29.03.2018
SFC Energy AG DE0007568578
DGAP-News: SFC Energy AG publishes audited consolidated figures 2017 and forecast for 2018 - Step into profitability successfully achieved
DGAP-News: SFC Energy AG / Key word(s): Final Results/Forecast
SFC Energy AG publishes audited consolidated figures 2017 and forecast for
2018 - Step into profitability successfully achieved
29.03.2018 / 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 2017 and forecast for
2018 - Step into profitability successfully achieved
- Final consolidated figures confirm preliminary figures of February 8, 2018
- Record sales and earnings in 2017:
o EUR 54.29 million (2016: EUR 44.04 million)
o Positive adjusted EBITDA of EUR 1.45 million for the first time (2016:
minus EUR 2.66 million) and positive adjusted EBIT of EUR 177 thousand
(2016: minus EUR 4.11 million)
- Guidance 2018: increase in sales to EUR 60-64 million and sustainable
profitability - significantly improved underlying EBITDA and a clearly
improved underlying EBIT
Brunnthal/Munich, Germany, March 29, 2018 - 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 2017 as well as a guidance for 2018.
Sales
In the reporting year, the Group generated the highest ever turnover in the
company's history with EUR 54.29 million compared with EUR 44.04 million in
the previous year. This marks an increase well in excess of market growth of
more than 23%. Significantly responsible for the positive development was a
considerable growth on all our core markets - Oil & Gas, Industry, Defense
and Authorities.
Sales by segment
Segment in million EUR 2017 2016
Oil & Gas 24.46 19.30
Security & Industry 26.38 21.09
Consumer 3.45 3.65
Total 54.29 44.04
Segment Performance
With the boom in growth in 2017, SFC Energy has refined its corporate
structures and better adapted them to its markets. Therefore, from January
1, 2018, the segments have been reorganized and increased from three to
four. Accordingly, the business activities of SFC Energy AG will be divided
into the segments of Clean Energy & Mobility, Defense & Security, Oil & Gas
and Industry. In implementing this reorganization, the Management is also
recognizing the successful business development of recent years in the
markets of industrial fuel cell business, industrial power electronics and
defense and security. Those businesses have been reported in the Security
and Industry segment so far. Power electronics as well as defense and
security businesses will in future be reported as separate segments Industry
and Defense & Security. The fuel cell business for industrial users and
end-consumers will be combined in the segment Clean Energy & Mobility. The
reporting for the first quarter of 2018 includes the new segment reporting.
Oil & Gas (in future Oil & Gas)
Sales in the Oil & Gas segment benefited from rising investment activity in
the oil and gas industry thanks to the recovery of the price of oil in the
past fiscal year as well as strong stimulus in new project business. Revenue
in the Oil & Gas segment increased by 26.8% year-on-year from EUR 19.30
million to EUR 24.46 million. Under consideration of the discontinuation of
a low-margin product line at the beginning of 2017, the comparable product
revenue grew by approx. 58%.
Security & Industry (in future divided into the three segments: Industry,
Defense & Security and Clean Energy & Mobility)
What was previously SFC Energy's largest segment, Security & Industry,
achieved significant growth of 25.1% to EUR 26.38 million in the reporting
year after EUR 21.09 million in 2016. This increase reasons in the worldwide
growing demand among government and private users for reliable and off-grid
power supply for innovative applications, e.g. security and surveillance
systems. In addition to a strong increase in Power Electronic sales of
19.0%, in particular the Industry segment with fuel cells grew in 2017 with
a plus of 34.4% on a broad basis. After a long period of testing and
successful technical qualification, SFC Energy succeeded in establishing the
"fuel cell" as a sustainable and independent energy supply for defense
organizations both nationally and internationally. Pleasing examples of this
are orders from India, Great Britain and, of course, Germany. As of the end
of the year, SFC Energy was awarded the contract from the German Bundeswehr
for a major order worth EUR 3.6 million, which will initially cover the
first part of the customer's defined demand. The contract marks a milestone
for SFC Energy and highlights the high level of trust in SFC Energy's
solutions on the one hand while also strengthening the Group's leading
position as a provider of reliable, off-grid power solutions in the defense
sector on the other.
Consumer (in future part of Clean Energy & Mobility)
As anticipated, revenue in the Consumer segment was down slightly
year-on-year at EUR 3.65 million in 2017 (EUR 3.45 million). While changing
user habits in the former core segment of caravanning reduce the general
demand for off-grid energy supply in a submarket, the demand for clean
auxiliary power supply in vehicles is increasing on a broad front. "The
megatrend of e-mobility is raising awareness in the automotive and consumer
industry for high-performance and onboard energy solutions. SFC Energy has a
long history of success in this area and works closely with its customers to
provide clean and lightweight "APUs" (Auxiliary Power Units) for vehicles.
For this reason, we are convinced of the future viability of this business
segment", says Dr. Peter Podesser, CEO of SFC Energy AG.
Gross Profit
Gross profit increased significantly in the 2017 financial year to EUR 17.73
million or 32.6% (previous year: EUR 13.25 million or 30.1%). The gross
margin improvement was recorded in all segments.
Gross profits by segments
Segment in million EUR 2017 2016
Oil & Gas 5.83 4.41
Security & Industry 10.80 7.78
Consumer 1.10 1.06
Total 17.73 13.25
EBITDA improved compared to the previous year from minus EUR 2.51 million to
plus EUR 862 thousand in the period under review. Adjusted for one-off
effects, underlying EBITDA improved significantly to plus EUR 1.45 million
(previous year: minus EUR 2.66 million). The Group's EBIT improved in
financial year 2017 significantly to minus EUR 885 thousand (previous year:
minus EUR 4.90 million). In consideration of one-off effects, underlying
EBIT amounted to positive EUR 177 thousand in the reporting year (previous
year: minus EUR 4.12 million). Consolidated net income improved in financial
year 2017 to minus EUR 2.07 million compared to minus EUR 4.99 million in
the previous year. Earnings per share under IFRS (basic and diluted)
amounted to minus EUR 0.23 (previous year: minus EUR 0.58).
Balance Sheet
Available cash and cash equivalents amounted to EUR 4.41 million as of
December 31, 2017 (December 31, 2016: EUR 1.76 million). This is mainly a
result of the positive cash flow from operating activities and a cash inflow
from financing activities. On the one hand, cash and cash equivalents from
the proceeds of the capital increase of EUR 400 thousand were received by
the company, and on the other hand a cash inflow of EUR 4.9 million was
generated in August 2017 from a secured bearer bond. The equity ratio
increased due to capital measures from 39.5% to 40.2% in the financial year
2017. As of December 31, 2017 SFC Energy had 258 permanent employees
(December 31, 2016: 228).
Outlook for 2018
"We generated considerable growth on all our core markets over the whole of
2017, while at the same time surging to profitability. Thus, SFC Energy is
the world's first fuel cell company to operate profitably. We are feeling
very positive about the current year. In particular, our growth forecast for
2018 is based on higher investment by our customers in defense and security,
in both the private and public sectors, on continuing robust demand in
industrial business as well as on an increasingly positive performance in
the oil and gas sector. Furthermore, clean energy is becoming significantly
important for mobility applications. We are optimistic to benefit greatly
from this resurgent growth momentum", comments Dr. Peter Podesser.
Based on a strong order book of EUR 18.63 million as of the end of 2017 and
a successful start to the current fiscal year, the Management Board is
expecting a consolidated sales target of between EUR 60 million and EUR 64
million for 2018, as well as sustainable profitability with a significantly
improved underlying EBITDA and a clearly improved underlying EBIT.
In estimating Simark's revenue and earnings, Management has assumed an
exchange rate of 1.50 between the Canadian dollar and the euro.
Key figures 2017
In million EUR 1/1/ - 31/12/2017 1/1/ - 31/12/2016
Sales 54.29 44.04
Gross profit 17.73 13.25
Gross margin 32.6% 30.1%
EBITDA 0.86 -2.51
EBITDA margin 1.6% -5.7%
EBITDA underlying 1.45 -2.66
EBITDA margin underlying 2.7% -6.0%
EBIT -0.88 -4.90
EBIT margin -1.6% -11.1%
EBIT underlying 0.18 -4.11
EBIT margin underlying 0.3% -9.3%
Net result -2.07 -4.99
Order backlog 18.63 16.85
Detailed financial information
The 2017 annual report of SFC Energy AG can be downloaded from the Company's
website www.sfc.com/en/investors/financial-reports
SFC Energy AG will hold a telephone conference today, March 29, 2018, at
9:00 AM in English for interested investors and representatives. To
register, please send an email 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 39,000 fuel cells sold to date. The
Company has award-winning products and serves a range of applications in the
Oil and Gas, Security and 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 (GSIN:
756857 ISIN: DE0007568578).
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]
Web: www.crossalliance.de
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29.03.2018 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.
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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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