Fastned drops on weaker than expected profitability in 2021

Fastned BV

29/03/2022 08:52

** Shares in Fastned  FASTN.AS  drop 3.6% as Dutch charging
infrastructure company profitability in 2021 came slightly
weaker than expected and CapEx slightly higher
    ** Fastned's total net loss increased to 24.6 million euros 
($27.06 million)in 2021 from 12.4 million euros a year
ago urn:newsml:reuters.com:*:nFWN2VV14H
    ** "Small negative as in total the cash-burn is a bit higher
than we expected but nothing dramatic", says ING's analyst Marc
Hesselink
    ** Group's full-year revenue related to charging grew by 98%
from 2020 to 2021, but margins were lower because of the jump in
electricity prices towards the end of 2021, says ING
    ** ING notes that Fastned already increased its prices in
November but energy costs continued to rise afterwards
    ** The brokerage also says station operating costs and
roll-out investments were slightly higher than expected
    ** The group is expected to announce its 2022 guidance with
groups's roll-out plan in April, and "at that time we also
expect more detail on the offsetting plans for the squeeze
caused by much higher energy prices", ING adds
    ** The stock is down 21.38% year-to-date

    




($1 = 0.9089 euros)

 (Reporting by Diana Mandiá)
 ((diana.mandiaalvarez@thomsonreuters.com))