Intelligent Energy Holdings plc - AGM Management Review for the year ended 30th September 2013
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1 Issue 1.3 Intelligent Energy Holdings plc - AGM Management Review for the year ended 30th September 2013 Presented by: Dr Henri Winand, Chief Executive Officer John Maguire, Chief Financial Officer Joe O Sullivan, Chief Operating Officer 31 st March Intelligent Energy Limited The information in this document is the property of Intelligent Energy Limited and may not be copied or communicated to a third party, or used for any purpose other than that for which it is supplied without the express written consent of Intelligent Energy Limited. This information is given in good faith based upon the latest information available to Intelligent Energy Limited, no warranty or representation is given concerning such information, which must not be taken as establishing any contractual or other commitment binding upon Intelligent Energy Ltd or any of its subsidiary or associated companies. 1
2 Cautionary statement with respect to forward-looking statements This presentation contains forward-looking statements that reflect Intelligent Energy s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Intelligent Energy s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include: (i) changes in economic conditions and market demand affecting, and the competitive environment in, the markets in which Intelligent Energy operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the Euro and the British pound; (iii) Intelligent Energy s ability to realise efficiencies and to implement investments in technologies and other items at the levels and times planned by management; (iv) changes in the laws, regulations and government policies in the markets in which Intelligent Energy operates that affect Intelligent Energy s defence and aerospace, motive, distributed generation and portable and oil and gas target market segments, particularly laws, regulations and policies relating to trade, environmental protection, emissions, fuel economy and safety, as well as changes in laws, regulations and government policies that affect Intelligent Energy s business including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Intelligent Energy operates; (vi) Intelligent Energy s ability to timely develop and achieve market acceptance of new products and technologies; and (vii) fuel shortages or interruptions in transportation systems, labour strikes, work stoppages or other interruptions to, or difficulties in, the employment of labour in the major markets where Intelligent Energy and its partners purchases materials, components and supplies for its products, programmes and technologies or where its products, programmes and technologies are produced, distributed or sold. 2
3 Contents Overview Financial highlights Operations summary Summary and outlook News highlights from FY 2013/14 Q&A 3
4 Overview Presented by: Dr Henri Winand, Chief Executive Officer 4
5 Overview - FY 2012/13 Highlights Motive Suzuki SMILE FC completed a ready-to scale production line for its fuel cell systems successful transfer of Intelligent Energy Air-Cooled (AC) technology (February 2013) Consumer Electronics Consumer Electronics division announced collaboration with Etisalat, a global telecom company and commenced customer product trials (May 2013) Group received first trial order for the Upp consumer electronics product from market leading international electronics company (September 2013) The Group unveiled its first consumer electronics product - Upp personal energy device at AfricaCom (Nov 2013) Distributed Power & Generation Essential Energy launched in India as a route to market for Distributed Power & Generation division (May 2013) 5
6 Overview - FY 2012/13 Highlights Technology Industry leading stack power densities were announced for Evaporatively-Cooled (EC) technology (March 2013) A 30% increase in EC fuel cell system performance was announced with partners Dyson, Ricardo and TRW Conekt (April 2013) Financial At the time, the largest year end cash position in the Group s history ( 31.6m) Funding process was more time-consuming and complex than expected and has delayed our ability to deploy capital and launch the Distributed Power and Generation and Consumer Electronics divisions, in-line with our original plans during H2 FY12/13 Year EBITDA negative, in line with FY11/12 guidance, driven by additional start up costs for DP&G and CE Top line reduction reflected re-phasing of the DP&G and CE launch and the planned completion of the Suzuki license transfer related activity 6
7 Overview - Market Strategy The Group remains committed to its go-to-market strategy Design once, deploy many times using scalable, robust, power-dense and compact technology platforms Balanced focus on opportunity-rich, global mass markets Clearly defined portfolio of target customers and prospects in each market segment Flexible, partnership-based business model 7
8 Overview - Commercial Application Across Sectors Motive Power; Two-wheeled vehicles, automotive, commercial vehicles Consumer Electronics (CE); Portable and extended operating power Distributed Power and Generation (DP&G); Primary and secondary multiple site power sources 8
9 Overview Technical Expertise FY 2012/13 provided more innovative system integration proof points with our blue chip partners Target Sectors Technology Platforms 9
10 Motive Operational Highlights 10
11 Motive Business Review During FY 2012/13 the Motive division performed strongly against its targets in terms of revenue and margins Operations Motive delivered on its contractual commitments to the Suzuki Motor Corporation Fuel cell electric taxi fleet continued to accumulate further mileage and operated successfully through the on-going HyTEC program European Premium Car Maker ( EPCM ) Phase 1 completed. In November 2013 a prototype vehicle was successfully demonstrated to the EPCM Board of Directors Phase 2 integrating Intelligent Energy EC fuel cell technology into high profile demonstrator vehicle 11
12 Motive Business Review Technology Development Extensive development work yielded a benchmarked demonstration of industry-leading fuel cell volumetric and gravimetric power density (3.7 kw/l and 2.5 kw/kg respectively) in March 2013 Announced a 30% system power density increase with partners Dyson, Ricardo UK and TRW Conekt in April 2013 Gravimetric Power Density kw/kg Gravimetric Power Density kw/kg Larger Heavier Lower Power Density Competition N2 (85kW) DOE Tech Targets (2017) B2 (21kW) H1 (100kW) G1 (102kW) B1 (110kW) N1 (125kW) Volumetric Power Density kw/ L Smaller Lighter Greater Power Density IEH Pressed Plate 2014 (110kW) 2013 IEH Etched Plate (45kW and 69kW) IEH Taxi Variant 2008 (20kW)
13 Motive Business Review The Group s on-going Suzuki SMILE FC Corporation partnership continues towards full production of fuel cell systems Following the February 2012 SMILE FC System Corporation formation, a ready-to-scale production line was fully commissioned in February 2013 validating the Groups rapid technology transfer strategy The Group received fourth and final payment of the existing licence agreement in September 2013 further tech transfer and development continues in FY 2013/14 SMILE FC Pilot Production Line - Japan 4 kw Air Cooled (AC) Range Extender System Suzuki Burgman FC Scooter 13
14 Consumer Electronics Highlights 14
15 Consumer Electronics Business Review During FY 2012/13 work continued to prepare Intelligent Energy s Upp personal energy device for market Received first trial order from an undisclosed international electronics company in Sept 2013 Collaboration agreement with telecom carriers Signed collaboration with Etisalat, a global telecom company, to conduct consumer trials (May 2013) Customer trails began in summer 2013 and were successfully completed In November 2013, the Upp personal energy device was formally unveiled in Cape Town at AfricaCom World Series event, receiving significant media activity and acclaim 15
16 Consumer Electronics Business Review During FY 2012/13 work continued to prepare Intelligent Energy s Upp personal energy device for market More complex funding process than expected has delayed our ability to deploy capital and launch the Consumer Electronics divisions in late Q4 FY12/13, combined with completing certification which is now imminently expected Q4 FY12/13 Pull to US market (e.g. Brookstone, CES, January 2014) broadens product certification scope and thus timescale 16
17 Consumer Electronics Upp and App Example VIDEO 17
18 Distributed Power & Generation (DP&G) Highlights 18
19 DP&G Business Review The Distributed Power & Generation division continues to target the Indian telecom market as its initial focus During FY 2012/13 Intelligent Energy analysed the operating activities of over 500 telecom sites to assess and qualify potential benefits in-line with commercial strategy Immediate opportunities to provide power management services Longer term opportunity for introducing the Group s fuel cell technology 19
20 DP&G Business Review The Distributed Power & Generation division continues to target the Indian telecom market as its initial focus Essential Energy signed a partnering arrangement with Indian telecom infrastructure provider Microqual Techno Limited in September 2013 Essential Energy to provide complete power solutions at Microqual tower sites The Group intends to work with other infrastructure providers in FY 2013/14 to secure further power management contracts in India starting with Ascend More complex funding process than expected has delayed our ability to deploy capital and thus, to launch the Distributed Power and Generation divisions in H2 FY12/13 20
21 Financial Highlights Presented by: John Maguire, Chief Financial Officer 21
22 Financial Overview For the year ended 30 September: m m Group income statement Revenue Cost of sales (18) (13) Gross margin 26 8 R&D & administration expenses (23) (31) EBITDA 3 (23) Depreciation (2) (3) Share of loss of JVs (1) (3) Net interest (1) (1) Income tax credit 9 9 (Loss)/profit for the year 8 (21) Group statement of cash flows Net cash flow from operating activities 11 (20) Net cash flow from investing activities (12) (5) Financing from issue of equity and convertible loan notes Opening cash and cash equivalents 6 30 Closing cash and cash equivalents Comments Historical numbers reflect Motive revenues only, meaning that prior results are not representative of the planned trading performance and growth of the DP&G and CE divisions The decrease in revenues in 2013 reflected the planned lower level of Suzuki licence revenues and the rephasing of the launch of CE and DP&G The reduction in gross margin in 2013 reflected the lower level of revenue in the period and a change in the mix of revenue, with a lower amount of high gross margin licence related activity The Income tax credit comprises R&D tax credits and deferred tax Cash flows in respect of convertible loan notes reflect the timing of receipt of the cash Note: This financial information has been extracted from the audited accounts. 22
23 Financial Overview (continued) As at 30 September: m m Group statement of financial position Total assets Non-current assets Current assets excl. cash 8 15 Cash and cash equivalents Total liabilities Current liabilities (10) (9) Non current liabilities Deferred tax liability 0 (3) Liability element of convertible loan notes 0 (18) (10) (30) Comments Post balance sheet event: GIC subscribed 37.8m in March 2014 (before costs) for 10% of the enlarged share capital of the company. The net cash balance at 21 March 2014 was 58.1m (after receipt of the GIC monies) Net assets Total shareholders' equity Note: This financial information has been extracted from the audited accounts. 23
24 Operations - Summary 24
25 Operations - Summary Continued operational progress was achieved during FY 2012/13 Motive Motive division core revenues on track Intelligent Energy met technology milestones with Suzuki under existing licence agreement SMILE FC System joint venture established ready-to-scale manufacturing line, on time in Japan 25
26 Operations - Summary Continued operational progress was achieved during FY 2012/13 Consumer Electronics Intelligent Energy launched its consumer electronics division, introducing a new product category DP&G Intelligent Energy strengthened its network and reach in India through the formation of Essential Energy Engineering Loughborough facility awarded BS OHAS certifying that it complies with Occupational Health and Safety Management requirements 26
27 Summary and Outlook Presented by: Dr Henri Winand, Chief Executive Officer 27
28 Summary and Outlook On the basis that Intelligent Energy expects to successfully launch two new divisions, the revenue mix is expected to change materially in FY13/14 Intelligent Energy secured its largest capital raise in FY12/13, subsequently superseded by the GIC investment in March 2014 In FY12/13, the funding process was more time-consuming and complex than expected with the consequential delay on our ability to deploy capital and launch the Distributed Power and Generation and Consumer Electronics divisions in line with our plans. Thus, depressed revenues are expected in H1 FY13/14 and a ramp up in H2 Intelligent Energy plans to maintain and fund the expansion of core R&D activities and develop further management risk control systems in FY 2013/14 Group anticipates that new funding will be required in 2014 to support the expected growth in business and its operation (March 2014 Singaporean Sovereign Wealth Fund GIC 37.8m investment GIC into the Company is a material contribution to this effort) 28
29 Summary and Outlook Priorities for FY 2013/14 1. To secure the next-phase commitment with a car OEM 2. To execute the successful introduction of the personal energy device into the consumer electronics market 3. To commence the Essential Energy business in India at scale 4. To continue to develop the next generation of product offerings for each of the three business divisions 5. To undertake further fund raising activity in order for the Group to deliver on its ambitious growth plans 29
30 News Highlights from FY 2013/14 30
31 News Highlights from FY 2013/14 Intelligent Energy signs a long-term, exclusive contract with Microqual to power mobile telecom equipment to be mounted on existing transmission towers - 27th March, 2014 GIC invests $63 million in Intelligent Energy - 24th March, 2014 Hydro Industries to provide water purification technology to supply clean water across India - 20th March, 2014 Intelligent Energy named in the 1000 Companies to Inspire Britain by the Daily Telegraph and London Stock Exchange - 11th March, 2014 Intelligent Energy Delivers Cost-effective, Clean Power for Ascend Telecom Towers - 14th January, 2014 Intelligent Energy announces Brookstone as US launch partner for Upp - a new category of portable energy device - 6th January, 2014 Intelligent Energy recognised in the Deloitte 2013 Technology Fast 500 EMEA - 2nd December,
32 News Highlights from FY 2013/14 Intelligent Energy awarded the Barclays Social Innovation Award by The Sunday Times Hiscox Tech Track th November, 2013 Intelligent Energy is 15th fastest growing UK technology company, according to Deloitte (up 17 places) - 14th November, 2013 Intelligent Energy Launches Upp Portable Power for Your Connected Devices - 12th November, 2013 Intelligent Energy Holdings plc completes $51 million capital raising - 17th October,
33 Q&A 33
34 Thank You 34
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