Phil Caldwell, Ceres Power, CEO, commented:
“2018 is a landmark year for Ceres. We have seen a big step change in order book and strong revenue growth as demand accelerates for technologies that can enable a post-combustion future. In the last five months alone we have announced equity investments and new agreements with both Weichai in China and Bosch in Germany adding to our existing relationships in Japan and the US. We are proud our unique British SteelCell® technology is setting the standard for solid oxide fuel cell technology around the world. We are now working towards trials for three separate products that tackle air quality and climate change.
Our progress this year confirms we have the right strategy to enable our partners to access our technology and establish Ceres Power as a global leader in the fuel cell industry.”
Ceres Power Holdings plc (LON:CWR) today announced its final results for the year ended 30 June 2018.
Highlights
· Revenue and other operating income up 71% to £7 million;
· Bosch and Weichai Power strategic partnerships with significant equity investments, development and licensing agreements;
· Major increase in order book from £3 million to £30 million at the date of these accounts;
· Strong cash position after new equity of £49.3 million from financial investors and Bosch and Weichai post financial year end;
· Progress with existing partners – field trials to start with confidential partner later this year and new programme signed with Nissan backed by £7 million of funding through the UK’s Advanced Propulsion Centre;
· Increase in net electrical efficiency to 60% achieved in customer systems and first-of-a-kind 5kW stack design completed;
· £7 million investment in new manufacturing facility announced, creating 60 jobs in Redhill, Surrey (UK).
|
Year Ended 30 June 2018 |
Year Ended 30 June 2017 |
|
|
£’000 |
£’000 |
|
|
Total revenue and other operating income, comprising: |
7,009 |
4,076 |
|
Revenue |
6,329 |
3,119 |
|
Other operating income |
680 |
957 |
|
EBITDA 1 |
(10,772) |
(10,263) |
|
Equity free cash flow 2 |
(10,898) |
(9,363) |
|
Net cash and short-term investments 3 |
6,395 |
17,158 |
|
Order book – at the date of this report4 |
29,800 |
3,200 |
1. EBITDA (earnings before interest, depreciation and amortisation) is calculated as the operating loss (£11.9 million) less depreciation (£1.1 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.
2. Equity free cash flow (EFCF) is the net change in cash and cash equivalents in the year (£3.2 million) less net cash generated from financing activities (£0.1 million) less the movement in short term investments (£14 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.
3. Since the year end the Company has raised £49.3 million through new equity raises with new and existing investors including Weichai Power and Bosch.
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. Management use order book as a performance measure as they believe that it is a useful indicator of the Group’s commercial progress.
