Ceres Power Holdings Plc · LSE:CWR
Ceres Power — H1 FY2009 Earnings Presentation
18 slides from Ceres Power's earnings presentation, Mar 23, 2009
Slide 1: Fuel cell products for global energy markets – Interim Results
Fuel cell products for global energy markets Interim Results for 6 months ending 31 December 2008 23 March 2009 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 (6 months to Dec ‘08) - Sales revenue from customers up 73% to £0.5m - F Free cash h outflow tfl £3 £3.1m 1 - Strong balance sheet with £24.4m in net cash Commercial - Secured new £2.5m funded CHP development & trialling programme with Calor Gas - Volume call-off order for resid
Slide 4: Financial Results (6 months to Dec 2008)
Financial Results (FY to 30 Dec 2008) £000’s ∆ Revenue from customers 482 73% Other income 113 (74%) Loss for the period (3,302) 9% Capex (647) 36% Free cash outflow (3,115) 75% Net Cash 24 361 24,361 9 Robust balance sheet 9 Strong growth in commercial revenue 9 Investment in manufacturing scale-up
Slide 5: Financial Results
Financial Results Revenue from customers - £0.5m - £1m cash received from British Gas in Q1 ‘08,, being g recognised g as revenue over the duration of the Alpha phase to Q2 ‘09 - Commercial revenues from delivering technical milestones & Alpha units T h l Technology spend d - £3.2m £3 2 - Investment
Slide 6: 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 Volume Gamma Phase - Manufacturing Launch ALPHA BETA GAMMA Performance Validation Reliability Testing Mass Production • Product specification
Slide 7: CHP Product Architecture & Status
CHP Product Architecture & Status Ceres to mass manufacture fuel cells, assemble stacks and FCM in-house in Mother Plant 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
Slide 8: 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 B ild & ttestt F Fuell C Cellll M Module d l (FCM) 9
Slide 9: CHP Products Built & On Test
CHP Products Built & On Test Go to market Alpha Unit specification specification Electrical rating 1kW 9 Thermal rating 28kW 9 CHP Product 80 - 90% 9 efficiency Fuel Type Mains Natural Gas 9 CHP Product width 600mm 9 Fuel Cell Module 25kg 9 weight Installation Wall-mountable 9 Water,, gas g and elec
Slide 10: Commercial – Off Gas Grid Residential CHP
Commercial – Off Gas Grid Residential CHP • Major new agreement with Calor to bring Ceres fuel cell residential CHP Product to customers not connected to the mains natural gas (NG) network (‘off gas grid’) - UK's leading LPG supplier, over 70 years experience - Part of SHV Gas, world’s largest distr
Slide 11: Off Gas Grid Residential CHP - Opportunity
Off Gas Grid Residential CHP - Opportunity • New LPG product will address homes & small businesses currently using LPG, solid fuel, oil or conventional electric heating - >2 million such properties in the UK - LPG CHP represents a clean, convenient and cost-competitive energy option (lower carbon th
Slide 12: Commercial – Energy Security Programme
Commercial – Energy Security Programme Funded contract secured Mar 2007 with EDF Energy Networks - Development p of appliance pp to p provide back-up p electricity y for the home - Ceres fuel cell technology combined with battery storage in a hybrid system - Innovative product format designed to be
Slide 13: Operations
Operations Mother plant - 50,000 , sq. q ft ((5,000 , m2) manufacturing g facility y secured - Located within 10 miles of existing Ceres’ facilities - ease of technology transfer - Volume fuel cell manufacturing & assembly of fuel cell module & CHP product testing © CeresPower 2009 13
Slide 14: Operations
Operations Mother plant - Volume fuel cell manufacturing & assembly of fuel cell module • Meets requirements for Beta & Gamma field trials & volume product launch • Initial rated capacity 1 million fuel cells pa • Product testing g facility y • Phased investment to match customer pull through trials
Slide 15: People
People Board further strengthened since period end - John Nicholas Nicholas, former FTSE 100 Group Finance Director Director, appointed Non Non- Executive Director and Chairman of Audit Committee - Sir David Brown appointed as Senior Independent Director (‘SID’) - Technology & Operations Risk Commit
Slide 16: Ceres FY 2008/09 CHP Outlook
Ceres FY 2008/09 CHP Outlook Time Product / Technology Manufacturing Q3 2008 9 Build Alpha Fuel Cell Module 9 Confirmation of production intent equipment and processes Q4 2008 9 Build Alpha CHP product using 9 Stack assembly automation fuel cells from scaleable concept proven manufacturing processes
Slide 17: Summary
Summary Robust financial position - £24.4m in net cash - Invested in UK Gilts and ‘AAA’ – rated Money Market Funds Operational delivery on track - 50 000 sq. ft Mother 50,000 M th Plant Pl t facility f ilit secured d - Mother Plant fit-out & equipment procurement underway - Manufacturing operations
Slide 18: 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: [email protected] www cerespower com www.cerespower.com © Ceres Power 2008 18
Ceres Power Holdings — H1 FY2009 Earnings Presentation on 6ix