- Q1 2016 consolidated revenues grew
8x compared to Q1 2015 to €1.1 million
- Solid orders backlog increasing to
€2.4 million, with flagship projects in East Africa, Asia Pacific
and Italy
- New agreement in partnership with
Toshiba to provide 1MW storage system for a Hybrid Power Plant to a
mining site in Australia
- Strong credentials and unique
positioning: framework agreement with Enel and new HyESS
projects in progress leveraging a track record of 44.3MWh energy
storage in 5 continents and a leading technology now compliant with
the latest standards CEI 016
Regulatory News:
The Board of Directors of Electro Power Systems S.A. (Paris:EPS)
(“EPS” or the “Group”, listed on Euronext Paris
EPS:PA) technology pioneer of clean energy storage systems, chaired
by Massimo Prelz Oltramonti, has examined and approved today the
group results for the first quarter of 2016 (unaudited).
“We are very satisfied with the results posted for the first
quarter of 2016, which show the strategic role of the Elvi Energy
acquisition and the soundness of our two-step business strategy to
accelerate the growth, starting from micro grid storage systems to
hydrogen enabled systems. A major contribution to this performance
came from the expansion of our off-grid installations, such as
those in East Africa and Asia-Pacific, which boast abundant
renewable resources. Thanks to our strategy of geographical and
technological diversification and with financial discipline and
strong execution we accelerated our development and strengthened
the foundations for future growth”. – commented Carlalberto
Guglielminotti, Chief Executive Officer of the Group.
FINANCIAL HIGHLIGHTS
In the first quarter of 2016 consolidated revenues amounts to
1,050,253 euros, representing 8x the revenues of the Q1
2015. Growth came from the Group’s activities related to the
off-grid hybrid power plants in Asia-Pacific and East
Africa and from a grid support project in Sardinia within
the Terna network.
The current Group’s orders backlog1 increased
to 2.4 million euros. The conversion of the pipeline,
built with the business strategy effort carried out in 2015 and led
by Giuseppe Artizzu, Executive Director of the Group, has already
started, as proven by the agreement just signed for a 1MW storage
system for a Hybrid Power Plant in Australia in partnership with
Toshiba, whose construction will start in Q3 2016.
At the Group level, and compared to the previous year, the
current 2016 backlog has a deeper diversification in terms of
customer base and confirms the effectiveness of the business
strategy carried out and the effort made in 2015 to focus on the
energy sector, i.e. utilities, grid operators and commercial and
industrial users.
In terms of geography, after a 2015 mainly focused on Italy, the
current backlog and the pipeline have a global and far broader
reach than the year before, namely in 17 countries and in all
continents.
At the end of the first quarter of 2016, the Group had a Net
Financial Position at €5.4 million with Pro-forma Net-Cash2 at €7.6
million, as a result of the significant investments in R&D to
support the expansion strategy and the cash outlay for the MCM
Energy Lab acquisition.
EPS Group at the same time reduced net trade working capital
exposure in the first quarter of 2016 to €0.2 million from €1.0
million at the end of FY2015.
OPERATING HIGHLIGHTS
In the first quarter of 2016 major success was achieved in
the off-grid markets with flagship projects in East Africa and in
the Maldives, where the Group put the first pillar of its rollout
plan.
Leveraging a track record of 44.3MWh energy storage in 5
continents, the Group has achieved a unique positioning: its
leading technology, now compliant with the latest standards CEI 016
All. N-bis, adds a further competitive advantage.
In June 2016 the Group is expected to finalize the commissioning
of the Hybrid Power Plant in Tasmania and a 2MW Hybrid Power
Plant for a luxury resort in the Maldives.
The credibility established with fully-commercial hybrid energy
solutions already in operation in Sub-Saharan Africa and South Asia
makes EPS a concrete technology leader in emerging countries, with
a growing pipeline of projects across South America, Africa and
South-East Asia, where the Group positions as turnkey supplier for
utilities, final users and infrastructure investment funds.
* * *
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 quarter of 2016 and for the
first quarter of 2015. Information on liquidity and capital
resources relates to end of the periods as of March 31, 2016, and
December 31, 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 SA for the first quarter 2016 consists of
this press release. All legally required disclosures, including the
FY2015 annual financial report is available on the Group website
(www.electropowersystems.com) under "Financial Information" and is
published by Electro Power Systems SA 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).
*****
About Electro Power Systems
Electro Power Systems (EPS) is the pioneer of
technology-neutral, integrated hybrid energy storage solutions for
grid support in developed economies and off-grid power generation
in emerging countries. The Group’s mission is to unlock the energy
transition, by mastering the intermittency of renewable energy
sources. Through the seamless integration of the world best battery
technologies to provide flexibility, and the Group’s unique
hydrogen and oxygen storage platform suitable for longer autonomy
without resorting to diesel or gas-fueled generators, the group’s
technologies enable renewable energies to power 24/7 communities in
a completely cleaner and less expensive solution.
EPS is today listed on the French regulated market of
Euronext, and part of the CAC® Mid & Small and
CAC® All-Tradable indices: with headquarters in
Paris, R&D and manufacturing in Italy.
The Group has installed in aggregate 3MW of hydrogen systems,
8.7MW of Hybrid Power Plants, and 44.3MWh of energy storage
capacity, for a total power output of 21.1MW deployed in 21
countries worldwide, including Europe, USA, Australia, China, Asia
and Africa.
For more information www.electropowersystems.com
*****
Forward looking statements
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 sell 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.
1 Backlog means (i) invoices already issued in 2016 but not yet
recorded as “Revenues” in Q1, plus (ii) purchase orders received as
at the date hereof, plus (iii) revenues already contracted or
expected to be generated in 2016 based on current arrangements with
customers.
2 The bridge from the €5.4 million Net Financial Position as at
31 March 2016, to the €7.6 million Pro-forma Net Cash results from
(i) the addition of the €1.4 million capital increase reserved to
the former Elvi Energy shareholders and current management, which
will take place in 2016 and will be financed by the portion of the
proceeds of the Elvi Energy acquisition which has been put in
escrow for this purpose, and (ii) the addition of €0.82 millions of
VAT receivables that will be set-off during the first half of
2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160513005773/en/
For Electro Power Systems S.A.Media RelationsAlessia Di
DomenicoHead of Global Media Relations+39 02 45435516Mobile +39 337
1645567add@eps-mail.comorInvestor RelationsFrancesca
CoccoVice President Investor Relations+33 (0) 970 467 135 -Mobile
+39 347 7056719fc@eps-mail.comorPress & Media -
FranceCaroline Lesageclesage@actus.frAlexandra Prisa+33 1
53673679 /+ 33 1 53673690aprisa@actus.fr
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