PARIS, Nov. 15, 2016Revenues for the first 9 months of 2016 are at €4 million, and orders backlog increases to €5.8 million Solid growth of projects in the pipeline, and average size of potential opportunities increases to €5 million New long term credit line from Banca Sella, bringing 2016 financing raised to €10 million 4 MW microgrid in the Maldives commissioned, 33 MW of microgrids under commissioning in H1 2017
/PRNewswire/ -- The Board of Directors of Electro Power Systems S.A. ("EPS" or the "Group"; EPS: PA), a technology pioneer in clean-energy storage solutions chaired by Massimo Prelz Oltramonti, has examined and approved financial results (not certified) as of 30 September 2016 and updated its guidance for 2016 revenues.
CEO Carlalberto Guglielminotti says, "The first nine months of the year confirmed the market's expected growth and enabled us to increase guidance on 2016 revenues announced in September. We continue to work to convert projects in the pipeline into orders backlog, with the aim of strengthening our partnership with the main international players and developing an effective commercial network."
The Group's revenues in the first nine months of 2016 equalled €3,953,806, an increase of more than nine times over the €456,505 for the same period in 2015.
The Group's net financial position as of 30 September 2016 is €2,267,269.
In addition to credit lines totalling €9 million with Intesa Sanpaolo and Unicredit, a new medium-long term credit line of €1 million was approved by Banca Sella on 9 November, bringing aggregate debt financing raised by the Group in 2016 to €10 million, of which €6.5 is in medium-long term and 2 million already drawdown, with an average spread of 3.66%.
NEW GUIDANCE ON 2016 RESULTS AND 2017 GROWTH EXPECTATIONS
The Group's orders backlog is at €5.8 million, the pipeline of potential projects and tenders on which EPS has been bidding exceeds €100 million and the average project size has gradually increased from €0.5 million in 2016 to €5 million in 2017‒2018. To date, 50% of the pipeline consists of projects ranging from €4 million to €20 million, of which more than 60% are located in emerging economies, particularly in sub-Saharan Africa.
Those achievements were made possible by the accreditation and qualification that the Group undertook immediately after its listing in April 2015 and through projects, installations, and partnerships undertaken with leading international players in the energy sector, including Enel, Terna, Toshiba, and General Electric.
Finally, solid operational strength and order growth have enabled the Group to update its guidance on consolidated revenues for 2016, which now ranges from €6.5 ‒ €6.9 million, up from €6.1 ‒ €6.7 million announced during the H1 2016 results presentation.
NEW CREDENTIALS IN MICROGRIDS
In October 2016, the Group completed commissioning of the microgrid in the Maldives with a total installed power of 4 MW, enabling a reduction in diesel consumption of 275,000 litres and of CO2 emissions of 165 tons per year. […]
 € 456,505 refers exclusively to revenues and excludes other income (subsidies), amounting to €266,495, which leads to the €723,000 reported in the financial results as of 30 September 2015.
 The Net Financial Position of €2,267,269 excludes €125,417 in own shares and cash equivalent as per the Liquidity Agreement.
 Backlog means (i) invoices already issued in 2016 but not yet recorded as revenues under IAS/IFRS; (ii) purchase orders already received as of the date of this press release, and (iii) revenues already contracted or expected to be generated in 2016 and following years based on the agreements currently in place.
 The year-end revenues guidance represents a forward looking statement, whose details are better described at the end of this press release.