DGAP-News: SFC Energy AG: Preliminary figures confirmed by audited consolidated financial statements - Further growth in 2011 lead by industry and defense markets
(firmenpresse) - DGAP-News: SFC Energy AG / Key word(s): Final Results
SFC Energy AG: Preliminary figures confirmed by audited consolidated
financial statements - Further growth in 2011 lead by industry and
defense markets
25.03.2011 / 07:46
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- 14.1% sales growth in 2010 to EUR 13,330k, with strong fourth quarter
2010
- Gross margin increased to 30.3% (2009: 27.3%) due to growth in product
sales and despite raw material cost increases
Brunnthal/Munich, Germany, March 25, 2011 - The final figures in the
audited consolidated financial statements of SFC Energy AG, technology and
market leader in mobile and remote power solutions based on fuel cells,
have confirmed the preliminary figures released on January 26, 2011. As
announced, sales of EUR 13,330k were 14.1% up on the previous year (2009:
EUR 11,687k). This growth is a result of increased sales in all product
categories. It reflects a slight leisure market recovery, the growing
acceptance of SFC fuel cells in the industry markets, and the defense
markets' rising interest in SFC's system solutions.
Significant sales increases of 49.7% in the industry market and of 76.9% in
the defense markets, as well as modest growth of 5.2% in the leisure market
were the core growth drivers. In the project based market of mobile
auxiliary power systems (APU) no follow-up project could be realized, due
to a lack of public stimulus programs.
The total number of A-series and C-series fuel cell systems sold in 2010
declined to 3,900 (2009: 4.272) units, largely due to an intentional
reduction in the stock levels at dealers in the leisure market. The sales
effects described above as well as a positive shift in the product and
price mix towards more powerful systems and the successful positioning of
the EFOY 2200 and EFOY Pro 2200 systems contributed to an A-series sales
increase of 2.9% to EUR 9.628k (2009: EUR 9.355k) though. C-series sales
almost tripled to EUR 1,089k (2009: EUR 388k). Power Manager sales rose
from EUR 136k in 2009 to EUR 794k in the 2010 business year.
Thanks to these sales effects and additional cost improvements, gross
profit in 2010 increased by 26.5% to EUR 4,042k (2009: EUR 3,194k).
Accordingly, gross margin in 2010 grew to 30.3% (2009: 27.3%).
Incoming orders in 2010 amounted to EUR 13,068k (2009: EUR 13.384k). The
order backlog at December 31, 2010 was EUR 3,150k (31.12.2009: EUR 3,412k).
As announced, SFC's 2010 EBIT of minus EUR 4,510k was at the previous
year's level (2009: minus EUR 4,507k) due to increased investment in the
establishment of the US operation, and the new production and R&D
facilities in Brunnthal/Munich, Germany. The result after tax in 2010
decreased by 8.9% to minus EUR 4,123k (2009: minus EUR 3,785k). This
difference compared to last year is caused almost exclusively by lower
interest rates in 2010.
Cash and cash equivalents (freely available) at December 31, 2010, came to
EUR 33,560k (December 31, 2009: EUR 40,544k). The increased net cash flow
used in operating activities resulted mainly from lower tax refunds and
higher net working capital.
At December 31, 2010, the equity ratio was at a strong 90.1%.
As of December 31, 2010, SFC Energy AG had 97 permanent employees (December
31, 2009: 91 permanent employees).
Sales increases in the industry and defense markets - especially the order
received from the German Federal Army in the third quarter - have validated
SFC's strategy of supplying complete turnkey power solutions to the
customers. The German Army ordered SFC system solutions consisting of the
portable JENNY fuel cell, the SFC Power Manager, a hybrid battery
engineered to match the system, a solar panel as well as relevant
accessories. With the delivery of this energy network SFC has moved from
development partner to product/system supplier. For the first time the fuel
cell has been established as a key component in the equipment of an active
defense organization.
For 2011 organic sales growth is expected to be similar to that achieved in
2010 with the defense and industry markets providing most of the
improvement. In the leisure market management expects to see stable sales
in the European markets and some growth provided by the Canadian market
launch. The first quarter has suffered from the planned destocking at
dealers in the leisure sector but this has been offset by growth in
industry and defense markets and overall the quarter will be similar to the
first quarter of 2010. The growth for 2011 shall be generated by strategic
partnerships as well as further focus on integrated energy solutions. Sales
growth combined with further action to reduce product costs will be the
basis for significant improvements in EBIT and cash flow resulting into
concrete steps towards break even. Also, selective acquisitions that can
accelerate the Company's progress will be considered on an opportunistic
basis.
The annual 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 20,000 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(at)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(at)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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116960 25.03.2011
Datum: 25.03.2011 - 07:46 Uhr
Sprache: Deutsch
News-ID 33584
Anzahl Zeichen: 0
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Kategorie:
Business News
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