RfQ

2016: Year of top performance for SYSTEMS SUNLIGHT

March 21, 2017

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The year was characterized by the achievement of 9% market share in the global market of traction batteries and by earnings before interest, taxes, depreciation and amortization (EBITDA) of € 17.2 million

Increase of turnover by 23.3%, from €136.6 million in 2015 to €168.4 million in 2016

Increase of earnings before interest, taxes, depreciation and amortization (EBITDA) by 28.9%, from €13.4 million in 2015 to €17.2 million in 2016
Market share 9% in the global market of traction batteries

Presence in more than 100 countries and order book higher by 60% in 2016 compared to 2015

According to the financial results announced by the Company, SYSTEMS SUNLIGHT, member of Olympia Group established by Panos Germanos, demonstrated a year of record performance achieving a significant increase in its revenues and profitability. Specifically, during the year 2016, SYSTEMS SUNLIGHT posted a significant increase in turnover as it exceeded the initially targeted level. The Company posted record sales of €168.4 million versus €136.6 million in 2015 thus recording an increase of 23.3%. At the same time, EBITDA (earnings before interest, taxes, depreciation and amortization) increased also notably by 28.9%, from €13.4 million in 2015 to €17.2 million in 2016, with earnings before taxes standing at €5.3 million versus €1.9 million in the previous year. A significant increase in the financial results was also attained on consolidated level for Sunlight Group. In 2016, sales accounted for €154 million versus €133 million in year 2015 thus recording an increase of 16%. On group level, EBITDA settled at €17.2 million posting an increase of 41% while earnings before taxes accounted for €2.3 million compared to losses of €2 million in 2015.

In 2016, the demand for the batteries of SYSTEMS SUNLIGHT from the international markets increased significantly and as result, 2016 proved to be a landmark year. In terms of volume produced, SYSTEMS SUNLIGHT broke upward the threshold of 1.5 million product units (battery cells) thus posting an increase of 20/9%. The Company also strengthened its export orientation into new larger markets such as the United States, following its entrance in Asia and Africa in previous years. Correspondingly and in order to respond to the rising needs, the Company proceeded with significant investments in human resources by hiring 126 new employees, mainly in the production plant of Xanthi, Greece, therefore bringing the total number of employees (direct employment positions) to 746.

At the same time, SUNLIGHT RECYCLING contributed notably to the broader ecosystem of the Group, since only during the second year of operation achieved positive results on the level of operating profitability and managed to produce 15.6 thousand tons of recycled lead, thus recording an increase of 130% compared to the year 2015. This output level covers 61% of the production needs of SYSTEMS SUNLIGHT.

The Group finished the year with significantly higher shares in the global market of energy storage by exporting 98% of its production output to more than 500 customers in every continent across the globe. Specifically the products manufactured in the plant of Xanthi, Greece, are exported to almost every country in Europe and to over 30 countries in Asia, Middle East and Africa whereas the Company has been constantly increasing its market shares in America where it exports products to more than 10 countries, from Chile to Canada. The Company has also partnerships in Oceania and particularly in Oceania and New Caledonia.

With the majority of sales volume deriving from the production and distribution of traction batteries, representing a 66% share of total turnover, and due to its especially reliable products, SYSTEMS SUNLIGHT has achieved to hold a market share of 9% in the specific market on global level. In addition, in the area of advanced technology batteries, the Company holds a leading market share demonstrating at the same time a 70% success rate in the global tenders, covering through its production capacity 25 different types of submarines and possessing the ability to produce any type of submarine battery. With regard to reserve power batteries which are mainly utilized in the sectors of telecoms and Renewable Energy, SYSTEMS SUNLIGHT proceeded with major partnerships in Bahrain, Finland and other geographic markets. Finally during the same period it reiterated its #1 position as distributor of consumer batteries for Toshiba expanding its partnership to the market of Nigeria.

Commenting on the financial results of the year 2016, the Chairman and Chief Executive Officer of SUNLIGHT, Mr. V. Billis stated the following: “Despite the continuing recession in the Greek market, SYSTEMS SUNLIGHT managed to record another year of stronger profitability by placing emphasis on exports as well as on the utilization of the capacity of SUNLIGHT RECYCLING in Komotini, Greece, which as an ecosystem of the circular economy, has the ability to make strong contributions on operating level but also on sustainability level in comparison with the first year of its full operation. Our goal is to continue developing, producing and offering high quality batteries in the international market, creating value for both the company and our country”.

SYSTEMS SUNLIGHT continues to grow dynamically and to constitute one of the leading producers of lead batteries in Europe with continuous investments in infrastructure as well as in research and development. At the same time, along with the establishment of SUNLIGHT RECYCLING, comprising the most modern both technologically and environmentally plant in Europe, the Company offers – for the first time in Greece – a holistic approach in the lead battery management. Through the new unit, the Company proceeds with the collection and aggregation of used batteries, with their recycling in accordance with international quality standards and finally with the utilization of the recycled materials by SYSTEMS SUNLIGHT for the production of new acid-lead batteries in Greece.