PARIS--(BUSINESS WIRE)--Regulatory News:
Electro Power Systems (Paris:EPS):
While 24 MW commissioned in Europe in Q3 drive revenues up 13% like-for-like, Project Backlog increased to €77.5 million thanks to more than 100 MW of projects secured in the Asia Pacific region.
Key figures as at 30 September 2018 (unaudited)
Revenues increased by 13%, amounting to € 2.9 million under IFRS 15 and € 7.5 million on a like-for-like basis according to IAS 11-18, the standards used for comparison with the third quarter 2017.
Growth is mainly driven by the successful entry into operation of 24 MW storage systems in Spain, Italy and Belgium. Microgrids, storage systems and smart islands projects in Italy, Singapore and the Comoros Islands are expected to recognize revenues between the last quarter 2018 and the first quarter 2019.
Project Backlog to date accelerated to € 77.5 million1, of which € 6.0 million of final and irrevocable orders on an EPC basis, and € 71.5 million of projects secured on a Power Purchase Agreements basis, for which financing is currently being structured.
Pipeline as of today stands at € 179 million, up 12% compared to the first nine months of 2017 while converting to Project Backlog more than € 55 million of the pipeline announced with the H1 results.
Cash Position as at 30 September 2018 amounted to € 18.5 million compared to € 4.2 million at the end of 2017, mainly driven by the € 30.3 million capital increase and the reimbursement of the € 10 million tranche to the European Investment Bank. Net Financial Position increased to € 13.5 million compared to € -12.3 million at 31 December 2017.
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The Investor Conference Call is scheduled on 16 November 2018 at 8:00am, dial-in and the presentation will be available in the new corporate website: engie-eps.com/financial-calendar
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About ENGIE EPS
ENGIE EPS is part of the ENGIE group and specializes in microgrids and storage solutions that enable intermittent renewable sources to be transformed into a stable power source. Listed on Euronext Paris (EPS:FP), ENGIE EPS is listed in 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 130 patents and applications, ENGIE EPS develops utility scale energy storage systems to stabilize electrical grids that are heavily penetrated by renewable sources in developed countries, and microgrids in islands and emerging economies to power off-grid areas at a lower cost than fossil fuels. More information on www.engie-eps.com
About ENGIE
We are a global energy and services group, focused on three core activities: low-carbon power generation, mainly based on natural gas and renewable energy, global networks and customer solutions. Driven by our ambition to contribute to a harmonious progress, we take up major global challenges such as the fight against global warming, access to energy to all, or mobility, and offer our residential customers, businesses and communities energy production solutions and services that reconcile individual and collective interests. Our integrated - low-carbon, high-performing and sustainable - offers are based on digital technologies. Beyond energy, they facilitate the development of new uses and promote new ways of living and working. Our ambition is conveyed by each of our 150,000 employees in 70 countries. Together with our customers and partners, they form a community of imaginative builders who invent and build today solutions for tomorrow.
2017 turnover: 65 billion Euros. Listed in Paris and Brussels (ENGI), the Group is represented in the main financial (CAC 40, BEL 20, Euro STOXX 50, STOXX Europe 600, MSCI Europe, Euronext 100, FTSE Eurotop 100, Euro STOXX Utilities, STOXX Europe 600 Utilities) and extra-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance). To learn more: www.engie.com
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 Engie 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 2018 consists of Revenues, Project Backlog, Pipeline, Cash and Net Financial Position. Revenues are presented on a consolidated basis for the nine months of 2018. Project Backlog is presented as of the date of this press release, i.e. 15 November 2018. means the estimate, to date, of the amount of potential projects, tenders and requests for proposal for which the Group has decided to participate or respond. Information on liquidity and the Net Financial Position relates to the end of the period as of 30 September 2018 and 31 December 2017, in line with the Half-Year 2018 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, including the application of IFRS 15 which is mandatory since 1 January 2018, are unchanged from the Half-Year 2018 Financial Report published on 28 September 2018, which investors are urged to read. The financial information of Electro Power Systems S.A. for the first nine months of 2018 consists of this press release. All legally required disclosures, including the 2018 Annual Financial Report, the Half-Year 2018 Financial Report and the 2017 Registration Document are available on the Group’s website (www.engie-eps.com) under "Financial Information" and are published by ENGIE Eps 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 release may contain forward-looking statements. These statements are not undertakings as to the future performance of ENGIE Eps. Although ENGIE Eps considers that such statements are based on reasonable expectations and assumptions at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual performance to differ from those indicated or implied in such statements. These risks and uncertainties include without limitation those explained or identified in the public documents filed by ENGIE Eps with the French Financial Markets Authority (AMF), including those listed in the “Risk Factors” section of the ENGIE Eps (ex EPS) Registration Document filed with the AMF on 13 July 2018 (under number R.18-057). Investors and ENGIE Eps shareholders should note that if some or all of these risks are realized they may have a significant unfavourable impact on ENGIE Eps.
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 ENGIE Eps’ intentions, beliefs or current expectations concerning, among other things, the ENGIE Eps’ 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. In addition, even if the ENGIE Eps’ results of operations, financial position and growth, and the development of the markets and the industry in which ENGIE Eps 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. The forward-looking statements herein speak only at the date of this announcement. ENGIE Eps does not have the obligation and undertakes no obligation to update or revise any of the forward-looking statements.
1 On a IAS 11-18 basis like-for-like