SFC Smart Fuel Cell AG: Preliminary figures 2009 confirm latest forecast
SFC Smart Fuel Cell AG / Miscellaneous/Preliminary Results
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- EBIT stabilized at previous year's level despite decrease in revenues - cost reduction programs show clear impact
- Increase in sales revenue by 5% over 2008 in civilian markets (leisure, industry and mobility)
- Order backlog at December 31, 2009: 3.4 million EUR - an increase by approx. 100 % over last year (2008: 1.7 million EUR)
Brunnthal/Munich, Germany, January 28, 2010 - SFC Smart Fuel Cell AG, technology and market leader for mobile and off-grid power solutions based on fuel cell technologies, has published preliminary unaudited figures for the 2009 fiscal year. In a difficult environment in all target markets the company achieved total sales revenues of approx. 11.7 million EUR (2008: 14.6 million EUR).
The revenue decrease by almost 20% is within expectations and predominantly caused by massive program shifts in the defense markets. In the reporting period, in Europe as well as in the United States power supply programs for soldiers in the field planned for 2009 were postponed. As a consequence, SFC's revenues in the defense markets decreased by approx. 63% compared to the year before. In the leisure market revenues decreased by 14% while SFC was able to hold against the general market trend and to increase market penetration: all over Europe the number of newly registered motor homes went down by 21%, in Germany motor home production dropped by 42%. SFC's strong revenue growth in the industry and mobility markets more than compensated the reduced leisure revenues, so that the company was able to achieve an overall growth in sales revenues of approx. 5% over 2008 in the civilian markets.
The number of A-series fuel cell systems sold decreased by 11.6% from 4,795 units in 2008 to 4,241 units in 2009. In the reporting period, SFC started delivery of the FC 250 and EMILY fuel systems specifically developed for defense applications. Reduced numbers of units sold in the leisure markets were partly compensated by increased sales in industry and mobility applications. Despite a lower number of total systems delivered, SFC was able to increase sales revenues of the A-series due to an expedient price policy and an improved portfolio mix: from approx. 9.0 million EUR in 2008 to approx. 9.4 million EUR in 2009.
Preliminary EBIT for 2009, despite reduced sales revenues, was between minus 4.5 million EUR and minus 4.75 million EUR and thus was stabilized at last year's level (2008: minus 4.5 million EUR). This result reflects the clear impact of stringent programs to further reduce product cost and increase efficiency. Preliminary net loss 2009 was between minus 3.8 million EUR and minus 4.05 million EUR (2008: minus 2.4 million EUR). The difference here is mainly caused by the lower interest rates level in 2009. Strict spending discipline and working capital management are also reflected by the cash flow development: cash on hand at December 31, 2009 amounted to 40.5 million EUR (December 31, 2008: 45.6 million EUR).
For the 2010 business year the company expects leisure sales on the 2009 level due to continued difficult market conditions. For the civilian markets as a whole the company again expects a considerable sales growth. Expansion of SFC's sales base into these markets remains a core strategic goal to reduce the company's dependency on the economic and seasonal fluctuations of the leisure market as well as still low visibility in the defense segment. Though the visibility in terms of timing remains low in the defense market, there are major project decisions pending. SFC expects first positive project decisions in the first half of 2010. Continued product cost reduction and herewith further margin improvements remain as another focus.
SFC's audited financial statements will be published on March 25, 2010.
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 16,000 fully commercial products to industrial and private end users for more than five 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 Smart Fuel Cell AG is listed at the Deutsche Boerse Prime Standard (WKN 756857).
SFC Investor Relations:
Barbara von Frankenberg
Head of IR and PR
SFC Smart Fuel Cell AG
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: [email protected]
28.01.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
Company: 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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