24th Oct 2011 07:00
Monday 24 October 2011
Ceramic Fuel Cells Limited
Quarterly Cashflow Report
Ceramic Fuel Cells Limited (AIM / ASX: CFU) a leading developer of high efficiency and low emission power products for homes and other buildings, today released its quarterly cashflow report for the period ended 30 September 2011.
The cashflow report is available at www.cfcl.com.au.
Highlights
·; Group has now received orders for over 500 units.
·; Current open order book - 430 units.
·; Receipts from customers up 130 percent compared to Q1 FY11.
·; Working capital requirements increasing to meet sales demand.
Commentary
Receipts from customers for the June quarter were AUD 1.2m (GBP 0.8m) which was similar to last quarter but 130 percent higher than the corresponding quarter last year. At the end of September 2011 the Group has received orders for over 500 units and the open order book stood at 430 units (made up of 190 integrated mCHP units and 240 BlueGen units). The Group currently has over 90 systems operational across 9 countries.
Net operating cash outflow for the September quarter was AUD 5.5m (GBP 3.6m). This reflects an ongoing increase in the working capital requirements of the business with inventory increasing by AUD 1.8m (GBP 1.2m). The increase in Inventory is being used to meet current open orders and expected future orders. The increasing inventory purchases are in line with the strategy to achieve economies of scale in purchasing as production increases, resulting in significant reductions in the unit price for the majority of components. This allows the Group to protect gross margins as larger volume orders are negotiated.
During the quarter the cash outflow from investing activities was AUD 0.4m (GBP 0.2m) specifically for capital expenditure payments in Australia and Germany.
Total cash outflow for the quarter was AUD 5.9m (GBP 3.8m).
Cash at 30 September 2011 was AUD 13.8m (GBP 9.0m)
For further information please contact:
Ceramic Fuel Cells |
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Andrew Neilson | Tel: +613 9554 2300 |
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Email: [email protected] |
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Nomura Code Securities (AIM Nomad) | Tel: +44 (0) 207 776 1200 |
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Juliet Thompson, Chris Golden |
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Australia Media enquiries |
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Richard Allen, Oxygen Financial Public Relations | Tel: +613 9915 6341
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UK Media enquiries Mark Way
| Tel: +44 (0) 7786 116 991 Email: [email protected] |
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German Media enquiries | Tel: +49 (0) 69 9218 7454 | |
Alex Seiler, Hering Schuppener Consulting | Email : [email protected] | |
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About Ceramic Fuel Cells Limited:
Ceramic Fuel Cells Limited 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 is 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.
Ceramic Fuel Cells has also sold more than 300 BlueGen gas-to-electricity generators to major utilities and other foundation customers in Germany, France, the United Kingdom, Switzerland, The Netherlands, Italy, Japan, Australia and the USA.
Ceramic Fuel Cells recently won the 2010-11 DuPont Design for a Sustainable Future innovation award and the Microgeneration UK 2011 Technical Innovation Award. The company is listed on the London Stock Exchange AIM market and the Australian Securities Exchange (code CFU).
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