DGAP-News: SFC Energy AG / Key word(s): Quarter Results
SFC Energy AG: Continued positive business development after nine
months
31.10.2012 / 07:59
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- Over 100% sales increase to EUR 21,172k (9M/11: EUR 10,503k) -
continued growth in the Industry and Defense & Security core markets
- Gross margin above 40 percent
- Underlying EBITDA only slightly negative at EUR 100k
Brunnthal/Munich, Germany, October 31, 2012 - SFC Energy AG, technology and
market leader for portable, mobile, and off-grid power generation and
distribution, generated sales of EUR 21,172k in the first nine months of
2012, which marks an increase of 101.6% over the previous year (9M/11: EUR
10,503k). The reason for this positive development is the organic growth in
the important Industry market and the sales contribution of the acquired
PBF of EUR 10,083k. In the third quarter of 2012 sales of EUR 6,206k were
127.6% up on the previous year (Q3/11: EUR 2,727k).
Key data:
kEUR 9M/12 9M/11 yoy Q3/12 Q3/11 qoq
Sales 21.172 10.503 >100% 6.206 2.727 >100%
Gross profit 8.560 3.522 >100% 2.414 1.084 >100%
Gross margin 40,4% 33,5% - 38,9% 39,7% -
EBITDA -162 -3.026 94,6% -641 -1.450 55,8%
EBITDA underlying -100 -2.496 96,0% -609 -920 33,8%
EBITDA margin underlying -0,5% -23,8% - -9,8% -53,2% -
EBIT -950 -4.013 76,3% -1.113 -1.810 38,5%
EBIT underlying -1.423 -3.482 59,1% -1.081 -1.279 86,6%
EBIT margin underlying -6,7% -33,2% - -17,4% -66,4% -
EAT -919 -3.724 75,3% -1.108 -1.711 35,2%
Gross profit in the first nine months of 2012 increased by 143.0% to EUR
8,560k (9M/11: EUR 3,522k). This significant increase is mainly due to
sales growth in the Industry segment as well as a better gross margin in
the Defense & Security segment due to increased product sales. In addition,
cost savings were achieved through technical improvement of the new EFOY
COMFORT fuel cell series sold to consumers. As a consequence, gross margin
grew to 40.4% (9M/11: 33.5%).
The Company's EBIT in the reporting period was negative EUR 950k (9M/11:
negative EUR 4,013k). Contained in this are one-off items to the total
amount of negative EUR 473k (reversal on impairment charges on capitalised
development costs as a consequence of the major order placed by Deutsche
Bundeswehr of EUR 536k, acquisition costs and compensation payments).
Underlying EBIT after these one-off items was negative EUR 1,423k in the
first nine months of 2012 (9M/11: negative EUR 3.482k) (Q3/12: negative EUR
1,081k, Q3/11: negative EUR 1,279k).
EBITDA continued to develop well - despite the traditionally weak third
quarter sales, EBITDA was at negative EUR 162 (9M/11: negative EUR 3,026k).
EBITDA after the one-off items increased to negative EUR 100k (9M/11:
negative EUR 2,496k). EBITDA in the third quarter of 2012 was negative EUR
641k (Q3/11: negative EUR 1,450k), EBIT underlying was negative EUR 609k
(Q3/11: negative EUR 920k).
EAT improved significantly to negative EUR 919k compared to previous year
(9M/11 negative EUR 3,724k) (Q3/12: negative EUR 1,108k, Q2/11: negative
EUR 1,711k).
Incoming orders in the reporting period were EUR 26,458k (9M/11: EUR
8,508k), this figure includes, among others, a major serial order placed by
Deutsche Bundeswehr in March 2012. The order backlog at September 30, 2012
was EUR 12,288k (September 30, 2011: EUR 1,155k).
Cash and cash equivalents (freely available) at September 30, 2012 came to
EUR 19,718k (Sept 30, 2011: EUR 28,459k). The cash outflow was lowered to
EUR 2,222k in the reporting period (9M/2011: EUR 4.749k). This was due to
the strongly improved operating result which was partly offset by an
increase in inventories ahead of the delivery of the Bundeswehr order in
Q4.
As of September 30, 2012 SFC Group had 187 permanent employees (September
30, 2011: 101 employees). This increase is a consequence of the PBF
acquisition.
Markets
Industry Defense & Security Consumer
kEUR 9M/12 9M/11 yoy 9M/12 9M/11 yoy 9M/12 9M/11 yoy
Sales 14.180 2.866 >100% 3.349 3.277 2,2% 3.643 4.360 -16,4%
Gross profit 5.437 1.189 >100% 1.772 1.283 38,1% 1.351 1.049 28,8%
EBITDA 495 -1.319 n.a. -490 -689 28,9% -167 -1.019 83,6%
In the Industry segment, sales of SFC Energy continued to increase
significantly to EUR 14,180k in the reporting period. In addition to PBF's
sales contribution, this was again due to a shift of the product mix
towards stronger performance models, and, amongst others, to higher sales
in the oil & gas and the traffic management markets. In the Defense &
Security segment sales were up 2.2% to EUR 3,349k. The Consumer segment was
down by 16.4% to EUR 3,643k but, despite this decrease, gross profit in
this segment, too, increased due to cost reductions of the EFOY COMFORT
series as well as in sales and marketing. Gross profit and EBITDA in all
three segments were significantly improved.
Segment development quarter on quarter:
Industry Defense & Security Consumer
kEUR Q3/12 Q3/11 yoy Q3/12 Q3/11 yoy Q3/12 Q3/11 yoy
Sales 4.523 988 >100% 1.008 1.077 -6,4% 675 662 2,0%
Gross profit 1.696 407 >100% 486 466 4,3% 232 210 10,5%
EBITDA 13 -713 n.a. -356 -185 -92,4% -298 -552 46,0%
Organization
The integration of the Dutch PBF Group acquired at the end of 2011
continues very well within the organization and on the customer side. This
is proven by the sales and profit contributions, synergy effects on the
organization side, and in customer management.
Outlook
After a positive course of business in the first half of the year, the
usual seasonality was experienced in the third quarter. This was due to
lower customer demand in the consumer market as well as annual plant
shutdowns at PBF's industrial customers.
For the 2012 fiscal year management expects consolidated sales of around
EUR 31m. Growth in the Defense & Security and Industry segments will more
than offset on anticipated decrease in the Consumer segment. Further
acquisition steps are not ruled out.
In addition, a positive EBITDA for the 2012 fiscal year is going to be
achieved.
For the 2013 fiscal year management expects a further sales increase of
about 10% along with further EBIT and EBITDA improvements.
Detailed financials
The detailed SFC Energy AG 2012 Nine Months Report is available at
http://www.investor-sfc.de/en/finanzberichte.php.
About SFC Energy AG
SFC Energy AG (www.sfc.com) is a market leader for off grid and stationary
power generation and distribution. With approx. 26,000 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).
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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190813 31.10.2012
DGAP-News: SFC Energy AG: Continued positive business development after nine months
| Source: EQS Group AG