28th Sep 2009 07:00
28 September 2009
CERAMIC FUEL CELLS LIMITED
FY 2009 DIRECTORS REPORT AND ACCOUNTS
Ceramic Fuel Cells Limited (AIM / ASX: CFU) a leading developer of high efficiency and low emission power products for homes, has released its audited statutory accounts and Directors' Report for the year ended 30 June 2009.
The documents are available at the Company's website - www.cfcl.com.au.
The audited financial results as at 30 June 2009 are the same as the preliminary results released to the market on 18 August 2009.
At 30 June 2009 the Company held several financial investments which were valued at $4.3m (£2.3m). The Company has now successfully sold all of these remaining investments for a total net return of $6.6m (£3.5m), resulting in a one-off gain to the Company of $2.3m (£1.2m). All of the Company's funds are now held in cash and liquid short term bank deposits.
A notice of the 2009 Annual General Meeting will be sent to shareholders in October.
EUROPEAN BUSINESS DEVELOPMENT EXECUTIVES
As previously announced, the Company has recruited two senior business development executives to drive its European sales of integrated combined heat and power products and BlueGen modular generators.
Mr Paddy Thompson, to be based outside London, has extensive business development experience gained over 10 years as a corporate finance adviser, particularly in working with companies specialising in low carbon and renewable energy generation. He has experience of building an environmental consultancy business in the UK, working with innovative environmental companies, the public sector, technologists, entrepreneurs and financiers. Mr. Thompson qualified as a chartered accountant with Ernst & Young and is also a qualified corporate financier and fluent Spanish speaker.
Mr Frank Obernitz also joins the Company, to be based in the Company's office and manufacturing plant in Heinsberg, Germany. The plant will be officially opened on Friday 2 October 2009. Mr. Obernitz has gained extensive business development experience in the utility and industrial sector over the last 10 years. After setting up the sales and added value services activities of Dutch utility Nuon in Germany he became responsible for the Acquisition, Marketing and Sales group in the industry park business of the company in the Benelux and Germany. Mr. Obernitz graduated in energy and process engineering and followed a general management study at INSEAD, Fontainebleau. A native German speaker, he is also fluent in Dutch and English.
Mr Thompson and Mr Obernitz will both report to Managing Director Brendan Dow and will join the Company's Executive Management Team.
ENDS
For further information please contact:
|
Ceramic Fuel Cells |
|
|
Andrew Neilson |
Tel: +61 3 9554 2300 |
|
Email: [email protected] |
|
|
Nomura Code Securities |
Tel: +44 (0) 207 776 1200 |
|
Juliet Thompson / Chris Golden |
|
|
Australia Media enquiries Richard Allen, Oxygen Financial Public Relations Tel: +613 9915 6341 |
About Ceramic Fuel Cells Limited
Ceramic Fuel Cells Limited is a world leader in developing solid oxide fuel cell technology to provide highly efficient and low-emission electricity from widely available natural gas. The company is developing micro combined heat and power and distributed generation units that generate electricity and heat for homes and other buildings. Ceramic Fuel Cells is developing products with leading appliance partners and utility customers in Germany, France, the United Kingdom and Japan. In May 2009 the company launched its BlueGen gas-to-electricity product.
Headquartered in Melbourne, and with operations in the UK and Germany, Ceramic Fuel Cells is listed on the London Stock Exchange AIM market and the Australian Securities Exchange (code CFU).
www.cfcl.com.au
Related Shares:
Ceramic Fuel Cells