HUGIN NEWS/Heliocentris Reports Financial Results for Half Year 2008 Revenues up 24 %
29.09.2008
Berlin, Germany - September 29 2008. Heliocentris Fuel Cells AG, a
leading fuel cell system integrator, today announced its preliminary
half year results in accordance with German Accounting Standards
(HGB). In the first six months of 2008 the company achieved revenues
of EUR 1.23 million (2007: EUR 0.99 million), a 24 % increase over
the first six months of 2007. The net loss was EUR 1.06 million
compared to a net loss of EUR 0.59 million in the same period last
year. On June 30, Heliocentris' cash position was EUR 3.98 million
compared to EUR 5.43 million at the end of December 2007.
Highlights of first Half Year 2008:
* Revenue increased by 24 % compared to the first six months 2007
* Distribution agreement with Ballard Power Systems for the
Mark1020 ACS(TM) fuel cell
* Heliocentris becomes worldwide service provider for Ballard Power
System's Nexaâ power modules
* Successful integration of a 32 kW fuel cell system into the City
of Barth hydrogen powered midi-bus
* Launched campaign for new fuel cell system-platforms at the
Hanover trade show
* The Managing shareholder of ebm-papst Mulfingen GmbH & Co. KG and
the CEO of Feri Finance AG selected to the Supervisory Board
* Heliocentris becomes technology partner of HyTech Challenge 08
Revenues for the first half of 2008 were EUR 1.23 million (2007: EUR
0.99 million). The 24 % increase in revenues primarily resulted from
strong business development in Germany and the US. Additionally, the
increasing relevance of the project business has affected the half
year sales positively. The completion of the hydrogen powered
midi-bus project for the City of Barth marks the successful
development of the project business. The gross profit relative to
gross revenue decreased slightly and amounted to 47.8%. This is
mainly a result from lower other income as part of gross revenue. The
relative share of revenues from outside Germany decreased to 74 %
compared to 91 % in the first half year, 2007.
Total operating expenses for the first six months 2008 were EUR 1.7
million (2007: EUR 1.2 million). Human resource expenses grew to EUR
0.97 million from EUR 0.56 million in the first half year 2007 due to
headcount increases. Other operating expenses increased to EUR 0.68
million from EUR 0.56 million in the six months to June 30, 2007. At
June 30 this year, Heliocentris had 36 employees (June 30, 2007: 22
employees).
The net loss for 2007 was EUR 1.06 million, compared to EUR 0.59
million in the first half of 2007. The increase in net loss resulted
from the further expansion of the service, project, and R&D
departments. On June 30 2008, the company had EUR 3.98 million in
cash compared to EUR 5.43 million as of December 31 2007. The number
of issued shares on June 30, 2008 was 2.25 million compared to 1.5 in
the same period 2007.
Dr. Henrik Colell, CEO of Heliocentris Fuel Cells AG said: "With our
revenues up 24%, Heliocentris achieved strong development in the six
months to June 30, 2008. At the same time, we were able to reach
important strategic milestones, including: the presentation of two
new system platform prototypes; becoming the worldwide service
provider of Ballard Power Systems for Nexaâ power modules; and the
successful integration of a fuel cell system into the City of Barth's
hydrogen powered midi-bus. All these achievements show a significant
increase in our development dynamics."
The complete first Half Year Report as of June 30 is due out on
September 29 2008 and can be downloaded from our homepage
www.heliocentris.com.
Please contact us for further information:
Heliocentris Fuel Cells AG
Dr András Gosztonyi (CFO)
Tel.: +49-(0)30-6392-6185
E-mail: investorrelations@heliocentris.com
About Heliocentris Fuel Cells AG:
Heliocentris is a leading provider and system integrator of fuel
cells. Educational institutions, universities, research facilities
and companies in over 50 countries are among its more than 10,000
clients. These customers already use over 50 items from among
Heliocentris' eight product lines today. Worldwide, Heliocentris
ranks as one of the market leaders in the field of educational and
R&D systems for fuel cells. The width of the offering ranges from
educational systems for instruction and studies to integrated
laboratory equipment for research and development as well as
industrial applications tailored to the client. Fuel cells are
considered to be a key technology for the supply of energy by means
of renewable energy sources. Fuel cells are environmentally friendly
electrochemical energy converters that transform chemical energy
directly into electricity and heat with a high level of efficiency.
As a pioneer in its field, Heliocentris possesses a wealth of
long-time experience in the development, production and marketing of
this significant technology of the future. The company is
headquartered in Berlin, Germany. A subsidiary in Vancouver, Canada,
serves the American market.
Disclaimer
This press release contains forward-looking statements that are based
on current assumptions and forecasts of the management of
Heliocentris Fuel Cells AG. Known and unknown risks, uncertainties
and other factors could lead to material differences between the
forward-looking statements given here and the actual development, in
particular the results, financial situation and performance of our
Company. The Company assumes no liability to update these
forward-looking statements or to conform them to future events or
developments. The information in this press release does not
constitute an offer of securities for sale or a solicitation of an
offer to purchase securities in the United States or any other
country.
http://hugin.info/138630/R/1255225/273547.pdf
http://www.heliocentris.com
Copyright © Hugin AS 2008. All rights reserved.
Berlin, Germany - September 29 2008. Heliocentris Fuel Cells AG, a
leading fuel cell system integrator, today announced its preliminary
half year results in accordance with German Accounting Standards
(HGB). In the first six months of 2008 the company achieved revenues
of EUR 1.23 million (2007: EUR 0.99 million), a 24 % increase over
the first six months of 2007. The net loss was EUR 1.06 million
compared to a net loss of EUR 0.59 million in the same period last
year. On June 30, Heliocentris' cash position was EUR 3.98 million
compared to EUR 5.43 million at the end of December 2007.
Highlights of first Half Year 2008:
* Revenue increased by 24 % compared to the first six months 2007
* Distribution agreement with Ballard Power Systems for the
Mark1020 ACS(TM) fuel cell
* Heliocentris becomes worldwide service provider for Ballard Power
System's Nexaâ power modules
* Successful integration of a 32 kW fuel cell system into the City
of Barth hydrogen powered midi-bus
* Launched campaign for new fuel cell system-platforms at the
Hanover trade show
* The Managing shareholder of ebm-papst Mulfingen GmbH & Co. KG and
the CEO of Feri Finance AG selected to the Supervisory Board
* Heliocentris becomes technology partner of HyTech Challenge 08
Revenues for the first half of 2008 were EUR 1.23 million (2007: EUR
0.99 million). The 24 % increase in revenues primarily resulted from
strong business development in Germany and the US. Additionally, the
increasing relevance of the project business has affected the half
year sales positively. The completion of the hydrogen powered
midi-bus project for the City of Barth marks the successful
development of the project business. The gross profit relative to
gross revenue decreased slightly and amounted to 47.8%. This is
mainly a result from lower other income as part of gross revenue. The
relative share of revenues from outside Germany decreased to 74 %
compared to 91 % in the first half year, 2007.
Total operating expenses for the first six months 2008 were EUR 1.7
million (2007: EUR 1.2 million). Human resource expenses grew to EUR
0.97 million from EUR 0.56 million in the first half year 2007 due to
headcount increases. Other operating expenses increased to EUR 0.68
million from EUR 0.56 million in the six months to June 30, 2007. At
June 30 this year, Heliocentris had 36 employees (June 30, 2007: 22
employees).
The net loss for 2007 was EUR 1.06 million, compared to EUR 0.59
million in the first half of 2007. The increase in net loss resulted
from the further expansion of the service, project, and R&D
departments. On June 30 2008, the company had EUR 3.98 million in
cash compared to EUR 5.43 million as of December 31 2007. The number
of issued shares on June 30, 2008 was 2.25 million compared to 1.5 in
the same period 2007.
Dr. Henrik Colell, CEO of Heliocentris Fuel Cells AG said: "With our
revenues up 24%, Heliocentris achieved strong development in the six
months to June 30, 2008. At the same time, we were able to reach
important strategic milestones, including: the presentation of two
new system platform prototypes; becoming the worldwide service
provider of Ballard Power Systems for Nexaâ power modules; and the
successful integration of a fuel cell system into the City of Barth's
hydrogen powered midi-bus. All these achievements show a significant
increase in our development dynamics."
The complete first Half Year Report as of June 30 is due out on
September 29 2008 and can be downloaded from our homepage
www.heliocentris.com.
Please contact us for further information:
Heliocentris Fuel Cells AG
Dr András Gosztonyi (CFO)
Tel.: +49-(0)30-6392-6185
E-mail: investorrelations@heliocentris.com
About Heliocentris Fuel Cells AG:
Heliocentris is a leading provider and system integrator of fuel
cells. Educational institutions, universities, research facilities
and companies in over 50 countries are among its more than 10,000
clients. These customers already use over 50 items from among
Heliocentris' eight product lines today. Worldwide, Heliocentris
ranks as one of the market leaders in the field of educational and
R&D systems for fuel cells. The width of the offering ranges from
educational systems for instruction and studies to integrated
laboratory equipment for research and development as well as
industrial applications tailored to the client. Fuel cells are
considered to be a key technology for the supply of energy by means
of renewable energy sources. Fuel cells are environmentally friendly
electrochemical energy converters that transform chemical energy
directly into electricity and heat with a high level of efficiency.
As a pioneer in its field, Heliocentris possesses a wealth of
long-time experience in the development, production and marketing of
this significant technology of the future. The company is
headquartered in Berlin, Germany. A subsidiary in Vancouver, Canada,
serves the American market.
Disclaimer
This press release contains forward-looking statements that are based
on current assumptions and forecasts of the management of
Heliocentris Fuel Cells AG. Known and unknown risks, uncertainties
and other factors could lead to material differences between the
forward-looking statements given here and the actual development, in
particular the results, financial situation and performance of our
Company. The Company assumes no liability to update these
forward-looking statements or to conform them to future events or
developments. The information in this press release does not
constitute an offer of securities for sale or a solicitation of an
offer to purchase securities in the United States or any other
country.
http://hugin.info/138630/R/1255225/273547.pdf
http://www.heliocentris.com
Copyright © Hugin AS 2008. All rights reserved.
Copyright (c) 2007 Dow Jones & Company, Inc.