SFC Smart Fuel Cell AG: Change of growth and earnings guidance for the 2008 business year
SFC Smart Fuel Cell AG / Forecast
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- Slower growth in the leisure market continues
- Potential delays in defense programs
- Raw material cost burden margins
Brunnthal, Germany, June 9, 2008 – As reported in the first quarter report, the slow down in sales to end users and the related high inventory at the distributers has decelerated sales growth in the leisure market. In the defense sector, budget decisions and orders to be awarded to SFC expected for Q2/08 have been delayed, therefore planned revenue recognition in 2008 may potentially be at risk.
Even though the European accessory market for motor homes has seen a strong decline in turnover, SFC continues to grow. Due to the developments mentioned, however, SFC Management expects a reduced 2008 sales growth of 20 to 30 percent compared to 2007 (14.4 m EUR). Against this background, break-even will not be achievable this year, also with regard to the risk of further increasing raw material cost.
Counter actions in the leisure markets have already been initiated, e.g. further international market expansion in the UK, Scandinavia, Benelux, and Australia, as well as speeding up of OEM programs to integrate the EFOY fuel cell into the standard equipment of motor homes directly ex works at the manufacturers. In parallel, the Company is in the process of deciding on establishing an SFC operation in the U.S. It is intended to create a strong basis to grow and leverage the present defense business as well as to penetrate the U.S. industrial and leisure markets.
Growth in the industrial business proceeds as expected with currently doubled sales compared to previous year.
SFC Smart Fuel Cell AG will publish its 6 months report on July 24, 2008.
About SFC Smart Fuel Cell AG
SFC Smart Fuel Cell AG (www.sfc.com) is market leader in fuel cell technologies for mobile and off-grid power applications serving the leisure, industrial and defense markets. As one of Germany’s technology pioneers, SFC has won numerous innovation awards. SFC has alliances with leading companies in a wide range of industries. Unlike most other fuel cell manufacturers, who are in the research and development phase or run subsidized demonstration projects, SFC has shipped fully commercial products to industrial and private end users for four years, and has created a convenient fuel cartridge supply infrastructure. SFC is DIN ISO 9001:2000 certified.
SFC Investor Relations:
Barbara v. Frankenberg
Investor Relations Manager
SFC Smart Fuel Cell AG
Tel. +49 89 673 592 378
Fax. +49 89 673 592 369
Email: [email protected]
09.06.2008 Financial News transmitted by DGAP
Issuer: SFC Smart Fuel Cell 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, München, Düsseldorf, Stuttgart
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