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[April 2006]
Ceramic Fuel Cells Ltd First Quarter Report
Ceramic Fuel Cells Ltd (Noble Park, VIC, Australia) reported that net cash inflow for the first quarter of 2006 was A$82.02 million principally arising from financing activities. The net operating cashflow for the quarter resulted in a cash outflow of A$2.6 million which was an improvement from the two previous quarters due to increased receipts from customers.
During the period, the company completed a placement of 175 million ordinary shares to UK and European institutional investors (CFCL has a UK/European office in Chester, Cheshire, England), raising A$87.5 million (£37.2 million). In addition to this, 7.7 million shares were placed to existing shareholders, raising a further A$3.867 million. The company's shares were admitted to trading on the AIM Market of the London Stock Exchange on 2 March 2006. Expenses of A$6.382 million in relation to these two placements were paid during the period.
Receipts from customers during the quarter were A$765,000 and relate principally to CFCL's field trial programme of its Combined Heat and Power
(CHP) demonstration units. The company expects to receive further revenues from these trials with its utility and other partners and intends to deploy its new NetGen demonstration units in field trials during 2006.The company is continuing to develop and commercialise its fuel cell technology and these activities resulted in a net operating cash outflow for the quarter of A$2.6 million.
www.cfcl.com.au
ENDS