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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 |
Hot Features
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Embargoed Release: 07:00hrs Friday 22 February 2008
CMR Fuel Cells plc
('CMR' or `the Company')
Final Results for the Year Ended 31st December 2007
CMR Fuel Cells Plc, the specialist developer of high power density fuel cell
stacks for portable electronics applications, is pleased to announce its Final
Results for the Year Ended 31 December 2007 (`the Period').
Highlights:
2007 Highlights
* Entered into a Joint Development Agreement (`JDA') with Samsung SDI
* Active commercial programmes in Japan, Korea, Taiwan & China
* Development of stand-alone demonstration systems tailored for specific
market opportunities
* Entered into Collaborative DTI funded development partnership with Johnson
Matthey Plc and Accelrys Inc
* Continued to operate well within budget, with strong cash reserves
2007 has been a year of consolidation of commercial successes and continued
technical progress for CMR. The Company remains clearly focussed on providing
fuel cell based power solutions to the portable electronics industry, with
active, cooperative, commercial programmes in Korea, Japan and more recently
Taiwan and China.
Chairman's Statement
Technical progress
Over 2007, CMR has successfully developed a number of different stand-alone
Direct Methanol Fuel Cell (DMFC) demonstration systems with power outputs
suitable for products ranging from portable media players and PDAs, through
hand-held industrial devices and stand-alone re-chargers, right up to laptop
computers. These graphically show how CMR's fuel cell stacks can be integrated
into independent power supplies which themselves have no mains power cord and
can be `instantly recharged' without stopping simply by adding a fresh fuel
cartridge. Demonstration of these systems as well as CMR's ability to
successfully develop mixed reactant and conventional stacks further emphasises
CMR's position as a credible and capable partner for major OEMs around the
world.
CMR has demonstrators using mixed-reactant stacks covering power ranges of 2W -
5W (as typically required by media players, cameras and phone backup chargers)
and others with conventional stacks providing power ranges of 10W - 25W (as
typically required for laptop, stand-alone re-chargers and industrial
computers). These have been driven by the Company's own analysis of specific
market needs and feedback from customers and partners and are key tools in
driving engagement with potential customers.
Market opportunity
Interest in small, cost-effective and efficient portable fuel cell systems
continues to grow, driven by ever increasing power needs that conventional
batteries cannot supply as well increasing concern over the safety of
batteries.
It is clear that the major consumer electronic OEMs and ODMs recognise the
benefits of using portable fuel cells for forthcoming products, but they need
comfort that all aspects of deploying fuel cells are known and feasible - not
just headline technical parameters. To drive better engagement with these
companies, CMR is actively promoting and developing its in-depth knowledge of
all aspects of fuel cells as an integral part of its commercial offering
alongside conventional and mixed reactant DMFC stacks and demonstration
systems.
Market roll-out
The Company continues to believe that many OEMs plan to field-trial fuel cell
systems into Asian markets in 2008/9 ahead of mass-market launches from 2010
onwards. CMR anticipates that 2008 will see early deployment of its stacks
based on `acid' chemistry in trial systems, building towards mass markets
emerging from 2010 onwards. The Company's alkaline chemistry development is
progressing satisfactorily, and the Company is confident that it will be
showing good results from this as this date approaches.
Feedback from customers indicates that first generation products used for
reliability trials and user acceptance testing will be based on `acid'
chemistry and that `alkali' chemistry will be required to meet the price points
needed for mass market deployment at a later date. In either case, CMR believes
that it is well placed to provide the solutions that the market needs.
Commercial progress
This year CMR further strengthened its commercial activities, with many
relationships progressing positively - the most notable of which was the
successful signing of a JDA with potential customer Samsung SDI.
Most portable electronics companies are cautious of making commitments in
public for product release time-frames given their experience of not following
through with past announcements. CMR's commercial team in Tokyo continues to be
highly active in taking CMR's technology and capabilities directly to the major
Japanese OEMs currently pursuing opportunities and product development in fuel
cells, particularly DMFC for laptop applications. Additional focus on emerging
Asian markets saw new commercial programs in Taiwan and China in addition to
commercial activities in Japan and Korea being established in the Period.
The Board recognises the value of developing a strong brand position and CMR is
the only UK company that exhibits portable fuel cells at all the major fuel
cell exhibitions around the world - its stack demonstrators are consistently
major attractions, generating strong interest from portable electronics OEMs.
Over 2007, CMR also accepted invitations to showcase the Company and its
technology at the premier conferences, as well as presenting to Intel's
Extended Battery Life Working Group to fellow members which included Toshiba,
Hewlett Packard and Motorola.
Finance & reserves
The Company continues to be tightly managed and operated well within its
budget. The Board currently expects that the Company's cash reserves to be
sufficient for planned operations until early 2010. At 31 December 2007, assets
totalled £9.4m (2006: 11.3m), of which £8.4m was held in cash and short term
deposits (2006: £10.6m).
In accordance with the dividend policy disclosed at the time of the IPO, the
Board is not recommending payment of a dividend.
CMR continues to invest funds and resources, as planned, to develop new and
improved technologies for future products - the Company's technical team is
wholly focussed on developing its first generation products, but having a
credible road-map of improved products is an essential part of being regarded
as a long-term partner by customers. To this end the Company has continued to
work with Solvay SA and XAAR plc on novel low-cost, high throughput MEA
production, as well as entering into collaboration with Johnson Matthey plc and
Accelerys Inc. to facilitate the discovery of better catalysts. These are not
planned to feed into the first generation products, but show CMR's commitment
to maintaining the market leadership position which it aims to build.
Intellectual property
A number of new, high-level patent applications have been added to CMR's
existing core patents which cover fuel cells using mixed reactants,
flow-through and selective electrodes. These new applications cover a wide
variety of practical and relevant areas which will help the Company to maintain
value as it progresses. These patents cover areas such as new catalysts and new
MEA construction techniques as well as improvements to stacks and systems.
Patents have already been granted in Australia and China, and in 2007 have
continued to progress through the US and European systems, as well as in a
number of other key jurisdictions globally, including Japan and Canada. An
opportunity to extend CMR's claims in the US over the mixed-reactant
architecture, including liquid electrolyte and membrane-less fuel cells has
also been taken.
Outlook
The Company's objectives for 2008 remain as per those outlined in the 2007
interim report, with continued focus on:
* Developing and announcing more commercial agreements with OEMs
* Building valuable and committed relationships with suppliers
* Remaining responsive and market driven - providing solutions for our
customers
* Continuing to address key technical targets - including efficiency and
cost, by flexible use of our world-class technical capability
* Securing granted patents in key territories
The Company has a world-class, motivated and dynamic team with clear technical
and commercial goals and it continues to believe that the portable electronics
market will embrace fuel cell technology as the next generation of long running
power supply.
Gordon Crawford
Chairman
Board Change
Gordon Crawford, Non-Executive Chairman since December 2005, will step down
from the Board following the public listing and two years subsequent service.
This will take effect on 31 March 2008. Tim Curtis, currently a Non-Executive
Director, will become Non-Executive Chairman from 1 April 2008.
The Board believes that Mr. Curtis's experience of high growth technology
companies where he has managed the transition from research to product
development and production will be of great value to CMR as it moves towards
its goal of providing cost effective, compact fuel cell stacks for the portable
electronics industry.
The Board would also like to thank Mr. Crawford for his contribution, advice
and guidance during our early days as a public company.
Finally the Board would like to thank all CMR's staff for their commitment,
innovation and hard work that has produced the sustained progress that is
central to the success of the business and we look forward to reporting on
their continued success throughout the rest of the year.
For Further Information:
John Halfpenny CMR Fuel Cells plc 01223 87 55 44
CEO
Andrew Tan Hansard Communications 020 7245 1100
Account Director
Results for the Year Ended 31st December 2007
Consolidated Income Statement
For the year ended 31 December 2007
Year Year
ended ended
31 December 31 December 2006
2007
Note £'000 £'000
Revenue - -
Share based payments (950) (726)
Other administrative expenses (2,747) (1,825)
Total administrative expenses (3,697) (2,551)
Other operating income 125 -
Results from operating activities (3,572) (2,551)
Finance income 524 523
Loss on ordinary activities before (3,048) (2,028)
taxation
Tax credit on loss on ordinary 210 -
activities
Loss for financial year (2,838) (2,028)
Loss per share - basic and diluted 3 (13.97)p (9.99)p
Consolidated Balance Sheet
at 31 December 2007
Note 31 December 2007 31 December 2006
£'000 £'000
Non current assets
Intangible assets - patent applications 19 41
Property, plant and equipment 563 539
582 580
Current assets
Trade and other receivables 425 167
Cash and cash equivalents 4 8,437 10,587
8,862 10,754
Total assets 9,444 11,334
Current liabilities
Trade and other payables 161 163
161 163
Shareholders' equity
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 (3,858) (1,970)
Total equity attributable to shareholders 9,283 11,171
Total shareholders' equity and 9,444 11,334
liabilities
Consolidated Statement of changes in Shareholders' Equity
As at 31 December 2007
Share capital Share Premium Merger Reserve Retained Total
Earnings
Account Equity
£ '000 £ '000 £ '000 £ '000 £ '000
As at 1 January 2006 2,030 9,776 1,335 (668) 12,473
Loss for the year - - - (2,028) (2,028)
Share based payment - - - 726 726
credit
As at 31 December 2006 2,030 9,776 1,335 (1,970) 11,171
Loss for the year - - - (2,838) (2,838)
Share based payment - - - 950 950
credit
As at 31 December 2007 2,030 9,776 1,335 (3,858) 9,283
Consolidated Cash Flow Statement
For the year ended 31 December 2007
Year Year
ended ended
31 December 31 December
2007 2006
Note £'000 £'000
Cash flows from operating activities
Loss after tax (2,838) (2,028)
Add back depreciation of property, plant 215 84
and equipment
Add back amortisation of intangible fixed 22 22
assets
Increases in receivables (48) (74)
Decreases in payables (2) (207)
Finance income (524) (523)
Income tax credit (210) -
Share-based payment charge 950 726
Net cash used in operating activities (2,435) (2,000)
Investing activities
Interest received 524 523
Purchases of property, plant and equipment (239) (576)
Net cash from/(used in) investing 285 (53)
activities
Net decrease in cash and cash equivalents (2,150) (2,053)
Cash and cash equivalents at beginning of 10,587 12,640
year
Cash and cash equivalents at end of year 4 8,437 10,587
Notes to the Financial Statements
For the year ended 31 December 2007
1. Basis of Preparation
Basis of Accounting
The consolidated financial statements have been prepared under the historical
cost convention in accordance with the AIM Rules for Companies and on a basis
consistent with the accounting policies set out in note 2 and are its first set
of accounts prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU for the financial year ending 31 December
2007.
These are the Group's first annual financial statements prepared under IFRSs
and therefore IFRS 1 `First-time Adoption of International Financial Reporting
Standards' has been applied. An explanation of the transition to IFRS is
provided in note 2 below.
Use of estimates and judgements
The preparation of financial statements which comply with IFRS requires the use
of estimates and assumptions, and for management to exercise its judgement in
the process of applying the Group's accounting policies. Critical judgements
and key estimates and assumptions are disclosed below.
These judgements and estimates are based on management's best knowledge of the
relevant facts and circumstances, having regard to prior experience, but actual
results may differ from the amounts included in the financial statements.
Information about such judgements and estimates is contained in the accounting
policies and/or the notes to the financial statements and the key areas are
summarised below:
a. Recognition of the carrying value or write off of research and development
expenditure
b. Review of useful economic life of patents
c. Recognition of deferred tax asset on losses
Research and Development
In the opinion of the directors, the Group's expenditure on fuel cell
development falls into the category of `development of new products'. The
elements of uncertainty inherent in considering whether development expenditure
should be deferred and matched against future revenue are considerable. In the
opinion of the directors, whilst recognising that the majority of the criteria
(as detailed below in note 2 accounting policies) have been met, it would be
imprudent at this stage of the Group's development to form the opinion that
commercial viability has yet been established and that expenditure on
development should hence be carried forward.
Useful economic life of patents
In 2004, the Group made a particular purchase of intellectual property from
Sagentia Limited in respect of certain patent applications. The total
consideration for the purchase was £111,000 which was recorded as an intangible
asset. The Group estimated at the time of purchase, that the useful economic
life of the patents acquired would be two years post production, which implied
a total economic life of five years. This asset was recorded at cost. In the
opinion of the directors, as at the balance sheet date, the estimated useful
economic life of the intellectual property acquired was not materially
different from that originally estimated at the time of purchase.
Deferred tax assets
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial report
and the corresponding tax bases used in the computation of taxable profit. The
carrying amount of deferred tax assets is reviewed at each balance sheet date
and reduced to the extent that it is estimated that sufficient taxable profits
will be available to allow all or part of the asset to be recovered. Given that
the Group is in its development phase and due to uncertainty surrounding future
profits, the directors consider it currently inappropriate to recognise
deferred tax assets in respect of the trading losses.
2. Significant Accounting Policies
First time adoption of IFRS
These are the Group's first financial statements prepared in accordance with
the recognition and measurement requirements of those IFRSs applicable.
Accordingly, IFRS 1 'First Time Adoption of International Financial Reporting
Standards' has been applied. The Group's transition date to IFRS is 1 January
2006, and the Group prepared its opening balance sheet at that date in
accordance with IFRS effective at 31 December 2007 except as specified below.
In preparing these financial statements, the Group applied mandatory exceptions
and certain of the optional exemptions available in IFRS 1 from the full
retrospective application.
Standards and Interpretations to Standards not yet effective
The following Standards and Interpretations have been issued, but are not yet
effective and have not been early
adopted by the Group:
IAS 1 Presentation of Financial Statements (revised 2007) (effective 1 January
2009)
IAS 23 Borrowing Costs (revised 2007) (effective 1 January 2009)
IAS 27 Consolidated and Separate Financial Statements (Revised 2008) (effective
1 July 2009)
Amendment to IFRS 2 Share-based Payment - Vesting Conditions and Cancellations
(effective 1 January 2009)
IFRS 3 Business Combinations (Revised 2008) (effective 1 July 2009)
IFRS 8 Operating Segments (effective 1 January 2009)
IFRIC 11 IFRS 2 - Group and Treasury Share Transactions (effective 1 March
2007)
IFRIC 12 Service Concession Arrangements (effective 1 January 2008)
IFRIC 13 Customer Loyalty Programmes (effective 1 July 2008)
IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction (effective 1 January 2008)
It is not considered that the adoption of these Standards and Interpretations
will make a material difference to the preparation of the financial statements
of the Group in future periods.
Basis of Consolidation
These consolidated financial statements incorporate the financial results,
assets, liabilities and cash flows of the Company and its subsidiary for the
year ended 31 December 2007.
Subsidiaries are entities which are controlled by the Group. Control is deemed
to exist when the Group has the power, directly or indirectly to govern the
financial and operating policies of an entity so as to obtain benefits from its
activities. The results of subsidiaries acquired during the period are included
in the consolidated income statement from the effective date of acquisition.
Where necessary, adjustments are made to the financial results of subsidiaries
to bring the accounting policies used into line with those used by the Group.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation.
Foreign currencies
Transactions in currencies other than the functional currency (the currency of
the primary economic environment in which a business entity is operating) are
recorded at the rates of exchange prevailing on the dates of transactions.
Monetary assets and liabilities denominated in such other currencies are
retranslated at the rates prevailing on the balance sheet date. Profits and
losses arising from exchange are included in the income statement for the
period.
Research and Development
Expenditure on research (or the research phase of an internal project) is
recognised as an expense in the period in which it is incurred.
Development costs incurred on specific projects are capitalised when all the
following conditions are satisfied:
* completion of the intangible asset is technically feasible so that it will
be available for use or sale
* the Group intends to complete the intangible asset and use or sell it
* the Group has the ability to use or sell the intangible asset
* the intangible asset will generate probable future economic benefits. Among
other things, this requires that there is a market for the output from the
intangible asset or for the intangible asset itself, or, if it is to be
used internally, the asset will be used in generating such benefits
* there are adequate technical, financial and other resources to complete the
development and to use or sell the intangible asset, and
* the expenditure attributable to the intangible asset during its development
can be measured reliably.
Development costs not meeting the criteria for capitalisation are expensed as
incurred. Careful judgement by the directors is applied when deciding whether
the recognition requirements for development costs have been met. This is
necessary as the economic success of any product development is uncertain and
may be subject to future technical problems at the time of recognition.
Judgements are based on the information available at each balance sheet date.
In addition, all internal activities related to the research and development of
new products are continuously monitored by the Board.
Taxation
The taxation expense is the tax currently payable and represents the sum of
current tax and deferred tax. Tax balances are not discounted.
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
periods and it further excludes items that are never taxable or deductible. The
liability for current tax is calculated using tax rates that have been enacted
or substantively enacted by the balance sheet date in the country in which
operations are based.
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if
the temporary difference arises from the initial recognition of goodwill or
from the initial recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the tax profit nor
the accounting profit. The carrying amount of deferred tax assets is reviewed
at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part
of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised based on tax
rates and laws enacted or substantially enacted at the balance sheet date.
Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited directly to equity, in which case the
deferred tax is also dealt with in equity. The tax base of an item takes into
account its intended method of recovery by either sale or use.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation
and any recognised impairment loss.
Depreciation on plant and machinery is charged so as to write off the cost less
residual values of assets over the estimated lives of the asset using the
straight-line method over a period of three to four years.
Depreciation on office furniture, fixtures and fittings is charged so as to
write off the cost less residual values of assets over the estimated lives of
the asset using the straight-line method over a period of four years.
Depreciation on leasehold improvements is charged so as to write off the cost
less residual values of assets over the estimated lives of the asset using the
straight-line method over a period of four years.
In all cases, the gain or loss arising on the disposal of an asset is
determined as the difference between the sales proceeds and the carrying amount
of the asset and is recognised in income.
Methods of depreciation, residual values and useful lives are reviewed and
adjusted, if appropriate, at each balance sheet date.
Intangible assets
An intangible asset is considered identifiable only if it is separable or if it
arises from contractual or other legal rights, regardless of whether those
rights are transferable or separable from the entity or from other rights and
obligations. Acquired intangible assets are stated at cost less any accumulated
amortisation less any impairment loss. Amortisation on intangible assets is
charged so as to write off the cost less residual values of assets over the
estimated lives of the asset using the straight-line method over a period of
five years.
Impairment of property, plant and equipment and intangible assets
At each balance sheet date the Group reviews the carrying amounts of its
property, plant and equipment and intangible assets to determine whether there
is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in
order to determine the extent of the impairment loss (if any). Where the asset
does not generate cash flows that are independent from other assets, the Group
estimates the recoverable amount of the cash-generating unit to which the asset
belongs.
The recoverable amount is the higher of fair value less costs to sell and value
in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to
the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to
be less than its carrying amount, the carrying amount of the asset
(cash-generating unit) is reduced to its recoverable amount. An impairment loss
is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the
asset (cash-generating unit) is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had no impairment loss been
recognised for the asset (cash-generating unit) in prior periods. A reversal of
an impairment loss is recognised as income immediately.
Financial instruments
Financial assets and financial liabilities are recognised on the balance sheet
when the Group becomes a party to the contractual provisions of the instrument.
Finance income
Interest receivable on cash or cash equivalents is recognised in the Income
Statement as it becomes due.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument is
any contract that evidences a residual interest in the assets of the Group
after deducting all of its liabilities.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received,
net of direct issue costs.
Receivables
Receivables are initially recorded at their fair value and thereafter, if
appropriate, recorded at amortised cost. As they are non-interest bearing this
approximates to their invoiced amount.
Payables
Payables are initially recorded at their fair value and thereafter, if
appropriate, recorded at amortised cost. In most cases this approximates to
their invoiced amount.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash balances and short term deposits that
are accessible at up to three months notice. Any bank overdrafts utilised that
are repayable on demand are included as a component of cash and cash
equivalents for the purpose of the statement of cash flows.
IFRS 2 `Share-based payments'
Where share options are granted to employees as part of their remuneration, the
fair value of options granted is recognised as an employee expense in the
income statement with a corresponding increase in equity. The fair value of
options is measured at the grant date, using a Black-Scholes option valuation
model, and expensed through the income statement over the period during which
the employees become unconditionally entitled to the options. The amount
recognised in the income statement is adjusted each year for the expected and
actual number of options vesting.
The proceeds received, net of any directly attributable transaction costs, are
credited to share capital and share premium when the options are exercised.
Leases
Rentals applicable to operating leases where substantially all of the benefits
and risks of ownership remain with the lessor are charged against profits on a
straight line basis over the period of the lease.
Government and other grants
Government and other grants are credited to the profit and loss account when
the related expenditure is incurred and relevant performance criteria have been
achieved. Grant income is shown as other operating income.
3. Loss Per Share
Year Year
ended ended
31 December 31 December
2007 2006
£'000 £'000
Loss per share has been calculated on the loss 2,838 2,028
of:
The weighed average number of shares used was: 20,304,846 20,304,846
4. Cash and cash equivalents
31 December 31 December
2007 2006
£ '000 £ '000
Cash 238 262
Short term investments 8,199 10,325
Closing net funds 8,437 10,587
5. Reconciliation of UK GAAP and IFRS
The Company first adopted IFRS with effect from 1 January 2006. There are no
items within the income statements or balance sheets of the Group which require
restating as a result of the transition to IFRS.
6. Note on the Preliminary Statement
This preliminary statement, which was approved by the Board on 20 February
2008, is not the Company's statutory accounts. The statutory accounts for each
of the two years to 31 December 2006 and 31 December 2007 received audit
reports which were unqualified and did not contain statements under section 237
(2) or (3) of the Companies Act 1985. The 2006 accounts have been filed with
the Registrar of Companies but the 2007 accounts are yet to be filed.
END
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