Credit Rating Report Page 1 of 16
Credit Rating Report
SYSTEMS SUNLIGHT S.A. INDUSTRIAL & COMMERCIAL CO OF DEFENSIVE ENERGY ELECTR.& TELEC. SYST. &MAN. PROC. REC. MAT. & TRADE
Greek Company Name ΣΥΣΤΗΜΑΤΑ SUNLIGHT Α.Β.&Ε.Ε. ΑΜΥΝΤΙΚΩΝ ΕΝΕΡΓ. ΗΛΕΚΤΡ. & ΤΗΛΕΠ. ΣΥΣΤΗΜΑΤΩΝ & ΔΙΑΧ. ΕΠΕΞ. ΑΝΑΚ. ΥΛΙΚΩΝ & ΕΜΠ. ΑΝΑΚ. ΥΛΙΚΩΝ Trade Name: SYSTEMS SUNLIGHT S.A. ICAP ID 212758 Address 2 Ermou & Nikis, 10563, Athens, Attiki Tel. 2106245400 Fax 2106245479 U.R.L. www.systems-sunlight.com E-mail [email protected] Company Identification
Sector Industry (Electric - Electronic Material) Legal Form Societe Anonyme Year Established 1994 Head Office Athens, Attiki Duration Up to year 2044
Gov. Gazette No 01606/1994
Tax Registr. No 094401108 General Business Registration No 1579901000 No of the Register of Societe Anonyme 031055 /004 /Β /94 /157 Member of ATHENS CHAMBER OF COMMERCE & INDUSTRY General Reg. No. 0133626 Exports Reg. No. 0036376
Chairman, CEO Basil Ang. Billis
Capital Euro 44,394,950 Owners Equity Euro 46,277,018 (31/12/2017) Net Sales Euro 222,847,726 (1/1/2017 - 31/12/2017) Net Income for the Year Before Tax Euro 9,050,257 (1/1/2017 - 31/12/2017) No of Employees 740 Business Profile
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Financial Status Very Good
Payment Record Prompt
Trend Highly Upward
ICAP Credit Rating
ICAP Credit Rating: B (5/10/2018)
The above mentioned Credit Rating has initiated at the request of the rated entity.
Previous ICAP Credit Rating B, Outlook : Negative 9/5/2018
Initial Credit Rating Assignment Date 31/12/2004
Rating Analyst KALOGEROPOULOS CHRISTOS Senior Analyst
Rating Supervisor KEFALAS GIORGOS Senior Manager
Rating Committee Evaluation YES
Company's Opinion Agree
Notification ICAP Credit Rating YES
Credit Rating Key Elements Presentation The company SYSTEMS SUNLIGHT SA fields of activity is: - the construction of energy storage systems for industrial, consumer and advanced applications (batteries for motive power, reserve power, submarines, torpedoes, etc.) - the construction of energy power systems (generator sets, UPS, industrial air conditioning, etc.) - the provision of energy services (advisory and technical support, maintenance, training, etc.) The company concerned was founded in 1994, went by another name (ARION SA) and had a different field of activity. It was acquired in June of 2006 by GERMANOS SA, which was controlled by the businessman Mr. Panos Germanos. During that time the company was renamed SYSTEMS SUNLIGHT SA. and absorbed GERMANOS SA's industrial and commercial battery industry. Up until October of 2014, Mr. Germanos was the sole shareholder. Until 2016, 50.12% of the share capital is held by the holding company OLYMPIA GROUP SA, 46.16% by PARAMONTE HOLDINGS LTD based in Cyprus, both interests of Mr. P. Germanos, and 3.73% by the company TRUCIBEL LTD, also based in Cyprus. Within 2017, the acquisition of 100% of the company's shares by OLYMPIA GROUP SA HOLDINGS was completed, thus becoming its sole shareholder. The company's headquarters are located in Athens and industrial facilities of considerable size are located in New Olvio in the Prefecture of Xanthi. The company's plant is the second largest in Europe and one of the most advanced in the field of industrial battery production. SYSTEMS SUNLIGHT is the parent company of the same named Group which participates in companies in Greece and abroad (Romania, Italy). At the end of 2014, a subsidiary company (SUNLIGHT RECYCLING S.A.) began to operate in the field of battery recycling, and recycled lead and alloys production, after the completion of construction of its production facilities in Komotini. The value of this investment amounted to 30 million Euros and concerns one of the most advanced battery recycling units in Europe. The above investment aims at the use of recycled lead and alloys by SYSTEMS SUNLIGHT. The company concerned also participates (with 51%), along with a well-known foreign company which specializes in the field of defence applications and systems, in a domestic company developing and producing batteries exclusively for defence applications. Moreover, SYSTEMS SUNLIGHT participates in the share capital of companies abroad which are active in the distribution and assembly of batteries. The company concerned has a wide range of clientele consisting mainly of foreign companies. Its clients are active in the field of industry, transport, telecommunications, information technology and construction. Also included in the clientele are the armed forces (Navy) of various countries. Its noted that most of the turnover (90%) comes from sales abroad.
Assessment This report concerns the assessment of the parent company SYSTEMS SUNLIGHT SAs creditworthiness. The evaluation covers the risk of inconsistency and/or bankruptcy by the company concerned and is based on the following:
The company's Annual Financial Report for the years 2016 - 2017 and the 6-month Financail Report half of 2018. The Annual and Interim Financial Report of the Group on a consolidated basis. The company's business data regarding management, export activity, customer size, credit risk management practices etc. The assessment of the conditions and prospects of the industry in which the company operates. The assessment of the broader macroeconomic environment.
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Business Activity The company's revenues are derived, to a large degree, from energy accumulator sales. The accumulators manufactured/marketed by the company concerned are divided into three categories: motive power batteries reserve power batteries power batteries for defence applications Motive power batteries are mainly used in forklifts. Clients are companies that use forklifts (industries, logistics, etc.) and replace existing batteries due to age, as well as businesses that market the companys products or use its products to produce their own. Clients also include well-known manufacturers of forklifts (first-time battery placement). 95% of sales from this product category are derived from exports. Reserve power batteries are used by telecom providers, power generation companies, railway networks, utilities, etc. Also, a significant part of this product categorys sales are from abroad. Power batteries for defence applications are used by the armed forces (Navy), both in Greece and abroad, in submarine vessels and weapons systems (torpedoes). Its clientele also includes foreign companies that are competitors in some of the above areas of activity. The high geographic dispersion presented by the company's activities limits the risks of dependence on specific markets and contributes positively to this evaluation. Another positive factor is the quality of titleholders clientele, which includes notable and large-scale foreign companies as well as the armed forces of states. In addition to limiting credit risk, the above are also positively assessed in terms of prospects for securing future business progress.
Industry Competition Due to the field of activity and the strong export activity, the company's sales are not dependent on the course of the domestic GDP but on growth globally, which for 2017, according to official announcements (OECD) stood at 3.6%. For 2018 and 2019, an improvement of the above index (3.9%) is foreseen. Also, the course of the industry is influenced both by the development/supply of new technological products and by the total volume of replacement batteries each year due to their age. Its noted that 80% of forklifts used in the European Union are driven by motive power batteries, and in the United States the number of electrically driven forklifts is gradually increasing. Also noted is that the main volume of SYSTEMS SUNLIGHTs sales comes from replacement motive power batteries. Regarding the defence systems/applications industry, the company has already entered into agreements for the delivery of specialized accumulators of significant value in the coming years. Competition comes from companies in the same field of activity as the company concerned, which are based abroad (European Union, United States, etc.) In the field of motive power batteries, the company has a presence in 100 countries around the world, holding significant market shares such as those in Portugal, Spain and Germany. Nevertheless, there is a risk of substitution of its products due to the existence of competitors, some being sizable companies.
In the field of batteries used in defensive systems and specifically in submarines, the company concerned is a world leader. Industry prospects are seen as positive. Future growth rates worldwide, the total number of electrically driven forklifts and trends for expanding their use even in markets such as the United States, investments in renewable energy sources and in telecommunications where energy accumulators are used have a positive impact on the industrys sales. Furthermore, the expected increase in the defence expenditures of European countries participating in NATO (Germany, Romania, Baltic countries) and the maintenance of the level of corresponding expenditures by other European countries, also NATO members, at current levels (2% of GDP), is a factor that can lead to an increase in future revenues of companies specialising in the manufacturing of batteries for defence systems. There are no serious institutional barriers to the entry of new companies into the industry. However, some more general obstacles to the entry of new competitors are posed by the requirement to develop/purchase know-how and qualified personnel, to invest in infrastructures and equipment of significant value, to create competitive products and to achieve customer recognition.
Management SYSTEMS SUNLIGHT SA is managed by a team of executives who have numerous years of experience in the field of business, having worked and taken positions of responsibility in both domestic and foreign companies. According to its structure, the company has been divided into independent offices with separate areas of responsibility. It has areas of financial management, sales divisions per product category, a legal and regulatory division, a human resources management department, a marketing department, a technical department as well as a production department. Its emphasized that it has a distinct R&D department, with the purpose of monitoring developments and developing new products and technologies.
Financial Statements 2017 The company's evaluation is based on the financial statements of the previous years including the 2017 results. In recent years, the company has noted a continuous strengthening of its turnover (CAGR 2015-2017: 27.75%), reaching 222.8 million in 2017 compared to 168.4 million in 2016 (+32.3%). This increase is attributed, on one hand, to the increase of market shares and the sales volume of batteries for industrial use and, on the other hand, to the increase in lead prices and, by extension, of product prices. The sales of motive power batteries, particularly abroad, are noted for their continued growth. Improved mixed earnings coupled with a decline in other operating expenses (mainly exchange rate differences), despite a reduction in gross margin and a significant increase in operating costs, led to a further strengthening of EBITDA to satisfactory levels, and specifically to 21.5 million from 17.2 million in 2016 and profit before tax to 9 million versus 5.2 million. Its noted that the results for the year 2017 have been burdened by net financial expenses of 6.3 million (2016: 6.7 million) and a depreciation of 4.6 million. The EBITDA Financial Expense Coverage Index is maintained at quite satisfactory levels at 2.76x from 2.36x in 2016.
Assets High-value investments in fixed assets mainly concern infrastructure/facilities and mechanical equipment. Also, the company concerned has invested in subsidiaries/affiliated companies with the total value of these investments corresponding to 21.2 million,
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including the share capital increase in SUNLIGHT RECYCLING by the amount of 5 million, which was finalized in 2017. The ability to service the obligations of the company concerned depends on the smooth collection of its receivables. The balance of trade receivables (after provisions) at the end of 2017 amounted to 43.3 million against 30.3 million the previous year. The company has provisions for customers 12.9 million. The new provisions for 2017 were 1 million. The company's total receivables amounted to 55 million (including the aforesaid trade receivables), which are maintained at a satisfactory level compared to the turnover at 24.7%. Its noted that part of the trade receivables is covered by letters of credit/bank guarantees with the company concerned making use of credit insurance and non-redeemable factoring. On average, trade receivables are covered by various types of guarantees at a rate close to 50%, which is taken into account and has been positively evaluated in the context of thisassessment . The value of inventories amounted to 24 million from 19.6 million, mainly consisting of finished products and raw materials. Inventory growth follows the increased activity and is maintained at quite acceptable levels in relation to sales at 10.79%. Cash outflows show an increase to 17.7 million versus 6.5 million in 2016. As a result of the above increase, the liquidity ratio is increased to 0.24 from 0.09 in 2016.
Liabilities and Total Equity The liabilities amounted to 140.8 million with long-term liabilities corresponding to 68.4 million and short-term liabilities to 72.4 million. Of the total long-term debts, the amount of 15.3 million (2016: 37.5 million) concerned borrowing payable until 2019. Short-term financing amounted to 14.9 million (11.2 million working capital financing and 3.7 million capital repayable within 12 months). The corporate bond balance of 49 million is repayable at the end of 2022. It is noted that an amount of 27 million from the corporate bond was used to repay existing loans. At the end of 2017, trade receivables amounted to 45.9 million while customer payments in advance amounted to 4 million (2016: 36.6 million and 6 million respectively). The companys total loans stood at 75.6 million, an increase compared to the previous year, with net loans amounting to 57.9 million (2016: 61.5 million and 55 million respectively). Due to the size of operating profitability and total liabilities, the net receivables/EBITDA ratio remained at relatively high levels, and specifically at 5.74x, improved, though, compared to the use of 2016 where it was equal to 6.37x while the net Debt/EBITDA was formed at 2.7x from 3.2x. Reinforcement of the total equity at 46.3 million due to profitable results and the reduction in accumulated losses, combined with increased liabilities, has contributed to maintaining the foreign/equity capital relationship to the levels of 3:1. However, the net debt/equity capital ratio (1.25:1) appears to have improved. The recovery rate of trade receivables (DSO) deteriorated to 71 days from 66 days in 2016, on average, while the average repayment period of the respective receivables (DPO) decreased to 100 days. Average inventory recycling periods (DIO) moved downward and was formed at 48 days. Consequently, the company's conversion cycle (CCC) is encumbered at 19 days from 5 days in 2016. The increase does not justify increased financing needs of the working capital from external sources.
Cash Flow Statement SYSTEMS SUNLIGHTs operating cash flows for 2017 were formed at 13.5 million from 11.8 million (including interest payments) due to increased earnings before taxes and changes in working capital (mainly due to increased trade receivables). The investments conducted in fixed assets and in the formation of a new company abroad, combined with the participation in the share capital increase in a subsidiary, resulted in the investment outputs amounting to 9.9 million while the repayment of loans and interest, in connection with the rise in the corporate bond, resulted in financial inputs of 7.6 million. Due to the aforementioned, the free cash flow amounted to 3.7 million and the final cash flows to 11.3 million (2016: 7.8 million and -6.3 million respectively), resulting in an equal increase in cash reserves and their formation at 17.7 million. For the year 2017, the free cash flows/financial expenses index shows a decline and falls below 1x and especiallyat 0.49x while the free cash flows/financial expenses and capital loan repayments ratio is also preserved at levels below 1x.
Other important facts/Recent events On May 1st, 2018, a fire broke out in the large-scale industrial battery segment at the Xanthi plant, causing significant material damage to the industrial battery manufacturing complex and damages of a lesser extent to the submarine battery production segment. The book value of the damaged tangible fixed assets and inventories so far has amounted to 38.5 million. As a result, the company's production activity has been limited in the production of batteries for use in the defence industry and the trading activities of lightweight batteries has continued at the usual rate. It is noted that the company has already received 18 million (4 million by 30.06.2018) from the insurance companies as an advance against the total compensation. The reopening of the submarine battery production division is expected within 09/2018, and the partial reopening of the industrial batteries division from 10/2018, which is the most important source of revenue for the company, with a production capacity of 30% initially and up to 50% by the end of 2018, with the prospect of reaching 100% in the first half of 2019. The sale of the Toshiba consumer battery division was completed on 07/2018 for a price of 5.36 million to WESTNET DISTRIBUTION SA, a subsidiary company of OLYMPIA Group, active in the technology products trading field. This sale will have profits of 2.2 million in the earnings before taxes. A merger of SYSTEMS SUNLIGHT and SUNLIGHT RECYCLING was decided on 02/2018, with the absorption of the latter, in order to achieve synergies. Based on newer H1 2018 financial data, the following are observed: The company's turnover decreased by 17.9% to 89.6 million (H1 2017: 109.2 million) as a result of the aforementioned interruption of industrial batteries production at the Xanthi plant caused by the fire. Its noted that up until then, sales and production volumes recorded positive rates above 20%. Gross profits decreased (-30.2%) to 13.5 million (H1 2017: 19.4 million), with the relevant margin forming at 15.1% (H1 2017: 17.8%). As a result of the above and the inertia of the May-June months, the company showed a negative EBITDA of 17.4 million (H1 2017: 22.3 million). The company also monitors an adjusted EBITDA, which does not measure the net accounting loss from the fire. The adjusted EBITDA stood at 7.2 million (H1 2017: 12.2 million). Taking into account the net financial expenses of 2.6 million (H1 2017: 3.3 million), pre-tax losses were formed at -24.5 million against profits of 61 million in the corresponding half of 2017. Total receivables decreased to 36.2 million (31.12.2017: 55.1 million), of which the trade receivables, following customer provisions of 12.9 million, amounted to 29.3 million Euro (31.12.2017: 43.3 million). Approximately 80% of the trade receivables
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relate to balances of subsidiaries and associated companies. Cash and cash equivalents increased (+54.8%) to 27.5 million (31.12.2017: 17.7 million). Total liabilities amounted to 137.1 million (31.12.2017: 143.3 million), consisting of 66.9 million long-term and 70.2 million short- term. Long-term liabilities account for the greater part of their long-term borrowings (including the 50m bond loan raised by the company through a public offer), which amounts to 63.8 million and most of it is repayable in 2022 (which also includes 3.3 million in leasing obligations). Short-term liabilities include short-term borrowings of 19.8 million (including 3.4 million in factoring liabilities), increased by approximately 4.5 million versus 31.12.2017 (mainly due to the increase in the use of working capital lines). Total loans amounted to 85.2 million (31.12.2017: 78.2 million), while net loans amounted to 57.7 million (31.12.2017: 60.5 million) due to the significant cash reserves aid. Trade liabilities decreased (-33.5%) to 30.6 million (31.12.2017: 46 million), with 46% of them related to balances of subsidiaries and associated companies. Net worth decreased to 21.6 million (31.12.2017: 46.1 million), due to the increase in accumulated losses. The companys main indicators under review are the following: - EBITDA/Net Financial Expenses: -2.47x from 3.32x - Net Liabilities/EBITDA: -6.29x from 5.37x - Net Debt/EBITDA: -3.31x from 2.35x - Total Debt Equity Ratio : 6.36x from 3.32x - Liabilities/Sales: 67.41% from 74.30% - Receivables/Sales: 17.81% from 28.25% - Trade Receivables/Sales: 14.41% from 24.61% - Cash Liquidity Ratio: 0.39 from 0.38
Cash flow For the six-month period of 2018, the company showed operating cash outflows of 1.4 million, including interest paid, as a result of the use losses. There was an inflow of 7.3 million from investment activity, mainly due to the receipt of a down payment on compensation for damage caused by the fire, as well as the advance for the sale of the consumer battery industry, resulting in free cash flows forming at the levels of 5.9 million. Combined with the undertaking of 10 million in new funding, final loan payments of 3.8 million were covered, repayment of 2.2 million in interest was made, while its cash reserves were increased by 9.8 million to 27.5 million. The indicators examined regarding the coverage of financial expenses and the servicing of liabilities from operating and free cash flows are the following: -CFO/Debt Interest: 0.54x from 7.16x -FCF/Debit Interest & Capital Repayments: 0.33x from 2.92x
Conclusion From the examination of the companys financial and commercial data for the first half of 2018, the company concerned is assigned a B credit rating and is classified in a low credit risk area.
The elements limiting the outcome of the evaluation include: The decrease in turnover and the occurrence of losses in terms of operational and pre-tax results due to the unexpected event of the fire at the Xanthi plant The high level of the Liabilities/Sales ratio (67.41%) The deterioration of the capital structure with the Total Debt Equity Ratio ratio almost doubled to 6.36x and the leverage with the Net Debth/Equity Capital ratio at 2.68x The deterioration of the financial cost coverage ratios from free cash flows (0,43x) and financial expenses coverage and capital loan repayments from free cash flows (0,33x)
The elements positively assessed in relation to the entity under review include: The companys strong export activity and its presence in several countries abroad. The clienteles dispersion and the applied credit risk management policies (credit insurance, letters of credit, factoring without reduction, etc.). The business experience of the main shareholder and the management team. The increase in cash and cash equivalents and the satisfactory cash flow ratio (0.39x). Investments in production structures and subsidiaries in recent years despite the overburdened domestic economic environment. The industrys prospects.
Assumptions The credit rating performance was based on estimates of the company's business progress as well as the evolution of key financial figures. Changes that may arise in terms of the company's fundamentals and characteristics may alter these estimates and lead to differentiation in the credit rating. A positive development would be the further improvement of the company's financial results, the further reinforcement of cash flows, especially the operational, the improvement of the debt burden and overall leverage ratios, etc. Negative developments would be the potential reduction in the company's future income and/or a burden on profit margins, a burden on working capital or the increase of any bad debts, etc.
Specific factors that may lead to a re-evaluation with a positive outlook include: -The improvement of the companys financial results. -Strengthening of the cash flow, the debt burden and overall leverage ratios. -The improvement of the domestic macroeconomic climate.
Conversely, a re-evaluation with a negative outlook may be led by: -The reduction of the company's results.
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-The burden on capital structure and leverage. -The deterioration of the industrys prospects.
Information Sources • Company's Management • Financial Statements • Business Registry • Trade Sources • ICAP DataBank Data
Company participated in the rating process by providing publicly available information for the assignment of the ICAP Credit Rating. Information provided has been verified regarding its validity and accuracy from the data sources stated above.
The quality of the available information regarding the rated company is deemed as satisfactory for the credit rating assignment.
Use of ICAP ancillary services The rated company is using at least one of the following ICAP services - Publications (Subscriptions - Advertise), Business Information, Credit Risk & Credit Watch and Marketing Solutions.
Transaction Behaviour Index
Subject
Final Result: 5 Stars (5.00)
Detrimental Score Evolution (Per activity group) 2018 2017 2016 2015 2014 Group 1: 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) Group 2: 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) Group 3: 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) Total : 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00)
Index: 5*, 4*, 3*, 2*, 1*, NA (Not applicable)
Transaction Behaviour Profile
Subject's business transaction profile has not been affected by any incidents up to 05.11.2018. Mortgages - Prenotes
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According to the 31/12/16 balance sheet, subject's fixed assets are prenoted for 35,420,000 Euro, in favour of banks, to ensure loans received. Recommended Credit Limit
Last We recommend a maximum credit limit of Euro 28,970,000. Previous We recommend a maximum credit limit of Euro 28,970,000. (16/8/2018) Company History
Established in Athens, on 06.05.94 On 2/7/1998 (Gov. Gaz. No. 05186/1998) a change of subject's head office was published. On 25/7/2006 (Gov. Gaz. No. 08167/2006) a change of subject's head office was published. On 25/7/2006 (Gov. Gaz. No. 08167/2006) the company's name was changed. On 5/10/2006 (Gov. Gaz. No. 10931/2006) subject absorbed a sector of the firms(s) GERMANOS S.A. On 4/11/2011 (Gov. Gaz. No. 11682/2011) a change of subject's head office was published. On 25/6/2013 (Gov. Gaz. No. 03748/2013) a change of subject's head office was published. On 10/5/2018 (1383556-10/5/2018) it was published a contract plan for a firm's absorption by subject. On 3/8/2018 (Business Registration Number:1440614/3.8.2018) the company's name was changed. SUPPLEMENTARY DATA ON THE ABOVEMENTIONED EVENTS PUBLISHED IN THE GOV.GAZ.:Prior to the change that was published in the Gov.Gaz.No.:8167/06 subject's name was ARION S.A. The Gov.Gaz.No.: 10931/06 refers to the absorbtion of the sector of the sector of manufacture and trade of battaries of the firm GERMANOS SA. Business Registration No: 1383556-10/5/18 refers to an agreement plan for the absorption of the firm SUNLIGHT RECYCLING S.A/ Prior to the change that was published in the Business Registration No: 1440614-3/8/2018 subject's name was SYSTEMS SUNLIGHT INDUSTRIAL & COMMERCIAL COMPANY OF DEFENSIVE ENERGY ELECTRONIC & TELECOMMUNICATIONS SYSTEMS S.A. . Premises (as declared)
Head office • 2 Ermou & Nikis, 105-63 Athens, Attiki. Plant • Neo Olvio, 672-00 Evlalo, Xanthi, owned, plot of land 142,000 m2, Buildings: 55,000 m2. Installations • Messochora, 700-10 Pyrgos, Irakleio, rented. Workshop • 366 Tatoiou, 145-64 Kifissia, Attiki, rented.
On 25/02/2013 subject's head office was changed. Previous address : Athinon -Lamias national Road (23rd km), 145-65, Agios Stefanos, Attiki
In Messochora, Irakleio, Crete subject maintains a photovoltaic park.Part of the production facilities in Xanthi was destroyed by fire on 01/05/2018. Personnel
According to the latest data the company employs: 740 persons.
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Activity
Manufacturing, assembly, representations, imports and wholesale trade of advanced technology cells and batteries, industrial cells and batteries, consumer batteries and chargers. Energy projects. Technical support Activity NACE (Main)
NACE 1 3140 Manufacture of accumulators, primary cells and primary batteries NACE 2 2720 Manufacture of batteries and accumulators
Certifications
ISO Certificate OHSAS 18001:2007 Testifying Company TUV HELLAS (TUV NORD) S.A.
ISO Certificate ISO 9001:2008 Testifying Company TUV HELLAS (TUV NORD) S.A.
ISO Certificate ISO 14001 Testifying Company TUV HELLAS (TUV NORD) S.A.
Products - Services
Manufacturing Batteries EM Machinery repairs EM Batteries, industrial EM Commercial Batteries ET,I,A Services Industrial energy works Technical works EY
Symbol Interpretation EM = Exports manufacturing FT = For third parties A = Representation ET = Exports commerce F = In third party facilities D = Local agent EY = Exports services I = Import
Trademarks
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Sunlight Reliable Battery Solutions Sunlight Sunlight Recycling Imports
Countries Belgium, Bulgaria, China, Germany, Italy, Japan, Luxembourg Imports percentage 85% Comments Import Terms: 80 days, either open credit or LCs Terms Open credit 80 days Exports
Countries Throughout the world Export sales percentage 80% Terms C.A.D. Bill of exchange 90 days Open credit 90 days Suppliers
• KCM (Bulgary) • SUNLIGHT RECYCLING S.A., Industry (Miscellaneous Products), (Athens, Attiki) • NIZI INTERNATIONAL (LUXEMBOURG) • TOSHIBA LIFESTYLE PROD. & SER. CORP. (JAPAN) Customers
Subject operates a network of local agents. Subject's clientele includes 700 firms both in Greece and abroad as well as the Greek State. Among them the following are noted:
• GREEK NAVY, Public Organizations & Services • NATIONAL BANK OF GREECE S.A., Banks, (Athens, Attiki) • EUROBANK ERGASIAS S.A., Banks, (Athens, Attiki) • ALBANIA MOBILE TELECOMMUNICATION (Albania) • ATLAS ELEKTRONIK GMBH (GERMANY), , (Germany) • BULGARIA TELECOMMUNICATION CO (Bulgaria) • COMMISION FEDERALE DE ELECTRICIDAD (Mexico) • IBERIA / SPAIN • ROMANIA ELECTRICA (Romania) • TKMS SHIPYARD - HDW GMBH (Germany) • PUBLIC POWER CORPORATION S.A., Energy - Water, (Athens, Attiki) • HELLENIC POST (ELTA) S.A., Post, (Athens, Attiki) • HELLENIC RAILWAYS ORGANIZATION S.A., Transportation Services, (Athens, Attiki) • HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A., Telecommunications, (Maroussi, Attiki) Banks
Alpha Bank A.E. • Nea Ionia Branch (tel.:2102754962) (Deposits-Loans-Imports)
Bank of Piraeus S.A. • Head Office (tel.:2103335410)
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EUROBANK ERGASIAS S.A. • Plaka Branch (tel.:2103220555) (Deposits-Loans-Imports)
National Bank of Greece S.A. • Head Office (tel.:2103341234) (Deposits-Loans-Imports)
General Comments
Subject is an economic unit that was acquired on 6/2006 by GERMANOS SA, which was controlled by the entrepreneur Panos Germanos. At the same time, the company absorbed GERMANOS SA's industrial and commercial battery industry. It is noted that on 9/2006, GERMANOS SA was acquired by the COSMOTE Group, with all the shares of SUNLIGHT SYSTEMS being held by Mr. Panos Germanos. Subject is engaged in the production of traction batteries, batteries, back-up batteries and batteries for defense applications as well as integrated energy systems, special purpose batteries and APS systems.The company has a strong export activity with over 80% of turnover coming from sales abroad. Its customers are active in the field of industry, transport, telecommunications, information technology and construction. Also included in the clientele are the Armed Forces (Navy) of various countries.t is noted that on 01/05/2018, a fire occurred at the company's production facilities in Xanthi and extensive damage to key battery lines has occurred. At the same time on 02/05/2018, the Securities and Exchange Commission announced the suspension of trading of all the bonds of the titular on the ASE, in order to protect the investing public and the orderly functioning of the market. The titleholder on 21/05/2018 has announced that the affected battery line has contributed to a large proportion of its annual turnover and for this reason the Company is looking for alternatives to serve its customers and reduce losses in its turnover. an exact replacement rate of losses can not currently be determined. Battery production lines for defense use have not been substantially affected as they have suffered only limited damage.In addition, the affected facilities are adequately insured for any damage by a consortium of 8 insurance companies. The insurance cover covers both the repair of fire damage and the loss of profit. However, because the exact time of receipt of the insurance indemnity can not yet be precisely determined, the company intends to deposit with the consortium of insurance companies an advance payment claim against the final indemnity. The down payment will be used together with existing own funds and available funding lines to meet the needs that will arise to restore as soon as possible the operation of the plant affected by the fire. The full restoration schedule can not yet be determined. However, it is estimated that it is feasible to re-open the production line in September 2018, with a view to fully restoring production to the pre-fire levels by no later than the first quarter of 2019. At the same time, the company requested the withdraw of the suspension of the trading of its bonds. The request was accepted from the Securities and Exchange Commission on 22/05/2018, according to a press release that the Commission issued. Group Data
The company according to the consolidated mid-term statement as at (30/06/2018)belonged to: (SYSTEMS SUNLIGHT S.A. INDUSTRIAL CO OF DEFENSIVE ENERGY ELECTR & TELECOM SYSTEMS GROUP OF COMPANIES) ICAP ID: 10075173 Shareholders (as declared)
By 100.00% OLYMPIA GROUP S.A. Code Number : 0270464 VAT : 998806655 Date Established : 2006 Sector : Holding Companies Share Capital : 19,590,000 Total Equity : 278,993,000 Turnover Income : 3,780,000 Losses before taxes : -44,859,000 Head office : 25 Ermou, 14564, Kifissia, Attiki Balance sheet details as at (31.12.2016) Euro
The above mentioned shareholding structure is in effect since July 2017. Up to then subject's shareholders had been: OLYMPIA GROUP ΑΕ by 50.12%, PARAMONTE HOLDINGS LTD by 46.16% and TRUCIBEL LTD by 3,72%. The firms OLYMPIA GROUP ΑΕ and PARAMONTE HOLDINGS LTD are of Mr. Panos Germanos interests .
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Board of Directors
Basil Ang. Billis Chairman, CEO Dimitrios Geo. Goumas Vice-Chairman Michail Kon. Mastorakis Member Stergios Geo. Nezis Member John Ody. Pantoleon Member Roumben Eli. Bourlas Member Alexandros Ste. Manos Member Participations
Subject participates in the following firm(s):
by 100.00% SUNLIGHT RECYCLING S.A. ICAP ID 0278326 VAT 998381243 Head office 2 Ermou & Nikis, 105 63, Athens, Attiki Date established 2007 Sector Industry (Miscellaneous Products) Share Capital 4,556,190 Total Equity 7,828,433 Net Sales 43,946,624 Losses before taxes -1,091,992 Balance sheet details as at 31.12.2017 in Euro.
by 99.99% SUNLIGHT INDUSTRIAL SRL ICAP ID 0321331 Head office Sos. Centurii Nr.11, Bragadiru, Ilfov, Bragadiru 077025,, Romania Date established 2001
by 90.00% RELIABLE BATTERY SOLUTIONS SRL ICAP ID 10268783 Date established 2017
by 51.00% ADVANCED LITHIUM SYSTEMS EUROPE S.A. ICAP ID 0985610 VAT 998385266 Head office 2 Ermou & Nikis, 105 63, Athens, Attiki Date established 2010 Sector Industry (Electric - Electronic Material) Share Capital 200,000 Total Equity 2,179,849 Losses before taxes -905,816 Balance sheet details as at 31.12.2017 in Euro.
by 30.00% SUNLIGHT ITALY SPA ICAP ID 1060798 Head office Italy Date established 2009
by 24.00% TECHNOFORM S.A. ICAP ID 0191542 VAT 099799848 Head Office - Workshop Kilkis - Thessalonikis National Rd 10 km Komvos Pedinou, 611 00, Kilkis Date established 2001
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Sector Industry (Metal Products & Structures) Capital (Share) 1,874,000 Owners Equity 2,841,874 Net Sales 3,984,836 Net Profit before taxes 421,016 Balance sheet details as at 31.12.2015 in Euro.
Financial Information
The share capital of the company amounts to Euro 44,394,950 divided into 15,151,860 shares at EURO 2.93 each.
Mid-Term Accounting Statement Data Accounts 1/1/2018 - 30/6/2018 1/1/2017 - 30/6/2017 Shareholders Equity 21,559,114 44,878,389 Total Assets 158,615,369 193,791,860 Net Sales 89,645,807 109,166,024 Profit Before Income T -31,968,219 6,163,062
Values in Euros
The financial data are presented according to the International Financial Reporting Standards. Financial Comments
Noted that the value of owned premises are included in the account BUILDINGS/INSTALLATIONS in subject's balance sheets. The available balance sheet for the fiscal year 2016 is not yet uploaded to General Business Registry's website. Balance Sheet Notes
• Subject's recent financial statements are published according to International Financial Reporting Standard (IFRS). Due to that reason, changes of accounts and company ratios with previous fiscal years in which company published its balance sheets according to other financial standards, are not presented. • Type of Auditor's Audit Report for the Financial Statement ended 31/12/2017 : Unqualified opinion Type of Auditor's Audit Report for the Financial Statement ended 31/12/2016 : Unqualified opinion Type of Auditor's Audit Report for the Financial Statement ended 31/12/2015 : Unqualified opinion Short Length Financial Statement
ASSETS
31/12/2017 Change 31/12/2016 Change 31/12/2015 Accounts '17 - '16 '16 - '15 (%) (%) IFRS IFRS IFRS Fixed Assets 90,283,869 3.17 87,506,105 -3.05 90,256,909 Buildings / Means of Transport / Furniture and Other Equipment 34,226,170 5.14 32,553,497 1.16 32,180,359 Machinery and Mechanical Equipment 53,168,232 4.41 50,922,733 5.73 48,161,646 Intangible Assets and Establishment Expenses 9,118,539 2.97 8,855,592 0.24 8,834,112 Accumulated Depreciation 39,503,086 16.10 34,025,753 15.23 29,527,532 Depreciation of Buildings / Furniture / Means of Transport 8,447,091 13.85 7,419,341 11.28 6,667,531 Depreciation of Machinery and Mechanical Equipment 23,458,374 19.23 19,675,345 18.13 16,655,856 Depreciation of Intangible Assets and Establishment Expenses 7,597,621 9.62 6,931,067 11.72 6,204,145 Long Term Receivables 12,021,167 -5.64 12,739,503 -9.91 14,141,217
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31/12/2017 Change 31/12/2016 Change 31/12/2015 Accounts '17 - '16 '16 - '15 (%) (%) Participations 21,252,847 29.11 16,460,533 -0.04 16,467,107 Inventories 24,052,521 22.66 19,609,609 42.43 13,768,147 Finished Products / Merchandise 13,320,167 17.20 11,365,448 64.03 6,928,864 Semi finished Goods 350 -99.86 257,374 -53.82 557,281 Raw Direct and Indirect Material 10,732,004 34.37 7,986,787 27.14 6,282,002 Receivables / Transit balances 55,050,059 32.66 41,497,144 19.25 34,798,880 Receivables from Customers / Bills and Cheques 43,300,115 42.92 30,295,494 14.42 26,476,408 Other Receivables / Transit Debit Balances 11,749,944 4.89 11,201,650 34.60 8,322,472 Cash and Deposits 17,659,479 173.46 6,457,907 -49.13 12,694,671 Total Assets 187,045,928 20.62 155,070,765 2.34 151,518,607
LIABILITIES
31/12/2017 Change 31/12/2016 Change 31/12/2015 Accounts '17 - '16 '16 - '15 (%) (%) IFRS IFRS IFRS Owners Equity 46,277,018 19.06 38,868,571 17.94 32,955,577 Share Capital 44,394,950 0 44,394,950 0 44,394,950 Reserves 106,135,784 -0.01 106,150,732 -0.08 106,239,530 Retained Earnings / Losses -104,253,716 6.65 -111,677,111 5.10 -117,678,903 Long Term Liabilities and Provisions 68,412,845 56.64 43,676,539 -17.75 53,103,307 Long Term Liabilities 67,323,521 57.45 42,757,755 -18.37 52,378,445 Provisions 1,089,324 18.56 918,784 26.75 724,862 Current Liabilities / Transit Balances 72,356,065 -0.23 72,525,655 10.79 65,459,723 Short Term Bank Debt 14,889,376 -37.96 23,999,136 -11.79 27,206,832 Suppliers / Bills Notes Payable and Cheques / Creditors 45,957,957 26.72 36,268,714 42.42 25,466,724 Other Liabilities / Transit Credit Balances 11,508,732 -6.11 12,257,805 -4.13 12,786,167 Total Liabilities and Net Worth 187,045,928 20.62 155,070,765 2.34 151,518,607
Values in Euros Profit & Loss Statement
1/1/2017 - Change 1/1/2016 - Change 1/1/2015 - Accounts 31/12/2017 '17 - '16 31/12/2016 '16 - '15 31/12/2015 (%) (%) IFRS IFRS IFRS Net Sales 222,847,726 32.30 168,434,865 23.35 136,554,756 Cost of Net Sales 183,312,973 34.18 136,614,669 21.88 112,084,020 Gross Margin 39,534,753 24.24 31,820,196 30.03 24,470,736 Commission and Other Operating Income 1,109,433 -25.91 1,497,341 -48.53 2,909,229 Interest Expenses 7,777,699 6.28 7,318,324 7.93 6,780,668 Other Operating Expenses 23,816,230 14.90 20,728,241 10.66 18,731,105 Operating Results after Interest Expenses 9,050,257 71.70 5,270,972 182.14 1,868,192 Total Depreciation 4,643,280 -0.10 4,647,998 -1.68 4,727,382 Depreciation Included in the Operation Cost 4,643,280 -0.10 4,647,998 -1.68 4,727,382 Net Income for the Year Before Tax 9,050,257 71.70 5,270,972 182.14 1,868,192 Income Tax -1,626,863 -322.61 730,819 172.64 -1,006,103 Profit / (Loss) Before Tax, Financing and Investing Results 21,465,032 24.66 17,218,790 28.91 13,357,025 and Depreciation-Amortisation (EBITDA)
Values in Euros Company Ratios
PROFITABILITY RATIOS
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31/12/2017 Change '17 - '16 31/12/2016 Change '16 - '15 31/12/2015 Ratios (%) (%) Return on Equity (Before Income Tax) (%) 21.26 44.82% 14.68 155.75% 5.74 Return on Equity (Before Interest and Income Tax) (%) 39.53 12.75% 35.06 31.90% 26.58 Return on Capital Employed (Before Interest and 9.84 19.85% 8.21 43.03% 5.74 Income Tax) (%) Gross Profit Margin (%) 17.74 -6.09% 18.89 5.41% 17.92 Operating Profitability (%) 7.55 1.21% 7.46 18.04% 6.32 Net Profit Margin (Before Income Tax) (%) 4.06 29.71% 3.13 128.47% 1.37 Net Profit Margin EBITDA (before Interest, Income Tax, 9.63 -5.77% 10.22 4.50% 9.78 Depreciation and Non Operating Income) (%)
CAPITAL STRUCTURE AND VIABILITY RATIOS
31/12/2017 Change '17 - '16 31/12/2016 Change '16 - '15 31/12/2015 Ratios (%) (%) Financial Leverage (:1) 0.75 0% 0.75 -3.85% 0.78 Total Debt Equity Ratio (:1) 3.04 1.67% 2.99 -16.94% 3.60 Interest Coverage (Before Interest and Income Tax) 2.16 25.58% 1.72 34.38% 1.28 (X)
LIQUIDITY RATIOS
31/12/2017 Change '17 - '16 31/12/2016 Change '16 - '15 31/12/2015 Ratios (%) (%) Current Ratio (Χ) 1.13 21.50% 0.93 16.25% 0.80 Quick Ratio (Acid Test) (Χ) 0.83 20.29% 0.69 13.11% 0.61 Working Capital (EURO) 24,405,994 591.96% -4,960,995 -18.17% -4,198,025
ACTIVITY RATIOS
31/12/2017 Change '17 - '16 31/12/2016 Change '16 - '15 31/12/2015 Ratios (%) (%) Collection Period (DAYS) 60 -1.64% 61 -12.86% 70 Payable Period (DAYS) 82 0% 82 2.50% 80 Inventory Turnover (DAYS) 43 -4.44% 45 0% 45 Equity Turnover (Χ) 5.23 11.51% 4.69 11.67% 4.20 Turnover of Capital Employed (Χ) 1.30 18.18% 1.10 20.88% 0.91
Sector Ratios
PROFITABILITY RATIOS
2017 Change '17 - '16 2016 Change '16 - '15 2015 Ratios (%) (%)
Return on Equity (Before Income Tax) (%) 2.02 146.34% 0.82 116.67% -4.93 Return on Equity (Before Interest and Income Tax) (%) 8.66 41.97% 6.10 127.61% 2.68 Return on Capital Employed (Before Interest and 3.49 48.51% 2.35 137.37% 0.99 Income Tax) (%) Gross Profit Margin (%) 13.41 -21.40% 17.06 14.65% 14.88 Operating Profitability (%) 4.08 -21.40% 2.88 14.65% 0.82 Net Profit Margin (Before Income Tax) (%) 1.06 103.85% 0.52 120.08% -2.60 Net Profit Margin (before Interest, Income Tax, 6.59 -7.05% 7.09 40.12% 5.06 Depreciation and Non Operating Income) (%)
ACTIVITY RATIOS
2017 Change '17 - '16 2016 Change '16 - '15 2015 Ratios (%) (%) Collection Period (DAYS) 75.68 -25.27% 101.26 16.60% 86.85 Payable Period (DAYS) 78.58 -20.55% 98.90 21.38% 81.48 Inventory Turnover (DAYS) 90.67 -16.08% 108.05 10.63% 97.66 Equity Turnover (Χ) 1.90 20.12% 1.59 -16.32% 1.90 Turnover of Capital Employed (Χ) 0.77 26.23% 0.61 -12.86% 0.70
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CAPITAL STRUCTURE AND VIABILITY RATIOS
2017 Change '17 - '16 2016 Change '16 - '15 2015 Ratios (%) (%)
Financial Leverage (:1) 0.59 -1.67% 0.60 -4.76% 0.63 Total Debt Equity Ratio (:1) 1.46 -1.34% 1.49 -12.35% 1.70 Interest Coverage (Before Interest and Income Tax) 1.30 12.93% 1.16 231.43% 0.35 (X)
LIQUIDITY RATIOS
2017 Change '17 - '16 2016 Change '16 - '15 2015 Ratios (%) (%) Current Ratio (Χ) 1.17 -1.68% 1.19 1.71% 1.16 Quick Ratio (Χ) 0.79 -5.95% 0.84 5% 0.80 Working Capital (EURO) 65,844,827.71 -55.12% 146,715,118.98 11.91% 131,099,032.12
Sector Sample of Companies
2017 2016 2015 Number of Companies 42 138 162
The sample of companies of the sector examined consists of companies that have published a Balance Sheet for the respective year. Interpretation of Balance Sheet Symbols
• When the minus sign (-) appears to Income Tax Payable account or to other Tax accounts indicates a tax obligation, while the opposite signifies a tax return. • Some ratios are calculated using the average value of the accounts of the Balance Sheet or Midterm Statements. For applying this type of calculation, financial statements must be presented in succession, with common accounting standards (either Greek Standards or IFRS or GFS) and with the same depth of analysis. In the opposite case, the corresponding ratios are calculated based on the accounts as at they are presented in the reporting year. • N/A: Not Available • N/C: Not Calculable • The indications N/A and N/C may appear in cases where accounts that participate in the computation of the ratios or in the accounts changes are not detected in the original balance sheet as well as the computation of certain ratios does not have a meaning i.e. Return on Equity ratio or Total Dept Equity ratio when Equity is negative, etc.
Company Ranking in Sector
Subject, among 42 sample of companies of its sector Industry (Electric - Electronic Material), was ranked as follows, based in 2017 B/S details :
Ranking Fixed Assets 4 Total Fixed Assets 4 Equity Capital 4 Total Income 2 Net Income for the Year Before Tax 1
ICAP Sector Studies
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RENEWABLE ENERGY SYSTEMS Below are mentioned in brief the basic points of the sector study, conducted by ICAP's Research and Financial Studies Department in year 2017:
Sectors general data The number of companies which operate in the production / imports of renewable energy systems has drastically declined in recent years. Currently only a small number of companies operate in imports, study and installation of photovoltaic systems. As regards wind power, the number of wind turbine suppliers that operate in Greece is small. The annual installed capacity of photovoltaic systems in Greece reported an impressive development during 2011-2013, while during 2014-2016 it registered a significant fall. Solar panels accounted for 50% of the domestic market of photovoltaic systems (based on value) in 2016. The annual installed capacity of wind power systems recovered in 2016.
Full and detailed data for the above mentioned sector are included in the relevant sector study of ICAP, which is available through our Sales & Marketing Department.
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