06.04.2017
SFC Energy AG DE0007568578
DGAP-News: SFC Energy AG publishes audited consolidated figures 2016 and forecast for 2017
DGAP-News: SFC Energy AG / Key word(s): Final Results
SFC Energy AG publishes audited consolidated figures 2016 and forecast for
2017
06.04.2017 / 07:30
The issuer is solely responsible for the content of this announcement.
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SFC Energy AG - Corporate News
SFC Energy AG publishes audited consolidated figures 2016 and forecast for
2017
- Final consolidated figures confirm preliminary figures of February 16,
2017
- Order book grew by more than 40 % (2016: EUR 16.85 million, 2015: EUR
11.76 million)
- Guidance 2017: increase in sales to EUR 50-55 million and significant
improvement in profitability expected
Brunnthal/Munich, Germany, April 6, 2017 - SFC Energy, a leading provider of
hybrid power solutions to the stationary and mobile power generation
markets, today published its annual report and final consolidated figures
for the financial year 2016 as well as a guidance for 2017.
Sales
In the reporting year, the Group generated sales of EUR 44.04 million
compared with EUR 47.31 million in the previous year. Major reason for the
decline was the weakness in the Oil & Gas market.
Sales by segment
Segment in EUR million 2016 2015
Oil & Gas 19.30 25.98
Security & Industry 21.09 17.57
Consumer 3.65 3.76
Total 44.04 47.31
Segment Performance
Although, the 2016 financial year was overall dissatisfactory, SFC Energy
has reached key milestones in its operations. Especially tight cost control
and a better product mix lead to a significantly improved profitability
within the Group.
Oil & Gas
Sales in the Oil & Gas segment declined due to the challenging market
environment from EUR 25.98 million last year to EUR 19.30 million in 2016.
The conservative spending behaviour of SFC's customers observed in most of
2016 has continued to ease over the course of the last quarter of the 2016.
Since the beginning of 2017 the demand in the Oil & Gas segment is visibly
picking up again and customers are investing in both replacements and
expansion capex.
Security & Industry
The Security & Industry segment, which now represents the biggest segment of
SFC Energy Group, recorded a positive development in 2016. Sales increased
by 20.1% from EUR 17.57 million in the previous year to EUR 21.09 million in
2016. In addition to a strong growth of PBF of 15.2%, the industrial sector
for fuel cells grew by 27.4% in 2016 on a broad basis. The growth was driven
by global demand for reliable energy supply for surveillance applications.
The defense business grew even stronger by 29.3% in the year under review.
The solid order backlog of EUR 13.52 million in the Security & Industry
segment as well as the positive outlook supported by PBF and the fuel cell
business in the areas of Industry and Defense equip SFC Energy for a strong
year 2017. Continuous investment and improvements in efficiency, robustness,
durability and weight-reduction of SFC Energy products are now beginning to
bear fruit. "This fact, the expansion of our team by the new board member
Marcus Binder as well as the plans of leading defense organizations make us
very confident about a positive development in the field of Defense", says
Dr. Peter Podesser, CEO of SFC Energy AG.
Consumer
In the reporting period, sales in the Consumer segment was with EUR 3.65
million just slightly below the previous year's level of EUR 3.76 million,
whereby sales growth of 14% in Germany could not offset the downward trend
in consumer markets in France and Norway.
Gross Profit
Gross profit increased slightly in the 2016 financial year to EUR 13.25
million or 30.1% (previous year: EUR 13.23 million or 28.0%).
Gross profits by segments
Segment in EUR million 2016 2015
Oil & Gas 4.41 5.80
Security & Industry 7.78 6.46
Consumer 1.06 0.97
Total 13.25 13.23
EBITDA improved compared to the previous year from minus EUR 4.65 million to
minus EUR 2.51 million in the period under review. Adjusted for one-off
effects, underlying EBITDA improved as well to minus EUR 2.66 million
(previous year: minus EUR 2.98 million). The Group's EBIT improved in
financial year 2016 significantly to minus EUR 4.90 million (previous year:
minus EUR 10.65 million). In consideration of one-off effects, underlying
EBIT amounted to minus EUR 4.11 million in the reporting year (previous
year: minus EUR 4.39 million). Consolidated net income improved in financial
year 2016 to minus EUR 4.99 million compared to minus EUR 10.67 million in
the previous year. Earnings per share under IFRS (basic and diluted)
amounted to minus EUR 0.58 (previous year: minus EUR 1.24).
Balance Sheet
Available cash and cash equivalents amounted to EUR 1.76 million as of
December 31, 2016 (December 31, 2015: EUR 3.28 million). The main reason for
the outflow in cash was the negative cash flow from operating activities.
The equity ratio decreased from 46.1% to 39.5% in the financial year 2016
because of the loss for the period and the financing measures implemented.
As of December 31, 2016 SFC Energy had 228 permanent employees (December 31,
2015: 235).
Outlook for 2017
SFC Energy started in the financial year 2017 with an order backlog of EUR
16.85 million; this represents an increase of more than 40% over the
previous year's figure of EUR 11.76 million.
"Based on the strong order book by the end of 2016, a successful start into
2017, our expanded product portfolio as well as cost structures adapted to
the economic conditions, we are confident of a positive business trend for
the full year", commented CEO Dr. Peter Podesser.
As a result of the sustained recovery of the oil and gas price since its low
last year, the Management Board expects a positive development for the Oil &
Gas segment, in the current financial year.
For its Defense business, SFC Energy is expecting an expansion of its
international business and a significant increase in sales for the current
financial year. In particular, the Managing Board expects that shifted
projects will now be commissioned in 2017. In addition to the organic
growth, the key growth in the field of Defense and Industry should also be
achieved through strategic partnerships as well as the further concentration
on complete solutions.
SFC Energy expects that total sales in the Consumer market will at least be
at the previous year's level.
Based on the current forecast, the Management Board expects consolidated
sales ranging from EUR 50 million to EUR 55 million in financial year 2017,
as well as significantly improved earnings on the basis of the underlying
EBITDA and the underlying EBIT.
"On the one hand, our confidence is based on the increasing investment of
our customers in the field of Defense & Security, which results in an
increasing need for safety. On the other hand, there is a further recovery
in the oil & gas business due to the relative stability of the oil price. We
also expect a significant increase in our customers' investments", says Dr.
Peter Podesser.
Key figures 2016
In EUR million 1/1/ - 31/12/2016 1/1/ - 31/12/2015
Sales 44.04 47.31
Gross profit 13.25 13.23
Gross margin 30.1% 28.0%
EBITDA -2.51 -4.65
EBITDA margin -5.7% -9.8%
EBITDA underlying -2.66 -2.98
EBITDA margin underlying -6.0% -6.3%
EBIT -4.90 -10.65
EBIT margin -11.1% -22.5%
EBIT underlying -4.11 -4.39
EBIT margin underlying -9.3% -9.3%
Net result -4.99 -10.67
Order backlog 16.85 11.76
Detailed financial information
The 2016 annual report of SFC Energy AG can be downloaded from the Company's
website http://www.sfc.com/en/investors/financial-reports#header.
SFC Energy AG will hold a telephone conference in English for interested
investors and journalists today, April 06, 2017, at 9.00 a.m. To register
please send an e-mail to [email protected]
About SFC Energy Group
SFC Energy AG (www.sfc.com) is a leading provider of hybrid solutions to the
stationary and portable power generation markets. SFC is the number one
supplier of fuel cells, with over 36,000 fuel cells sold to date. The
Company has award-winning products and serves a range of applications in the
Oil & Gas, Security & Industry and Consumer markets. The Company is
headquartered in Brunnthal/Munich, Germany, operates production facilities
in the Netherlands, Romania, and Canada, and sales offices in the U.S and
Canada. SFC Energy AG is listed on the Deutsche Boerse Prime Standard (WKN:
756857 ISIN: DE0007568578).
SFC Investor Relations
SFC Energy AG
Eugen-Sänger-Ring 7
D-85649 Brunnthal
Tel. +49 89 673 592-377
Fax. +49 89 673 592-169
Email: [email protected]
Web: www.sfc.com
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Tel. +49 89 898 27 227
Email: [email protected]
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06.04.2017 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.
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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
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