08.11.2016
SFC Energy AG DE0007568578
DGAP-News: SFC Energy AG Reports Third Quarter 2016 Financial and Operating Results - First Signs of Stabilization in the Oil & Gas Segment
DGAP-News: SFC Energy AG / Key word(s): 9-month figures
SFC Energy AG Reports Third Quarter 2016 Financial and Operating Results -
First Signs of Stabilization in the Oil & Gas Segment
08.11.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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SFC Energy AG - Corporate News - ISIN DE0007568578
SFC Energy AG Reports Third Quarter 2016 Financial and Operating Results -
First Signs of Stabilization in the Oil & Gas Segment
- Consolidated revenues after 9 months 2016 at EUR 31.36 million (prior
year period EUR 36.33 million)
- Segment Security & Industry grows by 9.6 %
- Outlook 2016: Management Board confirms revised revenue guidance of EUR
40 to 42 million with profitability at prior year's level
Brunnthal/Munich, Germany, November 08, 2016 - SFC Energy AG (ISIN:
DE0007568578), a leading international supplier of stationary and mobile
hybrid power supply solutions on the basis of fuel cells, today announced
financial results for the third quarter of 2016.
Management Commentary
Dr. Peter Podesser, CEO of SFC Energy AG: "In the third quarter, we were
faced with an unexpected setback in the Defense sector. An expected
contract award to SFC Energy for 2016 will not be placed in the current
financial year. However, the Defense sector remains an important business
area for SFC on the basis of its proven high market potential. The growing
importance of the Security & Industry segment is also reflected by roughly
10 % increase in sales in the first nine months of 2016. First positive
signals are also coming from the Oil & Gas segment, also due to a relative
recovery in the oil price. The very conservative spending behaviour of
SFC's customers observed at the beginning of the year has continued to ease
over the course of the year. Thus, the third quarter was the strongest
quarter in the current financial year in the Oil & Gas segment despite the
usual seasonality."
Revenue Development
In the period January to September 2016 the SFC Energy Group generated
sales of EUR 31.360k. This corresponds to a decline in sales of 13.7 %
compared to the previous year's figure of EUR 36,332k. The reason for this
was essentially a result of the sharp decline in the Oil & Gas segment.
Sales by Segment (unaudited)
Segment in kEUR Q1-Q3/2016 Q1-Q3/2015 Oil & Gas 13,970 20,072 Security & Industry 14,536 13,261 Consumer 2,854 2,999 Total 31,360 36,332Segment Performance Oil & Gas In the course of nine months, the Oil & Gas segment recorded a decrease in sales of 30.4 % to EUR 13,970k (prior year period: EUR 20,072k). The third quarter showed a better picture with quarter-on-quarter growth of 6.9 % to EUR 5,131k (previous quarter: EUR 4,799k). At the same time, cost control is still given a great importance in order to increase profitability in this segment. Security & Industry In the first nine months of 2016, sales in the Security & Industry segment increased by 9.6 % to EUR 14.536k (Prior year period: EUR 13.261k). While the positive trend of the first half year continued in the commercial fuel cell business (plus 20.0 %) as well as in the power electronics business (PBF) (plus 13.1 %), the Defense sector was not able to continue its good start into the 2016 financial year. Consumer Sales in the Consumer segment grew by 13.1 % to EUR 765k in the third quarter of 2016 compared to the prior year quarter (EUR 677k). With this, sales in the Consumer segment of EUR 2,854k were on a year-on-year comparison almost at the previous year's level (EUR 2,999k). Major trade fairs in the Caravan Market confirm the positive economic momentum, so that sales for the full year 2016 are expected at the prior year's level. EBITDA/EPS The profitability of the SFC Energy Group improved in the first nine months 2016 compared to the previous year despite the significant drop in sales in the Oil & Gas segment. Due to the changed product mix, the gross margin increased to 28.7 % in the reporting period (Prior year period: 27.9 %). EBITDA improved in the first nine months 2016 to minus EUR 2,696k, compared to minus EUR 3,595k in the prior year period. EBITDA adjusted for non- recurring effects was minus EUR 2,847k (Prior year period: minus EUR 2,384k). In the first three quarters of the current financial year EBIT improved to minus EUR 4,400k, compared to minus EUR 5,445k in the same period of the previous year. EBIT adjusted for non-recurring effects was minus EUR 3,795k in the reporting period (Prior year period: minus EUR 3,410k). Earnings after taxes improved in the first nine months of 2016 to minus EUR 4,590k compared to minus EUR 5,514k in the same period of the previous year. Earnings per share under IFRS undiluted amounted to minus EUR 0.53 in the reporting period 2016 while diluted earnings per share amounted to minus EUR 0.48. In comparison, in the prior year period, earnings per share (undiluted and diluted) amounted to minus EUR 0.64. Balance Sheet Available cash and cash equivalents totalled EUR 774k as of September 30, 2016 (December 31, 2015: EUR 3,277k). The primary reasons for the EUR 2,503k decrease were the consolidated loss for the period and the final deferred payment for the acquisition of Simark. As of the end of the third quarter of 2016, the equity ratio was down to 42.0 % (December 31, 2015: 46.1 %). In order to secure liquidity SFC Energy AG raised a loan and issued an option bond on October 19, 2016. The Company received gross proceeds from the capital measures of EUR 2.0 million. Outlook For the current financial year, the Management Board of SFC Energy AG confirms its reduced revenue forecast of EUR 40 million to EUR 42 million. In terms of the operating result the Management Board expects a profitability at the level of the prior year. Key figures Q1-Q3 2016 In k EUR 1/1 - 30/09/2016 1/1 -30/09/2015 Sales 31,360 36,332 Gross profit 8,994 10,126 Gross margin 28.7 % 27.9 % EBITDA -2,696 -3,595 EBITDA margin -8.6 % -9.9 % EBITDA underlying -2,847 -2,384 EBITDA margin underlying -9.1 % -6.6 % EBIT -4,400 -5,445 EBIT margin -14.0 % -15.0 % EBIT underlying -3,795 -3,410 EBIT margin underlying -12.1 % -9.4 % Consolidated net result -4,590 -5,514 Order backlog 13,329 10,315Detailed financial information The complete Q3 2016 report of SFC Energy AG can be downloaded from the Company's website at: http://www.sfc.com/en/investors/financial- reports#header. SFC Energy AG will hold a telephone conference today, November 08, 2016, at 9:00 AM in English for interested investors and representatives of the press. To register please send an email to [email protected]. SFC Investor Relations SFC Energy AG Eugen-Sänger-Ring 7 D-85649 Brunnthal Tel. +49 89 673 592-378 Fax. +49 89 673 592-169 Email: [email protected] Web: www.sfc.com CROSS ALLIANCE communication GmbH Susan Hoffmeister Tel. +49 89 89827227 Email: [email protected] --------------------------------------------------------------------------- 08.11.2016 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: [email protected] 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 --------------------------------------------------------------------------- 518149 08.11.2016
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