Ceres Power Holdings plc annual report 2015
A change of power
annual report 2015 Ceres Power Holdings plc is a world leading 
developer of low cost, next generation fuel cell 
technology. Used in distributed energy products, our 
Steel Cells enable a change in the way homes and 
businesses generate their power , reducing energy 
costs, lowering CO
2
 emissions, increasing efficiency 
and improving energy security and reliability. 
Our aim is to create a fuel cell for the mass market. 
The Ceres Steel Cell operates on natural gas and is 
manufactured using conventional materials such as 
steel and standard processes developed for the solar 
industry, meaning that it can be mass-produced at an 
affordable price.
Our unique Ceres Steel Cell is a cost effective 
technology that is being validated by our OEM 
partners around the world to be at the heart of the 
next generation of power products.
For further details visit 
www.cerespower.com
Strategic report
1 Highlights
2 Chairman’s statement
4 Fuel cells: a change of power
6 Our technology
7 Steel cell applications
8 Business opportunity
10 Business model & strategy
12 Chief Executive’s statement
18 Principal risks and uncertainties
20 Corporate social responsibility
Governance
22 Board of directors & senior management
24 Corporate governance
26 Directors’ report
Financial statements
28 Independent auditor’s report
29 Consolidated statement of 
comprehensive income
30	 Consolidated	statement	of	financial	
position
31	 Consolidated	cash	flow	statement
32 Consolidated statement of changes in 
equity
33	 Notes	to	the	consolidated	financial	
statements
50 Company balance sheet
51	 Notes	to	the	compan y	financial	
statements
55 Directors and advisors Strategic Report
Ceres Power Holdings plc annual report 2015 1
We have hit and 
surpassed key 
technical 
milestones, with the 
highlight being the 
release of the latest 
version of our cell 
and system 
technology to 
customers
Phil Caldwell
C h i e f 	 E x ecu t i v e 	 O f fic e r 	
Highlights
During the financial year
• Signed Joint Development Agreement with a global 
Japanese power system company 
• Successful deployment of the technology at  
customer sites in Japan and South Korea meeting  
all test requirements
•  Fundraising of £20 million in July 2014 and  
£18 million net cash and short–term investments at  
30 June 2015 maintain the Group’s financial strength
• Steel Cell power output improvement of 40% and 
efficiency increase to 47% of the technology – further 
validating the route to affordable fuel cell products
• Leadership team strengthened with the addition  
of Aidan Hughes as Non-Executive Director, and  
James Falla as Chief Operating Officer 
After the year end
• Formal release of latest V3 cell technology to 
customers with degradation enabling 7 year  
product life 
• Expansion of commercial team with Tony Cochrane 
appointed as Chief Commercial Officer based in North 
America and opening of South Korean office
• Successful completion of the first year of the Joint 
Development Agreement with global Japanese power 
system company Ceres Power Holdings plc annual report 2015 2
Over the past 12 months we have witnessed the ongoing evolution of  
the energy sector, marking the grand transition towards distributed 
generation and the world market for distributed generation is predicted 
to approximately double in the next eight years
1
. Whilst the majority of 
this distributed generation currently comprises a variety of technologies 
– including renewables such as solar – fuel cells are increasingly becoming 
part of this energy mix as an enabling technology for renewables and 
allowing people to generate their own power cleanly and efficiently at the 
point of use. This shift away from the traditional business model of 
centralised power utilities is helping to bring fuel cells closer to 
commercialisation.
Driven by cost reduction through technology innovation, the stationary 
fuel cell market continues to grow with market revenues of US$40 billion 
forecast by 2022
2
. The fuel cell technologies that dominate this growth 
are commercially available in Asia and the US and run on widely available 
fuels such as Natural Gas, Biogas and LPG. As a result, these technologies 
are not held back by a lack of hydrogen infrastructure, as we have seen in 
automotive fuel cell applications. With infrastructure not a limiting factor 
for commercialisation and scale-up, widespread adoption of the Steel Cell 
technology is directly achievable as long as we continue to demonstrate 
we can hit the cost, lifetime and performance targets required by the 
world’s leading power system companies.
The Steel Cell technology is a relatively new and disruptive technology 
compared to the established fuel cell offerings, but one that is proving 
itself repeatedly against the most demanding performance targets set by 
market leaders in the power sector. We have met all customer testing 
requirements at sites in Japan and South Korea and our latest V3 
technology has been released to customers after extensive in-house 
validation beyond 10,000 hours of testing. We have also hit key technical 
milestones in our development roadmap showing considerable uplifts in 
efficiency and power density in early stage development. These 
achievements are key to ensuring we have the best overall economic 
offering for our customers and we intend to bring through some of these 
additional benefits in our V4 release next year.
 
Strategically, we have positioned Ceres as one of the few independent 
technology providers that is able to offer low cost solutions to a wide 
variety of players across different sectors and geographies for different 
product applications. This breadth and versatility enables the Company 
to benefit as the industry continues to consolidate and markets mature. 
We have the capability to support businesses operating at a range of 
different stages and speeds of development: whether they might be 
aspiring power system companies in need of reliable fuel cell technology 
The Steel Cell technology is a relatively new 
and disruptive technology... that is proving 
itself repeatedly against the most demanding 
performance targets set by market leaders in 
the power sector
Chairman’s statement
Alan Aubrey
Chairman  Strategic Report
3 Ceres Power Holdings plc annual report 2015
to play catch-up with existing players; or the established companies 
themselves, struggling to realise the performance and cost targets 
needed for a truly mass-market offering and so seeking next generation 
technology to transform existing products.
The latest development in the stack and system technology has been 
brought together in the Steel Gen platform, a 1kW class power only 
prototype comparable to the Japanese Ene-Farm products, which is 
compact, highly efficient and meets the most stringent of global emission 
standards. This will be released to customer programmes early next year. 
We are continuing to expand the reach and scope of our technology and 
are developing a multi-kW system to operate at electrical efficiencies 
above 50%, as we intend to extend our offering beyond residential to the 
light-commercial and power only applications in response to prospective 
customer enquiries.
In terms of developing the talent base at the Company essential to future 
growth, we have further strengthened the team with the appointment of 
James Falla as Chief Operating Officer and more recently Tony Cochrane 
as Chief Commercial Officer. James joined Ceres after 15 years 
establishing operations in Asia for leading Tier 1 automotive companies. 
Tony joins us from Ballard Power Systems, with over 17 years’ direct 
experience in the fuel cell sector, where he led the commercialisation of 
the stationary power business. We also welcomed Aidan Hughes as a 
Non-Executive Director who brings with him considerable experience of 
growing technology companies throughout his career and is a significant 
addition to the Board as Chair of the Audit Committee. The ability to 
attract colleagues of the quality and experience of Aidan, James and Tony 
shows the growing market appeal and reputation of Ceres in the industry 
under the leadership of Phil Caldwell as CEO. 
I have been working with Phil now for two years and we have a great 
team in place. We have invested in the core technology and are 
demonstrating significant technical progress, both internally and on 
customer sites worldwide. Initial evaluations at some of our customer 
sites have taken longer than planned which has impacted commercial 
progress and therefore we have not seen the anticipated revenue growth 
in the year. However, as long as we continue to hit our key technical 
milestones it is no longer a case of ‘if’ this technology will come to market 
but just a matter of ‘when’. As part of the exciting energy evolution rolling 
out across the globe we see Ceres now becoming established as one of 
the leading independent technology companies in this rapidly growing 
distributed generation sector.
Alan Aubrey
Chairman 
6 October 2015
1 Global Distributed Generation 
Deployment Forecast, 
Navigant Research, 2014
2 Fuel Cells Annual Report 
2014, Navigant Research  Ceres Power Holdings plc annual report 2015 4
E f fi cie n c y >40%
CHP 80–90%
E f fi cie n c y 	
35–40%
>50% 35–40%
Losses
Fuel Cell Traditional
Gas
100%
Gas
100%
Traditional centralised generation vs Distributed power generation
Energy in evolution
Fuel cells: a change of power
Energy is evolving. Increasingly and inevitably, the 
traditional model of centralised power generation  
is being disrupted, with a shift towards distributed 
generation being driven by cost, efficiency and  
security of supply. 
Fuel cell technology is perfectly placed to be a prime enabler of 
this ‘Grand Transition’ in energy markets. By using existing gas 
infrastructure in the most efficient way to generate power at 
point-of-use, a fuel cell system can cut both consumption and 
cost, whilst improving reliability and resilience. The resulting 
consumer proposition is a ‘power promise’ of generation and 
supply that is more affordable, dependable and cleaner.
$205bn
Investment in global 
distributed power forecast 
by 2020
1
 
90%
O v e r a l l	e f fi c i e n c y	o f	a	f u e l	
cell CHP system Strategic Report
Ceres Power Holdings plc annual report 2015 5
The future will be different, disrupted and distributed
Distributed generation is the global market flagged for growth by General Electric, with forecasts 
for a total investment of US$205bn
1
 by 2020. The shift is reinforced by leading utilities moving 
away from their traditional business models. E.ON recently split its business in two to focus on 
renewables and distributed generation. David Crane, CEO of US utility NRG, has been quoted as 
saying that his company is headed “down the path towards a distributed generation-centric, clean 
energy future”.
In the context of widespread change, three key benefits driving growth in market share for the fuel cell industry 
are that the technology is more affordable, dependable and cleaner than traditional alternatives.
1. Affordable:  
Higher efficiency cuts 
costs and consumption 
By generating power at efficiencies 
of around 50% at the point of use 
with no transmission and 
distribution losses – and overall 
efficiency of 90% if operating as a 
Combined Heat and Power (CHP) 
system – fuel cells operate more 
reliably, efficiently and at lower 
cost than the grid.
Recent studies in the EU have 
shown that fuel cell CHP systems 
save 27% of a typical home’s 
energy consumption, 30% of its 
CO
2
 emissions and eliminate other 
pollutants such as NO
X
 almost 
entirely
2
.
Distributed generation based on 
SOFC technology has a key role to 
play in meeting increased energy 
demands more cost effectively and 
quicker than expensive investment 
to replace traditional 
infrastructure
3
.
2. Dependable:  
Available and  
resilient 
Although fuel cells are often 
associated with cars and hydrogen, 
stationary fuel cells do not need a 
hydrogen economy and can use 
existing robust gas infrastructure.
Japan and South Korea – which 
import 97% of their energy in the 
form of liquefied natural gas (LNG) 
– are the leading markets for fuel 
cell commercialisation, closely 
followed by the US as it reaches 
energy independence based on 
shale gas reserves.
In the US, unreliable power supply 
cost the economy US$150bn in 
2013
4
. In response, fuel cells are 
being installed in high-value 
markets such as data centres, 
which are contributing to the 
growth in energy demand and 
leading companies including eBay, 
Google and Apple are deploying 
fuel cells to ensure energy 
resilience and reduce costs.
3. Cleaner:  
Fit for a lower-carbon  
future
Fuel cell technology is widely 
recognised as the cleanest and 
most efficient way to generate 
power from natural gas. 
In a CHP system the heat energy 
produced is used to heat water for 
washing or central heating, so the 
total amount of energy used is 
90%, boosting efficiency, reducing 
consumption and cutting carbon.
Fuel cells can also help with the 
integration of intermittent 
renewables into the energy mix, 
by balancing power outputs to 
secure optimal and flexible 
low-carbon supply. 
1 General Electric (GE US-NC).
2 FCH JU – Fuel Cell Distributed 
Generation Commercialisation Study 
published by Roland Berger, 2014.
3	 P a c i fi c	N o r t h w e s t	N a t i o n a l	L a b o r a t o r y ,	
US Department of Energy,  
December 2014. 
4 Fuel Cell Annual Review 2014,  
4th Energy Wave. Our aim is to produce a fuel cell for 
every home and business and we are 
making this vision a reality with our 
unique Steel Cell technology.
The Ceres Steel Cell is one of the most 
cost effective, robust and energy 
efficient fuel cell technologies developed.
In the simplest terms it is a perforated 
sheet of steel with a special ceramic layer 
that converts fuel directly into electrical 
power in a very efficient way. 
Our patented next generation Steel Cell 
technology uses the existing 
infrastructure of mains natural gas and is 
manufactured using commodity materials 
such as steel and standard processes, 
meaning that it can be mass produced at 
an affordable price for domestic, business 
and other uses.
Ceres Power Holdings plc annual report 2015 6
Our technology
The Steel Cell enables mass 
market adoption of fuel cells... 
and offers customers a  
low cost solution Strategic Report
Ceres Power Holdings plc annual report 2015 7
Applications Fuel flexibility
Bio gas
Natural  
gas
LPG
Hydrogen
To find out more about the Ceres Steel Cell technology watch our film at:  
http://www.cerespower.com/technology/why-the-steel-cell-is-unique
Steel cell applications
The Steel Cell is the building block of future products for our 
global OEM partners: its cutting-edge technology will secure 
them competitive advantage; its performance opens up 
different power applications in multiple markets. Ceres Power Holdings plc annual report 2015 8
0
50
100
150
200
250 Transport
Stationary
2009 2010 2011 2012 2013 2014
MWs
Global fuel cell shipments 2009 – 2014 (MWs)
1
Business opportunity 
A rapidly maturing market
Two principal drivers of business opportunity can be 
identified for fuel cells in a rapidly maturing market. The 
first is a global investment megatrend: billions of dollars 
spent over the last decade by some of the world’s largest 
companies have successfully brought to market the first 
wave of fuel-cell products, supported by government 
policy and subsidies in regions such as Japan, South Korea 
and the US.
With these companies now seeking the next generation of 
technologies for mass-market adoption, the second key change 
agent can be described in just one word: Cost. From an investor’s 
perspective cost reduction through technology innovation is now 
moving fuel cells closer to commercialisation, as is the shift towards 
more distributed and decentralised generation. Comparatively, at 
50MWs cumulative installed capacity, both PEM and Solid Oxide 
Fuel Cells (SOFC) registered a cheaper price point than either solar 
or wind achieved at the same stage in their development cycles
1
.
Global revenue for stationary fuel cells is set to grow exponentially 
from US$1.4bn in 2013, to US$40bn by 2022
2
. With these global 
investment and cost drivers in play, there is now traction across 
different applications, enabling Ceres to take advantage of wider 
sector opportunities across multiple geographies, capitalising on 
advances in its affordable subsidy-free next generation technology.
Current market
104,900
Fuel cell systems  
shipped 2014
1
49%
CAGR 2009-2014
1
$1.4bn
Market size in 2013
2
$1bn
Private investment  
in 2014 including IPOs
1
1GW
Installed since 1995
1 Strategic Report
Ceres Power Holdings plc annual report 2015 9
The business opportunity for fuel cells
Last year, the fuel cell industry shipped a total of 104,900 
systems worldwide. In terms of output, 2014 saw 221.8MW 
shipped, which represented an increase of 40MW over 2013
1
. 
Significantly, stationary fuel cells accounted for an impressive 
81% of the total shipped, further consolidating their position as 
being closest to commercial viability and adoption. 
Geographic initiatives:
• Japan: The country remains at the forefront of fuel cell policy and 
adoption. By the end of 2014, fuel cell micro-CHP units installed in 
Japanese homes numbered 138,000. The Government 2014 Roadmap 
for long-term market development has set a target of 1.4 million homes 
to be powered by fuel cells by 2020 and 5.3 million by 2030. There is 
also a government target to have commercial SOFC ready for industrial 
use by 2017.
• South Korea: South Korea will take the largest share of the US$1bn 
market for stationary fuel cells this year and its market is forecast to 
reach US$15bn by 2022
3
. The country’s biggest steel company has 
opened the world’s largest fuel cell park with a 54MW facility running 
on natural gas. Further parks are proposed, including 230MW for  
the Seoul region.
• United States: Confidence in fuel cells is growing as a result of a 
combination of factors including regulatory requirements, resilience 
planning, advances in technology and successful deployment by the 
likes of eBay, Apple and Google. Inward investment into US fuel cell 
businesses by the likes of LG, Doosan and POSCO has also boosted 
market growth and long-term outlook.
• Europe: European support for fuel cells is stronger now than for 
some time. Approval of phase two of the European Commission’s  
Fuel Cells and Hydrogen Joint Undertaking (FCH 2 JU) has confirmed  
a budget of €1.33bn for 2014-2020, a 45% increase on its predecessor. 
Germany is embracing the technology to secure low-carbon flexible 
energy supplies to balance power outputs from its renewable  
energy portfolio.
1 Fuel Cell Annual Review 2015, 4th Energy Wave.
2 Fuel Cells Annual Report 2014, Navigant Research.
3 Stationary Fuel Cells: Global Market Analysis and Forecasts, 2014, Navigant Research.
Market forecast
1.5m
Fuel cell systems to be shipped  
by 2023
2
+42%
CAGR 2014-2022
3
$40bn
Stationary fuel cells market  
size in 2022
2
$57bn
Revenue from all fuel cell  
systems in 2023
2
1GW
To be installed 2015-2017
1
  Ceres Power Holdings plc annual report 2015 10
OEM Partners 
Product development
Scale
Manufacturing Partners 
Supply of 
cells/stack
Product 
license
Technology
Manufacture
Business model & strategy
Working with our partners 
At Ceres Power we offer our partners the opportunity to 
develop power systems and products using our unique Steel 
Cell technology.
Ceres is currently working with major OEMs worldwide who 
are evaluating the Steel Cell and have begun development  
using the technology for different applications across a variety 
of markets. 
 
We provide access to our considerable Intellectual Property 
(IP) and expertise at the cell, stack and systems levels, 
combined with the opportunity to supply the Steel Cell in 
volume through our manufacturing partners.
In return, we benefit from our partners’ expertise to design, 
develop and commercialise products, which will allow us to 
scale the business opportunity both geographically and by 
product application. 
Our offering
We are one of the largest and most experienced independent fuel cell companies and are able to offer 
our partners support globally in the following areas:
Engineering and technology services
We can support businesses at different stages of development. 
For aspiring power system companies playing catch up or 
established players who cannot meet the cost and performance 
targets for truly mass market products, we can provide 
technology access and engineering support services for a 
variety of power applications. 
Technology access to our IP
The Steel Cell technology and supporting system architecture is 
highly differentiated, disruptive and protected. We have a growing 
IP portfolio, with 42 patent families (up from 39 last year) and, as a 
technology company, generating and exploiting our IP is at the core 
of what we do. We can offer our partners the ability to access this 
considerable IP and know how under license. Strategic Report
11 Ceres Power Holdings plc annual report 2015
Stage 1. Evaluation
Extensive tests are carried out in the UK and on 
customer sites under strict ‘black box’ conditions 
– testing without access to our core IP – typically 
a 6 to 12 month process.
Stage 2. Development
 Working with OEMs we develop systems for 
Steel Cell applications. This tends to be multi-
year activity for which we provide considerable 
engineering support and know-how.
Stage 3. Commercialisation
At the point at which the customer goes into 
commercial product development the IP can be 
transferred under a licence agreement, giving the 
OEM rights for a particular application and 
region. An upfront fee covers the initial transfer 
of rights with ongoing royalties on product sales. 
Supply of the Steel Cell technology is through our 
approved manufacturing partners.
Manufacturing capability
We manufacture the Steel Cell through the unique 
combination of putting ceramics on steel, in a low cost 
and highly scalable process. We continuously develop 
our manufacturing processes in the UK to enable 
scale-up of the Steel Cell supply through regional 
manufacturing partners.
Investment opportunity
C e r e s	P o w e r	i s	w e l l	p os i t i o n e d	t o	b e n e fi t	f r o m	t h e	
growing demand for cleaner distributed 
generation that is transforming the energy sector.
• Fuel cells are a proven enabler of distributed 
generation but have been held back by high 
cost and lack of available infrastructure
• Steel Cell is highly differentiated, low cost 
subsidy-free fuel cell technology which uses the 
existing infrastructure and widely available 
fuels such as natural gas
• Ceres has a growing reputation and maturity 
with customers globally, demonstrating market 
leadership in robustness and cost
• Our business model is scalable through the 
common building block of the Steel Cell 
technology, applicable to many mass markets 
applications, across multiple geographies
• Each of these target markets applications have 
t h e	p o t e n t i a l	t o	b e	v e r y	s i gn i fi c a n t	
• T h e	l i c e n s i n g	a n d	r o y a l t y	m o d e l	i s	fl e x i bl e ,	
s c a l a bl e	a n d	p o t e n t i a l l y	h i gh l y	p r o fi t a bl e
• C e r e s	i s	fi n a n c i a l l y	w e l l	b a c k e d ,	g i v i n g	s t r e n g t h	
and credibility as a leading independent 
technology company Ceres Power Holdings plc annual report 2015 12
Phil Caldwell
C h i e f 	 E x ecu t i v e 	 O f fic e r 	
It has been an exciting year for us as well as a demanding one, working 
with some of the world’s best companies in Japan and South Korea, 
which set extremely high standards for the performance of fuel cell 
technology. As the energy sector evolves and the distributed generation 
market matures, we have continued to invest in process and technical 
innovation in pursuit of our commercial aspirations, building the 
necessary capability, capacity and competence to compete on the global 
stage. It is only in doing so that we can meet the ambition we have for 
Ceres in establishing the Steel Cell as the standard for Solid Oxide Fuel 
Cell (SOFC) technology in the industry. 
The market opportunity for our Steel Cell technology is greater than ever 
as we see significant deployment of fuel cells in our primary target 
markets in Japan, South Korea and the US. The Steel Cell enables mass 
market adoption of fuel cells as it provides all of the performance of the 
established older generation fuel cells in the industry, but with a unique 
robustness to cycling and offers customers a low cost solution that can 
be manufactured using standard techniques and commodity materials. 
The ability to manufacture ceramics on steel is unique to Ceres in the 
industry and key to our licensing strategy.
We therefore find ourselves exclusively positioned in having a disruptive low 
cost next generation Steel Cell technology, which is available to all power 
system companies in the sector . This allows us to embed the technology into 
as many applications and geographies as possible with the common building 
block of the Steel Cell at the core of future power systems. 
Whilst we continue to demonstrate the low cost potential to existing 
partners for the residential market, we have also made significant 
technical progress over the past year which will enable us to widen the 
applicability of this technology to higher-power systems for the light-
commercial and power only sectors, broadening our target markets and 
ultimately the value we can create for our shareholders.
Chief Executive’s statement
We have reached a point now in the 
technology’s maturity where we are able 
to engage with more customers globally… 
in response to increasing interest in the 
Steel Cell for a variety of applications Strategic Report
13 Ceres Power Holdings plc annual report 2015
Commercial
Over the past year we have focused on two areas in our customer 
engagements: firstly demonstrating that this relatively new and 
disruptive technology is mature enough for commercialisation by leading 
power system companies; secondly, that it has the potential to increase 
both in efficiency and power density to enable its application to other 
product applications beyond our residential platform. 
We have reached a point now in the technology’s maturity where we are 
able to engage with more customers globally, across a range of 
geographies, in response to increasing interest in the Steel Cell for a 
variety of applications.
In order to best realise this market potential we are investing in our 
commercial team globally and I am pleased to welcome Tony Cochrane to 
the business as Chief Commercial Officer. Brought in to spearhead our 
commercial activities, Tony has considerable experience in the fuel cell 
sector from his time in Ballard Power Systems, where he led the 
commercialisation of their Stationary Power business. Tony is based in 
North America, further boosting access to this market segment. 
Expanding our presence and platform in Asia and building on the 
progress made through our local office in Japan, we recently opened an 
office in Seoul, South Korea. Forecast as having revenue potential of 
US$15bn alone by 2022
1
, South Korea is a key target market for us, both 
to support our existing business relationships and to address further 
opportunities there. 
Progress on partnerships
Working to the highest customer standards, we have seen successful 
deployment this year of our technology across several different markets, 
such that in Japan, South Korea and the UK, we have met all of the 
technical requirements set for the technology to date. 
In Japan: In October last year, we announced a Joint Development with a 
leading Japanese power system company and I am pleased to say we 
have met all our objectives after two years of working together and we 
expect to broaden this relationship in the near future.
We are also progressing further evaluations with several other Japanese 
companies for both residential and light-commercial applications and we 
have a healthy pipeline of new opportunities. 
In South Korea: We successfully completed all testing at KD Navien’s 
(KDN) facility in Seoul, under the Technology Assessment Agreement, 
including aggressive accelerated testing for cycleability and steady state 
running. At KDN’s request we have provided an additional system to 
provide parallel testing for both steady state and cycleability, as extended 
validation. 
 
In the UK: IE CHP (a joint venture between SSE and Intelligent Energy) 
completed system testing of the technology in a simulated typical UK 
home environment, demonstrating the potential benefits for a UK 
customer. We expect to undergo further assessments of the technology 
in the UK this year. 
 
1 Stationary Fuel Cells: Global Market Analysis and Forecasts, 2014, Navigant Research. Ceres Power Holdings plc annual report 2015 14
Chief Executive’s statement continued
Improvements in performance, robustness and cost 
result in an improved economic payback for the end user, 
at an affordable price point and serve to strengthen our 
USP and competitive position
Overall, I am satisfied with the commercial progress 
this year, even though this has not translated into 
revenue growth yet, as some of our customer 
evaluations have extended longer than anticipated. In 
the coming year, I expect we shall see an increasing 
number of these pipeline opportunities come through 
as new commercial relationships, in addition to the 
continued progress shown with our existing partners.
Technology
Internal and external validation of our technology has 
been a key focus over the past year. It is important to 
our customers that we can evidence lifetime and 
robustness equivalent to more established, early 
generation fuel cell technologies, while simultaneously 
demonstrating the significant uplift in performance 
and low cost of the Steel Cell. This has been a 
Company-wide effort and called for significant 
additional investment in our test and operations 
capability.
The technical progress we have made resulted in the 
recent release of our V3 technology to customers 
following extensive internal testing and validation 
proving durability and lifetime through accelerated 
and steady state testing. This validation included 
multiple stack testing over 10,000 hours achieving 
degradation rates equivalent to those required for 
product life of over 7 years and comparable to fuel cell 
competitors in Japan. Stack tests on earlier 
generations of the technology also surpassed 20,000 
hours providing greater confidence in the long lifetime 
potential of the Steel Cell technology. 
With robustness to cycling representing another key 
differentiator over conventional early generation 
SOFC, we have also completed aggressive accelerated 
testing (including redox and thermal cycling tests) 
equivalent to 10+ years of performance. 
We are now working on our V4 release which is due to 
reach customers in 2016 and serves two primary 
purposes: preparing the technology for scale-up, as 
well as improving performance and reducing cost 
further.
In terms of performance, high electrical efficiency 
relative to other technologies, particularly at small 
scale, is a key driver for the adoption of SOFC 
technology. We have already demonstrated 
performance equivalent to the best available systems 
in Japan and aim to achieve over 50% net electrical 
efficiency in the next year. 
Such performance not only enhances the already 
significant benefit to the residential consumer, but 
more importantly, widens the potential of the 
technology to other markets such as power-only and 
back-up power applications for the commercial and 
light-industrial business sectors. 
The technology team has also been continuously 
improving the power output of the Steel Cell. We have 
shown power density improvements of 40% in the 
year and expect this to translate into lower-cost 
product offerings to customers in future releases of 
our technology. 
At a system level we have also made great progress 
and expect to release the latest version of our 
prototype system architecture, the Steel Gen, which is 
fully compliant with all emission standards and 
probably the most compact SOFC system design 
available. This meets the key requirements to access 
the wider markets for installations in high-rise 
apartments in Asia. 
In response to customer interest in higher-power 
products for light-commercial applications (such as 
the commercial market of 5-10kW power-only 
products), we have begun to develop multi-kW 
systems and I anticipate further progress in this area 
during the year. 
All of the above improvements in performance, 
robustness and cost result in an improved economic 
payback for the end user, at an affordable price point 
and serve to strengthen our USP and competitive 
position. Strategic Report
Ceres Power Holdings plc annual report 2015 15
Mark Selby
C h i e f 	 T ec hno l o g y 	 O f fic e r 	
We have already 
demonstrated 
performance equivalent 
to the best available 
systems in Japan and 
aim to achieve over 50% 
net electrical efficiency 
in the next year. Such 
performance ... widens 
the potential of the 
technology to other 
markets
T echnology milestones
Hitting targets and delivering on objectives across all 
measures of performance, robustness and cost, in the past 
year we have successfully reached and passed multiple 
technology milestones.
Performance: 
• Demonstrated 47% net electrical efficiency in a 
prototype CHP product, equivalent to the highest 
performance achieved by competing high-cost systems 
in Japan.
• Developing a system architecture 25% lighter and 25% 
more compact than our current design, which is fully 
compliant with global emissions standards.
Robustness: 
• Released V3 technology to customers and over 10,000 
hour steady state tests with extremely low degradation 
rates, equating to a greater than 7-year product life. 
• Completed aggressive accelerated testing (including 
redox and thermal cycling tests) equivalent to 10+ years 
of performance. 
Cost:
• V4 technology is on track for release in 2016 and serves 
two key purposes: as well as improving performance, it 
prepares the technology for scale-up and reduces cost 
• Power density improvements of 40% shown at R&D 
stage are expected to translate to lower-cost products 
to customers in future releases of our technology. Our 
roadmap is to double power density by 2020, which will 
further reduce the overall stack and system cost. Ceres Power Holdings plc annual report 2015 16
Chief Executive’s statement continued
Operations and manufacturing
We are competing with – and in some instances 
looking to partner with – a number of the largest 
ceramics companies in the world, hence the quality 
and scalability of our manufacturing processes is key 
and represents a source of great commercial value. 
Accordingly, we continue to invest in our 
manufacturing processes in Horsham which are 
unique to Ceres and a valuable asset.
I am also very pleased to have strengthened our team 
with the recent addition of James Falla as Chief 
Operating Officer. James joins Ceres with a track 
record in establishing operations in Asia for leading 
Tier 1 automotive companies. 
Significant progress has been made on production 
scale-up projects, designed to demonstrate and 
validate production processes suitable for high-
volume fuel cell manufacture. These are on track for 
delivery early next year through the V4 programme.
A good example of progress is the development of a 
high-speed screen print line which has been procured 
and part funded with an Innovate UK grant. Print-
cycle time will reduce from 30 seconds to just 3 
seconds. 
In an example of innovation driving down costs still 
further, the latest cell design release also incorporates 
a change to the electrolyte deposition from spraying 
to screen printing. This key technical advance serves 
to replace a cost-intensive process with a faster, more 
economical and controllable printing process.
Looking ahead, we are in discussions with several 
manufacturing partners to scale the business in line 
with OEM demand with a particular focus on Asia as a 
first market. 
Financial
Ceres is well financed to deliver its business plan, 
having raised £19.6 million in equity, mostly from new 
investors at the start of the financial year, in an 
oversubscribed private placing. The Company ends 
the year with £18.2 million in cash and cash 
equivalents and short-term investments  
(2014: £7.7 million).
During the year equity free cash outflow (EFCF)
1
 was 
£9.1 million (2014: £7.7 million). This planned increase 
was driven predominantly by the Company’s 
investment in its people and technology development, 
as it increased its average number of employees from 
72 to 96 and incurred recurring ‘cash operating costs’
2
 
of £10.5 million (2014: £8.2 million). EFCF was also 
influenced by additions to the Group’s test and 
manufacturing infrastructure as it incurred £1.2 
million capital expenditure (2014: £0.5 million). 
The Company’s commercial progress has not 
translated directly into the revenue streams that we 
expected in the year. As a result our underlying 
revenue
3
, which is primarily generated from customer 
evaluation and joint development agreements,  
and other operating income, fell in the year from  
£1.1 million to £0.9 million. 
We continue to make use of available government 
grants, which remain flat at £0.6 million, while 
underlying revenue fell from £0.5 million to  
£0.3 million
3
. Overall revenue has declined to  
£0.3 million (2014: £1.2 million) as in 2014 the  
Group released £0.7 million of deferred revenue  
to the income statement due to the ending of a  
legacy agreement with Bord Gais Eirann. 
An important form of funding to the business  
comes in the form of R&D tax credits. We received 
£1.2 million of tax credit relating to the prior year 
within the year (2014: £1.0 million) and we aim to 
increase this going forward in line with the R&D 
activity of the business. 
The Company’s loss for the financial year rose from 
£7.4 million in 2014 to £10.0 million, in line with 
internal expectations as we have invested significantly 
in test, validation and engineering capability as we 
grow the business. As the weighted average number 
of shares in issue increased from 537 million to  
753 million, the loss per ordinary share decreased 
from 1.38p to 1.33p.
Outlook
Over the past year we have deployed our technology 
in Japan, South Korea and the UK, completing all 
testing to date successfully, adding to our growing 
reputation in the industry. 
This has required us to demonstrate considerable 
maturity as an organisation in order to compete with 
some of the world-leading ceramics companies and 
engage with global power systems players.
We have hit and surpassed key technical milestones, 
with the highlight being the release of the latest 
version of our cell and system technology to 
customers. In order to do this we have invested in 
manufacturing and test capabilities in Horsham and 
also significantly in key hires for the team, broadening 
and deepening our capabilities and competences.  Strategic Report
Ceres Power Holdings plc annual report 2015 17
Looking ahead I expect to convert a number of our 
evaluation initiatives into significant development 
programmes and increase the number of partners we 
have in all stages of engagement. We continue to build 
relationships with a focus on securing the right 
strategic partners and I expect to announce further 
progress in our key relationships in the near future. 
In particular, we shall target securing partners for new 
applications outside of our traditional residential 
market and plan to demonstrate a multi-kW platform 
capability in the coming year which will open up new 
markets based on the common platform of the Steel 
Cell technology. 
As a technology company we expect to continuously 
improve our technology in accordance with our 
roadmap. Over the coming year I expect to announce 
further improvements at both core technology and 
system level with a focus on increasing power and 
efficiency as we look to improve further the economic 
proposition to our customers. 
I should like to thank the whole team at Ceres for their 
continued focus and hard work over the year, without 
which this progress would not have been possible. I 
believe we now have a great team in place and we are 
at a point where our investment in the core 
technology will come through into our customer 
programmes. 
The Strategic Report, which includes the Chief 
Executive Officer’s Statement, was approved by the 
Board of Directors on 6 October 2015 and signed on 
its behalf by:
Phil Caldwell
Chief Executive Officer
6 October 2015
1		 E q u i t y	f r e e	c a s h	fl o w	( E F C F )	i s	t h e	n e t	c h a n g e	i n	c a s h	a n d	c a s h	
e q u i v a l e n t s	i n	t h e	y e a r	l e s s	n e t	c a s h	g e n e r a t e d	f r o m	fi n a n c i n g	
activities less the movement in short-term investments.
2  Cash operating costs being operating costs less depreciation and 
share payments charge.
3  Underlying revenue is total revenue less the release of deferred 
revenue relating to historic agreements. Ceres Power Holdings plc annual report 2015 18
Principal risks and uncertainties
In addition to financial risk management which is detailed in note 14 to the financial statements, there are a 
number of risks and uncertainties which could have a material impact on the execution of the Group’s strategy. 
Risks are formally reviewed by the Board and appropriate processes and controls put in place to monitor and 
mitigate them. Key business risks and mitigations in place are set out as follows:
Risk Description Mitigation Change
Technology The risk is that we will not be able 
to successfully develop and apply 
the Company’s fuel cell 
technology to potential products. 
The progress of the internal and 
customer validations of the 
technology has reduced this risk  
in the year.
Ceres’ prime focus is to deliver its 
technology for customers, as well 
as to continually improve the 
technology to maintain 
technological advantage.
Intellectual Property 
protection
The Group’s competitive 
advantage is at risk from 
unauthorised parties using the 
Group’s technology in their own 
products. 
This risk has risen as we 
increasingly share more of our 
technology with partners. 
There are internal procedures 
and controls in place to capture 
and exploit all Intellectual 
Property (‘IP’) as well as to 
protect, prevent and control 
disclosure to third parties and 
partners. 
Contractual provisions with 
partners and IP insurance 
provides additional protection 
for the Group for agreement, 
pursuit and defence of IP.
Key personnel dependence There is a risk of disruption to 
operations and damage to the 
business due to key personnel 
leaving the business. 
The Directors have put in place 
short-term incentive schemes 
and have granted share options 
to key personnel, which support 
their competitive remuneration 
packages and restrictive 
employment covenants already  
in place. Strategic Report
Ceres Power Holdings plc annual report 2015 19
Risk increased Risk decreased No change
Risk Description Mitigation Change
Operational There is a risk that the 
Company’s operations or its 
supply chain cannot manufacture 
to quality or to time or support 
delivery or validation of 
technology for customer or 
internal programmes. 
We closely monitor our 
manufacturing processes and 
work with suppliers to ensure 
their delivery to our required 
quality.
Commercial There is a risk that our partners 
do not use our technology in 
their products or go slower than 
anticipated. 
We are increasing our pipeline of 
potential customers and market 
applications mitigating the risk of 
individual customers who may 
not wish to move forward.
Competitive and market Technology obsolescence 
through alternative technologies 
from competitors, fuel prices, 
changing regulations and the 
development of markets all 
impact the Group’s future 
profitability and growth 
opportunity.
Our strategy addresses different 
geographical markets and we are 
broadening the applications 
available, mitigating failure in a 
single market or product. 
We monitor competitor activity 
and market developments 
continuously. 
Access to capital Even with its £20 million 
fundraise in the financial year, the 
Group is likely to be reliant on 
future equity funding to fully 
commercialise its technology. 
The Group is targeting meeting 
its financing needs from a mix of 
customer revenue, grant funding, 
tax credits and equity funding, 
which may be sought from 
institutional, retail or strategic 
sources.  Ceres Power Holdings plc annual report 2015 20
Corporate social responsibility 
As a world-leading developer of low cost, next generation fuel cell technology, 
Ceres Power is passionate about its role in empowering people, in homes and 
businesses around the world, to take better control of their energy.
Employed in decentralised energy products, our Steel Cell technology enables 
people and businesses to transform the way they generate their power, cutting 
costs and CO
2
 emissions, whilst simultaneously boosting efficiency, energy 
independence, resilience and reliability. 
How can our fuel cells benefit society and the environment?
• Saving energy: 
Studies show that fuel cell CHPs with their efficiency 
higher than the grid save 27% of a home’s typical energy 
consumption 
1
.
1 FCH-JU Fuel Cell Commercialisation Study, Roland Berger, 2014.
• Cutting pollution:
Fuel cells help bring SO
X 
and NO
X
 emissions down almost 
to zero, which has a big, beneficial impact on air quality in 
cities 
2
.
2 FCH-JU Fuel Cell Commercialisation Study, Roland Berger, 2014.
• Cutting costs: 
Adopting fuel cells in domestic CHP units could 
reduce people’s energy bills by up to 50% a year 
5
.
5 Hydrogen London – Mayor of London – January 2014.
• Cutting carbon: 
Domestic fuel cell CHP units trialed in London delivered 30% carbon 
cuts, with savings from every two homes equivalent to taking one car 
off the road 
3
. Fuel cells in 5 million homes save the same CO
2
 
emissions every year as 10 Carbon Capture and Storage plants 
4
. 
3 Hydrogen London – Mayor of London – January 2014.
4 Fuel Cells the Smart Power Revolution, published by Ecuity, August 2014.
Fuel cell CHPs  
in homes
Lower  
energy bills
-50%
Taking one car  
off the road
Domestic fuel  
cell CHP unit –  
30% less carbon
Fuel cell CHPs 
higher efficiency 
than the grid
Reduced 
energy use
-27%
Fuel cell CHPs 
lower emissions
Improved air 
quality in cities Strategic Report
Ceres Power Holdings plc annual report 2015 21
Health & safety 
Ceres Power remains committed to achieving and maintaining the highest 
standards in health and safety practice. We work positively and 
proactively to create an open culture towards the Health and Safety 
Executive and to engage all employees in helping maintain our excellent 
safety record. We invest in specialist roles and systems to support this 
process. 
The Company is a member of the British Safety Council and we 
commission regular reviews of our health and safety arrangements, 
engaging independent external practice experts to ensure that we benefit 
from wider industry developments and the latest knowledge, in order to 
secure continuous improvement in this area. 
Employee diversity, development and retention 
The Group aims to recruit the best talent, acting as an equal 
opportunities employer at all times and ensuring that our staff remain 
safe from discrimination and harassment in the workplace. We invest in 
the training and development of our workforce to build the required skills 
to succeed as a business. Prioritising the needs and ambitions of our 
personnel, we invested around twice the national average per head on 
work-related training in 2014/15.
Anti-bribery and corruption 
Ceres takes a zero-tolerance approach to bribery and corruption. The 
Company is committed to acting with integrity in all business dealings and 
relationships across all jurisdictions in which it operates. The Company 
and its Group endeavour at all times to comply with the requirements of 
the UK Bribery Act 2010 as amended. The Company has adopted a 
dedicated group-wide anti-bribery policy, which is regularly reviewed and 
updated. 
Ethical standards
Ceres Power actively strives to achieve high ethical standards in all 
activities. We seek to ensure that our business partners apply similarly 
high standards. 
Environmental and community awareness
Ceres complies with all relevant environmental laws and strives to 
implement best environmental practice and stewardship in all of its 
activities. Conscious of our carbon footprint, we actively support cycling 
and car sharing as well as promoting recycling in all areas of the business. 
We seek to be a valued member of the community and consult locally on 
the possible impact of our operations, as well as informing the community 
on the type of employment opportunities we bring to the local area. Ceres Power Holdings plc annual report 2015 22
Board of directors & senior management team
Phil Caldwell 
Chief Executive Officer
Phil joined the Company in September 2013 as CEO. He was previously 
Corporate Development Director at Intelligent Energy Limited, a company 
specialising in PEM fuel cell systems, where he led commercial and strategic 
business development activities, including securing OEM partners, executing 
license deals and joint ventures. Prior to joining Intelligent Energy, Phil was 
responsible for business development for the Electrochemical T echnology 
Business within ICI. He has a Master’s degree in Chemical Engineering from 
Imperial College, holds an MBA from IESE Barcelona and is a Chartered Engineer 
and Sainsbury Management Fellow.
Richard Preston 
Chief Financial Officer
Richard joined Ceres Power in 2008 as Financial Controller , performing key 
finance and programme manager roles across the business. He was appointed to 
the Board in February 2013. Previously Richard held a number of senior roles in 
business transformation and project finance at Cable & Wireless. He is a 
Chartered Accountant and Corporate T reasurer and holds a Master’s in 
Engineering and Management Studies from the University of Cambridge.
Mark Selby 
Chief Technology Officer
Mark joined Ceres Power in 2006 and is responsible for leading all aspects of the 
strategy and delivery of the Steel Cell technology development. He was 
appointed to the Board in 2014 and prior to joining Ceres Power he was part of 
the Control & Electronics Department at Ricardo UK Limited. Mark has degrees 
in Electronics, Dynamics and Control Systems awarded by the University 
of Leeds.
James Falla
Chief Operating Officer
James joined Ceres Power in March 2015 and has over 20 years’ experience in 
the automotive industry, holding senior operational, engineering and programme 
management positions. He has significant experience of establishing operations in 
Asia, with international experience in green field start ups, product launches and 
operational growth and restructuring. Prior to joining Ceres, James was an 
Executive Director at Air International in Shanghai. Previous roles include ASEAN 
Operations Director for TRW Automotive and management positions for GKN 
Driveline. James is a Chartered Mechanical Engineer with a First Class  
BEng (Hons) from Bath University.
Tony Cochrane
Chief Commercial Officer
Tony joined Ceres Power in August 2015, bringing significant experience of 
working in the fuel cell industry in Asia, Europe and North America. Previously he 
was at Ballard Power Systems for 17 years, where he held several leadership 
positions in manufacturing, product engineering, technology strategy and 
strategic marketing. Most recently T ony was Commercial Director for Dantherm 
Power A/S, a Ballard subsidiary, and Director of Product Line Management at 
Ballard, where he built the stationary power business globally. T ony is a registered 
professional engineer and holds a BScE in Mechanical Engineering from Queen’s 
University and an MBA from Cornell University.  Governance
Ceres Power Holdings plc annual report 2015 23
Alan Aubrey 
Chairman
Alan joined the Company in December 2012 as Chairman. He is the CEO of IP 
Group plc, a FTSE 250 company and leading global intellectual property 
commercialisation company. He is also Non-Executive Chairman of Proactis, an 
AIM-listed software company and a Non-Executive Director in a number of other 
leading technology companies. From 2008 to 2014, he was a Non-Executive 
Director of the Department for Business, Innovation & Skills (BIS). Previously 
Alan was a partner in KPMG where he specialised in providing advice to fast-
growing technology businesses. He is a fellow of the Institute of Chartered 
Accountants of England and Wales. Alan holds a BA in Economics and an MBA.
Steve Callaghan 
Senior Independent Director
Steve joined Ceres Power in December 2012 to lead the turnaround and strategy 
reset. He was appointed Senior Independent Director in March 2014. He is also 
Non-Executive Director at LUMATA Group Holdings, Chairman of Navtech 
Radar Ltd and CEO of CPP Group Plc. Prior to joining Ceres Steve held a number 
of senior executive and CEO positions in both public and private businesses over a 
period of 20 years. He has a degree in Electrical and Electronic Engineering from 
Cranfield University.
Mike Lloyd
Non-Executive Director
Mike joined Ceres Power in July 2012. He has more than forty years of 
experience in engineering, manufacturing and supply chain roles in the electrical 
machinery and power sectors. His senior leadership roles have included: 
President of Rolls Royce Gas Turbines Operations, T echnical Director of GEC 
Large Machines and Managing Director of Alstom T ransport. Mike is presently 
Chairman of Simworx and a Non-Executive Director of a number Energy Sector 
related companies. He has a BSc in Electrical Engineering, a PhD in Electrical 
Machines and is a Fellow of the Royal Academy of Engineering.
Robert Trezona 
Non-Executive Director
Robert joined the Company in December 2012. He has worked in technology 
venture for many years, focusing on cleantech and materials opportunities. He is 
the cleantech lead at IP Group plc and provides sector expertise across IP Group’s 
portfolio, as well as originating and managing investments in high-potential 
cleantech start-ups. Previously he was Head of Research and Development at the 
Carbon T rust, fuel cell team lead at Johnson Matthey and Ceres Power and 
strategy consultant for McKinsey and Company. He holds a PhD in Materials 
Science from the University of Cambridge.
Aidan Hughes
Non-Executive Director
Aidan joined Ceres Power in February 2015 as Non-Executive Director and 
Chairman of the Audit Committee. He has over 20 years of senior finance 
experience in a variety of listed companies, including as Finance Director at the 
Sage Group Plc from 1993 to 2000 and as a director of Communisis Plc from 
2001 to 2004. Since 2004 he has been Non-Executive Director of Dialog 
Semiconductors plc, where during his tenure Aidan chaired its Audit Committee. 
He is also an investor and adviser to a number of international private technology 
companies. Aidan is a Fellow of the Institute of Chartered Accountants in England 
and Wales. Ceres Power Holdings plc annual report 2015 24
Principles of Corporate Governance
The Board of Directors recognises the importance of good corporate governance to enhance and protect shareholder value. As the 
Company’s shares are registered on the Alternative Investment Market (AIM) of the London Stock Exchange, the Company is not 
required to report against the UK Corporate Governance Code published in September 2012 (the “Code”). However , the Board 
supports the principles contained in the Code and is committed to applying them, where they are appropriate, given the Company’s size. 
Furthermore, the Directors intend to take account of the requirements of the Corporate Governance Guidelines for Small and 
Mid-Size Quoted Companies of the Quoted Companies Alliance (“Guide”) in future reporting periods to the extent that they 
consider it appropriate.
The following describes how the principles of the Code have been applied.
Ceres Power Holdings plc is subject to the UK City Code on Takeovers and Mergers.
Board of Directors
The Company holds regular Board meetings and the Board will be convened on an ‘as required’ basis to meet the demands of the Group. 
The Board maintains a formal schedule of matters specifically reserved for its decision which is updated regularly. The Directors have 
established an Audit Committee, a Remuneration Committee, a T echnical and Operations Committee and a Nominations Committee 
with formally delegated rules and responsibilities. Each of these Committees meets on a regular basis as appropriate.
The Board comprises the Non-Executive Chairman, the Senior Independent Director, the Chief Executive Officer, Chief Finance 
Officer, the Chief Technology Officer and three Non-Executive Directors.
The Board considers that the Senior Independent Director and the Non-Executive Directors are all independent in character and 
judgement and meet the criteria for independence set out in the Code. It is the opinion of the Board that one of the Non-Executive 
Directors is independent although he represents a significant shareholder.
The Non-Executive Directors are considered by the Board to be independent of management and are free to exercise 
independence of judgement. They do not participate in any of the Company’s pension schemes or bonus arrangements. They 
receive no other remuneration from the Company other than the Directors’ fees and reimbursement of expenses.
The Company’s articles of association require that all Directors are subject to election by shareholders at the first Annual General 
Meeting (‘AGM’) following their initial appointment, and at each AGM one-third of the Directors shall retire by rotation and put 
themselves forward for re-election.
The Company maintains Directors’ and Officers’ liability insurance cover, the level of which is reviewed annually. 
Board Committees
The terms of reference of the Board Committees are available on request from the Company Secretary. 
1. Audit Committee
The Audit Committee currently comprises Aidan Hughes as Chairman, Steve Callaghan and Mike Lloyd. Meetings of the Committee are 
attended, at the invitation of the Committee, by the external auditor, the Chief Executive Officer and the Chief Financial Officer. The 
Committee meets with the external auditor on a regular basis without the Executive Directors being present. 
The Committee is authorised to seek any information it requires from any employee of the Group in order to perform its duties, 
and obtain any outside legal or other independent professional advice it requires at the Company’s expense. 
The Audit Committee determines and examines matters relating to the financial affairs of the Company and during its meetings it 
considers, amongst other items, the following:
• the integrity of the financial statements and other formal announcements relating to the Group’s financial performance, the 
going concern status of the Group and judgements that are contained within the financial statements;
• the Group’s internal control and risk management policies and systems (noting the Technical and Operations Committee’s 
responsibility relating to technical and operational risks, below), and their effectiveness;
• the Group’s whistle-blowing procedures to ensure that employees are able to raise concerns, in confidence, about possible 
wrong doing in financial reporting and other matters;
• the requirements for an internal audit function. The Audit Committee is satisfied that the Group does not currently require an 
internal audit function;
• the relationship with the external auditor, in particular satisfying itself as to the independence and effectiveness of the external 
auditor; and
• the policy on the engagement of the external auditor to supply non-audit services.
Corporate governance  Governance
Ceres Power Holdings plc annual report 2015 25
2. Technical and Operations Committee
The members of the Committee are Mike Lloyd as Chairman, Rob Trezona and Mark Selby, the Chief Technology Officer and 
James Falla, the Chief Operating Officer. The Committee advises the Board on issues and risks relating to the execution of the 
Group’s technology and operational programmes.
3. Remuneration Committee
The members of the Committee are Steve Callaghan as Chairman, Alan Aubrey and Mike Lloyd. The Committee governs all aspects 
of the Executive Directors’ and Chairman’s remuneration and reward arrangements and advises on Group employee benefit 
structures. 
It is recognised that it is not considered best practice for the Chairman to sit on the Remuneration Committee. The Board, 
however, takes the view that as the Chairman does not chair the Remuneration Committee, his participation will continue as the 
Committee gains the benefit of his external expertise and experience in areas which the Company considers important.
4. Nomination and Governance Committee
The members of the Committee are Alan Aubrey as Chairman, Mike Lloyd and Steve Callaghan. The Committee considers the 
composition of the Board and is responsible for reviewing the composition and structure of the Board and for identifying and 
recommending candidates for Executive and Non-Executive Director positions. It should be noted that the Chairman, whilst the Chair of 
the Nominations Committee, will not Chair the Nominations Committee in any dealings regarding the appointment of his successor .
Communication with shareholders
The Board is accountable to the Company’s shareholders and as such it is critical for the Board to maintain effective 
communications with shareholders. The Company maintains an active dialogue with institutional shareholders through regular 
briefing meetings and formal presentations by the Executive Directors following the interim and preliminary financial results. 
During the year, the views of major shareholders are communicated to the Board and Senior Independent Director through 
briefings by the Company’s brokers and face-to-face meetings with the Chairman. Press releases are issued throughout the year 
via the Regulatory News Service (RNS) and the Company maintains a website (www.cerespower.com) on which press releases, 
corporate presentations and its Annual Report are available to view.
The AGM, which the Directors attend, provides an opportunity for communication with all shareholders and the Board 
encourages shareholders to attend and welcomes their participation. 
Internal controls
The Directors acknowledge their responsibility for establishing and maintaining the Group’s systems of internal control. These are 
designed to safeguard the assets of the Group and to ensure the reliability of financial information for both internal and external 
use. 
The Group prepares detailed budgets and cash flow projections, which are approved annually by the Board and updated regularly 
throughout the year. Detailed management accounts and working capital cash flow projections are prepared on a monthly basis 
and compared to budgets and projections to identify any significant variances. The Board reviews, identifies, evaluates and 
manages the significant risks that face the Group. Any system of internal control can only provide reasonable, and not absolute, 
assurance that material financial irregularities will be detected or that risk of failure to achieve business objectives is eliminated. 
The Directors, having reviewed the effectiveness of the system of internal financial, operational and compliance controls and risk 
management, consider that the systems of internal control operated effectively throughout the financial year and up to the date 
that the financial statements were signed. 
Conflicts of interest 
The Group has in place procedures for the disclosure and review of any conflicts or potential conflicts of interest which the Directors may 
have and for the authorisation of such conflicts by the Board. During the year there were no such conflicts of interest. Ceres Power Holdings plc annual report 2015 26
The Directors present their report and the audited financial statements for the year ended 30 June 2015.
Principal activities
The Ceres Power Group is a world-leading developer of low cost, next generation fuel cell technology. 
Review of business and future developments
A review of the Group’s business, including events since the year end and an outlook for the future, are set out in detail in the 
Chairman’s statement and the Chief Executive’s statement on pages 2 to 17.
Results and dividends
The consolidated results of the Group for the year are set out in the Consolidated statement of comprehensive income on page 29. 
The Directors do not recommend the payment of a dividend (2014: £nil).
Research and development
During the year, the Group incurred expenditure of £9,146,000 (2014: £7,138,000) on research and development, all of which 
was expensed to the Consolidated statement of comprehensive income. The Chief Executive’s statement reports on progress 
during the year.
Charitable and political contributions
The Group made no charitable or political contributions during the year (2014: £nil).
Principal risks and uncertainties
In addition to financial risk management which is detailed in note 14 to the financial statements, there are a number of risks and 
uncertainties which could have a material impact on the execution of the Group’s strategy which are laid out in the strategic report. 
Directors
The Directors of the Company, who served during the year and up to the date of signing the financial statements unless otherwise 
stated, are as follows:
• Alan Aubrey (Non-Executive Chairman) 
• Steve Callaghan (Senior Independent Director) 
• Phil Caldwell (Chief Executive Officer) 
• Richard Preston (Chief Financial Officer)
• Mark Selby (Chief Technology Officer) appointed 30 October 2014
• Mike Lloyd (Non-Executive Director) 
• Robert Trezona (Non-Executive Director)
• Aidan Hughes (Non-Executive Director) appointed 9 February 2015
Directors’ and Officers’ liability insurance
The Company maintains liability insurance for its Directors and Officers as permitted by the Companies’ Act 2006. 
Substantial shareholders
The Company has been notified of the following holdings of 3% or more of the 772,537,841 ordinary shares of 1p each of the 
Company on 30 September 2015:
Investor
Number of 1p  
ordinary shares Percentage
Richard Griffiths 179,849,022 23.28%
IP Group plc 179,558,822 23.24%
Lansdowne Partners 76,470,588 9.90%
Henderson Global Investors 63,179,231 8.18%
Sarasin & Partners LLP 41,018,332 5.31%
Directors’ report
for the year ended 30 June 2015 Governance
Ceres Power Holdings plc annual report 2015 27
Policy and practice on payment of creditors
It is the Group’s policy for all suppliers to agree payment terms in advance of the supply of goods and services and to adhere to 
those payment terms. Trade creditors of the Group at the year end as a proportion of amounts invoiced by suppliers during the 
year represent 34 days (2014: 34 days). Trade creditors of the Company at the year end as a proportion of amounts invoiced by 
suppliers during the year represent 19 days (2014: 39 days).
Corporate Governance
The Directors recognise the importance of good corporate governance. The principles of how the UK Corporate Governance 
Code 2012 has been applied are in the Corporate Governance section of this report and on the Company’s website (www.
cerespower.com).
Statement of Directors’ responsibilities
The Directors are responsible for preparing the Annual Report and the Group and Parent Company financial statements in 
accordance with applicable law and regulations. 
Company law requires the Directors to prepare Group and Parent Company financial statements for each financial year. As 
required by the AIM Rules of the London Stock Exchange they are required to prepare the Group financial statements in 
accordance with IFRSs as adopted by the EU and applicable law and have elected to prepare the Parent Company financial 
statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice).
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair 
view of the state of affairs of the Group and Parent Company and of their profit or loss for that period. In preparing each of the 
Group and Parent Company financial statements, the Directors are required to: 
• select suitable accounting policies and then apply them consistently; 
• make judgements and estimates that are reasonable and prudent; 
• for the Group financial statements, state whether they have been prepared in accordance with IFRSs as adopted by the EU; 
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Parent 
Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent 
Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Parent Company and enable 
them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such 
steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. 
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the 
Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from 
legislation in other jurisdictions.
Going concern
The Directors have a reasonable expectation that the Group and Company have adequate resources to progress their established 
strategy for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial 
statements.
Directors’ statement on disclosure of information to the auditor
So far as each Director is aware, there is no relevant audit information of which the Company’s auditor is unaware. Each Director 
has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information 
and to establish that the Company’s auditor is aware of that information.
Independent auditor
On the 8 May 2015 KPMG LLP were appointed as auditor pursuant to section 485 of the Companies Act 2006.
By order of the Board
Richard Preston
Chief Financial Officer
6 October 2015 Ceres Power Holdings plc annual report 2015 28
We have audited the financial statements of Ceres Power Holdings plc for the year ended 30 June 2015 set out on pages 29 to 54. 
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and 
International Financial Reporting Standards (IFRSs) as adopted by the EU. The financial reporting framework that has been applied 
in the preparation of the Parent Company financial statements is applicable law and UK Accounting Standards (UK Generally 
Accepted Accounting Practice). 
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 
2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to 
state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 
responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for 
the opinions we have formed. 
Respective responsibilities of Directors and auditor 
As explained more fully in the Directors’ responsibilities statement set out on page 27, the Directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit, and 
express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and 
Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. 
Scope of the audit of the financial statements 
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at www.frc.
org.uk/auditscopeukprivate. 
Opinion on financial statements 
In our opinion: 
• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 30 June 
2015 and of the Group’s loss for the year then ended; 
• the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the EU; 
• the Parent Company financial statements have been properly prepared in accordance with UK Generally Accepted Accounting 
Practice; 
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. 
Opinion on other matter prescribed by the Companies Act 2006 
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial 
statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our 
opinion: 
• adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been 
received from branches not visited by us; or 
• the Parent Company financial statements are not in agreement with the accounting records and returns; or 
• certain disclosures of Directors’ remuneration specified by law are not made; or 
• we have not received all the information and explanations we require for our audit. 
James Ledward (Senior Statutory Auditor) 
for and on behalf of KPMG LLP, Statutory Auditor 
Chartered Accountants 
1 Forest Gate
Brighton Road
Crawley, West Sussex
RH11 9PT 
6 October 2015
Independent auditor’s report 
to the members of Ceres Power Holdings plc Financial Statements
Ceres Power Holdings plc annual report 2015 29
Consolidated statement of comprehensive income 
for the year ended 30 June 2015
Note
2015  
£’000
2014  
£’000
Revenue 2 324 1,224
Cost of sales (191) (265)
Gross profit 133 959
Operating costs 3 (12,476) (10,128)
Other operating income 3 621 581
Operating loss (11,722) (8,588)
Finance income 4 110 73
Loss before income tax 3 (11,612) (8,515)
Income tax credit 7 1,571 1,122
Loss for the financial year and total comprehensive loss (10,041) (7,393)
Loss per £0.01 ordinary share expressed in pence per share:
– basic and diluted 8 (1.33)p (1.38)p
All activities relate to the Group’s continuing operations and the loss for the financial year is fully attributable to the owners of the 
Parent.
The notes on pages 33 to 49 are an integral part of these consolidated financial statements. Ceres Power Holdings plc annual report 2015 30
Note
2015  
£’000
2014  
£’000
Assets
Non-current assets
Property, plant and equipment 9 2,080 1,657
Other receivables 11 – 58
Total non-current assets 2,080 1,715
Current assets
Trade and other receivables 11 982 1,219
Current tax receivable 1,519 1,166
Short-term investments 12 6,000 –
Cash and cash equivalents 12 12,184 7,699
Total current assets 20,685 10,084
Liabilities
Current liabilities
Trade and other payables 13 (1,708) (1,143)
Provisions for other liabilities and charges 15 (305) (242)
Total current liabilities (2,013) (1,385)
Net current assets 18,672 8,699
Non-current liabilities
Accruals and deferred income 13 (1,121) (1,175)
Provisions for other liabilities and charges 15 (950) (1,166)
Total non-current liabilities (2,071) (2,341)
Net assets 18,681 8,073
Equity attributable to the owners of the Parent
Share capital 16 7,725 5,369
Share premium account 90,120 72,907
Capital redemption reserve 3,449 3,449
Other reserve 7,463 7,463
Accumulated losses (90,076) (81,115)
Total equity 18,681 8,073
The notes on pages 33 to 49 are an integral part of these consolidated financial statements.
The financial statements on pages 29 to 49 were approved by the Board of Directors on 6 October 2015 and were signed on its 
behalf by:
Phil Caldwell   Richard Preston
Chief Executive Officer  Chief Financial Officer
Ceres Power Holdings plc
Registered Number: 5174075
Consolidated statement of financial position
as at 30 June 2015 Financial Statements
Ceres Power Holdings plc annual report 2015 31
Consolidated cash flow statement
for the year ended 30 June 2015
Note
2015  
£’000
2014  
£’000
Cash flows from operating activities
Cash used in operations 18 (9,182) (8,252)
Income tax received 1,218 1,000
Net cash used in operating activities (7,964) (7,252)
Cash flows from investing activities
Purchase of property, plant and equipment (1,243) (520)
Movement in short-term investments (6,000) 6,207
Finance income received 110 75
Net cash (used in)/generated from investing activities (7,133) 5,762
Cash flows from financing activities
Proceeds from issuance of ordinary shares 20,035 2
Net expenses from issuance of ordinary shares (466) –
Net cash generated from financing activities 19,569 2
Net increase/(decrease) in cash and cash equivalents 4,472 (1,488)
Exchange gains/(losses) on cash and cash equivalents 13 (43)
4,485 (1,531)
Cash and cash equivalents at beginning of year 7,699 9,230
Cash and cash equivalents at end of year 12 12,184 7,699 Ceres Power Holdings plc annual report 2015 32
Note
Share  
capital  
£’000
Share 
premium 
account 
£’000
Capital 
redemption 
reserve 
£’000
Other  
reserve 
£’000
Accumulated 
losses  
£’000
Total  
£’000
At 1 July 2013 8,817 72,906 – 7,463 (74,578) 14,608
Comprehensive income
Loss for the financial year – – – – (7,393) (7,393)
Total comprehensive loss – – – – (7,393) (7,393)
Transactions with owners
Issue of shares, net of costs 16 1 1 – – – 2
Cancellation of deferred shares, net of costs (3,449) – 3,449 – – –
Share-based payments charge 17 – – – – 856 856
Total transactions with owners (3,448) 1 3,449 – 856 858
At 30 June 2014 5,369 72,907 3,449 7,463 (81,115) 8,073
Comprehensive income
Loss for the financial year – – – – (10,041) (10,041)
Total comprehensive loss – – – – (10,041) (10,041)
Transactions with owners
Issue of shares, net of costs 16 2,356 17,213 – – – 19,569
Share-based payments charge 17 – – – – 1,080 1,080
Total transactions with owners 2,356 17,213 – – 1,080 20,649
At 30 June 2015 7,725 90,120 3,449 7,463 (90,076) 18,681
Consolidated statement of changes in equity
for the year ended 30 June 2015 Financial Statements
Ceres Power Holdings plc annual report 2015 33
Notes to the consolidated financial statements
for the year ended 30 June 2015
1. Summary of significant accounting policies
The Company is incorporated and domiciled in the United Kingdom and is registered on AIM. 
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These 
policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of the Group have been prepared on a going concern basis, in accordance with International 
Financial Reporting Standards (“IFRS”) as adopted by the European Union, the IFRS Interpretations Committee (IFRS-IC) 
interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. 
The Company has elected to prepare its entity financial statements in accordance with United Kingdom Generally Accepted 
Accounting Practice (UK GAAP) and these are presented on pages 50 to 54.
The consolidated financial statements have been prepared on a historical cost basis except for certain items that have been 
measured at fair value as detailed in the individual accounting policies below. 
Critical accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and 
assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported 
amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best 
knowledge of the amount, event or actions, actual results may ultimately differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in 
the period in which the estimate is revised. Material estimates and assumptions are made in particular with regard to: providing for 
onerous leases and dilapidations; choosing the appropriate method with which to recognise grant income and evaluation and 
development related revenue (revenue is recognised over the evaluation and development phase of each contract based on the 
costs incurred (‘percentage of completion’); and recognising R&D tax credits.
When arriving at these estimates and underlying assumptions the Directors considered factors such as advice from professional 
advisors and past experience of liaising with tax authorities.
The financial impact of changes to these assumptions is as follows: if the onerous leases were partially sublet or the revenue 
contracts were 10% less complete or if 10% less tax credit was received, then the impact would be immaterial.
Basis of consolidation
The consolidated financial statements of Ceres Power Holdings plc include the results of the Company and its wholly owned 
subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, 
variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. 
Subsidiaries are consolidated from the date on which control is transferred to the Group and are de-consolidated from the date 
that control ceases. The purchase method of accounting is used to account for acquisitions and the cost of acquisition is measured 
as the fair value of assets given, equity instruments issued and liabilities incurred. The accounting policies of subsidiaries have been 
changed where necessary to ensure consistency with the policies adopted by the Group.
The financial statements of Ceres Power Ltd have been consolidated under merger accounting rules. The financial statements of 
Ceres Intellectual Property Company Ltd and Ceres Power Intermediate Holdings Ltd have been consolidated under acquisition 
accounting rules. 
Intra-Group transactions, profits, losses and balances are eliminated in full on consolidation.
Capital risk management
The Group’s objectives, when managing capital, are to safeguard the Group’s ability to continue as a going concern and to maintain 
an optimal capital structure. Total capital, which is the Group’s primary source of funding, is calculated as ‘Total equity’ as shown in 
the consolidated statement of financial position. The Group protects its capital by eliminating/hedging treasury risks that could 
expose the Group to the risk of material loss of capital (refer to note 14).
  Ceres Power Holdings plc annual report 2015 34
Notes to the consolidated financial statements continued
for the year ended 30 June 2015
1. Summary of significant accounting policies continued
Property, plant and equipment
Property, plant and equipment are stated at historical cost less depreciation. Historical cost includes all expenditure that is directly 
attributable to the acquisition of the assets. Subsequent costs are included in the asset’s carrying amount or recognised as a 
separate asset, as appropriate, only when it is probable that future economic benefits associated with the asset will flow to the 
Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated 
Statement of Comprehensive Income during the financial period in which they are incurred. The Directors annually consider the 
need to impair these assets.
Depreciation is calculated using the straight-line method to allocate the cost over the estimated useful economic lives as follows:
 
Leasehold improvements Ten years or the lease term if shorter 
Plant and machinery Three to five years 
Computer equipment Three years 
Fixtures and fittings Three to ten years
The assets’ residual values and useful economic lives are reviewed, and adjusted if appropriate, at each balance sheet date. 
Assets under construction represent the cost of purchasing, constructing and installing property, plant and equipment ahead of 
their productive use. The category is temporary, pending completion of the assets and their transfer to the appropriate and 
permanent category of property, plant and equipment. As such, no depreciation is charged on assets under construction.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand, pooled money market funds and short-term deposits with an original 
maturity of less than or equal to three months, reduced by overdrafts to the extent that there is a right of offset against other cash 
balances. 
Short-term investments
These include short-term bank deposits with original maturity greater than three months and less than or equal to twelve months.
Trade and other receivables
Trade receivables are recognised initially at fair value and subsequently held at amortised cost less an allowance for any 
uncollectable amounts that are made when the full amount is no longer considered receivable. Actual bad debts are written off 
when identified. A provision for impairment of trade receivables is established when there is objective evidence that the Group will 
not be able to collect all amounts due according to the original terms of the receivables.
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest 
method.
Taxation
The tax credit represents the best estimate of tax due to the Group at the year end.
Deferred tax is provided in full, using the liability method, on temporary differences between the tax bases of assets and liabilities 
and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognised to the extent that it is 
probable that future taxable profit will be available against which the temporary differences can be utilised.
Share-based payments
The Group has a number of employee and executive share option and incentive schemes under which it makes equity-settled 
share-based payments. The fair value at the date of grant of equity-settled, share-based payments is expensed on a straight-line 
basis over the vesting period, based on the Group’s estimate of shares that will eventually vest. The charge is then credited back to 
reserves.
Fair value is measured by use of the Black-Scholes and binomial models. The expected lives used in the models are based on the 
Directors’ best estimates for the effects of non-transferability, exercise restrictions and behavioural considerations.
  Financial Statements
Ceres Power Holdings plc annual report 2015 35
1. Summary of significant accounting policies continued
Foreign currencies
The consolidated financial statements are presented in pounds sterling, which is the Company’s functional and presentational 
currency. Transactions denominated in foreign currencies are translated into sterling at the actual rate of exchange ruling at the 
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates ruling 
at the balance sheet date. Exchange differences are included in the Consolidated Statement of Comprehensive Income.
Pension scheme arrangements
The Group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from 
those of the Group. The pension costs charged represent contributions paid by the Group to individual pension plans and are 
charged to the Consolidated Statement of Comprehensive Income as they become payable.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary 
course of the Group’s activities. Revenue is shown net of value added tax, other sales taxes and after eliminating sales within the 
Group. The revenue primarily consists amounts received or receivable under evaluation and development contracts which are 
recognised as revenue when earned, as calculated on a percentage of completion basis, based on costs incurred to date versus total 
estimated costs over the period that the related work is performed, subject to certainty of receipt of cash, or when any specific 
conditions in agreements have been met. If a loss is expected in respect of a contract, the entire loss is recognised immediately in 
the income statement. All direct costs relating to these evaluation and development contracts are recorded as cost of sales.
Government grants
Grants are recognised on a case-by-case basis. Revenue grants are recognised in the Consolidated Statement of Comprehensive 
Income as other operating income. Capital grants are recognised in property, plant and equipment against the assets to which they 
relate (and are fully disclosed in note 9 to the financial statements) and are credited to the Consolidated Statement of 
Comprehensive Income on a straight-line basis over the expected lives of the related assets as a reduction to depreciation expense. 
For grants with no technical milestones, and where recovery is reasonable, the grant is recognised on an accruals basis in order to 
match the associated expenditure with the grant. For grants with technical milestones, these grants are held on the balance sheet 
as deferred income and are recognised only when the relevant milestone has been achieved and the associated cash has been 
received.
Research and development expenditure
Research costs are expensed as incurred. Development expenditure is capitalised when it can be separately measured and its 
future recoverability can be reasonably regarded as assured. Following initial recognition, the related asset is amortised over the 
period of expected future sales with impairment reviews being carried out at least annually. The asset is carried at cost less any 
accumulated amortisation and impairment losses. 
Research and development costs in the year include all related costs of the on-going enhancement of the Company’s core 
technology and related systems. These costs include, but are not limited to, staff salaries and related costs, the direct cost of 
manufacturing cells and systems for R&D and the testing and analysis of the technology.
As the Group is still pursuing significant internal and customer development programmes, the above criteria and those set out in 
IAS 38, ‘Intangible assets’, have not been met, therefore the Group has not yet capitalised any development costs. 
Non-recurring operating costs
Costs are recognised as non-recurring when they relate to a major restructuring of the Group’s activities. These typically include 
employee termination payments, provisions for onerous leases and disposals of property, plant and equipment. 
Operating leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating 
leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the Consolidated 
Statement of Comprehensive Income on a straight-line basis over the period of the lease. Benefits received and receivable as an 
incentive to sign an operating lease are amortised over the full lease term. Ceres Power Holdings plc annual report 2015 36
Notes to the consolidated financial statements continued
for the year ended 30 June 2015
1. Summary of significant accounting policies continued
Derivative financial instruments
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The Group uses 
forward foreign exchange contracts to hedge against foreign currency denominated purchase commitments. The use of financial 
derivatives is governed by the Group’s treasury policy, as approved by the Board. The Group does not use derivative financial 
instruments for speculative purposes. Details of financial instruments are shown in note 14.
Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the 
Consolidated Statement of Comprehensive Income as they arise.
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event, it is probable 
that an outflow of resources will be required to settle the obligation and the amount can be reliably measured. Provisions have 
been made for future dilapidations costs on leased property and on onerous leases. These provisions are the Directors’ best 
estimates as the actual costs and timing of future cash flows are dependent on future events and are updated periodically. Any 
difference between expectations and the actual future liability will be accounted for in the period when such determination is 
made. Details of the Group’s provisions are set out in note 15.
Changes in accounting policy and disclosures 
It is not expected that the implementation of any of the new standards or interpretations will have a significant impact on the 
Group’s accounting or disclosures, with the exception of IFRS 15, ‘Revenue from Contracts with Customers’, which may impact on 
the timing of revenue being recognised in future periods.
2. Revenue and segmental information 
For management purposes, the Group is organised into one operating segment, which is the development and commercialisation 
of its fuel cell technology. 
The Group has adopted IFRS 8, ‘Operating Segments’. IFRS 8 defines operating segments as those activities of an entity about 
which separate financial information is available and which are evaluated by the Chief Operating Decision Maker to assess 
performance and determine the allocation of resources. The Chief Operating Decision Maker has been identified as the Executive 
Management Team, comprising the Chief Executive Officer, the Chief Financial Officer, the Chief Technology Officer and the Chief 
Operating Officer. The Directors are of the opinion that under IFRS 8 the Group has only one operating segment, being the 
development and commercialisation of its fuel cell technology. The Executive Management Team assesses the performance of the 
operating segment on financial information which is measured and presented in a manner consistent with that in the financial 
statements.
Of the Group’s revenue of £324,000, £59,000 was derived from Europe and £265,000 from Asia (2014 Group revenue was: 
£1,224,000, of which £738,000 was derived from Europe, £304,000 from Asia and the remaining from outside of Europe). All of 
the Group’s non-current assets are located in the United Kingdom.  Financial Statements
Ceres Power Holdings plc annual report 2015 37
3. Loss before income tax 
2015  
£’000
2014  
£’000
Operating costs are split as follows:
Research and development costs 9,146 7,138
Administrative expenses 3,330 2,990
12,476 10,128
Loss before income tax is stated after charging/(crediting):
Staff costs, including share-based payments charges (note 5) 6,392 4,953
Depreciation on property, plant and equipment (net of amortised grant contributions) 926 1,069
Operating lease rentals payable – property, plant and machinery 312 281
Other operating income – grant income (621) (581)
Repairs expenditure on property, plant and equipment 175 110
Net foreign exchange (gains)/losses (13) 43
Services provided by the Group’s auditor
During the year the Group obtained the following services from the Group’s auditor as detailed below:
Fees payable to the Company’s auditor for the audit of parent Company and  
consolidated financial statements 10 10
Fees payable to the Company’s auditor for other services
– the audit of the Company’s subsidiaries 26 28
– other services relating to taxation 9 27
– other services 2 25
47 90
4. Finance income
2015  
£’000
2014  
£’000
Interest receivable on cash and short-term investments 110 73
5. Employees and Directors
The average monthly number of persons (including Executive Directors) employed by the Group during the year was:
2015  
Number
2014  
Number
By activity:
Servicing customers 4 4
Research and development 79 53
Administration 13 15
96 72
2015  
£’000
2014  
£’000
Staff costs (for the above persons) comprised:
Wages and salaries, including compensation for loss of office 4,513 3,475
Social security costs 498 396
Other pension costs (note 6) 301 226
Share-based payments (note 17) 1,080 856
6,392 4,953
  Ceres Power Holdings plc annual report 2015 38
Notes to the consolidated financial statements continued
for the year ended 30 June 2015
5. Employees and Directors continued
2015  
£’000
2014  
£’000
Directors’ emoluments:
Aggregate emoluments 576 458
Company contributions to defined contribution pension schemes 31 18
607 476
2015  
£’000
2014  
£’000
Highest paid Director:
Aggregate emoluments 215 171
Company contributions to defined contribution pension schemes 15 9
230 180
Three Directors (2014: Two Directors) have retirement benefits accruing under defined contribution pension schemes.
Directors’ emoluments for the year ended 30 June 2015
Salary/fee
8
  
£
Pension
7
  
£
Total  
£
Executive
Phil Caldwell 215,000 15,000 230,000
Richard Preston 133,917 9,687 143,604
Mark Selby
5
91,917 6,133 98,050
Non-Executive
Alan Aubrey 34,333 – 34,333
Steve Callaghan
2
29,725 – 29,725
Robert Trezona
4
29,500 – 29,500
Mike Lloyd 29,500 – 29,500
Aidan Hughes
6
11,731 – 11,731
575,623 30,820 606,443
Directors’ emoluments for the year ended 30 June 2014
Salary/fee  
£
Pension
7
  
£
Total  
£
Executive
Phil Caldwell
1
171,250 8,814 180,064
Richard Preston 141,375 9,328 150,703
Non-Executive
Alan Aubrey 15,000 – 15,000
Steve Callaghan
2
95,934 – 95,934
Mike Bretherton
3
3,981 – 3,981
Robert Trezona
4
15,000 – 15,000
Mike Lloyd 15,000 – 15,000
457,540 18,142 475,682
1 Appointed to the Board on 2 September 2013.
2 Steve Callaghan was appointed to the Board on 18 December 2012. Fees totalling £nil (2014: £79,595) were paid to Steve Callaghan Services Limited,  
a company of which Steve Callaghan is a Director.
3 Resigned on 4 October 2013.
4 Appointed to the Board on 18 December 2012. His fees are paid to IP Group Ltd.
5 Appointed to the Board on 30 October 2014.
6 Appointed to the Board on 9 February 2015.
7 Pension contribution is based on 8% of gross salary and employer’s National Insurance saved on employee pension contributions.
8	 I n c l u d e s	a n y	b e n e fi t s	i n	k i n d . Financial Statements
Ceres Power Holdings plc annual report 2015 39
5. Employees and Directors continued
Directors’ interests in share options
At 1 July  
2014  
number
Granted 
number
Lapsed/
Surrendered 
number
At 30 June 
2015  
number
Exercise  
price Exercise period
Phil Caldwell
Options (unapproved) 2,000,000 – – 2,000,000 £0.085 September 2014 – November 2023
Options (unapproved) 2,000,000 – – 2,000,000 £0.085 September 2015 – November 2023
Options
1
2,000,000 – – 2,000,000 £0.085 November 2016 – November 2023
Options
1
2,000,000 – – 2,000,000 £0.085 November 2017 – November 2023
Options
1
2,000,000 – – 2,000,000 £0.085 November 2018 – November 2023
Options
1
2,000,000 – – 2,000,000 £0.085 November 2019 – November 2023
Sharesave options (approved) 143,312 – – 143,312 £0.060 February – July 2017
Options (unapproved) – 1,000,000 – 1,000,000 £0.085 July 2017 – July 2024
Options (unapproved) – 1,000,000 – 1,000,000 £0.085 July 2018 – July 2024
Options (unapproved) – 1,000,000 – 1,000,000 £0.085 July 2019 – July 2024
Options (unapproved) – 1,000,000 – 1,000,000 £0.085 July 2020 – July 2024
12,143,312 4,000,000 – 16,143,312
Richard Preston
Options (approved) 400,000 – – 400,000 £0.010 January 2016 – January 2023
Options (approved) 400,000 – – 400,000 £0.010 January 2017 – January 2023
Options (approved) 400,000 – – 400,000 £0.010 January 2018 – January 2023
Options (approved) 400,000 – – 400,000 £0.010 January 2019 – January 2023
Options (unapproved) 375,000 – – 375,000 £0.099 April 2016 – April 2023
Options (unapproved) 375,000 – – 375,000 £0.099 April 2017 – April 2023
Options (unapproved) 375,000 – – 375,000 £0.099 April 2018 – April 2023
Options (unapproved) 375,000 – – 375,000 £0.099 April 2019 – April 2023
Sharesave options (approved) 143,312 (143,312) – £0.060 February – July 2017
Options (unapproved) – 375,000 – 375,000 £0.085 July 2017 – July 2024
Options (unapproved) – 375,000 – 375,000 £0.085 July 2018 – July 2024
Options (unapproved) – 375,000 – 375,000 £0.085 July 2019 – July 2024
Options (unapproved) – 375,000 – 375,000 £0.085 July 2020 – July 2024
Sharesave options (approved) – 165,441 – 165,441 £0.054 February – July 2018
3,243,312 1,665,441 (143,312) 4,765,441
Mark Selby
Options (approved) 400,000 – – 400,000 £0.010 January 2016 – January 2023
Options (approved) 400,000 – – 400,000 £0.010 January 2017 – January 2023
Options (approved) 400,000 – – 400,000 £0.010 January 2018 – January 2023
Options (approved) 400,000 – – 400,000 £0.010 January 2019 – January 2023
Options (unapproved) 90,000 – – 90,000 £0.085 September 2016 – September 2023
Options (unapproved) 90,000 – – 90,000 £0.085 September 2017 – September 2023
Options (unapproved) 90,000 – – 90,000 £0.085 September 2018 – September 2023
Options (unapproved) 90,000 – – 90,000 £0.085 September 2019 – September 2023
Sharesave options (approved) 143,312 – (143,312) – £0.060 February – July 2017
Options (unapproved) – 375,000 – 375,000 £0.085 August 2017 – August 2024
Options (unapproved) – 375,000 – 375,000 £0.085 August 2018 – August 2024
Options (unapproved) – 375,000 – 375,000 £0.085 August 2019 – August 2024
Options (unapproved) – 375,000 – 375,000 £0.085 August 2020 – August 2024
Sharesave options (approved) – 165,441 – 165,441 £0.054 February – July 2018
2,103,312 1,665,441 (143,312) 3,625,441
Steve Callaghan
Options (unapproved) 1,500,000 – – 1,500,000 £0.099 April 2016 – April 2023
1,500,000 – – 1,500,000
Mike Lloyd
Options (unapproved) 750,000 – – 750,000 £0.010 December 2015 – December 2022
Options (unapproved) 170,000 – – 170,000 £0.099 April 2016 – April 2023
920,000 – – 920,000
1 A portion of these share options are EMI approved. Ceres Power Holdings plc annual report 2015 40
Notes to the consolidated financial statements continued
for the year ended 30 June 2015
5. Employees and Directors continued
Directors’ interests in share options continued
All options outlined are fully exercisable at the Director’s discretion during the relevant exercise period.
In addition during the prior year certain key employees and Directors who are option-holders under the 2004 share option 
scheme were awarded Employee Shareholder Status (ESS) shares in the Company’s subsidiary, Ceres Power Intermediate 
Holdings Ltd. The ESS shares were granted as a modification to the unexercised 2004 Employees’ share scheme options providing 
the relevant employees with additional exercise rights. The modification has not changed the vesting period or exercise price. The 
total fair value charge of the options remains unchanged and the gross benefit received cannot exceed the gain realisable under the 
original share options and it cannot be received at an earlier time. As part of this, Phil Caldwell, Richard Preston and Mark Selby 
were awarded 8,932,516, 1,500,000 and 360,000 ESS shares respectively.
The Directors also had the following interests in shares in the Company as at the date of the signing of this annual report:
Steve Callaghan: 3,605,650 shares; Mike Lloyd: 783,088 shares; Phil Caldwell: 117,646 shares; Richard Preston: 222,645 shares, 
Robert Trezona: 124,544 shares; and Mark Selby: 25,325 shares. Alan Aubrey held an interest in IP Group plc, the parent company 
of IP2IPO Limited, a substantial shareholder of the Company.
Key management compensation
The Directors are of the opinion that the key management of the Group were the Chief Executive Officer, the Chief Financial 
Officer, the Chief Technology Officer and the Chief Operating Officer. The key management compensation is summarised in the 
following table:
2015  
£’000
2014  
£’000
Salaries and other short-term employment benefits 527 489
Post-employment benefits 37 24
Share-based payments 237 156
801 669
6. Pensions
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group 
in independently administered funds. The pension charge represents contributions payable by the Group to the funds and 
amounted to £301,000 (2014: £226,000). A total of £45,000 (2014: £34,000) was payable to the funds at the year end.
7. Income tax credit
2015  
£’000
2014  
£’000
UK corporation tax – R&D tax credit (1,519) (1,000)
Adjustment in respect of prior periods – R&D tax credit (52) (122)
Income tax credit (1,571) (1,122)
No corporation tax liability has arisen during the year (2014: £nil) due to the losses incurred.
A tax credit has arisen as a result of the tax losses being surrendered in respect of research and development expenditure in the 
current and prior years. Financial Statements
Ceres Power Holdings plc annual report 2015 41
7. Income tax credit continued
The tax result for the year is different from the standard rate of small profits UK corporation tax of 20% (2014: 20%). The 
differences are explained below:
2015  
£’000
2014  
£’000
Loss before income tax 11,612 8,515
Loss before income tax multiplied by the UK tax rate of 20% (2014: 20%) (2,322) (1,703)
Effects of:
Losses carried forward 894 529
Enhanced tax deductions for R&D expenditure (1,377) (910)
Expenses not deductible for tax purposes 205 170
Accelerated capital allowances and other timing differences 201 236
Adjustment in respect of prior periods – R&D tax credit (52) (122)
Difference between R&D tax credit and small company tax rates 880 678
Total income tax credit (1,571) (1,122)
8. Loss per share
Basic and diluted loss per £0.01 ordinary share of 1.33p for the financial year ended 30 June 2015 (2014: 1.38p) is calculated by 
dividing the loss for the financial year attributable to ordinary shareholders by the weighted average number of ordinary shares in 
issue during the year. Given the losses during the year, there is no dilution of losses per share in the year ended 30 June 2015 or in 
the previous year.
The loss for the financial year ended 30 June 2015 was £10,041,000 (2014: £7,393,000) and the weighted average number of 
£0.01 ordinary shares in issue during the year ended 30 June 2015 was 753,164,756 (2014: 536,831,883).
9. Property, plant and equipment
Leasehold 
improvements 
£’000
Plant and 
machinery 
£’000
Computer 
equipment 
£’000
Fixtures  
a n d 	 fi t tin g s	 
£’000
Assets under 
construction 
£’000
Total  
£’000
Cost
At 1 July 2013 1,465 6,696 1,073 138 6 9,378
Additions 205 186 9 – 145 545
Transfers – 6 – – (6) –
At 30 June 2014 1,670 6,888 1,082 138 145 9,923
Additions 51 1,298 – – – 1,349
Disposals – (1,756) (355) (69) – (2,180)
Transfers – 145 – – (145) –
At 30 June 2015 1,721 6,575 727 69 – 9,092
Accumulated depreciation
At 1 July 2013 588 5,613 860 136 – 7,197
Charge for the year 278 756 129 2 – 1,165
Amortisation of grant contributions (31) (65) – – – (96)
At 30 June 2014 835 6,304 989 138 – 8,266
Charge for the year 335 570 67 – – 972
Amortisation of grant contributions (15) (31) – – – (46)
Disposals – (1,756) (355) (69) – (2,180)
At 30 June 2015 1,155 5,087 701 69 – 7,012
Net book value
At 30 June 2015 566 1,488 26 – – 2,080
At 30 June 2014 835 584 93 – 145 1,657
At 30 June 2013 877 1,083 213 2 6 2,181 Ceres Power Holdings plc annual report 2015 42
Notes to the consolidated financial statements continued
for the year ended 30 June 2015
10. Subsidiary undertakings 
Details of the Company’s subsidiaries at 30 June 2015 are as follows: 
Name of undertaking Country of incorporation Description of shares held
Proportion of nominal 
value of shares held  
by the Company
Ceres Power Limited England and Wales £0.01 ordinary shares 100%
1
Ceres Intellectual Property Company Limited England and Wales £1.00 ordinary share 100%
1
Ceres Power Intermediate Holdings Limited England and Wales £0.01 ordinary shares 100%
1 
1 Ceres Power Ltd and Ceres Intellectual Property Company Ltd are 100% directly held by Ceres Power Intermediate Holdings Ltd.
The principal activity of Ceres Power Ltd is the development and commercialisation of the Group’s fuel cell technology. The 
principal activity of Ceres Intellectual Property Company Ltd is the administration of registered intellectual property developed 
within the Group. The principal activity of Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group 
companies and to manage the Group’s cash, cash equivalents and short-term investments. The results of Ceres Power Ltd, Ceres 
Intellectual Property Company Ltd and Ceres Power Intermediate Holdings Ltd are included within these consolidated financial 
statements. 
11. Trade and other receivables
2015  
£’000
2014  
£’000
Current:
Trade receivables 80 –
Other receivables 583 555
Prepayments 262 243
Accrued income 57 421
982 1,219
Non-current:
Prepayments – 58
– 58
There is no material difference between the fair value of other receivables and their carrying values and they are not overdue at 30 
June 2015. There have been no provisions for impairment of receivables during the year (2014: £nil). The carrying amounts of the 
Group’s trade and other receivables are all denominated in pounds sterling.
12. Cash and cash equivalents and short-term investments 
2015  
£’000
2014  
£’000
Cash at bank and in hand 1,135 982
Money market funds 11,049 6,717
Cash and cash equivalents 12,184 7,699
Short-term bank deposits greater than three months 6,000 –
18,184 7,699
The Group holds surplus funds in accordance with the treasury policy, as set out in note 14.
Interest  
rate type
2015  
£’000
2015  
£’000
Interest rate risk profile of the Group’s financial assets:
Cash at bank and in hand Floating 1,135 982
Money market funds Floating 11,049 6,717
Short-term bank deposits greater than three months Fixed 6,000 –
18,184 7,699 Financial Statements
Ceres Power Holdings plc annual report 2015 43
12. Cash and cash equivalents and short-term investments continued
The fixed rate short-term bank deposits in pounds sterling have terms of between three and 12 months and earn interest between 
0.52% and 0.96% (2014: none). Floating rate cash deposits, money market funds and other bank deposits earned interest based on 
relevant UK LIBID-related equivalents. The credit quality of financial assets has been assessed by reference to external credit 
ratings.
13. Trade and other payables 
2015  
£’000
2014  
£’000
Current:
Trade payables 526 327
Taxation and social security 161 124
Other payables 74 49
Accruals 943 643
Deferred income 4 –
1,708 1,143
Non-current:
Accruals 96 150
Deferred income 1,025 1,025
1,121 1,175
The non-current deferred income balance at the year end of £1,025,000 (2014: £1,025,000) is in respect of a long-term customer 
development contract. When all development milestones are adequately concluded in respect of this contract the deferred 
revenue will be recognised in the statement of comprehensive income. 
14. Financial instruments 
The Group only uses derivative financial instruments to hedge foreign currency exposures arising from an underlying current or 
anticipated business requirement and not for any speculative purpose. The Group does not currently use derivative instruments  
to manage its interest rate risk. The Group does not trade in financial instruments. 
Fair values of financial assets and financial liabilities 
There is no difference between the fair value and the carrying value of the Group’s financial assets and financial liabilities. Carrying 
value approximates to fair value because of the short maturity periods of these financial instruments. 
Financial risk management 
The Group’s operations expose it to a variety of financial risks that include credit risk and market risk arising from changes to 
interest rates and foreign currency exchange rates. The Board reviews and agrees policies for managing each of these risks. 
The principal risks addressed are as follows: 
Credit risk 
The Group’s exposure to credit risk arises from holdings of cash and cash equivalents and short-term investments and if a 
customer fails to meet its contractual obligations. The Group’s primary objective to manage credit risk from its holdings of cash  
and short-term investments is to minimise the risk of a loss of capital and eliminate loss of liquidity having a detrimental effect  
on the business. 
The Group typically places surplus funds into pooled money market funds and bank deposits with durations of up to 12 months. 
The Group’s treasury policy restricts investments in short-term sterling money market funds to those which carry short-term 
credit ratings of at least two of AAAm (Standard & Poor’s), Aaa/MR1+ (Moody’s) and AAA V1+ (Fitch) and deposits with banks 
with minimum long-term rating of A/A-/A3 and short-term rating of F-1/A-2/P-2 for banks which the UK Government holds less 
than 25% ordinary equity. 
The Group’s customers are generally large multi-national companies and are consequentially not considered to add significantly  
to the Group’s credit risk exposure.  Ceres Power Holdings plc annual report 2015 44
Notes to the consolidated financial statements continued
for the year ended 30 June 2015
14. Financial instruments continued
Financial risk management continued
Interest rate risk 
Interest rate risk on the Group’s liabilities is minimal. 
The Group’s finance income is sensitive to changes in interest rates. A change of 1% in interest rates would have impacted the 
finance income by £0.2 million in the year ended 30 June 2015 (2014: £0.1 million).
Liquidity risk 
Cash flow forecasting is performed by the Group. This includes forecasting of the Group’s liquidity requirements to ensure the 
Group has sufficient cash to meet its operational needs.
Foreign currency exposures 
The Group seeks to minimise its exposure to fluctuations in exchange rates by taking out forward currency contracts to hedge 
against foreign currency denominated commitments, when known. At 30 June 2015, 100% (2014: 100%) of foreign currency 
commitments were either hedged by foreign currency contracts or covered by cash held. Fair value is based on the market price of 
comparable instruments at the balance sheet date. 
The Group did not hold any forward currency contracts at the year end or prior year end.
None of the Group’s assets and liabilities were measured at fair value at 30 June 2015 or 30 June 2014.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is 
determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is 
available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are 
observable, the instrument is included in level 2.
The table below shows the extent to which the Group has monetary assets and liabilities in currencies other than pounds sterling. 
Foreign exchange differences arising on the retranslation of these monetary assets and liabilities are taken to the Consolidated 
Statement of Comprehensive Income. 
2015  
£’000
2014  
£’000
Foreign currency monetary assets:
United States Dollar 356 460
Norwegian Krone 30 21
Japanese Yen 85 18
Euro 122 9
593 508
The Group has net Euro denominated trade payables of £37,000 (2014: £5,000), Norwegian Krone denominated trade payables 
of £16,000 (2014: £nil), Danish Krone denominated trade payables of £7,000 (2014: £nil) and US Dollar denominated trade 
payables of £29,000 (2014: £nil).
The functional currency of the Company is pounds sterling.  Financial Statements
Ceres Power Holdings plc annual report 2015 45
15. Provisions for other liabilities and charges 
Property dilapidation and onerous lease provisions charged to the Consolidated Statement of Comprehensive Income are set out 
below: 
Provisions for the year ended 30 June 2015
Property 
dilapidations 
£’000
Onerous 
leases  
£’000
Total  
£’000
At 1 July 2014 657 751 1,408
Charged to the Consolidated Statement of Comprehensive Income 181 – 181
Utilised in the Consolidated Statement of Comprehensive Income (82) (252) (334)
At 30 June 2015 756 499 1,255
Current 78 227 305
Non-Current 678 272 950
At 30 June 2015 756 499 1,255
The dilapidation provision recognised matches the present value of costs to be incurred, which is materially the same as the 
expected costs to be incurred, in making good the various leasehold properties at the end of their respective leases, details of 
which are in note 19. The onerous lease provision recognised provides for the full cost of the remaining life of the leases on 
properties that the Company expects to have no further use of.
Deferred taxation
Potential deferred tax assets have not been recognised but are set out below:
2015  
£’000
2014  
£’000
Tax effect of temporary differences because of:
Difference between capital allowances and depreciation (1,727) (1,616)
Deductions relating to share options (362) (363)
Losses carried forward (10,204) (9,322)
Pensions – (5)
(12,293) (11,306)
The deferred tax assets have not been recognised, as the Directors consider that it is unlikely that the asset will be realised in the 
foreseeable future.
16. Share capital
2015 2014
Number £’000 Number £’000
Allotted and fully paid
At 1 July 536,831,973 5,369 536,799,123 8,817
Allotted under share option schemes – – 32,850 1
Allotted on cash placing & open offer 235,705,868 2,356 – –
Transfer to capital redemption reserve – – –
1
(3,449)
Ordinary shares of £0.01 each at 30 June 772,537,841 7,725 536,831,973 5,369
1 86,215,662 £0.04 deferred shares were cancelled in the year. These deferred shares were not included in the number of ordinary shares disclosed in this table.
During the year 235,705,868 ordinary £0.01 shares were issued for cash consideration of £20,035,000. In the prior period 
deferred shares of £0.04 each were cancelled with £3,448,626 being transferred to a capital redemption reserve and 32,850 
ordinary shares of £0.01 each were issued on the exercise of employee share options for cash consideration of £1,642. No 
ordinary shares were issued on the exercise of employee share options during the year (2014: 2,235,838 ordinary shares of £0.01 
each were issued on the exercise of employee share options for cash consideration of £31,792). Ceres Power Holdings plc annual report 2015 46
Notes to the consolidated financial statements continued
for the year ended 30 June 2015
17. Share options
The total charge recognised in the year ended 30 June 2015 relating to employee share-based payments was £1,080,000  
(2014: £856,000).
The Company has a number of share option schemes and savings-related share option plans for its employees and a separate 
scheme for Executive Directors. 
2015  
£’000
2014  
£’000
a) 2004 Employees’ share option scheme 1,027 794
b) 2011 Sharesave scheme – 38
b) 2014 Sharesave scheme 39 20
b) 2015 Sharesave scheme 14 –
c) Executive Directors’ one-off award – 4
1,080 856
a) Ceres Power Holdings Limited 2004 Employees’ share option scheme
The Company has issued share options under this scheme for Directors and employees, under which approved and unapproved 
share options were granted, prior to the flotation of the Company in November 2004 and in subsequent years. The Company 
adopted the ‘Ceres Power Holdings Limited 2004 Employees’ share option scheme’ at the time of flotation.
Under this scheme, Directors and employees hold options to subscribe for £0.01 ordinary shares in Ceres Power Holdings plc at 
prices ranging from £0.01 to the closing mid-market price on the day preceding the most recent share option grant. All options are 
equity settled. The vesting period for all options is generally between three and six years. If the options remain unexercised after a 
period of ten years from the date of the grant, the options expire. Options are forfeited if the employee chooses to leave the Group 
before the options vest. 
Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2015 2014
Number 
(’000)
Weighted 
average 
exercise 
price 
Number 
(’000)
Weighted 
average 
exercise  
price 
Outstanding at 1 July 62,887 £0.09 46,715 £0.11
Granted 19,950 £0.086 23,220 £0.083
Lapsed (4,548) £0.145 (7,048) £0.25
Outstanding at 30 June 78,289 £0.09 62,887 £0.09
Exercisable 3,119 £0.88 1,463 £2.06
In 2014 the weighted average share price on the exercise date of options was £0.025.
The range of exercise prices for options outstanding at the end of the year is as follows: 
2015 2014
Expiry date – 30 June
Weighted 
average 
exercise 
price
Number 
(’000)
Weighted 
average 
exercise  
price
Number 
(’000)
2015 – – £0.67 189
2016 £2.35 750 £1.89 1,012
2017 £2.22 365 £2.24 380
2018 – – £2.23 45
2019 £0.68 4 £0.82 37
2023 £0.02 36,035 £0.02 38,150
2024 £0.08 21,785 £0.08 23,074
2025 £0.09 19,350 – –
The options outstanding at the end of the year have a weighted average contractual life of 8.13 years (2014: 8.68 years). Financial Statements
Ceres Power Holdings plc annual report 2015 47
17. Share options continued
a) Ceres Power Holdings Limited 2004 Employees’ share option scheme continued
In addition during the prior year certain option-holders under the 2004 share option scheme were awarded Employee 
Shareholder Status (ESS) shares in the Company’s subsidiary, Ceres Power Intermediate Holdings Ltd. The ESS shares were 
granted as a modification to the unexercised 2004 Employees’ share scheme options providing the relevant employees with 
additional exercise rights. The modification has not changed the vesting period or exercise price. The total fair value charge of the 
options remains unchanged and the gross benefit received cannot exceed the gain realisable under the original share options and it 
cannot be received at an earlier time.
b) Ceres Power Holdings Sharesave scheme
During the year, a fifth HMRC-approved savings-related share option scheme was implemented, under which employees save on a 
monthly basis, over a three-year period, towards the purchase of shares at a fixed price determined when the option is granted. 
This price is set at a 20% discount to the market price. The options must be exercised within six months of maturity of the savings 
contract, otherwise they lapse.
Movements in the total number of share options outstanding and their relative weighted average exercise price are as follows:
2015 2014
Number  
(’000)
Weighted 
average 
exercise 
price 
Number  
(’000)
Weighted 
average 
exercise  
price 
Outstanding at 1 July 3,131 £0.06 95 £0.47
Granted 2,222 £0.05 3,112 £0.06
Lapsed/cancelled (1,114) £0.07 (76) £0.49
Outstanding at 30 June 4,239 £0.06 3,131 £0.06
Exercisable – – 19 £0.40
The weighted average fair value of options granted in the year was £0.05 (2014: £0.06).
The expiry dates of options outstanding at the end of the year are as follows:
2015 2014
Expiry date – 30 June
Actual and 
weighted 
average 
exercise 
price
Number 
(’000)
Actual and 
weighted 
average 
exercise  
price
Number 
(’000)
2015 – – £0.40 19
2018 £0.06 2,017 £0.06 3,112
2019 £0.05 2,222 – –
The options outstanding at the end of the year have a weighted average contractual life of 2.61 years (2014: 3.07 years).
c) Executive Directors’ one-off award
All ‘one-off’ options remain outstanding and unexercisable at 30 June 2015. No options were granted, exercised or lapsed in the 
year or the previous year. 
The expiry dates of options outstanding at the end of the year are as follows: 
2015 2014
Expiry date – 30 June
Weighted 
average 
exercise 
price
Number 
(’000)
Weighted 
average 
exercise  
price 
Number 
(’000)
2018 £2.00 1,688 £2.00 1,688
2019 £2.00 213 £2.00 213
The options outstanding at the end of the year have a weighted average contractual life of 3.57 years (2014: 4.57 years). 
  Ceres Power Holdings plc annual report 2015 48
Notes to the consolidated financial statements continued
for the year ended 30 June 2015
17. Share options continued
c) Executive Directors’ one-off award continued
Assumptions
Fair values of all schemes, apart from the Executive Directors’ one-off award, which was measured using a binomial pricing model, 
were measured by use of the Black-Scholes pricing model. The inputs to the Black-Scholes model were as follows:
2004 Scheme  
2015
Sharesave scheme  
2015
2004 Scheme  
2014
Sharesave scheme  
2014
Grant date 23 July 14 - 2 June 15 19 Dec 14 17 Sep 13 – 9 May 14 23 Dec 13
Share price at date of grant (£) 0.069–0.104 0.073 0.06–0.087 0.079
Exercise price (£) 0.069–0.102 0.054 0.06–0.087 0.063
Expected volatility (%) 56% 56% 62% 62%
Expected option life (years) Up to 6 years 3.5 years Up to 7 years 3.5 years
Average risk-free interest rate (%) 1.40% 1.0% 2.4% 2.4%
Expected dividend yield Nil Nil Nil Nil
The exercise prices of options are stated above. The expected life of the options is based on the best estimate of the average 
number of years expected from grant to exercise. The expected volatility is based on historical volatility of the Company’s shares 
since the Company restructured in 2012. The risk-free rate of return is management’s estimate of the yield on zero-coupon UK 
Government bonds of a term consistent with the expected option life.
18. Cash used in operations
2015  
£’000
2014  
£’000
Loss before income tax (11,612) (8,515)
Adjustments for:
Other finance income (110) (73)
Depreciation of property, plant and equipment (net of amortised grant contributions) 926 1,069
Share-based payments charge 1,080 856
Operating cash flows before movements in working capital (9,716) (6,663)
Decrease/(increase) in trade and other receivables 295 (773)
Increase/(decrease) in trade and other payables 392 (670)
(Decrease) in provisions (153) (146)
Decrease/(increase) in working capital 534 (1,589)
Cash used in operations (9,182) (8,252)
19. Operating lease commitments
The Group leases premises and office equipment under non-cancellable operating lease agreements. The future aggregate 
minimum lease payments under non-cancellable operating leases are as follows: 
2015  
Land and 
buildings 
£’000
2015 
 
Other  
£’000
2014  
Land and 
buildings 
£’000
2014 
 
Other  
£’000
No later than one year 478 11 462 20
Later than one year and no later than five years 682 2 1,121 15
1,160 13 1,583 35
The property leases have an average minimum term of 2.3 years (2014: 3.3 years). The rentals are fixed for the lease terms subject 
to periodic rent reviews. The office equipment leases have an average term of 0.5 years (2014: 1.3 years).
20. Contingent liabilities
£705,000 (2014: £705,000) of government grants received, or an element thereof, may require repayment if the Group 
generates revenue (net of expenses and reasonable overheads) from the intellectual property created from the grant. In such case, 
the Group may be liable to pay back the grant at a rate of 5% of the net revenue generated in any one year. The Directors of the 
Group believe it is unlikely that any of the grants received will need to be repaid in the foreseeable future. Financial Statements
Ceres Power Holdings plc annual report 2015 49
21. Capital commitments
Capital expenditure that has been contracted for but has not been provided for in the financial statements amounts to £507,000 
as at 30 June 2015 (2014: £544,000), in respect of the acquisition of property, plant and equipment.
22. Related party transactions
The Group’s related parties are its Directors, Steve Callaghan Services Limited, Richard Griffiths who held 23.28% at  
30 June 2015 (2014: 25.12%), and IP Group plc, through IP2IPO Limited, which held 23.24% of ordinary shares at 30 June 2015 
(2014: 24.69%). 
The transactions with Steve Callaghan Services Limited related to consultancy services and were £nil during the year  
(2014: £80,000). There was no outstanding balance due at 30 June 2015 (2014: £nil).
IP Group plc appointed Alan Aubrey as Chairman and Robert Trezona as a Non-Executive Director both of whom served 
throughout the year. Compensation paid to the Group’s Directors is disclosed in note 5.
Transactions with IP Group plc during the year amounted to £92,000 (2014: £31,000) comprising primarily of recruitment 
services for £10,000 in relation to the recruitment of Aidan Hughes, Non-Executive Director, (2014: recruitment services for 
£16,000), fees in respect of the funds raised in the year £50,000 (2014: £nil), company secretarial £2,000 (2014: £nil) and 
non-executive director fees £30,000 (2014: £15,000). There was an outstanding balance due of £9,000 at 30 June 2015  
(2014: £5,000). The outstanding balance with IP Group plc was due 30 days after the invoice date to be settled for cash.  
There were no other related party transactions in the year or the previous year. Ceres Power Holdings plc annual report 2015 50
Company balance sheet
as at 30 June 2015
Note
2015  
£’000
2014  
£’000
Fixed assets
Investments 3 45,586 37,398
Current assets
Debtors: amounts falling due after more than one year 4 13,144 6,174
Debtors: amounts falling due within one year 4 22 54
Cash at bank and in hand 82 6,838
13,248 13,066
Creditors: amounts falling due within one year 5 (117) (135)
Net current assets 13,131 12,931
Total assets less current liabilities 58,717 50,329
Creditors: amounts falling due after more than one year 6 (10,670) (9,971)
Net assets 48,047 40,358
Capital and reserves
Called up share capital 8 7,725 5,369
Share premium account 9 90,120 72,907
Capital redemption reserve 9 3,449 3,449
Profit and loss account 9 (53,247) (41,367)
Total shareholders’ funds 10 48,047 40,358
The financial statements on pages 50 to 54 were approved by the Board of Directors on 6 October 2015 and were signed on its 
behalf by:
Phil Caldwell   Richard Preston
Chief Executive Officer  Chief Financial Officer
Ceres Power Holdings plc
Registered Number: 5174075 Financial Statements
Ceres Power Holdings plc annual report 2015 51
Notes to the company financial statements
for the year ended 30 June 2015
1. Accounting policies
These separate financial statements of the Company have been prepared on the going concern basis, under the historical cost 
convention and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. A 
summary of the more important accounting policies, which have been reviewed by the Board of Directors in accordance with 
Financial Reporting Standard (“FRS”) 18, ‘Accounting policies’, and which have been applied consistently except where noted, is set 
out below.
Fixed asset investments
The investment in Ceres Power Ltd was accounted for under merger accounting principles and was shown at the nominal value of 
shares issued as consideration for the undertaking less any amount written off to reflect a permanent diminution in value. The 
investment in Ceres Intellectual Property Company Ltd was stated at cost less any amount written off to reflect a permanent 
diminution in value. During the prior year both investments were transferred to Ceres Power Intermediate Holdings Ltd at fair 
value and the investment in Ceres Power Intermediate Holdings Ltd will be held at cost less any amount written off to reflect a 
diminution in value. The Directors annually consider the need to impair these assets. 
Amounts owed by Group undertakings
Amounts owed by Group undertakings are recognised and carried at the original invoice amount less an allowance for any 
uncollectable amounts that are made when the full amount is no longer considered receivable. A provision for impairment of 
amounts owed by Group undertakings is established based on estimated recoverable amounts. 
Deferred taxation
The Company applies FRS 19, ‘Deferred tax’, which requires provision to be made in respect of timing differences between the 
treatment of certain items for accounting and tax purposes. Deferred tax assets are recognised only to the extent that they are 
regarded as recoverable. Deferred tax assets and liabilities are not discounted.
Share-based payments
Share options
The Group has a number of employee and executive share option and award schemes under which it makes equity-settled 
share-based payments. The fair value at the date of grant of equity-settled share-based payments is expensed on a straight-line 
basis over the vesting period, based on the Group’s estimate of shares that will eventually vest. The charge is then credited back to 
reserves. 
The fair value of employee share options is calculated using a Black-Scholes or binomial model. In accordance with FRS 20, 
‘Share-based payment’, the resulting cost is charged to the profit and loss account over the vesting periods of the plans. The value 
of the charge is adjusted to reflect the expected and actual levels of options vesting. FRS 20 has been applied to all grants of equity 
instruments after 7 November 2002 that were unvested as of 1 January 2006 and to all later grants.
Options are granted both to employees of the Company and to employees of the Group. All share-based compensation related to 
subsidiary employees has been recharged to the subsidiary undertaking by way of a capital contribution to the subsidiary. This 
capital contribution for the current year has increased investment value by £1,066,000 (2014: £811,000) with the corresponding 
credit posted to reserves.
Pension scheme arrangements
The Company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from 
those of the Company. The pension costs charged represent contributions paid by the Company to individual pension plans and are 
charged to the profit and loss account as they become payable.
Research and development expenditure
Expenditure on research and development is written off to the profit and loss account as incurred. 
Cash flow statement
Under FRS1 (Revised 1996), ‘Cash flow statements’, the Company is exempt from the requirement to produce a cash flow 
statement.
Related party transactions
The Company has taken advantage of the exemption available to parent companies under FRS 8, ‘Related Party Disclosures’, not to 
disclose transactions and balances with wholly owned subsidiaries. Refer to note 22 of the Consolidated Financial Statements for 
details of related party transactions in the year. Ceres Power Holdings plc annual report 2015 52
Notes to the company financial statements continued
for the year ended 30 June 2015
2. (Loss)/profit for the year
The Company has taken advantage of the exemption available under section 408 of the Companies Act 2006 and has not 
presented its profit and loss account. The Company’s result for the year was a loss of £12,960,000 (2014: profit of £16,766,000), 
which is stated after charging £10,000 (2014: £10,000) for remuneration receivable by the Company’s auditor for the auditing of 
the financial statements and charging £12,442,000 for provision against the value of the investment held in the subsidiary 
undertaking. The profit for the prior year includes a £17,200,000 profit for the sale of directly held assets and investments to 
Ceres Power Intermediate Holdings Ltd, a 100% held subsidiary, which is not distributable to Shareholders.
3. Fixed asset investments 
In subsidiary companies:
2015  
£’000
2014  
£’000
Cost
At 1 July 37,398 6,097
Capital contributions arising from share-based payment charge 1,066 811
Disposal of investments to Ceres Power Intermediate Holdings Limited – (6,551)
Acquisition of shares in Ceres Power Intermediate Holdings Limited 19,564 –
Transfer of assets of the Company to Ceres Power Intermediate Holdings Limited at fair value – 37,041
At 30 June 58,028 37,398
Impairment
At 1 July – –
Impairment in fair value of investment in Ceres Power Intermediate Holdings Limited (12,442) –
At 30 June (12,442) –
Net book value
At 30 June 45,586 37,398
The capital contributions arising from the share-based payment charge are due to the Company granting share options to the 
employees of Ceres Power Limited. 
The Company’s investments comprise entirely the interests in Ceres Power Intermediate Holdings Limited which is the 100% 
owner of Ceres Power Limited and Ceres Intellectual Property Company Limited, details of which are shown below:
Name of undertaking Country of incorporation Description of shares held
Proportion of nominal 
value of shares held  
by the Company
Ceres Power Limited England and Wales £0.001 ordinary shares 100%
Ceres Intellectual Property Company Limited England and Wales £1.00 ordinary share 100%
Ceres Power Intermediate Holdings Limited England and Wales £0.01 ordinary share(s) 100%
The principal activity of Ceres Power Ltd is the development and commercialisation of the Group’s fuel cell technology. The 
principal activity of Ceres Intellectual Property Company Ltd is the administration of registered intellectual property developed 
within the Group. The principal activity of Ceres Power Intermediate Holdings Ltd is as a holding company to the other Group 
companies and to manage the Group’s cash, cash equivalents and short-term investments. The results of Ceres Power Ltd, Ceres 
Intellectual Property Company Ltd and Ceres Power Intermediate Holdings Ltd are included within the consolidated financial 
statements. The Directors have assessed the investment for impairment and believe that the carrying value of the investment is 
not fully supported by the underlying net assets of the investment, or the net present value of projected future cash flows. As such 
the Directors have impaired the investment value by £12,442,000 in the year (2014: £nil). Financial Statements
Ceres Power Holdings plc annual report 2015 53
4. Debtors
2015  
£’000
2014  
£’000
Amounts falling due within one year:
Other debtors 1 22
Prepayments and accrued income 21 32
22 54
Amounts falling due after more than one year:
Amounts owed by Group undertakings 13,144 6,174
The amounts owed by Group undertakings comprise inter-company loans and recharges and are subordinated to all other 
creditors. Full repayment of this amount is due within five years of the year end and no interest is due on this balance. As of 30 June 
2015, a provision of £59,316,000 (2014: £59,316,000) has been made against the inter-company loan to Ceres Power Ltd, 
reflecting management’s best estimate of the recoverable amount. 
Amounts owed by Ceres Power Ltd to the Company of £71,758,000 (2014: £65,138,000) are subordinated to all other creditors 
of Ceres Power Ltd.
5. Creditors: amounts falling due within one year
2015  
£’000
2014  
£’000
Trade creditors 15 36
Taxation and social security 18 6
Accruals and deferred income 84 93
117 135
6. Creditors: amounts falling due after more than one year
2015  
£’000
2014  
£’000
Amounts owed to Group undertakings 10,670 9,971
10,670 9,971
The amounts owed to Group undertakings comprise inter-company loans and recharges and are subordinated to all other 
creditors. Full repayment of this amount is due within five years of the year end and no interest is payable on this balance.
7. Deferred taxation
Potential deferred tax assets have not been recognised but are set out below:
2015  
£’000
2014  
£’000
Tax effect of timing differences because of:
Deductions relating to share options (8) –
Losses carried forward (891) (796)
(899) (796)
The deferred tax assets have not been recognised as the Directors consider that it is unlikely that the asset will be realised in the 
foreseeable future.  Ceres Power Holdings plc annual report 2015 54
Notes to the company financial statements continued
for the year ended 30 June 2015
8. Called-up share capital
2015 2014
Number £’000 Number £’000
Allotted and fully paid
Ordinary shares of £0.01 each 772,537,841 7,725 536,831,973 5,369
Details of shares issued in the period are provided in note 16 to the Group financial statements. Details of share options are 
disclosed in note 17 to the Group financial statements.
9. Reserves
Share 
premium 
account 
£’000
Capital 
redemption 
reserve 
£’000
Pro fi t 	 a n d 	 
loss account 
£’000
At 1 July 2014 72,907 3,449 (41,367)
Premium on shares issued 17,213 – –
Loss for the financial year – – (12,960)
Share-based payments charge – – 1,080
At 30 June 2015 90,120 3,449 (53,247)
10. Reconciliation of movements in shareholders’ funds
2015  
£’000
2014  
£’000
(Loss)/profit for the financial year (12,960) 16,766
Proceeds of issue of ordinary share capital 20,035 2
Share issue costs (466) –
Share-based payments charge 1,080 856
Net change in shareholders’ funds 7,689 17,624
Opening shareholders’ funds 40,358 22,734
Closing shareholders’ funds 48,047 40,358 Financial Statements
Ceres Power Holdings plc annual report 2015 55
Directors and advisors
Directors of Ceres Power Holdings plc
Alan Aubrey (Non-Executive Chairman)
Steve Callaghan (Senior Independent Director)
Phil Caldwell (Chief Executive Officer)
Richard Preston (Chief Financial Officer)
Mark Selby (Chief Technology Officer)
Mike Lloyd (Non-Executive Director)
Robert Trezona (Non-Executive Director)
Aidan Hughes (Non-Executive Director)
Registered number
5174075
Company secretary
Helen Milburn
Registered office
Viking House
Foundry Lane
Horsham
West Sussex
RH13 5PX
Japan office
Ceres Power ITEC T05
Floor 3, Building Number 4
Kyoto Research Park
Awatacho 93
Chudoji
Shimogyouku
Kyoto City
Japan
T 600-8815
South Korea office
Seoul Finance Center, 4F
136 Sejong-daero 
Jung-gu
Seoul 100-768 
Korea
‘Ceres Power’ and ‘Powered by Ceres’ are registered 
trademarks belonging to the Group.
Independent auditor
KPMG LLP
Chartered Accountants and Statutory Auditor
1 Forest Gate
Brighton Road
Crawley
West Sussex
RH11 9PT
Solicitors
DAC Beachcroft LLP
Portwall Place
Portwall Lane
Bristol
BS1 9HS
Bankers
National Westminster Bank plc
2nd Floor, Turnpike House
123 High Street
Crawley
West Sussex
RH10 1DQ
Nominated advisor (NOMAD)
Zeus Capital Limited
41 Conduit Street
London
W1S 2YQ 
Brokers
Zeus Capital Limited
41 Conduit Street
London
W1S 2YQ 
Registrar
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ Ceres Power Holdings plc annual report 2015 56
Notes Photo Credits
Steve Morgan cover, inside cover, back inside cover, pages 6, 11, 13, 17 and 21
Jonathan Brady  page 3
Matt Leete  portraits, pages 15, 22 and 23 Ceres Power Holdings plc annual report 2015
www.cerespower.com
Ceres Power Holdings plc
Viking House
Foundry Lane
Horsham
West Sussex
RH13 5PX