DGAP-News: SFC Energy AG / Key word(s): Final Results
SFC Energy AG: Preliminary figures confirmed by audited consolidated
financial statements - strong sales growth in Industry and Defense
segments
29.03.2012 / 08:02
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- Total SFC group sales: EUR 15,426k, giving growth of 15.7%
- SFC group well positioned for further development as expert for
off-grid and grid based power generation and distribution with PBF
Group B.V. acquisition and concentration on core competences
- EBITDA break even expected for second half of 2012
Brunnthal/Munich, Germany, March 29, 2012 - Final figures in the audited
consolidated financial statements of SFC Energy AG, technology and market
leader for portable, mobile and off grid power generation and distribution,
have confirmed the preliminary figures released on January 26, 2012.
SFC group generated EUR 15,426k in 2011 (including acquired Dutch PBF Group
B.V. (PBF) effective first time consolidation as of December 1, 2011),
which marks an increase of 15.7% over the previous year (2010: EUR
13,330k). SFC Energy (without PBF; hereafter 'SFC') in 2011 generated EUR
14,535k sales, up 9.0% on the previous year.
Key data
TEUR 2011 2010 yoy
Sales 15,426 13,330 +15.7%
Gross profit 5,370 4,042 +32.9%
Gross margin 34.8% 30.3% -
EBITDA -4,644 -3,490 -33.1%
EBITDA underlying -2,691 -3,490 +22.9%
EBITDA margin underlying -17.4% -26.2% -
EBIT -6,615 -4,510 -46.7%
EBIT underlying -4,085 -4,510 +9.4%
EBIT margin underlying -26.5% -33.8% -
EAT -6,218 -4,123 -50.8%
Gross profit in 2011 increased by 32.9% to EUR 5,370k (2010: EUR 4,042k).
This development is mainly due to sales increases in the Defense and
Industry markets and cost savings achieved with the EFOY COMFORT fuel cell.
As a consequence, gross margin increased to 34.8% (2010: 30.3%).
Underlying EBITDA in 2011 improved to a loss of EUR 2,691k, up by 22.9%
(2010: a loss of EUR 3,490k), underlying EBIT improved to a loss of EUR
4,085k in 2011, up by 9.4% (2010: a loss of EUR 4,510k).
Underlying EBITDA and EBIT is after removing one-off effects amounting to a
total of EUR 2,530k, including, among others, EUR 578k impairment charges
on capitalised development costs, EUR 597k impending losses from rental
expenditure, EUR 511k in the context of the PBF acquisition, EUR 323k
contract annulment costs, and EUR 474k employment termination costs.
As a consequence of the one-off effects described, 2011 after tax result
with a loss of EUR 6,218k was significantly down compared to previous year
(2010: a loss of EUR 4,123k).
In the 2011 business year SFC generated incoming orders of EUR 12,621k,
down by 3.4% compared to previous year (EUR 13,068k) - essentially due to
JENNY and Power Manager decreases and the introduction of the new EFOY
COMFORT series. The order backlog at the end of 2011 was EUR 1,220k
(December 31, 2010: EUR 3,150k), the group's order backlog at the end of
2011 was EUR 7,002k.
Cash and cash equivalents (freely available) at December 31, 2011 came to
EUR 22,443k (December 31, 2010: EUR 33,560k).
As of December 31, 2011, SFC group had 190 permanent employees (SFC: 94).
Markets
In the 2011 business year SFC continued its positive sales growth,
especially in the Industry markets (applications in the security and
surveillance industry, traffic management, wind industry, environmental
technologies and the oil and gas segment), with 2011 sales up by 32% on
2010 and in the Defense markets (portable, mobile, vehicle based power
supplies for soldiers and applications in the field), with 2011 sales up
26% on 2010. As expected, the Leisure segment was slightly down by minus 8%
compared to previous year.
Even though compared to previous year the number of A-series fuel cell
systems sold declined by 12.0% compared to previous year, from 3,831 to
3,371 units, sales generated by these systems were up by a total of 11.4%,
mainly due to the higher share of fuel cells sold in the Industry and
Defense markets and to the market introduction of the new EFOY COMFORT
series.
Organization
On October 20, 2011, SFC Energy AG signed a contract to acquire Dutch PBF
Group B.V. (PBF), a globally active company specializing in switched mode
power supplies and higher level power management solutions. The combined
expertise of both companies expands SFC's business model along the value
chain, creating significant growth potential in the existing Industry and
Defense & Security markets.
In the third and forth quarter of 2011, as announced, SFC implemented a
concentration on three core segments: Industry, Consumer, Defense &
Security. The resulting restructuring and cost cutting measures will help
SFC to reach EBITDA break even on a group level as planned, in the second
half of 2012.
Outlook
For the 2012 business year SFC expects to generate group sales of EUR 28 to
30 million, and, as previously announced, to reach EBITDA break even in the
second half of 2012.
Detailed financials
The 2011 SFC Energy AG report is available on the 'Investor' pages at
www.sfc.com.
About SFC Energy AG
SFC Energy AG (www.sfc.com) is a market leader for off grid and stationary
power generation and distribution. With over 24,000 fuel cells sold the
Company has successfully and globally established fully commercialized and
award winning products in the Consumer, Industry, and Defense & Security
markets for many years. Equally successfully, the group develops, produces
and globally distributes higher level power management components, e.g.
converters and switched mode power supplies. The products increasingly are
delivered as power supply system solutions according to customer
requirements. SFC is DIN ISO 9001:2008 certified. The Company is based in
Brunnthal/Munich, Germany, and operates facilities in the Netherlands and
Romania, and a sales organization in the U.S. SFC Energy AG is listed at
the Deutsche Boerse Prime Standard (WKN: 756857 ISIN: DE0007568578).
SFC Investor Relations and Press Contact:
Barbara von Frankenberg
Head of IR and PR
SFC Energy AG
Eugen-Sänger-Ring 7
D-85649 Brunnthal
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: barbara.frankenberg@sfc.com
End of Corporate News
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Language: English
Company: SFC Energy AG
Eugen-Saenger-Ring 7
85649 Brunnthal
Germany
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, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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DGAP-News: SFC Energy AG: Preliminary figures confirmed by audited consolidated financial statements - strong sales growth in Industry and Defense segments
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