DGAP-News: SFC Energy AG / Key word(s): Quarter Results
SFC Energy AG builds momentum following successful Simark integration
13.05.2014 / 07:45
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SFC Energy AG -Corporate News - ISIN DE0007568578
SFC Energy AG builds momentum following successful Simark integration
SFC Energy AG / Key word(s): Quarter Results
- Q1/14 revenue up 76 percent y-o-y to EUR 12.94m; Underlying EBITDA of
EUR -0.24m
- Simark integration driving strong revenue growth in the oil & gas
segment
- Strong order backlog supporting guidance for EUR 55-60m revenues for
2014
- Introduction of new segmentation to realign business and set platform
for future diversification and growth
Brunnthal/Munich, May 13, 2014 - SFC Energy AG, a leading international
provider of hybrid power solutions to the stationary and mobile power
generation markets, today published figures for the first quarter of 2014.
- Revenues were up 76 percent to EUR 12.94m from EUR 7.35m in Q1/13
- Underlying EBITDA was EUR -0.24m but remains on track to become
positive over the full year
- Gross profit was up 37 percent to EUR 3.94m, from EUR 2.88m in Q1/13
New segmentation
SFC Energy has introduced a new segmentation for reporting to better
accommodate recent acquisitions and set a platform for future
diversification and growth. This also recognizes that the oil & gas segment
now represents approximately 50 percent of SFC Energy's total revenues.
(See full Q1 2014 report for detailed explanation and comparison of new and
old reporting segments.)
Gross Profit by segment
<pre>
in million EUR Q1/2014 Q1/2013
Oil & Gas 1.62 0.07
Security & Industry 1.93 2.19
Consumer 0.39 0.62
Total 3.94 2.88
</pre>
Earnings
EBIT decreased from EUR -0.18m in Q1/13 to EUR -1.20m in Q1/14. One-off
items totaled EUR 0.56m, mainly due to expenses in relation to the
acquisition of Simark. Excluding one-off costs, underlying EBIT in Q1/14
was EUR -0.65m.
EBITDA for the first three months of 2014 was EUR -0.51m, down from EUR
0.29m in the same period 2013. Excluding one-off costs, underlying EBITDA
in Q1/14 was EUR -0.24.
Cash and cash equivalents (freely available) at March 31, 2014 was EUR
5.65m, down from EUR 7.14m at the start of the year. As of the end of the
first quarter in 2014 SFC Energy had 256 permanent employees (March 31,
2013: 184).
Revenues by segment
Revenues in the new Oil & Gas segment rose strongly from EUR 0.12m in Q1/13
to EUR 6.61m in Q1/14, due to the Simark acquisition. In the new Security &
Industry segment revenues were impacted by the cancellation of an order and
the slower start-up of two new projects in SFC Energy's electronic
business. The defense business (now part of Security & Industry) showed
signs of recovery following weak sales in 2013. Revenues in the Consumer
segment (which is identical to the consumer segment in the prior
segmentation) were slightly down year-on-year at EUR 1.25m, noting that the
EUR 1.68m in Q1/13 was partly due to one large order replenishing
inventories at a major retail partner.
<pre>
in million EUR Q1/2014 Q1/2013
Oil & Gas 6.61 0.12
Security & Industry 5.07 5.55
Consumer 1.25 1.68
Total 12.94 7.35
</pre>
Operational highlights
- Following restructuring in Q4/13, SFC Energy completed the fuel cell
business consolidation in Q1/14, with focus on the North American
markets.
- The integration of Simark is already contributing synergies; after a
very fast development time of only a few months, the EFOY ProCabinet
was brought to market in Q1/2014 for the oil & gas industry. This
extreme temperature fuel cell solution is expected to contribute
significantly to revenues in the second half of 2014.
- In April 2014 SFC Energy opened a new EFOY service center in Calgary,
Canada. North American customers will now be supplied from two fuel
cell cartridge hubs; Fairfield / Ohio, USA, and Calgary / Alberta,
Canada.
- In the Security & Industry segment SFC Energy was able to further
penetrate the market of public security applications in Singapore with
a major order.
Outlook
SFC Energy again finished a quarter with a strong order backlog of EUR
16.28m (March 31, 2013: EUR 7.91m).
Dr. Peter Podesser CEO: "With the strong order backlog and the successful
integration of Simark into our group we are well positioned for reaching
our targets for 2014."
Management continues to believe that the Company can deliver, this year,
total revenues of between EUR 55-60m and a positive underlying EBITDA.
In estimating Simark's revenue and earnings, Management have assumed an
exchange rate of 1.40 between the Canadian dollar and the euro.
<pre>
Key Q1 data
in million EUR Q1 2014 Q1 2013
Revenues 12.94 7.35
Gross Profit 3.94 2.88
Gross margin 30.4 percent 39.2 percent
EBITDA -0.51 0.29
Underlying EBITDA -0.24 0.11
Underlying EBITDA margin -1.8 percent 1.6 percent
EBIT -1.20 -0.18
Underlying EBIT -0.65 -0.36
Underlying EBIT margin -5.0 percent -4.9 percent
EAT -1.32 -0.21
Order backlog 16.28 7.91
</pre>
Detailed financials
The detailed SFC Energy AG First Quarter 2014 Report is available at
http://www.sfc.com/en/investors/financial-reports#header
SFC Investor Relations
SFC Energy AG
Eugen-Sänger-Ring 7
D-85649 Brunnthal
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: ir@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
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267972 13.05.2014
DGAP-News: SFC Energy AG builds momentum following successful Simark integration
| Source: EQS Group AG