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24 Oct 2008 08:38
Rule 4.7B
24 October 2008
Ceramic Fuel Cells Limited
Quarterly Cash Flow Report
Ceramic Fuel Cells Limited, (AIM / ASX: CFU) a leading developer of high efficiency and low emission microgeneration products for homes, today releases its quarterly cash flow report for the period ended 30 September 2008. This is available on the company's website: www.cfcl.com.au and also as set out below.
Managing Director Mr Brendan Dow discusses the quarterly review in a webcast on Boardroomradio www.brr.com.au/cfu.
For further information please contact:
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Ceramic Fuel Cells |
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Andrew Neilson |
Tel: +61 419 950 771 |
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Email: investor@cfcl.com.au |
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Nomura Code Securities |
Tel: +44 (0) 207 776 1200 |
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Juliet Thompson / Chris Golden |
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Hogarth Partnership (PR for CFCL) Nick Denton / Ian Payne / Vicky Watkins |
Tel: +44 (0) 20 7357 9477 |
About CFCL
Ceramic Fuel Cells Limited is a world leader in developing solid oxide fuel cell (SOFC) technology to provide reliable, highly efficient and low-emission electricity from widely available natural gas and renewable fuels. CFCL is developing SOFC products for micro combined heat and power (m-CHP) and distributed generation units that generate electricity and heat for homes.
CFCL is developing m-CHP products with leading appliance partners and utility customers in Germany (EWE and Bruns Heiztechnik), France (Gaz de France and De Dietrich Thermique), the United Kingdom (E.On UK Ltd and Gledhill Water Storage Ltd), Holland (Nuon and Remeha), and Japan (Paloma). CFCL is listed on the London Stock Exchange AIM market and the Australian Securities Exchange (code CFU). www.cfcl.com.au
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Head Office and Factory
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170 Browns Road | Noble Park | Victoria | 3174 | Australia
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P +61 (0)3 9554 2300
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F +61 (0)3 9790 5600
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UK Office
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Unit 8 | Candy Park | Hardknott Road| Bromborough | Wirral | CH62 3QB | United Kingdom
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P +44 (0)151 334 8880
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F +44 (0)1513 348 804
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German Office
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Industriepark Oberbruch | Boos-Fremery-Straße 62 | D-52525 | Heinsberg | Germany
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P +49 (0)2452 15 3752
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F +49 (0)2452 153 755
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Website
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www.cfcl.com.au
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Appendix 4C
Quarterly report
for entities admitted
on the basis of commitments
Introduced 31/3/2000. Amended 30/9/2001
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Name of entity |
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CERAMIC FUEL CELLS LIMITED |
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ABN |
Quarter ended ("current quarter") |
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82 055 736 671 |
30 SEPTEMBER 2008 |
Consolidated statement of cash flows
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Cash flows related to operating activities |
Current quarter $A'000 |
Year to date (3 months) $A'000 |
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1.1 |
Receipts from customers |
214 |
214 |
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1.2 |
Payments for (a) staff costs 1 (b) advertising and marketing 2 (c) research and product development 3 (d) leased assets (e) other working capital |
(2,827) (168) (460) - (56) |
(2,827) (168) (460) - (56) |
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1.3 |
Dividends received |
- |
- |
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1.4 |
Interest and other items of a similar nature received |
837 |
837 |
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1.5 |
Interest and other costs of finance paid |
- |
- |
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1.6 |
Income taxes paid |
- |
- |
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1.7 |
Other - Net GST/VAT Received/(Paid) - Export Market Development Grant received - Sundry income received |
310 - 24 |
310 - 24 |
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Net operating cash flows |
(2,126) |
(2,126) |
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Notes
'Staff costs' includes all company labour and associated headcount costs, and therefore incorporates all Research & Product Development (R&PD) staff, Sales & Marketing (S&M) staff and General & Administrative (G&A) staff.
'Advertising and marketing' excludes all S&M staff costs (as per note 1 above).
'Research and product development' costs includes all R&PD costs as defined in Note 1(e) to the Financial Statements for the year ended 30 June 2008, but excludes all R&PD staff costs (as per note 1 above).
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Current quarter $A'000 |
Year to date (3 months) $A'000 |
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1.8 |
Net operating cash flows (carried forward) |
(2,126) |
(2,126) |
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Cash flows related to investing activities |
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1.9 |
Payment for acquisition of: businesses (item 5) equity investments intellectual property physical non-current assets other non-current assets |
- - - (2,620) - |
- - - (2,620) - |
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1.10 |
Proceeds from disposal of: businesses (item 5) equity investments intellectual property physical non-current assets other non-current assets |
- - - - - |
- - - - - |
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1.11 |
Loans to other entities |
- |
- |
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1.12 |
Loans repaid by other entities |
- |
- |
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1.13 |
Other - Security deposits decreased (increased) |
(1) |
(1) |
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Net investing cash flows |
(2,621) |
(2,621) |
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1.14 |
Total operating and investing cash flows |
(4,747) |
(4,747) |
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Cash flows related to financing activities |
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1.15 |
Proceeds from issues of shares, options, etc. |
- |
- |
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1.16 |
Proceeds from sale of forfeited shares |
- |
- |
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1.17 |
Proceeds from borrowings |
- |
- |
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1.18 |
Repayment of borrowings |
- |
- |
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1.19 |
Dividends paid |
- |
- |
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1.20 |
Other - Financial assets: Net proceeds/(Net payments) 1 Other - Share issue costs |
- - |
- - |
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Net financing cash flows |
- |
- |
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Net increase (decrease) in cash held |
(4,747) |
(4,747) |
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1.21 |
Cash at beginning of quarter/year to date |
12,651 |
12,651 |
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1.22 |
Exchange rate adjustments on foreign currency cash balances |
514 |
514 |
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1.23 |
Cash at end of quarter |
8,418 |
8,418 |
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Funds held in Financial Assets 2 |
22,086 |
22,086 |
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Total Cash and Financial Assets |
30,504 |
30,504 |
The net proceeds from/(payments for) the disposal and purchase of the company's investments are at item 1.20
Funds held in Financial Assets excludes the Group's investment in credit linked notes. It was announced on 17 October 2008 that this investment is likely to be subject to an impairment charge in the accounts for the half-year to 31 December 2008.
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
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Current quarter $A'000 |
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1.24 |
Aggregate amount of payments to the parties included in item 1.2 |
60 |
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1.25 |
Aggregate amount of loans to the parties included in item 1.11 |
- |
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1.26 |
Explanation necessary for an understanding of the transactions |
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Directors' fees. |
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Non-cash financing and investing activities
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2.1 |
Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows |
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NIL |
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2.2 |
Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest |
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NIL |
Financing facilities available
Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).
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Amount available $A'000 |
Amount used $A'000 |
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3.1 |
Loan facilities |
- |
- |
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3.2 |
Credit standby arrangements |
- |
- |
Reconciliation of cash
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Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. |
Current quarter $A'000 |
Previous quarter $A'000 |
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4.1 |
Cash on hand and at bank |
5,452 |
3,101 |
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4.2 |
Cash equivalents |
2,966 |
9,550 |
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4.3 |
Bank overdraft |
- |
- |
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4.4 |
Other |
- |
- |
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Total: cash at end of quarter (item 1.23) |
8,418 |
12,651 |
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Financial Assets 1 |
22,086 |
30,649 |
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Total Cash and Financial Assets at end of quarter |
30,504 |
43,300 |
Financial Assets excludes the Group's investment in credit linked notes. It was announced on 17 October 2008 that this investment is likely to be subject to an impairment charge in the accounts for the half-year to 31 December 2008.
Acquisitions and disposals of business entities
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Acquisitions (Item 1.9(a)) |
Disposals (Item 1.10(a)) |
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5.1 |
Name of entity |
Not applicable |
Not applicable |
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5.2 |
Place of incorporation or registration |
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5.3 |
Consideration for acquisition or disposal |
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5.4 |
Total net assets |
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5.5 |
Nature of business |
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Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ....................................... Date: 24 October 2008
Print name: Jeff Harding
Director
Notes
1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2. The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the paragraphs of the Standard set out below.
6.2 - reconciliation of cash flows arising from operating activities to
operating profit or loss
9.2 - itemised disclosure relating to acquisitions
9.4 - itemised disclosure relating to disposals
12.1(a) - policy for classification of cash items
12.3 - disclosure of restrictions on use of cash
13.1 - comparative information
3. Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
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