Berlin, Germany - May 22 2008. Heliocentris Fuel Cells AG, a leading fuel cell system integrator, today announced its financial results in accordance with German Accounting Standards (HGB) for the fiscal year 2007, ending December 31, 2007. The company achieved Group revenues of EUR 2.09 million (2006*: EUR 1.72 million), which is a 22 % increase over 2006. The company reports a net loss of EUR 1.39 million compared to a net loss of EUR 0.48 million in the previous year*. The increased net loss includes capital market expenses of EUR 0.42 million. Revenues and net loss were in line with the company's expectations. At the end of 2007, Heliocentris' cash position quadrupled to EUR 5.43 million from EUR 1.36 million in 2006. Highlights of the Year 2007: * Capital increase in April 2007 with gross proceeds of EUR 1.56 million * Successfully completed private placement in December 2007 with gross proceeds of EUR 4.35 million * Strengthened market position through cooperation and distribution agreements with Schunk, Ovonic, Parker Energy Systems and Hydrogenics * Launch of new business unit Systems & Solutions Group revenues for the full year 2007 amounted to EUR 2.09 million (2006*: EUR 1.72 million). The increase in revenue by 22 % resulted primary from an improved sales and distribution network in Asia and the Middle East, an increased project business and stronger market penetration of new premium products. The revenue related gross profit amounted to 47 %. Revenues from sales outside Germany represent 81 % of total revenues and remain at the same level as in the previous year*. Total operating expenses for the full year 2007 were EUR 2.5 million (2006*: EUR 1.34 million). Human resource expenses grew to EUR 1.21 million in 2007 from EUR 0.68 million in 2006* The increase is particularly due to headcount increases at the end of 2006 and in 2007 in the sales and R&D departments. As of December 31, 2007 Heliocentris had 26 employees (December 31 2006: 20 employees). Other operating expenses increased to EUR 1.29 million from EUR 0.66 million in 2006* resulting from increased capital market expenses and other operating expenses. The net loss for 2007 amounted to EUR 1.39 million, compared to EUR 0.48 million in 2006*. This corresponds to a loss of EUR 0.62 per share compared to EUR -0.40 per share in 2006*. On December 31, 2007, the company had EUR 5.43 million in cash compared to EUR 1.36 million as of December 31, 2006. Representing a four-fold increase compared to last year. The number of issued shares at December 31, 2007 was 2.25 million compared to 1.2 million at December 31, 2006. Dr. Henrik Colell, CEO of Heliocentris Fuel Cells AG, comments: "The fiscal year 2007 has been very successful for the corporate development of Heliocentris. Based on our strong balance sheet and our strengthened sales and R&D teams Heliocentris is back on track for future growth. Three new system platforms, result from last year's efforts were introduced to the market at the Hannover trade show in spring 2008. We feel confident that our investments through 2007 have laid a good foundation for our ongoing business performance." The complete Annual Report 2007 is due out on June 5, 2008 and can be downloaded from www.heliocentris.com. * The financial figures of the P&L for fiscal year 2006 are pro forma figures, as the insertion of Heliocentris Energiesysteme GmbH as of May 2006 had not been financially implemented until December 31, 2006. Please contact us for further information: Heliocentris Fuel Cells AG Dr András Gosztonyi (CFO) Tel.: +49-(0)30-6392-6185 E-mail: email@example.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. http://www.heliocentris.com Copyright © Hugin AS 2008. All rights reserved.
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