15.05.2019 SFC Energy AG  DE0007568578

DGAP-News: SFC Energy AG publishes figures for the first quarter of 2019 - Strong growth in civil applications and international defense business


 

DGAP-News: SFC Energy AG / Key word(s): Quarterly / Interim Statement
SFC Energy AG publishes figures for the first quarter of 2019 - Strong growth in civil applications and international defense business

15.05.2019 / 07:30
The issuer is solely responsible for the content of this announcement.


SFC Energy AG - Corporate News

SFC Energy AG publishes figures for the first quarter of 2019 - Strong growth in civil applications and international defense business

- Consolidated sales at EUR 16,457k (Q1/2018: EUR 16,758k)
- Adjusted EBITDA at EUR 1,553k (Q1/2018: EUR 1,818k), Adjusted EBIT at EUR 756k (Q1/2018: EUR 1,550k)
- Corresponding figures of Q1/2018 were impacted by the delivery of a major German Armed Forces order
- Preparations for the roll-out of hydrogen fuel cells on schedule
- Outlook for 2019: Management Board confirms sales forecast of EUR 67 million and EUR 74 million, adjusted EBITDA of EUR 4.5 million to EUR 7 million and adjusted EBIT of EUR 3.5 million to EUR 6 million.

Brunnthal/Munich, May 15, 2019 - SFC Energy AG (ISIN: DE0007568578), a leading international supplier of fuel cells and stationary and mobile hybrid power supply solutions, is publishing its figures for the first quarter of 2019 today.

Management Board Report

Dr. Peter Podesser, CEO of SFC Energy AG: "The first quarter of 2019 was characterized by continuing strong demand in all markets. In particular, we were able to realize substantial growth and significant margin improvement in our fuel cells for civil applications, the industrial electronics business as well as the international defense business.

We have been successful in further reducing our dependency on one major defense customer, internationalizing our business and diversifying our civilian applications for fuel cells. In the Oil & Gas business, we won first orders in the US. As anticipated, sales to the German Armed Forces decreased in the first quarter of 2019 compared to the same period of the previous year. This is mainly due to the fact, that the first quarter of 2018 was significantly influenced by a major order received in 2017 and delivered in 2018. The development of hydrogen fuel cell production is in full progress and responses to initial business development activities have been very positive."

Sales growth

The Group generated sales of EUR 16,457k in the period from January to March 2019, compared with EUR 16,758k in the same period of the previous year. This corresponds to a slight decline of 1.8%. While the Clean Energy & Mobility and Industry segments showed robust growth in the first quarter and Oil & Gas got off to a stronger start than expected in the current financial year. Sales in the Defense & Security segment were significantly lower than in the prior-year period, as expected subject to volatility during the year, especially as a result of domestic customers' procurement cycles. On the other side, sales with international customers in this segment quadrupled from EUR 647k to EUR 2,607k in the first quarter of 2019.

Sales by Segment

Segment in k EUR Q1/2019 Q1/2018
Oil & Gas 6,226 6,163
Industry 4,279 3,915
Defense & Security 2,958 4,328
Clean Energy & Mobility 2,994 2,352
Total 16,457 16,758
 

Performance by segment

Oil & Gas

Sales in the Oil & Gas segment showed a slight year-on-year increase of 1.0% to EUR 6,226k (Q1/2018: EUR6,163k). Demand was generally stable. The growth momentum of the 2018 financial year continued, particularly with regards to fuel cells and data transmission technology. First orders from the US are the result of partnerships entered into in 2018 as part of the regional growth strategy.

Industry

The Industry segment significantly increased sales in the first three months of the current financial year by 9.3% to EUR 4,279k, following EUR 3,915k in the prior-year quarter. The main reasons for this growth were the continued robust demand from existing customers and the market success of the new semi-standardized product platform for customers in the laser industry. The segment's significant margin improvement was driven by increased sales, cost reduction and an attractive margin- and product mix development.

Defense & Security

The Defense & Security segment has traditionally been characterized by an extremely strong year-end business and a rather slow first quarter. The unusually strong first quarter of the previous year was heavily influenced by the delivery of the major order received in December 2017 for the German Armed Forces. This was recognized as sales in the first quarter of 2018. As a result, sales in this segment in the reporting quarter at EUR 2,958k were down EUR 2,958k on the prior-year quarter (EUR 4,328k). However, in the first quarter of 2019, the segment recorded significant sales growth in international business. Sales in this segment quadrupled compared to the prior-year as a result of follow-up and new orders from customers in Israel and India. These orders and the associated reduction in dependence on a major customer are proof of the success of the segment's internationalization strategy.

Clean Energy & Mobility

The Clean Energy & Mobility segment made the strongest contribution to the sales growth in the reporting period, with an increase of 27.3% to EUR 2,994k compared to EUR 2,352k in the prior-year period. Broad growth at national and international level is evidence of the success of the growth strategy implemented in recent years. Particularly positive impacts came from the markets for security technology and wind energy. In addition, the consumer market recorded significant quarterly growth, reversing the downward trend of previous years. One of the reasons for this was the successful launch of a sales initiative in North America.

Earnings performance

In the reporting period, gross profit and the gross margin at Group level decreased slightly to EUR 5,716k and 34.7% respectively (Q1/2018: EUR 5,907k and 35.2% respectively). The decline in gross margin is mainly attributable to the Defense & Security segment. While all other segments reported growth in gross profit, the gross profit of the Defense & Security segment was down to EUR 1,280k on the same quarter of the previous year (EUR 2,142k) as a result of lower sales.

Gross profit by segment

Segment in k EUR Q1/2019 Q1/2018
Oil & Gas 1,827 1,804
Industry 1,292 1,052
Defense & Security 1,280 2,142
Clean Energy & Mobility 1,317 910
Total 5,716 5,907
 

 

The Group's EBITDA in the reporting period amounted to EUR 778k, compared with EUR 973k in the prior-year period. The EBITDA margin in relation to sales decreased from 5.8 % in the prior-year period to 4.7 % in the reporting period. EBITDA adjusted for non-recurring items amounted to EUR 1,553k in Q1/2019, down from EUR 1,818k in the prior-year period.

In the first three months of the current financial year, the Group's EBIT amounted to minus EUR 19k (Q1/2018: EUR 705k). Taking into account non-recurring items, the adjusted EBIT in the reporting period amounted to EUR 756k (Q1/2018: EUR 1,550k).

The consolidated net result after tax for the period amounted to minus EUR 320k in the first quarter of 2019, following EUR 326k in the same period of the previous year. Earnings per share in accordance with IFRS (undiluted and diluted) accordingly amounted to minus EUR 0.03 (Q1/2018: EUR 0.03).

The Group applies the new IFRS Standard 16, which governs the sale and measurement of leases, with effect from the 2019 financial year. The application of IFRS 16 resulted in the following effects on income, which have already been taken into account in the figures presented.

  In k EUR  
Effect on EBITDA plus 560  
Effect on EBIT plus 37  
Effect on net income for the period minus 25  
 

Statement of financial position

Available cash funds amounted to EUR4,512k as of March 31, 2019 (December 31, 2018: EUR7,520k). The equity ratio declined to 35.4% at the end of the reporting period (December 31, 2018: 43.3%), mainly due to the first-time mandatory application of IFRS 16. As of March 31, 2019, the SFC Energy Group had 280 permanent employees (March 31, 2018: 263).

Guidance for 2019

Based on a solid order backlog of EUR 13,653k as of March 31, 2019 and against the background of continued momentum in the macro environment, but also in all individual markets, the Management Board of SFC Energy AG is confirming its forecast for 2019 as a whole and is expecting that consolidated sales will range from EUR 67 million to EUR 74 million. In addition, a further significant increase in profitability with an adjusted EBITDA of EUR 4.5 million to EUR 7 million and an adjusted EBIT of EUR3.5 million to EUR 6 million is planned for 2019.

This guidance has been prepared excluding the effects of the application of IFRS 16.

When calculating sales revenue and Simark's earnings, the Management Board assumes an exchange rate of 1.50 between the Canadian dollar and the euro.

Review process of strategic options

The process initiated by the Management Board in consultation with core shareholders to examine and prepare possible strategic options for the future development and growth of the Company, which was last reported on 25 March 2019 in the course of the publication of the audited Group figures for the 2018 financial year, will be continued.

Key figures for Q1/2019

In k EUR 01/01-31/03/2019 01/01-31/03/2018
Sales 16,457 16,758
Gross profit 5,716 5,907
Gross margin 34,7 % 35.2 %
EBITDA 778 973
EBITDA margin 4.7 % 5.8 %
EBITDA underlying 1,553 1,818
EBITDA margin underlying 9.4 % 10.8 %
EBIT -19 705
EBIT margin -0.1 % 4.2 %
EBIT underlying 756 1,550
EBIT margin underlying 4.6 % 9.2 %
Earnings after taxes -320 326
Order backlog 13,653 16,914

 

Detailed financial information

The interim report on the first quarter of SFC Energy AG is available for download at http://www.sfc.com/de/investoren/finanzberichte#header . The 3-month figures have not been reviewed by an auditor.

SFC Energy AG will host a teleconference in English for interested investors and media representatives at 9:00 a.m. today, May 15, 2019. 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 supplier of stationary and mobile hybrid power generation plants. With over 40,000 fuel cells sold to date, SFC Energy is a leading manufacturer of methanol fuel cells. The company sells its numerous multi-award-winning products to the oil and gas industry, for security and industrial applications and in consumer markets. The company has its headquarters in Brunnthal, close to Munich in Germany, and operates production facilities 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
D-85649 Brunnthal
Tel. +49 89 673 592-378
Email: ir@sfc.com
Web: www.sfc.com

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Tel. +49 89 125 09 03-33
Email: susan.hoffmeister@sfc.com
Web: www.crossalliance.de

Important Note
This release neither constitutes an offer to purchase, or to sell, or to subscribe, nor an invitation to purchase or subscribe any securities.

This release may contain forward-looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including, but not limited to, the terms "expects," "plans," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of SFC Energy AG and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date of this release. We undertake no obligation, and do not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. We accept no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.



15.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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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: ir@sfc.com
Internet: www.sfc.com
ISIN: DE0007568578
WKN: 756857
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 811181

 
End of News DGAP News Service

811181  15.05.2019 

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Die wichtigsten Finanzdaten auf einen Blick
  2012 2013 2014 2015 2016 2017 2018 2019e
Umsatzerlöse1 31,26 32,41 53,63 47,31 44,04 54,29 61,70 60,00
EBITDA1,2 0,73 -4,47 -1,18 -4,65 -2,51 0,86 2,48 -0,40
EBITDA-Marge3 2,34 -13,79 -2,20 -9,83 -5,70 1,58 4,02 -0,67
EBIT1,4 -0,52 -8,84 -4,27 -10,65 -4,90 -0,89 1,33 -2,75
EBIT-Marge5 -1,66 -27,28 -7,96 -22,51 -11,13 -1,64 2,16 -4,58
Jahresüberschuss1 -0,43 -8,91 -4,83 -10,67 -4,99 -2,07 0,00 -3,70
Netto-Marge6 -1,38 -27,49 -9,01 -22,55 -11,33 -3,81 0,00 -6,17
Cashflow1,7 1,26 -7,31 -3,55 -1,86 -5,23 1,70 2,01 -1,30
Ergebnis je Aktie8 -0,06 -1,16 -0,60 -1.24 -0,58 -0,23 0,00 -0,28
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2018 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Deloitte

INVESTOR-INFORMATIONEN
©boersengefluester.de
SFC Energy
WKN Kurs in € Einschätzung Börsenwert in Mio. €
756857 10,200 Halten 132,09
KGV 2020e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
30,00 0,00 0,000 -20,16
KBV KCV KUV EV/EBITDA
3,36 65,88 2,14 46,738
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
Hauptversammlung
0,00 0,00 0,00 19.05.2020
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
18.05.2020 20.08.2020 15.11.2019 26.03.2020
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-8,99% -9,97% 23,49% 31,11%
    
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