SFC Smart Fuel Cell AG increases turnover and margins in HY/08 despite customers’ increased
SFC Smart Fuel Cell AG / Half Year Results
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- Sales up in HY/08 with €8,203k compared to HY/07 (€7,506k)
- Gross margin HY/08: 20.6% (HY/07: 13.0%)
- Leisure markets: First serial OEM order
- Defense markets: First serial use of fuel cells for an international peace mission
- Formation of US-subsidiary in 2008
Brunnthal, July 24, 2008 – Despite difficult market environments, especially in the motor home core markets, SFC Smart Fuel Cell AG increased sales in the first half year 2008 by 9.3 percent. Sales in the HY/08 were €8,203k (HY/07: €7,506k), of these €3,597k in the second quarter (Q2/07: €4,151k). Especially the second quarter was characterized by an increased caution practised by leisure customers all over Europe with their spending, a trend felt throughout the industry. This gap could not be closed by successes in other market segments.
In total 2,472 EFOY units were sold in HY/08 (HY/07: 2,372), an increase of 4.2%. The motor home manufacturer Rapido will integrate the EFOY fuel cell as standard equipment in several of the company’s high-end motor homes beginning in autumn 2008. In the reporting period SFC delivered for the first time portable Jenny fuel cells for serial use during an international peace mission. In addition to this, the company was again able to complete new joint development agreements with international defense organizations, including the U.S. Army. However, some of the programs are experiencing budget-related delays, which means that projects originally scheduled for 2008 may not materialize this year.
EBIT in HY/08 with minus €1,360k improved by 44% compared to the previous year (HY/07: minus €2,439k). In Q2/08 the EBIT was minus €949k compared to minus €424k in Q2/07. The net income in the HY/08 improved by 79% to minus €272k (HY/07: minus €1,295k), In Q2/08 the net income was minus €419k (Q2/07: minus €299k).
Cash and cash equivalents amounted to €47,193k on June 30, 2008 (December 31, 2007: €52,945k).
As of June 30, 2008 SFC Smart Fuel Cell AG had 101 employees (June 30, 2007: 85), thus topping the 100 mark for the first time in the company’s history.
Despite declining sales in the European motor home accessory markets due to lacklustre consumer spending, SFC Smart Fuel Cell AG believes it is in a strong position to generate medium and long-term growth even against market trends. Due to the developments mentioned, however, SFC Management expects a 2008 sales growth of 20 to 30 percent in comparison with 2007 (sales 2007: €14,351k).
To further expand existing US-business and to leverage market potential in the defense, industry and other businesses, the Supervisory Board approved Management Board’s proposal to establish a US subsidiary by the end of the year.
The half year report 2008 is available for download at www.sfc.com.
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 9,000 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.
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]
24.07.2008 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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