SBF publishes 2021 consolidated financial statements and plans significant growth for 2022
- Group sales grow by 45.7% to €31.2 million (2020: €21.4 million)
- Encouraging operating performance of the two segments “Rolling Stock” and “Industrial Lighting”
- Significant growth expected for 2022: sales of more than €40 million
Leipzig, May 13, 2022 – SBF AG (ISIN: DE000A2AAE22; WKN A2AAE2, “SBF”), a listed supplier of LED lighting systems for rolling stock and industry, today published its audited consolidated financial statements for 2021. With a significant increase in revenue and earnings, the fiscal year 2021 marks a record level in the company's development. Consolidated sales increased by 45.7% to €31.2 million. Compared to the previous year, group net income increased significantly from €2.1 million to €4.7 million.
The realization of hidden reserves in inventories acquired from Lunux Lighting GmbH in 2020 resulted in extraordinary income of €1.4 million. On the other hand, extraordinary expenses amounted to €0.8 million. Furthermore the net income includes income from the change in deferred taxes (€1.4 million). The income from the change in deferred taxes resulted in tax income of €1.0 million in 2021 after deduction of tax expenses. This tax income was added instead of deducted from the net profit for the year when calculating and announcing the preliminary, unaudited EBITDA. Taking the tax income correctly into account, the audited earnings before interest, taxes, depreciation and amortization (EBITDA) at Group level amount to €5.2 million (previous year: €3.3 million).
Rudolf Witt, Member of the Management Board of SBF AG comments: “We look back on an extraordinarily successful business year. Not only did we grow significantly in a challenging industry environment, but we were also able to increase our profitability. However, I am particularly confident about the strategic course set in the past fiscal year. With the completion of the integration of Lunux Lighting in the Industrial Lighting segment, we have reached a milestone and positioned ourselves robustly for the future. With a well-filled order backlog, we look to the future with confidence and plan to grow by more than 30% in 2022.”
Postitive business development in both segments
In the “Rolling Stock” business segment, sales in the annual financial statements of SBF Spezialleuchten GmbH rose to €21.5 million, with EBITDA of €3.8 million. The EBITDA margin was 17.7%. This development was mainly influenced by a higher cost of materials as a result of increased purchase prices, which cannot be fully passed on to customers. The company is actively countering this development. Projects are easy to plan due to long lead times, so SBF is striving to further increase productivity. The business unit is also benefiting from government measures to promote rail transport as an environmentally friendly mode of transport.
Revenues in the "Industrial Lighting" business unit in the annual financial statements of Lunux Lighting GmbH also increased significantly to €11 million, which was within the forecast range. In the course of integrating the company into the Group and optimizing business processes, the business area developed dynamically, particularly in the second half of the year. EBITDA reached €2.4 million with an EBITDA margin of 21.8%.
Further sales and earnings growth expected in 2022
SBF expects further sales and earnings growth in fiscal 2022. Revenues of more than €40 million (+28% compared to 2021) and continued high EBITDA are expected. Growth will be driven by a robustly growing core business “Rolling Stock” and a dynamically developing business area “Industrial Lighting” with forecast revenue contributions of approximately €20 million each. SBF again expects an above-average earnings margin compared with the industry as a whole.
The forecast is subject to the further development of the Ukraine war, the Corona pandemic and the reliability of global supply chains.
About SBF Group:
SBF is a listed supplier of LED lighting systems for rolling stock and industry. With its focus on energy-efficient LED lighting, SBF is benefiting from the megatrends of climate protection and urbanization and expects double-digit growth rates in the coming years.
In the 'Rolling Stock' business area, SBF is a tier 1 supplier of complex ceiling and lighting systems for the world's leading rolling stock manufacturers. Strong technological competence, high vertical integration and customized customer solutions are the basis for a leading market position. In the 'Industrial Lighting' business area, SBF offers modern and smart LED systems for efficient lighting of roads, railroad stations and industrial plants.
For more information, visit https://www.sbf-ag.com.
Phone: +49 (0)341 65235 894
Kirchhoff Consult AG
Phone: +49 (0)40 60 91 86 70
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