RNS Number : 1367Y
Ceramic Fuel Cells Limited
27 February 2012
Monday 27 February 2012
Half Year Accounts
Key Points:
-- Three-fold increase in revenue
-- Five-fold increase in unit sales
-- Significant increase in international sales and service channels
Ceramic
Fuel
Cells Limited [AIM / ASX: CFU] - a leading developer of high efficiency
and low emission power products for homes and other buildings - today
released its interim
financial results for the six months ended 31 December 2011.
Revenue for the period increased three-fold to AUD 3.3 million, from
AUD 900,000 in the previous corresponding period. During the period the
Company recorded sales of 67 units, a five-fold increase in sales
compared to the December 2010 half year.
Cumulative orders doubled from July to December 2011 - to a total of
614 units. Orders for 100 units or more were received from distributors
in Germany and The Netherlands, and from E.ON UK. The current open order
book of 476 units will deliver increased revenue and cashflow in future
quarters.
During the half year the Company added significantly to international
sales and service channels. BlueGen distributors were appointed in key
markets of Germany and The Netherlands. Local installation and service
partners were trained in Europe, United Kingdom and Australia.
Ceramic Fuel Cells continues to invest in product development, and
will continue to scale up for future growth. A placement and a rights
issue during the half year raised AUD 16.4 million.
Ceramic Fuel Cells Managing Director Brendan Dow said recent
developments in European markets had added significantly to the
attractiveness of the company's products. "The German Parliament has
proposed an increased feed in tariff for products like ours, and German
states have announced market introduction programs. Earlier this month
we stated that we welcomed the
UK Government's
announcement of an increase in the feed in tariff for micro power and
heating products (m-CHP), which includes our BlueGen product. There is
no doubt that governments the world over are seeing the benefits of
distributed generation of electricity, particularly technologies like
ours which significantly reduce carbon emissions."
BlueGen delivers an electrical efficiency of up to 60 percent - the
highest in the world. When the heat from BlueGen is used to produce hot
water, total efficiency increases to up to 85 percent. The BlueGen
product is the first and currently the only fuel cell m-CHP product to
receive certification under the Microgeneration Certification Scheme
(MCS) and be eligible for the UK feed in tariff.
In November 2011 the Company signed a Manufacturing Services
Memorandum of Understanding with Jabil Circuit Inc, a global electronic
manufacturing service provider with 55 factories in 22 countries and
annual revenue of USD 16 billion. Jabil's global cleantech business unit
makes a range of
energy products
including solar panels, smart grid meters and wind turbines. Under the
MoU, Ceramic Fuel Cells and Jabil will work together towards scaling up
manufacturing volumes of Ceramic Fuel Cells' Gennex fuel cell module and
BlueGen product and reducing unit costs quickly, whilst maintaining
consistent quality and security of supply.
The Directors' Report and Financial Report for the half year are available at www.cfcl.com.au.