Ceramic Fuel Cells Limited Cashflow Report for the June quarter 2012 (3304I)
24 July 2012 - 4:01PM
UK Regulatory
TIDMCFU
RNS Number : 3304I
Ceramic Fuel Cells Limited
24 July 2012
Tuesday 24 July 2012
Cashflow Report for the June Quarter
Ceramic Fuel Cells Limited (AIM / ASX: CFU) a leading developer
of small generators that use fuel cell technology to convert
natural gas into electricity and heat for homes and other
buildings, today released its quarterly cashflow report for the
period ended 30 June 2012.
The cashflow report is available at www.cfcl.com.au.
Key Points
-- Revenue for FY12 is expected to be approximately AUD 6.7m
(GBP 4.4m), an increase of 82 percent on FY11 revenue.
-- In total CFCL has received orders for 639 products (375
BlueGen units plus 264 integrated mCHP units). This is a 108
percent increase from the order book as at 30 June 2011.
-- During the June quarter we booked to revenue sales of 76
units, bringing the total sales for FY12 to 169 units.
-- In the month of June the Company shipped 42 units, the
largest number of units shipped to date in a single month.
-- Net operating cash outflow for the June quarter was AUD 7.3m
(GBP 4.8m). This is higher than previous quarters due to the timing
of customer payments and increased production levels and inventory.
We have reduced operating costs and we expect cash outflow to
reduce significantly in the September quarter.
-- Cash on hand at 30 June was AUD 8.8m (GBP 5.8m). We are
pursuing several options to raise capital, including a Rights Issue
and Overseas Offer, announced today.
Commentary
In June the Company had its highest sales month so far,
delivering 42 units to customers. Payment for these sales is
expected in the September quarter.
Receipts from customers for the June quarter was lower than the
March quarter which included payment from E.ON UK for all of the 45
BlueGen units ordered in November 2011. The Company delivered 15 of
these units to E.ON UK in the March quarter and 30 in the June
quarter. Earlier in the June quarter the Company also increased
purchases of components to make BlueGen units, to be held in
inventory and then delivered to customers.
These factors have led to a net operating cash outflow of AUD
7.3m (GBP 4.8m) for the June quarter, compared to AUD 4.9m (GBP
3.2m) in the March quarter.
The overall net cashflow for the June quarter after investing
and financing activities was an outflow of AUD 7.8m (GBP 5.1m).
This included AUD 0.4m (GBP 0.2m) for capital expenditure payments
in relation to work on the large scale furnace in Germany. As
reported in the shareholder update of 12 July, we expect this
furnace to be operational during August 2012 without any more
significant capital costs.
For the full financial year to 30 June 2012, cash receipts from
customers were AUD 6m (GBP 3.9m), which was a 79 percent increase
on FY11.
Revenue for FY12 is expected to be approximately AUD 6.7m (GBP
4.4m), an increase of 82 percent on FY11 revenue. (This is an
increase of AUD 200k on the revenue estimate of AUD 6.5m in the
shareholder update released on 12 July.) During the June quarter we
booked to revenue sales of 76 units, bringing the total sales for
FY12 to 169 units, compared to 61 units in FY11.
While revenue has grown strongly, it needs to increase faster to
fund operating costs. We have reduced operating costs, including by
reducing consultants' fees and reducing casual and contract staff,
in line with our manufacturing strategy to progressively outsource
assembly activities. We have also sharply reduced component
purchases, and deferred or cancelled existing purchase orders.
As a result of these cut backs, we expect net cash outflow to be
significantly lower in the September quarter.
As at 30 June 2012 the Company held cash of AUD 8.8m (GBP 5.8m).
This includes AUD 2.2m pledged as security for bank guarantees,
leaving unrestricted cash of AUD 6.6m (GBP 4.4m).
As announced in the shareholder update on 12 July, we are
pursuing several options to raise additional capital to enable the
Company to continue to fund its operations. These measures include
a Rights Issue to Australian and New Zealand holders and an
Overseas Offer to UK and European shareholders announced today.
(Please refer to the separate announcement for further
details.)
The quarterly cashflow report is also available on the Company's
website at www.cfcl.com.au
For more information please contact:
Ceramic Fuel Cells Limited
Andrew Neilson Tel. : +61 (3) 9554 2300
Email : investor@cfcl.com.au
Nomura Code Securities (AIM Nomad)
Chris Golden Tel. : +44 (0) 207 776
1200
Australian media enquiries
Richard Allen Tel. : +61 (0) 3 9915
Oxygen Financial Email 6341
Public Relations : richard@oxygenpr.com.au
UK media enquiries
Mark Way Tel. : +44 (0) 7786 116
MW Research PR Email 991
: mark.w@harvardamerica.com
German media enquiries
Alex Seiler Tel. : +49 (0) 69 9218
Hering Schuppener Email 7454
Consulting : aseiler@heringschuppener.com
About Ceramic Fuel Cells Limited:
Ceramic Fuel Cells is a world leader in developing fuel cell
technology to generate highly efficient and low-emission
electricity from widely available natural gas. Ceramic Fuel Cells
has sold its BlueGen gas-to-electricity generator to major
utilities and other foundation customers in Germany, the United
Kingdom, Switzerland, The Netherlands, Italy, Japan, Australia, and
the USA. Ceramic Fuel Cells is also developing fully integrated
power and heating products with leading energy companies E.ON UK in
the United Kingdom, GdF Suez in France and EWE in Germany.
The company is listed on the London Stock Exchange AIM market
and the Australian Securities Exchange (code CFU).
www.cfcl.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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