SFC Energy AG — Earnings Release 2009

Jan 28, 2010

News Details

Corporate | 28 January 2010 08:24

SFC Smart Fuel Cell AG: Preliminary figures 2009 confirm latest forecast

SFC Smart Fuel Cell AG / Miscellaneous/Preliminary Results

28.01.2010

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• EBIT stabilized at previous year's level despite decrease in revenues -
  cost reduction programs show clear impact

• Increase in sales revenue by 5% over 2008 in civilian markets
  (leisure, industry and mobility)

• Order backlog at December 31, 2009: 3.4 million EUR - an increase by
  approx. 100 % over last year (2008: 1.7 million EUR)

Brunnthal/Munich, Germany, January 28, 2010 - SFC Smart Fuel Cell AG,
technology and market leader for mobile and off-grid power solutions based
on fuel cell technologies, has published preliminary unaudited figures for
the 2009 fiscal year. In a difficult environment in all target markets the
company achieved total sales revenues of approx. 11.7 million EUR (2008:
14.6 million EUR).

The revenue decrease by almost 20% is within expectations and predominantly
caused by massive program shifts in the defense markets. In the reporting
period, in Europe as well as in the United States power supply programs for
soldiers in the field planned for 2009 were postponed. As a consequence,
SFC's revenues in the defense markets decreased by approx. 63% compared to
the year before. In the leisure market revenues decreased by 14% while SFC
was able to hold against the general market trend and to increase market
penetration: all over Europe the number of newly registered motor homes
went down by 21%, in Germany motor home production dropped by 42%. SFC's
strong revenue growth in the industry and mobility markets more than
compensated the reduced leisure revenues, so that the company was able to
achieve an overall growth in sales revenues of approx. 5% over 2008 in the
civilian markets.

The number of A-series fuel cell systems sold decreased by 11.6% from 4,795
units in 2008 to 4,241 units in 2009. In the reporting period, SFC started
delivery of the FC 250 and EMILY fuel systems specifically developed for
defense applications. Reduced numbers of units sold in the leisure markets
were partly compensated by increased sales in industry and mobility
applications. Despite a lower number of total systems delivered, SFC was
able to increase sales revenues of the A-series due to an expedient price
policy and an improved portfolio mix: from approx. 9.0 million EUR in 2008
to approx. 9.4 million EUR in 2009.

Preliminary EBIT for 2009, despite reduced sales revenues, was between
minus 4.5 million EUR and minus 4.75 million EUR and thus was stabilized at
last year's level (2008: minus 4.5 million EUR). This result reflects the
clear impact of stringent programs to further reduce product cost and
increase efficiency. Preliminary net loss 2009 was between minus 3.8
million EUR and minus 4.05 million EUR (2008: minus 2.4 million EUR). The
difference here is mainly caused by the lower interest rates level in 2009.
Strict spending discipline and working capital management are also
reflected by the cash flow development: cash on hand at December 31, 2009
amounted to 40.5 million EUR (December 31, 2008: 45.6 million EUR).

For the 2010 business year the company expects leisure sales on the 2009
level due to continued difficult market conditions. For the civilian
markets as a whole the company again expects a considerable sales growth.
Expansion of SFC's sales base into these markets remains a core strategic
goal to reduce the company's dependency on the economic and seasonal
fluctuations of the leisure market as well as still low visibility in the
defense segment. Though the visibility in terms of timing remains low in
the defense market, there are major project decisions pending. SFC expects
first positive project decisions in the first half of 2010. Continued
product cost reduction and herewith further margin improvements remain as
another focus.

SFC's audited financial statements will be published on March 25, 2010.

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 16,000 fully
commercial products to industrial and private end users for more than five
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 Smart Fuel
Cell AG is listed at the Deutsche Boerse Prime Standard (WKN 756857).

SFC Investor Relations:
Barbara von Frankenberg
Head of IR and PR
SFC Smart Fuel Cell AG
Eugen-Sänger-Ring 4
D-85649 Brunnthal
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: barbara.frankenberg@sfc.com

28.01.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: 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

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