TIDMCWR
RNS Number : 4565B
Ceres Power Holdings plc
07 October 2015
7 October 2015
Ceres Power Holdings plc
Final results for the year ended 30 June 2015
Ceres Power Holdings plc ("Ceres", "Ceres Power", "the Company"
or "the Group") (AIM: CWR.L) announces its final results for the
year ended 30 June 2015.
Highlights:
During the reporting period
-- Signed Joint Development Agreement with a
global Japanese power system company
-- Successful deployment of the technology at
customer sites in Japan and South Korea meeting
all test requirements
-- Fundraising of GBP20 million in July 2014
and GBP18 million net cash and short-term
investments at 30 June 2015 maintain the Group's
financial strength
-- Steel Cell power output improvement of 40%
and efficiency increase to 47% of the technology
- further validating the route to affordable
fuel cell products
-- Leadership team strengthened with the addition
of Aidan Hughes as Non-Executive Director,
and James Falla as Chief Operating Officer
After the year end
-- Formal release of latest V3 cell technology
to customers with degradation enabling 7 year
product life
-- Expansion of Commercial team with Tony Cochrane
appointed as Chief Commercial Officer based
in North America and opening of South Korean
office
-- Successful completion of the first year of
the Joint Development Agreement with global
Japanese power system company
Financial Highlights:
Year Ended 30 June 2015 Year Ended 30 June 2014
GBP'000 GBP'000
------------------------ ------------------------
Total revenue, comprising 324 1,224
Release of deferred revenue - 738
Underlying revenue (1) 324 486
Other operating income 621 581
Total underlying revenue and other operating income 945 1,067
Cost of sales and operating costs (12,667) (10,393)
Operating loss (11,722) (8,588)
Equity free cash flow (2) (9,084) (7,740)
Net cash and short term investments 18,184 7,699
Phil Caldwell, CEO, commented:
"We have successfully demonstrated the ability of the Steel Cell
technology to meet the most demanding performance requirements in
our partner programmes in Japan and South Korea. We continue to
focus on securing further agreements with key commercial partners
and I expect to announce progress on this in the near future."
Alan Aubrey, Chairman, added:
"Over the year our reputation has strengthened as one of the
leading technology companies in the industry. I am delighted that
we've been able to attract individuals with strong international
and operational experience to the leadership team in preparation
for the next phase of the Company's growth."
______________________________________
(1 Underlying revenue is total revenue less the release of
deferred revenue relating to historic agreements)
2 Equity free cash outflow (EFCF) is the net change in cash and
cash equivalents in the year less net cash generated from financing
activities less the movement in short term investments
Chairman's statement
Over the past 12 months we have witnessed the ongoing evolution
of the energy sector, marking the grand transition towards
distributed generation and the world market for distributed
generation is predicted to approximately double in the next eight
years(1) . Whilst the majority of this distributed generation
currently comprises a variety of technologies - including
renewables such as solar - fuel cells are increasingly becoming
part of this energy mix as an enabling technology for renewables
and allowing people to generate their own power cleanly and
efficiently at the point of use. This shift away from the
traditional business model of centralised power utilities is
helping to bring fuel cells closer to commercialisation.
Driven by cost reduction through technology innovation, the
stationary fuel cell market continues to grow with market revenues
of US$40bn forecast by 2022(2) . The fuel cell technologies that
dominate this growth are commercially available in Asia and the US
and run on widely available fuels such as Natural Gas, Biogas and
LPG. As a result, these technologies are not held back by a lack of
hydrogen infrastructure, as we have seen in automotive fuel cell
applications. With infrastructure not a limiting factor for
commercialisation and scale-up, widespread adoption of the Steel
Cell technology is directly achievable as long as we continue to
demonstrate we can hit the cost, lifetime and performance targets
required by the world's leading power system companies.
The Steel Cell technology is a relatively new and disruptive
technology compared to the established fuel cell offerings, but one
that is proving itself repeatedly against the most demanding
performance targets set by market leaders in the power sector. We
have met all customer testing requirements at sites in Japan and
South Korea and our latest V3 technology has been released to
customers after extensive in-house validation beyond 10,000 hours
of testing. We have also hit key technical milestones in our
development roadmap showing considerable uplifts in efficiency and
power density in early stage development. These achievements are
key to ensuring we have the best overall economic offering for our
customers and we intend to bring through some of these additional
benefits in our V4 release next year.
Strategically, we have positioned Ceres as one of the few
independent technology providers that is able to offer low-cost
solutions to a wide variety of players across different sectors and
geographies for different product applications. This breadth and
versatility enables the Company to benefit as the industry
continues to consolidate and markets mature. We have the capability
to support businesses operating at a range of different stages and
speeds of development: whether they might be aspiring power system
companies in need of reliable fuel cell technology to play catch-up
with existing players; or the established companies themselves,
struggling to realise the performance and cost targets needed for a
truly mass-market offering and so seeking next-generation
technology to transform existing products.
The latest development in the stack and system technology has
been brought together in the Steel Gen platform, a 1kW class power
only prototype comparable to the Japanese Ene-Farm products, which
is compact, highly efficient and meets the most stringent of global
emission standards. This will be released to customer programmes
early next year.
We are continuing to expand the reach and scope of our
technology and are developing a multi-kW system to operate at
electrical efficiencies above 50%, as we intend to extend our
offering beyond residential to the light-commercial and power only
applications in response to prospective customer enquiries.
In terms of developing the talent base at the Company essential
to future growth, we have further strengthened the team with the
appointment of James Falla as Chief Operating Officer and more
recently Tony Cochrane as Chief Commercial Officer. James joined
Ceres after 15 years establishing operations in Asia for leading
Tier 1 automotive companies. Tony joins us from Ballard Power
Systems, with over 17 years' direct experience in the fuel cell
sector, where he led the commercialisation of the stationary power
business. We also welcomed Aidan Hughes as a Non-Executive Director
who brings with him considerable experience of growing technology
companies throughout his career and is a significant addition to
the Board as Chair of the Audit Committee.
The ability to attract colleagues of the quality and experience
of Aidan, James and Tony shows the growing market appeal and
reputation of Ceres in the industry under the leadership of Phil
Caldwell as CEO.
I have been working with Phil now for two years and we have a
great team in place. We have invested in the core technology and
are demonstrating significant technical progress, both internally
and on customer sites worldwide. Initial evaluations at some of our
customer sites have taken longer than planned which has impacted
commercial progress and therefore we have not seen the anticipated
revenue growth in the year. However, as long as we continue to hit
our key technical milestones it is no longer a case of 'if' this
technology will come to market but just a matter of 'when'. As part
of the exciting energy evolution rolling out across the globe we
see Ceres now becoming established as one of the leading
independent technology companies in this rapidly growing
distributed generation sector.
Alan Aubrey
Chairman
______________________________________
1 'Global Distributed Generation Deployment Forecast', Navigant Research, 2014.
2 'Fuel Cells Annual Report 2014, Navigant Research
Chief Executive's statement
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It has been an exciting year for us as well as a demanding one,
working with some of the world's best companies in Japan and South
Korea, which set extremely high standards for the performance of
fuel cell technology. As the energy sector evolves and the
distributed generation market matures, we have continued to invest
in process and technical innovation in pursuit of our commercial
aspirations, building the necessary capability, capacity and
competence to compete on the global stage. It is only in doing so
that we can meet the ambition we have for Ceres in establishing the
Steel Cell as the standard for Solid Oxide Fuel Cell (SOFC)
technology in the industry.
The market opportunity for our Steel Cell technology is greater
than ever as we see significant deployment of fuel cells in our
primary target markets in Japan, South Korea and the US. The Steel
Cell enables mass market adoption of fuel cells as it provides all
of the performance of the established older generation fuel cells
in the industry, but with a unique robustness to cycling and offers
customers a low-cost solution that can be manufactured using
standard techniques and commodity materials. The ability to
manufacture ceramics on Steel is unique to Ceres in the industry
and key to our licensing strategy.
We therefore find ourselves exclusively positioned in having a
disruptive low-cost next-generation Steel Cell technology, which is
available to all power system companies in the sector. This allows
us to embed the technology into as many applications and
geographies as possible with the common building block of the Steel
Cell at the core of future power systems.
Whilst we continue to demonstrate the low-cost potential to
existing partners for the residential market, we have also made
significant technical progress over the past year which will enable
us to widen the applicability of this technology to higher-power
systems for the light-commercial and power only sectors, broadening
our target markets and ultimately the value we can create for our
shareholders.
Commercial
Over the past year we have focused on two areas in our customer
engagements: Firstly demonstrating that this relatively new and
disruptive technology is mature enough for commercialisation by
leading power system companies; secondly, that it has the potential
to increase both in efficiency and power density to enable its
application to other product applications beyond our residential
platform.
We have reached a point now in the technology's maturity where
we are able to engage with more customers globally, across a range
of geographies, in response to increasing interest in the Steel
Cell for a variety of applications.
In order to best realise this market potential we are investing
in our commercial team globally and I am pleased to welcome Tony
Cochrane to the business as Chief Commercial Officer. Brought in to
spearhead our commercial activities, Tony has considerable
experience in the fuel cell sector from his time in Ballard Power
Systems, where he led the commercialisation of their Stationary
Power business. Tony is based in North America, further boosting
access to this market segment.
Expanding our presence and platform in Asia and building on the
progress made through our local office in Japan, we recently opened
an office in Seoul, South Korea. Forecast as having revenue
potential of US$15bn alone by 2022(1) , South Korea is a key target
market for us, both to support our existing business relationships
and to address further opportunities there.
'Progress on partnerships'
Working to the highest customer standards, we have seen
successful deployment this year of our technology across several
different markets, such that in Japan, South Korea and the UK, we
have met all of the technical requirements set for the technology
to date.
In Japan: In October last year, we announced a Joint Development
with a leading Japanese Power system company and I am pleased to
say we have met all our objectives after two years of working
together and we expect to broaden this relationship in the near
future.
We are also progressing further evaluations with several other
Japanese companies for both residential and light-commercial
applications and we have a healthy pipeline of new
opportunities.
In South Korea: We successfully completed all testing at KD
Navien's facility in Seoul, under the Technology Assessment
Agreement, including aggressive accelerated testing for
cycleability and steady state running. At KDN's request we have
provided an additional system to provide parallel testing for both
steady state and cycleability, as extended validation.
In the UK: IE CHP (a joint venture between SSE and Intelligent
Energy) completed system testing of the technology in a simulated
typical UK home environment, demonstrating the potential benefits
for a UK customer. We expect to undergo further assessments of the
technology in the UK this year.
Overall, I am satisfied with the commercial progress this year,
even though this has not translated into revenue growth yet, as
some of our customer evaluations have extended longer than
anticipated. In the coming year, I expect we shall see an
increasing number of these pipeline opportunities come through as
new commercial relationships, in addition to the continued progress
shown with our existing partners.
Technology
Internal and external validation of our technology has been a
key focus over the past year. It is important to our customers that
we can evidence lifetime and robustness equivalent to more
established, early generation fuel cell technologies, while
simultaneously demonstrating the significant uplift in performance
and low cost of the Steel Cell. This has been a Company-wide effort
and called for significant additional investment in our test and
operations capability.
(1 Stationary Fuel Cells: Global Market Analysis and Forecasts,
2014, Navigant Research)
The technical progress we have made resulted in the recent
release of our V3 technology to customers following extensive
internal testing and validation proving durability and lifetime
through accelerated and steady state testing. This validation
included multiple stack testing over 10,000 hours achieving
degradation rates equivalent to those required for product life of
over 7 years and comparable to fuel cell competitors in Japan.
Stack tests on earlier generations of the technology also surpassed
20,000 hours providing greater confidence in the long lifetime
potential of the Steel Cell technology.
With robustness to cycling representing another key
differentiator over conventional early generation SOFC, we have
also completed aggressive accelerated testing (including redox and
thermal cycling tests) equivalent to 10+ years of performance.
We are now working on our V4 release which is due to reach
customers in 2016 and serves two primary purposes: preparing the
technology for scale-up, as well as improving performance and
reducing cost further.
In terms of performance, high electrical efficiency relative to
other technologies, particularly at small scale, is a key driver
for the adoption of SOFC technology. We have already demonstrated
performance equivalent to the best available systems in Japan and
aim to achieve over 50% net electrical efficiency in the next
year.
Such performance not only enhances the already significant
benefit to the residential consumer, but more importantly, widens
the potential of the technology to other markets such as power-only
and back-up power applications for the commercial and
light-industrial business sectors.
The technology team has also been continuously improving the
power output of the Steel Cell. We have shown power density
improvements of 40% in the year and expect this to translate into
lower-cost product offerings to customers in future releases of our
technology.
At a system level we have also made great progress and expect to
release the latest version of our prototype system architecture,
the Steel Gen, which is fully compliant with all emission standards
and probably the most compact SOFC system design available. This
meets the key requirements to access the wider markets for
installations in high-rise apartments in Asia.
In response to customer interest in higher-power products for
light-commercial applications (such as the commercial market of
5-10kW power-only products), we have begun to develop multi-kW
systems and I anticipate further progress in this area during the
year.
All of the above improvements in performance, robustness and
cost result in an improved economic payback for the end user, at an
affordable price point and serve to strengthen our USP and
competitive position.
Operations and Manufacturing
We are competing with - and in some instances looking to partner
with - a number of the largest ceramics companies in the world,
hence the quality and scalability of our manufacturing processes is
key and represents a source of great commercial value. Accordingly,
we continue to invest in our manufacturing processes in Horsham
which are unique to Ceres and a valuable asset.
I am also very pleased to have strengthened our team with the
recent addition of James Falla as Chief Operating Officer. James
joins Ceres with a track record in establishing operations in Asia
for leading Tier 1 automotive companies.
Significant progress has been made on production scale-up
projects, designed to demonstrate and validate production processes
suitable for high-volume fuel cell manufacture. These are on track
for delivery early next year through the V4 programme.
A good example of progress is the development of a high-speed
screen print line which has been procured and part funded with an
Innovate UK grant. Print-cycle time will reduce from 30 seconds to
just 3 seconds.
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In an example of innovation driving down costs still further,
the latest cell design release also incorporates a change to the
electrolyte deposition from spraying to screen printing. This key
technical advance serves to replace a cost-intensive process with a
faster, more economical and controllable printing process.
Looking ahead, we are in discussions with several manufacturing
partners to scale the business in line with OEM demand with a
particular focus on Asia as a first market.
Financial
Ceres is well financed to deliver its business plan, having
raised GBP19.6M in equity, mostly from new investors at the start
of the financial year, in an oversubscribed private placing. The
Company ends the year with GBP18.2M in cash and cash equivalents
and short-term investments (2014: GBP7.7M).
During the year equity free cash outflow (EFCF)(1) was GBP9.1M
(2014: GBP7.7M). This planned increase was driven predominantly by
the Company's investment in its people and technology development,
as it increased its average number of employees from 72 to 96 and
incurred recurring 'cash operating costs'(2) of GBP10.5M (2014:
GBP8.2M). EFCF was also influenced by additions to the Group's test
and manufacturing infrastructure as it incurred GBP1.2M capital
expenditure (2014: GBP0.5M).
The Company's commercial progress has not translated directly
into the revenue streams that we expected in the year. As a result
our underlying revenue, which is primarily generated from customer
evaluation and joint development agreements, and other operating
income, fell in the year from GBP1.1M to GBP0.9M.
We continue to make use of available government grants, which
remain flat at GBP0.6M, while underlying revenue fell from GBP0.5M
to GBP0.3M(3) . Overall revenue has declined to GBP0.3M (2014:
GBP1.2M) as in 2014 the Group released GBP0.7M of deferred revenue
to the income statement due to the ending of a legacy agreement
with Bord Gais Eirann.
1 Equity free cash outflow (EFCF) is the net change in cash and
cash equivalents in the year less net cash generated from financing
activities less the movement in short term investments.
2 Cash operating costs being operating costs less depreciation
and share based payments charge.
3 Underlying revenue is total revenue less the release of
deferred revenue relating to historic agreements
An important form of funding to the business comes in the form
of R&D tax credits. We received GBP1.2M of tax credit relating
to the prior year within the year (2014: GBP1.0M) and we aim to
increase this going forward in line with the R&D activity of
the business.
The Company's loss for the financial year rose from GBP7.4M in
2014 to GBP10.0M, in line with internal expectations as we have
invested significantly in test, validation and engineering
capability as we grow the business. As the weighted average number
of shares in issue increased from 537M to 753M, the loss per
ordinary share decreased from 1.38p to 1.33p.
Outlook
Over the past year we have deployed our technology in Japan,
South Korea and the UK, completing all testing to date
successfully, adding to our growing reputation in the industry.
This has required us to demonstrate considerable maturity as an
organisation in order to compete with some of the world-leading
ceramics companies and engage with global power systems
players.
We have hit and surpassed key technical milestones, with the
highlight being the release to customer programmes of the latest
version of our cell and system technology. In order to do this we
have invested in manufacturing and test capabilities in Horsham and
also significantly in key hires for the team, broadening and
deepening our capabilities and competences.
Looking ahead I expect to convert a number of our evaluation
initiatives into significant development programmes and increase
the number of partners we have in all stages of engagement. We
continue to build relationships with a focus on securing the right
strategic partners and I expect to announce further progress in our
key relationships in the near future.
In particular, we shall target securing partners for new
applications outside of our traditional residential market and plan
to demonstrate a multi-kW platform capability in the coming year
which will open up new markets based on the common platform of the
Steel Cell technology.
As a technology company we expect to continuously improve our
technology in accordance with our roadmap. Over the coming year I
expect to announce further improvements at both core technology and
system level with a focus on increasing power and efficiency as we
look to improve further the economic proposition to our
customers.
I should like to thank the whole team at Ceres for their
continued focus and hard work over the year, without which this
progress would not have been possible. I believe we now have a
great team in place and we are at a point where our investment in
the core technology will come through into our customer
programmes.
Philip Caldwell
Chief Executive Officer
For further information contact:
Ceres Power Holdings plc Tel. +44 (0)1403 273 463
Phil Caldwell, CEO
Richard Preston, Finance Director
Zeus Capital Ltd (Nominated Adviser and Broker) Tel: +44 (0)20 3829 5000
Phil Walker / Andrew Jones
Tavistock Tel: +44 (0)20 7920 3150
Mike Bartlett / James Collins
www.cerespower.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2015
Year Year
ended ended
30 June 30 June
2015 2014
Note GBP'000 GBP'000
Revenue 324 1,224
Cost of sales (191) (265)
Gross profit 133 959
Operating costs 2 (12,476) (10,128)
Other operating income 621 581
Operating loss (11,722) (8,588)
Interest receivable 110 73
Loss before income tax (11,612) (8,515)
Income tax credit 1,571 1,122
Loss for the financial year
and total comprehensive
loss (10,041) (7,393)
========= =========
Losses per GBP0.01 ordinary
share expressed in pence
per share:
Basic and diluted loss per
share 3 (1.33)p (1.38)p
All activities relate to the Group's continuing operations and
the loss for the financial year is fully attributable to the owners
of the Parent.
The accompanying notes are an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2015
30 June 30 June
2015 2014
Note GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 2,080 1,657
Other receivables - 58
--------- ---------
Total non-current assets 2,080 1,715
Current assets
Trade and other receivables 982 1,219
Current tax receivable 1,519 1,166
Short-term investments 6 6,000 -
Cash and cash equivalents 6 12,184 7,699
--------- ---------
Total current assets 20,685 10,084
Liabilities
Current liabilities
Trade and other payables (1,708) (1,143)
Provisions for other liabilities
and charges (305) (242)
--------- ---------
Total current liabilities (2,013) (1,385)
--------- ---------
Net current assets 18,672 8,699
Non-current liabilities
Accruals and deferred income (1,121) (1,175)
Provisions for other liabilities
and charges (950) (1,166)
--------- ---------
Total non-current liabilities (2,071) (2,341)
Net assets 18,681 8,073
========= =========
Equity
Share capital 4 7,725 5,369
Share premium account 90,120 72,907
Capital redemption reserve 3,449 3,449
Other reserve 7,463 7,463
Profit and loss account
(deficit) (90,076) (81,115)
Total equity 18,681 8,073
========= =========
The accompanying notes are an integral part of these financial
statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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For the year ended 30 June 2015
Profit
Capital and
Share Redemption loss
Share premium reserve Other account
capital account reserve (deficit) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July
2013 8,817 72,906 - 7,463 (74,578) 14,608
Comprehensive
loss
Loss for the
year - - - - (7,393) (7,393)
--------- --------- ------------- --------- ----------- ---------
Total comprehensive
loss - - - - (7,393) (7,393)
--------- --------- ------------- --------- ----------- ---------
Transactions
with owners
Issue of shares,
net of costs 1 1 - - - 2
Cancellation
of deferred
shares, net
of costs (3,449) - 3,449 - - -
Share-based
payments charge - - - - 856 856
--------- --------- ------------- --------- ----------- ---------
Total transactions
with owners (3,448) 1 3,449 - 856 858
--------- --------- ------------- --------- ----------- ---------
At 30 June
2014 5,369 72,907 3,449 7,463 (81,115) 8,073
--------- --------- --------- ----------- ---------
Comprehensive
loss
Loss for the
year - - - - (10,041) (10,041)
Total comprehensive
loss - - - - (10,041) (10,041)
--------- --------- ------------- --------- ----------- ---------
Transactions
with owners
Issue of shares,
net of costs 2,356 17,213 - - - 19,569
Share-based
payments charge - - - - 1,080 1,080
Total transactions
with owners 2,356 17,213 - - 1,080 20,649
--------- --------- ------------- --------- ----------- ---------
At 30 June
2015 7,725 90,120 3,449 7,463 (90,076) 18,681
--------- --------- ------------- --------- ----------- ---------
The accompanying notes are an integral part of these financial
statements.
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 June 2015
Year Year
ended ended
30 June 30 June
2015 2014
Note GBP'000 GBP'000
Cash flows from operating
activities
Cash used in operations 5 (9,182) (8,252)
Income tax received 1,218 1,000
--------- ---------
Net cash used in operating
activities (7,964) (7,252)
--------- ---------
Cash flows from investing
activities
Purchase of property, plant
and equipment (1,243) (520)
Movement in short-term investments (6,000) 6,207
Finance income received 110 75
--------- ---------
Net cash (used in)/generated
from investing activities (7,133) 5,762
--------- ---------
Cash flows from financing
activities
Proceeds from issuance of
ordinary shares 20,035 2
Net expenses of shares issued (466) -
--------- ---------
Net cash generated from financing
activities 19,569 2
--------- ---------
Net increase/(decrease) in
cash and cash equivalents 4,472 (1,488)
Exchange gains/(losses) on
cash and cash equivalents 13 (43)
--------- ---------
4,485 (1,531)
Cash and cash equivalents
at beginning of period 7,699 9,230
--------- ---------
Cash and cash equivalents
at end of period 12,184 7,699
--------- ---------
The accompanying notes are an integral part of these financial
statements.
Notes to the financial statements for the year ended 30 June
2015
1. Basis of preparation
The consolidated financial statements of the Group have been
prepared on a going concern basis, in accordance with International
Financial Reporting Standards ("IFRS") as adopted by the European
Union, the IFRS Interpretations Committee (IFRS-IC) interpretations
and those parts of the Companies Act 2006 applicable to companies
reporting under IFRS. The consolidated financial statements have
been prepared on a historical cost basis except for certain items
that have been measured at fair value as detailed in the individual
accounting policies.
The financial information contained in this final announcement
does not constitute statutory accounts as defined by in Section 434
of the Companies Act 2006. The financial information has been
extracted from the financial statements for the year ended 30 June
2015 which have been approved by the Board of Directors, and the
comparative figures for the year ended 30 June 2014 are based on
the financial statements for that year.
The accounts for 2014 have been delivered to the Registrar of
Companies and the 2015 accounts will be delivered after the Annual
General Meeting.
The Auditor has reported on both sets of accounts without
qualification, did not draw attention to any matters by way of
emphasis without qualifying their report, and did not contain a
statement under Section 498(2) or 498(3) of the Companies Act
2006.
The accounting policies adopted are consistent with those of the
financial statements for the year ended 30 June 2014, as described
in those financial statements.
The Directors have a reasonable expectation that the Group and
Company have adequate resources to progress their established
strategy for the foreseeable future. Accordingly, they continue to
adopt the going concern basis in preparing these financial
statements.
2. Operating costs
Operating costs are split
as follows:
Year Year
ended ended
30 June 30 June
2015 2014
GBP'000 GBP'000
Research and development costs 9,146 7,138
Administrative expenses 3,330 2,990
--------- ---------
12,476 10,128
========= =========
3. Loss per share
Year Year
ended ended
30 June 30 June
2015 2014
GBP'000 GBP'000
Loss for the financial year
attributable to shareholders (10,041) (7,393)
============ ============
Weighted average number of
shares in issue 753,164,756 536,831,883
============ ============
Loss per GBP0.01 ordinary share
(basic & diluted) (1.33)p (1.38)p
============ ============
4. Share capital
Ceres Power Holdings plc has called-up share capital totalling
772,537,841 GBP0.01 ordinary shares as at 30 June 2015 (536,831,973
ordinary shares of GBP0.01 each at 30 June 2014).
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