities in new countries and
extraordinary and M&A activities, while the second is mainly
related to the accrual as per IFRS 2 of the cost of the Long Term
Incentive Plan approved by the Board of Directors in 2022.
EBIT and Net Result as of 31 December 2023 stand,
respectively, at -€35.4 million and -€46.1 million, compared to
-€50.4 million and -€52.2 million of the previous year.
Net Financial Position significantly increased to €100.6
million as at 31 December 2023 compared to €4.2 million as at 31
December 2022, mainly due to the successful completion of the
equity capital increase through the Fall 2023 rights issue
offering. The cash position as of 31 December 2023, represented by
liquid assets, amounted to €238.9 million compared to €47.4 million
at the end of the previous year.
Full Year 2023 Results by Business
Unit
ACTUAL
Information by operating
segment
(amounts in k Euro)
Energy
Storage
e-Mobility
Atlante
Corporate
Total
Revenues
204.492
64.454
3.234
0
272.180
Other Income including non recurring
443
226
492
6
1.166
TOTAL REVENUES AND OTHER INCOME
204.935
64.679
3.726
6
273.346
Cost of goods sold
(174.915)
(41.266)
(1.966)
4
(218.143)
GROSS MARGIN FROM SALES
30.020
23.413
1.760
10
55.203
% on Revenues and other income
14,6%
36,2%
47,2%
170,7%
20,2%
Personnel costs
(17.363)
(12.028)
(11.968)
(5.046)
(46.404)
Other operating expenses
(5.177)
(6.314)
(7.991)
(3.669)
(23.151)
EBITDA
7.481
5.070
(18.199)
(8.705)
(14.352)
Amortization and depreciation
(4.817)
(2.889)
(2.913)
(521)
(11.141)
Impairment and write down
(426)
(1.283)
0
0
(1.710)
Management Fees
(1.555)
(66)
(1.122)
2.743
(0)
Stock options and Incentive plans
(2.099)
0
(531)
(1.079)
(3.709)
EBIT excluding non-recurring items
(1.418)
832
(22.765)
(7.561)
(30.913)
Non recurring expenses and Integration
costs
(279)
(573)
(3.036)
(601)
(4.489)
EBIT
(1.697)
258
(25.802)
(8.162)
(35.402)
Net financial income and expenses
(2.718)
(1.925)
(2.244)
864
(6.023)
Income Taxes
117
(4.859)
98
(4)
(4.647)
NET INCOME (LOSS)
(4.297)
(6.525)
(27.947)
(7.302)
(46.071)
NHOA Energy
NHOA Energy, NHOA Group’s business unit dedicated to energy
storage, tripled its EBITDA, with €7.5 million of EBITDA realized
over €205 million of revenues and other income, despite the
continuous expansion of its headcount (+36% in 2023) in order to
enhance the global origination and execution in line with its
ambitions.
Revenues and Other Income grew by +33% year-on-year, with
eight projects commissioned in 2023, bringing capacity in operation
to over 800MWh. Among such projects are world-class undertaking
like the HePing Big Battery project (311MWh) in Taiwan, the Yingde
project (107MWh) in mainland China and the Kwinana project (200MWh)
in Western Australia.
Backlog for NHOA Energy totalizes €205 million. While
this nominally represents a 32% decrease compared to FY 2022
Backlog, two important factors should be considered: i) the 20%+
industry-wide decrease in system prices, beneficial for prospective
volumes but too recent to offset the impact on unit prices on the
Backlog figure; ii) the different portfolio mix, where
related-party contracts (such as HePing Big Battery), represented
44% of FY 2022 Backlog, while FY 2023 Backlog is entirely backed by
contracts with third parties such as Neoen and EKU Energy (a 22%
increase in twelve months), determining the achievement of complete
commercial non reliance on related-parties business.
Pipeline for NHOA Energy remains stable at over €1
billion, despite the above-mentioned industry-wide decrease in
system prices. The company is currently shortlisted in 4 project
tenders.
Gross Margin stands at 14.6%, representing a
relatively substantial increase compared to 9.1% of the FY
2022.
NHOA Energy confirms EBITDA positive, at €7.5 million in
2023, while continuing its geographical expansion and talent
acquisition investments. NHOA Energy has focused on expanding its
footprint in its key regions and has established three new
subsidiary companies in Taiwan, the UK, and Spain. This move aims
to enhance its engagement with the local markets, as evidenced by
its latest contracts in the UK and Europe.
EBIT stands at -€1.7 million, improving from -€3.7
million of FY 2022. Net Result equals -€4.3 million.
Free2move eSolutions
Free2move eSolutions, NHOA Group’s business unit dedicated to
e-mobility products and services in joint venture with Stellantis,
had a very positive 2023.
Free2move eSolutions Revenues and Other Income, indeed,
reached €64.7 million, up +467% compared to the end of 2022, mainly
due to the successful electrification of Stellantis dealers in
North America.
In Europe the acceleration of EV domestic chargers penetration
rate within the Stellantis portfolio of electric vehicles increased
from 3% in H1 to 13% in Q4, whereas in the United States Free2move
eSolutions successfully provided comprehensive support to
Stellantis dealers in the deployment of Fast Charging solutions,
totaling c. 2,300 units in 2023.
Gross Margin of the period stands at 36,2%, with a
favorable mix from Free2move eSolutions US.
EBITDA exceeded €5 million thanks to the strong
performance especially in the US market. EBIT reached
breakeven as well, with a positive value of €0.3 million, while
Net Result is at -€6.5 million, mainly due to financing
costs and US income taxes.
Atlante
Atlante, NHOA Group’s business unit dedicated to EV fast and
ultra-fast charging network, is making significant progress toward
its 2025 targets. Currently, it has 3,651 points of charge
(“PoC”) online and under construction, as to say over 600
points of charge more than the released guidance, and a pipeline of
4,400 additional sites. In 2023 Atlante has been selected once more
by the European Union under CEF 2 Transport, after the €23 million
award of 2022, with the award of a €49.9 million grant for the
deployment of over 1,800 fast and ultra-fast points of charge.
Atlante will also benefit from the financial support of France’s
Groupe Caisse des Dépôts, which will provide additional funding for
approximately €20 million.
Atlante in 2023 inaugurated its landmark station at CityLife,
Milan, co-branded with BMW and MINI and in partnership with
Mastercard, to offer in this station and many others easy and
straightforward ways of payment to EV drivers, and inaugurated its
largest station to date, the e-mobility hub at To Dream, the new
innovative urban district in Turin, with more than 130 fast and
ultra-fast points of charge. Atlante was also awarded with 52 PoC
to be deployed in Ancona, and 87 fastcharging points to be
installed on French highways for Vinci Autoroutes. The latter were
installed on four service areas and opened up just before the end
of the year, in time to serve customers over the busy winter
holiday season. In 2023 was also signed the partnerships with
Groupe Duval in France for the installation of more than 180 fast
and ultra-fast charging points across the country and the one with
Avanza Food in Spain. In Portugal, after closing the announced
acquisition of a majority stake in Kilometer Low Cost S.A.
(“KLC”), Atlante fully integrated the existing business and
then proceeded to install and bring online 188 fastchargers, the
largest number to be installed in 2023 in the country by any
Charging Point Operator.
During 2023 Atlante unveiled the exclusive design of Atlante’s
charging station design, in partnership with Bertone Design (New
Crazy Colors), one of the world’s most renowned design,
architectural planning and all-around creativity companies. The
team also continued the development of its proprietary energy
management system, leveraging on the 15 years of know-how developed
by NHOA.
Revenues and Other Income for 2023 amount to €3.7
million.
EBITDA of -€18.2 still reflects the start-up phase of the
company and its investments in terms of people, technology and
tools required to build up the development platform, coherent with
Atlante’s ambitious targets.
EBIT stands at -€25.8 million and Net Result
stands respectively at -€27.9 million.
Q4 2023 Trading and Operational
Update
2022
2023
Q4 2023 TRADING AND
OPERATIONAL UPDATE
Notes
Data in
FY 2022
Q3 2023
as of 30
Sept
FY 2023
Q4
3-month
period
Var%
vs
FY
2022
Var% vs
30 Sept 2023
Consolidated Sales[1]
€m
165,7
194,5
273,3
78,8
+65%
+41%
Cash and Deposits
€m
286,4
238,8
of which delta Net Working
Capital
(1)
€m
(34,5)
Cash Collateralized
€m
60,5
44,7
Indebtedness
€m
(149,0)
(149,1)
Net Cash
(2)
€m
197,9
134,4
Consolidated Cash and Credit Lines
available
(3)
€m
74,7
433,0
397,1[2]
-8%
of which cash and credit lines
available for drawdown
€m
309,7
251,7
of which guarantees’ dedicated
credit lines
€m
123,2
145,4
Grants and Financing Awarded
(4)
€m
80,9
80,9
Oustanding Bonds and Guarantees
(5)
€m
149,0
152,2[3]
BY
BUSINESS
UNIT
Notes
Data in
FY 2022
Q3 2023
as of 30
Sept
FY 2023
Q4
3-month
period
Var%
vs
FY
2022
Var% vs
30 Sept 2023
Sales[1]
€m
153,6
151,1
204,9
53,8
+33%
+36%
Backlog
(6)
€m
301
160
205
-32%
+28%
12-month Order Intake
(7)
€m
244
243
131
-46%
-46%
Online Capacity[4]
MWh
126
535
846
+572%
+58%
Projects Under Construction
(8)
MWh
1.384
1.145
1.073
-22%
-6%
Pipeline
(9)
€m
1.043
1.110
1.110
+6%
In Line
Projects in which NHOA is shortlisted
#
3
7
4
Notes
Data in
FY 2022
Q3 2023
as of 30
Sept
FY 2023
Q4
3-month
period
Var%
vs
FY
2022
Var% vs
30 Sept 2023
Sales[1]
€m
11,4
40,9
64,7
23,8
+467%
+58%
Manufacturing Capacity
# PoC
2.750/week
2.750/week
2.750/week
Notes
Data in
FY 2022
Q3 2023
as of 30
Sept
FY 2023
Q4
3-month
period
Var%
vs
FY
2022
Var% vs
30 Sept 2023
Sales[1]
(10)
€m
0,6
2,5
3,7
1,3
+474%
+51%
Utilization Rate[5]
(11)
%
N/A
2,3%
2,2%
1,9%
Occupancy Rate
(12)
%
N/A
20,3%
21,5%
25,2%
Sites Online and Under Construction
[6]
(13)
#
554
1.132
1.147
15
+107%
+1%
PoC Online and Under Construction [6]
(14)(15)
#
2.088
3.506
3.651
145
+75%
+4%
- Italy
%
N/A
45%
42%
- France
%
N/A
23%
22%
- Spain
%
N/A
11%
10%
- Portugal
%
N/A
22%
26%
of which PoC online [6]
#
N/A
1.475
1.830
+24%
of which PoC already built and
waiting for grid connection [6]
#
N/A
217
264
+22%
of which PoC Secured & Under
Construction [6]
#
N/A
1.814
1.557
-14%
Sites Under Assessment
(16)
#
2.165
2.641
2.891
+34%
+9%
Sites Under Development
(17)
#
569
1.409
1.517
+167%
+8%
[1] Sales refers to Revenues
& Other Income. FY2023 Sales refers to audited Revenues &
Other Income as at 31 Dec 2023.
[2] 151 million are represented
by credit lines that benefit from the support of the major
shareholder, Taiwan Cement Corporation.
[3] 94.1 million of the
outstanding bonds and guarantees benefit from the support of the
major shareholder, Taiwan Cement Corporation.
[4] Starting from Q2 2023, the
Online Capacity KPI is expressed in MWh and not in MW.
[5] Q4 2023 as of 31 Dec
Utilization Rate is computed weighting past periods and quarterly
utilization rates.
[6] This performance indicator
includes AC PoC, mainly coming from the KLC and Ressolar acquired
networks.
Notes to the Q4 2023 Trading and
Operational Update
(1) Delta Net Working Capital indicator has been added in
Q4 2023 and at each Quarter is calculated as (A) delta in
short-term commercial liabilities over the three-month period less
(B) delta in short-term commercial assets over the three-month
period.
(2) Net Cash indicator has been introduced in Q3 2023 and
it represents the sum of the amount of (i) the bank accounts
balances and readily available cash investments of the NHOA Group
(Cash and Deposits), (ii) the amount of cash deposited with banks
as collateral (and thus excluded from (i)) for the guarantees they
issue for the NHOA Group’s projects (Cash Collateralized), after
deduction of (iii) amounts drawn under credit facilities and other
financial indebtedness, plus accrued interest.
(3) the Consolidated Cash and Credit Lines
available indicator has been amended in Q3 2023 and it
represents the bank accounts balances and readily available cash
investments of the NHOA Group (Cash and Deposits) plus amounts
available for draw down as of the relevant reporting date under
approved credit lines and banks guarantees that can be issued.
(4) Grants and Financing Awarded indicator has
been introduced in Q3 2023 and it represents the total amount of
grants and financing approved and available for drawdown on agreed
future dates.
(5) Outstanding Bonds and Guarantees indicator has been
introduced in Q3 2023 and it represents the amount of bank
guarantee securities (i.e. advance payment bonds, performance
bonds, warranty bonds and other guarantees) issued as financial
security for the fulfillment of NHOA’s obligations in accordance
with the terms of the agreed project and commercial contracts.
(6) Backlog means the estimated revenues and other income
attributable to (i) purchase orders received, contracts signed and
projects awarded (representing 100% of Backlog as of the date
hereof), and (ii) Project Development contracts associated with a
Power Purchase Agreement, where the agreed value is a price per kWh
of electricity and an amount of MW to be installed (nil at the date
hereof). When any contract or project has started its execution,
the amount recognized as Backlog is computed as (A) the transaction
price of the relevant purchase order, contract or project under (i)
and (ii) above, less (B) the amount of revenues recognized, as of
the relevant reporting date, in accordance with IFRS 15
(representing the amount of transaction price allocated to the
performance obligations carried out at the reporting date).
(7) 12-month order intake represents the cumulated value
of new purchase orders received, contracts signed and projects
awarded in the 12 months preceding the relevant reporting date.
(8) Projects Under Construction is an indicator
representing the capacity equivalent of Backlog, in terms of signed
turnkey supply or EPC contracts and therefore excluding Project
Development contracts associated with a Power Purchase Agreement,
(please see Note (5) above).
(9) Pipeline means the estimate, as of the release date,
of the amount of potential projects, tenders and requests for
proposal for which NHOA Energy has decided to participate or
respond.
(10) Sales include the data coming from the recent
acquisition of the e-mobility business unit of Ressolar S.r.l.
(“Ressolar”) and the recent acquisition of the majority
stake in Kilometer Low Cost S.A. (“KLC”).
(11) Utilization Rate indicator first published in Q2
2023, applies to Italy, France and Spain only and is calculated
first at station level as the ratio of (a) kWh sold divided (b) the
maximum available power (i.e. the available grid connection)
multiplied by 18 hours (being the assumed daily maximum charging
hours) per number of days in the relevant period. The ratios are
then aggregated, weighted by the stations' available power. Note
that stations' utilization data is only included in the calculation
after a phase-in period of six months and for sites with at least
one DC fastcharging EVSE.
(12) Occupancy Rate indicator applies to Portugal only
where, due to the different local market regulations, as Charge
Point Operator (CPO) Atlante is remunerated for the usage of its
infrastructure "by minute". Occupancy rate is therefore calculated
on a 24-hour basis, at a charger level considering 1 PoC per EVSE
as the ratio of (a) minutes of charging sessions sold divided (b)
total number of minutes in the relevant period. The ratios are then
aggregated, weighted by the stations' available power. Note that
stations' occupancy data is only included in the calculation after
a phase-in period of six months.
(13) Sites Online and Under Construction, includes, as of
the relevant reporting date, the number of sites already
operational, already installed but waiting for grid connection,
secured and under construction. Please note that this performance
indicator includes sites with AC points of charge, mainly coming
from the KLC and Ressolar acquired networks.
(14) PoC Online and Under Construction, includes the
points of charge already operational, as of the relevant reporting
date, already installed but waiting for grid connection, secured
and under construction. Please note that this performance indicator
includes AC points of charge, mainly coming from the KLC and
Ressolar acquired networks.
(15) Of the PoC Online and Under Construction performance
indicator the geographical and construction phase split are
provided, including the AC points of charge, mainly coming from the
KLC and Ressolar acquired networks.
(16) Sites Under Assessment includes the total number of
sites, as of the relevant reporting date, which are actively
pursued after prospecting activity and following a first internal
screening for high level feasibility. At this point, the full
contractual documentation remains to be finalized and signed, all
the required permits have not yet been awarded and construction has
not started.
(17) Sites Under Development, includes sites for which a
more detailed feasibility activity commences, including detailed
discussions with site owners and exchange of documentation. For the
sites included in the “under development” performance indicator
there would be a reasonable degree of confidence that they can be
converted into stations within the next six months (subject to
interconnection and timely delivery of hardware).
* * *
The FY 2023 and Q4 Trading and Operational
Update will be illustrated in the investor conference call
scheduled on 23 February at 9:00am CET. Dial-in details and
presentation will be available on the corporate website
nhoagroup.com
* * *
NHOA Group
NHOA S.A. (formerly Engie EPS), global player in energy storage,
e-mobility and EV fast and ultra-fast charging network, develops
technologies enabling the transition towards clean energy and
sustainable mobility, shaping the future of a next generation
living in harmony with our planet.
Listed on Euronext Paris regulated market (NHOA.PA), NHOA Group
forms part of the CAC® Mid & Small and CAC® All-Tradable
financial indices.
NHOA Group, with offices in France, Spain, UK, United States,
Taiwan and Australia, maintains entirely in Italy research,
development and production of its technologies.
For further information, go to www.nhoagroup.com
follow us on LinkedIn
follow us on Instagram
Forward looking statement
This release may contain forward-looking statements. These
statements are not undertakings as to the future performance of
NHOA. Although NHOA considers that such statements are based on
reasonable expectations and assumptions at the date of publication
of this release, they are by their nature subject to risks and
uncertainties which could cause actual performance to differ from
those indicated or implied in such statements. These risks and
uncertainties include without limitation those explained or
identified in the public documents filed by NHOA with the French
Financial Markets Authority (AMF), including those listed in the
“Risk Factors” section of the NHOA 2022 Universal Registration
Document. Investors and NHOA shareholders should note that if some
or all of these risks are realized they may have a significant
unfavorable impact on NHOA. These forward looking statements can be
identified by the use of forward looking terminology, including the
verbs or terms “anticipates”, “believes”, “estimates”, “expects”,
“intends”, “may”, “plans”, “build- up”, “under discussion” or
“potential customer”, “should” or “will”, “projects”, “backlog” or
“pipeline” or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These
forward-looking statements include all matters that are not
historical facts and that are to different degrees, uncertain, such
as statements about the impacts of the war in Ukraine and the
current economic situation pandemic on NHOA’s business operations,
financial results and financial position and on the world economy.
They appear throughout this announcement and include, but are not
limited to, statements regarding NHOA’s intentions, beliefs or
current expectations concerning, among other things, NHOA’s results
of business development, operations, financial position, prospects,
financing strategies, expectations for product design and
development, regulatory applications and approvals, reimbursement
arrangements, costs of sales and market penetration. Important
factors that could affect performance and cause results to differ
materially from management’s expectations or could affect NHOA’s
ability to achieve its strategic goals, include the uncertainties
relating to the impact of war in Ukraine and the current economic
situation on NHOA’s business, operations and employees. In
addition, even if the NHOA’s results of operations, financial
position and growth, and the development of the markets and the
industry in which NHOA operates, are consistent with the
forward-looking statements contained in this announcement, those
results or developments may not be indicative of results or
developments in subsequent periods. The forward-looking statements
herein speak only at the date of this announcement. NHOA does not
have the obligation and undertakes no obligation to update or
revise any of the forwardlooking statements.
1.1 Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT
(amounts in K Euro)
31/12/2023
31/12/2022
Revenues
272.180
164.220
Other Income including non recurring
1.166
1.466
TOTAL REVENUES AND OTHER INCOME (including
non recurring income)
273.346
165.686
Cost of goods sold
(218.143)
(150.627)
GROSS MARGIN FROM SALES (including non
recurring income)
55.203
15.059
% on Revenues and other income
20,2%
9,1%
Personnel costs
(46.404)
(30.617)
Other operating expenses
(23.151)
(17.383)
EBITDA excluding Stock Option and
Incentive Plans expenses, including non recurring income
(1)
(14.352)
(32.941)
Amortization and depreciation
(11.141)
(7.022)
Impairment and write down
(1.710)
(5.977)
Non recurring expenses and Integration
costs
(4.489)
(2.829)
Stock options and Incentive plans
(3.709)
(1.596)
EBIT
(35.401)
(50.364)
Net financial income and expenses
(6.023)
(3.851)
Income Taxes
(4.647)
1.971
NET INCOME (LOSS)
(46.071)
(52.244)
Attributable to:
Equity holders of the parent company
(42.463)
(38.577)
Non-controlling interests
(3.607)
(13.668)
Basic earnings per share
(0,39)
(1,51)
Weighted average number of ordinary shares
outstanding
108.755
25.534
Diluted earnings per share
(0,39)
(1,51)
(1) EBITDA excluding Stock Option and
Incentive Plans expenses is not defined by IFRS. It is defined in
notes 5.5 of the Consolidated Financial Statements
1.2 Consolidated Statement of Other Comprehensive
Income
OTHER COMPREHENSIVE INCOME
(amounts in K Euro)
31/12/2023
31/12/2022
NET INCOME (LOSS)
(42.463)
(38.577)
Exchange differences on translation of
foreign operations and other differences
(1.468)
511
Other comprehensive income not to be
reclassified to profit or loss in subsequent periods (net of
tax)
12
(40)
Actuarial gain and (losses) on employee
benefits
(130)
439
Other comprehensive income (loss) for the
year, net of tax
(1.586)
910
Total comprehensive income for the year,
net of tax
(44.049)
(37.667)
Attributable to Equity holders of the
parent company
(44.049)
(37.667)
1.3 Consolidated Balance Sheet
ASSETS
(amounts in K Euro)
31/12/2023
31/12/2022
Property, plant and equipment
121.912
52.068
Intangible assets
34.708
15.418
Other non current financial assets
16.753
13.144
Other non current assets
47
60
TOTAL NON CURRENT ASSETS
173.420
80.690
Trade and other receivables
51.393
28.487
Contract assets
6.512
16.770
Inventories
18.642
18.099
Other current assets
47.599
29.753
Current financial assets
29.603
18.495
Cash and cash equivalent
238.901
47.386
TOTAL CURRENT ASSETS
392.650
158.990
TOTAL ASSETS
566.070
239.681
EQUITY AND LIABILITIES
(amounts in K Euro)
31/12/2023
31/12/2022
Issued capital
55.039
5.107
Share premium
376.994
180.589
Other Reserves
7.590
5.073
Retained Earnings
(133.876)
(93.843)
Profit (Loss) for the period
(42.463)
(38.577)
TOTAL GROUP EQUITY
263.284
58.349
Minorities interest
2.142
5.749
TOTAL EQUITY
265.426
64.098
Severance indemnity reserve and Employees'
benefits
2.218
2.636
Non current financial liabilities
6.123
3.922
Other non current liabilities
29.057
15.867
Non current deferred tax liabilities
921
16
TOTAL NON CURRENT LIABILITIES
38.319
22.441
Trade payables
54.562
61.920
Other current liabilities
59.678
33.126
Current financial liabilities
148.085
58.096
TOTAL CURRENT LIABILITIES
262.326
153.141
TOTAL EQUITY AND LIABILITIES
566.070
239.681
1.4 Consolidated Statement of Changes in Equity
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
(amounts in K Euro)
Share
Capital
Premium
Reserve
Stock
Option and
Warrants
plan reserve
Other
Reserves
Retained
Earnings
(Losses)
Profit
(Loss) for
the period
Total
Group
Equity
Minority
interests
TOTAL
EQUITY
Net Equity as of 31 December
2021
5.107
180.589
4.969
(961)
(67.066)
(27.213)
95.425
19.291
114.716
Previous year result allocation
-
-
-
35
(27.248)
27.213
-
(19.291)
(19.291)
Change in consolidation perimeter
-
-
-
(576)
-
-
(576)
-
(576)
Other movements
-
-
-
1.166
-
-
1.166
-
1.166
Non controlling interests
-
-
-
-
-
-
-
19.417
19.417
Loss for the period
-
-
-
-
-
(38.577)
(38.577)
(13.668)
(52.244)
Total comprehensive income
-
-
-
439
471
-
910
-
910
Net Equity as of 31 December
2022
5.107
180.589
4.969
104
(93.843)
(38.577)
58.349
5.749
64.098
Previous year result allocation
-
-
-
-
(38.577)
38.577
(5.749)
(5.749)
Shareholder's capital increase
49.933
196.405
-
-
-
-
246.337
-
246.337
Other movements
-
-
-
2.646
-
-
2.646
-
2.646
Non controlling interests
-
-
-
-
-
-
-
5.749
5.749
Loss for the period
-
-
-
-
-
(42.463)
(42.463)
(3.607)
(46.071)
Total comprehensive income
-
-
-
(130)
(1.456)
-
(1.586)
-
(1.586)
Net Equity as of 31 December
2023
55.039
376.994
4.969
2.621
(133.876)
(42.463)
263.284
2.142
265.426
1.5 Consolidated Statement of Cash Flows
CASH FLOW STATEMENT
(amounts in K Euro)
31/12/2023
31/12/2022
Net Income or Loss
(46.071)
(52.244)
Income Taxes
-
(1.971)
Amortisation and depreciation
11.141
7.022
Impairment and write down
1.444
5.977
Stock option and incentive plans
impact
3.709
1.596
Defined Benefit Plan
(417)
428
Non-cash variation in equity opening
(154)
1.065
Non-cash variation in bank accounts
15
151
Working capital adjustments
Decrease (increase) in tax assets
(344)
100
Decrease (increase) in trade and other
receivables and prepayments
(32.077)
(35.889)
Decrease (increase) in inventories
(543)
(14.616)
Increase (decrease) in trade and other
payables
20.099
47.580
Increase (decrease) in non current assets
and liabilities
15.717
461
Net cash flows from operating
activities
(27.481)
(40.341)
Investments
Net Decrease (Increase) in intangible
assets
(14.446)
(8.097)
Net Decrease (Increase) in tangible
assets
(70.564)
(34.437)
Changes in consolidation perimeter
(15.528)
-
Net cash flows from investments
activities
(100.538)
(42.535)
Financing
Increase (decrease) in financial debts
87.041
729
Shareholders cash injection
246.337
-
Minorities cash injection
4.700
7.600
Decrease (increase) in current financial
assets
(15.163)
(5.908)
Decrease (increase) in non-current
financial assets
(3.609)
(940)
Translation differences
(1.468)
511
Lease liabilities
1.696
5.459
Net cash flows from financing
activities
319.534
7.452
Net cash and cash equivalent at the
beginning of the period
47.386
122.811
NET CASH FLOW FOR THE PERIOD
191.515
(75.424)
NET CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD
238.901
47.386
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222411781/en/
Press Office: Claudia Caracausi and Davide Bruzzese,
Image Building, +39 02 89011300, nhoa@imagebuilding.it Financial
Communication and Institutional Relations: Chiara Cerri, +39
337 1484534, ir@nhoagroup.com
NHOA (EU:NHOA)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
NHOA (EU:NHOA)
Gráfica de Acción Histórica
De May 2023 a May 2024