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13.11.2018 07:30:39

DGAP-News: SFC Energy AG publishes nine-month figures - still on the growth track

DGAP-News: SFC Energy AG / Key word(s): 9-month figures
SFC Energy AG publishes nine-month figures - still on the growth track

13.11.2018 / 07:30
The issuer is solely responsible for the content of this announcement.


SFC Energy AG - Corporate News

SFC Energy AG publishes nine-month figures - still on the growth track


- Consolidated sales rise by 12.5% to EUR 44,269k after the first nine months (prior year: EUR 39,366k)

- Underlying EBITDA improves significantly to EUR 2,015k (prior year: minus EUR 28k)

- Gross margin climbs to 33.1% in the nine-month period from 30.3% in the previous year

- Record order intake in the Oil & Gas segment

- Order backlog increases by 29.2% to EUR 17,285k (prior year: EUR 13,380k)

- Outlook for 2018 confirmed; strong fourth quarter expected: consolidated sales of between EUR 60 million and EUR 64 million and significantly improved underlying EBITDA and underlying EBIT


Brunnthal/Munich, November 13, 2018 - SFC Energy AG (F3C:DE, ISIN: DE0007568578), a leading international supplier of stationary and mobile hybrid power generation plants based on fuel cells, is publishing its figures for the first nine months of 2018 today.

Management Board report

Dr. Peter Podesser, CEO of SFC Energy AG: "SFC Energy AG's business performance in the first nine months of 2018 was extremely satisfactory. Back at the start of the year we reported record results in terms of sales and earnings based on the first quarter. In particular, reaching the profitability threshold was an absolute highlight in the Company's history. Furthermore, we are the only listed fuel cell company in the world to operate profitably. The Company's sustained growth dynamic strengthened despite slightly slower sales momentum in the third quarter due to seasonal factors and postponement of the delivery of a major order in the Defense & Security segment until the fourth quarter.

This is supported by a clear trend toward fuel cells as a clean, reliable and above all versatile alternative in the area of off-grid energy sources. This is clearly reflected in the performance of SFC's business segments. We continue to report significant sales growth, particularly in the Oil & Gas, Industry and Defense & Security segments.

Our expansion of the distribution and service organization in the Oil & Gas segment is bearing fruit and led to record order intake in the third quarter. While orders from established and new customers increased in all product areas, SFC Energy won its largest order for EFOY Pro fuel cells in the amount of CAD 1 million from a Canadian oil and gas company.

Despite the aforementioned postponement of the delivery of an order in the Defense & Security segment until the fourth quarter, the segment more than tripled its sales compared with the first nine months of 2017. Among other things, a follow-up order from the UK also made a substantial contribution to this positive performance.

The Industry business also recorded further growth in the reporting period due, in particular, to projects involving the new laser platform. Our product platform is becoming increasingly well established in the market.

Sales in the Clean Energy & Mobility segment have not yet reached the level achieved in the previous year. This is attributable to a major order reported in the first quarter of 2017 that has not so far been replicated in 2018.

The order backlog, which increased to EUR 17,285k at the end of the third quarter as compared with EUR 13,380k in the previous year, provides grounds for optimism."

Sales growth

The SFC Energy Group generated sales amounting to EUR 44,269k in the period from January to September 2018 compared with EUR 39,366k in the previous year. This corresponds to a 12.5% rise in sales that was largely attributable to increased growth momentum in the Defense & Security, Oil & Gas and Industry segments.
 

Sales by segment    
Segment in EUR thousand Q1-Q3/2018 Q1-Q3/2017
Oil & Gas 18,625 18,244
Industry 12,220 11,460
Defense & Security 6,485 2,033
Clean Energy & Mobility 6,939 7,629
Total 44,269 39,366
 

Performance by segment

Oil & Gas

The Oil & Gas segment benefited from the continued stability of the oil price in the first nine months of the current financial year. Very good use was made of the momentum in maintenance investments as well as in new project business thanks to the improved market coverage developed over the last 18 months. Sales in the segment increased from EUR 18,244k in the same period of the previous year to EUR 18,625k as of September 30, 2018. Adjusted for currency effects, growth of 7.7% was achieved on a CAD basis. The record new orders in the past quarter related to major orders in all product areas and further increased growth momentum in fuel cells.

Industry

The Industry segment demonstrated stable growth in the reporting period from January to September 2018. Sales rose by 6.6% year-on-year, from EUR 11,460k to EUR 12,220k. This rise is based on the positive performance of the PBF subsidiary in terms of growth from existing customers and further business from new customers. This was supported by implementation of the new product platform. For example, PBF has received prototype first series contracts from two international laser tool manufacturers in the initial amount of around EUR 1,900k. These will mostly be delivered in 2019. Following successful qualification of the prototypes, this is expected to lead to series sales from 2020 onward.

Defense & Security

The Defense & Security segment made the largest contribution to growth in the period from January to September 2018. Sales climbed from EUR 2,033k in the previous year to EUR 6,485k. This marked growth is attributable to the defense order from the German armed forces for portable power supply solutions amounting to EUR 3.6 million as well as a follow-up order from an Asian defense customer for hardened fuel cells from the EMILY 3000 and JENNY product ranges. In addition, a defense customer who already uses EMILY fuel cells in vehicles commissioned SFC Energy to deliver SFC Power Manager devices. SFC Energy also anticipates strong demand in the future owing to the growing trend toward weight reduction in equipment for soldiers and vehicles. It is possible to achieve a weight reduction of up to 75% through the use of fuel cells, particularly in the case of portable communications equipment.

Clean Energy & Mobility

At EUR 6,939k, sales in the Clean Energy & Mobility segment were down in the first nine months of the current financial year compared to the same period of the previous year (EUR 7,629k). It should be noted here that a major order for the delivery of surveillance systems to Singapore was recognized in sales in the previous year. SFC benefits from higher market penetration of fuel cell technology in its European core markets with a growth of 15.9%.

Earnings growth

Gross profit rose significantly by 23.0% to EUR 14,664k in the first nine months of 2018 (prior year: EUR 11,920k). The gross margin increased from 30.3% to 33.1%. The higher gross margin is a key element in improving the earnings figures.
 

Gross profit by segment    
Segment in EUR thousand Q1-Q3/2018 Q1-Q3/2017
Oil & Gas 5,283 4,234
Industry 3,590 3,785
Defense & Security 3,124 944
Clean Energy & Mobility 2,667 2,957
Total 14,664 11,920
 

Group EBITDA improved year-on-year from minus EUR 275k to plus EUR 937k. EBITDA adjusted for non-recurring effects rose sharply to EUR 2,015k (prior year: minus EUR 28k). Group EBIT improved to EUR 103k (prior year: minus EUR 1,725k). Corrected for non-recurring effects, underlying EBIT was positive in the first nine months of the 2018 financial year at EUR 1,181k (prior year: minus EUR 1,005k). Consolidated net income improved in the period under review to minus EUR 792 from minus EUR 2,431k in the previous year. Earnings per share in accordance with IFRS (undiluted and diluted) improved accordingly to minus EUR 0.08 (prior year: minus EUR 0.27).

Statement of financial position

Available cash and cash equivalents climbed to EUR 5,191k as of September 30, 2018 (December 31, 2017: EUR 4,408k). This rise resulted from the net cash inflow from financial activity. The equity ratio increased from 40.2% at December 31, 2017 to 44.2% at the end of the third quarter of 2018. As of September 30, 2018, SFC Energy had 266 permanent employees (December 31, 2017: 258).

Outlook for 2018

Based on an order book of EUR 17,285k as of September 30, 2018 and the positive assessment for the fourth quarter, the Management Board of SFC Energy AG is expecting to be able to achieve the previously announced sales target of between EUR 60 million and EUR 64 million for the current 2018 financial year with a further significant improvement in underlying EBITDA and EBIT.

"We are very satisfied with the performance demonstrated in the first nine months of the 2018 financial year. Reaching the profitability threshold at the start of the year was a milestone in the Company's history. It is now a matter of consolidating this performance and continuing on a sustainable growth path. We have the right product portfolio to achieve this, as fuel cells provide a reliable, clean and low-maintenance alternative anywhere an off-grid energy source is needed, whether it be in communications equipment, for surveillance tasks, in the Oil & Gas industry or in mobility. The increasing adaptation of fuel cell technology in the most varied of applications will have a positive effect on the further development of our business," says Dr. Peter Podesser, CEO of SFC Energy AG.

It should be noted in the outlook that an average CAD/EUR exchange rate of 1.50 was used for the sales and earnings planning for 2018.
Key figures for the first nine months of 2018

In EUR thousand 01/01-09/30/2018 01/01-09/30/2017
     
Sales 44,269 39,366
Gross profit 14,664 11,920
Gross margin 33.1% 30.3%
EBITDA 937 -275
EBITDA margin 2.1% -0.7%
EBITDA underlying 2,015 -28
EBITDA margin underlying 4.6% -0.1%
EBIT 103 -1,725
EBIT margin 0.2% -4.4%
EBIT underlying 1,181 -1,005
EBIT margin underlying 2.7% -2.6%
Earnings after taxes -792 -2,431
Order backlog 17,285 13,380
 

Detailed financial information

The interim report of SFC Energy AG on the third quarter of 2018 is available to download at www.sfc.com/en/investors/finance.

SFC Energy AG will hold a teleconference in English for interested investors and media representatives at 9:00 a.m. today, November 13, 2018.
To register, please send an e-mail to susan.hoffmeister@sfc.com.​
About SFC Energy AG
SFC Energy AG (www.sfc.com) is a leading international supplier of stationary and mobile hybrid power generation plants. With over 41,000 fuel cells sold, SFC Energy holds the number one position among fuel cell companies. The Company distributes its numerous multi-award-winning products in the oil and gas industry, in security and industrial applications and in the consumer market. The Company's headquarters are located in Brunnthal, near Munich, Germany, and it operates production sites in the Netherlands, Romania and Canada. SFC Energy AG is listed in the Deutsche Boerse Prime Standard (German Securities Identification Number (WKN): 756857; ISIN: DE0007568578).

SFC Investor Relations
SFC Energy AG
Eugen-Saenger-Ring 7
85649 Brunnthal
Germany
Phone: +49 (0) 89 673 592-378
Fax: +49 (0) 89 673 592-169
E-mail: ir@sfc.com
Web: www.sfc.com

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 (0) 89 898 27227
E-mail: susan.hoffmeister@sfc.com
Web: www.crossalliance.de



13.11.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: SFC Energy AG
Eugen-Saenger-Ring 7
85649 Brunnthal
Germany
Phone: +49 (89) 673 592 - 100
Fax: +49 (89) 673 592 - 169
E-mail: ir@sfc.com
Internet: www.sfc.com
ISIN: DE0007568578
WKN: 756857
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange

 
End of News DGAP News Service

743693  13.11.2018 

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