SFC Smart Fuel Cell AG / Final Results
14.03.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Revenues, profits and cash consistent with preliminary figures
- Revenue growth in all three core markets (leisure, industry, defense)
4,483 EFOY systems sold
- Gross margin improves about 10 percentage points
Brunnthal, March 14, 2008 SFC Smart Fuel Cell AG, technology and market
leader for mobile and off-grid power solutions based on fuel cell
technologies, confirms the preliminary figures published on January 22,
2008, following an audit of its annual financial statements. As previously
announced, the Companys revenue of 14,351k was up by more than 100% over
the previous year ( 7,024k).
EBIT for 2007, which stood at minus 4,707k, was in the expected range
(2006: minus 4,036k). EBIT 2007 includes an increase in marketing
expenses to develop additional markets and the one-time effect of the
IPO-related redemption of stock options in the amount of 970k. Not
including this negative one-time effect, EBIT for 2007 stood at minus
3,737k and was thus up 7% over the previous years figure (minus 4,036k).
Gross margin also improved significantly in 2007. At 17.4%, it was much
better than last years 7.5% (2006). These increases are primarily related
to further systematic reductions in the costs of producing EFOY fuel cells,
which led to a first-time gross profit of 854k in the A Series (2006:
minus 1,133k). The after-tax result of minus 2,524k also improved over
last years minus 4,425k.
Cash and cash equivalents stood at 52,945k at December 31, 2007, thus
surpassing the goals that had been set in terms of cash flow and working
capital.
A total of 4,483 EFOY systems were sold in 2007 (2006: 2,185), more than 90
percent of them in the leisure market. The Company again strengthened its
market position in this field in 2007, particularly in the core markets of
France, Germany and Italy. All told, 29 European manufacturers of
recreational vehicles carry the EFOY fuel cells in their line of
accessories. The number of pilot applications in industrial uses increased
in Europe and the United States, with a focus on safety and traffic
technology. In the field of defense, significant development contracts from
Germany and the United States and initial contracts for series production
of Power Managers confirmed SFCs leading role as a pioneer in the area of
portable energy sources.
At December 31, 2007, SFC Smart Fuel Cell employed a staff of 91 (December
31, 2006: 76 employees).
The primary goal for the financial year 2008 remains achievement of
break-even, based on continued aggressive growth of at least 50 percent
compared to previous year and continuation of product cost reduction. From
todays perspective, however, the Management Board sees a risk that this
target may not be completely reached on EBIT basis, due to considerable
increases in the cost of raw materials.
About SFC Smart Fuel Cell AG
SFC Smart Fuel Cell AG (www.sfc.com) is market leader in fuel cell
technologies for mobile and off-grid power applications serving the
leisure, industrial and defense markets. As one of Germanys technology
pioneers, SFC has won numerous innovation awards. SFC has alliances with
leading companies in a wide range of industries. Unlike most other fuel
cell manufacturers, who are in the research and development phase or run
subsidized demonstration projects, SFC has shipped fully commercial
products to industrial and private end users for four years, and has
created a convenient fuel cartridge supply infrastructure. SFC is DIN ISO
9001:2000 certified.
The complete annual report can be downloaded on the homepage www.sfc.com
SFC Investor Relations:
Barbara v. Frankenberg
Investor Relations Manager
SFC Smart Fuel Cell AG
Eugen-Sänger-Ring 4
D-85649 Brunnthal
Tel. +49 89 673 592 378
Fax. +49 89 673 592 369
Email: barbara.frankenberg@sfc.com
Web: www.sfc.com
DGAP 14.03.2008
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Language: English
Issuer: SFC Smart Fuel Cell AG
Eugen-Saenger-Ring 4
85649 Brunnthal
Deutschland
Phone: +49 (89) 673 592 - 100
Fax: +49 (89) 673 592 - 169
E-mail: info@sfc.com
Internet: www.sfc.com
ISIN: DE0007568578
WKN: 756857
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-News: SFC Smart Fuel Cell AG: Annual Financial Statements Confirm Preliminary Figures - SFC Continues to Grow
| Source: EQS Group AG