SFC Energy AG: SFC - Q3 was as expected - Sales and gross margin in the first nine months of 2010 remain above prior-year and further growth is expected in Q4
SFC Energy AG / Key word(s): Quarter Results
- 9M/10 sales up 4.6% from 9M/09 at EUR8,865k (9M/09: EUR8,476k)
- Q3/10 sales weaker at EUR2,287k (Q3/09: EUR2,810k, down 18.6%)
- A major production order from the German Bundeswehr
Brunnthal/Munich, October 28, 2010 - SFC Energy AG achieved sales of EUR8,865k in the first nine months of 2010. This increase of 4.6% from the same period in the previous year (9M/09: EUR8,476k) is primarily attributable to sales growth in the civilian markets, (especially the industry market where sales of EFOY units grew by 75%), as well as a more than 100% increase in the sale of C-Series products to the defense market. Q3 sales were 18.6% down at EUR 2,287k (Q3/09: EUR2,810k).
Usual seasonality in the leisure sector depressed sales volumes, whilst sales to Mobility customers - which were strongly driven by government stimulus programs in 2009 - were not repeated.
Gross profit increased 7.8% to EUR2,453k in the first nine months of 2010 (9M/09: EUR2,275k). The gross margin rose to 27.7% (9M/09: 26.8%). Q3/10 gross profit fell by 48.4% to EUR477k (Q3/09: EUR925k), while the gross margin for Q3/10 came in at 20.9%. Here, too, lower revenues in the mobility market mainly caused the drop.
EBIT fell by 26.5% to minus EUR4,138k in the first nine months of 2010 (9M/09: minus EUR3,271k). Q3/10 EBIT amounted to minus EUR2,032k (Q3/09: minus EUR893k). The costs of establishing the US operation and of the new production facility and headquarters in Brunnthal, caused much of the deterioration. Further, Q3-EBIT was affected by higher expenses from exchange rate differences of around EUR200k. The after tax result for Q3/10 was minus EUR1,944k (Q3/09: minus EUR753k), year-to-date it widened by 44.3% to minus EUR3,849k (9M/09: minus EUR2,668k).
In the first nine months of 2010, 2,858 A-Series units (EFOY, EMILY, FC 250) were sold (9M/09: 3,137), which represents a decrease of 8.9%. The fact that revenues from A-Series products still grew by 4.1% is largely the result of shifts in the model mix towards the higher-performing EFOY 2200 and EFOY Pro 2200 fuel cell systems.
Altogether, order intake stood at EUR7,474k in the first nine months of 2010 (9M/09: EUR8,648k) but recovered in Q3/10 to EUR3,117k (Q3/09: EUR3,111k). The order backlog as of September 30, 2010 was EUR2,021k.
The major production order placed by the German Bundeswehr in the third quarter validates SFC's strategy of offering customers intelligent whole-system solutions. The Bundeswehr ordered SFC system solutions consisting of the portable JENNY fuel cell, the SFC Power Manager, a hybrid battery and a solar panel. With this contract, SFC has successfully made the transition from being a development partner to a product/system supplier of a major defense organization.
The volume of cash and cash equivalents without any limitation on disposal stood at EUR34,734k as of September 30, 2010 (December 31, 2009: EUR40,544k).
Given the continued softness in the Leisure market, the Group anticipates sales to this segment in financial year 2010 to remain at their 2009 level, but sales growth in the civilian markets overall is expected. The Bundeswehr's orders will lead to a growth of approx. 50 percent in the defense segment. Thus the previous forecast for the fiscal year 2010 is unchanged, despite the weak third quarter.
SFC continues to see medium-term potential in the e-mobility market. At the eCarTec trade fair in October 2010, SFC and the renowned automotive engineering partner ESG Elektroniksystem- und Logistik GmbH presented a concept of combined heat and power generation using fuel cells that can significantly improve the performance of electric vehicles especially in winter conditions.
The SFC Nine-months-report is available for download on www.sfc.com.
SFC Investor Relations:
Barbara v. Frankenberg
Head of IR and PR
SFC Energy AG
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: [email protected]
28.10.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Company: SFC Energy 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 München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service