DGAP-News: SFC Energy AG / Key word(s): Final Results
SFC Energy AG publishes audited figures for 2013 and confirms positive
outlook for 2014
27.03.2014 / 07:17
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* Total revenue of EUR 32.41m; underlying EBITDA of EUR -2.20m
* Excellent order backlog at the end of 2013
* Strong growth expected in 2014
* Revenue guidance of EUR 55-60m for 2014
Brunnthal/Munich, March 27, 2014 - SFC Energy AG, a leading international
provider of hybrid power solutions to the stationary and mobile power
generation markets, today published its audited figures for the financial
year 2013.
SFC Energy achieved revenues of EUR 32.41m (2012: EUR 31.26m), in-line with
guidance given by Management in October.
On the earnings side, SFC Energy generated underlying EBITDA of EUR -2.20m
(2012: EUR 0.83m).
Profitability was impacted by shifts in the product sales mix (with
particular weakness in the higher margin Defense & Security segment) and by
one-off items. This meant that gross profit in 2013 was EUR 10.64m, down
from EUR 12.76m the previous year.
Gross profit by segment
<pre>
in million EUR 2013 2012
Industry 7.80 6.58
Consumer 1.74 1.79
Defense & Security 1.09 4.40
Total 10.64 12.76
</pre>
EBIT decreased year-on-year from EUR -0.52m in 2012 to EUR -8.84m in 2013.
One-off items totalled EUR 4.62m and included expenses in relation to the
acquisition of Simark (EUR 2.67m) and subsequent valuation of the
acquisition of PBF (EUR 0.55m), as well as other, mainly
restructuring-related expenses (EUR 1.40m). Excluding one-off costs,
underlying EBIT was EUR -4.22m.
EBITDA for the year was EUR -4.47m, down from 0.73m in 2012. Excluding
one-off costs, underlying EBITDA was EUR -2.20.
Cash and cash equivalents (freely available) at December 31, 2013 was EUR
7.14m (Dec 31, 2012: EUR 22.63m). This reduction was largely a consequence
of the acquisition of Simark and the negative result for the year.
As of December 31, 2013 SFC Energy had 256 permanent employees (Dec 31,
2012: 189).
Markets
With the acquisition of Simark Controls, proven specialist in the sale and
servicing of high quality instrumentation, automation and power products to
the Western Canadian oil and gas industry, SFC Energy has gained access to
the fast-growing oil and gas market in North America.
In 2013, revenues in the Industry segment rose from EUR 17.50m to EUR
24.97m, due to the Simark acquisition. Revenues in the Consumer segment of
EUR 4.80m were slightly down year-on-year (2012: EUR 4.84m), a positive
development given the leisure market's downward trend. Defense & Security
segment revenues in 2013 were down significantly from EUR 8.92m in 2012 to
EUR 2.65m in 2013. This decrease was due to contract award delays relating
to the budget situation in the U.S. and other project delays with the
German Bundeswehr.
Revenues by segment
<pre>
in million EUR 2013 2012
Industry 24.97 17.50
Consumer 4.80 4.84
Defense & Security 2.65 8.92
Total 32.41 31.26
</pre>
Outlook
Dr. Peter Podesser CEO: "2013 was a difficult year of transition and
consolidation for the Company and for our shareholders, but we look with
great confidence into 2014 and beyond, given our strong diversified product
portfolio and our increased strength in promising growth markets."
SFC finished the year with a strong order backlog of EUR 17.64m (December
31, 2012: EUR 9.56m) and have entered 2014 with good order visibility,
especially in the North American oil and gas market.
Management believes that, with this solid foundation, the Company can
deliver, this year, total revenues of between EUR 55-60m, with 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.
<pre>
Key data 2013
in million EUR 1/1-12/31/2013 1/1-12/31/2012
Revenues 32.41 31.26
Gross Profit 10.64 12.76
Gross margin 32.8% 40.8%
EBITDA -4.47 0.73
Underlying EBITDA -2.20 0.83
Underlying EBITDA margin -6.8% 2.7%
EBIT -8.84 -0.52
Underlying EBIT -4.22 -0.96
Underlying EBIT margin -13.0% -3.1%
EAT -8.91 -0.43
Order backlog 17.64 9.56
</pre>
Detailed financials
The detailed SFC Energy AG 2013 Annual Report is available at
http://www.sfc.com/en/investors/financial-reports#header
SFC Energy AG
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
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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: 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
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259900 27.03.2014
DGAP-News: SFC Energy AG publishes audited figures for 2013 and confirms positive outlook for 2014
| Source: EQS Group AG