SFC Energy AG adjusts forecast for the 2019 financial year
SFC Energy AG / Key word(s): Change in Forecast/Profit Warning
SFC Energy AG - Disclosure of Insider Information pursuant to Article 17 MAR of Regulation (EU) No. 596/2014 - ISIN DE0007568578
Brunnthal/Munich, November 13, 2019 - Today, the Management Board of SFC Energy AG decided to adjust its forecast for the 2019 financial year.
According to the Management Board's current knowledge, an expected order in the defense segment in Germany, which was expected for the fourth quarter of 2019, will no longer be awarded to SFC Energy in the current financial year and therefore not be revenue-relevant. On the basis of current discussions with customers, the Management Board expects the award of the project in the 2020 financial year.
In addition, the slowdown in the Oil & Gas segment in the second quarter of 2019 further intensified in the third quarter. This is due to the overall restrained investment activity in Western Canada caused by a lack of pipeline capacity in combination with uncertainties regarding current approval procedures. The sustained positive sales development in the Clean Energy & Mobility and Industry segments could not compensate for the deviation in the Oil & Gas segment.
As a result of these two effects, SFC Energy will not reach the former guidance for 2019 from today's perspective. Based on current information, the Management Board expects sales revenues of between EUR58 and EUR62 million (previously EUR67 to EUR74 million), EBITDA underlying of between EUR0.5 and EUR2.5 million (previously EUR4.5 to EUR7 million) and EBIT underlying of between EUR-0.5 and EUR1.5 million (previously EUR3.5 to EUR6 million) for the 2019 financial year. The forecast was prepared without the effects of the application of IFRS 16.
The medium-term outlook remains completely unaffected. The Management Board reaffirms its medium-term planning, with sales of over EUR100 million and an EBITDA margin underlying clearly above 10% in the next three to four years. Future fluctuations in demand, particularly in the Oil & Gas segment and the national defense business, are expected to be offset by considerable growth in the hydrogen fuel cell business.
The interim report of SFC Energy AG as of September 30, 2019 will be published on November 15, 2019.
When calculating sales revenue and earnings of Canadian's subsidiary Simark, the Management Board assumes that the exchange rate of the Canadian dollar to the euro will be 1.50.
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