2017 ANNUAL RESULTS: CONTINUED GROWTH MOMENTUM, ON TRACK TOWARDS 2020 TARGETS
• Revenues up 40% to €9.9mln and 40.5MW Order Intake in 2017, for €16.6mln
• Gross Margin at 40% brings EBITDA close to breakeven at €-1.7mln, even with R&D at 27% of revenues
• 2020 Strategic Plan on track: €25.1mln Project Backlog and €150mln Pipeline thanks to the ENGIE industrial partnership
• Successful deployments in the Maldives, Australia, Tasmania and Italy; construction site for 20MW in Spain launched
• Working Capital 5x higher than 2016 impacting net financial position, but continuous support from Intesa Sanpaolo with new credit lines
Carlalberto Guglielminotti, Chief Executive Officer of EPS, commented “We’re thrilled to report another year of continuous growth, even if the increase by 40% in revenues only partially represents that growth, because of revenue recognition shifting value to 2018. We believe that the fourfold growth in project backlog to 25 million outlines more clearly what we have done in 2017 and proves that we are on the right track toward the 2020 Strategic Plan. The gross margin at 40% is a testament to our great operational and business performance, the pipeline at 150 million confirms our strong synergies with ENGIE, and the investment of 27% of our revenues in R&D confirms our commitment to innovation and state-of-the-art technology positioning. This continuous growth, which is the result of our team’s excellence and commitment, is just the first step toward establishing a driving force in energy transition and is the key cornerstone for our long-term growth within the ENGIE group”.
Paris, 28 March 2018 – Electro Power Systems S.A. (“EPS”), technology pioneer in energy storage systems and microgrids listed on the French-regulated market Euronext Paris (EPS:FP), today announces its 2017 full-year financial results. The accounts have been examined and approved by the Board of Directors on 28 March 2018 and audited by the Statutory Auditors. The full 2017 Consolidated Financial Statements will be available on the EPS’s website www.electropowersystems.com and the full set of consolidated figures is attached to this press release.