Ceramic Fuel Cells Ltd.
Ceramic Fuel Cells Ltd.: Preliminary Results 12 Months ended 30 June 2007
Ceramic Fuel Cells Ltd. / Final Results/Preliminary Results Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Ceramic Fuel Cells Limited ('CFCL' or the 'Company'), a global leader in fuel cell development, announces its preliminary results for the year ended 30 June 2007. Highlights in the period and year to date Customers and Partners Completed commercial partnering objectives in Europe through product development agreements with major utilities companies, E.ON UK, EWE, Gaz de France and Nuon and appliance partners, reaching 20 million customers in four key markets. Today announced fourth European appliance partner, Gledhill Water Storage, for UK market (see separate press release). Successfully concluded field trials of CFCL units in real world conditions with three customers in Europe and Asia over periods of 18 months to two years. Shipped three NetGenTM units to product development partners. Manufacturing Secured site for large scale fuel cell plant on Nuon’s industrial park in Heinsberg, Germany, with significant German government support. Secured site and installed equipment for a high quality ceramic powder plant in Merseyside, UK. Technical Developed new metal-ceramic fuel cell stacks with significant power improvements and new balance of plant components, with breakthrough efficiency gains. Launched GennexTM fuel cell module at the Hannover Fair. Formed collaboration with FZ Julich, one of Europe’s largest research institutions, to develop advanced fuel cell modelling and testing solutions Financial Net operating cash outflow of A$15.3 million / £6.2 million (FY06: A$12.3 million / £4.9 million). Net loss of A$19.7 million / £7.9 million (FY06: A$13.3 million / £5.3 million) Total cash and financial assets at 30 June 2007 of A$60.3 million / £24.1 million (30 June 2006: A$86.1 million / £34.4 million) Brendan Dow, Managing Director of Ceramic Fuel Cells, said: 'Ceramic Fuel Cells has had a fantastic year and we have delivered on all of the milestones set out at the time of the AIM flotation. We have proven the capabilities of our fuel cell system with many thousands of hours of field testing under our belts and are now concentrating on the pre-commercialisation phase. With a blue chip base of utility customers, access to 20 million customers in four major European markets and the development of a volume manufacturing plant underway, we are confident of continued succces in the coming 12 months and we look forward to updating shareholders on progress.' About CFCL Ceramic Fuel Cells Limited is a leading developer of solid oxide fuel cell (SOFC) technology which can provide reliable, energy efficient, high-quality, and low-emission electricity from widely available natural gas and renewable fuels. CFCL is developing SOFC products for small-scale on-site micro combined heat and power (m-CHP) and distributed generation units that co-generate electricity and heat for domestic use. Formed in 1992, CFCL is listed on the London Stock Exchange AIM market and the Australian Securities Exchange (code CFU). www.cfcl.com.au Financial Review Revenue for the year from continuing operations was A$4.4 million, up 113% from A$2 million last year. This was due to an increase in interest income of A$2.3 million arising from the full year effect of investing funds raised on the Company’s admission to the London AIM market in March 2006. The net loss for the year of A$19.6 million was A$6.3 million higher than the prior year. The major reasons for the higher loss were a A$5.8 million turnaround in the foreign exchange position on cash and investments, from a gain of A$2.9 million last year to a loss of A$2.9 million this year. Foreign exchange movements affect the Company’s reported earnings because the Company holds its cash in several currencies to cover forecast expenditure, but reports its income in Australian dollars. The turnaround this year was due to the appreciation of the Australian dollar against the British Pound and the Euro. The Company does not currently hedge against foreign exchange movements, other than the ‘natural’ hedge of holding cash in the same currency as expected expenditure. An expansion in operational activities and expenditure (A$3.6 million) also contributed to the higher loss, partially offset by higher interest income (A$2.4 million). Three NetGen units were shipped during the financial year. Further product development units will be shipped during the second half of the calendar year. The net operating cash outflow for the full year was A$15.3 million, which was higher than FY06 (A$12.3 million) due to higher expenditure on product development, and planning work for the fuel cell manufacturing plant in Heinsberg, Germany. As expected, capital expenditure was higher than FY06 as the Company upgraded its Melbourne plant and built its UK powder plant. Capital expenditure for the full year was A$7.5 million. The Company expects capital expenditure to continue to increase in the coming financial year as the Company completes the UK powder plant and continues work on the fuel cell plant in Heinsberg. Total cash and financial assets at the end of the year was A$60.3 million. Outlook 2007- 08 Over the 2008 financial year, the Company will continue to implement our focused strategy by leveraging our field trial experience into product development projects, deploying Alpha units and beginning work on Beta units with our European utility customers and appliance partners. We will complete the upgrade of the Australian plant to deliver NetGen+ units and Gennex fuel cell modules to product development partners. In order to build capacity to meet future demand, a significant focus will be the construction of the fuel cell plant in Germany. We will also continue to build outsourcing and supply chain partnerships to significantly increase manufacturing capacity and reduce costs. The Company will complete the commissioning of its UK powder plant and begin to make zirconia powder for use in the Company’s fuel cells. The Company will also identify opportunities to use our proprietary processes and powder production plant to make high quality ceramic powders for other applications. Finally, as stated previously, we believe that the Asian market holds significant future potential for our microgeneration technologies and during the coming months will be seeking collaboration opportunities in the region. The 2007 financial year has seen CFCL achieve its most significant advances since inception and as demand for alternative energy increases our confidence in the future continues to grow. We look forward to updating shareholders on further progress during the forthcoming 12 months and beyond as we prepare for commercialisation. Contact: GolinHarris B&L GmbH, Matthias C. Baumgarten, Tel.: +69-913043-48, Opernplatz 2, 60313 Frankfurt am Main, baumgarten@golinharris.de 30.08.2007 Financial News transmitted by DGAP ----------------------------------------------------------------------
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