2018 Financial Results for SUNLIGHT24/04/2019
Production capacity is restored at a swift pace with the fundamentals of the markets in which it is active favouring the Company’s trend towards growth.
- Production of industrial batteries is continuously increasing and by the end of May 2019, it is expected to have been fully restored
- The international markets around the world towards which the Company is geared continue to have healthy fundamentals and to favour its trend towards growth in industrial lead and lithium batteries
- Turnover for the Group in 2018 amounted to €108.5 million, compared to €184.3 million in 2017
- EBITDA amounted to €19.7 million, with a significant portion of insurance indemnity being recognised as revenue in 2018
- Profit before tax amounted to €10.1 million, compared to €8.3 million in 2017.
Athens, 24 April 2019 – 2018 began in the best possible way for SUNLIGHT, given the favourable conditions in the international markets for industrial batteries, with a significant increase in turnover being noted in the first four months, as well as in the company’s operating profitability. The extensive fire in the industrial battery production department of the factory in Xanthi on 1 May thwarted the aforementioned trend, given that the production capacity was significantly affected during the final 8 months of 2018.
More specifically, according to the annual financial results of the SYSTEMS SUNLIGHT Group, Turnover amounted to €108.5 million, as opposed to €184.3 million in 2017. The Group’s EBITDA amounted to €19.7 million, exhibiting a drop of 13%. Profit before tax amounted to €10.1 million, compared to €8.3 million in 2017. It should be noted that SUNLIGHT has recognised the results for 2018, a revenue of €58.2 million euros originating from the insurance indemnity of 66 million euros, with the remaining sum of €7.8 million of the indemnity being recognised in 2019. It should be recalled that in December 2018, the Company agreed with its insurers to receive 66 million euros in indemnity, of which 33 million euros have already been paid (18 million in 2018). Finally, in 2018, the Company concluded a loan agreement with the European Investment Bank (EIB) for the sum of 12.5 million euros for 7 years in order to fund the expansion of its production capacity and further research into novel technologies for energy storage.
Upon announcing the company’s financial results for 2018, Mr Vassilios Billis CEO of SYSTEMS SUNLIGHT stated: “We have left behind us the most difficult year that our Company has ever experienced, managing to come out stronger than ever with the support of all our partners. And of course, it does not end there. 2019 has already begun for us with positive prospects, with intensification of our activity in key geographic markets with high rates of growth, as well as our entry into the rapidly growing market of lithium batteries.”
Prospects for 2019
In 2019, the company is swiftly proceeding with implementation of its strategic plan, having as its ally the healthy fundamentals in the Electric Industrial Vehicles (eIVs) market.
With the production capacity at the factory in Neo Olvio in Xanthi having now been restored to a great extent, the gradual conclusion of the insurance indemnity, the funding by Greek Banks and the European Investment Bank, SYSTEMS SUNLIGHT has made the decision to further strengthen its production capacity, aiming to further expand its share in markets beyond the European ones, with an emphasis on the regions of North America and Asia.
Furthermore, a strategic choice by Company Management is to further develop solutions for energy storage, based on lithium technology, with the new product line of “smart” lithium ion batteries for eIVs with the trade name “Li.On Force.” The Li.On Force line will constitute the product vehicle for Sunlight’s entry into a market which is expected to grow at an average annual rate beyond 7% by 2030.
Finally, promotion of digital transformation in the entire value chain, in SUNLIGHT’s production, commercial, and administrative functions, constitutes a strategic priority for the Company for 2019 and for the coming years.
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