SFC Energy AG: revises sales and results forecasts
SFC Energy AG / Key word(s): Profit Warning
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Brunnthal/München, October 9, 2013 - Following today's Executive Board meeting, Management revises sales revenue and result forecasts for the ongoing business year. Further project delays in Germany, the US and Russia in the Defense & Security core market are expected to result in revenue and margin decreases for the fuel cell segment. In addition, market penetration speed in the Industrial business has been slower than expected. As a result, the Company now expects total sales to the amount of EUR 32m to 36m for 2013 (2012: 31.3m EUR) instead of previously forecasted EUR 38m to 43m in the 2013 business year
Accordingly an improved EBITDA (underlying) compared to 2012 cannot be reached anymore in 2013. Due to lower revenues, especially in the high margin defense fuel cell business, an underlying EBITDA 2013 of approx. minus EUR 2.5m to minus 3.0m is expected (2012: EUR 0.8m).
For 2014 the Company expects a significant rebound of its defense business and an expansion of its industry sales according to plan especially in the oil & gas industry in North America.
Information and Explaination of the Issuer to this News:
Additional information on individual segment development:
Defense & Security:
The German defense business continues to experience project delays in the context of the Bundeswehr reform. In addition, required technical rework has slowed down project progress. As a result, defense projects originally planned for this year cannot be realized in 2013 anymore.
US defense projects have very low chances of realization in 2013 in view of the ongoing unsolved US federal budget situation.
The Company expects a significant rebound of the defense business in 2014. From today's point of view it is unlikely that the same special effects in Germany (restructuring of the German Army, federal elections) as well as in the US (unsolved household situation) will occur again and simultaneously in the upcoming year.
The slower than expected development of the fuel cell industry business in the first six months of 2013 continued in the traditionally weak third quarter: Delays of fuel cell deliveries to the oil & gas industry resulted from the switch from a Canadian oil and gas integrator to direct handling by SFC/Simark
The integration of Simark Controls with an improved market access to the North American oil & gas market will enable faster market penetration and support the planned increase of sales revenue in this segment in 2014 significantly.
Sales development in the European fuel cell market for leisure, boat and motor home applications are in accordance with expectations, however, the weak economic environment has not improved after the fair season. The Company continues to expect sales on last year's level.
SFC Investor Relations:
Barbara von Frankenberg
Leitung Investor Relations und Public Relations
SFC Energy AG
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: [email protected]
09.10.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Company: SFC Energy AG
Phone: +49 (89) 673 592 - 100
Fax: +49 (89) 673 592 - 169
E-mail: [email protected]
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
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