SFC Energy AG: Continued positive business development after nine months
SFC Energy AG / Key word(s): Quarter Results
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).
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.
Industry Defense & Security Consumer
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
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.
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.
The detailed SFC Energy AG 2012 Nine Months Report is available at http://www.investor-sfc.de/en/finanzberichte.php.
About SFC Energy AG
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|Company:||SFC Energy AG|
|Phone:||+49 (89) 673 592 - 100|
|Fax:||+49 (89) 673 592 - 169|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart|
|End of News||DGAP News-Service|