SFC Smart Fuel Cell AG: Consolidated financial statements confirm SFC's preliminary figures - Company still on growth track even in tough economic times
SFC Smart Fuel Cell AG / Final Results
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- Sales, earnings, and cash consistent with figures already released
- Sales up slightly in spite of difficult economy
- Product share of sales up again, to 75.9% (2007: 71.0%)
Brunnthal, March 24, 2009 — The final figures in the audited consolidated financial statements of SFC Smart Fuel Cell AG, technology and market leader in mobile and remote power solutions based on fuel cells, have confirmed the preliminary figures released on January 26. As announced, even though the troubled economy particularly affected the volume market Leisure, the Company increased sales slightly against the prior year to EUR14,554k (vs. EUR14,351k; +1.4%). Most of the growth was in sales revenues from EFOY fuel cells.
EBIT for 2008, at minus EUR4,501k, was 4.4% better than the year before (2007: minus EUR4,707k). Gross margin improved again in 2008 to 18.5% (2007: 17.4%). This further increase in margin reflects the Company's ongoing systematic work in reducing in the production cost for EFOY fuel cells. The result after taxes also improved, by 6.7%, to minus EUR2,355k (2007: minus EUR2,524k).
Cash and cash equivalents at December 31, 2008, came to EUR45,568k (December 31, 2007: EUR52,945k). Discipline on spending and professional working capital management once again helped the Company outperform its goals for cash flow and working capital.
In all, the Company sold 4,795 EFOY units in 2008 (2007: 4,483), equivalent to a 7.0% increase in sales volume - proving that these units offer genuine user value in many different markets, and remain in demand even in rough economic times. In the leisure market, which was particularly hit by the economic crisis, 37 European RV makers now include EFOY fuel cells as either standard equipment or options on their programs. Particularly in industrial applications where a reliable power supply far from any power outlet is a top priority, SFC sold 39.8% more EFOY fuel cells than the year before. In the defense business, product revenues in portable fuel cell systems increased 46.7%, but sales from joint development agreements (JDAs) were down because of delays in the award of follow-up contracts.
As of December 31, 2008, SFC Smart Fuel Cell AG had 108 employees (December 31, 2007: 91 employees).
In financial year 2009, management will seek significant growth in the Industry and Defense segments. An important strategic goal is to make the Group less vulnerable to the wide seasonable and economic fluctuations in the leisure market, by drawing on a more diversified base. A further goal for financial year 2009 is to improve operating profit (EBIT) through further sales growth and consistent reductions in the costs of our products even if cash flows initially remain negative.
The 2008 Annual report is available for download on 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 more than 13,000 fully commercial products to industrial and private end users for more than four years, and has created a convenient fuel cartridge supply infrastructure. SFC is DIN ISO 9001:2000 certified. SFC is based in Brunnthal, Germany, and has a U.S. sales and technical service office in Atlanta.
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]
24.03.2009 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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