PRESS RELEASE: SFC Smart Fuel Cell AG increases turnover and margins in HY/08 despite customers' increased
SFC Smart Fuel Cell AG / Half Year Results
24.07.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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- Sales up in HY/08 with EUR8,203k compared to HY/07 (EUR7,506k)
- Gross margin HY/08: 20.6% (HY/07: 13.0%)
- Leisure markets: First serial OEM order
- Defense markets: First serial use of fuel cells for an international
peace mission
- Formation of US-subsidiary in 2008
Brunnthal, July 24, 2008 - Despite difficult market environments,
especially in the motor home core markets, SFC Smart Fuel Cell AG increased
sales in the first half year 2008 by 9.3 percent. Sales in the HY/08 were
EUR8,203k (HY/07: EUR7,506k), of these EUR3,597k in the second quarter (Q2/07:
EUR4,151k). Especially the second quarter was characterized by an increased
caution practised by leisure customers all over Europe with their spending,
a trend felt throughout the industry. This gap could not be closed by
successes in other market segments.
In total 2,472 EFOY units were sold in HY/08 (HY/07: 2,372), an increase of
4.2%. The motor home manufacturer Rapido will integrate the EFOY fuel cell
as standard equipment in several of the company's high-end motor homes
beginning in autumn 2008. In the reporting period SFC delivered for the
first time portable Jenny fuel cells for serial use during an international
peace mission. In addition to this, the company was again able to complete
new joint development agreements with international defense organizations,
including the U.S. Army. However, some of the programs are experiencing
budget-related delays, which means that projects originally scheduled for
2008 may not materialize this year.
EBIT in HY/08 with minus EUR1,360k improved by 44% compared to the previous
year (HY/07: minus EUR2,439k). In Q2/08 the EBIT was minus EUR949k compared to
minus EUR424k in Q2/07. The net income in the HY/08 improved by 79% to minus
EUR272k (HY/07: minus EUR1,295k), In Q2/08 the net income was minus EUR419k
(Q2/07: minus EUR299k).
Cash and cash equivalents amounted to EUR47,193k on June 30, 2008 (December
31, 2007: EUR52,945k).
As of June 30, 2008 SFC Smart Fuel Cell AG had 101 employees (June 30,
2007: 85), thus topping the 100 mark for the first time in the company's
history.
Despite declining sales in the European motor home accessory markets due to
lacklustre consumer spending, SFC Smart Fuel Cell AG believes it is in a
strong position to generate medium and long-term growth even against market
trends. Due to the developments mentioned, however, SFC Management expects
a 2008 sales growth of 20 to 30 percent in comparison with 2007 (sales
2007: EUR14,351k).
To further expand existing US-business and to leverage market potential in
the defense, industry and other businesses, the Supervisory Board approved
Management Board's proposal to establish a US subsidiary by the end of the
year.
The half year report 2008 is available for download at www.sfc.com.
About SFC Smart Fuel Cell AG
SFC Smart Fuel Cell AG (www.sfc.com) is market leader in fuel cell
technologies for mobile and off-grid power applications serving the
leisure, industrial and defense markets. As one of Germany's technology
pioneers, SFC has won numerous innovation awards. SFC has alliances with
leading companies in a wide range of industries. Unlike most other fuel
cell manufacturers, who are in the research and development phase or run
subsidized demonstration projects, SFC has shipped 9,000 fully commercial
products to industrial and private end users for four years, and has
created a convenient fuel cartridge supply infrastructure. SFC is DIN ISO
9001:2000 certified.
SFC Investor Relations:
Barbara v. Frankenberg
Investor Relations Manager
SFC Smart Fuel Cell AG
Eugen-Sänger-Ring 4
D-85649 Brunnthal
Tel. +49 89 673 592 378
Fax. +49 89 673 592 369
Email: barbara.frankenberg@sfc.com
Web: www.sfc.com
24.07.2008 Financial News transmitted by DGAP
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Language: English
Issuer: SFC Smart Fuel Cell AG
Eugen-Saenger-Ring 4
85649 Brunnthal
Deutschland
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, München, Düsseldorf, Stuttgart
End of News DGAP News-Service
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(END) Dow Jones Newswires
July 24, 2008 02:49 ET (06:49 GMT)