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| Datum : | 13.05.2014 |
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DGAP-News: SFC Energy AG builds momentum following successful Simark integration |
| Meldung : | DGAP-News: SFC Energy AG / Key word(s): Quarter Results SFC Energy AG builds momentum following successful Simark integration 13.05.2014 / 07:45 --------------------------------------------------------------------- SFC Energy AG -Corporate News - ISIN DE0007568578 SFC Energy AG builds momentum following successful Simark integration SFC Energy AG / Key word(s): Quarter Results - Q1/14 revenue up 76 percent y-o-y to EUR 12.94m; Underlying EBITDA of EUR -0.24m - Simark integration driving strong revenue growth in the oil & gas segment - Strong order backlog supporting guidance for EUR 55-60m revenues for 2014 - Introduction of new segmentation to realign business and set platform for future diversification and growth Brunnthal/Munich, May 13, 2014 - SFC Energy AG, a leading international provider of hybrid power solutions to the stationary and mobile power generation markets, today published figures for the first quarter of 2014. - Revenues were up 76 percent to EUR 12.94m from EUR 7.35m in Q1/13 - Underlying EBITDA was EUR -0.24m but remains on track to become positive over the full year - Gross profit was up 37 percent to EUR 3.94m, from EUR 2.88m in Q1/13 New segmentation SFC Energy has introduced a new segmentation for reporting to better accommodate recent acquisitions and set a platform for future diversification and growth. This also recognizes that the oil & gas segment now represents approximately 50 percent of SFC Energy's total revenues. (See full Q1 2014 report for detailed explanation and comparison of new and old reporting segments.) Gross Profit by segment in million EUR Q1/2014 Q1/2013 Oil & Gas 1.62 0.07 Security & Industry 1.93 2.19 Consumer 0.39 0.62 Total 3.94 2.88 Earnings EBIT decreased from EUR -0.18m in Q1/13 to EUR -1.20m in Q1/14. One-off items totaled EUR 0.56m, mainly due to expenses in relation to the acquisition of Simark. Excluding one-off costs, underlying EBIT in Q1/14 was EUR -0.65m. EBITDA for the first three months of 2014 was EUR -0.51m, down from EUR 0.29m in the same period 2013. Excluding one-off costs, underlying EBITDA in Q1/14 was EUR -0.24. Cash and cash equivalents (freely available) at March 31, 2014 was EUR 5.65m, down from EUR 7.14m at the start of the year. As of the end of the first quarter in 2014 SFC Energy had 256 permanent employees (March 31, 2013: 184). Revenues by segment Revenues in the new Oil & Gas segment rose strongly from EUR 0.12m in Q1/13 to EUR 6.61m in Q1/14, due to the Simark acquisition. In the new Security & Industry segment revenues were impacted by the cancellation of an order and the slower start-up of two new projects in SFC Energy's electronic business. The defense business (now part of Security & Industry) showed signs of recovery following weak sales in 2013. Revenues in the Consumer segment (which is identical to the consumer segment in the prior segmentation) were slightly down year-on-year at EUR 1.25m, noting that the EUR 1.68m in Q1/13 was partly due to one large order replenishing inventories at a major retail partner. in million EUR Q1/2014 Q1/2013 Oil & Gas 6.61 0.12 Security & Industry 5.07 5.55 Consumer 1.25 1.68 Total 12.94 7.35 Operational highlights - Following restructuring in Q4/13, SFC Energy completed the fuel cell business consolidation in Q1/14, with focus on the North American markets. - The integration of Simark is already contributing synergies; after a very fast development time of only a few months, the EFOY ProCabinet was brought to market in Q1/2014 for the oil & gas industry. This extreme temperature fuel cell solution is expected to contribute significantly to revenues in the second half of 2014. - In April 2014 SFC Energy opened a new EFOY service center in Calgary, Canada. North American customers will now be supplied from two fuel cell cartridge hubs; Fairfield / Ohio, USA, and Calgary / Alberta, Canada. - In the Security & Industry segment SFC Energy was able to further penetrate the market of public security applications in Singapore with a major order. Outlook SFC Energy again finished a quarter with a strong order backlog of EUR 16.28m (March 31, 2013: EUR 7.91m). Dr. Peter Podesser CEO: "With the strong order backlog and the successful integration of Simark into our group we are well positioned for reaching our targets for 2014." Management continues to believe that the Company can deliver, this year, total revenues of between EUR 55-60m and a positive underlying EBITDA. In estimating Simark's revenue and earnings, Management have assumed an exchange rate of 1.40 between the Canadian dollar and the euro. Key Q1 data in million EUR Q1 2014 Q1 2013 Revenues 12.94 7.35 Gross Profit 3.94 2.88 Gross margin 30.4 percent 39.2 percent EBITDA -0.51 0.29 Underlying EBITDA -0.24 0.11 Underlying EBITDA margin -1.8 percent 1.6 percent EBIT -1.20 -0.18 Underlying EBIT -0.65 -0.36 Underlying EBIT margin -5.0 percent -4.9 percent EAT -1.32 -0.21 Order backlog 16.28 7.91 Detailed financials The detailed SFC Energy AG First Quarter 2014 Report is available at http://www.sfc.com/en/investors/financial-reports#header 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: ir@sfc.com End of Corporate News --------------------------------------------------------------------- 13.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- 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: info@sfc.com Internet: www.sfc.com ISIN: DE0007568578 WKN: 756857 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 267972 13.05.2014 |
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