SFC Energy AG again generates positive EBITDA in the first quarter 2013


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

02.05.2013 / 07:56


- Group sales Q1/13: 7,345k EUR (Q1/12: 7,554k EUR)
- Continued growth in the Industry segment
- EBITDA positive: 293k EUR (Q1/12: 186k EUR)
- For the full year 2013 further sales growth and improvement of earning figures expected

Brunnthal, Germany, May 2, 2013 - SFC Energy AG, technology and market leader for portable, mobile, and off-grid power generation and distribution publishes first quarter 2013 results.

In Q1/13 SFC Energy Group achieved total sales of 7,345k EUR (Q1/12: 7,554k EUR, down 2.8%). SFC Energy stand alone reached sales of 3,773k EUR (Q1/12: 4,203k EUR, down 10.2%). This decline in sales mainly results from postponements of projects in the Defense & Security market. PBF's sales rose to 3,572k EUR, an increase of 6.6% over the previous year (Q1/12: 3,351k EUR).

Key data

k EUR Q1/13 Q1/12 qoq
Sales 7,345 7,554 -2.8%
Gross profit 2,879 3,063 -6.0%
Gross margin 39.2% 40,5% -
EBITDA 293 186 57.5%
EBITDA margin 4.0% 2.5% -
EBITDA underlying 114 186 -38.7%
EBITDA margin underlying 1.6% 2.5% -
EBIT -183 318 n.m.
EBIT margin -2.5% 4.2% -
EBIT underlying -362 -218 -66.1%
EBIT margin underlying -4.9% -2.9% -
EAT -212 339 -
 

Q1/13 gross profit reached 2,879k EUR (Q1/12: 3,063k EUR, down 6.0%). SFC Group's gross margin was 39.2% (Q1/12: 40.5%). This reduction was caused by lower high margin sales in the Defense & Security segment which lead to a 42.6% gross margin for SFC standalone (Q1/12: 46.5%). PBF raised its gross margin to 35.6% (Q1/12: 33.1%).

The Group's EBITDA rose to 293k EUR (Q1/12: 186k EUR) whilst the EBIT fell to negative 183k EUR (Q1/12: 318k EUR). It bears noting that the previous year's figure reflected a 536k EUR reversal into other operating income of impairment losses previously recognized on capitalized development costs, while the figure for Q1/13 reflected the reversal of 377k EUR from the earn-out liability, on the one hand, and acquisition-related expenses of 198k EUR on the other. Excluding these one-off effects, underlying EBIT was negative 362k EUR (Q1/12: negative 218k EUR). EBITDA underlying reached 114k EUR (Q1/12: 186k EUR).

Q1/13 earnings after tax was negative 212k EUR (Q1/12: 339k EUR).

Incoming orders in the reporting period were 5,689k EUR. Due to the serial order from Deutsche Bundeswehr incoming orders in Q1/12 reached 10,825k EUR.

Cash and cash equivalents (freely available) at March 31, 2013 came to 19,411k EUR (December 31, 2012: 22,626k EUR).

As of March 31, 2013 SFC Group had 184 permanent employees (March 31, 2012: 183).

Markets

In the Industry segment first quarter sales of the SFC Group increased by 16.1% to 5,001k EUR (Q1/12: 4,308k EUR). The main applications for SFC fuel cell generators are security and surveillance, traffic management, wind power, environmental engineering, and the oil and gas market. In this Industry segment SFC increased sales by 55.7% to 1,521k EUR and sold 341 EFOY fuel cell generators (Q1/12: 187 units). The fact that unit sales growth outpaced revenue growth is due to a shift in the product mix towards the lower performance classes which are used in the field of security & surveillance, in particular. PBF increased Q1/13 sales to 3,480k EUR (Q1/12: 3,331k EUR).

As expected sales in the Defense & Security segment were down by 53.8% reaching 666k EUR. Whilst in Q1/12 a big order from the U.S. Army was delivered, organizational changes and the current exceptional economic situation are delaying contract awards in most international markets.

The Consumer segment declined as forecast, reaching sales of 1,678k EUR (Q1/12: 1,803k EUR), which is still reflecting the difficult economic situation in the European caravanning market.

Outlook

For the second and third quarter 2013 the usual seasonality for SFC Energy's business is expected. For 2013 as a whole, SFC anticipates revenue growth of around 10% and an associated further improvement of its earnings figures.

Due to the difficult market climate in the Consumer market, the Management Board expects total sales in this segment to be on the same level as the previous year. 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%.

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. 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, during the fourth quarter of 2013 as a result of revenue growth.

Detailed financials

The detailed SFC Energy AG Q1/13 report is available at http://www.sfc.com/en/investors/financial-reports#header

 



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209187  02.05.2013

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