Half Yearly Report (1367Y)
February 27 2012 - 2:01AM
UK Regulatory
TIDMCFU
RNS Number : 1367Y
Ceramic Fuel Cells Limited
27 February 2012
Monday 27 February 2012
Half Year Accounts
Key Points:
-- Three-fold increase in revenue
-- Five-fold increase in unit sales
-- Significant increase in international sales and service
channels
Ceramic Fuel Cells Limited [AIM / ASX: CFU] - a leading
developer of high efficiency and low emission power products for
homes and other buildings - today released its interim financial
results for the six months ended 31 December 2011.
Revenue for the period increased three-fold to AUD 3.3 million,
from AUD 900,000 in the previous corresponding period. During the
period the Company recorded sales of 67 units, a five-fold increase
in sales compared to the December 2010 half year.
Cumulative orders doubled from July to December 2011 - to a
total of 614 units. Orders for 100 units or more were received from
distributors in Germany and The Netherlands, and from E.ON UK. The
current open order book of 476 units will deliver increased revenue
and cashflow in future quarters.
During the half year the Company added significantly to
international sales and service channels. BlueGen distributors were
appointed in key markets of Germany and The Netherlands. Local
installation and service partners were trained in Europe, United
Kingdom and Australia.
Ceramic Fuel Cells continues to invest in product development,
and will continue to scale up for future growth. A placement and a
rights issue during the half year raised AUD 16.4 million.
Ceramic Fuel Cells Managing Director Brendan Dow said recent
developments in European markets had added significantly to the
attractiveness of the company's products. "The German Parliament
has proposed an increased feed in tariff for products like ours,
and German states have announced market introduction programs.
Earlier this month we stated that we welcomed the UK Government's
announcement of an increase in the feed in tariff for micro power
and heating products (m-CHP), which includes our BlueGen product.
There is no doubt that governments the world over are seeing the
benefits of distributed generation of electricity, particularly
technologies like ours which significantly reduce carbon
emissions."
BlueGen delivers an electrical efficiency of up to 60 percent -
the highest in the world. When the heat from BlueGen is used to
produce hot water, total efficiency increases to up to 85 percent.
The BlueGen product is the first and currently the only fuel cell
m-CHP product to receive certification under the Microgeneration
Certification Scheme (MCS) and be eligible for the UK feed in
tariff.
In November 2011 the Company signed a Manufacturing Services
Memorandum of Understanding with Jabil Circuit Inc, a global
electronic manufacturing service provider with 55 factories in 22
countries and annual revenue of USD 16 billion. Jabil's global
cleantech business unit makes a range of energy products including
solar panels, smart grid meters and wind turbines. Under the MoU,
Ceramic Fuel Cells and Jabil will work together towards scaling up
manufacturing volumes of Ceramic Fuel Cells' Gennex fuel cell
module and BlueGen product and reducing unit costs quickly, whilst
maintaining consistent quality and security of supply.
The Directors' Report and Financial Report for the half year are
available at www.cfcl.com.au.
ENDS
For more information please contact:
Ceramic Fuel Cells Limited
Andrew Neilson Mobile : +61 (0) 419 950
Email 771
: investor@cfcl.com.au
Nomura Code Securities (AIM Nomad)
Juliet Thompson, Tel. : +44 (0) 207 776
Chris Golden 1200
Australian media enquiries
Richard Allen Tel. : +61 (0) 3 9915
Oxygen Financial Email 6341
Public Relations : richard@oxygenpr.com.au
UK media enquiries
Mark Way Tel. : +44 (0) 7786 116
MW Research PR Email 991
: mark.w@harvardamerica.com
German media enquiries
Alex Seiler Tel. : +49 (0) 69 9218
Hering Schuppener Email 7454
Consulting : aseiler@heringschuppener.com
About Ceramic Fuel Cells Limited:
Ceramic Fuel Cells is a world leader in developing fuel cell
technology to generate highly efficient and low-emission
electricity from widely available natural gas. Ceramic Fuel Cells
has sold its BlueGen gas-to-electricity generator to major
utilities and other foundation customers in Germany, the United
Kingdom, Switzerland, The Netherlands, Italy, Japan, Australia, and
the USA. Ceramic Fuel Cells is also developing fully integrated
power and heating products with leading energy companies E.ON UK in
the United Kingdom, GdF Suez in France and EWE in Germany.
The company is listed on the London Stock Exchange AIM market
and the Australian Securities Exchange (code CFU).
www.cfcl.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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