Preliminary Results

Acta S.p.A.

("Acta" or the "Company")

Preliminary Results for the year ended 31 December 2012

Acta S.p.A, the clean energy products company, today announces its Preliminary Results for the twelve months ended 31 December 2012.

2012 Financial Results

2012 Commercial Update

Developments since Year End:

Robert Drummond, Chairman, said today:

"2012 has been an important year of development for Acta and the Board has been satisfied with the progress that the Company is making.

As reported at the time of the interim results, Acta is making significant progress in the market adoption of its products and through the transformation of its business into full manufacturing operations. This progress has continued to gather pace through the second half of 2012 and into the current year, and we are seeing direct benefits in our product readiness, commercial engagements, order rates and monthly revenues.

Following the cost reductions undertaken in 2011 and 2012, the Company is now in a strong growth phase, with investments increasing in product development, production facilities and numbers of staff. We have increased staff levels in key operational roles such as production, engineering and quality control, as well as in product sales and sales support, while reducing or reallocating the number of staff engaged in pure research.

In response to the recurrent demand of our customers and partners the Company has also launched the development of an integrated electrolyser and fuel cell system for energy storage. We will be demonstrating this important new product during the second quarter of this year and we believe that it may become a central product offering for us in the future."

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Chairman's Statement

I am pleased to present the Preliminary Results for the year ended 31 December 2012 and to provide this statement on Acta's commercial progress.

Overview

During 2012 we announced the signing of five new marketing and distribution partnerships, the launch of eight new products and product modules, the first-time shipment of larger and more advanced electrolyser systems, and four demonstrations of our highly innovative technologies across the globe in Germany, Hawaii, Australia and Japan.

We have welcomed Heliocentris as an investor and strategic partner, increasing our distribution into the educational market and within Germany, Africa and the Middle East; and announced partnerships with FutureE, MVS and MBR addressing the telco back-up power markets in China, India and Indonesia respectively. We are expanding our production facilities and staff levels to be able to deliver the growth in sales that we have been experiencing during the second half of 2012 and which we expect will continue through the current year.

During last year we have twice received the backing of our shareholders for our efforts and have raised £4.1 million in total. We are investing these funds in the development and commercialisation of our range of hydrogen generation products based on our unique and highly regarded technology. We see a strong future for these products, which respond to the needs of the fuel cell industry for compact, cost effective hydrogen generation systems, as well as to the wider needs of renewable energy storage at the distributed level.

Financial Results

2012 saw strong growth in underlying product revenues and a significant reduction in overhead levels against prior periods. Acta's decision to dispose of its photovoltaic activities in early 2012 has however produced a fall in headline revenues and an increase in losses for 2012 compared to 2011. This disposal has nonetheless allowed the Company to concentrate on its core product business.

Revenues for 2012 were €0.4 million (2011: €3.9 million) with operating losses increasing to €3.1 million (2011: €1.8 million). Stripping out the contribution from photovoltaic activities, revenues from products and research services grew from €66,000 to €261,000, while non-photovoltaic costs were reduced from €4.1 million to €3.0 million, a reduction of 27%.

The reduced level of operating overheads achieved in 2012 has been realised through focusing the Company's expenditure on its key product activities, together with reductions in senior level remuneration and external professional fees. Personnel costs fell by 25% against 2011, following a 12% reduction achieved in 2011 against 2010. While this cost containment was appropriate during the Company's transition through to product commercialisation, overheads and personnel costs are increasing in the current year as a result of increasing our production facilities and staffing levels to ensure our capacity will be sufficient to meet the volume of demand that we anticipate for the second half of this year.

Grant contributions of €414,000 were recognised during the year (2011: €342,000), against grant cash receipts of €353,000 (2011: €915,000). Cash balances at the year end were €178,000 compared to €545,000 at the end of 2011. Net operating cash outflow was €2.0 million for the period (2011: €0.7 million outflow), while net cash outflow excluding fundraising was €2.6 million, compared to €3.9 million net cash outflow in 2011. €2.4 million gross proceeds were received immediately after the year end from the fundraising announced on 24 December 2012.

Strategy and Prospects

The current year has started well, with the strengthening of our commercial reach in Indonesia and South East Asia and the expansion of our production and product development teams in Italy.

One of Acta's priorities for 2013 is the development and launch of an integrated back-up system that addresses the key areas of demand that we see exists in the market today: distributed renewable energy storage and back-up systems for bad grid and off-grid telecommunications sites and data centres, which was highlighted at the Fuel Cell Expo 2013 in Tokyo. Acta has seen strong pre-launch interest in this product from potential customers and is undertaking development activities with a number of partners. We will be presenting our first demonstration system at the Hannover Messe in April 2013.

We believe that our products offer compelling cost and technical advantages over other hydrogen generation technologies, and that the increasing adoption of our solution by customers, together with the expansion of our sales and production volumes during this year, will demonstrate the commercial viability and economic benefits of our unique product range.

Robert Drummond

27 March 2013

Chief Executive's Statement

Introduction

2012 has been a year of steady growth for Acta's core business and transformation for our organization and activities. The products, technologies, customer relationships and Company structures that we now have in place have put us in excellent condition to maximize our growth potential in the current year.

Product Review

Product development has been an important focus during 2012 and we have continued to develop our unique technology into a range of products that meet the requirements of our partners and their customers.

These new products have included rack-mounted versions of our electroysers in a range of sizes, developed for easy integration into standard industrial rack-based systems; larger sized stacks and electrolysers (500L/hr and 1,000L/hr) which are proving themselves to be ideal for back-up power and distributed renewable energy storage applications; DC-DC power module for direct connection to renewable power sources; and rainwater and gas purification modules used respectively for off-grid and laboratory applications.

All of these systems have been shipped to customers during the last year and, following successful client evaluation results, we are receiving repeat orders for them. Our products continue to grow in their robustness, sophistication and performance and we are constantly finding new ways to enhance our leadership in compact hydrogen generation systems.

One focus has been on the development of a communications interface for remote monitoring and control of our systems via the internet and on handheld devices such as smartphones; and we believe that this functionality will be critical to the commercial success of Acta's systems in the field.

We have also continued the development of our hydrogen generation systems for light mobility, having made a successful demonstration of our system to refill fuel cell scooters with hydrogen generated directly from photovoltaic panels in Hawaii during August 2012. We are undertaking further integration in this area to support the roll-out of our partner's beta-test in Taiwan.

Due to the Company's need to prioritise our resources during the last twelve months we have placed less emphasis on those applications where we see smaller or less immediate commercial application, including consumer fuel cells and gas welding. Nonetheless these applications remain very much alive and we continue to ship products to our partners in these areas, which we will continue to develop as demand, time and resources permit.

Commercial Partnerships

During 2012 and into the current year we have shipped units to and received repeat orders from our partners in all areas of the business.

Heliocentris

Following the development of the high purity HG100 electrolyser for our partner, Heliocentris, we have received a blanket order for multiple units, announced in October 2012, for delivery into the educational market. We are also addressing the back-up power and energy storage markets in Germany, Africa and the Middle East through this partnership.

Future-E

Acta has also formed an important partnership with Future-E for the development of an integrated back-up power system for telecoms applications incorporating Acta's electrolyser. Future-E has developed an award-winning fuel cell back-up power system, the Jupiter Independence, which is currently on trial with China Mobile. China is one of the world's largest and fastest growing markets for fuel cell back-up power systems, and spends $4.7 to 7.8 billion per annum on batteries for the telecoms industry (Source: Fuel Cell Today). China Mobile, the world's largest mobile phone operator, itself has more than one million telecom base stations, all of which require back-up systems, and this network is currently growing at the rate of over 20,000 base stations per annum.

M-Field and SEFCA

Our partners M-Field and SEFCA in Taiwan and Australia respectively are progressing well with customer trials with a major telecommunications company for this same application and have placed a number of repeat orders. We have also received a first evaluation order from Indonesia through our commercial agent appointed in January 2013 and we see strong opportunities for growth in this market commencing from the middle of this year.

MVS Energy Solutions

Acta has also agreed a new partnership with MVS Energy Solutions to incorporate Acta's electrolysers with their back-up power systems to penetrate the Indian market. In addition to the problems caused in India by frequent and lengthy black-outs, the Indian government is trying to limit the use of diesel for diesel generator back-up systems in cities, thereby creating a strong opportunity for the entry of alternative technologies such as fuel cell back-up systems. India is the world's second largest market for wireless subscribers, with approximately 65,000 wireless base stations being installed per annum. GSMA (Energy for the Telecom Towers) estimates that there will be 71,500 off-grid base stations installed by 2015, of which 13,500 will be powered by renewables or hybrid systems.

Asia Pacific Fuel Cell Technologies

In the area of light mobility, our partnership with APFCT has progressed well during 2012, with the successful demonstration of our combined clean mobility application (solar power to hydrogen to fuel cell scooter) in Hawaii in August 2012. APFCT has also obtained road certification for its fuel cell scooters in Taiwan and China during 2012 and is currently rolling out an 80-scooter beta-test financed by the Taiwanese government in a number of eco-tourism destinations in Taiwan.

The full consumer adoption of these vehicles will inevitably take time, but the opportunity for clean, light mobility vehicles in Taiwan and the cities of mainland China is enormous. We are engaged with APFCT to provide the electrolyser technology that will be part of the fuelling infrastructure for these vehicles, in particular for home refuelling and refuelling from renewable energy sources.

Operational Review

As we continue the transformation from a research-based organisation to full commercial operations, we have expanded our production facilities, strengthened our engineering and quality control capabilities, and increased our global sales resources, purchasing and distribution networks. While we are in the process of establishing a track record of conversion from enquiries and orders through to deliveries we are maintaining a close eye on our cost base and cash requirements.

We appointed Kim Taylor as Sales Director in mid-2012, and she is already building an effective sales team to support our new business development activities and international sales efforts.

Since the year end we have appointed MBR as our commercial agents for South East Asia. MBR has significant experience in back-up power systems for Asian telecoms companies and is helping us to gain significant traction in the area.

Grant-Funded Projects and Research Activities

The Group recognised grant contributions of €414,000 during 2012 (2011: €342,000), of which €353,000 was received in cash (2011: €915,000). €254,000 in grant income was recognised as a reduction of costs during the year (2011: €34,000). Grant activities during the year focused on the completion of a project to develop catalysts and reactor for cracking hydrogen from ammonia for use as a carbon-free automotive fuel. At the end of the year we also announced confirmation of conditional approval for a European grant to provide an ammonia cracking reactor and catalysts for ammonia-fed alkaline fuel cells, from which the Company expects to receive €400,000 over three years. The Company is due to receive €1.4 million from grant funding during 2013 and a further €1.1 million thereafter based on the achievement of project milestones.

Acta has also continued its third-party research contract for the third year, financed by the US Department of Defense, a major US industrial manufacturer, and a number of leading US Universities. This is proving to be a fruitful partnership and is testimony to the fact that Acta's scientific expertise in the field of alkaline electro-catalysis is now recognised at a global level.

Highlights since Period End

On 7 January 2013 Acta completed the fundraising announced in December 2012, raising £2.1 million (€2.4 million) through the issuance of 42.2 million shares at five pence per share. Funding was provided by a combination of new and existing institutional shareholders and we are grateful for the support given to the Company by our shareholders and the confidence shown in our future.

We are already seeing the benefits of investment in our production through-put although it is expected to take until the end of the summer to be at full production capacity.

Acta also embarked on an important product integration program, together with our partners, to assemble an integrated fuel cell back-up system with on-board hydrogen generation. This is a key product platform for the telecommunications sector and for distributed renewable energy storage applications. We will be demonstrating the prototype for the first time at our booth at the Hannover Messe from 8 to 12 April 2013, and then presenting to product to the telecommunications sector at the CommunicAsia exhibition in Singapore in June 2013.

Outlook

During 2012 our products achieve a significant step forward in their technical maturity and commercial adoption, and this process is continuing in the current year. We believe that our new electronic communications interface will further enhance the appeal of our products in the field, and the development of an integrated fuel cell back-up power system with on-board electrolysis will accelerate their commercial adoption in the second half of the year.

Acta is ready for this growth in demand and we are working closely with our commercial and technical partners to share expertise and resources in addressing this important commercial opportunity. We look forward to a year of commercial development and exciting new opportunities.

Paolo Bert

27 March 2013

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to preliminary financial results

1. Earnings per Share

The calculation of basic earnings per share is based upon the net loss attributable to the ordinary shareholders of €3,134,021 (2011: €2,228,492) and weighted average number of shares in issue of 89,209,777 (2011: 47,378,939).

2. In view of its accumulated losses and in accordance with Italian law, the Company is not in a position to make payment of a final dividend (2011: £nil).

3. These financial statements are presented in Euros as that is the currency of the primary economic environment in which the Company operates.

4. The annual financial statements are due to be signed by the auditors not less than 15 days before the AGM in accordance with Italian law.

5. Copies of the Company's Annual Report and Accounts will be available from the Company at Via di Lavoria 56/G, 56040 Crespina (PI), Italy. Alternatively this statement and the Annual Report and Accounts will be available to download from the investor relations section on the Company's website at www.actagroup.it.