SFC Energy AG — Earnings Release 2008

Mar 24, 2009

News Details

Corporate | 24 March 2009 08:01

SFC Smart Fuel Cell AG: Consolidated financial statements confirm SFC’s preliminary figures – Company still on growth track even in tough economic times

SFC Smart Fuel Cell AG / Final Results

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• Sales, earnings, and cash consistent with figures already released

• Sales up slightly in spite of difficult economy

• Product share of sales up again, to 75.9% (2007: 71.0%)

Brunnthal, March 24, 2009 — The final figures in the audited consolidated
financial statements of SFC Smart Fuel Cell AG, technology and market
leader in mobile and remote power solutions based on fuel cells, have
confirmed the preliminary figures released on January 26. As announced,
even though the troubled economy particularly affected the volume market
Leisure, the Company increased sales slightly against the prior year to
EUR14,554k (vs. EUR14,351k; +1.4%). Most of the growth was in sales
revenues from EFOY fuel cells.

EBIT for 2008, at minus EUR4,501k, was 4.4% better than the year before
(2007: minus EUR4,707k). Gross margin improved again in 2008 to 18.5%
(2007: 17.4%). This further increase in margin reflects the Company's
ongoing systematic work in reducing in the production cost for EFOY fuel
cells. The result after taxes also improved, by 6.7%, to minus EUR2,355k
(2007: minus EUR2,524k).

Cash and cash equivalents at December 31, 2008, came to EUR45,568k
(December 31, 2007: EUR52,945k). Discipline on spending and professional
working capital management once again helped the Company outperform its
goals for cash flow and working capital.

In all, the Company sold 4,795 EFOY units in 2008 (2007: 4,483), equivalent
to a 7.0% increase in sales volume - proving that these units offer genuine
user value in many different markets, and remain in demand even in rough
economic times. In the leisure market, which was particularly hit by the
economic crisis, 37 European RV makers now include EFOY fuel cells as
either standard equipment or options on their programs. Particularly in
industrial applications where a reliable power supply far from any power
outlet is a top priority, SFC sold 39.8% more EFOY fuel cells than the year
before. In the defense business, product revenues in portable fuel cell
systems increased 46.7%, but sales from joint development agreements (JDAs)
were down because of delays in the award of follow-up contracts.

As of December 31, 2008, SFC Smart Fuel Cell AG had 108 employees (December
31, 2007: 91 employees).

In financial year 2009, management will seek significant growth in the
Industry and Defense segments. An important strategic goal is to make the
Group less vulnerable to the wide seasonable and economic fluctuations in
the leisure market, by drawing on a more diversified base. A further goal
for financial year 2009 is to improve operating profit (EBIT) through
further sales growth and consistent reductions in the costs of our products
even if cash flows initially remain negative.

The 2008 Annual report is available for download on 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 more than 13,000 fully
commercial products to industrial and private end users for more than four
years, and has created a convenient fuel cartridge supply infrastructure.
SFC is DIN ISO 9001:2000 certified. SFC is based in Brunnthal, Germany, and
has a U.S. sales and technical service office in Atlanta.

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

24.03.2009 Financial News transmitted by DGAP

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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