DAX+0,19 % EUR/USD+0,03 % Gold+0,04 % Öl (Brent)0,00 %

ENGIE EPS First Half Results as of 30 June 2019

Nachrichtenquelle: Business Wire (engl.)
01.10.2019, 03:45  |  303   |   |   

Regulatory News:

Revenues up 81% to €2.7 million, Gross Margin up to 41%, Project Backlog up 38% and Pipeline accelerating to €350 million confirm the growth trend of ENGIE Eps (Paris:EPS) in a booming global market thanks to the full support and the more and more efficient integration within ENGIE.

2019 FIRST HALF KEY FIGURES

Revenues and Other Income amount to €2.7 million as of 30 June 2019, up 81% compared to the 2018 first half. Growth is mainly driven by the successful deployment of microgrids in Africa and Asia Pacific such as the Comoros, Somaliland and New Caledonia, reaching as of today a total of 50 customers in 25 countries across the globe.

As of the date of this Press Release, Project Backlog corresponds to €33.8 million, an increase of 38% compared to 28 September 2018, of which €24.1 million of final and irrevocable orders on an EPC basis, and €9.7 million of projects secured on a Power Purchase Agreements (PPA) basis, for which financing is currently under structuring and Pipeline increased by 43% compared to 28 September 2018, reaching €350 million.

Order intake in 2019 has reached 37.4MW, representing approximately €18.8 million.

Gross margin increased to 41%, compared to 26% in 2018 first half, mainly driven by a different revenue mix and despite an increase in project size.

Personnel costs increased by 42% reaching €3.1 million compared to the €2.2 million of 2018 first half due to the expected growth of the Company.

Other Operating Expenses increased by 45% amounting to €1.0 million compared to €0.7 million in first half 2018 mainly driven by the major commitment in R&D and perfectly in line with the planned growth of the internal organizational structure and the execution of ENGIE EPS Long Term Strategic Plan.

R&D investments amounted to €1.4 million, including expenses and capitalized amounts. These investments represent 52% of consolidated revenues and 31% of all fixed costs in perfect continuity with the well-known strong commitment of ENGIE EPS in R&D and innovation.

EBITDA loss amounts to €3.4 million in first half 2019 compared to the €2.8 million loss in the same period of 2018.

Net Financial Position at the end of June 2019 improved to € -2.0 million from € -13.2 million on 30 June 2018, mainly due to the €30 million capital increase completed on 6 August 2018, despite working capital exposure and continuous investments in R&D. In this respect, ENGIE Eps has been supported by Societe Generale, which in June 2019 approved an additional €7.5 million facility. In this context, ENGIE has confirmed its strong support for the new strategy, including ENGIE EPS in the scope of the Renewables Global Business Line and meeting ENGIE EPS’ short term cash needs and working capital exposure in form of intercompany lending.

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

Our Group is a global reference in low-carbon energy and services. In response to the urgency of climate change, our ambition is to become the world leader in the zero-carbon transition "as a service" for our customers, in particular global companies and local authorities. We rely on our key activities (renewable energy, gas, services) to offer competitive turnkey solutions.

With our 160,000 employees, our customers, partners and stakeholders, we are a community of Imaginative Builders, committed every day to more harmonious progress.

Turnover in 2018: EUR 60.6 billion. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).

1.1 Consolidated Income Statement

CONSOLIDATED INCOME STATEMENT
(amounts in Euro)

30/06/2019

31/12/2018

30/06/2018

Revenues

2,626,522

15,540,960

1,428,893

Other Income

32,607

119,721

42,792

TOTAL REVENUES AND OTHER INCOME

2,659,129

15,660,681

1,471,685

Cost of goods sold

(1,592,391)

(10,983,399)

(1,094,152)

GROSS MARGIN FROM SALES

1,066,737,65

4,677,282,29

377,532,18

% on Revenues

41%

30%

26%

Personnel costs

(3,099,999)

(4,352,366)

(2,186,498)

Other operating expenses

(1,031,840)

(1,647,802)

(712,701)

Other costs for R&D and industrial operations

(288,288)

(3,279,710)

(248,793)

EBITDA excluding Stock Option and Incentive Plans expenses (1)

(3,353,390)

(4,602,596)

(2,770,459)

Amortization and depreciation

(1,487,957)

(1,655,407)

(634,923)

Impairment and write down

(419,686)

(289,038)

(63,166)

Non recurring income and expenses and Integration costs

(782,727)

(2,627,433)

(1,506,077)

Stock options and Incentive plans

(702,486)

(2,723,817)

(1,165,957)

EBIT

(6,746,245)

(11,898,290)

(6,140,582)

Net financial income and expenses

(165,573)

(692,014)

(797,998)

Revaluation of European Investment Bank warrants liabilities (IFRS 2) and other impacts of EIB loan prepayment

0

3,777,134

3,777,134

Income Taxes

758,275

78,532

53,163

NET INCOME (LOSS)

(6,153,543)

(8,734,637,72)

(3,108,281,78)

Attributable to:

 

Equity holders of the parent company

(6,153,543)

(8,734,638)

(3,108,282)

Non-controlling interests

0

0

0

Basic earnings per share

(0,48)

(0,83)

(0,35)

Weighted average number of ordinary shares outstanding

12,766,860

10,525,521

8,816,135

Diluted earnings per share

(0,48)

(0,83)

(0,35)

(1) EBITDA excluding Stock Option and Incentive Plans expenses is not defined by IFRS. It is defined in notes 3.8 and 4.6.

 

1.2 Consolidated Statement of Other Comprehensive Income

OTHER COMPREHENSIVE INCOME
(amounts in Euro)

30/06/2019

31/12/2018

30/06/2018

NET INCOME (LOSS)

(6,153,543)

(8,734,638)

(3,108,282)

Exchange differences on translation of foreign operations and other differences

(4,437)

(156)

8,484

Actuarial gain and (losses) on employee benefits

(106,488)

(43,733)

5,867

Other comprehensive income (loss) for the year, net of tax

(110,924)

(43,889)

14,350

Total comprehensive income for the year, net of tax

(6,264,467)

(8,778,527)

(3,093,932)

Attributable to Equity holders of the parent company

(6,264,467)

(8,778,527)

(3,093,932)

1.3 Consolidated Balance Sheet

ASSETS
(amounts in Euro)

30/06/2019

31/12/2018

30/06/2018

Property, plant and equipment

3,238,849

1,294,653

732,618

Intangible assets

7,988,719

7,986,470

6,723,850

Investments in entities accounted using the equity method

996

996

 

Other non current financial assets

143,227

143,227

74,287

TOTAL NON CURRENT ASSETS

11,371,792

9,425,346

7,530,755

Trade and other receivables

8,855,916

8,164,968

2,171,071

Inventories

3,153,814

3,052,853

8,942,062

Other current assets

3,181,856

1,981,965

1,154,696

Current financial assets

435,500

350,000

0

Cash and cash equivalent

4,423,931

10,860,527

3,900,009

TOTAL CURRENT ASSETS

20,051,017

24,410,314

16,167,838

TOTAL ASSETS

31,422,809

33,835,660

23,698,593

 

EQUITY AND LIABILITIES
(amounts in Euro)

30/06/2019

31/12/2018

30/06/2018

Issued capital

2,553,372

2,553,372

1,915,029

Share premium

48,147,696

48,843,750

20,550,878

Other Reserves

4,603,320

4,932,184

5,753,829

Retained Earnings

(38,298,766)

(30,296,289)

(30,297,493)

Profit (Loss) for the period before Revaluation of European Investment Bank warrants liabilities (IFRS 2)

(6,153,543)

(12,511,771)

(6,885,416)

Total Equity before European Investment Bank variation (IFRS 2)

10,852,078

13,521,244

(8,963,172)

Revaluation of European Investment Bank warrants liabilities (IFRS 2) - Impact on Net Profit

0

3,777,134

3,777,134

TOTAL EQUITY

10,852,078

17,298,378

(5,186,038)

Severance indemnity reserve and Employees' benefits

5,047,361

4,226,240

2,075,652

Non current financial liabilities

4,704,560

1,810,167

2,313,179

Other non current liabilities

1,619,796

0

0

Non current deferred tax liabilities

16,494

16,494

61,890

TOTAL NON CURRENT LIABILITIES

11,388,211

6,052,901

4,450,721

Trade payables

4,310,379

5,513,949

3,952,702

Other current liabilities

3,149,166

2,709,845

5,658,747

Current financial liabilities

1,722,975

2,240,696

14,822,462

Income tax payable

0

19,892

0

TOTAL CURRENT LIABILITIES

9,182,519

10,484,381

24,433,911

TOTAL EQUITY AND LIABILITIES

31,422,809

33,835,660

23,698,593

1.4 Consolidated Statement of Changes in Equity

CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
(amounts in Euro)

Share Capital

Premium Reserve

Stock Option and Warrants plan reserve

Other Reserves

Retained Earnings
(Losses)

Profit (Loss) for
the period

Total Equity before European Investment Bank variation (IFRS 2)

Revaluation of European Investment Bank warrants liabilities (IFRS 2) and other impacts of EIB loan prepayment

TOTAL EQUITY

Net Equity as of 31 December 2017

1,687,925

19,451,395

6,604,909

(173,645)

(20,198,389)

(5,923,291)

1,448,905

(3,086,219)

(1,637,314)

IFRS 15 first time adoption as at 1 January 2018

 

 

 

 

(1,074,563)

 

(1,074,563)

 

(1,074,563)

Previous year result allocation

0

0

 

0

(9,009,510)

5,923,291

(3,086,219)

3,086,219

0

Stock option and warrants

0

0

(1,453,787)

 

0

0

(1,453,787)

 

(1,453,787)

Shareholder's capital increase

865,446

29,392,355

 

0

0

0

30,257,801

 

30,257,801

Other movements

 

 

 

(1,560)

(13,671)

 

(15,231)

 

(15,231)

Loss for the period

0

0

 

0

0

(12,511,771)

(12,511,771)

3,777,134

(8,734,638)

Total comprehensive income

0

0

0

(43,733)

(156)

0

(43,889)

0

(43,889)

Net Equity as of 31 December 2018

2,553,372

48,843,750

5,151,122

(218,938)

(30,296,289)

(12,511,771)

13,521,245

3,777,134

17,298,379

Previous year result allocation

 

 

 

(27,704)

(8,706,934)

12,511,771

3,777,134

(3,777,134)

0

Stock option and warrants

 

 

(181,831)

 

 

 

(181,831)

 

(181,831)

Shareholder's capital increase

 

 

 

 

 

 

0

 

0

Other movements

 

(696,055)

 

(12,841)

708,895

 

(1)

 

(1)

Loss for the period

 

 

 

 

 

(6,153,543)

(6,153,543)

 

(6,153,543)

Total comprehensive income

0

0

 

(106,488)

(4,437)

0

(110,926)

0

(110,926)

Net Equity as of 30 June 2019

2,553,372

48,147,695

4,969,291

(365,971)

(38,298,766)

(6,153,543)

10,852,078

0

10,852,078

1.5 Consolidated Statement of Cash Flows

CASH FLOW STATEMENT
(amounts in Euro)

30/06/2019

31/12/2018

30/06/2018

Net Income or Loss

(6,153,543)

(8,734,638)

(3,108,282)

Non-cash adjustment to reconcile profit before tax to net cash flows

0

(357,655)

0

Revaluation of European Investment Bank warrants liabilities (IFRS 2) and other impacts of EIB loan prepayment

0

(3,777,134)

(3,777,134)

Amortisation and depreciation

1,487,957

1,655,407

634,923

Impairment and write down

419,686

289,038

63,166

Stock option and incentive plans impact

702,486

(1,466,296)

643,962

Defined Benefit Plan

319,914

443,411

147,364

Non-cash variation in bank debts

0

488,338

88,904

Working capital adjustments

 

 

 

Decrease (increase) in tax assets

(318,851)

719,544

714,203

Decrease (increase) in trade and other receivables and prepayments

(1,976,338)

(4,362,766)

5,410,135

Decrease (increase) in inventories

(100,961)

1,780,617

(4,108,592)

Increase (decrease) in trade and other payables

(1,203,826)

3,224,791

2,340,922

Increase (decrease) in SARs Liability

(289,110)

0

0

Increase (decrease) in non current assets and liabilities

113,925

2,686,501

(820,065)

Net cash flows from operating activities

(6,998,662)

(7,410,842)

(1,770,494)

Investments

 

 

 

Net Decrease (Increase) in intangible assets

(1,174,207)

(3,137,602)

(992,234)

Net Decrease (Increase) in tangible assets

(208,878)

(780,971)

(81,199)

Net Decrease (Increase) due to IFRS 16 FTA

(2,051,318)

0

0

Net cash flows from investments activities

(3,434,402)

(3,918,573)

(1,073,433)

Financing

 

 

 

Increase (decrease) in bank debts

3,996,468

(12,304,402)

1,179,811

Shareholders cash injection

0

30,257,801

1,326,586

Investments in company accounted for using the equity method

0

(996)

0

Net cash flows from financing activities

3,996,468

17,952,403

2,506,397

 

 

 

 

Net cash and cash equivalent at the beginning of the period

10,860,527

4,237,540

4,237,540

NET CASH FLOW FOR THE PERIOD

(6,436,596)

6,622,988

(337,530)

NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

4,423,931

10,860,527

3,900,009

 

Diesen Artikel teilen
Wertpapier

Mehr zum Thema
Klicken Sie auf eines der Themen und seien Sie stets dazu informiert. Mehr Informationen hier.
EuroCapFIParisTOTAL


0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

Aus der Community
LUS Wikifolio-Index BITCOIN, ETHEREUM & GOLD Index Zertifikat Open-End (LASW)
Chart: arniarni
LUS Wikifolio-Index Performance von Kryptowährungen Index Zertifikat Open-End (LASW)
Chart: arniarni

Meistgelesene Nachrichten des Autors

Titel
Titel
Titel
Titel

Diskussionen zu den Werten

ZeitTitel
15.08.19