Business Day – Siseko Njobeni
- Automotive components maker says rand price of Slovenian car battery maker has soared
Metair has walked away from a once-in-a-lifetime opportunity to acquire Tovarna Akumulatorskih Baterij (TAB), due to the weakening rand.
Metair, the listed manufacturer, distributor and retailer of energy storage solutions and automotive components, has walked away from a once-in-a-lifetime opportunity to acquire Tovarna Akumulatorskih Baterij (TAB), a value accretive asset, because of the depreciating rand.
Metair on Thursday said it would no longer proceed with the planned acquisition of the Slovenian car battery maker, saying the rand price of the asset has soared because of volatility in emerging-market currencies.
As a result of the move, the energy storage and automotive component manufacturer has given up on what CEO Theo Loock in June described as a value-enhancing transaction.
Loock said another company is likely to acquire TAB soon.
“I do not think it is going to be available for a long time. Such opportunities come once in a lifetime,” he said.
Metair in June announced its plans to acquire TAB for €300m. TAB has after-market automotive battery manufacturing facilities in Slovenia and Macedonia, an automotive aftermarket battery distribution network throughout Europe, as well as a global industrial battery business and an energy storage business — an area with enormous growth opportunities.
Loock was uncomfortable with the increase in the asset’s rand price. “We have a rand figure for the asset, which we have not disclosed to the market.”
When the company announced the deal in early June, the €300m was R4.43bn. “The rand price of the asset is beyond the level we are comfortable with,” he said.
At Thursday afternoon’s rand/euro exchange rate of R16.61, TAB was worth almost R5bn.
In June, Metair entered into exclusive discussions with TAB. During the period of exclusivity, Metair went through TAB’s past financial statements. The exclusivity period would have ended on October 1.
In the six months ended June 30, Metair revenue increased 10% to R4.5bn and operating profit was up 16% to R413m. Operating margin improved from 8.7% to 9.2%. Group earnings before interest, tax, depreciation and amortisation increased 11% to R585.7m.
Headline earnings per share were up 16% to 132c.
The Energy Storage Vertical business lifted revenue by 8% to R2.6bn, while its operating profit was up 10% to R250m.
Loock said the company was pleased with the performance of Mutlu Akü, its Turkish battery business, which increased its automotive battery exports by 28% and local industrial battery sales by 83%.
Metair’s Automotive Components Vertical business lifted revenue by 12.5% to R2.2bn, while profit before interest and tax was up 31% to R261m.
Loock said that as a result of the recent and ongoing volatility in emerging-market currencies, especially in Turkey, the board has prioritised the continued focus on maintaining Mutlu’s good performance, hence the decision to terminate TAB’s due diligence process and negotiations. “Management is focused intently on ensuring that Mutlu’s operational performance is sustained during the second half and that measures are taken to mitigate the impact of currency volatility,” he said.
Metair’s share price jumped 13.38% to close at R15.93.
Business Report – Roy Cokayne
METAIR, the listed leading international manufacturer, distributor and retailer of energy storage solutions and automotive components, believes it would be able to weather the storm caused by the steep recent devaluation of the Turkish lira.
The group supplies batteries to all major original equipment manufacturers in South Africa, EU, Romania, Turkey and Russia through subsidiaries in Romania (Rombat), Turkey (Mutlu Aku) and South Africa (First National Batteries).
It was also confident the trade war between the US and China would not have a major impact on its businesses.
“There are always dark clouds, but we always search for the silver lining,” said Metair chief executive Theo Loock yesterday.
Loock said Metair had always managed to find a solution to currency devaluation headwinds during the three and a half years it had been invested in Mutlu Aku.
He said in the six months to June this included increasing its exports from Turkey by 28 percent and its energy storage business, securing two strategic automotive after-market contracts that represented a potential 1.5 million units in additional annual export volumes.
He said currency weakness was not always a problem and could sometimes be a benefit, because it made the company more competitive internally against any imports.
Loock added that one of the reasons Metair’s financial performance was strong in the first half of its financial year was that it managed to localise the standby batteries for Vodafone and Turkcell, it became more competitive and developed a better product.
“The industrial battery growth in Turkey is one of the things that helped us in the first half. We’re also a small segmental player in commercial battery applications, especially in tractors and trucks. That will be a big focus point in the second half to expand our participation in that market. Its a very small percentage of the overall market in commercial at less than12 percent. But it will always be our target to increase that in line with our overall market participation in the high at 40 to 50 percent,” he said.
Loock said Europe was the major trading environment for Turkish vehicle exports, because of its location and few, if any, products were exported to the US. He said any trade war, unless it spilled over to Europe and Turkey, would have a lesser impact on Metair’s exports.
“In the after-market we have a non-discretionary product that is purely dependent on disposable income,” he said.
Shares in Metair rose 13.38 percent on the JSE yesterday to close at R15.93.
- Revenue up 10% to R4.5bn
- Operating profit 16% higher at R413m
- HEPS increased 16% to 132 cents
- Mutlu Akü’s increased industrial sales and exports support a 25,3% improvement in Rand reported operating profit
- Automotive Components Vertical benefitted from efficiencies and volume growth, delivering a 31% increase in operating profit
- 35% shareholding acquired in Prime Motors to accelerate Metair group’s production of lithium-ion batteries for the growing European market
- Two strategic aftermarket supply contracts secured representing a potential 1.5 million units in additional annual export volumes
Metair, a leading international manufacturer, distributor and retailer of energy storage solutions and automotive components, today announced its results for the six months to 30 June 2018.
Group revenue increased 10% to R4,5 billion and operating profit grew 16% to R413 million with the group operating margin improving to 9.2% from 8.7%. Group earnings before interest, tax, depreciation and amortisation (EBITDA) increased 11% to R585,7 million and headline earnings per share (“HEPS”) grew 16% to 132 cents, outperforming the growth in revenue.
Theo Loock, Metair’s Managing Director, commented: “The Turkish Lira devalued on average 17% against the Rand. Operationally however, Mutlu increased local earnings by 51%”.
Efficiencies derived from production and labour stability coupled with volume growth owing to higher levels of exports and use of more local components saw the Automotive Components Vertical achieve a 12,5% rise in revenue to R2,2 billion and a pleasing 31% increase in profit before interest and tax (“PBIT”) to R261 million.
The Energy Storage Vertical, despite being negatively impacted by warmer winter conditions and foreign currency translations, managed to achieve a strong performance, increasing revenue by 8% to R2,66 billion and grew operating profit by 10% to R250 million.
Mutlu Akü (“Mutlu”), Metair’s Turkish battery business, increased its automotive battery exports by 28% and local industrial battery sales by 83%, which together with a specific focus on cost control saw the business accomplish an exceptional 25,3% improvement.
Rombat, Metair’s battery business in Romania also increased its exports, maintaining its performance.
FNB’s approach in the South African market to balance its continued support to all energy sector customers – OEM, mining, industrial, standby and retail, over the past three years was challenging as most of its customers in these sectors experienced difficult economic times. An increased focus on manufacturing and marketing efficiencies, whilst also investing in promoting the FNB brand and retail network, combined with customer focused improvement plans to increase localisation, sustained profitability. Pleasingly FNB delivered a marginal improvement in profits despite an R18 million extraordinary investment in its brand, OEM customers and retail network.
In February 2018, Metair acquired a 35% shareholding in Prime Motors which is being geared to be Metair’s incubator and research and development centre for lithium-ion battery development. Prime Motors, has since secured a state of the art lithium-ion coating and cell assembly manufacturing line that will be installed in Rombat’s facilities in Romania. Metair and Prime Motors are involved in several lithium-ion projects with original equipment manufacturers (OEM’s) that could spearhead Metair’s entrance into the lithium-ion market.
“We have already seen the benefit of technology transfer through the partnership with Prime Motors. Our Romanian battery business Rombat has in collaboration with Prime Motors converted its first full electric vehicle and Prime Motors has secured its first order for renewable standby batteries for solar applications,” commented Loock.
A key driver of Metair’s long-term sustainability and longevity in the automotive mobility space is its ability to follow the market, breathe with the market and to adjust timely to technology shifts. This requires local, international and global relevance.
Aligned to this, Metair announced the possible acquisition of Tovarna Akumulatorskih Baterij (“TAB”) in Slovenia in June this year. However, given the recent and ongoing volatility in emerging market currencies, especially in Turkey, the board has prioritised the continued focus on maintaining Mutlu’s good performance and therefore decided to terminate the due diligence process and negotiations in this regard.
Metair’s strategy to secure relevance will be paced in line with the external environment, operational conditions, earnings and shareholder value delivery.
“Management is focused intently on ensuring that Mutlu’s operational performance is sustained during the second half and that measures are taken to mitigate the impact of currency volatility,” concluded Loock.
ENQUIRIES
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Louise Fortuin + 27 (0)71 605 4294
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NOTES TO EDITORS
About Metair:
Metair Investments Ltd (Metair) is a publicly owned company listed on the Johannesburg Stock Exchange. The group is headquartered in Johannesburg and manages an international portfolio of companies that manufacture, distribute and retail products for its energy storage and automotive component verticals, exporting to approximately 46 countries.
The group’s operations manufacture, assemble, distribute and retail energy storage products and automotive components in Africa, Europe, Turkey, the Middle East and Russia.
Energy Storage
The energy storage segment manufactures batteries for automotive, telecoms, utility, mining, retail and materials/products handling sectors. Automotive batteries are mainly supplied to the aftermarket through Metair’s unique aftermarket distribution channels and franchised retail networks, and are supplied to automotive original equipment manufacturers (OEMs).
Aftermarket products are also exported to approximately 46 destinations across Africa, Europe, the Middle East, Russia and Turkey. Non-automotive products are mainly sold into sub-Saharan Africa and Turkey.
Metair supplies batteries to all major OEMs in South Africa, Europe, Romania, Turkey and Russia through subsidiaries in Romania (Rombat), Turkey (Mutlu Akü) and South Africa (FNB). Key territories include Romania, Russia, South Africa, Turkey and Slovakia.
Automotive Components
Automotive components include original equipment (OE) components used in the assembly of new vehicles by OEMs as well as spare parts and other products used in the automotive aftermarket. These include brake pads, shock absorbers, lights, radiators and air conditioners. The group also produces generic aftermarket products for use in the increasing number of imported vehicles.
JSE-Listed energy storage and atomotive components manufacturer Metair has submitted and indicative nonbinding to acquire battery manufacturer Tovarna Akamulatorskih Baterij (TAB), in Slovenia.
Group gearing to become multiple-site giga factory delivering on energy requirements of international customer base
- Revenue up 6.3% to R9.5bn
- Operating profit up 15.9% to R847m
- HEPS up 22.6% to 281 cents
- Final dividend of 80 cents per share declared
- Energy storage vertical well on its way to become a diversified multi location Giga factory
- Gigawatt-hours sales already exceeding Tesla’s Giga factory automotive output
- Automotive Components Vertical stabilised following disruptive 2016 new model launch
Metair, a leading international manufacturer, distributor and retailer of energy storage solutions and automotive components, today announced a solid set of results for the twelve months to 31 December 2017. The performance was supported by a bounce-back in the results of its automotive component vertical following disruptions related to a new model launch in 2016 and the energy storage businesses in Turkey and Romania growing revenue by 31% in local currencies.
Group revenue increased 6.3% to R9.5 billion and operating profit grew 15.9%. The group margin expanded to 8.9%, supported by the margin recovery in the automotive component businesses. Group earnings before interest, tax, depreciation and amortisation (EBITDA) increased 17.6% to R1.2 billion and headline earnings per share grew 22.6% to 281 cents per share.
Theo Loock, Metair’s Managing Director, commented: “The group performed very well in a dynamic environment marked by major technology shifts in the mobility market. We have continued to position our considerable intellectual capital through strategic investments that better focus on the need that our products fulfil.
“We have also made good progress in becoming a multiple site Giga factory, servicing customers closer to the geographies where they operate. To put this into perspective, our combined energy vertical sold over 10.4 gigawatt-hours in 2017, which is equivalent to Tesla’s Giga factory automotive output.”
Automotive components vertical
The Automotive components vertical recovered strongly as production ramped up and stability returned following the 2016 new model launch for a key customer in South Africa. Turnover increased 5.2% to R4.4 billion, contributing 41% to group revenue and 42% to operating profit. Profit before interest and tax (PBIT) margins increased to 10% from 6% in 2016 due to the benefits of improved consistency in production volumes, manufacturing efficiency and the stronger Rand against major currencies during the entire year.
“Metair provided input into the review of the Automotive Production and Development Programme (APDP) and we believe that the programme will continue to support the South African automotive industry effectively. Against this backdrop, our outlook for South African vehicle production in the medium term has improved and we believe volumes of 650,000 to 700,000 is attainable,” added Loock.
Energy storage vertical
The Energy storage vertical delivered a strong performance, increasing revenue by 6.3% to R6.2 billion and contributing 59% to the group revenue. The vertical’s operating profit grew 6% and contributed 58% to the group operating profit. Battery sales in Turkey and Romania peaked in the early winter months during late 2017 and a strong performance by Mutlu Akü substantially offset the impact of depreciating currencies and higher lead input costs. In the South African market, competition remained high and performance improved as the corrective measures at First National Battery (FNB) continue to be implemented.
“2018 will see us focus on the transfer of technology in emerging markets with our key goal to participate in the development of an electric vehicle (EV) energy source for at least one OEM,” commented Loock.
Strategic investments
In 2017, Metair acquired a 25.1% stake in German-based battery manufacturer and supplier, Akkumulatorenfabrik Moll GmbH & Co. KG (“Moll”). This investment provides Metair with a presence next to its European customers in Germany and, through Moll’s shareholding in Chaowei Power Holdings Limited (“Chaowei”), expands Metair’s global reach in Asia with a small but very critical access point into the Chinese market.
Metair is establishing a new research and development centre in Germany in partnership with Moll and Chaowei and is in the process of finalising the structure of its Li-ion research and production division, following the acquisition of a 35% in Primemotors in Romania, to accelerate its production of Li-ion batteries for the growing European market.
Metair also launched a programme to partner with universities and industry agencies for the production and certification of li-ion batteries. The programme is an important move for Metair which historically used available Li-ion solutions from upstream suppliers in order to deliver customer specific systems and solutions by adding its own system design and controls.
A key programme milestone has already been achieved with Metair successfully delivering its first Li- ion electric vehicle conversion from its Romanian operations to an OEM in Turkey.
Looking ahead
The group is well positioned to take advantage of growth from product expansions through the addition of new OE business and expanded product ranges with existing clients. Customer model changes planned for the next two to three years will also offer further opportunities for new business.
“We are well positioned to respond to the major technology and market shifts shaping our operating environment and we will continue to ensure that our products fulfil the energy and components requirements of our international customer base. Subject to current market conditions, we expect 2018 to be a good year for the group,” Loock concluded.
ENDS
ENQUIRIES
Instinctif Partners +27 (0)11 447 3030
Frederic Cornet + 27 (0)83 307 8286
Gift Dlamini +27 (0)82 608 6587
NOTES TO EDITORS
About Metair:
Metair Investments Ltd (Metair) is a publicly owned company listed on the Johannesburg Stock Exchange. The group is headquartered in Johannesburg and manages an international portfolio of companies that manufacture, distribute and retail products for its energy storage and automotive component verticals, exporting to approximately 46 countries.
The group’s operations manufacture, assemble, distribute and retail energy storage products and automotive components in Africa, Europe, Turkey, the Middle East and Russia.
Energy storage
The energy storage segment manufactures batteries for automotive, telecoms, utility, mining, retail and materials/products handling sectors. Automotive batteries are mainly supplied to the aftermarket through Metair’s unique aftermarket distribution channels and franchised retail networks, and are supplied to automotive original equipment manufacturers (OEMs).
Aftermarket products are also exported to approximately 46 destinations across Africa, Europe, the Middle East, Russia and Turkey. Non-automotive products are mainly sold into sub-Saharan Africa and Turkey.
Metair supplies batteries to all major OEMs in South Africa, Europe, Romania, Turkey and Russia through subsidiaries in Romania (Rombat), Turkey (Mutlu Akü) and South Africa (FNB). Key territories include Romania, Russia, South Africa, Turkey and Slovakia.
Automotive components
Automotive components include original equipment (OE) components used in the assembly of new vehicles by OEMs as well as spare parts and other products used in the automotive aftermarket. These include brake pads, shock absorbers, lights, radiators and air conditioners. The group also produces generic aftermarket products for use in the increasing number of imported vehicles.
For more information on Metair and the group’s subsidiaries please visit the website fully.
Metair, the listed international manufacturer, distributor and retailer of energy storage solutions and automotive components, has acquired a 35% stake in Primemotors in Romania for an undisclosed amount to accelerate its production of lithium-ion (Li-ion) batteries for the growing European market.
Energy storage and automotive component specialist Metair has acquired 35% in Primemotors (Prime), in Romania, through its wholly owned subsidiary, Rombat, in an effort to accelerate its production of lithium-ion (li-ion) batteries for the growing European market.
Metair recently launched a programme to partner with universities and industry agencies for the production and certification of li-ion batteries
The programme is an important move for Metair, which historically used available li-ion solutions from upstream suppliers in order to deliver customer-specific systems and solutions by adding its own system design and controls
A key programme milestone has already been achieved with Metair delivering its first li-ion electric vehicle conversion to a vehicle manufacturer in Turkey.
In a deal valued at one-million euro, Prime will become Metair’s incubator and research and development centre for li-ion battery development in Europe.
Prime is a specialised technology company focused on tailor-made battery packs and electric drives.
The acquisition of Prime will also see Metair partner with the University Politehnica of Bucharest on an artificial intelligence (AI) project relating to autonomous driving.
This partnership also provides the platform for Metair to validate its global solutions on a regular basis, and stay at the forefront of technological advancements that will support vehicle manufacturer requirements as the production of electric vehicles accelerates.
The relationship should ensure that the testing and validation of Metair’s li-ion technology is undertaken according to strict academically driven standards.
“The strategic acquisition of Primemotors in Romania reinforces Metair’s energy storage capabilities across key regions and cements our position at the forefront of the production of lithium-ion batteries when required across the geographic areas where we operate,” says Metair MD Theo Loock.
“The requirement for increasingly sophisticated energy storage solutions that rely on locally sourced raw materials and production facilities is accelerating as cost-effective energy storage becomes a major focus area for many industries. We are increasingly well positioned to take advantage of the global drive towards electric vehicles and renewable sources of energy.”
For its li-ion programme in South Africa, Metair partners with the South African Institute for Advanced Materials Chemistry, located at the University of the Western Cape, which houses the only pilot scale li-ion battery cell assembly facility in Africa.
Engineering News – By Irma Venter
JSE-listed vehicle parts maker Metair has acquired 35% of Romanian lithium-ion battery maker Primemotors for €1m.
The acquisition is linked to a research partnership with the University Politehnica of Bucharest to develop autonomous driving using artificial intelligence (AI), Metair said on Monday.
This marks Metair’s second research partnership with a university. In conjunction with the University of the Western Cape’s South African Institute for Advanced Materials Chemistry, Metair has developed the only pilot project to manufacture lithium-ion battery cells in Africa.
Metair MD Theo Loock said the research programmes were an important move for the manufacturer to reduce its dependency on lithium-ion technologies from outside suppliers.
“We are increasingly well positioned to take advantage of the global drive towards electric vehicles (EVs) and renewable sources of energy,” Loock said.
Business Day – By Staff Writer
- Establishes incubation and R&D centre for Li-ion battery development in Romania
- Enables partnership with the University POLITEHNICA of Bucharest on Artificial Intelligence (AI) project with for autonomous driving
- Aligns with Metair’s strategy to be a leading market player in energy solutions for the full mobility spectrum
- Builds on successful delivery of first Li-ion electric vehicle conversion
Metair, a leading international manufacturer, distributor and retailer of energy storage solutions and automotive components, through its wholly owned subsidiary, Rombat, has acquired 35% in Primemotors (Prime) in Romania to accelerate its production of lithium-ion (Li-ion) batteries for the growing European market.
Metair recently launched a programme to partner with universities and industry agencies for the production and certification of li-ion batteries. The programme was an important move for Metair which historically used available li-ion solutions from upstream suppliers in order to deliver customer specific systems and solutions by adding its own system design and controls. A key programme milestone has already been achieved with Metair successfully delivering its first Li-ion electric vehicle conversion to a OEM in Turkey.
Prime will become Metair’s incubator and research & development centre for Li-ion battery development in Europe. Prime is a specialised hardcore technology company focused on tailor made battery packs and electric drives. The acquisition of Prime will also see the programme partner with the University POLITEHNICA of Bucharest on an Artificial Intelligence (AI) project relating to autonomous driving.
Theo Loock, Metair’s Managing Director, commented: “The strategic acquisition of Primemotors in Romania reinforces Metair’s energy storage capabilities across key regions and cements our position at a forefront of the production of lithium-ion batteries when required across the geographic areas where we operate.
“The requirement for increasingly sophisticated energy storage solutions that rely on locally sourced raw materials and production facilities is accelerating as cost effective energy storage becomes a major focus area for many industries. We are increasingly well positioned to take advantage of the global drive towards electric vehicles and renewable sources of energy.”
Prime is an important provider of Lithium battery solutions in Europe and is contributing towards building a clean energy economy with the development of superior Energy Storage Systems. Using the latest battery technology, Prime products are environmentally friendly, maintain high energy density storage capabilities and are highpowered in comparison to existing Lead-Acid battery, Ni-Cd, Ni-MH, and other commercially-available Lithium-ion products.
Through its 35% stake in Prime acquired for EUR 1 million, Metair will continue to utilise internationally recognised Li-ion chemistry solutions and apply specific design and controls for customers. The partnership with the University POLITEHNICA of Bucharest also provides the platform for Metair to validate its global solutions on a regular basis and thereby stay at the forefront of technological advancements which will support OEM requirements as the production of electric vehicles accelerates.
“We are looking forward to partner with the University POLITEHNICA of Bucharest on their autonomous driving learning through Prime’s Artificial Intelligence (AI) project. Our relationship will also ensure that the testing and validation of our Li-ion technology is undertaken according to strict academically driven standards,” concluded Loock.
In South Africa, Metair partners with the South African Institute for Advanced Materials Chemistry (SAIAMC), located at the University of the Western Cape (UWC), and which is the only pilot scale Li-ion battery cell assembly facility in Africa.
Enquiries:
Instinctif Partners +27 (0)11 447 3030
Gift Dlamini +27 (0)82 608 6587
Frederic Cornet +27 (0)83 307 8286
Notes to Editors:
About Metair:
Metair Investments Ltd (Metair) is a publicly owned company listed on the Johannesburg Stock Exchange. The group is headquartered in Johannesburg and manages an international portfolio of companies that manufacture, distribute and retail products for its energy storage and automotive component verticals, exporting to approximately 46 countries.
The group’s operations manufacture, assemble, distribute and retail energy storage products and automotive components in Africa, Europe, Turkey, the Middle East and Russia.
Energy storage
The energy storage segment manufactures batteries for automotive, telecoms, utility, mining, retail and materials/products handling sectors. Automotive batteries are mainly supplied to the aftermarket through Metair’s unique aftermarket distribution channels and franchised retail networks, and are supplied to automotive original equipment manufacturers (OEMs).
Aftermarket products are also exported to approximately 46 destinations across Africa, Europe, the Middle East, Russia and Turkey. Non-automotive products are mainly sold into sub-Saharan Africa and Turkey.
Metair supplies batteries to all major OEMs in South Africa, Europe, Romania, Turkey and Russia through subsidiaries in Romania (Rombat), Turkey (Mutlu Akü) and South Africa (FNB). Key territories include Romania, Russia, South Africa, Turkey and Slovakia.
Automotive components
Automotive components include original equipment (OE) components used in the assembly of new vehicles by OEMs as well as spare parts and other products used in the automotive aftermarket. These include brake pads, shock absorbers, lights, radiators and air conditioners. The group also produces generic aftermarket products for use in the increasing number of imported vehicles.
For more information on Metair and the group’s subsidiaries please visit the website at: www.metair.co.za
About Primemotors:
Primemotors is a specialised hardcore technology company focused on tailor made battery packs and electric drives. From small beginnings in 2012, Prime has grown to become an important provider of Lithium battery solutions in Europe today. The company is proud to be contributing to the effort to build a clean energy economy with the development of superior Energy Storage Systems (ESSs). Much clean energy technology today is ineffective due to limited energy storage and inhospitable utility policies and availability. Prime pledged to deliver superior battery solutions to its customers that solve their technological and business problems.
Prime not only provides a wide range of battery chemistry solutions, but also electrical solutions such as chargers, Protection Circuit Modules (PCM) and comprehensive power solutions. With exports in different countries around Europe, its customer base grows annually. Using the latest battery technology, Prime products are environmentally friendly, maintain high energy density storage capabilities and are highpowered in comparison to existing Lead-Acid battery, Ni-Cd, Ni-MH, and other commercially-available Lithium-ion products.
Prime’s products are unmatched in applications where high C-rates, long cycle life and high energy density are needed – applications such as EES systems and EV (Electrical Vehicle). Prime products have become an integral part of EV development, which require high power electrical solutions. Prime is committed to its customers and do its utmost to contribute to the building of a clean energy economy.
Metair Investments Ltd:
* Expects FY 2017 headline earnings per share to be between 20.6% and 24.6% higher (between 276 cents and 285 cents per share) than 229 cents per share
* Expects FY 2017 eps to be between 21.6% and 25.5% higher (between 276 cents and 285 cents per share) compared to 227 cents per share
