CERAMIC FUEL CELLS LIMITED (CFU)



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General Information
Company Name: Ceramic Fuel Cells Limited
Stock Code: CFU
Website: www.cfcl.com.au
GICS Sub-Industry: Electrical Components & Equipment
Market Cap ($M): 37
Equiv. Shares (M): 1,772

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.021 $ 0.023 $ 0.023 $ 0.021 $ 0.021 5,703,065 0%

Company Overview

Business Description:
Ceramic Fuel Cells Limited (CFU) is engaged in the commercial development and demonstration of power generating products based on the company’s ceramic (solid oxide) fuel cell technology. CFU is also developing fully integrated power and heating products with energy companies E.ON UK in the United Kingdom and EWE in Germany.

Strategy Analysis:
CFU is developing SOFC products for small scale on-site micro combined heat and power (m-CHP) and distributed generation units that co-generate electricity and heat for domestic use. The Company's strategy is to become the supplier of choice for reliable and high electrically efficient solid oxide fuel cell products, which manufacturers can easily integrate into micro generation appliances for the European market. CFU is targeting distributed generation, being the micro combined heat and power and auxiliary power markets. Initial target markets are residential houses in Australia and Western Europe, with the company continuing to invest in improvements to its core technology. Collaboration has been announced with FZ Julich, a leading European research institution, which will play a leading role in solid oxide full cell development and commercialisation. Another validation to this strategy was a number of development agreements being signed with leading energy and heating companies over France, Germany, UK and the Benelux. As part of a long term business strategy, a ceramic powder plant was built in the UK for ceramic powders used in proprietary technology. Future opportunities will be explored to make high quality powder for other applications. It is hoped that the company can successfully and efficiently scale up Australian laboratory processes into a successful European plant. The company believes that Asian markets hold significant future potential for their microgeneration technologies and will be seeking prospective collaboration opportunities in this area. Ceramic Fuel Cells reported a net loss of $12.61m for the half-year ended 31 December 2012. Revenues from ordinary activities were $2.59m, down 21.8% from last year. Basic and Diluted EPS was (0.86) cents compared to (1.01) cents last year. The net operating cash outflow was $9.08m compared to an outflow of $12.43m in the pcp. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A -19.8 -1.3 -- 0.0 0.0 0.0 --
2012  A -32.8 -2.5 -- 0.0 0.0 0.0 --
2011  A -25.0 -2.1 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
Ceramic Fuel Cells (CFU) $41 M -- -- -- -- -- -- 0.0000 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CFU -- -- 2.12 -- 7.50
Market 1.09 15.9 1.26 2.00 1.69
Sector 1.10 10.95 1.04 10.00 0.41

Directors
Name Position Start Date
Mr Clifford Walter Ashby Executive Director 08 October 2013
Mr Robert(Bob) Kennett Managing Director,Chief Executive Officer 24 August 2006
Mr Alasdair Locke Non-Executive Chairman 24 September 2012
Dr Roman Dudenhausen Non-Executive Director 17 May 2011

Management
Name Position
Richard Payne Chief Operations Officer
Karl Foger Chief Technology Officer
Glenn Raines Company Secretary
Paddy Thompson General Manager - Business Development
Frank Obernitz Managing Director,CFC GmbH & CFC B.V.

Substantial Shareholders
Holding Name
100,000,000 (6.28%) Hong Kong Three Circle Electronic Company Limited
90,966,090 (5.71%) HSBC Clientholdingsnominee (Uk) Limited

Calendar of Events
Date Event
02 March 2015 Report (Interim)
26 September 2014 Report (Annual)
27 August 2014 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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