SFC Smart Fuel Cell AG: Sales more than doubled in the first nine months of 2007
SFC Smart Fuel Cell AG / Quarter Results
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Corporate News Release by SFC Smart Fuel Cell AG
Sales more than doubled in the first nine months of 2007
- Outstanding sales development in the first nine months of 2007 – 130 percent growth
- Europe-wide OEM and sales cooperations in leisure sector form basis for further growth
- Accessory listing with 18 recreational vehicle manufacturers
- Product program expanded: EFOY 900 successfully introduced as fourth member of the EFOY family
Brunnthal, October 18th 2007 – SFC Smart Fuel Cell AG, leading global manufacturer of direct methanol fuel cells for mobile and off-grid energy supply systems, has successfully pursued its growth strategy and has further increased profitability in the first nine months of 2007. Sales in the first nine months of the current business year improved by 130 percent from EUR 4.2 million to EUR 9.6 million compared to the same period last year.
The main growth driver in the reporting period to September 2007 was an increase in demand in the leisure sector. The number of fuel cell systems distributed more than doubled in the first nine months of 2007, increasing by 178 percent to 3,030 units compared to 1,088 units in the same period last year. The product share in sales rose accordingly to 77 percent, compared to 62 percent in the same period last year. The product share confirms the actual commercial demand by end customers for SFC products.
Next to the long-standing Europe-wide cooperation with major brands in the recreational vehicle sector, SFC announced cooperation agreements with RV manufacturers Niesmann & Bischoff and Concorde in August, leading up to a total number of 18 RV producers in total in Europe. This was followed in September by the announcement of the planned long term cooperation in the OEM and aftermarket sales of leisure vehicles with Webasto, a leading supplier to the automotive and leisure vehicle industry. The continuation of the trend is confirmed by today’s announcement of a marketing cooperation agreement with Grove Products Ltd, a leading supplier of leisure products in the United Kingdom and Ireland and member of the French Trigano Group.
With the launch of the new EFOY 900 SFC further expanded its product portfolio in August. The new product, whose energy output lies between that of the EFOY 600 and the EFOY 1200, is suitable for supplying electricity in small to medium-sized motor homes and is an ideal supplement to existing photovoltaic power generating systems. In a hybrid set-up the fuel cell ensures that the equipment continues to work even when the photovoltaic system is unable to deliver sufficient power because of poor weather conditions.
SFC also recorded successes in the defense sector in Q3 2007. The German Bundeswehr again placed a fuel cell order for the new 250 watt system with SFC Smart Fuel Cell. Following a successful tender of the U.S. Air Force SFC’s U.S. partner Capital Connections LLC was awarded a follow-up contract regarding delivery of 521 Power Managers worth approx. 1.7 million USD. This follow-up contract has not yet resulted in order income/backlog due to a protest filed against the award decision by a competing US company prior to the balance sheet date (September 30, 2007). As of today, the company is confident that it will be able to prove the rightfulness of the tender award jointly with its American business partner and legal counsel engaged in this matter. Depending on the time it takes for the matter to be clarified or the protest to be released it will only be able to judge whether or, respectively, what portion of the order can be executed in 2007 or subsequent business years afterwards.
Key Data for SFC Smart Fuel Cell in accordance with IFRS
Q1-Q3 2007(k Q1-Q3 2006(k Change(in %) Euro) Euro) Sales 9.632 4.183 +130 Gross margin from 1.404 659 +113 sales
EBIT -3.635* -2.178 Earnings after taxes -2.032 -2.495 Earnings per share -0,34 -0,42
Fuel Cell units Q1-Q3 2007 Q1-Q3 2006 Change(in %) EFOY A-Series 3.030 1.088 +178 EFOY C-Series 16 6 +167 Power Manager 560 40 +1,300
*of which EUR 969k are non-recurring cash neutral payment
About SFC Smart Fuel Cell AG:
SFC Smart Fuel Cell AG [www.sfc.com] is the market leader for fuel cell technologies for mobile and off-grid power applications serving the leisure, industrial and defense markets. As one of the Germany’s most successful technology pioneers, SFC has won numerous innovation awards. In past years SFC has cooperated with leading companies in a variety of sectors. Unlike most other fuel cell players, who are still in the R&D phase or run highly subsidized demonstration projects, for the last three years SFC has been shipping fully commercial fuel cells highly successfully to industrial and private users The company has an established, functional fuel cartridge supply infrastructure. SFC is DIN ISO 9001:2000 certified.
SFC Investor Relations Contact:
Barbara v. Frankenberg
Investor Relations Manager
SFC Smart Fuel Cell AG
Tel. +49 89 673 592 378
Fax. +49 89 673 592 369
Email: [email protected]
18.10.2007 Financial News transmitted by DGAP
Issuer: SFC Smart Fuel Cell AG
Phone: +49 (89) 673 592 - 100
Fax: +49 (89) 673 592 - 169
E-mail: [email protected]
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Düsseldorf, Stuttgart
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