Ceramic Fuel Cells Limited Preliminary Report for Year ended 30 June 2012

31 Aug 2012

Ceramic Fuel Cells Limited, a leading developer of small generators that use fuel cell technology to convert natural gas into electricity and heat for homes and other buildings, today announces its preliminary results for the year ended 30 June 2012.
The full results are available at www.cfcl.com.au.

Financial Results

Year to 30 June 2012 (unaudited FY12 results)

  • Revenue from Operations: AUD 6.7 million (increase of 82 percent from FY11)
  • Net operating cash outflow: AUD 24.6 million (increase of 28 percent from FY11)
  • Net loss: AUD 30.2 million (increase of 43 percent from FY11)
  • Cash balance at 30 June 2012: AUD 8.8 million

Sales highlights:

  • CFCL has commercialised its technology into products and is selling these products to commercial customers and via distribution partners to retail customers.
  • CFCL’s launch markets are Germany, the United Kingdom and The Netherlands. Apart from these markets, BlueGen units have also been sold to customers in France, Switzerland, Italy, Japan, USA and Australia. Integrated power and heating (mCHP) products are being developed and operated with utility customers in Germany, the United Kingdom and France.
  • Continuing strong revenue growth: revenue increased by 82 percent from FY11, up to AUD 6.7 million.
  • Total orders received for more than 600 units – an increase of more than 100 percent in the order book from June 2011 to June 2012.
  • Our focus over the last half year has been to deliver products, to convert these orders into revenue and cashflow. The number of units sold during the year increased by 177 percent from 61 units in FY11 to 169 units this year, including 76 units in the June quarter.
  • We believe the sales outlook for the coming financial year is strong, particularly in Germany. Revenue has grown strongly but needs to increase faster to fund operating costs. We are taking several measures to address this, including more aggressive sales pricing, reducing operating costs and pursuing several options to raise additional working capital.

For more detailed financial information and further operational highlights, please see the original announcement from CFCL here.


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