- Q1 2017 revenues increased by 45%
compared to Q1 2016, up to €1.6 million
- Orders backlog of €5.2 million, more
than €100 million pipeline, including Nigeria, Kenya and
Congo
- Draw-down of the €10 million first
tranche of the European Investment Bank financing scheduled in
June
- Italy opens ancillary services
market to pilot renewable energy and storage projects
Regulatory News:
The Board of Directors of Electro Power Systems S.A.
(“EPS”) (Paris:EPS), technology pioneer in energy storage
systems and microgrids, listed on the French-regulated market
Euronext Paris (EPS:FP), met on 15 May 2017, under the chairmanship
of Massimo Prelz Oltramonti and approved the group sales
(unaudited) and the operational update for the first quarter
2017.
Q1 Highlights
In the first quarter 2017, revenues amount to € 1.6 million and
represent an increase by 45% compared to the same period in 2016
(€1,1 million). Growth in revenues was particularly driven by the
flagship microgrids in Somalia and Chile:
- the 5.9 MW solar plus storage microgrid
located in the north-east of Somalia, which will save more than 1
million liters of diesel fuel and 600 tons of CO2 per year, is
currently under extension with 750kW of wind energy, covering with
renewables and storage more than 25% of the energy need of the city
of Garowe, the administrative capital of the autonomous Puntland
region, and powering more than 50,000 people,
- the Chile project is currently under
commissioning and will be the first worldwide diesel-free
microgrid, combining renewables with the complete set of innovative
technologies developed by EPS, which can couple renewables,
batteries and hydrogen, to ensure full energy independence.
Cash position of the Group amounts to € 2.7 million and excludes
(i) € 3.0 million additionally available short term credit lines,
(ii) € 1.4 million of capital increase reserved to the management
already planned1, and (iii) € 10 million first tranche of the
equity-linked financing of the European Investment Bank
(“EIB”).
In respect of the latter, the Extraordinary General Meeting has
been scheduled on 23 May 2017 to resolve upon the issuance of the
warrants to the EIB, which are part of the equity-linked financing
up to €30 million signed with the EIB on 13 April 2017 and backed
by the European Fund for Strategic Investments, in order to support
the company in its growth, continuous research, development and
innovation activities and further product commercialization.
Subject to the Shareholders’ Meeting, the drawdown of the €10
million first tranche of the unsecured five-year loan available to
EPS Elvi Energy S.r.l (the wholly owned Italian subsidiary of EPS),
should take place in June 2017.
The Group’s net financial position2 as of 31 March 2017 is
€-4.33 million due mainly to the absorption of cash from the growth
in working capital.
Outlook
The Group’s orders backlog amounts at € 5.2 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. 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. As a result, the increased
project size entails a slower conversion into backlog, but a
potentially transformational impact of each single large
project.
1 The capital increase, reserved to the management should take
place immediately upon publication of the 2016 Registration
Document (Document de Référence).2 “Net Financial Position” means
the difference between the Group’s total cash position (cash, cash
equivalents and marketable securities) net of total financial debt
(bank overdrafts, current portion of long-term debt and long-term
debt).3 The net financial position of €-4.3 million excludes €0.15
million in own shares and cash equivalent under the Liquidity
Agreement.
In emerging markets, EPS is increasingly focused in the direct
development of projects, particularly in Nigeria, Kenya and the
Democratic Republic of Congo, where EPS’ competitiveness is
enhanced by a dramatic recourse to diesel generation, power outages
and shortage of power, respectively. In such areas, the credibility
of EPS is built around its off-grid hybrid systems serving
microgrids powered by renewables and energy storage for a total
installed power of over 35 MW.
In developed countries, the overall positive outlook for storage
deployment is boosted by the newly adopted regulation in Italy
which sealed the opening of the ancillary services market to pilot
renewable energy and storage projects. The Italian energy and gas
regulator AEEGSI has issued the deliberation 300/2017/R/EEL with
which it authorizes pilot renewable energy power generators and
storage units to participate in the ancillary services market
operated by the country’s grid operator Terna. This project is the
preliminary phase of an organic reform of the ancillary services
market, which will be defined in accordance with the Network Code
on Electricity Balancing (EB), where EPS is well positioned thanks
to the successful commissioning of the 3MW/4MWh systems in the
context of the Terna Storage Lab project, the performance of which
has also been made public in a publication4 of the IEEE (Institute
of Electrical and Electronics Engineers), the world's largest
technical professional organization for the advancement of
technology.
In light of the above, on 23 May 2017, before market opening,
EPS will publish a summary of its 2020 strategic positioning plan
and business targets that will be presented during the Investor
Conference that would precede the Annual General Meeting scheduled
on 21 June 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 three months of 2017 and for
the first three months of 2016. Information on liquidity and
capital resources relates to end of the periods as of March 31,
2017, and March 31, 2016.
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 2016 Annual Financial Report published on April 28, 2017,
which investors are urged to read. The financial information of
Electro Power Systems S.A. for the first three months of 2017
consists of this press release. All legally required disclosures,
including the FY 2016 Annual Financial Report and FY 2016
Consolidated Financial Statements are available on the Group
website (www.electropowersystems.com) under "Financial Information"
and are published by Electro Power Systems pursuant to the
provisions of Article L. 451-1-2 of the French Code monétaire et
financier and to Article 222-1 et seq. of the General Regulation
(Règlement général) of the French Financial Markets Authority
(Autorité des marches financiers, “AMF”).
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
H1 2016 Results published at www.electropowersystems.com. Inherent
in these forward looking statements are risk factors that are
described in greater detail in our regulatory filings and in the
2016 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 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.
4 Commissioning and testing of the first Lithium-Titanate BESS
for the Italian transmission grid, 2015 IEEE 15th International
Conference on Environment and Electrical Engineering (EEEIC),
978-1-4799-7993-6/15/©2015 IEEE
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.
EPS in a nutshell
EPS operates in the sustainable energy sector, specializing in
hybrid-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 hybrid energy storage solutions 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 totalizing over 35 MW of installed
power that provides energy to over 165,000 customers every day, in
addition to more than 18 MW of grid support systems, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170515006339/en/
Investor RelationsElectro Power Systems S.A.Francesca
Cocco, +33 970 467135Vice President Investor
Relationsfrancesca.cocco@eps-mail.com
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