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Financial Results of First Half 2017

September 26, 2017
  • In June 2017, the Company successfully completed the issuance of an Ordinary Bond Loan, amounting to € 50 million with a 5-year duration and a coupon rate of 4.25%
  • Earnings after taxes settled at € 5.2 million versus losses of € 1.2 million in the respective period of the previous year
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) settled at € 12.6 million posting an increase of 86%
  • Turnover amounted to € 100.3 million demonstrating a growth of 45%

Commenting on the Financial Results, the Chairman and Chief Executive Officer of SYSTEM SUNLIGHT SA, Mr. Vasilis Billis, stated the following:

“During the first half of 2017, which was another difficult period for the Greek economy, the Company once again achieved improvement in financial performance as result of its extrovert strategy which has been constantly applied over the past years, and also as result of its systematic efforts towards the more efficient management of its cost basis. Despite the intense volatility in the markets of basic metals, including the commodity of lead, which is the main raw material in the production of batteries, and despite the depreciation of the US dollar, the notable dispersion of the customer base, both geographically and on product basis, in conjunction with the significant growth in sales volume, contributed to the absorption of the above pressures. At the same time the Group continued to implement its investment plan with regard to the expansion of production capacity in order to achieve its strategic goal of stronger penetration and enlargement of its competitive advantage in the largest international markets. Furthermore during the first half of 2017, the contribution of the subsidiary Sunlight Recycling, domiciled in Komotini, into the results of the Group proved to be significant. Due to the significant increase of the latter’s production capacity and the rationalization of its raw material mix, the subsidiary company attained the improvement of its production ratios and operating profitability.”


Financial Results of First Half 2017

1H 2017 1H 2016 CHANGE %
Turnover 100,252,678 69,106,419 45%
EBITDA 12,601,260 6,773,376 86%
EBITDA Margin 12.6% 9.8% 280 (Ch. bps)
Earnings after Taxes 5,228,311 -1,227,625

More analytically, the Turnover of the Group during the first half of 2017 amounted to € 100.3 million versus € 69.1 million in the corresponding period of 2016, a trend that was attributed to the expansion of the Company’s market shares and sales volume in the batteries for industrial and defense applications, as well as to the higher lead prices which were transferred into the final sale price of the products. A special note must be made with regard to the continuous growth of the sales of industrial batteries (for motive and reserve power) where the quality, speed of delivery and after sales services comprise critical factors of success.

Earnings before interest, taxes, depreciation and amortization (EBITDA): On group level, EBITDA amounted to € 12.6 million (€ 11.8 million for the parent Company) posting an increase of 86% due to the higher sales volume and the improvement of productivity in the two production units of the Group, as well as due to the proportionally lower increase of distribution expenses and the maintenance of administrative expenses at the levels of fiscal year 2016. EBITDA margin settled at 12.6% or 280 basis points higher than the level in the corresponding period of the previous year.

Earnings after taxes: Given the above developments and in combination with the lower financial expenses, resulting from the deleveraging of accounts in the Statement of Financial Position and from improvements made in working capital management, the Group achieved earnings before taxes of € 5.2 million versus losses of € 1.2 million in 2016.


Despite the tough economic environment in Greece, the Group’s Management views that in the international markets where it mainly activates there are opportunities for further market share expansion and sales growth. In addition, the Group after the recent issuance of its bond loan of € 50 million possesses the necessary financial resources for the implementation of its expansion plan, both on the production level by continuing its cautious plan targeting higher production capacity and cost containment, and on the commercial level by further strengthening its presence in major international markets. On the other hand, the development of technologically advanced products and solutions continues to be a priority, with the objective to further strengthen the competitive position of Sunlight placing the Company among the most innovative and reliable suppliers of batteries globally.