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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
Premium
Embargoed Release: 07:00hrs Thursday 21st August 2008
CMR Fuel Cells Plc
(`CMR' or the `Company')
Interim Results for the six-month period ended 30th June 2008
CMR Fuel Cells plc is pleased to announce its interim results for the first
half of 2008.
Highlights
* Entered into fuel cell power supply joint product development with leading
Asian Original Design Manufacturer (`ODM'),
* Strong interest from other ODMs,
* Developed and demonstrated direct methanol fuel cell systems powering
notebook computers,
* Excellent progress on platinum free, second generation `Alkaline
technology' with several patent applications made,
* Continued to operate well within budget, with strong cash reserves.
Chairman's Statement
I am pleased to report that CMR has made good progress over the first half of
2008, building on the direct methanol fuel cell (`DMFC') systems which we have
demonstrated powering notebook computers to potential customers throughout Asia
and at major trade shows in Tokyo, Shanghai and Atlanta. CMR's demonstrator was
noted as the only system shown powering a notebook at all of these shows,
winning praise from industry observers as "the only functioning demonstrator to
be found [at the show]" and "It was an impressive display, and was the closest
thing I've yet seen to a functional laptop fuel cell." (Source: Fuel Cell
Today, Event Report, Tokyo Fuel Cell Expo. 2008).
At the world's leading fuel cell event - FC Expo in Tokyo - CMR showcased its
new 25 Watt DMFC, demonstrator powering a working notebook computer. It was the
only working demonstrator on display at this challenging higher power level and
drew significant attention and interest from visitors and trade press alike.
Also, in line with CMR's progress towards commercialisation, CMR accepted an
invitation from the Intel Corporation Extended Battery Life Working Group to
participate in its Spring Developer's Forum in Shanghai and also to demonstrate
to attending delegates the 25W fuel cell.
Following the highly positive response to these shows - as well as the
continuing direct approaches to OEMs and ODMs - CMR expanded its business
development activities, adding operations in China and Taiwan to the existing
Japanese operation. CMR's position as the leading DMFC expert was recognised by
the signing of a Memorandum of Understanding with a leading Asian ODM to
develop a hybrid Lithium-Ion Battery DMFC Power Charger for notebook computers.
I expect to be able to announce more agreements of this kind in due course.
Whilst our primary focus is on developing fuel cell systems products to our
customers' specifications, we continue to develop alkaline DMFC technology.
This has the potential to replace platinum - used in today's fuel cell
catalysts - with other materials which are cheaper and have less price
volatility. We have made a number of significant patent applications in this
area. This is a longer term programme, but will enable the Company to offer a
`one stop shop' where customers can get first generation `acid technology'
based products as well as an integrated road-map to lower cost, high volume
future generation products.
Economic trading conditions are challenging for our target customers, many of
whom have moved away from developing their own fuel cell system towards finding
external suppliers to provide them with integrated system solutions. The
Company is well placed to do this - we have developed capabilities in relevant
skills and have always had a very strong `customer needs' focus. As a leading
member of Intel's Extended Battery Life Working Group - whose mission is to
realise the power usage `holy grail' of an eight hour working day away from
mains electricity - and having senior management with a strong background in
consumer electronics, the Company is well able to understand and respond to our
customers' needs.
Collaboration amongst fuel cell companies is essential to bring together all of
the complex elements needed for a complete fuel cell system as well as to
develop improved technologies which can reduce the price and improve the
performance of subsequent product generations.
To this end, during the period, we have entered into a new agreement with Acta
S.p.A. to accelerate the development of platinum-free alkaline membrane fuel
cells. Our existing DTI-funded development partnership with Johnson Matthey Plc
and Accelrys Software Inc. to identify and develop better fuel cell components
is producing excellent results.
The Company's finances are tightly managed and CMR continues to operate well
within its budget. We currently anticipate that our cash reserves are
sufficient for planned operations until 2010. At 30 June 2008, assets totalled
£8.3m (June 2007: £10.3m), of which £7.5m was held in cash and short term
deposits (June 2007: £9.6m).
In accordance with the dividend policy disclosed at the time of the IPO, the
Board is not recommending payment of a dividend.
Finally, once again, 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.
Tim Curtis
21 August 2008
Further Information
John Halfpenny CMR Fuel Cells plc 01223 875 544
CEO
Vikki Krause Hansard Communications 020 7245 1100
Ltd
Account Director
Michael Ansell Investec Investment 020 7597 5970
Banking
Interim results for the 6 Months Ended 30th June 2008
Consolidated Interim Income Statement
For the six months ended 30 June 2008
Unaudited Unaudited Audited
6 months 6 months ended Year ended
ended 30 June 31 December
30 June 2007 2007
2008
Note £'000 £'000 £'000
Revenue - - -
Share option costs (510) (409) (950)
Other administrative (1,493) (1,351) (2,747)
expenses
Administrative expenses (2,003) (1,760) (3,697)
Other operating income 60 17 125
Results from operating (1,943) (1,743) (3,572)
activities
Finance income 212 261 524
Loss on ordinary (1,731) (1,482) (3,048)
activities before income
tax
Tax credit on loss on - - 210
ordinary activities
Loss for the financial (1,731) (1,482) (2,838)
period
Loss per share - basic 3 8.53p 7.30p 13.97p
and diluted
Basis of preparation
Further information is given in Note 1. No other gains or losses arose in the
year other than those reported above.
Consolidated Interim Balance Sheet
at 30 June 2008
Note Unaudited Unaudited Audited
30 June 30 June 31 December
2008 2007 2007
£'000 £'000 £'000
Non current assets
Intangible assets - patent 8 30 19
applications
Property, plant and equipment 511 585 563
519 615 582
Current assets
Trade and other receivables 256 168 425
Cash and cash equivalents 4 7,492 9,545 8,437
7,748 9,713 8,862
Total assets 8,267 10,328 9,444
Current Liabilities
Trade and other payables 205 230 161
205 230 161
Shareholders' Equity
Share capital 2,030 2,030 2,030
Share premium 9,776 9,776 9,776
Merger reserve 1,335 1,335 1,335
Retained deficit (5,079) (3,043) (3,858)
Total equity attributable to 8,062 10,098 9,283
shareholders
Total shareholders' equity 8,267 10,328 9,444
and liabilities
Consolidated Interim Statement of changes in Shareholders' Equity
As at 30 June 2008
Share capital Share Premium Merger Reserve Retained Total
Earnings
Equity
£ '000 £ '000 £ '000 £ '000 £ '000
As at 1 January 2007 2,030 9,776 1,335 (1,970) 11,171
Loss for the period - - - (1,482) (1,482)
Share based payment - - - 409 409
charge
As at 30 June 2007 2,030 9,776 1,335 (3,043) 10,098
Loss for the period - - - (1,356) (1,356)
Share based payment - - - 541 541
charge
As at 31 December 2007 2,030 9,776 1,335 (3,858) 9,283
Loss for the period - - - (1,731) (1,731)
Share based payment - - - 510 510
charge
As at 30 June 2008 2,030 9,776 1,335 (5,079) 8,062
Consolidated Interim Cash Flow Statement
For the six months ended 30 June 2008
Unaudited Unaudited Audited
Six months ended Six months ended year
30 June 30 June ended
2008 2007 31 December
2007
£'000 £'000 £'000
Cash flows from operating
activities
Loss after tax for the period (1,731) (1,482) (2,838)
Depreciation of property, plant & 120 96 215
equipment
Amortisation of intangible fixed 11 11 22
assets
Decreases/(increases) in 153 (61) (48)
receivables
Increases/(decreases) in payables 44 66 (2)
Finance income (212) (261) (524)
Income tax credit - - (210)
Share based payment charge 510 409 950
Net cash used in operating (1,105) (1,222) (2,435)
activities
Investing activities
Interest received 228 322 524
Purchases of property, plant & (68) (142) (239)
equipment
Net cash received from investing 160 180 285
activities
Net decrease in cash and cash (945) (1,042) (2,150)
equivalents
Cash and cash equivalents at 8,437 10,587 10,587
beginning of period
Cash and cash equivalents at end 7,492 9,545 8,437
of period
Notes to the Financial Statements
For the six months ended 30 June 2008
1. Basis of Accounting
The consolidated interim financial statements have been prepared in accordance
with the AIM Rules for Companies. The Group has prepared these interim
financial statements under the historic cost convention in accordance with
International Financial Reporting Standards (IFRS) as adopted by the EU and on
a basis consistent with the accounting policies set out in note 2.
The interim financial statements for period ended 30 June 2007 were the Group's
first financial statements prepared under the recognition and measurement
requirements of those IFRSs as eventually applied to the 31 December 2007
financial statements and therefore IFRS 1 `First-time Adoption of International
Financial Reporting Standards' was applied.
As permitted, the Group has chosen not to adopt IAS 34 `Interim Financial
Statements' in preparing these interim financial statements and therefore the
interim financial information is not in full compliance with IFRS.
The interim financial statements are unaudited and do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985.
The financial information for the year ended 31 December 2007 has been derived
from the published statutory accounts. A copy of the full accounts for that
period, on which the auditors issued an unqualified report that did not contain
statements under Section 237 (2) or (3) of the Companies Act 1985, has been
delivered to the Registrar of Companies.
The Board of CMR Fuel Cells plc approved this interim report on 19 August 2008.
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 report. Information about such
judgements and estimates is contained in the accounting policies 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; and
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 Significant 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 from Sagentia Limited of
intellectual property 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 useful economic life of five years. This asset was recorded at cost. In
the opinion of the directors, as at the interim 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
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)
Amendment to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation
of Financial Statements - Puttable Financial Instruments and Obligations
Arising on Liquidation (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)
Amendments to IFRS 1 First-time Adoption of International Financial Reporting
Standards and IAS 27 Consolidated and Separate Financial Statements - Costs of
Investment in a Subsidiary, Jointly Controlled Entity or Associate (effective 1
January 2009)
Amendment to IAS 39 Financial Instruments: Recognition and Measurement -
Eligible Hedged Items (effective 1 July 2009)
Improvements to IFRSs (effective 1 January 2009 other than certain amendments
effective 1 July 2009)
IFRS 3 Business Combinations (Revised 2008) (effective 1 July 2009)
IFRS 8 Operating Segments (effective 1 January 2009)
IFRIC 13 Customer Loyalty Programmes (effective 1 July 2008)
IFRIC 15 Agreements for the Construction of Real Estate (effective 1 January
2009)
IFRIC 16 Hedges of a Net Investment in a Foreign Operation (effective 1 October
2008)
It is not considered that the adoption of these Standards and Interpretations
has nor will make a material difference to the preparation of the financial
statements of the Group in this or future periods.
Basis of Consolidation
This consolidated financial report incorporates the financial results, assets,
liabilities and cash flows of the Group and its subsidiary up to 30 June 2008.
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 directors.
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 period. 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
operation 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 report
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
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 of 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
Finance income comprised interest receivable on cash or cash equivalents is
recognised in the Income Statement as it becomes due using the effective
interest rate method.
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 investments
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 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 Income statement 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
Unaudited Unaudited Audited
Six months Six months Year
Ended ended ended
30 June 30 June 31 December
2008 2007 2007
£'000 £'000 £'000
Loss per share has been calculated 1,731 1,482 2,838
on the loss of:
The weighted average number of 20,304,846 20,304,846 20,304,846
shares used was:
As the Group was making losses throughout the period the loss per share and the
diluted loss per share are the same.
The weighted average number of shares is derived from the number of shares in
issue throughout the relevant period. Because the Group was making losses
throughout the period, the weighted average number of shares excludes the
effect of any unexercised share options.
4. Cash and Cash equivalents
Unaudited Unaudited Audited
Six Months ended Six Months ended Year ended
30 June 30 June 31 December
2008 2007 2007
£ '000 £ '000 £ '000
Cash 142 195 238
Short term investments 7,350 9,350 8,199
Total cash and cash equivalents 7,492 9,545 8,437
END
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