\u2022 H1 Revenues increased by 48% to \u20ac3.9mln, backlog of orders up 128% to \u20ac13.8mln
\n\u2022 \u20ac14.3mln Order Intake year-to-date, driven by utility-scale systems, microgrids and smart-islands
\n\u2022 Gross margin stands at 39% of H1 Revenues, and EBITDA loss is reduced to -\u20ac1.6mln
\n\u2022 Pipeline increased to \u20ac160mln, strong focus in emerging countries with 84% of bids in Africa and Asia
\n\u2022 Solid cash position at \u20ac11.4mln thanks to the support of the European Investment Bank
\n\u2022 Net Financial Position at -\u20ac6mln, mainly due to working capital and R&D investments<\/p>\n
Carlalberto Guglielminotti, EPS\u2019 Chief Executive Officer and General Manager, said:<\/p>\n
\u201cThis 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\u201d.<\/p>\n
Paris-Milan, 19 September 2017 \u2013 The Board of Directors of Electro Power Systems S.A. (\u201cEPS\u201d), 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.<\/p>\n
FINANCIAL HIGHLIGHTS<\/p>\n
Revenues increased by 48% to 3,881 k\u20ac, meaning of 1,266 k\u20ac 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.
\nBacklog of orders as at the date of this press release increased by 128% to \u20ac13.8 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.
\nOrder Intake year-to-date accelerated to \u20ac14.3 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.
\nThe 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 \u20ac160 mln, 187 MW of power, 65 MW of renewable sources to be integrated into microgrids and 182 MWh of storage.
\nGross margin despite revenue growth, is largely stable and stands at 39%, boosting visibility into the business cash flow potential.
\nPersonnel costs increased by 21% to 2,222 k\u20ac compared with 1,831 k\u20ac in the first half of 2016. This is essentially due to 27 new human resources from 30 June 2016.
\nOther Operating Expenses decreased by 425 k\u20ac, amounting to 855 k\u20ac, compared to 1,280 k\u20ac due to cost rationalization and a more efficient internal organizational structure.
\nEBITDA loss has been reduced to -1,627 k\u20ac for the first six months ended 30 June 2017 compared to -2,039 k\u20ac 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.
\nEBIT as at 30 June 2017 improved by 26%, with a loss reduced to -3.335 k\u20ac, while it was -4,532 k\u20ac 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\u20ac.
\nAt the end of the First Half 2017, EPS\u2019 Net Financial Position, compared to 31 December 2016, decreased from -974.4 k\u20ac to -5,998.5 k\u20ac, 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\u20ac, increasing significantly by 226%.
\nInvestments in R&D amounted to 427 k\u20ac and, considering the amount accounted as expenses and not capitalized, equal to 512 k\u20ac, represent 24% of consolidated revenues, confirming the strong commitment of the Group to continue investing in research and development.
\nCash Position, represented by liquid assets, cash and cash equivalents, thanks to the financing of the European Investment Bank, amounted to 11,393 k\u20ac, up 108% compared with 5,478 at the end of 2016.<\/p>\n
OPERATIONAL HIGHLIGHTS<\/p>\n
\uf0a7 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\u2019s 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 \u2013 about 1,600 people \u2013 with energy from renewable sources for the hybrid power plant\u2019s 20-year life.
\n\uf0a7 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.
\n\uf0a7 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\u2019s microgrid for Hydro Tasmania, the Australia\u2019s largest producer of renewable energy.
\n\uf0a7 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).
\n\uf0a7 \u20ac30 mln from the European Investment Bank: on 11 April 2017 EPS signed an equity-linked financing of up to \u20ac30 mln with the European Investment Bank (\u201cEIB\u201d), 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 \u20ac10 mln has been drawn down on 29 June 2017.
\n\uf0a7 Energy Transition Technology Roadmap and Strategic Plan 2020: on 23 May 2017 EPS published the paper \u201cEnergy Transition Technology Roadmap, distinguishing Hype from Reality. 2020 Strategic Technological Plan and Business Targets\u201d, 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\u2019s website www.electropowersystems.com.
\n\uf0a7 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 \u201cIntegrated Management System\u201d 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.
\n\uf0a7 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\u2019s 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\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u2022 H1 Revenues increased by 48% to \u20ac3.9mln, backlog of orders up 128% to \u20ac13.8mln \u2022 \u20ac14.3mln Order Intake year-to-date, driven by utility-scale systems, microgrids and smart-islands \u2022 Gross margin stands at 39% of H1 Revenues, and EBITDA loss is reduced to -\u20ac1.6mln \u2022 Pipeline increased to \u20ac160mln, strong focus in emerging countries with 84%… Continua a leggere 2017 Half-Year results show solid growth momentum: double digit growth with flagship microgrids and storage projects<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":13151,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":[],"categories":[7,13],"tags":[37],"_links":{"self":[{"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=\/wp\/v2\/posts\/7875"}],"collection":[{"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7875"}],"version-history":[{"count":0,"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=\/wp\/v2\/posts\/7875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=\/wp\/v2\/media\/13151"}],"wp:attachment":[{"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/devplugin.interactionfarm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}