SFC Energy AG doubles sales in 2012 and generates positive EBITDA


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

26.03.2013 / 07:58


- Group sales EUR 2012 31,260k (up by 102.6% compared to 2011)

- Strong growth in the Industry and Defense & Security segments

- EBITDA 2012 positive: EUR 730k versus negative EUR 4,644k in 2011

- Sales growth and further improvements in key earning figures expected for 2013

Brunnthal, March 26, 2013 - SFC Energy AG, technology and market leader for portable, mobile, and off-grid power generation and distribution, confirms the preliminary unaudited figures for the 2012 fiscal year announced on January 29, 2013 after the certified Annual Report.

SFC Group achieved total sales 2012 of EUR 31,260k (2011: EUR 15,426k, up by 102.6%). Whilst PBF's 2012 sales reached the previous year's level with EUR 12,981k, SFC's annual sales rose to EUR 18,279k, which marks a sales increase of 25.8% over the previous year (2011: EUR 14,535k). It should be noted that in 2011 PBF was only consolidated with effect from December 1, 2011, contributing EUR 891k to the sales of that year.

Key data

k EUR 2012 2011 yoy
Sales 31,260 15,426 102.6%
Gross profit 12,763 5,370 137.7%
Gross margin 40.8% 34.8% -
EBITDA 730 -4.644 -
EBITDA margin 2.3% -30.1% -
EBITDA underlying 829 -2,691 -
EBITDA margin underlying 2.7% -17.4% -
EBIT -524 -6.615 92.1%
EBIT margin -1.7% -42.9% -
EBIT underlying -961 -4,085 76.5%
EBIT margin underlying -3.1% -26.5% -
EAT -426 -6,218 93.1%

 

Gross profit in 2012 increased by 137.7% to EUR 12,763k (2011: EUR 5,370k). This significant increase is mainly due to increased product sales in the Defense & Security segment and cost savings achieved through the technical improvement of the new EFOY COMFORT fuel cell series which is sold to consumers. As a consequence, gross margin grew to 40.8% (2011: 34.8%).

The EBITDA in 2012 was EUR 730k (2011: negative EUR 4,644k) and the EBIT improved by 92.1% over 2011 to negative EUR 524k TEUR (2011: negative EUR 6.615k). Contained in this are one-off items to a total of EUR 437k (reversal of impairment charges on capitalised development costs as a consequence of the major order placed by Deutsche Bundeswehr; income from the reversal of provisions for contract terminations; acquisition costs and compensation payments).

Earnings after tax after these one-off items was negative EUR 426k and thus 93.1% above the previous year's earnings (2011: negative EUR 6,218k)

Incoming orders in the reporting period were EUR 33,822k (2011: EUR 13,976k), this figure is 142.0% above the previous year's, mainly due to the full year inclusion (consolidation) of PBF for the first time. The order backlog at year end 2012 was EUR 9,564k (year end 2011: EUR 7,002k).

Cash and cash equivalents (freely available) at December 31, 2012 came to EUR 22,626k (Dec 31, 2011: EUR 22,443k). The cash inflow was EUR 184k in 2012 after reporting a cash outflow of EUR 11,131k in financial year 2011.

As of December 31, 2012 SFC Group had 189 permanent employees (Dec 31, 2011:190)

Markets

In the Industry segment, sales of the SFC Group continued to increase significantly in the reporting period by 282.7% as of 2011. Application areas are security and surveillance, analytical systems, traffic management, wind power, environmental engineering, and the oil and gas market, to name just a few.

It must be noted, that PBF sales are almost fully located in the industry segment and thus a large part of the sales growth is due to the consolidation of PBF. Also SFC's stand alone sales in the Industry segment 2012 grew by a considerable 31.7% versus 2011; and this after sales growth in 2011 compared to 2010 of 31.6%.

In the Defense & Security segment sales increased by 102.4% over 2011. Here SFC offers lightweight, mobile, vehicle based and stationary power supply solutions for soldiers working in the field or in vehicles. The key growth driver was deliveries to the German Army of portable Energy networks for soldiers.

As expected the Consumer segment was down by 24.9%, which is mainly due to a difficult economic situation in the European caravanning market.

Outlook

SFC anticipates revenue growth of around 10% and an associated further improvement of its earnings figures for the full year 2013. Due to the difficult market climate in the Consumer market, the Management Board expects total sales in this segment to be at the previous year's level. Significant growth is expected in the Industry market and is to be achieved through regional business expansion, strategic partnerships and a greater focus on complete solutions. There are no large-scale projects scheduled for the Defense & Security market, as there were in 2012. Accordingly, this segment's sales are expected to drop by 15% to 20%. In this environment, further acquisition steps are possible in 2013. Current plans for the SFC Group anticipate achievement of break-even, on an underlying EBIT basis, for 2013 as a result of the revenue growth.

Detailed financials

The detailed SFC Energy AG 2012 Annual Report is available at http://www.sfc.com/en/investors/financial-reports#header



End of Corporate News


26.03.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
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205103  26.03.2013

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