SFC Energy AG publishes audited figures for 2013 and confirms positive outlook for 2014


DGAP-News: SFC Energy AG / Key word(s): Final Results
27.03.2014 / 07:17

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* Total revenue of EUR 32.41m; underlying EBITDA of EUR -2.20m
* Excellent order backlog at the end of 2013

* Strong growth expected in 2014

* Revenue guidance of EUR 55-60m for 2014

Brunnthal/Munich, March 27, 2014 - SFC Energy AG, a leading international provider of hybrid power solutions to the stationary and mobile power generation markets, today published its audited figures for the financial year 2013.

SFC Energy achieved revenues of EUR 32.41m (2012: EUR 31.26m), in-line with guidance given by Management in October.

On the earnings side, SFC Energy generated underlying EBITDA of EUR -2.20m (2012: EUR 0.83m).

Profitability was impacted by shifts in the product sales mix (with particular weakness in the higher margin Defense & Security segment) and by one-off items. This meant that gross profit in 2013 was EUR 10.64m, down from EUR 12.76m the previous year.

Gross profit by segment



in million EUR 2013 2012

Industry 7.80 6.58

Consumer 1.74 1.79

Defense & Security 1.09 4.40

Total 10.64 12.76



EBIT decreased year-on-year from EUR -0.52m in 2012 to EUR -8.84m in 2013. One-off items totalled EUR 4.62m and included expenses in relation to the acquisition of Simark (EUR 2.67m) and subsequent valuation of the acquisition of PBF (EUR 0.55m), as well as other, mainly restructuring-related expenses (EUR 1.40m). Excluding one-off costs, underlying EBIT was EUR -4.22m.

EBITDA for the year was EUR -4.47m, down from 0.73m in 2012. Excluding one-off costs, underlying EBITDA was EUR -2.20.

Cash and cash equivalents (freely available) at December 31, 2013 was EUR 7.14m (Dec 31, 2012: EUR 22.63m). This reduction was largely a consequence of the acquisition of Simark and the negative result for the year.
As of December 31, 2013 SFC Energy had 256 permanent employees (Dec 31, 2012: 189).

Markets

With the acquisition of Simark Controls, proven specialist in the sale and servicing of high quality instrumentation, automation and power products to the Western Canadian oil and gas industry, SFC Energy has gained access to the fast-growing oil and gas market in North America.
In 2013, revenues in the Industry segment rose from EUR 17.50m to EUR 24.97m, due to the Simark acquisition. Revenues in the Consumer segment of EUR 4.80m were slightly down year-on-year (2012: EUR 4.84m), a positive development given the leisure market's downward trend. Defense & Security segment revenues in 2013 were down significantly from EUR 8.92m in 2012 to EUR 2.65m in 2013. This decrease was due to contract award delays relating to the budget situation in the U.S. and other project delays with the German Bundeswehr.

Revenues by segment



in million EUR 2013 2012

Industry 24.97 17.50

Consumer 4.80 4.84

Defense & Security 2.65 8.92

Total 32.41 31.26



Outlook

Dr. Peter Podesser CEO: "2013 was a difficult year of transition and consolidation for the Company and for our shareholders, but we look with great confidence into 2014 and beyond, given our strong diversified product portfolio and our increased strength in promising growth markets."
SFC finished the year with a strong order backlog of EUR 17.64m (December 31, 2012: EUR 9.56m) and have entered 2014 with good order visibility, especially in the North American oil and gas market.
Management believes that, with this solid foundation, the Company can deliver, this year, total revenues of between EUR 55-60m, with a positive underlying EBITDA.

In estimating Simark's revenue and earnings, Management have assumed an exchange rate of 1.40 between the Canadian dollar and the euro.


Key data 2013


in million EUR 1/1-12/31/2013 1/1-12/31/2012

Revenues 32.41 31.26

Gross Profit 10.64 12.76

Gross margin 32.8% 40.8%

EBITDA -4.47 0.73

Underlying EBITDA -2.20 0.83

Underlying EBITDA margin -6.8% 2.7%

EBIT -8.84 -0.52

Underlying EBIT -4.22 -0.96

Underlying EBIT margin -13.0% -3.1%

EAT -8.91 -0.43

Order backlog 17.64 9.56



Detailed financials

The detailed SFC Energy AG 2013 Annual Report is available at http://www.sfc.com/en/investors/financial-reports#header
SFC Energy AG
Investor Relations:
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]


End of Corporate News

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27.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG.
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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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