Electro Power Systems' 2015 Results Confirm the Development Plan
Current backlog at 2.3 million euros, and new business pipeline in 17 countries
MILAN, April 11, 2016 /PRNewswire/ --
- FY 2015 EPS Italy revenues reached €1.2 million[1] under Italian GAAP, a 53% revenues growth
- Group backlog of €2.3 million at Q1 2016 with flagship projects in East Africa, Tasmania and Maldives
- Solid financial position with consolidated pro forma net-cash at 10.2 million euros
- 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
- Effective integration of Elvi Energy, resulting in a new business pipeline of utility-scale and unsubsidized projects in Latin America, East Africa and South East Asia
Board of Directors of Electro Power Systems S.A. ("EPS" or the "Group", listed on Euronext Paris EPS:PA) technology pioneer of clean energy storage systems, has examined and approved Friday 8 April the consolidated results for 2015 as at 31 December 2015. Consolidated accounts for the financial year 31 December 2015 have been audited and certified under IFRS.
Thursday 7 April, the Board of Directors of Electro Power Systems Manufacturing S.r.l., ("EPS Italy") has approved the statutory results as at 31 December 2015. The accounts of EPS Italy for the financial year 31 December 2015 have been audited and certified under Italian GAAP.
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"2015 marked a major step in EPS' transformation. Just over eight months after its listing, Electro Power Systems has secured a position as one of the main global energy storage players - stated Carlalberto Guglielminotti, Chief Executive Officer of the Group. - "We've worked hard to meet market expectations and accelerate growth. The installations we've already completed in the early months of 2016, through our subsidiary Elvi Energy, together with the increasing diversification in terms of client base underscore the soundness of our strategy. Thanks to the investments made in 2015, the Group fully verticalized the technology value chain and the business model, strengthening its organization, technology leadership and competitiveness, and is now ready to act as a leader in the global energy markets".
FY 2015 EPS Italy revenues[1] and Group gross nominal sales grew by 53% compared to 2014, to 1.2 million euros audited under Italian GAAP.
In Q1 2016 Group's backlog orders and sales - based on the present arrangements with customers of approximately 2.3 million euros - represents almost 2 times the EPS Italy gross nominal sales accounted in FY 2015. And the conversion of the pipeline, built with the business strategy effort in 2015, has already started.
Sales generated in 2015 were mainly from telecom operators and telecom, infrastructure and data centre system integrators. At the Group level, the current 2016 backlog instead 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
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[1] Audited under Italian GAAP. Please see paragraph "Reconciliation under IFRS of EPS Italy Revenues" at p. 5.
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SOURCE Electro Power System (EPS)
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