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Berlin, Germany - September 29 2008. Heliocentris Fuel Cells AG, a leading fuel cell system integrator, today announced its preliminary half year results in accordance with German Accounting Standards (HGB). In the first six months of 2008 the company achieved revenues of EUR 1.23 million (2007: EUR 0.99 million), a 24 % increase over the first six months of 2007. The net loss was EUR 1.06 million compared to a net loss of EUR 0.59 million in the same period last year. On June 30, Heliocentris' cash position was EUR 3.98 million compared to EUR 5.43 million at the end of December 2007.
Highlights of first Half Year 2008:
* Revenue increased by 24 % compared to the first six months 2007 * Distribution agreement with Ballard Power Systems for the Mark1020 ACS(TM) fuel cell * Heliocentris becomes worldwide service provider for Ballard Power System's Nexaâ power modules * Successful integration of a 32 kW fuel cell system into the City of Barth hydrogen powered midi-bus * Launched campaign for new fuel cell system-platforms at the Hanover trade show * The Managing shareholder of ebm-papst Mulfingen GmbH & Co. KG and the CEO of Feri Finance AG selected to the Supervisory Board * Heliocentris becomes technology partner of HyTech Challenge 08
Revenues for the first half of 2008 were EUR 1.23 million (2007: EUR 0.99 million). The 24 % increase in revenues primarily resulted from strong business development in Germany and the US. Additionally, the increasing relevance of the project business has affected the half year sales positively. The completion of the hydrogen powered midi-bus project for the City of Barth marks the successful development of the project business. The gross profit relative to gross revenue decreased slightly and amounted to 47.8%. This is mainly a result from lower other income as part of gross revenue. The relative share of revenues from outside Germany decreased to 74 % compared to 91 % in the first half year, 2007.
Total operating expenses for the first six months 2008 were EUR 1.7 million (2007: EUR 1.2 million). Human resource expenses grew to EUR 0.97 million from EUR 0.56 million in the first half year 2007 due to headcount increases. Other operating expenses increased to EUR 0.68 million from EUR 0.56 million in the six months to June 30, 2007. At June 30 this year, Heliocentris had 36 employees (June 30, 2007: 22 employees).
The net loss for 2007 was EUR 1.06 million, compared to EUR 0.59 million in the first half of 2007. The increase in net loss resulted from the further expansion of the service, project, and R&D departments. On June 30 2008, the company had EUR 3.98 million in cash compared to EUR 5.43 million as of December 31 2007. The number of issued shares on June 30, 2008 was 2.25 million compared to 1.5 in the same period 2007.
Dr. Henrik Colell, CEO of Heliocentris Fuel Cells AG said: "With our revenues up 24%, Heliocentris achieved strong development in the six months to June 30, 2008. At the same time, we were able to reach important strategic milestones, including: the presentation of two new system platform prototypes; becoming the worldwide service provider of Ballard Power Systems for Nexaâ power modules; and the successful integration of a fuel cell system into the City of Barth's hydrogen powered midi-bus. All these achievements show a significant increase in our development dynamics."
The complete first Half Year Report as of June 30 is due out on September 29 2008 and can be downloaded from our homepage www.heliocentris.com.
Please contact us for further information:
Heliocentris Fuel Cells AG Dr András Gosztonyi (CFO) Tel.: +49-(0)30-6392-6185 E-mail: investorrelations@heliocentris.com
About Heliocentris Fuel Cells AG: Heliocentris is a leading provider and system integrator of fuel cells. Educational institutions, universities, research facilities and companies in over 50 countries are among its more than 10,000 clients. These customers already use over 50 items from among Heliocentris' eight product lines today. Worldwide, Heliocentris ranks as one of the market leaders in the field of educational and R&D systems for fuel cells. The width of the offering ranges from educational systems for instruction and studies to integrated laboratory equipment for research and development as well as industrial applications tailored to the client. Fuel cells are considered to be a key technology for the supply of energy by means of renewable energy sources. Fuel cells are environmentally friendly electrochemical energy converters that transform chemical energy directly into electricity and heat with a high level of efficiency. As a pioneer in its field, Heliocentris possesses a wealth of long-time experience in the development, production and marketing of this significant technology of the future. The company is headquartered in Berlin, Germany. A subsidiary in Vancouver, Canada, serves the American market.
Disclaimer This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Heliocentris Fuel Cells AG. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments. The information in this press release does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other country.
