SFC Energy AG publishes audited consolidated financial figures for 2015 and forecast for 2016

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

2016-04-28 / 07:30
The issuer is solely responsible for the content of this announcement.


SFC Energy AG - Corporate News

SFC Energy AG publishes audited consolidated financial figures for 2015 and forecast for 2016

- Final consolidated figures confirm preliminary figures of March 3, 2016

- Significant recovery in international defense markets

- Order backlog increases by 10.7% to EUR 11.76 million (previous year: EUR 10.63 million)

- Guidance 2016: increase in sales to EUR 50-52 million and significant improvement in earnings expected

Brunnthal/Munich, Germany, April 28, 2016 - SFC Energy, a leading provider of hybrid power solutions to the stationary and mobile power generation markets, today published its annual report and final consolidated figures for financial year 2015 as well as a guidance for 2016.

Sales

In the reporting year the Group generated sales of EUR 47.31 million compared with EUR 53.63 million in the previous year. Major reasons for the decline were the weakness in the Oil & Gas market and the postponement of a large Defense project in 2016.

Sales by segment

Segment in million EUR 2015 2014
Oil & Gas 25.98 29.33
Security & Industry 17.57 20.19
Consumer 3.76 4.11
Total 47.31 53.63
 

Segment Performance

Despite a decline in sales and earnings performance, SFC Energy AG achieved important milestones and managed to advance its business development in order to steer the Company back on a sustainable growth and profitability course.

Oil & Gas

Sales in the Oil & Gas segment declined due to the difficult market environment from EUR 29.33 million last year to EUR 25.98 million in 2015. The customers of SFC Energy AG had to adjust their long-term spending plans to the lower price level. The oil & gas producers have to continue to reduce production costs and increase efficiency. The Management Board expects that the so-called "de-bottlenecking" of existing production will continue to have a positive influence on the development of this segment in the running business year. It has already been a revenue driver for SFC Energy in 2015. In addition, SFC Energy has adjusted its own cost structure in Canada in the past business year accordingly. Cost reductions have kept the operating Oil & Gas business in 2015 profitable, despite the challenging market situation. Further cost adjustments were implemented in January and March 2016.

Security & Industry

In the Security & Industry segment sales declined from EUR 20.19 million in the previous year to EUR 17.57 million in 2015. The main reason for the decline was a major Defense program, which was planned for realisation in 2015 and got postponed into the current financial year.

On a strategic level, the Group managed a major breakthrough in the internationalisation of its business in 2015. The new partnership agreement with Toyota Tsusho Corporation is a key step to grow in Japan, which will increase the EFOY brand awareness throughout Asia. In addition, SFC Energy launched the new EFOY Pro 12000, a powerful 500W fuel cell, with a big potential. The delivery of the EMILY fuel cell to the German Army and two further orders of another international defense force ended two challenging years in the defense market.

Consumer

In the Consumer segment, SFC Energy AG launched its innovative mobile power outlet EFOY GO!. It may be purchased at caravanning retailers or online on the Company's web shop at www.efoy-shop.com. In the reporting period sales in the Consumer segment was with EUR 3.76 million below the previous year's level of EUR 4.11 million, whereby sales growth in North America could not offset the downward trend in consumer markets in France and Australia.

Gross Profit

Gross profit decreased in the 2015 financial year to EUR 13.23 million or 28.0 % (previous year: EUR 15.66 million or 29.2 %).

Gross profits by segments

Segment in million EUR 2015 2014
Oil & Gas 5.80 7.64
Security & Industry 6.46 7.09
Consumer 0.97 0.93
Total 13.23 15.66
 

Due to the decline in Group sales EBITDA decreased compared to the previous year from minus EUR 1.18 million to minus EUR 4.65 million in the period under review. Adjusted for one-off effects, underlying EBITDA amounted to minus EUR 2.98 million (previous year: plus EUR 0.38 million). The Group's EBIT decreased in financial year 2015 to minus EUR 10.64 million (previous year: minus EUR 4.27 million). In consideration of one-off effects, underlying EBIT amounted to minus EUR 4.39 million in the reporting year (previous year: minus EUR 1.22 million). Consolidated net income declined in financial year 2015 to minus EUR 10.67 million compared to minus EUR 4.83 million in the previous year. Earnings per share under IFRS (basic and diluted) amounted to minus EUR 1.24 (previous year minus EUR 0.60).

Balance Sheet

Available cash and cash equivalents amounted to EUR 3.28 million as of December 31, 2015 (December 31, 2014: EUR 6.12 million). The main reason for the outflow in cash was the negative cash flow from operating activities. The equity ratio decreased from 58.4% to 46.1% in the financial year 2015 because of the loss for the period. As of December 31, 2015 SFC Energy had 235 permanent employees (December 31, 2014: 246).

Outlook for 2016

SFC Energy started in the financial year 2016 with an order backlog of EUR 11.76 million; this represents an increase of 10.7% over the previous year's figure of EUR 10.63 million.

"The expansion of our business portfolio and adjusting our cost structure to the new economic conditions, have further stabilised the SFC Group" commented Dr. Peter Podesser, CEO of SFC Energy AG.

For the Oil & Gas segment, the Management Board expects a negative trend, because of the development in oil and gas prices. Although the short-term prospects are currently difficult to assess, the Oil & Gas market still remains attractive in the medium term, with significant growth potential in the long-term.

For 2016, SFC Energy expects an expansion of its international Industry business and a significant increase in sales for its Defense business. The confidence in this market is based on the shift of the general security situation as well as increased defense budgets of NATO-member countries. "A significant recovery in international defense markets, excellent technical test results of our products and the rising demand for lightweight, mobile and difficult to detect power supply systems confirm our assumption that the growth of 2015 will continue in this market" said Dr. Peter Podesser.

In the consumer market, the availability of the new product platform EFOY GO! over the entire year will stimulate growth. The Management Board expects that total sales in the Consumer market will at least be at the previous year's level.

Based on the current forecast, the Management Board expects consolidated sales ranging from EUR 50 million to EUR 52 million in financial year 2016. Implemented restructuring measures in 2015 should lead to an improved cost structure in the current year and thus contribute to significantly positive earnings effects for the Group. Overall SFC Energy expects a significantly improved underlying EBITDA and a significantly improved underlying EBIT.

In million EUR 1/1/ - 31/12/2015 1/1-31/12/2015
Sales 47.31 53.63
Gross profit 13.23 15.66
Gross margin 28.0% 29.2%
EBITDA -4.65 -1.18
EBITDA underlying -2.98 0.38
EBITDA-margin underlying -6.3% 0.7%
EBIT -10.64 -4.27
EBIT underlying -4.39 -1.22
EBIT-margin underlying -9.3% -2.3%
Net result -10.67 -4.83
Order backlog 11.76 10.63
 

Detailed financial information

The complete 2015 annual report of SFC Energy AG can be downloaded from the Company's website http://www.sfc.com/en/investors/financial-reports#header.

SFC Energy AG will hold a telephone conference in English for interested investors and journalists today, April 28, 2016, at 9.00 a.m. To register please send an e-mail to [email protected]

About SFC Energy Group
SFC Energy AG (www.sfc.com) is a leading provider of hybrid solutions to the stationary and portable power generation markets. SFC is the number one supplier of fuel cells, with over 35,000 fuel cells sold to date. The Company has award-winning products and serves a range of applications in the Oil & Gas, Security & Industry and Consumer markets. The Company is headquartered in Brunnthal/Munich, Germany, operates production facilities in the Netherlands, Romania, and Canada, and sales offices in the U.S and Canada. SFC Energy AG is listed on the Deutsche Boerse Prime Standard (WKN: 756857 ISIN: DE0007568578).

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]

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Tel. +49 89 89827227
Email: [email protected]



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