DGAP-News: SFC Energy AG / Key word(s): Quarter Results
SFC Energy AG: Increased order intake confirms attractiveness of SFC
power solutions
28.04.2011 / 08:03
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- EUR 3,721k total sales in Q1 2011, an increase of 3.5%
- Significant Sales growth of 94.8% in the defense segment
- Order intake increased by 15.7% in Q1 2011 (up to EUR 2,795k)
Brunnthal/Munich, Germany, April 28, 2011 - SFC Energy AG, technology and
market leader in mobile and remote power solutions based on fuel cells, has
achieved total sales of EUR 3,721k in the first three months of 2011. This
is an increase of 3.5% over the same period in the previous year (Q1/10:
EUR 3,595k).
Key Data
Gross profit in the first quarter of 2011 was EUR 1,073k which was the same
as last year (also EUR 1,073k). Gross margin declined slightly to 28.8%
(Q1/10: 29.8%). The gross profit was impacted by lower unit sales in the
leisure market, where there was a planned reduction of stock levels at
dealers and an increase in overhead costs. The Company's EBIT in the first
quarter of 2011 declined to a loss of EUR 1,280k from a loss of EUR 833k in
Q1/10, the after tax result fell to a loss of EUR 1,175k (Q1/10: minus EUR
735k) due to higher operating costs. In particular there was an increase in
production costs which followed the opening of the new production facility
in Q2/10.
The increasing demand for SFC products was reflected by incoming orders in
the first quarter of 2011: at EUR 2,795k these were 15.7% higher than in
Q1/10 (EUR 2,416k) - despite the intentional reduction in the stock levels
at dealers in the leisure market. The order backlog at March 31, 2011, was
EUR 2,225k (March 31, 2010: EUR 2,233k).
Cash and cash equivalents (freely available) at March 31, 2011, came to EUR
31,018k (December 31, 2010: EUR 33,560k). A major factor in the net cash
outflow was a change in the way the Company purchases its platinum. Instead
of purchasing precious metal in small quantities at the price ruling at the
time an order for components is despatched, it chose to make a single
purchase of sufficient supplies to last well into 2012. This was done at
prices which compare attractively to current market prices. This eliminates
the price risk of the metal as well as the currency exchange risk caused by
the metals being traded in USD.
As of March 31, 2011, SFC Energy AG had 95 permanent employees (March 31,
2010: 96 permanent employees).
Markets
In the reporting period, SFC again achieved significant sales increases in
the defense segment (up by 94.8%). This was due to both an increase in
product sales and the revenue generated by new joint development agreements
which were secured in the second half of 2010. This development confirms
the high attractiveness of SFC's off grid power solutions for portable and
mobile defense applications. In the industry markets, too, higher sales
were achieved than in the first quarter of 2010 (up by 5.4%). As previously
announced, the reduction in stock levels at the dealers in the leisure
market, continued to negatively influence sales in this segment (down by
12.1% compared to Q1/10).
Whilst, the de-stocking in the leisure sector caused, the number of
A-series fuel cell systems sold to decline by a total of 21.9%, from 1,363
to 1,064 units, the A-series sales revenue decrease was only 14.2%. This
was mainly due to a shift in the product mix towards more powerful fuel
cell systems and also an increase in sales in the industry markets and
reduced dealer rebates in the leisure sector.
Outlook
For 2011 the Management Board expects organic sales growth to be similar to
that achieved in 2010, with the defense and industry markets providing most
of the improvement. In the leisure market it expects to see stable sales
with some growth provided by the Canadian market launch. Growth in the
industry and defense markets will be generated by strategic partnerships as
well as further focus on integrated energy solutions. This may also include
acquisitions. According to current planning, sales growth combined with
further product cost reduction will lead to significant improvements in
EBIT and cash flow, allowing us to take concrete steps towards break-even.
Organization
On April 1, 2011, the Supervisory Board extended the contract of the CEO of
SFC Energy AG, Dr. Peter Podesser, by another three years. This ensures the
continuity required for the sustainable reorientation of SFC towards
becoming a supplier of complete off-grid power solutions.
Detailed Financials
The three months 2011 report of SFC Energy AG is available for download at
www.sfc.com.
About SFC Energy AG
SFC Energy 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 successfully shipped more than 21,000 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 the U.S. SFC Energy AG is listed at
the Deutsche Boerse Prime Standard (WKN 756857).
SFC Investor Relations:
Barbara von Frankenberg
Head of IR and PR
SFC Energy AG
Eugen-Sänger-Ring 7
D-85649 Brunnthal
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: barbara.frankenberg@sfc.com
End of Corporate News
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Language: English
Company: SFC Energy AG
Eugen-Saenger-Ring 7
85649 Brunnthal
Deutschland
Phone: +49 (89) 673 592 - 100
Fax: +49 (89) 673 592 - 169
E-mail: info@sfc.com
Internet: www.sfc.com
ISIN: DE0007568578
WKN: 756857
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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121722 28.04.2011
DGAP-News: SFC Energy AG: Increased order intake confirms attractiveness of SFC power solutions
| Source: EQS Group AG