SFC Energy : Quarterly release Q1/2021

Q1

2 0 2 1

QUARTERLY RELEASE

January 1 to March 31, 2021

CON T EN T

SFC ENERGY AG - AT A GLANCE																						3
INTERIM REPORT ON THE BUSINESS DEVELOPMENT AS OF MARCH 31, 2021														4
BUSINESS DEVELOPMENT AND SITUATION																	5
SFC Group																								5
Segments																	10
ASSETS AND FINANCIAL POSITION												12
GUIDANCE													14
SUPPLEMENTAL FINANCIAL INFORMATION								15
Consolidated Income Statement													15
Consolidated Statement of Comprehensive Income												16
Consolidated Balance Sheet														17
Consolidated Cash Flow Statement										19
Segmentation						21
SUBSEQUENT EVENTS				22
FINANCIAL CALENDAR 2021/SHARE INFORMATION/INVESTOR-RELATIONS/IMPRINT		23

SFC ENERGY AG - AT A GL ANCE

CONSOLIDATED KEY FIGURES														in EURk
									01/01- 03/31/2021			01/01- 03/31/2020	Change in %
Sales							16,984	16,119				5.4 %
Gross profit							6,203	5,245			18.3 %
Gross margin							36.5 %				32.5 %	-
EBITDA							- 2,458	375				n.a.
EBITDA margin							- 14.5 %					2.3 %			n.a.
EBITDA adjusted							2,346	820		185.9 %
EBITDA margin adjusted							13.8 %					5.1 %			n.a.
EBIT							- 3,378					- 432			n.a.
EBIT margin							- 19.9 %				- 2.7 %			n.a.
EBIT adjusted							1,425	13				n.a.
EBIT margin adjusted							8.4 %					0.1 %			n.a.
Consolidated net result of period					- 3,635					- 630			n.a.
Net result per share, not diluted					- 0.25				- 0.05			n.a.
Net result per share, diluted							- 0.25				- 0.05			n.a.
SALES BY QUARTER																in EURk
Q1							16,984												2021
					16,119												2020
Q2			11,591
Q3			11,503
Q4					14,010
Q1-Q4															53,223
SALES BY REGION							in EURk	SALES BY SEGMENT	in EURk
01/01-03/31/2021									01/01-03/31/2021
Asia							Rest of the world
319									3
Germany									Clean Power	Clean Energy
2,292
										10,071
								North America	Management
									6,124		6,913

Europe

(not including Germany)

8,245

INTERIM REPORT ON BUSINESS DEVELOPMENT AS OF MARCH 31, 2021

Brunnthal, May 18, 2021

SFC Energy AG (ISIN: DE0007568578), a leading supplier of fuel cell solutions for stationary and mobile applications based on hydrogen and direct methanol fuel cell (DMFC) technology, is publishing its Q1/2021 quarterly release for the period from January 1, 2021, to March 31, 2021, today, including explanations on its business performance and significant events.

SFC Energy AG (SFC AG) together with its subsidiaries forms an internationally active Group of companies in the fuel cell sector (SFC or the Goup). Besides the parent company SFC Energy AG (Germany), the Group comprises the subsidiaries SFC Energy B.V. (The Netherlands) and SFC Energy Ltd. (Canada).

The Group is active in various fields that are subdivided into segments and business units.

The segmentation of the Group's activities primarily follows the Group's internal reporting structure and management by business segments. These are based on the Group's technology platforms as well as the portfolio of products and services offered. The allocation of resources and the assessment of the business development of the segments are performed by the Group's management as the chief operating decision maker.

The figures presented in this quarterly release have been rounded in accordance with standard commercial practice. This can result in certain figures not adding up to the total amounts shown.

The financial figures for the first three months of 2021 and 2020 are unaudited and have not been reviewed by an auditor.

4	SFC ENERGY QUARTERLY RELEASE

BUSINESS DEVELOPMENT AND SITUATION

The Group

Compared to the same period of the previous year, the Group (SFC or the Group) managed to increase its sales by EUR 865k or 5.4 % to EUR 16,984k (previous year: EUR 16,119k) in the first three months of fiscal year 2021 (the reporting period). This positive development was due to growth in sales in both segments, Clean Energy and Clean Power Management.

Exchange rate effects had a negative impact of EUR 179k or 1.1 % on the Group's sales in the reporting period compared to the same period of the previous year.

In the reporting period, both the positive development of Group sales and the increase in the gross profit margin led to an increase in gross profit of EUR 958k or 18.3 % to EUR 6,203k (previous year: EUR 5,245k). The resulting gross profit margin of the Group (gross profit as a percentage of sales) improved to 36.5 % (previous year: 32.5 %).

SALES AND GROSS PROFITin EURk

Sales				16,984
			16,119
Gross profit			6,203
	5,245
	01/01- 03/31/2021
	01/01- 03/31/2020

The increase in provisions or the capital reserve for obligations arising from long-term variable compensation programs in the form of Stock Appreciation Rights (SARs) and Stock Option Programs for the Management Board ("LTI programs") impacted the operating result for the reporting period. This non-recurring effect totaling EUR 4,804k (previous year: EUR 282k) for the reporting period is included in EBIT and EBITDA as an expense. In this context, the expenses for the LTI programs were allocated to both sales costs and general administration costs.

There were no non-recurring effects from transaction-related expenses in the reporting period (previous year: EUR 163k).

NON-RECURRING EFFECTS

Expenses for the LTI programs

Expenses for acquisition efforts

Total

thereof included in sales costs

thereof included in general administration costs

				in EURk
01/01- 03/31/2021		01/01- 03/31/2020	Change in %
4,804	283		n.a.
0	163		- 100.0 %
4,804	446		n.a.
2,673	204		n.a.
2,131	242		n.a.

SFC ENERGY QUARTERLY RELEASE

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