SFC Energy AG: Continued positive business development after nine months


SFC Energy AG / Key word(s): Quarter Results

31.10.2012 / 07:59


SFC Energy AG - Corporate News - ISIN DE0007568578

Continued positive business development after nine months

- Over 100% sales increase to EUR 21,172k (9M/11: EUR 10,503k) - continued growth in the Industry and Defense & Security core markets

- Gross margin above 40 percent

- Underlying EBITDA only slightly negative at EUR 100k

Brunnthal/Munich, Germany, October 31, 2012 - SFC Energy AG, technology and market leader for portable, mobile, and off-grid power generation and distribution, generated sales of EUR 21,172k in the first nine months of 2012, which marks an increase of 101.6% over the previous year (9M/11: EUR 10,503k). The reason for this positive development is the organic growth in the important Industry market and the sales contribution of the acquired PBF of EUR 10,083k. In the third quarter of 2012 sales of EUR 6,206k were 127.6% up on the previous year (Q3/11: EUR 2,727k).

Key data:

kEUR 9M/12 9M/11 yoy Q3/12 Q3/11 qoq
Sales 21.172 10.503 >100% 6.206 2.727 >100%
Gross profit 8.560 3.522 >100% 2.414 1.084 >100%
Gross margin 40,4% 33,5% - 38,9% 39,7% -
EBITDA -162 -3.026 94,6% -641 -1.450 55,8%
EBITDA underlying -100 -2.496 96,0% -609 -920 33,8%
EBITDA margin underlying -0,5% -23,8% - -9,8% -53,2% -
EBIT -950 -4.013 76,3% -1.113 -1.810 38,5%
EBIT underlying -1.423 -3.482 59,1% -1.081 -1.279 86,6%
EBIT margin underlying -6,7% -33,2% - -17,4% -66,4% -
EAT -919 -3.724 75,3% -1.108 -1.711 35,2%

 

Gross profit in the first nine months of 2012 increased by 143.0% to EUR 8,560k (9M/11: EUR 3,522k). This significant increase is mainly due to sales growth in the Industry segment as well as a better gross margin in the Defense & Security segment due to increased product sales. In addition, cost savings were achieved through technical improvement of the new EFOY COMFORT fuel cell series sold to consumers. As a consequence, gross margin grew to 40.4% (9M/11: 33.5%).

The Company's EBIT in the reporting period was negative EUR 950k (9M/11: negative EUR 4,013k). Contained in this are one-off items to the total amount of negative EUR 473k (reversal on impairment charges on capitalised development costs as a consequence of the major order placed by Deutsche Bundeswehr of EUR 536k, acquisition costs and compensation payments). Underlying EBIT after these one-off items was negative EUR 1,423k in the first nine months of 2012 (9M/11: negative EUR 3.482k) (Q3/12: negative EUR 1,081k, Q3/11: negative EUR 1,279k).

EBITDA continued to develop well - despite the traditionally weak third quarter sales, EBITDA was at negative EUR 162 (9M/11: negative EUR 3,026k). EBITDA after the one-off items increased to negative EUR 100k (9M/11: negative EUR 2,496k). EBITDA in the third quarter of 2012 was negative EUR 641k (Q3/11: negative EUR 1,450k), EBIT underlying was negative EUR 609k (Q3/11: negative EUR 920k).

EAT improved significantly to negative EUR 919k compared to previous year (9M/11 negative EUR 3,724k) (Q3/12: negative EUR 1,108k, Q2/11: negative EUR 1,711k).

Incoming orders in the reporting period were EUR 26,458k (9M/11: EUR 8,508k), this figure includes, among others, a major serial order placed by Deutsche Bundeswehr in March 2012. The order backlog at September 30, 2012 was EUR 12,288k (September 30, 2011: EUR 1,155k).

Cash and cash equivalents (freely available) at September 30, 2012 came to EUR 19,718k (Sept 30, 2011: EUR 28,459k). The cash outflow was lowered to EUR 2,222k in the reporting period (9M/2011: EUR 4.749k). This was due to the strongly improved operating result which was partly offset by an increase in inventories ahead of the delivery of the Bundeswehr order in Q4.

As of September 30, 2012 SFC Group had 187 permanent employees (September 30, 2011: 101 employees). This increase is a consequence of the PBF acquisition.

Markets

                                 Industry                          Defense & Security                 Consumer

kEUR 9M/12 9M/11 yoy 9M/12 9M/11 yoy 9M/12 9M/11 yoy
Sales 14.180 2.866 >100% 3.349 3.277 2,2% 3.643 4.360 -16,4%
Gross profit 5.437 1.189 >100% 1.772 1.283 38,1% 1.351 1.049 28,8%
EBITDA 495 -1.319 n.a. -490 -689 28,9% -167 -1.019 83,6%

 

In the Industry segment, sales of SFC Energy continued to increase significantly to EUR 14,180k in the reporting period. In addition to PBF's sales contribution, this was again due to a shift of the product mix towards stronger performance models, and, amongst others, to higher sales in the oil & gas and the traffic management markets. In the Defense & Security segment sales were up 2.2% to EUR 3,349k. The Consumer segment was down by 16.4% to EUR 3,643k but, despite this decrease, gross profit in this segment, too, increased due to cost reductions of the EFOY COMFORT series as well as in sales and marketing. Gross profit and EBITDA in all three segments were significantly improved.

Segment development quarter on quarter:

                                   Industry                         Defense & Security                   Consumer

kEUR Q3/12 Q3/11 yoy Q3/12 Q3/11 yoy Q3/12 Q3/11 yoy
Sales 4.523 988 >100% 1.008 1.077 -6,4% 675 662 2,0%
Gross profit 1.696 407 >100% 486 466 4,3% 232 210 10,5%
EBITDA 13 -713 n.a. -356 -185 -92,4% -298 -552 46,0%

 

Organization

The integration of the Dutch PBF Group acquired at the end of 2011 continues very well within the organization and on the customer side. This is proven by the sales and profit contributions, synergy effects on the organization side, and in customer management.

Outlook

After a positive course of business in the first half of the year, the usual seasonality was experienced in the third quarter. This was due to lower customer demand in the consumer market as well as annual plant shutdowns at PBF's industrial customers.

For the 2012 fiscal year management expects consolidated sales of around EUR 31m. Growth in the Defense & Security and Industry segments will more than offset on anticipated decrease in the Consumer segment. Further acquisition steps are not ruled out.

In addition, a positive EBITDA for the 2012 fiscal year is going to be achieved.

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

Detailed financials

The detailed SFC Energy AG 2012 Nine Months 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. 26,000 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).



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190813  31.10.2012

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