DGAP-News: SFC Energy AG: Another increase in sales and gross margin over prior-year period
(firmenpresse) - SFC Energy AG / Half Year Results
27.07.2010 08:01
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SFC Energy AG (previously: SFC Smart Fuel Cell AG) - Corporate News
Half-Year Results 2010
SFC - Another increase in sales and gross margin over prior-year period
- 6M/10 sales up 16.1% from 6M/09 at EUR6,579k (EUR5,666k)
- Gross margin advances to 30.0% in first half of 2010 versus 23.8% the
year before
- Milestone with potential: First serial production order from the German
Bundeswehr
- Cooperation with ESG marks debut in e-mobility market
Brunnthal, July 27, 2010 - Pursuant to a resolution of its shareholders'
meeting, SFC Smart Fuel Cell AG changed its name to SFC Energy AG effective
July 16, 2010. The change of name reflects the Company's future positioning
as a provider of whole-product solutions for off-grid energy supply.
SFC Energy AG generated sales of EUR6,579k in the first half of 2010. This
increase of 16.1% from the same period in the previous year (6M/09:
EUR5,666k) is primarily attributable to the sales growth in civilian
markets as well as further product mix improvement. Sales in the second
quarter of 2010 were EUR2,984k, an increase of 6.8% from a year earlier
(EUR2,793k).
Gross profit for the first half of 2010 rose sharply, from EUR1,350k in the
same period of the previous year to EUR1,976k, which was an increase by
46.4%. Second-quarter gross margin amounted to EUR903k, compared with
EUR819k in Q2/09, for an increase of 10.3%. Gross margin surged to 30.0%
(6M/09: 23.8%), in Q2/10 it reached 30.3% (Q2/09: 29.3%). Main reasons for
the improvements were volume effects, further efficiency gains in logistics
and production as well as cost savings realized with fuel cartridges.
Second-quarter EBIT came out at minus EUR1,273k, compared to minus
EUR1,203k in Q2/09. EBIT for the first half of 2010 improved by 11.4% to
minus EUR2,106k (6M/09: minus EUR2,378k). This includes two special effects
that were not in the prior-year period: At EUR548k, the costs for
establishing the US business and for the new headquarters were above 2009.
The result after taxes for Q2/10 was minus EUR1,170k (Q2/09: minus
EUR1,042k). The after-tax result for the first half, at minus EUR1,905k,
drew level with the year before (6M/09: minus EUR1,915k).
In the first half of 2010, 2,359 A-Series units (EFOY) were sold (6M/09:
2,196), which represents an increase of 7.4%. The increase in revenue for
the A-Series segment was predominantly the result of significant growth in
the leisure market, for which an increase of 22.5% was posted. A-Series
sales in the industry and mobility markets rose by 23.5%. The fact that
revenue growth outpaced unit sales growth for A-Series products is based on
shifts in the model mix towards more powerful EFOY models. Demand remained
brisk for the EFOY 2200 and EFOY Pro 2200 models, which were launched in
the fourth quarter of 2009.
Altogether, order intake stood at EUR4,357k in the first half of 2010
(6M/09: EUR5,537k). The volume of new orders achieved in Q2/10 was
EUR1,941k (Q2/09: EUR3,195k). The order backlog as of June 30, 2010 was
EUR1,191k (June 30, 2009: EUR1,587k). In the defense market, the first
positive programdecisions were taken by the German Bundeswehr. Under a
serial production order, SFC will deliver autonomous systems to provide
reliable energy supply in the field for Bundeswehr operations abroad.
In April 2010, SFC and the renowned automotive engineering partner ESG
Elektroniksystem- und Logistik GmbH presented a concept of combined heat
and power generation (CHP) for electric vehicles. This CHP is targeting to
improve the performance of EVs in terms of range and driving under winter
conditions. The Company sees interesting mid-term business potential in the
attractive e-mobility market.
The volume of cash and cash equivalents without any limitation on disposal
stood at EUR36,416k as of June 30, 2010 (December 31, 2009: EUR40,544k).
The Group anticipates sales in the Leisure segment in financial year 2010
to remain at their 2009 level, given the continued challenging market
environment. By contrast, it anticipates noticeable sales growth in the
civilian markets overall. An important strategic goal remains to make SFC
less vulnerable to seasonal and economic fluctuations in the leisure market
and the continued unpredictability of the defense market by drawing on a
more diversified base. The timing of developments in the defense market is
still difficult to estimate, but the program decisions made by the German
Bundeswehr in the first half of the year demonstrate that SFC's technology
and products are appealing to customers. Based on successful deployment in
the field, the Company anticipates that this will lead to additional new
orders for its latest product solutions. For the third quarter, the Company
expects business to be weaker than in the third quarter of 2009, especially
given the coincidence of the usual seasonality in the leisure market, the
expiration of economic stimulus programs and the budget uncertainty faced
by public-sector fleet managers. However, this does not affect the
Company's previous forecast for 2010 as a whole.
The half-year report of SFC Energy AG can be downloaded from the Company's
website 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 shipped approximately 19,000 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 9001:2008
certified. SFC is based in Brunnthal, Germany, and has a sales and
technical service office in the US. SFC Smart Fuel Cell AG is listed in the
Prime Standard on the German stock exchange (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
E-mail: barbara.frankenberg(at)sfc.com
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
E-mail: barbara.frankenberg(at)sfc.com
27.07.2010 08:01 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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(at)sfc.com
Internet: www.sfc.com
ISIN: DE0007568578
WKN: 756857
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart
End of News DGAP News-Service
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Datum: 27.07.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 24433
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