Slide 1: FY19 Results Presentation
FY19 Results Presentation July 2020 1
Slide 2: Agenda
Agenda 1 Current Trading 2 Key Strategic Priorities 3 FY19 Financials 4 Questions 2
Slide 3: Executive Summary
Executive Summary Merger and integration successful Strategy “alternative to lithium” well-received Commercial traction demonstrated Pandemic impact mitigated Primary focus execution against opportunity Final redT energy financial results 3
Slide 4: Current Trading
Current Trading INVINITY ENERGY SYSTEMS
Slide 5: Invinity Achievements
Invinity Achievements Successful integration Cohesive global team New Invinity modules combine best of Avalon and redT technologies Systems and processes aligned Early commercial traction Positive market reception to Invinity brand and strategy Signed contracts Significant deal flow Effective Group
Slide 6: Commercial Progress
Commercial Progress 40 Demand steady despite global pandemic modules Sold in H1 Energy market volatility proves value of long-duration, heavy-cycling storage Recent sales to key customers Major US-based municipal utility Leading Asia-based developer of energy storage projects £1.1m Contract Value Gl
Slide 7: Sales Pipeline
Sales Pipeline UK/EU 19% Asia Closed – 204 Modules, 6.7 MWh 19% Americas Australia 28% 19% ROW Base – 138 Modules, 5.2 MWh 5% Geographies Upside – 692 Modules, 26 MWh GSP 45% C&I 32% Other Pipeline – 3,919 Modules, 147 MWh 19% Utility 5% Current Opportunities by Deal Stage Market Segments 7
Slide 8: Product Evolution
Product Evolution Invinity VS3-022: The “six-pack” 8
Slide 9: Case Study: Energy Superhub Oxford
Case Study: Energy Superhub Oxford Energy Superhub Oxford is a grid-connected project ▪ High-profile £41 million reference site ▪ Showcasing EV charging, energy storage, low carbon heating ▪ Developed by Pivot Power (subsidiary of EDF Renewables) ▪ Programme to develop 45 similar sites across the UK
Slide 10: Operations Update
Operations Update Group operations return to full capacity Manufacturing hubs in China, Canada and UK resume Staff return to offices where safe and appropriate ESO progress towards delivery Progress towards key milestones continues Remain confident in ability to commence delivery by year-end Post-me
Slide 11: Key Strategic Priorities
Key Strategic Priorities INVINITY ENERGY SYSTEMS
Slide 12: Key Strategic Priorities
Key Strategic Priorities Deliver Energy Superhub Oxford (ESO) project Key demonstration of flow batteries for grid services ESO project key reference point for future large scale projects Establish Foundation for Scale Existing team integrated with zero functional overlap Team, facilities and proces
Slide 13: FY19 Financials
FY19 Financials INVINITY ENERGY SYSTEMS
Slide 14: Highlights
Highlights Revenue £0.7m (2018: £2.5m) Trading loss £6.9m (2018: £11.7m loss) Operating loss £7.4m (2018: loss £12.3m) Year-end free cash £1.2m (31 December 2018: £3.3m) Loans and borrowings £1.1m (2018: £Nil) £0.6m disposal profit on sale of remaining Camco operations 14
Slide 15: Income Statement
Income Statement 2019 2018 Variance £m £m £m % Revenue 0.7 2.5 (1.8) (74) Cost of sales (0.3) (2.1) 1.8 90 Gross profit 0.4 0.4 - 26 Administrative expenses (excl. SBP) (7.3) (12.1) 4.8 39 Trading loss (6.9) (11.7) 4.8 41 Merger transaction costs (0.5) - (0.5) n/a Share-based payments (SBP) - (0.6)
Slide 16: Cashflow
Cashflow 2019 2018 Variance £m £m £m Loss for the year (6.8) (12.5) 5.7 Add back: SBP - 0.6 (0.6) depreciation 0.4 0.3 0.1 gain on disposal disc. ops (0.6) - (0.6) net finance expense - 0.1 (0.1) taxation - 0.1 (0.1) EBITDA (7.0) (11.4) 4.4 Payment of IFRS 16 lease liabilities (0.1) - (0.1) Movement
Slide 17: Balance Sheet
Balance Sheet 31 Dec 19 31 Dec 18 Movement £m £m £m Property, plant and equipment 0.3 0.5 (0.2) Intangible assets and goodwill 12.8 13.5 (0.7) Non-current assets 13.1 14.0 (0.9) Inventory 0.2 0.5 (0.3) Receivables 0.8 1.2 (0.4) Payables (1.6) (1.6) - Deferred income - (0.1) 0.1 Working capital (0.6)
Slide 18: Questions
Questions INVINITY ENERGY SYSTEMS
Slide 19: ENERGY SYSTEMS
ENERGY SYSTEMS