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Leclanché SA: Leclanché announces its full year 2017 financial results Donnerstag, 03. Mai 2018 - 23:27
Leclanché SA / Key word(s): Final Results/Market Report
Leclanché SA: Leclanché announces its full year 2017 financial results
03-May-2018 / 23:26 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
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Leclanché announces its full year 2017 financial results.
On track to hit milestone of 100 MWh of energy storage systems in operation
by 2018 and be EBITDA positive by 2020.
Leadership sets out the company's strategy to capitalise on high growth
stationary and transport markets.
- Confirmed order book of over 50 MWh in battery storage systems in 2018
- Growth funding secured with additional balance sheet strength
- Advanced JV discussions in India and China for both product sales and
high-volume production
- World's largest fully electric ferry, funded by the EU, to launch in Q3
2018
- Annual Report 2017 published today
YVERDON LES BAINS, Switzerland, 3 May 2018: Leclanché SA (SIX: LECN), one of
the world's leading energy storage solution companies, today announced its
results for the full year ending 31 December 2017. Consolidated revenues for
fiscal year 2017 were CHF 18 million, down from CHF 28.5 million in 2016;
the EBITDA loss for the year amounts to CHF (31.8) compared to a loss of CHF
(28.4) million the previous year.
The revenue shortfall in 2017 was due to funding delays in growth capital,
as announced at the AGM on 26 July 2017, which impacted the delivery of a
number of projects. The funding is now secured, all projects are now being
executed and the resulting lost revenues in 2017 will be generated and
accounted for in 2018.
Leclanché is working on a confirmed order book of over 50 MWh which should
contribute CHF 40-50 million of revenue in 2018. In addition, we are looking
forward to achieving the milestone of 100 MWh in operation by end 2018. The
Company expects to be EBITDA positive by 2020.
Anil Srivastava, CEO of Leclanché, said: "The opportunity for Leclanché is
now. We are well on our way to hitting the milestone of 100 MWh of storage
projects in operation by 2018. This is the result of a 5-year growth plan
with confirmed projects and partners worldwide in the fast-growing market of
energy storage solutions.
In addition, in the e-transport business, we have already secured multi-year
annuity agreements with partners around the world, including in India with a
leading automotive integrator and in Europe with Skoda Electric. This market
is also growing substantially worldwide as it moves beyond the trials and
tests phase and as governments are increasingly setting clear directives
which push the industry towards green technology.
This is a very special time in Leclanché's history. The electricity and
transport industries are experiencing unprecedented changes and Leclanché
has never been better positioned to meet the needs of both the disruptors
and the incumbents who are changing the way we produce, distribute and
consume electricity and the way we transport people and products, as we move
towards a clean energy future.
The opportunities have never been so exciting for Leclanché. Our
organisation and expertise are geared entirely towards capitalising on what
we see as a paradigm shift in these industries. Our partners, be they
utilities, electric vehicles manufacturers or electricity network operators
tell us that it is our independence and technological superiority, supported
by our culture of German engineering and Swiss precision that continue to
make us their partner of choice."
The Company is also announcing today that it is in advanced JV discussions
with partners in China and India for both product sales and high-volume
production, further cementing its position as the "go to" provider of high
quality energy storage solutions to disruptors and incumbents across the
world.
The Company is delivering on the following orders:
Stationary
- Cremzow storage plant, Brandenburg, Germany: Enel Green Power Germany (EGP
Germany), has signed an agreement with German wind energy company ENERTRAG
AG and Leclanché to build and manage a 22 MW lithium-ion (31 MWh) battery
storage plant in Cremzow, in the German state of Brandenburg. The project is
Enel's first storage plant in Germany and its construction will involve an
investment of around 17 million euros. The facility will be owned by a
special purpose vehicle (SPV) in which EGP Germany has a 90% majority stake
and ENERTRAG the remaining 10% stake. Leclanché will act as engineering,
procurement and construction (EPC) contractor for the project, in charge of
integrating battery and power conversion systems and energy management
software. The storage plant will provide frequency regulation services to
Germany's Primary Control Reserve (PCR) market to rapidly stabilise the
grid, and will later be integrated with ENERTRAG wind farms. The first 2 MW
section of the Cremzow plant has come into operation in April 2018, while
the launch of the entire plant is planned for the end of this year.
- IESO Basin 1 & 2, Ontario, Canada: Leclanché is delivering a 13.8 MWh
battery storage system for grid ancillary services. The two adjacent 6.9 MWh
projects in near downtown Toronto will provide various ancillary services to
support grid stabilisation and resiliency. Basin 1 will be operational in Q2
2018 and Basin 2 in Q3 2018.
- SWB Bremen, Germany: Leclanché is delivering a hybrid storage system with
a 15 MWh battery coupled with a heating system to provide frequency
regulation services to Germany's Primary Control Reserve (PCR) market. The
heating system will take electricity from the grid if the frequency is too
high and feed it into the grid when frequency is low. Commissioning of the
hybrid storage system is planned for autumn 2018.
- Marengo, Illinois, USA: Leclanché is delivering a 19.5 MWh battery storage
system for frequency regulation. The complete storage solution will provide
regulation ancillary services in the PJM market, considered the most
advanced market of this type globally. The system will be completely
electronically interfaced with the ISO signal on a second-by-second basis.
- Canadian Solar, Ottawa, Canada: Leclanché is delivering a 2.8 MWh battery
storage system. Located near Ottawa, the utility-scale system will provide
various grid ancillary services for the IESO, connected directly to the
provincial transmission grid.
- Romande Energie, Onnens, Switzerland: Leclanché is delivering 5 MWh of
storage for PV solar integration in Switzerland.
Transport
- E-ferry, Denmark: Funded by the EU, E-ferry is the world's largest fully
electric ferry connecting the island of Aero to the mainland. Leclanché is
providing E-ferry with a state of the art battery energy storage system,
delivering 4.2 MWh of GNMC [1] Cells-based battery packs. The E-ferry, along
with other smaller e-ferries are replacing diesel-powered ferries, creating
planned energy savings of up to 50% and major emission reductions.
- Leading automotive integrator, India: Leclanché is delivering GNMC
Cells-based battery packs for electric buses and electric auto rickshaws.
The units are undergoing pilot testing. Post completion of successful
trials, annual volume is expected to be in the range of 90 to 150 MWh under
a multi-year master supply agreement. Through this partnership, Leclanché
has entered in one of the largest electric vehicle market in the world,
helping India reduce CO2 emissions and harmful NOx pollution in its densely
populated cities.
- ZAPINAMO, UK: Leclanché is supplying fast charging LTO [2] Cells-based
battery packs. Currently on trial at London's Heathrow airport, one of the
world's most important aviation hubs, will through technology help to
accelerate the electrification of up to an estimated 15,000 daily private
hire journeys to and from the airport. The ZAPINAMO technology will allow a
simultaneous 'power boosted' ultra-fast charge to 20 electric vehicles using
a battery storage technology limiting the draw of grid supply during peak
hours.
Financial Results
Key figures
(in million CHF)
FY 2017 FY 2016 FY2015
Revenue 18.0 28.5 18.2
EBITDA -31.8 -28.4 -26.0
Loss for the period -38.5 -37.2 -35.6
Earnings per share -0.70 -0.87 -1.21
For further details, please refer to the full 2017 annual report which is
accessible on the Company's web site
http://www.leclanche.com/investor-relations/financial-reports-publications/annual-reports/
Organisation
Leclanché has built a world-class international leadership team. On the
lines of the announcement made during the AGM held in July 2017, the Company
is now organised along three business units: Stationary Storage Solutions,
eTransport Solutions, Specialty Batteries Systems.
Hubert Angleys, Chief Financial Officer, has been promoted to also serve as
Chief Operating Officer.
Stefan Louis, has been promoted to be the Executive Vice President of
eTransport Business Unit.
The Executive Committee of the Company is as follows:
Name Position
Anil Chief Executive Officer
Srivastava
Hubert Angleys Chief Financial Officer and Chief Operating Officer
Pierre Blanc Chief Technology and Industrial Officer
Fabrizio Executive Vice President, Specialty Batteries
Marzolini Business Unit
Stefan Louis Executive Vice President, eTransport Solutions
Business Unit
Bryan Urban Executive Vice President, Stationary Storage
Solutions Business Unit
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About Leclanché
Headquartered in Switzerland, Leclanché SA (SIX: LECN) is a leading provider
of high quality energy storage solutions designed to accelerate our progress
towards a clean energy future.
Leclanché's history and heritage is rooted in over 100 years of battery /
energy storage innovation. The Company is a trusted provider of energy
storage solutions globally, which coupled with the company's tradition of
Swiss precision and highest quality engineering, continues to make Leclanché
the partner of choice for both disruptors, established companies and
governments who are pioneering positive changes in how energy is produced,
distributed and consumed around the world.
The energy transition is being driven primarily by changes in our
electricity networks and advancements in all types of EVs, and these two end
markets form the backbone of our strategy and business model. Leclanché is
at the heart of the convergence of the electrification of transport and the
changes in the distribution network. Leclanché is the only listed pure play
energy storage company in the world and is listed on the Swiss Stock
Exchange.
SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9
Disclaimer
This press release contains certain forward-looking statements relating to
Leclanché's business, which can be identified by terminology such as
"strategic", "proposes", "to introduce", "will", "planned", "expected",
"commitment", "expects", "set", "preparing", "plans", "estimates", "aims",
"would", "potential", "awaiting", "estimated", "proposal", or similar
expressions, or by expressed or implied discussions regarding the ramp up of
Leclanché's production capacity, potential applications for existing
products, or regarding potential future revenues from any such products, or
potential future sales or earnings of Leclanché or any of its business
units.
You should not place undue reliance on these statements. Such
forward-looking statements reflect the current views of Leclanché regarding
future events, and involve known and unknown risks, uncertainties and other
factors that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. There can be no guarantee that Leclanché's products will achieve
any particular revenue levels. Nor can there be any guarantee that
Leclanché, or any of the business units, will achieve any particular
financial results.
* * * * *
Contacts
Publication of results
Leclanché SA published today its annual report which is available in pdf
format on the Company website: http://www.leclanche.com/investor-relations
Media contacts
Switzerland :
Thierry Meyer
T: +41 (0)79 785 35 81
E-mail: tme@dynamicsgroup.ch
Thomas Balmer
T: +41 (0) 79 703 87 28
E-mail: tba@ dynamicsgroup.ch
Europe/global :
Desirée Maghoo
T: +44 (0) 7775 522 740
E-mail:dmaghoo@questorconsulting.com
Laure Lagrange
T: +44 (0)7768 698 731
E-mail: llagrange@questorconsulting.com
US and Canada:
Rick Anderson
T: +1 (212) 808-4901
Henry Feintuch
T: +1 (212) 808-4915
E-mail: leclanche@feintuchpr.com
Investor Contacts
Anil Srivastava / Hubert Angleys
Tel.: +41 (0) 24 424 65 00
E-Mail: invest.leclanche@leclanche.com
# # #[1] GNMC: Lithium Graphite Magnesium Cobalt
[2] LTO: Lithium Titanate Oxide
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End of ad hoc announcement
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