Epsilon Net: 110.6% increase in Turnover and 464% increase in Earnings before Taxes during the 1st Quarter 2021

Epsilon Net Group of Companies, implementing its business plan with absolute success, recorded a solid growth in all its financial figures during the 1st Quarter 2021, optimizing its leading position in the field of business software.

The main financial figures of Epsilon Net Group for the 1st Quarter of 2021 are as follows:

Basic Financial Figures of 01/01/2021 – 31/03/2021:.

(in thousand €)

01/01/2021- 31/03/2021











Earnings before Taxes




These significant growth rates of the financial figures reflect both the dynamic organic growth of the Group, showing an increase of 48% in Turnover and an increase of 318% in Earnings before Taxes, but also the full integration of DATA COMMUNICATION S.A with sales of approximately €1.6 million during the corresponding period and profitability of € 279 thousand.

Regarding SINGULARLOGIC, it should be noted that in the specific quarter it is consolidated with the equity method as of 11/01/2021, having little participation in the specific results, while the newly established subsidiary Epsilon SingularLogic has a low contribution to the results of the Group, since it was established on 22/01/2021 and until the end of the quarter, only a small part of the sales of the dealer network was integrated into it.

Furthermore, given the strategic plan for the integration of the Group’s commercial applications and ERP in Epsilon SingularLogic which is in progress and should be completed at the end of June, a significant contribution of Epsilon SingularLogic is further expected in the next quarters.

During the first quarter of 2021, Group’s equity increased further, while Group’s liquidity was maintained in very satisfactory level, despite important acquisitions that were completed during the last six months.

Condensed Statement of Financial Position


(in thousand €)



Cash and Cash Equivalents



Long-Term Borrowing



Long-Term Leasing Liabilities



Short-Term Borrowing



Short-Term Leasing Liabilities



Operating Cash Flow



Net Borrowing






Total Employed Capital



Leverage Rate




All of the products and services of the Group recorded an impressive increase of sales, during the period January – March 2021 a trend that continues in the second quarter 2021, creating the conditions for a year of strong growth.

The completion of the strategic acquisitions of DATA COMMUNICATION S.A. and SINGULARLOGIC S.A, more than doubled the number of active facilities of the Group, from 30,000 facilities at the beginning of the year 2020 to over 70,000 active facilities today. The corporate transformation of the Group is evolving rapidly, while the operational integration of various departments contributes significantly to economies of scale and the improvement of the operating margin

The factors that guarantee the smooth development of the Group and the continuous expansion of the market share are its products, with state-of-the-art integrated technologies, the excellent level of services provided and the high level of expertise of its human resources.

A key point is also the dominant position of the company in the field of electronic invoicing and myDATA e-books of AADE.

The transition to the digital age is a challenge for all companies and the Group participates decisively in the developments, strengthening its strategic goal to expand its market share while achieving increasing performance in its financial results.

Mr. Ioannis Michos, Chairman of the Board and CEO of Epsilon Net, commenting on the results, made the following statement:

« Fiscal year 2021 for Epsilon Net Group, is a creative year with intensive growth rates. We are starring in the digital transformation of enterprises and through partnerships and synergies we create the future, with respect to our values, our corporate vision and commitment to our clients. We aim to produce daily, value for our people, our associates and our shareholders.

We continue with the same passion, the evolution of our products with continuous investments in web & cloud technologies, dedication to innovation and targeting increased functionality of our systems.

Financial results of Q1 is the result of these efforts, results that give us the power to continue, in order to create the biggest tech company in the area of business software in Greece».

Check out the announcement here.

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