Interim Results
07 Agosto 2006 - 4:00AM
UK Regulatory
Embargoed Release: 07:00hrs Monday 7th August 2006
CMR Fuel Cells Plc
(`CMR' or the `Company')
Interim Results for the six-month period ended 30th June 2006
CMR Fuel Cells plc, the Cambridge based compact fuel cell stack specialist, is
pleased to announce its maiden set of interim results since its successful
admission to trading on the AIM market in December of last year.
Highlights
* Commercial relationships progressing well with leading consumer electronics
OEMs
* Core patent granted in China - a key market
* Achieved significant technical performance milestone 6 months ahead of
schedule
* Entered into product development program with Solvay SA
* Demonstrated stack volumetric power densities in excess of 300W/l
* Recruited some of the world's foremost experts in fuel cell development
* Strong cash position
Chairman's Statement
It is with great pleasure that I make my first interim report as the Chairman
of your Company. The first half of 2006 has seen sustained progress in line
with the objectives set out during the Company's placing and admission to AIM
in December 2005.
Over the period, market demand for small, long-running portable fuel cells has
continued to grow. Virtually every manufacturer of portable electronic goods
has endorsed methanol fuel cells as the next generation of power source for
their products and CMR is in the vanguard of being able to deliver the fuel
cell stacks that will enable the mass-market deployment of these power sources.
CMR is experiencing strong growth in interest and engagement from consumer
electronics OEMs and fuel cell system integrators around the world - in
particular from Asia. The Company is responding strongly to these opportunities
and has recently appointed representation in Japan to efficiently handle the
growing number of commercial inquiries being received in the region. There are
a number of active, joint projects with partners around the world and these are
progressing well towards our long-term goal of supplying volume product.
On a technical front, the Company has recently been able to announce strong
progress ahead of plan, demonstrating fuel cell stacks of volumetric power
densities of greater than 300 Watts per litre. In addition the Company has
achieved substantial increases in its technical capability and competence over
the first half of 2006 which gives us great confidence that this technical
progress has laid the foundations for us to achieve and exceed the projections
envisaged at the time of our admission to AIM within the projected timetable.
Our move into purpose fitted, world class facilities combined with recruiting
world leading experts has enabled the Company to deliver order of magnitude
increases in performance and repeatability.
CMR has recruited key individuals over the first half of the year, adding very
strong, in-depth technical and commercial capability to our core human
resources. I am very confident that we now have a great team which is able to
execute and deliver our commercial and technical goals. We have now secured the
services of a highly experienced and capable Chief Commercial Officer, who will
be driving our sales and marketing efforts and I look forward to announcing
more details when he joins us in October.
The Company has continued to make good progress with its intellectual property,
both in patents and know-how. We have secured grant of a core patent in China
and we continue to build our portfolio of patents that will ultimately enable
us to derive value from our technology not just within the portable electronics
space, but equally in stationary power and automotive. Our know-how has already
enabled us to complete challenging projects with our partners, growing their
confidence that CMR can be a reliable provider of the products that they need.
Finally I would like to thank all our staff for their commitment, innovation
and hard work that has produced the sustained progress that is central to the
success of the business and I look forward to reporting on their continued
success throughout the rest of the year.
Chief Executive's report
Since demonstrating the world's first mixed-reactant, flow-through direct
methanol fuel cell stack, CMR has been approached by a number of leading OEMs
who see the Company's technology as potentially delivering the small size, high
power density, low cost and mass production features that they need. CMR has
seized these commercial opportunities and made substantial progress over the
first half of 2006, specifically:
* Successfully completed an initial stack evaluation project with a major
Korean OEM looking at powering a personal digital assistant (PDA) with a
miniature direct methanol fuel cell
* Entered commercial discussions with Japanese OEMs in portable electronic
applications as diverse as laptop computers, electric wheelchairs, musical
devices and PDAs
I expect to announce more details of these as they progress.
Our team has grown strongly, and with the imminent arrival of our Chief
Commercial Officer in October, our executive team will be complete. The team
has already demonstrated that it can deliver results on time, within budget and
ahead of plan. I am extremely pleased to have such high capability resources
available to the Company and I am confident that I will be able to continue to
report good progress in due course.
During the first half of 2006, CMR has established a world class facility for
fuel cell component development enabling us to print our own membrane electrode
assemblies (`MEA') as well as to fully characterise the performance of
externally sourced MEAs. As such we were able to announce in June of this year
that our MEA development team had already exceeded its 2006 targets for single
cell performance.
CMR's catalyst team has established key partnerships with organisations
involved in development and supply of selective catalysts. CMR now has one of
the best performing non-platinum catalysts for the DMFC cathode and has
incorporated these performance achievements into a third-generation 7-cell
stack. Developed for evaluation by a potential customer, this stack delivers
power density of more than 300 Watts per litre which we believe is one of the
highest power density DMFC stacks in the world.
Patents have been granted in Australia and China which protect CMR's unique
technology and patent examination is currently underway in the USA with
European examination expected within the next twelve months. Several additional
patent filings have been made during 2006 that are likely to strengthen and
extend the range of CMR's technology protection. Significant intellectual
property is being built within the Company in the form of technical `know-how'
in selective catalysts and in flow-through fuel cells.
Cash resources continue to be managed carefully. During the period, the Company
spent �1.4m in financing operations and planned capital expenditure. It is
anticipated that as the Company enters the next stage of development and
accelerates expenditure on staffing levels, R&D and commercial activities, the
`cash burn' rate will increase over the next six months.
Further Information
John Halfpenny CMR Fuel Cells plc 01223 875 544
CEO
Andrew Tan Hansard Communications Ltd 020 7245 1100
Account Director
Interim results for the 6 Months Ended 30th June 2006
Consolidated Profit and Loss Account
For the six months ended 30 June 2006
Unaudited Unaudited Unaudited
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2006 2005 2005
Note �'000 �'000 �'000
Turnover - - -
Administrative (820) (260) (679)
expenses
Other operating - 47 93
income
Operating loss (820) (213) (586)
Interest receivable 264 - 52
Loss on ordinary (556) (213) (534)
activities before
taxation
Tax on profit on - - -
ordinary activities
Loss for financial (556) (213) (534)
period
Loss per share - 2 2.74p 1.56p 3.92p
basic and diluted
Consolidated Balance Sheet
at 30 June 2006
Unaudited Unaudited Unaudited
30 June 30 June 31 December
2006 2005 2005
�'000 �'000 �'000
Fixed assets
Intangible assets 52 74 63
Tangible assets 314 12 47
366 86 110
Current assets
Debtors 200 4 95
Cash at bank and in hand 11,533 58 12,640
11,733 62 12,735
Creditors: amounts falling due (182) (27) (372)
within one year
Net current assets 11,551 35 12,363
Net assets 11,917 121 12,473
Capital and reserves
Called up share capital 2,030 1,360 2,030
Share premium account 9,776 - 9,776
Other reserve 1,335 (892) 1,335
Profit and loss account (1,224) (347) (668)
Shareholders' funds 11,917 121 12,473
Consolidated Cash Flow Statement
For the six months ended 30 June 2006
Unaudited Unaudited Unaudited
Six months ended Six months ended Year
30 June 30 June ended
2006 2005 31 December
2005
Note �'000 �'000 �'000
Net cash outflow from 3 (1,069) (177) (275)
operating activities
Returns on investment and
servicing of finance
Interest received 264 - 52
Net cash inflow from returns 264 - 52
on investment and servicing
of finance
Capital expenditure
Payments for tangible fixed (302) (2) (47)
assets
Net cash outflow from (302) (2) (47)
capital expenditure
Cash outflow before the (1,107) (179) (270)
management of liquid
resources
Management of liquid
resources
Decrease/(increase) in short 700 - (12,100)
term deposits
Net cash outflow/(inflow) 700 (12,100)
from the management of
liquid resources
Financing
Issue of ordinary share - 79 13,834
capital
Expenses of issuing ordinary - - (1,082)
share capital
Cash inflow from financing - 79 12,752
(Decrease)/increase in cash 4 (407) (100) 382
Notes to the Financial Statements
For the six months ended 30 June 2006
1. Basis of Preparation
The Company was incorporated on 12 September 2005. On 30 September 2005 the
Company acquired the entire share capital of CMR Fuel Cells (UK) Limited by
means of a share for share exchange. The directors consider that the
transaction meets the definition of a group reconstruction and it has therefore
been accounted for using merger accounting principles. Prior year information
for June 2005 and December 2005 has been included on a proforma basis.
The financial report has been prepared using accounting policies consistent
with those set out in the Admission Document of the company dated 16 December
2005.
The financial report does not constitute statutory accounts within the meaning
of section 240 of the Companies Act 1985. The financial report is unaudited.
2. Loss Per Share
Unaudited Unaudited Unaudited
Six months Six months Year
Ended ended ended
30 June 30 June 31 December
2006 2005 2005
�'000 �'000 �'000
Loss per share has been calculated 556 213 534
on the loss of:
The weighted average number of 20,304,806 13,600,299 13,878,164
shares used was:
3. Reconciliation of Operating Loss to Net Cash Outflow from Operating
Activities
Unaudited Unaudited Unaudited
Six Months ended Six Months ended 12 months ended
30 June 30 June 31 December
2006 2005 2005
� '000 � '000 � '000
Operating loss (820) (213) (586)
Depreciation of tangible fixed 35 7 17
assets
Amortisation of intangible fixed 11 11 22
assets
(Increase)/decrease in debtors (105) 4 (86)
(Decrease)/increase in creditors (190) 14 358
Net cash outflow from operating (1,069) (177) (275)
activities
4. Reconciliation of Net Cash Flow to Movement in Net Funds
Unaudited Unaudited Unaudited
Six Months ended Six Months ended Year ended
30 June 30 June 31 December
2006 2005 2005
� '000 � '000 � '000
(Decrease)/increase in cash (407) (100) 382
(Decrease)/increase in liquid (700) - 12,100
resources
(Decrease)/increase in net (1,107) (100) 12,482
funds from cash flows
Opening net funds 12,640 158 158
Closing net funds 11,533 58 12,640
END
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