Ad-hoc | 20 August 2012 07:00
Leclanché SA / Key word(s): Half Year Results
20.08.2012 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR
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Leclanché
Press Release
Leclanché SA reports first half-year 2012 financial results
- Consolidated revenues increased by 25% to CHF 8.4 million
- Start of ramp-up of new lithium-ion cell production line
- First industrial storage systems sold
- Orders in hand of CHF 27.9 million
- Milestones met for first half-year 2012
- Unchanged guidance for 2012 and publication of Interim Report
Yverdon-les-Bains, 20 August 2012 - Leclanché S.A. (SIX Swiss Exchange:
LECN), specialized in the production of large-format lithium-ion cells and
energy storage solutions, announced today its financial results for the
first half-year 2012 and reported progress in line with anticipated
milestones. Total consolidated revenues reached CHF 8.4 million, a 25%
increase from CHF 6.7 million in 2011. While revenues from the distribution
business declined, revenues from large-format lithium-ion technology more
than doubled to CHF 1.8 million in the first half of 2012. Revenues from
portable battery systems increased by 26%. Taking into account planned
ramp-up costs for the new production unit and the hiring of 20 employees,
the net loss amounted to CHF 5.4 million versus CHF 4.9 million in 2011.
These numbers are in line with management expectations. Orders in hand
represented CHF 27.9 million at the end of June 2012, compared to CHF 29.8
million at the end of December 2011.
Dr. Ulrich Ehmes, Chief Executive Officer, commented: 'Our teams worked
intensively during the first six months on parallel projects to meet our
milestones. We completed our product range for storage systems and recorded
increased interest and initial orders for our energy-storing solutions. The
delivery of our first storage racks to a global player also marked our
entry into the industrial energy storage market. Finally, the start of the
ramp-up of our new mass production line marked the completion of a complex
24-month project. With this state-of-the-art facility Leclanché is now
fully prepared to satisfy the demand for storage systems in the market.'
'Our half-year results are on track. Doubling revenues from our lithium-ion
business, a strategic business unit that benefits from our patented
large-format lithium-ion technology, confirms that our product offering is
well received by the market,' Dr. Ulrich Ehmes added. 'In the second half
of the year, we expect a further increase in revenues by delivering current
orders from our pilot line as well as first storage modules equipped with
cells from our new production line. During our presence at important fairs
like Intersolar, Wind Husum and Hannover Fair we recorded a tenfold
increase in customer contacts compared to last year. These prospects are
now being evaluated.'
Leclanché believes that renewable energies could, today, already ensure a
large portion of the supply of electrical energy worldwide if coupled with
efficient storage solutions. Storage provides two major advantages:
shifting timely energy from the moment of generation to the moment of
consumption and, equally important, producing energy close to the place of
consumption. This solution implies fewer grids and therefore less cost and
less infrastructure.
Highlights of the first half-year 2012
1. Started the ramp-up of our new mass production line, one of the largest
and most advanced industrial facilities for the production of
large-format lithium-ion cells in Europe
- The new unit, which started ramp-up at the beginning of July and was
presented to the financial community, will allow the production of
about 1 million large-format 35 Ah cells, with an installed annual
storage capacity of up to 76 MWh in lithium-ion-titanate cells when
fully operational. This compares with a capacity of 4 MWh for the
current production plant. The start of the ramp-up represents the
successful completion of a 24-month complex project and intensive work
by Leclanché's engineering team. Its completion required an investment
of CHF 20 million for the purchase of state-of-the art machines from
Japan, Italy and the United States. The start of operations will lead
to a further increase in the number of employees to about 130 by the
end of Q3.
Presented a complete product range
- At the Intersolar 2012, the world's largest exhibition for the solar
industry, Leclanché presented a complete product range including
professional storage modules, which can be integrated into large
industrial storage solutions of several hundreds of kWh, as well as
compact stand-alone residential storage modules.
- Leclanché successfully passed the safety test for lithium-ion cells
according to the 01:2011'BATSO' (Battery Safety Organization)
specifications. Performed by TÜV Rheinland, a global leader in
inspection services, these independent and demanding tests of BATSO
highlight the high safety standard of the Leclanché cells.
Increased traction and orders for our products and energy-saving solutions
- Leclanché received a first order from a large European electronics
group for six double racks used for the industrial storage of energy.
This order marks the company's entry into the industrial energy storage
market.
- The company also received an order for cells to be installed in a
storage solution for a German wind energy project. The system will be
used for the efficient storage and shifting of intermittent wind energy
from the moment of generation to the time when it is actually needed.
The four racks have a total storage capacity of 100 kWh and will be
delivered in Q3.
- Leclanché received an order by the Industrielle Werke Basel (IWB) to
supply an industrial power storage solution with a total capacity of 25
kWh. The installation is part of a project to examine the benefits of
decentralized energy storage for grid operation. The company is
discussing similar projects with other clients.
- The collaboration with Schüco is moving forward as the Leclanché
storage modules are ready and available to be delivered as planned. The
final delivery, however, is slightly behind schedule as Leclanché is
still awaiting reception of sub-supplied components to complete the
system. Leclanché is working closely with its partners to resolve this
situation.
Successfully raised CHF 28 million
- In a challenging economic environment Leclanché successfully completed
a capital increase by raising about CHF 28 million and subsequently, in
early August, a further CHF 3.9 million as the result of the exercise
of warrants.
Orders in hand
As of the end of June 2012, Leclanché had orders in hand of CHF 27.9
million, compared to CHF 29.8 million as of December 2011. The orders are
for delivery as of the end of 2012 until 2015.
Outlook
In the second half of the year, Leclanché's priorities will be threefold:
pursue its sales and marketing efforts to register additional orders for
its new production unit, further develop its product offering and refine
its technological leadership.
In this respect, a number of specific milestones have already been defined,
including finalization of the ramp-up of the mass production line in Q3
2012, launch of the residential storage solutions with its larger 35 Ah
cells in Q4 2012, and also implementation of additional projects for large
utilities and institutions.
Leclanché is fully aware that the best plan is not immune to unforeseen
external events, especially in a highly regulated market like the energy
market and in a weak economic cycle. The company therefore remains vigilant
about any changes in key markets, as these offer new opportunities as well.
Leclanché's goal in this environment is to be prepared for any external
influences.
Taking into account that the current year constitutes a 'ramp-up' year,
both in terms of production capacity and sales, Leclanché's guidance for
2012 remains unchanged. In line with the increased output from its new
production line, the company expects an increase in sales in the second
half 2012 as well as a further reduction of its net loss, despite
continuing investments and a slightly higher loss in the first half of
2012.
Leclanché will continue efforts to reduce its loss and pave the way for
profitability in the coming years.
Cash and cash equivalents at the end of June 2012 represented CHF 6.9
million. In early August, the company received a further CHF 3.9 million in
gross proceeds as the result of the exercise of warrants.
Leclanché S.A. Consolidated Figures for the 1st half-year 2012
in million CHF [IFRS] 2012 2011
1st half-year 1st half-year
Revenue 8.43 6.74
EBITDA -4.45 -3.86
EBIT -5.39 -4.73
Profit / Loss -5.41 -4.88
At June 30 2012 At June 30 2011
Equity Capital 40.49 32.87
As percentage of total assets 79.9 % 87.5 %
Earnings per share -1.08 - 1.51
Employees (FTE) 113 94
Publication of interim results
Leclanché SA published today its Interim Report 2012, which is available in
pdf format on the company's web site:
http://www.leclanche.eu/page/financial-reports
Analyst and investor call
Leclanché S.A. will discuss its first half-year 2012 financial results and
achievements during a live audio webcast taking place Monday, August 20,
2012 at 11:00 AM CET.
The audio webcast, including the slides, will be accessible on the
Leclanché web site and by using the following link:
http://leclanche200812-live.audio-webcast.com
A replay of this teleconference will be made available one hour after the
conference.
Analysts and investors wishing to ask questions during the webcast should
use the following conference-ID: 456 10 22 and one of the dial-in numbers
indicated below:
- Switzerland: +41 (0) 22-592-73-12
- UK: +44-207-153-2027
About Leclanché
Leclanché specializes in the production of tailor-made energy storage
solutions. Leclanché's strategy is to expand its position as one of the
leading lithium-ion cell producers and solution providers for renewable
energy storage systems in Europe. Its initial strategic priorities are
stationary home electrical energy storage applications and expansion into
the stationary industrial and grid electricity storage markets. Through
participation in research consortia focusing on off-road and automotive
applications, Leclanché is positioned to take advantage of new market
opportunities.
Through a unique, patented ceramic separator technology and focus on
lithium-titanate technology, Leclanché manufactures large-format
lithium-ion cells, optimized for safety and cycle-life, in a fully
automated production process. At the end of the second quarter 2012,
Leclanché started operations of its first production line with an installed
annual capacity of up to 76 MWh in lithium-titanate cells.
Leclanché was founded in 1909 in Yverdon-les-Bains. Through the integration
of a spin-off from the Fraunhofer-Gesellschaft in 2006, the company evolved
from a traditional battery manufacturer to become a leading developer and
manufacturer of lithium-ion cells in Europe. Leclanché currently employs
120 staff and is listed on the SIX Swiss Exchange (LECN). The company has
its headquarters in Yverdon-les-Bains (Switzerland) and production
facilities in Willstätt (Germany).
www.leclanche.eu
Media contact:
Christophe Lamps, Dynamics Group S.A.: Telephone: +41 79 476 26 87,
cla@dynamicsgroup.ch
Contact for German media:
Markus Wieser, CNC AG: Telephone: +49 89 599 458 114,
markus.wieser@cnc-communications.com
Disclaimer
This press release contains certain forward-looking statements relating to
Leclanché's business, which can be identified by terminology such as
'strategic', 'proposes', 'to introduce', 'will', 'planned', 'expected',
'commitment', 'expects', 'set', 'preparing', 'plans', 'estimates', 'aims',
'would', 'potential', 'awaiting', 'estimated', 'proposal', or similar
expressions, or by expressed or implied discussions regarding the ramp up
of Leclanché's production capacity, potential applications for existing
products, or regarding potential future revenues from any such products, or
potential future sales or earnings of Leclanché or any of its business
units. You should not place undue reliance on these statements. Such
forward-looking statements reflect the current views of Leclanché regarding
future events, and involve known and unknown risks, uncertainties and other
factors that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. There can be no guarantee that Leclanché's products will
achieve any particular revenue levels. Nor can there be any guarantee that
Leclanché, or any of the business units, will achieve any particular
financial results.
20.08.2012 News transmitted by EquityStory AG.
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Language: English
Company: Leclanché SA
Av. des Sports 42
1400 Yverdon-les-Bains
Switzerland
Phone: +41 (24) 424 65-00
Fax: +41 (24) 424 65-20
E-mail: investors@leclanche.com
Internet: www.leclanche.com
ISIN: CH0110303119, CH0016271550
Swiss Security Number: A1CUUB, 812950
Listed: SIX
End of Announcement EquityStory News-Service
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