investor deck · 2020. 9. 28. · -k-wize: end-to-end data solution for remote monitoring ......

1

INVESTOR DECKFINANCIAL & BUSINESS UPDATE

Carlalberto GUGLIELMINOTTIChief Executive Officer and General Manager

Giuseppe ARTIZZUExecutive Director, Global Energy Markets & Development

Andrea ROSSIChief Financial Officer

25 September 2020

2

FINANCIAL UPDATE

25 September 2020

3

2,7

4,90,1

H1 2019 H1 2020

Data in €m

H1 2020 KEY FIGURESDETAILS

40%

27%

H1 2019 H1 2020

(3,4)

(4,4)

H1 2019 H1 2020

2020 R&D Italian tax credit

Revenues & Other Income Gross Margin EBITDA

+89%

-13%

-31%

Net Income Pipeline Project Backlog

(6,2)(6,5)

H1 2019 H1 2020

350

806

H1 2019 H1 2020

33,8

23,8

H1 2019 H1 2020

-6%

+130% -30%

Figures may not sum to 100% or the absolute value referred to in the Financial Statements, because of rounding

4

2,7

5,0

H1 2019 H1 2020

+89%

Data in €m

REVENUES & PROJECT BACKLOGDETAILS

Revenues & Other Income


Giga Storage51%

Project Backlog

1,7

11,7

10,3

0,1

Europe49%

Africa43%

Americas 7%

By Region of Installation

33,8

23,8

H1 2019 H1 2020

-30%

Apac0%

2,2

0,2

2,6

Industrial Solutions46%

By Product Line

eMobility3%

EXCLUDING $130mCONTRACTS SECURED

3,01,7

0,3

0,0

Europe35%

Africa7%

Americas58%


Apac0%

12,710,5

0,3

0,3 Industrial Solutions53%

eMobility44%

Giga Storage1%

By Product Line

Others0%

5

Pipeline Evolution

806

H1 2019 FY 2019 May 2020* H1 2020

+130%

PIPELINEDETAILS

Pipeline Breakdown

217

226220

131

13

Mescat28%

Americas27%

Apac27%


Africa2%

Europe16%

666

118

21

Industrial Solutions

14%

eMobility2%

Giga Storage83%

By Sector

*Trading Update

Data in €m

350

686

766CONTRACTS SECURED$130


6Data in €m

PERSONNEL COST & OPERATING EXPENSESDETAILS

Operating Expenses (1,4 €MLN)

0,1

0,0

Utilities19%

Facilities81%

Facilities (0,1 €MLN)

0,2

0,20,1

0,1

0,00,0

CEO Office21%

Corporate (0,6 €MLN)

Audit6%

Others4%

ICT25%

Board & OdV26%

HR17%

0,2

0,2

0,1

0,10,1

Legal 36%

Finance25%

Business Development

10%

Partner & Advisors (0,7 €MLN)

Communication17%

HSEQ12%

109 110

H12019 H12020

1,1

0,9

H12019 H12020

22%of Total Personnel

Cost

25%with a PhD or MBA

equivalent

Total Employees* Total HR Costs capitalized

Personnel Cost

+1% -17%

4,24,6

H1 2019 H1 2020

Total P&L Personnel CostPersonnel Cost Evolution


1,0

1,3

0,1

H1 2019 H1 2020

Operating Expenses Evolution

*Covid-19 Impact

1,4

4,2

0,4(0,9)

3,7

PersonnelCost

Travel andExpenses

PersonnelCapex

PersonnelCost H12020

7Data in €m

INVESTMENTSDETAILS

0,5

0,5

0,5

0,20,2

V2G28%

Move28%

Control24%

Convert & Connect

11%

Store8%

R&D Investment €1,9m Other Investments €0,3m

0,3

IT84%

Facilities7%

Other9%

Net Book Value Evolution

3,1 2,9

7,08,1

10,1

11,0

FY 2019 H1 2020

+9%


8

8

(12,3) (13,2)

6,8

(2,0)

(8,1)

(17,8)

(25)

(20)

(15)

(10)

(5)

0

5

10

15

FY 2017 H1 2018 FY 2018 H1 2019 FY 2019 H1 2020

Cash Balance DebtNFP

NET FINANCIAL POSITIONEVOLUTION


Data in €m

9

BUSINESS UPDATE

25 September 2020

10

5

PRODUCTS LINE OVERVIEW

INDUSTRIAL SOLUTIONS GIGA STORAGE eMOBILITY

€5.5m (28%) €12.8m (65%) €0.5m (2%)

€131m (16%) €667m (80%) €31m (4%)

Storage-based solutions enabling the energytransition in the industrial sector

Utility-scale containerized Energy StorageSystems to enable a 100% renewable world

EV charging solutions transforming fleets andindividual cars in actors of the electric system

Industrial and CommercialClients Multi-Utility partner / IPPs and utilities

EV Manufacturersand Fleets

Industrial MicrogridsWorld-class power supply to

industrial facilities from renewable sources

Industrial Storage Systems

Advanced Energy Storage Systems guaranteeing power

continuity and quality to industrial plants and flexibility to conventional power plants

Solar-plus-StorageTransforming large

photovoltaic installations into a source of energy available on

demand

Utility-Scale StorageEnabling a Renewable-Powered

Grid

Charging StationsMultiple EVSEs solutions: with bidirectional capabilities for V2G and/or storage enabled,

for fast charging

Special EVSEse.g.: hang-and-feed systems to

charge your EV everywhere

VALUE PROPOSITION

TARGET CUSTOMERS

INDUSTRIAL PLAY

1 2

REVENUES 19A(1)

Source: Company information(1) Excluding other non-core activities amounting to c. €1m and other income of c. €0.5m; percentage of sales excluding other income

3

BACKLOG & PIPELINE

BREAKDOWN

Since 2005 Since 2015 – Scale-up in 2018 Since 2016 – Scale-up in 2020

PartnershipPartnership

11

7

HyESS – A UNIQUE PROPRIETARY TECHNOLOGY

All EPS products are built on HyESS, a unique technology platform that transforms intermittent renewables and electric vehicles into the pillars of a reliable and sustainable grid

• Designed to provide the best charging

experience in the e-mobility industry

- easyWallbox: a residential charging

system for EVs, featuring Dynamic

Power Management (not to exceed

the home power limit)

- ePost: special DC User Unit to

interface electric vehicles to a

centralized bidirectional V2G Charging

Station

• Suite of cutting-edge control systems

for Giga Storage, Industrial Solutions

and eMobility

- Prophet: break-through Energy

Management System

- K-Wize: end-to-end data solution for

remote monitoring

- My Easy WB App: monitoring and

scheduling of EasyWB charging

sessions

• Designed to interface batteries with the

surrounding environment, be it the

wider electrical systems or a microgrid

- PowerHouse (power conversion)

- EVHouse (electric-vehicles)

- ComHouse (grid interconnection)

• Designed to optimize density and

performance of batteries

- EnergyHouse: a range of

containerized housings fulfilling

world-class density, operational,

safety and affordability requirements

STORE CONVERT & CONNECT CONTROL MOVE

Source: Company information

12

19

INDUSTRIAL SOLUTIONS HIGHLIGHTS

Guam

Hawaii

€200m Opportunity Pool

• Microgrid in Iberian Island

• Hybrid storage in LatAm• Innovative storage in UK • One of the largest power

quality system for industrial processes

De-riskingStrategy

2/3USA & Europe

5MWhUnder

ConstructionFirst of a kind thermal power

plant retrofitting

+20MWExclusive

negotiationLarge industrial storage system

12MWOnline with

2019 Phase 3 Additions

3.5MWhPhase 2 under

develop-ment

4MWhFirst

Microgrid in US

5MWhOnline in H2

2019

New Caledonia


Projects Geographical Distribution


Backlog

Pipeline Divided by Product Line

666

118

21

Industrial Solutions

14%

eMobility2%

Giga Storage83%

12,710,5

0,3

0,3 Industrial Solutions

53%

eMobility44%

Giga Storage

1%

12

13

20

GIGA STORAGE HIGHLIGHTS

Guam, Hawaii,

New England

Approx. 600MWh

+$130mPotentialRevenues

2022-23Expected

COD

1GWhTender

Shortlisted

GW ClassTender

350MWhTender

Positioning300MW

Tender Positionin

g

300MWhSolar After Sunset ENGIE successful bidder loosing

bidder legal claim award exp. during

summer

Over

240MWhENGIE

Successful Bidder

Hawaii+200MWFast Reserve

AuctionPositioned with ENGIE Italy for fast-reserve

storage auctions

CONTRACTS SECURED


Backlog

Pipeline Divided by Product Line

Projects Geographical Distribution


666

118

21Industrial Solutions

14%

eMobility2%

Giga Storage83%

12,710,5

0,3

0,3 Industrial Solutions

53%

eMobility44%

Giga Storage

1%

Guam

13

50 MWh secured

14

14

V2G OPENING MIRAFIORI

V2G project opening: ENGIE Eps in partnership with FCA and TernaTurin, 14 September 2020 - ENGIE Eps, FCA and Terna have presented, in the evocative location of the Heritage Hub within the Mirafiori CA’s premises in Turin, the pilot project Vehicle-to-Grid (V2G) of electric mobility, which once totally completed, will become worldwide the biggest of its kind.

15

26

EVSE SPECIAL PRODUCTS – easyWallbox

easyWallbox Product Features


Sold across 18 countries

50,000 units manufacturing planned in 12-18 months

Exclusive contract with FCA until 2021

Product developed in the context of the long lasting eMobility Partnership between EEPS and FCA

with more than

ENGIE Eps

the decision of the ENGIE Group

to assess strategic options

for Engie EPS, including the

possible divestment of its

stake in the Company.

130%Pipeline

$130 millionsecured

Engie Eps acknowledges

ENGIE Group Decision

The three major energy storage projects in USA:

and ,

representing more than $130 million

revenues and 600MWh

by both companies.

Guam, Hawaii,New England

developedJointly

Should ENGIE decide to divest following their

strategic review, ENGIE has

reaffirmed its

Continuous financial support

by ENGIE

17 H1 2020 RESULTS AND STRATEGIC UPDATE

18

ANNEXES

25 September 2020

19

19

CONSOLIDATED INCOME STATEMENT H1 20 H1 19 Δ%

Revenues & Other Income 5,0 2,7 89%

TOTAL REVENUES AND OTHER INCOME 5,0 2,7 89%

Cost of goods sold (3,7) (1,6) -132%GROSS MARGIN FROM SALES 1,3 1,1 25%

% on Revenues 27% 40%

Personnel Costs (3,7) (3,1) -19%

Operating Expenses (1,4) (1,0) -36%

Other costs for R&D and industrial operations (0,6) (0,3) -112%

EBITDA (4,4) (3,4) -31%

Amortization and depreciation (1,3) (1,5) 13%

Non-recurring income and expenses and Integration costs (0,1) (0,8) 82%

Impairment and write down (0,2) (0,4) 53%

Stock options and Incentive plans (0,5) (0,7) 27%

EBIT (6,5) (6,7) 3%

Net financial income and expenses 0,0 (0,2) 124%

Income Taxes (0,0) 0,8 -104%NET INCOME (6,5) (6,2) -6%

PROFIT & LOSSH1 2020 vs H1 2019


20

ASSETS H1 20 FY 19 Δ %Property, plant and equipment 2,9 3,1 -8%Intangible assets 8,1 7,0 16%Other non current financial assets 0,2 0,1 17%TOTAL NON CURRENT ASSETS 11,2 10,2 9%Trade and other receivables 4,1 9,9 -59%Contract Assets 7,2 9,1 -21%Inventories 3,2 3,0 8%Other current assets 3,3 4,7 -30%Current financial assets 0,5 0,4 7%Cash and cash equivalent 3,8 6,4 -41%TOTAL CURRENT ASSETS 22,0 33,6 -34%TOTAL ASSETS 33,2 43,8 -24%EQUITY AND LIABILITIESIssued capital 2,6 2,6 0%Share premium 48,1 48,1 0%Other Reserves 4,5 4,6 -1%Retained Earnings (53,0) (38,3) 38%Profit (Loss) for the period (6,5) (14,6) -55%TOTAL EQUITY (4,2) 2,3 -282%Severance indemnity reserve 4,8 4,8 0%Non current financial liabilities 20,3 13,3 53%Other non current liabilities 2,0 1,6 22%Non current deferred tax liabilities 0,0 0,0 0%TOTAL NON CURRENT LIABILITIES 27,1 19,7 37%Trade payables 5,4 16,0 -66%Other current liabilities 3,7 4,5 -19%Current financial liabilities 1,3 1,3 0%TOTAL CURRENT LIABILITIES 10,3 21,8 -53%TOTAL EQUITY AND LIABILITIES 33,2 43,8 -24%

20

BALANCE SHEETH1 2020 vs FY 2019


21

CASH FLOW STATEMENT H1 20 FY 19Net Income or Loss (6,5) (14,6)Amortisation and depreciation 1,3 3,0Impairment and write down 0,2 3,6Stock option and incentive plan accrual 0,5 1,2Defined Benefit Plan (0,0) 0,6Non-cash variation in equity opening 0,0 0,0Non-cash variation in bank debts 0,0 0,5Working capital adjustmentsIncrease (decrease) in tax assets (0,8) 0,0Decrease (increase) in trade and other receivables and prepayments 9,1 (13,7)Decrease (increase) in inventories (0,2) 0,1Increase (decrease) in trade and other payables (11,6) 6,9Increase (decrease) in non current assets and liabilities 0,6 0,1Net cash flows from operating activities (7,5) (12,3)InvestmentsNet Decrease (Increase) in intangible assets (2,0) 0,4Net Decrease (Increase) in tangible assets (0,1) (0,3)Net Decrease (Increase) due to IFRS 16 FTA 0,0 (2,2)Net cash flows from investments activities (2,0) (2,0)FinancingIncrease (decrease) in bank debts 7,0 10,0Shareholders cash injection 0,0 0,0Purchase of treasury shares 0,0 0,0Warrants 0,0 0,0IFRS 16 Impact (0,1) (0,0)Net cash flows from financing activities 6,8 9,9Net cash and cash equivalent at the beginning of the period 6,4 10,9NET CASH FLOW FOR THE PERIOD (2,7) (4,4)NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 3,8 6,4

21

CASH FLOW STATEMENTH1 2020 vs FY 2019


investor deck · 2020. 9. 28. · -k-wize: end-to-end data solution for remote monitoring ......

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