Leclanché SA

EQS-Adhoc: Leclanché announces Interim Results for 2016 and reports a 65% increase in revenue during the first half of the year. The Company is poised to deliver significant growth going forward to 2018 and beyond.


EQS Group-Ad-hoc: Leclanché SA / Key word(s): Interim Report
Leclanché announces Interim Results for 2016 and reports a 65% increase in
revenue during the first half of the year. The Company is poised to deliver
significant growth going forward to 2018 and beyond.

07.09.2016 / 06:32
Release of an ad hoc announcement pursuant to Art. 53 KR.


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For Immediate release

Leclanché announces Interim Results for 2016 and reports a 65% increase in
revenue during the first half of the year. The Company is poised to deliver
significant growth going forward to 2018 and beyond.

-Thirty-fold increase in confirmed projects totaling 75 MWh of Energy Storage
Solutions (ESS) business;

-Near tenfold increase in MWh delivered over 5MWh in 2015;

-Order backlog target for the year 2017 increased to 85 MWh;

-Signed a breakthrough investment partnership with independent owner & operator
of energy storage assets to develop and finance projects globally;

-Four new major institutional investors participated in the successful
completion of CHF 11.1 million first-round of the capitalraise;

-Completed organizational transformation into a vertically integrated energy
storage system (ESS) solutions provider;

-Full 2016 yearly revenues forecasted to grow by 55% above 2015;

-EBITDA breakeven in 2018 or sooner.

Yverdon-les-Bains, Switzerland, 7.09.2016 -Leclanché SA (SIX Swiss Exchange:
LECN), the vertically integrated battery energy storage solution provider for
industrial scale applications, today announced its interim results for the half
year ending 30 June 2016.

Anil Srivastava, Leclanché CEO, said, "Leclanché is one of the fastest-growing
companies in the world operating in the industrial-scale energy storage market.
I am pleased to report that the Company has achieved key milestones that were
set out in the Growth Plan endorsed by a vast majority of our shareholders
during the AGM held on 4 May 2016. Our Revenue, Order Intake and Sales pipeline
continues to grow faster than the addressable market growth @37% CAGR1. We
intend to cement Leclanché as one of the leaders in this field, and our
activities are specifically undertaken with this in mind."

Building Momentum

The Company has delivered significant growth in the first half of the year:

- Growth in revenue, 65% year-over-year.


- Growth in order-intake with an unprecedented 75 MWh order backlog for delivery
from Q4 2016 through 1H 2017.

- A 30-fold increase in confirmed projects with the Company securing 145 MWh of
Energy Storage Systems (ESS) business, comprising of 75 MWh of confirmed
projects and a further qualified pipeline of 70 MWh projects.

- Current portfolio of projects sets the foundation for the Company's long-term
growth in different market segments, and diversified geographies as exemplified
by the creation of project teams in USA and soon India.

Growth Figures in Context

Full year 2016 revenues will be approximately CHF 28 million, which is an
increase of 55% over 2015. The difference between this and the 100% planned
uplift under the Growth Plan is largely attributable to (i) a delay in financial
closing of the IESO Canadian Project implying a delay in shipping of goods and
(ii) a fire at the Company's cell manufacturing facility in Germany.

"The delay in financial closing of our Canadian IESO project was unfortunate,
but we have lost no business and this revenue will be recognized in H1 2017,"
Srivastava explained. "We are positioned at an inflection point to execute on
our growth, and to manage a broader and more stable project pipeline from a
position of financial strength rather than being reliant on individual
projects."

Leclanché is on track to achieve EBITDA breakeven in 2018 or sooner, and confirm
as communicated during the AGM held on 4 May 2016 that the breakeven-volume is
approximately 100MWh of delivery and commissioning on an annualized basis.

Major customer wins

"We are very pleased to report that the Company has achieved a major milestone
inthat we now have working reference projects in all of our addressable markets.
This has been achieved within 18-months of the launch of the Growth Plan, and
can be used to demonstrate our ability to execute on time and under budget."
Srivastava declared.

Utility-scale generation and micro grid applications - forecast to grow 48%
annually to 4.2 GWh1.

- In January 2016, Leclanché announced securing one of the largest grid
ancillary services projects in the world. The IESO project, a 120 MW / 53 MWh
Energy Storage Solution, is under construction. The Company is on track to
commission the first site by Q4 2016

- In June 2016, Leclanché was selected in the USA, as the turnkey EPC contractor
for a 20 MW / 10 MWh project, with an option to add an additional 20 MW / 10 MWh
project. The project should be announced in the course of the month.

- The Company has submitted bids around the world for more than 100 MWh worth of
additional projects.

Commercial & industrial battery systems - forecast to grow 48% annually to 11.3
GWh

- The Specialized Battery Systems business, core of Leclanché's commercial &
industrial business, won significant contracts in this period.

a) 2 major projects won to supply Battery Pack for Automated Guided Vehicles
(AGVs) used in respective warehouses of two Global Multi-National companies.

b) 2 big tenders of CHF 2 million and CHF 3 million with ArmaSuisse on the
development of Ni-Mh batteries for radio telecommunication systems.

c) A 5-year contract has been signed with ECA, a submarine and terrestrial drone
manufacturer, for EUR400K annually.

eTransport (including buses, ferries, forklifts, trains and industrial material
handling) - forecast to grow 37% annually to 6 GWh1.

- In May 2016, Leclanché announced the launch of BB Green the "the world's
fastest 100% electric commuter vessel". Leclanché supplied a 200 kWh LTO energy
storage system enabling it to operate at high speed for over 30 minutes with a
14 nautical mile (26 km) range. At each stop, it benefits from ultra-fast
charging for 15-20 minutes.

- Leclanché LTO cells-based module is undergoing quality certification testing
in Beijing, China. Upon successful testing, it will open access to the electric
bus market in China.

Strengthening execution capabilities

-Strengthened balance sheet. In June, Recharge A/S (formally Recharge ApS) and
Bruellan, two of Leclanché's current major shareholders, completed the
conversion of their entire loan facilities into shares of Leclanché SA.

-Access to off-balance sheet non-recourse project finance which will, over time,
reduce equity based funding needs.On 14 July 2016, Leclanché signed a
breakthrough investment partnership with an independent owner & operator of
energy storage assets to finance its projects globally. This Term Sheet has a
Right-Of-First-Offer for Leclanché ESS projects. Further details about this
partnership will be announced very shortly.

-New growth capital raised on 16 August 2016.The Company successfully completed
the first tranche of the capital raise including CHF 11.1 million of new equity
issuance and a conversion of CHF 4.1 million of the convertible loan by ACE &
Company and Jade Crest Limited. The existing shareholders Bright Cap SICAV SA
and Recharge A/S made further investments in the Company as part of the first
tranche of the capital raise. This is the first tranche of CHF 50 million to CHF
70 million capital raise announced during the AGM held on 4 May 2016 This raise
has helped the Company to diversify and enrich its shareholder base by addition
of four new institutional shareholders.

-Better use of capital.The Company is exploring ways to reduce capital intensity
in the business by exploring strategic partnership/joint venture for cell
manufacturing and/or implementing IP licensing agreements

-Better margin from project businesses.The team to execute the growth plan is
now substantially in place. The Company has attained a critical mass with
headcount of 163 personnel, compared to 105 in 1H 2015. This 55% increase in
headcount, as already reported during the AGM, has provided a critical mass for
the Company to implement its software and systems integration model. As the
projects reach commercial operation in 2017, thanks to this investment, the
Company will realize high-margin revenue associated with Engineering,
Procurement and Construction (EPC) turnkey contracts.

Jim Atack, Chairman added: "The board of directors wish to thank Anil
Srivastava, the CEO, and his team for the excellent results in the first half of
the year. The Company is on course to deliver sustained growth and aims to
achieve EBITDA breakeven in 2018 or sooner. The Company is increasingly
recognized as the preferred provider of industrial-scale energy storage systems
for the European and North American markets."

"We sincerely thank our shareholders, suppliers and employees for their support,
trust and dedication. I am excited about the solid foundation on which our
growth is built." Anil Srivastava concluded.


Publication of results
Leclanché SA published today its 2016 interim report which is available in pdf
format on the Company Web site:
www.leclanche.com/investor-relations/financial-reports-publications/annual-repor
ts

Analyst and investor call
Leclanché will discuss its first half-year 2016 financial results during a live
audio webcast taking place on Wednesday, September 7 at 3:00pm CET.

The presentation will be accessible here:http://www.audio-webcast.com/;
password: leclanche0916

Agenda:

1. Company presentation (1 hour)

2. Q & A session (30 minutes)

The conference call will be held by Anil Srivastava, CEO, and Hubert Angleys,
CFO

Details:Wednesday 7th of September 2016, 3.00pm CET

Dial in:

Location                        Conference ID Phone Number

Belgium, Brussels               7697137       +32 (0)2 404 0659

China, Beijing                  7697137       +86 10 5904 5462

Denmark, Copenhagen             7697137       +45 35 15 80 49

Finland, Helsinki               7697137       +358 (0)9 7479 0361

France, Paris                   7697137       +33 (0)1 76 77 22 74

Germany, Frankfurt              7697137       +49 (0)69 2222 13419

Hong Kong, Hong Kong            7697137       +852 3018 8767

Luxembourg, Luxembourg          7697137       +352 2786 1395

Switzerland, Geneva             7697137       +41 (0)22 567 5729

United Kingdom, London          7697137       +44 (0)203 043 2003

United States, Colorado Springs 7697137       +1 719-325-4746


Analysts and investors wishing to ask questions during the conference are
invited to register with the investor relation team by email:
investors@leclanche.com

Media contacts:
Worldwide, except U.S. and Canada:
Florent Gaillard
Tel.: +41 (0) 24 424 65 00
E-Mail:communication@leclanche.com

U.S. and Canada:
Rick Anderson / Henry Feintuch
Tel.: +1 (718) 986-1596 / +1 (212) 808-4915
E-Mail:leclanche@feintuchpr.com

Shareholder, Analyst and Investor contacts:
E-mail :investors@leclanche.com

About Leclanché
Leclanché is a fully vertically integrated battery energy storage solution
provider. It delivers a wide range of turnkey energy storage solutions for
homes, small offices, large industries, electricity grids, as well as
hybridization for mass transport systems such as bus fleets and ferries.
Established in 1909, Leclanché has been a reliable partner for battery energy
storage solutions for over 100 years. Founded in the tradition of Georges
Leclanché, the inventor of the dry cell battery, Leclanché today has a rich
portfolio of Battery Energy Storage Systems (BESS) that include bespoke battery
systems from industry leading lithium-ion solutions.

Leclanché 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.

# # #


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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 News EQS Group News Service
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