03.05.2018 – 23:34

Leclanché SA

EQS-Adhoc: Leclanché SA: Leclanché announces its full year 2017 financial results

EQS Group-Ad-hoc: 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 sitehttp://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 Srivastava    Chief Executive Officer

Hubert Angleys     Chief Financial Officer and Chief Operating Officer

Pierre Blanc       Chief Technology and Industrial Officer

Fabrizio Marzolini Executive Vice President, Specialty Batteries 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------------------------------------------------------

Language: English

Company:  Leclanché SA

          Av. des Sports 42

          1400 Yverdon-les-Bains

          Switzerland

Phone:    +41 (24) 424 65-00

Fax:      +41 (24) 424 65-20

E-mail:    investors@leclanche.com

Internet: www.leclanche.com

ISIN:     CH0110303119, CH0016271550

Valor:    A1CUUB, 812950

Listed:   SIX Swiss Exchange



 

End of Announcement EQS Group News Service

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682343  03-May-2018 CET/CEST