DGAP-News: Dyesol Limited: Appendix 4E - Preliminary Final Report - Commentary on Results
(firmenpresse) - DGAP-News: Dyesol Limited / Key word(s): Miscellaneous/Miscellaneous
Dyesol Limited: Appendix 4E - Preliminary Final Report - Commentary on
Results
02.09.2011 / 01:18
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The Dyesol board and management challenge is threefold: (1) optimising the
use of cash as commercial opportunities expand, (2) exploiting the
company's existing and developing intellectual property portfolio and (3)
establishing long-term, exclusive, global, commercial collaborations. On
that score, we are very happy with our progress in FY2011 and are now
beginning to see tangible evidence of our investment. Few companies, if
any, have the outstanding commercial prospects that Dyesol enjoys.
The increase in financial net loss by 20% to $17.28 million is attributable
to a number of factors. The implementation of the Dyesol employee share
ownership plan (ESOP) resulted in almost half of the increased loss
attributable to non-cash items. This is a key part of the board's employee
incentive and retention strategy. Other non-cash loss items of significance
include an increase in forex related losses as the Australian dollar
continued to appreciate during the period along with our international
commitments. Increased cash loss items of significance include those
related to senior management changes (-$560k), milestone based payments to
CSIRO (-$462k) and expenses related to increased business development
activity. The level of percentage subsidy from the Welsh Assembly
Government also declined as the three year project neared its successful
completion in July 2011. Many of these expenses are either abnormally high
or have a 'one-off' character. This explanation is strongly supported by
the gradual decline and stabilisation in monthly cash burn over the past
six months - three months either side of the end of last financial year. As
an offset, marketing related expenses fell by a commensurate amount as
related travel and consultancies were reduced as the company focussed on
achieving better quality revenue streams.
A pleasing aspect of this year's accounts is the stabilisation of cash
utilisation. Net operating cash usage for 2011 at $10.97 million was
similar to that of 2010 at $10.91 million. This was achieved despite a
significant fall in operational revenue from $3.0 million to $1.4 million.
Dyesol has changed its emphasis to long-term wealth creation as the
prospects of its commercial collaborations become more certain. Both steel
and glass projects are firmly on track - on time and within budget. Future
cost trends should see further reduction in corporate development
expenditure and administration while increasing commitments will be
directed to delivering our products to the market through engineering
development, technology innovation and expansion of materials production,
which will be countered by significant revenue generated by the
commercialisation success of its multi-national collaborators.
The company's balance sheet has finished the financial year in a robust
position. The principal change is the reduction in net assets by $10.6
million. This reflects lower net cash reserves and an increase in
equity-related loans or current liabilities. Notably, current liabilities
have fallen by $0.8 million subsequent to balance date. In essence, the
establishment of an equity loan facility means the company can carry lesscash which helps ameliorate shareholder dilution in the transition period
between formal commercialisation and generation of substantial partnership
related cash flow. Reduced cash at bank is more than offset by undrawn and
flexible loan facilities of approximately $20 million. Dyesol's financial
prospects are also strongly enhanced by the reliance of its collaborators
on materials supply and future technology - this is our responsibility and
where we will direct our efforts. As these projects enter the production
phase, Dyesol will generate the cash necessary through a mix of government
incentives, partner finance and in-company equity - finding the best
balance to return value to shareholders.
Since listing on the Australian Securities Exchange (ASX), Dyesol's
principal objective has been to effectively manage the risk in
transitioning from research and development to full-scale commercialisation
of a new, disruptive solar technology, dye solar cells (DSC). The reality
and excitement of this prospect will become increasingly apparent in the
forthcoming period. Tata, in particular, has published exciting global
commercialisation opportunities that, on commitment, will help transform
Dyesol to a major specialist materials supplier for the multi-billion
dollar building integrated photovoltaic market (BIPV).
Audited accounts will be finalised for the market on schedule.
For the full report please see : www.asx.com.au / www.dyesol.com
For media queries in Australia contact Viv Hardy, Callidus PR on +61 (0)2
9283 4113 or +61 (0)411 208 951.
In Europe contact Eva Reuter, Investor Relations, Dyesol Europe on +49 177
6058804.
In the Americas contact Josh Seidenfeld, Antenna Group,
Dyesol(at)antennagroup.com,+1 415 9771953.
The Technology - DYE SOLAR CELLS
DSC technology can best be described as 'artificial photosynthesis' using
an electrolyte, a layer of titania (a pigment used in white paints and
tooth paste) and ruthenium dye deposited on glass, metal or polymer
substrates. Light striking the dye excites electrons which are absorbed by
the titania to become an electric current many times stronger than that
found in natural photosynthesis in plants. Compared to conventional silicon
based photovoltaic technology, Dyesol's technology has lower cost and
embodied energy in manufacture, it produces electricity more efficiently
even in low light conditions and can be directly incorporated into
buildings by replacing conventional glass panels or metal sheets rather
than taking up roof or extra land area.
The Company - DYESOL Limited
Dyesol, a global company headquartered in Australia, was founded to
commercialize and supply 3rd generation solar technology - Dye Solar Cells
(DSC). DSC uses a form of artificial photosynthesis to capture energy like
a leaf, using a dye analogous to chlorophyll. Dyesol provides photovoltaic
functionality to mainstream products, by developing and supplying materials
and technology to global partners which have routes to market for solar
enabled components, including building products such as glass and steel for
facades and roofs. The company is listed on the Australian Stock Exchange
(DYE), the German Open Market, and is trading on the OTCBB (DYSOY) through
its depositary BNY Mellon.
More details about the company and the technology can be found at:
http://www.dyesol.com
End of Corporate News
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