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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cmr Fuel | LSE:CMF | London | Ordinary Share | GB00B0MKQ219 | ORD 0.6P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 15.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Embargoed Release: 07:00hrs Monday 12th February 2007
CMR Fuel Cells plc
('CMR' or `the Company')
Final Results for the Year Ended 31st December 2006
Highlights:
* Technical performance milestones met successfully and in line with
timescales anticipated in the Company's AIM admission document
* Commercial relationships progressing well with leading consumer electronics
OEMs
* Entered into porous MEA development program with Solvay SA
* Significant strengthening of commercial team with recruitment of Chief
Commercial Officer
* Appointment of Tim Curtis to the Board as Non-Executive Director
* Staff numbers up to 27
* Core patent granted in China - a key market
* Entered into 2nd generation `printed stack' collaboration with Xaar plc and
Solvay SA
* Strong cash position
John Halfpenny, CEO, commented:
"At the time of our listing on the AIM market in December 2005, CMR identified
four key areas of focus - commercial engagement, technical progression,
intellectual property development and corporate development. I am very pleased
to be able to report that we have achieved excellent results in all of these
areas and that we expect to be able to maintain this level of progress
throughout 2007"
Chairman's Statement
It is with great pleasure that I make my first full report as the Chairman of
your Company. During 2006, CMR grew significantly in terms of resources and
capability and I am pleased to report that we have made excellent progress in
line with the objectives set out during the Company's placing and admission to
AIM in December 2005.
The past year has seen sustained market interest for small, long-running
portable fuel cells and we expect that methanol powered fuel cells will
continue to be seen as the next generation of power source for a wide range of
portable electronics products. CMR remains committed to delivering the low
cost, high performance fuel cell stacks that will enable the mass-market
deployment of fuel cell power sources.
During the twelve month period, the adjusted loss before tax (that is, profit
before tax adjusted for the cost of share options) was £1.3 million (2005: £
0.5m), reflecting the budgeted increased level of development activity during
2006. The increased activity has required additional technical and commercial
staff, additional equipment and space and expenditure was in line with budget.
At the Balance Sheet Date, staff numbers had risen to 27 in total from 11 at
the beginning of the period.
At 31 December 2006, net current assets totalled £10.59m (2005: £12.36m), of
which £10.58m was held in cash and short term deposits (2005:£ 12.64m). Whilst
technical progress has been in line with expectation we enter the coming
financial year with better cash reserves than we had anticipated which puts us
in a good financial position from which to achieve CMR's objectives.
In accordance with the dividend policy disclosed at the time of the IPO, the
Board is not recommending payment of a dividend.
In 2006, I was able to report significant growth in our commercial team with
the appointment of an experienced Chief Commercial Officer and representation
in Japan. This improved our ability to service and develop our commercial
relationships and we are continuing to gain stronger traction with existing and
new partners in Asia. We have successfully delivered evaluation units to our
Korean partner and we are well on track to enter into a formal agreement to
jointly develop a stand alone demonstrator based on a CMR stack with this
partner.
Our technical team has continued to make excellent progress - we have recently
announced fuel cell stacks with power densities of over 500 Watts per litre.
Growing technical capability allied with our purpose fitted facilities enable
us to consistently produce world class fuel cell components. This allows CMR to
evaluate parallel technology and fabrication themes, based upon the mixed
reactant concept, giving us maximum flexibility to meet our customer's needs by
optimising the ultimate balance between cost and performance. We will
inevitably have additional technical issues to solve on the path to commercial
production but we believe that the progress made in building our technical
infrastructure in 2006 leaves us far better positioned to face these challenges
as they occur.
Our credibility with potential customers and suppliers alike has grown strongly
and we now have well developed supplier relationships which are vital for us to
offer our customers a complete supply chain.
We are acutely aware that not only must we have commercially compelling first
generation products, but also we need a strong road-map to ensure our
competitive position is maintained going forwards. To this end, CMR entered
into a non-exclusive collaboration with inkjet printing specialist, Xaar plc
and international chemicals group, Solvay SA to jointly develop a single-step
production process for the mass-manufacture of entire fuel cell stacks based
around CMR's unique and patented fuel cell architecture. This is a long term
programme which we believe could form the basis of CMR's second generation
products.
In December we welcomed Tim Curtis onto our board and we look forward to
benefiting from his extensive experience in taking high-growth technology
businesses like CMR from the development phase in to commercial production.
Tim's advice will be of real value as we look to crystalise the opportunities
that arise from our commercial efforts.
We continue to develop and maintain our intellectual property and, in addition
to our existing grants in Australia and China, we expect to announce further
patents being granted over the coming year. In developing our products, our
science and engineering teams have identified new and valuable intellectual
property, leading to some sixteen new UK patent applications in 2006.
Outlook
CMR's objectives for the coming year are to:
* Progress and deepen the customer-side commercial relationships we currently
have
* Develop new commercial relationships - both supplier and customer side
* Broaden development of our technology in line with planned timescales
* Successfully complete joint development and demonstration projects to
support progression of commercial relationships
* Progress the current intellectual property portfolio and capture new
intellectual property
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 coming year.
Chief Executive's Report
At the time of our listing on the AIM market in December 2005, CMR identified
four key areas of focus - commercial engagement, technical progression,
intellectual property development and corporate development. I am very pleased
to be able to report that we have achieved excellent results in all of these
areas and that we expect to be able to maintain this level of progress
throughout 2007.
At a headline level, our development team doubled the power density of our fuel
cell stacks from 250 watts per litre to over 500 watts per litre, but this is
not the whole story. As well as increasing the power density we have also
significantly improved the selectivity of our MEAs by incorporating an improved
non-platinum catalyst and our fuel cell component development facility has also
enabled us to increase repeatability of our MEAs - both key parameters for our
customers. We now have a world-class development team which commands the
respect of many industry leaders and gives us value-adding partnership
opportunities which we could not have contemplated a year ago.
Our technical team remains commercially focussed and we expect to be addressing
other commercially relevant parameters such as cost and efficiency over the
coming year. Additionally, our growing `know-how' allows us to identify new and
better ways of solving problems and we will continue to review and apply
improved ways of achieving our goals.
On the commercial front, our relationships in Asia continue to develop and with
the recruitment of our Chief Commercial Officer, we have been able to devote
more time and attention to developing these. Asia continues to be the most
active region as far as portable fuel cells are concerned and we will continue
to focus here - especially Korea and Japan.
Market interest in portable fuel cells remains high, with lap top computers and
electric scooters continuing to be reported at the top of the list of likely
mass-market applications. It is very difficult to forecast exactly when mass
market opportunities for fuel cells will open up, but the growing number of
niche products coming on to the market and growing availability of fuel cell
`building blocks' gives us confidence that the portable fuel cell market will
be one of the first to emerge.
CMR is the UK's only developer of direct methanol fuel cell stacks and one
of only a handful of such companies in the world. This places us well to
exploit the consumer electronics market where methanol fuel cells could be the
single largest fuel cell related application sector for the next twenty years.
To be successful, we recognise the need to have a complete supply chain and to
have a clear road-map of products going forwards. To support these objectives,
we have been successful in building relationships with sector leading partners.
Over 2006 we announced agreements with Solvay, XAAR and ASPECT and we will be
announcing others over the coming year.
Our extensive knowledge of fuel cell technology and markets has lead to CMR's
role as industrial advisor to several national fuel cell programmes including
NPL and the bio-fuel cell consortium; our executive committee role in fuel
cells UK; membership & contribution to Intel's EBLWG and we have been invited
by DTI to be the UK's representative to the EU working group on portable fuel
cells.
CMR's formal intellectual property has developed well over 2006 - as well as
patent grants in China and Australia, we have pushed forwards with our
applications in other territories. We expect to be able to announce patents
moving to granted status in some of these territories over the coming year. We
have seen a growing level of interest in the `mixed reactant, flow through'
mode of fuel cell operation and we will continue to be vigilant in identifying
and addressing potentially conflicting patent filings.
Cash resources continue to be managed carefully and we have been able to
operate well within budget. During the period, the Company spent £2.5m in
financing operations and planned capital expenditure.
As anticipated in CMR's last interim report, we have now completed our
executive team and I am pleased to report that the team has performed very well
- over 2006 it delivered results on time, within budget and on plan. I am
extremely pleased to have such high capability resources available to the
Company and I am confident that we will be able to continue to report good
progress over the coming year.
For Further Information:
John Halfpenny CMR Fuel Cells plc 01223 87 55 44
CEO
Andrew Tan Hansard Group 020 7245 1100
www.hansardgroup.co.uk
Results for the Year Ended 31st December 2006
Consolidated Profit and Loss Account
For the year ended 31 December 2006
Year Restated
ended Year
31 December ended
31 December
2006 2005
Note £'000 £'000
Turnover - -
Share option costs (726) (387)
Other administrative expenses (1,825) (679)
Total Administrative expenses (2,551) (1,066)
Other operating income - 93
Operating loss (2,551) (973)
Interest receivable 523 52
Loss on ordinary activities before (2,028) (921)
taxation
Tax on profit on ordinary activities - -
Loss for financial year (2,028) (921)
Basic and diluted loss per share 2 (9.99)p (6.64)p
Additional information on the 2006 Restated
Consolidated Profit and Loss Account 2005
£'000 £'000
Loss on ordinary activities after (2,028) (921)
taxation
Share option costs 726 387
Adjusted loss before taxation (1,302) (534)
Basis of preparation
During the period the group carried out a reorganisation and introduced a new
holding company. The Profit and loss account has been prepared using merger
accounting and is presented on a proforma basis as if the new holding company
had been in existence throughout both the current and prior periods. Further
information is given in Note 1.
No other gains or losses arose in the year other than those reported above.
Consolidated Balance Sheet
at 31 December 2006
31 December 31 December
2006 2005
£'000 £'000
Fixed assets
Intangible assets 41 63
Tangible assets 539 47
580 110
Current assets
Debtors 167 93
Cash at bank and in hand 10,587 12,640
10,754 12,733
Creditors: amounts falling due within one (163) (370)
year
Net current assets 10,591 12,363
Net assets 11,171 12,473
Capital and reserves
Called up share capital 2,030 2,030
Share premium account 9,776 9,776
Other reserve 1,335 1,335
Profit and loss account (1,970) (668)
Equity shareholders' funds 11,171 12,473
Consolidated Cash Flow Statement
For the year ended 31 December 2006
Year Year
ended ended
31 December 31 December
2006 2005
Note £'000 £'000
Net cash outflow from operating 3 (2,000) (275)
activities
Returns on investment and servicing of
finance
Interest received 523 52
Net cash inflow from returns on 523 52
investment and servicing of finance
Capital expenditure
Payments for tangible fixed assets (576) (47)
Net cash outflow from capital expenditure (576) (47)
Cash outflow before the management of (53) (270)
liquid resources
Management of liquid resources
Decrease/(increase) in short term 1,775 (12,100)
deposits
Net cash inflow/(outflow) from the 1,775 (12,100)
management of liquid resources
Financing
Issue of ordinary share capital - 13,834
Expenses of issuing ordinary share - (1,082)
capital
Cash inflow from financing - 12,752
(Decrease)/increase in cash 4 (278) 382
Notes to the Financial Statements
For the year ended 31 December 2006
1. Basis of Preparation
In December 2005, the Group carried out a restructuring and introduced a
holding company, CMR Fuel Cells Plc. The consolidated Group financial
statements incorporate the results of CMR Fuel Cells Plc and its subsidiary
undertaking CMR Fuel Cells (UK) Limited as at 31 December 2006 using the merger
accounting method. CMR Fuel Cells Plc was incorporated on 12 September 2005 and
as such the comparative figures are proforma and represent the results and net
assets of CMR Fuel Cells (UK) Limited, adjusted for the shares issued to effect
the merger.
The financial report has been otherwise prepared using accounting policies
consistent with those set out in the Admission Document of the company dated 16
December 2005 - with the exception of FRS 20 `share-based payments' which has
been adopted with the effect of restating the results for year ended 31
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
Year Year
ended ended
31 December 31 December
2006 2005
£'000 £'000
Basic and diluted loss per share has been 2,028 921
calculated on the loss of:
The weighed average number of shares used was: 20,304,854 13,878,164
3. Reconciliation of Operating Loss to Net Cash Outflow from Operating
Activities
Year Year
ended ended
31 December 31 December
2006 2005
£ '000 £ '000
Operating loss (2,551) (973)
Depreciation of tangible fixed assets 22 17
Amortisation of intangible fixed assets 84 22
Increase in debtors (74) (86)
Increase in creditors (207) 358
Other non cash charges 726 387
Net cash outflow from operating activities (2,000) (275)
4. Reconciliation of Net Cash Flow to Movement in Net Funds
Year ended 31 Year ended 31
December December
2006 2005
£ '000 £ '000
(Decrease)/increase in cash (278) 382
(Decrease)/increase in liquid resources (1,775) 12,100
(Decrease)/increase in net funds from cash (2,053) 12,482
flows
Opening net funds 12,640 158
Closing net funds 10,587 12,640
END
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