Leclanché SA reports 2011 financial results and progress in its growth strategy for energy storage
Leclanché SA / Key word(s): Final Results
20.03.2012 08:48
Release of an ad hoc announcement pursuant to Art. 53 KR
---------------------------------------------------------------------------
Leclanché
Press Release
Leclanché SA reports 2011 financial results and progress in its growth
strategy for energy storage
- Total consolidated revenues of CHF 13.4 million
- Orders in hand increased from CHF 10.5 to CHF 29.8 million
- Energy storage systems launched to address large market opportunities
- Mass production line for lithium-ion cells in installation process
- Publication of Annual Report 2011 and Outlook 2012
Yverdon-les-Bains, March 20, 2011 - Leclanché S.A. (SIX Swiss Exchange:
LECN), a Swiss company specialized in the production of large-format
lithium-ion cells, announced today its financial results for the year 2011
and also reported progress in the implementation of its strategy for
lithium-ion-based storage systems. Total consolidated revenues declined
slightly to CHF 13.4 million compared to CHF 15.1 million in 2010, mainly
due to traditional business, largely distribution and portable batteries.
In contrast, the business of large-format lithium-ion cells and systems
increased by 90% to CHF 1.3 million. Fully in line with its guidance, the
net loss amounted to CHF 11.6 million, compared with CHF 12.6 million in
2010, and is mainly attributable to frontloading into the large-format
lithium-ion technology as well as ramp-up costs to build a large-scale
industrial manufacturing line. As a result of newly signed contracts,
orders in hand increased to CHF 29.8 million at the end of December 2011,
compared to CHF 10.5 million at the end of December 2010.
Ulrich Ehmes, Chief Executive Officer, commented: 'In 2011 Leclanché met
its expected milestones. We are therefore on track to achieve our objective
of becoming a leading provider of electric storage solutions based on
large-format lithium-ion cells. Our progress was on both the technological
and commercial fronts, with the signing of contracts and Memoranda of
Understanding with important clients in Europe and China.'
'For 2012, our focus will be threefold: the installation and ramp-up of the
mass production line for large-format lithium-ion cells by mid-2012;
starting to deliver entire storage systems equipped with cells from our new
production line; and leveraging the growing interest in our lithium-ion
cell technology in Europe and Asia, particularly in China,' Dr. Ehmes
added.
He concluded: 'The current political and environmental trends are in our
favor. After Fukushima, governments in several countries reacted quickly
and set targets to replace nuclear power generation by alternative energy
sources, with a large portion coming from renewable energies. For this
reason, scalable industrial storage systems will play an ever-increasing
role in the efficient use of fluctuating wind and solar energy.'
Key achievements in 2011
- Signed a long-term contract of CHF 12.55 million with a large European
customer to deliver portable battery packs for use in ruggedized
applications. They are expected to be delivered between 2011 and 2015.
- Signed a contract with Schüco, a globally recognized leader in
energy-efficient buildings, to provide home storage systems,
integrating large-format lithium-ion cells as well as the necessary
electronics.
- Entered into a Memorandum of Understanding with Talesun Solar, a
leading Chinese manufacturer of high-quality photovoltaic panels to
jointly provide a combined solution for the efficient generation and
storage in large-sized solar farms. A first project has been identified
in southern Europe for 2012 using container-size storage modules.
- Entered into a Memorandum of Understanding with Beijing-based Unipower
to strengthen its supply chain in the field of raw material sourcing
for large-format lithium-ion cells production.
- Implemented all the necessary steps in order to increase the production
capacity for large-format lithium-ion cells from 4 to 76 MWh (titanate
anodes) as of mid-2012. This new production unit represents an
investment of approx. CHF 20 million in machinery and will allow
Leclanché to be one of the few European mass producers of large-format
lithium-ion cells.
- Entered into a research project to combine new active materials in
large-format lithium-ion batteries. The project is linked to the
growing demand for high-performance batteries to store renewable
energies. It involves cooperation with large groups such as Siemens and
research institutes like ZSW in Ulm, and is funded by the German
Federal Ministry of Economic Affairs (BMWi).
- Developed the concept for large-scale industrial container storage
units to provide energy storage for wind parks and solar farms as well
as for utilities and other power stations.
- Launched environmentally friendly production of lithium-ion cells based
on a new and innovative manufacturing process that uses water instead
of solvents in the production of electrodes required for lithium-ion
cells. This process represents a significant environmental improvement
as it eliminates organic solvents while also allowing for higher
stability and a longer life span for lithium-ion cells.
Subsequent events in 2012
- Successfully completed a capital increase by raising approximately CHF
28 million in gross proceeds. In total, Leclanché has issued a total of
2,148,238 new registered shares and 2,148,238 warrants.
- Entered the industrial energy storage market with the delivery of a
first storage rack to a leading global electronics and electrical
company. Altogether, six racks with a total storage capacity of 156 kWh
will be delivered. The racks, combining Leclanché's lithium-ion cells
and a battery management system, can be utilized in industrial
containers for various applications such as grid stability management
and also as large-scale energy storage solutions for wind and solar
farms.
Financial highlights
Total consolidated revenues reached CHF 13.4 million in fiscal year 2011, a
decline of 11% compared to CHF 15.1 million in the corresponding period of
2010. Sales of Leclanché's core business, large-format lithium-ion cells,
increased by 90% to CHF 1.3 million in 2011. Despite a significant increase
in headcount, the net loss was reduced from CHF 12.6 million in 2010 to CHF
11.6 million in 2011, reflecting a tight control on costs. Diluted earnings
per share were CHF -3.58 compared with CHF -5.87 in 2010. The number of
employees increased from 87 to 113 persons in 2011. The strongest increase
was in Willstätt, where Leclanché increased the number of machinery
operators, as well as in production engineering and research and
development.
Following the successful capital increase, cash and cash equivalents
amounted to 21.4 million as of February 29, 2012. As a result of newly
signed contracts, orders in hand increased to CHF 29.8 million at the end
of December 2011, compared to CHF 10.5 million at the end of December 2010.
Annual Report 2011
Leclanché published today its Annual Report 2011, which can be downloaded
on the company's web site. The company's Annual Shareholders Meeting will
take place on April 16, 2012 in Lausanne.
Outlook
The energy revolution is in full swing. In this respect, Leclanché believes
that scalable industrial storage systems will play an ever-increasing role
in the efficient use of wind and solar energy as well as in grid load
management. Leclanché intends to fully take advantage of these growing
market opportunities. Leclanché's product benefits include enhanced cell
safety through a patented ceramic separator, a long cycle life of 15,000
full charge and discharge cycles through lithium-titanate as anode
material, as well as a competitive price point through an automated
roll-to-roll production process.
To further penetrate the home energy storage market and seize upcoming
opportunities as well, Leclanché will continue investments to refine its
technological leadership, further develop its product offering and register
additional sales orders. As planned, Leclanché will substantially increase
its production capacity for large-format lithium-ion cells from 4 to 76 MWh
(titanate anodes) by the end of June 2012.
Leclanché expects 2012 to be a 'ramp-up' year, both in terms of production
capacity and sales. In line with increased output from its new production
line, the company expects a substantial increase in sales in the second
half 2012 as well as a further reduction of its net loss, despite
continuing investments.
Analyst and investor meeting
Leclanché S.A. will discuss its full-year 2011 financial results and
achievements during an analyst and investor meeting taking place today,
Tuesday, March 20, 2012 at the Steigenberger Bellerive au Lac, Utoquai 47,
8008 Zürich.
In addition, a live audio webcast of the meeting will be accessible on the
Leclanché web site: www.leclanché.com. A replay of this teleconference will
be made available one hour after the conference.
Analysts and media wishing to ask questions during the conference are
invited to call at 14:15 CET (13:15 GMT/ 9:15 EST) using the following
conference-ID: 4523912 and dial-in numbers:
- Europe: +41 (0) 22 592 73 12
- UK: +44-207-153-2027
- USA: +1-480-629-9673
About Leclanché
Leclanché specializes in the production of tailor-made energy storage
solutions. Leclanché's strategy is to expand its position as one of the
leading lithium-ion cell producers and solution providers for renewable
energy storage systems in Europe. Its initial strategic priority is
stationary home electric energy storage applications and expansion into the
stationary industrial and grid electricity storage markets. Through
participation in research consortia focusing on off-road and automotive
applications, Leclanché is positioned to take advantage of new market
opportunities.
Through a licensed ceramic separator technology and focus on
lithium-titanate technology, Leclanché manufactures large-format
lithium-ion cells optimized for safety and cycle-life in a fully automated
production process. Leclanché currently operates a fully automated pilot
production line with an installed annual production capacity of up to 4 MWh
in large-format lithium-ion cells. By the end of the second quarter of
2012, Leclanché expects to commence commercial production at its first mass
production line with an installed annual capacity of up to 76 MWh in
lithium-titanate cells.
Leclanché was founded in 1909 in Yverdon-les-Bains. Through the integration
of a spin-off from the Fraunhofer-Gesellschaft in 2006, the company evolved
from a traditional battery manufacturer to become a leading developer and
manufacturer of lithium-ion cells in Europe. Leclanché currently employs
120 staff and recorded revenues of CHF 13.4 million in 2011. The company
has its headquarters in Yverdon-les-Bains (Switzerland) and production
facilities in Willstätt (Germany). Leclanché is listed on the SIX Swiss
Exchange (LECN).
Media contact:
Christophe Lamps, Dynamics Group S.A.: Telephone: +41 79 476 26 87,
cla@dynamicsgroup.ch
Contact for German media:
Markus Wieser, CNC AG: Telephone: +49 89 599 458 114,
markus.wieser@cnc-communications.com
Disclaimer
This press release contains certain forward-looking statements relating to
Leclanché's business, which can be identified by terminology such as
'strategic', 'proposes', 'to introduce', 'will', 'planned', 'expected',
'commitment', 'expects', 'set', 'preparing', 'plans', 'estimates', 'aims',
'would', 'potential', 'awaiting', 'estimated', 'proposal', or similar
expressions, or by expressed or implied discussions regarding the ramp up
of Leclanché's production capacity, potential applications for existing
products, or regarding potential future revenues from any such products, or
potential future sales or earnings of Leclanché or any of its business
units. You should not place undue reliance on these statements. Such
forward-looking statements reflect the current views of Leclanché regarding
future events, and involve known and unknown risks, uncertainties and other
factors that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. There can be no guarantee that Leclanché's products will
achieve any particular revenue levels. Nor can there be any guarantee that
Leclanché, or any of the business units, will achieve any particular
financial results.
Consolidated income statement for the year ended December 31, 2011
^
31.12.2011 31.12.2010
KCHF KCHF
Sales of goods and services 12'183.0 14'520.2
Other income 1'207.7 533.9
Total income 13'390.7 15'054.1
Raw materials and consumables
used -6'198.1 -9'236.7
Personnel costs -9'989.3 -8'701.9
Depreciation and amortization
expense -1'812.5 -1'777.8
Other operating expenses -6'991.0 -7'857.6
Finance costs -18.6 -47.5
Finance income 23.4 26.3
Loss before tax for the year -11'595.4 -12'541.0
Income tax 0.0 -66.5
Loss for the year -11'595.4 -12'607.5
Earnings per share (CHF)
- basic -3.58 -5.87
- diluted -3.58 -5.87
°
Consolidated balance sheet at December 31, 2011
^
31.12.2011 31.12.2010
KCHF KCHF
ASSETS
Non-current assets
Property, plant and equipment 17'537.4 4'965.0
Intangible assets 4'640.8 5'084.7
Other financial assets 250.4 249.6
22'428.6 10'299.3
Current assets
Inventories 4'217.6 3'173.5
Trade and other receivables 4'092.8 3'488.8
Cash and cash equivalents 2'617.2 28'640.8
10'927.6 35'103.1
TOTAL ASSETS 33'156.2 46'102.4
EQUITY AND LIABILITIES
Equity attributable to equity holders of the
parent
Share capital 16'179.2 16'179.2
Share premium 32'165.2 32'123.2
Reserve for share-based payment 556.8 257.8
Other reserves 16'800.6 16'800.6
Translation and Cash Flow hedge reserve -1'970.7 -1'131.3
Actuarial loss on post-employment benefit
obligations -14'127.0 -8'992.3
Accumulated losses -26'752.1 -15'156.7
Total Equity 22'152.0 40'580.5
Non-current liabilities
Provisions 0,0 90.0
Defined benefit pension liability 5'156.9 242.3
5'156.9 332.3
Current liabilities
Provisions 110.0 130.0
Derivative financial instruments 37.0 0.0
Trade and other payables 4'900.3 5'059.6
5'047.3 5'189.6
Total Liabilities 10'704.2 5'521.9
TOTAL EQUITY AND LIABILITIES 33'156.2 46'102.4
°
The accompanying notes form an integral part of the consolidated financial
statements
Consolidated statement of cash flows for the year ended December 31, 2011
^
31.12.2011 31.12.2010
KCHF KCHF
Operating activities
Loss before tax -11'595.4 -12'541.0
Non cash adjustments:
Depreciation of property, plant
and equipment 1'157.1 1'269.6
Amortization of intangible assets 655.4 508.2
Non-realized foreign exchange
differences -902.8 50.7
Loss on disposal of fixed assets - 17.1
Recognized expense for stock
option plan 299.0 257.8
Interest expense 17.6 0.3
Interest income -23.4 -10.8
Movement in provisions -18.8 70.0
Employer's contribution to defined
benefit plan -399.6 -408.5
Pension cost 279.8 112.9
Working capital adjustments: -
In/Decrease in trade and other
receivables -603.9 -804.7
In/Decrease in inventories -544.1 -455.5
In/Decrease in trade and other
payables -122.3 2'688.5
Net cash flows used in operating
activities -11'801.4 -9'245.4
Investing activities
Purchase of property, plant and
equipment -13'663.7 -1'100.9
Investment in other financial
assets -0.8 -0.5
Capitalized development expenses -277.4 -
Interest received 23.4 10.8
Net cash used in investing
activities -13'918.5 -1'090.6
Financing activities
Proceeds from share capital
increase - 27'341.8
Additional costs in relation with
capital increase Dec.2010 -258.0 -
Interest paid -17.6 -0.3
Net cash from / (used in)
financing activities -275.6 27'341.5
Increase / Decrease in cash and
cash equivalent -25'995.5 17'005.5
Cash and cash equivalent at 1
January 28'640.8 11'605.4
Cash and cash equivalent at 31
December 2'617.2 28'640.8
Effect of exchange rate changes 28.1 -29.9
Variation -25'995.5 17'005.5
°
20.03.2012 News transmitted by EquityStory AG.
The issuer is responsible for the contents of the release.
EquityStory publishes regulatory releases, media releases on the capital
market and press releases.
The EquityStory Group distributes authentic and real-time financial news
for over 1'300 listed companies.
The Swiss news archive can be found at www.equitystory.ch/news
---------------------------------------------------------------------------
Language: English
Company: Leclanché SA
Av. des Sports 42
1400 Yverdon-les-Bains
Switzerland
Phone: +41 (24) 424 65-00
Fax: +41 (24) 424 65-20
E-mail: investors@leclanche.com
Internet: www.leclanche.com
ISIN: CH0110303119, CH0016271550
Swiss Security Number: A1CUUB, 812950
Listed: SIX
End of Announcement EquityStory News-Service
---------------------------------------------------------------------------
Leclanché SA / Key word(s): Final Results
20.03.2012 08:48
Release of an ad hoc announcement pursuant to Art. 53 KR
---------------------------------------------------------------------------
Leclanché
Press Release
Leclanché SA reports 2011 financial results and progress in its growth
strategy for energy storage
- Total consolidated revenues of CHF 13.4 million
- Orders in hand increased from CHF 10.5 to CHF 29.8 million
- Energy storage systems launched to address large market opportunities
- Mass production line for lithium-ion cells in installation process
- Publication of Annual Report 2011 and Outlook 2012
Yverdon-les-Bains, March 20, 2011 - Leclanché S.A. (SIX Swiss Exchange:
LECN), a Swiss company specialized in the production of large-format
lithium-ion cells, announced today its financial results for the year 2011
and also reported progress in the implementation of its strategy for
lithium-ion-based storage systems. Total consolidated revenues declined
slightly to CHF 13.4 million compared to CHF 15.1 million in 2010, mainly
due to traditional business, largely distribution and portable batteries.
In contrast, the business of large-format lithium-ion cells and systems
increased by 90% to CHF 1.3 million. Fully in line with its guidance, the
net loss amounted to CHF 11.6 million, compared with CHF 12.6 million in
2010, and is mainly attributable to frontloading into the large-format
lithium-ion technology as well as ramp-up costs to build a large-scale
industrial manufacturing line. As a result of newly signed contracts,
orders in hand increased to CHF 29.8 million at the end of December 2011,
compared to CHF 10.5 million at the end of December 2010.
Ulrich Ehmes, Chief Executive Officer, commented: 'In 2011 Leclanché met
its expected milestones. We are therefore on track to achieve our objective
of becoming a leading provider of electric storage solutions based on
large-format lithium-ion cells. Our progress was on both the technological
and commercial fronts, with the signing of contracts and Memoranda of
Understanding with important clients in Europe and China.'
'For 2012, our focus will be threefold: the installation and ramp-up of the
mass production line for large-format lithium-ion cells by mid-2012;
starting to deliver entire storage systems equipped with cells from our new
production line; and leveraging the growing interest in our lithium-ion
cell technology in Europe and Asia, particularly in China,' Dr. Ehmes
added.
He concluded: 'The current political and environmental trends are in our
favor. After Fukushima, governments in several countries reacted quickly
and set targets to replace nuclear power generation by alternative energy
sources, with a large portion coming from renewable energies. For this
reason, scalable industrial storage systems will play an ever-increasing
role in the efficient use of fluctuating wind and solar energy.'
Key achievements in 2011
- Signed a long-term contract of CHF 12.55 million with a large European
customer to deliver portable battery packs for use in ruggedized
applications. They are expected to be delivered between 2011 and 2015.
- Signed a contract with Schüco, a globally recognized leader in
energy-efficient buildings, to provide home storage systems,
integrating large-format lithium-ion cells as well as the necessary
electronics.
- Entered into a Memorandum of Understanding with Talesun Solar, a
leading Chinese manufacturer of high-quality photovoltaic panels to
jointly provide a combined solution for the efficient generation and
storage in large-sized solar farms. A first project has been identified
in southern Europe for 2012 using container-size storage modules.
- Entered into a Memorandum of Understanding with Beijing-based Unipower
to strengthen its supply chain in the field of raw material sourcing
for large-format lithium-ion cells production.
- Implemented all the necessary steps in order to increase the production
capacity for large-format lithium-ion cells from 4 to 76 MWh (titanate
anodes) as of mid-2012. This new production unit represents an
investment of approx. CHF 20 million in machinery and will allow
Leclanché to be one of the few European mass producers of large-format
lithium-ion cells.
- Entered into a research project to combine new active materials in
large-format lithium-ion batteries. The project is linked to the
growing demand for high-performance batteries to store renewable
energies. It involves cooperation with large groups such as Siemens and
research institutes like ZSW in Ulm, and is funded by the German
Federal Ministry of Economic Affairs (BMWi).
- Developed the concept for large-scale industrial container storage
units to provide energy storage for wind parks and solar farms as well
as for utilities and other power stations.
- Launched environmentally friendly production of lithium-ion cells based
on a new and innovative manufacturing process that uses water instead
of solvents in the production of electrodes required for lithium-ion
cells. This process represents a significant environmental improvement
as it eliminates organic solvents while also allowing for higher
stability and a longer life span for lithium-ion cells.
Subsequent events in 2012
- Successfully completed a capital increase by raising approximately CHF
28 million in gross proceeds. In total, Leclanché has issued a total of
2,148,238 new registered shares and 2,148,238 warrants.
- Entered the industrial energy storage market with the delivery of a
first storage rack to a leading global electronics and electrical
company. Altogether, six racks with a total storage capacity of 156 kWh
will be delivered. The racks, combining Leclanché's lithium-ion cells
and a battery management system, can be utilized in industrial
containers for various applications such as grid stability management
and also as large-scale energy storage solutions for wind and solar
farms.
Financial highlights
Total consolidated revenues reached CHF 13.4 million in fiscal year 2011, a
decline of 11% compared to CHF 15.1 million in the corresponding period of
2010. Sales of Leclanché's core business, large-format lithium-ion cells,
increased by 90% to CHF 1.3 million in 2011. Despite a significant increase
in headcount, the net loss was reduced from CHF 12.6 million in 2010 to CHF
11.6 million in 2011, reflecting a tight control on costs. Diluted earnings
per share were CHF -3.58 compared with CHF -5.87 in 2010. The number of
employees increased from 87 to 113 persons in 2011. The strongest increase
was in Willstätt, where Leclanché increased the number of machinery
operators, as well as in production engineering and research and
development.
Following the successful capital increase, cash and cash equivalents
amounted to 21.4 million as of February 29, 2012. As a result of newly
signed contracts, orders in hand increased to CHF 29.8 million at the end
of December 2011, compared to CHF 10.5 million at the end of December 2010.
Annual Report 2011
Leclanché published today its Annual Report 2011, which can be downloaded
on the company's web site. The company's Annual Shareholders Meeting will
take place on April 16, 2012 in Lausanne.
Outlook
The energy revolution is in full swing. In this respect, Leclanché believes
that scalable industrial storage systems will play an ever-increasing role
in the efficient use of wind and solar energy as well as in grid load
management. Leclanché intends to fully take advantage of these growing
market opportunities. Leclanché's product benefits include enhanced cell
safety through a patented ceramic separator, a long cycle life of 15,000
full charge and discharge cycles through lithium-titanate as anode
material, as well as a competitive price point through an automated
roll-to-roll production process.
To further penetrate the home energy storage market and seize upcoming
opportunities as well, Leclanché will continue investments to refine its
technological leadership, further develop its product offering and register
additional sales orders. As planned, Leclanché will substantially increase
its production capacity for large-format lithium-ion cells from 4 to 76 MWh
(titanate anodes) by the end of June 2012.
Leclanché expects 2012 to be a 'ramp-up' year, both in terms of production
capacity and sales. In line with increased output from its new production
line, the company expects a substantial increase in sales in the second
half 2012 as well as a further reduction of its net loss, despite
continuing investments.
Analyst and investor meeting
Leclanché S.A. will discuss its full-year 2011 financial results and
achievements during an analyst and investor meeting taking place today,
Tuesday, March 20, 2012 at the Steigenberger Bellerive au Lac, Utoquai 47,
8008 Zürich.
In addition, a live audio webcast of the meeting will be accessible on the
Leclanché web site: www.leclanché.com. A replay of this teleconference will
be made available one hour after the conference.
Analysts and media wishing to ask questions during the conference are
invited to call at 14:15 CET (13:15 GMT/ 9:15 EST) using the following
conference-ID: 4523912 and dial-in numbers:
- Europe: +41 (0) 22 592 73 12
- UK: +44-207-153-2027
- USA: +1-480-629-9673
About Leclanché
Leclanché specializes in the production of tailor-made energy storage
solutions. Leclanché's strategy is to expand its position as one of the
leading lithium-ion cell producers and solution providers for renewable
energy storage systems in Europe. Its initial strategic priority is
stationary home electric energy storage applications and expansion into the
stationary industrial and grid electricity storage markets. Through
participation in research consortia focusing on off-road and automotive
applications, Leclanché is positioned to take advantage of new market
opportunities.
Through a licensed ceramic separator technology and focus on
lithium-titanate technology, Leclanché manufactures large-format
lithium-ion cells optimized for safety and cycle-life in a fully automated
production process. Leclanché currently operates a fully automated pilot
production line with an installed annual production capacity of up to 4 MWh
in large-format lithium-ion cells. By the end of the second quarter of
2012, Leclanché expects to commence commercial production at its first mass
production line with an installed annual capacity of up to 76 MWh in
lithium-titanate cells.
Leclanché was founded in 1909 in Yverdon-les-Bains. Through the integration
of a spin-off from the Fraunhofer-Gesellschaft in 2006, the company evolved
from a traditional battery manufacturer to become a leading developer and
manufacturer of lithium-ion cells in Europe. Leclanché currently employs
120 staff and recorded revenues of CHF 13.4 million in 2011. The company
has its headquarters in Yverdon-les-Bains (Switzerland) and production
facilities in Willstätt (Germany). Leclanché is listed on the SIX Swiss
Exchange (LECN).
Media contact:
Christophe Lamps, Dynamics Group S.A.: Telephone: +41 79 476 26 87,
cla@dynamicsgroup.ch
Contact for German media:
Markus Wieser, CNC AG: Telephone: +49 89 599 458 114,
markus.wieser@cnc-communications.com
Disclaimer
This press release contains certain forward-looking statements relating to
Leclanché's business, which can be identified by terminology such as
'strategic', 'proposes', 'to introduce', 'will', 'planned', 'expected',
'commitment', 'expects', 'set', 'preparing', 'plans', 'estimates', 'aims',
'would', 'potential', 'awaiting', 'estimated', 'proposal', or similar
expressions, or by expressed or implied discussions regarding the ramp up
of Leclanché's production capacity, potential applications for existing
products, or regarding potential future revenues from any such products, or
potential future sales or earnings of Leclanché or any of its business
units. You should not place undue reliance on these statements. Such
forward-looking statements reflect the current views of Leclanché regarding
future events, and involve known and unknown risks, uncertainties and other
factors that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. There can be no guarantee that Leclanché's products will
achieve any particular revenue levels. Nor can there be any guarantee that
Leclanché, or any of the business units, will achieve any particular
financial results.
Consolidated income statement for the year ended December 31, 2011
^
31.12.2011 31.12.2010
KCHF KCHF
Sales of goods and services 12'183.0 14'520.2
Other income 1'207.7 533.9
Total income 13'390.7 15'054.1
Raw materials and consumables
used -6'198.1 -9'236.7
Personnel costs -9'989.3 -8'701.9
Depreciation and amortization
expense -1'812.5 -1'777.8
Other operating expenses -6'991.0 -7'857.6
Finance costs -18.6 -47.5
Finance income 23.4 26.3
Loss before tax for the year -11'595.4 -12'541.0
Income tax 0.0 -66.5
Loss for the year -11'595.4 -12'607.5
Earnings per share (CHF)
- basic -3.58 -5.87
- diluted -3.58 -5.87
°
Consolidated balance sheet at December 31, 2011
^
31.12.2011 31.12.2010
KCHF KCHF
ASSETS
Non-current assets
Property, plant and equipment 17'537.4 4'965.0
Intangible assets 4'640.8 5'084.7
Other financial assets 250.4 249.6
22'428.6 10'299.3
Current assets
Inventories 4'217.6 3'173.5
Trade and other receivables 4'092.8 3'488.8
Cash and cash equivalents 2'617.2 28'640.8
10'927.6 35'103.1
TOTAL ASSETS 33'156.2 46'102.4
EQUITY AND LIABILITIES
Equity attributable to equity holders of the
parent
Share capital 16'179.2 16'179.2
Share premium 32'165.2 32'123.2
Reserve for share-based payment 556.8 257.8
Other reserves 16'800.6 16'800.6
Translation and Cash Flow hedge reserve -1'970.7 -1'131.3
Actuarial loss on post-employment benefit
obligations -14'127.0 -8'992.3
Accumulated losses -26'752.1 -15'156.7
Total Equity 22'152.0 40'580.5
Non-current liabilities
Provisions 0,0 90.0
Defined benefit pension liability 5'156.9 242.3
5'156.9 332.3
Current liabilities
Provisions 110.0 130.0
Derivative financial instruments 37.0 0.0
Trade and other payables 4'900.3 5'059.6
5'047.3 5'189.6
Total Liabilities 10'704.2 5'521.9
TOTAL EQUITY AND LIABILITIES 33'156.2 46'102.4
°
The accompanying notes form an integral part of the consolidated financial
statements
Consolidated statement of cash flows for the year ended December 31, 2011
^
31.12.2011 31.12.2010
KCHF KCHF
Operating activities
Loss before tax -11'595.4 -12'541.0
Non cash adjustments:
Depreciation of property, plant
and equipment 1'157.1 1'269.6
Amortization of intangible assets 655.4 508.2
Non-realized foreign exchange
differences -902.8 50.7
Loss on disposal of fixed assets - 17.1
Recognized expense for stock
option plan 299.0 257.8
Interest expense 17.6 0.3
Interest income -23.4 -10.8
Movement in provisions -18.8 70.0
Employer's contribution to defined
benefit plan -399.6 -408.5
Pension cost 279.8 112.9
Working capital adjustments: -
In/Decrease in trade and other
receivables -603.9 -804.7
In/Decrease in inventories -544.1 -455.5
In/Decrease in trade and other
payables -122.3 2'688.5
Net cash flows used in operating
activities -11'801.4 -9'245.4
Investing activities
Purchase of property, plant and
equipment -13'663.7 -1'100.9
Investment in other financial
assets -0.8 -0.5
Capitalized development expenses -277.4 -
Interest received 23.4 10.8
Net cash used in investing
activities -13'918.5 -1'090.6
Financing activities
Proceeds from share capital
increase - 27'341.8
Additional costs in relation with
capital increase Dec.2010 -258.0 -
Interest paid -17.6 -0.3
Net cash from / (used in)
financing activities -275.6 27'341.5
Increase / Decrease in cash and
cash equivalent -25'995.5 17'005.5
Cash and cash equivalent at 1
January 28'640.8 11'605.4
Cash and cash equivalent at 31
December 2'617.2 28'640.8
Effect of exchange rate changes 28.1 -29.9
Variation -25'995.5 17'005.5
°
20.03.2012 News transmitted by EquityStory AG.
The issuer is responsible for the contents of the release.
EquityStory publishes regulatory releases, media releases on the capital
market and press releases.
The EquityStory Group distributes authentic and real-time financial news
for over 1'300 listed companies.
The Swiss news archive can be found at www.equitystory.ch/news
---------------------------------------------------------------------------
Language: English
Company: Leclanché SA
Av. des Sports 42
1400 Yverdon-les-Bains
Switzerland
Phone: +41 (24) 424 65-00
Fax: +41 (24) 424 65-20
E-mail: investors@leclanche.com
Internet: www.leclanche.com
ISIN: CH0110303119, CH0016271550
Swiss Security Number: A1CUUB, 812950
Listed: SIX
End of Announcement EquityStory News-Service
---------------------------------------------------------------------------