Leclanché SA

EQS-Adhoc: Leclanché SA: Leclanché increases revenue by 56% in full year 2016 financial results and achieves key growth plan milestones


EQS Group-Ad-hoc: Leclanché SA / Key word(s): Final Results
Leclanché SA: Leclanché increases revenue by 56% in full year 2016 financial
results and achieves key growth plan milestones

04-Apr-2017 / 18:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Leclanché increases revenue by 56% in full year 2016 financial results and
achieves key growth plan milestones

-Market guidance achieved

- Revenue increased by 56%

- 2016 recurring EBITDA loss as percentage of net sales reduced by 54% compared
to 2015. Growth investment of CHF 10 million accounts for nearly 40% of the
EBITDA loss

- Book to bill (order backlog) increased by more than 100% year-on-year to reach
85 MWh

- The first two sites of the largest stationary energy storage system in
Ontario, Canada (13 MW / 53 MWh), to be operational by summer 2017; the battery
energy storage system for the Marengo Project, Chicago, has been delivered (23
MW / 10 MWh). These are two of the largest energy storage projects of their kind
in the world

- Exclusive agreement with a leading European utility to build a 20MW/ 33MWh
project in Northern Germany

- Electric ferry project in Denmark, the largest electric ferry in the world, to
be fully operational by fall 2017

- Major capital raise planned in 2017 incorporating strategic alliance with
Asian industrial partners to support growth initiatives. On-track for private
placement of up to CHF 7 million of new capital

- Annual Report 2016 published today

YVERDON LES BAINS, Switzerland, 4 April 2017:Leclanché SA (SIX: LECN), one of
the world's leading energy storage solution companies, announced today its
annual financial results for the year ending 31 December 2016. Consolidated
revenues for fiscal year 2016 were CHF 28.5 million, up by 56% year-on-year; the
EBITDA loss for the year amounts to CHF (27.5) million compared with the loss of
CHF (26.0) million in 2015. Excluding all one-off, exceptional and non-recurring
items the loss was (18.6) million, representing a 54% improvement compared to
2015 in terms of net sales.

Anil Srivastava, CEO of Leclanché, said: "We are delighted to report that the
Company met its financial guidance for the financial year 2016. We continued to
substantially increase our revenues and decrease our EBITDA loss, 40% of which
was accounted for by growth investment of CHF 10 million. The Company increased
its order book by more than 100% in the year to reach 85 MWh and we have a
pipeline of awarded and expected projects of over 450 MWh.

"2016 was another strong year for Leclanché. We continued to break new ground
with our innovative and sustainable solutions across all three of our key
markets: utility-scale generation and microgrids; eTransport; and commercial and
industrial battery systems. Standout contracts included some of the world's
largest and most advanced utility scale energy storage projects that we are now
building in North America and Europe, and the development of the world's largest
fully electric ferry in Denmark."

Leclanché has been working with its financial advisers to complete a second
round of private placement with existing and new shareholders and expects to add
up to CHF 7 million of new capital. This fund raising follows the CHF 11.1
million private placement completed in August 2016.

Hubert Angleys, CFO of Leclanché, said: "While the company has delivered a
revenue growth in line with the market, I am confident that this positive
achievement is the first stage of our journey towards EBITDA breakeven, which we
still expect to reach above 100 MWh of revenue in 2018."

The Company is in advanced discussions with several organisations in China with
regards to developing strategic partnerships in technology licensing, low-cost
manufacturing and access to the Chinese domestic market, in particular the more
than $100bn e-transport market.

Angleys added: "We have been working in parallel to solidify a partnership
agreement with a Chinese industrial group for that important strategic market
and to secure heads of terms for a debt facility of a significant amount for
corporate working capital needs and for a deployment of our projects in Canada,
Germany and the US. I remain confident that Leclanché will successfully fund its
business plan by Q2 2017."

Key customer milestones in 2016 included:

- The first two sites of the largest stationary energy storage system in
Ontario, Canada, are on track to be operational by summer 2017. The 13 MW / 53
MWh installation is for Independent Electricity System Operator (IESO). In
December 2016, Maple Leaf LP, the holding company for the project, secured a
construction loan to build and commission these first two sites.

- Partnership with Swiss Green Electricity Management Group (SGEM) for
investments into utility-scale energy storage projects, commencing with the 23
MW / 10 MWh Marengo Energy Storage Plant (Chicago), one of the largest projects
of its kind in the world. Leclanché is the overall engineering, procurement and
construction contractor and turnkey battery energy storage system provider. The
battery energy storage system has already been delivered. Leclanché/SGEM has
identified a pipeline of other utility-scale projects, globally.

- The Company signed an exclusive agreement with a leading European utility to
build a 20MW/ 33MWh project in Northern Germany. The project's colocation with a
wind farm will provide vital operating data for effectiveness of energy storage
coupled with wind farms.

- The Ærø ferry in Denmark, for which Leclanché was awarded a contract in 2015,
will be fully operational by the fall of 2017. It will be the largest electric
ferry in the world, delivering energy savings of up to 50% and a substantial
reduction in emmissions.

In addition, in March 2017 Leclanché received certifications recognising its LTO
battery cell's compliance with China's latest standards, a pre-requisite to
providing battery solutions to power electric vehicles in China.

According to Navigant Research, the Lithium-ion market for stationary and
industrial mobility applications segments in which Leclanché offers its
solutions, is forecast to grow 37% annually to 75.5 GWh by 2020: these markets
include Residential Energy Storage, Commercial & Industrial Buildings,
Micro-grids, Utility-Scale, Buses, Ferries and Materials-Handling Vehicles.
According to the same study, Stationary Storage Systems is forecasted to grow
48% annually to 4.2 GWh, while Mobile Storage Systems is expected to grow 37%
annually to 6 GWh and Specialty Battery Systems for the commercial and
industrial markets to grow 48% annually to 11.3 GWh.

Growth targets are subject to a number of factors, including supply chain
capacity and timely access to capital. The company maintains its focus on
capital efficiency and limiting shareholder dilution in funding growth.

* * * * *

About Leclanché

Leclanché is one of the world's leading fully vertically integrated energy
storage solution providers. It delivers a wide range of 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 trusted provider of 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, and is the only listed
pure-play energy storage company in the world.

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 Web site:www.leclanche.com/investor-relations/financial-reports-p
ublications/annual-reports

Analyst and investor webcast
After the AGM scheduled on Wednesday the 3rd of May 2017, a live audio webcast
will be accessible for analysts and investors on Monday the 8th of May 2017 at
14:15 CET (13:15 GMT/ 8:15 EST).
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:

Europe/global:
Desirée Maghoo
T: +44 (0) 7775522740
E-mail:dmaghoo@questorconsulting.com

Simon Barker
T:+44 (0)7866 314331
E-mail:sbarker@questorconsulting.com

US and Canada:
Rick Anderson
T: +1 (212) 808-4901

Henry Feintuch
T: +1 (212) 808-4915
E-mail:leclanche@feintuchpr.com

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

Investor Contacts
Anil Srivastava / Hubert Angleys
Tel.: +41 (0) 24 424 65 00
E-Mail:invest.leclanche@leclanche.com


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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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561957  04-Apr-2017 CET/CEST
 



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