- Half-year results confirm the preliminary figures published on August 24, 2022.
- Group sales in Q2/2022 with significant increase of 43.2% to EUR 20,253 thousand (Q2/2021: EUR 14,148 thousand), in H1/2022 plus 22.6% to EUR 38,159 thousand (H1/2021: EUR 31,132 thousand).
- Adjusted EBITDA in H1/2022 at KEUR 3,112 (H1/2021: KEUR 3,441) in line with expectations, adjusted EBITDA margin at 8.2% (H1/2021: 11.1%).
- Order backlog increases again to EUR 65,176 thousand (March 31, 2022: EUR 57,144 thousand).
- Forecast 2022 confirmed.
Brunnthal/Munich, Germany – SFC Energy AG (“SFC”, F3C:DE, ISIN: DE0007568578 ), a leading provider of hydrogen and methanol fuel cells for stationary and mobile hybrid power supply solutions, today published its Report for the first half of 2022 and confirms the preliminary half-year figures of August 24, 2022.
Board report
dr Peter Podesser, CEO of SFC Energy AG: “We were able to successfully continue our dynamic development in the first half of the year despite the existing challenges in the supply chain. In particular, the acceleration of growth in the second quarter with a sales increase of 43.2% compared to the same quarter of the previous year confirms the consistently high demand for our clean and efficient energy generators. The trend continues in an unbroken high order dynamic. Orders received increased significantly in the first half of the year to EUR 72,512k (H1/2021: EUR 38,340k).
With our technologies and market-ready products, we are already contributing to the achievement of the medium-term climate goals. The changed geopolitical situation is also accelerating the demand for replacement technologies from conventional power generators.
At the end of August, Germany and Canada strengthened their cooperation in the field of renewable energies and in the production of green hydrogen with the decision on specific measures as part of the delegation trip of the Chancellor and Vice Chancellor. We took part with the German delegation in this groundbreaking meeting of politics and business and were able to establish and intensify valuable contacts. We have been in the energy sector and mining in Canada with our fuel cell technology for more than ten years and expect to benefit from improved framework conditions.
With regional cooperation partnerships, such as our presence in India, we will continue to internationalize our business model. On the other hand, we take the challenges of a changed economic environment into account. In concrete terms, this means that we are closely monitoring and constantly reviewing the effects of the Ukraine war. In the first half of the year, we shortened our supply chains and continuously increased our inventory of critical components and raw materials. In addition, we have counteracted the increased component, material and logistics costs in the form of price adjustments. We assume that these early measures will have a positive impact on profitability within the next few quarters.
Improved profitability, our high order backlog, our long-term partnerships, the increasing market penetration of our products and the successful capital increase allow us to look forward to a strong second half of the year with confidence.”
Sales and order development
In the period from January 1 to June 30, 2022, SFC generated consolidated sales of EUR 38,159 thousand after EUR 31,132 thousand in the same period of the previous year and thus recorded an increase of 22.6%. In the second quarter of 2022, SFC was able to accelerate growth again and increase consolidated sales by 43.2% to EUR 20,253 thousand (Q2/2021: EUR 14,148 thousand). The decisive factor for this positive development was the organic sales growth in the Clean Energy segment.
| Sales by segment in EUR thousand | H1/2022 | H1/2021 | change |
| CleanEnergy | 26,648 | 19,356 | 37.7% |
| Clean power management | 11,510 | 11,776 | -2.3% |
| In total | 38.159 | 31.132 | 22.6 % |
The order intake shows an uninterrupted high demand for SFC fuel cell and power management solutions. As of June 30, 2022, the order backlog increased further to EUR 65,176k compared to March 31, 2022 (EUR 57,144k).
segment development
The Clean Energy segment remained the Group’s top-selling segment in the reporting period. With a share of 69.8% (H1/2021: 62.2%) in group sales, its contribution to sales was further expanded. Clean Energy achieved strong sales growth of 37.7% in the first half of the year and generated sales of EUR 26,648 thousand (H1/2021: EUR 19,356 thousand). The segment benefited in particular from the sustained demand for methanol and hydrogen fuel cells for industrial applications, which made up the largest share of segment sales.
Revenues in the Clean Power Management segment fell slightly by 2.3% to EUR 11,510 thousand in the first half of the year (H1/2021: EUR 11,776 thousand) due to the persistently challenging procurement environment for electronic components, which led to shifts in revenue. The percentage share of the Clean Power Management segment in Group sales thus decreased to 30.2% (H1/2021: 37.8%).
Earnings development
In the half-year under review, organic sales growth in the Clean Energy segment led to an increase in consolidated gross profit by 20.3% to EUR 13,364k (H1/2021: EUR 11,187k). The resulting gross profit margin of the Group (gross profit as a percentage of sales) decreased slightly to 35.3% (H1/2021: 35.9%). In this context, the increased contribution to sales from the higher-margin Clean Energy segment was able to counteract the margin reduction in the Clean Power Management segment.
For the individual segments, the gross profit compared to the previous year is as follows:
| Gross profit by segment in EUR thousand | H1/2022 | H1/2021 | change |
| CleanEnergy | 10,691 | 7,788 | 37.3% |
| Clean power management | 2,772 | 3,399 | -18.4% |
| In total | 13,463 | 11.187 | 20.3 % |
EBITDA adjusted for special effects amounted to EUR 3,112 thousand in the first half of 2022 (H1/2021: EUR 3,441 thousand) and was therefore in line with expectations. The adjusted EBITDA margin decreased by 2.9 percentage points to 8.2% (H1/2021: 11.1%). EBIT adjusted for special effects fell to EUR 709 thousand (H1/2021: EUR 1,400 thousand). This results in an adjusted EBIT margin of 1.9% (H1/2021: 4.5%). The consolidated result for the period was positive in the half-year under review and was EUR 369 thousand (H1/2021: EUR -4,379 thousand), in particular due to the lower burden from special effects, and was therefore significantly higher than in the same period of the previous year. Earnings per share according to IFRS, basic and diluted, improved accordingly in the first half of 2022 to EUR 0.03 (H1/2021: EUR -0.30).
balance sheet
As of June 30, 2022, equity amounted to EUR 51,198 thousand (December 31, 2021: EUR 50,019 thousand) and thus increased by EUR 1,179 thousand. The equity ratio fell slightly to 56.3% in the reporting period (December 31, 2021: 57.3%). The net financial position (free cash and cash equivalents less liabilities to banks) decreased in the reporting period by EUR 11,882k to EUR 10,006k (December 31, 2021: EUR 21,888k). As of June 30, 2022, the SFC Energy Group had 314 permanent employees (December 31, 2021: 288).
Forecast 2022 confirmed
Against the background of the developments listed in the half-year report, SFC Energy will continue to focus on structural improvements and the further development of margins in the 2022 financial year, despite significantly increased geopolitical and economic uncertainties in the framework conditions, and will continue to pursue targeted growth initiatives. All goals are consistently backed up with specific action plans.
The Management Board confirms the annual forecast for 2022. Due to the very positive sales development in the Clean Energy segment in the first half of 2022, which was characterized by high demand dynamics, SFC Energy AG expects sales growth of 17% to 29% compared to the previous year to around EUR 1,000 75,000 to EUR 83,000 thousand. Adjusted EBITDA, one of the key financial performance indicators for managing SFC’s operating business, is expected to be in the range of EUR 6,000 thousand to EUR 9,100 thousand. In this forecast, the Management Board assumes that no further major financial impacts of COVID-19 on SFC’s business operations are to be expected, as well as no further major negative effects of the war in Ukraine. In addition, the Management Board assumes that prices for SFC products will continue to be good and that exchange rate effects will be positive. In accordance with the expectations described above, the Management Board confirms the forecast for the adjusted EBIT with a range of EUR 1,600 thousand to EUR 2,900 thousand.
Key figures H1 2022 / H1 2021
| In kEUR | 01.01.-30.06.2022 | 01.01.-30.06.2021 |
| Sales volume | 38.159 | 31.132 |
| Gross profit on sales | 13,463 | 11.187 |
| gross margin | 35.3% | 35.9% |
| EBITDA | 3,060 | -1,912 |
| EBITDA margin | 8.0% | -6.1% |
| Adjusted EBITDA | 3.112 | 3,441 |
| Adjusted EBITDA margin | 8.2% | 11.1% |
| EBIT | 658 | -3,953 |
| EBIT margin | 1.7% | -12.7% |
| EBIT adjusted | 709 | 1,400 |
| EBIT margin adjusted | 1.9% | 4.5% |
| Group profit for the period | 369 | -4,379 |
| order backlog* | 65,176 | 17,091 |
* as of June 30
Detailed financial information
The half-year report 2022 of SFC Energy AG is available for download at www.sfc.com .
SFC Energy AG will hold a conference call in English today, September 13, 2022, at 8:30 a.m. (CEST) for interested investors and press representatives. To register, please send an email to [email protected] .
About SFC Energy AG
SFC Energy AG is a leading supplier of hydrogen and methanol fuel cells for stationary and mobile hybrid power supply solutions. With the Clean Energy and Clean Power Management business areas, SFC Energy AG is a sustainably profitable fuel cell producer. The company sells its multiple award-winning products worldwide and has sold more than 55,000 fuel cells to date. Headquartered in Brunnthal near Munich, Germany, the company operates production sites in the Netherlands, Romania and Canada. SFC Energy AG is listed in the Prime Standard of the German Stock Exchange (WKN: 756857 , ISIN: DE0007568578 ) . Web: sfc.com
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