Ceres Power Holdings plc · LSE:CWR
Ceres Power — FY2007/8 Earnings Presentation
19 slides from Ceres Power's earnings presentation, September 2008
Slide 1: Financial Year 2007/8 Preliminary Results
Alternative energy products for global markets Financial Year 2007/8 Preliminary Results September 2008 CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer This presentation is directed at institutional investors in Ceres Power Holdings plc (the “Company”). The presentation does not constitute a recommendation regarding the shares or other securities of the Company or any of its subsidiaries nor a representation that any dealing in those sha
Slide 3: Highlights
Highlights Financial - Sales revenue from customers £0.7m - Free cash outflow £3.9m - Strong balance sheet with £27.5m in net cash Commercial - £5m funded CHP development & trialling programme with British Gas - Volume forward order for CHP products secured with British Gas CHP Product - Performance
Slide 4: Financial Results (FY to 30 June 2008)
Financial Results (FY to 30 June 2008) £ 000’s ∆ Revenue from customers 722 636% Other income 845 (13%) Loss for the year (4,990) 2% Capex (1,095) 90% Free cash outflow (3,907) (16%) Net Cash 27,476 146% 9 Growth in revenue from customers 9 Investment in capability 9 Strong balance sheet 4
Slide 5: Financial Results
Financial Results Revenue from customers - £0.7m - £1m cash received from British Gas recognised as revenue over the duration of the Alpha phase (2008/9) - Other contract revenue (e.g. EDF) recognised on successful delivery of contract milestones Other income - £0.8m - Successful completion of major
Slide 6: Commercial – CHP Programme
Commercial – CHP Programme Secured industry-leading contract with British Gas - Funded development & trialling programme (£5 million) - Significant operational resources committed by British Gas for CHP trialling & product launch (e.g. marketing, logistics, procurement, service, maintenance) - Volum
Slide 7: CHP Market Proposition
CHP Market Proposition Addresses key energy policy drivers • Reduces energy bills to the consumer and helps to address fuel poverty • Cuts CO2 footprint of residential housing to help address climate change • Provides a high-tech engineering opportunity for sustainable economic growth Represents a m
Slide 8: CHP Roadmap
CHP Roadmap 2008 2009 2010 2011 H1 H2 H1 H2 H1 H2 H1 H2 Alpha Phase - Performance Beta Phase 1 – Sheltered field trials Beta Phase 2 – Commercial field trials Gamma Phase - Volume Manufacturing Launch ALPHA BETA GAMMA Performance Validation Reliability Testing Mass Production • Product specification
Slide 9: CHP Product Architecture & Status
CHP Product Architecture & Status Fuel Cell Fuel Cell Stack Fuel Cell Module Wall-Mountable CHP Unit • Manufactured • Independent • 1kW Fuel Cell Module • CHP Alpha design phase from scaleable confirmation of core built and tested with British Gas completed processes technology meeting Alpha perform
Slide 10: CHP Product – Fuel Cell Module Architecture
CHP Product – Fuel Cell Module Architecture Fuel Cell Module - Electro-chemical engine, efficient source of heat & electricity - Common platform for different markets/products - Integrated close-coupled design - Fuel cell stack integrated with fuel processing and heat exchange balance of plant (BoP)
Slide 11: CHP Product – Fuel Cell Module Built & Tested
CHP Product – Fuel Cell Module Built & Tested Fuel Cell Module Q3 2008 milestone delivered - Built and tested meeting CHP Alpha target requirements • Electrical output = 1kW • Stack heat : power better than 1:1 • Size: 305mm x 305mm x 205mm • Weight < 25kg (including thermal insulation) - Operated o
Slide 12: British Gas CHP Contract – Alpha Phase
British Gas CHP Contract – Alpha Phase Key activities 9 Fuel cell and key BoP component performance achieved 9 Alpha design for fully integrated, wall-mountable CHP product completed 9 Supply chain partners selected and FCM parts procured 9 Build & test Fuel Cell Module (FCM) 9 Alpha CHP product com
Slide 13: Commercial – Energy Security Programme
Commercial – Energy Security Programme Funded contract secured Mar 2007 with EDF Energy Networks - Development of appliance to provide back-up electricity for the home - Ceres fuel cell technology combined with battery storage in a hybrid system - Innovative product format designed to be rapidly dep
Slide 14: Operations
Operations Fuel cell manufacture - Core technology performance confirmed on cells from scaleable processes - Development work has focussed on migrating to mass manufacturing solutions - Further gains achieved in processing speeds - Development & implementation of automated handling systems underway
Slide 15: Operations
Operations Mother plant - Shortlist of possible sites agreed - South East England prioritised for ease of technology transfer - Volume fuel cell manufacturing & assembly of fuel cell module • Meets requirements for Beta & Gamma field trials & volume product launch • Potential for additional product
Slide 16: Board Evolution
Board Evolution Board strengthened during year - Brian Count, former Innogy plc CEO and Eskom Non-Executive Director, appointed as Non-Executive Chairman - Sir David Brown, former Motorola UK Chairman, appointed as Non-Executive Director - Alan Wood, Siemens UK Chairman, appointed as Non-Executive D
Slide 17: Ceres FY 2008/09 CHP Outlook
Ceres FY 2008/09 CHP Outlook Time Product / Technology Manufacturing Q3 2008 9 Milestone achieved 9 Milestone achieved Q4 2008 • Build Alpha CHP product • Secure Mother Plant site using fuel cells from scaleable • Stack assembly automation manufacturing processes concept proven Q1 2009 • Test Alpha
Slide 18: Summary
Summary CHP programme with British Gas on track - Alpha CHP design phase completed in Q2 2008 - Fuel Cell Module built & tested in Q3 2008 - Alpha CHP build in Q4 2008 Operational delivery on track - Shortlist of mother plant sites identified - secure in Q4 2008 - Continued investment in migration t
Slide 19: Ceres Power Limited contact details
Ceres Power Limited Unit 18 Denvale Trade Park Haslett Avenue East Crawley RH10 1SS United Kingdom Phone: +44 (0) 1293 400 404 Fax: +44 (0) 1293 400 482 E-Mail: info@cerespower.com www.cerespower.com © Ceres Power 2008 19
Ceres Power Holdings — FY2007/8 Earnings Presentation on 6ix