Annual General Meeting, Electro Power Systems S.A. FY2015 Results Presentation Titolo A year of investments, scaling up towards 2016-2017 growth 21 June 2016 Massimo Prelz Oltramonti: Chairman Carlalberto Guglielminotti: Chief Executive Officer Giuseppe Artizzu: Executive Director, Global Energy Strategy Paris Marriott Rive Gauche Conference Center 17 Boulevard Saint-Jacques, 75014 Paris, France Data h: 10:00am CET
Index of Contents 01 02 03 2016 Strategy and Q1 2016 Results update FY2015 Results Positioning and projects under commissioning www.electropowersystems.com 2 Keynote Template
FY 2015 Results Opening Highlights First year post-IPO market expectations 1 delivered Technology competitive advantage verticalized and 2 HyESS business model validated Management focus to stay ahead of trends blowing up 3 HR commitment and tapping key strategic acquisition Clear 2016 strategy plan and positioning to drive 4 increased shareholders value www.electropowersystems.com 3
FY 2015 Results Consolidated results Subsidies (other income) [k € ] Gross Sales [ € mio] under IT GAAP 0,8 1,2 + 53% 0,8 - 67% 0,3 0,4* 2014 2015 2014 2015 Adjusted EBITDA [ € mio] ** Capex and strategic investments [ € mio] -1,5 -2,6 1,4 +65x 0,022 2014 2015 2014 2015 * Gross Sales refer to audited EPS Italy € 1.2mio revenues under Local GAAP . Consolidated Group IFRS revenues amount to € 0.4mio, as approx. € 0.7mio sales under IFRS have been recorded with the IAS18 “gross to net” accounting method (disclosing just the net margin and not the gross revenues) due to a IFRS treatment caused by the outsourcing of the supply. Such outsourcing was mainly due by the fact that the related purchase orders were received in 2015 before the Elvi Energy acquisition and the completion of the new manufacturing plant. www.electropowersystems.com 4 ** Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, R&D related product development costs and other non recurring expenses.
FY 2015 Results 2014-2015 Sales and Q1 2016 Backlog 3,5 2,3 + 285% 1,2 + 53% 0,8 2014 EPS Italy Revenues 2015 EPS Italy Revenues Q1 2016 Group Backlog* * 2016 Group Backlog means invoices already issued in 2016 plus purchase orders received, or revenues already contracted or expected to be generated in 2016 based on www.electropowersystems.com current arrangements with customers 5 Data in € mio.
FY 2015 Results Sales breakdown by final user: diversification carried-out Current Backlog and expected 2016 10% FY 2015 40% 20% 30% 80% 20% Telco/Data Center System Integrators Telecom Operators Utilities Telco/Data Center System Integrators Grid operators (final user) Commercial&Industrial www.electropowersystems.com 6
FY 2015 Results Our main cash outlays incurred in 2015 1.7 mio 1.2 mio 10% 11% New facilities R&D 1.5 mio 13% 1.3 mio 15% Elvi Energy acquisition IPO costs Extraordinary Personnel costs 8% 0.9 mio 21% Other Operating Expenses 2.4 mio 23% 2.6 mio euro 11,7 mio Data in € mio www.electropowersystems.com 7
FY 2015 Results Financial accounting of cash outlays New facilities R&D euro 1,2 mio euro 1,5 mio 40% Intangible assets Intangible assets 47% 53% P&L P&L 60% Elvi Energy acquisition IPO costs euro 2,4 mio euro 2,6 mio 40% 100% Other current assets Equity P&L 60% www.electropowersystems.com 8
FY 2015 Results From Gross Sales to Net Income 0,27 (0,92) 1,17 0,52 OTHER COGS GROSS MARGIN GROSS INCOME (1,72) NOMINAL SALES Personnel costs (1,35) (2,55) (0,60) (3,15) Adjusted Other operating expenses EBITDA 0,05 (0,06) Other costs EBITDA for product Amortization development Taxes & Depreciation Net financial net of income/expenses Impairment (2,85) (5.94) Non-recurring expenses Non-recurring 0.2 mio adj. income /expenses NET RESULT 0.2 mio 7% 7% 0.5 mio 17% P&L impact of non-recurring expenses IPO & Roadshow Cost 68% Manufacturing Consolidation (4,65) (10,59) Legal, Accounting and Certification ** 1.9 mio R&D Stock Options Net Result * adj. Net Result is defined as the Restated Net Result before stock options accounting www.electropowersystems.com ** Legal, accounting and Certification expenses have been represented net of the non recurring income of € 0.3mio for extraordinary legal settlement. 9 Data in [ € mio]
FY 2015 Results 31.12.2015 Proforma Net Cash * 10.20 (0,32) 0.82 1.41 8.29 Elvi Energy capital injection Net Financial Position MCM acquisition VAT receivables Proforma Net Cash Data in € mio * The bridge from Net Financial Position to the Pro-forma Net Cash results from (i) the addition of the € 1.4 million capital increase reserved to the former Elvi Energy shareholders and current management, which will take place in 2016 at 7.15 € per share , and (ii) the addition of € 0.82 millions of 2015 extraordinary VAT receivables that www.electropowersystems.com 10 will be set-off starting from the second half of 2016.
Index of Contents 01 02 03 2016 Strategy and Q1 2016 Results update FY2015 Results Positioning and projects under commissioning www.electropowersystems.com 11 Keynote Template
2016 Strategy and Positioning Positioning: hybrid solutions represent the core of any storage need SMALL-SCALE SYSTEMS GRID-SCALE SYSTEMS CAES: Minutes - 2h 2 -7h 7-24h Days Seasons Autonomy / Discharge time Compressed Diesel Generators ( DIESEL ) & gas power plants ( CCGT ) in modern grid systems or ENERGY INTENSIVE Air Energy Hydrogen Storage (H 2 STORAGE) CAPACITY * Storage HPS: Hydro Pumping HYBRID STORAGE Storage a unique system integration of: BESS for grid flexibility ❑ H 2 STORAGE or DIESEL for grid capacity ❑ POWER INTENSIVE FLEXIBILITY Battery Energy Storage Systems (BESS): Traditional Batteries: • Lithium-ion batteries / Li-ion titanate • Lead-acid • REDOX / Flow Batteries / flywheels • Pb-Open Valve • Advanced Lead-acid / NaS / NaCl • Pb-Gel Rated power 1 kW 5 kW 10 kW 50 kW 100 kW 500 kW 1 MW 100 MW up to 500 MW and beyond * Pure Energy Applications (which cannot be classified as a flexibility or capacity application), aimed at regularly time-shift www.electropowersystems.com 12 12 energy, have not been represented as not profitable in current market environment.
2016 Strategy and Positioning What “ Vertically Integrated Energy Storage Company ” stands for Engineering Project Storage Power System Grid Project Cell provider Ownership & activity provider electronics integration equipment operation construction EPC company Utilities Storage suppliers Specialised PCS manufacturers Cell System T&D manufacturers and larger, more integrated PCS 3 rd party investor manufacturers manufacturers suppliers Typical Integrated storage technology vendors types of players Specialist Specialist integrators integrators Developer Developer Main industrial shareholder and technology partner www.electropowersystems.com 13
2016 Strategy and Positioning 1 Diesel Replacement for What we do as a “ Vertically Integrated Energy Storage Company ” 1 C&I isolated sites mining, oil companies and local communities Power Generation SCADA 1 Off-Grid Supervisory Control And Data Acquisition Power generation Solar PV module Solar inverter 1 Flexibility Services: 2 Primary reserve, frequency regulation Windmill inverter Capacity Services: Wind turbine 2 Non-spinning reserve, Secondary & Tertiary Reserve Flexibility 1 2 Battery Management System Grid Support BMS 3 Battery Module MASTER CONTROLLER 1 2 Electricity Bills reduction through Power Conversion System 3 peak shaving, demand response, PCS Capacity 2 energy efficiency and energy conversion optimisation Diesel Generator Gas Turbines Distributed 1 Smart Storage Hydrogen Storage 2 Module www.electropowersystems.com 14 3
2016 Strategy and Positioning Off-grid focus: a two-step business model Hybrid Power Plant Microgrid composed by RES + HyESS ( Hybrid Energy Storage Systems ) The customer replaces current diesel generators with a 1 Hybrid Power Plant: electronics, renewables and storage STORAGE ENABLED to lower the electricity bill (17% in Somalia). MICROGRID STEP 1 Diesel consumptions and emissions are therefore reduced 2 up to 70%, enabling a payback between 3 and 5 years and IRR up to 25%. Any Hybrid Power Plant can be extended in size 3 modularly with additional renewables (to increase power), and upgraded with the Hydrogen Storage Module. HYDROGEN MODULE STEP 2 Plugging in a Hybrid Power Plant the Hydrogen Storage Module is an additional investment, which enable 4 complete avoidance of diesel fuel and a further reduction Hydrogen Storage Module of the electricity bill. www.electropowersystems.com 15
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