Morphic Technologies Release Annual Report

• Net turnover was SEK 356.7 million (143.7)
• Operating loss SEK –106.9 million (–67.9)
• Earnings after tax were SEK –97.7 million (–67.0)
• Cash fl ow after investments was SEK –38.9 million (–55.0)
• Earnings per share were SEK –0.65 (–0.52)
• Consolidated cash and cash equivalents at the balance sheet date were
SEK 146.1 million (186.5) and the equity/assets ratio was 66% (73)
• At the balance sheet date the Group’s order book was worth SEK 696 million

Sharp Increase in Orders

At the balance sheet date Morphic’s order book was worth SEK 696m, which is a sharp increase on the previous year.

Volume Order for Fuel Cell Flow Plates

In fall 2007 Morphic received its fi rst two volume orders, worth about SEK 196 million, for series production of fuel cell plates used in powering consumer electronics.

Acquisition of Foreign Companies in Energy Systems

Through the acquisition in late 2007 of the three energy technology companies Helbio S.A., Exergy Fuel Cells s.r.l. and AccaGen S.A., Morphic has secured access to the most critical components for the development of its
energy system.

Test Center for Fuel Cell Components Opened in Japan

In February 2008 a test center for the production of fuel components was opened outside Tokyo in Japan. One of
the world’s fi ve largest automobile manufacturers has already booked the facility for the fi rst six months, and several other car makers and consumer electronics manufacturers have booked time.

First 3 MW Wind Turbines Delivered

In April and May 2008 Morphic delivered its fi rst 3 MW wind turbines in Sweden, to Lysekils Energi Vind AB. The
two turbines will generate about 16 million kWh per year.

Listing on the OMX Nordic Exchange

On March 4, 2008 Morphic was listed on the OMX Nordic Exchange Stockholm. Following the listing, trading in
Morphic’s B shares was transferred from First North to the mid-cap segment of the Nordic Exchange.

Stronger Ownership Base

With the aim of enabling further ventures, primarily in wind power and energy technology, Morphic conducted
two private placements during the year, raising SEK 264.7 million in cash before issue costs.

Events after the End of the Financial Year

After the end of the fi nancial year Morphic has acquired 80 percent of the Norwegian wind power company Scan-
Wind AS, signed a statement of intent with Vattenfall on a wind power partnership, concluded a partnership agreement with the German wind energy company Kenersys and received an order for ten 3 MW wind turbines from
Skellefteå Kraft, the fi rst major installation to be built in an Arctic climate. Several key positions in the Group have also been filled through recruitment, including a new CEO for Morphic Wind and a Group-level Director of Human Resources.

Source: Fuel Cell Today