NHOA HALF YEAR FINANCIAL REPORT 2020
as at 30 June 2020
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1 MANAGEMENT REPORT
The following statements have been examined by the Board of Directors of 24 September 2020 and have been the object of a limited review by the Statutory Auditors.
This is a free translation into English of the EPS Half Year Financial Report issued in the French language provided solely for the convenience of English-speaking readers. In case of discrepancy the French version prevails.
This report contains information relating to the markets in which the ENGIE EPS Group is present. This information has been taken from external sources and/or from the EPS internal analysis. Considering the very rapid changes that characterize the energy sector worldwide, it is possible that this information could turn out to be mistaken or outdated. Developments in the Group's activities could consequently differ from those described in this Half Year Financial Report and the declarations and information appearing in this report could prove to be erroneous.
The forward-looking statements contained in this Half Year Financial Report, notably in section 1.2 (Outlook) of the Half Year management report, are based on assumptions and estimates that could evolve or be impacted by risks, uncertainties (relating particularly to the economic, financial, competitive, regulatory and weather environment) or other factors that may cause the future results, performances and achievements of the Group to differ significantly from the objectives expressed and suggested. These factors may include changes in the economic and commercial environment, regulations, and the factors discussed in Section 4 of the 2019 Registration Document.
It should be noted that ENGIE EPS Half Year results are not representative of the Full Year results.
1.1 Definitions
In this Half Year Financial Report unless specified otherwise the terms below have the following meanings:
- 2019 Registration Document: The Registration Document (Document de Référence) registered on 30 April 2020 with the French Market Authority ("AMF"), pursuant to its general regulations, and notably its article 212-3, under the number R.19-020.
- Board of Directors means the Conseil d'Administration of the Company, in place and as composed as at the date of publication of this Consolidated Financial Statement.
- Company or ENGIE EPS means the company ENGIE EPS S.A., a French limited liability corporation (société anonyme) with its registered headquarter located at 28, Rue de Londres, 75009, Paris, (France), and registered with the Trade and Companies Register of Paris under number 808 631 691. The former name of ENGIE EPS SA was Electro Power Systems SA until legal publication of 11 September 2019.
- Consolidated Financial Statements of the ENGIE EPS Group means the consolidated financial statements of the Company prepared in accordance with IFRS norms as adopted by the European Union.
- e-Mobility means distributed solutions to interface the rapidly-growing electric mobility fleets with the wider electrical system, in order to address the recharging needs of the vehicle fleet on one side, and the constraints and flexibility requirements of the grid on the other side.
- ENGIE means ENGIE a société anonyme incorporated under the laws of France, with registered office in Courbevoie (92400), 1 place Samuel de Champlain (France) and number of registration with the Companies Register of Nanterre 542 107 651.
- ENGIE EPS Group means the Company and its controlled companies.
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- ENGIE SPA means the sale and purchase agreement between the majority shareholders of EPS and GDF International signed on 24 January 2018.
- ESOP means "Employee stock option plan".
- EPS Manufacturing means Electro Power Systems Manufacturing S.r.l. (formerly Electro Power Systems S.p.A.), an Italian limited liability company with its registered office located at Via Anton Francesco Grazzini, 14, Milan, Italy, and registered with the Trade and Companies Registry of Milano, Italy under the number MI - 2073745 as well as in certain instances its subsidiaries. On 8 February 2017 EPS Manufacturing has been leased to ENGIE Eps Italia (ex EPS Elvi).
- ENGIE Eps Italia means ENGIE Eps Italia S.r.l. that changed its name from EPS Elvi Energy S.r.l. to ENGIE Eps Italia S.r.l. effective as of 12 June 2020, an Italian limited liability company with its registered office located at Via Anton Francesco Grazzini 14, Milan, Italy, and registered with the Trade and Companies Registry of Milano under the number MI 2082791.
- EPS Mobility means the permanent establishment in Italy, following the spinoff of the Mobility and Power Electronics Lab going concern from ENGIE Eps Italia (ex EPS Elvi) to EPS.
- EPS USA means Electro Power Systems Inc., a limited liability company with its registered office located at 160 Greentree Drive, Suite 101, Dover, 19904 Kent County, USA.
- GDF International means GDF International, a société par actions simplifiée incorporated under the laws of France,with registered office in Courbevoie (92400), 1 place Samuel de Champlain (France) and number of registration with the Companies Register of Nanterre 622 048 965.
- Giga Storage means utility-scale storage solutions designed to support the transmission and distribution grids in dealing with increasing penetration of intermittent renewable sources;
- Grid Support Solutions or Grid Connected Solutions means hybrid energy storage systems, developed to stabilize electical grids in developed countries, heavily penetrated by renewable sources.
- GW means Gigawatt.
- GWh means Gigawatt-hour.
- IFRS means the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and related interpretations (SIC/IFRIC) as adopted by the European Union.
- Industrial Solutions means distributed storage solutions to address the sustainability, affordability and reliability needs of the industrial and power generation sectors.
- IPP ("Independent Power Producer") means an entity which is not a public utility, but which owns facilities to generate electric power for sale to utilities and end users.
- KW means Kilowatt.
- KWh means Kilowatt-hour.
- Long Term Strategic Plan means the ENGIE EPS' plan that describes its development strategy and the corresponding financial objectives until 2025. The Long Term Strategic Plan has been approved in the board meeting of 12 December 2019.
- MCM means MCM Energy Lab S.r.l., an Italian limited liability company with its registered office located at Via Anton Francesco Grazzini 14, Milano and registered with the Trade and Companies Registry of Milano under the number MI 1829289.
- Mobility Solutions (or e-Mobility) means control techniques for the management of devices in full electric vehicles in collaboration with suppliers of electrical devices qualified as suppliers in the automotive sector.
- MW means Megawatt.
- MWh means Megawatt-hour.
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- New Profit-SharingPlan or New Incentive Plan means the new profit-sharing plan adopted by the Board of Directors on 6 March 2018, under the ENGIE SPA.
- Off-GridPower Generation Solutions or Microgrids and Off-Grid Solutions means microgrids systems and support to power off-gridand weak-gridareas, at a lower cost and more realiably than fossil fuels developed in emerging economies.
- Options refer to the options to subscribe shares of the Company, issued by the Board of Directors pursuant to an authorization granted by the extraordinary shareholders' meeting of the Company held on 16 February 2015 (19th resolution), on 21 June 2016 (20th resolution) and 21 June 2017 (13th resolution), exercised by their beneficiaries, or replaced by SARs in the case of unexercised options.
- Order Intake consists of the aggregate contract value in terms of MW or euros with reference to all purchase orders received, contracts signed and projects awarded for a period.
- P2P means Power to Power.
- PCS means Power Conversion Systems.
- Pipeline means the estimate, to date, of the amount of potential projects, tenders and requests for proposals for which the ENGIE EPS Group has decided to participate or respond.
- PPA ("Power Purchase Agreement") means a contract between two parties, one which generates electricity (the seller) and one which is looking to purchase electricity (the buyer).
- Project Backlog means, as of the date of this presentation, the estimated revenues and other income attributable to
- purchase orders received, contracts signed and projects awarded as of the date hereof, and o projects secured on a Power Purchase Agreement basis, therefore where the agreed value is
a price per kWh of electricity and an amount of MW to be installed.
- purchase orders received, contracts signed and projects awarded as of the date hereof, and o projects secured on a Power Purchase Agreement basis, therefore where the agreed value is
- PV means Photovoltaic.
- R&D means research and development.
- SARs means Stock Appreciation Rights, a "cash" instrument which replaced the existing stock options and warrants, reproducing the economic profile of a stock options or a warrant.
- Warrants refer to the warrants (bons de souscription d'actions) allowing, upon exercise, to subscribe shares of the Company, issued by the Board of Directors pursuant to an authorization granted by the extraordinary shareholders' meeting of the Company held on 16 February 2015 (18th resolution) and 21 June 2016 (21st resolution), exercised by their beneficiaries, or replaced by SARs in the case of unexercised warrants.
1.2 Outlook
Starting from 2020, ENGIE EPS Group is presenting its offering in a new way, namely grouping its products within three main lines as follows:
- Giga Storage: utility-scale storage solutions designed to support the transmission and distribution grids in dealing with increasing penetration of intermittent renewable sources;
- Industrial Solutions: distributed storage solutions to address the sustainability, affordability, flexibility and reliability needs of the industrial and power generation sectors;
- e-Mobility: distributed solutions to interface the rapidly-growing electric mobility fleets with the wider electrical system, in order to address the recharging needs of the vehicle fleet on one side, and the constraints and flexibility requirements of the grid on the other side.
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Under the Long Term Strategic Plan, the ENGIE EPS Group aims at achieving annual revenues of €100 million by 2022, positioning it as a leading global supplier of storage and V2G solutions to utilities, IPPs and major industrial and automotive groups. The broad strategic underpinnings of such ambitious targets are outlined below.
(i) Market strategy
From a market perspective, the ENGIE EPS Group will focus its commercial effort on those jurisdictions where the potential of energy storage is supported by a critical mass of tenders for either storage services or the direct purchase of storage systems by creditworthy counterparties.
Within such framework, Europe, North America and the MENA region are currently expected to catalyze most of the ENGIE EPS Group's resources through the horizon of the Long Term Strategic Plan.
The growing maturity of the energy storage sector in those regions implies that, particularly in the commercialization of its Giga Storage Product Line, the ENGIE EPS Group will be increasingly exposed to price- based competitive dynamics. Crucially, however, in service tenders where storage systems are purchased by utilities or IPPs to deliver energy or grid support services to an energy buyer or a TSO / DSO, the initial cost of the storage system is only one factor in determining the energy or service price that the owner of the storage system can offer to the final client. Indeed, such price is also determined by the degradation profile of the storage system over time, its performance parameters, its technical availability, etc. Such factors create fundamental elements of non-price competition that can be mobilized by the ENGIE EPS Group leveraging its know-how, in order to mitigate margin compression dynamics.
With that in mind, the ENGIE EPS Group is focused on a range of strategic actions to strengthen its core competences supporting non-price-based competition.
With respect to the Industrial Solutions Product Line, given the scalability challenges experienced in targeting island systems and weak grid environments, the ENGIE EPS Group intends to selectively increase its focus on multinational industrial clients, with priority on those industrial verticals featuring a mix of sustainability, power quality and affordability requirements most conducive to the adoption of storage technologies. Furthermore, the ENGIE EPS Group intends to build on its experience in coupling storage systems to conventional power stations to work extensively with power plant owners in view of increasing the flexibility and endurance of their plants, via the retrofitting with energy storage systems.
The promotion of the ENGIE EPS Group's offering for the e-Mobility Product Line will prioritize partnering with selected leading automotive groups, for the launch of charging and V2G solutions leveraging ENGIE EPS Group's know-how in energy storage and grid stabilization.
(ii) Core competence strategy
In order to preserve and amplify its areas of sustainable competitive advantage, and mitigate the impact of price- based competition, through the horizon of the Long Term Strategic Plan the ENGIE EPS Group will continue developing:
- Superior system engineering capabilities: the extensive experience built in both off- and weak-grid environments, as well as across multiple technologies, provides a competitive edge in the optimal sizing and configuration of storage systems. The expansion and continuous professional development of the system engineering team is a strategic priority for the ENGIE EPS Group;
- Cutting-edgetechnology for power conversion and control and energy management: the capabilities of ENGIE EPS Group's conversion and control technologies are a key distinguishing asset on the market. As suppliers introduce new generations of hardware components, enabling the design of denser configurations of ENGIE EPS Group's System Blocks, the ENGIE EPS Group will preserve its technology edge via the constant improvement of its technology families;
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- Strategic partnerships with key suppliers, particularly in the battery sector: as storage systems evolve toward increased capacity per unit of nominal power, procurement terms and service levels from battery suppliers will grow more and more relevant. The ENGIE EPS Group will continue developing its strategic dialogue with world- class battery manufacturers in view of securing preferential procurement terms;
- Strategic relationship with the ENGIE Group: over the last two years, the geographical business units of the ENGIE Group have represented an obvious go to market route for the ENGIE EPS Group, across the three Product Lines. The arm's-length cooperation with the ENGIE Group has represented an important accelerator for the affirmation of the ENGIE EPS Group as a market leader in an increasing number of geographies. On 23 September 2020 ENGIE has announced the intention to assess strategic options for ENGIE EPS, including the possible divestment of its stake in the Company. Should ENGIE decide to divest its stake following its strategic review, ENGIE has reaffirmed its continuous financial support until a potential transaction is closed.
ENGIE EPS will continue to build on its know-how and commercial successes achieved over the last few years outside and within the ENGIE Group, and to continue to be a leading player in the Energy Storage and Electric Mobility markets.
1.3 Summary of the First Half 2020 Group's Results
Revenues and Other Income amount to €5.0 million as of 30 June 2020, up 89% compared to 2019 First Half. This quasi 2x growth is mainly due to the successful developments within the Giga Storage (utility-scale storage and solar-plus-storage projects) and Industrial Solutions (microgrids and storage systems) Product Lines. Worth highlighting are, respectively, the progress in the construction of the Sol De Insurgentes solar-plus-storage project in Mexico, with commissioning expected in early 2021, the storage solution for the Leini power plant and the microgrids in California and Comoros, all three projects with expected commissioning by year-end. Construction schedules were partly affected by Covid-19 related logistic restrictions.
On the other hand, the Project Backlog as of today amounts to €23.8 million, down 30% compared to the Project Backlog communicated on 30 September 2019, due to progress in project execution. The timing of conversion into Backlog of the most mature portion of the Pipeline (with over $130 million of contracts secured but not yet executed due to customary permitting procedures and conditions precedent, as well as in the case of Guam the ongoing appeal) was partly affected by the situation relating to Covid-19.
Pipeline is up 130% over the same period, reaching €806 million. This Pipeline includes the project in Guam where ENGIE has been selected as successful bidder for the construction of two Solar-plus-300MWh Storage projects under a 20-year power purchase agreement by the Power Authority of Guam (GPA) and where ENGIE EPS is the exclusive storage solution provider. It also includes the 240MWh project in Hawaii where ENGIE has been selected in the final award list for the construction of one solar-plus-storage project under a 25-year power purchase agreement by Hawaii Electric Co. Furthermore, it includes a newly secured 50MWh project in New England.
Gross margin stands at 27% compared to 40% in 2019, mainly due to the higher commodity content of the iconic project in Mexico brought by ENGIE, which accounts for more than 51% of the First Half 2020 revenues.
Personnel costs increased by 19% reaching €3.7 million compared to €3.1 million in First Half 2019. Today ENGIE EPS has 110 employees, from 15 nationalities, 1/4 of which with a PhD or other post-graduate degree. The strengthening of the workforce is in line with its roadmap and mainly devoted to the execution of the projects in the USA.
R&D investments amounted to €1.9 million compared to €1.2 million in First Half 2019 and represent 38% of the consolidated revenues and other income, confirming the strong commitment towards R&D and innovation which is progressively addressed also towards the eMobility Product Line.
Other Operating Expenses increased by 36% amounting to €1.4 million, compared to €1 million in the first semester 2019, mainly because of time-phasing budget and extraordinary Covid-19 expenses.
EBITDA represents €4.4 million loss in the first semester 2020 compared to a €3.4 million loss in the first semester 2019, due to lower gross margins in Giga Storage Product Line, the increase in operating expenses and the extraordinary costs due to Covid-19, which more than offset the increase in revenues.
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EBIT and Net Result as at 30 June 2020 stands, respectively, at €-6.5 million and €-6.5 million compared with €- 6.7 million and €-6.2 for the previous year.
Net Financial Position at the end of the first semester 2020 decreased to €-17.8 million compared to €-8.1 million on 31 December 2019.
BACKLOG AND PIPELINE UPDATE
As update of the Pipeline and the Project Backlog, it is worth highlighting in the:
- Giga Storage Product Line, with the ENGIE project award in Hawaii and Guam, as well as a new contract secured in New England, ENGIE EPS secured contracts for more than $130 million and over 500MWh to be online by 2023. With specific reference to the flagship project the island of Guam, the Guam's Public Auditor is expected to issue within days its decision on the challenge brought by a competing bidder against the award to ENGIE of the Phase III Renewable Energy Project. ENGIE EPS is confident in a favorable decision, clearing the path for the project to approach execution. In Hawaii, following the selection of ENGIE in the final award group for the Stage 2 Variable Renewable Dispatchable Generation and Energy Storage projects, customary procedures are ongoing with respect to the finalization and approval of project documentation, in line with the announced timetable.
- Industrial Solutions Product Line, ENGIE EPS is completing its first microgrid in California and is well positioned to address the increased grid reliability challenges in the region.
- eMobility Product Line, ENGIE EPS kicked off delivery of the easyWallbox, setting the production capacity up to 50,000 units in the next 18 months, to cover 19 countries in Europe; the largest V2G pilot project in the world finally came to light on 14 September 2020, in partnership with FCA and Terna and in the presence of the EU Commissioner for Energy and the Italian Minister for Economic Development to highlight the importance of the project and the V2G technology in the European technology landscape.
Concerning the decision of the ENGIE Group to assess strategic options for ENGIE EPS, including the possible divestment of its stake in the Company, ENGIE has reaffirmed that the three major energy storage projects in the USA, representing more than $130 million in revenues in the coming years, will continue to be developed jointly by both companies. For the future, both companies will continue jointly developing projects which are deemed mutually beneficial.
Should ENGIE decide to divest its stake following its strategic review, ENGIE has reaffirmed its continuous financial support until a potential transaction is closed.
ENGIE EPS will continue to build on its know-how and commercial successes achieved over the last few years outside and within the ENGIE Group, and to continue to be a leading player in the Energy Storage and Electric Mobility markets.
1.4 Important events during the period
- Microgrid in California: with the contract signed in January 2020, ENGIE EPS Group entered into an agreement as a contractor for the engineering, procurement supply and commissioning of the 2.0 MVA/4.0 MWh Battery Energy Storage System to be integrated into Anza Microgrid (California), consisting of existing 2.0 MWp PV plant and 1.35 MWp further extension. The commissioning and completion of the project is expected in Q4 2020.
- FCA's easy electric charging debuts with Easy Wallbox™ by ENGIE Eps: on 26 February 2020, presented with FCA the "Easy Wallbox™, patented by ENGIE Eps, exclusively for FCA. The product is the only wallbox that up to 2.2 kW and operating at up to 7.4 kW does not need to be set up by an installer or electrician. Dating back to 2017, the partnership between ENGIE Eps and Fiat Chrysler Automobiles is aimed at managing the changes in the best possible way and at coordinating all work related to electric mobility.
- ENGIE EPS' CEO named Young Global Leader by the World Economic Forum: on 12 March 2020 ENGIE Eps' Chief Executive Officer, Carlalberto Guglielminotti, has been recognized as a Young Global
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Leader by the World Economic Forum for his ability to innovate and promote sustainable change. Carlalberto Guglielminotti was identified as one of the world's most promising and compelling leaders under the age of 40 for his accomplishments in the industrial sector, commitment to the promotion of positive change through technology, and for his achievements in bolstering the use of renewable energy around the world.
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As published in the Press Release dated on 19 March 2020, the COVID-19outbreak is heavily impacting both the industrial operations of ENGIE EPS and its short-term business prospects. ENGIE EPS' operations and the majority of the supply chain are based in Italy, the country currently at the epicenter of the European outbreak. The Italian government imposed the most drastic steps yet by any country except China to contain surging numbers of COVID-19 cases, placing almost immediately the region of Lombardy (where ENGIE EPS has two industrial premises) and more than a dozen other provinces in neighboring regions under quarantine on March 8.
Restrictions were extended to the entire country on March 10, and then turned into a lockdown. In addition, travel restrictions all over the world are limiting the ability to ENGIE EPS to materialize its project development effort, particularly in large tender processes. As the situation continues to unfold, ENGIE EPS is not currently in a position to quantify the adverse impact, the related consequences for our supply chain and construction sites worldwide (Italy, Mexico, California, Singapore, Comoros, and Greece), nor the scenarios for our projects under development (Europe, South Africa, Middle East, US and Pacific Islands). As a consequence, the different scenarios for 2020 revenue recognition, presented by the management and analyzed by the Board of Directors held on 19 March 2020, are subject to significant volatility.
All of the above certainly impacts ENGIE EPS' 2020 guidance and ripples through the timing of the implementation of the Long Term Strategic Plan beyond 2020.
In the longer run, ENGIE EPS remains fully committed to its 2025 €400 million revenue indicative ambition, bearing in mind that delivering this plan will require an improvement of the current economic environment highly penalized by the global Coronavirus pandemic.
Further, the successful implementation of the Long Term Strategic Plan is significantly predicated upon
(i) ENGIE EPS and ENGIE prioritizing efforts and resource allocation on the markets where storage is most promising, e.g. with favourable regulation and already announced tenders for which both groups have a competitive hedge, (ii) ENGIE supporting ENGIE EPS in three key projects in the US to which ENGIE has reaffirmed its commitment irrespective of the potential divestment of its stake in ENGIE EPS. - 2019 Universal Registration Document (URD): has been filed on 30 April 2020 with the Autorité des Marchés Financiers ("AMF"), as competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation.
- On 30 April 2020 ENGIE Eps announced the launch of the FamilyWorking Manifesto: a new way of remote working that puts family at its centre by combining family balance and work.
- ENGIE EPS, FCA and Terna have started the pilot project Vehicle-to-Grid (V2G) of electric mobility, which once totally completed, will become worldwide the biggest of its kind:
- Phase 1 of the plant's construction has consisted of the installation of 32 V2G columns capable of connecting 64 vehicles, aimed at piloting the technology and managing the logistics of the storage area;
- By the end of 2021, the Drosso V2G project will be extended (Phase 2) to interconnect up to 700 electric vehicles, making it the largest facility of its kind ever built in the world. The management of phase 2 will be mainly dictated by cost-effectiveness: the objectives will be to provide services to Terna power grid and to ensure a positive economic result for FCA and ENGIE EPS.
1.5 Subsequent events
- easyWallbox: in July 2020 ENGIE EPS kicked off delivery of the easyWallbox, setting the production capacity up to 50,000 units in the next 18 months, to cover 19 countries in Europe.
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- Terna UPI Pilot Project in Italy: in July 2020 the ENGIE EPS Group successfully performed the Factory Acceptance Test (FAT) for the Engineering Procurement and Construction of 7.2 MW/5.08 MWh BESS in collaboration with ENGIE Produzione S.p.A. to support the existing power plant of Leinì in the provision of primary frequency regulation services to the grid in accordance with UPI requirements.
- Microgrid in Greece: in July 2020, within the framework of REMOTE EU project, the ENGIE EPS Group completed the commissioning of Power-to-Power integrated system (P2G 25kW, G2P 50 kW) to be incorporated in Agkistro Microgrid.
- Microgrid in California: in August 2020 the ENGIE EPS Group successfully performed the Factory Acceptance Test (FAT) for the Engineering Procurement supply and commissioning of the 2.0 MVA/4.0 MWh Battery Energy Storage System to be integrated into Anza Microgrid (California), consisting of existing 2.0 MWp PV plant and 1.35 MWp further extension.
- Capacity firming solar plus storage in Mexico: in Q3 2020 the ENGIE EPS Group successfully performed the Mechanical Completion and afterwards the pre-commissioningfor the Engineering, Procurement supply and commissioning of 23 MWAC/31.055 MWp PV plant with ENGIE Solar SA, located in Baja California Sur (Mexico) to be coupled with a 5.4 MW/3.17 MWh Battery Energy Storage System ("BESS") powered with ENGIE EPS Group cutting-edgetechnology.
- The Vehicle-to-gridpilot project has been inaugurated at Mirafiori: on 14 September 2020 FCA, ENGIE EPS and Terna have presented, in the evocative location of the Heritage Hub within the Mirafiori FCA'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.
- On 23 September 2020, the ENGIE Group announced that it was assessing strategic options for ENGIE EPS, including the possible divestment of its stake in the Company. The three major energy storage projects in the USA: Guam (300MWh), Hawaii (240MWh) and New England (50MWh) will continue to be developed jointly by both companies. Should ENGIE decide to divest its stake following its strategic review, ENGIE has reaffirmed its continuous financial support until a potential transaction is closed. For the future, both companies will continue jointly developing projects which are deemed mutually beneficial.
ENGIE Eps' Half Year Financial Results 2020 are not impacted by ENGIE's decision.
No other subsequent events were recorded at the time of publication of this document.
1.6 Main Risks and Uncertainties
Risk factors are similar to those presented in Section 3 of the Registration Document 2019 and did not change significantly from 30 April 2020. Please also refer to paragraph 1.2 - Outlook, 1.5 - Subsequent Events (with respect to ENGIE's recent announcement about the Company) and note 3.1.2 with respect to the impact of COVID-19.
1.7 Transactions between Related Parties
Transactions between the companies consolidated under the equity method do not represent a significant amount at 30 June 2020. Furthermore, during the first six months of 2020, there was no significant transaction concluded with a member of the senior management. For more details please refer to paragraph 4.31 (Related party disclosures).
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2 CONSOLIDATED FINANCIAL STATEMENTS
2.1 Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT | NOTES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | ||||||
Revenues | 4.914.240 | 19.684.041 | 2.626.522 | |||
Other Income | 111.887 | 520.770 | 32.607 | |||
TOTAL REVENUES AND OTHER INCOME | 4.1 | 5.026.127 | 20.204.810 | 2.659.129 | ||
Cost of goods sold | 4.2 | (3.690.491) | (14.857.163) | (1.592.391) | ||
GROSS MARGIN FROM SALES | 1.335.635,53 | 5.347.646,92 | 1.066.737,65 | |||
% on Revenues and Other Income | 26,6% | 26,5% | 40,6% | |||
Personnel costs | 4.3 | (3.703.950) | (6.667.126) | (3.099.999) | ||
Other operating expenses | 4.4 | (1.406.757) | (2.316.539) | (1.031.840) | ||
Other costs for R&D and industrial operations | 4.5 | (610.141) | (2.094.303) | (288.288) | ||
EBITDA excluding Stock Option and Incentive | 4.6 | (4.385.212) | (5.730.321) | (3.353.390) | ||
Plans expenses (1) | ||||||
Amortization and depreciation | 4.7 | (1.291.930) | (2.985.304) | (1.487.957) | ||
Impairment and write down | 4.8 | (196.061) | (3.592.049) | (419.686) | ||
Non recurring income and expenses and Integration | 4.9 | (142.226) | (1.573.472) | (782.727) | ||
costs | ||||||
Stock options and Incentive plans | 4.10 | (513.025) | (1.206.490) | (702.486) | ||
EBIT | 4.11 | (6.528.455) | (15.087.635) | (6.746.245) | ||
Net financial income and expenses | 4.12 | 39.481 | (312.219) | (165.573) | ||
Income Taxes | 4.13 | (31.291) | 755.570 | 758.275 | ||
NET INCOME (LOSS) | 4.14 | (6.520.264) | (14.644.285) | (6.153.543) | ||
Attributable to: | ||||||
Equity holders of the parent company | (6.520.264) | (14.644.285) | (6.153.543) | |||
Non-controlling interests | 0 | 0 | 0 | |||
Basic earnings per share | (0,51) | (1,15) | (0,48) | |||
Weighted average number of ordinary shares | 12.766.860 | 12.766.860 | 12.766.860 | |||
outstanding | ||||||
Diluted earnings per share | (0,51) | (1,15) | (0,48) | |||
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2.2 Consolidated Statement of Other Comprehensive Income
OTHER COMPREHENSIVE INCOME | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
NET INCOME (LOSS) | (6.520.264) | (14.644.285) | (6.153.543) | ||
Exchange differences on translation of foreign operations and | (2.739) | (4.517) | (4.437) | ||
other differences | |||||
Other comprehensive income not to be reclassified to profit or | 7.714 | 0 | 0 | ||
loss in subsequent periods (net of tax) | |||||
Actuarial gain and (losses) on employee benefits | (64.945) | (123.021) | (106.488) | ||
Other comprehensive income (loss) for the year, net of tax | (59.970) | (127.538) | (110.924) | ||
Total comprehensive income for the year, net of tax | (6.580.235) | (14.771.823) | (6.264.467) | ||
Attributable to Equity holders of the parent company | (6.580.235) | (14.771.823) | (6.264.467) | ||
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2.3 Consolidated Balance Sheet
ASSETS | NOTES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | ||||||
Property, plant and equipment | 4.15 | 2.860.550 | 3.097.589 | 3.238.849 | ||
Intangible assets | 4.16 | 8.120.705 | 6.979.216 | 7.988.719 | ||
Investments in entities accounted using the equity | 4.17 | 996 | 996 | 996 | ||
method | ||||||
Other non current financial assets | 4.18 | 168.346 | 143.346 | 143.227 | ||
TOTAL NON CURRENT ASSETS | 11.150.597 | 10.221.147 | 11.371.792 | |||
Trade and other receivables | 4.19 | 4.068.586 | 9.928.244 | 4.638.298 | ||
Contract assets | 4.20 | 7.226.231 | 9.148.945 | 4.217.618 | ||
Inventories | 4.21 | 3.218.163 | 2.985.948 | 3.153.814 | ||
Other current assets | 4.22 | 3.266.872 | 4.680.548 | 3.181.856 | ||
Current financial assets | 4.22 | 459.219 | 428.201 | 435.500 | ||
Cash and cash equivalent | 4.23 | 3.773.701 | 6.431.376 | 4.423.931 | ||
TOTAL CURRENT ASSETS | 22.012.772 | 33.603.262 | 20.051.017 | |||
TOTAL ASSETS | 33.163.369 | 43.824.409 | 31.422.809 | |||
EQUITY AND LIABILITIES | NOTES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | ||||||
Issued capital | 4.24 | 2.553.372 | 2.553.372 | 2.553.372 | ||
Share premium | 4.24 | 48.147.696 | 48.147.696 | 48.147.696 | ||
Other Reserves | 4.24 | 4.529.648 | 4.586.787 | 4.603.320 | ||
Retained Earnings | 4.24 | (52.953.882) | (38.306.765) | (38.298.766) | ||
Profit (Loss) for the period | 4.24 | (6.520.264) | (14.644.285) | (6.153.543) | ||
TOTAL EQUITY | 4.24 | (4.243.431) | 2.336.804 | 10.852.078 | ||
Severance indemnity reserve and Employees' benefits | 4.25 | 4.819.075 | 4.825.619 | 5.047.361 | ||
Non current financial liabilities | 4.29 | 20.254.905 | 13.254.905 | 4.704.560 | ||
Other non current liabilities | 4.28 | 1.998.478 | 1.631.591 | 1.619.796 | ||
Non current deferred tax liabilities | 4.26 | 16.494 | 16.494 | 16.494 | ||
TOTAL NON CURRENT LIABILITIES | 27.088.952 | 19.728.609 | 11.388.211 | |||
Trade payables | 4.27 | 5.370.248 | 15.962.964 | 4.310.379 | ||
Other current liabilities | 4.28 | 3.664.869 | 4.518.758 | 3.149.166 | ||
Current financial liabilities | 4.29 | 1.271.175 | 1.277.274 | 1.722.975 | ||
Income tax payable | 11.556 | 0 | 0 | |||
TOTAL CURRENT LIABILITIES | 10.317.848 | 21.758.996 | 9.182.519 | |||
TOTAL EQUITY AND LIABILITIES | 33.163.369 | 43.824.409 | 31.422.809 | |||
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2.4 Consolidated Statement of Changes in Equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (amounts in Euro)
Share Capital | Premium Reserve | Stock Option and Warrants plan reserve | Other Reserves | Retained Earnings (Losses) | Profit (Loss) for the period | Total Equity before European Investment Bank variation (IFRS 2) | Revaluation of European Investment Bank warrants liabilities (IFRS 2) and other impacts of EIB loan prepayment | TOTAL EQUITY |
Net Equity as of 31 | 4.24 | 2.553.372 | 48.843.750 | 5.151.122 | (218.938) | (30.296.289) | (12.511.771) | 13.521.245 | 3.777.134 | 17.298.379 | ||
December 2018 | ||||||||||||
Previous year result | 4.24 | (27.704) | (8.706.934) | 12.511.771 | 3.777.134 | (3.777.134) | - | |||||
allocation | ||||||||||||
Stock option and warrants | 4.24 | (181.831) | (181.831) | (181.831) | ||||||||
Shareholder's capital | 4.24 | - | - | |||||||||
increase | ||||||||||||
Other movements | 4.24 | (696.054) | (12.841) | 708.895 | (1) | (1) | ||||||
Loss for the period | 4.24 | (6.153.543) | (6.153.543) | (6.153.543) | ||||||||
Total comprehensive income | 4.24 | - | - | (106.488) | (4.437) | - | (127.538) | - | (110.926) | |||
Net Equity as of 30 June | 4.24 | 2.553.372 | 48.147.696 | 4.969.291 | (365.971) | (38.298.844) | (6.153.543) | 10.852.078 | - | 10.852.078 | ||
2019 | ||||||||||||
Previous year result | 4.24 | 6.153.543 | 6.153.543 | 6.153.543 | ||||||||
allocation | ||||||||||||
Stock option and warrants | 4.24 | - | - | |||||||||
Shareholder's capital | 4.24 | - | - | |||||||||
increase | ||||||||||||
Other movements | 4.24 | (7.998) | (7.998) | (7.998) | ||||||||
Loss for the period | 4.24 | (14.644.285) | (14.644.285) | (14.644.285) | ||||||||
Total comprehensive income | 4.24 | - | - | (16.533) | (80) | - | (16.614) | - | (16.614) | |||
Net Equity as of 31 | 4.24 | 2.553.372 | 48.147.696 | 4.969.291 | (382.492) | (38.306.857) | (14.644.285) | 2.336.726 | - | 2.336.726 | ||
December 2019 | ||||||||||||
Previous year result | 4.24 | (14.644.285) | 14.644.285 | - | - | |||||||
allocation | ||||||||||||
Stock option and warrants | 4.24 | - | - | |||||||||
Shareholder's capital | 4.24 | - | - | |||||||||
increase | ||||||||||||
Loss for the period | 4.24 | (6.520.264) | (6.520.264) | (6.520.264) | ||||||||
Total comprehensive income | 4.24 | - | - | (57.231) | (2.739) | - | (59.970) | - | (59.970) | |||
Net Equity as of 30 June | 4.24 | 2.553.372 | 48.147.696 | 4.969.291 | (439.644) | (52.953.882) | (6.520.264) | (4.243.431) | - | (4.243.431) | ||
2020 | ||||||||||||
15
2.5 Consolidated Statement of Cash Flows
CASH FLOW STATEMENT | NOTES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | ||||||
Net Income or Loss | 4.14 | (6.520.264) | (14.644.285) | (6.153.543) | ||
Amortisation and depreciation | 4.7 | 1.291.930 | 2.985.304 | 1.487.957 | ||
Impairment and write down | 4.8 | 196.061 | 3.592.049 | 419.686 | ||
Stock option and incentive plans impact | 4.10 | 513.025 | 1.206.489 | 702.486 | ||
Defined Benefit Plan | 4.25 | (6.544) | 599.379 | 319.914 | ||
Non-cash variation in bank debts | 4.29 | 0 | 528.048 | 0 | ||
Working capital adjustments | ||||||
Decrease (increase) in tax assets | 4.13 | (790.475) | 221 | (318.851) | ||
Decrease (increase) in trade and other receivables and prepayments | 4.19 | 9.140.030 | (13.689.123) | (1.976.338) | ||
Decrease (increase) in inventories | 4.21 | (232.215) | 66.905 | (100.961) | ||
Increase (decrease) in trade and other payables | 4.27 | (11.631.110) | 6.925.288 | (1.203.826) | ||
Increase (decrease) in SARs Liability | 4.25 | 0 | 0 | (289.110) | ||
Increase (decrease) in non current assets and liabilities | 4.18, 4.26 | 584.369 | 107.590 | 113.925 | ||
Net cash flows from operating activities | (7.455.193) | (12.322.135) | (6.998.662) | |||
Investments | ||||||
Net Decrease (Increase) in intangible assets | 4.16 | (1.995.160) | 433.625 | (1.174.207) | ||
Net Decrease (Increase) in tangible assets | 4.15 | (53.117) | (276.528) | (208.878) | ||
Net Decrease (Increase) due to IFRS 16 FTA | 4.15 | 0 | (2.175.922) | (2.051.318) | ||
Net cash flows from investments activities | (2.048.277) | (2.018.826) | (3.434.402) | |||
Financing | ||||||
Increase (decrease) in bank debts | 4.29, 4.30 | 6.993.903 | 9.953.268 | 3.996.468 | ||
IFRS 16 Impact | (148.104) | (41.460) | ||||
Net cash flows from financing activities | 6.845.799 | 9.911.808 | 3.996.468 | |||
Net cash and cash equivalent at the beginning of the period | 6.431.375 | 10.860.527 | 10.860.527 | |||
NET CASH FLOW FOR THE PERIOD | (2.657.670) | (4.429.153) | (6.436.596) | |||
NET CASH AND CASH EQUIVALENTS AT THE END OF THE | 3.773.704 | 6.431.375 | 4.423.931 | |||
PERIOD | ||||||
16
3 ACCOUNTING STANDARDS AND METHODS
The Consolidated Financial Statements reflect the financial situation of ENGIE EPS S.A. (the "Company", or "ENGIE EPS") and its subsidiaries.
The Consolidated Financial Statements of the Group have been approved on 24 September 2020 by the Board of Directors.
3.1 Accounting Principles and method evolution
In accordance with the European Regulation on international accounting standards dated 19 July 2002, the Group's annual consolidated financial statements are prepared in accordance with IFRS as published by the International Accounting Standards Board (IASB) and endorsed by the European Union. The Group presented its Consolidated Financial Statements in euro, prepared in accordance with IFRS as issued by the IASB and adopted by the European Union and in accordance with IAS 34 - Interim Financial Reporting. These do not therefore incorporate all of the notes and disclosures required by IFRS for the annual consolidated financial statements, and accordingly must be read in conjunction with the 2019 Annual Consolidated Financial Statements, subject to specific provisions relating to the preparation of interim condensed consolidated financial statements as described hereafter.
Except for the following changes, accounting rules and methods are the same as those applied in 2019 Annual Consolidated Financial Statements.
As of 30 June 2020, the following new accounting principles shall be applied mandatorily for the first time by companies reporting under IFRS.
3.1.1 New methods
- Amendments to IFRS 3 - Business Combinations: Definition of a Business.
- Amendments to IAS 1 - Presentation of financial statements and IAS 8 - Accounting policies, Changes in accounting estimates and Errors: Definition of Material.
- Amendments to IFRS 9 - Financial Instruments; IAS 39 - Financial Instruments: recognition and measurement; IFRS 7 - Financial Instruments - Disclosures - Interest Rate Benchmark Reform.
- Amendments to IFRS 16 - Leases: Covid-19-related-rent concessions1.
The amendments, applicable as from 2020, have no significant impact on these statements.
3.1.2 Impacts of COVID-19
In the context of the health crisis, special care has been taken by the Group in determining the accounting treatments applicable to the main issues and impacts of said crisis, for which the IFRS accounting principles have been applied consistently with those previously used, particularly in relation to:
1 This amendment has not yet been adopted by the European Union.
17
- Impairment losses on non-financial assets
Considering the COVID-19 pandemic, the Group assessed whether its non-financial assets, in particular goodwill and equity-accounted investments, could be impaired. The Group carried out an analysis of indicators of potential impairment, in accordance with the provisions of IAS 36 - Impairment of Assets. If necessary, an impairment test would have been carried out to compare the carrying amount and the recoverable amount of the cash-generating units in question (see Note 4.8) -
Impairment losses on financial assets: counterparty risk and expected credit losses
The COVID-19 crisis gives rise to a potentially increased credit risk and may therefore affect the amount of impairment losses to be recognized in respect of expected credit losses. The Group has therefore monitored payment receipts and counterparty risk more closely. - Provisions
The Group reviewed whether any current obligations were likely to give rise to the recognition of provisions, particularly for onerous contracts. - COVID-19impacts in the income statement
Expenses directly associated with the COVID-19 crisis are presented according to their nature in EBITDA in accordance with the recommendations published during this crisis which primarily impacts revenues, regardless of the Group's practice of presenting items of an unusual, non-recurring, infrequent and material nature below EBITDA. - Subsequent events
Given the uncertainties related to the health crisis and the constantly changing environment, the Group paid particular attention to events that occurred during the period from 30 June 2020 until the approval of the financial statements by the Board of Directors.
3.2 Format of the financial statements
The ENGIE EPS Group presents an income statement using a classification based on the nature of expenses, rather than one based on their function, as this is believed to provide information that is more relevant. For the statement of financial position, a mixed format has been selected to present current and non-current assets and liabilities, as permitted by IAS 1. The statement of cash flows is presented using the indirect method.
3.3 Functional and presentation currency
The Consolidated Financial Statements are prepared in Euro, which is the ENGIE EPS Group's functional and presentation currency. All financial information presented in Euro has been rounded to the nearest unit.
3.4 Use of estimates
The 2020 Half Year Consolidated Financial Statements, in accordance with IFRS principles, required the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, income and expense, as well as the disclosures in the notes relating to contingent assets and liabilities. The estimates and associated assumptions are based on elements that are known when the financial statements are prepared, on historical experience and on any other factors considered to be relevant. The estimates and underlying
18
assumptions are reviewed periodically and if the items subject to estimates do not perform as assumed, then the actual results could differ from the estimates.
During the preparation of 2020 Half Year Consolidated Financial Statements, the ENGIE EPS Group particularly focused on the following items:
- Recoverable amount of non-current assets: specifically, non-current assets include property, plant and equipment, intangible assets with definite useful lives (development costs) and other financial assets. The ENGIE EPS Group periodically reviews the carrying amount of non-current assets held and used when events and circumstances warrant such a review and at least annually the carrying amount of intangible assets with indefinite useful lives. The analysis of the recoverable amount of non-current assets is usually performed using estimates of future expected cash flows from the use or disposal of the asset and a suitable discount rate in order to calculate present value or fair value less cost to sell;
- Post-retirementbenefits are measured on an actuarial basis which takes into consideration parameters of a financial nature such as the discount rate, the rates of salary increase and the rates of health care cost increases and the likelihood of potential future events estimated by using demographic assumptions such as mortality rates, dismissal and retirement rates;
- Allowance for doubtful accounts: the allowance for doubtful accounts reflects the management's estimate of losses to be incurred, which derives from past experience with similar receivables, current and historical past due amounts, write-offs and collections, the careful monitoring of portfolio credit quality and current and projected economic and market conditions;
- Allowance for obsolete and slow-moving inventory: it has been determined on the basis of past experience, as well as on historical and expected future trends;
- Deferred tax assets are recorded if they are likely to be recovered according to the expected future taxable results;
- The fair value of the financial assets and liabilities are included in the ENGIE EPS Group's financial statements at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale;
- For equity-settledshare-based payment transactions, the Company measures the goods or services received, and the corresponding increase in equity, directly, at the fair value of the goods or services received at the measurement date, based on market prices if available, taking into account the terms and conditions upon which those equity instruments were granted, unless that fair value cannot be estimated reliably;
- For cash-settledshare-based payment transactions, the Company measures the goods or services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the Company remeasures the fair value of the liability at each reporting date and at the date of settlement, with any changes in fair value recognized in profit or loss for the period;
- Estimation of useful life of assets (depreciation).
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3.5 Key Performance Indicators
EPS Group adopts the following non-IFRS performance indicators:
- EBITDA (excluding Stock Option and Incentive Plans expenses), calculated as Gross Margin from Sales minus Personnel costs, Other operating expenses and Other costs for R&D and industrial operations;
- EBITDA (excluding Stock Option and Incentive Plans expenses) adjusted for R&D expenses not capitalized;
- EBIT adjusted, calculated by restating Stock Option and Incentive Plans costs and Non-recurring Items from the EBIT;
- R&D investments calculated as percentage of capitalized and not capitalized R&D costs on total revenues of the period.
KPI evolution is presented in note 3.8.
3.6 Segment information
The Group is not yet organized into business units and no segments have been identified and/or measured by management. Information about geographical areas and activities are provided for Revenues and Other Income and Project Backlog in paragraph 4.1.
3.7 Evolution of the consolidation area
A change has occurred in the consolidation perimeter since 31 December 2019: as a reminder, in December 2019, MCM liquidation was approved by the Board of Directors and the Shareholders meeting. The process has been closed in January 2020. Please also refer to paragraphs 1.4.
COMPANY | PERCENTAGE OF | 30/06/2020 |
CONSOLIDATION | ||
ENGIE EPS | 100% | Parent Company |
EPS Manufacturing | 100% | Line by Line |
EPS USA | 100% | Line by Line |
ENGIE EPS ITALIA | 100% | Line by Line |
COMORES ÉNERGIES NOUVELLES SARL | 49% | Equity method |
20
3.8 | Key Performance Indicators | ||||||||||
KEY PERFORMANCE INDICATORS | |||||||||||
H1 2020 | H1 2019 | ||||||||||
(amounts in Euro) | |||||||||||
Stated | Adjustments | Adjusted | Stated | Adjustments | Adjusted | ||||||
Indicator | Indicator | ||||||||||
Total revenues and other income | 5.026.127 | 0 | 5.026.127 | 2.659.129 | 0 | 2.659.129 | |||||
Cost of goods sold | (3.690.491) | 0 | (3.690.491) | (1.592.391) | 0 | (1.592.391) | |||||
Gross margin from sales | 1.335.636 | 0 | 1.335.636 | 1.066.738 | 0 | 1.066.738 | |||||
Personnel costs | (3.703.950) | 0 | (3.703.950) | (3.099.999) | 0 | (3.099.999) | |||||
Other operating expenses | (1.406.757) | 0 | (1.406.757) | (1.031.840) | 0 | (1.031.840) | |||||
Other costs for R&D and industrial operations | (610.141) | 0 | (610.141) | (288.288) | 18.705 | (269.583) | |||||
EBITDA excluding Stock Option and Incentive Plans | (4.385.212) | 0 | (4.385.212) | (6.746.245) | 1.823.045 | (4.923.200) | |||||
expenses (1) | |||||||||||
EBITDA excluding Shut-down | (4.385.212) | 0 | (4.385.212) | (3.353.390) | 18.705 | (3.334.685) | |||||
Amortization and depreciation | (1.291.930) | 0 | (1.291.930) | (1.487.957) | (1.487.957) | ||||||
Impairment and write down | (196.061) | 0 | (196.061) | (419.686) | 319.127 | (100.559) | |||||
Non recurring income and expenses | (142.226) | 142.226 | 0 | (782.727) | 782.727 | 0 | |||||
Stock options and Incentive plans | (513.025) | 513.025 | 0 | (702.486) | 702.486 | 0 | |||||
EBIT Adjusted | (6.528.455) | 655.251 | (5.873.204) | (6.746.245) | 1.823.045 | (4.923.200) | |||||
EBIT excluding Shut-down | (6.528.455) | 655.251 | (5.873.204) | (6.746.245) | 1.823.045 | (4.923.200) | |||||
Net financial income and expenses | 39.481 | 0 | 39.481 | (165.573) | 0 | (165.573) | |||||
Revaluation of European Investment Bank warrants | |||||||||||
liabilities (IFRS 2) and other impacts of EIB loan | 0 | 0 | 0 | 0 | 0 | 0 | |||||
prepayment | |||||||||||
Income Taxes | (31.291) | 0 | (31.291) | 758.275 | 0 | 758.275 | |||||
NET INCOME (LOSS) excluding Shut-down | (6.520.264) | 655.251 | (5.865.013) | (6.153.543) | 1.823.045 | (4.330.498) | |||||
Capitalized R&D costs | 1.887.037 | 0 | 1.887.037 | 1.346.067 | 0 | 1.346.067 | |||||
Not capitalized R&D costs | 0 | 0 | 0 | 18.705 | 0 | 18.705 | |||||
Total R&D costs of the period | 1.887.037 | 0 | 1.887.037 | 1.364.772 | 0 | 1.364.772 | |||||
Total revenues | 5.026.127 | 0 | 5.026.127 | 2.659.129 | 0 | 2.659.129 | |||||
R&D investments % on Revenues | 38% | 38% | 51% | 51% | |||||||
- EBITDA excluding Stock Option and Incentive Plans expenses is not defined by IFRS. It is defined in notes 4.6
21
4 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4.1 Revenues and Other Income
Revenues and other incomes increase by 89% with respect to the H1 2019.
The split of revenues and total revenues including other income is as follow:
REVENUES AND OTHER INCOME | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Construction contracts | 4.549.290 | 18.484.496 | 2.322.178 | ||
Rendering of services | 364.950 | 1.199.545 | 304.344 | ||
Sales of goods | 0 | 0 | 0 | ||
REVENUES | 4.914.240 | 19.684.041 | 2.626.522 | ||
Other Income | 111.887 | 520.770 | 32.607 | ||
TOTAL REVENUES AND OTHER INCOME | 5.026.127 | 20.204.810 | 2.659.129 | ||
The increase in revenues related to Construction contracts is mainly related to the successful developments within the Giga Storage and Industrial Solutions Product Lines mainly related respectively to the progress in the construction of the Sol De Insurgentes solar plus storage project in Mexico, with commissioning expected in early 2021, the storage solution for the Leini power plant and the microgrids in California and Comoros, all with expected commissioning by year-end. Construction schedules were partly affected by Covid-related logistic restrictions.
Allocation of revenues as per single legal entity is:
REVENUES AND OTHER INCOME | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
ENGIE EPS ITALIA | 4.868.763 | 19.306.661 | 2.230.549 | ||
ENGIE EPS | 157.364 | 412.125 | 184.507 | ||
EPS Manufacturing | 0 | 486.025 | 244.073 | ||
EPS USA | 0 | 0 | 0 | ||
TOTAL REVENUES AND OTHER INCOME | 5.026.127 | 20.204.810 | 2.659.129 | ||
Revenues and Other income given by geographical areas, categorized as per the country of origin of the clients and the geographical area of the installation, are as follows:
22
REVENUES AND OTHER INCOME BY CLIENT | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
GEOGRAPHICAL AREAS | |||||
(amounts in Euro) | |||||
LATIN AMERICA | 2.506.985 | 12.669.649 | 0 | ||
EUROPE | 1.735.232 | 3.571.036 | 1.133.118 | ||
AFRICA | 341.993 | 3.052.673 | 1.519.918 | ||
ASIA PACIFIC | 24 | 911.452 | 6.092 | ||
USA | 441.893 | 0 | 0 | ||
TOTAL REVENUES AND OTHER INCOME | 5.026.127 | 20.204.810 | 2.659.129 | ||
REVENUES AND OTHER INCOME BY INSTALLATIONS | |||||
30/06/2020 | 31/12/2019 | 30/06/2019 | |||
GEOGRAPHICAL AREAS | |||||
(amounts in Euro) | |||||
LATIN AMERICA | 2.506.985 | 12.676.844 | 214.369 | ||
EUROPE | 1.719.661 | 3.547.571 | 594.902 | ||
AFRICA | 335.894 | 3.052.673 | 1.520.578 | ||
ASIA PACIFIC | 21.694 | 927.722 | 329.279 | ||
USA | 441.893 | 0 | 0 | ||
TOTAL REVENUES AND OTHER INCOME | 5.026.127 | 20.204.810 | 2.659.129 | ||
The amount of revenues realized by the Group in foreign currency is entirely realized in US Dollars and corresponds to 2.948 k€.
The chart below represents Revenues by product lines:
REVENUES BY PRODUCT LINES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Giga Storage | 2.514.509 | 12.770.249 | 1.799.601 | ||
Industrial Solutions | 1.484.666 | 5.489.848 | 649.881 | ||
eMobility and Others | 915.065 | 479.892 | 177.040 | ||
Other non-core activities | 0 | 944.052 | 0 | ||
TOTAL REVENUES BY PRODUCT LINES | 4.914.240 | 19.684.041 | 2.626.522 | ||
Other Income | 111.887 | 520.770 | 0 | ||
TOTAL REVENUES AND OTHER INCOME | 5.026.127 | 20.204.810 | 2.626.522 | ||
4.2 Cost of Goods Sold
The split of Cost of Goods Sold as of 30 June 2020 is as follow:
23
COST OF GOODS SOLD | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Costs of goods/ Rendering of services | (3.690.491) | (14.857.163) | (1.844.029) | ||
Cost of technology partnership agreements | 0 | 0 | 0 | ||
Change in inventories | 0 | 0 | 251.638 | ||
TOTAL COST OF GOODS SOLD | (3.690.491) | (14.857.163) | (1.592.391) | ||
Cost of goods sold relates to purchases of raw materials, consumables and finished products for 3,690 k€ (1,592 k€ in first semester 2019) and increased because of the growth of the ENGIE EPS in terms of number and size of the projects.
4.3 Personnel costs
The following table details staff costs and their evolution over the relevant financial periods:
PERSONNEL COSTS | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Salaries and wages | (2.469.145) | (3.918.439) | (1.794.928) | ||
Social contributions | (528.955) | (979.946) | (445.691) | ||
Employee benefits service costs | (275.863) | (626.973) | (319.914) | ||
Other Costs | (429.987) | (1.141.768) | (539.465) | ||
TOTAL PERSONNEL COSTS | (3.703.950) | (6.667.126) | (3.099.999) | ||
Total personnel costs increased by 604 k€, from 3,100 k€ for the First Half of 2019 to 3,704 k€ for the First Half of 2020.
The increase in Salaries and wages and Social contributions is due to the pro rata accrual of the yearly variable compensation. Total employees as at 30 June 2020 are 110 (compared to 110 as at 31 December 2019 and 109 as at 30 June 2019). The effect of the variable compensation accruals compared to 30 June 2019 worth 455 k€.
Employee benefits and Other costs (mainly related to personnel travel costs) decreased by 44 k€ and 109 k€ respectively compared to the same period of 2019, mainly due to travel restrictions followed to COVID-19 crisis.
4.4 Other operating expenses
The Other operating expenses amount to 1,407 k€ during the first semester 2020.
The chart below shows Other operating expenses as of 30 June 2020 compared with previous period.
24
OTHER OPERATING EXPENSES | 30/06/2020 | 31/12/2019 | 30/06/2019 |
(amounts in Euro) | |||
Legal and other consultancy costs | (410.516) | (500.723) | (198.087) |
Communication & Travel | (235.763) | (508.799) | (174.544) |
Maintenance | (139.689) | (297.767) | (103.907) |
Audit services | (102.311) | (134.107) | (136.231) |
Software licenses | (106.104) | (55.509) | (32.491) |
Rents | (63.789) | (155.950) | (73.464) |
Board compensation | (60.000) | (83.425) | (60.000) |
Safety | (58.498) | (114.144) | (59.613) |
Tax and administrative services | (62.690) | (171.635) | (82.667) |
Bank commissions | (23.514) | (31.933) | (16.586) |
Insurance | (20.527) | (14.612) | (5.387) |
Indirect taxes | (13.354) | (24.637) | (13.934) |
Miscellaneous | (110.001) | (223.300) | (74.928) |
TOTAL OTHER OPERATING EXPENSES | (1.406.757) | (2.316.539) | (1.031.840) |
The increase in Other Operating Expenses is mainly due to the growth of the ENGIE EPS structure necessary to support the growth of the business as well as the need to enhance the process of integration in ENGIE. Main increases are related to legal cost previously considered in Non-recurring income and expenses.
4.5 Other costs for R&D, Selling and industrial operations
The chart below shows Other costs for R&D and industrial operations as of 30 June 2020 compared with previous period.
OTHER COSTS FOR R&D AND INDUSTRIAL | |||||
OPERATIONS | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Industrial operations costs | (496.264) | (2.075.598) | (269.583) | ||
Not capitalized R&D costs | 0 | (18.705) | (18.705) | ||
Selling costs | (113.877) | 0 | 0 | ||
TOTAL OTHER COSTS FOR R&D AND INDUSTRIAL | (610.141) | (2.094.303) | (288.288) | ||
OPERATIONS | |||||
These costs have been identified on a separate line of the P&L in order to facilitate the understanding of ENGIE EPS' efforts to invest in cutting-edge technology and undertake innovative projects in order to meet the requirements of its key clients.
Industrial operations costs as at 30 June 2020 amount to 496 k€ while were 270 k€ as at 30 June 2019. The increase is due to the higher level of activity of the Group especially linked to external assembling and services outsourced to qualified partners.
Selling costs are mostly related to marketing and communication campaign on new products launched by Engie EPS on e-Mobility.
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4.6 EBITDA (excluding Stock Option and Incentive Plans) (non-IFRS)
First Half 2020 Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is a non-IFRS defined metrics which excludes non-recurringincome-expenses and the accounting impact of stock options. The EBITDA (excluding Stock Option and Incentive Plans) amounts to -4,385 k€ for the First Half 2020 compared with -3,353 k€ of the First Half 2019.
This result is justified by the increase of 19% in Personnel costs, of 36% in Other Operating Expenses and of 112% in Other costs for R&D and industrial operations mainly driven by the major commitment in R&D and perfectly in line with the planned growth of the internal organizational structure and the execution of ENGIE EPS Long Term Strategic Plan.
4.7 Amortization and depreciation
Amortization and depreciation are in line with the previous year, with a slight decrease by 196 k€ in the first semester 2020.
4.8 Impairment and write up / down
In the First Half 2020 the item amounts to 196 k€, which is related to the risk provision on the cost of completion of future projects and the impairment on assets as shown in the following table:
IMPAIRMENT AND WRITE DOWN | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Provison for risks on R&D projects completion | (196.061) | (334.000) | 0 | ||
Impairment of Hydrogen assets | 0 | (1.386.700) | 0 | ||
Business shut-down | 0 | (1.084.380) | 0 | ||
Bad debt provision | 0 | (739.969) | (100.560) | ||
Future completion cost on project | 0 | (47.000) | 0 | ||
Impairment on inventory and non current assets | 0 | 0 | (319.127) | ||
TOTAL IMPAIRMENT AND WRITE DOWN | (196.061) | (3.592.049) | (419.686) | ||
At 30 June 2020, the Group recognized net impairment losses of 196 k€.
These impairment losses related mainly to R&D project and co-development projects.
No impairment loss was identified by the Group as of 30 June 2020 on the goodwill (amounting to 1.569 k€) emerging from the acquisitions of ENGIE Eps Italia (ex Eps Elvi) and MCM in 2016. As a reminder, MCM was liquidated in during the first semester 2020. All MCM activities were acquired by ENGIE EPS Italia.
4.9 Non-recurring income and expenses
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NON RECURRING INCOME AND EXPENSES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Non recurring integration expenses | (125.468) | (220.202) | 0 | ||
Origination and Development Costs | (8.280) | (297.576) | (350.340) | ||
Other | (8.477) | (29.238) | (3.604) | ||
Non recurring Legal Accounting & Certification | 0 | (603.956) | (330.016) | ||
M&A costs | 0 | (312.216) | 0 | ||
Non recurring Distribution & Business dev. Expenses | 0 | (75.284) | (98.767) | ||
Non recurring expenses for R&D activities | 0 | (35.000) | 0 | ||
TOTAL NON RECURRING INCOME AND EXPENSES | (142.226) | (1.573.472) | (782.727) | ||
This item includes expenses considered as non-recurring, such as those which are mainly related to specific phases of company growth and the setting up of accounting, administration and business development departments. These operating expenses cannot be qualified as exceptional or extraordinary, but still they are linked to unusual and infrequent elements, for significant amounts, therefore they are presented by ENGIE EPS on a separate line, in order to facilitate the understanding of the current operating activity. Compared to First Half 2019, this item decreased by 641 k€, from 783 k€ to 142k€ in First Half 2020, confirming the viability of investments made on building internal departments.
As mentioned above, these costs are not representative of the Group's ordinary activity although they may have occurred in the past year and they are likely to occur again in future years.
4.10 Incentive Plans
The line refers to the accrual of Incentive Plans for employees and management. In accordance with the Profit Sharing Plan adopted on 6 March 2018, stock options and warrants plans issued before have been replaced with Stock Appreciation Rights ("SARs"), and, where applicable, Additional Stock Appreciation Rights ("additional SARs"). Following this plan:
- 200,000 vested stock options granted to the CEO which were replaced by SARs;
- the unvested stock options and warrants were replaced by Transformed SARs on a one-to-one basis - different SARs matching the strike prices of the different existing stock options or warrants are not subject to any performance conditions and are only linked to the condition of presence within the Group;
- in addition, "Additional SARs" with special characteristics, including performance conditions, linked to the achievement of revenue and EBITDA levels consistent with the 2020 Strategic Plan and the Company's retention rates for 2018 to 2020 (the "Additional SARs"), were distributed to the CEO and other managers.
The SARs and the Additional SARs provide a vesting period and benefit from a floor price of €9.50, subsequently adjusted to 8,87. The allocation of stock appreciation rights (SARs) decided by the Board of Directors on 6 March 2018 to the benefit of the Chief Executive Officer, the Chairman of the Board of Directors and the other members of the Board of Directors, in replacement of the existing unvested stock-options or warrants is detailed in par. 15.5 of the 2017 Registration Document.
In view of the granted SARs' features and a settlement of the benefits that will be made in cash instead of equity instruments, this plan is qualified as "cash-settled" according to IFRS 2.
IFRS 2 standards do not explicitly address the case of transformation of equity-settled plans into cash-settled plans, as in the situation of EPS; however, the IASB Board considered that this transaction could be treated by analogy with example IG9. By analogy EPS considered that:
- the constitution of (all or part) the original debt of cash settle plan should be done directly from equity;
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- the recognition of a "floor" cost, if the conditions of the new plan are unfavorable and would lead to the accounting of a lower cost than the cost that would be accounted according to the old plan;
- the obligation to record a "cash-settled" debt at fair value on the modification date, all subsequent changes (positive or negative) impacting the income statement.
The Remuneration and Performance Committee is currently discussing an amendment of the incentive plan, including the postponement of Additional SAR related to performance vesting to 2022 and the review of performance conditions to set targets aligned to the updated Business Plan of the Group.
Once the equity-settled plan has been transformed into cash-settled, the new plan will be treated according to the principles applicable to cash-settled plans. The only exception to this principle, as in the example IG9, is the case where the new plan is unfavorable (by comparing the value of the shares and the vesting conditions at the date of modification to the same information at the grant date of the original equity-settled plan). In this case, there will be an additional charge (with a corresponding entry in equity) to maintain at least the cost of the rendered services to the level of the "old" cost. For EPS, on the contrary, the share prices are higher than they were at the grant date of the original equity-settled plan.
In accordance with the requirements for cash-settledshare-based payment transactions (IFRS 2, par. 30-33), EPS accounted the liability to be settled in cash on the date of the plan's modification, based on the fair value of the shares and on the services acquired at that time. Furthermore, until the liability is settled, EPS will remeasure the fair value of the liability at each reporting date and at the date of settlement, with any changes in fair value recognized in profit or loss for the period.
As of 30 June 2020, the fair value of the debt amounts to 3,470 k€ while it was 3,647 k€ as at 31 December 2019. The movements booked are the following:
- 513 k€ recorded in P&L, mainly corresponding to SARs exercised during the period as well as the adjustment of the fair value of not exercised SARs;
- 689 k€ paid during the period, corresponding to SARs exercised and paid during the first half year 2020. In the next periods, this debt will be revaluated to consider:
- the additional years of supplied services;
- the evolution of the fair value of the SARs;
- the modifications of the plan that may occur .
A summary of SARs details over the period is illustrated by the chart below:]
SARs VALUE | Additional SAR | Transformed SAR | TOTAL | ||||
(amounts in Euro) | |||||||
Closing 31.12.2019 | 1.645.207 | 2.001.309 | 3.646.516 | ||||
Increase / (Decrease) (P&L) | 679.127 | (166.103) | 513.025 | ||||
Increase (Equity) | 0 | 0 | 0 | ||||
Exercised and paid | (150.000) | (539.252) | (689.252) | ||||
Closing 30.06.2020 | 2.174.334 | 1.295.955 | 3.470.289 | ||||
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SARs NUMBER | Additional / New | Transformed SAR | TOTAL | ||||
SARs | |||||||
Closing 31.12.2019 | 751.576 | 368.922 | 1.120.498 | ||||
Exercised and paid | (25.685) | (71.987) | (97.672) | ||||
Closing 30.06.2020 | 725.891 | 296.935 | 1.022.826 | ||||
Summary of dilutive instruments and dilution risk
As at 30 June 2020, no dilutive risk related to Stock Options and Warrant plans arise. The Company's corporate officers, members of management and employees do not hold any shareholding in the Company's share capital and there are no outstanding securities entitling the holders of which to access the capital of the Company.
The allocations of the SARs to the CEO, the Chairman of the Board of Directors and other members of the Group's management decided by the Board of Directors on 6 March 2018 to replace unvested stock is described in chapter 15.2 of the 2019 Registration Document.
4.11 EBIT
In First Half 2020 Earnings Before Interest and Taxes ("EBIT") is -6,528 k€ compared with -6,746 k€ of First Half 2019.
4.12 Net Financial Income and expenses
The item includes interests and charges on bank accounts and other financing, exchange rate differences on extra EU trades.
NET FINANCIAL INCOME AND EXPENSES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Financial interest | (136.297) | (236.481) | (138.074) | ||
Financial interest related to IFRS 16 | (40.028) | (45.512) | (22.773) | ||
Net exchange differences | 215.806 | (40.126) | (4.726) | ||
Financial income | 0 | 9.900 | 0 | ||
TOTAL NET FINANCIAL INCOME AND EXPENSES | 39.481 | (312.219) | (165.573) | ||
Financial interests linked to the other credit lines in place amount to 136 k€ which is in line with the First Half 2019. Due to the favorable exchange rate on USD, during the first semester 2020, the Net exchange differences worth 216 k€ (-5 k€ in First Half 2019).
4.13 Income taxes
The item includes income and deferred taxes for an amount of -31 k€ (758 k€ for the first semester of 2019).
4.14 Net income or loss
In the first semester 2020, the net loss amounts to 6,520 k€ (6,154 k€ in First Half 2019). As of 30 June 2020, basic earnings per share is a loss equal to 0.51 €.
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4.15 Property, plant and equipment
Property, plant and equipment in First Half 2020 is equal to 2,861 k€, with a decrease of 238 k€ from 3,098 k€ as of 31 December 2019. This is due to the difference between the investments done and amortization cost accounted during the period.
The following table describes tangible assets by Legal Entity:
TANGIBLE ASSETS | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
ENGIE EPS | 0 | 0 | 0 | ||
EPS Manufacturing | 0 | 0 | 0 | ||
ENGIE EPS ITALIA | 2.862.240 | 3.099.279 | 3.240.540 | ||
EPS USA | 0 | 0 | 0 | ||
Purchase Price Allocation (PPA) | (1.690) | (1.690) | (1.690) | ||
TOTAL TANGIBLE ASSETS | 2.860.550 | 3.097.589 | 3.238.850 | ||
The evolution of Tangible Assets between 2019 year-end and 2020 first semester by asset category is described in the next table:
PROPERTY, PLANT AND EQUIPMENT (amounts in Euro)
Plant, machin | |||
Buildings | ery and techn | Office and IT | Assets lease |
ical equipme | equipment | d (IFRS16) | |
nt |
Tangible ass
ets in progreTotal ss
Book Value
At 31 December 2019 | 1.391.802 | 891.061 | 512.453 | 2.175.922 | 0 | 4.971.238 | ||
Additions | 16.180 | 0 | 36.936 | 0 | 53.117 | |||
Disposal | 0 | 0 | 0 | 0 | 0 | |||
At 30 June 2020 | 1.407.982 | 891.061 | 549.389 | 2.175.922 | 0 | 5.024.355 | ||
Depreciation and Impairment | ||||||||
At 31 December 2019 | (620.088) | (641.745) | (309.576) | (302.240) | (1.873.649) | |||
Depreciation and Impairment | (87.811) | (37.010) | (124.709) | (150.316) | 0 | (399.846) | ||
Disposal | 0 | 0 | 0 | 0 | 0 | |||
At 30 June 2020 | (707.899) | (678.755) | (434.285) | (452.556) | 0 | (2.273.495) | ||
Net Book Value | ||||||||
At 31 December 2019 | 771.714 | 249.316 | 202.877 | 1.873.682 | 0 | 3.097.589 | ||
Opening reclass as at 1 January | (179.430) | (29.589) | 224.797 | 0 | 93.912 | 109.690 | ||
2020 * | ||||||||
At 30 June 2020 | 520.653 | 182.717 | 339.902 | 1.723.366 | 93.912 | 2.860.550 | ||
*in order to give a most comprehensive disclosure, some amounts have been reclassified between classes. Please also refer to note 4.16
Tangible assets in First Half 2020 amount to 2,860 k€, compared with 3,098 k€ as at 31 December 2019. The decrease is mainly due to the amortization accounted during the period.
4.16 Intangible Assets
Intangible assets in First Half 2020 amount to 8,121 k€, compared with 6,979 k€ as at 31 December 2019.
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The following table illustrates the distribution of Intangible Assets among the Legal Entities of the Group:
INTANGIBLE ASSETS | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
ENGIE EPS ITALIA | 5.625.674 | 5.072.588 | 6.089.963 | ||
Purchase Price Allocation (PPA) | 2.106.572 | 1.572.926 | 951.516 | ||
ENGIE EPS | 333.547 | 193.654 | 818.584 | ||
EPS Manufacturing | 54.912 | 140.048 | 128.656 | ||
EPS USA | 0 | 0 | 0 | ||
TOTAL INTANGIBLE ASSETS | 8.120.705 | 6.979.216 | 7.988.719 | ||
The evolution of Intangible Assets between 2019 year-end and First Half 2020 by asset category is described in the table below:
Patent and | Other intangibl | |||||||
Licenses with | Development | |||||||
INTANGIBLE ASSETS | Software | e assets (to be | Goodwill | Total | ||||
definite useful | costs | |||||||
amortised) | ||||||||
life | ||||||||
Book Value | ||||||||
At 31 December 2019 | 2.394.618 | 495.260 | 10.718.437 | 633.362 | 1.568.783 | 15.810.460 | ||
Additions | 10.533 | 227.530 | 1.887.037 | 18.685 | 0 | 2.143.786 | ||
Adjustments and | 0 | 0 | 0 | 0 | 0 | 0 | ||
Disposals | ||||||||
At 30 June 2020 | 2.405.151 | 722.791 | 12.605.474 | 652.047 | 1.568.783 | 17.954.245 | ||
Depreciation and | ||||||||
Impairment | ||||||||
At 31 December 2019 | (2.240.984) | (341.971) | (6.095.742) | (152.546) | 0 | (8.831.243) | ||
Amortisation and | (99.377) | (187.538) | (605.692) | 0 | 0 | (892.607) | ||
Impairment | ||||||||
Adjustments and | 0 | 0 | 0 | 0 | 0 | 0 | ||
Disposals | ||||||||
At 30 June 2020 | (2.340.361) | (529.509) | (6.701.434) | (152.546) | 0 | (9.723.850) | ||
Net Book Value | ||||||||
At 31 December 2019 | 153.633 | 153.290 | 4.622.695 | 480.815 | 1.568.783 | 6.979.216 | ||
Opening reclass as at 1 | 44.100 | 191.817 | (34.663) | (310.943) | 0 | (109.690) | ||
January 2020 * | ||||||||
At 30 June 2020 | 108.889 | 385.099 | 5.869.377 | 188.557 | 1.568.783 | 8.120.706 | ||
*in order to give a most comprehensive disclosure, some amounts have been reclassified between classes. Please also refer to note 4.15
The increase of 2,144k€ in book value is mainly due to:
- 533 k€ DROSSO - V2G Parking+ Bidirection Charger: ENGIE Eps designed, developed and tested EVHouse, a containerized solution specifically designed for large EV parking areas and fleets. The centralized solution EVHouse was produced and implemented for the Drosso Pilot (Project E301001), aggregates up to 64 EVs by using 4 Power Conversion Systems with a single interface to the grid. This goal is reached by emulating the structure of stationary energy storage system in which batteries are operated in parallel. Each EV is connected to a DC user unit ("EVPost") that enables both the communication and the power transfer between the centralized Power Conversion System and the single car. The main innovation of the proposed solution relies in the realization of a double DC link ("main" and "auxiliary") configuration for the equalization of battery SoC between cars that are connecting/disconnecting with/from the main system;
- 519 k€ in E-mobility with BMS (Battery Management System) development: the project will exploit the value of EV batteries in providing energy and power services to the grid (V2G applications).To this end, a reliable ageing model and a real time battery model will be developed;
- 372 k€ investment for the improvement of EMS (Energy Management System) and PMS (Power Management System): this project stems from the need of improving the present Energy and Power Management Systems for the operation of both isolated and grid connected storages, possibly in combination with other types of electrical assets. Moreover, new more stringent grid codes,
31
efficiency and robustness requirements demand to overhaul the present plant controller architecture. In this context PROPHET project was launched in collaboration with Milan Polytechnic. The new algorithm allows overcoming scale up issues of the heuristic management systems, both in terms of complexity and deployment time. Moreover, the resolution of a rigorous optimization problem ensures improved performances in terms of key figure of merit such as: genset fuel consumption, renewable penetration, battery cycling and ageing, system availability, auxiliaries energy consumption. Even if, when launched, the project was intended to provide just proof of concepts of the EMS within the context of the PROPHET microgrid, at a later stage also the final industrialization of the algorithms has been included among the main milestone of this project;
- 208 k€ for Power and Control Electronics Development: the project cover mainly the bottom level of ENGIE Eps vertical integration, providing the fundamental bricks for the whole system. The development of innovative technologies for power and control electronics is aimed at enabling the design of new products in the fast-growing sectors such as PCS, e-Mobility, predictive diagnostics, as well as energy storage systems, both stationary and distributed on EV;
- 161 k€ investment for the energy storage products development: the project includes standardization, optimization and development of energy storage solution that will guarantee EPS ENGIE more competitiveness in terms of performance and cost;
- 94 k€ investment in computer science and artificial intelligence algorithms development: the most important goal is to further improve the techniques used for the development of the ENGIE EPS' EMS, within the framework of PROPHET project. The new EMS is based on mathematical optimization, predictors (as load and photovoltaic forecasters), adaptive functionalities and real time updating of the constraints. Another vital direction is to provide a software dashboard which will help supervise and monitor the plant and the assets in the portfolio.
The internal development costs are 903 k€.
Goodwill of 1,569 k€ recognized in intangible assets is related to the acquisitions of ENGIE Eps Italia (ex EPS Elvi Energy) and MCM in 2016 (please also refer to paragraph 4.8).
4.17 Investments in entities accounted using the equity method
Investments in entities accounted using the equity method which amounts to 1 k€ consists of Comores Énergies Nouvelles.
4.18 Other non-current financial assets
The amount of 168 k€ mainly consists of:
- 115 k€ of refundable deposits as a guarantee to the rent contract signed for the plant in Rivoli (Turin, Italy) and Cosio (Sondrio, Italy);
- 53 k€ of deposited utilities supplies.
4.19 Trade receivables
Total trade receivables decreased by almost 5.860 k€ from 31 December 2019 to 30 June 2020.
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TRADE AND OTHER RECEIVABLES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Trade and other receivables | 4.888.502 | 10.748.160 | 4.718.246 | ||
Bad debt provision | (819.916) | (819.916) | (79.947) | ||
TOTAL TRADE AND OTHER RECEIVABLES | 4.068.586 | 9.928.244 | 4.638.298 | ||
All trade receivables which involve a reasonable risk of non-collection have been provisioned during the period.
4.20 Contract Assets
Total contract asset decreased from 9.149 k€ from 31 December 2019 to 7.226 k€ as at 30 June 2020.
4.21 Inventories
As of 30 June 2020, the inventory amounts to 3,218 k€ compared to 2,986 k€ at the end of 2019.
INVENTORIES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Raw materials | |||||
Gross value | 1.619.846 | 1.837.636 | 2.012.740 | ||
Obsolescence provision | 0 | (417.852) | (123.820) | ||
Raw materials net book value | 1.619.846 | 1.419.784 | 1.888.920 | ||
Work in progress | |||||
WIP for construction contracts whose respective revenues | 755.539 | 755.539 | 755.539 | ||
aren't recognized during the current period | |||||
Gross value | 502.669 | 382.178 | 382.178 | ||
Obsolescence provision | (25.980) | 0 | 0 | ||
Work in progress net book value | 1.232.228 | 1.137.717 | 1.137.718 | ||
Finished goods | |||||
Gross value | 366.088 | 428.446 | 127.177 | ||
Obsolescence provision | 0 | 0 | 0 | ||
Finished goods net book value | 366.088 | 428.446 | 127.177 | ||
Total inventories | |||||
Gross value | 3.244.143 | 3.403.800 | 3.277.634 | ||
Obsolescence provision | (25.980) | (417.852) | (123.820) | ||
Total inventories net book value | 3.218.163 | 2.985.948 | 3.153.814 | ||
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4.22 Other current assets and other current financial assets
OTHER CURRENT ASSETS AND OTHER CURRENT | |||||
FINANCIAL ASSETS | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Prepaid expenses | 416.065 | 1.590.669 | 1.099.654 | ||
VAT receivables | 1.388.420 | 1.495.389 | 1.333.425 | ||
Advances to suppliers | 350.180 | 1.064.082 | 124.477 | ||
Current financial assets | 459.219 | 428.201 | 435.500 | ||
Other receivables | 176.819 | 383.841 | 181.001 | ||
Other tax assets | 74.677 | 94.509 | 82.403 | ||
Social contributions receivables | 41.880 | 23.922 | 13.687 | ||
Deferred tax asset | 28.136 | 28.136 | 28.136 | ||
Tax asset "Industria 4.0" | 790.696 | 0 | 319.072 | ||
Advance Payment Elvi Acquisition | 0 | 0 | 0 | ||
TOTAL OTHER CURRENT ASSETS AND OTHER CURRENT | 3.726.091 | 5.108.749 | 3.617.356 | ||
FINANCIAL ASSETS | |||||
The decrease in Other current assets in First Half 2020 compared to year-end 2019, amounting to 1,383 k€ can be explained with the decrease in Prepaid expenses (1,175 k€) related to projects that will produce their economic benefits in the future periods and advances on suppliers (714 k€) partially off-set in Tax asset "Industria 4.0" (791 k€).
Other current financial assets are related to a loan granted by ENGIE EPS to Comores Énergies Nouvelles Sarl for an amount of 480 k€.
4.23 Cash and cash equivalent
Cash at banks and petty cash represent the amount held on bank balances both in Euro and in other currencies and cash deposits at leading credit institutions. The cash liquidity is mainly held in Euro currency.
The amount of cash and cash equivalent in the first semester 2020 is 3,774 k€, compared to 6,431 k€ at the end of 2019.
The decrease is mainly due to operating cash flows (as described in the Cash Flow Statement). A portion of the liquid assets amounting to 1,328 k€ serve as cash collateral to guarantee financings received by the Group that are included in net debt. The Group considers this cash collateral is liquid to the extent that the release of the guarantee is under its control.
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4.24 Net Equity
NET EQUITY | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Issued capital | 2.553.372 | 2.553.372 | 2.553.372 | ||
Share premium | 48.147.696 | 48.147.696 | 48.147.696 | ||
Other reserves | (439.643) | (382.504) | (365.971) | ||
Stock Option and Warrants plan reserve | 4.969.291 | 4.969.291 | 4.969.291 | ||
Retained earnings | (52.953.882) | (38.306.765) | (38.298.766) | ||
Profit (Loss) for the period | (6.520.264) | (14.644.285) | (6.153.543) | ||
TOTAL EQUITY | (4.243.431) | 2.336.804 | 10.852.078 | ||
Equity at the end of June 2020 is -4,243 k€ while was 2,337 k€ on 31 December 2019. The decrease is basically due to the first semester loss.
The total number of shares at the end of period is 12,766,860, as illustrated in the table below.
NUMBER OF SHARES | 30/06/2020 | ||
Beginning of the period | 12.766.860 | ||
Net Rights Issue | 0 | ||
EIB Warrants | 0 | ||
Exercise of options and warrants reserved to management and | 0 | ||
employees | |||
End of period | 12.766.860 | ||
4.25 Severance indemnity reserve and Employees' incentive plan
The Italian Severance indemnity (TFR), calculated in accordance with IAS 19, in the First Half of 2020 amounts to 1,349 k€, while it was 1,179 k€ at the end of 2019. The remaining amounts of 3,971 k€ is related to the non-current portion of SAR benefits. For a detailed description of this item please refer to paragraph 4.10.
4.26 Non-current deferred tax liabilities
Non-current deferred tax liabilities for 16 k€ in First Half 2020 (16 k€ for 31 December 2019) include deferred taxes liabilities on assets recorded for ENGIE Eps Italia (ex EPS Elvi) Purchase Price Allocation.
4.27 Trade payables
The item refers to invoices for goods, services and utilities received by suppliers during the year, and it amounts to 5,370 k€, with a decrease respect to 15,963 k€ in 2019 year end.
TRADE PAYABLES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Trade payables | 1.814.321 | 15.258.926 | 2.950.371 | ||
Invoices to be received | 3.555.927 | 704.038 | 1.360.008 | ||
TOTAL TRADE PAYABLES | 5.370.248 | 15.962.964 | 4.310.379 | ||
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4.28 Other Current and Non Current Liabilities
Other non current liabilities amount to 1,998 k€ and was 1.632 k€ as at 31 December 2019. The amount is entirely related to the long term portion of the lease liability booked under the new IFRS 16.
Other liabilities at the end of first semester 2020 are 3,665 k€ (4,519 k€ for 31 December 2019).]
OTHER LIABILITIES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Lease liabilities | 1.528.701 | 1.603.866 | 0 | ||
Provision for onerous contract | 502.989 | 1.332.104 | 209.475 | ||
Employee wages and salaries | 1.694.296 | 1.156.213 | 706.226 | ||
Withholding taxes and social contributions | 503.310 | 1.080.223 | 545.963 | ||
Advances on government grants | 1.119.630 | 859.712 | 998.609 | ||
Deferred income | 239.421 | 103.230 | 613.893 | ||
Board compensations | 75.000 | 15.000 | 75.000 | ||
TOTAL OTHER LIABILITIES | 5.663.347 | 6.150.348 | 3.149.166 | ||
4.29 Financial liabilities
Financial liabilities at the end of First Half 2020 are 21,526 k€, with an increase of 6,993 k€ compared with the year- end 2019. The amount is detailed as follows.
Financial liabilities as of 30/06/2020 | Interest rate | Current | Non-current | Total | ||
(amounts in Euro) | liability | liability | ||||
Floating rate (euribor 3m + | ||||||
spread 0.85%) | ||||||
MLT credit line - SOGEN to ENGIE EPS | Fixed rate (0.35%) on the | 0 | 19.441.211 | 19.441.211 | ||
unused and uncancelled | ||||||
amount | ||||||
MLT credit line - Mediocredito Italiano to | Floating rate (euribor 3m + | 599.937 | 582.216 | 1.182.153 | ||
EPS Manufacturing | spread 3.75%) | |||||
MLT credit line - Banca Sella to ENGIE | Floating rate (euribor 3m + | 0 | 231.479 | 231.479 | ||
EPS ITALIA | spread 3.5%) | |||||
ST credit line - Banca Sella to ENGIE | Floating rate (euribor 3m + | 171.238 | 0 | 171.238 | ||
EPS ITALIA | spread 3.5%) | |||||
Subvention ENGIE DROSSO project | 500.000 | 0 | 500.000 | |||
TOTAL FINANCIAL LIABILITIES | 1.271.174 | 20.254.905 | 21.526.080 | |||
Variation on each item between 31 December 2019 and 30 June 2020 are detailed as follows:
36
Financial liabilities as of | Reclass | ||||||||||||||||
Short Term | Long Term | Fair Value | form Long | ||||||||||||||
31/12/2019 | Cash in | Cash out | Short Term | Long Term | TOTAL | ||||||||||||
2019 | 2019 | adjustment | term to | ||||||||||||||
(amounts in Euro) | |||||||||||||||||
Short term | |||||||||||||||||
MLT credit line - SOGEN to | 0 | 12.441.211 | 7.000.000 | 0 | 19.441.211 | 19.441.211 | |||||||||||
ENGIE EPS | |||||||||||||||||
MLT credit line - Mediocredito | 794.381 | 582.216 | (201.306) | 6.862 | 0 | 599.937 | 582.216 | 1.182.153 | |||||||||
Italiano to EPS Manufacturing | |||||||||||||||||
MLT credit line - Banca Sella to | 227.412 | 231.479 | (59.221) | 1.523 | (169.715) | 0 | 231.479 | 231.479 | |||||||||
ENGIE EPS ITALIA | |||||||||||||||||
ST working capital financing - | 175.000 | 0 | (175.000) | 0 | 0 | 0 | |||||||||||
Unicredit to ENGIE EPS ITALIA | |||||||||||||||||
ST working capital financing - | |||||||||||||||||
Intesa Sanpaolo to ENGIE EPS | 80.480 | 0 | (80.480) | 0 | 0 | 0 | |||||||||||
ITALIA | |||||||||||||||||
MLT credit line - Banca Sella to | 0 | 0 | 1.523 | 169.715 | 171.238 | 0 | 171.238 | ||||||||||
ENGIE EPS ITALIA | |||||||||||||||||
MLT credit line - Unicredit to | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
ENGIE EPS ITALIA | |||||||||||||||||
Subvention ENGIE DROSSO | 0 | 0 | 500.000 | 500.000 | 500.000 | ||||||||||||
project * | |||||||||||||||||
TOTAL | 1.277.273 | 13.254.905 | 7.500.000 | (516.007) | 9.908 | 0 | 1.271.174 | 20.254.905 | 21.526.080 | ||||||||
* Cash in expected in the second half of the year
As a reminder ENGIE EPS obtained €7.5m and €15m from Société Générale in June and December 2019 respectively in the form of two credit lines (to be paid back over a 4-year revolving credit facility) in order to fund its working capital needs, R&D and capex investments. Both credit lines accrue an interest equal to Euribor 3 months plus a margin of 85 basis points, with a commitment fee equal to 35% of the margin that is calculated on the unused and uncancelled amount of the revolving credit facility for the availability period. During the First Half 2020 ENGIE EPS drawdown €7m of the funds made available by Société Générale.
- Covenants
Regarding the credit lines, only information covenants are set out in the respective Facility Agreements. The table below illustrates all Group obligations:
37
- | FINANCIAL COVENANTS AND | - INFORMATION | |||||||
OBLIGATIONS | |||||||||
Mediocredito | • | Negative pledge | • | insolvency | proceeding about any | ||||
• | Pari passu | Group's entity; | |||||||
• Equity | shown | in | the | • | dissolutions, | mergers, acquisitions or | |||
Consolidated | Financial | founding one or more assets allocated | |||||||
Statement equal to or higher | to a particular business; | ||||||||
than (6) six million (otherwise, | • | resolution or event that could create a | |||||||
the Company has to find a | shareholder's right to withdraw; | ||||||||
remedy within (30) thirty days | • | shareholders' exercising, if any, of their | |||||||
since the communication date | right to withdraw; | ||||||||
to the Bank) | • | decrease of the share capital; | |||||||
• | transfer of activity or significant | ||||||||
modification, or transfer of the company | |||||||||
or branch property / use; | |||||||||
• | defining act which by a third party | ||||||||
acquires, in any way, the debt deriving | |||||||||
from the Mediocredito loan; | |||||||||
• | changes of the end use of the goods | ||||||||
referred to the project; | |||||||||
• | changes of the shareholders' framework | ||||||||
have to be transmitted within 10 days. | |||||||||
Before 2017 September 30th: | |||||||||
technical report about the completion of the | |||||||||
project, using a form attached to the agreement. | |||||||||
Before July 31st of each year: | |||||||||
Legal Representative declaration attached with a | |||||||||
copy of (i) Financial Statement with attachments | |||||||||
and (ii) Consolidated Financial Statements with | |||||||||
attachments, not drafted in short way. | |||||||||
Banca Sella | • | Not Applicable | • | substantial changes of the activity scope | |||||
changes of the shareholders' framework | |||||||||
Intesa Sanpaolo | • | Not Applicable | • | There isn't a specific obligation on | |||||
working capital credit line facilities. | |||||||||
Société Générale | • | Not Applicable | • | There isn't a specific obligation on | |||||
working capital credit line facilities. | |||||||||
4.30 Net financial position
The Net Financial Position decrease by 9.652 k€ during the last 6 months reflects the investments made by the Group to set up the current industrial footprint, product industrialization and business results along with the support of the banking system and in particular of Société Générale.
The cash position at 30 June 2020, represented by liquid assets, amounted to € 3.8 million compared to € 6.4 million at the end of 2019.
38
NET FINANCIAL POSITION | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(amounts in Euro) | |||||
Cash and cash equivalent | 3.773.701 | 6.431.376 | 4.423.931 | ||
Cash at banks and petty cash | 3.773.701 | 6.431.376 | 4.423.931 | ||
Cash related to advances on grants | 0 | 0 | 0 | ||
Current financial payables | 0 | 0 | 0 | ||
Cash on grants | 0 | 0 | 0 | ||
Net financial debts | (21.526.080) | (14.532.179) | (6.427.535) | ||
Current financial liabilities | (1.271.175) | (1.277.274) | (1.722.975) | ||
Non current financial liabilities | (20.254.905) | (13.254.905) | (4.704.560) | ||
NET FINANCIAL POSITION | (17.752.379) | (8.100.803) | (2.003.603) | ||
4.31 Related party disclosures
Transactions between the companies consolidated under the equity method do not represent a significant amount at 30 June 2020. Furthermore, during the first six months of 2020, there was no significant transaction concluded with a member of the senior management or with a shareholder having a material influence on the Group.
The ENGIE EPS Group associated parties to notably include the shareholders of the Company, its consolidated and unconsolidated subsidiaries, companies under joint control, associated companies and the entities over which the various directors of the Group exercise at least a notable influence.
The Group carries out transactions with related parties at arms' length.
The principal operations with associated parties are:
- Agreement with ENGIE SOLAR S.a.S. (a company belonging to the ENGIE Group, the majority shareholder of the Company):
- ENGIE SOLAR S.a.S. has been selected to perform engineering, procurement, and installation services in relation to the delivery of a BESS (with stockage capacity of 5.4 MW/3.17 MWh) and of its associated facilities in the Municipality of Comadù (United State of Mexico) ("Sol de Insurgentes Project"). On 20 December 2019 ENGIE SOLAR S.a.S. entered into a Power Island Supply Agreement with ENGIE Eps Italia (ex EPS Elvi) in order to subcontract part of the works. The contract price is USD 17,303 k.
- ENGIE Eps Italia (ex EPS Elvi) concluded an agreement with ENGIE SOLAR S.a.S. for the provision of advisory services in order to deploy the smart integration program of ENGIE Eps Italia (exEPS Elvi) within the ENGIE Group. The duration of the agreement is 12 (twelve) months, from 1 January 2019 to 31 December 2019. The scope of this service agreement is to support ENGIE SOLAR S.a.S. by using ENGIE Eps Italia (ex EPS Elvi) capabilities represented by Mrs. Michela Costa, who for the duration of the present agreement shall act as i) Legal Director for ENGIE SOLAR S.a.S.; ii) Head of PMO (including HSE, quality and contract management); iii) Ethics & Compliance Officer for ENGIE SOLAR S.a.S.; and iv) Risk Officer for ENGIE SOLAR S.a.S.. The Contract Price is equal to €290 k.
- On 14 December 2018, ENGIE EPS (formerly known as Electro Power Systems S.A.) entered into an agreement with ENGIE SOLAR S.a.S. for the sublease of its registered office at 115, rue Réaumur, 75002 Paris. The sublease agreement has a duration of two years, starting from 1 January 2019 and expiring on 31 December 2021. The annual rent (excluding taxes) is equal to €2,400. The sublease agreement was terminated by ENGIE SOLAR S.a.S., on 1 October 2019.
39
- Agreement with SOLAIREDIRECT GLOBAL OPERATIONS S.A. (a company belonging to the ENGIE Group, the majority shareholder of the Company) In relation to the Sol De Insurgentes Projects described above, on 27 November 2019, ENGIE Eps Italia (exEPS Elvi) entered into a procurement contract with Solairedirect Global Operations S.A. for the purchase of some critical equipment and materials instrumental to the delivery of a battery energy storage system (with stockage capacity of 5.4 MW/3.17 MWh) and its associated facilities to be installed in the Municipality of Comadù (United State of Mexico). The contract price is equal to USD $13,547 k.
- Agreement with Cautha S.r.l. (a company for which Giuseppe Artizzu, Executive Director of the ENGIE EPS Group as of 7 March 2018, is a director): on 10 July 2015, EPS Manufacturing, in order to sublease its registered office in Piazza del Tricolore 4, Milan (Italy), concluded a one-year sublease agreement with Cautha S.r.l. The agreement was renewed for an additional year and expired on 1 July 2018. The annual rent (excluding taxes) was equal to €18 k.
- Agreement with ENGIE PRODUZIONE (a company belonging to the ENGIE Group, the majority shareholder of the Company): on 31 December 2019, ENGIE Eps Italia (ex EPS Elvi), acting as contractor for the engineering, supply and installation of an energy storage system with stockage capacity of 7.2 MW/5.08 MWh and related services entered into an agreement with ENGIE PRODUZIONE S.p.A. The contract price is €2,643 k.
- Agreement with ENGIE Lab Singapore (a company belonging to the ENGIE group, the majority shareholder of the Company): on 21 September 2017, ENGIE Eps Italia (ex EPS Elvi) entered into an agreement with ENGIE Lab Singapore for the supply of a P2P hydrogen system (its articles, materials, equipment, design and drawings, data and other materials) on the island of Semakau (Singapore). The value of the agreement is €663 k.
- Agreement with Comores Energies Nouvelles S.A.R.L. (a company where 49% of its shares are owned by ENGIE EPS): on 16 November 2018, ENGIE Eps Italia (ex EPS Elvi) entered as contractor into an EPC Agreement with Comores Energies Nouvelles S.A.R.L., for the development of a solar power plant and its BESS located on the island of njouan, in the municipality of Lingoni. ENGIE Eps Italia (ex EPS Elvi) scope of work consisted, among others, in the performance of engineering and design services as well as the procurement of material and equipment.
- Agreement with ENGIE EEC (a company belonging to the ENGIE group, the majority shareholder of the Company): Engie EEC, as electricity grid operator on Lifou island (New Caledonia), entered into agreements with local government to install and operate an Energy Storage System (ESS) in the framework of the Renewable Energy strategy "Lifou 100% in 2020". On 5 December 2018, ENGIE Eps Italia (ex EPS Elvi) entered into an agreement as a contractor for the engineering, procurement and construction of 4.8 MW / 5.06 MWh BESS. The contract price is €2,478 k.
- Agreement with ENGIE Storage (a company belonging to the ENGIE group, the majority shareholder of the Company): ENGIE EPS (formerly known as Electro Power Systems S.A.) concluded on 17 December 2018 a sales agreement for the supply of 144 Samsung Mega E2 Battery modules, 16 Mega E2 Switchgear, Associated Accessories for usage of the assets. The contract price is $330 k.
- Agreement with ENGIE Electrabel (a company belonging to the ENGIE group, the majority shareholder of the Company): ENGIE Eps Italia (ex EPS Elvi) concluded on 9 October 2018 an engineering contract for ENGIE Electrabel. The contract price is €25 k.
- Agreement with ENGIE ENERGIE SERVICES (a company belonging to the ENGIE group, the majority shareholder of the Company): ENGIE EPS (formerly known as Electro Power Systems S.A.) concluded on 1 January 2019 an engineering contract for ENGIE ENERGIE SERVICES. The contract price is approximately €200 k.
- Agreement with ENGIE (a company belonging to the ENGIE group, the majority shareholder of the Company):
40
- ENGIE EPS concluded an agreement with ENGIE for the provision of advisory services in order to deploy the smart integration program of ENGIE EPS in the ENGIE group. The scope of this agreement is the provision of consultancy services which are to be rendered by Mr. Giorgio Crugnola (as senior engineer at ENGIE EPS). The duration of the agreement is of 7 (seven) months, starting from 1 June 2019 until 31 December 2019 with the possibility to extent such agreement to 18 (eighteen) months maximum. The annual cost of the agreement corresponds to a monthly fee of €11.436,25 calculated on an average of 15 working days per month of Mr. Giorgio Crugnola working on the assignment;
- ENGIE EPS concluded an agreement with ENGIE for the provision of advisory services in order to deploy the smart integration program of ENGIE EPS in the ENGIE group. The scope of this service agreement is the provision of consultancy services which are to be rendered by Mr. Juan Ceballos (a Business Developer Manager and engineers at ENGIE EPS). The duration of the agreement is of 7 (seven) months, starting from 1 June 2019 until 31 December 2019 with the possibility to extent such agreement to 18 (eight-teen) months maximum. The annual cost of the agreement corresponds to a monthly fee of Euro €7 k calculated on an average of 15 working days per month of Mr. Ceballos working on the assignment.
- ENGIE EPS will enter into a contract with ENGIE Research, the technology department of ENGIE SA that will provide a financial support for 1.000 k€ with reference to the V2G project that ENGIE EPS is realising in FCA Premises. As at 30 June 2020 the first half of 2020, an invoice of 500 k€ related to this agreement was issued. The amount is accounted as a receivable and a financial debt. The agreement will be signed during the second half of the year. For more details on this project, please also refer to paragraphs 1.4 and 1.5.
4.32 Loan commitments and guarantees and off-balance sheet commitments
The amount of off-balance sheet commitment concerning the Group is equal to 3,088 k€ and refers to guarantees emitted on behalf of customers.
In the agreement with Enel / Endesa related to the project "Litoral" there are 3 options related to dismantling and spare parts for which EPS could incur future costs, although it is believed that the benefits deriving from the reuse of such goods (second-life batteries) may be higher than potential costs.
4.33 Subsequent events
- easyWallbox: in July 2020 ENGIE EPS kicked off delivery of the easyWallbox, setting the production capacity up to 50,000 units in the next 18 months, to cover 19 countries in Europe.
- Terna UPI Pilot Project in Italy: in July 2020 the ENGIE EPS Group successfully performed the Factory Acceptance Test (FAT) for the Engineering Procurement and Construction of 7.2 MW/5.08 MWh BESS in collaboration with ENGIE Produzione S.p.A. to support the existing power plant of Leinì in the provision of primary frequency regulation services to the grid in accordance with UPI requirements.
- Microgrid in Greece: in July 2020, within the framework of REMOTE EU project, the ENGIE EPS Group completed the commissioning of Power-to-Power integrated system (P2G 25kW, G2P 50 kW) to be incorporated in Agkistro Microgrid.
- Microgrid in California: in August 2020 the ENGIE EPS Group successfully performed the Factory Acceptance Test (FAT) for the Engineering Procurement supply and commissioning of the 2.0 MVA/4.0 MWh Battery Energy Storage System to be integrated into Anza Microgrid (California), consisting of existing 2.0 MWp PV plant and 1.35 MWp further extension.
- Capacity firming solar plus storage in Mexico: in Q3 2020 the ENGIE EPS Group successfully performed the Mechanical Completion and afterwards the pre-commissioning for the Engineering, Procurement supply and commissioning of 23 MWAC/31.055 MWp PV plant with ENGIE Solar SA, located in Baja California Sur
41
(Mexico) to be coupled with a 5.4 MW/3.17 MWh Battery Energy Storage System ("BESS") powered with ENGIE EPS Group cutting-edge technology.
- The Vehicle-to-gridpilot project has been inaugurated at Mirafiori: on 14 September 2020 FCA, ENGIE EPS and Terna have presented, in the evocative location of the Heritage Hub within the Mirafiori FCA'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.
- ENGIE Eps acknowledges the decision of the ENGIE Group to assess strategic options for Engie EPS, as communicated by ENGIE on 23 September 2020, including the possible divestment of its stake in the Company. The three major energy storage projects in the USA: Guam (300MWh), Hawaii (240MWh) and New England (50MWh) will continue to be developed jointly by both companies. Should ENGIE decide to divest its stake following its strategic review, ENGIE has reaffirmed its continuous financial support until a potential transaction is closed. For the future, both companies will continue jointly developing projects which are deemed mutually beneficial.
ENGIE Eps' Half Year Financial Results 2020 are not impacted by ENGIE's decision.
No other subsequent events were recorded at the time of publication of this document.
4.34 Concordance table
AMF requirements on the half yearly financial report (art. 222-4 and 222-6 AMF General Regulation)
Complete or condensed accounts for the past Half Year, in consolidated form where necessary, prepared either under IAS 34 or in accordance with Article 222-5
An interim management report which:
- shall describe the material events that occurred in the first six months of the financial year and their impact on the interim accounts
- shall describe the principal risks and uncertainties for the remaining six months of the year
- shall disclose, as major related parties' transactions (i) Related parties' transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the issuer during that period; (ii) Any changes in the related parties' transactions described in the last annual report that could have a material effect on the financial position or performance of the issuer in the first six months of the current financial year.
A statement made by the natural persons taking responsibility for the half-yearly financial report, whose names and functions are clearly indicated, to the effect that, to the best of their knowledge, the accounts are prepared in accordance with the applicable set of accounting standards and give a true and fair view of the assets, liabilities financial position and profit or loss of the issuer and the undertakings in the consolidation taken as a whole, and that the interim management report includes a fair review of the information referred to in Article 222-6
The statutory auditors' report on the limited review of the aforementioned accounts. Where the legal provisions applicable to the issuer do not require a report from the statutory or regulatory auditors on the interim accounts, the issuer shall mention this in its report
Chapter
2
1-3
42
DELOITTE & ASSOCIES | RBB Business advisors |
ENGIE EPS
Période du 1er janvier au 30 juin 2020
Rapport des commissaires aux comptes sur l'information financière semestrielle
DELOITTE & ASSOCIES | RBB Business advisors |
6, place de la Pyramide | 133B, rue de l'Unisversité |
92908 Paris-La-Défense cedex | 75007 Paris |
S.A. au capital de € 2 188 160 | |
572 028 041 R.C.S Nanterre | Commissaire aux Comptes |
Membre de la compagnie | |
Commissaire aux Comptes | régionale de Paris |
Membre de la compagnie | |
régionale de Versailles |
ENGIE EPS
Période du 1er janvier au 30 juin 2020
Rapport des commissaires aux comptes sur l'information financière semestrielle
Aux Actionnaires,
En exécution de la mission qui nous a été confiée par vos assemblées générales et en application de l'article L. 451-1-2 III du Code monétaire et financier, nous avons procédé à :
- l'examen limité des comptes consolidés semestriels résumés de la société ENGIE EPS, relatifs à la période du 1er janvier au 30 juin 2020, tels qu'ils sont joints au présent rapport ;
- la vérification des informations données dans le rapport semestriel d'activité.
Ces comptes consolidés semestriels résumés ont été établis sous la responsabilité de votre conseil d'administration le 24 septembre 2020 sur la base des éléments disponibles à cette date dans un contexte évolutif de crise liée au Covid-19 et de difficultés à appréhender ses incidences et les perspectives d'avenir. Il nous appartient, sur la base de notre examen limité, d'exprimer notre conclusion sur ces comptes.
1. Conclusion sur les comptes
Nous avons effectué notre examen limité selon les normes d'exercice professionnel applicables en France. Un examen limité consiste essentiellement à s'entretenir avec les membres de la direction en charge des aspects comptables et financiers et à mettre en œuvre des procédures analytiques. Ces travaux sont moins étendus que ceux requis pour un audit effectué selon les normes d'exercice professionnel applicables en France. En conséquence, l'assurance que les comptes, pris dans leur ensemble, ne comportent pas d'anomalies significatives obtenue dans le cadre d'un examen limité est une assurance modérée, moins élevée que celle obtenue dans le cadre d'un audit.
Sur la base de notre examen limité, nous n'avons pas relevé d'anomalies significatives de nature à remettre en cause la conformité des comptes semestriels consolidés résumés avec la norme IAS 34 - norme du référentiel IFRS tel qu'adopté dans l'Union européenne relative à l'information financière intermédiaire.
2. Vérification spécifique
Nous avons également procédé à la vérification des informations données dans le rapport semestriel d'activité établi le 24 Septembre 2020 commentant les comptes consolidés semestriels résumés sur lesquels a porté notre examen limité.
Nous n'avons pas d'observation à formuler sur leur sincérité et leur concordance avec les comptes consolidés semestriels résumés.
Paris-La-Défense, le 28 septembre 2020
Les Commissaires aux Comptes
DELOITTE & ASSOCIES | RBB Business advisors |
Benjamin HADDAD | Jean-Baptiste BONNEFOUX |
2
DELOITTE & ASSOCIES | RBB Business advisors |
ENGIE EPS
Période du 1er janvier au 30 juin 2020
Rapport des commissaires aux comptes sur l'information financière semestrielle
DELOITTE & ASSOCIES | RBB Business advisors |
6, place de la Pyramide | 133B, rue de l'Unisversité |
92908 Paris-La-Défense cedex | 75007 Paris |
S.A. au capital de € 2 188 160 | |
572 028 041 R.C.S Nanterre | Commissaire aux Comptes |
Membre de la compagnie | |
Commissaire aux Comptes | régionale de Paris |
Membre de la compagnie | |
régionale de Versailles |
ENGIE EPS
Période du 1er janvier au 30 juin 2020
Rapport des commissaires aux comptes sur l'information financière semestrielle
Aux Actionnaires,
En exécution de la mission qui nous a été confiée par vos assemblées générales et en application de l'article L. 451-1-2 III du Code monétaire et financier, nous avons procédé à :
- l'examen limité des comptes consolidés semestriels résumés de la société ENGIE EPS, relatifs à la période du 1er janvier au 30 juin 2020, tels qu'ils sont joints au présent rapport ;
- la vérification des informations données dans le rapport semestriel d'activité.
Ces comptes consolidés semestriels résumés ont été établis sous la responsabilité de votre conseil d'administration le 24 septembre 2020 sur la base des éléments disponibles à cette date dans un contexte évolutif de crise liée au Covid-19 et de difficultés à appréhender ses incidences et les perspectives d'avenir. Il nous appartient, sur la base de notre examen limité, d'exprimer notre conclusion sur ces comptes.
1. Conclusion sur les comptes
Nous avons effectué notre examen limité selon les normes d'exercice professionnel applicables en France. Un examen limité consiste essentiellement à s'entretenir avec les membres de la direction en charge des aspects comptables et financiers et à mettre en œuvre des procédures analytiques. Ces travaux sont moins étendus que ceux requis pour un audit effectué selon les normes d'exercice professionnel applicables en France. En conséquence, l'assurance que les comptes, pris dans leur ensemble, ne comportent pas d'anomalies significatives obtenue dans le cadre d'un examen limité est une assurance modérée, moins élevée que celle obtenue dans le cadre d'un audit.
Sur la base de notre examen limité, nous n'avons pas relevé d'anomalies significatives de nature à remettre en cause la conformité des comptes semestriels consolidés résumés avec la norme IAS 34 - norme du référentiel IFRS tel qu'adopté dans l'Union européenne relative à l'information financière intermédiaire.
2. Vérification spécifique
Nous avons également procédé à la vérification des informations données dans le rapport semestriel d'activité établi le 24 Septembre 2020 commentant les comptes consolidés semestriels résumés sur lesquels a porté notre examen limité.
Nous n'avons pas d'observation à formuler sur leur sincérité et leur concordance avec les comptes consolidés semestriels résumés.
Paris-La-Défense, le 28 septembre 2020
Les Commissaires aux Comptes
DELOITTE & ASSOCIES | RBB Business advisors |
Benjamin HADDAD | Jean-Baptiste BONNEFOUX |
2
- ETATS FINANCIERS CONSOLIDES
2.1 Compte de résultat consolidé
COMPTE DE RÉSULTAT CONSOLIDÉ | NOTES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | ||||||
Chiffre d'affaires | 4.914.240 | 19.684.041 | 2.626.522 | |||
Autres produits | 111.887 | 520.770 | 32.607 | |||
PRODUITS DES ACTIVITÉS ORDINAIRES | 4.1 | 5.026.127 | 20.204.810 | 2.659.129 | ||
Coûts des biens et services vendus | 4.2 | (3.690.491) | (14.857.163) | (1.592.391) | ||
MARGE BRUTE | 1.335.635,53 | 5.347.646,92 | 1.066.737,65 | |||
% sur les Produits Des Activités Ordinaires | 26,6% | 26,5% | 40,6% | |||
Frais de personnel | 4.3 | (3.703.950) | (6.667.126) | (3.099.999) | ||
Autres charges d'exploitation | 4.4 | (1.406.757) | (2.316.539) | (1.031.840) | ||
Autres frais de R&D et opérations industrielles | 4.5 | (610.141) | (2.094.303) | (288.288) | ||
EBITDA - hors stock-options et plan | 4.6 | (4.385.212) | (5.730.321) | (3.353.390) | ||
d'intéressement (1) | ||||||
Amortissements | 4.7 | (1.291.930) | (2.985.304) | (1.487.957) | ||
Pertes de valeur et autres provisions | 4.8 | (196.061) | (3.592.049) | (419.686) | ||
Produits et charges non-récurrents | 4.9 | (142.226) | (1.573.472) | (782.727) | ||
Plan d'intéressement | 4.10 | (513.025) | (1.206.490) | (702.486) | ||
RÉSULTAT OPÉRATIONNEL | 4.11 | (6.528.455) | (15.087.635) | (6.746.245) | ||
Produits et charges financiers nets | 4.12 | 39.481 | (312.219) | (165.573) | ||
Impôts sur les sociétés | 4.13 | (31.291) | 755.570 | 758.275 | ||
RÉSULTAT NET | 4.14 | (6.520.264) | (14.644.285) | (6.153.542,77) | ||
Attribuable à: | 0 | |||||
Actionnaires de la société-mère | (6.520.264) | (14.644.285) | (6.153.543) | |||
Autres | 0 | 0 | 0 | |||
RÉSULTAT NET PAR ACTION | (0,51) | (1,15) | (0,48) | |||
Nombre moyen pondéré d'actions ordinaires en | 12.766.860 | 12.766.860 | 12.766.860 | |||
circulation | ||||||
Résultat net dilué par action | (0,51) | (1,15) | (0,48) | |||
- L'EBITDA hors charges d'options d'achat d'actions et de plans d'intéressement n'est pas défini par les IFRS. Il est défini dans les notes 3.8 et 4.6 des états Financiers Consolidés.
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2.2 Etat consolidé des autres éléments du résultat global
AUTRES ÉLÉMENTS DU RÉSULTAT GLOBAL | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||||
(montants en Euro) | |||||||
BÉNÉFICE (DÉFICIT) NET | (6.520.264) | (14.644.285) | (6.153.543) | ||||
Écarts de change sur activités d'exploitation à l'étranger | (2.739) | (4.517) | (4.437) | ||||
Autres éléments du résultat global ne devant pas être reclassés en | 7.714 | 0 | 0 | ||||
résultat dans les périodes ultérieures (nets d'impôts) | |||||||
Gains et (pertes) actuariels sur les avantages du personnel | (64.945) | (123.021) | (106.488) | ||||
Autres éléments du bénéfice (déficit) global de l'exercice, net d'impôt | (59.970) | (127.538) | (110.924) | ||||
Total éléments du résultat global, net d'impôt | (6.580.235) | (14.771.823) | (6.264.467) | ||||
Attribuable aux actionnaires de la société mère | (6.580.235) | (14.771.823) | (6.264.467) | ||||
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2.3 Bilan consolidé
ACTIF | NOTES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | ||||||
Immobilisations corporelles | 4.15 | 2.860.550 | 3.097.589 | 3.238.849 | ||
Immobilisations incorporelles | 4.16 | 8.120.705 | 6.979.216 | 7.988.719 | ||
Participation dans les sociétés mises en équivalence | 4.17 | 996 | 996 | 996 | ||
Autres actifs financiers non courants | 4.18 | 168.346 | 143.346 | 143.227 | ||
TOTAL DE L'ACTIF NON COURANT | 11.150.597 | 10.221.147 | 11.371.792 | |||
Créances commerciales et autres débiteurs | 4.19 | 4.068.586 | 9.928.244 | 4.638.298 | ||
Actifs sur contrats | 4.20 | 7.226.231 | 9.148.945 | 4.217.618 | ||
Stocks | 4.21 | 3.218.163 | 2.985.948 | 3.153.814 | ||
Autres actifs courants | 4.22 | 3.266.872 | 4.680.548 | 3.181.856 | ||
Actifs financiers courants | 4.22 | 459.219 | 428.201 | 435.500 | ||
Trésorerie et équivalents de trésorerie | 4.23 | 3.773.701 | 6.431.376 | 4.423.931 | ||
TOTAL DE L'ACTIF COURANT | 22.012.772 | 33.603.262 | 20.051.017 | |||
TOTAL ACTIF | 33.163.369 | 43.824.409 | 31.422.809 | |||
PASSIF | NOTES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | ||||||
Capital émis | 4.24 | 2.553.372 | 2.553.372 | 2.553.372 | ||
Primes d'émission | 4.24 | 48.147.696 | 48.147.696 | 48.147.696 | ||
Autres réserves | 4.24 | 4.529.648 | 4.586.787 | 4.603.320 | ||
Report à nouveau | 4.24 | (52.953.882) | (38.306.765) | (38.298.766) | ||
Bénéfice / (Déficit) de l'exercice avant réévaluation de la dette | 4.24 | |||||
liée aux BSA de la Banque Européenne d'Investissement (IFRS | (6.520.264) | (14.644.285) | (6.153.543) | |||
2) | ||||||
Total des capitaux propres | 4.24 | (4.243.431) | 2.336.804 | 10.852.078 | ||
Avantages du personnel | 4.25 | 4.819.075 | 4.825.619 | 5.047.361 | ||
Passifs financiers non courants | 4.29 | 20.254.905 | 13.254.905 | 4.704.560 | ||
Autres passifs financiers - réévaluation de la dette liée aux | 4.28 | |||||
BSA de la Banque Européenne d'Investissement (IFRS 2) | 1.998.478 | 1.631.591 | 1.619.796 | |||
Autres éléments du passif non courant | ||||||
Impôts différés passifs non courants | 4.26 | 16.494 | 16.494 | 16.494 | ||
TOTAL DU PASSIF NON COURANT | 27.088.952 | 19.728.609 | 11.388.211 | |||
Dette fournisseurs | 4.27 | 5.370.248 | 15.962.964 | 4.310.379 | ||
Autres éléments du passif courant | 4.28 | 3.664.869 | 4.518.758 | 3.149.166 | ||
Passifs financiers courants | 4.29 | 1.271.175 | 1.277.274 | 1.722.975 | ||
Impôts sur les sociétés | 11.556 | 0 | 0 | |||
TOTAL DU PASSIF COURANT | 10.317.848 | 21.758.996 | 9.182.519 | |||
TOTAL PASSIF | 33.163.369 | 43.824.409 | 31.422.809 | |||
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2.4 Tableau consolidé de variation des capitaux propres
ÉTAT DES VARIATIONS DES CAPITAUX PROPRES (montants en Euro)
Capitaux propres au 31 décembre 2018
Affectation du résultat de l'exercice précédent
Stock-options et bons de souscription d'actions
Augmentation de capital par apport des actionnaires
CAPITAL SOCIAL | PRIME D' EMISSION | RESERVE STOCK-OPTIONS ET BSA | AUTRES RESERVES | REPORT A NOUVEAU | BENEFICE (DEFICIT) DE L' EXERCICE | Total des capitaux propres avant réévaluationde la dette liée aux BSA de la Banque Européenne d'Investissement (IFRS 2) | Réévaluation de la dette liée aux BSA de la Banque Européenne d'Investissement (IFRS 2) - Impact sur résultat Net | TOTAL DES CAPITAUX PROPRES | |
4.24 | 2.553.372 | 48.843.750 | 5.151.122 | (218.938) | (30.296.289) | (12.511.771) | 13.521.245 | 3.777.134 | 17.298.379 |
4.24 | (27.704) | (8.706.934) | 12.511.771 | 3.777.134 | (3.777.134) | - | |||
4.24 | (181.831) | (181.831) | (181.831) | ||||||
4.24 | - | - | |||||||
Autres Variations | 4.24 | (696.054) | (12.841) | 708.895 | (1) | (1) | ||||||
Bénéfice / (Déficit) net | 4.24 | - | - | (6.153.543) | (6.153.543) | (6.153.543) | ||||||
Total éléments du résultat | 4.24 | (106.488) | (4.437) | (127.538) | (110.926) | |||||||
global, net d'impôt | ||||||||||||
Capitaux propres au 30 juin | 4.24 | 2.553.372 | 48.147.696 | 4.969.291 | (365.971) | (38.298.844) | (6.153.543) | 10.852.078 | - | 10.852.078 | ||
2019 | ||||||||||||
Affectation du résultat de | 4.24 | 6.153.543 | 6.153.543 | 6.153.543 | ||||||||
l'exercice précédent | ||||||||||||
Stock-options et bons de | 4.24 | - | ||||||||||
souscription d'actions | ||||||||||||
Augmentation de capital par | 4.24 | - | ||||||||||
apport des actionnaires | ||||||||||||
Autres Variations | 4.24 | (7.998) | (7.998) | (7.998) | ||||||||
Bénéfice / (Déficit) net | 4.24 | (14.644.285) | (14.644.285) | (14.644.285) | ||||||||
Total éléments du résultat | 4.24 | (16.533) | (80) | (16.614) | (16.614) | |||||||
global, net d'impôt | ||||||||||||
Capitaux propres au 31 | 4.24 | 2.553.372 | 48.147.696 | 4.969.291 | (382.492) | (38.306.857) | (14.644.285) | 2.336.726 | - | 2.336.726 | ||
décembre 2019 | ||||||||||||
Affectation du résultat de | 4.24 | (14.644.285) | 14.644.285 | - | - | |||||||
l'exercice précédent | ||||||||||||
Stock-options et bons de | 4.24 | - | - | |||||||||
souscription d'actions | ||||||||||||
Augmentation de capital par | 4.24 | - | - | |||||||||
apport des actionnaires | ||||||||||||
Bénéfice / (Déficit) net | 4.24 | (6.520.264) | (6.520.264) | (6.520.264) | ||||||||
Total éléments du résultat | 4.24 | - | - | (57.152) | (2.739) | - | (59.891) | - | (59.891) | |||
global, net d'impôt | ||||||||||||
Capitaux propres au 30 juin | 4.24 | 2.553.372 | 48.147.696 | 4.969.291 | (439.644) | (52.953.882) | (6.520.264) | (4.243.431) | - | (4.243.431) | ||
2020 | ||||||||||||
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2.5 Tableau consolidé des flux de trésorerie
Flux de trésorerie | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | |||||
Bénéfice / (Déficit) net | (6.520.264) | (14.644.285) | (6.153.543) | ||
Amortissements | 1.291.930 | 2.985.304 | 1.487.957 | ||
Pertes de valeur des actifs | 196.061 | 3.592.049 | 419.686 | ||
Impact du plan d'intéressement | 513.025 | 1.206.489 | 702.486 | ||
Avantage du personnel | (6.544) | 599.379 | 319.914 | ||
Variation des financements sans impact sur la trésorerie | 0 | 528.048 | 0 | ||
Variation du besoin en fonds de roulement | |||||
Augmentation / (Diminution) des impôts sur les sociétés | (790.475) | 221 | (318.851) | ||
(Augmentation) / Diminution des créances clients et des acomptes versés | 9.140.030 | (13.689.123) | (1.976.338) | ||
(Augmentation) / Diminution des stocks | (232.215) | 66.905 | (100.961) | ||
Augmentation / (Diminution) des dettes fournisseurs et autres dettes | (11.631.110) | 6.925.288 | (1.203.826) | ||
Augmentation / (Diminution) de la dette de SARs | 0 | 0 | (289.110) | ||
Augmentation / (Diminution) du passif non-courant | 584.369 | 107.590 | 113.925 | ||
Flux de trésorerie nets des activités d'exploitation | (7.455.193) | (12.322.135) | (6.998.662) | ||
Investissements | |||||
(Augmentation) / Diminution des immobilisations incorporelles | (1.995.160) | 433.625 | (1.174.207) | ||
(Augmentation) / Diminution des immobilisations corporelles | (53.117) | (276.528) | (208.878) | ||
(Augmentation) / Diminution Nette par IFRS 16 FTA | 0 | (2.175.922) | (2.051.318) | ||
Flux de trésorerie nets des activités d'investissement | (2.048.277) | (2.018.826) | (3.434.402) | ||
Financements | |||||
Augmentation / (Diminution) des prêts financiers | 6.993.903 | 9.953.268 | 3.996.468 | ||
Impacts IFRS 16 | (148.104) | (41.460) | |||
Flux de trésorerie nets des activités de financement | 6.845.799 | 9.911.808 | 3.996.468 | ||
Trésorerie et éq. Trésorerie nette à l'ouverture de l'exercice | 6.431.375 | 10.860.527 | 10.860.527 | ||
Flux de trésorerie nets | (2.657.670) | (4.429.153) | (6.436.596) | ||
Trésorerie et éq. Trésorerie nette à la clôture de l'exercice | 3.773.704 | 6.431.375 | 4.423.931 | ||
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- REGLES ET METHODES COMPTABLES
Les comptes consolidés résumés reflètent la situation comptable de la société ENGIE EPS S.A. (la «Société » ou « ENGIE EPS ») et de ses filiales.
Les comptes consolidés résumés du Groupe au 30 juin 2020 ont été arrêtés et approuvés par le Conseil d'administration le 24 septembre 2020.
3.1 Principes comptables et évolution des méthodes
En vertu du Règlement européen sur l'application des normes comptables internationales du 19 juillet 2002, les états financiers consolidés du Groupe EPS au 30 juin 2020 sont établis en euro et conformément aux normes IFRS publiées par l'IASB, et approuvées par l'Union Européenne et conformément à la norme IAS 34 « Information financière intermédiaire ». Ils ne comprennent pas toutes les informations requises lors de la préparation des comptes consolidés annuels et doivent par conséquent, être lus de manière concomitante avec les états financiers consolidés 2019, soumis à des dispositions spécifiques pour l'établissement des états financiers consolidés intermédiaires tel que mieux décrit ci-après.
- l'exception des changements mentionnés ci-après, les règles et méthodes comptables sont identiques à celles appliquées pour les comptes annuels consolidés 2019.
A la date du 30 juin 2020, les nouveaux principes comptables applicables obligatoirement pour la première fois par les sociétés soumises aux normes IFRS sont les suivants.
3.1.1 Nouvelles méthodes
- Amendement à IFRS 3 - Regroupement d'entreprises : Définition d'une entreprise.
- Amendement à IAS 1 - Présentation des états financiers et à l'IAS 8 - Méthodes comptables, changements d'estimations comptables et erreurs : Définition du terme "Significatif".
- Amendements à IFRS 9 - Instruments financiers ; IAS 39 - Instruments financiers : comptabilisation et évaluation ; IFRS 7 - Instruments financiers - Informations à fournir - Réforme des taux d'intérêt de référence.
- Amendements à IFRS 16 - Contrats de location : Allègements de loyer liés à la Covid-191.
Ces modifications, applicables depuis début 2020, n'ont pas d'effets significatifs sur le présent rapport.
3.1.2 Impact de la pandémie du COVID-19
Dans ce contexte de crise sanitaire, le Groupe a pris soin de déterminer les méthodes comptables applicables aux principaux problèmes et conséquences de cette crise, en appliquant les principes
- Cette modification n'a pas encore été adoptée par l'Union Européenne.
19
comptables IFRS de manière cohérente aux principes précédemment utilisés, notamment en ce qui concerne:
-
La perte de valeur des actifs non financiers
Au regard de la pandémie liée à la COVID-19, le Groupe a vérifié si les actifs non financiers, en particulier le goodwill et les titres mis en équivalence, pouvaient subir une perte de valeur. Le Groupe a mené une analyse des indicateurs d'une éventuelle perte de valeur, en application des dispositions d'IAS 36 - Dépréciation d'actifs. Aucun indice de perte de valeur n'a été identifié. Un test de dépréciation aurait, le cas échéant, été réalisé afin de comparer la valeur comptable et la valeur recouvrable des unités génératrices de liquidités concernées (voir Note 4.8). - La perte de valeur des actifs financiers : risques de contrepartie et pertes de crédits envisagées.
La crise liée à la COVID-19 est susceptible de donner lieu à une augmentation du risque de crédit et pourrait donc affecter le montant des dépréciations à comptabiliser concernant les pertes de crédits envisagées. Le Groupe a, par conséquent, procédé à un contrôle plus attentif de l'encaissement des créances et du risque de contrepartie. - Les provisions
Le Groupe a examiné si ses obligations actuelles étaient susceptibles de donner lieu à la comptabilisation de provisions, en particulier pour les contrats onéreux. - Les impacts de la COVID-19 sur le compte de résultat
Les dépenses directement liées à la crise de la COVID-19 sont présentées selon leur nature d'EBITDA dans le respect des recommandations publiées au cours de cette crise (crise dont l'impact principal touche les recettes), indépendamment des pratiques du Groupe de présenter les éléments de nature inhabituelle, non récurrente, non fréquente sous l'EBITDA. - Evénements subséquents
En raison des incertitudes entourant la crise sanitaire et du contexte en constante évolution, le Groupe a prêté une attention particulière aux événements qui ont eu lieu au cours de la période allant du 30 juin 2020 jusqu'à l'approbation des états financiers par le Conseil d'Administration.
3.2 Présentation des états financiers
Le groupe Engie EPS présente un compte de résultat utilisant une classification basée sur la nature des dépenses, plutôt que sur leur fonction, car elle fournit des informations plus pertinentes. Pour l'état de la situation financière, un format mixte a été adopté pour présenter les actifs et les passifs courants et non courants comme le permet la norme IAS1. Le tableau des flux de trésorerie est présenté selon la méthode indirecte.
3.3 Devise fonctionnelle et de présentation
Les états financiers consolidés sont établis en euros qui est la devise fonctionnelle et de présentation du groupe Engie EPS. Toutes les informations financières présentées en euros ont été arrondies à l'unité la plus proche.
20
3.4 Utilisation des estimations
Les états financiers consolidés 2020, en accord avec les principes comptables IFRS, requièrent le recours
- des estimations, hypothèses et font appel au jugement pour la détermination de la valeur comptable de certains éléments de l'actif et du passif, produits et charges, ainsi que pour certaines informations données en annexes sur les actifs et passifs éventuels. Les estimations et les hypothèses correspondantes reposent sur des éléments qui sont connus au moment de l'établissement des états financiers, sur l'expérience historique et sur tous autres facteurs jugés pertinents. Les estimations et leurs hypothèses sous-jacentes sont réexaminées périodiquement. Compte tenu du caractère incertain inhérent à ces modes de valorisation, et si les éléments estimés n'aboutissent pas aux résultats envisagés, les montants définitifs peuvent différer de ceux initialement estimés.
Dans le cadre de la préparation des comptes semestriels 2020, le Groupe a porté une attention particulière aux postes suivants :
- Le montant recouvrable de l'actif immobilisé : plus particulièrement, l'actif immobilisé comprend les « Immobilisations corporelles », les « Immobilisations incorporelles » à durée de vie définie (frais de développement) et les « immobilisations financières ». Le Groupe ENGIE EPS réexamine périodiquement le montant comptabilisé des actifs immobilisés lorsque les événements et les circonstances l'imposent et au minimum une fois par an pour les actifs incorporels à durée de vie indéterminée. L'analyse du montant recouvrable des actifs immobilisés est effectuée en utilisant des estimations et des prévisions des flux de trésorerie futurs reposant sur l'utilisation ou la cession de l'actif considéré, et en appliquant le taux d'actualisation qui convient afin de calculer la valeur actuelle ou la juste valeur de marché moins les frais de vente.
- Les avantages complémentaires de retraite sont mesurés selon une méthode actuarielle qui tient compte de paramètres de nature financière (taux d'actualisation, taux des augmentations de salaires et taux des augmentations des frais de soins de santé), et d'hypothèses sur la réalisation d'événements futurs (taux de mortalité, taux de licenciement et de retraite).
- Les provisions pour créances douteuses qui reposent sur l'estimation des pertes que l'on s'attend à supporter compte tenu de l'expérience passée relative à des créances similaires, des montants impayés actuels et historiques, des opérations de recouvrement, et du suivi de la qualité du risque de crédit des créanciers, des conditions du marché et de la situation économique actuelle et future.
- Les provisions pour stocks obsolètes et à rotation lente ont été déterminées en fonction de l'expérience passée, des tendances historiques et de projections pour les tendances futures.
- Les actifs d'impôts différés sont comptabilisés s'ils sont raisonnablement recouvrables en fonction du futur résultat imposable.
- La juste valeur des actifs et passifs financiers figure dans les comptes consolidés du Groupe pour le montant auquel l'instrument pourrait être échangé dans le cadre d'une transaction de l'exercice entre des parties agissant de plein gré, à l'exception d'une vente forcée ou d'une liquidation.
- Les transactions dont le paiement est fondé sur des actions et qui sont réglées en instruments de capitaux propres, pour lesquelles l'entité doit évaluer les biens ou les services reçus et l'augmentation de capitaux propres qui en est la contrepartie, directement, à la juste valeur des biens ou services reçus
21
à la date d'évaluation, en fonction des prix de marché éventuellement disponibles, en prenant en compte les caractéristiques et conditions spécifiques auxquelles ces instruments de capitaux propres ont été attribués (sauf si cette juste valeur ne peut être estimée de façon fiable).
- Les transactions dont le paiement est fondé sur des actions et qui sont réglées en trésorerie, pour lesquelles l'entité doit évaluer les biens ou les services acquis, ainsi que le passif encouru, à la juste valeur de ce passif. Jusqu'au règlement du passif, l'entité doit en réévaluer la juste valeur à chaque date de clôture ainsi qu'à la date de règlement, en comptabilisant en résultat de la période toute variation de juste valeur.
- Estimation de la durée d'activité des actifs (dépréciation)
3.5 Définition des indicateurs clés de performance
Le Groupe utilise les mesures de performance non-IFRS suivantes :
- L'EBITDA (hors stock-options et plans d'intéressement), calculé comme marge brute moins Frais de personnel, Autres charges d'exploitation et Autres frais de R&D et opérations industrielles ;
- L'EBITDA (hors stock-options et plans d'intéressement) retraité ajusté des Autres frais de R&D non capitalisés ;
- Le résultat opérationnel retraité, qui est calculé à partir du résultat opérationnel duquel sont retranchés les charges de stocks options et plans d'intéressement ainsi que les produits et charges non récurrents
; - Les investissements en recherche et développement, calculés comme pourcentage des charges R&D capitalisées et non capitalisées sur le chiffre d'affaires total de la période.
Une synthèse de ces indicateurs est présentée en note 3.8.
3.6 Information sectorielle
Le Groupe n'est pas encore organisé en business units / divisions et les dirigeants n'ont pas encore identifié de secteurs opérationnels au sein du Groupe. Des informations par zone géographique et par activité sont fournies dans la note 4.1pour le chiffre d'affaires et le carnet de commandes.
22
3.7 Evolution du périmètre de consolidation
Un changement est intervenu dans le périmètre de consolidation depuis le 31 décembre 2019. A titre de rappel, en décembre 2019 le Conseil d'Administration et l'Assemblée des Actionnaires de MCM avaient approuvé la liquidation de MCM. La procédure a été conclue en janvier 2020. Voir également le paragraphe 1.4.
Société | Pourcentage de | 30/06/2020 |
consolidation | ||
ENGIE EPS | 100% | Société-mère |
EPS Manufacturing | 100% | Intégration globale |
EPS USA | 100% | Intégration globale |
ENGIE EPS ITALIA | 100% | Intégration globale |
COMORES ÉNERGIES NOUVELLES SARL | 49% | Mise en équivalence |
23
3.8 | Indicateurs clés de performance | ||||||||||
INDICATEURS DE PERFORMANCE | |||||||||||
H1 2020 | H1 2019 | ||||||||||
(montants en Euro) | |||||||||||
Indicateur | Ajustements | Indicateur retraité | Indicateur | Ajustements | Indicateur | ||||||
retraité | |||||||||||
Produits des activités ordinaires | 5.026.127 | 0 | 5.026.127 | 2.659.129 | 0 | 2.659.129 | |||||
Coûts des biens et services vendus | (3.690.491) | 0 | (3.690.491) | (1.592.391) | 0 | (1.592.391) | |||||
Marge brute | 1.335.636 | 0 | 1.335.636 | 1.066.738 | 0 | 1.066.738 | |||||
Frais de personnel | (3.703.950) | 0 | (3.703.950) | (3.099.999) | 0 | (3.099.999) | |||||
Autres charges d'exploitation | (1.406.757) | 0 | (1.406.757) | (1.031.840) | 0 | (1.031.840) | |||||
Autres frais de R&D et opérations industrielles | (610.141) | 0 | (610.141) | (288.288) | 18.705 | (269.583) | |||||
EBITDA - hors stock-options et plan d'intéressement (1) | (4.385.212) | 0 | (4.385.212) | (3.353.390) | 18.705 | (3.334.685) | |||||
Amortissements | (1.291.930) | 0 | (1.291.930) | (1.487.957) | 0 | (1.487.957) | |||||
Pertes de valeur et autres provisions | (196.061) | 0 | (196.061) | (419.686) | 319.127 | (100.559) | |||||
Produits et charges non-récurrents | (142.226) | 142.226 | 0 | (782.727) | 782.727 | 0 | |||||
Stock-options et BSA | (513.025) | 513.025 | 0 | (702.486) | 702.486 | 0 | |||||
RÉSULTAT OPÉRATIONNEL | (6.528.455) | 655.251 | (5.873.204) | (6.746.245) | 1.823.045 | (4.923.200) | |||||
Produits et charges financiers nets | 39.481 | 0 | 39.481 | (165.573) | 0 | (165.573) | |||||
Réévaluation de la dette liée aux BSA de la Banque | |||||||||||
Européenne d'Investissement (IFRS 2) et autres effets | 0 | 0 | 0 | 0 | 0 | 0 | |||||
du remboursement par anticipation du financement BEI | |||||||||||
Impôts sur les sociétés | (31.291) | 0 | (31.291) | 758.275 | 0 | 758.275 | |||||
RÉSULTAT NET | (6.520.264) | 655.251 | (5.865.013) | (6.153.543) | 1.823.045 | (4.330.498) | |||||
Frais de R&D capitalisés | 1.887.037 | 0 | 1.887.037 | 1.346.067 | 0 | 1.346.067 | |||||
Frais de R&D non capitalisés | 0 | 0 | 0 | 18.705 | 0 | 18.705 | |||||
Total frais de R&D | 1.887.037 | 0 | 1.887.037 | 1.364.772 | 0 | 1.364.772 | |||||
Produits Des Activités Ordinaires | 5.026.127 | 0 | 5.026.127 | 2.659.129 | 0 | 2.659.129 | |||||
% Frais de R&D sur Produits Des Activités Ordinaires | 38% | 0 | 38% | 51% | 0 | 51% | |||||
- L'EBITDA hors charges d'options d'achat d'actions et de plans d'intéressement n'est pas défini par les IFRS. Il est défini dans la note 4.6
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- NOTES RELATIVES AUX ETATS FINANCIERS CONSOLIDES
4.1 Produits des activités ordinaires
Augmentation du chiffre d'affaires et des autres produits de 89% par rapport au premier semestre 2019. La répartition des revenus y compris ceux des activités ordinaires est la suivante :
PRODUITS DES ACTIVITES ORDINAIRES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | |||||
Contrats de construction | 4.549.290 | 18.484.496 | 2.322.178 | ||
Prestations de services | 364.950 | 1.199.545 | 304.344 | ||
Ventes de marchandises | 0 | 0 | 0 | ||
Chiffre d'affaires | 4.914.240 | 19.684.041 | 2.626.522 | ||
Autres produits | 111.887 | 520.770 | 32.607 | ||
TOTAL PRODUITS DES ACTIVITÉS ORDINAIRES | 5.026.127 | 20.204.810 | 2.659.129 | ||
L'augmentation des produits liés aux contrats de construction est principalement due au succès de l'évolution des lignes de produits Giga Storage et Industrial Solutions, grâce notamment aux progrès réalisés dans la construction du projet Sol de Insurgentes solar plus storage au Mexique, dont la mise en service est prévue pour début 2021, ainsi que la solution de stockage pour la centrale de Leini et les micro- réseaux en Californie et dans les Comores, qui devraient tous être mis en service d'ici la fin de l'année. Les programmes de construction ont été en partie entravés par les restrictions logistiques liées à la COVID-19. La répartition des ventes par entité juridique est la suivante :
PRODUITS DES ACTIVITES ORDINAIRES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | |||||
ENGIE EPS ITALIA | 4.868.763 | 19.306.661 | 2.230.549 | ||
ENGIE EPS | 157.364 | 412.125 | 184.507 | ||
EPS Manufacturing | 0 | 486.025 | 244.073 | ||
EPS USA | 0 | 0 | 0 | ||
TOTAL PRODUITS DES ACTIVITÉS ORDINAIRES | 5.026.127 | 20.204.810 | 2.659.129 | ||
La répartition des Produits des activités ordinaires par zone géographique des clients et des installations est la suivante :
PRODUITS DES ACTIVITÉS ORDINAIRES PAR | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
LOCALISATION GÉOGRAPHIQUE DES CLIENTS | |||||
(montants en Euro) | |||||
AMERIQUE LATINE | 2.506.985 | 12.669.649 | 0 | ||
EUROPE | 1.735.232 | 3.571.036 | 1.133.118 | ||
AFRIQUE | 341.993 | 3.052.673 | 1.519.918 | ||
ASIE PACIFIQUE | 24 | 911.452 | 6.092 | ||
USA | 441.893 | 0 | 0 | ||
TOTAL PRODUITS DES ACTIVITÉS ORDINAIRES | 5.026.127 | 20.204.810 | 2.659.129 | ||
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PRODUITS DES ACTIVITÉS ORDINAIRES PAR | |||||
LOCALISATION GÉOGRAPHIQUE DES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
INSTALLATIONS | |||||
(montants en Euro) | |||||
AMERIQUE LATINE | 2.506.985 | 12.676.844 | 214.369 | ||
EUROPE | 1.719.661 | 3.547.571 | 594.902 | ||
AFRIQUE | 335.894 | 3.052.673 | 1.520.578 | ||
ASIE PACIFIQUE | 21.694 | 927.722 | 329.279 | ||
USA | 441.893 | 0 | 0 | ||
TOTAL PRODUITS DES ACTIVITÉS ORDINAIRES | 5.026.127 | 20.204.810 | 2.659.129 | ||
La part de chiffre d'affaires du Groupe obtenue dans des devises autres que l'Euro a été entièrement réalisée en US Dollars et s'élève à 2 948 K€.
Le tableau suivant présente la répartition du chiffre d'affaires par lignes de produits :
REVENUS PAR LIGNE DE PRODUIT | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | |||||
Stock Giga | 2.514.509 | 12.770.249 | 1.799.601 | ||
Solutions industrielles | 1.484.666 | 5.489.848 | 649.881 | ||
eMobility et autres | 915.065 | 479.892 | 177.040 | ||
Autres activités non-principales | 0 | 944.052 | |||
TOTAL REVENUS PAR LIGNE DE PRODUIT | 4.914.240 | 19.684.041 | 2.626.522 | ||
Autres recettes | 111.887 | 520.770 | 0 | ||
TOTAL REVENUS ET AUTRES RECETTES | 5.026.127 | 20.204.810 | 2.626.522 | ||
4.2 Coût des biens et services vendus
La répartition du coût des biens et services vendus au 30 juin 2020 est la suivante :
COÛTS DES BIENS ET SERVICES VENDUS | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | |||||
Coûts des biens vendus/services rendus | (3.690.491) | (14.857.163) | (1.844.029) | ||
Coûts liés aux Accords de Partenariat Technologiques | 0 | 0 | 0 | ||
Variation de stock | 0 | 251.638 | |||
COÛTS TOTAL DES BIENS ET SERVICES VENDUS | (3.690.491) | (14.857.163) | (1.592.391) | ||
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Le coût des produits vendus concerne les achats de matières premières, de consommables et de produits finis pour 3 690 k€ (1 592 k€ au premier semestre 2019) et a augmenté en raison de la croissance du nombre de projets ENGIE EPS et de leur taille.
4.3 Coûts liés au personnel
Le tableau suivant présente les coûts de personnel et leur évolution au cours des exercices financiers suivant :
CHARGES DE PERSONNEL | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | |||||
Salaires et rémunérations | (2.469.145) | (3.918.439) | (1.794.928) | ||
Contributions sociales | (528.955) | (979.946) | (445.691) | ||
Avantages du personnel | (275.863) | (626.973) | (319.914) | ||
Autres frais | (429.987) | (1.141.768) | (539.465) | ||
TOTAL CHARGES DE PERSONNEL | (3.703.950) | (6.667.126) | (3.099.999) | ||
Les coûts de personnel ont augmenté de 604 k€, passant de 3 100 k€ pour le premier semestre 2019 à 3 704 k€ pour le premier semestre 2020.
L'augmentation des salaires et des cotisations sociales s'explique par l'augmentation par l'accroissement de la rémunération variable annuelle proratisée sur la période. L'effectif total au 30 juin 2020 est stable à 110 (110 également au 31 décembre 2019 et 109 au 30 juin 2019). Les conséquences de l'accroissement de la rémunération variable comparé au 30 juin 2019 sont de l'ordre de 455 K€.
Les avantages du personnel et les autres coûts (principalement liés aux frais de déplacement) ont diminué respectivement de 44 k€ et 109 k€ par rapport à la même période en 2019, notamment en raison des restrictions de voyages suite à la crise du COVID-19.
4.4 Autres frais d'exploitation
Les autres frais d'exploitation représentent 1 407 k€ au premier semestre 2020.
Le tableau ci-dessous présente les autres frais d'exploitation au 30 juin 2020 par rapport à la période précédente.
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AUTRES FRAIS D'EXPLOITATION | 30/06/2020 | 31/12/2019 | 30/06/2019 |
(montants en Euro) | |||
Frais juridiques et autres frais de conseil | (410.516) | (500.723) | (198.087) |
Communication et Déplacements | (235.763) | (508.799) | (174.544) |
Maintenance | (139.689) | (297.767) | (103.907) |
Audit | (102.311) | (134.107) | (136.231) |
Licences de logiciels | (106.104) | (55.509) | (32.491) |
Loyers | (63.789) | (155.950) | (73.464) |
Rémunération des administrateurs | (60.000) | (83.425) | (60.000) |
Sécurité | (58.498) | (114.144) | (59.613) |
Services fiscaux et administratifs | (62.690) | (171.635) | (82.667) |
Commissions bancaires | (23.514) | (31.933) | (16.586) |
Assurances | (20.527) | (14.612) | (5.387) |
Impôts indirects | (13.354) | (24.637) | (13.934) |
Divers | (110.001) | (223.300) | (74.928) |
TOTAL AUTRES FRAIS D'EXPLOITATION | (1.406.757) | (2.316.539) | (1.031.840) |
L'augmentation des autres charges d'exploitation est principalement due à la croissance de la structure d'ENGIE EPS nécessaire pour soutenir la hausse de l'activité. Les principales augmentations concernent les activités liées et le reclassement du coût des frais juridiques précédemment pris en compte dans les produits et charges non récurrents.
4.5 Autres frais de recherche et développement et opérations de vente et industrielles
Le tableau ci-dessous présente les autres coûts liés aux activités de recherche et développement et aux activités industrielles au 30 juin 2020 par rapport à la période précédente.
AUTRES FRAIS DE RECHERCHES ET DÉVELOPPEMENT | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
ET OPÉRATIONS INDUSTRIELLES | |||||
Frais d'opérations industrielles | (496.264) | (2.075.598) | (269.583) | ||
Charges de R&D non capitalisées | 0 | (18.705) | (18.705) | ||
Coûts de vente | (113.877) | 0 | 0 | ||
TOTAL AUTRES FRAIS DE RECHERCHES ET | (610.141) | (2.094.303) | (288.288) | ||
DÉVELOPPEMENT ET OPÉRATIONS INDUSTRIELLES | |||||
Les frais des opérations industrielles au 30 juin 2020 s'élèvent à 496 k€ contre 270 k€ au 30 juin 2019. La hausse s'explique par une activité du Groupe plus importante, et sont surtout liés aux frais d'assemblage externe et aux services sous-traités à des partenaires qualifiés.
Les coûts de vente sont principalement liés au marketing et à la campagne de communication sur les nouveaux produits lancés par Engie EPS dans le cadre de e-mobility.
4.6 EBITDA (hors stock-options et plans d'intéressement) (non-IFRS)
Le bénéfice avant intérêts, impôts et amortissement ("EBITDA") au premier semestre 2020 est une mesure non-IFRS qui exclut les dépenses non récurrentes et l'impact comptable des stock-options.
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L'EBITDA (hors stock-options et plans d'intéressement) au 30 juin 2020 équivaut à une perte de 4 385 k€ comparée à une perte de 3 353 k€ au 30 juin 2019.
Ce résultat est justifié par la hausse de 19% des frais de personnel, de 36% des autres frais de fonctionnement ainsi que de 112% des autres frais de R&D et opérations industrielles, principalement en raison d'un engagement important en R&D et parfaitement en ligne avec la croissance prévue de la structure organisationnelle interne et l'exécution du plan stratégique long terme de ENGIE EPS.
4.7 Amortissements et dépréciations
Les amortissements et les dépréciations sont en ligne avec l'année précédente, avec une légère diminution de 196 k€ enregistrée au cours du premier semestre 2020.
4.8 Pertes de valeur et autres provisions
Au premier semestre 2020, le poste s'élève à 196 k€, ce qui est lié à la provision pour risque sur le coût d'achèvement des projets futurs et à la réduction de valeur des actifs, comme indiqué dans le tableau suivant :
PERTES DE VALEUR ET AUTRES PROVISIONS | 30/06/2020 | 31/12/2019 | 30/06/2019 | |||
(en euros) | ||||||
Provision pour les risques liés à l'achévement des projets de | (196.061) | (334.000) | 0 | |||
R&D | ||||||
Pertes de valeur des actifs incorporels | 0 | (1.386.700) | 0 | |||
Impairment of Participated Company | 0 | (1.084.380) | 0 | |||
Provisions sur créances douteuses | 0 | (739.969) | (100.560) | |||
Provisions pour pertes à terminaison sur contrats de | 0 | (47.000) | 0 | |||
constuction | ||||||
Dépréciation sur stocks et actifs non courants | 0 | 0 | (319.127) | |||
TOTAL PERTES DE VALEUR ET AUTRES PROVISIONS | (196.061) | (3.592.049) | (419.686) | |||
Au 30 juin 2020, le Groupe a comptabilisé des pertes de valeur nettes de 196 k€.
Ces pertes de valeur concernent principalement des projets de R&D ainsi que des projets de co- développement.
Au 30 juin 2020, le Groupe n'a identifié aucun indicateur de perte de valeur sur le goodwill (d'un montant de 1 569 K€) résultant des acquisitions d'ENGIE Eps Italia (anciennement Eps Elvi) et de MCM en 2016. A titre de rappel, MCM a été vendu au cours du premier semestre 2020. Toutes les activités de MCM ont été acquises par ENGIE EPS Italia.
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4.9 Autres produits et charges
AUTRES PRODUITS ET CHARGES | 30/06/2020 | 31/12/2019 | 30/06/2019 | |||
(montants en Euro) | ||||||
Frais d'intégration | (125.468) | (220.202) | 0 | |||
Coûts d'origine et de développement | (8.280) | (297.576) | (350.340) | |||
Autres | (8.477) | (29.238) | (3.604) | |||
Charges non récurrentes de Consulting, Compta, certif. | 0 | (603.956) | (330.016) | |||
juridique | ||||||
Coûts des fusions et acquisitions | 0 | (312.216) | 0 | |||
Charges non récurrentes de distribution et de | 0 | (75.284) | (98.767) | |||
développement commercial | ||||||
Charges non récurrentes de R&D | 0 | (35.000) | 0 | |||
TOTAL AUTRES PRODUITS ET CHARGES | (142.225) | (1.573.472) | (782.727) | |||
Cette rubrique regroupe l'ensemble des produits et charges considérés comme non récurrents et relatifs à des phases de croissance et création des fonctions comptabilité, administration et business développement. Ces produits et charges opérationnels, en nombre très limité, ne peuvent pas être qualifiés d'exceptionnels ou d'extraordinaires, mais correspondent à des éléments inhabituels, anormaux et peu fréquents, de montant significatif, que le Groupe présente de manière distincte afin de faciliter la compréhension de la performance opérationnelle courante.
Par rapport au premier semestre 2019, ce poste a diminué de 641 k€, passant de 783 k€ à 142 k€ au premier semestre 2020.
Ces coûts ne sont pas considérés comme représentatifs d'une activité normale récurrente bien qu'ils aient pu survenir sur les années antérieures et qu'ils pourraient de nouveau survenir dans le futur.
4.10 Plan d'intéressement
Correspond aux plans d'intéressement pour les employées et le management.
Conformément au plan d'intéressement adopté le 6 mars 2018, les options de souscription d'actions et les Bons de Souscription d'actions existants ont été remplacés par des Additional Stock Appreciation Rights (« additional SARs »).
Suite à ce plan :
- de 200.000 options de souscription d'actions octroyées au Directeur Général ont été remplacées par des SARs ;
- Les options de souscription d'actions et les Bons de Souscription d'actions non acquis ont été remplacés par des SARs « transformés », attribués de manière individuelle - ces différents SARs correspondant aux prix d'exercice des différentes options de souscription d'actions ou Bons de Souscription d'actions existants et n'étant pas liés à aucune condition de performance, mais seulement à conditions de présence au sein du Groupe ;
- De plus, des SARs assortis de caractéristiques particulières, y compris des conditions de performance (qui devront être satisfaites dans un délai de trois ans), liées à l'atteinte de niveaux de chiffres d'affaires et d'EBITDA en cohérence avec le Plan Stratégique présenté 2020 et aux taux de rétention des
30
employés de la société au titre des exercices 2018 à 2020 (les « SARs Additionnels »), ont été attribués au Directeur Général et à d'autres dirigeants.
Les SARs et les SARs Additionnels ont un prix plancher de 9,50 euros, qui a par la suite été réduit à 8,87 et de nouvelles périodes d'acquisition. L'octroi de stock appreciation rights (SARs) décidé par le Conseil d'Administration en faveur du Président-Directeur Général, du Président du Conseil d'Administration et des membres du Conseil d'Administration en substitution des options de souscription d'actions ou des bons de souscription non exercés ou levés par des SARs est détaillé au paragraphe 15.5 du Document de Référence 2017.
Compte tenu des caractéristiques des SARs accordés et d'un règlement des avantages qui sera fait en trésorerie et non plus en instruments de capitaux propres, ce plan a été qualifié de « Plan réglé en trésorerie » conformément à IFRS 2.
Cette norme ne traite pas spécifiquement du cas des transformations de plans « equity-settled » en plans
- cash-settled», comme dans la situation d'EPS ; toutefois, le Board de l'IASB a estimé que cette transaction pouvait être traitée par analogie avec l'exemple IG9 qui explicite notamment :
- le prélèvement sur les capitaux propres pour constituer (tout ou partie) de la dette d'origine ;
-
la reconnaissance d'une charge minimum si les conditions du nouveau plan sont défavorables et conduiraient à reconnaitre une charge inférieure à celle qui aurait constatée en application de l'ancien plan
; - l'obligation de constater une dette "cash-settled" en juste valeur à la date de modification dont toutes les variations ultérieures (positives ou négatives) impactent le résultat.
Le Comité des rémunérations et des nominations de la Société discute actuellement une modification du plan d'intéressement, qui comprend un report des SARs additionnels relativement aux résultats 2022 et une révision des conditions de résultats afin de fixer des objectifs conformes à l'actuel Business Plan du Groupe. Une fois la transformation effectuée du plan equity en plan cash-settled, le nouveau plan sera traité selon les principes applicables au cash-settled. Seule exception à ce principe, car reprise dans l'exemple IG9, le cas où le nouveau plan serait défavorable (en comparant valeur des titres et conditions d'acquisition à la date de modification aux mêmes données à la date de mise en place du plan equity- settled d'origine). Dans ce cas, on constate bien une charge supplémentaire avec une contrepartie en capitaux propres pour maintenir à minima la charge "service rendu" à hauteur de l'ancienne charge. Pour EPS, à l'inverse, les cours sont plus élevés qu'à la date d'attribution d'origine des plans.
Donc, conformément aux exigences relatives aux transactions dont le paiement est fondé sur des actions et réglées en trésorerie (paragraphes 30-33 d'IFRS 2), EPS a comptabilisé le passif à régler en trésorerie à la date de modification, en fonction de la juste valeur des actions à cette date et des services rendus à cette date. De plus, EPS réévaluera la juste valeur de ce passif à chaque clôture jusqu'à la date de règlement, toute variation de la juste valeur étant comptabilisée en résultat.
Au 30 juin 2020, la juste valeur de cette dette s'élève à 3 470 k€, contre 3 647 k€ au 31 décembre 2019. Les écritures suivantes ont été comptabilisées sur le premier semestre 2020 :
- 513 k€ de charge enregistrée dans les profits et pertes, correspondant principalement aux SARs exercés au cours de l'année ainsi qu'à l'ajustement de la juste valeur des SARs non exercés.
- 689 k€ payés au cours de l'année, correspondant aux SARs exercés et payés au cours du premier semestre 2020.
Sur les années suivantes, cette dette sera réévaluée pour :
- -Tenircompte des années supplémentaires de services rendues ;
31
- Tenir compte de l'évolution de la juste valeur des SARs.
- les éventuelles modifications apportées au plan. Le tableau suivant présente une synthèse des SARs au cours de la période :
Valeur SARs | SAR additionnels SAR transformés | TOTAL |
(montants in Euro) | ||
Clôture 31.12.2019 | 1.645.207 | 2.001.309 | 3.646.516 | ||
Augmentation / (Diminution) | 679.127 | (166.103) | 513.025 | ||
(profits et pertes) | |||||
Augmentation (Capitaux propres) | 0 | 0 | 0 | ||
Exercé et payé | (150.000) | (539.252) | (689.252) | ||
Clôture 30.06.2020 | 2.174.334 | 1.295.955 | 3.470.289 | ||
Nombre SARsSAR additionnels SAR transformés TOTAL
Clôture 31.12.2019 | 751.576 | 368.922 | 1.120.498 |
Exercé et payé | (25.685) | (71.987) | (97.672) |
Clôture 30.06.2020 | 725.891 | 296.935 | 1.022.826 |
Description des instruments dilutifs et risque de dilution :
Au 30 juin 2020, aucun risque de dilution en relations aux options ou bons de souscription n'a été relevé. Les mandataires sociaux, les membres de la direction et les salariés de la Société ne détiennent aucune participation dans le capital de la Société et il n'existe aucun titre en circulation donnant droit à leurs détenteurs d'accéder au capital de la Société.
L'allocation des SARs, au Président-Directeur Général, Président du Conseil d'Administration et membres du Conseil d'Administration, décidée le 6 mars 2018 afin de remplacer les options non levées, est décrite au paragraphe 15.2 du Document d'Enregistrement Universel 2019.
4.11 Résultat opérationnel
Le résultat opérationnel du premier semestre 2020 représente une perte de -6 528 k€, contre une perte de -6 746 k€ du premier semestre 2019.
4.12 Résultat financier net
Le poste comprend les intérêts et les frais sur les comptes bancaires et autres financements, ainsi que les différences de taux de change sur les transactions extra euros.
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RÉSULTAT FINANCIER NET | 30/06/2020 | 31/12/2019 | 30/06/2019 | |||
(montants en Euro) | ||||||
Intérêts financiers | (136.297) | (236.481) | (138.074) | |||
Intérêts financiers liés à l'IFRS 16 | (40.028) | (45.512) | (22.773) | |||
Ecarts de change nets | 215.806 | (40.126) | (4.726) | |||
Revenu financier | 0 | 9.900 | 0 | |||
TOTAL RÉSULTAT FINANCIER NET | 39.481 | (312.219) | (165.573) | |||
Les intérêts financiers liés aux autres lignes de crédit en place s'élèvent à 136 k€, en ligne par rapport au premier semestre 2019. Grâce à un taux de change favorable de l'US Dollar, l'écart de change net au cours du premier semestre 2020 s'élève à 216 k€ (contre - 5 k€ lors du premier semestre 2019).
4.13 Impôts
Le poste comprend des produits et des impôts différés pour un montant de -31 k€ (758 k€ pour le premier semestre 2019).
4.14 Résultat Net
Au premier semestre 2020, le résultat net du Groupe affiche une perte de 6 520 k€ (6 154 k€ au premier semestre 2019). Au 30 juin 2020, le résultat de base et dilué par action représente une perte égale à 0,51 €.
4.15 Immobilisations corporelles
Les immobilisations corporelles du premier semestre 2020 s'élèvent à 2 861 k€, en diminution de 238 k€ par rapport aux 3 098 k€ au 31 décembre 2019. Cela s'explique par la différence entre les investissements réalisés et la charge d'amortissement comptabilisée au cours de la période.
Le tableau suivant décrit les immobilisations corporelles par entité juridique :
Immobilisations corporelles | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(en Euro) | |||||
ENGIE EPS | 0 | 0 | 0 | ||
EPS Manufacturing | 0 | 0 | 0 | ||
ENGIE EPS ITALIA | 2.862.240 | 3.099.279 | 3.240.540 | ||
EPS USA | 0 | 0 | 0 | ||
Purchase Price Allocation (PPA) | (1.690) | (1.690) | (1.690) | ||
TOTAL Immobilisations corporelles | 2.860.550 | 3.097.589 | 3.238.850 | ||
L'évolution des immobilisations corporelles entre fin d'année 2019 et premier semestre 2020 par catégorie d'actif est décrite dans le tableau suivant :
33
Immobilisations | Installations, machines | Matériel de | Actifs | Immobilisations | ||||
corporelles | Immeubles | bureau et | corporelles en | Total | ||||
et matériel technique | loués (IFRS16) | |||||||
(montants en Euros) | informatique | cours | ||||||
Valeur comptable | ||||||||
Au 31 décembre 2019 | 1.391.802 | 891.061 | 512.453 | 2.175.922 | 0 | 4.971.238 | ||
Acquisitions | 16.180 | 0 | 36.936 | 0 | 0 | 53.117 | ||
Provisions | 0 | 0 | 0 | 0 | 0 | |||
Au 30 Juin 2020 | 1.407.982 | 891.061 | 549.389 | 2.175.922 | 0 | 5.024.355 | ||
Dépréciations et pertes | ||||||||
de valeur | ||||||||
Au 31 décembre 2019 | (620.088) | (641.745) | (309.576) | (302.240) | 0 | (1.873.649) | ||
Dépréciations et pertes | (87.811) | (37.010) | (124.709) | (150.316) | 0 | (399.846) | ||
de valeur | ||||||||
Provision | 0 | 0 | 0 | 0 | 0 | |||
Au 30 Juin 2020 | (707.899) | (678.755) | (434.285) | (452.556) | 0 | (2.273.495) | ||
Valeur comptable nette | ||||||||
Au 31 décembre 2019 | 771.714 | 249.316 | 202.877 | 1.873.682 | 0 | 3.097.589 | ||
variations | (179.430) | (29.589) | 224.797 | 0 | 93.912 | 109.690 | ||
Au 30 Juin 2020 | 520.653 | 182.717 | 339.902 | 1.723.366 | 93.912 | 2.860.550 | ||
Les immobilisations corporelles du premier semestre 2020 s'élèvent à 2 861 k€, contre 3 098 k€ au 31 décembre 2019.
La diminution est principalement due aux amortissements enregistrés au cours de la période.
4.16 Immobilisations incorporelles
Les immobilisations incorporelles du premier semestre 2020 s'élèvent à 8 121 k€, contre 6 979 k€ au 31 décembre 2019.
Le tableau ci-après illustre la répartition des actifs incorporels entre les entités juridiques du Groupe :
IMMOBILISATIONS INCORPORELLES | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||
(montants en Euro) | |||||
ENGIE EPS ITALIA | 5.625.674 | 5.072.588 | 6.089.963 | ||
Purchase Price Allocation (PPA) | 2.106.572 | 1.572.926 | 951.516 | ||
ENGIE EPS | 333.547 | 193.654 | 818.584 | ||
EPS Manufacturing | 54.912 | 140.048 | 128.656 | ||
EPS USA | 0 | 0 | 0 | ||
TOTAL Immobilisations incorporelles | 8.120.705 | 6.979.216 | 7.988.719 | ||
L'évolution des immobilisations incorporelles entre le 31 décembre 2019 et le 30 juin 2020 par catégorie est présentée dans le tableau suivant :
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Brevets et | Coûts de | Autres immobilisations | ||||||
Immobilisations incorporelles | licences à durée | Logiciels | incorporelles (à | Goodwill | Total | |||
développement | ||||||||
de vie définie | amortir) | |||||||
Valeur comptable | ||||||||
Au 31 décembre 2019 | 2.394.618 | 495.260 | 10.718.437 | 633.362 | 1.568.783 | 15.810.460 | ||
Acquisitions | 10.533 | 227.530 | 1.887.037 | 18.685 | 0 | 2.143.786 | ||
Ajustements et cessions | 0 | 0 | 0 | 0 | 0 | 0 | ||
Au 30 Juin 2020 | 2.405.151 | 722.791 | 12.605.474 | 652.047 | 1.568.783 | 17.954.245 | ||
Amortissement et dépréciation | ||||||||
Au 31 décembre 2019 | (2.240.984) | (341.971) | (6.095.742) | (152.546) | 0 | (8.831.243) | ||
Dépréciation et perte de valeur | (99.377) | (187.538) | (605.692) | 0 | 0 | (892.607) | ||
Provision | 0 | 0 | 0 | 0 | 0 | 0 | ||
Au 30 Juin 2020 | (2.340.361) | (529.509) | (6.701.434) | (152.546) | 0 | (9.723.850) | ||
Valeur comptable nette | ||||||||
Au 31 décembre 2019 | 153.633 | 153.290 | 4.622.695 | 480.815 | 1.568.783 | 6.979.216 | ||
Ajustements d'ouverture | 44.100 | 191.817 | (34.663) | (310.943) | 0 | (109.690) | ||
Au 30 Juin 2020 | 108.889 | 385.099 | 5.869.377 | 188.557 | 1.568.783 | 8.120.706 | ||
L'augmentation de 2 144 k€ en valeur brute est principalement due à :
- 533 k€ DROSSO - V2G Parking+ Chargeur bidirectionnel : ENGIE Eps a conçu, développé et testé EVHOUSE, une solution conteneurisée spécialement conçue pour les grandes aires de stationnement et les parcs de véhicules électriques. La solution centralisée EVHOUSE a été produite et développée pour le projet pilote Drosso (projet E301001), regroupant jusqu'à 64 véhicules électriques en utilisant 4 systèmes de conversion de puissance avec une interface unique au réseau. Cet objectif est atteint en émulant la structure d'un système de stockage d'énergie stationnaire dans lequel les batteries fonctionnent en parallèle. Chaque véhicule électrique est connecté à une unité d'utilisateur CC (« EVPost ») qui permet la communication et le transfert d'énergie entre le système de conversion d'énergie centralisé et le véhicule. La principale innovation de la solution proposée réside dans la réalisation d'une double configuration de la liaison CC (« principale » et « auxiliaire ») pour l'égalisation du SoC de la batterie entre les véhicules qui se branchent/se déconnectent avec/du système principal ;
- 519k€ en E-mobilité avec un développement BMS (système de gestion batterie) : le projet exploitera la valeur des batteries de véhicules électriques dans la fourniture de services d'énergie et d'électricité au réseau (applications V2G). Pour cela, un modèle de vieillissement fiable et un modèle de batterie en temps réel seront développés ;
- 372 k€ d'investissement pour le l'amélioration de l'EMS (système de gestion de l'énergie) et du PMS (système de gestion de puissance) : Ce projet nait de la nécessité d'améliorer les systèmes actuels de gestion de l'énergie et de la puissance pour l'exploitation des stockages isolés et raccordés au réseau, éventuellement en combinaison avec d'autres types de biens électriques. De plus, de nouvelles exigences plus strictes en matière de codes de réseau, d'efficacité et de robustesse exigent une révision de l'architecture actuelle du contrôleur de l'usine. Dans ce contexte, le projet PROPHET a été lancé en collaboration avec l'École polytechnique de Milan. Le nouvel algorithme permet de surmonter les problèmes de mise à échelle des systèmes de gestion heuristique, tant en termes de complexité que de temps de déploiement. De plus, la résolution d'un problème d'optimisation rigoureux assure des performances améliorées en termes de chiffre clé de mérite tels que : consommation de carburant de groupes électrogènes, pénétration des énergies renouvelables, cycle et vieillissement des batteries, disponibilité du système, consommation d'énergie auxiliaires. Même si, lorsqu'il a été lancé, le projet était destiné à fournir une juste preuve des concepts de l'EMS dans le cadre du micro-réseau
35
PROPHET, à un stade successif, l'industrialisation finale des algorithmes a également été inclue dans la phase principale de ce projet ;
- 208 k€ pour le développement de l'électronique de puissance et de contrôle : le projet couvre principalement le niveau inférieur de l'intégration verticale d'ENGIE Eps, fournissant les briques fondamentales pour l'ensemble du système. Le développement de technologies innovantes pour l'électronique de puissance et de contrôle vise à permettre la conception de nouveaux produits dans les secteurs à forte croissance tels que le PCS, l'e-Mobilité, les diagnostics prédictifs, ainsi que les systèmes de stockage d'énergie, tant stationnaires que distribués sur les véhicules électriques.
- 161 k€ d'investissement pour le développement de produits de stockage de l'énergie : le projet comprend la normalisation, l'optimisation et le développement d'une solution de stockage de l'énergie qui garantira à EPS ENGIE une plus grande compétitivité en termes de performances et de coûts ;
- 94 k€ d'investissements dans le domaine de l'informatique et du développement d'algorithmes d'intelligence artificielle : le but le plus important est d'améliorer encore les techniques utilisées pour le développement de l'EMS de l'ENGIE EPS, dans le cadre du projet PROPHET. Le nouveau SGE est basé sur l'optimisation mathématique, les prédicteurs (comme les prévisions de charge et les prévisions photovoltaïques), les fonctionnalités adaptatives et la mise à jour en temps réel des contraintes. Une autre orientation essentielle consiste à fournir un tableau de bord logiciel qui aidera à superviser et à surveiller la centrale et les actifs du portefeuille.
Les coûts de développement interne s'élèvent à 903 k€.
L'écart d'acquisition de 1 569 k € comptabilisé en immobilisations incorporelles est lié aux acquisitions de ENGIE Eps Italia (anciennement EPS Elvi) et MCM en 2016 (veuillez également vous référer au paragraphe 4.8).
4.17 Participation dans des entités mises en équivalence
Les investissements dans des entités mises en équivalence qui s'élèvent à 1 k€ sont constitués de Comores Énergies Nouvelles.
4.18 Autres actifs financiers non courants
Le montant de 168 k€ comprend :
- 115 k€ de dépôts remboursables en garantie du contrat de location signé pour l'usine de Rivoli (Turin, Italie) et de Cosio (Sondrio, Italie) ;
- 53 k€ de fournitures de services publics déposées.
4.19 Créances commerciales
Le total des créances commerciales a diminué de 5 860 k€ du 31 décembre 2019 au 30 juin 2020.
CRÉANCES COMMERCIALES ET AUTRES | 30/06/2020 | 31/12/2019 | 30/06/2019 | |||
DÉBITEURS | ||||||
(montants en Euro) | ||||||
Créances commerciales et autres débiteurs | 4.888.502 | 10.748.160 | 8.935.864 | |||
Provisions sur créances douteuses | (819.916) | (819.916) | (79.947) | |||
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VALEUR NETTE COMPTABLE CRÉANCES | 4.068.586 | 9.928.244 | 8.855.916 | ||
COMMERCIALES ET AUTRES DÉBITEURS | |||||
Toutes les créances clients comportant un risque raisonnable de non-recouvrement ont été provisionnées au cours de la période.
4.20 Actifs constitués de contrats
Le nombre total d'actifs constitués de contrats a subi une diminution, en passant de 9.149 k€ depuis le 31 décembre 2019 à 7.226 k€ au 30 juin 2020.
4.21 Stocks
Au 30 juin 2020, les stocks s'élevaient à 3 218 k€ contre 2 986 k€ à fin 2019.
STOCKS | 30/06/2020 | 31/12/2019 | 30/06/2019 | ||||
(montants en Euro) | |||||||
Matières premières | |||||||
Valeur brute | 1.619.846 | 1.837.636 | 2.012.740 | ||||
Provision pour obsolescence | 0 | (417.852) | (123.820) | ||||
Valeur nette comptable des matières | 1.619.846 | 1.419.784 | 1.888.920 | ||||
premières | |||||||
Travaux en cours | |||||||
Travaux en cours sur contrats de construction | |||||||
dont le revenu n'a pas été reconnu sur la période | 755.539 | 755.539 | 755.539 | ||||
courante | |||||||
Valeur brute | 502.669 | 382.178 | 382.178 | ||||
Provision pour obsolescence | (25.980) | 0 | 0 | ||||
Valeur nette comptable des travaux en cours | 1.232.228 | 1.137.717 | 1.137.718 | ||||
Produits finis | |||||||
Valeur brute | 366.088 | 428.446 | 127.177 | ||||
Provision pour obsolescence | 0 | 0 | 0 | ||||
Valeur nette comptable des produits finis | 366.088 | 428.446 | 127.177 | ||||
Total des stocks | |||||||
Valeur brute | 3.244.143 | 3.403.800 | 3.277.634 | ||||
Provision pour obsolescence | (25.980) | (417.852) | (123.820) | ||||
Valeur nette comptable totale des stocks | 3.218.163 | 2.985.948 | 3.153.814 | ||||
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4.22 Autres actifs courants et autres actifs financiers courants
AUTRES ACTIFS COURANTS ET AUTRE ACTIFS FINANCIERS COURANTS | 30/06/2020 | 31/12/2019 | 30/06/2019 |
(montants en Euro) | |||
Charges constatées d'avance | 416.065 | 1.590.669 | 1.099.654 |
Créances de TVA | 1.388.420 | 1.495.389 | 1.333.425 |
Avances aux fournisseurs | 350.180 | 1.064.082 | 124.477 |
Prêt à Comores Énergies Nouvelles | 459.219 | 428.201 | 435.500 |
Autres créances | 176.819 | 383.841 | 181.001 |
Autres actifs d'impôts | 74.677 | 94.509 | 82.403 |
Contributions sociales à recevoir | 41.880 | 23.922 | 13.687 |
Actifs d'impôts différés | 28.136 | 28.136 | 28.136 |
Actifs d'impôts "Industria 4.0" | 790.696 | 0 | 319.072 |
Avance de paiement pour l'acquisition d'Elvi Energy | 0 | 0 | 0 |
TOTAL AUTRES ACTIFS COURANTS ET AUTRE ACTIFS FINANCIERS | 3.726.091 | 5.108.749 | 3.617.356 |
COURANTS | |||
La baisse des autres actifs courants au premier semestre 2020 par rapport à la fin de l'année 2019, s'élève
- 1 383 k€, cela s'explique notamment par la baisse des charges payées d'avance (1 175 k€) sur les projets qui produisent leurs bénéfices dans les périodes à venir et la baisse des avances fournisseurs (714 k€) partiellement compensé par l'actif d'impôt "Industria 4.0" (791 k€).
Les autres actifs financiers courants sont liés au prêt accordé par ENGIE EPS à Comores Énergies Nouvelles Sarl pour 480 k€.
4.23 Trésorerie et équivalents de trésorerie
Les liquidités en banque concernent le montant détenu en banque en euros et dans d'autres devises ainsi que les dépôts auprès d'institutions de crédit. Les liquidités en espèces sont essentiellement détenues en euros.
Le montant de la trésorerie et des équivalents de trésorerie au premier semestre 2020 est 3 774 k€, alors qu'il était de 6 431 k€ à fin décembre 2019.
La diminution est principalement due aux flux de trésorerie opérationnels (décrits dans le tableau des flux de trésorerie). Une partie des actifs liquides d'un montant de 1 328 k€ sert de garantie en trésorerie pour garantir les financements reçus par le Groupe qui sont inclus dans la dette nette. Le Groupe considère que cette garantie en numéraire est liquide dans la mesure où la libération de la garantie est sous son contrôle.
4.24 Capitaux propres
CAPITAUX PROPRES | 30/06/2020 | 31/12/2019 | 30/06/2019 |
(montants en Euro) | |||
Capital émis | 2.553.372 | 2.553.372 | 2.553.372 |
Primes d'émission | 48.147.696 | 48.147.696 | 48.147.696 |
Autres réserves | (439.643) | (382.504) | (365.971) |
Réserve pour plan de stock-options et de BSA | 4.969.291 | 4.969.291 | 4.969.291 |
Report à nouveau | (52.953.882) | (38.306.765) | (38.298.766) |
Bénéfice / (Déficit) de l'exercice avant réévaluation de la dette liée aux BSA de | (6.520.264) | (14.644.285) | (6.153.543) |
la Banque Européenne d'Investissement (IFRS 2) | |||
Total des capitaux propres | (4.243.431) | 2.336.804 | 10.852.078 |
Les fonds propres à fin juin 2020 sont de -4 243 k€ contre 2 337 k€ au 31 décembre 2019. La diminution est essentiellement due à la perte du premier semestre.
38
Le nombre total d'actions à la fin de la période est de 12 766 860, comme l'illustre le tableau ci-dessous :
NOMBRE D'ACTIONS | 30/06/2020 |
Au début de la période | 12.766.860 |
Emission de droits nette | 0 |
Bons de souscription d'actions BEI | 0 |
Exercice d'options et de bons de souscription | 0 |
Fin de la période | 12.766.860 |
4.25 Avantages du personnel et plan d'intéressement
L'indemnité de départ italienne (TFR) pour le premier semestre de 2020 , calculé en accord avec IAS 19, s'élève à 1 349 k€, contre 1 179 k€ à fin 2019. Les montants restants de 3 971 k€ sont liés à la partie non courante des avantages SAR. Pour une description détaillée de cet élément, veuillez-vous reporter au paragraphe 4.10.
4.26 Impôts différés passifs non courants
Les passifs d'impôts différés non courants pour 16 k€ au premier semestre 2020 (16 k€ au 31 décembre 2019) incluent les passifs d'impôts différés ou les actifs comptabilisés pour la répartition du prix d'achat ENGIE Eps Italia (anciennement EPS Elvi).
4.27 Dettes fournisseurs
Le poste concerne les factures de biens, services et utilitaires reçues par les fournisseurs au cours de l'exercice et s'élève à 5,370 k€, avec une diminution de 10 593 k€ par rapport à l'exercice 2019.
DETTES FOURNISSEURS | 30/06/2020 | 31/12/2019 | 30/06/2019 |
(montants en Euro) | |||
Dettes fournisseurs | 1.814.321 | 15.258.926 | 2.950.371 |
Factures non reçues | 3.555.927 | 704.038 | 1.360.008 |
TOTAL DETTES FOURNISSEURS | 5.370.248 | 15.962.964 | 4.310.379 |
4.28 Autres passifs courants et non courants
Les autres passifs non courants s'élèvent à 1 998 k€ et étaient 1 632 au 31 décembre 2019. Ce montant est entièrement lié à la tranche à long terme du passif au titre des contrats de location comptabilisé selon la nouvelle norme IFRS 16.
Les autres passifs courants à la fin du premier semestre 2020 s'élèvent à 3 665 k€ (4 519 k€ au 31 décembre 2020).
39
AUTRES PASSIFS | 30/06/2020 | 31/12/2019 | 30/06/2019 |
(montants en Euro) | |||
Responsabilité bail | 1.528.701 | 1.603.866 | |
Provision pour contrats déficitaires | 502.989 | 1.332.104 | 209.475 |
Salaires et traitements du personnel | 1.694.296 | 1.156.213 | 706.226 |
Retenue à la source et cotisations sociales | 503.310 | 1.080.223 | 545.963 |
Avances sur subventions gouvernementales | 1.119.630 | 859.712 | 998.609 |
Produits constatés d'avance | 239.421 | 103.230 | 613.893 |
Rémunérations des administrateurs | 75.000 | 15.000 | 75.000 |
TOTAL AUTRES PASSIFS | 5.663.347 | 6.150.348 | 3.149.166 |
4.29 Emprunts et autres dettes financières
Les passifs financiers à la fin du premier semestre 2020 s'élèvent à 21 526 k€, soit une augmentation de 6
993 k€ par rapport à fin 2019. Le montant est détaillé comme suit :
Dettes financières au 30/06/2020 | Taux d'intérêt | Passif | Passif non | Total | ||
(montants en euros) | courant | courant | ||||
Ligne de crédit MLT - SOGEN à ENGIE | ||||||
EPS | ||||||
Ligne de crédit MLT - Mediocredito | Variable (euribor 3m + | 599.937 | 582.216 | 1.182.153 | ||
Centrale à EPS Manufacturing | spread 3,75%) | |||||
Ligne de crédit MLT - Banca Sella à ENGIE | Fixe (3,20%) | 0 | 231.479 | 231.479 | ||
EPS ITALIA | ||||||
Financement du fonds de roulement CT - | ||||||
Unicredit à ENGIE EPS ITALIA | Fixe (3,50%) | 0 | 0 | 0 | ||
Ligne de crédit MLT - Banca Sella à ENGIE | Fixe (3,20%) | 171.238 | 0 | 171.238 | ||
EPS ITALIA | ||||||
Ligne de crédit MLT - Unicredit à ENGIE | Variable (euribor 3m + | 0 | 0 | 0 | ||
EPS ITALIA | spread 3,5%) | |||||
Subvention projet ENGIE DROSSO | 500.000 | 500.000 | ||||
Total | 1.271.174 | 20.254.905 | 21.526.080 | |||
Les variations pour chaque poste entre le 31 décembre 2019 et le 30 juin 2020 sont détaillées comme suit
:
Court | Long | Ajust. | Reclass | Court | Long | ||||||||||||
long | |||||||||||||||||
Dettes financières au 31/12/2019 | Juste | ||||||||||||||||
terme | terme | terme à | terme | terme | TOTAL | ||||||||||||
(montants en euros) | Encaissement | Décaissement | valeur | ||||||||||||||
2019 | 2019 | court | 2020 | 2020 | |||||||||||||
adjustment | |||||||||||||||||
terme | |||||||||||||||||
Dettes financières au 31/12/2019 | 0 | 12.441.211 | 7.000.000 | 0 | 19.441.211 | 19.441.211 | |||||||||||
(montants en euros) | |||||||||||||||||
Ligne de crédit MLT - SOGEN à ENGIE EPS | 794.381 | 582.216 | (201.306) | 6.862 | 0 | 599.937 | 582.216 | 1.182.153 | |||||||||
Ligne de crédit MLT - Mediocredito Italiano à EPS | 227.412 | 231.479 | (59.221) | 1.523 | (169.715) | 0 | 231.479 | 231.479 | |||||||||
Manufacturing | |||||||||||||||||
Ligne de crédit MLT - Banca Sella à ENGIE EPS | 175.000 | 0 | (175.000) | 0 | 0 | 0 | |||||||||||
ITALIA | |||||||||||||||||
Financement du fond de roulement CT - Unicredit à | 80.480 | 0 | (80.480) | 0 | 0 | 0 | |||||||||||
ENGIE EPS ITALIA | |||||||||||||||||
Financement du fond de roulement CT - Intesa | 0 | 0 | 1.523 | 169.715 | 171.238 | 0 | 171.238 | ||||||||||
Sanpaolo à ENGIE EPS ITALIA | |||||||||||||||||
Ligne de crédit MLT - Banca Sella à ENGIE EPS | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
ITALIA | |||||||||||||||||
Ligne de crédit MLT - Unicredit à ENGIE EPS ITALIA | 0 | 0 | 500.000 | 500.000 | 500.000 | ||||||||||||
Subvention projet ENGIE DROSSO * | 1.277.273 | 13.254.905 | 7.500.000 | (516.007) | 9.908 | 0 | 1.271.174 | 20.254.905 | 21.526.080 | ||||||||
TOTAL | |||||||||||||||||
* le versement est prévu au cours du second semestre |
40
Pour rappel ENGIE EPS a obtenu €7.5 m et €15 m de la Société Générale en juin et en décembre 2019 respectivement sous la forme de deux lignes de crédit (à rembourser sur une facilité de crédit renouvelable de 4 ans) afin de financer ses besoins en fonds de roulement, ses investissements en R&D et en immobilisations. Les deux lignes de crédit ont un intérêt égal à l'Euribor à 3 mois plus une marge de 85 points de base, avec une commission d'engagement égale à 35 % de la marge calculée sur le montant inutilisé et non annulé de la facilité de crédit renouvelable pour la période de disponibilité. Au cours du premier semestre 2020, ENGIE EPS a prélevé 7 M€ sur les fonds mis à disposition par Société Générale.
41
- Covenants
En ce qui concerne les lignes de crédit, seuls les engagements en matière d'information sont énoncés dans les accords respectifs. Le tableau ci-dessous indique toutes les obligations du Groupe :
Covenants financiers / obligations | Information | |||
Mediocredito | ∙ | Clause de sûreté négative | - Procédure de faillite pour chaque entité du | |
∙ | Pari passu | Groupe | ||
- Dissolution, fusion, acquisition ou | ||||
∙ | Situation | nette consolidée | ||
établissement d'un ou plusieurs fonds destinés à | ||||
égale ou inférieure à six | des affaires spécifiques | |||
millions | sans aucun remède | - décision ou événement qui puisse porter | ||
entre trente jours à compter de | atteinte au droit de retrait des actionnaires | |||
la date de communication à la | - exercice du droit de retrait par les actionnaires | |||
Banque | - réduction des capitaux propres | |||
Waiver demandée pour 2019 | - cession ou modification substantielle de | |||
l'activité, transfert de la propriété ou du droit | ||||
d'utilisation de l'activité / une branche d'activité | ||||
de la Société | ||||
- contrat qui comporte le passage à un tiers de | ||||
la dette pour l'emprunt avec Mediocredito | ||||
- changement de la destination d'utilisation des | ||||
biens liés au projet | ||||
- communication dans 10 jours du changements | ||||
de l'actionnariat |
Avant le 31 juillet de chaque année: | ||
- Déclaration du représentant légal | ||
accompagnée d'une copie (i) du rapport | ||
financier statutaire complet des annexes et (ii) | ||
du rapport financier consolidé complet et des | ||
annexes, rédigés en forme non résumée | ||
∙ | N/A | ∙ Modification substantielle de l'objet |
Banca Sella | social | |
∙ Changement significatif de l'actionnariat | ||
∙ | N/A | ∙ Il n'existe pas d'obligation spécifique sur |
Intesa Sanpaolo | les lignes de crédit. | |
∙ | N/A | ∙ Il n'existe pas d'obligation spécifique sur |
Société Générale | les lignes de crédit. |
4.30 Endettement financier net
La diminution de 9 652 k€ de la situation financière nette au cours des 6 derniers mois reflète les investissements réalisés par le Groupe pour mettre en place l'empreinte industrielle actuelle, l'industrialisation des produits et les résultats commerciaux actuels, avec le soutien des banques et notamment de la Société Générale.
La trésorerie au 30 juin 2020, représentée par des actifs liquides, s'élève à 3,8 millions d'euros contre 6,4 millions d'euros à fin 2019
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ENDETTEMENT FINANCIER NET | 30/06/2020 | 31/12/2019 | 30/06/2019 |
(montants en Euro) | |||
Trésorerie et équivalents de trésorerie | 3.773.701 | 6.431.376 | 4.423.931 |
Avoirs en banque et en caisse | 3.773.701 | 6.431.376 | 4.423.931 |
Trésorerie liée à des avances sur subventions | 0 | 0 | 0 |
Engagements financiers à court terme | 0 | 0 | 0 |
Trésorerie sur subventions | 0 | 0 | 0 |
Dette financière nette | (21.526.080) | (14.532.179) | (6.427.535) |
Dettes financières courantes | (1.271.175) | (1.277.274) | (1.722.975) |
Dettes financières non courantes | (20.254.905) | (13.254.905) | (4.704.560) |
ENDETTEMENT FINANCIER NET | (17.752.379) | (8.100.803) | (2.003.603) |
4.31 Informations relatives aux parties liées
Les transactions entre les sociétés mises en équivalence ne représentent pas un montant significatif au 30 juin 2020. En outre, au cours des six premiers mois de 2020 aucune transaction significative n'a été conclue avec un membre du top management ou avec un actionnaire ayant une influence sur le Groupe.
Les parties liées du Groupe sont des personnes morales et physiques qui peuvent exercer un contrôle exclusif, un contrôle commun ou une influence significative sur le Groupe et ses filiales.
Le Groupe réalise des transactions avec des parties liées aux conditions normales de marché.
Les principales opérations avec les parties liées sont :
- Contrat avec ENGIE SOLAR S.a.S. (une société appartenant au Groupe ENGIE, l'actionnaire majoritaire de la Société) :
- ENGIE SOLAR S.a.S a été sélectionnée pour fournir des services d'ingénierie, d'approvisionnement et d'installation liés à la livraison d'un BESS (avec une capacité de stockage de 5.4 MW/3.17 MWh) et de ses installations connexes dans la municipalité de Comadù (États-Unis du Mexique) (« Sol de Insurgentes Project »). Le 20 décembre 2019, ENGIE SOLAR S.a.S. a conclu un contrat d'approvisionnement en ilot d'alimentation d'énergie avec ENGIE Eps Italia (ex EPS Elvi) afin de sous-traiter une partie des travaux. La valeur du contrat est de USD $17,303 k.
- ENGIE Eps Italia (ex EPS Elvi) a conclu un contrat avec ENGIE SOLAR S.a.S pour la fourniture de services de conseil afin de développer le programme d'intégration intelligente de ENGIE Eps Italia (ex EPS Elvi) au sein du Groupe ENGIE. La durée du contrat est de 12 (douze) mois, du 1er janvier 2019 au 31 décembre 2019. L'objectif de ce contrat de services est d'assister ENGIE SOLAR S.a.S en utilisant les compétences de ENGIE Eps Italia (ex EPS Elvi) représentées par Mme Michela Costa, qui, pour toute la durée du présent contrat agit comme i) Directeur juridique pour ENGIE SOLAR S.a.S ; ii) Chef de PMO (incluant l'HSE, la qualité et la gestion des contrats), Responsable Ethique et Conformité pour ENGIE SOLAR S.a.S ; et iv) Responsable Risques pour ENGIE SOLAR S.a.S. La valeur du contrat est de €290 k.
- Le 14 décembre 2018, ENGIE EPS (anciennement dénommée Electro Power Systems S.A) a signé un contrat avec ENGIE SOLAR S.a.S pour la sous-location de son siège situé 115, rue Réaumur, 75002 Paris. Le contrat de sous-location a une durée de deux ans, à compter du 1er janvier 2019 jusqu'au 31 décembre 2021. Le loyer annuel (hors taxes) s'élève à 2.400€. ENGIE SOLAR S.a.S a mis fin au contrat de sous-location le 1er octobre 2019.
- Contrat avec SOLAIREDIRECT GLOBAL OPERATIONS S.A. (une société appartenant au Groupe ENGIE, l'actionnaire majoritaire de la Société). Concernant les Projets Sol De
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Insurgentes mentionnés ci-dessus, le 27 novembre 2019, ENGIE Eps Italia (ex EPS Elvi) a signé un contrat d'approvisionnement avec Solairedirect Global Operations S.A. pour l'achat de certains équipements et matériaux essentiels à la livraison d'un système de stockage d'énergie par batterie (avec une capacité de stockage de 5.4 MW/3.17 MWh) et de ses installations connexes dans la municipalité de Comadù (États-Unis du Mexique). La valeur du contrat est de USD 13,547 k.
- Contrat avec Cautha S.r.l. (une société dont Giuseppe Artizzu, Directeur général du Groupe ENGIE EPS jusqu'au 7 mars 2018, est administrateur) : le 10 juillet 2015, EPS Manufacturing a conclu avec Cautha S.r.l. un contrat de sous-location d'une durée d'un an visant à sous-louer son siège situé Piazza del Tricolore 4, à Milan (Italie). Ce contrat a été renouvelé pour une année supplémentaire et a pris fin le 1er juillet 2018. Le loyer annuel (hors taxes) s'élevait à €18k.
- Contrat avec ENGIE PRODUZIONE (une société appartenant au Groupe ENGIE, l'actionnaire majoritaire de la Société) : le 31 décembre 2019, ENGIE Eps Italia (ex EPS Elvi), en qualité d'entrepreneur pour l'ingénierie, la fourniture et l'installation d'un système de stockage d'énergie d'une capacité de stockage de 7,2 MW/5,08 MWh et des services connexes, a signé un contrat avec ENGIE PRODUZIONE S.p.A. La valeur du contrat est de €2,643 k.
- Contrat avec Lab Singapore (une société appartenant au Groupe ENGIE, l'associé majoritaire de la Société) : le 21 septembre 2017, ENGIE Eps Italia (ex EPS Elvi) a signé un contrat avec ENGIE Lab Singapore pour la fourniture s'un système hydrogène P2P (ses articles, matériaux, équipements, conception et dessins, données et autres matériaux) sur l'ile de Semakau (Singapour). La valeur du contrat est de €663 k.
- Contrat avec Comores Energies Nouvelles S.A.R.L. (une société dont 49% des actions sont détenues par ENGIE EPS) : le 16 novembre 2018, ENGIE Eps Italia (ex EPS Elvi) a signé en qualité d'entrepreneur un contrat EPC avec Comores Energies Nouvelles S.A.R.L. pour le développement d'une centrale d'énergie solaire et de son BESS situé sur l'île de njouan, dans la ville de Lingoni. Les travaux réalisés par ENGIE Eps Italia (ex EPS Elvi) comprenaient, entre autres, l'exécution de services d'ingénierie et de conception ainsi que l'acquisition de matériel et d'équipement.
- Contrat avec ENGIE EEC (une société appartenant au groupe ENGIE, l'actionnaire majoritaire de la Société) : Engie EEC, en qualité d'opérateur du réseau électrique sur l'ile de Lifou (Nouvelle Calédonie) a signé des contrats avec le gouvernement local pour installer et mettre en œuvre un Système de stockage d'énergie (ESS) dans le cadre de la Stratégie pour l'Energie Renouvelable « Lifou 100% en 2020 ». Le 5 décembre 2018, ENGIE Eps Italia (ex EPS Elvi) a signé, en qualité d'entrepreneur, un contrat pour l'ingénierie, l'approvisionnement et la construction de 4,8 MW / 5,06 MWh BESS. La valeur du contrat est de €2,478 k.
- Contrat avec ENGIE Storage (une société appartenant au groupe ENGIE, l'actionnaire majoritaire de la Société) : ENGIE EPS (anciennement dénommée Electro Power Systems S.A.) a conclu, le 17 décembre 2018, un contrat de vente pour la fourniture de 144 modules de batteries Samsung Mega E2, 16 appareils Mega E2, Accessoires associés pour l'utilisation des produits. La valeur du contrat est de $330 k.
- Contrat avec ENGIE Electrabel (une société appartenant au groupe ENGIE, l'actionnaire majoritaire de la Société) : ENGIE Eps Italia (ex EPS Elvi) a conclu, le 9 octobre 2018, un contrat d'ingénierie avec ENGIE Electrabel. La valeur du contrat est de €25 k.
- Contrat avec ENGIE ENERGIE SERVICES (une société appartenant au groupe ENGIE, l'associé majoritaire de la Société) : ENGIE EPS (anciennement dénommée Electro Power Systems S.A.) a conclu, le 1er janvier 2019, un contrat d'ingénierie pour ENGIE ENERGIE SERVICES. La valeur du contrat est d'environ €200k.
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-
Contrat avec ENGIE (une société appartenant au groupe ENGIE, l'associé majoritaire de la Société)
: - ENGIE EPS a conclu avec ENGIE un contrat pour la fourniture de services de conseil visant à développer le programme d'intégration intelligente de ENGIE EPS au sein du groupe ENGIE. Le présent contrat porte sur la prestation de services de conseil fournis par M. Giorgio Crugnola. (en qualité d'ingénieur sénior au sein de ENGIE EPS). La durée de ce contrat est de 7 (sept) mois, à compter du 1er juin 2019 jusqu'au 31 décembre 2019 avec la possibilité de prolonger ce contrat à 18 (dix-huit) mois maximum. Le coût annuel du contrat correspond à une redevance mensuelle de 11,436,25 € calculée sur une moyenne de 15 jours ouvrables par mois de travail sur la mission de M. Giorgio Crugnola ;
- ENGIE EPS a conclu avec ENGIE un contrat pour la fourniture de services visant à développer le programme d'intégration intelligente de ENGIE EPS au sein du groupe ENGIE. Le présent contrat porte sur la prestation de services de conseil fournis par M. Juan Ceballos (un Business Developer Manager et ingénieur au sein de ENGIE EPS). La durée de ce contrat est de 7 (sept) mois, à compter du 1er juin 2019 jusqu'au 31 décembre 2019 avec la possibilité de prolonger ce contrat à 18 (dix-huit) mois maximum. Le coût annuel du contrat correspond à une redevance mensuelle de €7k calculée sur une moyenne de 15 jours ouvrables par mois de travail sur la mission de M. Ceballos.
- ENGIE EPS conclura un contrat avec ENGIE Research, le département technologique d'ENGIE SA qui apportera un soutien financier de 1 000 k€ en référence au projet V2G qu'ENGIE EPS réalise dans FCA Premises. Au 30 juin 2020 du premier semestre 2020, une facture de 500 k€ liée à cet accord a été émise. Le montant est comptabilisé comme une créance et une dette financière. L'accord sera signé au cours du second semestre. Pour plus de détails sur ce projet, veuillez également vous référer aux paragraphes 1.4 and 1.5.
4.32 Engagements liés aux opérations de financement et autres engagements hors bilan
Le montant de l'engagement hors bilan concernant le Groupe est égal à 3 088 k€ et concerne les garanties émises pour le compte de clients.
Dans l'accord avec Enel / Endesa relatif au projet « Litoral », il existe trois options relatives au démantèlement et aux pièces de rechange pour lesquelles EPS pourrait entraîner des coûts futurs, bien qu'il soit probable que les avantages découlant de la réutilisation de tels biens batteries) peut être plus élevés que les coûts potentiels.
4.33 Evénements postérieurs à la clôture
- easyWallbox: in juillet 2020 a lancé la livraison de EasyWallbox, portant la capacité de production à 50000 unités au cours des 18 prochains mois, pour couvrir 19 pays en Europe.
- Projet pilote UPI à Terna, en Italie : en juillet 2020, le groupe ENGIE EPS a passé avec succès le test d'acceptation en usine (FAT) pour l'ingénierie, l'approvisionnement et la construction de 7.2 MW/5.08 MWh BESS en collaboration avec ENGIE Produzione S.p.A pour soutenir la centrale électrique existante de Leinì dans la fourniture de services de régulation de fréquence primaire au réseau, conformément aux exigences de l'UPI.
- Micro-réseauen Grèce : en juillet 2020, dans le cadre du projet REMOTE EU, le groupe ENGIE EPS a terminé la mise en service du système intégré Power-to-Power (P2G 25kW, G2P 50 kW) devant être intégré dans le Micro-réseau Agkistro.
- Micro-réseauen Californie : en aout 2020, le groupe ENGIE EPS a passé avec succès le test d'acceptation en usine (FAT) pour l'ingénierie, l'approvisionnement et la construction du système de
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stockage d'énergie par batterie 2.0 MVA/4.0 MWh devant être intégré au Micro-réseau Anza (Californie) comprenant une centrale photovoltaïque existante de 2,0 MWc et une extension supplémentaire de 1,35 MWc..
- Renforcement de la capacité solaire et stockage au Mexique : au troisième trimestre 2020, le Groupe ENGIE EPS a passé avec succès la réalisation mécanique et, par la suite, la précommande pour l'ingénierie, l'approvisionnement et la construction de la centrale photovoltaïque 23 MWAC/31.055 MWp avec ENGIE Solar SA, située à Baja California Sur (Mexique) couplé à un système de stockage d'énergie par batterie de 5,4 MW/3,17 MWh (« BESS ») alimenté par une technologie de pointe du groupe ENGIE EPS.
- Le projet pilote Véhicule-Réseau a été inauguré à Mirafiori. Le 14 septembre 2020, FCA, ENGIE EPS et Terna ont présenté, dans un lieu évocateur du Heritage Hub, dans les locaux de la FCA Mirafiori à Turin, le projet pilote Vehicule-Réseau (V2G) de la mobilité électrique, qui, lorsqu'il sera entièrement achevé, deviendra le plus grand du monde en son genre.
- Le 23 septembre 2020 le Groupe ENGIE a annoncé qu'il évaluait les options stratégiques pour ENGIE EPS, y compris l'éventuelle cession de sa participation dans la Société. Les trois grands projets de stockage d'énergie aux Etats-Unis : Guam (300MWh), Hawaii (240MWh) et la Nouvelle Angleterre (50MWh) continueront à être développés conjointement par les deux entreprises. Si toutefois le Groupe ENGIE décidait de céder sa participation à la suite de sa revue stratégique, il a cependant réaffirmé son soutien financier continu jusqu'à la réalisation d'une potentielle opération. Pour le futur, les deux entreprises continueront de développer conjointement les projets qu'elles considèrent comme mutuellement avantageux.
Les résultats financiers semestriels 2020 d'ENGIE Eps ne sont pas impactés par la décision d'ENGIE.
Aucun autre événement ultérieur n'a été enregistré au moment de la publication de ce document.
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Engie Eps SA published this content on 01 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2020 16:49:00 UTC
