- H1 Revenues increased by 48% to
€3.9mln, backlog1 of orders up 128% to
€13.8mln
- €14.3mln Order Intake2
year-to-date, driven by utility-scale systems, microgrids and
smart-islands
- Gross margin stands at 39% of H1
Revenues, and EBIDTA loss is reduced to -€1.6mln
- Pipeline increased to €160mln,
strong focus in emerging countries with 84% of bids in Africa and
Asia
- Solid cash position at €11.4mln
thanks to the support of the European Investment Bank
- Net Financial Position at -€6mln,
mainly due to working capital and R&D investments
Regulatory News:
Carlalberto Guglielminotti, EPS’ (Paris:EPS) Chief Executive
Officer and General Manager, said:
“This continuing growth momentum is the fruit of our commitment
to accelerate the energy transition through disruptive
technologies. We deployed microgrids in Africa, Asia and Latin
America, and we will soon deploy one of the largest storage systems
worldwide. We are serving and we partner with the major global
energy players, and we continue to invest in research and
development to constantly stay ahead of the market. In less than 3
years we transformed a technology potential into a real industrial
company capable to play on a global scale.”
The Board of Directors of Electro Power Systems S.A.
(“EPS”), technology pioneer in energy storage systems and
microgrids, listed on the French-regulated market Euronext Paris
(EPS:FP) approved the consolidated financial statements at 30 June
2017. The Half-Year 2017 Financial Report is available in the
section Investors of the corporate website
www.electropowersystems.com.
________________________
1 Backlog consists of the estimated revenue and other income
attributable purchase orders received, contracts signed and
projects awarded as of the date of this Press Release.2 Order
intake consist of the aggregate contract value in terms of MW or
euros with reference to all purchase orders received, contracts
signed and projects awarded year-to-date.
FINANCIAL HIGHLIGHTS
Revenues increased by 48% to 3,881 k€, meaning of 1,266
k€ compared with First Half 2016. Such growth is mainly due to the
successful deployment of Microgrids & Off-Grid Solutions in
emerging countries in East Africa, Latin America and the
Asia-Pacific region and of Grid-Connected Solutions mostly in
Europe. These positive developments were due also to the
credibility of the Group established through the partnerships and
projects with Enel, Terna, Toshiba, NECSOM and other major
utilities and industrial players.
Backlog of orders as at the date of this press release
increased by 128% to €13.8 mln, mainly represented by utility-scale
storage systems to be delivered by EPS on a turnkey basis, acting
as a general contractor. The largest project under construction is
the 20MW energy-storage system with Endesa, part of the Enel Group,
expected to be commissioned and online by Q2 2018.
Order Intake year-to-date accelerated to €14.3 mln,
representing 34MW, up 101% compared to the same period in 2016, and
includes utility-scale storage systems but also microgrids, smart
islands and control systems for mobility and distribution
applications.
The main regions where these systems will be installed are
Southern Europe, North Africa, Middle East and China. However,
Project Development activities currently carried out by EPS are
particularly focused on the larger market opportunities, Africa and
Asia, where EPS accounts 84% of the bids in its Pipeline of
approximately €160 mln, 187 MW of power, 65 MW of renewable sources
to be integrated into microgrids and 182 MWh of storage.
Gross margin despite revenue growth, is largely stable
and stands at 39%, boosting visibility into the business cash flow
potential.
Personnel costs increased by 21% to 2,222 k€ compared
with 1,831 k€ in the first half of 2016. This is essentially due to
27 new human resources from 30 June 2016.
Other Operating Expenses decreased by 425 k€, amounting
to 855 k€, compared to 1,280 k€ due to cost rationalization and a
more efficient internal organizational structure.
EBITDA loss has been reduced to -1,627 k€ for the first
six months ended 30 June 2017 compared to -2,039 k€ in the First
Half 2016. This is mainly due to a more structured industrial
footprint, a significant revenue increase and the stability of the
gross margin.
EBIT as at 30 June 2017 improved by 26%, with a loss
reduced to -3.335 k€, while it was -4,532 k€ at the same period of
2016. Despite the year-on-year improvement, EBIT still is mainly
affected by non-recurrent items, amounting to 872 k€.
At the end of the First Half 2017, EPS’ Net Financial
Position, compared to 31 December 2016, decreased from -974.4
k€ to -5,998.5 k€, mainly due to growth in the backlog of orders
and the related increase in working capital, as well as new
investments in R&D aimed at implementing the potential of the
EPS technology. More particularly change in working capital was at
1,874 k€, increasing significantly by 226%.
Investments in R&D amounted to 427 k€ and,
considering the amount accounted as expenses and not capitalized,
equal to 512 k€, represent 24% of consolidated revenues, confirming
the strong commitment of the Group to continue investing in
research and development.
Cash Position, represented by liquid assets, cash and
cash equivalents, thanks to the financing of the European
Investment Bank, amounted to 11,393 k€, up 108% compared with 5,478
at the end of 2016.
OPERATIONAL HIGHLIGHTS
- 12 MW microgrid in Australia under
commissioning: on 19 January 2017, EPS announced the successful
delivery, the official start and commissioning phase of the storage
systems sired to the Coober Pedy Renewable Hybrid Power Project’s
microgrid in Coober Pedy, Southern Australia. The hybrid power
plant will be connected to a microgrid composed by 1 MW of solar
panels, 4 MW wind turbines and up to 6 MVA of generators combined
with 1 MW of storage system and will be able to cover up to 70% of
the demand, supplying the inhabitants of the area – about 1,600
people – with energy from renewable sources for the hybrid power
plant’s 20-year life.
- Microgrids in the Maldives
outperforming: on 8 February 2017, EPS announced the
performance results on its second microgrid in the Maldives and
confirms the CO2 reduction and that renewables coupled with the EPS
storage system cover up to 63% of the resort power requirements,
enabling reduction in diesel consumption by 423.000 liters per
year, 50% more than expected at the time of commissioning.
- Microgrid in Flinders Island
commissioned: on 15 February 2017, EPS announced the
commissioning of a hybrid storage system, in partnership with
Toshiba, sired to Flinders Island’s microgrid for Hydro Tasmania,
the Australia’s largest producer of renewable energy.
- Microgrid in Sardinia
commissioned: on 22 February 2017, EPS announced the
realization in Sardinia of an energy storage system microgrid for
ENAS. The system is connected to the Ottana Experimental Solar Farm
consisting of a concentrated solar power (CSP) farm integrated with
thermal storage with a capacity of 14 MWh and a concentrated
photovoltaic plant (CPV).
- €30 mln from the European Investment
Bank: on 11 April 2017 EPS signed an equity-linked financing of
up to €30 mln with the European Investment Bank (“EIB”),
backed by the European Fund for Strategic Investments, which will
support the company in its growth, continuous research, development
and innovation activities and further product commercialization.
The first tranche of €10 mln has been drawn down on 29 June
2017.
- Energy Transition Technology Roadmap
and Strategic Plan 2020: on 23 May 2017 EPS published the paper
“Energy Transition Technology Roadmap, distinguishing Hype from
Reality. 2020 Strategic Technological Plan and Business Targets”,
which includes the Strategy Plan 2020, describing the current stage
of development of all technological challenges addressed by the
Group, the business development strategy and the related financial
targets to 2020. On 21 June 2017, at the Investors Conference that
took place before the Annual General Meeting, EPS presented the
2020 Strategic Plan. Its webcast is available on the Group’s
website www.electropowersystems.com.
- New Integrated Management System ISO
9001 / 14001: on 24 May 2017, the Company finalized with the
support of the Sustainability Team of E&Y the new “Integrated
Management System” of the Group, which now embodies the new Quality
Management System (QMS) and the new Environmental Management System
(EMS) of the Group, the respect of which has been placed under the
newly established Health, Environment, Safety and
Quality office of EPS. On 3 July 2017 EPS successfully
received the certification audit held on its new Integrated
Management System by RINA, a leading global certification body,
certifying that it is compliant with the ISO 9001:2015 (on 30 June
2017) and ISO 14001:2015 standards. In addition, EPS is going to
complete the last activities in order to obtain also the OHSAS
18001:2007 certification by the end of the year.
- 20 MW energy storage system with
Endesa: on 13 September 2017, EPS announced the agreement
signed on 5 September 2017 with Endesa, the Spanish utility that is
part of the Enel Group, for the supply of an Energy Storage System
(ESS), with a power capacity of 20 MW and a lifetime of 8 years.
EPS will deliver a unique turnkey solution for serving Endesa’s
Carboneras thermoelectric plant located in Almeria, Spain. The
storage system will be the largest in Spain and aims to make the
plant more flexible and improve its response to the load
fluctuations in the current electricity system resulting from the
intermittency caused by an increased penetration of renewables. The
addition of storage is also expected to reduce maintenance costs
for the plant’s main components and extend their useful life. The
project is part of the general adaptation of the Carboneras coal
plant to the current electricity system. A significant penetration
of intermittent renewable energies, mainly wind power, are forcing
the plant to adjust its production and implement backup functions
to meet electricity demand at all times.
Forward looking statement
This press release contains forward looking statements, i.e.
assessments and assumptions which relate to future events and
circumstances, particularly on the pipeline, which is assessed
based on the parameter better described in the presentation of the
Strategic Plan published at www.electropowersystems.com. Inherent
in these statements are risk factors that are described in greater
detail in our regulatory filings and in the 2016 Registration
Document. All figures are approximations based on management's
current beliefs and assumptions and our actual results could differ
from those presented above.
This announcement includes statements that are, or may be deemed
to be, forward looking statements. These 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 statements
include all matters that are not historical facts. They appear
throughout this announcement and include, but are not limited to,
statements regarding the Group’s intentions, beliefs or current
expectations concerning, among other things, the Group’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.
By their nature, forward looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward looking statements are not guarantees of future performance
and the actual results of the Group’s operations, and the
development of the markets and the industry in which the Groups
operates, may differ materially from those described in, or
suggested by, the statements contained in this announcement. In
addition, even if the Group’s results of operations, financial
position and growth, and the development of the markets and the
industry in which the Group operates, are consistent with the
statements contained in this announcement, those results or
developments may not be indicative of results or developments in
subsequent periods. A number of factors could cause results and
developments of the Group to differ materially from those expressed
or implied by the forward looking statements including, without
limitation, general economic and business conditions, the global
energy market conditions, industry trends, competition, changes in
law or regulation, changes in taxation regimes, the availability
and cost of capital, the time required to commence and complete
sale cycles, currency fluctuations, changes in its business
strategy, political and economic uncertainty. The forward-looking
statements herein speak only at the date of this announcement.
Electro Power Systems S.A.
EPS operates in the sustainable energy sector, specializing in
storage solutions and micro-grids that enable intermittent
renewable sources to be transformed into a stable power source.
Listed on the French-regulated market Euronext ((EPS:FP), EPS is
part of the CAC® Mid & Small and the CAC® All-Tradable indices
and has registered office in Paris and research, development and
manufacturing in Italy.
Thanks to technology covered by 125 patents and applications,
combined with more than 10 years of R&D, the Group has
developed energy storage systems to stabilize electrical grids
heavily penetrated by renewable sources in developed countries and,
in emerging economies, to power off-grid areas at a lower cost than
fossil fuels without the need for any subsidy or incentive
scheme.
EPS has installed and has under commissioning in aggregate 36
large scale projects, including off-grid hybrid systems powered by
renewables and energy storage that provide energy to over 165,000
customers every day, for a total capacity output of 47 MWh of
systems in 21 countries worldwide, including Europe, Latin America,
Asia and Africa.
For more information, visit
www.electropowersystems.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170919006311/en/
Investor RelationsFrancesca Cocco, Vice President
Investor RelationsTel. +33 970 467135, e-mail:
francesca.cocco@eps-mail.comorMedia ContactsImage
BuildingSimona Raffaelli – Ilaria Mastrogregori – Alexia CasaúsTel.
+39 02 89011300, e-mail: eps@imagebuilding.it
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