Q1 2018 results: Double Revenues and installations in three continents
• Revenues up 134% like-for-like , Project Backlog at €21.6 million and €150 million of Pipeline
• Completed production and testing for the 20MW system in Spain, construction site started
• Under development microgrids and smart islands projects (Italy and the Comoros), storage systems (Italy and Belgium) and hydrogen systems (Singapore)
• Liquidity at € 5.3 million thanks to the constant support of Intesa Sanpaolo with new credit lines
Paris-Milan, 15 May 2018 – 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), today approved the consolidated group sales and cash position (unaudited) for the first quarter 2018.
Revenues increased by 134%, amounting to € 0.5 million on IFRS 15 basis and € 3.6 million according to IAS 11, the standard used for comparison with the first quarter 2017. Although from 1 January 2018 the application of the new accounting standard IFRS 15 is mandatory, the comparison of the like-for-like results with respect to 2017 will take place on a proforma basis with the IAS 11 standard for the whole of 2018.
This growth is mainly driven by the success of grid-connected storage solutions deployed in Europe. These positive developments are also attributable to the Group’s credibility obtained thanks to projects with Enel, Terna, Edison and Endesa. In particular, production and tests for the 20MW storage system with Endesa have been completed and the site construction in Spain for commissioning has already been started. In parallel, EPS has under development microgrids and smart islands projects in Italy and in the Comoros Islands, battery storage systems for grid support and conventional power generation in Italy and Belgium, as well as a hydrogen-based storage system in Singapore.
The Project Backlog at the date of this press release is € 21.6 million , of which € 6.6 million of final and irrevocable orders on an EPC basis, and € 15 million of projects secured on a Power Purchase Agreements basis, for which financing is currently being structured. The pipeline to date is essentially stable and stands at over € 150 million, which means that the projects converted into Project Backlog have been replaced by new opportunities under development.
At 31 March 2018, Net Financial Position amounted to € -13.9 million compared to € -12.3 million at 31 December 2017. This result is mainly due to the increase in revenues and the order backlog and the related increase of working capital, as well as continuous investments in research and development, aimed at implementing the potential of EPS technology.
The Cash Position at 31 March 2018, represented by liquid assets, amounted to € 5.3 million compared to € 4.2 million at the end of 2017, in particular thanks to the continued support of Intesa Sanpaolo to finance working capital and the growth of EPS.