TIDMCWR
RNS Number : 6140S
Ceres Power Holdings plc
04 October 2017
4 October 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Ceres Power Holdings plc - Final results for the year ended 30
June 2017
A YEAR OF CONTINUED FINANCIAL & COMMERCIAL PROGRESS
Ceres Power Holdings plc ("Ceres Power", the "Company" or the
"Group") (AIM: CWR.L) announces its final results for the year
ended 30 June 2017.
Phil Caldwell, CEO, commented:
"This has been our most successful year to date. We are ahead of
expectations financially and are on track to meet our commercial
objectives. Our ability to sign new commercial agreements and then
generate revenues working alongside our partners has enabled us to
accelerate the technical development of the SteelCell and explore
new applications, giving Ceres Power's technology access to
opportunities in our target markets including the Residential,
Commercial, Data Centre and Electric Vehicles sectors.
"The global demand for low carbon, flexible, near zero emission
technologies such as ours has never been stronger. Our strategy of
developing partnerships with world-class companies, addressing
multiple growth markets, means the business is well positioned to
further capitalise on opportunities in the coming year and I look
forward to being able to announce further commercial progress."
Highlights:
Strong commercial progress has driven improved financial
performance
-- Revenue(1) and other operating income ahead of expectations,
up 140% to GBP4.1m (2016: GBP1.7m).
-- EBITDA(2) loss down by 11% to GBP10.3m (2016: GBP11.5m) while
continuing to invest in people, technology and operations to
support growth into higher power applications, addressing new
sectors including EVs and Data Centres.
-- Equity free cash outflow(3) reduced 17% to GBP9.4m (2016:
GBP11.3m). As of June 2017, the Company held GBP17.2m in net cash
and short-term investments, ahead of previous forecasts.
-- Growing order book of GBP3.2m (2016: GBP1.7m) positions Ceres
Power for continued commercial growth.
Rapid development towards commercialisation:
-- First significant US commercial success with Cummins & US
Dept. of Energy to develop multi-kW systems for Data Centre and
commercial scale applications.
-- Signing of fourth significant partner and first
'go-to-market' agreement to develop a combined heat and power
("CHP") product for the business sector, adding to agreements with
Cummins, Honda & Nissan.
-- Agreement signed in May 2017 with an existing Global OEM to
develop a residential CHP system.
-- On track to sign fifth partner by the end of 2017.
Further technical progress highlights SteelCell's proven
performance and Ceres Power's manufacturing expertise
-- Successful UK field trial proved SteelCell(TM) is reliable,
highly efficient, and can generate low carbon heat and power that
could save home-owners around GBP400 a year.
-- Formal release of SteelCell(TM) version 4 to customers with
improved performance and manufacturability.
-- Assessing options to increase UK manufacturing capacity to
meet near term customer demand and continuing to explore
manufacturing partner for large scale production.
______________________________________________________________
Financial Highlights:
Year Ended Year Ended
30 June 30 June
2017 2016
GBP'000 GBP'000
----------- -----------
Total revenue and other operating
income, comprising: 4,076 1,668
Revenue (1) 3,119 1,113
Other operating income 957 555
EBITDA(2) (10,263) (11,516)
Equity free cash flow (3) (9,363) (11,291)
Net cash and short-term investments 17,158 6,947
1 Revenue includes the release of GBP0.4 million of deferred
revenue in respect of contracted work completed for British Gas
(2016: GBP0.6million)
2 EBITDA (earnings before interest, depreciation and
amortisation) is calculated as the operating loss (GBP11.5 million)
less depreciation (GBP1.2 million). Management use EBITDA as an
alternative performance measure to operating loss as they believe
that it is a more relevant and comparable measure of the operating
activities of the Group.
3 Equity free cash outflow (EFCF) is the net change in cash and
cash equivalents in the year (-GBP2.8 million) less net cash
generated from financing activities (GBP19.6 million) plus the
movement in short term investments (GBP13.0 million). Management
use EFCF as an alternative performance measure to the net change in
cash and cash equivalents as they believe that it is a more
relevant and comparable measure of the overall cash flows of the
Group as it excludes any funding activities or changes in
investments.
Enquiries:
Ceres Power Holdings plc
Phil Caldwell, CEO 01403 273
Richard Preston, CFO 463
020 3829
www.cerespower.com 5000
Zeus Capital - Nominated Adviser and 020 3207
Joint Broker 7800
Giles Balleny / Andrew Jones / Hugh Kingsmill
Moore
www.zeuscapital.co.uk
Berenberg - Joint Broker
Ben Wright / Mark Whitmore / Laure Fine
www.berenberg.com
Powerscourt
Peter Ogden / Andy Jones 020 7250
www.powerscourt-group.com 1446
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in
low cost, next generation fuel cell technology for use in
distributed power products that reduce operating costs, lower CO2,
SOx and NOx emissions, increase efficiency and improve energy
security. The Ceres Power unique patented SteelCell technology
generates power from widely available fuels at high efficiency and
is manufactured using standard processing equipment and
conventional materials such as steel, meaning that it can be mass
produced at an affordable price for domestic and business use.
Ceres Power offers its partners the opportunity to develop power
systems and products using its unique SteelCell technology and
know-how, combined with the opportunity to supply the SteelCell in
volume through its manufacturing partners.
Chairman's statement
Major disruptions in the power generation and automotive sectors
are providing exciting new opportunities for Ceres Power.
Driven by international commitment to achieve COP21
decarbonisation targets, legislative action to reduce carbon
emissions and more recently action on air pollution, major changes
have been set in motion around the world.
The first major disruption is to conventional power generation.
The cost of renewables has fallen to levels at which integrating
them into the energy system has become financially credible and
centralised power plants are increasingly undercut by the
ever-decreasing cost of renewables. However, intermittent renewable
power needs to be balanced out with flexible power generation and,
as a result, in countries like Japan and Germany there are active
programmes to promote the deployment of distributed generation
technologies including fuel cells.
The second major disruption is the rise of electric vehicles.
While decarbonisation continues to be the focus of international
efforts, the importance of improving air quality has risen rapidly
up the legislative agenda. This has led to clear commitments to ban
combustion engines by governments and cities around the world
including by 2025 in Norway, through to 2040 in France and the
United Kingdom.
Though 2040 still seems relatively distant, electric vehicles
are predicted to match the cost of, and become cheaper than,
conventional vehicles by 2020. This disruption is driving the major
engine manufacturers to switch their R&D and product
development away from combustion engines to electrochemical power
generation technologies including fuel cells.
With more demand for power (a major driver being the exponential
rise in demand for power-hungry data centres, a new market for
Ceres), there is increasing tension on existing, centralised
systems which are, in many cases, already struggling to keep pace
with current consumption levels.
Distributed generation technologies, like the SteelCell(TM),
avoid expensive grid reinforcement, as they can use the existing
gas infrastructure. Established providers of conventional systems
to the power generation and transportation sectors, such as Ceres
Power's world-class partners Honda and Nissan, are turning to us to
develop our robust, highly-efficient, low-carbon technology that
operates on existing fuels such as natural gas and biofuels.
Ceres Power had traditionally been focused on micro combined
heat and power (Micro-CHP) in the residential market, however
significant progress in the last year has enabled us to rapidly
establish ourselves in markets where higher power output is
required, expanding our ability to address the enormous
opportunities that the global energy transition is enabling.
Indeed, the majority of our customer demand is now for larger power
systems.
Ceres Power's partnerships with leading global OEMs positions us
well as we continue to work to achieve our vision of embedding the
SteelCell(TM) technology into world-leading products within the
home, business, data centre and electric vehicle markets.
This strategy of developing partnerships with world-class
companies, addressing multiple growth markets, means that the
business is well positioned to further capitalise on opportunities
in the coming year.
The Company strengthened its balance sheet by raising GBP20m
from new and existing institutional investors in October 2016,
which enables us to secure key commercialisation agreements by the
end of 2018. The growing appetite for investment in the energy
sector and the Company's strong existing financial backing gives us
confidence that we can access future growth capital as we continue
to deliver against our strategy.
The Board has continued to strengthen its governance structure
to ensure it provides effective control and oversight of the
business as it grows and is very clear and focused on its
priorities. The Governance Report in the Annual Report sets out in
detail how the Board embeds Ceres Power's culture and values in
everything we do.
I would like to offer my thanks to the Board and all our
employees for their efforts to achieve our targets over the past
year.
We look forward to demonstrating further progress in the next 12
months, both with existing and new partners as Ceres Power
reinforces its reputation as a world-leader in the fast-growing
clean energy sectors.
Alan Aubrey
Chairman
Chief Executive's statement
Overview of performance
This has been Ceres Power's most successful year to date with
significant commercial, operational and technological progress,
further establishing our world-leading position in metal-supported
Solid Oxide Fuel Cells (SOFC). Our total revenue and other
operating income grew by 140% to GBP4.1m. We have secured two
further world-class customers including Cummins and an OEM who
remains confidential at this point, both of whom are focused on our
5 to 10 kW platform. This is in addition to the ongoing
partnerships with Honda and Nissan, which are progressing well.
This progress with partners represents 4 out of the 5 joint
development agreements which is our stated end-of-2017 target,
additionally we have signed our 1st 'go-to-market' agreement which
includes technology transfer and a license to our system
architecture. We have also further demonstrated the growing
maturity of the SteelCell(TM) platform by successfully completing
field trials of 1kW home systems in the UK as part of the ene.field
programme, as well as developing larger 5kW stacks to open up new
markets.
Commercial Progress
In September 2016, we signed a Joint Development Agreement with
Cummins Inc., a global leader in power systems, as part of a
consortium backed by the US Department of Energy (US DoE) to
develop a multi kW power system for use in data centres and other
commercial and industrial applications. This was our first
significant entry into the US market and our first development of a
modular multi kW system. Together, Ceres Power and Cummins will
work closely with consortium partners to develop an innovative,
modular 10kW Solid Oxide Fuel Cell system which will target high
electrical efficiency of 60% and be inherently scalable to meet
multiple distributed power applications.
The initial target application will be the fast-growing data
centre market which currently accounts for 3% of global electricity
consumption. Cummins are a global leader in supplying back up and
temporary power systems to this market and are an ideal partner for
us. I am pleased to say in the first year of this collaboration we
have achieved all key milestones.
In December 2016 we announced our first 'go-to-market'
partnership with a Joint Development License Agreement for a
multi-kW combined heat and power (CHP) product targeting
applications in the business sector with an OEM who is a market
leader in this field. This was our fourth partnership and most
notably the first agreement which includes technology transfer and
a license to scale up our 1kW system architecture to a multi-kW
scale, which leads to future Steel Cell(TM) stack supply. Details
of this relationship are commercially confidential, but I'm pleased
to report the technology transfer of our system architecture has
been completed on time and the programme is proceeding to plan.
Commercialisation should lead to further revenues for the Company
in the form of future royalty payments and SteelCell(TM) stack
supply.
As the majority of our partners are based in Asia or the US it
was pleasing to have the opportunity to join the European-wide
field testing programme of residential micro-CHP units (ene.field)
supported by British Gas. We entered this programme in September
last year and while we have now successfully completed the formal
programme which finished at the end of August 2017, we intend to
run on a number of units to continue to gather real-world lifetime
and durability data.
The field trial programme here in the UK has successfully
demonstrated the robustness of the technology to our OEM partners
around the world and was a contributory factor in the signing in
May of this year of a new two-year agreement with an existing OEM
partner to jointly develop power systems for residential
applications. Recognising decarbonisation of residential heating as
a critical success factor for meeting CO2 reduction targets, the UK
Government is supporting our technology through the provision of
GBP0.7 million of funding from BEIS (Department of Business, Energy
and Industrial Strategy) and Innovate UK.
In addition to developing new partnerships we have deepened our
existing customer relationships with partners like Honda and
Nissan. We are now in the second year of our two-year joint stack
development with Honda R&D and have hit key deliverables to
date. Furthermore, we are working with Nissan UK to develop a 5kW
stack which runs on biofuels. This would extend the range of
electric vehicles, enabling drivers to experience the same range
and refuelling time as a conventional combustion engine vehicle,
but with significantly lower carbon and emissions. I'm pleased to
say we have met all of the performance targets set by Nissan and
are on track to put on test our first 5kW stack by the end of
2017.
Over the past year we have also carried out a series of new
Technology Evaluation Agreements with prospective OEMs in Asia and
Europe which have advanced to the point of negotiating potential
new partnerships. The order book(4) at the date of this report
stands at GBP3.2m and we are confident of continued success in
2017/18.
(4) Order book is the contracted commercial and grant revenue
scheduled to be realised in future years. There is no comparable
figure disclosed in the "financial statements" as this figure
represents future anticipated revenue and other operating income in
the form of grants. Management use order book as a performance
measure as they believe that it is a useful measure to demonstrate
the Group's progress towards commercialisation.
Technology Update
An important focus for our Engineering Department this year has
been the development of larger 5kW stacks and modular multi-kW
systems to support our customer programmes with Nissan and Cummins
and includes data centre, commercial-scale CHP and power-only
applications. We have demonstrated a number of firsts, including
rapid start-up times, over 3000 repeated cycles and Ceres Power now
has two stack configurations to address the 1kW and 5kW+
markets.
Our Version 4 (V4) technology was officially released to
customers in the summer of 2016 and has performed well with the
longest running stacks now in operation for more than 18 months.
The next generation R&D cells are showing higher efficiency,
lower degradation and increased power density. Our core fuel cell
R&D team has a continued focus on improving lifetime and
performance and this year has delivered a number of exciting
developments around degradation. By unlocking a significant
reduction in underlying degradation rate the programme has
demonstrated a potential 10-year life. Degradation is not the only
factor that is important for lifetime and we have several projects
looking at increasing lifetime and reliability at the cell and
stack level. Some of these improvements will be brought forward to
customers in our V5 platform release next year, as we look to
maintain our leadership position in metal-supported solid oxide
fuel cells.
The technology team has enabled rapid progress with our first
'go-to-market' customer by completing a successful technology
transfer. The customer has designed and built its first prototype
multi-kW commercial CHP in less than 9 months, after a successful
transfer of our 1kW SteelGen design.
Furthermore, in support of customer programmes Ceres Power has
underscored the fuel flexible potential of the SteelCell(TM)
technology in multiple projects including running Solid Oxide Fuel
Cell stacks on fuels as diverse as diesel - without generating SOx,
NOx or particulates - and pure hydrogen.
Operations Update
In 2016/17 we manufactured a record number of cells, having
invested in manufacturing processes and new equipment during the
year and added a third shift to give us additional capacity. The
new process technology not only reduces material usage but also
increases yield levels.
We are now at a stage where we need to invest in additional
manufacturing capacity, particularly for higher power applications,
due to a significant increase in customer demand. As such, we are
currently evaluating options to invest in further capacity in the
UK to ensure the Company can deliver against customer demand for
the next few years, as well as demonstrating the scalability of our
manufacturing to potential partners.
In addition to this investment in near-term additional capacity
in the UK and consistent with our long-term strategy we are
continuing to discuss potential manufacturing partnerships for high
volumes to meet our customer needs locally in different parts of
the world.
Financial
This commercial success has put us in a strong financial
position. Revenue and other operating income grew 140% to GBP4.1m
(2015/16 - GBP1.7m), which was split GBP3.1m revenue from customers
and GBP1.0 million from grants and other income. This progress led
to a reduction of EBITDA loss of 11% to GBP10.3m (2015/16 -
GBP11.5m) despite the Company investing significantly in people,
technology and operations to support the strategic growth into
higher power applications. Equity free cash flow reduced 17% from
GBP11.3m in 2016 to GBP9.4m in 2017.
We have had a strong start to the 2017/18 year and our order
book is currently GBP3.2m, up from GBP1.7m at this time last year.
We expect to continue to grow top line revenue as we increase our
number of new customers and as existing customers progress through
from evaluation to product development and to commercial launch.
Subject to any investment to increase manufacturing capacity we
expect this will translate to a continued improvement in our
financial results.
In October 2016 we raised GBP20 million to fund the next stage
of the Company's growth through a placing with approximately GBP10
million from existing institutional investors holding or increasing
their position in the Company as well as further new institutional
investors. As of June 2017 we held GBP17.2 million cash, cash
equivalents and short-term investments, which puts us in a strong
position as we look to secure key commercialisation agreements by
the end of 2018.
People
Once again we have been able to attract talented people to join
the team at Ceres Power. The growth in the team this year has added
to the commercial, engineering and programme delivery side of the
business to support our growing number of customer programmes.
I would personally like to thank everyone within the business
for their continued contribution towards what has been a very
successful year and I am looking forward with confidence to next
year.
Outlook
Ceres Power is making good progress against our aim of securing
our fifth global engineering company as a customer in a Joint
Development Agreement by the end of 2017, with the intent to be in
two launch programmes with OEM partners by the end of 2018.
We intend to maintain our technology leadership position through
continually advancing the performance and maturity of the
SteelCell(TM) and by advancing manufacturing readiness levels and
scaling up supply of our core technology to meet customer
demand.
The Company's reputation continues to grow within the industry
and the demand for low carbon, flexible, near zero emission
technologies such as ours has never been stronger. This is an
exciting stage in the Company's growth and I look forward to being
able to announce further commercial progress against these
objectives in the year ahead.
Phil Caldwell
Chief Executive Officer
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER
COMPREHENSIVE INCOME
For the year ended 30 June 2017
Year Year
ended ended
30 June 30 June
2017 2016
Note GBP'000 GBP'000
Revenue 3,119 1,113
Cost of sales (1,334) (336)
Gross profit 1,785 777
Other operating income 957 555
Operating costs 2 (14,264) (14,026)
Operating loss (11,522) (12,694)
Finance income 89 77
Loss before taxation (11,433) (12,617)
Taxation credit 2,025 2,157
Loss for the financial year
and total comprehensive
loss (9,408) (10,460)
========= =========
Losses per GBP0.01 ordinary
share expressed in pence
per share:
Basic and diluted loss per
share 3 (1.00)p (1.35)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
consolidated financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2017
30 June 30 June
2017 2016
Note GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 1,913 2,309
Total non-current assets 1,913 2,309
Current assets
Inventories 595 -
Trade and other receivables 1,339 497
Other assets 1,123 612
Derivative financial instrument 8 28
Current tax receivable 1,805 1,997
Short-term investments 6 14,000 1,000
Cash and cash equivalents 6 3,158 5,947
---------- ---------
Total current assets 22,028 10,081
Liabilities
Current liabilities
Trade and other payables (2,654) (2,121)
Derivative financial instrument (8) (7)
Provisions - (78)
---------- ---------
Total current liabilities (2,662) (2,206)
---------- ---------
Net current assets 19,366 7,875
Non-current liabilities
Accruals and deferred income - (31)
Provisions (828) (866)
---------- ---------
Total non-current liabilities (828) (897)
Net assets 20,451 9,287
========== =========
Equity
Share capital 4 10,124 7,779
Share premium account 107,349 90,120
Capital redemption reserve 3,449 3,449
Merger reserve 7,463 7,463
Accumulated losses (107,934) (99,524)
Total equity 20,451 9,287
========== =========
The accompanying notes are an integral part of these
consolidated financial statements.
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 June 2017
Year Year
ended ended
30 June 30 June
2017 2016
Note GBP'000 GBP'000
Cash flows from operating
activities
Cash used in operations 5 (10,822) (11,773)
Taxation received 2,217 1,679
--------- ---------
Net cash used in operating
activities (8,605) (10,094)
--------- ---------
Cash flows from investing
activities
Purchase of property, plant
and equipment (863) (1,302)
Movement in short-term investments (13,000) 5,000
Finance income received 89 77
--------- ---------
Net cash (used in) / generated
from investing activities (13,774) 3,775
--------- ---------
Cash flows from financing
activities
Proceeds from issuance of
ordinary shares 20,209 54
Expenses from of issuance
of ordinary shares (635) -
--------- ---------
Net cash generated from financing
activities 19,574 54
--------- ---------
Net decrease in cash and
cash equivalents (2,805) (6,265)
Exchange gains on cash and
cash equivalents 16 28
--------- ---------
(2,789) (6,237)
Cash and cash equivalents
at beginning of year 5,947 12,184
--------- ---------
Cash and cash equivalents
at end of year 3,158 5,947
--------- ---------
The accompanying notes are an integral part of these
consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2017
Share Capital
Share premium redemption Merger Accumulated
capital account reserve reserve losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July
2015 7,725 90,120 3,449 7,463 (90,076) 18,681
Comprehensive
income
Loss for the
financial
year - - - - (10,460) (10,460)
--------- --------- ------------- --------- ------------ ---------
Total comprehensive
loss - - - - (10,460) (10,460)
--------- --------- ------------- --------- ------------ ---------
Transactions
with owners
Issue of shares,
net of costs 54 - - - - 54
Share-based
payments charge - - - - 1,012 1,012
--------- --------- ------------- --------- ------------ ---------
Total transactions
with owners 54 - - - 1,012 1,066
--------- --------- ------------- --------- ------------ ---------
At 30 June
2016 7,779 90,120 3,449 7,463 (99,524) 9,287
--------- --------- --------- ------------ ---------
Comprehensive
income
Loss for the
financial
year - - - - (9,408) (9,408)
Total comprehensive
loss - - - - (9,408) (9,408)
--------- --------- ------------- --------- ------------ ---------
Transactions
with owners
Issue of shares,
net of costs 2,345 17,229 - - - 19,574
Share-based
payments charge - - - - 998 998
Total transactions
with owners 2,345 17,229 - - 998 20,572
--------- --------- ------------- --------- ------------ ---------
At 30 June
2017 10,124 107,349 3,449 7,463 (107,934) 20,451
--------- --------- ------------- --------- ------------ ---------
The accompanying notes are an integral part of these
consolidated financial statements.
Notes to the financial statements for the year ended 30 June
2017
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 that the following
assets and liabilities are stated at their fair value: derivative
financial instruments and financial instruments classified as fair
value through the profit or loss.
The financial information contained in this final announcement
does not constitute statutory financial statements 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 2017 which have been approved by the Board of Directors,
and the comparative figures for the year ended 30 June 2016 are
based on the financial statements for that year.
The financial statements for 2016 have been delivered to the
Registrar of Companies and the 2017 financial statements will be
delivered after the Annual General Meeting on the 6 December
2017.
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 2017, as described
in those financial statements.
Having reviewed the Group's forecast income and expenditure,
performing appropriate sensitivity and scenario analyses, and after
making appropriate enquiries, the Directors have a reasonable
expectation that the Group and Company have adequate resources to
progress their established strategy and to secure the commercial
agreements expected by the end of the 2018 financial year.
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
2017 2016
GBP'000 GBP'000
Research and development costs 10,516 10,588
Administrative expenses 3,907 3,714
----------- ---------
14,423 14,302
Reversal of provision relating
to onerous lease and property
dilapidations (159) (276)
----------- ---------
14,264 14,026
=========== =========
3. Loss per share
Year ended Year ended
30 June 30 June
2017 2016
GBP'000 GBP'000
Loss for the financial year
attributable to shareholders (9,408) (10,460)
============ ============
Weighted average number of
shares in issue 939,762,048 773,999,046
============ ============
Loss per GBP0.01 ordinary share
(basic & diluted) (1.00)p (1.35)p
============ ============
4. Share capital
Ceres Power Holdings plc has called-up share capital totalling
1,012,419,929 ordinary shares of GBP0.01 each as at 30 June 2017
(777,857,841 ordinary shares of GBP0.01 each at 30 June 2016).
During the period 5,959,005 ordinary shares of GBP0.01 each were
issued on the exercise of employee share options for cash
consideration of GBP206,000 (2016: 5,320,000 for cash consideration
of GBP54,000). During the year the Company completed a placing of
228,603,083 ordinary shares of GBP0.01 each for cash consideration
of GBP20,003,000.
5. Cash used in operations
Year ended Year ended
30 June 30 June
2017 2016
GBP'000 GBP'000
Loss before taxation (11,433) (12,617)
Adjustments for:
Other finance income (89) (77)
Depreciation of property, plant
and equipment 1,259 1,178
Share-based payments 998 1,012
Net foreign exchange gains (16) (49)
Net change in fair value of
financial instruments at fair
value through profit and loss 21 -
Operating cash flows before
movements in working capital (9,260) (10,553)
(Increase)/decrease in trade
and other receivables (842) 166
Increase in other assets (511) (300)
Increase in inventories (595) -
Increase/(decrease) in trade
and other payables 502 (775)
Decrease in provisions (116) (311)
----------- -----------
Increase in working capital (1,562) (1,220)
Cash used in operations (10,822) (11,773)
=========== ===========
6. Net cash, short-term investments and financial assets
Year
Year ended ended
30 June 30 June
2017 2016
GBP'000 GBP'000
Cash at bank and in hand 1,354 805
Money market funds 1,804 5,142
Cash and cash equivalents 3,158 5,947
Short-term investments (bank
deposits between 1 and 12 months) 14,000 1,000
----------- ---------
17,158 6,947
----------- ---------
The Group typically places surplus funds into pooled money
market funds and bank deposits with durations of up to 12 months.
The Group's treasury policy restricts investments in short-term
sterling money market funds to those which carry short-term credit
ratings of at least two of AAAm (Standard & Poor's), Aaa/MR1+
(Moody's) and AAA V1+ (Fitch) and deposits with banks with minimum
long-term rating of A/A-/A3 and short-term rating of F-1/A-2/P-2
for banks which the UK Government holds less than 10% ordinary
equity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FSLFMDFWSEIS
(END) Dow Jones Newswires
October 04, 2017 02:00 ET (06:00 GMT)
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