Heliocentris Reports Financial Results for Fiscal Year 2007 Revenues up by 22 %

Heliocentris Fuel Cells today announced its financial results in accordance with German Accounting Standards (HGB) for the fiscal year 2007, ending December 31, 2007. The company achieved Group revenues of EUR 2.09 million (2006: EUR 1.72 million), which is a 22 % increase over 2006. The company reports a net loss of EUR 1.39 million compared to a net loss of EUR 0.48 million in the previous year. The increased net loss includes capital market expenses of EUR 0.42 million. Revenues and net loss were in line with the company's expectations. At the end of 2007, Heliocentris' cash position quadrupled to EUR 5.43 million from EUR 1.36 million in 2006.
 
Highlights of the Year 2007:

- Capital increase in April 2007 with gross proceeds of EUR 1.56 million. 

- Successfully completed private placement in December 2007 with gross proceeds of EUR 4.35 million.
 
- Strengthened market position through cooperation and distribution agreements with Schunk, Ovonic, Parker Energy Systems and Hydrogenics

- Launch of new business unit Systems & Solutions

Group revenues for the full year 2007 amounted to EUR 2.09 million (2006: EUR 1.72 million). The increase in revenue by 22 % resulted primary from an improved sales and distribution network in Asia and the Middle East, an increased project business and stronger market penetration of new premium products. The revenue related gross profit amounted to 47 %. Revenues from sales outside Germany represent 81 % of total revenues and remain at the same level as in the previous year.
 
Total operating expenses for the full year 2007 were EUR 2.5 million (2006: EUR 1.34 million). Human resource expenses grew to EUR 1.21 million in 2007 from EUR 0.68 million in 2006* The increase is particularly due to headcount increases at the end of 2006 and in 2007 in the sales and R&D departments. As of December 31, 2007 Heliocentris had 26 employees (December 31 2006: 20 employees). Other operating expenses increased to EUR 1.29 million from EUR 0.66 million in 2006 resulting from increased capital market expenses and other operating expenses.  The net loss for 2007 amounted to EUR 1.39 million, compared to EUR 0.48 million in 2006. This corresponds to a loss of EUR 0.62 per share compared to EUR -0.40 per share in 2006.
 
On December 31, 2007, the company had EUR 5.43 million in cash compared to EUR 1.36 million as of December 31, 2006. Representing a four-fold increase compared to last year. The number of issued shares at December 31, 2007 was 2.25 million compared to 1.2 million at December 31, 2006.  
 

The complete Annual Report 2007 is due out on June 5, 2008.

Source: Fuel Cell Today