Final Results
September 06 2005 - 3:02AM
UK Regulatory
RNS Number:8703Q
Voller Energy Group PLC
06 September 2005
6 September 2005
Voller Energy Group PLC
("Voller" or " the Company")
Preliminary Results for the year ended 30 June 2005
Voller Energy Group PLC which is a leader in portable fuel cell systems and one
of the first companies in the world who have deliverable technology, announces
preliminary results for the year ended 30 June 2005.
Highlights:
* Floated on AIM on 1 February 2005 raising #10 million
* Five months since the float, progress in line with expectations
* Early customer relationships in place
* Version three of VE100 portable fuel cell product CE certified
* Market opportunity accelerating
* R&D and engineering spend to exploit this opportunity
* Well positioned in rapidly growing market area
* Significantly enhanced intellectual property
John Brown, Chairman, commented:
"Voller has made excellent progress on key fronts since gaining admission to the
AIM market on 1 February 2005. The management team have achieved the progress
as planned and outlined in the placing prospectus. We have significantly
strengthened the Board, our engineering personnel, moved into new premises and
successfully integrated the acquisition of fuel processor technology.
Climate change and global warming concern everyone. New technologies can be
used to help produce the energy we all need, but with reduced greenhouse gas
emissions. Fuel cells are one exciting example of these new technologies. It is
our objective to be one of the first to take fuel technology to a mass market by
combining fuel processor technology with our fuel cell systems, allowing power
generation from hydrocarbon products."
http://www.voller.com
For further information please contact:
Stephen Voller, Chief Executive Nick Lyon/James Benjamin
Voller Energy Group Plc Hudson Sandler
Tel: 01256 813900 Tel: 020 7796 4133
Notes to editors:
Voller Energy Group plc
Voller is one of the world's first commercial developers and manufacturers of
portable fuel cell systems for use as battery chargers and mobile generators.
Voller is initially targeting commercially attractive areas including the
cordless power tool, leisure boating, recreational vehicle and military markets.
These are likely to be early adopters of the technology as the benefits of using
fuels cells, such as low noise, no toxic emissions and health and safety issues,
are important drivers. The portable power market is generally defined up to
10kW and is expected to be worth $17 billion by 2011 (Canadian Fuel Cell
Commercialisation Roadmap - Price Waterhouse Coopers, March 2003).
Importantly, Voller's business is not dependent on the emergence of a hydrogen
infrastructure, which may take many years to develop. Through its acquisition of
intellectual property from KAT-Chem in February 2005, Voller has acquired a low
cost fuel processor technology which means that it can extract the hydrogen
found in fuels such as propane, LPG, diesel and the military fuel JP-8. This
supply of hydrogen from commonly available fuels should ensure the early and
widespread adoption of fuel cell technology.
About Fuel Cells
Fuel cells work by converting the chemical energy in hydrogen to electrical
energy. Hydrogen is combined with oxygen from the air across a special membrane.
The outputs from the reaction are electricity, heat and water. No toxic
emissions are produced. In order to provide sufficient voltage for a useable
amount of electrical energy, several membranes are assembled between plates and
assembled into a stack. The fuel cell stack that Voller currently use in the
VE100 is about the size and weight of a small box of chocolates, and each plate
about the size of an 'After Eight Mint'. Normally 20 to 30 plates are assembled
in a single fuel cell stack.
Core technology developed at Voller is the fuel cell control systems that allow
integrated battery charging systems to operate at high efficiency. These systems
involve the close monitoring of all inputs and outputs, with software written by
Voller that controls the fuel cell system effectively.
CHAIRMAN'S STATEMENT
I am delighted to welcome all new shareholders who have invested in the Company
over the last few months and I am pleased to report on the activities of the
Group during the year to 30 June 2005.
On 1 February 2005, Voller Energy Group Plc gained admission to the Alternative
Investment Market (AIM) of the London Stock Exchange. The Company raised #10m
before costs and this additional equity capital will enable the Group to create
the infrastructure required, and to continue research and development to exploit
the market opportunities available to us.
Highlights
Since beginning operations as a public company we have made good progress in
setting up new manufacturing facilities, creating a sales distribution network,
building relationships with key customers and have made significant progress in
fuel processor development. The company has established a new manufacturing
centre in Basingstoke, United Kingdom and a new research centre in Bremen,
Germany. In May this year, the third generation of the VE100 was launched. It
can produce AC mains electricity which would be available for the operation of
electrical appliances in areas where mains power is not available, and
simultaneously run 12V DC electrical appliances that are designed to fit into a
car lighter socket.
The VE100 v3 is CE certified and the Group believes that this is the first time
that a product of the type has carried a CE marque.
The key to the Group's future growth is the development of fuel processor
technology. Fuel Processors extract hydrogen from commonly available hydrocarbon
fuels such as propane or diesel. This means that the Group is not dependent on a
hydrogen infrastructure emerging. The Company has acquired intellectual property
from KAT-Chem, a German fuel processor company, to focus its development effort
in this area. In addition, the Company has appointed Dr Mark Turpin as Chief
Technology Officer. Dr Turpin has a PhD in material science from the University
of Sheffield in the UK and is the author of over 25 papers and he has been
responsible for filing over 20 fuel cell related patents. The Company has also
retained additional staff qualified to PhD level in Bremen and strengthened its
engineering complement in Basingstoke.
The Group continues to build know how and file patents on both its system
integration technology and in the fuel processor area. Product roll out of
multiple systems for potential customers like Speedy Hire will allow the Group
to build early reference relationships and the Group is optimistic of building
further partnerships in the construction and leisure sectors, as well as the
military market.
Results
The Company raised #9.1m net (#10m gross) at the flotation. As of the 30 June
the Company had #8.42m of cash, considerably more than forecast. The losses were
also less than forecast at #0.812m.
The Group benefits from a lower cash burn than most other fuel cell companies
because the policy of buying best in class components means it has reduced R&D
expenditure. The policy of dealing through distributors and a few large
customers on an OEM basis means that the sales and marketing expenditure is also
minimised.
Outlook
Voller Energy believes that proton exchange membrane (PEM) fuel cells offer the
greatest likelihood of mass market adoption because they are likely to be the
lowest cost system. However, PEM systems need hydrogen to operate.
Governments around the world are developing hydrogen infrastructures but it may
take several years for these to develop. Instead, Voller is focussed on the
hydrocarbons in propane, LPG or diesel which contain hydrogen in a chemical
form. Through the acquisition of intellectual property from KAT-Chem, Voller
Energy has acquired a low cost fuel processor technology that can extract the
hydrogen that a PEM fuel cell needs from these commonly available fuels and is
therefore not dependent upon a hydrogen infrastructure emerging.
The infrastructure developed since the flotation in terms of engineering, sales
and distribution and manufacturing will continue to be developed. The resources
raised from the float will be used by the Group to take advantage of its unique
technology in its chosen markets over the coming financial year.
John Brown
Chairman
5 September 2005
Voller Energy Group Plc
Consolidated profit and loss account for the year ended 30 June 2005
Note 2005 2004
#'000 #'000
Turnover 42 8
Cost of sales 114 29
Gross Loss (72) (21)
Administrative expenses -
Exceptional costs 3 194
Other 717 125
911 125
Operating Loss (983) (146)
Interest receivable 171 1
Interest payable - (1)
Loss on ordinary activities before and after taxation (812) (146)
Dividends - 8
Retained loss for the financial year (812) (138)
Basic and diluted loss per ordinary share 4 (5.31)p (1.54)p
All amounts relate to continuing activities
All recognised gains and losses in the current and prior year are included in
the profit and loss account
Voller Energy Group Plc
Consolidated balance sheet at 30 June 2005
2005 2005 2004 2004
#'000 #'000 #'000 #'000
Fixed Assets
Intangible assets - -
Tangible assets 150 6
150 6
Current assets
Stocks 56 -
Debtors 175 27
Cash at bank and in hand 8,429 239
8,660 266
Creditors: amounts falling due within one (275) (79)
year
Net Current assets 8,385 187
Total assets less current liabilities 8,535 193
Capital and Reserves
Called up share capital 459 189
Share premium account 8,884 -
Merger reserve 161 161
Profit and loss account (969) (157)
Shareholders' funds - equity 8,535 193
Voller Energy Group Plc
Consolidated cash flow statement for the year ended 30 June 2005
Note 2005 2005 2004 2004
#'000 #'000 #'000 #'000
Net cash inflow from operating 5 (803) (114)
activities
Returns on investment and servicing of
finance
Interest received 171 1
Interest paid - (1)
Net cash inflow from returns on
investment and servicing of finance
171 -
Capital expenditure and financial
investment
Purchase of tangible fixed Assets (152) (4)
Purchase of intangible fixed Assets (180) -
(332) (4)
Net cash outflow from capital
expenditure and financial investment
(964) (118)
Equity dividends (refunded) paid - 8
Cash outflow before management of
liquid resources and financing
(964) (110)
Financing
Issue of ordinary share capital 270 -
Premium on issue of ordinary shares 9,730 350
Expenses of issue of ordinary shares (846) -
Convertible loan - (35)
Cash inflow from financing 9,154 315
Increase in cash in the year 8,190 205
Notes to the Financial Statements
1. Corporate restructuring
On 25 January 2005 the Company issued 189,740 ordinary shares of #1 to
acquire the whole of the issued share capital of Voller Energy Limited.
These shares were subsequently converted into 2p shares. On 1 February
2005 the Company placed 13,513,513 ordinary 2p shares at a price of 74p.
On the same date the Company was admitted to the Alternative Investment
Market (AIM) of the London Stock Exchange.
The consolidated group financial statements incorporate the results of
Voller Energy Group Plc and of its subsidiary undertaking Voller Energy
Limited as at 30 June 2005 using the merger accounting method.
Voller Energy Group Plc was incorporated on 28 May 2004 and as such the
comparative figures are proforma and represent the results and net assets
of Voller Energy Limited, adjusted for the shares issued to effect the
merger.
2. Basis of accounting
The financial statements have been prepared under the historical cost
convention and are in accordance with applicable accounting standards.
3. Exceptional items
2005 2004
#'000 #'000
Impairment of intangibles 180 -
Leasehold improvements expensed 14 -
194 -
4. Earnings per share
Loss per share for the year of 5.31p (2004 : 1.54p) has been calculated on
the basis of the loss after taxation of #812,000 (2004: #146,000 ) and the
weighted average number of shares in issue of 15,299,662 (2004: 9,487,000).
There are no potentially dilutive shares in issue.
5. Reconciliation of Operating Loss to net cash flow from operating activities
2005 2004
#'000 #'000
Operating loss (983) (146)
Depreciation 8 1
Impairment of intangibles 180 -
Increase in stocks (56) -
Increase in debtors (148) (24)
Increase in creditors 196 55
(803) (114)
6. Financial information
The financial information set out in the announcement does not constitute a full
financial statement of the Group's affairs for the year ended 30 June 2005. The
Group's auditors have reported on the full accounts for the said year and have
accompanied them with an unqualified report. The accounts have yet to be
delivered to the Registrar of Companies. The annual report and accounts will be
posted to shareholders in due course. Copies of the annual report and accounts
will be available for members of the public at the Group's Registered Office,
Rawdon House, Bond Close, Kingsland Business Park, Basingstoke, Hampshire RG24
8PZ. The preliminary statement was approved by the board on 5 September 2005.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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