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SUNLIGHT: Financial Results for the Year 2020

June 22, 2021

Positive financial performance for SUNLIGHT
In full implementation mode the corporate transformation and the investment plan

SUNLIGHT has strengthened its role as a technology company that shapes a sustainable future based on green energy and innovative applications.
Strong growth with increasing sales volume, despite the drop of the global industrial vehicle market by 20% in 2020
Positive financial performance in 2020 despite the unfavorable environment due to the pandemic, with a turnover of €176.9 million, EBITDA of € 19.2 million and earnings before taxes of € 18.3 million.
Investment of €105 million for the creation of new Research & Development center in Athens, with an emphasis on innovative lithium technology batteries
Launch of the subsidiary company SUNLIGHT BATTERIES USA Inc. in the US and total investment of $10 million to date
The acquisition of control of 78% of Batt-men Group companies in Vicenza, Italy, provides an integrated business model for gaining a leading position in the local market
• Large investments in attracting and training human resources
Full transformation and strengthening of the corporate structure assist the Company to materialize its strong prospects

Athens, 22 June 2021 – SUNLIGHT, a member of Olympia Group, posted a strong financial performance along the unprecedented recession cycle of year 2020, demonstrating that the strategic repositioning of the company creates new very promising prospects. SUNLIGHT has continued the digitization of its production process (Industry 4.0) and further implemented its investment initiatives, confirming its position as one of the largest energy storage application companies in the world that contributes to the transition of Greece and Europe into the era of electric mobility and green energy. The Company created a new research center for the development of technologically advanced solutions based on lithium, established the subsidiary SUNLIGHT BATTERIES USA Inc. and further strengthened its presence in the Italian and European markets.

The company’s financial results for the year 2020 were affected by COVID-19 pandemic, but at the same time marked a strong positive performance. Turnover amounted to €176.9 million for 2020 compared to €180.2 million in 2019, recording a marginal drop of 1.8%. It is worth noting that if metal prices remained at the same levels as in year 2019, turnover would have increased by 5%. Profit before taxes amounted to €18.3 million compared to €11.7 million in the previous year, posting a significant increase of 56.4%, with SUNLIGHT being the only company in its industry globally that posted an increase in sales volume, as well as an increase in profit within the pandemic.

In 2020, SUNLIGHT managed to maintain or even expand its market shares in the key markets of Europe and North America, despite the fact that the respective product markets posted a contraction of 20% worldwide. In particular, in the second half of 2020, SUNLIGHT generated record sales and profit, while this momentum continues to be the case in the first half of 2021, when an even more significant increase in sales and profitability is anticipated, despite the large-scale investments in human resources, digital transformation, operations and the development of product and technological innovation.

SUNLIGHT aims to become in the coming years one of the leading manufacturers of lithium batteries for traction applications (motive), ESS (Energy Storage Systems) and AGVs (Automated Guided Vehicles). The creation of the Research & Development Center also aims towards this direction, with the total investment accounting for €105 million and with the amount of IPCE funding estimated at €49.9 million covering 47% of the project’s total cost.

At the same time, in less than a year after the establishment of its subsidiary SUNLIGHT BATTERIES USA Inc. in North Carolina, USA, and despite the difficulties caused by pandemic in the construction process, SUNLIGHT officially launched the operations of this subsidiary company. An initial investment of $10 million, along with the respective production facilities covering a total area of 9,700 sqm, create the conditions towards the enhancement of its market share in one of the world’s largest battery markets. The business plan in reference to the North American market includes investments in excess of $150 million over the next two years, with the goal of further expanding the assembling of new technology batteries, as well as the respective distribution channels and services.

In this context, the Company proceeded with the acquisition of 78% of Batt-men Group, in Vicenza, Italy, with the aim of further strengthening the existing presence, expanding the product range and utilizing synergies in order to acquire a leading position in the large-size Italian market.

On the occasion of the announcement of the financial results of SUNLIGHT for the year 2020, Mr. Lambros Bisalas, CEO of SUNLIGHT stated the following: “The challenges of 2020 have demonstrated our ability to adapt, but also the resilience provided by our newly revised business model that we adopted in the most critical period of the pandemic. Our first priority was the safety of our personnel, and we did so in an excellent manner, as team. We continued to invest with even greater focus on innovation and technological solutions that meet the new challenges of the time with an emphasis on creating new products and innovative technological solutions. With SUNLIGHT’s new and largest battery assembly center of 2GWh capacity located in North Carolina, USA, and along with the recent acquisitions in Italy, we are further consolidating our presence in the international energy storage marketplace. At the same time, we continue with a very aggressive investment plan that provides for acquisitions and investments towards the company’s technological upgrade and penetration into key markets, as well as the search for opportunities for further integration, where necessary. As one of the leading technology companies in the production of energy storage systems, we are called to play an important role in tackling climate change, with sustainable solutions and technology platforms that improve people’s lives.

Both production plants in Komotini and Verona, which are integral parts of SUNLIGHT supply chain, operated at the same pace with the battery production plant in Xanthi. The recycling unit in Komotini, during the second half of 2020, achieved historical high productivity levels, ensuring the uninterrupted supply of Xanthi production plant where demand doubled during this period. Verona production plant doubled its production capacity within the year 2020 and is an important contributor in the timely and faster delivery of service to OEMs (Original Equipment Manufacturers) and other customers in Western and Northern Europe.

SUNLIGHT’s contribution to the local community in 2020 was especially significant. The company allocated the amount of €412,000 for the purchase of medical equipment in order to deal with the pandemic, supporting the hospitals of Kavala, Xanthi, Komotini in Greece and Verona in Italy. In addition, it provided technological equipment to primary and secondary schools and to the emergency services in the local communities in which it operates.