DGAP-News: Heliocentris Fuel Cells AG: Heliocentris half year results impacted by the takeover of the assets of the P21 GmbH
(firmenpresse) - DGAP-News: Heliocentris Fuel Cells AG / Key word(s): Half Year Results
Heliocentris Fuel Cells AG: Heliocentris half year results impacted by
the takeover of the assets of the P21 GmbH
30.09.2011 / 18:15
---------------------------------------------------------------------
Heliocentris half year results impacted by the takeover of the assets of
the P21 GmbH
Corporate News
Berlin, 30 September 2011 - Heliocentris Energy Solutions AG, a specialist
in energy-efficiency and autonomous power solutions, today published its
figures for the first half of 2011 in accordance with the German Commercial
Code.
Financial and operational highlights of the first six months of 2011:
* Takeover of P21 GmbH assets from insolvency
* Equity participation of NTEC, a fully owned subsidiary of the Kuwait
Investment Authority (KIA) into Heliocentris
* Slight decline in sales by 6% to TEUR 1,516 (TEUR 1,616)
* Rise in gross profit from 47.3% to 52.2% of gross revenue
* Increase of losses to TEUR -2,784 (TEUR -1,600) to a large degree driven
by the takeover of P21 and the associated costs (deal, restructuring and
operational costs)
* Introduction of the waste disposal vehicle for the Berlin waste
management company BSR, for which Heliocentris supplied a fuel-cell-based
on-board power supply
* Installation of numerous energy supply solutions in various client
applications as part of the industrial field testing of the Heliocentris
fuel cell system 'Nexa 1200'
The first half of the year was strongly influenced by the takeover of the
assets of the insolvent P21 GmbH. The P21 GmbH has developed energy
efficiency solutions for off grid and bad grid applications over the last
years leading to two scalable market ready solutions for the
telecommunications industry, both based on a high performance energy
management platform. The immanent rollout of these solutions thus
represents a major step for Heliocentris towards industrial volume
business. Following the takeover main focus was put on the integration of
the business and the staff into Heliocentris, cost cutting through the
realization of synergies in administration, management and the central
corporate functions as well as on closing major projects in the lead
pipeline. To harvest the strategic as well as short term revenue and
scaling potential meant, however, a significant additional burden on our
staff and management, what has left its marks on the business in the first
half of the year.
Ayad Abul-Ella, CEO of Heliocentris AG commented: 'After significant focus
of the telecom operators was put on reducing capex in the last years, today
opex have become an increasingly important competitive factor. Thereby
energy and maintenance costs are central especially in regions with weak
grids. With the integration of P21 into Heliocentris we have already today
solutions on the market which can reduce diesel consumption of autonomous
base stations up to 50% and thereby offer our clients attractive ROIs.'
Ayad Abul-Ella added: 'The modular expandability of the energy management
platform enables in combination with renewable energy systems of
Heliocentris to reduce diesel consumption and carbon emissions step by step
in the coming years to allow finally for zero emission solutions for
autonomous power.'
Consolidated sales for the first half of 2011 declined by 6% to TEUR 1,516
thousand(TEUR 1,616). At 71%, the export share of sales was again very
high.
The ratio of gross profit to gross revenue for the period rose very sharply
year-on-year from 47.3% to 52.2%. This was mainly driven by the increasof
other income from grants (+ TEUR 192) as well as capitalized development
costs (+ TEUR 206).
Total costs in the first six months increased strongly to TEUR 3,822 (TEUR
2,421). The biggest impact had the takeover of the P21 assets that has led
to costs in the first months after the takeover (personnel, other costs)
but did not yet have any revenues. Total costs of the fully owned
subsidiary P21 amounted to TEUR 882 in the first half of the year
(personnel TEUR 458, other costs TEUR 424). Within these costs there are
TEUR 120 restructuring, TEUR 110 deal costs as well as TEUR 138 provisions
for holidays which Heliocentris had to take over in the framework of the
asset deal.
The increase of costs in the former Heliocentris group (without P21) of
TEUR 519 is a result of an increase of personnel costs of TEUR 363 as well
as an increase of other costs of TEUR 156. The increase of personnel costs
is based partially on hirings in the second half of 2010 as well as a
result of first time inter year capitalization of provisions for staff
bonuses of +TEUR 173, as we now have solid experience and data with regard
to the average level of target achievement of staff. The increase of other
costs of TEUR 156 partially results of the Shareholder Meeting taking place
this year in the first half of the year (in 2010 it was in the second half)
as well as of an increase of other fix costs and some minor provisions.
Depreciation has increased by TEUR 17 over the previous period.
Operating loss has accordingly increased to TEUR -2,784 (TEUR -1,600).
As at 30 June 2011, Heliocentris had EUR 3.8 million (EUR 3.1 million) in
cash and cash equivalents.
With the extended offer through the P21 acquisition Management is expecting
a strong upturn in industrial business, which will hopefully this year
already see the launch of some large-scale projects. Accordingly,
Management believes that this year still holds significant potential to
achieve significant sales growth, even despite the slight decline in the
first half of the year. This will largely depend on how quickly we can
partially implement the large-scale projects in the field of energy
efficiency solutions for the telecommunications industry in the pipeline in
the last few months of this year or whether we can capitalise to a
significant extent such soon-to-be-completed large-scale projects as sales
in 2012 mainly.
Due to the costs of the deal and restructuring as well as P21's lack of
business in the first few months, our losses as a Group will increase
significantly in the year as a whole. But thanks to the scaling business
and the fact that the aforementioned one-off expenses will not apply next
year, we expect to reduce our losses significantly in 2012 already and so
pave the way for breaking even.
The figures are in accordance with German Accounting Standards (HGB) and
are unaudited. The complete first Half Year Report as of June 30 can be
downloaded from our homepage www.heliocentris.com.
About Heliocentris Energy Solutions AG
Heliocentris specialises in autonomous energy supply and energy efficiency
solutions with the aim of replacing diesel generators with 'zero-emission'
products. The company, which was founded in Berlin in 1995, develops and
markets systems and turnkey solutions for customers in industry and science
and has three business areas: Energy Efficiency, Clean Energy and Didactic.
The 'Energy Efficiency' area specialises in energy efficiency, monitoring
and management solutions for autonomous energy supply solutions. With the
existing solutions, diesel consumption in applications such as mobile phone
network base stations can be reduced by up to 50%, while the cost of
operating such facilities can be reduced by as much as 70%. The solutions
are being commercially rolled out in Asia, Africa and the Middle East. The
'Clean Energy' area focuses on 'zero-emission' solutions for autonomous
energy supply, including solutions for supplying electricity to off-grid
applications such as monitoring stations, telecommunications facilities or
self-sufficient houses. The core competency here is the efficient
hybridisation of energy generators such as, solar and wind or even diesel
generators with energy storage such as batteries and the own hydrogen fuel
cell based storage solutions based on our scalable energy management
solutions. Heliocentris has already successfully demonstrated its expertise
in this area in numerous projects with renowned partners across the world.
For over 10 years now, the 'Didactic' area has been offering a range of
learning and research systems for fuel cell and solar hydrogen technology
and other regenerative energy technology. Customers include training
centres, research institutes and industry. The comprehensive range of
products and services makes Heliocentris one of the world's leading
companies in its field. With a subsidiary in Vancouver, offices in Dubai
and Singapore and customers in more than 60 countries, Heliocentris is well
positioned internationally. The Heliocentris Group currently has 90
employees. Further information is available at: www.heliocentris.com.
Disclaimer
This press release contains forward-looking statements that are based on
current assumptions and forecasts of the management of Heliocentris Energy
Solutions 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.
Press contact:
Dr. András Gosztonyi
CFO / Managing Director
Heliocentris Energy Solutions AG
+49-(0)30-340 601 560
A.Gosztonyi(at)Heliocentris.com
Cornelia von Poser
College Hill GmbH
+49-(0)69-133896-13
cornelia.von.poser(at)collegehill.de
End of Corporate News
---------------------------------------------------------------------
30.09.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Heliocentris Fuel Cells AG
Rudower Chaussee 29
12489 Berlin
Germany
Phone: +49-(0)30 63 92 63 25
Fax: +49-(0)30 63 92 63 29
E-mail: info(at)heliocentris.com
Internet: www.heliocentris.com
ISIN: DE000A0HMWH7
WKN: A0HMWH
Listed: Freiverkehr in Berlin, Stuttgart; Entry Standard in
Frankfurt
End of News DGAP News-Service
---------------------------------------------------------------------
141031 30.09.2011
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 30.09.2011 - 18:15 Uhr
Sprache: Deutsch
News-ID 71397
Anzahl Zeichen: 13543
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 240 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Heliocentris Fuel Cells AG: Heliocentris half year results impacted by the takeover of the assets of the P21 GmbH"
steht unter der journalistisch-redaktionellen Verantwortung von
Heliocentris Fuel Cells AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
