SFC Energy AG: Very positive business development continued in Q2 /2012


SFC Energy AG / Key word(s): Half Year Results

31.07.2012 / 07:54

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- 92.5% sales growth to 14,996 TEUR (H1/11: 7,776 TEUR)
  - Second quarter EBITDA again positive 

- Continued growth in the core markets Industry and Defense & Security
- Progressing integration of PBF Group B.V. supports the positive     business development

Brunnthal/Munich, Germany, July 31, 2012 - SFC Energy AG, technology and market leader for portable, mobile, and off-grid power generation and distribution, generated sales of EUR 14,966k in the first half of 2012, which marks an increase of 92.5% over previous year (6M/11: EUR 7,776k). The reason for this positive development is the organic growth in the Industry and Defense & Security core markets and the sales contribution of the acquired PBF in the first half of 2012 (EUR 6,919k). In the second quarter of 2012 sales of EUR 7,412k were 82.8% over previous year (Q2/11: EUR 4,055k).

Key data: 
TEUR 6M/12 6M/11 yoy Q2/12 Q2/11 qoq Sales 14,966 7,776 92.5% 7,412 4,055 82.8% Gross profit 6,146 2,438 >100% 3,083 1,366 >100% Gross margin 41.1% 31.4% - 41.6% 33.7% - EBITDA 479 -1,576 >100% 293 -605 >100% EBITDA underlying 509 -1,576 >100% 323 -605 >100% EBITDA margin 3.4% -20.3% - 4.4% -14.9% - underlying
EBIT 163 -2,203 >100% -154 -923 83.3% EBIT underlying -342 -2,203 84.5% -124 -923 86.6% EBIT margin underlying -2.3% -28.3% - -1.7% -22.8% - EAT 189 -2,013 >100% -150 -838 82.1%
Gross profit in the first half year of 2012 increased by 152.1% to EUR 6,146k (6M/11: EUR 2,438k). This positive development is mainly due to production costs savings implemented in the new EFOY COMFORT fuel cell series as well as product and price mix improvements. As a consequence, gross margin increased to 41.1% (6M/11: 31.4%).

The Company's EBIT in the first half year of 2012 was positive, amounting to EUR 163k (6M/11: minus EUR 2,203k). Contained in this is a reversal on impairment charges on capitalised development costs to the amount of EUR 536k as a consequence of the major order placed by Deutsche Bundeswehr for energy networks as well as additional one-off items adding up to minus EUR 31k. The underlying EBIT after these one-off items was minus EUR 342k in the first half year of 2012 (Q2/12: minus EUR 124k, Q2/11: minus EUR 923k).
The EBITDA development was also very positive: EBITDA in the reporting period was EUR 479k (6M/11: minus EUR 1,576k). EBITDA after the one-off items increased to EUR 509k (6M/11: minus EUR 1,576k). EBITDA in the second quarter of 2012 was EUR 293k (Q2/11: minus EUR 605k), EBIT underlying was EUR 323k (Q2/11: minus EUR 605k).

EAT improved to plus EUR 189k in the first half year of 2012 from minus EUR 2,013k in the previous year's period (Q2/12: minus EUR 150k, Q2/11: minus EUR 838k).

Incoming orders in the reporting period were increased to EUR 18,938k (6M/11: EUR 6,201k), mainly due to the contribution of PBF and the serial order placed by Deutsche Bundeswehr for energy network. The order backlog at June 30, 2012 was EUR 10,973 (June 30, 2011: EUR 1,575k).
Cash and cash equivalents (freely available) at June 30, 2012 came to EUR 19,964k (June 30, 2011: EUR 28,379k). Net cash flow was lowered from EUR 5,168k in the first half year of 2011 to EUR 2,483k in the first half year of 2012. This is mainly due to the strongly improved result as well as to last year's purchases of the precious metals platinum needed for fuel cell production.

As of June 30, 2012 SFC Energy AG had 185 permanent employees (June 30, 2011: 100 employees). The increase is a consequence of the PBF acquisition.
Markets

TEUR Industry Defense & Security Consumer
6M/12 6M/11 yoy 6M/12 6M/11 yoy 6M/12 6M/11 yoy Sales 9,657 1,878 >100% 2,341 2,199 +6.5% 2,968 3,699 -19.8% Gross 3,741 782 >100% 1,286 817 +57.4% 1,119 839 +33.4% profit           
EBITDA 483 -606 >100% -135 -504 +73.2% 131 -467 >100%
In the Industry segment, sales of SFC Energy again increased significantly to EUR 9,657k in the reporting period. In addition to PBF's sales contribution, this was also due to a shift of the product mix towards stronger performance models, and, amongst others, to sales in the oil & gas market. In the Defense &Security segment sales were up 6.5% to EUR 2,341k. The Consumer segment was down to EUR 2,968k. Despite this decrease in sales, the gross profit in this segment also increased, due to costs savings in the EFOY COMFORT Series and in the areas of sales and marketing. Gross profit and EBITDA in all three segments were significantly improved.
Segment development quarter on quarter:

TEUR Industry Defense & Security Consumer
Q2/12 Q2/11 qoq Q2/12 Q2/11 qoq Q2/12 Q2/11 qoq Sales 5,350 1,221 >100% 898 1,374 -34.6% 1,165 1,460 -20.2% Gross 2,163 526 >100% 518 506 2.4% 402 334 20.4% profit
EBITDA 515 -120 >100% -141 -130 -8.5% -81 -356 77.2%
Organization

The integration of the Dutch PBF Group acquired at the end of 2011 proceeds according to plan, a uniform organizational structure has been implemented, specific project group for combined system product development have been created. Offers combining the expertise of PBF and SFC generate attractive, efficient power supply solutions for professional applications.
Outlook

After a positive first half year 2012 SFC expects the usual seasonality in the third quarter. As a consequence of consumer and user habits, demand for EFOY COMFORT fuel cells in the Consumer segment is traditionally low during this time. Furthermore, the annual holiday downtimes at PBF's industrial customers will result in lower deliveries in the third quarter.
For the fiscal year 2012 management continues to consider consolidated group sales of around EUR 30m achievable. In the Consumer segment, management sees a risk of not reaching sales at last year's level; however, this will be compensated by over-achieving sales expectations in the Defense & Security and Industry segments on a group level. Acquisitive steps are considered in addition.

Further, a sustainably positive EBITDA should be reached in the second half of 2012.

For the fiscal year 2013 management expects a further sales increase of 10% to 15% along with further EBIT and EBITDA improvements.
Detailed financials

The detailed SFC Energy AG 2012 Half Year 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. 25,000 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).
SFC Investor Relations & Press Contact:
Barbara von Frankenberg 
Head of IR and PR
SFC Energy AG
Eugen-Sänger-Ring 7
D-85649 Brunnthal 
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: [email protected]


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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: [email protected] 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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