SFC Smart Fuel Cell AG: Annual Financial Statements Confirm Preliminary Figures - SFC Continues to Grow
SFC Smart Fuel Cell AG / Final Results
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- Revenues, profits and cash consistent with preliminary figures - Revenue growth in all three core markets (leisure, industry, defense) – 4,483 EFOY systems sold
- Gross margin improves about 10 percentage points
Brunnthal, March 14, 2008 – SFC Smart Fuel Cell AG, technology and market leader for mobile and off-grid power solutions based on fuel cell technologies, confirms the preliminary figures published on January 22, 2008, following an audit of its annual financial statements. As previously announced, the Company’s revenue of € 14,351k was up by more than 100% over the previous year (€ 7,024k).
EBIT for 2007, which stood at minus € 4,707k, was in the expected range (2006: minus € 4,036k). EBIT 2007 includes an increase in marketing expenses to develop additional markets and the one-time effect of the IPO-related redemption of stock options in the amount of € 970k. Not including this negative one-time effect, EBIT for 2007 stood at minus € 3,737k and was thus up 7% over the previous year’s figure (minus € 4,036k). Gross margin also improved significantly in 2007. At 17.4%, it was much better than last year’s 7.5% (2006). These increases are primarily related to further systematic reductions in the costs of producing EFOY fuel cells, which led to a first-time gross profit of € 854k in the A Series (2006: minus € 1,133k). The after-tax result of minus € 2,524k also improved over last year’s minus € 4,425k.
Cash and cash equivalents stood at € 52,945k at December 31, 2007, thus surpassing the goals that had been set in terms of cash flow and working capital.
A total of 4,483 EFOY systems were sold in 2007 (2006: 2,185), more than 90 percent of them in the leisure market. The Company again strengthened its market position in this field in 2007, particularly in the core markets of France, Germany and Italy. All told, 29 European manufacturers of recreational vehicles carry the EFOY fuel cells in their line of accessories. The number of pilot applications in industrial uses increased in Europe and the United States, with a focus on safety and traffic technology. In the field of defense, significant development contracts from Germany and the United States and initial contracts for series production of Power Managers confirmed SFC’s leading role as a pioneer in the area of portable energy sources.
At December 31, 2007, SFC Smart Fuel Cell employed a staff of 91 (December 31, 2006: 76 employees).
The primary goal for the financial year 2008 remains achievement of break-even, based on continued aggressive growth of at least 50 percent compared to previous year and continuation of product cost reduction. From today’s perspective, however, the Management Board sees a risk that this target may not be completely reached on EBIT basis, due to considerable increases in the cost of raw materials.
About SFC Smart Fuel Cell AG
SFC Smart Fuel Cell AG (www.sfc.com) is market leader in fuel cell technologies for mobile and off-grid power applications serving the leisure, industrial and defense markets. As one of Germany’s technology pioneers, SFC has won numerous innovation awards. SFC has alliances with leading companies in a wide range of industries. Unlike most other fuel cell manufacturers, who are in the research and development phase or run subsidized demonstration projects, SFC has shipped fully commercial products to industrial and private end users for four years, and has created a convenient fuel cartridge supply infrastructure. SFC is DIN ISO 9001:2000 certified.
The complete annual report can be downloaded on the homepage www.sfc.com
SFC Investor Relations:
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]
14.03.2008 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: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Düsseldorf, Stuttgart
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