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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 |
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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