- Revenues over the first nine months
increased by 64% to €6.6mln
- €16.3mln and 39.4MW of Order
Intake1 increased the Orders Backlog2
by 122% to €12.9mln
- Gross margin at 37% of reported
revenues; €8.9mln cash on hand heading into Q4
- Utility-scale storage systems and
microgrids under commissioning in Europe, Latam and the Asia
Pacific
- Sustained contract flow from the
largest European utilities, mostly on a turnkey EPC basis
- New industrial footprint now sealed
in compliance with ISO 9001, ISO 14001 and OHSAS 18001
Regulatory News:
Commenting on the figures, Carlalberto Guglielminotti,
Chief Executive Officer of EPS (Paris:EPS), said:
“In the third quarter, we reaped the result of our effort over
the past three years to affirm EPS as a leading player in
decentralized energy solutions with a unique technology play to
accelerate the energy transition. Orders from the largest European
utilities have proven our technology leadership, competitiveness
and strategic and industrial maturity.
We are delivering one of the largest installed bases of
commercial microgrids and utility-scale systems globally,
maintaining a high marginality level and strengthening our
industrial footprint. This confirms the solidity of the Strategic
Plan 2020 and enables the continuous deployment of our disruptive
technology towards the highest levels of engineering excellence and
operational efficiency”.
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), under the chairmanship of Massimo Prelz
Oltramonti, approved the financial information (unaudited) and the
installed base update for the nine months ended on 30 September
2017.
STRATEGIC AND FINANCIAL
HIGHLIGHTS
Over the first nine months of the year we were awarded contracts
and projects from Enel, Engie, Endesa, Terna, and Edison (EDF),
among others, for projects to be delivered mostly on a turnkey
Engineering, Procurement and Construction basis. This sealed the
international credibility of EPS Group as general contractor in the
delivery of cutting-edge microgrids and energy storage solutions to
leading utilities globally. The maturity of the new EPS industrial
footprint and organizational platform to deliver on such landmark
contracts has also been certified in compliance with ISO 9001:2015,
ISO 14001:2015 and OHSAS 18001:2007.
Revenues as of 30 September 2017 were €6.6mln, up 64%
compared to the €4.0mln reported at the end of September 2016. The
continuous double-digit growth is driven by the successful
deployment of microgrids in East Africa, Latin America and
Asia-Pacific, coupled with the construction of utility-scale
storage systems and grid connected solutions, mainly in Southern
Europe.
Order Intake year-to-date increased to 39.4 MW for a
contract value of €16.3mln, the highest level of Order Intake in
our history and representing more than the total cumulative
revenues over 2014, 2015 and 2016.
Orders Backlog at the date of this press release is at
€12.9mln, up 122% based on reported figures in the same period of
20163. This growth is mainly represented by utility-scale storage
systems and microgrids 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, which is expected to be
commissioned and online by Q2 2018. This project would be in the
top 20 of the largest li-ion energy storage systems ever
commissioned in the world4. Backlog of orders includes
utility-scale storage systems and microgrids with global utilities,
smart islands with national grid operators and control systems for
mobility and distribution applications.
The main regions of installation are Southern Europe,
Sub-Saharan Africa, the Middle East, Latin America and Asia
Pacific.
Gross Margin stands at 37% of the reported revenues of
the period, which is substantially stable despite the double-digit
growth, confirming the sustainability of the EPS business model and
the path towards profitability.
Cash Position5 at the end of September 2017 amounted to
€8.9mln, up 62% compared with €5.5mln at the end of the same period
in 2016, particularly thanks to the financial support of the
European Investment Bank.
Net Financial Position, is equal to €-7.2mln compared to
€-1.0mln as of 31 December 2016, mainly due to the continuous
growth of the Orders Backlog and related working capital needs.
More particularly, the change in working capital was €3.0mln,
increasing significantly compared to the end of 2016.
INSTALLED BASE
HIGHLIGHTS
- 20MW Utility-Scale Storage System in
Spain under construction: upon signing the agreement with
Endesa on 5 September 2017, the Spanish utility part of the Enel
group, EPS immediately started construction of the utility-scale
storage system, with a power capacity of 20MW, expected to be
commissioned and online by Q2 2018.
- 12MW microgrid in Australia
online: on 10 October 2017 EPS started operations at the
storage system related 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 of 1MW solar
panels, 4MW wind turbines and up to 6MVA generators combined with
1MW 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 20-year life of the
hybrid power plant.
- 5.9MW microgrid in the Horn of
Africa commissioned: on 22 July 2017, EPS commissioned a
microgrid awarded by NECSOM (National Electric Corporation of
Somalia) composed of a solar, wind and storage turnkey solution
that allows the reduction of diesel consumption by 1mln litres per
year, and reduces electricity bills by 17%.
- World’s first 100% emission-free
microgrid in the Atacama Desert (Chile) began operations: on 1
June 2017, Enel and EPS announced the operation of the world’s
first 100% emission-free “plug-and-play” commercial-sized
micro-grid, powered by solar PV as well as hydrogen-based and
lithium-based storage.
- 4.1MW microgrid in the Maldives
outperforming expectations: on 8 February 2017, EPS announced
the performance results of its second microgrid in the Maldives and
confirms the reduction in CO2 and that renewables, coupled with the
EPS storage system, cover up to 63% of the resort’s power
requirements, enabling reductions in diesel consumption by 423,000
litres per year, 50% more than expected at the time of
commissioning.
- 3MW 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,
Australia’s largest producer of renewable energy.
- 1.5MW microgrid in Sardinia
commissioned: on 22 February 2017, EPS announced the
realisation of an energy storage system microgrid for ENAS in
Sardinia. The system is connected to the Ottana Experimental Solar
Farm, which consists of a concentrated solar power (CSP) farm,
integrated with thermal storage that has a capacity of 14MWh as
well as a concentrated photovoltaic plant (CPV).
_________________________________________________________________________________________________
BASIS OF PREPARATION
Effective 1 January 2015, French Law n°2014-1662, dated 30
December 2014, in transposing the European Directive 2013/50/EU,
removed the reporting obligation to French-listed companied 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 performance and business prospects,
considering the disclosure policy followed by our energy peers.
The financial information (unaudited) for the nine months ending
30 September 2017 consists of Revenues, Gross Margin, Backlog, Cash
and Net Financial Position. Revenues and Gross Margin are presented
on a consolidated basis for the first nine months of 2017 and for
the first nine months of 2016. Orders Backlog is presented as of
the date of this press release and as of the same period in 2016,
i.e. 15 November 2016, the date of announcement of the Group’s
results as of 30 September 2016. Information on liquidity and the
Net Financial Position relates to the end of the periods as of 30
September 2017 and 31 December 2016, in line with the Half-Year
2017 Financial Report.
The 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 19 July 2002. These criteria are
unchanged from the First Half 2017 Financial Results published on
19 September 2017, which investors are urged to read. The financial
information of Electro Power Systems S.A. for the first nine months
of 2017 consists of this press release. All legally required
disclosures, including the 2016 Annual Financial Report, the
Half-Year 2017 Financial Report and the 2016 Registration Document
are available on the Group’s 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 Monetary and
Financial Code, as well as to Article 222-1 and follows the General
Regulation of the French Financial Markets Authority (AMF).
FORWARD-LOOKING
STATEMENT
This press release contains forward-looking statements, i.e.
assessments and assumptions which relate to future events and
circumstances, particularly regarding the Orders Backlog and
pipeline, which are assessed based on the parameter described in
the presentation of the Strategic Plan 2020, published at
www.electropowersystems.com. Inherent in these statements
are risk factors that are described in greater detail in our
regulatory filings, including the Half-Year 2017 Financial Report
and the 2016 Registration Document. All figures are approximations
based on the 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 regarding 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 industry in which the Group 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 regarding operations, our financial position and
growth, as well as the development of the markets and 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 the results and developments of the
Group to differ materially from those expressed or implied by
forward-looking statement including, without limitation, general
economic and business conditions, 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 business strategy and political and
economic uncertainty. The forward-looking statements herein speak
only of the date of this announcement.
________________________________________________________________________________________________
About Electro Power
Systems
EPS operates in the sustainable energy sector, specialising in
storage solutions and microgrids 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.
Its registered office is in Paris and conducts its 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 develops
utility-scale energy storage systems to stabilize electrical grids
that are heavily penetrated by renewable sources in developed
countries and microgrids in emerging economies to power off-grid
areas at a lower cost than fossil fuels.
As of 30 June 2017, EPS has installed and has under
commissioning an aggregate of 36 large scale projects, including
off-grid hybrid systems powered by renewables and energy storage
that provides energy to over 165,000 customers every day, with a
total capacity output of 47MWh systems in 21 countries worldwide,
including Europe, Latin America, Asia and Africa.
For more information, visit
www.electropowersystems.com.
_________________________________________________________________________________________________
1 Order Intake consists 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.2 Orders 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.3 15 November 2016, the date of
announcement of the Group’s results as at 30 September 2016.4
According to Bloomberg New Energy Finance (Energy Storage Project
Database, 28 October 2017) as of today just 18 li-ion energy
storage systems have been commissioned in the world with a capacity
higher than 20MW (all in the US, Korea and Japan).5 The Cash
Position is represented by liquid assets, cash and cash
equivalents.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171031006260/en/
Electro Power SystemsINVESTOR RELATIONSFrancesca
CoccoVice President Investor RelationsTel. +33 970 467135e-mail:
francesca.cocco@eps-mail.comorMEDIA CONTACTSImage
BuildingSimona Raffaelli – Ilaria Mastrogregori – Alexia CasaúsTel.
+39 02 89011300e-mail: eps@imagebuilding.it
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