Courbevoie, 4th of May 2017
ENERTIME (FR0011915339 - ALENE), French Company in the « Cleantech » sector offering equipment for industrial energy efficiency and production of distributed renewable energy (biomass and geothermal energy) publishes its financial results for the year 2016. The Board of Directors, met on the 27th April to approve the audited annual accounts.
Gilles David, CEO of ENERTIME declared: «through our IPO, we are committed to an ambitious development plan aimed at establishing the company as a key French player in the industrial energy efficiency sector and the distributed renewable energy generation. During the past year, this plan has resulted in the industrialization of our operations by building three turbomachines and associated modules for more than 6 MW of total capacity. Strengthened by a backlog of 7.8 M€, 2017 will be another year of growth. »
A strong growth of our turnover
During the fiscal year 2016, the company has recorded a strong growth of its turnover, multiplied by 9.5 versus 2015, up to 4.1 million €. Turnover growth is driven by the execution of two contracts in China for steel mills (one 3.2 MW ORC for Baosteel in Shanghai and a 1 MW turbine for Baotou Steel in Baotou) as well as a contract for a 2 MW ORC for the incinerator of the City of Caen (France).
Annual results in line with the development plan
Given the investment and structuring phase of the company, the company incurred in 2016 an operating loss of 2.9 M€ against 1.4 M€ loss a year earlier. The increase in operating expenses is linked, on one hand, to the rise of the international contracts and, on the other hand, to the strengthening of the teams in accordance with our development plan. Within the year, employees count went from 25 to 36 and commercial presence was completed with the opening of offices in China and in the city of Lyon.
After accounting for financial costs, the R&D Tax Credit and the Innovation Tax Credit, the net income amounted to a 2.6 M€ loss.
A stronger financial structure
Enertime has a solid financial structure with its equity funds strengthened thanks to its IPO (July 2016). At of the 31st of December 2016, the equity funds amounted to 1.9 M€1.
Furthermore, as announced on the 24th of March 2017, the company has arranged, after the 2016 closure, a financing facility up to 3.0 M€ by issuing Convertible Bonds to support the development of its activity, to which must be added a potential maximum of 2,1 M€ in case of exercise of the warrants (BSA)attached to the Convertible Bonds. Within this financing facility, the company has issued the first tranche, for a nominal value of 750 0002 euros, in favor of YA II PN, Ltd. Investment Fund. The Bonds of this first tranche are accompanied by 53 846 warrants (BSA), with an exercise price of 9.75 euros.
Research and development activities
Over the past year, the company has incurred R & D expenses up to 712 689 euros, in salaries and social charges. The company is participating to two new research projects (CO2 Dissolved and Carphymcheau) as a member of Geodenergies, a scientific consortium for geothermal energy, created in 2015.
Moreover, the company has started scientific collaborations on turbomachines with Politecnico di Milano (Italy) and has started in April 2017, to fund a thesis on the optimization of turbines with the Dynfluid laboratory of ENSAM in Paris.
Prospects for 2017
The company starts the 2017 fiscal year with confidence and seeks another year of growth. For this purpose, the order book (30th April 2017) represents 7.8 M€ turnover, to be accounted for mainly in 2017. This order book is made up of 5 projects:
1Including 818 737 € of reimbursable advance
230 additional Convertible Bonds were issued for a nominal amount of € 30,000 for the commitment fee. These 30 Convertible Bonds have 2.153 warrants attached with an exercise price of 9.75 euros.
Moreover, the results of the fifth tender organized by the French Energy Regulation Commission (CRE) for biomass power plant capacity were announced last 21st of March by the French Ministry of environment and energy. Out of the 12 selected projects, at least 7 projects are based on the ORC technology proposed by the company and its competitors. These projects are expected to generate ORC contracts in 2018. A new tender for Biomass Power Plant Capacity (CRE # 6) is underway, for submissions before the 1st of September 2017.
In addition, the 5 years Energy Development Plan (PPE) for the Reunion Island provides for the installation of 5 MW of ORC modules in 2018 for waste heat recovery applications from existing thermal power plants in the island and 4.7 of additional MW by 2022. In a similar way the PPE for the island of Mayotte provide for 1.6 MW of ORC modules in 2018 for the same application.
Provision of 2016 annual financial report
The company announced the publication and filing with the French Autorités des Marchés Financiers its 31st December 2016 annual financial report.
Established in 2008, the company designs, develops and implements Organic Rankine Cycle machines (ORC) for industrial energy efficiency and distributed renewable energy generation. The ORC technology allows to transform heat into electricity. The company is one of the three major global players and the only French Company fully mastering the technology of large machines (1 MW and more). Based in Paris Region, the company has 42 employees including 26 engineers and has offices in Lyon and Strasbourg as well as agents or representatives in 7 countries including India and China.
The company is recognized as "innovative company" by BPI France and “Creative Industry” by the French Ministry of Industry. The company is listed on the Alternext of Euronext Paris market. ISIN: FR0011915339-Mnemo: ALENE further information on www.enertime-bourse.com
Gilles DAVID - CEO
Phone 01 75 43 15 40
Lucie Gaudin - media
Phone 01 80 88 59 80 / 06 89 83 12 63
SUMMARY OF THE STATES FINANCIAL 2016
Income Statement (audited)
|To €-French standards||2016||2015|
|Turnover||4 053 056||424 552|
|Other operating income||696 047||750 824|
|Operating expenses||(7 686 678)||(2 625 544)|
|Operating result||(2 937 575)||(1 450 168)|
|Financial result||(62 661)||(20 654)|
|Exceptional result||23 869||(596)|
|Tax product||343 209||153 647|
|Net result||(2 633 158)||(1 671 396)|
* Please refer to note 3.3.1 of the appendices to the half-year financial statements for the period ended June 30, 2016 and the notes to the annual financial statements for 2015 presented in chapter 20 of the Registration Document (The Alternext IPO) registered under number l.16-012 on March 30, 2016, to review the reinstatement made in the financial statements as of 31/12/2015.
Balance Sheet (audited)
|In €- French standards||2016||2015|
|Capital assets||1 100 633||976 437|
|Stocks & Receivables||1 437 484||186 346|
|Other assets||1 403 857||1 007 715|
|Cash & securities||775 148||1 113 689|
|TOTAL ASSETS||4 717 122||3 284 187|
|In €- French standards||2016||2015|
|Own Equity & other Equity||1 865 980||984 543|
|Payables||1 420 671||366 253|
|Other liabilities||861 290||1 219 792|
|Loans & debt||569 181||712 599|
|TOTAL LIABILITIES||4 717 122||3 284 187|