EQS-News

SBF AG looks back on a challenging 2023 and sets course for a successful future

EQS-News: SBF AG / Key word(s): Annual Results SBF AG looks back on a challenging 2023 and sets course for a successful future 15.05.2024 / 17:49 CET/CEST The issuer is solely responsible for the content of this announcement. SBF AG looks back on a challenging 2023 and sets course for a successful future

• Revenue forecast of EUR 34.0 million achieved, adjusted balanced EBITDA below earnings forecast
• "Rolling Stock" business area: strategic alliances in the pipeline and promising major projects started
• "Public and Industrial Lighting" business area: cost-cutting program initiated to increase efficiency
• Management Board expects significant revenue growth of between EUR 48 and 50 million in 2024

Leipzig, 15 May 2024 – SBF AG (ISIN: DE000A2AAE22; WKN A2AAE2, "SBF"), a listed specialist for innovative solutions in the fields of rolling stock, lighting, electromechanics and sensor technology, yesterday published its Annual Report 2023. In a challenging market environment, SBF achieved its revenue forecast and made important strategic decisions. The result was below the earnings forecast.

Rudolf Witt, Member of the Executive Board of SBF AG says: “We look back on an extraordinarily challenging 2023. We have used this phase to put SBF in a good position for the future with targeted measures. With the integration of AMS Software & Elektronik GmbH and the introduction of an internal program to increase efficiency, we have taken important steps in this direction. Even though 2024 is still a year of transition, we believe SBF is in a promising position for sustainable and profitable growth with interesting strategic opportunities.”

Difficult market environment and special effects characterize financial year 2023
Despite the challenging conditions, Group revenue remained at a high level of EUR 34.0 million (2022: EUR 34.9 million) and within the target corridor forecasted on August 24, 2023. Adjusted Group EBITDA achieves a balanced result and is therefore below the forecast of around EUR 1.0 million. The decline in earnings is due in particular to the very weak economic environment, higher procurement prices, increased personnel expenses and individual project postponements. In addition, the business figures for 2023 are characterized by special effects amounting to EUR 1.0 million - in particular due to the acquisition of AMS Software & Elektronik GmbH, extraordinary legal and consulting costs and an extraordinary goodwill amortization at Lunux Lighting GmbH and property refurbishment costs that cannot be capitalized. Excluding the special effects, EBITDA amounted to EUR -1.0 million (2022: EUR 2.3 million).