CONTINUING REVENUES GROWTH AND 33 MW OF
MICROGRIDS UNDER COMMISSIONING
- Revenues for the first 9 months of
2016 are at €4 million, and orders backlog increases to €5.8
million
- Solid growth of projects in the
pipeline, and average size of potential opportunities increases to
€5 million
- New long term credit line from Banca
Sella, bringing 2016 financing raised to €10 million
- 4 MW microgrid in the Maldives
commissioned, 33 MW of microgrids under commissioning in H1
2017
Regulatory News:
The Board of Directors of Electro Power Systems S.A.
(Paris:EPS) ("EPS" or the "Group"; EPS:PA), a
technology pioneer in clean-energy storage solutions chaired by
Massimo Prelz Oltramonti, has examined and approved financial
results (not certified) as of 30 September 2016 and updated its
guidance for 2016 revenues.
CEO Carlalberto Guglielminotti says, "The first nine months of
the year confirmed the market’s expected growth and enabled us to
increase guidance on 2016 revenues announced in September. We
continue to work to convert projects in the pipeline into orders
backlog, with the aim of strengthening our partnership with the
main international players and developing an effective commercial
network."
FINANCIAL HIGHLIGHTS
The Group’s revenues in the first nine months of 2016 equalled
€3,953,806, an increase of more than nine times over the €456,5051
for the same period in 2015.
The Group’s net financial position as of 30 September 2016 is
€2,267,2692.
In addition to credit lines totalling €9 million with Intesa
Sanpaolo and Unicredit, a new medium-long term credit line of €1
million was approved by Banca Sella on 9 November, bringing
aggregate debt financing raised by the Group in 2016 to €10
million, of which €6.5 is in medium-long term and 2 million already
drawdown, with an average spread of 3.66%.
NEW GUIDANCE ON 2016 RESULTS AND 2017 GROWTH
EXPECTATIONS
The Group’s orders backlog3 is at €5.8 million, the pipeline of
potential projects and tenders on which EPS has been bidding
exceeds €100 million and the average project size has gradually
increased from €0.5 million in 2016 to €5 million in 2017‒2018. To
date, 50% of the pipeline consists of projects ranging from €4
million to €20 million, of which more than 60% are located in
emerging economies, particularly in sub-Saharan Africa.
Those achievements were made possible by the accreditation and
qualification that the Group undertook immediately after its
listing in April 2015 and through projects, installations, and
partnerships undertaken with leading international players in the
energy sector, including Enel, Terna, Toshiba, and General
Electric.
Finally, solid operational strength and order growth have
enabled the Group to update its guidance4 on consolidated revenues
for 2016, which now ranges from €6.5 ‒ €6.9 million, up from €6.1 ‒
€6.7 million announced during the H1 2016 results presentation.
NEW CREDENTIALS IN MICROGRIDS
In October 2016, the Group completed commissioning of the
microgrid in the Maldives with a total installed power of 4 MW,
enabling a reduction in diesel consumption of 275,000 litres and of
CO2 emissions of 165 tons per year.
This project is the first microgrid equipped with a photovoltaic
system distributed throughout the island in eight installations for
a total of 700 kWp, 4 generation and cogeneration groups for a
total of 3 MVA that produce heat for sanitary hot water of the
resort and 250 kW of storage that controls the spinning reserve and
the microgrid’s stability.
"This microgrid is an important technological milestone toward
competitiveness in off-grid energy generation," says Nicola
Vaninetti, EPS Vice President, who coordinated the commissioning
led by Francesco Del Curto and Martino Bosetti.
1 € 456,505 refers exclusively to revenues and excludes other
income (subsidies), amounting to €266,495, which leads to the
€723,000 reported in the financial results as of 30 September
2015.2 The Net Financial Position of €2,267,269 excludes €125,417
in own shares and cash equivalent as per the Liquidity Agreement.3
Backlog means (i) invoices already issued in 2016 but not yet
recorded as revenues under IAS/IFRS; (ii) purchase orders already
received as of the date of this press release, and (iii) revenues
already contracted or expected to be generated in 2016 and
following years based on the agreements currently in place.4 The
year-end revenues guidance represents a forward looking statement,
whose details are better described at the end of this press
release.
"This achievement was possible thanks to the exclusive use of
storage to stabilize the microgrid and to mastering the
intermittency of renewable energy resources without the need for
oversized storage, which is provided for by our unique
technology.”
With this new cutting-edge installation, the Group has
strengthened the technological accreditation process it undertook
in April 2015 after its IPO.
In the grid-support market, EPS completed the commissioning of
the Terna project, approved by the Ministry of Economic Development
(MiSE), in March 2016. In this project, the Group participated as
systems provider for Toshiba and General Electric. The project has
a total installed power of 3 MW and successfully passed all testing
stages.
In addition, EPS is completing many projects in the markets for
off-grid power generation and microgrids, for a total of more than
33 MW of installed power in various countries, including the
following.
- The Maldives: 2 microgrids with
combined installed power of 10.2 MW, hybridized with 1.8 MW of
solar, and 0.6 MWh of storage. Commissioning of this project was
completed in October 2016;
- Somalia: 2 microgrids with a combined
installed power of 8.1 MW, hybridized with 3 MWh of storage, 1.5
MWp of solar, and 750 kW of wind power. The first plant was
inaugurated in Garowe in early 2016, and its extension currently
under construction is expected to be commissioned in H1 2017;
- Australia: HyESS of 1 MW connected in a
microgrid with a total installed power of 12 MW, hybridized with 1
MW of storage, 3 MWp of solar, and 2 MW of wind power. This project
is expected to be completed by the end of 2016 and commissioned in
H1 2017;
- Tasmania: HyESS of 500 kVA connected in
a hybridized microgrid with a total installed power of 3 MW, 0.3
MWh of storage, and 0.5 MWp of solar. This project is expected to
be completed by the end of 2016 and commissioned in H1 2017;
and
- Chile: microgrid of 125 kW, composed of
HyESS with 1.1 MWh of storage integrated with capacity provided by
the hydrogen module and 125 kWp of solar. This project is expected
to be completed by the end of 2016 and commissioned in H1
2017.
* * * * * * * * *
Effective January 1st, 2015, the French Law n°2014-1662 dated
December 30th, 2014, transposing the European Directive 2013/50/EU,
has removed for French-listed companies the reporting obligation to
disclose quarterly financial results. Therefore, this press release
has been prepared on a voluntary basis in line with EPS’ policy to
provide the market and investors with regular information about the
Group’s financial and operating performances and business prospects
considering the disclosure policy followed by energy peers.
Results are presented for the first nine months of 2016 and for
the first nine months of 2015. Information on liquidity and capital
resources relates to end of the periods as of September 30, 2016,
and September 30, 2015.
Accounts set forth herein have been prepared in accordance with
the evaluation and recognition criteria set by the International
Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB) and adopted by the European
Commission according to the procedure set forth in Article 6 of the
European Regulation (CE) No. 1606/2002 of the European Parliament
and European Council of July 19, 2002. These criteria are unchanged
from the 2015 Annual Financial Report filed to the AMF on April 29,
2016, which investors are urged to read. The financial information
of Electro Power Systems S.A. for the first nine months of 2016
consists of this press release. All legally required disclosures,
including the FY2015 annual financial report and H1 2016 Condensed
Financial Statements are available on the Group website
(www.electropowersystems.com) under "Financial Information" and is
published by Electro Power Systems pursuant to the provisions of
Article L. 451-1-2 of the French Monetary and Financial Code and to
the article 222-1 and following of the General Regulation of the
French Financial Markets Authority (AMF).
Guidance and Forward looking statement
This guidance for the full year reflects current business
indicators and planning of Factory Acceptance Tests. Inherent in
this guidance are risk factors that are described in greater detail
in our regulatory filings and in the 2015 Annual Financial Report.
All figures are approximations based on management's current
beliefs and assumptions and our actual results could differ from
those presented above.
This press release contains guidance for the full year results
and others 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 Half Year
2016 Results published at www.electropowersystems.com.
This announcement includes statements that are, or may be deemed
to be, forward looking statements. 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. 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 forward looking 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 forward looking 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161114006317/en/
Electro Power Systems S.A.Press OfficeChiara Cartasegna,
+39 02 45435516Head of Global Media
Relationschiara.cartasegna@eps-mail.comorInvestor
RelationsFrancesca Cocco, +33 (0) 970 467 135Vice President
Investor Relationsfc@eps-mail.com
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