PARIS and MILAN, September 22, 2016
PARIS and MILAN, September 22, 2016 /PRNewswire/ --
- The Group's first half 2016 consolidated revenue was € 2.6 million and its backlog of orders was € 6.0 million
- Gross margin was € 1.1 million, equal to 42% of consolidated revenue in the first half of 2016
- The Group's net financial position was € 2.8 million at the end of June 2016 and, as of September 2016, it received a new credit line of € 2.5 million from Unicredit to support growth
- Projects pipeline conversion rate increasing to 10%
- Solid project pipeline in Africa and Asia, thanks to technological partnerships and credentials with Enel, Toshiba, Terna, Necsom and General Electric
- Planned in Chile the commissioning of the first hybrid power plant with HyESS integrated with the hydrogen-storage module
- Reorganisation of its management team and Group governance: Paolo Morandi appointed Chief Operating Officer along with three new highly experienced executives, including Paolo Bonetti as Chief Financial Officer, Michela Costa as Executive Vice President of Operations and Andrea Rossi as Chief Business Officer
The Board of Directors of Electro Power Systems S.A. ("EPS", or the "Group"), a pioneer in technology for clean-energy storage solutions, chaired by Massimo Prelz Oltramonti, has examined and approved its Half-Year 2016 Financial Report.
FINANCIAL OPERATIONAL HIGHLIGHTS
In the first half of 2016, the Group's consolidated revenue was € 2.615.517, compared to € 198.429 in the first half of 2015. The Group's backlog of orders is equal to € 6.0 million, and its project pipeline conversion rate increased to 10%.
 Backlog means (i) invoices already issued in 2016, but not yet recorded as revenues; (ii) purchase orders already received as at the date of this press release and (iii) revenues already contracted or expected to be generated in 2016 and/or 2017 on the basis of agreements currently in place.
 According to the Liquidity Agreement, € 0.1 million in our own shares and liquidity were included, increasing the net financial position to € 2.9 million, the figure announced in our 28 July 2016 press release.
 Pipeline Conversion rate means the amount in euro of backlog of orders, divided by the nominal aggregate amount of total projects in pipeline.