Consolidated Statement of Comprehensive Income For the half-year ended 31 December 2013
Half-year
Notes 2013 2012
$ $
Revenue from continuing operations 2 3,425,937 2,589,355
Cost of sales, service & warranty 4 (4,893,906) (3,844,625)
-------------- ---------------------
Gross profit/(loss) (1,467,969) (1,255,270)
Other income 3 421,216 471,916
Research & Product Development (3,933,071) (4,297,603)
Manufacturing (1,540,820) (958,597)
General & Administration (4,129,040) (4,952,071)
Sales & Marketing (1,860,516) (1,197,433)
Impairment Reversal / (Charge) 1,973,570 (342,297)
Other Gains / (Losses) - Foreign
exchange (866,662) (41,430)
Finance costs (447,505) (36,497)
Loss before income tax (11,850,797) (12,609,282)
Income tax benefit 4,022,582 -
-------------- ---------------------
Loss for the half-year entirely
attributable to members of Ceramic
Fuel Cells Limited (7,828,215) (12,609,282)
Other comprehensive income
Items which may be reclassified
to profit or loss
Exchange differences on translation
of foreign operations 1,408,090 759,294
Other comprehensive income for
the half-year, net of tax 1,408,090 759,294
Total comprehensive income/(expense)
for the half-year entirely attributable
to members of Ceramic Fuel Cells
Limited (6,420,125) (11,849,988)
============== =====================
Cents Cents
Earnings per share for loss attributable
to the ordinary equity holders
of the company
Basic and diluted earnings per
share 15 (0.49) (0.86)
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Consolidated Balance Sheet
As at 31 December 2013
31 December 30 June
Notes 2013 2013
$ $
ASSETS
Current Assets
Cash and cash equivalents 5 9,034,469 10,010,131
Trade and other receivables 6 1,994,070 1,355,437
Inventories 7 12,462,287 9,974,671
Other 368,044 825,506
---------------- --------------
Total Current Assets 23,858,870 22,165,745
---------------- --------------
Non-Current Assets
Plant and equipment 11,070,983 10,923,676
Intangible assets 1,000 1,000
Other 235,551 235,551
---------------- --------------
Total Non-Current Assets 11,307,534 11,160,227
---------------- --------------
Total Assets 35,166,404 33,325,972
---------------- --------------
LIABILITIES
Current Liabilities
Trade and other payables 3,266,882 2,328,053
Borrowings 8 360,065 6,145,958
Derivative financial instruments 9 - 663,878
Provisions 10 2,896,219 3,406,824
Other liabilities 11 926,693 862,431
---------------- --------------
Total Current Liabilities 7,449,859 13,407,144
---------------- --------------
Non-Current Liabilities
Borrowings 8 7,407,152 854,947
Derivative financial instruments 9 758,690 -
Provisions 10 2,613,025 1,632,758
Other liabilities 11 1,742,115 1,684,801
---------------- --------------
Total Non-Current Liabilities 12,520,982 4,172,506
---------------- --------------
Total Liabilities 19,970,841 17,579,650
---------------- --------------
Net Assets 15,195,563 15,746,322
================ ==============
EQUITY
Contributed equity 13(b) 295,520,243 289,650,877
Reserves 3,735,332 2,327,242
Retained profits/(losses) (284,060,012) (276,231,797)
---------------- --------------
Total Equity 15,195,563 15,746,322
================ ==============
The above consolidated
balance
sheet should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
For the half-year ended 31 December 2013
Entirely attributable to owners
of Ceramic Fuel Cells Limited
-------------------------------------------------------
Note Contributed Reserves Retained Total
equity earnings equity
$ $ $ $
Balance at 1 July
2012 277,282,387 68,950 (256,454,181) 20,897,156
Profit/(loss) for
the half-year - - (12,609,282) (12,609,282)
Other comprehensive
income - 759,294 - 759,294
------------ ---------- -------------- -------------
Total comprehensive
income for the
half-year - 759,294 (12,609,282) (11,849,988)
Transactions with
owners in their
capacity as owners
Contributions of
equity, net of
transaction costs 11,085,544 - - 11,085,544
Employee shares
- value of employee
services 190,440 - - 190,440
Employee share
options - value
of employee services - 41,342 - 41,342
Balance at 31 December
2012 288,558,371 869,586 (269,063,463) 20,364,494
Balance at 1 July
2013 289,650,877 2,327,242 (276,231,797) 15,746,322
Profit/(loss) for
the half-year - - (7,828,215) (7,828,215)
Other comprehensive
income - 1,408,090 - 1,408,090
------------ ---------- -------------- -------------
Total comprehensive
income for the
half-year - 1,408,090 (7,828,215) (6,420,125)
Transactions with
owners in their
capacity as owners
Contributions of
equity, net of
transaction costs 13(b) 5,517,155 - - 5,517,155
Conversion of loan
notes 335,514 - - 335,514
Employee shares
- net value of
services provided/(reversed
on forfeiture) 13(b) (6,520) - - (6,520)
Employee shares
- net proceeds
from sale of forfeited
shares 23,217 - - 23,217
Balance at 31 December
2013 295,520,243 3,735,332 (284,060,012) 15,195,563
============ ========== ============== =============
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
