Heliocentris Reports Financial Results for Fiscal Year 2007 Revenues
up by 22 %
Berlin, Germany - May 22 2008. Heliocentris Fuel Cells AG, a leading
fuel cell system integrator, today announced its financial results in
accordance with German Accounting Standards (HGB) for the fiscal year
2007, ending December 31, 2007. The company achieved Group revenues
of EUR 2.09 million (2006*: EUR 1.72 million), which is a 22 %
increase over 2006. The company reports a net loss of EUR 1.39
million compared to a net loss of EUR 0.48 million in the previous
year*. The increased net loss includes capital market expenses of EUR
0.42 million. Revenues and net loss were in line with the company's
expectations. At the end of 2007, Heliocentris' cash position
quadrupled to EUR 5.43 million from EUR 1.36 million in 2006.
Highlights of the Year 2007:
* Capital increase in April 2007 with gross proceeds of EUR 1.56
million
* Successfully completed private placement in December 2007 with
gross proceeds of EUR 4.35 million
* Strengthened market position through cooperation and distribution
agreements with Schunk, Ovonic, Parker Energy Systems and
Hydrogenics
* Launch of new business unit Systems & Solutions
Group revenues for the full year 2007 amounted to EUR 2.09 million
(2006*: EUR 1.72 million). The increase in revenue by 22 % resulted
primary from an improved sales and distribution network in Asia and
the Middle East, an increased project business and stronger market
penetration of new premium products. The revenue related gross profit
amounted to 47 %. Revenues from sales outside Germany represent 81 %
of total revenues and remain at the same level as in the previous
year*.
Total operating expenses for the full year 2007 were EUR 2.5 million
(2006*: EUR 1.34 million). Human resource expenses grew to EUR 1.21
million in 2007 from EUR 0.68 million in 2006* The increase is
particularly due to headcount increases at the end of 2006 and in
2007 in the sales and R&D departments. As of December 31, 2007
Heliocentris had 26 employees (December 31 2006: 20 employees). Other
operating expenses increased to EUR 1.29 million from EUR 0.66
million in 2006* resulting from increased capital market expenses and
other operating expenses. The net loss for 2007 amounted to EUR 1.39
million, compared to EUR 0.48 million in 2006*. This corresponds to a
loss of EUR 0.62 per share compared to EUR -0.40 per share in 2006*.
On December 31, 2007, the company had EUR 5.43 million in cash
compared to EUR 1.36 million as of December 31, 2006. Representing a
four-fold increase compared to last year. The number of issued shares
at December 31, 2007 was 2.25 million compared to 1.2 million at
December 31, 2006.
Dr. Henrik Colell, CEO of Heliocentris Fuel Cells AG, comments: "The
fiscal year 2007 has been very successful for the corporate
development of Heliocentris. Based on our strong balance sheet and
our strengthened sales and R&D teams Heliocentris is back on track
for future growth. Three new system platforms, result from last
year's efforts were introduced to the market at the Hannover trade
show in spring 2008. We feel confident that our investments through
2007 have laid a good foundation for our ongoing business
performance."
The complete Annual Report 2007 is due out on June 5, 2008 and can
be downloaded from www.heliocentris.com.
* The financial figures of the P&L for fiscal year 2006 are pro forma
figures, as the insertion of Heliocentris Energiesysteme GmbH as of
May 2006 had not been financially implemented until December 31,
2006.
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.